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Twitter Weekly Updates for 2010-06-05

  • Working on my day off and watching Teenage Mutant Ninja Turtles. #
  • Sushi-coma time. #
  • To all the vets who have given their lives to make our way of life possible: Thank you. #
  • RT @jeffrosecfp: While you're grilling out tomorrow, REMEMBER what the day is really for http://bit.ly/abE4ms #neverforget #
  • Once again, taps and guns keep me from staying dry-eyed. #
  • RT @bargainr: Live in an urban area & still use a Back Porch Compost Tumbler to fertilize your garden (via @diyNatural) http://bit.ly/9sQFCC #
  • RT @Matt_SF: RT @thegoodhuman President Obama quietly lifted a brief ban on drilling in shallow water last week. http://bit.ly/caDELy #
  • Thundercats is coming back! #
  • In real life, vampires only sparkle when they are on fire. -Larry Correia #
  • Wife found a kitten abandoned in a taped-shut box. Welcome Cat #5 #
June 5th, 2010 | Tags: | Category: Misc | Comments are closed | Subscribe | Print This Post Print This Post | Email This Post Email This Post

Free Tivo

Vintage TV set, pt. 2
Image by Marcin Wichary via Flickr

TV is causing problems in my life.

We watch too much TV. Often, we’re only watching because there’s a crappy show in between two shows we do want to watch. In the winter-during the new seasons-my son has wrestling practice 4 or 5 nights per week, which means I miss the new shows I like. We recently downgraded our service provider, so there’s no functional guide button in the house.

That all makes me sad.

Then I found out that Tivo’s lifetime service is attached to the unit. If you sell a unit with lifetime service, you can transfer the service to the buyer. You can’t, however, transfer the service to a new box. That means that everyone who upgrades and sells their old box is selling the lifetime service with it. If you don’t mind having older equipment, you can pick up a used box with full lifetime service for less than the cost of a new box.

After reading Erica’s method of finding 750 extra hours per year, we decided to give it a shot. We are taking back control of our TV. No more rushing home to catch a new episode. No more mindlessly channel-surfing to kill time between good shows. No more commercials. And a guide! I like having a guide button.

I started shopping. My goal was to get a Series 2 Tivo with full lifetime service for about $100 before shipping. I came close a few times, but always lost the auction, in the end. I wasn’t in a hurry, and I didn’t actually have the money budgeted, so it was good to lose.

Then, a friend found himself in a situation that didn’t work with a Tivo and decided to sell his heavily upgraded, heavily accessorized Tivo HD for $100 + shipping. A quick call to my wife resulted in just one objection: Where were we getting the money? We don’t have an opportunity fund, yet and I needed to take advantage of this quick if we were going to get it.

I decided to make it free.

When I automated all of our bills, I rounded up. If a bill was for $63.50, I paid $64. If a bill wasn’t exactly consistent, I paid enough to cover the higher amount. For example, I didn’t have a text messaging plan on my cell phone until December. Before that, I’d get about a dozen texts each month, so I budgeted for paying for the texts. If I didn’t get the texts, I’d get a credit on my bill. I never lowered the automated payment. All of my bills were set up like that. My insurance company dropped my rates, but I left the payment alone. I slowly started accumulating a credit on a number of bills. My intention was to skip a month when the billed amount got to $0, and apply the money to debt. It was just a mind-game to play with myself to make the debt easier to pay.

I flipped through the bills, looking at the credits. I adjusted the payments to match the bills this month and found more than enough to buy the Tivo. This is a purchase that doesn’t influence my budget in any way. Almost. This unit doesn’t have lifetime service, so I will be paying for the monthly fee, but that’s been more than balanced out by reducing our television service.

This is a recently-high-end model for free, as far as my budget is concerned. I used money that wasn’t even on the table before I went looking for it. It’s like searching the couch cushions for money to catch a movie.

Now, I’ll have control of my TV-with a strong measure of convenience to boot-for $13 per month. The time savings is yet-to-be-determined.

A free Tivo simply because I rounded my bills up when I automated last year. That’s a pain-free opportunity fund.

Update: After I wrote this, I found out that I dropped the ball in budgeting for child-care now that summer is here and my oldest won’t be in school. These costs are going up $350 per month. I spent an hour scavenging the couch cushions of my budget this week. I had to adjust some savings and repayment goals, but I’ve effectively paid for a summer worth of care for my boy the same way. Free.

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June 4th, 2010 | Tags: , , | Category: Finance | 3 comments - (Comments are closed) | Subscribe | Print This Post Print This Post | Email This Post Email This Post

3 Things Everyone Should Do Before the End of 2010

Crane Paper Company in Dalton produces the pap...
Image via Wikipedia

New Year’s resolutions are great, but what are you doing the rest of the year? As we roll into summer and we see the year’s halfway point approaching, it’s important to look at our goals and our progress and see if we’re on track for where we want to be in our lives.

Financially, now is the time to start preparing for the new year. Don’t be like most people and wait until December to think about it.

Here’s a place to start:

  • Max out your 401(k). If you are under 50 years old, your maximum annual contribution is $16,500. If you haven’t contributed to your 401(k), yet, this means you will have to deposit $2358 per month to max it out. If you would have started at the beginning of the year it would only be $1375 per month. If those numbers are out of reach, at least contribute enough to get your employer’s match. If your company matches 50% of your contribution up to 5%, you need to be contributing 5%. If your gross paycheck is $1000, you should contribute $50. If you do so, your company will be giving you $25. That’s free money and a 2.5% raise! With a pre-tax contribution, you are also lowering your taxable wage, so the 5% contribution is not lowering your take-home pay by 5%. In some cases, it may even raise your take-home pay!
  • Know your money. Take some time to examine your income and your expenses. What are you having withheld? Will that leave you with a large tax bill next spring? Will it give you a huge tax refund, which is just an interest-free loan to the government? You withholding goal should be to pay nothing and receive nothing when you file your taxes in the spring. The less you withhold, the more you have for your daily expenses, but, if you withhold too much, you risk an unaffordable tax bill and possible penalties later. Look also at your expenses. Have you used your gym membership in the last few months? Cancel it. Do you know every cent you have to pay each month? Figure it out so you can plan the rest of your financial year. A budget is helpful here.

  • Own your debt. “It’s not my fault.” “My ex stole my bank account.” “My dog ate the bill.” “My kidneys were stolen and I woke up in a bathtub full of ice and an invoice for services rendered.” “I lost my job.” “I have an X-Box addiction.” “I gave my credit card to a stripper, but we broke up. Go after the stripper.“ Excuses. Here’s the thing: None of it matters. You owe the debt. Your choices are to pay the debt or file bankruptcy. Either way, you need to own the debt and take responsibility for whatever choices you made or debt you’ve accumulated. Denial is not a successful coping mechanism. Whatever you choose to do, know that it is your choice. You can’t hide from your bills or your $15/day “Venti Soy Hazelnut Vanilla Cinnamon White Mocha with extra White Mocha and caramel” habit.

What are your financial plans for the rest of the year?

Update: This post has been included in the Festival of Frugality.

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June 2nd, 2010 | Tags: , | Category: Finance | 6 comments - (Comments are closed) | Subscribe | Print This Post Print This Post | Email This Post Email This Post

Prevent Debit Card Scams: Know How

This is the first guest post on Live Real, Now. It’s brought to you by Sharon Smith of the Oak View Law Group.

In modern times, the ATMs come as a great convenience for the bank customers. The irony however is that ATMs also allow access to criminals who steal personal information from the debit card when it is swiped at the ATM.

The recent technological advances that are invented to open up new horizons are unfortunately being used in the crime against the population. The ATM fraud is on the rise now, although an alleged skimming ring has been busted recently.

How can you protect yourself from such frauds?

Fraudsters make counterfeit ATM cards using a skimmer. A skimmer reads the information on a customer’s ATM card and then it is easy for the scammers to make a duplicate card, using the customer’s card details.

Once a scammer has your details with him, he can even steal your identity and commit identity fraud. To protect yourself from such fraudulant practices, follow the below mentioned tips:

Change PIN frequently: This is the most important point to remember. If you want to be safe from identity theft scams, change your PIN on a regular basis. Always remember, never use your birthdate, phone number or social security number as your PIN as these are easily guessed. Do not share your PIN with anybody neither keep a written record of it.

Avoid using non-bank ATM machines: The risk is higher in case of non-bank ATM machines. Use the bank ATM machines for all your transactions.

Use credit cards or cash for shopping: Major credit cards have 100% Fraud Protection. Some debit cards also offer limited protection against fraud, depending upon how soon you notify the bank. If you use a debit card for purchases, you are unable to establish any credit rating for yourself. In case there is a dispute on a purchase with debit card, you cannot request a stop payment. Also in case of online shopping, avoid using public computers at internet parlours or work computers.

Check the ATM machine thoroughly before using it: The fraudsters can mount a hidden camera inside the ATM so that they are able to watch the PIN number, as you enter them. Check the card slot for any unusual device.

Never let a stranger inside the ATM counter: In case your card is stuck inside the ATM machine, call the branch or the bank helpline. Do not leave the machine. Do not accept help from any strangers. They are actually the scammers who pretends to help you and may ask you to enter your PIN several times. They memorize the number and use it for stealing your money. While using your debit card in a market place or a shop, shield the ATM machine keypad from others.

Check your account frequently: Check for any unauthorized transactions on a regular basis.

Never give out your details: Remember, your bank or the credit union will never call or email you to confirm your details. Millions of such emails are sent to customers everyday. No matter how convincing the email looks, never respond to it. And certainly do not ever send any confidential information like your account details or PIN. This technique of cheating on customers are known as Phishing and is one of the most common scams around the world. Just imagine that, if only a few customers mistakenly replies to such scammers, they can make millions of dollars at the customer’s expense.

Always check the credit card statements thoroughly for any transaction that looks unfamiliar to you. In case you have not made any such transaction, report them to your credit union or bank immediately.

Always keep the bank helpline number handy.

Report any stolen or lost ATM card immediately: Once you inform the credit unions or the bank about the missing card, they would block it. This would prevent any frauds from happening.

This is a major reason why a lot of Americans are in debt now. Although they have not incurred debts, they pay for the misdeeds of a few fraudsters.

Update: This post has been included in the Carnival of Personal Finance.

May 31st, 2010 | Tags: , , | Category: Finance | One comment - (Comments are closed) | Subscribe | Print This Post Print This Post | Email This Post Email This Post
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