Each month I provide an update on how we’re tracking toward our goals. I break it down between Net Worth and Goals for the year.

Net Worth:

Not much to report this month. We’re slightly down which was largely the 401k. We also dipped into our Emergency Fund to pre-buy a supply of propane (used to heat our house) to take us through the winter. By doing so we were able to lock in a rate of $2.10/gallon, last year we paid as much as $2.75/gallon. So while it looks like we took a hit to the Emergency Fund, we’re saving around $300 and I don’t have to stress about propane rates skyrocketing.

Here’s the breakdown:

Emergency Fund: -798.05

Brokerage Accounts: -158.15

401K: -1662.93

College 529 Savings: -45.80

Boat loan: -268.11

Note: Although I include our vehicles and boat in our net worth, I don’t reassess their value each month. I value them conservatively using Kelley Blue Book and update once or twice a year.

2010 Goals:

Emergency Fund Set aside 8 months living expenses in Emergency Fund ($25K)

- 6.9 months saved

Pay down debt Add $130 to boat payment. This alone will shave 5.5 years off the loan and save nearly $12,000 dollars in interest.

– Completed! Now the goal is to pay this off next year and then we’ll be debt free!

College Savings Fund We deposited $1000 this year. Next year we’ll start auto payments of $100/month. Once we pay off our debt we’ll bump it up to $250/month.

Personal Finance blog

Revised Goals (As of April 2010)

• Post 4-5 times a week
• Break 100K in Alexa by the end of the year – I will need to move an average of 520 places a day to achieve this.
• Average 10K visitors per month – I think this is achievable but requires that I more than triple my readership.
• Increase my Google page rank to 3

When I joined the Yakezie Challenge on March 10, 2010:

• My Alexa ranking was 3,989,292
• I was not listed on the Wisebread 100+
• I only received a handful of visitors each day
• My Google page rank was 0

July 2010:

• My Alexa ranking is 177,461
• I am # 120 on the Wisebread 100+
• 90 – 120 visitors a day
• My Google page rank is 1

Update: I’ve started posting again but not regularly. I wish I could say I’ll be getting back to a regular routine, but my son changes so much every week. He’s now awake more during the day which means even less free time. I need to learn to write faster!

Today:

• My Alexa ranking is 184,724
• I am # 129 on the Wisebread 100+
• As of this week I am averaging between 120 visitors a day
• My Google page rank is 1

The following is a guest post by Michael Trinkle of ForexTraders.com.

The popularity of foreign exchange trading over the past five years has been nothing short of phenomenal.  Flexibility and ease of use have been the hallmarks of this investment vehicle, drawing countless throngs of beginners to forex trading platforms eager to trade their way to wealth and prosperity.  Unfortunately, these “newbies” fail in abundance and fail quickly due to their impatience and inexperience.  Like any other performance-driven skill, there are no shortcuts to success.  You must invest the time if you want any chance at making money at this art form.  Following a disciplined approach to the market is key at all times when trading in these volatile waters.

Your instruction regimen should be just as disciplined as when you eventually trade.  Here is a structured outline to follow:

1)      Awareness:  Immerse yourself in everything having to do with Forex.  Read as much as you can on the Internet, at the bookstore, or at your local library.  Review a forex glossary.  The goal here is to become familiar with the language of foreign exchange so that you make the most effective use of your time going forward.

2)      Tutorial:  Accept that you are an amateur.  No need for ego at this stage.  You must enroll in a class and learn your skills from a mentor who will teach you the field, technical and fundamental analysis, where to find the right information, how to trade and develop a winning system, how to recognize patterns and trends, how to avoid fraud, and how to mitigate risk of loss.

3)      Broker:  There are many out there.  How do you choose?  Check reviews on the Internet, talk to other traders, and stay onshore.  Do not choose your business partner because of the amount of leverage or the special deal he is offering.  The potential for fraud is high in those cases, so be safe, rather than sorry.

4)      Trading Platform:  Your broker will most likely have his own or allow you to hook up with your own.  The “Metatrader 4” forex trading platform is the most popular around, downloadable from a variety of sites, and supported by the best brokers.  You must become adept at using all the tools necessary to review the forex market, to trade, and to protect your downside.

5)      Forex Demo Account:  VERY IMPORTANT!!!  Practice is the only way to get experience before you put your real money at risk.  Successful traders have admitted in surveys that they practiced from 3-6 months, some even a year, to gain the confidence and achieve the level of consistency that they needed to profit from forex trading. Your objectives here are multi-fold:

• You must develop your personal trading system whereby you determine your entry and exit points BEFORE you place a position in the market.  You must assess your potential risk AND place stop loss orders or trailing stops to prevent the market from wiping you out.
• Forex trading is not about winning every time.  You will lose on trades, as well as win, but your objective is to have consistent gains, or net profits, over time.  Stay on your demo system until you are satisfied with your level of consistency;
• Psychology plays a huge role in trading.  To be successful, you must prevent your emotions from entering the game, or you will hold on to losers and cut your winners before they have a chance to run.  Many of the reasons for a disciplined approach is to preclude your mind from undoing your best laid plans.  Do it by the numbers!

6)      Real-time Trading Intro:  Real-time trading may appear different than your demo system.  Since this transition to putting your real money on the line can upset your balance, it is recommended to start with mini-lots of $100 to get accustomed to the new environment.  Orders may take longer to execute.  Your mind may play tricks on you since real money is at stake.  Caution is your friend.  Never bet the bank at this stage.

7)      Trading for Real:  OK!  You have invested your time wisely to get to this point.  You have perfected your trading skills.  You will approach the market every time with a well conceived plan beforehand.  Forex trading is not about gambling – it is a profession where skill is used to your advantage.  Now that you have honed your skill, do as Nike says, “Just do it!”

Success at any investment activity requires knowledge, experience, and the ability to control one’s emotions.  There are no shortcuts to achieving all three requirements.  You must invest the time first before you can have any chance at earning the title of “forex trader”.  Practice until your trading approach becomes second nature.  Follow the outline above, and don’t forget to have fun, too!

What started as an effort by a small group of Personal Finance bloggers to help each other increase their Alexa ratings has evolved into a 100+ strong network. And now a new challenge has emerged and it is this: to use the collective power of the Yakezie Network to selflessly help others though our services, expertise and by monetary means such as scholarships. The second challenge commenced on August 16th with the launch of Yakezie.com. Over the coming weeks Yakezie.com will be showcasing the awesome bloggers that make up this network, so head on over and check it out. And come back often to watch the challenge take shape!

In the meantime, I have the privilege of hosting this week’s Yakezie Carnival. Check out some of the best in personal finance this week.

Millionaire’s Need Love To! @FinancialSamurai

How to Avoid Paying Your Credit Card Bill @SweatingTheBigStuff

Banks or Money in the Sock Drawer @FinanciallyDigital

If this is true then the US (and the UK for that matter) is doomed @RetirementInvestingToday

5 Tips On How to Negotiate A Car Loan @MoneyCrashers

What Is A Secured Credit Card? @FreeFromBroke

How I Almost Got Scammed: Lessons Learned from Trouble in “Paradise” @InvestItWisely

Chase Sapphire Preferred Card – Is the 25k Point Bonus Worth It? @NerdWallet

Ticketmaster’s New Blog (And Why I Hate Them Even More Now.) @LenPenzodotCom

Beware: Realtors Do Better for Themselves than Their Clients @DarwinsMoney

Gold: Is It Time To Buy or Time To Sell? @TheMillionaireNurse

Living With Your Parents While Being Young, Successful And Married @MoneyReasons

How to Get Your Money’s Worth at an All You Can Eat Buffet @youngandthrifty

Deal or No Deal or Which Deal: Our Timeshare @FrugalConfessions

How to Successfully Budget For an Irregular Income @PersonalFinanceByTheBook

Being Judged Cheap and Wasteful At the SAME TIME @ BudgetingintheFunStuff

Baby Costs: Saving Up for a Newborn @RainyDaySaver

CVS Shopping for the Week of 8.15.10 – Saved $180, Spent $2, and Made $65! @KNSFinancial

Should You Eat Your Eggs? @Bucksome Boomer

Responsibility and Your Finances @jondegroff

Freshman Finances: Getting the best student checking account @WealthInformatics

Is extreme frugality for you @RoshawnWatson

Too Much Financial Advice? [Devotion] @OneMoneyDesign

NEED EXTRA MONEY?: Do Not Do This! @BarbaraFriedbergPersonalFinance

Perform Your Own Home Energy Audit To Help Save Money on Your Utility Expenses @FamilyBalanceSheet

The One Asset You’ll Always Have @FinanciallyPoor

Budget Like a Dictator (Review and Giveaway) @FrugalZeitgeist

How to Make Your First Budget @MoneyHelpForChristians

What Factors Affect Your Credit Score? @NotMadeOfMoney

8 Exceptions to the 10% Penalty for an Early IRA Withdrawal @RedeemingRiches

Don’t Let the Naysayers Get You Down @MoneyCrush

8 Painless Ways to Save Money @LiveRealNow

Getting ready for a new baby can be overwhelming. There are a gazillion products for babies. And if you’re like me, a new mother with zero experience with babies, you probably have no idea where to start. You don’t want to spend a lot of money on things you may never use.

My son is now 3 months old and we’ve learned a lot about what is really useful and what you can simply do without. In this post I’m going to tell you everything we’ve learned (so far) and I’ll share what we’re using and why.

Nursery

Crib – Even if you get a Co-Sleeper or bassinet or if your baby sleeps with you a crib is still great to have. It’s a safe place to put your baby down during the day.

Bedding – You’ll want at least two fitted sheets for the crib, one to use and one to swap out when you’re doing the laundry. We use a mattress pad as well.

Changing Table – In my opinion this is the single most important piece of furniture in the nursery. Trust me, you’ll be spending a lot of time here! This is one of the few things that we bought new. I deliberated quite a while over which table to get. Most changing tables have a shelf and I couldn’t quite figure out how that was useful. Then I came across this table with three drawers and a hamper. I absolutely love it! It’s so convenient to have the hamper right there to toss in poopy clothes (hello blowouts!) and the drawers are perfect for storing diapers.

Swing – I know every baby is different, but for us our swing has been a lifesaver. Baby Frugal loves the motion and will take nice long naps in it. It affords me luxuries like taking a shower or eating a meal uninterrupted. We bought this papasan swing because it looked very comfy and safe and it’s one of the only ones that can use an AC adapter and batteries. For some reason most models only use batteries which can get expensive if you use it a lot.

Comfy Chair – Whether you are bottle feeding or nursing you’ll want a nice comfy chair to feed your baby in, preferably one with padded side arms and an ottoman or foot stool. We have a leather club chair and ottoman that we moved into the nursery. I didn’t know it at the time but leather is nice because I guarantee you will get spit up on the chair and with leather it’s easy to wipe off.

Mobile – This is one thing that I didn’t really see the point in getting initially. But we got one as a hand-me-down, a very cute one with fire hydrants and Dalmatians that you wind up. Baby Frugal loved it! When we’d turn it on he would laugh and squeal in delight. The problem was that the wind up mobiles only last like 3 minutes. So I’d put it on and go do the dishes. But every three minutes I’d be heading back to the nursery to wind it up again. Suck! So Mr. Frugal found this one that takes batteries and runs for 20 minutes before shutting off. Hallelujah! I can now get through the dishes! Note, until babies vision gets better and they start to track on objects (about 4-6 weeks) they may not respond to the mobile.

Feeding

Pump – If you plan to breastfeed I recommend that you also have a pump. You may need it for a variety of reasons: Pump at work, establish and maintain your milk supply, build up a supply to freeze for an emergency. Medela Pumps are supposedly the best on the market. Initially I used a First Years until it lost suction (after about 2 weeks) and then switched to a Medela Pump In Style. There’s no comparison.

Frugal tip: Medela pumps cost $250-$350 new but you can find them on Craigslist for up to a third of that. I got mine for $100.

Bottles/Nipples – If you are going to breastfeed but will need to introduce a bottle, I highly recommend the Breastflow nipples. They are designed to be close to the shape of the breast and mimic the sucking action that an infant uses on the breast. This is supposed to minimize the risk that introducing the bottle might confuse your baby and cause him to reject the breast.

Bottle Rack – These really are useful in allowing airflow into the bottles to dry them properly.

Bottle Brush – You’ll want to have a bottle brush dedicated to washing bottles. I prefer a brush with bristles only.

Burp Cloth – It never occurred to us to buy burp cloths, but after a couple days of frequent changes due to spit up I ran to my local Babies R Us to get some. I like flannel ones as they quickly absorb liquid.

Frugal tip: You can also use old hand towels as burp cloths as they are the right size and absorb well.

Pacifiers – I know some babies never take them but my son really likes his. It’s probably a good idea to have at least one handy. I’ve used both Soothie (which they use in hospitals) and Mam. I prefer Mam as they’re contoured to his face more than Soothie so they don’t fall out as much.

Diapers/Changing

Diapers – In the first couple years this will be your greatest expense. You want one that is effective (containment), comfortable and inexpensive. By now we’ve tried most major brands, here’s our experience:

• Pampers – Like them, but frequent blowouts in back (worst kind because it gets everywhere). Expensive at .19/diaper
• Huggies – Like these too, but frequent blowout around the legs. Also expensive at .19/diapers
• Up and Up (Target brand) – These are by far the best AND the cheapest! Score! We’ve had very few blowouts with these diapers. And they are a great value at .14/diaper
• Kirkland (Costco brand) – I’ve read positive reviews on the Costco brand diapers and they are the cheapest at .13/diaper. We haven’t tried them yet as they don’t carry size 2 which is what my son is currently wearing.

Wipes – You’ll go through a lot of these too! I really like the Kirkland (Costco) wipes. They are all natural, contain no alcohol and also aren’t too wet. Wet bottoms lead to diaper rash. They’re also the least expensive along with Target Up and Up wipes.

Diaper Rash Cream – Keeping your babies bum dry is the best way to avoid diaper rash but it’s almost inevitable that they’ll get it to some degree. I keep a tube on the changing table so anytime I spot any signs of diaper rash I just dab some on.

Hand Sanitizer – You won’t always be able to run and wash your hands after changing baby so I keep a bottle of hand sanitizer on the changing table.

Diaper Pail – Oh how I love my diaper pail! I’ve heard some people say they’re not necessary, to those people I say your olfactory system is failing you. We got this one at our baby shower and I love it. It holds a lot and does a great job of containing odor.

Health and Hygiene

Bath Tub – Once that umbilical cord stump falls off you’ll be able to bathe baby. Some people use the tub or the sink, but I really like having a baby tub as it helps keep baby propped up while you’re washing him.

Baby Cleanser – You’ll want a mild cleanser like Johnson and Johnson that won’t irritate your babies eyes.

Baby Towels – Baby specific towels aren’t totally necessary, but they are more lightweight and have a little hood to keep their head warm.

Nail Clippers – It is amazing how sharp a babies nails are and how fast they grow. They have a tendency to scratch their faces so you’ll want to be diligent in keeping them trimmed and filed smooth.

Thermometer – You’ll want to keep one of these on hand. You don’t want to have to run to the drugstore in the middle of the night if you suspect your baby is running a fever but aren’t sure. And your Pediatrician will want to know their temperature when you call. If you get a digital thermometer you’ll want to test it out. You don’t want to have to figure it out when baby is sick and fussy.

Clothing

Daytime – You’ll be changing diapers frequently so you’ll want something that gives easy access to that region. So far the only thing I’ve dressed Baby Frugal in is a onesie.

Sleep – It’s not a good idea to put your baby down to sleep with blankets so you want to dress him warmly. I dress him in long sleeve footed pajamas, but you can also get sleep sacks that fit over a onesie.

Hats – If you’re having a baby in colder months you’ll definitely want to invest in some knit hats to keep baby warm.

Travel

Diaper Bag – There are a ton of diaper bags to choose from. We got the Diaper Dude as a shower gift and it is awesome. It looks more like a messenger bag so my husband doesn’t mind carrying it. And it has lots of space and compartments and comes with a changing pad. I stock my bag with diapers, wipes, hand sanitizer wipes, an extra pacifier, a blanket and burp cloth, extra outfits, diaper rash cream and granola bars for a healthy snack when I’m on the go.

Baby Carrier – We got the Ergo Baby Carrier as a shower gift and it is great. It doesn’t hurt my back at all which is a common complaint I’ve heard about other carries.

Car Seat – You won’t be able to bring baby home without one. We use the Chicco Keyfit 30 and we’re very happy with it.

Stroller – Most strollers are kind of bulky and heavy. We have one but never use it. Instead we got this car seat carrier. It’s lightweight, opens with one hand and folds flat. It also has a basket underneath that holds quite a bit. I use this all the time.

When I was preparing for our baby I found a lot of advice on what to get, but very little explanation on why I need it or how will I use it so I hope you found this list helpful. But also keep in mind that every baby is different so what works for one may not for another.

And before buying anything new I highly recommend that you checkout Craigslist. Babies quickly outgrow things and so there is an abundance of gently used items that can be found for a fraction of the cost. Also, when I had my baby my hospital sent me home with a number of things like a manual breast pump, a cooler bag for milk/formula and some hygiene items for baby. So call the maternity ward where you plan to deliver and find out what they provide to avoid purchasing a duplicate. Finally, check with any friends with small children to see if they have any hand-me-downs. Parents are typically very happy to pass on items they are no longer using to expecting parents.

Related Posts From The Yakezie:

You CAN Afford That Baby – Ten Money Saving Tips @ Personal Finance By The Book

Frugal New Parents – What to Buy For a New Baby @ Money Funk

Parents: Before You Name Your Baby, Learn How to Spell @ Len Penzo dot Com

Welcome to Likes, Links and Random Musings! Every week I’ll share with you my favorite posts for the week. Check them out and if you like them leave a comment and let them know.

One word can sum up my week…harvest! It seems like everything in our Organic Garden is ripening right now. I’ve got cucumbers and tomatoes coming out of my ass! Ok, not literally, but we have so many right now I’m finding it hard to keep up. I tried my hand at canning this week with mixed results. My pickles and dilly beans came out beautifully while my tomatoes had too much air in the jars and failed to seal. I’m bummed but I’m not going to let those tomatoes own me. I will figure this out before the summer is over…no matter how many tomatoes are slaughtered in the process.

This week in Personal Finance and Frugality

Yahoo Finance shows us 15 Things You Shouldn’t Be Paying For.

America is fat because junk food is cheap and real food is expensive…or is it. Check out Grease’s Financial Crisis @ Punch Debt in the Face and find out.

My Financial Objectives shows us the difference between Income and Wealth. I wish I had realized the difference in my twenties like he has. He’s a sharp cookie!

Money Help For Christians gives us ideas on How to Graduate from College without Student Loan Debt. I’m going to save this and review it with Baby Frugal in 10-15 years when we get closer to sending him to college. Ok, maybe not. But I’ll remember the tips!

A clever guest post outlines Five Priceless Nuggets of Financial Wisdom from The Thomas Crown Affair @ Len Penzo dot Com. I think I actually want to see this movie now.

J. Money  shares his Life List @ Budgets are $exy. I’m inspired! I think I’ll blog about it…

Oh, my favorite guilty pleasure! youngandthrifty tells us How to Get Your Money’s Worth at an All You Can Eat Buffet. I loves me a buffet!

This week in Entrepreneurship

Erica goes out on a limb and tells us How to Manifest Large Sums of Money @ erica.biz

Mrs. Not Made of Money encourages us to Make Money Doing What You Love @ Not Made of Money. Reminds me of one of my favorite quotes, “Do what you love, love what you do.”

This is an older article, but oh so relevant for me right now. How about you? For Mompreneurs, Failure Is Not an Option @ Entrepreneur

And finally, Andy shares his resources in How to Make Money from Blogging, Medical Trials, and Mystery Shopping @ Tight Fisted Miser

CtbF around the Web

Blog Upkeep & Yakezie Link Rally @ My Financial Objectives

Personal Finance Roundup: Where to Find Coupon Codes to Save On Online Shopping @ Money Crashers

Personal Finance Roundup: Boosting Your Income @ Money Crashers

Summer Vacation Edition @ Money Smart Life

Did you know…

Microsoft, Disney, Genentech, McDonald’s, Southwest Airlines, Johnson & Johnson, and Krispy Kreme were all founded in recessions, depressions or bear markets.

And just because it’s totally awesome…

Roger Federer trick shot. I love him more than my Uggs (yes Uggs, and I wear them like it’s 1995!)

Dear Bank,

I am writing to inform you that I will not be “opting in” to your Overdraft Protection program. I can tell you are oh so eager to protect me from overdrafts…and subsequently charge me $35 each time. You have, after all, sent me 8 letters on the matter…but who’s counting?

It may surprise you that I don’t want to participate in a program that allows me to spend money that I don’t have. Call me crazy but I believe that if I don’t have enough money in my account for that latte or the latest Justin Bieber CD, I shouldn’t be able to buy it.

I know what you’re saying; what if I don’t know how much money is in my account? Overdraft Protection can spare me an embarrassing moment with the cashier. It’s ok, dear bank, you’ve already got me covered. You’ve made it easy for me to check my balance online, via text on my cell phone…or heck, there’s even an App for that.

And honestly, I can’t think of anything that I need so urgently that I’d be willing to pay a $35 premium.

So thanks, but no thanks.

Sincerely,
An Enlightened Consumer

The following article is a guest post by Alban, a personal finance writer at Home Loan Finder, where he offers tips and advice on how to choose and manage refinancing a home loan.

The summer vacation can stretch out before you and your family like an oasis and dotted amongst that expanse are activities which have become old favorites – the park, the beach and the swimming centre, but even these ideas can run dry over a long summer. Plus, you want to give your kids activities they will enjoy, as well as which will stimulate them, get them out of the house and get them moving and it is all too easy just to plonk them in front of the TV.

Instead, consider these 10 easy, inexpensive and exciting activities you can enjoy with your kids this summer.

1 Cardboard boxes

You can find large cardboard boxes at your local appliance or hardware store and you can often taken the boxes off their hands for free. Once you get them home, you can let your children’s imaginations run wild as they build castles, stores, a whole town or a cubby house.

Get out the craft box and your children can decorate their ‘homes’ with stickers or old wrapping paper. This is also a great opportunity for dress ups so you can meet each unique occupant of your cardboard box town.

2 Courses or workshops

Think about your child’s skills and strengths, and what they are interested in and look for courses or workshops being run in your area which may be right for them. Often the local hardware stores run workshops especially for kids where they can learn to build a birdhouse or a wooden planter box.

Alternatively you could visit the local library where there is often a story time and a craft workshop during the holidays. Or your community centre may also run affordable holiday courses which interest your child.

3 A backyard water park

The lawn needs a good soaking in the summer anyway so why not send the kids out in their swimsuits to enjoy the water too? Try and have your water park fun in the backyard in the evenings as this will be more effective for the lawn, plus your children can cool off before bedtime and you won’t need to leave the air conditioner on, saving you more money.

4 Gardening

Whether your child has made a planter box in a hardware shop course, or you already have a thriving garden, getting out into the dirt is always fun for them. As well as helping you with the weeding you could help your child plant a tree or start a vegetable garden as this will maintain their interest as the plant needs to be watered everyday and can then be harvested.

Also, if your children resist eating their vegetables, when they grow their own vegetables they are much more interested. Some easy to grow, quick harvest vegetables include radishes, rhubarb, tomatoes, lettuce and beans.

5 Origami

You can make just about anything with paper and you can find the instructions for origami online, or you can pick up a cheap origami book at the book shop. There are many different skills levels which will suit all children in your family and you can have hours of fun making paper planes, water bombs or noise makers.

Paper is very cheap and your kids are learning concentration and coordination skills, as well as learning how to follow instructions. You can even add some cardboard and create some paper sailboats to have races in the bath or in your children’s wading pool.

6 Communication and science

A string and cup phone is an affordable toy to create for your children and you don’t need to use a tin can as a Styrofoam cup will work just as well. At the same time you are encouraging siblings to work and play together as well as teaching them about physics and soundwaves – your kids will be amazed that no matter the distance, around corners and under doors the cup phone will still work as long as the strong is taught.

7 In the kitchen

There are numerous recipes for no-bake cakes and cookies, which won’t heat up your house as your kids get to work in the kitchen. You could even make ice cream or popsicles and this can be as simple as mixing up some juice or yogurt, sticking in a paddle pop stick and waiting for it to set.

You can also have your children help you with the makings of a picnic basket by buttering bread and putting together salads for a picnic in the backyard.

8 Outdoor cinema at home

You already have the picnic basket ready so head outside for a family picnic and movie night on the lawn. If you have a projector or can borrow one from work you can screen movies on the side of your house, or use a white sheet as a backdrop. If you don’t simply move the TV near the window or if you have the power, bring the whole TV outside for a movie night with a difference.

To make it really feel like a special adventure for your kids, invite friends or neighbors to ‘the movies’ as well.

9 Target practice

If you want to encourage development of your children’s coordination and concentration, set up rows of plastic cups partially filled with water and get out the water pistols. You can have different distances for different age groups or have each child move back a step when they knock down each target. Or you can run a tournament before the children inevitably turn the water pistols on each other.

10 Shop your house

You don’t need to go out and spend a lot of money on new toys to entertain your children over the summer because chances are you have a whole houseful of activities already. Therefore, make it an activity to pull things out of the cupboards at home and see what you find. You may come across a tent and can then plan a sleep out in the backyard with marshmallows and fireside stories – even if it’s a little too warm for the fire.

Or you may find a net which you can string up for games of volleyball or badminton, or a cricket set which can get all of the neighborhood children involved to make up team numbers. Plus, there are probably any number of board games and activity sets which have been stowed away and forgotten about, so there is no need to spend a fortune to entertain your family.

Last year we decided to get serious about our finances by building an emergency fund and tackling our debt. Ever since, I’ve been totally obsessed with getting out of debt.

We set goals, revised those goals to be more aggressive and then revised them again to be even more aggressive. I set a budget based on living lean and then I continued to scour the budget to find ways to cut our expenses even further.

And it’s paid off.

We’ve stashed nearly 8 months worth of expenses in our Emergency Fund and we’re on track to completely pay off our debt by the end of 2011.

Obsessing over debt paid off because we made a plan and stuck to it. Our plan is on autopilot and now it’s time to move on. Any energy I devote to getting out of debt now has limited returns because we’re doing everything we can do, we just need to keep doing it.

So now it’s time to move on. From this point forward I’m going to devote my energy to increasing our income. I’m a stay at home mom to my 2 month old son, so I’ll be focusing on online business opportunities. I’ll look at everything from monetizing this blog to starting an online business. And I’ll write about my journey here.

I hope by this time next year I’ll be kicking some butt on a new set of goals based on creating wealth.

Each month I provide an update on how we’re tracking toward our goals. I break it down between Net Worth and Goals for the year.

Net Worth:

Our Net Worth chart is once again heading up and to the right. Woo hoo!

This month I finally got around to selecting a 529 College Savings Plan for Baby Frugal. We went with the Iowa College Savings Plan managed by Vanguard. Darwin’s Money has a great post on 529 plans and why he chose the Iowa plan.

Thanks to Mr. Frugal getting an unexpected cash bonus our Emergency Fund is 92% funded…92% baby! So close, so very close.

Here’s the breakdown:

Emergency Fund: +1752.58

Brokerage Accounts: -306.34

401K: +8718.54

College 529 Savings: +1.37

Boat loan: -301.67

Note: Although I include our vehicles and boat in our net worth, I don’t reassess their value each month. I value them conservatively using Kelley Blue Book and update once or twice a year.

For a more detail you can check out our Net Worth report here.

2010 Goals:

Emergency Fund Set aside 8 months living expenses in Emergency Fund ($25K)

UPDATE: 7.2 months saved!

Pay down debt Add $130 to boat payment. This alone will shave 5.5 years off the loan and save nearly $12,000 dollars in interest.

UPDATE: Completed! Now the goal is to pay this off next year and then we’ll be debt free!

College Savings Fund Establish a College Savings Fund for Baby Frugal.

UPDATE: As I stated above we chose the Iowa Plan. We deposited $1000 this year. Next year we’ll start auto payments of $100/month. Once we pay off our debt we’ll bump it up to $250/month.

Personal Finance blog

Revised Goals (As of April 2010)

• Post 4-5 times a week
• Break 100K in Alexa by the end of the year – I will need to move an average of 520 places a day to achieve this.
• Average 10K visitors per month – I think this is achievable but requires that I more than triple my readership.
• Increase my Google page rank to 3

When I joined the Yakezie Challenge on March 10, 2010:

• My Alexa ranking was 3,989,292
• I was not listed on the Wisebread 100+
• I only received a handful of visitors each day
• My Google page rank was 0

July 2010:

• My Alexa ranking is 150,911
• I am # 117 on the Wisebread 100+
• As of this week I am averaging between 60 – 80 visitors a day
• My Google page rank is 1

UPDATE: I’ve started posting again but not regularly. I wish I could say I’ll be getting back to a regular routine but my son changes so much every week. He’s now awake more during the day which means even less free time. I just need to learn to write faster!

Today:

• My Alexa ranking is 177,461
• I am # 120 on the Wisebread 100+
• As of this week I am averaging between 90 – 120 visitors a day
• My Google page rank is 1

In this month’s edition of Money Magazine they interviewed 100 dedicated savers to learn their stories and find out the tactics they employ to save 35-60% of their income. All of these couples and individuals are well on their way to a very comfortable early retirement.

1. They set goals, and they make them specific.

Behavioral finance experts have found that earmarking accounts for particular goals can have a dramatic effect on savings rates. In a 2009 study, Amar Cheema of the University of Virginia and Dilip Soman of the University of Toronto found that labeling a college fund with the child’s name nearly doubled how much was saved. “When you know what you’re saving for, it’s close to your heart and you’ll feel regret if you stop,” says Cheema.

2. They live below their means

They purchase homes and cars based on what they need versus what they can afford.

3. They delay gratification

Super savers don’t make impulse buys and often save for months in order to pay cash.

4. They avoid debt

They pay cash, even on big ticket items like cars and houses avoiding thousands, even tens of thousands in interest.

5. They save on the everyday expenses

They are diligent in comparing prices, clipping coupons and scouring Craigslist for deals.

6. They have multiple streams of income.

The have two salaries, live on one and save the other. Or if they are a single income earner they have a side hustle to earn extra cash.

7. They track their spending

In a study of 50 undergraduates, Amar Cheema had students write down every expense for a month. All 50 cut their spending that month by an average of 14%. Six months later, 34 of them were still spending less.

8. They automate saving

They automatically fund 401K, Roth IRA, 529 and savings accounts. They don’t miss the money because they never see it.

I’m pleased that we are doing 7 of the 8 (we currently only have one income) and currently save 32% of our income. But my goal is to get to 50%.

How about you? Do you employ any of these strategies?

Secrets of Super Savers, Donna Rosato, Money, August 2010