{Hello 2014} January Photo-A-Day Challenge

Lights. Camera. Action!

Hello lovelies! It’s time for you to grab your cameras and join our January photo challenge.  I am really  looking forward to seeing everyone’s Day 24 pictures featuring their 52 Week Money Challenge (Bingo Remix) and the progress you all are making toward your financial goals in the new year. Want to join me for the challenge? Use #shemakescents and #photoaday when uploading to instagram, twitter, & facebook! She Makes Cents

Use hashtag #shemakescents and #photoaday

Which Do Use Most? Instagram, Twitter, or Facebook?

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{Money & Friendships} How to Take the Eek Out of Splitting Costs with Friends

Money and Friends She Makes CentsGone are the days of six girlfriends splitting the cost of a hotel suite for spring break. If you haven’t realized it, we are now adults and we have new…more grown up financial dilemmas. I have never been one who is weird about money and friends, but I know people who dare not mix the two. I get it; I myself have been burned by the combination, more so from splitting checks than from lending money. Which is why I have to ask myself, how do you take the eek out of splitting bills with friends?  Yes, girlfriend, your I.O.U is denied!

Splitting Cost with Friends

Know the Correct Price of the Total Bill

The operative words in this section are CORRECT and TOTAL. It is very easy for people to use lazy math when figuring out who owns what. For example, every time I go to a concert with a group, one person always ends up purchasing all the tickets to make sure that we all get seats together. If concert tickets are $90.00 a pop and everyone pays $90.00 to that lucky friend who pulled the short end of the stick, then that friend is actually losing money. Why, you ask? Well, lets just say the circle of friends used lazy math that did not include taxes and convenience fees.  That $90.00 ticket comes with a $16.95 convenience fee, and $7.00 in taxes, multiplied times all four friends, equals no bueno for the one who put it on their card and almost $100.00 of unpaid money.

Cash is King

There is nothing more uncomfortable than getting a restaurant bill and trying to figure out who had the two crab cakes, who got a salad, and who just ordered a glass of wine. Do you split the bill evenly among the people at the table or are guests responsible for their own food? What happens when the payment options include a credit card, debit card, gift card, Groupon, and cash? To take the eek out of splitting the bill and saving your server his or her patience, I suggest making plan for payment clear when getting a group together. Start by letting people know if there is a minimum per person or suggest that everyone brings cash because the restaurant does not split checks. Doing this in advance helps people prepare. Wouldn’t you rather people remember how fun catching up with friends was and not how people where counting money in the corner to make sure that the bill (with tip) was paid.

There’s An App for That!

Okay, so there is an app for everything and now technology has caught up to this uncomfortable scenario. You can now deposit checks with the click of a camera and pay someone back with an email. The options are endless and the excuses are no longer valid. In a post for Daily Muse, Emily Nickerson shares what she refers to as 5 Genius Apps for Splitting Bills with Friends. According to Nickerson, “there are a bunch of great apps that do the calculating—and in some cases even the communicating—for you”.  I can only image the number of people who lose out on their money because they don’t want to have that uncomfortable conversation.  Of the apps listed, I must say I enjoy the ease of Splitwise… and it’s FREE!

 

What is Your Experience Splitting Costs with Friends?

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{Invest In Your Future} 3 Smart Ways to Save for Your Education Without Going Broke!

Education Is Not A Debt Sentence!

sdfThe opening date for FASFA is just around the corner and a reminder that it’s time to cough up some money for next year’s tuition.  Gosh, I have been out of college for almost seven years and I am still paying for my education.  I respectfully declined a full music scholarship and a full academic scholarship from a well-known school once I got an accepted to the number one HBCU in the country, Spelman College.  Although my premium education came at a hefty price tag, I still believe it was one of the best life decisions I have made thus far.  No matter how you look at it, college is expensive and the inflation for tuition fees is increasing at an alarming rate.  As an result of the yearly increase,  parents and students alike are  getting creative in how they pay for higher education.  According to the US Department of Education, the average annual cost of public school increased 6.5 percent each year over the last decade. That means that by 2030, annual public tuition will be $44,047 and the total cost for a four-year degree will be more than $205,000.  I don’t even have children and that number makes my head hurt…especially when I hope that my hypothetical future daughter will continue the Spelman College legacy.  If the price of a four-year degree from a public institution is projected to cost almost a quarter of a million dollars, then I can only image how much a private college will be.  You need to get an education to make more money, but you can afford to pay for the education; hence the newest  Debt Crisis No One Is Talking AboutGrants and scholarships are the best ways, in my opinion, to pay for your education because you don’t have to pay them back.  If grants and scholarships aren’t an option for you, your child, or any student you know who is struggling to fund their education, maybe one of these options will work!

529 Plans & Registered Education Savings Plan

imagesJP7KGLQRA 529 plan is a college savings plan sponsored by a state or state agency for anyone with a Social Security number or a Tax ID.  Money saved under a 529 Plan can be used for education-related expenses like tuition, books and room and board for most US schools and select schools abroad.  According to Clark Howard, another one of my favorite money gurus, “529 plans must be sponsored by a state even though residents of most states can put their money in any state plan. Just because you invest in the plan of a state where you don’t live, that doesn’t mean your child will have to eventually go to school in that state.”  While you can get access to the money at any time, doing so for any non-education related reason will result in you paying a penalty fee.  Otherwise, you pay no federal taxes on the account’s earnings and you may qualify for state tax benefits as well.    The earlier you start contributing to a 529 Plan the more your money will compound over time.   529 Plans offer tax incentives, are tax tax-deferred, and allow multiple people to contribute.  Seriously, there is nothing better than FREE money!

Passport to an Affordable  College Education

This may sound extreme, but lower tuition costs in other countries are luring American students to top-rated British and Canadian colleges.  According to NBC News, “The total amount of student loans owed went over a trillion-dollar mark late last year, surpassing total credit card debt in this country for the first time. More and more American families are finding a solution to the high cost of higher [education] by looking to our north [Canada]”.  The number of Americans attending Canadian universities has risen 50 percent in the past decade, and the reason is obvious: cost.  Study abroad programs are a very popular option for students so I don’t think that actually attending school outside of the US would be far-fetched for some… especially if your choice is between attending a school that you can afford or not attending school at all.

Start a Website

Go Fund Me to College She Makes CentsI have a childhood friend, Amber, that I lost touch after moving to a new neighborhood at nine years old.  It wasn’t until Facebook became the go-to source of information that we were able to “find” each other again and reconnect.  Earlier this year, a link popped up in my Facebook timeline about Amber and her dream to attend Harvard.  I clicked the link and was more than impressed with what I saw.  Amber created not one but two websites to get the word out about her financial goals to fund her dream school.  Amber created her own website “Get Amber To Harvard” to tell the story of her educational journey and her financial goals and  an online donation website on the site, Go Fund Me.  On her GoFundMe site, Amber has already raised $22,480.00 of the $70,000.00 goal.  Check we say Cha-Ching!!

Would You Go to College Abroad to Save Money?

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{Woman To Watch} Abi Ferrin

 Meet Abi Ferrin!

Fashion Cents She Makes CentsAbi Ferrin is a fashion designer, humanitarian, a woman who uses her “cents” to ignite awareness in global issues and define what that success means to her… oh and did I mention that she is our November Woman to Watch (#w2w).  She defines success  as “a moving target”, explains Ferrin in an email interview with She Makes Cents.    ABI FERRIN, the company,  is the versatile and sophisticated fashion brand that offers  easy-to-care-for fabrics providing a chic solution for women of all ages and body types; remember the 5- Way Nikki Dress?  Each of her Made in the U.S.A. garments feature  hand-crafted adornments made by women rescued from the sex trade and other forms of abusive employment in Nepal and Cambodia.  Ferrin adds, “My idea of what [success] is always moves ahead, so I can never seem to quite feel like I am there yet. Ten years ago the company I have created today would be a huge success in my mind, but now that I am here I have so much more I want to do! I think being successful is an ongoing project, measured by reaching certain benchmarks along the way. If you can see that you are impacting people’s lives in a positive way as a result of your daily existence and making a difference in this world, then you are successful”.  Yes, there are plenty of successful women to watch in business, but it is Ferrin’s impact on others that I find compelling. 

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About the Freedom Project

The Freedom Project is the branch of Ferrin’s business that focuses on giving back by incorporating vendor businesses that are created for and by marginalized people. For example,  all of the buttons and most accessories are from Sak Saum in Cambodia, which rescues, restores and rehabilitates trafficked people. These people then become a part of the Sak Saum business once they are healthy, and as a vendor she gets to be a part of supporting their ongoing success and empowerment through their own efforts and responsibility!  Ferrin explains, “Freedom is the most important thing to me. I knew I wanted my fashion company to have substance that went past making people look good. I wanted to empower women to step up their daily style and feel good about themselves, while still living their lives”.  Congrats Abi Ferrin for being our November Woman to Watch. 

For more information about The Freedom Project, please visit www.abiferrin.com or www.saksaum.com

Let’s Be Social!

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{Money & Relationships} Who Should Pay for the First Date?

You just met this guy. He appears to be as nice, intelligent, and handsome as your friend said he would be… and did I mention he is a gentleman too. After sort of getting to know each other as best you can over casual first date, the bill comes….Who Should Pay for the 1st Date

Who Picks Up the Check?

I have always adopted that paradigm that planning and paying for the first date is apart of the courting package. However, my parents didn’t raise a fool. Regardless of my expectation of the bill being taken care of, at least for the first few dates, I would never leave the house without cash tucked sweetly away in my clutch.  Offer to pay the tip at least by the third date and surprise him by planning and paying for a date on your own.  So for those of you who believe that the man should take care of the first date, does that include everything…valet tip to parking or does it end at the table? 

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{Friday Fashion} Smart Investments in Style- One Dress 5 Ways

I was cleaning out my closet the other day. You know that seasonal purge of clothes that no longer fits my style, clothes I have outgrown, and fads that frankly may be tipping the scales of age appropriateness. As Denia, a SMC contributing writer would put it, “I’m approaching the stage in life where shopping at trendy places like Forever21 should feel…well…awkward”. Don’t get me wrong, I never miss a chance to stop in a Forever21, but I wouldn’t build a wardrobe around it.  While I consider trendy clothing essential to an eclectic closet like mine, I know it is better to have a foundation of well-made classics as opposed to a closet full of cheap and cheerful pieces that constantly needs replacing.
Sure, every stylish woman’s closet should include staples such as the LBD and a classic trench; however, I am here to introduce you to a versatile piece of clothing that has become my favorite new investment piece – the Nikki 5-Way Dress. When I first tried on this convertible dress, by designer Abi Ferrin, I have to admit that I had a “get it girl” moment in the mirror, similar to how I felt in my first DVF wrap dress back in the day. This multi-functional dress flatters in five different ways; as a one-shoulder Grecian style (my favorite, by the way), as a one-shoulder with a peplum accent, as an asymmetrical tunic, tied to the side, or crossed tied for a belt effect. My favorite thing about the versatility of this dress is that it is good to my wallet because you can get five distinctively timeless looks for the price of one dress.

Check Out All FIVE looks!

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There isn’t a SINGLE reason white this signature Nikki dress belongs in every jetsetters, power-players, party girl, and busy bee’s wardrobe, but FIVE reasons. Starting at $155.00, that’s only $31.00 per look, you can’t afford not to add this to the list of foundational must-haves of well-made classics. Cha Ching… that’s the sound of me investing in quality and quantity at the same time.  Want to invest in your style?   Check out Ferrin’s others style staples on her site.  

Thank you to the sponsors of this post, Brandstyle Communications on behalf of Abi Ferrin. 

Which Look is Your Favorite?

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