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That's So Money: The Commercial Holiday OK Maybe Not Edition

Nicole Ouellette and Alice Kaiserian will be a monthly contributors to the Wealth Gathering blog with a column we like to call ‘That’s So Money.’ Think of this blog as combining personal finance and social media in a fun frenzy of usefulness and entertainment.

Black Friday, Cyber Monday, Giving Tuesday... can we call this ‘Kind Of Sick Of It’ Wednesday? In this a most commercial time of year, the personal finance space online is hopping. Here are some of what we’ve noticed:

You know your event is organized when there is an official hashtag... #GivingTuesday was!
While we know hipster weddings have official hashtags, we were impressed with the fact that ‘Giving Tuesday’ had it plastered all over their website and social media campaigns (#givingtuesday). Bloggers, non-profits, and people in the Twittersphere were talking about #givingtuesday for days. It was a nice way to remember the real reason for the season so early in the season.

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Daddy, What Are You Thankful For?

“Daddy, what are you thankful for?” my five-year-old asked. We were at the breakfast table with my youngest, age two, after a hectic frenzy getting ready for school. This direct, innocent question was probably prompted by school discussions about the upcoming Thanksgiving holiday.

Surprised but inwardly pleased, I smiled and said, “Well, of course I’m thankful for you!” Then I smiled at my other daughter and explained how I was thankful for her too, as well as for my wife and our friends.

After I said, “I’m thankful this house,” my five-year-old piped up, “Yeah, because some people are homeless.” I agreed. “And some people are poor,” she said, “and we’re not poor.”

There are many reasons to count your blessings. It’s good for your soul and your mental well being. It’s also good for your personal finances due to something called social comparison.

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How to Organize Your Financial Life

Ever approach a complicated task with apprehension, only to find that it became simple once you understood it? For many people, getting a handle on their accounts works that way. In earlier blogs, I talked about the checking and savings accounts needed for Surviving (spending) and for Thriving (saving and investing), as well as the best way to manage uneven cash flow. Today’s roundup blog pulls everything together. Are you ready to get organized?

People open checking and savings accounts for various reasons. At Wealth Gathering, we encourage you to organize these accounts and put them to work strategically to help build wealth faster! I’ve referenced some previous blogs in my summaries below. Simply click a blog title for details.

Keep Your Spending on Track: Survive Accounts
Survive accounts are frequent-access accounts for spending. My blog Money Management Tips for Organized Spending explains that you need three accounts to Survive well:
  • An Earn account: A savings account where your paycheck goes
  • A Spend account: A checking account for paying monthly bills and other customary expenses
  • A Reserve account: A savings account to save for larger bills that don’t come monthly (irregular expenses)
All inflows go into your Earn account. All outflows come from your Spend account. Setting up automatic transfers from your Earn account to your Spend and Reserve accounts help regulate monthly spending. Getting a Spend account debit card can add convenience without the temptation of a credit card. Because your Earn account is a savings account, you’ll think twice before transferring more spending money! You don’t even need a budget.

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