#217: Unhealthy Relationships (Friday, February 25)

There are some relationships in life that work perfectly and then there are those that need some work. Unfortunately, it's these unhealthy relationships that most consume our lives. Your relationship with your finances is no different. Before you can really start improving your financial status, you should evaluate your relationship with money.

An unhealthy financial situation can have massive consequences. It can derail your goals (purchasing a home, starting your own business, having children), mess up your marriage and cause problems in your friendships.

Consider the following questions when evaluating your relationship with money:

1. Are you still on track to accomplish the 3 financial goals you set at the beginning of the year? If not, what has delayed your schedule?
2. Do you often make purchases you know you cannot afford?
3. Do you often forget to pay bills or consistently pay them late?
4. Do you shop or make unnecessary purchases when you're stressed or unhappy?
5. Are you living within your means?

Answering these questions can help you actively think about the behaviors that may be sabotaging your financial goals.

#216: In Case of Emergency (Friday, February 18)

I once read something that said most people are just an emergency away from being homeless. It's a scary thought, but it really does take only one unforseen situation (losing a job or an illness) for a lot of people to find themselves in dire financial straits.

Are you prepared?

The Idea: Begin creating an emergency fund for 3-6 months of your living expenses. Keep this fund in a separate account from the rest of your savings/checking. I recommend an online account. Your living expenses include all the bills you currently pay now: rent/mortgage, car payment, utilities, student loan (although you may be able to defer these payments), groceries, etc.

You're probably wondering where the money to create your emergency fund is going to come from. Well, we've already identified a few areas in previous Good Fridays:
- The fees you could save by re-evaluating your bank
- Earning extra cash that you dedicate directly to your emergency fund.
- The money you save by prioritizing your needs over your wants.

We'll have more opportunities to add to your emergency fund throughout this year's Good Friday.

#215: Missed Opportunity? (Friday, February 11)

I'm usually a practical, no-nonsense kinda gal. But every so often, I go completely nuts and have an impractical yearning for something that I know just doesn't make sense.

In 2008, it was the Christian Louboutin Goya shoes. They were $945 when they came out, but I had a "hook up" where I could get it for $750. At the time and even at that price, it was $100 shy of my monthly rent and nearly four student loan payments, but I didn't care. I wanted those shoes. I ended up putting the money into my online banking account, where it was less accessible. Since then, I've earned $75 in interest.

The Idea: For major purchases, determine whether it is a want or a need. If it's a want, consider the following questions:

1. Will making this purchase keep me on track to meet the three financial goals I set for myself this year?
2. Is this a temporary satisfaction or will it benefit my long-term financial future?
3. What do I have to give up to purchase this item?

Your answers to these questions may help you determine whether you should purchase this item.

#214: Five Ways to Earn Extra Cash (Friday, February 4)

In this economy, a lot of folks are trying to make extra money. If you have a talent, you can probably rely on that for some additional income, but if your talents can't make you extra cash, here are five tips that I've either done or considered doing:

1. Become a life coach. It sounds crazy and difficult, but you'd be surprised to know how many people are willing to pay big bucks for someone to talk them through life's challenges (just look on Craigslist). You can go do it the right way by registering with the International Coach Federation (www.coachfederation.org), or if you have a knack for motivating others, you can just...set up shop. A friend of mine went the unofficial way, and now she's charging $125 an hour. Not bad right?
2. Sublet your apartment. If you're going to be out of town (or you spend a lot of time at someone else's place) and you don't mind strangers around your stuff, you can sublet your apartment for a bit of cash. Many tourists are going with that option since it's usually cheaper than a hotel and offers more freedom. List on sublet.com or craigslist.org
3. Write people's online dating profiles. I used to do this a few years ago. Yes, people paid me to make them sound witty and cool online and I charged them $40 for it.
4. Become a tour guide. I don't know if this will work everywhere, but in New York, you can get paid about $50/hour for walking tours. You just have to know a little history about the tour sites. I researched Foods of New York (www.foodsofny.com), but considering our current weather, I decided to postpone until the summer.
5. Watch TV. It sounds crazy, but you can make about $15 an hour watching TV through Nielsen. I know because I actually researched getting paid for watching all these reality shows that I do. Visit www.iagr.net for more information.

The ideas above are the ones I personally looked into, but if you're looking for more money-making tips, check out Time Out New York's 75 Ways to Make Money Now. A bunch of awesome ideas ranging from selling one's eggs to participating in clinical trials.