Just ask!

Note: This blog post appeared on my guest blogging column on GirlPowerHour.com. 

Smart, savvy professionals know that you have to ask in order to get what you want. Whether it’s in the boardroom, at a networking event, or in your personal life, nobody is going to read your mind and just give you what you’re hoping for.

So why are we so shy when it comes to asking for things related to money? I’m talking about discounts, sales, bargaining, and returns. It’s time to speak up. You work hard for every last dollar you make, so why would you be so lax about letting it slip out of your hands?

Here are five places you can save some cash just by asking:

Pick up the phone and get to work!

Your TV and Internet service: Cable and Internet eat up a big portion of a lot of people’s monthly utility budgets. Luckily, unless you’re in a long-term contract, you can call your cable or Internet provider and ask for a discount. Tell them your bill is too expensive, and ask if they have any current promotions that can be applied to your account. I’ve saved upwards of $100/month doing this. Note that most deals are for three, six, or 12 months, and then a higher rate will kick in automatically. To avoid the shock of a large bill after the end of the promotional period, set yourself a reminder in your Outlook calendar to call them back a month prior and ask for another new deal.

Credit cards: If you’ve been a long-time customer of a credit card company or bank and always pay your bill on time, call and ask if they can offer you a better interest rate. A lower interest rate will save you actual dollars every month as you chip away at that pesky balance you’re carrying. If they can’t lower your interest rate, they may be able to give you a balance transfer offer to help you consolidate your debt at a lower rate.

Medical bills: Americans fork out a lot of cash paying for out-of-pocket medical expenses each year. This may be especially true if you have a high-deductible health plan, or are self-employed. Do a little research online about the true cost of procedures you’re having done, and then ask your doctor or dentist if the rate can be lowered at all. Additionally, many smaller medical offices may offer a discount for paying with cash instead of a credit card.

Fitness membership: If you’re currently paying a month-to-month gym membership or forking out the drop-in fee at your favorite yoga studio, ask the manager if they can offer you a lower monthly rate if you agree to a contract. Of course, only agree to a contract if you’ll actually use the membership enough to make it worth it.

Retail stores: Many big-box stores offer weekly coupons via email or in the Sunday newspaper. But, if you lose interest somewhere between clipping coupons and actually remembering to use them in the store, just ask instead. Now that more coupons are online, stores are getting more flexible about the rules for using coupons. Just ask, “Do you have any coupons available that would work on my purchase?” If they’re not able to type in the discount code at the register, just whip out your smart phone and see if you can find a digital coupon online.

So, it’s time to be bold, be brave, speak up, and ask for great deals. Remember – companies love loyal customers, and if they help you find a great deal, you’re much more likely to return in the future, and tell your friends how great the experience was! 

Have you checked out Daily Worth?

A few months ago, I stumbled upon a GREAT women's personal finance website called DailyWorth. They summarize it best: "DailyWorth is a community of women who talk money. We deliver practical tips, empowering ideas, and the occasional kick in the pants... daily to your inbox."


They have over 200,000 subscribers, and it's easy to see why. What I love most about DailyWorth is that their advice is honest, approachable, practical, and personal. Sometimes it comes from personal finance experts, and other times they feature real-life profiles of women in different financial situations. I appreciate that they don't claim to know everything, and they really want women to take control of their financial destinies. My one caveat is that they occasionally send out sponsored emails, but they always make it known.

Check out their website and sign up for the emails here.

Also, if you're an entrepreneur, they have another email program called CreateWorth. I just signed up for this one, but I'll let you know how it is!

Trader Joe's: How do I love thee? Let me count the ways...

I first started stopping at Trader Joe's when I lived in San Diego. The Pacific Beach Trader Joe's is HUGE (especially in relation to the Queen Anne one in Seattle...shoebox!). Trader Joe's has so much going for it - great wine, affordable food, tasty appetizers, great quick meal options, and much more.

But, there are a few "room for improvement" areas at Trader Joe's, meaning that, unfortunately, you always have to go to two stores if you're doing massive grocery shopping to get everything you need.

Over the years, I've introduced many people to the wonderful world of Trader Joe's, so here is my unofficial, highly biased guide to shopping at Trader Joe's:

Snag It:

• Frozen appetizers: pick up frozen pot stickers, mini-tacos, spinach dip, edamame, and shrimp to have in the freezer for when you need something to take to a party, or you have last minute guests.
• Fresh pizza dough: for about two bucks, you can find fresh, ready-to-toss pizza dough in a couple different flavors (whole wheat, herb, sourdough).
• Wine: it's well known that TJ's has a huge selection of wine at really great prices.
• Frozen rice: I love brown rice, but it takes forever to make. TJ's frozen rice comes with three packets that you throw in the microwave for three minutes. 
• Vegetarian items: you'll find that garden burgers, veggie sausage patties, and the like are significantly cheaper than the grocery store. 
• Cheese: whether it's shredded cheese, nicer cheeses for making a cheese plate, or string cheese to put in lunches, there's always a good selection and it's affordable (no Tillamook cheese though). 
• The List Goes On... in the interest of brevity, also buy these items at TJ's instead of somewhere else (just trust me!) frozen berries, oatmeal, fresh/refrigerated pasta, frozen waffles, yogurt, nuts, dried fruit, protein powder, imported beer, easy lunch items, frozen crab cakes)

Skip It:

• Fresh produce: it's more expensive than at other grocery stores, and sometimes it comes packaged oddly (for example, you can't buy one zucchini, but you can buy six in one package!)
• Fresh herbs:Trader Joe's never has fresh cilantro, and they don't have as large of an herb section as other stores.
• Bread: I'm just generally not impressed with the selection. 
• Canned goods: The selection is pretty limited, and you'll find better prices at larger stores. 

I love a lot of things about Trader Joe's, including the fact that the employees are always friendly, they have a lot of organic choices, and that they don't have any gimmicky sales or little plastic membership cards I have to keep on my keychain. 

Oh, and there are a bunch of Trader Joe's Cookbooks that are on my wish list. Love it! 

Book Review: Generation Earn

I've come across quite a few personal finance books, and color me generally disappointed. I find a lot of personal finance books to be either inaccessible and over-complicated, or the exact opposite--dumbed down to a point where their best advice is "open a savings account."

A few months ago I came across a book called Generation Earn, by Kimberly Palmer. Palmer is a personal finance columnist for US News & World Report and has been on the Today show, the Washington Post and the Wall Street Journal. Quite the resume. Check out her blog here.

I was initially drawn to the tagline on the cover: "The Young Professional's Guide to Spending, Investing, and Giving Back." Love it!

The author offers a realistic diagnosis of the financial situation of today's young people, including discussing the significant burden of student loans.

The book discusses everything from twentysomethings moving back in with mom and dad, to moving in with a significant other, to saving for children and retirement. She covers a lot in 215 pages.

Some of the best tips I found in this book are:

• Don't forget to keep an eye on your 401k and rebalance your portfolio when the economy swings significantly in either direction. 
• How to be frugal--from date nights in, to affordable cooking at home. She recommends looking at your grandparents for ideas--most of them grew up in the depression era, and are experts at reduce, reuse, recycle (decades before it was trendy!)
• The importance of discussing finances when you are moving in with a partner. Will you keep everything separate or join accounts? What about your thoughts on loaning money to relatives? How similar or different are your spending habits? 
• Before you decide if you are financially ready to have a child, practice living on $1,000 less per month--the average monthly cost for childcare. 

Overall, I'd recommend this book for twenty- and thirtysomethings who want a crash course in personal finance. The author profiles a lot of real couples in different financial situations, and she really lays all the details out on the table. It's an honest, frank discussion about the realities of financial planning. 

My only criticism of this book is that it seems like most of the people she profiles and examples she gives are of people who are making $100,000 or much more per year--a little unrealistic for most young adults, and honestly, a little intimidating. 

Have you read this book? What did you think? 

Weddings: Everyone has a budget

There are lot of expenses that young adults face, and for a lot of people, a wedding is one of them.

Shameless plug: This blog is a re-post from my company's blog--I own a marketing & events company with a business partner and we help a lot of brides and grooms navigate the world of weddings. Check it out. 

I thought it was a pertinent topic here, as well.

Reading wedding magazines or watching shows like "Say Yes to the Dress" may make you think that you're the only one on a budget, and that every other bride (or groom) in the world can spend, spend, spend on an over-the-top wedding.

In real life, however, everyone has a price point. Every couple we've worked with has a limit, regardless of who is paying for the wedding. It's important to keep a little perspective as you're planning.

Here are our top five wedding budgeting tips that we always tell all of our clients.

1. Spreadsheet, spreadsheet, spreadsheet. The very first thing you should do (after calling all of your family and friends, of course) is talk about your budget. No, it's not glamorous, but you must do it. Knowing how much you are willing to spend from the start will help you navigate all of the options in front of you, and be realistic about what you can afford.

2. Stop comparing yourself to other couples. So what if you went to a wedding last weekend where you drank from a Cristal champagne fountain, the bride wore a custom-made Vera Wang gown, and U2 was the live entertainment. Who cares. Your wedding will be special, because it's yours. The rest is just details.

3. Decide what is most important to you. Maybe you love photography so you want to book the city's most famous wedding photographer. Perhaps you love the look of letterpress and calligraphy invitations. Whatever it is, every couple has one or two must-haves on their list. That's great--fit them into your budget if at all possible, but something's got to give. Decide which wedding details aren't that important to you. Maybe you have a friend who can do the flowers. Perhaps you don't even like wedding cake and can settle for cookies from a local bakery. Sit down and make a list, from most important to least important, and go from there.

4. Always ask for discounts. Anytime you are in conversation with a vendor, ask if they have any specials. Many photographers will throw in a free session of engagement pictures. Your venue may give you a better deal if you get married in low season, or on a Friday or Sunday. Ask your florist if they can substitute in-season flowers for exotic ones that have to be flown in. Worst case, they say no, but at least you've tried!

5. Pay for a day-of wedding coordinator. We're not just saying that because we want your business (which we do). You've spent months planning your big day, counting your pennies, and scrutinizing your guest list. Don't let all of your hard work go to waste. Save enough money in your budget to hire someone to handle all the details on your big day. You want to enjoy the time with your new husband/wife, hang out with your wedding party and family, and really ENJOY! You only get to do this once, after all!  And a bonus: We provide unlimited phone and email contact to all of our day-of clients. We can help you find great vendors, give advice on budgeting, and more.

Navigating the home buying process

I have a few friends who are currently shopping for their first homes. I've had a few people ask for my feedback on the first-time home buying process recently, so here are some thoughts. Buying a house is a big deal. Without a doubt, it is the biggest purchase you will ever make (or have ever made in your life so far). For example, my husband and I bought a house in April, 2010. We now have 29 years and 2 months left to go. That's a big commitment. Here are my top five pieces of advice:

1. Figure out why you are interested in buying a home. Do you want to put down roots? Have a stable home in which to raise a family? For investment purposes? Tax benefits? Make sure you find a home that fits your goals, and think critically about how long you are willing to stay in the home. As we've seen in the past two years, it's not always easy or profitable to sell your home when you want to.

Our house as it was being built

2. Make a list of the must-haves for the home you're looking for. Without solid criteria, you are likely to get caught up in the wow factor of a home that might not really be right for you. When we were looking for our house, here were some must-haves on our list: within 20 minutes of the city center, a backyard, enough space for us to stay long enough to have a family, and we weren't interested in a fixer-upper. We wanted a place that was move-in ready, but could be upgraded later.

3. Find a great real estate agent and mortgage broker and ask them lots of questions. We found our broker and agent through referrals from friends. Ask around and find someone who is trustworthy and informed. Everything about buying a home is confusing when you've never done it before. From the offer process, to the inspection and closing, make sure you know exactly what you're signing. A good agent, title company, and mortgage broker should answer as many questions as you can think of. In fact, I still email our broker occasionally for clarifications.

4. Be extremely realistic about your budget. You'll get approved for more money than you should probably spend on your mortgage payment each month. Keep in mind that when your broker quotes you your mortgage payment amount per month, it doesn't include property taxes, homeowners' association fees (if applicable), maintenence, insurance, or utilities. Ask for an estimated total cost.

Also keep in mind that you will undoubtedly come across last minute expenses at closing. Your closing costs are just an estimate until the day before you close. Don't put all of your liquid assets into your down payment. Ask your broker for an estimate of how much cushion is appropriate.  Then, add on any personal costs you'll accrue. For example, we didn't factor in that our brand-new home wouldn't have any window coverings. $1,100 later, we had blinds installed. Also, you may have to break a lease where you are currently living. And, don't forget about moving expenses and deposits on new utility accounts.

5. Be patient. This is the hardest one. You'll get attached to a home and excited about the possibility of moving in. Try not to get emotionally invested to a house until you sign on the dotted line. (I said try. I'm not sure if it's possible for most people!) Consider this doubly important if you are putting an offer in on a foreclosure or short sale. Closing on one of these properties can take months.

All this being said, don't let this scare you away! Although it can be a stressful process, owning a home can be very rewarding. We take a lot of pride in our house, love the sense of permanence, and enjoy the fact that each month, we own a little more of our home.

What home buying advice have you received, or have you given?