Historical Newspapers of South Carolina

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Experts: Many don’t see benefits of budget Financial specialists say best cure for money woes is planning how to spend Hndrea Loombes KRTCAMPUS SAN FRANCISCO—Budget. Was there ever a word less likely to incite excitement, even among those eager to get their personal finances in order? We all know we should tally our expenses to plug the holes down which our hard earned loot is disappearing, but planners say budgeting is a common area of financial failure. “It’s awfully painful and depressing for most people to sit down and say, ‘Oh my God, look where the money’s going,”’ said Kathleen Gurney, a psychologist and CEO of Financial Psychology Corp., a Sarasota, Fla., advisory firm. Knowing the next step is deprivation — having to resist that spur-of the-moment handbag or electronic-gadget purchase — doesn’t motivate consumers to stick to their budget homework. To top it off, tallying expenses is boring, said Jane Bryant Quinn, a columnist with Newsweek magazine and author of “Smart and Simple Financial Strategies for Busy People.” Consumers “start with a big bang and then they don’t keep it up,” she said. While * we all know one person who religiously jots down every expenditure, most people are unsuccessful at daily financial record-keeping. Luckily, there’s an easier way, Quinn said: Automatic withdrawals from your bank account into a retirement or savings account, or from your paycheck into an employer-sponsored plan. “Automatic savings produces automatic budgeting,” she said. Without thinking twice, people tend to adjust their spending to jibe with the lower dollar amount in their checking account. Others agree tallying expenses is often more an obstacle to budgeting than a means to getting it done. “One of the stumbling blocks for a lot of people is tracking expenses for three months,” said Ruth Hayden, a financial consultant in St. Paul, Minn. She recommended a strategy that relies on smart estimations rather than detailed lists of each and every purchase. That is, make intelligent guesses about how much you spend, decide what you want to spend, and then isolate pockets of money to ensure you don’t overspend in any one area. The biggest source of money hemorrhage is usually the daily outlays that vary each week, including morning coffee, dry cleaning and gas for the car. One of the most important things you can do is decide on a specific amount you want to spend each week on variable expenses, Hayden said. Once you spend that amount, don’t spend more until the following week, Hayden said. CD • CODTIDDCDPROmg hearts of many who want to easily carry around a large amount of music wherever they go, something that was not possible with bulky compact disc technology and its minimal storage capacities. The MP3 player also appears to be threatening the dominance of the CD, whose place in society may no longer seem as certain as before, at least for consumers who are on the go. Digital media players, like the latest generation of the iPod, also seem to be a threat to the compact disc. With the playing of video, a digital media player does more than just play audio, which makes the consumer more likely to end up listening to MP3s following a purchase based on the player’s video capabilities. The iPod can easily be connected to a stereo system and replace the CD player in homes, preventing the listener from having to get up to change the CD. With an FM transmitter the iPod can replace the CD player in cars, as well. Compact discs take up a lot of physical space, can become scratched and aren’t always able to hold an entire album of songs. But the sound quality of a CD is actually higher than that offered by the compressed music of MP3 players. The difference in quality is fairly minimal, but there are musicians who prefer to use compact disc-formatted technology rather than the compressed MP3 format. Some say it isn’t even possible to tell the difference. A lot of consumers who still use compact discs get their music from the Internet and are already listening to the slightly compromised sound quality anyway. Will the MP3 and digital media players take hold in the marketplace and entirely replace the compact disc? And if they don’t, will a portable device that resembles a computer eventually kill the compact disc? How long will people continue to use their beloved CDs? Comments on this story? E-mail gamecockfeatures@gwm.sc. edu HOUITO • COnTinUCD FROm 9 You don’t necessarily have to rearrange the furniture to have more room for everyone to sit, since most people will be cheering and jumping up and down during the game. After kickoff, don’t expect too much conversation, especially if a bunch of dedicated Steelers or Seahawks fans are going to be there. Finally, remember to have fun, which is key to every fantastic party. And keep in mind that it doesn’t matter who wins and who loses; it’s all about the commercials, anyway. Comments on this story? E-mail gamecockfeatures@gwm.sc.edu hello • conunuED PROm 9 how it happened.” WHAT IS YOUR FAVORITE MOVIE AND WHY? “’Eurotrip,’ because Scotty doesn’t know.” WHAT IS YOUR BIGGEST FEAR? “Failure and females ... the two F’s.” IF YOU COULD HAVE ANY ANIMAL AS A PET, WHAT WOULD IT BE AND WHY? “An eagle, but a puma would be cool, too.” WHAT IS YOUR FAVORITE PICK-UP LINE? “I don’t think I’ve actually ever used one, but my favorite is ‘If you’ll be my Frosty, I’ll be your Biggie fries.’” WHAT IS YOUR FAVORITE CLASS? . “At the moment, it’s The Artist’s Experience with Professor Scotchie.” WHAT IS THE WEIRDEST DREAM YOU’VE EVER HAD? “I had a really weird one last week. I fell asleep and while I was sleeping my arms fell asleep, so I dreamed that my arms stopped working.” WHAT MADE YOU DECIDE TO COME TO USC? “The reason I came was scholarship money, but I love it here now.” COKE OR PEPSI? “Pepsi. I just like it more.” WHAT DO YOU WANT EVERYONE WHO IS READING THIS TO KNOW ABOUT YOU? “I guess just that I’m a real go-with-the-flow person.” —Jaren Hayes Solutions ; Justin Williams. President Tommy Preston Treasurer / JL- 6 4^The Freshman CouncU^l Marie-Louise Ramsdale I Student Body President's Scholarship “X£S!'®a' I For a description of scholar ship requirements, visit our ■ website at www.sg.sc.edu Applications Due February 15, 2006 Come find out what USC’s Student Organizations have to offer YOU! ™ A bicycle fleet is coming to campus! What is a bicycle fleet? It is a group of I bicycles made available to students » pM for use around campus absolutely for I free. Student Government has been working on bringing a fleet to USC and we would like your input on how BM to best implement the fleet. If you have any questions, ideas or opin ions, please email colemank@mailbox.sc.edu