Frugal Fridays: Tip of the week- Sign Up!

Welcome back to Frugal Fridays! Check out this week's tip below!

Sign Up:
Most chain restaurants have a membership savings program. Sign up at the restaurant and fast food websites that you like and enjoy all of the perks! Alot of these companies offer free appetizers, gift cards and weekly specials to valued customers. For example, one restaurant that I LOVE, gave me a free entrée worth up to $40 for my birthday. There are similar deals at a wide variety of your favorite restaurants too, on a weekly basis. So take the time and sign up on each of these sites for their promotions. If you're going to be eating their anyway – you might as well save some money!

Click here for last week's tip!

-Ms. Frugal

Ms Frugal (aka Jamila M. from Empressmag.com) is a 27 year old sista who is definitely financially savvy. She is an entrepreneur, corporate employee, and fashionista.. all on a budget! Ms. Frugal even managed to buy her first home in NYC at the age of 23! (Anyone who lives in the NYC area knows that this is no small feat)

Keeping Your Composure in Today's Economy

We're only a couple months into 2009 and I've probably already heard the word "recession" 2,457,393 times.  Is it just me or are you tired of hearing about all of the economic negativity? It's getting so bad that I am now deciding whether or not I should boycott television and radio altogether.

Yes, we're in a recession.  Yes, there were 500,000+ jobs lost last year.  And yes, we have no clue why the government wants to throw another 700 billion dollars at Wall Street.  However, as much as we cry, complain, and get angry about what's going on...the fact still remains that our economy is in crisis.

Instead of thinking of all of the things that have gone wrong and all of the things that could still possibly go wrong, why not use that energy to try and figure out how we can take control of our own situation and make things better for ourselves and our families.

1. If you are one of those individuals who have recently lost your job, think of new ways to create cash flow.  Since being an employee is not the most desirable or attainable method at the moment, why not think of ways to become an entrepreneur?  There are many resources out there today on how you can turn your passion into profit with little or no start up capital.  It is a documented phenomenon that during times of economic crisis, the rates of entrepreneurs soars as people begin to find ways to take control of their own finances.  Check out my latest podcast here on how to transition from employee to entrepreneur.

2. Limit the amount of time you spend watching the news.  Believe it or not, the media plays a huge role in fueling the feelings of negativity and despair that many people are facing today.  If we are constantly being bombarded with words and images about being broke, destitute, poor, and hopeless then we will begin to internalize these thoughts before long.  Make a deliberate effort to focus on the positive opportunities that are out there for you and your family instead of those negative ones that we are being force-fed daily.

3.  Realize that the good times are almost here.  The economy, like most life processes, is cyclical in nature.  We are no doubt experiencing the most unprecedented recession of our lives, however, it is only one part of the bigger picture and eventually the tide will be pushed back and we will see prosperous times once more.  What we can do during this time is learn from the mistakes we've made over the past years and put new processes in place to assure that we are adequately prepared for the next downturn.

10 Reasons You Aren't Rich

Saw this blog post on Black Business Women Online- comes from Jeffrey Strain from Thestreet.com and it is very accurate!
If you're like me and are always looking for ways to claim your wealth..check out this post.

10 Reasons You Aren't RichThursday March 22, 11:30 am ET
By Jeffrey Strain, Special to TheStreet.com

The reason why you aren't a millionaire (or on your way to becoming one) is really quite simple. You probably assume it's because you aren't earning enough money, but the truth is that for most people, whether or not you become a millionaire has very little to do with the amount of money you make. It's the way that you treat money in your daily life.Here are 10 possible reasons you aren't a millionaire:

1. You Care What Your Neighbors Think: If you're competing against them and their material possessions, you're wasting your hard-earned money on toys to impress them instead of building your wealth.

2. You Aren't Patient: Until the era of credit cards, it was difficult to spend more than you had. That is not the case today. If you have credit card debt because you couldn't wait until you had enough money to purchase something in cash, you are making others wealthy while keeping yourself in debt.

3. You Have Bad Habits: Whether it's smoking, drinking, gambling or some other bad habit, the habit is using up a lot of money that could go toward building wealth. Most people don't realize that the cost of their bad habits extends far beyond the immediate cost. Take smoking, for example: It costs a lot more than the pack of cigarettes purchased. It also negatively affects your wealth in the form of higher insurance rates and decreased value of your home.

4. You Have No Goals: It's difficult to build wealth if you haven't taken the time to know what you want. If you haven't set wealth goals, you aren't likely to attain them. You need to do more than state, "I want to be a millionaire." You need to take the time to set saving and investing goals on a yearly basis and come up with a plan for how to achieve those goals.

5. You Haven't Prepared: Bad things happen to the best of people from time to time, and if you haven't prepared for such a thing to happen to you through insurance, any wealth that you might have built can be gone in an instant.

6. You Try to Make a Quick Buck: For the vast majority of us, wealth doesn't come instantly. You may believe that people winning the lottery are a dime a dozen, but the truth is you're far more likely to get struck by lightning than win the lottery. This desire to get rich quickly likely extends into the way you invest, with similar results.

7. You Rely on Others to Take Care of Your Money: You believe that others have more knowledge about money matters, and you rely exclusively on their judgment when deciding where you should invest your money. Unfortunately, most people want to make money themselves, and this is their primary objective when they tell you how to invest your money. Listen to other people's advice to get new ideas, but in the end you should know enough to make your own investing decisions.

8. You Invest in Things You Don't Understand: Your hear that Bob has made a lot of money doing it, and you want to get in on the gravy train. If Bob really did make money, he did so because he understood how the investment worked. Throwing in your money because someone else has made money without fully understanding how the investment works will keep you from being wealthy.

9. You're Financially Afraid: You are so scared of risk that you keep all your money in a savings account that is actually losing money when inflation is put into the equation, yet you refuse to move it to a place where higher rates of return are possible because you're afraid that you will lose money.

10. You Ignore Your Finances: You take the attitude that if you make enough, the finances will take care of themselves. If you currently have debt, it will somehow resolve itself in the future. Unfortunately, it takes planning to become wealthy. It doesn't magically happen to the vast majority of people.

In reality, it is probably not just one of the above bad habits that has kept you from becoming a millionaire, but a combination of a few of them. Take a hard look at the list, and do some reflecting. If you want to be a millionaire, it's well within your power, but you'll have to face the issues that are currently keeping you from creating that wealth before you will have a chance to call yourself one.

To Your Success,
Alecia D.

Recession Proofing Your Finances: Top 3 tips to beat the economic meltdown

Now is the time to have a plan for dealing with a recession- even though we are already currently in one. The economy is a cyclical process and even though this notion means that it will come up again, it also suggests that there will, unfortunately, be another down turn in the distant future. These tips will prepare your finances for both good times and the not so good times.

If I've learned anything over the past several months in America's rocky economy, I've learned the importance of setting up finances to withstand the uncertain times of recession and economic turmoil.

Whether it is the fact that the "bottom" finally fell out of the Real Estate boom or the reality that bankruptcy can even hit the most revered and seemingly financially sound banks in America, we've all witnessed first hand how important financial preparation is to maintaining success even in a downward spiralling economy.

While it is important to note that a lot of situations are beyond our control during these times ie- the price of gas, employer layoffs, interest rates, and the cost of a loaf of bread -- there are still many things that we can do within our own finances to lessen the blow of these hard times.

Tip 1:
Cut unnecessary spending. Now is the time to begin to train yourself to live without the unnecessary which not only drain our time, but can also drain our finances. Think about downgrading or eliminating your cable TV/Internet package or maybe even decreasing the number of times you dine out weekly from three to one. Whatever it is you choose to eliminate, now is the time to go over your monthly expenses in order to determine where you are spending unnecessary money.

Tip 2:
Recognize the importance of credit. The recent "credit crunch" has really opened up a new wave of oversight from credit companies. A few months ago, a credit score of 650 or above was considered good. However, in today's market, individuals and businesses with a score below 720 are finding it very difficult to secure a loan or obtain new credit. In addition to paying bills on time and keeping your debt to income ratio low, there are many tips available (check out this link for YBR's tips) today with ideas on how to raise your credit score. It is wise to take advantage of these suggestions, especially in today's economic climate.

Tip 3:
Plan for the long haul. Even though the norm in American society is to get things as fast as you can and instant gratification is oftentimes our goal, this current recession has proven how important it is to engage in long term planning. Strive to begin saving at least 10% of your monthly income for a financial cushion. Many individuals who have unfortunately lost their jobs recently are finding themselves grasping at straws as they try to make ends meet. It is wise to have at least 6 months worth of expenses in a fairly liquid account in case of emergency. As cliche as it sounds, a penny saved is truly a penny earned.

Check out these and more finance tips in my new e-book, 30 Days to Success, here!
Do you have any other tips or advice on how you are coping with today's economic times??

To Your Success,
Alecia D.