2016 - Page 6 of 7 - Best Money Moves

A Big Money Lesson For Only 60p (Less Than $1)

by Ilyce Glink | Jul 19, 2016 | Blog

More than 30 years ago, as I was packing for my junior year abroad, my mother handed me a check for around $2,500 and said, “This money has to last all year. You’d better start keeping track of what you’re spending.”

And with that, I went off to Wales to study music and literature. When I got there, I deposited the check in my local Barclay’s branch on High Street. The dollar was strong then (close to where it is now), so while my dollars went pretty far, my funds weren’t unlimited by any stretch of the imagination. I had to watch every pound or penny I spent.

For 60p, I bought a small black notebook and stuck it in my pocket. Of course, this was 1984, before the Internet, before cell phones, and certainly before Venmo, PayPal and apps that helped you “save your change.”

What I got was my first big money lesson, and all for only 60p, or less than $1.

I had to do it all by hand. Dutifully, I recorded the beer and “still orange” (a non-alcoholic orangeade of sorts) I drank at the local pub. I’d record the pounds I spent buying bottles of full-fat milk (delivered fresh every morning to the local shop from the local farm – before any of us understood the meaning of the word “organic”) and hot butter muffins from the local bakery. At night, we’d go out after the pub closed to the local Chinese take-out and ordered a very greasy egg roll stuffed with bean sprouts, what I’d refer today as an Anthony Bourdain late-night special.

No expense was too little to escape the tracking, and my little black book soon became worn around the edges as I recorded train tickets to London and Inverness, Scotland, the cost of a boat ride across the Irish Sea, entry tickets to museums and dances, dinners out with friends, and a flight to the continent.

I managed pretty well, though when running a bit short of funds in the late spring, I took a job at a local Welsh pub pouring drinks and making fish and chips. I was paid a little and got some tips (but if I’m being honest, I’d have paid them to let me do it – that’s how much fun it was). Still, it was enough to augment my dwindling savings and allow me to plan for additional travel during the summer months, when I found myself calculating whether it would be cheaper to buy a EuroRail pass (which provided unlimited rail travel for a month) or individual tickets. After a bunch of calculations (by hand) and a lot of phone calls at the corner phone booth, individual tickets won out.

When I look back, I think that this little black book set me off on a different course in life. I learned that I could stretch even a tiny amount of money a long way (a “dime into a dollar”). I learned that I could be self-sufficient and that I was just fine with what today I’d call “deferred gratification.”

My first big money lesson. I still have that little black book somewhere. Once in awhile, I pull it out to look at where I spent my money – every penny of it – during that year abroad. It reminds me that anything is possible, if you put your mind to it.

Ilyce Glink is the Founder and CEO of Best Money Moves. She is also the author of 13 books on personal finance and real estate and the CEO of Think Glink Media, a digital content agency.

5 WAYS BEST MONEY MOVES MAKES YOU SMARTER ABOUT MONEY

by Ilyce Glink | Jul 11, 2016 | Blog

When it comes to money, it’s easy to feel like a dummy.

After all, the entire financial services industry is set up to confuse you. That way, you’ll feel relieved and, yes, even grateful to pay someone to do things that you should be able to do yourself – that is, if you had the confidence and knowledge to take those first few steps.

Best Money Moves is all about building up your confidence. And we do it in a simple way – we teach you how to manage your money step-by-step. Here are 5 ways that Best Money Moves will make you smarter about money:

We help you measure your level of financial stress. Sometimes, the problems pile on. it’s easy to feel as though you’ll never be able to pick just one to work on. By measuring your financial stress in 14 categories, we do the sifting for you. We believe that by sorting through each of our stress categories, you’ll be able to prioritize your top problem more easily – and then we can help you solve it.
We show you the shortcuts – and how to achieve the best results. Whether you’re paying down debt or trying to save for a down payment on a car, we’ll show you how to “run the numbers” with the best of them – without trying to confuse you. Want to compare paying down your debt using the “snowball” vs. “avalanche” techniques? We’ll do the math for you and show you the “big secret” so-called experts want you to pay extra for.
We use easy-to-understand language designed to empower you. We’re not trying to confuse you into a big sale. Why? Because the only sale we’re interested in is to your employer. Instead, our whole goal is to help you better understand how money works, and how you can use it to your advantage.
We’re not trying to sell you anything. Most so-called “financial wellness” programs are about selling. They’re either trying to sell you products you don’t need or get assets under management. So, they build in a thin veneer of information designed to sell more stuff. at Best Money Moves, there’s no hidden agenda. We’re not trying to sell employees anything. We’re simply trying to help you engage with your finances in a more positive way.
Tools, calculators, award-winning content, contests, money coaches and more. Managing your money doesn’t have to be excruciatingly painful or boring. It can be entertaining, engaging and, yes, even a bit fun. At Best Money Moves, we’re always looking for another way to make this more fun, so you’ll spend more time reading, thinking and doing. That’s why you get points every time you do something with Best Money Moves, whether it’s reading an article, working on your budget, or measuring your level of financial stress.

We want you to succeed. We want you to pay down your debt faster, save more money, and avoid getting ripped off. And, we’ll be there with you, every step of the way. Contact us at Best Money Moves. We can help.

WHAT MAKES US DIFFERENT

by admin | Jun 19, 2016 | Blog

Most so-called “financial wellness” programs are really out to do one of two things: They’re either trying to sell your employees something they don’t need (like more credit cards) and most likely can’t afford, or they’re looking to accumulate assets under management. Which would be fine – if your employees had any spare change to begin with.

But they don’t. Because they’re broke:

63% of them don’t even have $500 in cash in case of emergencies.
More than 70 percent of them don’t even have $15,000 saved for retirement – which as an employer you already know because you see the 401(k) reports.
And 80% report feeling moderate or severe financial stress.

Best Money Moves is a different sort of financial wellness program because the only thing we’re trying to do is help your employees. We’re trying to help them understand where their personal finance pain points are, and how they can solve those problems to relieve the crushing financial stress they’re under. To do that, we use cool tools, easy-to-use and understand information, and we add money coaches, so that your employees have a real person to turn to who is trained to help you find ways to fix your budget and get your debt paid down faster. All they have to do is click the number in the top left hand of their Employee Dashboard.

You see, we measure financial stress because we know that’s what’s keeping your employees from being more productive, happier and engaged at work. We know that’s what is causing a big part of your retention problems. And we believe financial stress is tied to poorer health outcomes.

As our founder, Ilyce Glink likes to say, “When you’re stressed, you get sick and when you’re stressed about money you get even sicker.”

Contact us today to find out more about Best Money Moves and how to bring this innovative solution to your employees.

BENEFITS OF OUR FINANCIAL WELLNESS PROGRAM

by admin | Jun 19, 2016 | Blog

What is a financial wellness program? That depends on how you define it.

For most employees, financial wellness translates into a 401(k) program with perhaps a side dish of information about why you should open up a health savings account (HSA).

It feels sort of meager, like a plate of diet food. But it isn’t that your company doesn’t care about you and your personal finances – they do. But most so-called “financial wellness” programs actually fall into one of two categories: (1) They’re trying to sell you something (that most employees can’t actually afford); and (2) they’re trying to get more assets under management.

Best Money Moves is a different sort of financial wellness program because we’re built around the idea that if you solve employees’ pain points – problems that are causing a lack of focus, falling productivity and retention, and higher health care costs – then employees will be happier, healthier and more engaged overall.

Our program offers a number of features we think will help employees better understand and manage their personal finances, including:

Our financial Stressometer (R) helps you measure your level of financial stress in 14 categories
Easy-to-use and understand calculators that help you understand what’s happening with your finances, including a budget calculator that gives you your very own Best Money Moves, based on your income
A unique content-mapping system that gives you the information you need, when you need it
Non-profit money coaches, who can help you more deeply understand and tune your budget to help solve critical issues
Point-based reward system that gives you points every time you log in, read an article, work on your budget, set a goal, or measure your financial stress; each point translates into one change to win out monthly contest
And more…

Financial wellness programs are great – if they work. Best Money Moves will work to bring down your level of financial stress, and make you a happier, more engaged partner in your professional success. Contact us today for a quote!

BUILD A BUDGET AND CONTROL YOUR FINANCES

by admin | Jun 19, 2016 | Blog

Some would argue that to be happy, you need to be in control of you life. And, nothing makes you feel more out of control than being underwater with your finances.

Debt, shopping cravings you can’t control, loans that wind up costing more than you thought, and being unable to pay your bills at the end of the month – all of these events (and more) make us feel like life is spiraling out of control.

The best way to regain control of your finances is to build a budget. Put yourself on a money diet – which means you have to make some relatively unpleasant choices so that your spending is much more in line with your income.

And while it’s much more fun to just whip out your credit card, debit card, or phone and pay for the next meal or round of drinks, there’s a very real cost associated with that behavior – kind of like a hangover, it’s no fun to face a budget that’s way out of control the next morning.

So here’s what most people do when facing their own personal financial crisis – they bury their head in the sand and pretend like it isn’t going on. And, then they get stuck.

You don’t have to be stuck. You don’t have to feel as though the debt that’s weighing you down is going to be there forever. Because it doesn’t have to be.

You can get your budget back under control by making a few tiny (though tough) choices and sticking with it. It’s like a money diet.

The diet metaphor works because what you’re doing is putting yourself on a spending diet. You’re only going to spend the minimum you can in order to nurse yourself back to full financial health. We know you can do it: You can build a budget and get your finances back under control.

Best Money Moves can help. We have terrific, easy-to-use and understand tools and information that will guide you through each move, along with our Stressometer(R), which can help you figure out what’s causing the most financial stress right now. And if all seems overwhelming, you can call one of our nonprofit Money Coaches for personal, one-on-one guidance.

Imagine that. Help from someone real, who will pick up the phone when you call, and guide you through the toughest period of your financial life. And, it’s all part of the Best Money Moves program.

If your colleagues are in financial trouble, show this to your employer. Ask them to add Best Money Moves to the company’s financial wellness offerings. Our program is affordable, comprehensive and features award-winning information from some of the most distinguished financial writers and authors.

Best Money Moves. We can help! Contact us today for a quote.