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5 Frugal Mother’s Day Gift Ideas

May 7th, 2012 · Your Money

In the spirit of what every good mother teaches her children – quality vs. quantity in every conceivable way – why not celebrate this Mother’s Day in the most frugal of ways: Quality time with Mom. Half a dozen ideas may already come to mind, but here’s a few of my top picks to get you going in a frugal, mostly free, direction.

1) Take a walk, go for a run, or find a happy medium in between. Whether it’s in a park by a pond, up a mountain through the woods, or just through the neighborhood, setting out on foot with Mom is a sure way to strengthen your bond. It’s especially nice if you can block off a big enough chunk of time where you need not keep an eye on the clock. Let the road or the trail, the shore or the sidewalk take you wherever and whenever it may.

2) Plant a garden. If there is at least one green thumb between the two of you, planting a garden on Mother’s Day is a great gift that will keep on giving all year long – be it flowers, veggies, or herbs. And if gardening is new, foreign territory to the both of you, that means even more fun may be had figuring it out (or not!) together.

3) Make your own spa day. At her house or yours, pamper yourselves with a do-it-yourself spa day! Make your own sauna with steam from the shower. Soak in a tub of essential oil and epsom salt-infused water. Exfoliate with sea salt. Moisturize with olive oil. Give each other mani’s and pedi’s. And do it with your fave healthy foods and refreshments an arms-length away all day.

4) Make her a meal. Whether it’s breakfast in bed just for her, or brunch for two, it’s hard to beat this most classic of Mother’s Day gifts.

5) Help out around the house. This is another classic that never gets old – from dusting the ceiling fans and fixtures she has trouble reaching, to tidying up the garage still filled with toys and trinkets from your childhood.

BONUS IDEA: Whatever frugal way you choose to spend this Mother’s Day, do it unplugged! Mom will probably take any time you will give her, but   you’ll both have a lot more fun if you’re not turning your attention to your phone, iPad or laptop at every lull in the conversation.

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More Than 70 Percent of Americans Say Their Kids Don’t Get Money Mgmnt

May 4th, 2012 · Your Money

When I blogged last year about raising financially literate kids, I noted the number one suggestion of experts: involve your children in conversations about money. But as a survey revealed at the Financial Literacy and Education Summit in Chicago on April 23, 2012, Americans clearly aren’t comfortable, or simply don’t think about, talking about money with their kids.

More than 70 percent of Americans do not believe their children understand money management, from budgeting and saving, to spending and debt management. So either we’re a nation who his not talking to our kids about money, or we’re not very confident in what we’re teaching, by example and otherwise. What’s even more striking about this is that, of the 28 countries polled, Americans rank last in how prepared we think or children are to manage their money.

The same survey posed questions about survey respondents’ money management habits as well, revealing some other noteworthy results. Americans have an average of 2.9 months-worth of emergency money saved up. That puts us on par with 68 percent of the world, which has less than three months in savings. The irony, of course, is that America is among the wealthiest of nations – which tend to talk the least to their children about money – and yet we do not have enough money saved to last us even three months if and when the situation were to deem the emergency fund necessary.

What about you? Do you think your children understand money management? Do you talk to them about it? If so, how? And if not, why?

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Govt Consumer Protection Bureau Turns Attention to Minority and Women’s Issues

May 3rd, 2012 · Consumer Info

I continue to be impressed by the development of the Consumer Financial Protection Bureau (CFPB). From its scrutiny of bank overdraft fees, to its proposal of new rules to favor homeowners over mortgage servicers, the CFPB certainly seems to be the proactive, pro-consumer organization we want and need it to be. Case in point: the recent appointment of a director to oversee minority and women’s rights, within the Bureau and throughout the financial services industry.

Appointed as Director of the Office of Minority and Women Inclusion is Stuart Ishumaru. In addition to his most recent 9-year stint at the Equal Employment Opportunity Commission (appointed acting chairman in 2009), Ishumaru has also served as Acting Staff Director of the U.S. Commission on Civil Rights, and Deputy Assistant Attorney General at the Department of Justice in its Civil Rights Division.

This week, Ishumaru formally introduced himself on the CFPB blog:

Some people fall into their line of work and others know exactly what they want early on. I think I’m a bit of both. Years ago I saw an opportunity to do great work for Americans who are often underrepresented and underserved. It has been my passion to work to ensure that those people have a voice and fair access to opportunities. I believe that equal opportunities, diversity, and inclusion are what make this country thrive – they are what make us great.

As Director of this division, it is Ishumaru’s job to ensure that the Office of Minority and Woman Inclusion stay on track with is core responsibilities of:

  • Developing and implementing standards of equal employment
  • Developing standards for assessing the diversity policies and practices of
    CFPB-regulated entities
  • Advising on the impact of Bureau policies and regulations on minority and women-owned businesses
  • Coordinating with the Director to create and implement solutions to civil rights violations

For more about this new division and the CFPB in general, go to the official website at ConsumerFinance.gov.

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As Personal Income Increases, Will Home Ownership Follow?

May 2nd, 2012 · Your Money

Based on new numbers released from the U.S. Census Bureau, the number of Americans who own their homes is at its lowest level in 15 years. Naturally, the result is a comparable increase in in the number of Americans renting their homes, at a 15-year high. CNBC cites the likely reasons, lack of cash for a down payment on a home among them. But if another new set of numbers is any indication, we could see an uptick in home purchases sooner than later.

Not only is personal income on the rise, but spending is not keeping pace. In other words, Americans may be making more money, but they’re evidently saving more of it, too. As reported by The Consumerist, household income rose .4 percent in March, the highest of the year. By contrast, spending rose just .3 percent, a spending increase attributed to high gas prices. Of course, The Consumerist also notes that merchant shelves have been emptier of late, evidently providing fewer temptations for our consumer-driven public.

Whatever the reason for our renewed proclivity toward saving, it is something to be celebrated, especially if it is a trend of financial management habits to come. If and when we do not increase our spending in correlation to increased income, we stand to gain all sorts of things in the long run. Not only does it mean having more money to save on a down payment for a home, but also to put money toward paying down debt – from credit cards to student loans.

What about you? Have you seen an increase in your personal income of late? If so, and if you rent your home, are you putting your extra income toward a down payment on a home? Why or why not?

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