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Twitter Weekly Updates for 2010-05-29

Misc

Birthday Parties are Evil

Finance, Parenting

This is a post from my archives.

I hate birthday parties.   Well, not all birthday parties.  Not even most parties.  Just the expensive-for-the-sake-of-expensive parties.  The bar-raising parties.  The status-boosting parties.  I’m done.

My son is seven years older than my first daughter.  In those seven years, with only one kid, we managed to spoil him regarding birthday parties.  Every party was big and there were a lot of presents. That’s an expensive way to run a birthday and it is a lot of stress.   We even moved the parties home, but still invited all of our friends and family.   It was much too stressful.

A good friend used the pizza and game place, buying tokens for everyone at the party.  That’s incredibly expensive.  Even if I  wanted to, I couldn’t afford that for three kids.   There’s an element of keeping up with everyone around me, but I just can’t make myself care about that anymore.  They aren’t paying my debt or cleaning my house.  They don’t get a vote.

My  plan this year was to have a sleepover for my son.   He had five friends spend the night, playing games and watching movies.  They giggled and squealed for eighteen hours, all for the cost of some take-and-bake pizzas and snacks.  It was a hit for everyone involved. The other parents got a night off and all of the kids had a blast.

My girls are one and two.  We’re done with parties for them, too. They got big parties for their first birthdays.  Those are parties for the adults; the kids don’t care.  In a few years–even a few months–they won’t remember the party.   My older daughter’s birthday will be a trip to the apple orchard, followed by cake and ice cream.   She’ll get presents.  She’ll get “her day”. She’ll remember that her birthday is special, without costing a lot of money.

We want them to have fun.  We want them all to feel special. We also want to manage their expectations and keep the parties from breaking the budget.  So far this year, it is working.

How do you run a birthday party on a budget?

Disclosure

I’m not terribly commercial, but I do enjoy making money.

As such, it is safe to assume that any company, entity, corporation, person, place, thing, or other that has a product, service, post, or  link has in some way compensated me for said product, service, post or link.  That compensation–direct or indirect–may be in the form of money, swag, free trips, gold bullion, smurf collectibles, super-models, or just warm-fuzzies.  That list is NOT in order of preferred method of compensation.

To reiterate: If it’s commercial, and it’s here, I’m probably being paid for it.

Selling Your Car

Finance

English: Jalopy car in Joshua Tree National Pa...

English: Jalopy car in Joshua Tree National Park in Hidden Valley Campground (Photo credit: Wikipedia)

When it’s time to replace your car, most people focus on the new car, instead of the old, but that is ignoring real money.  Your old car–unless it has disintegrated–still has value.  Sometimes, it’s just time to ask yourself, “When should I sell my car?”

When you’re looking to sell your car (like with We Will Buy Your Car), you generally have several options:

  1. Tow & crush. If your car has been wrecked, doesn’t run, or is just old and beat up, you may be stuck with calling a junkyard and accepting $50 for them to pick up your car and crush it for scrap.
  2. Trade it in. This is probably the least hassle, but–other than #1–doesn’t pay well.  Dealerships are willing to pay something under what they will get at a wholesale auction, which is quite a bit less than the blue book value.
  3. Sell it yourself. Now you’re thinking, “He’s going to buy my car! Oh, bother.”  It can be a pain, but it’s also the best way to get a decent price for your wheels.

When you sell your car, there are a few things to keep in mind, much like when you sell something on Craigslist.

  • Don’t be alone. There are bad people in the world, but they don’t like witnesses.  Bad things are much less likely to happen if you have company.
  • Know your price. Specifically, know three price: your dream price, the price that would make you happy, and the absolute lowest price you are willing to accept.  Make sure you figure these numbers out ahead of time.  Know what you are comfortable with before it comes time to close the deal.
  • Check IDs. The buyer is going to want to test-drive your car.  That’s fine, but you want to make sure you know who is driving off in your car.  “Officer, Sumdood took my car.  He was wearing jeans.”  That won’t get your car back.
  • Clean it up. Get the car detailed before you show it to a potential buyer.   A sparkling-clean car will almost always bring in a few hundred extra dollars.  It’s well worth the expense.

Following this plan should make the sale go as smoothly as possible and bring you the most possible money.

Readers, what have you done to dispose of an old car?

This is a sponsored post written to provide some insight into the world of used car retail.

 

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Consolidating Student Loans

Finance

This is a guest post.
If you owe on multiple student loans, you may have heard of or are considering consolidating your student loan debt. Whether you are fresh out of college or struggling with making multiple student loan payments, consolidating your debt can relieve you of that burden in exchange for one manageable monthly payment.

What is Student Loan Consolidation?

Student loan consolidation is one personal loan big enough to cover the amount owed on multiple student loans. The loan amount you receive is used to pay off the other student loans which leave you with a single monthly payment to make. You can consolidate all federal student loans with a debt consolidation program through the US Department of Education. Although FFELP, or Federal Family Education Loan Program, no longer offers debt consolidation, you can still be eligible through the US Department of Education. You may also still qualify for the federal student loan consolidation program even if your college does not participate in the Direct Loan Program. Many private lenders also offer student loan consolidation options as well.

Eligibility Requirements for Student Loans

You may be eligible to consolidate student loans if you are enrolled at part time status or less or if you are no longer in school. You would also be considered eligible by most lenders if you are within the loan’s grace period or are currently paying on your loans. You should also have your loans in good standing and have at least $5,000 owed in student loans. Each loan consolidation lender may have their own eligibility requirements, so it is best to check with the specific ones you are considering.

The Benefits of Loan Consolidation

There are numerous potential benefits to consolidating student loans including streamlining multiple payments into one affordable monthly payment. You may have multiple due dates on loans and you may be struggling to remember which one is due on which date. Streamlining your student loans is simpler and easier to remember, it also allows you better control over your budget.

Another benefit of choosing to consolidate student loans is extending the repayment terms. Many student consolidation loans can be obtained as long-term debt. Although it will require you to pay your loan for a longer time period, it does reduce the amount paid each month into a more affordable payment.

You will also pay a lower interest rate with a consolidated loan. The interest rate is determined by weighing all the interest on your loans and finding the average rate. You may have variable interest rates on your student loans and consolidating them can give you a fixed rate which is highly advisable given the uncertainty of the US economy.

A lowered interest rate and a longer repayment term mean a lower monthly payment than what you were currently paying on multiple loans. A smaller monthly payment leaves more money in your pocket at the end of the month and allows you to use that money elsewhere.

The Disadvantage of Debt Consolidation

It is important to be aware of all aspects of a student debt consolidation loan in order to make the best and most informed decision. There are some drawbacks to consolidating debt including having a higher repayment term which means you, in the end, will be paying more than if you paid it off sooner. You will also end up paying more in interest on a long-term loan than a short-term as less of the monthly payment is applied to the principle. You may also have to pay prepayment penalties depending on your original student loan terms. There are some student loans that prohibit paying them in one lump sum or ahead of the schedule without incurring a monetary penalty. You may also be required to repay any waived fees or rebates. Check your current student loan contracts to find out if you may be penalized for paying off the debt through a consolidation program.

Unfortunately, there are countless fraudulent and unscrupulous lenders trying to talk you into consolidating your student loans with enticing introductory rates or temptingly low monthly payments. However, it is essential to read all the small print before signing any contract in order to avoid the numerous scams out there. You should be wary of any lender that is promising really low interest rates. You can determine your potential interest rate by compiling all the student loans, adding their interest rate and determine the average. You may have to round up to the nearest one-eighth of a percentage. Beware a lender that promises an interest rate significantly lower than that interest rate.