Evan Vitale

Evan Vitale – Setting Personal Goals (Part I)

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By Evan Vitale

When it comes to creating and setting a goal, we all have the best intentions in mind. We want to save for a vacation or a new car; lose weight or purchase a new cell phone or computer.

Unfortunately, the goal-setting enthusiasm soon fades away. We let other obstacles, interests and distractions get in our way and we eventually lose sight of our goal.

Why?

Setting a goal is a good idea. You have a plan. Goals (or at least one goal) gives you purpose, motivates you to take action, helps boost your self-confidence, helps you do more in your life and makes you better at what you do.

Some people set goals only once a year (New Year’s resolutions). However, you can set a goal at any time. They can be weekly or monthly goals; short-term or long-term goals, or even goals for your life.

The most crucial part of setting and reaching your goals is segmentation. Break your goals down into smaller, bite-sized targets.

For example, let’s say you want to save money in order to buy a new car. Great!

Now, break down your goal into segments or steps. How are you going to reach your goal? Do you need to save more money? If so, how much each week and how will you do that? Do you need to cut expenses? If so, how? Do you need to get a part-time job? If so, when will you start looking and how many hours per week do you need to work at your new job?

See how that works?

Break down your BIG goal into smaller steps. Figure out how you are going to reach your goal. This will help you take baby steps into getting to your ultimate target.

In our next blog post, we’ll share more points about setting and reaching goals.

Evan Vitale – Scrooge Bonuses This Year?

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By Evan Vitale

Let’s talk more about your holiday bonus or, perhaps, the lack of a holiday bonus.

Here are some scenarios that could happen this year and some steps you can take so you’re not left in the dark when it comes to receiving a holiday bonus.

First, if you’ve never received a holiday bonus at your new job, don’t plan on getting one this year. If it’s something your company has never offered to employees, don’t expect a surprise envelope.

Second, refer to your employee and benefits manual to find out if there are any provisions for a holiday bonus. In some cases, a bonus check may be based on tenure and performance. If you’re worked at your current job for less than a year, you may not be in line for a bonus due to employee policy. Talk to your human resources person – or the owner of the business – for more details.

If you’re still in the dark, the best course of action is to have a discussion with your HR person; department manager or the owner of the business. Just ask, but don’t show any emotion either way when you receive your answer.

Remember, a bonus is actually what its name implies – a bonus. It should never be expected and you should never feel (or act, say, e-mail, etc.) that you are entitled to a company bonus.

Don’t overspend during the holidays in anticipation of a holiday bonus. Note: a friend of mine and his fellow employees did this all the time because bonuses would be handed out the Friday before Thanksgiving. Unfortunately, the company was purchased in October and the holiday bonus structure ended (without notice). Instead of a check at Thanksgiving, employees were given a coupon for a free turkey from a local supermarket. Some employees cried on the spot and a few turned in their notice to end employment.

So, the moral of story is don’t spend money before you have it. Don’t plan on a holiday bonus until you have the check and don’t expect a holiday bonus. Keep working. Be happy with your job. Look at all the other positives and benefits you enjoy every day with your current job!

Evan Vitale – A Griswold Christmas Bonus?

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By Evan Vitale

As we continue to move closer and closer to the holiday season, many employees start to inquire (or wonder) if their full-time position qualifies them for a holiday bonus.

It would be nice, right?

However, if you don’t have a definitely yes or no answer, don’t plan on a Griswold Christmas with visions of building a swimming pool in your back yard only to find out that your boss has given you a one-year membership to the “Jelly of the Month” club.

In addition, don’t let yourself get caught into the trap of feeling entitled to a holiday bonus, especially if there’s no news about bonus checks. Unfortunately, when the expectations of a bonus check goes sour, your attitude about your boss (and the company you work for) changes quickly.

Sometimes, in this economy, having a job with a steady paycheck and some benefits (even the slightest of benefits) is in of itself a bonus. Think back to when you didn’t have a job and the struggles you endured. Now, you’re employed, able to pay bills and put food on the table for you and your family. Appreciate your job. After all, hopefully you don’t have to beg Mr. Scrooge to put another piece of coal on the fire, nor did you have to ask off for the Christmas holiday.

Bonus time is a difficult time for employers and business owners. Perhaps, the company you work for had a great year, but the bottom line wasn’t as good as owners had hoped.

A business colleague of mine – who has owned a business for nearly 15 years – is unable to give a financial bonus during the holiday season. However, he offers is employees other benefits during the holidays. These include extra paid days off, shorter days (to allow for last minute shopping) and a nice holiday staff lunch at a local restaurant.

He doesn’t have to do any of those things, but he realizes his staff has worked hard over the past year and he wants to show his appreciation in some way.

More on holiday bonuses in our next blog post!

Evan Vitale – Resist Holiday Spending Bug

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Evan Vitale

November is here and, before you know it, you’ll be bombarded with holiday ads, commercials and new credit line offers so you’ll have more money to spend during the busy shopping season.

The temptation to spend – especially when creditors offer credit in front of your sparkling eyes – now is the time to stick to your budget; stick to the plan that you set nearly a year ago. Resist the urge to spend and resist the urge to sign up for a new line of credit.

You’ve come so far in creating and setting your budget, now is not the time to blow it. Yes, everyone will have a Merry Christmas, but you’ll regret the spending decisions you make now when the credit card bills come around in January (and, believe me, everyone regrets those big spending decisions when that fat bill – with high interest rates – arrives in the mail).

Suzy Orman calls it the “buy-it-now-bug” saying everyone catches the spending bug now and we start feeling the full effects in January. She advises:

  • Use only cash. Challenge yourself to not buy any gift with a credit card.
  • Go homemade. Whether it’s baked, knitted, scrap-booked or any other gift that you make yourself, it will feel more meaningful to the recipient and it will keep you away from the spending temptation.
  • Check your giving circle. Have a conversation with your family and friends about scaling back with your holiday giving. Who knows? They may have wanted to have the same conversation with you, so break the ice and have that discussion now.

An extra tip is to have a “secret Santa” drawing in your family. Instead of giving gifts to everyone, why not set a budget and everyone has a “secret Santa?” This way, the spending is kept to a minimum and everyone gets to enjoy a special gift.

Resist the urge. Follow the tips mentioned above and stay within your budget. You’ll be happier come January!

Evan Vitale – Your Credit During Divorce Part II

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By Evan Vitale

Let’s continue with our second part of our two-part blog series on how to handle and maintain your credit during a divorce.

In our first-part, we shared some thoughts and steps you should take involving joint bank accounts. Now, here are some other items that you should consider that will help you protect your credit during a marital split.

If you have any loans, such as an auto loan, you’ll want to make sure your name (or your spouse’s name) is removed from any joint auto loans. If you’re retaining the car, then the loan should be in your name. However, if you are not able to retain the auto, then you’ll want to make sure your name is removed from the loan, so you’re not obligated.

If there is a house, then this could become a little more sticky as it’s not as easy to drop a person’s name from the mortgage. Usually, if a person is going to keep the house, they will need to refinance the home in just their name (thus, removing the other person from the loan). If this is not possible, then it’s better to sell the house and split the profits (which protects everyone). Of course, there are many horror stories of credit disaster as both names are on the mortgage and the loan is never paid, resulting in foreclosure and destroyed credit.

Once all joint assets have been dissolved, liquid assets (with the help of an attorney) can be divided along with any remaining cash.

You will also need to notify all creditors and banks of your divorce. If a collector is calling on a debt that you are not legally responsible for, you will want to let them know that you are no longer married and therefore no longer responsible for the debt. You might also want to notify them in writing.

Finally, when you feel everything is dissolved and the matter is closed, keep an eye on your credit. Check it regularly. Many times, people are later surprised when something pops up on their credit report that didn’t belong to them and now a credit repair needs to be done. Catching it early rather than later is going to be much better for you and your credit in the long run.

Divorce is a very difficult time, so you definitely don’t want to have credit issues and hassles along the way. Work with your attorney, your banks, your credit cards and loans to solve these matters as soon as possible.

Evan Vitale – Your Credit During Divorce Part I

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By Evan Vitale

Divorce isn’t fun for anyone, but in the event of an unfortunate divorce, the last thing you probably have on your mind is protecting your credit.

Usually during marriage, one spouse will manage all of the finances (i.e., creating a budget, paying bills, making deposits, savings, etc.). However, during divorce, you want to separate all accounts. You’ll want to make sure whose name is on what account. If the account is joint, then both spouses have the responsibility of making sure the account is paid. Creditors don’t know what the agreement is on a joint credit card balance, nor do they care.

Unfortunately, a joint account usually will remain open and one spouse will run up a large bill. Even during a divorce, both spouses are responsible for the credit card balance. I’m sure we’ve all have friends on both sides of the fence here when it comes to one party running up a credit card balance and the other one feeling like they are suck with the balance.

If you have an individual account with an “authorized user,” then you will want to take immediate steps to remove the authorized user. As long as the “authorized” person is still on the account or credit card, they have the authority to use the card, etc.

In addition, you’ll want to dissolve any joint banking accounts. When cancelling a bank account be sure to do it together, the legal way. That way there won’t be a dispute on the balance at the time of the closing. You may also want to consider removing one of the spouses name, diving up the funds accordingly and leaving your funds in the account in order to keep the account (and any associated bank cards, automatic payments, etc. intact).

More on handing divorce credit in our next blog post!

Evan Vitale – Finding A Seasonal Job

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By Evan Vitale

Many of us look forward to the holidays as it creates seasonal employment opportunities to earn some extra income for gifts, trips, paying off debt, etc. Now – as we head into the busy shopping season – is the time to start looking for a part-time holiday job as many businesses are hiring.

Note: A friend of mine easily picks up a holiday job every year and, in almost every instance, the business asks him to stay at the end of the year.

Here are some ideas on where and how to find seasonal employment:

  • Always keep in mind where you live in relation to where you are applying. Try to stay close to home or close to your other job. That way, you are minimizing travel time between jobs and your home.
  • Decide if you are looking for restaurant or retail work.
  • Consider applying at businesses where you normally shop or places that offer products and services you enjoy. Some businesses will offer employees a shopping discount, so that will mean extra shopping savings and help you stay within your budget.
  • Consider applying at a temp agency. Many businesses prefer to hire through a temp agency giving you a larger employment pool of job opportunities.
  • Be flexible. Chances are good that many retail stores are open Thanksgiving Day and may require you to work nights, evenings, weekends, etc. If you are restrictive in the days and times you are willing to work, you will become less attractive to a potential employer. Of course, if you have another part-time or full-time job, try to make yourself available during other hours of the day, weekend, etc.

Searching for seasonal employment is almost like a full-time job. Dress the part, hit the pavement and be prepared to complete numerous employment applications. Make sure you take a complete list of references, addresses, phone numbers, dates of previous employment, detailed list of skills, etc. This will save you time when completing applications (and there won’t be a need to fumble around on your mobile phone for information).

Start applying for a job today. Chances are good you can find something soon and earn 10-12 weeks of income between now and the end of the year!

Evan Vitale – Save Money, Be Creative

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By Evan Vitale

The holidays will be upon us soon and, for many, the need for extra income becomes an extra financial burden when it comes to purchasing gifts for friends and family members.

Many stay within their means; abide by their budget and buy as their budget allows.

Therefore, our next two blogs offer some suggestions when it comes to gift-giving for the upcoming holidays:

  • Obtaining a part-time job for extra income (next week’s blog).
  • Being more creative with less expensive gifts.

Remember, no matter what you give to someone during the holidays, it’s the thought that counts. If you are going to purchase something, keep the individual in mind and – more importantly – keep your budget in mind!

Inside of buying a gift, here are some great ideas:

  • Consider making him or her a personal photo album. Photos are always appreciated, even more so when you take the time to collect and organize them in a way that will remind the person of a place you visited together or of a family member or event. This is a very inexpensive and impressive gift that anyone would enjoy. It’s always appreciated.
  • Get those creative juices flowing and make a gift basket. Again, include things in the basket that the receiver would enjoy: their favorite candy, snacks, fruit, beverage, etc. Including some baked goods (baked by you) are also appreciated. There’s no limit to what you can create and bundle together to make a personal gift basket. And, yes, men enjoy receiving gift baskets as well!
  • Purchase a small gift and include with it a poem or a story about the person. If the recipient is your romantic better half, you could also buy a series of inexpensive gifts and bundle them together. Think: The 12 Days of Christmas and give the person a “pear” on the first day of Christmas, chocolate turtles (for turtle doves) on the second day of Christmas, etc. Very clever!
  • Make something. If you sew; knit or have good woodworking skills, start now by making someone a personal (and unique) gift. Your costs will be very inexpensive, but the gift would be extremely appreciated!

Get those creative ideas going now and get started working on your gifts!

Evan Vitale – Big Budget Savings (Part II)

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By Evan Vitale

Let’s continue and conclude our blog series on finding ways to trim the fat; stay within your budget or just save some extra money for a rainy day (or a vacation), check out these tips that can help you find some extra money.

  • Credit Cards. This is also a biggie. If you carry a limit on a credit card, you should try to pay it off as soon as possible to reduce the amount of interest you are paying on that card. Another option is to transfer the balance to another card (or a new card) that offers an introductory offer of 0% for the first year. Then pay it off within the first year that you hold that card. In addition, give strong consideration to calling your credit card provider and negotiate the Annual Percentage Rate (APR) that they are currently charging you.
  • Look for Bargains. Overall, this means you should stop paying too much for everything you use in your life. Visit discount and “dollar” stores to find items that you are buying on a regular basis. You’ll be surprised to learn that you’ve been paying too much money for everyday basics, such as paper products, etc.
  • Use coupons. This doesn’t mean clip and use every coupon you find. Instead, look at printed and online coupons that match what you normally buy each week, month, etc.
  • Buy in bulk. If you use a lot of a particular product, check out the advantages and disadvantages of visiting those big bulk stores such as Sam’s Club, Costco, etc. in order to say money in the long run. Connect with family, friends and neighbors in order to split large cases of products (i.e., paper towels, etc.).

As you have seen in our two-part series, there are some easy and simple ways that you can save big. Start trimming the fat today!

Evan Vitale – Big Budget Savings (Part I)

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By Evan Vitale

If you’re looking for ways to trim the fat; stay within your budget or just save some extra money for a rainy day (or a vacation), check out these tips that can help you find some extra money.

Cable TV – This is huge and chances are you can find some opportunities here to save some money. If you are happy with your current cable package, take a look at possible bundling packages with your service provider. By adding internet and telephone services, you’ll save big. If you’ve already bundled, call your cable company and see if they can help you find ways to save money (without pulling the plug). Sometimes, they’ll give you a better rate for being a good customer or, perhaps, you may have the option to drop drown a package tier. It might mean less channels, but it can add up to big savings.

Another television opportunity is to switch providers entirely by signing up with a satellite dish network. A friend of mine dropped his cable TV service and switched providers – a $40 per month savings (plus more channels)!

Cell Phone – Here is another area in which you can save big. Call your current provider and negotiate for a better rate. In some cases, you might be able to extend your current contract; get a new phone and find a package that can save you some money. If not, shop around for a different provider.

Alarm Service – If you have a home alarm service, call them and negotiate a better rate. Chance are good they will work with you rather than lose your business all together.

These three tips are just a start, but you can find big savings in all three areas.

Get started now. Save now. We’ll have some more tips next week!