#213: What's Your Time Worth? (Friday, January 28)

Many of us have been there before: we're in a job that we dislike or that doesn't challenge us to our full potential, so we spend the day browsing the web, chatting on Facebook or Twitter or playing online computer games. And even after the company blocked all the fun sites, we still find a way to access them on our smartphones. I've been there before...and that's how I knew it was time to find a more challenging opportunity.

Now don't get me wrong; I'm not saying that you should spend every minute of the work day working. I know social connections are very important. BUT, if you're spending more time at work on social networking sites or browsing the web than you are working, you are devaluing the worth of your time.

I know you're probably thinking "What does this have to do with my finances?" Everything. Time is money, and the more time you waste, the more opportunities you waste to increase your earning power. Mark Zuckerberg, Oprah, Bill Gates and Warren Buffet all have the same amount of hours in a day that we do and I don't perceive them to be any smarter than you or I. The difference is how they use their time.

The Idea: Limit your non-work-related web browsing to ONE hour per workday. Break it up into 5-10 minute intervals between projects, but no more than one hour. If you have "down time" during the rest of the work day, spend it productively: research possible business ventures that you could start on the side to earn extra income, take an online course, learn about some new area of your company (you never know where your next opportunity will come from)...something that will ultimately improve your life or your knowledge in the long run.

#212: More Bank for Your Buck (Friday, January 21)

I dunno about your bank, but mine charges me whenever I use another bank's ATM...this is in addition to that bank's ATM fees. So depending on which bank I chose, I ended up paying up to $3 to withdraw my own money. A few years ago, I did an experiment: I went through my bank statements and added up all the ATM fees for an entire year. I think it was $154. $154 of my own money wasted on fees -- and this was before the credit crisis!

But since I travel overseas a lot and my bank is one of the two I've seen with multiple ATMs in the countries that I travel to, I figured it was a small price to pay to have international access to my money. But things and times have changed. Many banks are raising their fees and providing less services.

Of course, you can always go with the good ol' trusted Credit Union (they're non-profit institutions, whereas banks are for-profit institutions), but alas not everyone will be eligible to join a credit union. So if you fall into the latter, group...

The Idea: Audit your bank to make sure you're getting the most "bank for your buck", and if you're not, shop around for a bank that's better suited to your needs. Some things to consider:

• Online banks may pay a higher interest rate, but accessing your funds in an emergency can take longer.
• A local bank may know you personally and may even have better customer service, but if you travel to another state, they may not have a presence there.
• If you've been at your bank for a long time and you want to stay there, consider negotiating for some of the services you need that they don't offer (or offer for a fee). They want to keep you as a customer, so they may be willing to hear you out.

If you need help, you can compare banks' features and services on Bankrate.com, or you can use my own personal bank shopping checklist.

Time Required: Varies, depending on your level of research and the features you're looking for.

#211: The Barriers (Friday, January 14)

Last week we started a new theme of financial health in 2011. You were supposed to set three goals for 2011. Did you do it? Well, hopefully you did because today we're building on that.

Have you ever noticed that the minute you declare a goal, sometimes it seems like the universe purposely puts barriers up to prevent you from achieving that goal? Like the time I said I was going to become a firefighter and the mailing packet from the Black Firefighters Association never showed up, so I couldn't attend the study sessions they offered to pass the test (which I eventually did). And then the training was all the way out in Randall's Island. I had to take 2 trains and a bus to get there on time...and then being the only girl in the class, which really depressed me more than anything else...But I digress. The point is there will always be obstacles when you declare a goal. But this time we're prepared.

The Idea: For each of the three financial goals you developed last week, list all the potential barriers that may prevent you from achieving them. Once you know what the barriers are you can effectively prevent them from sidetracking your goals.

For example, one of my financial goals is to earn more money to fund my volunteer vacations. Some of the barriers I forsee are:

• Not being able to get a higher paying job because of the market
• Allotting the time to manage and promote my freelance writing
• Not being able to charge the appropriate fee because of the economy

Time Required: 20 minutes

#210: 52 Ways to Improve Your Financial Health (Friday, January 7)

So here we are. Seven days into a new year and until last night, I hadn't really decided what this year's theme for Good Friday was going to be. I kind of feel like, we've done so much; In 2007, we explored 52 ways to make a difference, in 2008 our theme was "Enjoy Life", in 2009 Good Friday went green and we just finished a year of profiling some of the people around me who inspire me to be excellent.

So where do I go from here? In the past month I've gotten so many questions from friends about finances so the natural progression seemed to be to go in that direction. So here I am. I'm not an expert; I do have licenses and certifications that say if I wanted to, I could start advising people on investing, help them develop investment portfolios or sell them insurance. My job is to write about investment products in terms that the everyday person can understand. And I have been teaching financial education workshops for the past three years. But I wouldn't say I'm an expert.

So are you with me? Do you want to improve your financial health in 2011? Let's do it together...

The Idea: Develop three financial goals for 2011. Only three. Don't go overboard. Your goals should fit into the following three categories:

1. The first goal should be one that you can SUCCESSFULLY accomplish in the next six months (e.g. paying off an outstanding debt, creating an emergency fund, saving for a moderate purchase such as a car, changing your spending habits)
2. The second goal should be one that will take a little longer, but you can SUCCESSFULLY accomplish it between June and December 2011.
   
3. The third goal should be a long-term goal that will take you into 2011. (e.g. buying a house, paying off your student loan, starting a business)

When you have decided on these goals, write them down in the form of a pledge with completion dates and post them somewhere where you'll see them everyday (bathroom mirror, use them as your computer screensaver, etc.). Here are some examples:

"I WILL save 6 months of living expenses by June 7, 2011."
"I WILL pay off at least one credit card by December 7, 2011."

Time required: 10-20 minutes

There, don't you feel healthier already?