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Categorized Receipts Simplify Budgeting

November 20th, 2008 — , Financial Education from Mike Smith @ Lending Club

Receipts from certain purchases are easy to enter into budgeting software because the entire purchase tends to be in one category. I know that a receipt from a restaurant will go into my Food: Dining Out category regardless of the items on the receipt. Grocery store purchases might be that simple as well, depending on [...]

Finding the Right Notes to Invest In

November 19th, 2008 — , Financial Education from Mike Smith @ Lending Club

Lending Club offers three methods for finding suitable notes to invest in. The method you choose will largely be dictated by your investment objectives including the amount you would like to invest, the time you have to screen notes, and the level of control you’d like to have in the process.
LendingMatch™ is the automatic method [...]

Finding the Frugality Habit: 4 Ways to Beat Internal Pressures

November 18th, 2008 — , Financial Education from Maneesh Sethi @ Lending Club

In my recent article, I discussed the frugality habit. I often find myself spending much more than I intend to, so I began asking myself why. One of the major reasons is the internal pressure – temptation, desire, and lack of discipline – that causes us to pull out our wallets and buy something we [...]

Start Planning For 2009 Now

November 17th, 2008 — , Financial Education from Andre Nosalsky @ Lending Club

Is 2008 turning out to be the year you expected? Or has it been a total surprise? After making an end of year review, you can make 2009 a better year by listing your goals, making a plan and starting on that plan now.
Why plan now?

You have better perspective. Plans should be made ahead [...]

Getting More From Charitable Donations

November 15th, 2008 — , Financial Education from Mike Smith @ Lending Club

Giving some of your hard-earned money to charity is a personal decision that many Americans choose on a regular basis. In additional to feeling good about giving back, donors generally receive a tax deduction as well. In order to maximize the benefits of donations, you can use a donor-advised fund.
There are many donor-advised funds [...]

Investing in P2P Lending Notes for Future Income

November 14th, 2008 — , Financial Education from Mike Smith @ Lending Club

There are many reasons to invest in notes at Lending Club, but one of the inherent features of the repayment agreement is that note holders receive payments for 36 months. By investing when times are good, you can generate future income should times go bad.
Let’s look at a simple example to see how this would [...]

What Makes Frugality So Hard?

November 13th, 2008 — , Financial Education from Maneesh Sethi @ Lending Club

“It’s the same thing every month. I always have a perfect budget, and I know exactly how much I can spend each week. But somehow, it never works out. I suddenly check my purse and there is no money left. I find myself at the ATM time and time again. Why can’t I stop spending?”
I’m [...]

Lending Club Adds Liquidity to P2P Lending

November 12th, 2008 — , Financial Education from Mike Smith @ Lending Club

Person-to-person lending has been a real phenomenon and has allowed both borrowers and lenders to get advantageous rates. The only real downside for lenders was a lack of liquidity, an issue that was recently addressed with Lending Club’s $600 Million SEC registration.
Traditional P2P lending models arranged for borrowers to repay lenders over a fixed term, [...]

Keep a Wants List, But Keep it Short

November 11th, 2008 — , Financial Education from Mike Smith @ Lending Club

There are many different methods to avoid spending money on unnecessary items, from freezing your credit card in a block of ice to saving up the necessary cash first before making a purchase. There is also a simple way to limit the number of luxury items you a planning to spend money on.
The basic idea [...]

The State of Worry: A Failing Economy Doesn’t Change Everything

November 8th, 2008 — , Financial Education from Mike Smith @ Lending Club

With the sudden change in the state of the economy, everyone is worried about their financial futures (especially these guys). I’m sure you’ve been hearing advice from every side about what to do. Should you take out all your money and invest it in gold, or buy Euros with all of your soon to be [...]

The Financial Benefits of a DVR

November 7th, 2008 — , Financial Education from Mike Smith @ Lending Club

Discussions about frugal living and cutting back unnecessary expenses often question whether cable television is a want or a need. While the case for basic cable, particularly in rural areas, being a need is sometimes conceded, the premium services and add-ons are almost always categorized as wants. You might find it strange that while I [...]

Secondary Factors Limiting Credit

November 6th, 2008 — , Financial Education from Mike Smith @ Lending Club

There have always been factors outside our control that affect the ability to get credit. The current economic situation in the United States is a prime example. Even if your credit score remains unchanged, you may have a harder time obtaining credit because of a general tightening in the market. To make things during this [...]

Saving with Entertainment Books

November 5th, 2008 — , Financial Education from Mike Smith @ Lending Club

Entertainment Books are the well-known discount and coupon books available from a wide variety of sources. The company behind the book, Entertainment Publications, states that it is able to provide billions of dollars in discounts every year. So the question becomes whether purchasing a book will be worth it to you.
Depending on where you live, [...]

Conserving Water Saves You Money

November 4th, 2008 — , Financial Education from Mike Smith @ Lending Club

Many of the same updates to your home that help you save energy also help you save water. Energy Star compliant clothes washers and dishwashers tend to use much less water as well. Add to that the savings potential of improved fixtures in your kitchen and bath, and the savings can really add up. Whether [...]

Retiring Early

November 3rd, 2008 — , Financial Education from Mike Smith @ Lending Club

As the normal age for retirement continues to creep higher and higher, more people are planning to retire before that magic number. What retirement means and how to achieve it differs from person to person, but we could all benefit from taking the time to consider the possibility.
As we’ve mentioned previously here on the Lending [...]

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Paying Seasonal Bills Through a Budget Plan

October 31st, 2008 — , Financial Education from Mike Smith @ Lending Club

Seasonal price changes to your bills can make it difficult to plan for, and afford, payments at certain times of the year. Whether through a formal plan, or one of your own, you can help to even out payments and better manage your personal finances in the process.
Many utilities offer plans to charge you a [...]

Christmas Prices Come Early This Year

October 30th, 2008 — , Financial Education from Mike Smith @ Lending Club

As any child waiting for Christmas can tell you, it can’t seem to come soon enough. Though children will have to wait until December 25th, shoppers looking for lower prices from holiday sales will get their wish.
Citing expectations of weak holiday sales and a desire by consumers to spread holiday spending over a longer period [...]

5 Ways to Succeed with Your Financial Plan

October 29th, 2008 — , Financial Education from Maneesh Sethi @ Lending Club

In a recent post, I wrote about how to make a plan for your financial goals. However, I’m sure you’ve made plans for other things, as well – such as losing weight, studying more, and other things. Chances are, you’ve failed a few times. Everyone has, and financial plans are no different than any other [...]

16 Travel Sites to Save You Time and Money

October 28th, 2008 — , Financial Education from Andre Nosalsky @ Lending Club

Continuing with our series on vacation planning on a budget, here are some great resources to help you plan and make the most of your trip.
Planning the Trip

TravelMuse – Use the “Inspire” feature to generate trips and possible costs for associated trips.
Lonely Planet – Research any destination you want to visit, including the countries and [...]

Upcoming Reduction in Recorded Telemarketing Calls

October 27th, 2008 — , Financial Education from Mike Smith @ Lending Club

As you know, companies with which you have an existing business relationship are permitted to call you even if you are on the National Do Not Call list. That’s why I still get called about switching to my cable company’s phone service. These calls are currently permitted to be made as recorded sales calls, but [...]

The One Personal Finance Book You Need to Read

October 23rd, 2008 — , Financial Education from Mike Smith @ Lending Club

How many of us feel that we are just one book away from finding the insight we need to change our financial lives? Like the saying that you have to kiss a lot of frogs before you find the one that turns into a prince, so too must you read many books before you find [...]

Junk Mail Vital to US Post Office Finances

October 22nd, 2008 — , Financial Education from Mike Smith @ Lending Club

Junk mail has long been a sore subject with both consumer advocacy and environmental groups. Growing concerns over privacy and waste have caused some to call for an end to this nuisance altogether. I was surprised to learn that one of the most outspoken critics of limiting junk mail are the very ones saddled with [...]

A Month Without Spending

October 21st, 2008 — , Financial Education from Mike Smith @ Lending Club

The concept of a no-spend day has been gaining in popularity. Rather than stocking up ahead of time or making up for it afterwards, the idea is to make do with what you have and live a day without spending any money. It seems as though doing just about anything for one day is possible, [...]

Vacation Traveling: Saving Money on Road Trips

October 20th, 2008 — , Financial Education from Andre Nosalsky @ Lending Club

Having gone on many road trips, ranging from one-hour to 36-hour drives, I have picked up a few tips about road trips that might be useful to you on your next trip. Continuing with our vacation series, here are some suggestions:

Rent a car instead of using your car. There are many reasons for renting a [...]

Ignoring the End of Expenses

October 18th, 2008 — , Financial Education from Mike Smith @ Lending Club

When trying to save money, both sides of the financial equation need to be examined. We often look at ways to increase our income as well as cut our expenses. Just as income sometimes increases on its own over time, some expenses also come to an end. Capitalizing on those opportunities may make all the [...]

Got Financial Goals? How to Plan for Success

October 17th, 2008 — , Financial Education from Maneesh Sethi @ Lending Club

In a recent post, I wrote about the importance of goal setting if you want to change your financial situation. Without setting goals, how can you ever achieve them? Well, once you have your goals, you aren’t finished – you still need to work towards them! In other words, you need a plan.
With your goals [...]

Vacation Traveling: Saving Money on Lodging

October 13th, 2008 — , Financial Education from Andre Nosalsky @ Lending Club

Continuing our series on saving money while traveling, we will now look at ways you can save money on lodging. Lodging – which can be hotels, motels, hostels, camping facilities, apartments, or guesthouses – can be one of the biggest costs while traveling. This is a fixed cost that is hard to eliminate, because it [...]

Buying in Bulk Drives Consuming in Bulk

October 10th, 2008 — , Financial Education from Mike Smith @ Lending Club

Buying in bulk is a great way to save money by paying a lower unit cost. If we allow larger quantities to influence how we consume, however, the savings may be reduced or even eliminated.
Having larger quantities of consumable goods makes an individual amount less valuable. As such, we may be more likely to [...]

Vacation Traveling: Saving Money on Flights

October 9th, 2008 — , Financial Education from Andre Nosalsky @ Lending Club

Many vacations and trips require flying. With the fuel prices always on the rise and a sluggish economy, air travel costs will only be going up and not down. Here are six tips to help you receive the most value for your money when flying.

Travel during the low season. Most destinations have a [...]

Leaving Your Job When You Leave the Office

October 9th, 2008 — , Financial Education from Mike Smith @ Lending Club

For all of the many benefits technological advancements have brought to the workplace, one huge downside comes along for the ride: leaving your job when you leave the office is becoming more and more difficult. The Networked Workers Survey conducted by the Pew Internet and American Life Project found that 50% of employed email users [...]

Double the Good Using Goodwill

October 7th, 2008 — , Financial Education from Mike Smith @ Lending Club

Making clothing donations to a worthy charity like Goodwill has always yielded multiple benefits. In addition to the charitable work done by these organizations, donors have been able to take small tax deductions as well. Another advantage getting a lot of attention lately is that shopping at charity thrift stores can lead to some unbelievable [...]

Small Business Bailouts Are Do-It-Yourself

October 6th, 2008 — , Financial Education from Mike Smith @ Lending Club

It seems that 2008 will likely be remembered as the year of the bailouts. Such a generalization loses sight of the fact that only big businesses are getting government help. Not only are small businesses not getting bailed out, but their options are also shrinking as credit tightens.
The National Small Business Association recently released its [...]

Should You Pay to Save?

October 4th, 2008 — , Financial Education from Mike Smith @ Lending Club

They say that it takes money to make money, and often times that holds true. But can spending money save you money? In many cases, it can. Monitoring the costs and the savings are a great way to continually ensure that paying to save makes good financial sense.
Paying to save comes in many different forms. [...]

Inspiration to Save

October 3rd, 2008 — , Financial Education from Mike Smith @ Lending Club

At times, it can be difficult to save money. All too often we feel that we have enough trouble just staying afloat, let alone trying to get ahead. Seeing others find success can provide the inspiration we need, particularly when they are even worse off financially than we are.
That’s exactly what I took away from [...]

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Separating Leisure from Spending

October 2nd, 2008 — , Financial Education from Mike Smith @ Lending Club

When trying to cut back on spending, we often eliminate activities that bring us joy. The frustration that ensues can cause us to give up and revert to our old ways. A better method is to try to separate our leisure from our spending. That will allow us to still do some of the things [...]

Mini Emergency Fund When Traveling

October 1st, 2008 — , Financial Education from Mike Smith @ Lending Club

The benefits of building an emergency fund have been covered in depth both on the Lending Club blog and in many other personal finance advice forums. Using that lesson on a smaller scale, particularly when traveling, can afford many of the same benefits.
A few weeks back I took a serious road trip. In the course [...]

How to Set Goals: The First Step to Financial Success is Knowing What You Want

September 30th, 2008 — , Financial Education from Maneesh Sethi @ Lending Club

If you don’t know where you’re going, who knows where you’ll end up? Whether you are trying to get out of debt, start investing, start saving for your child’s retirement, or anything else, it’s important to have a purpose. Without having any specific goals, it can be very hard to beat your financial worries. However, [...]

First Steps in Budget-Friendly and Stress-Free Vacation Planning

September 29th, 2008 — , Financial Education from Andre Nosalsky @ Lending Club

Everybody likes to take a vacation. Some people get away on a regular schedule and others only when they are forced to leave work. Either way, if you like to vacation or you have reached a wall and need a break, here are the initial steps in planning a stress-free vacation, along with some budget [...]

Building of Banks

September 28th, 2008 — , Financial Education from Mike Smith @ Lending Club

Despite the well-publicized bank failures and bankruptcies in recent weeks, I continue to see a huge number of consumer banks being built. Tough economic times may drive the demand for such banks, but only those expected to be profitable would actually be built.
At one intersection in an expanding part of town, there are construction sites [...]

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Another Downside of Gift Cards

September 26th, 2008 — , Financial Education from Mike Smith @ Lending Club

In my post, The Gift That Keeps on Taking, I described many of the negatives of gift cards. Recent calls for reform highlight another risk of using gift cards: they only hold value if they continue to be accepted.
The typical case where gift cards may no longer be accepted is when the company issuing the [...]

Paying for Portraits

September 25th, 2008 — , Financial Education from Mike Smith @ Lending Club

Having a young child, we take a ton of photographs at our house. A recent experience with a professional photographer reminded me not only how expensive they can be, but also how unnecessary they are in many cases.
Even though I consider photography a hobby of mine, I realize that I am still very much an [...]

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Spend Your Emergency Fund Wisely

September 24th, 2008 — , Financial Education from Mike Smith @ Lending Club

Creating an emergency fund is certainly important, but spending it wisely when the time comes may be even more essential. Poor decisions may make an emergency fund much less effective, or require a much greater sum to be amassed.
As was discussed in my short-term savings post, a general goal is to have three to six [...]

Resisting Change May Save You Money

September 23rd, 2008 — , Financial Education from Mike Smith @ Lending Club

Change may be the only constant, but along with change, higher costs often come along for the ride. Resisting change may allow you to save money.
As anyone who has ever purchased consumer electronics can tell you, the longer you wait, the less expensive the products become. The cost of the top of the line model [...]

Weddings and Social Lending – A Perfect Match

September 22nd, 2008 — , Financial Education from Mike Smith @ Lending Club

We may think that the process of getting married starts with a proposal, but it actually starts even sooner: picking out (and paying for) the engagement ring. As you will see, this is the first of many expenses that is an ideal candidate for financing via social lending sites.
Buying an engagement ring is likely the [...]

Companies That Serve Conflicting Needs

September 20th, 2008 — , Financial Education from Mike Smith @ Lending Club

In an effort to win over as many customers as possible, some companies offer services that seem to be at odds with one another. As a result, their marketing for each of their products seems somewhat less credible.
The Scotts Company provides an example of this type of conflicting service. For years, I’ve used their lawn [...]

Piggybacking Not Done Yet

September 19th, 2008 — , Financial Education from Mike Smith @ Lending Club

Despite a pledge to stop recognizing authorized user accounts in determining FICO scores, Fair Isaac has since recanted and will continue to use them after all. While this is good news to many authorized users, it will also allow the fraudulent practice of piggybacking to continue.
The way authorized user accounts work is that someone with [...]

Choosing a College Without Considering Costs

September 18th, 2008 — , Financial Education from Mike Smith @ Lending Club

The Associated Press recently reported that earning potential and its impact on paying off college debt were often not considered when choosing which school to attend. This, at the same time when one of the featured articles in Money magazine asked “Is a College Degree Still Worth It?”
It seems reasonable that other, more emotional factors [...]

Timeframe For Personal Finance Activities

September 17th, 2008 — , Financial Education from Mike Smith @ Lending Club

Trying to manage all aspects of our personal finances can seem overwhelming at times. To help bound the frequency of some relevant events I listed how often I perform each of the following personal finance activities:
Daily

Enter receipts into my budget software
Check my investment positions
Shred envelopes with my name and address
Write for the Lending Club blog
Go [...]

4 Money Pitfalls Students Fall Into

September 16th, 2008 — , Financial Education from Kevan Lee @ Lending Club

College students are back in classes, back in the dorms, and back in arrears to Mom and Dad. Yes, all the signs point to school year being back again.
While hitting the books and meeting new friends are an enjoyable part of college life (unless the books being hit are about philosophy and the friends being [...]

Why Spending Less Than You Earn Seems So Difficult

September 16th, 2008 — , Financial Education from Mike Smith @ Lending Club

Spending less than you earn is one of the most basic principles of making positive progress towards your personal finance goals, yet so many of us have a difficult time implementing the process. Below are some of the ways we allow ourselves to falter, along with suggestions on ways to improve.
We aspire to a higher [...]

FDIC Insurance Limits

September 15th, 2008 — , Financial Education from Mike Smith @ Lending Club

Having too much money sounds like one of those problems we’d all like to have, but there are legitimate concerns over the safety of deposited money when FDIC insurance limits are exceeded. Understanding these limits and taking appropriate steps can help to ensure your cash, which is generally believed to be the investment with the [...]

Free TransUnion Credit Score

September 14th, 2008 — , Financial Education from Mike Smith @ Lending Club

You may already know that credit reports are available free of charge once per year from AnnualCreditReport.com. Credit scores, which are the number that lenders typically use when determining credit, are generally only available to you for a fee. Thanks to a new class action settlement, most people are eligible to receive their TransUnion credit [...]

Document Destruction Options

September 13th, 2008 — , Financial Education from Mike Smith @ Lending Club

By now, most of us know the importance of destroying sensitive documents as a way to reduce our risk of identity theft. Once we decide to take action, there are a number of different ways to actually destroy the information.
Many items, such as receipts and bank statements, are suitable for burning. As long as plastic [...]

Is Your Rewards Card Worth It?

September 12th, 2008 — , Financial Education from Mike Smith @ Lending Club

As its name implies, your rewards credit card will reward you for using it in compliance with the rules of the card. Comparing what you give up to have such a card with what you get in terms of rewards may lead to the conclusion that it’s not worth having.
The standard argument for having a [...]

Secure Your ID on September 20th

September 10th, 2008 — , Financial Education from Mike Smith @ Lending Club

After a successful inaugural “Secure Your ID Day” earlier this year, the Better Business Bureau and the credit reporting agency Equifax will be holding an encore event on September 20th.
The event aims to educate the public about the importance of destroying personal information to help prevent identity theft as well as provide an opportunity [...]

Paying Off Mortgage Loans in Half the Time

September 9th, 2008 — , Financial Education from Mike Smith @ Lending Club

There’s an ongoing debate about whether or not you should prepay your mortgage. The general consensus is that if extra payments could be invested elsewhere for better returns, then prepaying your mortgage actually costs you money. I’ve covered both sides: why prepaying is a good idea, and whether it’s a mistake.
When you prepay, you have [...]

Giving Regularly to Charity

September 8th, 2008 — , Financial Education from Mike Smith @ Lending Club

Charitable giving can seem overwhelming at times, particularly when many requests come in at once. Towards the end of the year, the barrage of requests from charities looking to meet their yearly goals seem so large that it’s difficult to decide between the many worthy causes. Add to that the stress and financial burden of [...]

Lessons Learned from Back to School

September 6th, 2008 — , Financial Education from Mike Smith @ Lending Club

Seeing all of the back to school supplies out in the stores reminded me of the feelings I always had at this time of year when I was a child. Many of those feelings translate into lessons that are applicable to other aspects of our lives, including our personal finances. Here are a few of [...]

Keeping Relapses Short

September 5th, 2008 — , Financial Education from Mike Smith @ Lending Club

When trying to break any bad habit, relapses are likely to come into play. Poor financial habits are no exception. Keeping those relapses short will minimize their impact and keep you on track towards your financial goals.
The truth is that good habits are usually more difficult to keep up than bad ones. One of the [...]

Economies of Scale

September 4th, 2008 — , Financial Education from Mike Smith @ Lending Club

Economies of scale occur when inputs get less expensive as you generate more output. More than just within the realm of big business, there are many ways we can use this principle in our own daily lives. Getting more for less is clearly beneficial to your personal finances.
One economy of scale we encounter all the [...]

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