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Q:My mom took away her credit card from me because I spent too much on it, again, so I wanna make some money to give it to her to pay the bill. She has a bunch of jewelry that she never wears and I think I can get a lot of money for it, and I don't think she will notice it is even gone. Good idea or bad idea? By Tami
Jack's Answer:
A horribly bad idea, two wrongs don't make a right. I would plan 30 minutes alone with your mom and explain to her how you feel and that you want to contribute towards the credit card bill and you want to be more productive. I would suggest looking for a part time online job or if you insist on selling something to help pay down the credit card bill choose some of your own items that you don't need or want anymore and list them on ebay or craigslist. Again, what's yours is yours and what your mom's is hers. Selling or taking anything of anyone elses is always stealing
Jill's Answer:
Good idea if you ask her first. Bad idea if you just take it. Even if she won't notice, it's still stealing and karma is not a good thing to mess with. However, maybe you can take it to get appraised, and then return it and tell her what you can get for it, if she so desires.
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Ask Jack and Jill.com question on Finance:
Q. I am a bartender who can't rely on a weekly paycheck. I leave my job with cash, but have a hard time budgeting since it is cash and it isn't regular like a paycheck. Any ideas on how to be more responsible with my money?
Jack's Answer:
I know how you feel. Your best bet is to deposit the money into the bank as quickly as you can. Also, I know you bartenders have a lot of change lying around. Do yourself a favor and get one of those large water cooler containers. Keep it in your closet and put all your change in there. When the container gets full you will have a couple thousand dollars worth of coins to use on vacation or for savings. Now, there are only a few banks that have the machine to count all your coins. They usually charge a percentage of whatever you put in. A way to get around this is to get a free checking account at the bank. Then they will not charge you a service fee
Jill's Answer:
It is more difficult when the cash is burning a hole in your pocket. Here is what I advise to keep you on track. Start a notepad with different labels for what you need. For example, Rent/Mortgage, household bills, health care/ins., food, car payment, car insurance, entertainment, charity, and savings. Then figure out a percentage of each shift that should go into each category. For instance, your biggest expenses will probably be housing and car, so allocate 25% of each cash received to go towards that, 20% towards car, health 10%, food 15%, entertainment 15% charity 5% and savings 10%. You can adjust these based on your needs of course, but I highly recommend the savings, because you will be surprised how rapidly is grows and the charity because it makes you feel great helping other people. Then record your deposit in your notebook. Let's say overall you made $100. You will go to the first page, labeled housing, and add plus $25. Then next page car, add +$20. etc, etc. Keep a running total, and when you need to pay the bill, make sure to note and subtract it. This can work if you keep your money in house or in a bank. I think you will be pleasantly suprised and impressed at what you accomplish with this system. As your savings grows, look into IRA's or similar retirement funds. Hope it works for you!
Ask Jack and Jill.com question on Finance:
Q. Would it be more financially advantageous to put money into my 403 (B) plan at work (employer matches 3% of my contribution) or put that same amount of money into a high-interest savings account (such as an Orange savings Account with ing.com)? Ben
Jack's Answer:
I would choose both. When it comes to money I don't like to put all my eggs in one basket. If you don't have the funds to do both then I would go with your plan at work. They will take care of the transfers and why turn down 3% match.
Jill's Answer:
The fact that your employer matches (even though it is 3%) your contribution is a good reason to participate in the plan. However, I would divide up a portion of your savings into a high-interest savings account also, as I believe it is smart to diversify. Make sure you understand the terms of the 403 (B) as it is intended to be left untouched until retirement age, and the penalties are steep for prematurely withdrawing, even though it is your money. This site
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403BWise is helpful in obtaining a unbiased information about the plan, as well as offering advice in choosing a financial advisor, which I recommend consulting with before making investing decisions.
Ask Jack and Jill.com question on Finance:
Q: This economy is really bumming me out, I feel helpless and need to make extra money to survive. I am behind on all my bills and am losing hope. To top it off, everyone I know is in the same boat.
Jack's Answer:
Join the club. To be honest, there is work everywhere. The fact is people don't want to work those kind of jobs. I just saw that McDonalds is hiring 50,000 people nationwide this week. Just look around because there are part time jobs everywhere. The question is will you work there
Jill's Answer:
You said it. This economy blows. And we are all in for a bumpy ride. Try calling your billers and negotiate with them. Many will work with you and arrange payment plans. Also prioritize your bills. Pay the secured first. Check online to see if there is extra income to be made from home, such as blog writing/freelance, editing, or use this time to take classes at local schools such as medical transcription or similar. Generally these classes are low cost and can offer you good supplemental income and can be done at home. Expand your skills to other areas. Right now there are amazing opportunities to attend college for free and have extra money to pay your living expenses. Look into Pell grants and others that don't require payback. There is a lot of opportunity for people who are struggling to get assistance. Also look into the government food assistance program. No longer do they hand out food stamps, but now give you a pre-loaded debit card on which to buy the necessary groceries. Also check out local food banks. They generally offer bi-weekly times to come in and get supplemental food for your household.
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