This is a continuation of the Modern Money Managers series. See past posts on Mint, moneyStrands, Microsoft Money, and Wesabe.
For most young adults, myself included, an online resource to manage your money has huge benefits. I don't enjoy having to call or visit the websites of my three financial institutions for account updates. I already spend a lot of time online, so being able to manage all of my credit cards, loans, investments and checking accounts in one spot is absolutely wonderful.
With Buxfer you have the choice of three different membership plans: Basic, plus, and pro. I tried out the basic plan, which has a limited list of features that includes budgeting tools and bill reminders. It also limits the number of accounts you can track to five. Upgrades to plus or pro memberships cost up to $3.79 per month.
If you only have one checking account, savings account and credit card, the basic membership could be very useful.
- You can see all statements and transactions in an easy to read format.
- It puts your monthly income and expenses in a nifty graph to show exactly where your money is going.
- The reports track your income, expenses, balance and trends for all of your accounts--or just the ones you choose.
- You can access your Buxfer account from your computer, phone, or even your Facebook account.
- Track IUOs and shared expenses with friends or roommates.
For me, Buxfer was more of a hassle than a benefit. Setting up accounts is simple to do if your financial institution is listed in Buxfer's database. Otherwise, it takes a bit more work. Only one of my checking accounts was fully compatible. With the other four (as I could only add five accounts), I had to import the info manually. It became a bit tedious. The limit of five accounts was also a hindrance for me. Ideally, I would like to manage all my accounts, rather than choosing only five.
I would recommend Buxfer for anyone who has only a few financial accounts to track, or is willing to pay a small monthly fee. VentureBeat strongly recommended Buxfer above other well known personal finance sites, so it may just be worth checking out.
-Makenzie
There are a lot of things I'd like to do before I die. While it isn't necessarily on my must-do list, I'd like to start some kind of unique food boutique; like a cookie shop (inspired by Joanne Fluke's series of novels), a fancy breakfast restaurant, or an eatery with a theme ingredient, like avocado or onion.
However, I am not the only one with this type of idea. The New York Times even ran an article about how cupcake shops have been in vogue recently. A great idea, but, as the article describes, it's not all fun and games. The four cupcakeries in the article have had varying levels of success, and all of them have worked their fannies off to make it.
This is why it's important to have a business plan before you start a company. It will have all the information you need to make your business a success, from obtaining start-up funds and creating a brand to expanding the business five or ten years down the road. It will even tell you if it's a viable business idea before you sink any money into it.
When you're ready to start planning, check out Business Blueprints. If you're interested in starting a web business, there are several examples (here, here and here) of bakeries on the Internet, if that's what your heart is set on. And as always, check out sba.gov for all the information you will need on starting a small business.
If you have an interesting idea for a business, don't give up. There are plenty of successful businesses that have sprung up off the beaten path. Good luck!
--Jennie
The Super Bowl is a time when friends and family come together to watch 300 pound freaks of nature crush each other for 11 minutes, and try to emulate said athletes' physique by downing buckets of pizza, chili dogs and chicken wings. Super Bowl Sunday is the United States' 2nd ranked day for food consumption, with Thanksgiving winning by half a gut.
- $55 million will be spent on food alone.
- Super Bowl viewers will collectively consume an estimated 156 billion calories.
- Americans will buy over 48 million pounds of avocados.
Like 51% of Americans, I usually just watch for the commercials. Instead of cheering for a team, I find an arbitrary reason to root against one of them. I then occupy the rest of my time facing off against 5+ kinds of dip and some form of meat (by)product. I always win, even during 2009's terrifying chicken wing shortage.
If you'd like to eat something that won't immediately congeal in your heart, Fox and NPR, among others, have healthy-ish recipe ideas for the game.
Personally, I hope my food coma from this year's Super Bowl will knock me out until the World Cup starts in June.
--Cody
Saving energy, saving money?
That's the question surrounding the $133 million renovation to be done to the bland, concrete Edith Green-Wendell Wyatt Federal Building in Portland, OR (shown in picture).
According to The New York Times, most of the work will be in the form of energy conservation: low-flow toilets, solar panels, and the utilization of rainwater. But there's also a plan to train plants to climb "fins" that will span the entire 200-foot face of the building, providing shade in the summer months and further cutting energy costs.
It's a noble plan, but it's validity is being challenged by the likes of senators John McCain and Tom Coburn, who ranked the project second on their list, Stimulus Checkup, that details what they see as waste in stimulus-funded projects. (A similar building was built from scratch in San Francisco for $144 million).
Though the project might not be cost-efficient, the idea of improvements to save energy is a sound one. A study by McKinsey and Company found that if existing homes just sealed their heating and air conditioning ducts, installed a programmable thermostat, and insulated the attic, the U.S. would save 920 trillion BTU's of energy.
With 3,413 BTU's per kilowatt-hour, the average home using 11,232 killawatt hours per year, and the price of energy averaging 11.76 cents per kilowatt-hour, that's a savings of… (carry the one, divide by eleventy-seven…) over $31 billion. That's no small chunk of change. It's also enough energy to power 23 million homes for a year.
So while one's smart idea is another's waste, this issue boils down to Rasheed Wallace's sage advice: ball (or in this case, money) don't lie.
--Brandon
This is part two of my three-part Student Life blog series. (Part one)
When heading off to college, don't forget to move your money out too. Most financial institutions offer student checking, savings, credit cards and other programs to help you start healthy financial habits and build credit history.
Here are three steps to making your financial move:
- Step One: Before you leave for college, find a financial institution in the same city as your college--one that also has a branch in your hometown could be convenient. Don't just pick any institution. Look around and compare to find a place that treats you with respect and offers services that fit your needs. Then open a checking account with them. Student accounts usually don’t have fees attached and most have a minimum opening deposits under $100. They usually don’t have minimum daily balance requirements or maintenance fees either. Checks are usually free, as is a debit card. Some institutions offer programs that reward you for your good grades.
- Step Two: Open a savings account if you have enough money. Student savings accounts have similar features as checking, but usually require more money to open. A savings account separate from checking can help you avoid spending money that you're trying to save up.
- Step Three: Apply for a student credit card. They will have a low credit limit, usually around $500, a low fixed APR (Annual Percentage Rate), and no annual or extra fees. You can compare different credit cards online, but it’s always best to inquire about them with your financial institution. Remember to be careful when it comes to credit card use. The average undergrad carried a credit card balance of $3,173 and had 4 cards, according to a 2009 Sallie Mae report.
Three little steps can have you on your way to practicing good financial decisions while building credit for your future. As a student you usually don’t have to pay extra fees and aren’t expected to keep high balances in your accounts, but that won’t last forever. Check with your financial institution about any other student specials, discounts, or offers.
Check back next week to learn how you can utilize student discounts to save money on shopping, entertainment, and eating out.
-Makenzie
Everyone knows that cell phones are ubiquitous. However, we're quickly reaching the point where laws are catching up to life as we know it. Across the country, new laws are going into effect limiting cell phone usage, especially texting, while driving. Here's the breakdown by the numbers:
- 20 states ban texting for all drivers. 22 are currently considering similar legislation.
- $2,750 is the maximum penalty for commercial truck or bus drivers caught texting on the road.
- 276.6 million wireless subscribers sent 135.2 billion text (SMS) messages in June 2009, and 1.36 trillion text messages for the year.
- 3 million federal employees were prohibited from text messaging while driving by an Executive Order in October 2009.
You need to be aware of the laws in your state; no two are alike. On the other hand, you might consider not texting on principle: AAA estimates that between 4,000 and 8,000 crashes related to distracted driving occur every day in the U.S. Plus, you're 23 times more likely to crash while texting. There's no need to put your life and others' lives in danger for the sake of an an "LOL OMG" or a "k cya l8r!"
- Jennie
The U.S. unemployment rate is holding steady at 10%. Here's the scary part: even as the economy begins to recover, the fear is that there could be a jobless recovery--economic indicators will stabilize, but people will still be out of work.
This is because the jobs lost since the beginning of the recession in December 2007 outweigh all the jobs created since 2000. A decade's worth of job creation/growth has been wiped out.
Job losses have hit some sectors particularly hard. Lost construction jobs alone account for one-fifth of total job losses. The unemployment rate for construction is 22.5%; farming, fishing and forestery unemployment is 21.8%; and production unemployment is 14.7%.
Some jobs, such as those in construction, may not be coming back. Construction jobs grew by leaps and bounds during the height of the housing bubble. Once the bubble popped, those jobs disappered. They aren't likely to come back because the growth didn't have any substance.
In other sectors, like administrative work and directory services, jobs were going to be lost even without the recession because their tasks are becoming automated. The recession sped up the job losses.
Even if the economy stops losing jobs, the unemployment rate won't necessarily go down.To fill these lost jobs, new jobs will have to be created. This is difficult to do and takes time.
If you find yourself unemployed or in a shrinking job sector, check out the Bureau of Labor Statistics' (BLS) projected job growth table. Look for a job sector with expected growth and consider getting education or training to make a job switch.
Jobs aren't going to create themselves. As a country and as individuals we have the opportunity to take this recession and make it a positive. Perhaps it will provide the spark we need to start producing more and consuming less. Our economy's last two booms were based on widespread speculation and ill-advised investment. The dotcom bubble from 2000 to 2002 was based on nothing more than pipe dreams. The housing bubble began about the same time the dotcom bubble burst, and by 2006 it was ready to pop. We are still feeling the effects.
Hopefully we can become a nation of innovators and producers, making needed products and providing solutions based on real needs--not just a quick profit. Let me know what industries you think have growth potential and where America can shift its priorities on the road ahead.
--Jens
Oh, to be educated. In a three-part blog series, I'll show you how being a college student can have its rewards at school, with finances, and when shopping for everyday items.
Today we're covering school perks.
Schools offer discounts on everything from healthcare to software. For instance, shopping through your student bookstore can mean big discounts on Adobe and Microsoft software like Photoshop and Office. You can also get discounts online, but if you
buy at the bookstore you won't have to prove you're eligible.
Don't forget that school computer labs (free) have many expensive types of software for use at your convenience. College departments also offer free access to expensive equipment and facilities like video cameras, testing labs, surveying equipment, etc.
There are many extracurricular activities around campus to take advantage of. Take a gym membership for example: you may have full access to your school's gym for free (because you pay for it with your tuition fees). Check your school's events calendar regularly too, as there are usually free opportunities to listen to great speakers, watch movies, attend concerts, and participate in other campus activities (like Oregon State University's Snow in the Quad). Athletic events are usually free or discounted for students as well.
There are more opportunities beyond the fun stuff, of course. Most schools offer limited healthcare resources, making it possible to see a nurse or physician at no charge. Check your school's student health and counseling services to see what is covered under your tuition. It's also possible to purchase health insurance at a cheaper yearly rate from your school.
Campus clubs and organizations are great resources for social and professional interaction. Career centers are great places to get free counseling and advice about interviews, resumes, and job/internship opportunities.
I have only mentioned a handful of things that your school will offer for free or at discount. All of these are going to cost you more in the future, so take advantage of them while you can!
Check back in the coming weeks for parts two and three of the series.
--Makenzie
In February 2008 we featured The Buried Life--Ben Nemtin, Dave Lingwood, Duncan Penn and Jonnie Penn--on the cover of brass|MAGAZINE. These four guys are on a mission to complete a list of 100 things they want to do before they die, and help encourage others to create and live out their own lists. Since 2006 they've been cruising around the U.S. and Canada completing 46 of the items on their list. Among them: go to a rock concert in full leather, approach the most beautiful girl you've ever seen and kiss her, party with a rockstar, learn how to surf, and give a stranger a $100 bill.
Last time we saw them they were still trying for #53, start a television show. Tonight they can officially check that one off the list. The Buried Life premieres at 10 p.m. on MTV.
The show is unscripted reality. An MTV camera crew follows the guys around as they go about completing their list. According to The Buried Life Fact Sheet, "the guys are not funded so they have to accomplish their tasks by their own creativity, wit and asking for assistance from others." During each episode they will try to accomplish goals from their list, as well as fulfill the dream of a total stranger.
Tune in.
--Jens
Photo courtesy of Jamie Cary.
During the winter months, deciding you can't exercise is as easy as looking out a window. "It's raining/snowing/sleeting; clearly I can't work out."
Going to the gym is less than ideal if you're up against monthly fees and protein shake-swilling types, or if you have limited time after already trying to fit in work, school and some semblance of a life.
Plus, most home workout programs like 6 Second Abs (pictured at right) aren't much more than novelty items (a coworker received this in our annual white elephant gift exchange).
These convenient excuses, coupled with delicious nog-related beverages, can lead to the dreaded winter weight gain.
But fear not, there are many exercises that you can do in the home or office that only require a few minutes of your time:
- Stretching--Whether at work or school, sitting for hours at a desk can leave you in a daze. Try these stretching exercises to help keep you alert.
- Pushups and Pull-ups--Pick up a doorway pull-up bar for around $15, or push yourself up off the ground for free. Start with a small goal, even if it's only one or two repetitions, increasing the number of reps every week.
- Ab Wheel--$10 or less new, or even cheaper used, ab wheels work your abs, back and arms.
- Seven-Minute Workout--A great way to wake up in the morning, this workout focuses on all your major muscle groups, stretching and balance, all in seven minutes.
When trying to fit in exercise around your current lifestyle, it helps to get creative. A few minutes of exercise a day (and the end of nog season) will help keep post-holiday weight off until getting your exercise outside is more appealing.
--Cody
