FF TV Episode #5: Talking Japanese Personal Finance with Hiro

by on in FF TV, Japan

The different ways countries and people use money is really fascinating to me. Why do some countries use credit cards? Why do some barter? Why do same have large percentages of debt while some are very money savvy?

Thankfully, my good friend Hiro, a native of Japan, was nice enough to sit down and talk about how he sees personal finance. We discussed credit card use in Japan, retirement accounts, and who’s responsible for teaching money education.

I’ve lived in Japan for almost 11 months and was surprised by a lot of the comments Hiro made about personal finance.

If you have any questions for Hiro about Japan, personal finance, or Pikachu leave them below in the comments on this post. He’ll get back to you soon with an answer.

[If you can't view click here to go to the video page]

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The FF Podcast Ep. 3: Dave Ramsey & Money Education with Joe From PF By the Book

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On this week’s episode of The Foreigner’s Finances Podcast I talk with fellow Illinoisans Joe Plemon from Personal Finance By the Book.

Joe is a retired engineer who now spends his time helping out others with poor money situations. He runs his own financial coaching business, writes a money article for his local newspaper, runs his site, leads his local church in the Dave Ramsey Financial Peace University course, and helped get his local high school to require a money management course for graduating seniors. Basically, he’s the personal finance Jesus of southern Illinois.

In this episode we discuss how Joe got involved with personal finance. We also speak in depth about the Dave Ramsey course and the possibilities for getting money education in to America’s classrooms.

A quick scheduling update. The Foreigner’s Finances Podcast will now be posted every Sunday around 9 am EST with normal posts arriving at the same time on Monday, Wednesday, and Friday. Thanks for sticking out the changes and I hope you enjoy the new format!

Remember, you can subscribe to the podcast’s RSS feed or download and subscribe on iTunes to get every episode delivered to you.

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Why You Need an Emergency Fund

by on in Savings

What would you do if you lost your job and only had $500 in your checking account and 3 credit cards to pay your bills? What would you do if you broke your arm hiking and couldn’t afford the hospital expenses?

These are grave situations that people don’t like to think about, but emergencies happen. People often rely on credit cards in dire situations to fund any unexpected large expenses. The problem with using a credit card and paying off the expense over time is that the interest will end up making the emergency cost 2-3 times more than it would’ve if you paid out of pocket.
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The FF Podcast Ep. 2: Frugal Travel Tips with Erik Hajek from the Web Comic ClintPidgewood.com

by on in Podcast, Travel Tips

Today’s episode of The Foreigner’s Finances Podcast features frugal travel tips from globetrotter and web comic creator Erik Hajek of ClintPidgewood.com.

Erik is a good friend of mine from college and has managed to travel to over 10 countries and 25 states on a tight budge all before he turned 23. In this episode Erik shares his favorite travel websites and hacks for keeping your domestic or international travel within your budget.

Erik and his girlfriend Amanda are also the creators of the web comic Clint Pidgewood so we discuss how this project came to light and the laughs you can expect from their twice-weekly comic.

You can download the podcast on iTunes or listen below.

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How to Open Multiple Savings Accounts With Ally Bank

by on in Banking, Savings

On Thursday we looked at the benefits of opening multiple savings accounts, or sub-savings accounts, and how they can help you separate savings for specific money goals like a vacation, car, tv, or even for funding an emergency fund.

Today, I’ll show you how easy it is to 0pen multiple savings accounts by opening a “House Fund” at my bank, Ally. Someday I’d like to own my home so I’m going to start a defined savings account just for that savings goal.

The process takes less than 5 minutes so let’s check it out.
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Benefits of Multiple Savings Accounts

by on in Banking, Savings

The ability to open multiple savings accounts are one of the benefits of having an account with an online bank. People sometimes refer to them as sub-savings accounts, but they’re actually new savings accounts located under your primary savings account.

Opening a multiple accounts allows you to create defined saving goals for things like “new laptop” or “vacation to Hawaii”. You can also create barriers within your money to help you visualize your savings progress.

These accounts act the same as your primary savings account; they still pay the same interest, they’re still attached to your bank, and they take less than 90 seconds to open.

Let’s take a closer look at the benefits of multiple savings accounts.
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The FF Podcast Ep. 1 Living Abroad with Forest from Frugal Zeitgeist

by on in Podcast

Today I’m proud to release the first episode of The Foreigner’s Finances Podcast!

This will be a weekly podcast with each episode bringing in a new guest to discuss a variety of personal finance and travel topics.

Episode 1 features Forest Parks from the personal finance site Frugal Zeitgeist.

Forest currently lives in Egypt with his partner who is pursuing her graduate degree at American University in Cairo. During the day he works as a graphic designer when he’s not working on his site.

In this episode we talk about moving from the UK to Canada to Egypt, his life in Egypt including the difficulty of pricing items, and why students refer to him as David Beckham. We also discuss the evolution of Frugal Zeitgeist and how minimalism can positively affect your finances

You can also listen to the podcast on iTunes or you steam it below. You can also click the download link under the player to download the file and do with it as you please.

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How Much Extra Should You Pay On Student Loans?

by on in College, Debt, Investing

As the class of 2010 steps into the real world, another year of students will have to start paying their student loans soon. Most student loans allow anywhere from 3-6 months before interest starts to accrue so students have time to find a job before starting the repayment process.

Once the interest kicks in it can add a lot to your loan. When you break down the numbers and look at the percentage of your payment going to principal and percentage going to interest, it can be quite disturbing.

Here’s the breakdown of how much each payment goes to interest vs. principal in the first 6 months of a $10,000 loan at 7%:

About half of each payment is going straight to the lender in interest payments and barely making a dent on the loan’s balance.

Seeing these numbers may persuade you to increase your loan payments in order to pay less interest over time. But how do you figure out how much extra you should pay towards your loan every month?

Here’s a guide to help you decide how much extra you can afford to pay towards your student loan every month.
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