After doing the great debate over whether I should trade in my 05 Mazda 6 for a more fuel efficient vehicle with 30+ MPG, (I currently average about 24MPG city, which is actually not too bad) I concluded that the added cost in insurance and car payments would negate any fuel savings achieved, and I'm better off just keeping it. We also have an 04 Jeep Liberty which averages 18MPG city (again, not bad for an SUV) and we'll be holding onto it for a little longer too.
However the car payments were becoming a little uncomfortable, given the rising cost of gas, and the interest rate I received when it was purchased was a tad high (7.5%). I've been working on paying down my existing credit card debt by utilizing zero percent or very low interest balance transfer offers when they come my way and have watched my FICO score soar as a result. So I contacted my credit union and inquired about refinancing my auto loan with them. I was able to obtain a a new loan at 5.25% saving me a considerable amount in interest charges!
Then I asked them to see what they could do with my HELOC loan... and because my score was now in the top tier, I was able to drop that rate by nearly 3%! I felt that was on a roll, so then I started calling my credit card companies.
I asked them what my current APR was and then asked them (politely) if there was anything they could do on the spot to lower it, or I'd be transferring the balances to one of my other cards. In almost every case (except CHASE), I was offered either a permanent lowered rate, (up to 5% lower on one card!) or their current promotional rate. After the promotion expires, just call back and ask them to lower it AGAIN -- the worst that can happen is they'll say no, and then you take your business elsewhere!
Sorry Chase, but your card won't be seeing the light of day until you become more consumer friendly! In the meantime, Citibank and American Express were more than happy to take business away from you, and they also offered me a great APR. See ya! Buh-bye.
By making just a few phone calls and being nice to the CSRs (Customer Service Rep), I was able to negotiate significant savings in interest payments on almost all of my loans and credit cards. Not too shabby for about an hour's worth of work! I now plan on doing this on at least an annual basis to keep my interest rates in check. Some folks may want to shoot for every six months if your scores are consistently improving...
Friday, July 18, 2008
Tuesday, July 8, 2008
Mileage Logger Update: 1357 Miles/ $685 in Payback in June
For the month of June, 2008 we logged 1357 business related miles, which comes to $685 in business mileage deductions! (Based on the 50.5 cents per mile allowance prior to 7/1/08) As of July 1, 2008 the IRS raised the mileage deduction for business to 58.5 cents per mile, so your savings are now even greater! Visit: http://www.mileagepayback.com/ and click any banner ad to learn more or to purchase your own Mileage Logger. As an added bonus, the device is tax deductible!
IRS Increases Bus. Mileage Deduction Rate to 58.5 cents/mile
Take advantage of the higher deduction rates and start logging your mileage AUTOMATICALLY! VISIT: http://www.mileagepayback.com
WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
The rate will increase to 58.5 cents a mile for all business miles driven from July 1, 2008, through Dec. 31, 2008. This is an increase of eight (8) cents from the 50.5 cent rate in effect for the first six months of 2008, as set forth in Rev. Proc. 2007-70.
In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2008. The IRS normally updates the mileage rates once a year in the fall for the next calendar year.
"Rising gas prices are having a major impact on individual Americans. Given the increase in prices, the IRS is adjusting the standard mileage rates to better reflect the real cost of operating an automobile," said IRS Commissioner Doug Shulman. "We want the reimbursement rate to be fair to taxpayers."
While gasoline is a significant factor in the mileage figure, other items enter into the calculation of mileage rates, such as depreciation and insurance and other fixed and variable costs.
The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage.
The new six-month rate for computing deductible medical or moving expenses will also increase by eight (8) cents to 27 cents a mile, up from 19 cents for the first six months of 2008. The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile.
The new rates are contained in Announcement 2008-63 on the optional standard mileage rates.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
SOURCE: http://www.irs.gov/newsroom/article/0,,id=184163,00.html
Take advantage of the rate increase and start logging your business miles automatically!
VISIT: http://www.mileagepayback.com
WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
The rate will increase to 58.5 cents a mile for all business miles driven from July 1, 2008, through Dec. 31, 2008. This is an increase of eight (8) cents from the 50.5 cent rate in effect for the first six months of 2008, as set forth in Rev. Proc. 2007-70.
In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2008. The IRS normally updates the mileage rates once a year in the fall for the next calendar year.
"Rising gas prices are having a major impact on individual Americans. Given the increase in prices, the IRS is adjusting the standard mileage rates to better reflect the real cost of operating an automobile," said IRS Commissioner Doug Shulman. "We want the reimbursement rate to be fair to taxpayers."
While gasoline is a significant factor in the mileage figure, other items enter into the calculation of mileage rates, such as depreciation and insurance and other fixed and variable costs.
The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage.
The new six-month rate for computing deductible medical or moving expenses will also increase by eight (8) cents to 27 cents a mile, up from 19 cents for the first six months of 2008. The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile.
The new rates are contained in Announcement 2008-63 on the optional standard mileage rates.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
SOURCE: http://www.irs.gov/newsroom/article/0,,id=184163,00.html
Take advantage of the rate increase and start logging your business miles automatically!
VISIT: http://www.mileagepayback.com
Wednesday, June 11, 2008
Take Advantage of Lower Interest Rates
I recently called my credit card companies and asked them to lower my rates. Again. (if you don't ask, you won't get anything!) Surprisingly, I was offered a better rate by two of the credit card companies. The other will be losing my business to a balance transfer. I also refinanced my car loan, dropping the rate from 7.5% to 5.25%. Our other car is currently at 4.8% and they couldn't do better, so we left it alone. I'm looking into refinancing the mortgage, but since we still have a couple of years before our ARM resets and we would like to move, it really wouldn't make financial sense to refinance at this time. But if you feel your rates are out of control, pick up the phone and make a call. You may be pleasantly surprised at the outcome.
Monday, May 19, 2008
Mileage Logger Update: 633 Business Miles / $319.67 in Payback (and counting)
It has now been almost three weeks since installing the Mileage Logger in our vehicle. To date, we've logged 633 business related miles which equates to almost $320 in business mileage deductions so far. To learn more about the Mileage Logger and for more information on the Mileage Logger visit: www.mileagepayback.com
It can help you recover some of your fuel costs for your business related driving, and put some of that hard earned green back in your pocket in the form of tax savings!
It can help you recover some of your fuel costs for your business related driving, and put some of that hard earned green back in your pocket in the form of tax savings!
Tuesday, May 13, 2008
Take Advantage of Employer/Employee Discounts
If you work for a large company check to see if they participate in any employee discount programs either locally or nationally through companies such as Xylo.com
In addition to the employee discounts on the products my employer manufactures, the company also participates in many other employee discount programs offered by business partners such as auto manufacturers like GM, Ford, Chrysler, Nissan, Toyota, Mitsubishi, wireless carriers like AT&T, Verizon, and Sprint/Nextel, Satellite TV providers like DirecTV, florists, retailers, just about any business you can think of offers a discount to us! We have discount programs available to us from local organizations such as the YMCA, food discounts from local restaurants. The list is amazing and many of them I wasn't aware of until I researched what was available! I saved several thousand dollars on three vehicles that I've purchased over the years, along with hundreds of dollars in other savings from various partnerships. It truly pays to take advantage of the discounts that are being offered and every penny you save is money back where it belongs: In your pocket!
In addition to the employee discounts on the products my employer manufactures, the company also participates in many other employee discount programs offered by business partners such as auto manufacturers like GM, Ford, Chrysler, Nissan, Toyota, Mitsubishi, wireless carriers like AT&T, Verizon, and Sprint/Nextel, Satellite TV providers like DirecTV, florists, retailers, just about any business you can think of offers a discount to us! We have discount programs available to us from local organizations such as the YMCA, food discounts from local restaurants. The list is amazing and many of them I wasn't aware of until I researched what was available! I saved several thousand dollars on three vehicles that I've purchased over the years, along with hundreds of dollars in other savings from various partnerships. It truly pays to take advantage of the discounts that are being offered and every penny you save is money back where it belongs: In your pocket!
Wednesday, May 7, 2008
Mileage Logger Earning Money Already!
In an earlier post I mentioned a cool device from the folks at Vulocity called the Mileage Logger that automatically logs all miles driven that can be deducted for business, and charity purposes. For 2008, the IRS allowable mileage deduction for business is 50.5 cents per mile. With gas prices fast approaching the $4+ mark in my area every penny we can recover is money back in our pockets!
It’s interesting to note that we put 38 legitimate business related miles on the vehicle yesterday. With gas prices in our area at approx. $3.50 gal, on a vehicle that gets 18MPG CITY, those 38 miles equated to 2.1 gallons of regular unleaded gasoline or roughly $7.38 in out of pocket expense for the fuel costs. Because the IRS allowable mileage deduction for 2008 reimbursable at 50.5 cents per mile, we’ll be seeing a tax deductible business expense of (38 x .505) $19.19 for those same miles! It's easy to see how quickly the Mileage Logger will pay for itself in a short period of time. If you drive in the course of daily business for meetings, sales calls, client visits, etc., how can you afford not to get one?
Utilzing a built in GPS receiver and a cellular connection, the device starts logging your miles driven as soon as the GPS detects movement of the vehicle. Once the vehicle has been stopped for more than five minutes, it logs the trip and sends the data via the GSM cellular network to company servers. I ordered a device and it was delivered to me within a couple of days.
The device is about the size of a pager or small cell phone and comes with a 6 foot long OBD II connector (On Board Diagnostic Terminal) to mini-USB power cord. A company rep explained to me that because many cigarette lighters are not powered when the vehicle ignition is off, the OBD II connection not only frees up the lighter socket for cell phones or radar detectors, it provides continuous power to the GPS device. While the device CAN be operated without being plugged in for up to 10 hours, it is recommended that it be left plugged into the vehicle at all times to ensure the strongest GPS and Cellular network signals. In addition to automatic mileage logging, you also have the option of purchasing emergency notification and on demand vehicle tracking features as well. And, depending on your insurance company, you may be able to get a reduced premium for having a GPS tracking device installed. (more money back in your pocket!)
Installation was simple and straightforward. I simply plugged the power cord into the OBD II connector under the driver's side dashboard near the steering wheel and plugged the mini-USB connector into the Mileage Logger. LED's indicate power and GPS signal reception. The instructions suggest simply placing the device in the front center console storage area, so I neatly wrapped up the extra cord, and tucked it under the device and stuck it in the cubby under the ashtray area. This also kept it neatly out of sight from would be thieves.
Once installed you simply drive. When vehicle movement is detected and logging commences, the device will give short series of beeps letting you know it's working. There are manual stop and start buttons on the device should you need to manually record a trip or go into an area where GPS reception may not work such as a tunnel or parking garage. I tested the device multiple times and so far it has performed flawlessly. After returning home, I logged into the company website and signed in with my secure account and generated a trip report. The servers automatically converted the GPS data into physical addresses for the starting and end points of each trip, along with the miles driven and other data. There you can mark the type of trip whether it was for personal, business, charity or other purposes along with a comment of your choosing.
The device is about the same price as a good radar detector, but is likely an allowable business deduction. And there is a small monthly cost associated for the cellular data service that makes this device work so well, which is also likely tax deductible. (consult your tax professional!) I'm very impressed with how well the Mileage Logger works and would recommend it to anyone who does a lot of driving in their job duties.
Save $15 on Mileage Logger - a business owner's most indispensable tool. Use code COUPON052008 at checkout. Offer ends 5/31/08
It’s interesting to note that we put 38 legitimate business related miles on the vehicle yesterday. With gas prices in our area at approx. $3.50 gal, on a vehicle that gets 18MPG CITY, those 38 miles equated to 2.1 gallons of regular unleaded gasoline or roughly $7.38 in out of pocket expense for the fuel costs. Because the IRS allowable mileage deduction for 2008 reimbursable at 50.5 cents per mile, we’ll be seeing a tax deductible business expense of (38 x .505) $19.19 for those same miles! It's easy to see how quickly the Mileage Logger will pay for itself in a short period of time. If you drive in the course of daily business for meetings, sales calls, client visits, etc., how can you afford not to get one?
Utilzing a built in GPS receiver and a cellular connection, the device starts logging your miles driven as soon as the GPS detects movement of the vehicle. Once the vehicle has been stopped for more than five minutes, it logs the trip and sends the data via the GSM cellular network to company servers. I ordered a device and it was delivered to me within a couple of days.
The device is about the size of a pager or small cell phone and comes with a 6 foot long OBD II connector (On Board Diagnostic Terminal) to mini-USB power cord. A company rep explained to me that because many cigarette lighters are not powered when the vehicle ignition is off, the OBD II connection not only frees up the lighter socket for cell phones or radar detectors, it provides continuous power to the GPS device. While the device CAN be operated without being plugged in for up to 10 hours, it is recommended that it be left plugged into the vehicle at all times to ensure the strongest GPS and Cellular network signals. In addition to automatic mileage logging, you also have the option of purchasing emergency notification and on demand vehicle tracking features as well. And, depending on your insurance company, you may be able to get a reduced premium for having a GPS tracking device installed. (more money back in your pocket!)
Installation was simple and straightforward. I simply plugged the power cord into the OBD II connector under the driver's side dashboard near the steering wheel and plugged the mini-USB connector into the Mileage Logger. LED's indicate power and GPS signal reception. The instructions suggest simply placing the device in the front center console storage area, so I neatly wrapped up the extra cord, and tucked it under the device and stuck it in the cubby under the ashtray area. This also kept it neatly out of sight from would be thieves.
Once installed you simply drive. When vehicle movement is detected and logging commences, the device will give short series of beeps letting you know it's working. There are manual stop and start buttons on the device should you need to manually record a trip or go into an area where GPS reception may not work such as a tunnel or parking garage. I tested the device multiple times and so far it has performed flawlessly. After returning home, I logged into the company website and signed in with my secure account and generated a trip report. The servers automatically converted the GPS data into physical addresses for the starting and end points of each trip, along with the miles driven and other data. There you can mark the type of trip whether it was for personal, business, charity or other purposes along with a comment of your choosing.
The device is about the same price as a good radar detector, but is likely an allowable business deduction. And there is a small monthly cost associated for the cellular data service that makes this device work so well, which is also likely tax deductible. (consult your tax professional!) I'm very impressed with how well the Mileage Logger works and would recommend it to anyone who does a lot of driving in their job duties.
Save $15 on Mileage Logger - a business owner's most indispensable tool. Use code COUPON052008 at checkout. Offer ends 5/31/08
Friday, May 2, 2008
Home Siding Class Action = Free Money
I just became aware of a class-action lawsuit against certain home hardboard siding manufacturers that was filed on behalf of homeowners. Apparently many homes had siding installed that was deemed defective during certain periods of time over the past 10-20 years. Several hardboard siding companies have settled class action lawsuits and have set aside money for homeowners who may have been affected.
I was contacted by a company called National Claims Recovery who works on a contingency fee to recover this money. In most cases the amount you may receive can range from anywhere from $2000 to $5000 in tax-free money! NCR will send a claims specialist to your home to go over details and explain what they do... there is no cost to the homeowner out of pocket, their fee is charged based upon how much your settlement is made for. For example, if you received a $3000 settlement, NCR would receive $1000 of that amount. Yes, a 33% fee is a little high, but considering that I wasn't aware of the lawsuit in the first place, and they brought it to my attention, it is still money that I would not have obtained at all! So to me, it was still well worth agreeing to the terms of their service contract.
For more information or to see if you and your home may qualify for a hardboard siding settlement you can visit National Claims Recovery's Website at:
http://www.nationalclaimsrecovery.com/info.html
I was contacted by a company called National Claims Recovery who works on a contingency fee to recover this money. In most cases the amount you may receive can range from anywhere from $2000 to $5000 in tax-free money! NCR will send a claims specialist to your home to go over details and explain what they do... there is no cost to the homeowner out of pocket, their fee is charged based upon how much your settlement is made for. For example, if you received a $3000 settlement, NCR would receive $1000 of that amount. Yes, a 33% fee is a little high, but considering that I wasn't aware of the lawsuit in the first place, and they brought it to my attention, it is still money that I would not have obtained at all! So to me, it was still well worth agreeing to the terms of their service contract.
For more information or to see if you and your home may qualify for a hardboard siding settlement you can visit National Claims Recovery's Website at:
http://www.nationalclaimsrecovery.com/info.html
Monday, April 28, 2008
Buy Any Diamond Jewelry between 1/1/94 and 3/31/2006?
If so, you may be entitled to claims from a Diamond Class Action Settlement! It was recently brought to my attention that a class action settlement is now underway for any purchases of diamond jewelry between January 1, 1994 and March 31, 2006. Below is an excerpt from the class action website at: http://www.diamondsclassaction.com You only have until MAY 31st to register a claim, so if you purchased any diamond jewelry during the above period, you should definitely file a claim! In looking at initial numbers I may be getting a nice chunk of money back when the settlement is finalized. Since I didn't know I was being price gouged, a check would be a nice little "econonic stimulus" of my own!
For more information go to: http://www.diamondsclassaction.com
Summary of the Settlement (from diamondsclassaction.com)
De Beers is the largest supplier of rough diamonds in the world. Beginning in 2001, Plaintiffs in several states filed lawsuits against De Beers in state and federal courts alleging that De Beers unlawfully monopolized the supply of diamonds, conspired to fix, raise, and control diamond prices, and issued false and misleading advertising. De Beers denies it violated the law or did anything wrong.
The Settlement Agreement provides that $22.5 Million be distributed to the Direct Purchaser Class, and that $272.5 Million will be distributed to the Indirect Purchaser Class. De Beers also agrees to refrain from engaging in certain conduct that violates federal and state antitrust laws and submit to the jurisdiction of the Court to enforce the Settlement.
For more information go to: http://www.diamondsclassaction.com
Friday, April 25, 2008
Saving Money On Insurance
We all see the commercials. Company A claims their rates are lower than Company B, Company C, etc. And it does pay to shop around and compare rates between insurance companies. One company, Progressive, even allows you to compare rates on their own website. But just how accurate are the quotes they give? Surprisingly, they were pretty close.
I decided to do some rate shopping on the internet using a couple of sites such as insweb.com and netquote.com and compared the quotes given there directly to some of the insurance company websites such as aigdirect, progressive, esurance, and obtained some verbal quotes from agents at bigger companies like Allstate, Farmers, State Farm, Geico, and American Family. The calls to the companies with agents resulted in more accurate, and sometimes cheaper quotes because they were able to offer special discounts for being new policy holders, multiple policies, etc. that the online quote systems didn't take into consideration.
Because I'm a telecommuter, my vehicle typically only gets driven in the evenings and on weekends, and because it is not used as a daily commuter vehicle, I was able to change the status to a "pleasure vehicle", meaning I typicaly put less than 6,000 miles per year on the odometer, thereby lowering my monthly insurance premium! (of course I had to provide documented proof that I worked from home to my insurance company) I spoke to our agent to ensure we got the best possible deals and discounts.
In addition, we're insuring a second vehicle and our house so we get both a multi-car and multi-policy discount. I provided proof of both fire and burglar alarm monitoring via a letter from NextAlarm and obtained an additional discount on my homeowners policy! And because we were new customers, we also received a one-time new policy-holder discount too!
So before you switch companies based on an online quote, call and speak to someone in person to see if you might qualify for additional discounts on your monthly premiums, and take advantage of anything and everything you are entitled to. Your wallet will thank you.
I decided to do some rate shopping on the internet using a couple of sites such as insweb.com and netquote.com and compared the quotes given there directly to some of the insurance company websites such as aigdirect, progressive, esurance, and obtained some verbal quotes from agents at bigger companies like Allstate, Farmers, State Farm, Geico, and American Family. The calls to the companies with agents resulted in more accurate, and sometimes cheaper quotes because they were able to offer special discounts for being new policy holders, multiple policies, etc. that the online quote systems didn't take into consideration.
Because I'm a telecommuter, my vehicle typically only gets driven in the evenings and on weekends, and because it is not used as a daily commuter vehicle, I was able to change the status to a "pleasure vehicle", meaning I typicaly put less than 6,000 miles per year on the odometer, thereby lowering my monthly insurance premium! (of course I had to provide documented proof that I worked from home to my insurance company) I spoke to our agent to ensure we got the best possible deals and discounts.
In addition, we're insuring a second vehicle and our house so we get both a multi-car and multi-policy discount. I provided proof of both fire and burglar alarm monitoring via a letter from NextAlarm and obtained an additional discount on my homeowners policy! And because we were new customers, we also received a one-time new policy-holder discount too!
So before you switch companies based on an online quote, call and speak to someone in person to see if you might qualify for additional discounts on your monthly premiums, and take advantage of anything and everything you are entitled to. Your wallet will thank you.
Wednesday, April 23, 2008
The Best Things In Life Are Freecycled
In Honor of Earth Day yesterday, I wanted to revisit a favorite site/organization called Freecycle. Do you have a bunch of stuff laying around the house that you want to get rid of, but you're too busy to have a Garage Sale? Don't think it will sell on ebay or craigslist? Don't want to throw it out because it still has a useful life? Need it to disappear by the end of the day or week? Consider putting it up for grabs on your local FreeCycle site! Looking for something that you hope someone is giving away? Need a used lawnmower or weedwacker? How about a used digital camera or mp3 player that nobody wants anymore? Check out the posts on your local FreeCycle site.
The Freecycle Network™ is made up of 4,342 groups with 4,921,000 members across the globe. It's a grassroots and entirely nonprofit movement of people who are giving (& getting) stuff for free in their own towns. It's all about reuse and keeping good stuff out of landfills. Join the fun at www.freecycle.org
I've "freecycled" many items that would have otherwise ended up in a landfill. It's a great way to clean out an office, your garage or anywhere you have clutter that you want to get rid of but don't want to just throw it away. Believe it or not, someone out there might actually want your old 70's disco records, or dusty old Atari 2600 you found in the back of the closet. I've given away old printer, computers, monitors, large houseplants, beds... things that I would have had to pay to have them hauled away. Instead of ending up in a landfill, they found a new home and people were able to put them all to good use! I was even able to pick up an old used soccer ball for our dog to play with! So if you're looking for specific items that you hope nobody wants, or if you want to get rid of some things, put them up for grabs. You'll have done your part in the conservation movement and feel better about yourself.
The Freecycle Network™ is made up of 4,342 groups with 4,921,000 members across the globe. It's a grassroots and entirely nonprofit movement of people who are giving (& getting) stuff for free in their own towns. It's all about reuse and keeping good stuff out of landfills. Join the fun at www.freecycle.org
I've "freecycled" many items that would have otherwise ended up in a landfill. It's a great way to clean out an office, your garage or anywhere you have clutter that you want to get rid of but don't want to just throw it away. Believe it or not, someone out there might actually want your old 70's disco records, or dusty old Atari 2600 you found in the back of the closet. I've given away old printer, computers, monitors, large houseplants, beds... things that I would have had to pay to have them hauled away. Instead of ending up in a landfill, they found a new home and people were able to put them all to good use! I was even able to pick up an old used soccer ball for our dog to play with! So if you're looking for specific items that you hope nobody wants, or if you want to get rid of some things, put them up for grabs. You'll have done your part in the conservation movement and feel better about yourself.
Tuesday, April 22, 2008
Bundling Vs. Ala Carte Services
I recently had an offer from Qwest to "Bundle" my DirecTV, Phone, Internet and Cellular services for one "low monthly rate". Sure it might save me money, but the quality and level of services for some of them would, in my own opinion, be substandard from what I'm currently utilizing. I currently use Qwest for my home and home office business phone service, and DirecTV for my Satelite Television Provider. So I did allow Qwest to bundle those two services onto a single bill, saving me a whopping five dollars per month. (which is still $60/year)
However I did not want to bundle the other services and here's why. I have Comcast High Speed Internet simply because it's much faster than anything that Qwest offers. My friends and relatives that DO have DSL service have had more service interruptions during the year than I have and I'm very happy with my broadband speeds. My bandwidth throughput with Comcast is four to five times faster than the DSL offering from Qwest, and since I use a VPN connection to my office, its really nice having the extra speed available when I need it most. My celluar service is still AT&T because I get a service and equipment discount through my employer which saves me more than the bundle offering, and the frankly, the cellular service and coverage areas provided by Qwest was simply not acceptable for our needs.
So while bundling may "save you money" on your communications services, keep in mind that you will often "get what you pay for" if you happen to decide to bundle their offerings. Personally I think the competition between providers is healthy and using multiple providers keeps them all honest.
However I did not want to bundle the other services and here's why. I have Comcast High Speed Internet simply because it's much faster than anything that Qwest offers. My friends and relatives that DO have DSL service have had more service interruptions during the year than I have and I'm very happy with my broadband speeds. My bandwidth throughput with Comcast is four to five times faster than the DSL offering from Qwest, and since I use a VPN connection to my office, its really nice having the extra speed available when I need it most. My celluar service is still AT&T because I get a service and equipment discount through my employer which saves me more than the bundle offering, and the frankly, the cellular service and coverage areas provided by Qwest was simply not acceptable for our needs.
So while bundling may "save you money" on your communications services, keep in mind that you will often "get what you pay for" if you happen to decide to bundle their offerings. Personally I think the competition between providers is healthy and using multiple providers keeps them all honest.
Monday, April 21, 2008
Quandry: Get a cheap lease to lower payments, or hold out until existing car is paid off?
I'm currently in a quandry trying to decide if it would be smart to trade in my current vehicle and lease a new one to save monthly cash outlay... Three years ago when gas prices started creeping upwards, I traded in my beloved SUV for a more econimical car. Not only did this move lower my monthly car payments by $100/mo, but the gas savings was also considerable. Then a year ago, I became eligible to become a full-time telecommuter at work, meaning that I would no longer have a daily commute. I changed the usage status on my car insurance for my vehicle from a commuter to pleasure vehicle, as it was now only being driven in the evenings and on weekends.
Unfortunately, I'm still making car payments on a vehicle that is only being driven a few times per week. It seems rather wasteful to be paying that much every month since the vehicle is depreciating at the same rate whether I drive it or not. I started doing some rough calculations, and at $397 per month, the vehicle is costing me about $13/day plus fuel/insurance costs. Based on data from edmunds.com, the vehicle is depreciating at about $1100/year or roughly $92/month.
Enter the Tempting Lease Deal
A local Subaru dealer is offering a 24 month lease on a Subaru Legacy for $149 down and $149/month with zero deposit for qualified leasees. So even with the negative equity on my current car which would add approx $50/mo to the $149 payment bringing the total payment to just over $200/mo with sales tax added in. That would save me approx $200/mo in payments, some of which would go towards an increased insurance premium. The lease offer expires on 4/20/2008 and there are only two eligible vehicles left in the dealer's inventory.
In addition, we are looking at starting a small business, and the new vehicle could be used for business purposes meaning that part of the lease payment / mileage may be tax deductible. I'll need to research this further and consult with a tax expert before I make a final decision about writing anything off - and it may be better to lease the vehicle under the business name. With the price of gas continually increasing, we're also considering a hybrid vehicle as an alternative, since the Subaru would provide no fuel savings advantage over my current car, only a savings in monthly car payments for the next 24 months. (the duration of the lease) The drawback is that when the lease is up, I'll be forced to search for another lease deal or assume a lease through leasetrader.com or swapalease.com. Another option I've considered is trying to sell my vehicle and then assume someone else's lease.
Financially it would probably make more sense to bite the bullet and continue making the higher car payments for the next 36 months and then the vehicle would be owned outright free and clear. Because I purchased a lifetime oil change plan when I bought the car, the ongoing maintenance costs would be very low. In about 3 more years, it would be like getting a $400/mo raise that could then be applied to any remaining/existing credit card debt and/or placed into a high yield IRA! In order to make that happen, perhaps I'll consider paying off the car faster instead of looking for a lower monthly payment...
Unfortunately, I'm still making car payments on a vehicle that is only being driven a few times per week. It seems rather wasteful to be paying that much every month since the vehicle is depreciating at the same rate whether I drive it or not. I started doing some rough calculations, and at $397 per month, the vehicle is costing me about $13/day plus fuel/insurance costs. Based on data from edmunds.com, the vehicle is depreciating at about $1100/year or roughly $92/month.
Enter the Tempting Lease Deal
A local Subaru dealer is offering a 24 month lease on a Subaru Legacy for $149 down and $149/month with zero deposit for qualified leasees. So even with the negative equity on my current car which would add approx $50/mo to the $149 payment bringing the total payment to just over $200/mo with sales tax added in. That would save me approx $200/mo in payments, some of which would go towards an increased insurance premium. The lease offer expires on 4/20/2008 and there are only two eligible vehicles left in the dealer's inventory.
In addition, we are looking at starting a small business, and the new vehicle could be used for business purposes meaning that part of the lease payment / mileage may be tax deductible. I'll need to research this further and consult with a tax expert before I make a final decision about writing anything off - and it may be better to lease the vehicle under the business name. With the price of gas continually increasing, we're also considering a hybrid vehicle as an alternative, since the Subaru would provide no fuel savings advantage over my current car, only a savings in monthly car payments for the next 24 months. (the duration of the lease) The drawback is that when the lease is up, I'll be forced to search for another lease deal or assume a lease through leasetrader.com or swapalease.com. Another option I've considered is trying to sell my vehicle and then assume someone else's lease.
Financially it would probably make more sense to bite the bullet and continue making the higher car payments for the next 36 months and then the vehicle would be owned outright free and clear. Because I purchased a lifetime oil change plan when I bought the car, the ongoing maintenance costs would be very low. In about 3 more years, it would be like getting a $400/mo raise that could then be applied to any remaining/existing credit card debt and/or placed into a high yield IRA! In order to make that happen, perhaps I'll consider paying off the car faster instead of looking for a lower monthly payment...
Wednesday, April 16, 2008
Log Those Miles, Save your Receipts and Documents for Next Tax Season
Whew! Now that April 15th has come and gone, most of us can breathe a sigh of relief until the taxman cometh next year. If you haven't already done so, now would be a great time to make preparations for next tax season. Forget stuffing all of your receipts into an old shoe box and dealing with the nightmare of sorting through everything when it's time to do your taxes! It's time to get organized, and consider investing in some very useful tools to make doing your taxes much easier.
Log your mileage automatically, and claim a mileage deduction on your taxes!
Do you regularly drive as part of your work duties or do you own a business? If you work in a job that requires you to log lots of (TAX DEDUCTIBLE miles), then boy do I have a cool tool for you! Now that gas is upwards of $3/gal )and we may see the price get closer to $5/gal in the future) nobody can afford to ignore the 50.5 cent per mile deduction that the IRS allows for 2008! We're talking about some serious cash people, and you're a fool if you don't deduct your allowable mileage! Enter the Mileage Logger from Vulocity. This cool device tracks and stores your movement automatically via GPS technology. Periodically it will upload the data to company servers via it's built in celluar modem. (there's a nominal monthly fee for the cellular data service, and you even have the option to add emergency notification and vehicle tracking services if you wish) Once the data is uploaded, You logon to their secure web site and then select which trips are business related, which are personal, etc. Their system converts the GPS data into addresses and automatically calculates the miles driven between stops. The resulting data and mileage logs can then be exported into your finance or tax software and presented as IRS Compliant Mileage logs when it's time to do your taxes, allowing you to maximize your mileage deductions with no extra effort. How cool is that?
If you drive for business, this device log your miles automatically making obtaining a mileage reimbursement a piece of cake! Just plug in Vulocity Mileage Logger in your car and drive!
Save $15 on Mileage Logger - a business owner's most indispensable tool. Use code COUPON052008 at checkout. Offer ends 5/31/08
Save and scan those receipts!
NeatReceipts has come out with a great receipt scanner that allows you to organize your receipts into various categories using their software which is approved by the Internal Revenue Service. You can scan and organize your statements and expenses and export to Excel, TurboTax, Quicken and QuickBooks making keeping track of things a snap.
Use Personal Finance Software
Consider using personal finance software to keep track of your finances and expenses. Programs such as Quicken make easy work of balancing your checkbook, tracking your expenses (especially for tax purposes) and allow you to know how much you have and where at a glance.
Accurately Calculate and Document Your Charitable Item Contributions
Using software such as Intuit's It's Deductible, you can easily place a value on any items that you donate to charity. Rather than guessing what items are worth and possibly shortchanging yourself, use the software to determine the IRS allowable deduction for every item you donate! You'll be amazed at how quickly those deductions can add up.
Log your mileage automatically, and claim a mileage deduction on your taxes!
Do you regularly drive as part of your work duties or do you own a business? If you work in a job that requires you to log lots of (TAX DEDUCTIBLE miles), then boy do I have a cool tool for you! Now that gas is upwards of $3/gal )and we may see the price get closer to $5/gal in the future) nobody can afford to ignore the 50.5 cent per mile deduction that the IRS allows for 2008! We're talking about some serious cash people, and you're a fool if you don't deduct your allowable mileage! Enter the Mileage Logger from Vulocity. This cool device tracks and stores your movement automatically via GPS technology. Periodically it will upload the data to company servers via it's built in celluar modem. (there's a nominal monthly fee for the cellular data service, and you even have the option to add emergency notification and vehicle tracking services if you wish) Once the data is uploaded, You logon to their secure web site and then select which trips are business related, which are personal, etc. Their system converts the GPS data into addresses and automatically calculates the miles driven between stops. The resulting data and mileage logs can then be exported into your finance or tax software and presented as IRS Compliant Mileage logs when it's time to do your taxes, allowing you to maximize your mileage deductions with no extra effort. How cool is that?
If you drive for business, this device log your miles automatically making obtaining a mileage reimbursement a piece of cake! Just plug in Vulocity Mileage Logger in your car and drive!
Save $15 on Mileage Logger - a business owner's most indispensable tool. Use code COUPON052008 at checkout. Offer ends 5/31/08
Save and scan those receipts!
NeatReceipts has come out with a great receipt scanner that allows you to organize your receipts into various categories using their software which is approved by the Internal Revenue Service. You can scan and organize your statements and expenses and export to Excel, TurboTax, Quicken and QuickBooks making keeping track of things a snap.
Use Personal Finance Software
Consider using personal finance software to keep track of your finances and expenses. Programs such as Quicken make easy work of balancing your checkbook, tracking your expenses (especially for tax purposes) and allow you to know how much you have and where at a glance.
Accurately Calculate and Document Your Charitable Item Contributions
Using software such as Intuit's It's Deductible, you can easily place a value on any items that you donate to charity. Rather than guessing what items are worth and possibly shortchanging yourself, use the software to determine the IRS allowable deduction for every item you donate! You'll be amazed at how quickly those deductions can add up.
Monday, April 14, 2008
Live Long and Prosper
We all try to earn the highest return we can on our hard-earned money, right? If you have some cash on hand that you know you will not have an immediate need for, but still wish to earn a decent rate of return, consider checking out prosper.com to become a lender and earn a higher rate of return on your money. Currently I'm earning just over 17% on my money that I lent out through the site. Show me an account that does that.
Prosper.com provides a way for lenders and borrowers to connect with one another. Folks who lend money basically become note holders and typically earn a much higher rate of return for their money than what a bank would offer on a long term savings account. People who borrow money might find better interest rates than what a bank would normally give them. In some instances, prosper lenders might provide funding when conventional financial institutions would not lend money to borrowers at all. What I like is that you can pick and choose who you lend money to, (based on credit information that is provided)and your rate of return depends on the negotiated interest rates which are bid upon by other lenders.
Keep in mind that you should only lend out money that you will not need in the short term. Typical loans run from 36months or longer depending on the amounts involved, so don't expect instant access to your money. You are repaid on a monthly basis based your "share" of the loans that you and others collectively fund. Potential Lenders are hereby advised to read all terms and conditions carefully on the website before signing up or lending any money.
Check out the site at: prosper.com to learn more.
Prosper.com provides a way for lenders and borrowers to connect with one another. Folks who lend money basically become note holders and typically earn a much higher rate of return for their money than what a bank would offer on a long term savings account. People who borrow money might find better interest rates than what a bank would normally give them. In some instances, prosper lenders might provide funding when conventional financial institutions would not lend money to borrowers at all. What I like is that you can pick and choose who you lend money to, (based on credit information that is provided)and your rate of return depends on the negotiated interest rates which are bid upon by other lenders.
Keep in mind that you should only lend out money that you will not need in the short term. Typical loans run from 36months or longer depending on the amounts involved, so don't expect instant access to your money. You are repaid on a monthly basis based your "share" of the loans that you and others collectively fund. Potential Lenders are hereby advised to read all terms and conditions carefully on the website before signing up or lending any money.
Check out the site at: prosper.com to learn more.
Sunday, April 13, 2008
$ave $ome Ca$h When You Travel by Shopping for Deals
We just got back from a 4 day/ 3 night trip to "Fabulous Las Vegas Nevada". By shopping prices online I was able to book a great deal on an air/hotel package through Expedia and earned a bunch of credit card in the process. Not only did I earn "Thank You" rewards points by using my Citi credit card, Expedia also awarded bonus thank you points for the trip. On top of that, the deal included a free room upgrade!
I knew we were getting a nice room at the Flamingo, but was blown away when we opened the door. The upgraded room included a 50" plasma tv with surround sound and a dvd player along with a walk-in shower with a TV built into the bathroom mirror! Everything was done in Flamingo Pink because we were of course staying at the Flamingo Hotel. It was a little over the top, but it was a welcome change from the standard hotel rooms we'd become accustomed to.
We took advantage of our AAA membership at one local mall which gave us a coupon booklet good for many 2for1/BoGo offers for food in the mall. Rather than eat at the pricey hotel buffets ($30 for dinner!) you're better off walking down the street and hitting some of the chain restaurants or the food courts in the hotel shopping malls. There's something to be said about consistency in food quality. One of the buffets we tried in the past was sorely disappointing, and we vowed never again. We were fortunate enough to win $100 on the slots our first day which pretty much covered our food costs for the next few days. (McDonald's/Burger King for breakfast, the food court for lunch and a decent dinner for under $20 at nearby restaurants)
While visiting the mall in the Venetian, the kind folks at Marriott were trying to get folks interested in their time-share properties in the Vegas area at the new Marriott Grand Chateux. So they were offering a 4 day three night stay at one of their properties for $149 (lodging only) but upon arrival and completion of a 2hr sales presentation they would give you a $75 visa gift card which brings the cost of the three nights down to $75, or just $25/night. If all I have to do is listen to a sales pitch for a couple of hours to save that much on a nice room, where do I sign? So we took the bait and look forward to our next trip. The offer is good for 18 months, and we planned to return in less than a year's time anyhow! Now all I have to do is find a killer deal on plane tickets and we're all set!
But wait! There's more! Pat, the lady from Marriot that we were talking to was super nice, and she hooked us up with free show tickets while we were there! We were given a pair of VIP tickets to see TOXIC AUDIO at the V Theater at the Miracle Mile Shops at Planet Hollywood. If you've never seen or heard of them, look them up on google, visit their website www.toxicaudio.com and check out some of the videos on You-Tube. It was one of the best live entertainment shows I've ever seen and I was truly impressed with their vocal talents.
All in all it was a great trip... Not only did we save a bunch of cash on our Air/Hotel, we received a free upgraded hotel room, our food was almost free thanks to our slot win, and we got (almost) free tickets to a Las Vegas show and an ultra cheap hotel stay at a nice property on our next visit! So the next time you're booking a trip, do your homework...
I knew we were getting a nice room at the Flamingo, but was blown away when we opened the door. The upgraded room included a 50" plasma tv with surround sound and a dvd player along with a walk-in shower with a TV built into the bathroom mirror! Everything was done in Flamingo Pink because we were of course staying at the Flamingo Hotel. It was a little over the top, but it was a welcome change from the standard hotel rooms we'd become accustomed to.
We took advantage of our AAA membership at one local mall which gave us a coupon booklet good for many 2for1/BoGo offers for food in the mall. Rather than eat at the pricey hotel buffets ($30 for dinner!) you're better off walking down the street and hitting some of the chain restaurants or the food courts in the hotel shopping malls. There's something to be said about consistency in food quality. One of the buffets we tried in the past was sorely disappointing, and we vowed never again. We were fortunate enough to win $100 on the slots our first day which pretty much covered our food costs for the next few days. (McDonald's/Burger King for breakfast, the food court for lunch and a decent dinner for under $20 at nearby restaurants)
While visiting the mall in the Venetian, the kind folks at Marriott were trying to get folks interested in their time-share properties in the Vegas area at the new Marriott Grand Chateux. So they were offering a 4 day three night stay at one of their properties for $149 (lodging only) but upon arrival and completion of a 2hr sales presentation they would give you a $75 visa gift card which brings the cost of the three nights down to $75, or just $25/night. If all I have to do is listen to a sales pitch for a couple of hours to save that much on a nice room, where do I sign? So we took the bait and look forward to our next trip. The offer is good for 18 months, and we planned to return in less than a year's time anyhow! Now all I have to do is find a killer deal on plane tickets and we're all set!
But wait! There's more! Pat, the lady from Marriot that we were talking to was super nice, and she hooked us up with free show tickets while we were there! We were given a pair of VIP tickets to see TOXIC AUDIO at the V Theater at the Miracle Mile Shops at Planet Hollywood. If you've never seen or heard of them, look them up on google, visit their website www.toxicaudio.com and check out some of the videos on You-Tube. It was one of the best live entertainment shows I've ever seen and I was truly impressed with their vocal talents.
All in all it was a great trip... Not only did we save a bunch of cash on our Air/Hotel, we received a free upgraded hotel room, our food was almost free thanks to our slot win, and we got (almost) free tickets to a Las Vegas show and an ultra cheap hotel stay at a nice property on our next visit! So the next time you're booking a trip, do your homework...
Wednesday, April 9, 2008
Shop Around For a Better Credit Card
Like most people, you probably don't like paying interest to credit card companies, and who can blame you? With certain credit card companies and banks (and you know who are are!) taking unfair advantage of consumers by arbitrarily just raising cardholder interest rates without justification or warning, it truly pays to shop your credit companies just as you would shop around for home and car insurance rates.
In recent months card issuers have been very sneaky about raising interest rates on consumers without warning or justification, only to lower them slightly in pace with the adjustments that were recently made by the Fed. I watched the interest rate on my Chase credit card go up from 15.9% up to 18.9% (And I was never late and made every payment on time!) then saw it drop back down to 16.9% when the Fed lowered the prime lending rate again.
Rather than play their game, I just gave my primary business to Citibank and American Express who have both remained consistent with my interest rates. I won't be using my Chase Card until they clean up their act. Bank of America arbitrarily just raised their rates to the point where they have lost our business. We'll keep the line of credit open, but the card will remain dormant. When we called BoA to find out what was going on, they did not have an acceptable explanation, so we took our business elsewhere. The entire balance was transferred to another bank and BoA was subtly told where they could go.
So ladies and gents, do your homework and shop your credit cards like you would shop and compare everything else. You can save hundreds of dollars in interest savings and you'll be able to pay down your debt faster.
The best places to comparision shop for credit cards are: www.creditcards.com and www.cardoffers.com
In recent months card issuers have been very sneaky about raising interest rates on consumers without warning or justification, only to lower them slightly in pace with the adjustments that were recently made by the Fed. I watched the interest rate on my Chase credit card go up from 15.9% up to 18.9% (And I was never late and made every payment on time!) then saw it drop back down to 16.9% when the Fed lowered the prime lending rate again.
Rather than play their game, I just gave my primary business to Citibank and American Express who have both remained consistent with my interest rates. I won't be using my Chase Card until they clean up their act. Bank of America arbitrarily just raised their rates to the point where they have lost our business. We'll keep the line of credit open, but the card will remain dormant. When we called BoA to find out what was going on, they did not have an acceptable explanation, so we took our business elsewhere. The entire balance was transferred to another bank and BoA was subtly told where they could go.
So ladies and gents, do your homework and shop your credit cards like you would shop and compare everything else. You can save hundreds of dollars in interest savings and you'll be able to pay down your debt faster.
The best places to comparision shop for credit cards are: www.creditcards.com and www.cardoffers.com
Tuesday, April 8, 2008
Taking Advantage of Balance Transfer Offers
A few days ago I mentioned taking advantage of credit card balance transfer offers. I recently received an offer for zero percent interest for nine months with no balance tranfer fee on my Citi Professional Card. Because I already had an active balance on the card, I first needed to pay off the balance or I would continue to pay interest on the existing balance, because any payments made would be applied to the zero percent transfer amount then applied to the next lowest interest rate offer until they were paid in full.
I had to first tranfer my remaining balance on the card to another card temporarily so that I had a clean slate before I could take advantage of the balance transfer offer. Once my account showed a zero balance, I moved the "temporary" card balance back to the card with the zero percent offer, along with any remaining balances on my other cards. I made a reminder in my calendar to either pay off the balance in full (or transfer it to another card) in November before the zero percent offer will expire. Consolidating existing balances onto a single card with nine months of no interest will save me several hundred dollars and chances are I'll be able to use another balance transfer offer when this one expires to continue the interest savings cycle until everything is paid off in full!
From now on, any future purchases will be paid with a points/rebate related card and that card will be paid in full every month rather than carrying a balance.
I had to first tranfer my remaining balance on the card to another card temporarily so that I had a clean slate before I could take advantage of the balance transfer offer. Once my account showed a zero balance, I moved the "temporary" card balance back to the card with the zero percent offer, along with any remaining balances on my other cards. I made a reminder in my calendar to either pay off the balance in full (or transfer it to another card) in November before the zero percent offer will expire. Consolidating existing balances onto a single card with nine months of no interest will save me several hundred dollars and chances are I'll be able to use another balance transfer offer when this one expires to continue the interest savings cycle until everything is paid off in full!
From now on, any future purchases will be paid with a points/rebate related card and that card will be paid in full every month rather than carrying a balance.
Sunday, April 6, 2008
Stop watering your lawn when it's raining!
April showers bring... a lot of wasted water! You see it all the time... someone's sprinkler's are running when it's clearly raining outside, and they're wasting water. If you have a sprinkler system installed in your yard or business and don't already have one, break down, spend the $20 and install a sprinkler system rain sensor / rain shutoff.
Once the amount of rainfall has reached a specified level, your sprinkler system will be deactivated and it won't be allowed to start until a certain amount of water has evaporated. This prevents you from unnecessarily wasting water and can save quite a bit on your water bill. Especially in instances where your sprinkler system is set to run at night while you are asleep, (as most folks do) and if you experience night-time rain showers. You should also consider setting your sprinkler timers to run every other day or less frequently depending on where you live.
Visit our Amazon store to purchase a rain sensor/rain shutoff online.
Once the amount of rainfall has reached a specified level, your sprinkler system will be deactivated and it won't be allowed to start until a certain amount of water has evaporated. This prevents you from unnecessarily wasting water and can save quite a bit on your water bill. Especially in instances where your sprinkler system is set to run at night while you are asleep, (as most folks do) and if you experience night-time rain showers. You should also consider setting your sprinkler timers to run every other day or less frequently depending on where you live.
Visit our Amazon store to purchase a rain sensor/rain shutoff online.
Friday, April 4, 2008
Wonder where your money goes? Cut back on senseless expenses.
Payday is still a week away and you wonder where all your money has gone? Same here. So I started keeping track of where I was spending it. Before I became a full-time telecommuter, I was shocked to find that I was spending $1-2 on vending machine items (snacks/sodas) per day ($5-10 per week/$20-40 per month) and was spending anywhere from $5-10 per day eating breakfast and/or lunch in the cafeteria! ($25-50 per week/$100-200 per month) So combined, I found that I was spending somewhere between $120-240 every month just on convenience foods that I didn't need! I didn't spend that much on my groceries in a month!
Once I realized how much I was spending just by raiding the vending machines and eating in the cafeteria, I began to take my lunch and snacks instead. I would take left-overs, sandwiches, or pick up frozen microwave dinners when they were on sale for 10 for $10 at the grocery store. My wallet grew fatter as my weight and cholesterol levels got lower. Eating all the overpriced high-fat foods was replaced by eating healthier and consuming smaller portions. Not only did I feel better, I became healther and so did my bank account. I still would go out to lunch on occasion, but the savings have really made a difference all around.
Now that I don't have to commute to work, I'm not filling up the tank every week, so my fuel costs have gone from about $150/mo to $50 or less. Because I'm no longer a commuter, I was able to change the status on my car insurance to a pleasure vehicle, which has lowered my insurance premiums.
In fact, because I drive so little during the week I'm now considering selling my car to save on the monthly car payment and picking up a less expensive used car to get around in. In my case, it would actually be cheaper to just lease a vehicle and as soon as I can legally come up with a way to deduct the expense, I may do that instead.
Once I realized how much I was spending just by raiding the vending machines and eating in the cafeteria, I began to take my lunch and snacks instead. I would take left-overs, sandwiches, or pick up frozen microwave dinners when they were on sale for 10 for $10 at the grocery store. My wallet grew fatter as my weight and cholesterol levels got lower. Eating all the overpriced high-fat foods was replaced by eating healthier and consuming smaller portions. Not only did I feel better, I became healther and so did my bank account. I still would go out to lunch on occasion, but the savings have really made a difference all around.
Now that I don't have to commute to work, I'm not filling up the tank every week, so my fuel costs have gone from about $150/mo to $50 or less. Because I'm no longer a commuter, I was able to change the status on my car insurance to a pleasure vehicle, which has lowered my insurance premiums.
In fact, because I drive so little during the week I'm now considering selling my car to save on the monthly car payment and picking up a less expensive used car to get around in. In my case, it would actually be cheaper to just lease a vehicle and as soon as I can legally come up with a way to deduct the expense, I may do that instead.
Thursday, April 3, 2008
My life's been locked down with LifeLock
I know you've seen the commercial with LifeLock CEO Todd Davis giving out his real Social Security Number as proof that his company can help stop identity theft before it occurs. In the past year I've been placed at risk by breaches at former employers, two credit card companies and my financial institution. They were results of computer tapes being stolen or misplaced, and two laptops that got stolen that contained personal information on them. As a result the responsible companies signed me up for credit protection programs, and in addition I placed a fraud alert on the accounts at risk and requested new account numbers just to be safe.
Now that the credit protection programs which I had been enrolled in are about to expire, I thought it might be a good idea to sign up with LifeLock. I figure that they're new enough that they are likely to perform better than a company who may have become complacent about providing customer service. Plus with their $1 Million Dollar Guarantee, it was hard to find a competitive offer. The program isn't very expensive and it gives peace of mind that if any of my information does get into the wrong hands, they'll be stopped dead in their tracks if someone tries to use it.
LifeLock does what they say they will. Within a week of signing up, I received notification from the credit bureaus that a credit alert had been placed on my accounts and that a copy of my credit reports had been ordered. They also stated a request was made to remove me from mass marketing campaigns, so it will be interesting to see if there truly is a reduction in my junk mail. (Too bad they can't reduce the amount of email spam I receive too!)
Click here to Join or learn more about LifeLock.
Now that the credit protection programs which I had been enrolled in are about to expire, I thought it might be a good idea to sign up with LifeLock. I figure that they're new enough that they are likely to perform better than a company who may have become complacent about providing customer service. Plus with their $1 Million Dollar Guarantee, it was hard to find a competitive offer. The program isn't very expensive and it gives peace of mind that if any of my information does get into the wrong hands, they'll be stopped dead in their tracks if someone tries to use it.
LifeLock does what they say they will. Within a week of signing up, I received notification from the credit bureaus that a credit alert had been placed on my accounts and that a copy of my credit reports had been ordered. They also stated a request was made to remove me from mass marketing campaigns, so it will be interesting to see if there truly is a reduction in my junk mail. (Too bad they can't reduce the amount of email spam I receive too!)
Click here to Join or learn more about LifeLock.
Wednesday, April 2, 2008
Don't forget to keep tabs on your credit too!
Since you are using all of this wonderful information to save money on your purchases, lower your energy costs, and pocket more of your money, you should also keep tabs on your credit. Not only does it give you a good picture of your financial well-being, it's a necessity these days to help prevent identity theft! If you haven't done so in the last year, stop what you're doing right now and request your credit report from all three agencies. You can look through them and ensure all of the information is accurate. If you find errors or discrepencies, contact the responsible reporting agency immediately. Instructions for correcting errors in your credit report are included with the documents you receive. You have the option of printing the report directly online, or having one sent to you. (additoinal fees may apply) Depending upon where you live, the online reports are absolutely FREE. Do it now! Don't put it off -- go to: www.annualcreditreport.com
Monday, March 31, 2008
Make a Dent in Your Utility Bills
In an effort lower my electric bill, I recently replaced EVERY regular incandescent light bulb in my home with new energy efficient Compact Flourescent Lights. (CFLs) The price of CFLs has come down considerably and the quality of the light output has remarkably improved. The first rooms I targeted were the ones that were likely to be left on by kids, which included the bedroom lamps, ceiling fan bulbs and the bathroom vanity. Since the curly CFLs would look rather awkward over the vanity, (ugly but effective) I found some Globe style CFL's that would replace the clear globes that were in the vanity and they look great. Two of the bathrooms had four globes each, while the master bath vanity had a whopping EIGHT bulbs to replace! 16 bulbs x 40 watts = 640 watts being used by incandescent lighting. The same fixtures with CFL replacements uses only 144 watts! (16 x 9 watts = 144) That's a 75% savings in energy usage for just the bathroom lighting. I also replaced all of the dining room bulbs, (60w x 3) closet bulbs, (60w x 2) hallway lights,(75w x 2) over the sink lights, (60w x 2) basement ceiling lights, (100w x3) garage door opener bulbs (75w x 3)with CFLs of the equivalent brightness. I figure this will add up to an approximate savings of $300-400 per year on the electric portion of the utility bill. I found a great article on Danny Lipford's site about CFLs and Going green. Great article and good information Next on the list: Energy Efficient Christmas Lights!
I also signed up with the Utility Company to allow them to curtail the usage of my air conditioning unit in the summer time. They installed a wireless programmable controller that allows them to adjust my thermostat in the summer months to reduce power consumption on hot summer days by preventing my AC from running as much. It is set to 78 degrees in the summer months. During high usage periods, the utility company might raise the setting anywhere from 2-4 degrees to 80-82 degrees but it can be overridden if it becomes too uncomfortable in the house. In the winter months, I use the programmable timer to "set back" the thermostat to 65 degrees after bedtime, and during times the house is likely to be unoccupied. Otherwise it stays at a comfortable 68 degrees. Another cool feature of the device is that the thermostat can be accessed and controlled via the internet!
To help curb the cost of overly long showers I invested in low-flow shower heads and installed restricted faucet aerators so we're not wasting as much water. Am looking at installing a tankless water heater to reduce the use of the gas water heater and provide "endless hot water". In the meantime I installed a hot water heater blanket and put split foam tube pipe insulation on the visible hot water pipes in our unfinished basement. This helps the pipes retain the heat of the water so it doesn't take as long for the water to get hot at the faucets. I have also considered installing water-efficient toilets, but that's lower on my priority list. We are also considering purchasing a more energy efficient washer and dryer. Thanks to a recent GE diswasher recall, we were ended up getting a much nicer, quiet and more energy efficient dishwasher as well.
For more tips on saving money on your Utility Bill, check out this article by Jeremy Zonker.
Another obvious power hungry appliance is your personal computer. Although the latest processors and power supplies are more energy efficient, leaving a computer running constantly can add up. Utilize the power saving settings so the computer hibernates or sleeps during periods of inactivity.
If you are really curious how much power a specific appliance or device uses, invest in a "kill-a-watt", which allows you to plug in a device and see how much energy it consumes when it is plugged in. (even if it's not turned on!). You can then make an active choice to uplug the device (if you can) when it is not in use.
Click here to purchase a CFLs, a Kill A Watt device or other cool items from Amazon.com
I also signed up with the Utility Company to allow them to curtail the usage of my air conditioning unit in the summer time. They installed a wireless programmable controller that allows them to adjust my thermostat in the summer months to reduce power consumption on hot summer days by preventing my AC from running as much. It is set to 78 degrees in the summer months. During high usage periods, the utility company might raise the setting anywhere from 2-4 degrees to 80-82 degrees but it can be overridden if it becomes too uncomfortable in the house. In the winter months, I use the programmable timer to "set back" the thermostat to 65 degrees after bedtime, and during times the house is likely to be unoccupied. Otherwise it stays at a comfortable 68 degrees. Another cool feature of the device is that the thermostat can be accessed and controlled via the internet!
To help curb the cost of overly long showers I invested in low-flow shower heads and installed restricted faucet aerators so we're not wasting as much water. Am looking at installing a tankless water heater to reduce the use of the gas water heater and provide "endless hot water". In the meantime I installed a hot water heater blanket and put split foam tube pipe insulation on the visible hot water pipes in our unfinished basement. This helps the pipes retain the heat of the water so it doesn't take as long for the water to get hot at the faucets. I have also considered installing water-efficient toilets, but that's lower on my priority list. We are also considering purchasing a more energy efficient washer and dryer. Thanks to a recent GE diswasher recall, we were ended up getting a much nicer, quiet and more energy efficient dishwasher as well.
For more tips on saving money on your Utility Bill, check out this article by Jeremy Zonker.
Another obvious power hungry appliance is your personal computer. Although the latest processors and power supplies are more energy efficient, leaving a computer running constantly can add up. Utilize the power saving settings so the computer hibernates or sleeps during periods of inactivity.
If you are really curious how much power a specific appliance or device uses, invest in a "kill-a-watt", which allows you to plug in a device and see how much energy it consumes when it is plugged in. (even if it's not turned on!). You can then make an active choice to uplug the device (if you can) when it is not in use.
Click here to purchase a CFLs, a Kill A Watt device or other cool items from Amazon.com
Sunday, March 30, 2008
Clip those coupons
It's Sunday morning and that means today's newspaper will be fat with retailer ads and coupons. Now before you run out and buy that new HDTV that we both know is going to be on sale today, take a minute and sort out the grocery coupons from the fray. Pull out your trusty scissors and start clipping coupons for the items that you will actually use. Cut them out, put them in an envelope and use the envelope for your shopping list! That way, the coupons are handy and ready to go when you're in the grocery store.
Speaking coupons we've all read or heard stories of folks who get a ridiculous amount of groceries for little or nothing. While I'd love to be able to do that, I don't think I have the patience required to go to multiple grocery stores to take advantage of those that double store coupons. I mean it's bad enough to stand in the 20 items or less line behind someone who thoughtlessly brought 30 because the line was shorter. However, if you want to become a coupon master, there are numerous sites that let you get a grasp on your grocery budget and stretch every last penny. A few worth mentioning are: smartsource.com, coupon.com, couponmom.com, grocerysavingstips.com, couponing.about.com. I'll compile a list and publish it later. Now get clipping!
Speaking coupons we've all read or heard stories of folks who get a ridiculous amount of groceries for little or nothing. While I'd love to be able to do that, I don't think I have the patience required to go to multiple grocery stores to take advantage of those that double store coupons. I mean it's bad enough to stand in the 20 items or less line behind someone who thoughtlessly brought 30 because the line was shorter. However, if you want to become a coupon master, there are numerous sites that let you get a grasp on your grocery budget and stretch every last penny. A few worth mentioning are: smartsource.com, coupon.com, couponmom.com, grocerysavingstips.com, couponing.about.com. I'll compile a list and publish it later. Now get clipping!
Saturday, March 29, 2008
There’s gold in them thar hills!
Okay, so maybe it’s not gold --and there’s probably no hills either… But it’s money-- and it’s not just the spare change in the sofa either. It’s in your garage, your closet, your storage space or wherever you might you keep your unused stuff. Rather than let it sit there and take up space or lose value over time, sell it or donate it! Either way it’s extra money in your pocket. Have a garage sale, sell it on ebay – if you don’t want to be bothered or don’t know how, take it to an ebay dropoff or consignment store… or sell it on craigslist.org or amazon.com. Good rule of thumb is that if it’s taking up valuable space and you haven’t worn it or used it in the last six months or so then you should sell it!
If you’re really too lazy to do any of those things to get some money out of your unused items, then do this: Go out to itsdeductible.com, figure out what the item(s) is/are worth as charitable contributions, document the value of all of the items and donate them all to Goodwill or the Salvation Army. (And be sure to get a tax receipt and file it away for next year’s tax season!) You’d be surprised how much a couple of bags of old clothes and other items can add up to as tax deductible contributions! So go on… Reclaim the space in your home and clean out the closet, garage, spare room, storage unit, etc and get some extra money in the process… it might not be a fortune, but its essentially free money that you already had just laying around. What are you waiting for? Cash in!
However, if money is not your object, but you still hate seeing the items go to waste, consider putting it up for grabs for free on your local FREECYCLE site. Visit www.freecycle.org to locate a freecycle site near your community that you can participate in. It’s FREE to join and typically your items will disappear quickly. Freecycle is also a good place to look for free items that you might otherwise have to purchase. Folks are constantly giving away perfectly good items on a daily basis so that they may be enjoyed by someone else. Items are given a second life in order to keep them out of landfills. Who says nobody gives out anything good for free anymore? They obviously haven’t checked out freecycle!
If you’re really too lazy to do any of those things to get some money out of your unused items, then do this: Go out to itsdeductible.com, figure out what the item(s) is/are worth as charitable contributions, document the value of all of the items and donate them all to Goodwill or the Salvation Army. (And be sure to get a tax receipt and file it away for next year’s tax season!) You’d be surprised how much a couple of bags of old clothes and other items can add up to as tax deductible contributions! So go on… Reclaim the space in your home and clean out the closet, garage, spare room, storage unit, etc and get some extra money in the process… it might not be a fortune, but its essentially free money that you already had just laying around. What are you waiting for? Cash in!
However, if money is not your object, but you still hate seeing the items go to waste, consider putting it up for grabs for free on your local FREECYCLE site. Visit www.freecycle.org to locate a freecycle site near your community that you can participate in. It’s FREE to join and typically your items will disappear quickly. Freecycle is also a good place to look for free items that you might otherwise have to purchase. Folks are constantly giving away perfectly good items on a daily basis so that they may be enjoyed by someone else. Items are given a second life in order to keep them out of landfills. Who says nobody gives out anything good for free anymore? They obviously haven’t checked out freecycle!
Friday, March 28, 2008
My momma told me: "You better shop around..."
There’s nothing you can’t buy online at a discount. Clothing, Shoes, Electronics, Cars, Mortgages, Retirement Plans, Hotels, Airline Tickets, Rental Cars… In fact, there are so many travel related sites out there now, that’s it’s become a chore visit each one individually to price out a trip to find out which ones are giving you the best deal. I recently shopped for airline tickets to Las Vegas using all of the well-known major discount travel sites to compare prices, and found that all of them either returned the exact same fare, or they were within a couple of dollars of each other. Where’s the savings in that? Depending on destinations the price difference is negligible because the airlines have given the same discount to all of their travel affiliates, giving no real advantage. (although if you belong to a points program, some of them can give you extra perks – more on that in a moment) But there are sites out there that have started to make the search process a lot easier. Cfares.com is a site I recently came across that seems to do a great job of price shopping the airlines without having to be bombarded with special vacation offers that don’t interest you. If all you need are cheap airline tickets, Cfares is definitely worth a look. Prices are competitive and the interface is easy to use, so I highly recommend you give them a try.
If you belong to the “Thank-you” rewards program (which Citi cards participates in) not only do you earn points for using your credit card, sites like Expedia awards “Thank-you” members additional points for the purchase of your itinerary. Basically you get to double-dip and increase your point balance, because you get points for using your credit card and also for the trip purchased. However, you should weigh the value of the points against any price difference between Expedia and other travel sites. Another excellent site for price comparing between various travel sites is Kayak.com. You enter in your trip info and Kayak will pull the results from the major travel sites to help you find the best deal. Another thing to consider is to try going directly to an airline (or hotel) website and seeing what their direct-to-consumer prices are. Sometimes you will find that they offer better specials or deals than what you may find through their travel partners. It pays to shop around.
If you belong to the “Thank-you” rewards program (which Citi cards participates in) not only do you earn points for using your credit card, sites like Expedia awards “Thank-you” members additional points for the purchase of your itinerary. Basically you get to double-dip and increase your point balance, because you get points for using your credit card and also for the trip purchased. However, you should weigh the value of the points against any price difference between Expedia and other travel sites. Another excellent site for price comparing between various travel sites is Kayak.com. You enter in your trip info and Kayak will pull the results from the major travel sites to help you find the best deal. Another thing to consider is to try going directly to an airline (or hotel) website and seeing what their direct-to-consumer prices are. Sometimes you will find that they offer better specials or deals than what you may find through their travel partners. It pays to shop around.
Thursday, March 27, 2008
Do we need A 12-Step Program?
Okay, say it with me now… “My name is _________ and I’m an Internet Shop-aholic.” After all, who can resist a good bargain? For some of us, it’s not easy. Bargain shopping sites like dealnews.com, fatwallet.com and gottadeal.com all report and feature some of the best internet shopping bargains around. I’ve saved hundreds, maybe thousands of dollars by being a smart and savvy online shopper and checking out all the deals, reviews, sales and discounts that are available to Joe Consumer when I need something. I NEVER pay retail for anything. Need more hard drive space or a deal on an upgrade component? They’ve got you covered. Looking for a deal on a laptop or new HDTV? Got you covered there too.
I even built a new computer buying components as they went on sale. It reminded me of the old Johnny Cash song, “One Piece at a Time”. Over time I scoured dozens of online bargain sites, and I was able to build a new fully loaded quad core desktop pc for under $400. The computer case was free after rebate, as was the power supply. The motherboard, cpu and memory were all on sale at various times over a four-to-six-month period, and coupled with promotions, coupon codes and mail in rebates on those items, I paid half of what most folks would fork over for a comparable system. Yes, it took me a while to acquire all the parts on sale and I had to assemble them myself, but who cares? I saved a bundle on a new computer. It’s all a matter of being disciplined in hunting down what you want and finding the best possible prices. It is mindboggling to see how much stuff is out there and how price-competitive retailers have become to earn your business, and we as the consumers are coming out as the winners.
Want to save on your next online shopping spree? Look for online shopping codes at sites like: dealcoupon.com, currentcodes.com, fatwallet.com and a host of others that offer discount codes for your online shopping pleasure! For the steal of a century, check out sites like woot.com where they feature an item in limited quality at a bargain basement price. I couldn’t resist a recent offer for a refurbished 2GB MP3 player for under 20bucks… I added a 2GB Micro SD card (which I found via price shopping sites like pricegrabber.com and got a promocode via dealcoupon.com!) and I ended up with a pretty nice mp3 player for a third of what a new one would cost. It can be really quite addicting (not to mention expensive) to “save” all this money by buying stuff just because it's a bargain, but when online retailers “make an offer you can’t refuse”, can we really afford not to? Heck you can always turn around and put the item you bought on sale up for grabs on ebay and pocket the difference! More on that later...
I even built a new computer buying components as they went on sale. It reminded me of the old Johnny Cash song, “One Piece at a Time”. Over time I scoured dozens of online bargain sites, and I was able to build a new fully loaded quad core desktop pc for under $400. The computer case was free after rebate, as was the power supply. The motherboard, cpu and memory were all on sale at various times over a four-to-six-month period, and coupled with promotions, coupon codes and mail in rebates on those items, I paid half of what most folks would fork over for a comparable system. Yes, it took me a while to acquire all the parts on sale and I had to assemble them myself, but who cares? I saved a bundle on a new computer. It’s all a matter of being disciplined in hunting down what you want and finding the best possible prices. It is mindboggling to see how much stuff is out there and how price-competitive retailers have become to earn your business, and we as the consumers are coming out as the winners.
Want to save on your next online shopping spree? Look for online shopping codes at sites like: dealcoupon.com, currentcodes.com, fatwallet.com and a host of others that offer discount codes for your online shopping pleasure! For the steal of a century, check out sites like woot.com where they feature an item in limited quality at a bargain basement price. I couldn’t resist a recent offer for a refurbished 2GB MP3 player for under 20bucks… I added a 2GB Micro SD card (which I found via price shopping sites like pricegrabber.com and got a promocode via dealcoupon.com!) and I ended up with a pretty nice mp3 player for a third of what a new one would cost. It can be really quite addicting (not to mention expensive) to “save” all this money by buying stuff just because it's a bargain, but when online retailers “make an offer you can’t refuse”, can we really afford not to? Heck you can always turn around and put the item you bought on sale up for grabs on ebay and pocket the difference! More on that later...
Wednesday, March 26, 2008
Is there really such a thing as "free money"?
Lately I have been taking a serious look at my investment portfolio along with some other creative ways of increasing the bottom line. One such method is through taking advantage of bank and credit card incentives. This where where banks and credit card companies essentially offer you "free money" to do business with them.Chase Bank recently sent me an offer that was too good to pass up. They paid me a $200 incentive for opening up a new checking account with direct deposit. There was no required minimum for regular deposits, so I did not have to rearrange my financial life. So I went to my local branch and learned more about the offer. There was a min. $100 initial deposit required, but no required min. for direct deposit. The bonus would be deposited in approximately six weeks, but the account had to remain open for at least six months or they would deduct the bonus. I set up the account as an invisible savings account, figuring that if I didn't see the money, I wouldn't miss it, and thus not be tempted to spend it. The interest rate isn't the best, but the way I see things, I got my money up front.
Another "free money" idea that I'm considering is the increasingly popular Credit Card Balance Transfer Arbitrage. How this essentially works, is that you take advantage of a zero percent, no fee balance transfer offer, (on a card that carries no active balance) and invest the money into a high-yield savings or checking account for the duration of the offer. Until the fed dropped interest rates, we were seeing online yields of around 4.5-5%. On a $10,0000 transfer at 4.5% APY, that's $450 on a 12 month offer. The catch is that you must keep tabs on any monthly payments due, and pay very close attention to the expiration of the offer to ensure you pay off the balance before the terms/conditions expire. Google "credit card arbitrage" to learn more. Sites like "freemoneyfinance.com" and "mymoneyblog" and a handful of others offer some really good tips/advice on how to successfully execute an arbitrage plan. PLEASE NOTE! You should also be aware that borrowing large sums or maxing out cards CAN negatively impact your FICO Credit Scores. Please do your own research before engaging in the Arbitrage Game and READ ALL OF THE FINE PRINT BEFORE YOU TRANSFER A SINGLE DIME! This is a not a good practice for folks already in debt.
I also took advantage of a Credit Card Sign Up Incentive Offer. The Citi Professional card, their version of a business credit card, is offering 10,000 "Thank-you" points for signing up and using the card upon receipt. The points could then theoretically be redeemed for a $100 gift card through the rewards program. Since I already belong to the "Thank-you" program, I figured an extra 10K points couldn't hurt since the Thank-you program allows you to consolidate all of your points into a single account. Now that I received the bonus points, I've acquired enough (20000 pts as of this post) to redeem them for a free round-trip airline ticket! Not a bad deal at all!The last idea that I'm considering is seeing if I can really make money on the internet. Not a LOT of money, mind you... Just enough to create a revenue stream of some sort to make it worthwhile. I recently saw a book entitled, Moonlighting on the Internet by Yanik Silver, (See link in sidebar) which appears to have gotten decent reviews on various bookseller sites. It should be arriving later today, so I look forward to reading it to see if I can put the concepts to work. I'll report back on that later...
Another "free money" idea that I'm considering is the increasingly popular Credit Card Balance Transfer Arbitrage. How this essentially works, is that you take advantage of a zero percent, no fee balance transfer offer, (on a card that carries no active balance) and invest the money into a high-yield savings or checking account for the duration of the offer. Until the fed dropped interest rates, we were seeing online yields of around 4.5-5%. On a $10,0000 transfer at 4.5% APY, that's $450 on a 12 month offer. The catch is that you must keep tabs on any monthly payments due, and pay very close attention to the expiration of the offer to ensure you pay off the balance before the terms/conditions expire. Google "credit card arbitrage" to learn more. Sites like "freemoneyfinance.com" and "mymoneyblog" and a handful of others offer some really good tips/advice on how to successfully execute an arbitrage plan. PLEASE NOTE! You should also be aware that borrowing large sums or maxing out cards CAN negatively impact your FICO Credit Scores. Please do your own research before engaging in the Arbitrage Game and READ ALL OF THE FINE PRINT BEFORE YOU TRANSFER A SINGLE DIME! This is a not a good practice for folks already in debt.
I also took advantage of a Credit Card Sign Up Incentive Offer. The Citi Professional card, their version of a business credit card, is offering 10,000 "Thank-you" points for signing up and using the card upon receipt. The points could then theoretically be redeemed for a $100 gift card through the rewards program. Since I already belong to the "Thank-you" program, I figured an extra 10K points couldn't hurt since the Thank-you program allows you to consolidate all of your points into a single account. Now that I received the bonus points, I've acquired enough (20000 pts as of this post) to redeem them for a free round-trip airline ticket! Not a bad deal at all!The last idea that I'm considering is seeing if I can really make money on the internet. Not a LOT of money, mind you... Just enough to create a revenue stream of some sort to make it worthwhile. I recently saw a book entitled, Moonlighting on the Internet by Yanik Silver, (See link in sidebar) which appears to have gotten decent reviews on various bookseller sites. It should be arriving later today, so I look forward to reading it to see if I can put the concepts to work. I'll report back on that later...
Tuesday, March 25, 2008
Debt: We're not alone
Almost all of us are in some level of debt, and we're working to pay bills. The trick is to keep up with them so we're not buried over our heads in bills. If we're going to owe money to people, the best thing we can do to help ourselves is negotiate the lowest possible interest rates. Ideally, we want to pay ZERO interest whenever possible. Smart consumers will take advantage of every opportunity that offers "free money" or zero percent interest, and be responsible and heed the terms and conditions to maximize their cash flow and let their money and good credit work for them.
I've been working hard to pay down as much debt as possible and lower the amount of interest that I pay on my credit card balances, personal loans, etc. I periodically call my credit card companies and ask them if the rate I currently have is the best they can do. When they're unwilling to budge, I start to shop around for more competitive offers and am not shy about telling my card issuers that they'll be losing my business. I take advantage of low interest or zero percent balance transfer offers if the period is greater than 9 months. I've used a couple of the "for life of the balance" options that were offered to pay off most of my debt. I now use a single card for all smaller purchases and I pay the bill every month rather than carrying a balance. Large ticket items get charged to a rewards card that has a low interest rate and it too is paid off as soon as possible. To save additional money, I utilize online price comparison sites like nextag and pricegrabber to find the lowest price, then search for online coupons and special promotional codes on sites like fatwallet.com and dealcoupon.com to lower the price even more.Next step is to research the grocery guru sites to learn how to get the most for my food dollars.
I've been working hard to pay down as much debt as possible and lower the amount of interest that I pay on my credit card balances, personal loans, etc. I periodically call my credit card companies and ask them if the rate I currently have is the best they can do. When they're unwilling to budge, I start to shop around for more competitive offers and am not shy about telling my card issuers that they'll be losing my business. I take advantage of low interest or zero percent balance transfer offers if the period is greater than 9 months. I've used a couple of the "for life of the balance" options that were offered to pay off most of my debt. I now use a single card for all smaller purchases and I pay the bill every month rather than carrying a balance. Large ticket items get charged to a rewards card that has a low interest rate and it too is paid off as soon as possible. To save additional money, I utilize online price comparison sites like nextag and pricegrabber to find the lowest price, then search for online coupons and special promotional codes on sites like fatwallet.com and dealcoupon.com to lower the price even more.Next step is to research the grocery guru sites to learn how to get the most for my food dollars.
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