Is Quicken Really Quicker?

Written by Brett McKay

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Figuring out how to track my finances has been a challenge for me. I’m constantly switching back and forth from a computer based to paper based system. Right now, I’m leaning more towards a paper based system. I tried using Quicken a few times and every time I did, it seemed like I spent more time fidgeting with the program trying to get it right, that I defeated the purpose of having a piece of software tracking my expenses.

Time investment for set up

My biggest pet peeve about Quicken is that I spend about an hour setting up my accounts and half the time only half of them can connect with Quicken. I have to wait a few days before connection can be re-established so I can check my balances.  It would be faster for me to just sign on to my banks’ online services and write down my balances and transactions.

Addictive time wasting charts

Quicken and MS Money also have lots of fancy charts showing everything from your net worth to spending for the past three months by category. These charts, while helpful, can become an addictive time waster. I find myself  changing the parameters of the graphs in order to see different things, not because the info I receive is particularly useful, but simply because I can.  Using a simple paper based system, I don’t have  luxury to create instant charts. Consequently, I spend more time looking at the bottom line.

Delay in transaction posting

The other problem with computer based systems is that most of the time they don’t display my actual balance. Whenever I make a purchase with my debit card, it often takes many days to show up on my bank statement , and consequently in my Quicken registry. By not having an up to date balance in Quicken, you might be lulled into a false sense of security about having sufficient funds. I’ve been burned by this a few times and have been hit with overdraft fees. I’ve found it much better to write down the transaction in a registry right when you make the purchase. That way I always know how much money I have.

The one thing Quicken does have going for it is the ability to crunch numbers quickly. It’s nice having an instant balance of your bank accounts. I guess a calculator works just as well.

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Symptoms of a Frivolous Purchase

Written by Brett McKay

One of the best ways to save money and invest in your future is to cut back on frivolous shopping with your disposable income. Instead of having so many CDs that you don’t have time to listen to them all, you could have an index fund earning you a nice return for retirement or a big purchase like a house.

But how do you know when you’re making a frivolous purchase? Our mind can play tricks on us and make us think what we’re buying is exactly what we need. Well, here are two symptoms or warning signs to look for in yourself to see if you’re making a frivolous purchase.

Physiological signs

While you’re cruising the mall, you see a shirt you would like to buy. It’s the perfect shirt. You know if you have it you’ll be sexier and more confident. This is when the adrenalin starts rushing through your body. Your pulse quickens. You’re heart palpitates. Your palms start sweating and you start salivating. To our brain, shopping is like hunting. Instead of mastodons, the prey is a CD or a piece of clothing. Because shopping is like hunting, our brain prepares our body for the shock by pumping out adrenaline. That’s why you see these kinds of physical symptoms.

Psychological signs

After the physical signs, come the psychological ones. You’ll find yourself listing all the reasons you should have this shirt. You’ll rationalize. You’re basically trying to convince yourself that you have to buy this shirt, despite knowing you don’t.

The Prescription

If you find yourself experiencing these symptoms while in a store, put down the item, and walk out the store. As soon as you leave the store, bust out your “I will buy this in one month” list, and add that item that had you drooling to the list. As you delay the purchase, two things will either happen. The feeling that you need to buy that item will either stay or go away. Most of the time, you’ll forget that you even wanted to make the purchase. If you still have desires to make the purchase, start making a plan so you can afford it. When you do purchase the item, it will be much more enjoyable to own. By delaying gratification, you’ll not only increase your buying pleasure, but also save money in the long run.

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Festival of Frugality #84

Written by Brett McKay

Welcome to the 84th Festival of Frugality! Here you will find the week’s best posts on frugal living. I’ve organized the entries into different categories so readers can get to what interests them quickly. Thanks to everyone who participated! Make sure to tune in next week to Frugal Babe for another edition of the Festival of Frugality. Make sure you sign up for my e-mail newsletter or RSS Feed before you leave.

Frugal Tech

Speed Endurance gives 10 Reasons Why To Love Google. All 10 reasons add up to free computer applications.

Dough Roller talks about his experience using a rented Nikon lens in Guatemala. Make sure to check out the photos. They’re amazing. And he saved money doing it!

Chief Family Officer suggests that you keep your old cell phone when you upgrade. You never know when it will come in handy.

Plus6 Personal finance presents Top 5 Free Microsoft Office Replacements. Are you tired of having to fork over a couple hundred bucks every-time your Microsoft software becomes obsolete? Check out this post for free alternatives.

Hustler Money Blog explains how you can get $40 Credit to your Verizon landline bill.

Frugal Food

Bean Sprouts demonstrates how you can use the residual heat from a slow cooker to raise bread dough.

Wise Bread asks the age old question-Bottled Water: Healthy Indulgence or Marketing Ploy?

Money Dummy confesses their seven deadly couponing sins

Mr. Credit card presents Bachelors Tips For Supermarket Savings. I used several of these tips when I bached it.

Who needs Pop Secret? Stop the Ride shows us how to make our own microwave popcorn.

Free Money Finance saves money on groceries by walking down a bad aisle.

The Wastrel Show hosts a battle royal: Eating In vs. Eating Out

Cheap Healthy Good tells us how to create a pantry of the gods. Zeus would be envious.

Frugal Entertainment

Millionaire Mommy Next Door presents A Year’s Worth of Weekly Cheap Dates. As a married law student, this list was much appreciated.

The Digerati Life recounts their Cheap Barbecue And Safe Fireworks Fun Family Extravaganza.

The Simple Dollar has an awesome list of fifteen more free things to do during a money-free weekend. My favorite was “dig out an old video game console out of the closet and play some of your old favorites.” It’s all about Excite Bike, baby.

My Two Dollars asks Why Pay For Satellite Radio? Listen At Home Or Work For Free Anytime

Clever Dude discusses the cost of upgrading your viewing experience. You not only lose money, you lose out on life experiences.

Family Finance Blog talks about cheap movie rentals.

Frugal Investing

Write to Right gives a few ways to save money with a small business opportunity.

Debt Free presents Strategies to Save Money When Buying a House.

The SKILLED INVESTOR Blog discusses Roth IRA Contributions versus Traditional IRA Contributions for Renters

Frugal Behavior

The Happy Rock gives Cheaper Than Cheap Tip Of The Week #1 - Pretend You Are Running Out. When you think you’re running out of money, you’re less likely to spend money.

FILAM Personal Finance suggests “Shoppers, Know Thyself”.

Possess Less Exist More explains how living like you’re at Walden can create wealth in How Owning Less Leads to Debt Elimination & Wealth Creation

Grad Money Mattes analyzes their cyclical frugality in Now Frugal, Now Not.

Fish Creek House discusses how you don’t have to put off a simple life until retirement in Present Simplicity.

Pick the Brain presents 78 Timeless Wealth Building Tips from Benjamin Franklin. Ben Franklin was the O.G.F (original gangsta’ of frugality). His tips are always helpful.

Frugal Journey presents Spend A Little…Save A Lot. It’s kind of counter-intuitive. If you want to save money, sometimes you have to spend it.

Economic Essays explains the Economics of Saving Money. What is opportunity cost and how does it relate to being frugal? Find out here.

Frugal Law

Zoo Law has put together a list of the Best Free Legal Resources Online.

Frugal DIY

Kay presents Project: building a shoe-storage bench posted at frugalux.

Saving Advice gives several ideas for Inexpensive Alternatives to Store-Bought Greeting Card. When I went to the drug store the other day, I was surprised to see how much greeting cards cost now. This post has some great ideas on how you can tell someone you care without spending a fortune.

Over at Juice Fairy discusses gardening on a budget

Frugal Shopping

Money Ning has prepared a nice list of the Cheapest Days to Purchase different items. Want to know when to get the best deals on books or airplane tickets? Read this post.

Unclaimed Money says Now is the Time to Shop for Summer. If you want to save money next summer, here are some things you can purchase now in order to save money.

Frugal Prep

Welcome to The Future is saving money for the apocalypse

Frugal Car

We’re in debt presents Tips To Get the Best Price On Your Next Car. If you’re like me and are completely clueless about how to purchase a big item like a car, this article is great.

Frugal Celebrities and Movies

Frugal Panda showcases the Top 10 Most Frugal Celebs. It’s nice to see not all celebrities burn cash like it’s fire starter.

KCLau’s Money Tips presents Money Lessons from Transformers movie. Transformers. They’re personal finance gurus in disguise.

Featured Resource

Being frugal can help you save Money especially if you are working your way out of Debt. Whether you are recovering from Tax Debt or some other financial trouble a Payday Cash Advance can help, if you are smart about picking a company with low interest rates.

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Quick Links For Your Reading Enjoyment

Written by Brett McKay

Here are a few posts that caught my eye recently and wanted to share with my readers.

• What are your tipping rules? - Wise Bread. Wise Bread authors each give their take on the rules of tipping. As a former waiter, I try to be generous with my tips. I know the crap that waiters have to put up with.
• Wise Bar Exam Advice Heard At Church- Legal Andrew. Andrew discusses a passage from Luke that talks about setting priorities in life.
• 16 Great,  Healthy Dinners in 10 Minutes or Less- Zen Habits. Leo presents 16 quick and easy dinners. They also look really frugal.
• From The Frugal Law Student Archives: Dinner Parties: Not So Frugal. My wife and I love to have dinner parties, but sometimes we go overboard with them. Keep the simple.

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Top CEOs Don’t Read Getting Things Done

Written by Brett McKay

The New York Times ran an article about the books that sit on the shelves of America’s Top C.E.Os. Surprisingly, there’s not many business or productivity books like Getting Things Done or The 7 Habits of Highly Effective People. Instead top C.E.Os fill their libraries with fiction, poetry, and biographies.

Take Apple CEO, Steve Jobs. Mr. Jobs has an extensive collection of works by William Blake, an 18th century mystic poet and artist. Michael Moritz, the venture capitalist who took PayPal, Google, and YouTube public, reads T. E. Lawrence’s ‘Seven Pillars of Wisdom.’ The article reports C.E.Os with an interest in climate change aren’t reading Al Gore, but rather books from the 15th century about the weather, Egyptian droughts, and even replicas of Sumerian tablets recording extraordinary changes in climate.

Why C.E.Os read fiction, poetry, philosophy, and biographies

It teaches you how to think. Most business books set everything out for the reader in a step-by-step fashion which doesn’t require much mental participation. Fiction, on the other hand, requires the reader to actively take part with the author in order to synthesize the message. The same is true with philosophy or poetry.

New ideas. Reading fiction or the classics from antiquity can help C.E.Os make idea connections they couldn’t make just by reading business books. Perhaps Aristotle could shed light on how to lead or maybe Crime and Punishment can give a marketing director an idea for a new ad campaign.

Learn success from the lives of successful people. If you want to be successful, read about the lives of successful people. Biographies are the original self improvement books. From biographies you can learn how history’s most successful people thought and worked. Take what you read from biographies and apply it in your life.

This article reminded me of the value of reading fiction and other non-business/financial books. I think reading fiction and other genres of literature will help me get new insights for law school and my blog. Perhaps Ovid has something to say about personal finance or maybe Joseph Heller has an insight on how to succeed on law school exams. It’s time I go to the library and find out.

Hat tip my wonderful wife Kate for the article.

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Submit Your Posts To The Festival of Frugality #84

Written by Brett McKay

I’ll be hosting next week’s Festival of Frugality (Tuesday, July 24th) here at The Frugal Law Student.

Please submit any articles related to frugality to http://blogcarnival.com/bc/submit_162.html by 8PM Central on Monday, June 23rd. Articles can be about anything relating to frugality. People love tips and personal experiences of living a frugal lifestyle.

Also, if you’re not already a subscriber to The Frugal Law Student, please subscribe in one (or both) of the following ways:

1) RSS Readers subscribe to http://feeds.feedburner.com/TheFrugalLawStudent

2) Email Newsletter (you can unsubscribe easily, and you only get emailed if I write a post. The emails go out once per day with all posts rolled up into a single email for that day around 11am EST). Subscribe to emails here

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