Five Frugal Minutes With... J Money at Budgets Are Sexy
Welcome to this week's Five Frugal Minutes With... Interview. I only recently discovered J Money's blog over at Budgets Are Sexy (seriously, how slow am I?) and I was really impressed because it's one of the few blogs I read that's written by a guy. In our current financial climate (and largely female led blog community) it's refreshing to see that men have money troubles too and get their side of the story. Don't get me wrong girls, I get your troubles a million percent but J Money always a great read and his Best Advice page is a must see!
Enjoy and don't forget to check in with FruGal next Monday for the next interview!
Tell me a bit about your "lightbulb moment"?
Well, for the past 5 or so years i've always thought i knew what my budget was, or wasn't, until Jan. of this year. After stumbling upon the financial blog scene, i decided to track EXACTLY where my dollars went. It was then that i realized my "budget" was literally all in my head. I never got myself into too much trouble, but i was seriously way off track in what i was trying to accomplish. Not only was i usually spending more than i was bringing in each month, but in some departments I was going over by 100%! I had a credit card budget listed at $500/mo in my head (my old favorite place), but i was going through $1200! *shiver* So, i sucked it up and did what i swore i'd never do - i created a physical budget. From that point forward i've been spending and saving a billion times better, and it's been gravy ever since.
What made you decide to start blogging?
Real simple - I can't keep my thoughts to myself! i always have *something* to say, whether good, bad, savvy, or stupid ;) And i also love the socializing and community-ness about it all. I was also coming across a HEAP of personal finance blogs out there, both informative and border-line voyeuristic, but only a select few were able to keep my A.D.D. ridden attention. I'm a huge fan of learning and sharing, but i swear some of this stuff can be pretty freakin' boring if you don't spice it up a bit and add some entertainment up in here. I feel like things sink in more when it's not being taught the "text book" way, so i figured i'd jump in and give it a shot :)
A lot of personal finance bloggers talk about keeping their "eyes on the prize" - What's your prize?
Knowing where my money is! That's it ladies and gents, as long as i got that covered i am a-okay. Gone are the days of wondering where I am financially, or how long i *think* it will take to save so and so amount, or get rid of that nuisance of a debt. I stay connected to my budget, make adjustments as needed, and live in my financially stable world. And i'd also like to have a net worth of a Million Dollars, but i take that goal one year at a time ;)
What's your top tip for saving money?
My #1 tip is to take advantage of your 401(k)* (or respective investment plan). Just like many out there, i ALWAYS urge people to throw in at least what their company is matching, and then more as time goes on. That's free money people! If you're putting in say $300 a month, and your employer matches that $300, you just doubled your investment, irrespective of the market out there! I'm also a big fan of keeping your lifestyle roughly the same throughout promotions, raises, etc, and the easist way to do this is by increasing your contribution % when these opportunities arise. So if you're awarded a 5% raise for example, go pump your 401(k) with an extra 5% - not only will you get massive tax benefits from this, but your money will grow so much larger over time, and you won't even feel a pinch! I believe it's the single most affective tool you have, esp in today's market. I also recommend reading The Millionaire Next Door.
Recommend a blog that you couldn't live without?
MyMoneyBlog.com - my man Jonathan is a beast when it comes to breaking down all things financial over there. It's seriously one of the best places these days to get some fabulous and straight up great advice. And it's free ;) I also check out dozens of other killer blogs like Finance Your Life and Give Me Back My Five Bucks when i'm in the mood for more personal and relaxed reading.
Do you hate Mondays as much as we Brits do, and if so, how do you get through them unscathed?
Oh man, no way - i love them! Call me crazy (or nerdy), but i crave that change of pace from the weekend. Especially those first 2-3 hours back on the job. One of my favorite things in life is accomplishing little tasks, and Mondays are the PERFECT time to check a whole bunch off the list. You got your pile of emails to check (mostly personal, of course), your voicemails to clear, the weekend gossip to catch up on, and my personal fave - the morning coffee run! Now, by Friday i'm totally over it and ready to unwind with a beer in each hand, but the beauty of it all is that we get the time needed for each part of the cycle. And in between we've got blogging ;)
*US only. The UK version of this is a contributary pension which your employer matches and J is 100% right. If your employer will match your contributions, you are a tit not to take advantage. Ask your employer for more details. - Holly
Enjoy and don't forget to check in with FruGal next Monday for the next interview!
Tell me a bit about your "lightbulb moment"?
Well, for the past 5 or so years i've always thought i knew what my budget was, or wasn't, until Jan. of this year. After stumbling upon the financial blog scene, i decided to track EXACTLY where my dollars went. It was then that i realized my "budget" was literally all in my head. I never got myself into too much trouble, but i was seriously way off track in what i was trying to accomplish. Not only was i usually spending more than i was bringing in each month, but in some departments I was going over by 100%! I had a credit card budget listed at $500/mo in my head (my old favorite place), but i was going through $1200! *shiver* So, i sucked it up and did what i swore i'd never do - i created a physical budget. From that point forward i've been spending and saving a billion times better, and it's been gravy ever since.
What made you decide to start blogging?
Real simple - I can't keep my thoughts to myself! i always have *something* to say, whether good, bad, savvy, or stupid ;) And i also love the socializing and community-ness about it all. I was also coming across a HEAP of personal finance blogs out there, both informative and border-line voyeuristic, but only a select few were able to keep my A.D.D. ridden attention. I'm a huge fan of learning and sharing, but i swear some of this stuff can be pretty freakin' boring if you don't spice it up a bit and add some entertainment up in here. I feel like things sink in more when it's not being taught the "text book" way, so i figured i'd jump in and give it a shot :)
A lot of personal finance bloggers talk about keeping their "eyes on the prize" - What's your prize?
Knowing where my money is! That's it ladies and gents, as long as i got that covered i am a-okay. Gone are the days of wondering where I am financially, or how long i *think* it will take to save so and so amount, or get rid of that nuisance of a debt. I stay connected to my budget, make adjustments as needed, and live in my financially stable world. And i'd also like to have a net worth of a Million Dollars, but i take that goal one year at a time ;)
What's your top tip for saving money?
My #1 tip is to take advantage of your 401(k)* (or respective investment plan). Just like many out there, i ALWAYS urge people to throw in at least what their company is matching, and then more as time goes on. That's free money people! If you're putting in say $300 a month, and your employer matches that $300, you just doubled your investment, irrespective of the market out there! I'm also a big fan of keeping your lifestyle roughly the same throughout promotions, raises, etc, and the easist way to do this is by increasing your contribution % when these opportunities arise. So if you're awarded a 5% raise for example, go pump your 401(k) with an extra 5% - not only will you get massive tax benefits from this, but your money will grow so much larger over time, and you won't even feel a pinch! I believe it's the single most affective tool you have, esp in today's market. I also recommend reading The Millionaire Next Door.
Recommend a blog that you couldn't live without?
MyMoneyBlog.com - my man Jonathan is a beast when it comes to breaking down all things financial over there. It's seriously one of the best places these days to get some fabulous and straight up great advice. And it's free ;) I also check out dozens of other killer blogs like Finance Your Life and Give Me Back My Five Bucks when i'm in the mood for more personal and relaxed reading.
Do you hate Mondays as much as we Brits do, and if so, how do you get through them unscathed?
Oh man, no way - i love them! Call me crazy (or nerdy), but i crave that change of pace from the weekend. Especially those first 2-3 hours back on the job. One of my favorite things in life is accomplishing little tasks, and Mondays are the PERFECT time to check a whole bunch off the list. You got your pile of emails to check (mostly personal, of course), your voicemails to clear, the weekend gossip to catch up on, and my personal fave - the morning coffee run! Now, by Friday i'm totally over it and ready to unwind with a beer in each hand, but the beauty of it all is that we get the time needed for each part of the cycle. And in between we've got blogging ;)
*US only. The UK version of this is a contributary pension which your employer matches and J is 100% right. If your employer will match your contributions, you are a tit not to take advantage. Ask your employer for more details. - Holly
haha Love the shoutout J Money! I love articles that get bloggers talking about other bloggers! Great exposure and creates a great community! Keep up the goodwork!
I heart J. Money - nice feature!
Very nice interview. As a reader of Budgets are Sexy, gotta say it is a great read.
I recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.
Betty
http://www.my-foreclosures.info