blondegirlfinances-blog

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Your First Budget.

Your first budget should consist of fundamentals on wich we will later build.  

1. Income: Weekly, Biweekly, Monthly is the foundation of every budget. I keep track of our weekly income in a little graph I made in the Numbers app. It’s so easy and so fun too! 

2. Groceries: Whether you are a student living at home, a dorm or a mother raising 5 kids you WILL spend money on groceries. I would suggest counting all stacks in this one as well. 

3. Transportation: Even at 16 years old when you get your first car you should plan to contribute to your transportation budget because I know you’ll want to go places, but limit yourself to maybe $25 a week on gas? Once that money is gone consider riding with your friend. For some people, this budget will include gas and insurance as well as minor repairs. For me, it only includes gas because I prefer a more detailed budget. 

4. Savings: The best thing you could ever do for yourself is to start saving early! It can be as simple as putting away $10 a week. You’re not likely to miss just $10 a week, and without a budget and a plan for savings you would have to spend it anyways. 

5. Allowance: Don’t forget to pay yourself too. If you cut yourself off completely from spending you are most likely to fail, instead, start small and taper yourself off a little at a time. Remember great things take time. 

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We’ve mentioned credit scores a few times recently - so here’s a groovy guide to what they are. Anyone else thinking we should bring ‘groovy’ back? Just us? Ok then…

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created by blck-xcvi.tumblr.com

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Priority 💸💕

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Entertain me

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Lit

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10 ways the grocery store is tricking you into spending more money

1. Purposefully disorienting customers

Stores are intentionally laid out in a disorienting way so that it takes more time to find what you’re looking for. And the more items you walk by, the more likely you are to make impulse buys.

2. “Charm pricing” and false promises

Grocery stores deliberately price items to make you think you’re saving money when you’re not really: There’s “charm pricing,” where an item is one or two cents below a round number (like $9.99).

3. Giant shopping carts

Those gargantuan shopping carts are intentionally designed like that to trick your brain: When you double the size of a shopping cart, consumers will buy 40% more, marketing consultant Martin Lindstrom told Today.

4. “Open the wallet” pricing

This technique involves placing seemingly cheap items (a big “SALE” sign must a mean big discount — right?) in proximity to the entrance, so you are tricked into believing you’re starting your shopping expedition by saving money.

5. Playing music — with a slow beat

In one study on the influence of music on consumers, published in in the journal Procedia Economics and Finance, respondents said pleasurable music in the background increased the likelihood they’d spend more time and money in the store — and thwarted their negative emotions.

6. Placing dairy far from the entrance

Dairy is one of the most popular grocery categories — and you may have noticed it tends to be miles from the entrance. That’s not a coincidence. This forces the consumer to walk by more grocery items and, you guessed it, exposes them to more opportunities to buy things they don’t need… like an ergonomic, bacteria-free sponge.

7. Putting popular items in the center of aisles

The most popular items and brands are often placed in the middle of aisles, which forces you to walk by way more products than you otherwise would. All those extra goodies you’re exposed to on your shopping mission increase the likelihood of an unplanned purchase. You came for the toilet paper, but left with a plate of pitted dates. Good for your fiber intake — bad for your budget.

8. Presenting a feast for the senses

The smell of freshly baked bread and rotisserie chicken is a more well-known tactic supermarkets use. When were hungry, we’re more likely to buy more. This effect is compounded by colorful produce up front, which can be pleasing and exciting to the eye. The combo of nice smells and pretty colors puts us in a good — or at least better — mood, making us more willing to make unplanned purchases.

9. Overwhelming shoppers with options

Literally tens of thousands of items are on offer in your average supermarket. And that demands a lot of decision-making. Brains scans examined by Bangor University, Wales, reveal that we can only keep this up for about 40 minutes, at which point we kind of get tired and give up. Once we’ve given up, we start to make emotional purchases — aka impulse buys — and this can lead to as much as 50% of purchases being unplanned.

10. Narrowing the checkout lanes

Grocery stores have also made their checkout lanes purposefully narrow. This is so that when you’re unloading, if you suddenly realize you’ve impulsively and regretfully thrown in a $15 small bottle of freshly squeezed orange juice, it’s too hard to get out of the checkout lane to go and put it back. Read more

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Breaking Down Your Paycheck.

Here we go, you finally landed that first job. You’re out to prove yourself to the world and you probably already have a few plans for that cash. You open up to see your check and...”WHAT?!?!?” That’s a lot less money than you thought you’d get. At first, you might think that your time card has been counted wrong, BUT you take a look at the little piece of paper that usually comes attached to your check and find out where the “rest” of that money went. NOW it makes sense! But does it really? Let’s take a small look at the three things you are likely to find on your 

Gross Pay.

Gross Pay is raw money that you would have taken home had none of the other deductions were made. If you earn $11/hr and you work for 8 hours a day for 5 days and you get paid weekly your gross take home salary would be $440 a week. 

Federal Income Tax.

Federal Income Tax is (usually) withheld from your employer who sends it directly to the IRS. At the end of the year, you must (in my state) pay a certain amount to the IRS called the income tax from...yes...your income. Instead of saving your money and then giving it to the IRS at the end of the year Federal Income Tax takes it out of your paycheck and deducts it from the total you must pay. So that by the end you turn out even! Keeping your fingers crossed. HOW this Federal Income Tax is determined is a topic for another time. 

FICA

Stands for Federal Insurance Contributions Act and is actually TWO things in one. First, it’s Social Security Tax and second, it’s Medicare Tax. IT IS MANDATORY. Right now millions of people are using that money to help with their old age health care costs and disability. They’re using it now, but it’s credited to you for later so that when you get old you will also be able to use it.  

And there it is! 

It’s always a good idea to check your paperwork with you employer if you’re having any doubts about your deductions, but do expect to see these on your paycheck from now on. 

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You're 16-18.

Say you're in your late teens, and you believe it’s time to put your big girl panties on and get a job. After all, imagine all the shoes you can buy with $100! Actually, probably not that many, but you get the point? Having your own little stash of cash is appealing. But imagine for a second if instead of a pair of shoes right now, you can have as many shoes as you want later? With just a little self-control and patience you can achieve that goal because you’re smart and you’re thinking ahead. First, lets come up with a plan to get the dough in the first place. Well here’s a very obvious but perhaps not the most appealing option is; TO GET A JOB. Yes, maybe you can do chores around the house for cash but we’re trying to be big girls here and start our professional careers! So please get something that comes with a pay stub. 

The first thing you need to know about first-time jobs is that’s exactly what they are. These are entry-level positions that give you the opportunity to learn the most basic of skills in the job market. They usually include customer service; to build the basic customer-retailer communication skills, basic accounting skills usually acquired through the use of a register, and minor responsibilities. You’re basically showing the world that you can function when you’re given instructions. The second thing to know is that it is not your CAREER. Don’t get comfortable, don’t settle in. Build good communication skills, prove that you’re ready to handle the bigger responsibilities and stay on good terms with your managers. It can get you A LONG way. But how long should I stick around on my first job you ask? Experts say that a minimum of one year. Now, if you see opportunities for advancement feel free to stay and make it your career. Those places have high turnover rates, so they’re prepared for your departure. And lastly, make it part time! Trust me, no money is worth lost memories. Don’t get too carried away but remember that youre still a teenager! 

First, you’re probably thinking of what job can a 16-year-old possibly hold? But don’t despair because thanks to some digging around I have come up with a list of most popular jobs for a 16-year-old! 

Number 1. 

Barista 

Come on it’s 2017, EVERYONE is obsessed with coffee. Now I personally know a kick-butt barista who makes at least $100 a week in tips if not more. So yeah if you don’t like coffee, I hope you like the extra cash. 

Number 2. 

Fast Food 

Yes, you might not smell that good after your shift, but fast food is probably the biggest platform on which you can build. How many people started here, and how many employers know about these starts, probably everyone. You can be a cashier at a grocery store, but I feel like the expectations are a bit higher there, so starting out at fast food is always the safest bet. 

Number 3. 

Server

Probably requires a little more skill, probably will encounter a lot more diverse people with whom you will definitely have to interact. But, what customer service experience! Right? And the tips aren’t bad either. 

Number 4. 

Housekeeper/Janitor 

This was my fist job and frankly, I loved it! I worked in the evenings and it wasn’t too difficult. You never have to interact with anyone if you’re working in the evening, and it’s a good star, plus you have time during the day. Although you probably will be more tired due to the fact that you’re physically working but hey, that can be something positive too! 

Number 5. 

Retail 

If you’re a trendy teenager why not give this one a try? The upside to this one is that you’ll always get discounts. If you want to shop at the same place you work that is...

Number 6. 

Receptionist 

Now, this is a little higher up there, BUT have you ever been to a tanning salon? Yeah, guess who stands there at the front desk with a perfect tan? Usually a 16-year-old girl, who probably doesn’t even need a tan because her skin is perfect. 

Number 7. 

CNA

Hard work, but excellent and life changing experience and a good way to get your foot in the door if you’re headed towards health care. Most high schools offer courses at Skills Centers that allow you to sit in for your CNA license or you can always pay to take courses or check your local Job Corps for any free classes being offered. 

Number 8. 

Car Wash

Don’t personally know much about this one but have seen many young men doing it.

Number 9. 

Theater or amusement park. 

In my city, there isn’t an amusement park that stays open all the time so it’s more of a seasonal job. BUT there are a few movie theaters! 

Number 10. 

Bowling Alley! 

Okay, I would actually LOVE this one. 

So girls, get those applications filled out and wait for the phone call. Be positive about the opportunities that you’ll open for yourself and comment below on your first jobs!