Before I start writing about Christmas gift ideas that don’t suck I wanted to tell you this- – don’t buy anyone junk this year for Christmas. I personally hate junk— actually I will go as far as to say that I loathe junk.

What do I consider junk? Not to get off on a tangent but I do need to address this. Junk is any item you buy the person that they will not remotely care about within a few weeks. Junk is also clutter. Anything that will fill up the person’s living space and add no real value.

Yes I also know Christmas isn’t all about gifts and spending money but you don’t want to be remembered as a Scrooge either. Get someone you care about a Christmas gift that they will actually enjoy.

Christmas Gift Ideas That Don’t Suck:

Cologne/perfume.

Every guy/girl wears cologne or perfume. If not then stay away from me at a party. Scents have become one of the top Christmas gift ideas over the years for a reason. Every guy I know loves to wear cologne but none of us are particularly great at picking out the right smell. This is where a female opinion is needed. If you’re a guy that plans on purchasing perfume for a girlfriend then please request some assistance from one of the store’s employees. Your intentions are thoughtful but your perspective may not be ideal. Scents will definitely make every top to Christmas gifts list because you can never go wrong with smelling great.

MMA gym membership.

What are the hot Christmas gifts this year? A gym membership, specifically a MMA gym membership. One of the more unique Christmas gift ideas because every young guy talks about wanting to join an MMA gym but few get around to actually doing it. With the explosion in popularity of mixed martial arts, the gyms are slowly starting to creep up in communities all over North America. If you swing for a couples discount you can get a lower price and gym membership for the both of you.

Weekend getaway.

This is arguably one of the best Christmas gift ideas for Mom & Dad (if you have the money of course). It is also one of the best Christmas gifts for the hard to buy for because everyone loves to relax. Not only do you give your parents a chance to relax for a weekend but you also get the place to yourself. You can get them a hotel downtown or you can send them away to a nice bed & breakfast a few hours away. This can be very thoughtful and unfortunately very pricey.

Liquor store gift card.

This gift is more valuable where I live because there are fewer liquor stores around. This is a practical Christmas gift idea for any twenty-something on your gift list because alcohol purchases can become pretty significant with Christmas and New Years Eve so close to each other. This will easily be one of the top selling Christmas gifts among 20-somethings during a time of the year that isn’t exactly known for sobriety.

Concert/show tickets.

Anyone that lives remotely close to a city of any size knows that there is always some sort of a show or concert happening. Just don’t get your boyfriend a Jonas Brothers concert tickets because I really doubt he will use them (unless he’s into their music, which would be rather interesting).

Sporting event tickets.

You can never go wrong with a Christmas gift that lets someone attend their favorite sport or to watch their favorite team. You can even argue this would be the perfect Christmas gift for Dad. If you can find a way to get some NFL or NHL tickets at this time of the year then I’m positive that it will make the sports fan on your gift list very happy. If you’re a millionaire you can buy someone Toronto Maple Leafs tickets (for those that don’t know- the tickets to a Leafs game are very expensive, unless you are willing to stand in nose bleed section).

Day spa services.

I usually get my Mom this every year for her birthday. A nice relaxing day at the spa. This is the perfect Christmas gift idea for Mom because most Mothers wouldn’t pay for such a thing. Receiving it for free on the other hand is a luxury that they will not turn down. Another one of the perfect Christmas gifts for those hard to buy for.

Gift cards.

No, gift cards are not played out as a Christmas gift. A gift card to some one’s favorite retailer can be the ideal Christmas gift. This is usually an excellent cop out when you have no clue what to get a person. Hey at least you figured out what store to get the gift from. You deserve points for that. With a gift card you can’t go wrong since the gift receiver gets to decide what they purchase.

There you go a list of Christmas gift ideas that don’t suck. Now I want to hear from you guys what I missed on this list.

The other day after my intense work out I came home to drink a protein shake. A few hours went by and caved to temptation. I had a bag of Doritos. I know that there is no justification for eating such junk, especially when you are aware of the negative affects of such food. With that being said I am fairly content knowing that I’m conscious of what I eat, despite having  many flaws in my diet.

Every day that goes on I am financially tempted to blow money on something. Often I do cave in and find myself buying stuff I really shouldn’t buy. Once again I’m content knowing that despite the many flaws in my financial system, I am still on the right track.

What is the point of all of this?

How does this all tie in?

I wanted to to discuss the road to debt repayment and the process of getting out of debt in general.

Are you on the getting out of debt journey?

Are you on the road to debt repayment?

What do I exactly mean by this?

There are many ways to get out of debt and unfortunately all of them involve hard work and sacrifice.

Your debt is decreasing. You are using a debt elimination method that is perfect for you. You have consolidated your student loans. You are starting to notice results. Every month your debt is lower and lower. You still have debt but you realize that it will be eliminated in the near future. With a few holes here and there, you are fairly aggressive towards paying off your debt.

You are slowly starting to consciously spend. You are at the point now where you plan most of your major purchases ahead of time. You won’t do any research before buying a sandwich but you will definitely check all sources when looking into a new cell phone. You know where your money goes a majority of the time and you are proud to have come this far.

You are better with your money but admittedly you still do splurge on occasion. The road to paying off your debt isn’t a smooth one at all. There will be plenty of curves, bumps, and possible accidents. Once in a while you will cave to all temptation and purchase something you didn’t plan for it. Don’t let this discourage you or bring you down. You are still on the journey to get out debt. You are only human and mistakes will happen while trying to get out debt.

Getting out of debt fast is perfect but… It won’t always work out as planned. Everyone reading this would love to get out of debt now but unless you get rich quick, it doesn’t look likely to happen. If you currently find yourself getting out of debt slowly, please don’t fret. You’re not the only person that had to wait to get out debt. It took you many years to acquire this debt and now will take you a few years to pay it all off.

Are you on the getting out of debt journey? If you are, please share you story.

(Note: This article is considered outside-the-boxing thinking because we are all aware of the negatives that are associated with cash advances.)

Payday loan companies are known to have some very clever marketing. I know that I have used a fairly negative connotation when discussing payday loans. I will not change my stance on them. I want all 20 something to learn how to avoid the cash advance trap. However, I am willing to discuss the concept of a 30 day payday loan and the usage of a cash advance.

Where is this 30 day payday loan discussion coming from? After my last article where I shared my thoughts on payday loan marketing tactics, a Studenomics reader posted an interesting comment which led to a very thought provoking conversation through email. Due to privacy issues and respect for my readers I will not go into the details of what Terry and I discussed. I’m willing to post Terry’s previous comments on the 30 day payday loan since they were made public under the discussion for my post on payday loan marketing tactics.

Terry:

Okay, I live on a poverty-level income, so I don’t think I have a spending problem.

Now I have two money-making issues:

1) I see some opportunities to buy some things at approx one-half their value and resell them on eBay for full value. (e.g. buy things for $10-$25 and sell for $20-$50)

2) In order to successfully execute #1 above, I need some computer upgrades (e.g. I’d have to post pictures of my items)

So in order to take advantage of these money-making opportunities, I need a little startup capital, which I can’t quite build on a poverty-level income.

When I shared my feedback and inquired for more details, Studenomics reader Terry responded with:

I’m thinking I’d need: (cost estimates high end to avoid overruns)

1) home internet service $40/mo + maybe one-time $50-$75 for modem/router

2) scanner $25

3) basic used windows computer (for compatibility with #1 and #2) $50

So I think a $200 30-day payday loan would be sufficient to get me started. I already have $500 of things to sell, which would repay the loan and provide cash for future purchases for resale.

I can’t think of a way to get started before I need to borrow money, since I’d need to take and post pictures and can’t do that from a library computer.

Before any decisions can be made or any forms can be filled out, this one question needs to be answered:

Do you really need this 30 day payday loan?

I realize that this question is difficult to answer. This is why I have listed some thoughts below to help you decide if a short term loan is right for your situation.

If you must use a short term loan then please be very careful. All of you reading this are intelligent grown up folks that are making a conscious effort to make correct financial decisions. Unfortunately, some of are friends and peers are not in the same frame of mind at this point in life. If you or someone you know is looking into a 30 day payday loan, the worst case scenario must be taken into consideration. Whenever I make an investment I think of the absolute worst thing that can happen, which is usually the possibility of losing all of the money invested. If you lose the money you borrow, will you be able to come up with the funds to pay off your new found debt?

Only under extreme circumstances should you consider a short term payday loan. Following the previous paragraph it would only make sense if I further elaborated on the severity of a short term loan. The risk you potentially take on through acquiring a payday loan to use for an investment is exorbitant. Borrowing the money signifies that you do not have liquid cash available at the moment. If the investment flops then you might have to borrow even more money to pay off your original 30 day payday loan. The potential reward needs to greatly out weigh the risk that you take on with your short term loan.

Will this 30 day payday loan be used for a once in a life time opportunity? As satirical as it may sound there are circumstances that are very rare that come to us. Whether it is an excellent business opportunity or the ability to purchase a desired item at a large discount. A friend of mine was saving up to buy a car he has had his heart set on for a long time. He found a similar model on sale and the owner was looking to get rid of it ASAP. Since my friend knew that this was a rare chance he took a short term loan to help him buy this car. At the end of the day, he paid off the short term loan and purchased this car at a much lower price than expected.

Please remember that payday cash advance loans are very expensive. Quick personal loans from a buddy are one thing but when you walk into an established loan-providing store you should expect to pay a pretty hefty premium on this money. I did some research and came up with varying percentage rates depending on the area. Simply put- the interest on a 30 day payday loan is much more than you could ever expect to earn for your money at your local bank.

There isn’t any affiliate links in this post and I am not trying to promote the idea of a 30 day payday loan. I just want to be as empathetic as possible and I want you guys to know that there is sometimes more to the situation than is present on the surface. If someone you know is looking into obtaining a short term loan I would not be so quick to judge them.

As the saying goes, “To effectively communicate, we must realize that we are all different in the way we perceive the world and use this understanding as a guide to our communication with others.” (Tony Robbins, and yes I promise to never use a corny quote again.)

No clever anecdotes. No sappy thoughts. Just a Happy Thanksgiving!

I am based out of Canada but out of respect for my American readers I’m taking the day off to eat turkey as well. Why not?

For those of you that are not celebrating Thanksgiving today or are waiting for those slow relatives to come over, please take a moment to go over some of the best posts from Studenomics in the month of November:

Guide To Kicking Butt In Your Toughest Courses - Exams are here and for many last year college students these will be the toughest exams ever. This quick no B.S guide shows you how to kick butt in those supposedly “difficult” courses.

How To Make Money Fast -A satirical piece looking at “easy” and “fast” ways to make money. Once your done reading it, I can welcome you to reality!

Are Twenty Somethings Not Saving Money?- A look at why our generation has such a bad rap for not saving money. Leave us alone!

Is Student Loans Consolidation Right For You?-Many young professionals are now reaching the point where it has been anywhere from 6 months to 6 years since graduating from college. With this comes an important decision- should you consolidate your student loans?

Black Friday Shopping Tips: Become a Sales Pro-This one is for all of the shoppers tomorrow. Be prepared for the shopping mayhem that is known as “Black Friday.”

Enjoy the articles and more important of all enjoy Thanksgiving (if celebrating)!

Why do I have a online high interest savings account?

Higher interest rate

Well higher than a regular checking out. I’m not going to be an ING Direct or Smarty Pig shill, I will tell you how I really feel. The current interest rates are nothing special. The online savings accounts were very enticing to join when they were at near 4% but those rates have since gone down. With that being said, it’s important to note that there is no risk and you will earn more money with an online savings account than you could with your standard brick-and-mortar account.

Online savings accounts are cheap and convenient

I transfer the money from my checking account to my online savings account from my laptop while laying in bed. It’s so simple. There are no entry fees. No monthly fees. No fees period. Compared to the traditional method of walking to your local bank with your check/money in hand and dealing with bank tellers, online banking is very convenient. You can potentially go for years without ever stepping foot into a bank. I don’t know about you guys but I’m not too fond about going to the bank very often (unless they are calling me in to tell me I have too much money).

Barrier for spending money

Knowing I have to wait 3-5 days to transfer the money from my savings account into my standard checking account forces me to plan ahead. All twenty-somethings know how important this can be. Especially in a day and age where there is a plethora of options for going out and spending money, anywhere from something as simple as a night at a bar to going out for a live sporting event. Last minute offers can catch us off guard when our judgment isn’t the greatest. The end result is usually a random splurge that we clearly did not anticipate. Having my money locked away is a much needed barrier that prevents SOME of the spur of the moment purchases I have been known to make.

Ability to open and label separate accounts

As ridiculous and childish as this may sound- I love the fact that I can create separate accounts with separate labels with my online savings account at ING Direct. Online banking is simply the way of the future and I feel banks must innovate. Such a small product feature entices me to have an online savings account in tact.

I have a savings account which I labeled, “Vacation” and every week $20 is transferred over, slowly accumulating until I have enough money for a trip. I also have another savings account where I store my online income (pretty soon there will enough money in this account for a Ferrari- well a Ferrari poster). Then of course I got my regular savings account. Being able to rename my accounts is important to ME because it allows me to set goals. The question is, what is important to you from a savings account?

Why do you engage in online banking and online savings accounts? If you don’t, then why not? Is online banking right for you or not?

Black Friday is coming up, December is just around the corner, and yes Christmas shopping is here! The Christmas shopping season is known to cause emotional and financial stress. Emotional stress because it seems like you can never find the perfect gift for everyone on your Christmas list. Financial stress is caused because spending lots of money for the ideal gift has become somewhat of an axiom. This is why I am here to share some Christmas shopping tips with you guys for this holiday season:

Look out for post holiday discounts. First and foremost post-Christmas shopping needs to be kept in mind. Not only is Boxing Day the greatest day of the year because it is my birthday but there are major deals happening that day.

Watch your credit card usage. This has happened to everyone at some point. You use your credit card to buy your friend a new shirt, you swipe again when you find the perfect gift for your Dad, and so forth. Fast forward a few weeks and January rolls around to smack you in the face with a nice fat credit card bill. All of those small purchases have been tallied up and the result is a credit card bill that will take months to pay off. Watch your credit card usage. Keep note of every time your credit card leaves your wallet. Remember that Santa Clause has a pre-paid credit card.

(See Good Financial Cents for more Holiday Credit Card Spending Tips.)

Have a list with a rough idea of what to get each person. This is probably my biggest mistake every holiday shopping season. I walk into a mall without any idea of what to get certain people. As a result this means that I have no clue on how much money I will spend on each person. This also means that I wasn’t paying attention in the weeks leading up to Christmas. If you pay close attention you will know what to get every person on your Christmas list before you even enter the shopping mall. Yes I know Santa Clause has an unfair advantage over us because he receives a Christmas list from each individual person, but we still need to put the pieces together to figure out what to get everyone.

Set a reasonable budget. You don’t want to be the cheap friend nor do you want to blow your life savings on gifts. I realize that Christmas shopping isn’t all about money but don’t let that be an excuse to get your brother a bar of soap. Set aside a reasonable amount of money and make sure that you try to stay within this budget. Santa Clause has an unlimited budget, you don’t.

Take advantage of retail returns. When the in-store return date has expired many credit card companies give you “return protection” allowing you to return most gifts up until 90 days of the original purchase. Not saying that this will happen but it’s very likely you could get your girlfriend the wrong gift.

I have probably missed at least 50 Christmas shopping tips so it’s time for you guys to share some with me!

(I promise to try to make the topic of online savings accounts as interesting as I possibly can.)

What is this online high interest savings account all about?

Of all the financial products out there today, some are getting more attention and some deserve to be more popular. One of the financial instruments that is helping people save more money is an online high yield savings account. When it comes to putting money away for the future, people can either use a traditional savings account or any of the other less secure measures for growing money. An online savings account is a bank account that does not have a traditional brick-and-mortar setup, meaning that there are no physical banks on your street corner. Through the elimination of major overhead costs, online banks are able to offer higher interest rates and improved customer service.

What are the benefits of an online savings account?

Security

Though making the dollars grow is a big deal as well, ensuring that the money will be safe is something that every consumer can relate to. With the FDIC insurance, you will have up to $250,000 worth of protection in case something happens to your cash. This federal insurance is about as good as you are going to find in the financial world today.

Convenience

When I get paid from work the money goes into my checking account. From there I click a few buttons and transfer the money to my ING Direct online savings account. The whole point of a savings account is so that you do not frequently withdraw money. With that being said, it’s critical to note that if an emergency were to happen you will receive your funds from your savings account into your checking account within 3-5 business days.

More money with an online savings account

With your money safe in online high yield savings accounts, you have to be concerned with another issue, as well. You have to make sure that you are giving your money the best chance to grow, as well. As  mentioned earlier in the article, the elimination of physical bank locations allows these online banks to save more money and pass the savings down to the customers.

Smarty Pig is currently offering 2.01% and ING Direct is offering 1.05%. Definitely not going to get rich quick but your money will grow faster than it would in a traditional checking account (where most people surprisingly keep their money).

The high yield aspect of these accounts is the obvious draw. In some instances, you can get an interest rate at 2% or more with online savings accounts, depending upon how much money you want to put into the account. That is a big time yield and it is certainly more than you are going to get from some of the brick-and-mortar savings accounts out there. Making your money grow more quickly has to be a huge concern, which is primarily why online high yield savings accounts have grown so much in popularity. This combination of security for your money and absolute potential for growth is something that many traditional banks just can’t offer. The financial world is moving to the internet and these online high yield savings accounts are the way of the future.

Now it’s time to answer the fundamental question of this post- Should I bother with a online high interest savings account?

If you are really comfortable with your current bank setup and really appreciate the customer service at your local then I would suggest that you do not switch to an online savings account.

If you are looking to grow your money, earn a higher interest rate, have your money locked away, and know that your money is securely growing then by all means consider signing up for a high yield online savings account. (I am currently using ING Direct)

Just to add to the first point. Even if you are satisfied with your current brick-and-mortar banking account there is nothing wrong with opening up a separate online savings account. This is what I’m doing at the moment and have not encountered any issues yet. The money goes straight into my checking account and then is transferred into my other separate accounts (online savings, retirement, vacation account).

For us twenty somethings it is very beneficial to have our money locked away. There have been so many nights where my judgment fades and I want to access my money. Thankfully a major chunk of my money is in an online savings account that I do not have immediate access to. It doesn’t matter if your financial decisions are based on emotions or pure math it makes sense to at least give it a try and open up an online savings account.

Where do you keep your money?

(Full disclosure: As you can tell I support ING Direct. I have had this savings account long before I even knew what a personal finance blog was. I just want you guys to be aware of this bias.)

Get Rich Slowly suggests we master our money with a financial health day.

College Candy discuses the concept of studying abroad.

Mighty Bargain Hunter writes about how convenience credit card users are not the best customers.

Amateur Asset Allocation presents eliminating credit card debt for dummies.

Amateur Financier shares the easy way of investing.

Budgets are Sexy shows us how to keep money by obeying the law.

Carnivals:

Carnival of Money Hackers @ Gather Little By Little

Carnival of Debt Reduction @ The Mighty Bargain Hunter

Carnival of Personal Finance @ M is for Money

Thanksgiving is almost upon us and the Black Friday sales are slowly being revealed by retailers. You can’t go anywhere in the cyber world or the real world without hearing about the amazing Black Friday doorbuster sales that are coming.

Before Black Friday hits and you find yourself stuck trying to find parking for 2 hours it’s important that you are prepared for this event. I have no clue as to where did the term Black Friday come from but I can share some Black Friday shopping tips to help you become a sales pro:

Create a detailed list of what you want based on fliers. If there is something (or 345 things) on your Christmas wish list that is featured in a flier promoting Black Friday sales then make a note of it. You should try to be as meticulous as possible when keeping up with Black Friday ads. The reason for this is so that you can purchase as many of your NEEDED items as possible and a minimal amount of the filler stuff.

Check online fliers. The Monday following Thanksgiving is known as “Cyber Monday” and it is the online version of Black Friday. With that being said, don’t for one second assume that there won’t be any deals offered in the cyber retail realm.

Do not force anyone to go shopping you. This is a huge pet peeve of mine. I absolutely hate it when I’m forced to go shopping. Don’t get me wrong I’ m not some dude that never shops. I just hate to be dragged along for a whole day of deal finding and rummaging through countless piles when I could be at home doing something more productive.

Bringing a shopping partner. Don’t force anyone to go shopping with you but if someone is willing to go with you then take advantage of this. If both of you have similar interests then you will have an easier time filtering out the junk and finding the deals that truly matter to you guys.

Only spend money you have. This doesn’t necessarily restrict you to just cash. I often will use my credit card and then simply transfer the money over from my checking account when I get home. Black Friday sales are an easy way to rack up credit card debt that will follow you for a long time.

Check online merchants throughout the day. I remember going on Amazon at random times during the day to find some exceptional deals. Online merchants are aware that many users are out and about at the shopping malls and

Final thoughts:

Okay do you really have to shop? The reason I ask this is because I could use some new clothes but I do not under any circumstances NEED any new clothes. My girlfriend is always bothering about my wardrobe (and other things) but I feel that I have soo many shirts and jeans that I haven’t worn in years.

One of my most important Black Friday shopping tips is to cut down your random purchases as much as possible. 80% off anything is always enticing. I mean ALWAYS. We have all bought an item simply because it was 80% cheaper. Watch out for this phenomenon as you look through Black Friday shopping sales.

Additional Black Friday resources from around the blogosphere:

Some thoughts on Black Friday @ The Simple Dollar

Christmas Shopping – Black Friday , Cyber Monday , and Beyond @ Cash Money Life

Holiday Shopping: Tips For Black Friday & Cyber Monday @ Moolanomy

Tips For Shopping Black Friday & Cyber Monday @ Free From Broke

Black Friday Shopping Tips: How To Get The Best Deals On The Things On Your List @ Bible Money Matters

If you’re a college student that juggles studies with work you know how difficult it can get at times. You know what I’m referring to- the long days, the short sleeps, early morning anxiety, and the last minute stress.

I was initially going to throw out a list of ways to stay motivated as a college student that holds a job but I figured I would just say write whatever is on my mind without any particular format. It is a blog after all, right?

Just remember that it will all be over one day. Your studies will be completed. You will have a degree in your hand. You will graduate from college debt free or with minimal student debt. You may even have some money saved up in your bank account. This financially buffer will alleviate some of the stress that comes along with the career hunt after college. You won’t have to jump at the first offer that comes your way (unless it’s an amazing one).

Obviously life won’t get easier after college but at least the stress of studying for exams and worrying about earning the grades you want will go away. Now you can push yourself in a totally different discipline. The discipline of the real world. The discipline of finding that first career and negotiating your starting salary.

Another way to stay motivated when working during the school year is to use some of the money to reward yourself. This doesn’t mean to pick up a serious drinking or smoking habit. That will only make things worse for you. However, there is nothing wrong with planning a weekend trip a few times a semester. I choose to plan a week vacation at the end of every semester to keep me sane and motivated throughout the tough times. In the back of my mind I stay focused knowing that once I write my final exam I will be gone for a week.

Others just simply need a quick escape at the end of the day or at the end of a long week to stay motivated while working through college. What is the escape for you? Some common escapes include: alone time, playing video games, a free drinks with friends, a workout, playing your favorite sport, etc.

Before I conclude I wanted to throw out one more idea. Think of working as a way to keep yourself focused and out of trouble. If you were not to work you may spend most of your time studying. On the other hand, all of that free time may not be good for you. Personally I know that free time is not the best option for me. When I have free time my mind tends to wander. I look at my to-do list in the morning and then by night time the list remains identical. On paper free time is perfect for completing all of your school work. Realistically, let’s be honest. Most of the free time is spent watching the Hills or old UFC fights. So if you ever are low on time, look at it from this perspective. If you were at home there is no guarantee you would be 100% focused on your school.

How do you stay motivated while working during the school year?