Shine Brighter

Spring Cleaning Your Financial Life!

2010-04-01T08:21:00.000-07:00

On a sunny, beautiful day like today, our thoughts all turn to Spring. It is Spring cleaning and tax prep time here at Lantern Financial! What a better way to get your financial life in order than to plan a "Financial Spring Cleaning Day" for yourself? Which day will you set aside to get organized? What challenges will you tackle? We have some suggestions for you!

TIP #1: Update your filing system. Make sure your organizational system is working for you. It should be something that works well for you and that you will stick with after you set it up. Are you a "filing cabinet" type of person? Would you do better with a shoebox for receipts and papers that you organize once or twice a year? Whichever system you choose, the important thing is to set yourself up for success by getting organized! How do you keep your files under control?

TIP #2: Are your beneficiaries up-to-date on your retirement accounts and life insurance policies? Do you still have your mom listed, or (yikes!) that old girlfriend you were dating when you first started your job? Beneficiary designations trump any desires you might indicate in your will, so even if you think you remember - it's always worth a double-check! Maybe you should call HR over lunch, just to be sure.

TIP #3: How balanced and diversified is your 401(k)? Has it been a while since you considered whether the mutual funds you picked are working well for you? You should review and consider rebalancing your investment portfolio at least once per year to make sure it doesn't drift too far from your intended target.

TIP #4: Who will get your house if something happens to you? Who will take care of your kids? Have you decided? Does anybody know? It's always tough to think about these things, but there is no time like the present to have a will created. It is much preferred to get it done now, rather than leave the confusing decisions (and potential arguments - not necessarily ending with your intended conclusions!) for your loved ones to deal with during such a difficult time.

TIP #5: What big changes have occurred during the past 12 months for you? Chances are (and based upon our Facebook newsfeed!) there has been lots of good news to report - new houses, marriages, babies, job changes, new cars, etc. Congratulations! Whenever new life events are afoot, it is time to consider your various insurance coverages to make sure you are adequately covered. Life, Long-Term Disability, Homeowners, Renters and Auto insurance policies are all worth reviewing. When is the last time you checked?

TIP #6: You wish you could be saving more toward retirement but with all of your "here and now" responsibilities to worry about, it can be stressful to think about your future. One way to do so with less pain is to increase your retirement contribution this month by 1% of your income. You will hardly notice (we promise!) but it will make a big difference later! Commit to increasing again by 1% (or more) next year, and each year after until you reach the government allowed maximum.

TIP #7: How is your credit? Do you know? There are lots of new rules swirling around about credit use these days, and it is more important than ever to know where you stand. If you have not done so in the past 12 months, order your free credit reports today from http://www.annualcreditreport.com. It is a law that you are entitled to one free credit report from each of the three reporting agencies each year (your credit score is available as well for a small fee, but may be worth considering).

TIP #8: What would you do if you found a bunch of money lying around your house? You should think more seriously about that question, because you probably have more "money" hiding in the nooks and crannies than you realize! Are you using all of the employment benefits you are signed up for at work? Often people don't think to do things such as get a new pair of glasses/contacts each year they are eligible, or use every last bit of the money in their flexible spending accounts. Spend some time reviewing the benefits you signed up for, since you might have some great things available to you!

TIP #9: When figuring out how to trim your budget, you might think that you can't do anything about your fixed expenses... but is that actually true? A little research and a conversation or two might save you some serious cash! Have you ever realized that you are probably paying more than you could be for services like cable TV and internet? Look around online and compare. Then give your provider a call - tell them that you would love to continue as their customer, but have been offered a better deal? What can your provider do to keep you? You might be surprised at their willingness to help you out and keep you happy! This tip applies to bigger expenses as well. Have you considered refinancing your mortgage to take advantage of lower interest rates? How about looking for a more affordable apartment when your lease is up? Your fixed expenses may be less fixed than you think!

TIP #10: Have you completed your tax return? The deadline is quickly approaching and you may be annoyed with all the extra time it takes to gather all of your paperwork, forms and receipts. Now is a great time to set up a simple system for next year to gather all of your tax related documentation throughout the year. It could be a filing system or as simple as a dedicated box for all tax related paperwork. You may be pleasantly surprised in 12 months when you find you have more deductions than you might have remembered without keeping careful records!

Which of these 10 tips do you think is most important and why? Either comment here in response to this blog post, or visit us on our Facebook fan page and leave a comment there to let us know. The best answer in our opinion will win a $25 gift card to Bed, Bath & Beyond! We look forward to hearing from you!

Couples and Money: Tips for Fun Communication

2010-01-26T14:02:00.000-08:00

February is the month of love. This year, instead of buying silly pink brick-a-brack, heart candies that go uneaten, or cards with sappy messages, vow to do something truly special and romantic with your partner: have a conversation about money. This suggestion might seem absurd, but in reality it is easy and fun to make talking about money sexy and even romantic in your relationship. Use the following 8 tips that we have put together to inspire amorous money conversations between you and your partner this month, and in the future.

1. Switch Roles: If the two of you have been together for a while, each of you has probably settled into your comfortable financial roles (for example, one of you pays the bills, the other keeps the records, or one of you handles the family finances while the other is the primary cook). Consider changing it up this month. By switching roles you get to learn new skills, gain appreciation for your partner’s important contribution to the household, and get a break from your own regular tasks. This can be an exercise in empathy and learning, which will be fun and strengthen your financial communication.

2. Reward Each Other: It can be easy to procrastinate when it comes to the more mundane financial tasks (like updating your beneficiaries on your retirement accounts, for example). However, delaying these important financial responsibilities can have serious consequences. This month, you and your partner can finally start checking things off your list by making a rewards system! At the beginning of the month, sit down and together make a list of all of the things you need to do to reach success in your financial life, in order of your likelihood to avoid each task. Next, assign rewards for each of the items. The more difficult or unappealing it is, the greater the reward. For example: #19: Get a will. Reward: 20 minute back rub during your favorite movie. Whoever initiates the task reaps the reward. Make this system into a fun game, and check all the items off your “Financial To-Do List”.

3. Speak Freely: Communication about money can be very difficult because many of us have been raised to believe that it is a very private topic and one that is inappropriate to discuss. This month, challenge yourself to shed the shame you might be feeling and talk about money together, even in public! Go on a walk or grab a coffee out and talk about the progress of your retirement accounts, your hopes of paying off your home faster than the terms of the mortgage, and goals for retirement. It’s important that you are not afraid or embarrassed to talk about money with your partner, at any time. Any stress that might be caused by this lack of communication will start to melt away. Of course, we recommend that you do not talk specifics, like account passwords or social security numbers, when you are out on the town!

4. Ask the Experts: Sometimes talking about money with your partner is too frustrating, stressful or confusing for it to be romantic. In this case we suggest that you invite a professional into the conversation. A CERTIFIED FINANCIAL PLANNERTM Professional can help you take the mystery out of your financial life, and jumpstart you on the right path toward accomplishing your shared goals. If you are in the Boston area, we would love to help you with your financial planning needs and, in addition, we specialize in helping couples to get on the same team to work toward financial success with our innovative service, Harmoney: Couples Financial Counseling, which we offer nationwide. Please contact us to discuss how we might help you toward a bright financial future together!

5. Make it a Date: The best way to make talking about money romantic is to have a financial conversation in a romantic setting. The concept of having a “Money Date” is foreign to most couples, but once they’ve tried it, they’re hooked. Prepare a nice dinner, set some candles, have a glass of wine, and talk about your finances. Your “financial romance” is bound to thrive!

6. Create a Financial Sanctuary: If you have a corner of the house where you keep your financial records, receipts and budgets, beautify that space to reflect its importance. Your financial lives should not be relegated into a dark corner, but rather should be bright, calm, hopeful and full of promise. Financial organization promotes financial success, and financial success allows you to achieve your hopes and dreams. This space should be full of that promise. Keep the area clean and welcoming – organize your files in a way that works for you and keep the surfaces clutter free. Consider regular fresh-cut flowers. If you and your partner have always wanted to retire on a lake, hang a picture of your dream home on the lake where you’ve always wanted to live. If you are saving for a special trip to Paris, hang a photo of the Eiffel Tower. If you are putting away money for your young son’s college fund, put up a photo of your baby wearing a mortarboard. It will serve as a constant reminder of what you are working toward together as a team – what could be more romantic than that?

7. Quick Updates: You may find that you and your spouse delay talking about money because there is just so much to say. There is no reason to let it all build up to that point. Financial conversations don’t always have to be heavy, in-depth discussions – there is an alternative: the quickie! If you just have a few minutes before you both leave for work in the morning, or you make time for a short phone call during your lunch break, bring up your finances. Example: “Honey, I just increased my 401k contributions by 1%.” By having frequent, quick conversations, you make talking about money natural, fun and easy – just like your relationship. An added bonus is that there won’t be any big surprises when it comes time for your money dates!

8. Write Each Other Financial Love Letters: These romantic communications about your shared goals, hopes and dreams will serve as a constant reminder that you are a team and you can get through anything, whether it is layoffs, a tight budget due to aggressive savings goals, or different perspectives about money, you both want to show each other love in your communication. You are a team now, and you should resolve to always aim to be on the same page. Work together toward the same goal of financial success rather than against each other and live a true financial romance for the ages!

Please share your tips for healthy communication about your finances in your own relationship. We would love to hear about your challenges as well. Leave your ideas in the comments section below!

What Sticking to Your New Year's Resolutions Can Save You

2010-01-08T12:18:00.000-08:00

Happy 2010!

It’s the beginning of a new year, and a new decade! As with every year, we have all set New Year’s Resolutions to improve our health, grow our wealth, and make ourselves better people. These goals are always noble in intention, but not always easy to keep. To inspire you to stay on track this year, we have quantified what your vices are actually costing you! It’s not all bad news however. Read on to learn the cool things you would be able to afford once you do succeed. Best wishes to you in your efforts.

1. Drinking. It’s been a month of holiday cheer, swilling spiked eggnog and clinking stemmed glasses of bubbly. Your holiday hangover is scheduled to end in March. If one of your resolutions this year is to reduce your alcohol consumption, you are about to save some serious money. Drinking is the first expensive vice that we will address in this blog. Americans spend over $100 billion dollars every year on beer, wine and spirits. Shared equally by all 300 million Americans, the per capita spending on alcohol is about $330 per person per year (however if you consume alcohol on a regular basis, you know that the costs of drinking, especially drinking at a restaurant or bar, are much higher than that, but for the sake of this blog, we will work with $330). With an extra $330 this year, you could get a four hour, full body spa treatment including a Swedish massage, facial, pedicure and manicure right in the heart of Boston (http://www.beaucage.com/). Or, if you choose to invest that $330 annually for the next 30 years (for this example and for the rest of the blog we will assume an 8% annual rate of return), you will pocket an extra $37,383!

2. Speeding. The cost of speeding includes much more than that occasional ticket you are unable to avoid. In addition to the cost of tickets, speeding increases wear on your car (meaning you will need to purchase your next car sooner) and worsens fuel efficiency (increasing your monthly spending on gas). Your likelihood of getting in a crash increases when you speed, and there are costs associated with repairs, any medical and disability costs as a result of injury and increases in your insurance premiums. According to the National Highway Traffic Safety Administration, in 2000 the cost of speeding-related crashes was estimated to be $40.4 billion. If you plan to drive more safely and slowly in 2010, remember how much money you will save if you do!

3. Smoking. Quitting smoking is one of the top 5 most common New Year’s Resolutions, and with good reason. Aside from the obvious health benefits, quitting smoking can save you a LOT of money! A pack-a-day habit costs a person about $2,555 per year (assuming a pack costs about $7.00, including sales tax). Then of course there are the additional costs of increased health care premiums, which are an average of 40% more than a non-smoker, and life insurance rates which are approximately 25% higher. On average, this amounts to about $220 extra in insurance premiums a month. It’s tricky to quantify the other variables, like the costs of illness as a result of increased susceptibility to disease, but it is certain that costs grow significantly over the course of a person’s life. In one year, the cost of smoking a pack a day can be assumed to be about $2,775. For this amount you could get SEVEN Caribbean 7-Night Cruises (http://www.carnival.com or http://www.ncl.com)! Or, if you choose to invest that amount annually for the next 30 years, you could have $314,361 for retirement. There are many great reasons to quit smoking. We hope this will help you to stay focused and quit, once and for all!

4. Going out to eat. One of our primary responsibilities as financial planners is helping people see where their money slips through their fingers. Dining out is one of the areas where people spend the most without realizing it. According to the Consumer Expenditure Survey by the Bureau of Labor Statistics, the average American spends $2,434 annually dining out. Americans who had incomes of $70,000 or more spent $4,308 dining out. This number was almost certainly much higher in Boston, in 2009. If we make the assumption that the average Bostonian spent $4,500 dining out last year, and they resolve in the New Year to cut their dining out expenses in half, they would be saving $2,250 in 2010. Alternatively, you could invest that money, and in 30 years you would have $254,887! You could literally buy a Caribbean Island for that amount (http://www.caribbeanislandbrokers.com/islands-for-sale/Frigate-Caye).

5. Impulse Spending. We’ve all been there. You sat down, put together a budget, planned each month out to the last dollar, and committed to stick to it. And then bought that shiny new (INSERT WEAKNESS HERE) 12 days in. This year, when feeling tempted to bust your budget on an impulse purchase, slow down, pause, and think about the consequences. According to one study (http://www.uie.com/publications/whitepapers/ImpulseBuying.pdf) nearly 40% of all money spent shopping online is spent on impulse purchases. In this example, instead of illustrating all the money you’ll save if you don’t fix this vice, I’m going to illustrate how much it will actually cost you if you go into debt. If you carry only $50 each month of new charges on your credit card this year (less than many people do) and have an interest rate of 20% (fairly standard these days), by then end of 2010 you will have $1,979 of debt. So stick to your budget this year, and don’t get sucked into impulsive purchases.

6. Coffees/lattes/snacks/ etc. Benjamin Franklin said it best: “Beware of little expenses. A small leak will sink a great ship.” Often times little things, like snacks, coffees, gum, and other expenses that we hardly notice can make a great difference in our financial success. If I’m not being intentional about it, I will succumb to my vice of snacking. Every now and then I’ll grab a bag of candy here, a pint of ice cream there and the occasional six serving bag of Turtle Chex Mix that I’ll down while watching a marathon of The Office. It probably doesn’t cost me more than $6 a week, but eating these snacks is certainly a habit, and not a love of mine, and those expenses add up. For an easy way to determine how much the little things are costing you, check out David Bach’s Latte Factor® Calculator for Facebook (http://apps.facebook.com/lattefactor/fb/home). Using this simple tool I calculated that my vice, snacks at about $6 a week, will actually cost me $38,172 over the next 30 years. With that money, I could spend 1,031 days in a 4 Diamond Resort and Casino right on The Strip in Las Vegas (http://hotels.travelzoo.com/las-vegas-hotels/710695?ptl=done&rating=&tppct=). Now that’s food for thought.

7. Gambling. According to the 2006 Gross Annual Wage Report, Americans lost nearly $91 billion on all forms of gambling combined, or about $300 per capita. Aside from the social costs of gambling addiction, this form of entertainment is very costly to your wallet in the long run. It is important to think about gambling in this way, as “entertainment” and not “revenue generation”, because it COSTS money, in general, it does not RETURN money. We have all heard the saying, “The house always wins” and it is so true! An average for payout on slots is 90 cents on every dollar, alternatively stated, in this case, your average return on gambling is -10%. (It is possible that these numbers are more extreme for other forms of gambling.) If instead of gambling and losing that money, you were to invest $300 each year for the next 30 years at an average return of 8% (positive of course) you would have $33,985 at the end. It is more of a “Get Rich Slowly” than “Get Rich Quick” plan, but rather than leaving each weekend with empty pockets, with that amount, you and 113 of your closest friends could go to the VooDoo Lounge, see Cirque du Soleil, dine at the Fleur de Lys and stay at the Mandalay Bay Hotel in Las Vegas. Jackpot!

8. Keeping up with the Joneses. We all feel pressure to have expensive things. We want to impress our friends and neighbors, show our families our successes, and be taken seriously by our clients. If your resolution is to spend your money according to your own values and not to impress other people, we have some numbers for you! When spending money, make sure you think about your motivation – are you keeping up with the Joneses or are you working toward your long-term financial health? Are you going to buy a fancy car, or put that money into your nest egg? Consider the following example: Kevin and Devin both need to buy new vehicles every 10 years. Kevin chooses to own luxury vehicles so that his boss and clients will take him seriously, while Devin purchases economy vehicles, because he feels his professional track record speaks for him. Over the next 30 years Kevin will spend $135,000 on BMWs, while Devin will spend $45,000 on Toyotas. The difference, $90,000, Devin has invested into his retirement accounts and will live much more comfortably once he is out of the work force. We understand the pressure that people feel trying to impress clients, friends and neighbors with their stuff, and what better way to look wealthy than by showing up in a fancier car? However, a better way to actually be wealthy is to stop trying to keep up with the Joneses.

9. Fast Food: A decade ago (2000 really was 10 years ago!) American’s spent over $110 billion dollars on fast food. This past year that number was closer to $150 billion. That’s about $500 per person each year. Over 30 years, $500 invested annually at an average return of 8% would be $56,642. You could buy a brand new Mercedes Benz for that amount! (http://www.mbusa.com/mercedes/#/vehicleComparison/byoAppearance/?vmf=CLK350A&vc=CLK&yr=2009) Of course the annual cost of money spent on fast food doesn’t really summarize the full cost. There are the costs of health care as a result of obesity related illnesses and the social cost of less family dinners together. According to the CDC, the total cost of obesity and overweight health issues was about $92.6 billion in 2002. (http://www.cdc.gov/obesity/causes/economics.html). If as a nation we eliminated the health care costs of obesity and overweight related illness, we could nearly fund Universal Health Care (as proposed by Senate Democrats in 2009) and provide health insurance for every person in the United States. If your New Year’s Resolution this year is to cut out fast food, remember what it is costing you and your country and stick with it!

10. Wasting Time: According to a Web survey by America Online and Salary.com, the average worker admits to frittering away 2.09 hours per day, mostly surfing the web. If you have resolved this year to spend less time on Facebook, YouTube and HGTV.com (…is that last one just me?), but need some inspiration, then consider how much better off you could be if you used that time productively. Two hours a day translates to an additional 10 hours each work week that we could be doing something industrious, like getting a second job. Even 10 extra hours a week at Massachusetts minimum wage ($8 an hour) ends up being an additional $4,000 each year! With that amount, you could get a 2004 Harley-Davidson Sportster. If you choose to invest your $4,000 a year instead of spending it, you could have an additional $453,133 for retirement!

We hope this insight will help you stick with your New Year's Resolutions in 2010, and we would love to hear your feedback. What is motivating you this year to succeed financially? We look forward to hearing your own ideas, either on this blog on on Twitter (@LantrnFinancial). Thanks for reading!

Find That Special Someone… Without Cheating On Your Budget.

2009-07-03T09:42:00.000-07:00

When trying to meet someone special, most people gravitate towards the places where they know they can meet other singles: bars and clubs. In fact, When Bostonians were asked in a CityVoter poll: “where is the best place to meet other single people in Boston?” 75% of respondents answered with a bar or restaurant. While these spots are usually populated with other people, they can end up being prohibitively expensive options (a couple of $12 mojitos in, and your “socializing” budget is blown for the month!). Fortunately, there are plenty of other places to meet people that won’t cost you an arm and a leg… and may even bring you to your financial soul mate.

Please enjoy these 10 suggestions on creative and cheap ways to meet someone special, and begin your own financial romance. I hope to hear your own tips! Please leave your comment son the blog, or tweet them to me at @LantrnFinancial. Enjoy!

1.Get Physical

Playing a sport is a great way to get exercise and bond with new people who have common interests. Additionally, all of those chemicals that your body is producing during exercise (endorphins, adrenaline and serotonin) are also released when two people are attracted to each other and falling in love, so it’s kind of like a head start! And the best part about meeting someone this way? It is cheap to join an intramural sports team!

Check out the Boston Ski and Sports Club (www.bssc.com) to see all of the different intramural sports teams that are available. They offer everything from Soccer to Hiking to Golf. They also have plenty of social events, like cruises and rooftop mixers. And for an even better deal, enter our contest at www.lantern-financial.com to win a One Year Membership to the BSSC, for free!

If you enjoy running, try a club such as Community Running that welcomes all ages and abilities! The cost is $10 a month and includes coaching! (www.communityrunning.org ).

Of if you are trying to expand your horizons, stretch out with free Yoga offered for free every Wednesday morning through August at the Rose Kennedy Greenway in the North End (http://www.trumba.com/eventscalendar/ma/boston/rose/fitzgerald/kennedy/greenway/conservancy/boston/parks/big/dig/central/draft-calendar).

2.Take a Class

Boston offers a wide array of fun, skill-building classes that can lead your life in a new direction, many at little or no cost.

MIT offers free beginner Salsa lessons on Mondays (http://web.mit.edu/salsaclub/www/). A friend of mine had success with this tip: she has already been on two dates with her dance partner!

Take a climbing class at MetroRock in Everett (www.metrorock.com ). Don’t worry, it’s easy to get to off the Orange Line and they offer a free shuttle to pick you up. If you want a day of climbing for 50% off the normal price, contact us at info@lantern-financial.com to join the Lantern Team for a day! (Date TBA… some time in August.)

Feel like cooking up something spicy in your romantic life? Try a cooking class from Boston Center for Adult Education www.bcae.org that teaches you to stretch $40 into a week’s worth of healthy meals. This class is a bit more expensive but you will be learning something cool, opening the floor to interesting conversation, and meeting someone with similar interests. Some places like the BCAE even have singles nights, where classes are geared specifically towards helping singles meet each other.

3.Go to a Museum

It may sound geeky (it is) but a museum is a perfect place to strike up a thoughtful conversation. It also provides for an easy fix for awkwardness. At a bar, any moment of silence is awkward, but at a museum, silence is pensive, mysterious, even sexy!

The Museum of Fine Arts offers free general admission museum nights on Wednesdays 4:00 -9:45 P.M.

If you want a little extra romance for $12, (think ivy in a nighttime open courtyard) the Isabella Stewart Gardner Museum on the Fenway combines art with live music every third Thursday from now until September. (http://www.gardnermuseum.org/afterhours/afterhours.asp ) Admission for college students is $5.00 with I.D. Check the website for additional admission deals if you are a Red Sox fan!

4.Join a religious group

As with all of these suggestions, in order to meet that special someone, you will have the most luck if you are doing something that is fun and important to you. This is especially true for this tip. If expressing your faith is important to you, or you are seeking to explore faith, this may be a perfect opportunity to do so, and meet someone else special that is doing the same thing. There are study groups, prayer sessions, and even outings and field trips! A Google or Yellow Pages search will provide you with plenty of options within many faiths. And of course, it’s free! Ever heard of a Bible Study cover charge?

5.Go Outside and Hang Out in a Park

So far this “summer”, being outdoors has not been an option in Boston, but we are keeping our fingers crossed. Especially because when the weather gets nice, our beautiful parks fill with people! And my favorite part about hanging out in the park, of course, is that it is absolutely free.

Besides the Common and the Public Garden, check out the Charles River Esplanade, The Arnold Arboretum in JP, The grassy quad on MIT’s campus, The Kennedy Greenway in the North End or the Evans Way Park on the Fenway. Strike up a conversation with someone else enjoying the sun, bring a Frisbee and find a partner, or bring a pet along: it’ll be a great conversation starter.

If you’re looking for the Backyard BBQ feel that is hard to find in the city, you’re in luck. Every Friday through Aug. 21, backyard games like badminton, bocci and tether ball are on the Rose Kennedy Greenway from 12:00PM – 2:00PM.

6.Don’t Give Up on Online Dating

Of course the popular dating sites like www.eHarmony.com get a lot of attention and can be very successful, but it may cost $40 to send an email! However there are cheaper online alternatives to internet dating, ones that don’t require any fees at all.

An example is www.Meetup.com, which is an event site where people post things that they are doing around the city. Dodgeball, Ultimate Frisbee and Guitar Hero are a few examples of Meetups in the Boston area. A member of the Dodgeball Meetup said, “It was a wonderful way to meet new people!” Reach out through one of these websites to find people who like doing the same sorts of things that you do, and then meet in a neutral location, or with a group.

Twitter (www.Twitter.com) could also be a useful tool to help you meet someone special. Tweetups (a Twitter Meetup) are fun gatherings with lots of local adults. (As always, remember to be smart and safe about online dating, and connect with people in neutral locations.)

7.Volunteer

Volunteering is free, fun and it feels good. You give back to the community, usually in ways that are enriching and enjoyable. And you often meet other people who care about the same things as you. It is also a great way to find people who are generous, responsible and thoughtful… a recipe for a great romantic partner.

Here are a few places to volunteer to get you started:
a. Boys and Girls Clubs of America, (http://www.bgca.org),
b. Big Brothers and Big Sisters of Massachusetts Bay (http://www.bbbsmb.org),
c. The Women’s Lunchplace(www.womenslunchplace.org),
d. Boston Cares (www.bostoncares.com),
e. Young Alumni Volunteering Association, or YAVA, great for recent college graduates (www.yava.com),
f. or Habitat for Humanity (www.habitat.org).

8. Wine and Cheese Tastings

Many wine stores offer free wine tastings throughout the week in order to showcase their products to their customers. Some times they even set out appetizers. These types of events are perfect for meeting people because they already have a date feel, but they are completely free.

On Tuesdays, Best Cellars on Boylston Street offers free tastings from 5:00PM – 8:00PM. Not into wine? Boston also does beer tastings. Check out Wine Gallery on Boylston Street in Brookline from 5:00PM – 7:00PM on Thursday nights for a free tasting.

Looking for something a little more upscale to end the work day? Looking to meet someone in a suit? Vinalia in the Financial District has free wine and cheese tasting at 6pm every Wednesday! (http://www.vinaliaboston.com/calendar.asp?month=8&year=2009)

9.Participate in Local Events

There is always a lot going on in Boston, especially during the summer. This time of year is all about enjoying entertainment, food, and beautiful weather (even though we haven’t yet arrived this year) for very reasonable prices.

Consider the free Boston POPs concert at the Hatch Shell (July 3rd) (http://www.searchboston.com/happenings.html), the Cultural Survival Bazaar (http://www.culturalsurvival.org/) on July 11th or many of the restaurants that offer deals to both ladies and gents throughout the week. For example, Match on Newbury Street has Ladies’ Night on Thursdays ($5 entrees for women) and will soon be announcing a Gentleman’s night (www.matchbackbay.com) . With all these great opportunities, saving money and meeting new people who are doing the same is a recipe for romance!

Read the Improper Bostonian and Stuff and Night to find out what else is happening that is cheap and attracting other people in the same mind set. To make it even easier to find all of the great goings on in Boston, follow us on Twitter as we announce these steals @LantrnFinancial.

10.Throw a Singles Party

At Lantern Financial, we are big believers in “Do It Yourself” to save money. Instead of going out, stay in and invite the singles to you! By creating an MeetUp.com group, a Facebook event page, and inviting all of your single friends and having them do the same, you can create a gathering of fun, interesting people, all looking for romance.

Host a potluck to save money- your guests will be happy to participate in making the party a success and showing off their cooking or baking skills. And read our blog from April, “Party Planning on a Budget”( http://lantern-financial.blogspot.com/2009/04/party-planning-on-budget.html) , for inspiration on how to make your bash a smash!

At Lantern Financial we believe that romance and finance go hand in hand. I hope that these tips will help you find your own financial romance! This list is just the beginning, and I look forward to hearing your own ideas on meeting someone special and maintaining your relationship with your budget, either on this blog or on Twitter (again, @LantrnFinancial). Thanks for reading!

Days and Nights of Summer

2009-05-29T08:15:00.000-07:00

Picnics on the Esplanade by day...

Trivia at local hot spots by night...

And many more fun, free and affordable things to do in Boston this summer!!

It is June and summertime is here! Those of us who live in the bean, and those who love to visit, know that Boston summers are bursting with fun things to do! Fortunately for us, there are also lots of FREE and affordable fun things to do! To help you plan your summer full of fun and budget- friendly activities, I have compiled a list of a few local happenings going on throughout the summer.

MONDAY:

1. Johnny D’s of Davis Square in Somerville has an especially fun Monday night. FREE pizza from 6:00PM – 8:30 PM precedes a lively night of trivia (team or individual). And if you miss the pizza but don’t want to buy restaurant priced food, don’t worry! You are invited to pack your own and bring it right in. (http://johnnydsuptown.com/ )

2. If you are a student and are looking to go out to eat, look no further than Fire and Ice in the Back Bay. The all you can eat, self-serve “improvisational grill” is just $9.95 per person! Just make sure you have your student ID. (http://www.fire-ice.com/locations/boston.html ) **And if you love Fire and Ice, check out our contest for June: we are giving away a $50 gift certificate to Fire and Ice!**

3. Students get all the good discounts, don’t they? Well never fear, because there are good deals for those of you in the work force too! Monday nights means FREE bowling and billiards at Kings in the Back Bay. It is “Industry Night”, so just bring a business card, or a stub from your hotel to play for free! (http://www.backbaykings.com/kings/events.php) They have other fun events going on all week, so make sure to check out the whole list.

TUESDAY:

1. Looking for some classy entertainment? Nothing says sophistication like a wine tasting, and Best Cellars on Boylston street offers them FREE from 5:00PM – 8:00PM. Keep in mind though, that you will probably find something you love and want to buy it. Discovery is the whole point of a wine tasting, just remember your budget. It may be wise to commit to not spending over a certain amount before even walking into the store. (http://www.bestcellars.com/)

2. You haven’t really experienced a Boston summer unless you’ve hung out at an Irish Pub. Crossroads on Beacon Street offers free Dart Nights on Tuesdays starting a 8:30PM, so get on your best fake Irish brogue, drink a Guinness, and throw some stuff at other stuff for FREE! (http://crossroadspubboston.com/ )

3. This last Tuesday recommendation is neither free, nor every Tuesday of the summer, but it is a great, affordable event that happens to fall on a Tuesday! The 27^th annual Scooper Bowl will take place on June 9^th (through 11^th) from noon until 8:00PM. It is only $8 for adults, $4 for kids 9 and under, and free for kids under 3, to eat all of the ice cream you can handle. The best part, of course, is that all of the proceeds go to benefit the Jimmy Fund. (http://jimmyfund.org/eve/event/scooper-bowl/default.html)

WEDNESDAY:

1. Beginning in July, the Landmark Orchestra offers FREE concerts at the Hatch Shell on the Esplanade beginning at 7:00PM. So pack up a picnic, a blanket, feel the breeze off the Charles River and enjoy the sounds of Tchaikovsky and Brahms. All you have you pay… is your attention. (http://www.bostonfamilylife.com/2009/05/boston-landmarks-orchestra-free-summer.html)

2. When the music is ending, the stars will be coming out. To get a better look, head over to Boston University to check out the Coit Observatory. They offer FREE stargazing after 8:30PM on Wednesdays throughout the spring and summer, as long as the skies are clear. (http://www.bu.edu/dbin/astronomy/?q=AS_open)

3. Didn’t make it to trivia on Monday? Well McGreevy’s Sports Bar on Boylston Street is there for you, just so long as the Red Sox are out of town. On away nights, McGreevy’s offers FREE trivia from 7:00PM – 9:00pm, and $3 drafts for participants, as well as the chance to win lots of great prizes and giveaways. (http://www.mcgreevysboston.com/default.htm)

THURSDAY:

1. Normally entrance into the Institute of Contemporary Art runs a person $15 for general admission. Not on Thursday nights! Between 5:00PM and 9:00PM general admission is absolutely free! (http://www.icaboston.org/visit/hours-and-admission/)

2. Wine tasting isn’t just for wine anymore. If you’re more of a beer person (like I am) head over to the beer tasting at the Wine Gallery on Boylston Street in Brookline from 5:00PM – 7:00PM on Thursday nights. It’s FREE, and you just may discover a new brew that you love without hurting your wallet. (http://www.wine-gallery.com/)

3. Wall sconces, huge wine racks, a contemporary twist on medieval décor… and $1 tacos. This tasty and affordable offering seems totally out of place at Bonfire, a Todd English Steakhouse in Park Plaza, but who’s complaining? (http://www.bostonchefs.com/news/2009/5/29/bonfires-1-taco-thursdays/)

FRIDAY:

1. The end of the work week has arrived! This is the moment to treat yourself to something entertaining, and the movie theatre is a classic location. But there is a reason that American Cinema is a billion dollar industry – movie tickets are expensive! This summer, check out recently released movies for FREE outdoors at the Hatch Shell with Boston’s 24^th annual Free Friday Flicks. There are also giveaways, food samples, and more. (http://www.wbz.com/Free-Friday-Flicks-2009/4419168)

2. Now that it is warm out, pledge to do something great for the environment, your health and your budget! Instead of driving or taking the T, start biking to work on Fridays! You also get a free breakfast at government center, a police escort for your convoy, and the chance to be part of a life WZLX radio broadcast. (http://bikefridays.kintera.org/faf/home/default.asp?ievent=301166)

3. The last tip for Friday is not free, but it is a good deal. Havana Club in Central Square offers a $12 deal which includes cover charge, coat check and a salsa lesson! Not bad for a Friday night! (www.havanaclubsalsa.com)

Then of course there are wonderful things to do around Boston that are FREE EVERY DAY OF THE WEEK!

1. Have a picnic in any of our beautiful parks. If you’ve already spent plenty of time in the most famous ones, the Boston Common and the Public Garden, check out some of the other lesser known spots, like the Rose Fitzgerald Kennedy Greenway, which is the park between Haymarket and The North End, or the Arnold Arboretum in Jamaica Plain.

2. Head over to the USS Constitution – a floating museum and a retired US Navy Ship. It’s FREE to the public every day during the summer!

3. Instead of paying to get into a museum, check out the Boston Public library, or go into any of the many art galleries along Newbury Street.

4. Tour of the Sam Adams brew house. FREE or by donation entrance, and free beer samples with a glass to keep!

These are just a few of the wonderful things to do around Boston, and I would love to hear what free things you do on your summer nights! I look forward to hearing from you! Please comment and share your own tips here!

Party Planning on a Budget

2009-04-27T12:00:00.000-07:00

As we head into the spring, some inevitable things are happening. Recession or no recession, all of your friends and family are getting married, having babies, and celebrating important birthdays. Must the difficult economy mean that we need to scale back and no longer recognize these important occasions in the lives of our loved ones? No! It might just take some real creativity to plan these showers and birthday parties for next to nothing. It is a great time in history to remember that important occasions do deserve celebrations, but that love matters more than how much you can afford to spend on these parties.

I am excited to share with you some ideas to make these parties fun, memorable and very inexpensive!

1. Set a budget

It might seem like an obvious recommendation, especially for an article titled, "Party Planning on a Budget," but I think it bears recommending. So many people start out the party planning and get so excited about their ideas that they forget this important first step. Figure out the total amount you (and any co-hosts) are willing to spend on the affair, make a list of items and allocate the money accordingly, and then stick to it! Even if the total amount seems small, don't worry. You can make it work! These tips are designed to help you plan a party within any budget.

2. Location, location, location...

The location of your party will make a HUGE difference in the final cost of the event and there are lots of options for free or extremely low cost venues that you could use. There is no reason to rent a hotel banquet room, hall, or club space. An obvious option would be a home of a friend or family member of the guest of honor that is large enough to hold your guests. This would be free! If the party is during the summer, or even during much of the spring or fall, you could host it in someone's yard or at a local park or beach that has a covered space. Many such spaces are either very low cost or free (sometimes you just need to secure a permit from the town for a few dollars to use the space). I recently heard of a great idea along these lines. Many towns or counties have rental space that is free or low cost for use by residents. These spaces might be in a historic town hall, a public library, a community farm, or a museum managed by the town. Your local taxes are already going to maintain such locations, so it is worth a phone call to your town offices to find out if they are available to you. Many such places are historic, and may be just as beautiful as a place you could spend thousands of dollars to rent! Another idea worth considering would be conference space within the office building where you work. This type of room would not always be available for non-work-related functions, but you will never know if you don't ask.

3. Consider trimming the guest list?

This is a tricky tip that will not work for all parties, especially when you are planning them in conjunction with another event (i.e. a wedding shower preceding a wedding, etc.) However, if the party is a shower, consider whether the guest of honor will receive more than one shower. Is it possible for you to concentrate on only one segment of the guest of honor's circle of friends and family? Examples would be throwing a shower for only the family, only the friends, only the friends from college, only the friends from work, etc. If the party is not a surprise, you could let the guest of honor know that you would love to throw them a shower including that specific group. If it is a surprise, you could contact the guest of honor's parents or siblings to let them know your intentions. This way, if someone else would like to throw a shower for other people loved by the guest of honor, they will have plenty of time to plan such a party.

While it would usually be great to invite everyone that the guest of honor knows to your party, each individual increases the overall costs of the party. Food, favors, chairs, etc all must be multiplied by the total number of people. While you might decide to not scrimp in this area, trimming the guest list will be worth your consideration before you get too far into planning the party since it will make such a big difference in your costs at the end.

4. Beg, borrow and steal

What do you need to pull off a successful party? A few items that come to mind right-off-the-bat are: chairs, serving pieces, pots, pans and cookie sheets, tables, table cloths, hot plates, etc. It would be really expensive for you to go try to buy or rent any of the items that you don't already own. Spend some time thinking about the people in your circle of family and friends (especially those who know the guest of honor) who might own or have access to these items and might be willing to lend them to you for the occasion. A wonderful source for these types of items would be your church or community center. If you are a member, they might be willing to lend you whatever you need (as long as you return it in great condition!).

I should point out that the emphasis in this tip is on the "beg and borrow" and not so much on the "steal"!

5. Collaborative efforts

Don't feel like you must plan the party all by yourself. A great way to lower your costs is to involve several co-hosts and spread the costs of the party among you. A great benefit of this idea is also that many brains will be available for brainstorming when it comes to figuring out creative solutions in order to save money. Be careful, however, since this can backfire. With so many excited hosts involved, it can be easy to ignore any budgetary constraints. The best way to avoid this awkward situation is to have a reasonable budget already determined before you invite co-hosts to join you in planning the party. This way, you can present the costs up-front to your potential co-hosts before they commit to getting involved, and everyone will be more likely to stick to the budget.

6. Do it yourself

I don't mean that you should literally do it all by yourself. Instead, I mean that you should consider the skills, talents, and potential of you and your co-hosts before automatically deciding that you need to spend extra money and purchase professionally made items to plan a successful party. You may find that invitations, food, decorations, and favors can be inexpensive and simple to make yourself, as opposed to purchasing expensive versions made by someone else. Also, these can be fun projects for you and your co-hosts as you prepare for your party, and best of all - they are a fun way to add a very personal touch that your guest of honor is sure to appreciate!

7. Think within your budget

This is an important way to actually stick to the budget that you set at the beginning of your party planning project. A lot of people will choose an overall budget number for the party, but then forget to break down the number so that they actually know how much to spend in each area. Without a detailed plan, you will most certainly overspend. So, remember, when you decide how much you can spend in total for the party, make a list of all of the areas in which you plan to spend money. Allocate your total number among the areas. You should consider distributing the budget based upon the likely costs of each item, rather than an equal division of the money among the categories. For example, even if you make all the food yourself, purchasing the ingredients can get expensive. Therefore, you may want the "food" portion of the budget to be a larger percentage than, perhaps, the invitations.

8. Evite

Speaking of invitations, technology has improved quite a bit over the last few years and you may not be aware of the cost-saving opportunities that are available to you when it comes to inviting guests to your event. One of the most popular websites for inviting guests to events is called Evite. It is a wonderful, free way to send and manage electronic invitations to your party. This is perfect for you, especially if your crowd is on the younger side and very comfortable using e-mail. In order to successfully use Evite, you must know all of your guests' e-mail addresses. You then go to the website, create a free account, choose an invitation template, type in your event information, and enter in your guests' names and e-mail addresses and the website will send electronic invitations to everyone on your list. Guests can even RSVP to you directly on the site.

It may be innappropriate to use Evite if you have an older crowd or if the event is particularly formal, but many events would be perfect for an Evite versus a paper invitation. With the costs of stamps going up all the time (and again in May, 2009!) as well as the costs of paper to make the invitations, you may find Evite to be very attractive.

9. Choose an "off" hour

As I mentioned above, food (and alcohol) is often the most expensive part of a party. Just looking at the costs related to the food can make you rethink your intentions of hosting the party in the first place. There is an easy solution to this problem that can help lower your overall costs significantly. You should plan the party to begin during a time of day that is not considered a "meal" time. Generally, if a guest is invited to a party during the traditional time associated with breakfast, brunch, lunch, or dinner, they will expect to be fed a meal at the party. Breakfast would normally be 7:00am to 10:00am, brunch would be 10:00am to 1:00pm (during the weekend, only), lunch would be 11:30am to 1:30pm and dinner would be 5:00pm to 8:00pm. A guest invited to a party outside of these time frames would normally only expect a light snack. With this in mind, a great time for your party would be 2:00pm or 3:00pm in the afternoon (either Saturday or Sunday), or after 8:00pm at night (Friday or Saturday). Most guests would expect snacks and alcohol at the later evening party times, but mid-afternoon parties would be perfectly appropriate with coffee, tea, sodas and snacks. You can save significant money on food with this strategy, and the party will still be lots of fun.

10. Pick a fun theme that helps your bottom line

Finally, a fun tip to help you stick to the budget would be to choose a theme for your party that is budget friendly. The theme you choose should be one that can be inexpensive in every way - from decorations to food, to alcohol, to invitations - but can still be lots of fun! Don't forget to shop for decor everywhere from the dollar store to your own basement. A few simple ideas would be:

a) Backyard garden tea party
b) Mexican fiesta
c) Christmas in July (pull out your Christmas decorations for the occasion)
d) The Guest-of-honor's favorite color (decorate everything in the color and make all the food in that color as well)
e) BBQ beach party

This list is just to get you started brainstorming. There are so many ways to make your party fun, memorable, creative and budget friendly! Please comment and share your own tips here.

Tips on Dating Less Expensively!

2009-02-23T07:39:00.000-08:00

I wrote about this last year at this time, but thought that with the tough economy, this post is perhaps even more applicable now than it was then. Enjoy!

------------------------

Now that Valentine's Day is behind us once again, I have been reflecting on the effect that it often has on us. Have you ever noticed that Valentine's Day has the ability to make people really belligerent? It doesn't matter whether someone is a first date expert or whether they have been coupled for a long time - Valentine's Day can bring out some strong, often negative opinions! While it's obvious to more than just the cynical among us that this "holiday" was created to manipulate money from our pockets, it is still hard to avoid the romantic expectations of the day. Now, I'm as romantic as the next person, and I don't think that anyone is advocating throwing away romance all-together, but I do think that most people resent being told that they have to spend all sorts of money to be considered romantic. There are plenty of people who boycott Valentine's Day, and not necessarily because they can't stand public displays of affection, but because they don't equate hyper-consumerism with romance!

Each year, on Valentine's Day, you have three choices, as I see it. You can avoid the day all-together; you can call around frantically and try to snag a reservation at a fancy, run-of-the-mill, EXPENSIVE restaurant, or you can get a little creative. You can celebrate true romance without hurting your budget or de-railing your long term goals. We need to get past the thinking that money equals love. That is a dangerous mindset, and furthermore, it is simply not true!

However, as we all know, it can be difficult to get creative in Boston, since it is such an expensive city. Especially in the winter time, when it is more difficult to find free or inexpensive, outdoor events, it's tempting to decide to take a break from dating and romance until the spring. I argue that there are plenty of creative solutions to this problem so that you can go on fun, romantic dates all year long and not worry too much about your budget. We all deserve a chance to participate in the cheesiest day of the year without emptying our bank accounts, or (worse) maxing out our credit cards!

I've compiled several great ideas for fun, romantic, creative and low-cost ways to enjoy each other and our great city this winter! Who needs Valentine's Day when you can be a cheap date all season long! (I have tried to include approximate prices and hours where applicable, but please visit the website or call in order to verify the accuracy before you head out on your date!)

1. Ice Skate and Cuddle over some Hot Chocolate

There are several wonderful options in the area for ice skating. You could go the more well-known, traditional route and go skating at the Frog Pond on Boston Common (which is a lot of fun!), but there are a couple of other great rinks in the area worth considering. The Charles Hotel in Harvard Square has a small rink outside its front doors. The best part about ice skating in Harvard Square is that you could head around the corner to L.A. Burdick's cafe afterwards for their highly acclaimed hot chocolate! Additionally, Kendall Square has a community skating rink. Whichever one you choose, be sure to bundle up - you are sure to have a good time with your date!

Frog Pond Skating, Boston Common - open Thursday 10am - 9pm (Admission $4pp, Skate Rental $8pp and Locker Rental $1)
Charles Hotel Ice Skating, Harvard Square - open Thursday 2pm - 8pm (Skates $5, Skating Fee $5)
L.A. Burdick's Harvard Square Cafe, 52D Brattle Street, Cambridge - Thursdays 8am - 9pm
Kendal Square Community Skating, 300 Athenaeum St., Cambridge - open Valentine's Day 12noon - 10pm (Admission $4pp, Skate Rental $5pp and Locker Rental $1)

2. Borrow a classic movie from the library and make your favorite meal together

Sometimes, there is nothing more romantic than a relaxing night at home together. First, be sure to shut off both cell phones, turn off the computers and make a promise to pay attention exclusively to each other for the evening. Decide on your favorite meal and then go shopping together to get the ingredients. Go back home and prepare it together. Light a couple of candles and enjoy your masterpiece! Then, snuggle up on the sofa and enjoy a classic romantic movie together. If you enjoy books more than movies, this idea would be equally romantic with a classic novel or book of poetry.

3. Go Roller Skating!

Travel back together to the time when there was nothing greater than taking a turn around the roller rink holding the hand of your crush! Enjoy some great music and a break at the snack bar together. You can show each other all your roller skating moves from back in the day!

Chez Vous Roller Skating Rink, 11 Rhoades St. Dorchester, MA 02124 phone 617.825.6877 ($4 cheap skate on Thursdays includes skate rental)
Roller World, 425R Broadway, Saugus, MA 01906 781-231-1111 ($6 on Thursdays 3:00-5:30 - unclear whether skate rental is included)

4. Visit a Museum Together

It is a little known fact that there are some easy ways to visit some of our local cultural institutions for free. Spend an evening enjoying some local art, scientific exhibits, or checking out some marine wildlife (penguins are very romantic creatures, after all, as we learned in March of the Penguins). Showing off your cultural side could be very attractive to your date!

Some tips:
Most local public libraries allow you to borrow passes to the MFA, Science Museum or Aquarium for free! I recommend calling your library as available passes will vary by location.
The Institute for Contemporary Art (ICA) is FREE for all from 5 to 9 pm every Thursday for Target Free Thursday Nights

5. Play with the animals at the MSPCA

If you and your date are animal lovers (it probably helps to ask them first before planning this one!), I can recommend a great activity for you. The MSPCA-Angell Animal Care and Adoption Center is a wonderful facility full of dogs and cats that would love to play with you! This is especially a great activity if you both live in small apartment(s) in the city and can't have pets of your own. During adoption hours, you can usually just walk right in and visit all the animals. What a fun way to give love this winter!

MSPCA Animal Care and Adoption Center, 350 South Huntington Avenue, Boston, MA 02130 (617) 522-5055 mspca.convio.net (Thursdays, Open 2pm - 7pm)

6. Go on a photo scavenger hunt downtown together

When you meet up after work, separately create lists for each other of funny/cheesy things that you and your date must capture with your cameras. Spend the evening combing the city together and taking turns finding items on each of your lists until you have completed both lists. Celebrate your accomplishments by taking the cameras back home, printing off the photos and creating an album of your memories over an inexpensive bottle of wine.

7. Tour Fenway Park

You have probably both been to Fenway Park many times to enjoy a game, perhaps you have even been together, but have either of you been "behind the scenes" at Fenway? If the Red Sox are the First Love of either you or your date, or both of you, this would be a great way to spend a great date together! During the winter months, there is construction going on, so your tour will include the Press Box, State Street Pavilion Box, Red Sox Hall of Fame Plaques and the oldest seats in Major League History.

Info:
Tickets are $12pp. Hours are 9am - 3pm. Reservations are not accepted and walk-up sales are encouraged.

8. Enjoy a night at the theater!

There are inexpensive ways to enjoy more traditional dates in Boston. I have not found a better website than Goldstar.com for theater and event tickets. It is free to sign up for the website and each week, they will e-mail you the best deals around. Goldstar.com offers tickets to most of the local hot shows and events for half-price or less. I have not seen better prices anywhere, and for such a variety of events. I have not gotten around to ordering tickets from the site personally yet, but I hope to in the future. It's worth exploring, if you are interested in a date at the theater this winter!

www.goldstar.com

9. Surprise your Date and take them out to Lunch

You may have noticed that none of my recommendations include dining out at restaurants. The easiest way to avoid spending lots of money during your date is to eat at home before you meet and then spend your time together focusing on activities not related to food. However, if you and your date would really enjoy having a meal out together, there are ways to do so less expensively. My first recommendation would be to surprise your date at work and take them out to lunch. Most of the time, restaurant lunch menus offer very similar fare to their dinners for half the cost. Additionally, neither of you will be tempted to order multiple alcoholic drinks (which can get very expensive) if you are headed back to work after your date. Also, there is something very romantic about escaping from your busy workplaces to steal some alone time, especially if you don't often see each other during the day!

10. Go out to Dinner

I know, I know - I just finished saying that going out to dinner in Boston is the easiest way to spend lots of money during your date! However, there are a few creative ways to dine less expensively, even at dinner time. Also, I'm sure there are still a few of you who have gotten to the end of this list and feel that you can't escape taking your date out to a nice dinner, so this last item, #10, is for you! There are a few things that you can do. First, try to avoid stereotypical date nights (i.e. Valentine's Day, Fridays, Saturdays, etc). During the week, and during slightly earlier seatings, restaurants might be more willing to offer a flexible, or less expensive, menu. This is especially true this year, during the difficult economic situation. Secondly, you and your date can decide ahead of time to eat your meal at the restaurant and then you can have drinks and dessert at home afterward. A bottle of wine is much less expensive from the liquor store than from the restaurant. Finally, visit the website www.restaurant.com to purchase a discounted gift certificate to your favorite restaurant. The deals on the website are amazing. You can often get a $25 gift certificate for $10 or a $10 gift certificate for $3! Additionally, as a new customer to the site, you can usually find a coupon code online for half-off your first gift certificate. You can only use one certificate at a time, but the site is very convenient as you can pay online with a credit card and print the certificate off your printer before you head to the restaurant.

www.restaurant.com

With a little creativity, romance lives in Boston and it doesn't cost much at all!

Happy Winter! May the sun return soon!

I'm interested to hear your creative ideas for inexpensive dates in Boston, especially during the winter months. Please share your favorites!

(Here is a link to the original post: http://lantern-financial.blogspot.com/2008/02/be-cheap-date-this-valentines-day.html)

Creative Holiday Gifts Even You Can Make!

2008-11-25T12:00:00.000-08:00

Money is tighter than usual this year. We are all starting to feel the pinch. With the holidays right around the corner, it can be difficult to get in the spirit when all you can think about are the upcoming expenses you really can't afford!

The good news is that we are all in the same boat. Since money is more scarce than usual for everyone, we are all trying to find less expensive ways to have a happy holiday season. It's far less likely this year that anyone will scoff at you for getting more creative in your gift-giving (and who wants to give a gift to people who do that, anyway? Those people deserve coal in their stockings!)

I have assembled some fun, easy ideas for creative gifts that even you can make (yes, I'm talking to you - with the two left thumbs!). I have tried to include gifts that would suit a wide range of recipients and also that your whole family, from kids, to parents to grandparents can get involved in making.

My wish for you this year is that you let the financial crisis work for you rather than against you. Step back from our consumer culture for a month or two and look for ways to spend some quality time with your family and friends. That's really the best gift, after all, isn't it? What better way to spend time together than creating gifts for your loved ones, right?

Here are my ideas for you. Please share your own at the end. I would love to hear them!

Enjoy!

1. "Thank You" Frame

Perfect for: Mom, Wife, The Person Who Always Takes Great Care of You

This is a simple concept, and an easy gift to make, but it is one that will be treasured for years!

First, visit your local dollar or discount store and find an 8x10 frame. Go home and find a great, old photo of you and the recipient. Open Microsoft Word (or your favorite word processing program) and choose a nice looking, readable font. At the top of the page, in large letters, type "Thank you for..." Start a new paragraph. In smaller letters, start typing everything you can thank the recipient for, large and small, from as far back as you can remember through today. Feel free to include inside jokes and humorous memories as well. Once you start typing, you might find it difficult to keep it to just one page! When you have nearly filled the page with text, insert the photo you chose into a corner of the page. Make sure you adjust the photo and text each to a size that allows you to keep everything all on one page. When you feel that the page looks nice, set your printer settings to "best quality" and print your creation on a nice piece of paper. Pop the page into the frame you purchased earlier, and you have a gift that is sure to be treasured for a long time!

2. Hand-Stamped Stationary Set and "Letter of the Week" Club Membership

Perfect for: Mom, Grandparents, Your Friend Who Loves Writing Letters, Loved One Who Lives Far Away

This is a fun and easy gift idea that can be very personalized to the tastes of your recipient. However, you both will soon realize that the real gift is the peak into each other's busy lives that you will be sharing with each other!

To make the gift: First, go to your local craft store or online and choose a rubber stamp that reminds you of your recipient. Perhaps your loved one enjoys the ballet and so you choose a stamp with a picture of a ballerina. Maybe your recipient loves fishing and you find a great stamp with a picture of a fish. You could even find three stamps of the person's initials for creating a monogram. While picking out the stamp, choose a stamp pad in the recipient's favorite color.

Next, you need to decide if you want to buy a package of pre-cut and assembled blank cards from a craft store, or if you want to purchase some cardstock and try your hand at cutting, folding and assembling some cards and envelopes yourself. Once you have a few created (10-12 is a good number to aim for), begin stamping away! Use the stamp on the front of each card and a corner of each envelope so that it is clear they are a set. Once the stamps have dried on each piece, find a coordinating piece of ribbon and tie the whole set together. It will look like you purchased them in a boutique!

Wrap up the gift (consider purchasing a nice pen from a discount store and even throwing in a book of stamps) with a certificate you print off the computer enrolling the recipient into the "(Your name)'s Letter of the Week Club"! Choose 10 minutes one day each week (plug it into your e-mail calendar or phone alarm!) to sit down and write the person a quick letter. Buy or make yourself a set of cards and have a book of stamps on hand so that you never have an excuse not to write! In each letter, share highlights of the previous week and that you are thinking of the person. They will be thrilled with this gift that keeps on giving all year long!

3. Sports themed no-sew tie blanket

Perfect for: Husband, Teens, Sports Fans

These blankets are great! They are so warm and perfect for those chilly winter days ahead. At the same time, any sports fan loves to receive gear that is appropriate and useful for toting around when they are cheering on their favorite team. The best part of this gift is that it is so easy to make and comes out looking great!

To make the blanket: First, you need to buy the fleece material in the theme of your recipient's favorite team. For an adult sized throw blanket, you need 2 yards of one color/pattern of fleece fabric and 2 yards of a complementary color/pattern. Fabric stores do carry professional and college sports team themed fleece material, but I recommend buying through the stores' websites. It can be hit or miss to catch the exact fabric you want in the store, especially if you live in a different part of the country from your recipient. I would recommend checking out Hancock Fabrics, as I have noticed they often have licensed fleece on sale. If you wanted to save even more money, you could simply choose two colors of fleece that are the colors of the team and I'm sure the blanket will be an equally welcomed gift!

Construction of the blanket is easy. Lay the two pieces of fabric on top of one another and smooth them out so that all the sides and corners are pretty matched up between the two pieces of fabric. If you have a large area of floor that you can work on, that would be best. Second best would be a large dining room table or work table. Cut a 4"x 4" square from each corner of the blanket (through both pieces of fabric) and throw out the four (really eight) small pieces of fabric that you just cut out. Now, making sure that the two large pieces of fabric don't shift around at all, make your way down the four sides of the blanket, using a good pair of scissors, cut 4 inch slits, 1 inch apart, around the entire quilt (through both layers at once). When you are done with this step, you will have two large pieces of fabric (still laying on top of one another) with fringe around all four sides of the blanket. Now, start in one corner, tie each piece of fringe together, top layer to bottom layer - I would recommend a tight, or double knot for each piece of fringe. Work your way around the entire blanket. When you reach the spot where you started, you are done! Your recipient will be proud to be able to cheer for his or her team in style!

4. Personalized Coloring Book and Crayons

Perfect for: Kids

This is a fun gift to make and it is always a big hit! Your child's eyes will light up when they open their present and see a book full of their own adventures, ready for them to color! The best part is that it is so easy to create.

First, download a free "photo to sketch" software program such as this one. Then, either scan in your favorite photos of your child or collect your favorite digital shots. With the free version of the photo-to-sketch program, you need to upload the photos to the software one by one. As each photo is converted to a sketch, cut and paste the photo into a Word document. Most coloring books have one large drawing per page, so you should set the sketch to take up an entire sheet of paper. Decide if you want to include a caption at the bottom of each page. Print off all of the pages you have chosen, staple them together, with a piece of cardstock on the top and bottom of the stack, stick a color photo of the recipient on the front, and voila! It's a gift that is sure to be treasured! Pair the coloring book with a pack of fat crayons from your local department store for a complete gift.

5. Dress Up Chest

Perfect for: Kids

This gift is literally a treasure chest and you can make it happen for next to no cost. The first step is probably the most challenging, but you have lots of flexibility. You need to find something that can serve as the "chest" - I suggest visiting the Salvation Army, thrift shops, Craigslist.org, discount department stores, and garage sales (if you live in a less wintery area of the country!). Search for any type of large, sturdy box, with a lid. (I would caution you to be careful that the lid is not too heavy if your recipient has tiny fingers!). Then, feel free to personalize the box to suit the recipient. Use paint, stamps, stickers, glitter - anything that you feel will stir the imagination! Once your box is finished, start by raiding your closet and your halloween storage box - pull out anything that you no longer wear that would be fun for your child to use to dress up in. Get creative! Ideas would be a man's button shirt and a belt to be used as a dress, hats that are no longer in style, worn ladies' high heel shoes, a man's suit coat and tie, etc. If your own closet has been thoroughly combed, a trip back to the thrift store may be in order. Look for things like boas, oversized sunglasses and sparkly necklaces, uniforms and hats traditionally associated with different types of jobs (great finds would be a fireman type hat or an old nurse's uniform). If you are feeling brave, consider throwing in some costume makeup into the dress up chest to help your child with the finishing touches! The dress-up chest is sure to be well loved throughout the years!

6. Photo Calendar

Perfect for: Grandparents, Busy Parents, Teachers, Friends

This is not a new idea, by any means. You may have even given a photo calendar as a gift in the past. The great thing about it, however, is that it is the type of gift that never gets old! Even if you give a photo calendar to the same person every year for the holidays, they will be sure to love each and every one (they won't be exactly surprised after awhile, but they will still love the gift!).

If you have a simple level of familiarity with cutting and pasting photos and tables into Microsoft Word and Excel, you can create a calendar on your own pretty easily. If you need a little assistance, you can join a site like CalendarsQuick ($9.95 for unlimited use throughout the entire year). This site provides the calendars for you and shows you easily where to cut and paste your photos.

If you want to get really creative, you can even include special dates such as birthdays and anniversaries throughout the calendar. You might consider coordinating the photos associated with each month with the special dates that fall within that month.

Once you have created the calendar to your liking, you can print it off your home computer printer. The recipient is sure to enjoy the photos you include throughout the year!

7. Hot Cocoa Basket

Perfect for: Teens, Young Adults, Chocolate Lovers

This is an easy, inexpensive gift that is a wonderful way to give comfort to your loved ones during the chilly winter season.

Start with a basket of any size and style. You might have one around your house that you could use. If not, many discount and dollar stores sell baskets very inexpensively. If you live in the Northeast, the Christmas Tree Shops sell baskets very inexpensively and always have a wide selection. In the same vein, search the holiday sales for a couple of inexpensive coffee mugs that remind you of your recipient. Now it's time to fill your basket with goodies!

The secret to this basket is repackaging the items to give the basket a "boutique" (read: expensive!) feel. Go to the store and purchase the following items: a tin of hot cocoa mix, a bag of mini marshmallows, a package of heavy duty plastic spoons, a package of dipping chocolate, supplies to make your favorite cookies, and plenty of cellophane and ribbon to repackage all of the items (if you can find a package of small cellophane bags, that will be even better!).

If you have cellophane bags, open a few of them and fill them halfway with the hot cocoa mix. Fill each one to the top with mini marshmallows and tie each bag with some ribbon. Now you have several individually sized hot cocoa packets! Melt the chocolate until smooth and, holding each spoon by its handle, one by one, dip several of the spoons into the chocolate until the heads are completely covered by chocolate. At this point, you could add sprinkles for a festive touch, or leave the spoon as it is to cool. Wrap each spoon with cellophane and ribbon. Finally, bake a batch of your favorite cookies and wrap them festively. Arrange all items within the basket. A nice touch to include might be a holiday CD you could find while shopping for your basket and supplies. This time of year, you can often find such CDs for only a few dollars.

8. Tree Ornaments

Perfect for: Everyone!

I have always considered handmade, personalized tree ornaments to be the perfect gift. First, they are never the wrong size. Second, except in very rare cases, even if the ornaments are completely a different style than that of the recipient, the recipient will still use and enjoy the ornaments, since they do not feel they have to display them in their home throughout the year. Additionally, if you find an ornament that you would like to make, it's easy to make several of them at once in that style, and still personalize each one to it's recipient. Finally, as with all of these gifts, handmade items often come with extra care and thought included!

There are countless options for you to consider when choosing a pattern for an ornament, and it really comes down to what you feel like you can do and what you enjoy doing. Should you use wire and beads? Should you paint simple designs on globes? Should you bake cookies and turn them into ornaments? Should you use paper to create something interesting? As you can see, the possibilities are really endless.

Visit the blog "Not Made of Money" for directions to create 23 beautiful ornaments for your tree!

9. Baked Goods

Perfect for: Everyone!

I can't imagine anyone without a smile when receiving their favorite homemade pie, batch of cookies, or fresh loaf of fancy bread!

If you are a novice baker, you will need little more than access to an oven and a trip to the grocery store with your favorite recipe in hand!

You can purchase nice cookie tins, often for less than $1.00 each, at local discount or dollar stores around the holidays.

Once you have your recipe, ingredients and cookie tins in hand, start baking! It might take an afternoon to get through all of your baking, but you are sure to have lots of happy recipients when you hand out the gifts!

10.Family Recipe Book

Perfect for: All Members of Your Family, Especially Young Adults Just Getting Started on their Own

This idea may take a bit more preparation than some of the others on this list, but the preparation, itself, may turn out to be a gift for you that you were not even expecting! Think back to all the major family events you can remember - Thanksgiving? Christmas? Graduation Parties? Birthdays? What were the special foods and dishes that stand out in your mind as a part of those celebrations? Chances are, there are several dishes that are special and meaningful to your family. Start creating a list of all of those favorite family foods.

Next, make some phone calls, and better yet, some visits, especially to the older members of your family to track down the recipes. While you are visiting with each older family member and copying down their recipes, ask them about their earliest memories related to these meals and write down those stories as well. Ask everyone in your family for copies of photos, new and old, of your family over the years at special family events.

Once you have all of this information collected, type it up into a recipe book. You can divide the recipes however you think makes sense (often, they are divided into appetizers, entrees, desserts, etc.). Between the recipes, include the stories and photos that you got from your family members.

Print out several copies of the recipe book in color on nice paper. This is a great gift to give to all of your family members - and one that will be treasured for generations!

How do you hope to get creative in your gift giving this holiday season? Please share your plans - I would love to hear them!

Buckle Up and Hang On... Tips to Help you Survive the Economic Roller Coaster!

2008-10-21T22:30:00.000-07:00

What a month it has been! Between a tightening credit market, various banks failing on a regular basis, housing market dive, high gas and food prices, and a wildly volatile stock market, it's no wonder that it's tough to turn on the news each morning.

It is rough out there, but try not to panic. As much as the news media would like you to believe it, the world is not coming to an end any time soon. The good news is, there is plenty that you can do to put yourself in the best position possible to safely ride the crazy roller coaster that is currently our economy!

Here are my tips for you. Please feel free to ask me questions about anything you don't understand right now - I'll be happy to help you sift through the confusion.

1. Don't panic

It's easy to imagine total catastrophe when so much of the economy is in flux. However, it is so important to not become reactionary. I have heard more than a few friends wonder these past few weeks whether the best thing to do is to just pull all your remaining money out of everywhere and hide it under your mattress (and then climb into bed on top of it and not emerge until the scary times have passed!).

I urge you to be brave. I'm sure you have heard the old adage "buy low, sell high." Well, guess what? Right now, we are at a "low" point and this is the exact opposite of the best time to sell. The best thing you can do right now is to invest in a strong seat belt, buckle up, and hang on!

If you are a client of mine, you know that we always talk about how it is much better to be "in the market when it goes down" than "out of the market when it goes up."

One thing you can do with your investments is rebalance your portfolio, if necessary. You may have the intention of keeping, for example, 80% of your portfolio in stocks and 20% in bonds. With the market fluctuations, your portfolio may now have decreased to, for example, 60% in stocks and 40% in bonds. Just as you would when the market has been strong and certain parts of your portfolio have outgrown their intended proportions, you should readjust the percentages of your portfolio if certain parts have decreased in size faster than other parts of your portfolio. If your intention has always been to keep 80% of your portfolio in stocks, you should make sure that your portfolio is still in line with your intentions. (Resist the urge to change your target percentages or become more conservative as a reaction to current events!)

2. Protect your credit rating

You may have heard (and I'm not sure how you could not have heard, unless you have sworn off all major news networks!) that a huge part of this economic turmoil is closely tied to the credit markets. There is a lot of information and mis-information floating around out there right now about the credit markets. The simple truth is, the credit markets are tightening, meaning it is going to get much more difficult to obtain loans, mortgages, credit cards, etc. The large bailout package passed by congress should help a little to loosen the credit markets, but they may continue to be tight for a while - only time will tell.

At this point, I would highly advise you to fiercely protect your credit rating - no matter what it takes. Work hard to not miss any payments on anything - your cell phone, your credit cards, your mortgage, etc. If it means working a bit of overtime or getting a weekend job in order to start paying off some of your debts, in order to ensure that you will comfortably be able to make all your payments on time, it makes sense to do so at this point.

3. Live more frugally and save more

Even if you haven't started feeling the pinch personally, you should begin trying to live more within your means than you previously were. We are coming off a period of excessive spending, so it's likely we can each tighten our belts somewhere, even if it seems difficult. Pay off your debts, trim your luxury expenses: cable TV and internet packages, cell phone plans, going out to eat for dinner, vacations, start bringing your lunch to work. As you pay off your debts, sock away what you were previously paying toward your credit cards and luxuries into a high-yield savings account in order to create a good sized emergency fund. For years, your financial advisor and personal finance magazines have been telling you to create an emergency fund. The emergency times are now upon us, so as much as you can boost that fund in the near term will help you - aim for 6 months to a year worth of cash to cover essential expenses. If things start getting really rocky, you don't want to be living "paycheck to paycheck." I realize this is a very difficult thing to do when you feel like your back is already up against the wall, but it will be so worth it - even if you can just start saving a few dollars here and there, it can really help you if things start to get more difficult.

Remember, when I say "live frugally" and "save more" that does not mean withdraw money from your investments or your 401(k). Rather, I would argue that now is a great time to be investing in a well diversified, consistent manner. The stock market is now "on sale" - if you love finding great bargains on high quality items when shopping, now is the time to look to the markets for the same experience.

4. Review your personal insurance policies

You may feel that you have very little control over anything right now, and that can be frustrating. One great way to make a real difference in your personal financial life is to review your various personal insurance policies. The point of insurance is to help us survive in times of personal catastrophe. While you are working to save and set money aside into an emergency fund, another huge safeguard would be to prepare for the unexpected. Life insurance, disability insurance, homeowners, renters, auto, health and umbrella liability policies are all worth reviewing at this time. Having a great set of insurance policies really helps to minimize your risk in many ways when your whole financial life feels very volatile.

We have all witnessed the failures and rescue packages of huge financial and insurance powerhouses (such as insurance giant, AIG) over the past few months, so you might be wary to keep all of your insurance policies with one large company. I would not discourage you from diversifying your risk a bit in this sense. With the government's heavy hand in the economy these days, it is unlikely that a large insurance company would fail to the point that you would be completely uninsured, but none of us can tell the future. Diversifying across firms is a good idea here for another reason as well. Even though it might be convenient to deal with just one company, you should look for great companies in each area of insurance. A really strong life insurance company may not be as specialized in disability or homeowners insurance, so you want to look for the company that stands out in each area of insurance you are looking to buy.

Speak to a non-biased financial professional who can help you determine whether you have the right amount of coverage for your particular needs in each insurance area. Great insurance coverage will go a long way toward helping you sleep at night!

5. Dollar cost average into the market

Are you familiar with the concept of dollar cost averaging? It is a fairly simple economic concept designed to help you "buy low and sell high." In order to achieve dollar cost averaging, you will spend a fixed dollar amount at regular intervals (once a month, for example) on a particular investment or your entire portfolio, regardless of the share price. In this way, you end up purchasing more shares when prices are low and buying fewer shares when prices are high, and achieving an overall lower price per share.

I bring up this concept since it is currently a great time to get into the market in a diversified manner if you aren't already. If you are already in the market, you should stay in and continue to add to your portfolio. However, with all the volatility in the market right now, it is a particularly important time to make sure you take full advantage of the market's ups and downs.

6. Make yourself indispensable at work and boost your resume; Build your personal network

I always tell my clients that the greatest asset they have as a young professional is their ability to earn an income. With all the talk of gloom and doom these days, it can be tempting to tuck into your cubical, work away quietly at your desk and avoid the bad news as much as possible. However, we all must be aware of the very real possibility of layoffs as companies come to deal with the credit crunch and volatile economy.

Now, I'm sure we can all agree that from a business perspective it's impossible to make yourself truly indispensable at work. If your employer is going through layoffs, there might be little that you can do to help your situation. However, there are always things you can do to make yourself less dispensable. Look around and figure out which projects are difficult, and more dreaded than the rest, and volunteer for them, and do an awesome job at them! Enroll in a continuing education class, either through your employer or through a local university or center for adult education, in order to boost your resume and your skill set. Don't complain if your employer doesn't want to reimburse you (the long-term benefit will far outweigh the cost of the course), but make sure that they know how much you are learning from the class and how it applies to your job. Get excited about what you are learning and spend time chatting with your managers a about what your company does. Have lunch with your manager and chat with them about your excitement when it comes to the future of the company and the new and innovative things the company has been doing recently. Show your manager that you are more interested in helping the company succeed overall than in your own daily grind in your cubicle. Do you have a family friend or relative that might be interested in hiring your company's services? Have you ever asked them? Even if your job is the farthest position away from the sales department, now is the time to bring in potential clients to your company. Remember: profit generators are always the last ones on the chopping block!

Now is also the time to step up your networking. (I can hear you groaning now!) Networking isn't as bad as it sounds. You are probably already doing it, but you might just need to get a little bit more organized. Think about all the people you know - from college, high school, your neighborhood, your job (current and past companies), and your family and friends. You might already be halfway there if you belong to a website like LinkedIn, Facebook, MySpace or Gather. Make a point to call or send out notes to people whom you have not spoken with in a while. It doesn't have to be anything fancy. Ask them how they are doing and let them know you wanted to get back in touch with them. Remind them about what you are doing professionally and ask them if they can think of any ways that you could help each other to be more successful. Offer to put people in touch with each other if there is a natural professional fit. Generating good professional Karma is always smart - if anything ever happens to your job, you will then easily be able to turn to your network and they will be more than happy to help you!

7. Make sure that your bank is FDIC insured and that you don't have more than $250,000 in savings at any one bank

Now, this seems like a ridiculous scenario, even as I type it, but I suppose it is possible, and if so, it needs to be addressed. Do you have deposits (in a checking or savings account) approaching $250,000 in any one bank? If you answered "yes", my first question is: why? Why do you have so much cash sitting in a checking or savings account? Unless you are a super millionaire and six months of your monthly essential expenses equal close to $250,000 (in which case, I must say, congratulations, you have a pretty sweet life!), you should not have this much money sitting in cash. (In some areas of the country, this would be the equivalent action of having an entire house sitting in your checking or savings account!) You should diversify your assets. You should set aside an appropriate emergency fund and invest the rest into several different asset classes (including, yes, dollar cost averaging into the stock market). This is the best way to weather the rocky economy.

In order to make sure that your deposits are FDIC insured, you can do a couple of quick checks. First, ask your bank. Most banks in the United States are FDIC insured. The bank probably has a sign in the window, on the wall and on it's website indicating that it is a member of the FDIC. For extra confirmation, visit the website called Bank Find, run by the FDIC to search for your bank.

8. Stick to your plan (or create one for the first time)

There is a reason that you have the financial plan that you have. You (and/or your financial advisor) created it specifically for you, with your specific financial goals and risk tolerance in mind. Just because the world around you is a bit rocky, that does not mean that your personality or financial goals have changed. When the economy was not quite so shaky, you determined how much risk you can handle. That hasn't changed. Now is the risky time period you were preparing for when you originally thought about your risk tolerance.

Try to take comfort in the fact that you have a plan. You are in a really good position. If you don't yet have a plan, now is the time to get one. Find a financial planner that you can trust to help you create and stick to a plan that will help you and your family reach your financial goals. Remember that you must ride out the tough times in order to take advantage of the upswings as well.

9. Consider refinancing your mortgage

If you purchased your home in the last few years and you currently have an adjustable-rate mortgage and if your credit is good enough to get a nice rate on a long-term loan, I would highly recommend refinancing to a 30 year fixed rate mortgage. Many people would argue that this does not make sense for all situations, but my stance is that it makes sense for many. Remember that a big trigger of our current economic situation was the push to put everyone into mortgages that they might not be able to afford by using creative financing techniques.

Most people that buy into adjustable rate mortgages do so with the thought that they should only be in that home for a few years, and that they plan to sell their home before the rate adjustments begin (often after 5 years or 7 years). This plan can often save you some cash during those first few years that you own your home, however, make sure that you are taking all factors into account. What if the housing market is in a similar situation that it is in today on the day that you hope to sell your home? Would you be willing to sell at a significant loss, if necessary? Would you consider renting out your home at that point if you had to move? You might argue that you could refinance your mortgage to a longer-term loan at that point. Will you feel the same way if mortgage rates are significantly higher than they are today? With the extreme volatility in the housing and credit markets, and knowing that none of us have a crystal ball, my moderately conservative recommendation for you is to refinance to a long-term loan at this point if you can do so. This will help you to be able to sleep better at night as the economy fluctuates and settles over the next few years.

10. Believe in the strength of our economy

I know that this concept has become a political talking point over the past few weeks as the presidential election nears, but there is some truth to this idea. Despite what anyone, on either side, says for political gain, we should try to remember that the United States economy is resilient. Americans are adapters. Right now, we are just waiting for and working toward the next big idea that will help our economy to bounce back - Will it be green and alternative energy? Will the digital revolution take us to the next level? Will organic living take hold? Most likely, it will be something else that we aren't even imagining yet. Don't despair as you notice layoffs and a volatile stock market (although, I realize that in the near-term that is easier said than done!). Know that we are going to all be okay, because we are not a country that gives up when times get tough. Things might look a bit hairy at the moment, but I, for one, am excited to see what we come up with next!

Let me know what tips you have come up with to help us all survive this crisis - I look forward to hearing them!

Secrets to the Designer Life on a Pauper's Salary

2008-08-26T11:45:00.000-07:00

...Ok, maybe not quite a pauper's salary... but an average salary. It is possible, without any coupon clipping involved - I promise!

My husband, Scott, and I celebrated our 5th wedding anniversary this past weekend. We dug out and watched our wedding video after many years and I was reminded of how much effort we put into having a fancy and expensive looking wedding within our very average budget. We did things like designed and made our own invitations which resembled a high end, custom version. My mom made my dress after I hired a friend to design it to look like one I saw in a magazine. We hired a local music student to play piano in our ceremony and cocktail hour. You get the idea... (Maybe I should write an article about creating a high end wedding on a budget - stay tuned for that in a future month!)

Since I opened my financial planning firm helping young professionals here in Boston, I have spoken to many clients who are living a fairly comfortable life. They earn an average salary and are not interested in (nor do they need to be) living a "bare bones" existence, cutting out every little extra dollar spent, but they do admit that they could benefit from obtaining the luxuries that they do enjoy without breaking the bank. If they could continue to live the "designer" life at a lower cost, they could start putting away more of their discretionary income and more easily reach their important long-term goals.

I have pulled together my top tips to help you do just that - live the designer life for less. If you enjoy your luxuries, or if you simply enjoy impressing your friends and family with your lavishness, but would rather keep a few extra dollars of your hard earned cash in your pocket each month, this list is for you! Please respond and add your own tips when you get to the end. Enjoy!

Fancy Cars

If you find yourself yearning to drive every shiny new car you see on the road, these tips are for you. Here in Boston, our public transportation system is pretty good. Unless you live way out of town or you job requires you to drive every day, you don't need to own your own car.

I can highly recommend joining Zipcar, or a similar car-sharing service in your own city, for those situations in which you do need to drive. Zipcar offers you the opportunity to try out all kinds of nice, shiny new cars, and the rental fee is a small amount charged by the hour - you can choose a different car, from a Prius to a Mini Cooper, every time you drive! The hourly fee includes gas, insurance, parking, and maintenance, and the cars are parked all over the city, so there are sure to be cars near you. Now, I can hear you already... you are wondering how I can suggest you will feel luxurious with that big Zipcar sticker on the side of the car. I have two answers to that question: 1) Green Living is so chic right now. By joining a car sharing service, you are showing your friends and family how environmentally friendly you are! and 2) for a slightly higher hourly fee, you can choose BMWs from Zipcar, which don't have the big sticker on the side - they only have a small understated Zipcar URL on the back of the car.

If you can't give up your car ownership and are considering buying a luxury new car, consider a "certified pre-owned" version of the car you desire. These cars are thoroughly inspected, repaired and warranteed, and likely not very old. In many cases, the price for a certified pre-owned luxury vehicle will be more than a new non-luxury vehicle (and certainly more than a used non-luxury vehicle) but the cost is usually significantly less than the price for the new version of the model you are considering.

Designer Handbags, Shoes & Jewelry

This concept has been around for a while, but anyone who saw the new Sex and the City movie earlier this year knows that you can rent designer handbags! Do you want to always look trendy? Or how about vintage? How about looking like you have the kind of money to be able to carry a new designer bag every week? As Jennifer Hudson's character explained in the movie, "It's like Netflix for purses!" Through Bag, Borrow or Steal(TM) for example, you pay a low monthly membership fee (less than $10 per month), and then you are charged a reasonable rental fee for each item you borrow - you are free to keep it for as long or as short as you would like. Of course, it will cost significantly more than going out and buying a no-name handbag at Target or Payless, and carrying it for a year until it falls apart, but it's a huge savings over the $1,000+ per purse price-tag that these designer handbags often cost! Bag, Borrow or Steal offers the same opportunity for designer jewelry and sunglasses. In addition to purses, another company, Rent Me a Handbag, offers designer shoes and clothing for rent, plus an outlet section!

If renting purses is not for you, and you feel you must own your designer handbags and shoes, there are ways to find deals. The quickest, easiest starting point would be to type your favorite designer's name into ebay. However, be aware that there are MANY counterfeit purses and shoes available for sale through ebay. Before pursuing this route, read this informative article by an ebay power seller so that you understand the risks.

Especially if you are interested in vintage designer handbags, you might try checking out some estate auctions or visit thrift stores in rich neighborhoods near your home. In Boston, check out Poor Little Rich Girl in Davis Square. It’s hit or miss, but you have a decent chance of finding a nice vintage purse if you stop in regularly.

You should try your luck at thrift stores and estate sales in wealthy neighborhoods for designer purses, shoes and jewelry – you may have a good chance of finding a cool vintage item!

I would also recommend learning to make your own jewelry. With a little practice, it is not too difficult. It becomes easy to flip through your favorite magazine, tear out photos of designer jewelry that you love, and copy the creation yourself. You can buy beads and supplies at your local bead store (in Boston, try Beadworks in Harvard Square or on Newbury Street) or shop online at Art Beads or a similar site. You can even buy brilliant Sworofski crystals in bulk online for a discount.

Brand-Name Clothes

If you love designer clothes, but want to get them for less, I have a couple of suggestions for you.

First, I would say that right now, you are in luck. With the popularity of the hit Bravo TV show Project Runway, everyone is excited about finding the next new designer. As Heidi Klum says, "As you know in fashion, one day you're in and the next day you're out." If you feel that you always have to have a piece from the next new trendy clothing designer, why not jump ahead of the crowd and start finding the new trends yourself? Look around the Boston area (or your own city) and find some great up-and-coming designers. You will likely be able to find someone willing to create a wonderful, trendy piece for you, for less than you would pay an established, famous designer to do the same. Plus, all of your friends will be jealous that you found the cool new designer before they did! Some examples in the Boston area are:

Fashions by Christine – Middleboro, MA

Design & Thread – Newtonville, MA

Julienne Dang – Boston, MA

To find your own great new designer, spend some time at the upcoming Boston Fashion Week(September 12-19). It promises to be a great time and you will get a chance to see some wonderful local fashion. I would recommend not only looking at the designers on display, but talking to your fellow Fashion Week patrons. You might find a great designer hidden among them!

Alternatively, if you can’t manage to abandon your favorite famous luxury fashion designers, join an exclusive online club for free so that you can be notified when there are “secret” sales on your favorite designer items. Most of these websites are so exclusive that they are able to offer sample sale prices to their members on great designer items. The only catch is that for many of these sites, you can only join if you know someone who is already a member. If you are interested, I have good news for you – you know me! I can invite you to join ideeli.com, gilt.com, and/or ruelala.com. E-mail me at lisa@lantern-financial.com and I will be happy to invite you!

Pampering: Massage, Acupuncture, Manicures and Pedicures

If you love the way your fingers and toes look after a professional polish, here are some ideas for getting that high-end look for less. First of all, you can certainly create a soothing environment at home and give yourself a manicure or pedicure. Aside from the fact that it may be difficult for you to do a manicure (and especially a pedicure!) on yourself, a common complaint is that the type of nail polish you can buy at your local CVS produces a less professional look than the polish at the nail salons. I recently discovered that you can buy OPI nail polish (the brand from the salons with the cute names like “I’m Indi-a Mood for Love” and “Keys to my Karma”) online with a little planning, or as I did, at your local Target Greatland! It will cost a bit more than the cheaper polish at the drugstore, but if it’s all about the great color for you, an $8.50 bottle of polish will pay for itself within a couple of months! Pick up a massaging foot bath, some oils, salts, and a manicure/pedicure set including toe separators and a nail file, and you are in business!

If you have trouble getting past the idea of giving yourself a manicure or pedicure (and you can’t find a willing friend or spouse to help you!), reasonable professional options do exist. Avoid the typical options such as the spas on Newbury Street and the other higher-end big name spas around town. Look to the neighborhood where you live. Many small nail salon businesses are less expensive and you might even be able to find a mani/pedi combo deal for less than $25!

You might not realize that you also have the opportunity to help out a student in the field of massage, beauty or acupuncture and save significant cash in the process. Check out the Elizabeth Grady School of Esthetics in Medford or the New England School of Acupuncture in Newton for some great deals on beauty and pampering services. Keep an eye out in the coming year for the massive Academy for Hair and Skin by Elan Sassoon, which is scheduled to break ground near Boston University this month. Let’s keep our fingers crossed that there will be great opportunities to be had for inexpensive beauty treatments by the students in the future!

Save Gas this Summer - "Staycation" in Boston!

2008-07-21T15:30:00.000-07:00

Gas has gotten more and more expensive over this past year. I'm sure that we can all remember, even 6 months ago, our horror at the possibility of a gallon of gas hitting $4.00. As prices stand today, the average is currently $4.00 here on the East Coast and there is no end in sight. For those of us who love taking summer vacations with our friends, family, and loved ones, this is a depressing thought. It's impacting not only the price of filling up our own personal gas tanks, but also the price of airfare, cruises, and all other forms of transportation to get us out of town on our vacations.

However, there is no need to worry! Here in Boston, we live in a world-class city, and in all of our travels around the country and world, we have really taken that fact for granted. Mayor Menino himself feels our pain and has created a campaign called "Visit the Pin" and he has chosen 10 attractions around the city at which to place giant, 12-foot, red "push pins". The pins have been created to grab our attention and alert us to all the wonderful attractions that Boston has to offer. However, while the places he has chosen are pretty great, they are also very touristy and if you have lived here for a while, you have probably already been to them - maybe even several times. I have created a list of some of the great, underappreciated spots in Boston that you should visit for the first time, or visit again! I've organized them into 10 can't-miss "day" trips. This list is chock-full of ideas. You may find that each "day" trip contains more than you would be able to accomplish in one day, so you might have to choose the attraction(s) that appeal most to you. Be sure to click on the suggestions - I've included links to all the websites, for your convenience. I have tried to choose cost-effective suggestions so that your week off won't break the bank. All you need is your T pass (and not an ounce of gasoline) for a wonderful "Staycation" week in Boston!

1. Day Trip #1: Fine Arts and Culture

If you live here, you have probably spent time at the Museum of Fine Arts and Symphony Hall at some point, but there are MANY other ways to explore arts and culture in Boston. Stop by two or three of these lesser known spots for a very enriching day! I would suggest an art museum or two in the morning and afternoon and a performance in the evening. You could even head over to the waterfront to have lunch at the Channel Cafe (food and drink/art gallery). Be sure to click below and visit the various websites ahead of time for hours, special show and exhibit info.

Take in some art at the Isabella Stewart Gardner Museum
Visit the new Institute of Contemporary Art now on the waterfront
Get tickets to a show at or take a tour of the newly restored Boston Opera House
See a show at Emerson College's Cutler Majestic Theater...
... or at Harvard's American Repertory Theater
... or at Boston University's Huntington Theater
... or at the exciting Boston Center for the Arts
Watch some Shakespeare on the Common presented by Commonwealth Shakespeare Company
Catch some amazing music at the Berkelee Berformance Center
Support music of the 20th century through the Boston Modern Orchestra Project

2. Day Trip #2: Sports Appreciation

It seems that Boston is the center of the sports universe at the moment - the Red Sox moved into the All-Star break in first place after winning two World Championships in the past 4 years. The Patriots had an undefeated regular season this year after winning the Super Bowl in '01, '03, and '04. This year, the Celtics won the NBA Finals in dramatic fashion. Even the Bruins and the Revolution made great showings in the playoffs. When thinking about what to see in Boston, sports appreciation is at the top of the list! While watching a major sports game might be out of your price range, there are countless ways to appreciate sports in this city. Check out a few of these options:

Take a tour of historic Fenway Park and check out the famous Citgo Sign
Run the Boston Marathon (or at least up Heartbreak Hill!)
Visit the Sports Museum (in the TD Banknorth Garden)
Attend a game at BC, BU or Northeastern (some are easier to get tickets to than others!)
Visit the site at Northeastern that was once Huntington Avenue Grounds (original Red Sox home)
Stop by the historic Boston Braves Field (Now BU's Nickerson Field)
Catch a horse race at Suffolk Downs
Visit Harvard Stadium
Watch a Boston Lobsters Tennis Match
Visit the Science Museum's current Exhibit: "Baseball as America"

I would suggest lunch/dinner at the Sports Depot, Game On, The Fours, or Boston Beer Works for the full Boston sports experience!

3. Day Trip #3: City of Learning

Above all else, when people think about Boston, they think of the rich academic culture that our city embodies. Boston has more colleges per square mile than any other city in the world. Naturally, we are a city that is overflowing with learning opportunities. Why not spend some time appreciating those opportunities? Here are some wonderful ways you can spend the day learning in Boston. Break for lunch at Novel, the Boston Public Library restaurant!

Visit the historic and beautiful Boston Public Library
Stop by the Boston Anthenaeum
Take a free walking tour of Harvard University or MIT
Spend an afternoon in one of many used book stores in Boston or Cambridge
Take a class at the Boston Center for Adult Education
Learn about how beer is made! Take a tour of the Samuel Adams Brewery
Visit the Mary Baker Eddy Library and it's famous Mappariam

After your intense day of learning, you'll need to kick back - stop by the Thirsty Scholar Pub for some dinner and a drink and give your brain a break!

4. Day Trip #4: History

It can easily be argued that there is really no city in the United States that is more historically significant than Boston. The city wears this identity well while still looking toward the future, mixing centuries-old beautiful buildings with modern towering skyscrapers. If you work downtown, unless you walk slowly and read the signs you pass each day (and who does that around here?) you may not realize the significance of the buildings around you. I'm sure that if you grew up around here, you have walked the Freedom Trail once or twice, but there may be more obscure historical landmarks that you have never even noticed! Take a day to walk around a little more slowly, visit some of these interesting landmarks, and look up once in a while! While you are at it, stop by Boston's oldest restaurant, the Union Oyster House, for dinner.

Learn about the lives of a well-to-do family in historic Boston at the Gibson House Museum
Visit the headquarters of Historic New England at the Otis House Museum
Pay your respects to our forefathers and foremothers at Granary Burying Ground and King's Chapel Burying Ground
Visit the Museum of African American History and take the Black Heritage Trail
Talk a walk along the Boston Women's Heritage Trail
Tour the historically and architecturally significant Trinity Church

5. Day Trip #5: Island Hopping

If you are anything like me, you have never taken full advantage of the fact that we have an amazing National Park right off the coast of Boston. The park is comprised of 34 small islands (11 of which are open to the public) just minutes away by boat. The islands vary as far as what you can do on each of them, so use this list as a guide to get you started. The National Park Service recommends picking no more than two islands to visit in one day, so take a look and choose one or two that look interesting to you. Concession stands are available at Georges and Spectacle Islands, but why not bring a picnic lunch for your visit to the islands! It's a perfect excuse for a picnic!

Camp overnight on Grape, Bumpkin or Lovells Island - Permits are required
Visit Lovells Island for the day for trails that pass by dunes and woods, picnic areas, an unsupervised swimming beach, and the remains of Fort Standish
Visit and explore Deer Island and learn about its fascinating history
Visit popular Georges Island, the transportation hub for the system of islands, its open fields, paved walkways and gravel beach - be sure to tour historic Fort Warren while you are there
Check out Little Brewster, home of Boston Light, the country's oldest continuously running light house
Experience a wide range of natural beauty and check out historic Fort Andrews at Peddocks Island
Visit Spectacle Island, which features a marina, visitor center, cafe, a life-guarded swimming beach, and five miles of walking trails that lead to the crest of a 157 foot-high hill, offering panoramic views of the harbor and the city
Take a tour and enjoy nature at Thompson Island, which is a particularly good choice if you have a large group (like a company or school)
Picnic, fish and enjoy walking trails at Webb Memorial State Park
Enjoy Hingham Bay, rocky beaches, ledges, cliffs, patches of salt marsh and an area of freshwater marsh at Worlds End Reservation

6. Day Trip #6: Beach Bum

If the only great vacation you can imagine is one in which you are lying on a beach for at least a day, there are many great options for you around here! You might assume that you have to drive down to the Cape or up to the North Shore for great beach experiences, and if so, you will be pleasantly surprised by the following recommendations. There are several great options easily reachable in or very near the city by subway or bus. A day at the beach requires beach food, in my opinion, and so I suggest a stop at Sullivan's at Castle Island or Kelly's Roast Beef in Revere. I've also suggested a few options that are outside the city, but easily accessible from the commuter rail, if you really want to get out of the city for the day.

Take the Blue Line to America's First Public Beach, Revere Beach
Throw on your swim suit and take advantage of The Boston Harborwalk
Take the Red Line to JFK and visit Carson Beach, L & M Street Beaches, Pleasure Bay and Castle Island, which are all connected
Take the Commuter Rail north to Ipswich Station, then board the Ipswich-Essex Explorer Shuttle to Crane Beach
Take the Commuter Rail north to Manchester-by-the-Sea and walk a short way to Singing Beach
Take the Amtrak Downeaster to Old Orchard Beach in Maine

7. Day Trip #7: Appreciation of Unusual Things

If you are someone who enjoys exploring the unique and unusual aspects of a vacation destination, you have plenty of options to appreciate the quirky - right here in Boston! As you are exploring a few of the following unusual spots in Boston, a couple of well loved, but certainly unique, Boston restaurants worth your time during this day would be Fire & Ice Improvisational Grill for a fun, interactive experience and the Beehive, for some great food, atmosphere and live jazz.

Visit America's oldest car collection at the Larz Anderson Auto Museum
Learn history from a unusual perspective on New England Ghost Tour!
Experience Boston's most interactive entertainment at Tomb by 5Witz
Appreciate some art that's too bad to be ignored! Visit the Museum of Bad Art
Explore invention, ideas and innovation (including holograms!) at the MIT Museum
Visit the Harvard Bridge and count how many Smoots long it is!
Take a Duck Tour (come on... you know you want to!)
Visit the spots where your favorite movies were filmed on one of the Boston Movie Tours
Discover the secrets of Boston through an Urban Interactive sight-seeing adventure
Find out what is so special about the Scarlett O'Hara House

8. Day Trip #8: Nature

If you are stuck in Boston, but prefer a more serene, natural vacation, there are many options for you, even within the city limits! There are many opportunities in the city that will allow you to spend time appreciating the nature around you. I recommend exploring some of the following recommendations. If you want a fully natural day, take a break and visit Grezzo Restaurant for lunch, Boston's 100% organic, raw food restaurant.

Take a ride on the Swan Boats while visiting the Boston Public Garden
Hang out with the animals at the Franklin Park Zoo in the heart of Franklin Park
Visit Arnold Arboretum, the oldest public arboretum in North America and one of the world's leading centers for the study of plants
Spend some time at the Harvard Museum of Natural History (especially great if your "nature" themed day turns out to be a rainy one!)
Go for a peaceful and quiet run in the Fens nature trails
Visit the Boston Nature Center and Wildlife Sanctuary
Find a Boston area State Park near you for everything from hiking to mountain biking
See "Day Trip #5" (Above) for info about the Boston Harbor Islands - spend a while at one!

9. Day Trip #9: On the Water

We are so lucky to be living right on the water here in Boston. As I mentioned above, this opens up many possibilities as far as enjoying wonderful beach days, as well as visiting the Boston Harbor Islands right off the coast. However, a huge benefit to having so much water nearby is the opportunity to get out on it for the day. Whether you are an accomplished sailor or have never stepped food in a boat, there are options here for you. Read through this list and choose an adventure or two just for you! During the day or evening, if you are hungry, stop by Tia's On the Waterfront for a bite, a drink and a chance to enjoy the view of the water!

Contact Community Boating, Inc. to find out how you can learn to sail - Use your vacation day to get started on the Charles River
For a relatively inexpensive chance to spend time in a boat on the water, take an Inner Harbor Ferry or Commuter Boat or the Rowes Wharf Water Taxi
Take a sunset or sightseeing cruise through the Charles Riverboat Company
Take a Boston Light Tour and experience first-hand the oldest lighthouse site in the U.S.
Join in on a sail aboard the 125' Schooner Liberty Clipper
If you can't bear to actually get out on the water, you can enjoy WBZ's Free Friday Flicks at the Hatch Shell - enjoy the breeze of the Charles from safely ashore, and watch a movie under the stars!

10. Day Trip #10: Festivals

Summer in Boston always reminds me of all the neighborhood parties and celebrations in the city. Every weekend throughout the summer, there is at least one festival somewhere in the city that is an excuse to enjoy Boston and its cultural diversity. A day at any of these festivals would be worth building into your "staycation" week schedule. I don't need to recommend a restaurant for you, since the mark of a great festival is the amazing food it serves. Enjoy!

Choose a weekend this summer and stop by the North End for the North End Festivals of Saints
Stop by Government Center on August 2 from 4:00-8:00 for the Peace Hip Hop Festival
Spend August 17 in Chinatown for the August Moon Festival
Head to Dorchester on August 23rd for the Caribbean Carnival Parade & Festival
Show off and add to your ink from September 12-14 at the Boston Tatoo Convention
Settle in from September 12-18 for the Boston Film Festival

I hope that you enjoy all my suggestions and that they inspire you to rediscover our great city in these times of high gas prices! These are also great suggestions for you if you are visiting Boston from out of town. If you are stuck in another city, and these suggestions sound fun to you, look for similar ideas near your home. I bet you will be surprised by what you will find!

Please respond and let me know what you love to do when you are spending time in Boston - I am very interested to hear!

The Wedding Guest's Guide to Surviving the Season

2008-06-23T10:58:00.000-07:00

Ah, wedding season… happy couples pledging their love, handwritten invitations, chocolate fountains, the chicken dance… and your wallet, wasting away! It seems like all weddings happen at the same time, and as fun and exciting as they are, each summer you can end up paying the equivalent of a couple of mortgage payments on clothes, travel and gifts. You don’t have to break the bank this wedding season! The following tips will help you save a lot of money, while still showing your soon-to-be-married friends and family a lot of love.

Save on Gifts

1. You know that everyone registers for gifts at Bed, Bath & Beyond, but you may not be aware that this store has a lot of opportunities for saving money. If you sign up for their mailing list you will receive coupons for 20% and $5 off your purchases, and these are no ordinary coupons. Even though they have expiration dates listed on them, the store will accept them indefinitely. Keep an envelope and hang on to them all year for big savings during the summer. Other small print you can ignore is the “one coupon per purchase” line. Normally they will accept one coupon per item. They will also accept competitor’s coupons.

Get a head start on savings! Visit our website, www.lantern-financial.com and enter our contest to win $25 gift card to Bed, Bath & Beyond.

2. The wedding registry is not just a shopping list, it is an insight into the couple’s styles and desires. It is meant to be a guide for you, not the law. Once you have looked over the registry and gotten an idea of what the bride and groom are looking for, go elsewhere for good deals! Stores like Marshalls and A.J. Wright have great things for newlyweds like picture frames, crystal vases and linens at much lower prices than brand name department stores. Using the registry you can find something you know the couple will love, at a much better value.

If you find something just perfect on the registry, try searching for the same exact item elsewhere. If you find a better price for it at a different store or online, buy it at the better price. As a help to the bride and groom, call the store they are registered. Tell the store that you bought it but the registry is still showing that it has not been purchased, and they will most likely take it down. It requires a little fibbing but the bride and groom will avoid having to deal with returning duplicates after the wedding. (Just make sure it is exactly the same item!)

3. You are only one person, but you are not alone in the financial struggle to survive wedding season. Certainly other friends and family are trying to save money and give the bride and groom something wonderful as they enter into their life together. One way to afford a great gift is to go in as a group. With strength in numbers, you and friends or family can afford something bigger and more expensive, even something that may not be on their gift registry.

4. The best gifts are from the heart… and hands. If you have a special talent or hobby, you may want to consider making a wedding present instead of buying one. A crocheted blanket or a hand made photo album are gifts that mean more to newlyweds than china, and will save you a lot of money.

The gift of your time and skills is invaluable. Another option may be giving the couple a service that you specialize in. If you are a gardener, help them plan a garden at their new home together. If you like to cook, prepare the couple’s first meal together. Whatever you do will show them you care, without breaking the bank.

5. If you follow all of these tips, you will certainly save some money for your self, but what about giving the gift of savings to the bride and groom? A great gift to give is a new skill that you learn to help prepare for the wedding. Your new skill and the savings you create can be the gift. Take a calligraphy class and help address the invitations. Take a class on flower arranging. Learn how to do the wedding day makeup. You could even have a makeup party with the bride and bridesmaids to learn which blush compliments your skin tone. You will all gain a new skill, spend time together, and save money!

If you’re the best man and not interested in the difference between Metallic Mauve and Windsor Rose lip color, there are many other skills you could pick up to help out with the wedding. Take a class on mixing music and offer to DJ the reception. Or become ordained for free online and perform the ceremony! (The Universal Life Church has an ordination application at their website at http://www.themonastery.org/?destination=ordination .) You could also offer to photograph or videotape the wedding if you have those skills. Whatever you do it will be especially valued because of your gift of time and effort. (Just make sure to give your gift to the bride and groom early in the process or they may already have chosen and booked a vendor.)

6. Something old and something new… We tend to focus on the second part of that adage. The newlyweds are moving into a new home and we buy them new gifts for their new life. But weddings are a perfect time to reflect on the past. If you are family of the soon-to-be newlyweds, a family heirloom can be a very meaningful gift, and costs you nothing.

Another possibility could be the presentation of something old as something new. If you find a shoebox full of the groom’s childhood baseball cards, you could put them together as an album. A slideshow of pictures from the couple’s youth is also a free and meaningful gift.

Save on Travel and Planning

7. The bride and groom will often reserve a block of rooms in a hotel for their guests at a discount. This can be a great opportunity for savings, but don’t assume it is the least expensive option. Before booking your room, check online for hotels in the area, or even the same hotel. You may be able to find a cheaper room.

You also may want to wait to reserve your room: the best deals may be available closer to the wedding date. This is a riskier option, but if rooms haven’t filled up the hotel may run a sale to entice travelers to stay with them. Be careful with this tip! If you wait too long you may have a hard time finding a room to stay in at all, or you may even find that room prices have gone up. This summer may be a good time to try this though, because fewer people will be traveling due to the soft economy and rising gas prices.

8. Weddings are always expensive for guests, but sometimes they are simply too expensive. Even if you are frugal with gift giving and party planning, it still costs a lot, especially if you are traveling. If you’ve already bought two blenders and four dresses this summer, and your freshman year roommate invites you to her wedding on the other side of the country, it may be time to say, “I love you… but no thanks”. This may be hard to consider: you want to spare no expense on your friends’ and families’ special days. But if it is simply out of your price range, they will understand. Be sure to send them a heartfelt note conveying your well wishes and the fact that you will be with them in spirit.

Another time you may have to say “no thanks” is if you are invited to be part of the wedding party. This level of involvement requires so many more expenses: the dress, the shoes, the jewelry, the hair, the shower and bachelorette party (or the suit, the cufflinks and a bachelor party and four rounds of drinks). If you can make it to the wedding, but can’t afford to be in the wedding party, you can be involved in other ways. Be honest with the bride and groom. Tell them you would love to celebrate with them, but you don’t want your own tight finances to hold back the rest of the bridal party. When you say “Thanks, but no thanks,” ask the couple how else you can help them on their special day. Maybe you won’t be one of six ladies in pink this time, but you can still help out with the guest book, or setting up for the reception. There are so many things going on to plan a wedding. If you chose to take a smaller, less expensive, role, you will still be a huge help to the bride and groom and show them you care.

9. Sometimes, you cannot say no (and you don’t want to!). There are still plenty of ways to plan great bridal party activities at a fraction of the cost of traditional plans. Goodbye Vegas, hello good old fashioned girl’s nights in. Plan a slumber party with a Sex and the City marathon and homemade cosmos. Men can go camping or just find less expensive bars. Spending time with friends is what it’s all about, not spending money with friends. Personalizing the event and focusing on what’s important, friendship, will make a more memorable (and economical) party.

10. One area where you can save a lot of money is clothing. If you are not the one in white (and even if you are), you do not need to be spending an arm and a leg to look good. For ladies, a simple, inexpensive black dress can go a long way. If you are worried about wearing the same dress multiple times, make it new by dressing it up. Different jewelry, shoes, wraps and accessories can make your little black dress into as many different little black dresses as you need. Another option that is good advice for any time of the year is shopping in your friend’s closets. If you all have a few weddings to go to this summer, and everyone owns one great dress, take turns!

If you are a man looking for a good suit that will last you at least one year, check out local department stores. You don’t need to get into a Hugo Boss to look like a sharp wedding guest. For example, Target has very nice black suits for under $100. No one will be able to tell that it’s from Target and you will have done your wallet a favor.

One of the reasons why weddings are so expensive is because of the “spare no expense” mentality that surrounds them. We let our emotions drive our wallets and we end up broke by the end of the season. These tips are intended to provide some creative alternatives that will allow you, as a guest, to make the wedding day special and valuable, without depleting your savings. We recognize that some of these tips may seem controversial because they are a violation of modern wedding etiquette. But remember that etiquette is always about giving the best of yourself and having grace, it’s not about how much you spend. These tips will allow you to save money and show the happy couple you care.

Please respond and let us know your own tips for surviving the wedding season. We would love to hear them!

Less Expensive Ways to Use Your Vacation Days

2008-05-13T19:10:00.000-07:00

With Memorial Day just around the corner, our thoughts often drift to taking a few days off from work for a much deserved vacation. If you are lucky enough to enjoy the benefit of paid vacation days from your employer, you should definitely consider them part of your total compensation package and take them each year. You should pay special attention to whether they expire at the end of the year, and if they do, you should absolutely take them before they expire. Letting them lapse is the same thing as leaving free money on the table.

With that being said, using vacation days can be a double-edged sword. Most vacations end up costing a lot of extra money that could otherwise significantly help reach our longer term goals.

I've compiled a list of suggestions to use your vacation days in less expensive, yet still very enjoyable, ways.

1. Stay Home

At first glance, this might sound like a lame suggestion, but it actually might be the best one on the list! Tell everyone (friends, family, and coworkers) that you will be out of town
and unreachable (maybe you are camping in the mountains or something??). Do a big grocery shopping run, go home, lock the door and spend a cozy week enjoying yourself in your very own house! Turn off your cell phone and unplug your land line. Sleep in late... take long baths... have movie marathons and game nights with your spouse/family... eat junk food and stay up late. Simply relax - you deserve it!

2. Give Back

If you are charitably inclined, there may be many interesting opportunities for you to spend your vacation days helping those people who are more in need than you. You won't spend your time relaxing, but you will have an enriching, rewarding experience and you may have the chance to change someone's entire life for the better simply by volunteering during your vacation days.

If there is a cause that's important to you (i.e. Katrina Survivors, AIDS in Africa, Poverty in India), start researching the organizations that are providing relief to those people affected by the issue. Many organizations will be able to direct you as to the best way to volunteer your time. Often, if you are volunteering, you will be able to obtain free or dramatically low-cost housing for the duration of your stay. Additionally, your church or community organization may be willing to sponsor a portion of your travel to the region. Sometimes churches and school groups organize entire "mission" trips that focus on addressing some of these causes.

A less dramatic version of this idea is to contact a local soup kitchen, hospital, animal shelter or boys and girls club and volunteer your services for the week.

3. Vacation in Boston

Obviously, this is only a good deal if you live in the Boston area and can stay at your own house! We are so lucky to live in a place that people from all over the world want to visit, but it is so easy to take all of that for granted. Have you visited all of the great attractions and sites that this city has to offer? Personally, I've lived here my entire life and I can think of several places I have not been (the Isabella Stewart Gardener Museum, the new ICA and the Museum of African American History, for example). With a little research, it's easy to find ways to visit local attractions for free or for very little cost.

For example, visit the Institute for Contemporary Art on Thursday evenings for Target's Free Thursday Nights from 5:00 - 9:00 pm (www.icaboston.org). The Museum of African American History has a suggested donation of only $5.00 (www.afroammuseum.org). The Isabella Stewart Gardner Museum welcomes all those named "Isabella" free anytime! (Otherwise, admission is $12 for adults - www.gardnermuseum.org). I highly suggest visiting your local public library to inquire about any free passes you could borrow to local museums and other attractions for the day. Look online - you may be surprised how inexpensive it can be to experience the local attractions you've always wanted to visit.

4. Work on a Life-Long Goal/Project

If you have a week to spare but little cash to spend, think about those goals and projects you have always hoped to accomplish. Have you always wanted to get in better shape? Spend the week establishing a really great exercise routine (see my blog entry from March on less expensive ways to do so: www.lantern-financial.blogspot.com/2008_03_01_archive.html). Could your living room use a bolder color? Spend the week painting and reorganizing your furniture. Do you have a favorite author or topic you'd like to learn more about? Go to the library and borrow a couple of books you have been meaning to read, head to the beach or local park with a blanket and picnic lunch and curl up with your book in the sunshine.

5. Go Camping

The ultimate inexpensive vacation is camping. Although, you should be careful, since even camping can get pricey if you don't plan well. Your least expensive option will be avoiding private campgrounds and planning to stay at a National Park. You can usually drive your car to the campsite, which will be clean and level, set up a tent and enjoy everything from a campfire to a hike in the local area trails.

To really save some money, try to get around purchasing new camping gear for your trip. If you don't already have a tent, ask around and see if you can borrow one from a friend or a family member. If necessary, however, I've noticed that tents at Target, for example, are as inexpensive as $30.00. Also, check Craigslist.org to see if anyone is getting rid of any camping gear that you could have for free or for very low cost.

6. Spend the Week at a Local Beach

People travel from everywhere to enjoy the New England beaches in the summertime. We are so lucky to live within driving distance from these fabulous beaches. It would be lots of fun to spend the week at your closest beach, enjoying the sun, water and snack shop fare. If you pick a beach that is close to your home, you can sleep in your own bed and then drive over to the beach each day. If you'd rather take public transportation each morning, there are a few wonderful options. You can take the Red Line to JFK/UMass and visit Carson Beach. Revere Beach on the Blue Line has undergone many improvements over the past couple of years and is a beautiful option with a boardwalk atmosphere. If you are looking to travel a bit farther, you can take the Amtrak Downeaster to Old Orchard Beach in Maine from Boston. It appears to be $23.00 each way, but could make for a nice, fairly inexpensive, day trip during your vacation!

7. Make a Plan Before You Go

If you have read through the above suggestions, but still want more of a conventional vacation, there are plenty of ways to do so less expensively than you normally would. The best idea is to put in quite a bit of planning before you head off on your trip. It's too easy to book the flight and hotel only and plan to choose your activities when you arrive at your destination. The problem is that usually, when you arrive at your destination, you are already in "vacation mode" and you are more apt to spend money less carefully. How easy is it to say "we are on vacation - we deserve it!"?

If you put in the time before you leave to think about those things that you would like to do, you can do some research online and find ways to do the things you want to do less expensively. I recommend doing everything from making dinner reservations, booking tours and activities, to planning certain days to relax and do nothing. The more time that you leave unplanned before you leave, the more money you are likely to spend. A great suggestion is starting with a comprehensive budget travel guide such as Lonely Planet's USA & Canada on a Shoestring. Plus, if you plan and research before you go, you don't have to worry or think about anything while you are away and you can simply enjoy your vacation - you deserve it!

8. Shop Around for the Best Deals

Before you even book your trip, you can save significantly by shopping around for the best vacation deals. These days, we are all familiar with the major discount travel sites, like expedia.com, orbitz.com and travelocity.com. Those sites are wonderful places to start. Sometimes if you look for a package deal, such as purchasing your airfare and hotel together, you can save quite a bit (however, be sure to price them out separately as well, just in case they are cheaper on their own!).

There is another service out there that not many people know about. A website called Travelzoo.com publishes the "Travel Zoo Top 20" every Wednesday at approximately 11:15am. If you visit the website, you can subscribe to receive the Travel Zoo Top 20 by e-mail. Each week, the company finds the best travel deals around and includes them in their list. The deals are anything from packaged vacations, to cruises, to car rentals, and are usually difficult to beat. If you see something you like, you need to be willing to move quickly as most of the deals sell out very shortly after the list is published. It's a great e-mail to subscribe to if you are somewhat flexible with your travel plans and you are simply looking for a great deal on a vacation!

9. Consider Hostelling

Especially if you are a young person, hostelling can be a wonderful, inexpensive and enriching way to see the world. The hostel culture seems to be most active in Europe, but there are hostels all around the world, even right here in Massachusetts! A hostel is a less expensive alternative to a hotel. The most common situation will be one in which you are staying in a room with other people that you don't know (however, it is most often possible to get a private room for an additional fee). Hostel fees go down based on the number of people in the room, so you could stay in a room with several other people and pay very little money for your stay. You will usually have access to lockers in which to keep any valuables, and you should call ahead to see if you will need to bring your own sheets. Hostelling can be a great opportunity for you to save some money, but also to meet new friends from all around the world! It is possible to find hostels that are family oriented, but hostels are most often geared to single people, couples, or groups of friends. Check out www.hostelworld.com to learn all about the hostel culture and to find one that suits your needs.

10. Take Your Vacation Off-Season

If there is a place you have always wanted to visit, consider doing so slightly before or after the "season" begins. There are so many benefits to doing so. You will avoid all the crazy crowds, and you can often negotiate a significantly lower rate than you would normally be charged. Some examples would be trying southern Maine or Alaska in early May or at the end of the season or Florida during the summer. The same idea would apply to staying places during the "off-peak" time of the week. If a certain location is most popular during the weekends, try staying Monday through Thursday. Your best bet is to look for bed and breakfasts, inns and independently owned hotels, as they will usually be more willing to negotiate the rates with you than the larger hotel chains would. This is also a great suggestion if you are planning a weekend getaway at the last minute. A small hotel or inn that is not full might be willing to cut you a deal if you call them Friday morning and they are not yet full for that weekend, especially if you are calling during an off-peak time of year. The down-side is that some of the regular attractions might be closed and the weather might be less than perfect for that area, but it's a great option to see an area for far less money.

Please respond and let me know your own tips for using your vacation days less expensively. I'd love to hear them!

Low-Cost Updates to your Summer Wardrobe!

2008-04-11T07:30:00.000-07:00

If you have been following my monthly entries to this blog so far, you should be well on your way to getting in shape by now after this past month of working out (and your wallet has appreciated the break you have given it). However, because of all your hard work, you have (hopefully!) created a new problem for yourself - what will you wear now that you are looking so good?

Even if your body hasn't changed at all from last year at this time, it's likely that your wardrobe could use an update or two. The price of clothing can really add up if you are not careful. A bit of creative planning, however, can get you through the season change without breaking the bank.

Here are my top ten suggestions for giving your summer wardrobe the boost it needs without straining your budget. At the end of the list, please respond and share your own suggestions - I'd love to hear them!

1. Visit the outlets

If you are generally drawn to the more expensive fashion brands, it is likely that you can find these brands for less at an outlet store near you. If you can get over the idea that you will be wearing last year's or last season's collections (which most people would never even notice!), this is a perfect opportunity to save some cash. One tidbit that not many people realize is that at most outlet malls, you can go online beforehand and sign up for their "VIP club" (for free) and they will e-mail you coupons and sales whenever they are happening. This way, you are not only saving the amount you normally would save at the outlet, but you might even be able to do so at an additional sale price!

Some local outlet malls worth visiting:
*Wrentham Village Premium Outlets http://www.premiumoutlets.com/outlets/outlet.asp?id=10
*Kittery Outlets (Maine) www.thekitteryoutlets.com
*Freeport Outlets (Maine) www.freeportusa.com

2. Go "shopping" in your own closet

Do you remember what you purchased last year? Before you head to the stores this year, take a few hours to go shopping at home. Pull out EVERYTHING that you could possibly wear during the summer season (yes, even from WAY in the back of the closet!). Chances are, you'll find an item or two that you forgot about. Most likely, you will save money since you won't have to buy as many items as you thought. Some things that went out of style several years ago could be back! Additionally, this is a great chance to make a donation pile for all the clothes you are sure you'd never wear again. Make sure you keep a list of everything you donate and get a receipt from the donee for next year's tax purposes.

3. Host a shopping party for you and your friends

Once you have gone through your closet, invite your friends to your very own "shopping party"! As you went through your closet in the previous exercise, you probably came across a handful of items that you are simply tired of wearing. Ask your friends to pull together those same few items that are CLEAN and in good shape from their own closets and come to your house. Figure out a nice way to display all the clothes, serve some wine and cheese, put on some fun music, and you have your own little boutique! Everyone can look through all the clothes and pick out what they want. When there are a few items left over at the end, gather them and bring them to your local donation center. This works well when you and all your friends share similar body types. It will still work if that is not the case if you include items such as purses and accessories in your shopping party.

4. Sign up for the mailing list at your favorite clothing store

Most clothing stores offer a mailing list through which they will notify you of upcoming sales and even send you coupons for a dollar amount or a percentage off the price of your purchase. If there is a store that you love that is a bit out of your ideal clothing budget, this can be a great opportunity for you to save some good money. However, I would caution you against two temptations related to this tip. First, you can sign up for their mailing list, but please avoid signing up for the store credit card! Store credit cards are usually not a very good idea for a few reasons. Having a store credit card does affect your personal credit history, the interest rates are usually horribly high, and in this day and age, an extra credit card in your name is an extra opportunity for an identity thief to take advantage of you! My advice would be to avoid store credit cards at all costs. The immediate savings that they offer you off your purchase at the time is not worth the long-term affects of having the credit card. Secondly, don't use the coupons the store sends to you as an excuse to shop. If you are worried that the coupons will tempt you to buy more than you were originally planning to buy, perhaps you should not sign up for the mailing list in the first place. In this way, you will be saving more money by not having the coupons than by having them!

5. Don't rule out department stores

Some people feel that it's difficult to find high quality, fashionable clothing items in department stores. While it may sometimes be more difficult to do so, it is certainly not an impossible task. Department stores can be more of a treasure hunt, but the high quality items are there, and there can be great deals to be had. If you make a special point to save your shopping until immediately following the holidays and just as the seasons change, you can really get some great bargains as well!

Specifically, my favorite for womenswear and menswear is Kohl's (www.kohls.com) and I've been pleasantly surprised at the great selection of menswear at Target (www.target.com). Both generally have reasonable prices and quality year-round, but offer wonderful discounts when they are moving inventory.

6. Listmaking - It's not just for groceries anymore!

All of our moms always taught us to never go food shopping without a list, since without one we will be too tempted to splurge on snacks and items that we don't really need. You may have never considered the fact that the same principal can certainly hold true when shopping for clothing.

Last year, fashion icon Tim Gunn (of "Project Runway" fame) created and starred in a short-lived show on Bravo called "Tim Gunn's Guide to Style" based on his book of the same name. The show was revolutionary and simple at the same time in that he believed that every woman's closet revolved around 10 essential items (this list translates well to men also, except for the dresses!). If you concentrate on building your wardrobe around these 10 items (and purchase somewhat high-quality versions of these items), you will have far less clothes to deal with and you will end up spending less money over time, since these items will not go out of style with the trends, and will mix and match to go well with a variety of options. Copy down the list, check your closet to see which items you have, and then bring it with you when you go shopping for clothes. Don't buy anything that's not on the list. You'll be surprised how effective it is to shop this way! Here are the 10 essential items from Tim Gunn's list:

* Basic Black Dress
*Trench Coat
*Classic Dress Pants
*White Shirt
*Jeans
*Cashmere Sweater
*Skirt
*Day Dress
*Blazer
*Sweat Suit Alternative (Examples include khakis, cords, a cotton dress, etc. - the thought here is that it is easy and possible to feel comfortable without looking sloppy.)

7. Get creative and make a totally unique item or two for your wardrobe!

I know you took home economics in junior high school - and I'm sure you were very proud of that bag you made! If you have a sewing machine hanging around the back of your closet, it is really not too difficult to pull it out and make a simple item or two for your summer wardrobe. This may not be a solution for everyone, but if you are feeling creative and you want an item or two that are truly unique, this might be the way to go for you! A great place to visit to come up with ideas and order patterns is www.sewingpatterns.com - they sell all the patterns from all the big names and also many independent pattern makers as well.

Around the city of Boston, fabric stores are sadly few and far between these days. However, it's not hard to find them, if you know where to look. Here are a few worth your while:

*Winmill Fabrics 107 Chauncy Street, Boston, MA 02111 www.yelp.com/biz/winmill-fabric-boston
*Sewfisticated Discount Fabrics Somerville and Dorchester www.sewfisticated.com
*Sew-Low Discount Fabrics 473 Cambridge Street, Cambridge, MA 02141 www.sewlowdiscountfabrics.com

If you need a refresher course on sewing, check out:

*Spark Craft Studios 1963 Mass. Ave, Cambridge, MA (Porter Square) www.sparkcrafts.com
*Stitch House Dorchester (New Business!) 846 Dorchester Ave., Dorchester, MA 02125 www.stitchhousedorchester.com

8. "Vintage" is so hot right now!

Everything old is new again... and the Boston area is full of stores ready to sell you cool vintage items. What a better way to update your wardrobe than with items from your all-time favorite decade? Some stores can be more expensive than others, so you have to know where to go. An easy choice would be a place like Goodwill or your local church thrift shop. However, here are a few fun, creative options worth exploring:

*The Garment District 200 Broadway, Cambridge, MA, 02139 (Kendall Square) www.garmentdistrict.com
*Poor Little Rich Girl 255 Elm Street, Somerville, MA 02144 (Davis Square) www.shoppoorlittlerichgirl.com
*Oona's 1210 Massachusetts Ave, Cambridge, MA 02138 (Harvard Square) (617) 491-2654

9. Shop the clearance racks at the trendier stores

Hopefully you are still with me and you've found some inspiration in my first eight suggestions! If you still can't bear to give up shopping at your favorite stores, you may be able to find some good deals at those trendy stores by heading right for the back of the store as soon as you walk in the door. Certain stores are well known for having fantastic clearance rack deals since the styles tend to rotate so quickly through these types of stores. If you can bear to wear clothes from "last season" (which can essentially be as recent as a couple of weeks ago!), there are wonderful deals to be had.

My personal favorite clearance racks are Ann Taylor (www.anntaylor.com - which also has sale and clearance sections on their website) and H&M (www.hm.com) and Urban Outfitters' extensive Bargain Basement in Harvard Square (11 J.F. Kennedy Street, Cambridge, MA 02138 www.urbanoutfitters.com) has been recommended to me as well, but there are certainly many stores around with fantastic clearance racks. The key is to ignore the window display all-together and head right for the back of the store. Those great items in the window will be in the back of the store soon enough anyway!

10. Shop online and compare prices before buying

Comparing prices online is more of a general recommendation, and applies to anything you might consider buying, but you may not usually consider doing so with clothes. However, most larger stores sell the same clothes through their websites that they sell through their brick-and-mortar stores. Even if you plan to go try the clothes on before you buy them in the stores, shopping online first can help you find the least expensive option for your desired item. Personally, I love the website Froogle.com. This is Google's product comparison website. You can type in the name of what you are looking for and compare the options at various stores and online sources. For example, if you try typing "men's black cashmere sweater" and then sort by price, you'll get 186 results ranging from $10 to $675. It's a great way to get a sense of the types of products available and the price range you should be expecting, and many times, it can help you find great deals!

Please respond to this blog entry and let me know your great ideas for updating your wardrobe less expensively ahead of the upcoming summer months!

Get in Shape for Less!

2008-03-11T10:20:00.000-07:00

Spring is on its way! I'm so excited. After a long, dark New England winter, to me, there is nothing better than a warm spring day in Boston - flowers and trees in bloom everywhere, Sox games on the horizon, the sun sticking around a bit even after the work day is over, and FINALLY, the chance to put that heavy winter coat back in the closet.

Along with all the hope that this time of the year brings to each of us in this city, there is also a bit of dread associated with the annual end to our "hibernation" - putting our winter coats away means that we have to show the world what we've been hiding underneath! If you are anything like me, you've been enjoying some yummy comfort food, dinners and desserts to help you through the cold winter. I suspect that around this city, even more than at the New Year, there is a spike in new health club memberships during the early spring.

Spring brings us all sorts of hope - that we can finally succeed in getting in shape, gaining the energy that we could really use to take advantage of this city during the warmer months, and shedding those extra few pounds that we gained while enjoying ourselves a little too much during the winter months!

The easiest, and most common solution to this problem, is to join a health club. However, I'm not sure if you've tried to join one lately, but health clubs in Boston are expensive! Many clubs offer monthly membership fees of $60-$80, and I've seen some that are well over $100 per month. Sure, they can be nice - even luxurious, depending on the one you choose - but when you have important short- and long-term goals to reach, there are less expensive (and just as effective!) ways to exercise and get in shape for the upcoming warmer months!

I've compiled a list here of my ideas. I hope this list inspires you to get creative in your quest to get in shape. I'd love to hear your own solutions, so please feel free to respond to this blog entry and share your ideas! (and please remember, I'm a financial planner - if you have any questions about your own ability to perform any of the suggested activities, please ask your doctor!)

Here are my suggestions:

1. Take a hike! (or at least a walk)

Boston is a gorgeous city and there are many options for pleasant walks around the city. A fun way to approach this idea would be to pack a simple, nutritious lunch each day and then start a walking "club" with a few co-workers. You could leave your office together at noon, briskly walk around a pre-determined route for 20-30 minutes, eat your lunch together at a nearby bench or picnic table, and be back to your desks within an hour.

A few recommended routes would be:
*Financial District: Along the waterfront, over one of the bridges into South Boston, near the Seaport/World Trade Center and the Federal Courthouse
*Beacon Hill: Around the Boston Common/Public Garden
*Back Bay: A loop of Newbury Street and Marlborough Street
*Fenway area: Along the Riverway, Jamaicaway or around the Fens
*Kendall Square area: Along Memorial Drive

2. Borrow work-out tapes or DVDs from your local library

If you haven't noticed already, I'm a big proponent of the library. To me, it's a no-brainer: why rent a video or DVD from a video store for more than $5.00 per night when you can borrow one for free for a week or more?

This is a great idea for those of us who have trouble staying focused on the same workout for weeks or months at a time. If you want to continually change it up, you can rent a different workout tape each week and try different types of workouts each time. If you tend to enjoy the same workout instructor for longer periods, you can often call the library each week and renew your "rental" of the same item for several weeks. Alternatively, many workout instructors have several different workout tapes/DVDs and you can try each one in a rotating cycle, but stay with the same instructor over time if you choose to do so.

The only caution I would give you with this plan would be to do a little homework on your library's website and reserve the tapes you are interested in ahead of time so that the new one is there when you are ready to reserve it at the end of each week.

Alternatively, those who subscribe to "On Demand" services from their cable companies may not realize that you may have access to workout sessions through the lifestyle sections of your "On Demand" cable service, most often free of charge. If you subscribe to such a service already, I'd recommend taking a look to see if you have access to any workout routines through your TV - it would make this particular recommendation much easier for you!

If you are always on the internet, you may be interested to know that it's possible to find free and low-cost workout videos streaming through your very computer! Check out www.workoutsondemand.com - they offer free videos that you can try each week, plus low-cost monthly plans to become a subscriber. Additionally, be sure to visit www.lantern-financial.com to enter our monthly contest to win a 6 month Premier membership to their website!

3. Bring your bicycle down to the Charles for a ride

Here is a link to a map of the Dudley White bike path that surrounds the Charles River through Boston, Cambridge & Watertown:

http://www.mass.gov/dcr/parks/metroboston/maps/bikepaths_dudley.gif

If you are too far to pedal to the bike path, The Charles/MGH T stop on the Red Line lets you off on a bridge just above the path.

This option is very inexpensive if you already own a bicycle. However, a quick search of craigslist.org turned up several used bikes in the $45-$60 range that are in decent shape to get you started if you don't own one.

4. "If you can dodge a wrench, you can dodge a ball!"

If you are a kid at heart, and you would like to feel like you are playing during recess as you get in shape, dodgeball may be for you! It seems that there are several dodgeball leagues around the city at the moment.

One suggestion I'd have is visiting the website for the Boston Ski & Sports Club, which runs a co-ed league. For $35 per person (plus a $25 fee for anyone who is not a BSSC member), you can register for a seven week session. You'll meet one night per week and play 60-90 minutes during the evening, for a total of 8-12 games in round robin format. The games are held at Watertown Middle School from 7:30 to 10:00pm. It seems you may even be able to extend your season if you are good enough to make it to the playoffs! Good luck!

http://www.bssc.com/index.cfm?page=description.cfm&category=2&activity=46

5. Walk home from work

If you live within a mile and a half of your workplace, a brisk walk home from work should take you no more than 20-30 minutes. A run home will take even less time. Even if you don't live very close to your workplace, this idea may translate to your situation. You can get off the bus or T a mile or two from your home and walk or run the remaining distance, or if you take the commuter rail, and parking is generally available in your town, you can park your car a mile from the train station and walk to and from the train station.

You can easily map out your preferred route using the MBTA Trip Planner: www.mbta.com

6. Exercise for a good cause

The spring is a perfect time to start thinking about one of these "win-wins"! This time of year there are often several walks, runs, bikes, and spin-a-thons each weekend in Boston - all benefiting great causes and helping you get in shape. If you know lots of charitably inclined people, this may be the perfect fit for you - you will be sponsored to support your favorite causes, and you'll manage to get yourself in shape in the meantime, as you train for your big event(s)!

Some favorites worth considering are:
*Project Bread's 40th Annual Walk for Hunger - Sunday, May 4, 2008 - 20 Miles starting at Boston Common www.projectbread.org
*AIDS Walk Boston - Sunday, June 1, 2008 - 10k walk; 5k run starting at the Hatch Shell www.aidswalkboston.org
*Avon Walk for Breast Cancer - Saturday & Sunday, May 17 & 18, 2008 - 2 days and 39 Miles www.avonwalk.org
*American Lung Association's X State Challenge Bicycle Ride - June 21 & 22, 2008 - 2 days and 200 Miles from Williamstown to Gloucester www.lungma.org
*Spin-a-Thon at Equinox Fitness benefiting Juvenile Diabetes Research Foundation - Saturday, March 15, 2008 - pay $10, spin for 30 minutes - www.equinoxfitness.com

7. Dance lessons

Alex, a reader from last month, provided a great suggestion that is both a fun, inexpensive date option (which fit with last month's theme) as well as an inexpensive fun way to get in shape for singles, couples or groups (fitting in perfectly with this month's theme as well!). The Harvard University Ballroom Dance Team offers all sorts of social dance lessons in the evenings at the University that are open to everyone. They offer such options as nightclub, waltz/tango, latin, salsa/merengue and ballroom basics. A partner is not required and the cost is $40.00 for the entire semester. You can register online at www.harvardballroom.org. It sounds like a great way to get in shape, have fun, and maybe even make some new, interesting friends. Other schools may offer similar programs, so it may be worth looking around a bit - however the Harvard program comes highly recommended by Alex!

8. Walk the stairs in your office building during lunch

You will need to bring a change of clothes and a bottle of water each day for this activity, because this one will really make you sweat! Find a workout partner in your office. Then, at the beginning of your lunch break, change into your workout clothes and slip into the stairwell of your building. (If allowed, leave the doorway to your floor ajar with a shoe or something similar. If that's not allowed, make sure you bring your office badge or key with you so that you will be allowed to ride up the elevator and re-enter your floor when you are done - the worst thing would be if you got locked outside at the end of your sweaty workout! It will be worth a minute of your time to think this one through before beginning!)

Start slow - depending on the number of flights of stairs in your office building, it may make sense to go all the way up and down once or twice over the first couple of days and then build up to more "round-trips" each day. Another fun addition for you and your workout partner to add to your routine will be to stop at each or every other landing and incorporate stretches, sit-ups, push-ups or another type of exercise.

Be sure to drink lots of water and to bring a friend along!

9. Find an inexpensive alternative to a fancy health club

For those who simply can't part with the gym experience, there are some less expensive alternatives out there.

If you went to college in Boston, your alma mater may offer you a special deal as an alum to join the college fitness center for the semester. I've learned that rates can be extremely low compared with area health clubs that are not related to a college or university. Many schools don't really advertise such deals to their alums, so you will probably need to call your school's alumni relations office to ask whether such a deal exists. You most likely have realized that a recent trend in trying to attract new students has been to build "state-of-the-art" fitness centers, so you might as well take advantage of them, especially if you can do so inexpensively!

Another option is, of course, the good old YMCA. The rates, surprisingly to me, are not much less expensive than other types of health clubs in the Boston area, although their costs change a bit based on household income and they do give you a break when signing up more than one family member. Additionally, it does seem that you get quite a bit for your money - you are allowed to use any of their locations around the city and they have a wide variety of offerings, from swimming, to a climbing wall, to martial arts, to workout equipment and other wellness programs and classes (offerings seem to vary a bit by location). Check them out at www.ymcaboston.org

10. Check with your human resources office at work to find out if there are any exercise benefits available to you

Often, when you begin a new job, you are overwhelmed by the vast array of benefits available to you (which is a good thing!), and you do your best to choose the best options, return your packet to your human resources department, and begin devoting all your time to your job (also a good thing!), but forgetting about the benefits that are available to you. It may be worth a call to your human resources office to determine whether your company offers you any sort of gym membership or exercise benefit. This type of benefit, when available, will vary from company to company, but may often be a monthly amount of money for you to apply toward a gym membership. Sometimes it is offered directly by your employer, however more and more health insurance companies are including this type of benefit in their shift toward preventative care. So, if you have been with your company for a while, it might be something that has been added in the last few years, and you might not have noticed. At the very least, when you ask your human resources department about this, they will begin to notice that this is an important benefit and may even consider adding it in the future!

With all these ideas, don't forget that the most effective way to get in shape is always to combine exercise with a healthy diet. Remember also that getting in shape now will not only help you feel and look great in the upcoming warmer months, it will also help keep your finances on track in the long run. Health care is becoming more and more expensive over time and all signs point to costs continuing to grow. A major health problem in the future related to being out of shape could derail your financial plans. So, if you can get in shape inexpensively now, and manage to stay in shape over the long run, you will be doing yourself multiple favors.

Please respond to this blog entry and share your own ideas for inexpensive ways to get in shape around Boston this spring!

Be a Cheap Date this Valentine's Day!

2008-02-11T14:31:00.000-08:00

Have you ever noticed that Valentine's Day has the ability to make people really belligerent? It doesn't matter whether someone is a first date expert or whether they have been coupled for a long time - Valentine's Day can bring out some strong, often negative opinions! While it's obvious to more than just the cynical among us that this "holiday" was created to manipulate money from our pockets, it is still hard to avoid the romantic expectations of the day. Now, I'm as romantic as the next person, and I don't think that anyone is advocating throwing away romance all-together, but I do think that most people resent being told that they have to spend all sorts of money to be considered romantic. There are plenty of people who boycott Valentine's Day, and not necessarily because they can't stand public displays of affection, but because they don't equate hyper-consumerism with romance!

This week, on Valentine's Day, you have three choices, as I see it. You can avoid the day all-together; you can call around frantically and try to snag a reservation at a fancy, run-of-the-mill, EXPENSIVE restaurant, or you can get a little creative. You can celebrate true romance without hurting your budget or de-railing your long term goals. We need to get past the thinking that money equals love. That is a dangerous mindset, and furthermore, it is simply not true!

However, as we all know, it can be difficult to get creative in Boston, since it is such an expensive city. Especially in the winter time, when it is more difficult to find free or inexpensive, outdoor events, it's tempting to decide to take a break from dating and romance until the spring. I argue that there are plenty of creative solutions to this problem so that you can go on fun, romantic dates all year long and not worry too much about your budget. We all deserve a chance to participate in the cheesiest day of the year without emptying our bank accounts, or (worse) maxing out our credit cards!

I've compiled several great ideas for fun, romantic, creative and low-cost ways to enjoy each other and our great city!

1. Ice Skate and Cuddle over some Hot Chocolate

There are several wonderful options in the area for ice skating. You could go the more well-known, traditional route and go skating at the Frog Pond on Boston Common (which is a lot of fun!), but there are a couple of other great rinks in the area worth considering. The Charles Hotel in Harvard Square has a small rink outside its front doors. The best part about ice skating in Harvard Square is that you could head around the corner to L.A. Burdick's cafe afterwards for their highly acclaimed hot chocolate! Additionally, Kendall Square has a community skating rink. This Valentine's Day, it might be fun to check out the Kendall Square rink as they are offering a free ice skating show partway through the evening. Whichever one you choose, be sure to bundle up - you are sure to have a good time with your date!

Info for this Valentine's Day:
Frog Pond Skating, Boston Common - open Thursday 10am - 9pm (Admission $4pp, Skate Rental $8pp and Locker Rental $1)
Charles Hotel Ice Skating, Harvard Square - open Thursday 2pm - 8pm (Skates $5, Skating Fee $5)
L.A. Burdick's Harvard Square Cafe, 52D Brattle Street, Cambridge - Thursdays 8am - 9pm
Kendal Square Community Skating, 300 Athenaeum St., Cambridge - open Valentine's Day 12noon - 10pm (Admission $4pp, Skate Rental $5pp and Locker Rental $1)

2. Borrow a classic movie from the library and make your favorite meal together

Sometimes, there is nothing more romantic than a relaxing night at home together. First, be sure to shut off both cell phones, turn off the computers and make a promise to pay attention exclusively to each other for the evening. Decide on your favorite meal and then go shopping together to get the ingredients. Go back home and prepare it together. Light a couple of candles and enjoy your masterpiece! Then, snuggle up on the sofa and enjoy a classic romantic movie together. If you enjoy books more than movies, this idea would be equally romantic with a classic novel or book of poetry.

3. Go Roller Skating!

Travel back together to the time when there was nothing greater than taking a turn around the roller rink holding the hand of your crush! Enjoy some great music and a break at the snack bar together. You can show each other all your roller skating moves from back in the day!

Info for this Valentine's Day:
Chez Vous Roller Skating Rink, 11 Rhoades St. Dorchester, MA 02124 phone 617.825.6877 ($4 cheap skate on Thursdays includes skate rental)
Roller World, 425R Broadway, Saugus, MA 01906 781-231-1111 ($6 on Thursdays 3:00-5:30 - unclear whether skate rental is included)

4. Visit a Museum Together

It is a little known fact that there are some easy ways to visit some of our local cultural institutions for free. Spend Valentine's Day enjoying some local art, scientific exhibits, or checking out some marine wildlife (penguins are very romantic creatures, after all, as we learned in March of the Penguins). Showing off your cultural side could be very attractive to your date!

Some tips:
Most local public libraries allow you to borrow passes to the MFA, Science Museum or Aquarium for free! I recommend calling your library as available passes will vary by location.
The Institute for Contemporary Art (ICA) is FREE for all from 5 to 9 pm every Thursday for Target Free Thursday Nights

5. Play with the animals at the MSPCA

If you and your date are animal lovers (it probably helps to ask them first before planning this one!), I can recommend a great activity for you. The MSPCA-Angell Animal Care and Adoption Center is a wonderful facility full of dogs and cats that would love to play with you! This is especially a great activity if you both live in small apartment(s) in the city and can't have pets of your own. During adoption hours, you can usually just walk right in and visit all the animals. What a fun way to give love on Valentine's Day!

MSPCA Animal Care and Adoption Center, 350 South Huntington Avenue, Boston, MA 02130 (617) 522-5055 mspca.convio.net (Thursdays, Open 2pm - 7pm)

6. Go on a photo scavenger hunt downtown together

When you meet up after work, separately create lists for each other of funny/cheesy things that you and your date must capture with your cameras. Spend the evening combing the city together and taking turns finding items on each of your lists until you have completed both lists. Celebrate your accomplishments by taking the cameras back home, printing off the photos and creating an album of your memories over an inexpensive bottle of wine.

7. Tour Fenway Park

You have probably both been to Fenway Park many times to enjoy a game, perhaps you have even been together, but have either of you been "behind the scenes" at Fenway? If the Red Sox are the First Love of either you or your date, or both of you, this would be a great way to celebrate Valentine's Day! During the winter months, there is construction going on, so your tour will include the Press Box, State Street Pavilion Box, Red Sox Hall of Fame Plaques and the oldest seats in Major League History. Also, Pitchers and Catchers report today to Spring Training, so you'll be celebrating two "holidays" with this tour!

Info:
Tickets are $12pp. Hours are 9am - 3pm. Reservations are not accepted and walk-up sales are encouraged.

8. Enjoy a night at the theater!

There are inexpensive ways to enjoy more traditional dates in Boston. I have not found a better website than Goldstar.com for theater and event tickets. It is free to sign up for the website and each week, they will e-mail you the best deals around. Goldstar.com offers tickets to most of the local hot shows and events for half-price or less. I have not seen better prices anywhere, and for such a variety of events. I have not gotten around to ordering tickets from the site personally yet, but I hope to in the future. It's worth exploring, if you are interested in a date at the theater this Valentine's Day!

www.goldstar.com

9. Surprise your Date and take them out to Lunch

You may have noticed that none of my recommendations include dining out at restaurants. The easiest way to avoid spending lots of money during your date is to eat at home before you meet and then spend your time together focusing on activities not related to food. However, if you and your date would really enjoy having a meal out together, there are ways to do so less expensively. My first recommendation would be to surprise your date at work and take them out to lunch. Most of the time, restaurant lunch menus offer very similar fare to their dinners for half the cost. Additionally, neither of you will be tempted to order multiple alcoholic drinks (which can get very expensive) if you are headed back to work after your date. Also, there is something very romantic about escaping from your busy workplaces to steal some alone time, especially if you don't often see each other during the day!

10. Go out to Dinner

I know, I know - I just finished saying that going out to dinner in Boston is the easiest way to spend lots of money during your date! However, there are a few creative ways to dine less expensively. Also, I'm sure there are still a few of you who have gotten to the end of this list and feel that you can't get through Valentine's Day without taking your date out to a nice dinner, so this last item, #10, is for you! There are a few things that you can do. First, why not celebrate Valentine's Day on the following night? This year, this strategy is very convenient, since the night after Valentine's Day is a Friday. On Valentine's Day, many of the restaurants downtown are running an expensive, pre-fix menu. The following day, they will most often return to their regular menu, which is generally less expensive. Secondly, you and your date can decide ahead of time to eat your meal at the restaurant and then you can have drinks and dessert at home afterwards. A bottle of wine is much less expensive from the liquor store than from the restaurant. Finally, visit the website www.restaurant.com to purchase a discounted gift certificate to your favorite restaurant. The deals on the website are amazing. You can often get a $25 gift certificate for $10 or a $10 gift certificate for $3! Additionally, as a new customer to the site, you can usually find a coupon code online for half-off your first gift certificate. You can only use one certificate at a time, but the site is very convenient as you can pay online with a credit card and print the certificate off your printer before you head to the restaurant.

www.restaurant.com

With a little creativity, romance lives in Boston and it doesn't cost much at all!

Happy Valentine's Day!

I'm interested to hear your creative ideas for inexpensive dates in Boston, especially during the winter months. Please share your favorites!