- Uop past midnight. 3am feeding. 5am hurts. Back to bed? #
- Stayed up this morning and watched Terminator:Salvation. AWAKs make for bad plot advancement. #
- Last night, Inglorious Basterds was not what I was expecting. #
- @jeffrosecfp It's a fun time, huh. These few months are payment for the fun months coming, when babies become interactive. 🙂 in reply to jeffrosecfp #
- RT @BSimple: RT @bugeyedguide: When we cling to past experiences we keep giving them energy…and we do not have much energy to spare #
- RT @LivingFrugal: Jan 18, Pizza Soup (GOOOOOD Stuff) http://bit.ly/5rOTuc #budget #money #
- Free Turbotax for low income or active-duty military. http://su.pr/29y30d #
- To most ppl,you're just somebody [from casting] to play the bit part of "Other Office Worker" in the movie of their life http://su.pr/1DYMQZ #
- RT @MoneyCrashers: Money Crashers 2010 New Year Giveaway Bash – $8,300 in Cash and Amazing Prizes http://bt.io/DQHw #
- RT: @flexo: RT @wisebread: Tylenol, Motrin, Rolaids, and Benadryl RECALLED! Check your cabinets: http://bit.ly/4BVJfJ #
- New goal for Feb. 100 pushups in 1 set. Anyone care to join me? #
- RT @BSimple: Your future is created by what you do today, not tomorrow"— Robert Kiyosaki So take action now. #
- RT @hughdeburgh: "Everything you live through helps to make you the person you are now." ~ Sophia Loren #
- Chances of finding winter boots at a thrift store in January? Why do they wear our at the worst time? #
- @LenPenzo Anyone who make something completely idiot proof underestimates the ingenuity of complete idiots. in reply to LenPenzo #
- RT @zappos: "Lots of people want to ride w/ you in the limo, but what you want is someone who will take the bus w/ you…" -Oprah Winfrey #
- RT @chrisguillebeau: "The cobra will bite you whether you call it cobra or Mr. Cobra" -Indian Proverb (via @boxofcrayons) #
- RT @SuburbanDollar: I keep track of all my blogging income and expenses using http://outright.com it is free&helps with taxes #savvyblogging #
- Reading: Your Most Frequently Asked Running Questions – Answered http://bit.ly/8panmw via @zen_habits #
Black Friday
- Image by Getty Images via @daylife
Today being the biggest shopping day of the year, I thought I’d get in the game.
First, instead of helping you spend money, I’m going to help you save it. As I’ve mentioned before, I am a big fan of INGDirect. They make it easy to create savings accounts for specific savings goals and they have a decent interest rate. I’ve never had a problem with any of my accounts.
For Black Friday(through Sunday!), they are offering the following:
- Earn $103. Open Electric Orange November 26th – 28th, and make a total of 7 purchases using your Electric Orange Card or Person2Person Payments (or any combination of the two) within 45 days.
- Open a Kids Savings Account November 26th – 28th and we’ll(ING) put a $25 bonus into your new account.
- Use your Electric Orange Debit MasterCard® at least one time from 8:00 AM ET, November 26th – 7:59 PM ET, November 26th, and you’ll be automatically entered into the 100% Cash Back Giveaway.
- Open a 36-month IRA CD with ING DIRECT November 26th – November 28th and get 2.00% Annual Percentage Yield (APY). Ask them about work at home moms and dads spousal IRA.
- Apply online November 26th – 28th for Easy Orange or the Orange Mortgage or call a Mortgage Specialist at 1-866-327-4599 and get up to $2,000 off closing costs. If your costs are less than $2,000, you pay nothing.
- 25% rebate on Sharebuilder trades that execute today or Monday.
Click here to open an account with the best bank to ever hold my money.
Now, to help you spend some money.
All of my websites are hosted by HostGator. I’ve never had noticeable downtime or any technical problems. The one issue I had that couldn’t be controlled by their interface was fixed by technical support in minutes. Not hours, minutes. They are having an amazing deal today. From 5AM to 9AM CST, all of their products are 80% off. The rest of the day, it’s all 50% off. Unfortunately, this doesn’t apply to existing customers, but if you are looking for a website host, paying $35 for 3 years of hosting can’t be beat.
Debt Burnout
You’ve got a budget. You’ve got a debt repayment plan. You’ve been paying off your debt. You’ve even paid off a few of your smaller debts. Now you’re staring down the barrel of your big debts: your mortgage, a $30,000 credit card, maybe a car payment. You’re looking at months of payments with no quick wins; no more watching your debts die every few months. You’re in the middle of a very long slog.
All of the easy milestones have been reached and the next one is a year or more away. This is when debt repayment gets hard. How can you avoid getting burnt out doing the same thing, month after month, with no major visible progress?
1. Keep your eye on the prize. Try focusing on the end result, while ignoring the time it takes to get there. Do you have a reward planned for when you pay off your debt? If not, consider that to be your new shining goal-post. My wife and I plan on taking an Alaskan cruise when our debt is repaid.
2. Ignore the prize. If #1 doesn’t work for you, try focusing on just the current month’s progress. How much did you pay off this month? Was it more than last month?
3. Make micro-goals. Try breaking the long slog into bite-sized pieces. How fast can you pay off the next $1000? How many months will it take to pay off that TV you bought last year? Sometimes, meeting a smaller goal can make the whole works feel like it’s going by faster.
4. Take a snowball vacation. For just one month, take every dollar you would normally apply to your debt–except your required payments–and have some fun with it. Take a weekend trip, have a fancy dinner, or pick up that video game system you’ve been eying. Something. Anything to take your mind off of your repayment plan for a while. Be careful not to make this a habit or you will never get out of debt.
5. Start a blog to share your pain.
A debt snowball is a long, intense process. If you’re not careful, you can burn out and let the whole thing collapse. How do you avoid burnout?
2010 Budget Changes
We’re making some changes to how we manage our finances this year. Our destination isn’t changing, but the trip is.
- All of the cards are going away. Not necessarily destroyed, but certainly inconvenient. There’s a $7000 overdraft protection account attached to our debit cards. There’s no need for an “emergency” card. If it’s truly an emergency, we are covered. We are going to destroy some and ice the rest.
- We’re going to go “cash only”. We’ve going to the envelope system. There will be an envelope for grocery money, gas money, discretionary money, and baby crap. If there isn’t enough money in an envelope, it will have to come out of another envelope. If we don’t have enough money, we’ll have to do without, instead of spending imaginary money at 10% interest. Gas will be the exception, so we don’t have to bundle the kids up to pay for gas. No money, no spendy. We tried a “virtual envelope”, with every purchase tracked by category in a spreadsheet, but it didn’t work. Real cash, real empty envelopes. Discretionary money covers school activities, miscellaneous household item, and anything else that pops up.
- We’re going to start the “30 day list”. If we want something, we’ll put it on a list. If we still want it 30 days later, it will be okay, provided there’s money for it. This is part of what the discretionary budget is for.
- My wife is getting $50/month “blow money”. Absolutely unaccountable. If she doesn’t have this vent, the whole system will fall apart.
This is all stuff my wife and I have talked about and agreed to, but now, it’s organized and laid out. We HAVE to do it or something similar. We are both on board with this plan. We should see our debt management plan skyrocket, without feeling like we are missing out on life.
5 Things to Do in the New Year
- Image via Wikipedia
CNN Money has an article up on 5 things to do this year. After posting a similar article a couple of weeks ago, I thought it’d be interesting to post about someone else’s perspective.
1. Shop for a no-fee checking account.
If you are paying fees for a checking account, go somewhere else. There are so many alternatives available that you shouldn’t be throwing money away. Ally Bank has a great no-fee checking account, as does INGDirect, though ING won’t let you write paper checks against the account. The same principle applies to credit cards. If you have a card with an annual fee and you aren’t getting some monster services or rewards to go with it, run away.
2. Save your raise.
I don’t necessarily agree with this one. If you are in debt, it’s better to use the raise to pay off that garbage, first. When I got my last raise, I immediately boosted the automatic payment for my car to use every new penny. I’ve never had the money available, so I haven’t missed it. Whatever you do, fight lifestyle inflation. Just because you have some more money doesn’t mean you need to spend it. At my last job, I got a substantial raise, so I bought a new car, only to get laid off a few months later.
3. Go for a checkup
Wealth doesn’t matter if you squander your health. Go get a physical. Every disease is easier to treat if you catch it earlier as opposed to later. Don’t make the mistake of running your body into the ground. You will regret it later. Effective this year, most health plans will cover a physical with no copay, co-insurance, or deductible allowed.
4. Score a better rewards card.
B***-****. If you’ve still got debt, don’t concentrate on using more of it. Get that crap paid off. If you’re out of debt, look into getting a rewards card that aligns with your goals. If you like to travel, get a card that gives you frequent flier miles. Otherwise, I’d go with a cash-back rewards card.
5. Use your vacation days.
37% of Americans don’t take all of the vacation to which they are entitled. That’s insane! We work harder and better when we have time to recuperate and relax. Unfortunately, I usually fall into that unfortunate 37%. My vacation resets on February 1st, and this will be the first year in a lot of years that I haven’t had to roll it over or even lose some.
What is your financial plan for the new year?
Side Hustle: Garage Sale Tips
Garage sale week wasn’t enough. There are so many little things that I did–or meant to do–that I forgot to include them last week.
- Advertise everywhere. I do mean everywhere. Take out an ad in the paper. Put an ad on Craigslist. Have fliers in the grocery store, the laundromat, and any place that has a publicly-accessible bulletin board. Put big, bright signs at every possible turn to get to your sale. Assume the drivers a dense. Don’t give them an opportunity to make a wrong turn or–like I did–put conflicting arrows on different sides of a sign.
- Use bait. Set out tools and furniture where they are visible. Lots of people drive past if they only see knick-knacks. Tools get the men to stop, furniture gets anybody running a household to stop. If you don’t actually have any tools to sell, put your lawnmower out with an insanely high price on it. Heck, if someone wants to pay you 125% of retail for your mower, take it! I had a number of tools and lawn-crafting gear–actually for sale–near the end of the driveway. If I can get the people out of the car, someone will find something worth buying.
- Price it like you’d buy it. People don’t come to garage sales looking for sale prices. They come looking to pay as little as possible. They want the crazy deal. You’ll have to oblige them, at least a bit. Price some things very low, and everything else almost very low. Aim for 25% of retail or less, except for a few special items that you won’t mind keeping.
- Don’t be afraid to say no. Some hagglers are jerks. If the offer is insulting, don’t feel obligated to take it.
- Bag the little stuff. Instead of pricing every toy 10 cents, put a handful of toys is a zip-lock bag for a dollar. Mix some of the bad with the good so the crap goes away, too. Reject every offer to open the bag and sell the stuff separately.
- Put the bags of toys on a table in the driveway. Kids stay out of the confined garage and entertain themselves digging. Kids are clumsy. They can’t break your lamp if the don’t come near it. Parents will welcome something to keep their little brats occupied while they shop. It’s a win for everyone!
- Describe anything that isn’t obvious. Make a lot of signs. To be clear, make a lot of signs. Describe the furniture. Show a current ebay auction for the item. Identify the antiques. You don’t want to be forced to sell everything yourself. Let the signs sell for you.
- Start early. Price and sort your stuff a month in advance. The night before the sale, all you want to have to do is set up tables and unbox your stuff. Don’t try pricing it then.
- Multi-day sales are best. It gives people a chance to tell their friends about it, or to come back and buy the thing they passed up. Don’t lose out on the buzz!
- Save your grocery bags. A few weeks before a sale, I go to the grocery store and ask if they mind if a bundle of plastic bags goes home with me. The manager has always said it’s okay. If that doesn’t work, just double bag your groceries and save the bags for a few weeks.
- Use blankets and tarps to hide anything that isn’t for sale. People will ask about everything they can see. Save yourself the hassle.
- Plan your layout to let people browse and move. You don’t want a traffic jam in the garage. Give it a clear flow, with enough room for people to pass each other comfortably. Three people should be able to pass each other in every row. It’s not always possible, but try. If two people can’t pass, start over.
- Clean your stuff. Clean items sell better. Dirty stuff will have to be sold for at least 25% less than clean stuff.
That’s it for now. More to come, I’m sure.
Note: The entire series is contained in the Garage Sale Manual on the sidebar.
Update: This post has been included in the Money Hacks Carnival.
