“Double, double toil and trouble; fire burn and cauldron bubble.” First introduced by William Shakespeare from his renowned play Macbeth in 1606, the opening line from the “Song of the Witches” has been cemented into popular culture for centuries. As a result, it has become synonymous with all-things All Hallows’ Eve…Halloween! Thus, with another October 31st upon us, adults and children-alike are preparing to immerse themselves in the storied tradition. While I prepare for the brisk air, “It’s The Great Pumpkin, Charlie Brown” DVD viewing, and a welcomed sugar rush, I hope that all who indulge will be fulfilled. I also hope that all monetary costs associated with the day were minor.
Due to the timing of this post’s release, I am more than confident that candy, costumes, and decorations have not only been purchased, but costumes and non-food-related decorations have been neatly tucked away in holiday bins for usage next year. Nevertheless, for the majority of individuals still scrambling for last minute candy and costumes, as well as those preparing to outshine the competition for Halloween 2019, stumbling upon this post was apt! To start, consider buying candy in bulk. For example, warehouse chains like Costco, Stew Leonard’s, and Wal-Mart are experts in selling assorted candy in supersize bags. Utilize comparative shopping techniques and research per-ounce prices before purchasing. Similarly, researching the various prices at CVS, Rite Aid, and Walgreens is a sound option, too, for promotional offers are abundant. For example, offers such as $5 off for every $15 spent on Halloween candy should not be dismissed. When thinking about costumes that will slay the competition, Google and Pinterest are your close friends. As such, Pinterest can assist highly-creative individuals in effectively designing and creating a magnificent DIY ensemble. Additionally, Google can assist creatively-challenged individuals in researching ready-made costumes that cut costs. Moreover, these individuals can research the top lists of costume ideas under $100. Remember, the goal is to confidently celebrate without breaking the bank and incurring overdraft fees. Lastly, reach for your imagine when decorating, not your wallet. Gently used to new supplies stored in holiday bins can be recycled year after year. Should you be itching to swipe your debit card to purchase additional decorations with flair, be sure to properly budget the costs. Likewise, when purchasing pumpkins to carve, make sure your future jack-o’-lanterns are on sale. Once the final piece of candy has left your bowl, and you hear the silence settle in, the eager-beaver within you can begin preparing for next year. Spend the upcoming weeks not dedicated to Thanksgiving perusing discounted inventory at stores. With whopping 50-70% off sales, finding the best items will be a breeze! However, if you choose to dive right in to buying cornucopias and Thanksgiving-themed china and utensils, may the financial odds be in your favor!
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October 1, 2018 marked the beginning of Financial Literacy Month, which means individuals can enjoy 31 days of free-flowing information centered on a variety of fiscal topics, such as: budgeting, how to effectively build an emergency fund, investing, and saving (to name a few). For a majority of my readers, their financial interests are tied to how to not only create a healthy budget, and maintain it, but how to properly save earned income. Thus, when solely focusing on how to create and maintain budgets, there are a few steps to master. To start, it is highly-suggested that one understands how much money is in possession and where funds are dispersed monthly. As a result, when creating a budget, Courtney-Rose Dantus (writer for The Consumer Financial Protection Bureau’s website) proposes the following: analyze spending habits, look for areas to reduce spending, and use interactive workbooks, and worksheets, to see where you will financially stand at the end of each month.
Furthermore, when looking to stick to your newly-made budget, developing self-awareness surrounding “impulse purchases” is crucial. As such, Dantus recommends that one “sets a spending limit for small purchases, check balances before going shopping and set another limit based on budget and compare your actual spending to your budget on a consistent basis.” While Dantus has provided a clear-cut step-by-step checklist for helping individuals not only tackle debt but eradicate it, researching additional methods is key. Alternative perspectives on budgeting can be seen with Winnie Sun Budget Beautiful Budget Tweet Chat. On Wednesday, October 10th, a plethora of insightful financial advisors and educators flocked to Twitter to partake in a candid, transparent conversation surrounding their experiences with budgeting. As per usual, it was refreshing to tweet alongside peers whose mission to educate and eradicate outdated stereotypes among those circling the whirlpool of poverty, those working tirelessly to gain access to the middle-class, and those who were birthed into cultural, economic, and social privilege, shines the brightest. Thus, without further delay, I present my commentary. Moreover, in the spirit of transparency, I welcome you to share what your responses would have been! Q1: On a scale of 1-10, how good at budgeting would you say that you are? WW: In the spirit of transparency, I am a “6” when it comes to budgeting – I tend to constantly amend my budget to fit my fiscal needs, often running wild and free when I have left over change. #WinnieSun Q2: Who in your circle of friends would you say is the most fiscally savvy? What makes you think this? WW: Within my circle, there are two of us who not only majored in Economics during college, but currently work in the field. As a result, we are the go-to individuals for assisting family friends with their financial needs. #WinnieSun Q3: Are you the type that keeps a budget and if so, what methods do you use to keep yourself on track? WW: I not only encourage my students to keep an up-to-date budget, utilizing a method that works best for them, but I practice what I preach. Thus, I am an avid user of Excel spreadsheets with color-coded tabs to keep me on track. #WinnieSun Q4: What do you find hardest about saving on budget? How have your challenges changed over the years? WW: Prior to graduate school, my budget was simple. Post matriculation, my budget has become complicated due to the addition of student loans. As such, I find that I am increasingly discouraged when budgeting for long-term goals. I am working to overcome these feelings. #WinnieSun Q5: If you could create the perfect app or tool to help you with your money, what would it look like and what would it do? WW: The perfect app would be easy-to-use and glitch-free. Values to input would be exact amounts and would also provide users with helpful tips at the end of each budgeting session. #WinnieSun Q6: Why do you think it’s still so hard to talk about money? How can we make discussing personal finance less taboo? WW: Money is tied to hierarchy and social standing, which propels the assumption that individuals with a lack of funds are “less than” and “not worthy”. We have to work to remove the stigmas surrounding class, poverty, and surprisingly wealth. Additionally, we must inform ourselves about how the individuals existing under poverty’s grip and the crippling effects. #WinnieSun Q7: Which would you rather show – your health and weight report or your bank statement and why? WW: I would show both, so as to jumpstart the conversation as well as gauge where others are in both their financial and physical wellness journey. #WinnieSun Q8: Looking back at the last week of spending, what’s one think you wish you hadn’t spent on? WW: NYY vs. BOS Game 3 ALDS tickets. The 16-1 outcome was embarrassing, and I was truly left with buyer’s remorse! #WinnieSun Q9: How do you combat “keeping up with the Joneses” syndrome to keep your budget in tact? WW: It may be hard, but truly running my own race and staying in my lane helps keep me focused. While I may sneak a peek at what others are accomplishing, I cannot become fixated on how they move – I must do what works best for me. #WinnieSun Q10: What are your favorite apps to make budgeting and financial planning easier? WW: My tried-and-true apps are: Goodbudget, Mint, and Wally. Q11: With 2018 nearing a close we want to know: How far are you from accomplishing the financial goals you set at the beginning of the year? WW: With two months left to 2018, I can proudly type that I am on track to achieve my goals. One of many goals consists of finishing, and publishing, my Financial Literacy manual. I am to complete all final edits to my manual by December 31, 2018! #WinnieSun Q12: How do YOU celebrate when you’ve reached a budgeting and savings goal? WW: I treat myself in moderation – a fine meal out, purchasing clothing on sale, or a trip to the hair and nail salon. #WinnieSun Q13: What expenditures take the biggest chunk of your budget? How do you prioritize your spending to create more cash flow in your budget? WW: Student loans and rent are by far my largest expenditures, therefore these two must be in order before anything else is completed. #WinnieSun |
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