My post 4 Ways to Flog the Inner Impulse Shopper is up in Free Money Finance’s March Money Madness tournament. Please take a moment to vote for me(Flog).
Thank you. That is all.
Twitter Weekly Updates for 2010-01-30
- Bad. My 3yr old knows how the Nationwide commercial ends…including the agent's name. Too much TV. #
- RT @MoneyCrashers: Money Crashers 2010 New Year Giveaway Bash – $9,100 in Cash and Amazing Prizes http://bt.io/DZMa #
- Watching the horrible offspring of Rube Goldberg and the Grim Reaper: The Final Destination. #
- Here's hoping the franchise is dead: #TheFinalDestination #
- Wow. Win7 has the ability to auto-hibernate in the middle of installing updates. So much for doing that when I leave for the day. #
- This is horribly true: Spending Other People's Money by @thefinancebuff http://is.gd/75Xv2 #
- RT @hughdeburgh: "You can end half your troubles immediately by no longer permitting people to tell you what you want." ~ Vernon Howard #
- RT @BSimple: The most important thing about goals is having one. Geoffry F. Abert #
- RT @fcn: "You have enemies? Good. That means you've stood up for something, sometime in your life." — Winston Churchill #
- RT @FrugalYankee: FRUGAL TIP: Who knew? Cold water & salt will get rid of onion smell on hands. More @ http://bit.ly/WkZsm #
- Please take a moment and vote for me. (4 Ways to Flog the Inner Impulse Shopper) http://su.pr/2flOLY #
- RT @mymoneyshrugged: #SOTU 2011 budget freeze "like announcing a diet after winning a pie-eating contest" (Michael Steel). (via @LesLafave) #
- RT @FrugalBonVivant: $2 – $25 gift certificates from Restaurant.com (promo code BONUS) http://bit.ly/9mMjLR #
- A fully-skilled clone would be helpful this week. #
- @krystalatwork What do you value more, the groom's friendship or the bride's lack of it?Her feelings won't change if you stay home.His might in reply to krystalatwork #
- I ♥ RetailMeNot.com – simply retweet for the chance to win an Apple iPad from @retailmenot – http://bit.ly/retailmenot #
- Did a baseline test for February's 30 Day Project: 20 pushups in a set. Not great, but not terrible. Only need to add 80 to that nxt month #
Chains of Servitude Update
It’s been almost exactly one year since I told my wife that we were either going to take control of our finances or file bankruptcy.
At that time, we were spending at least $500 more each month than we made, and often, it was $1000 more. We had more than $5000 accumulated on our overdraft line of credit, more than $30,000 in credit card debt, $2500 on a student loan, $12,000 on a car note, and our mortgage.
Our savings were nonexistent. We had automatic deposits established, but we’d transfer the money out right away to cover other expenses. Everything that came up was an emergency and a surprise. We had no real idea how much our lifestyles cost or what it actually took to maintain.
Maintaining our finances took several hours every payday to balance the checkbook and pay bills.
Fast forward 1 year. The student loan is gone, the line of credit will be gone next month, and the car loan will be paid off before the end of the year. We’ve reduced our total debt load by more than 20%.
We have a useful emergency fund and we’re meeting our other savings goals, including a college fund for the kids. We don’t have extremely high balances, but it’s reassuring to have more than a couple of months of expenses in our savings accounts.
We’ve automated almost everything and gone to a cash-only system. I now spend about 20 minutes a month balancing the checkbook and less than 5 minutes paying bills.
A year ago, we were in a hole, digging as fast as we could. Now, we can see the end of the debt tunnel and we are rushing as fast as we can to get there. According to my debt spreadsheet, we will be completely debt free in just under 4 years, ignoring any money coming from our side-hustles and work bonuses.
We’re making better progress than I had hoped for, and it keeps getting easier. Smart spending is becoming a habit, instead of a just wishful thinking.
Update: This post has been included in the Carnival of Debt Reduction.
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.
Is That The Best You Can Do?
If you are a typical, hard-working American, you probably feel that there are not enough hours in the day and not enough money in your pocket!
It seems life is busier and more expensive than ever before. In the midst of a global economic recession, the price of daily living is increasing, with higher utility bills and food prices.
It is difficult in these hectic times to be alert to other available options and yet with so much competition between rival companies, you may find a better deal elsewhere.
From mortgages to loans to gas suppliers and everything in between there are numerous options out there that could be highly beneficial for you.
So how do you go about finding the best deal for you? After all, your circumstances are totally unique and what works for you will not be the same as for someone else.
This is why taking advice from family or friends is not always the wisest move. Naturally their intentions are good, but the information they have maybe outdated or incompatible with your circumstances.
Comparison shopping can provide you with the details necessary to make an informed decision, whatever your circumstances. By researching the options available, you can find the perfect product or supplier.
Perhaps you are a young professional looking for your first mortgage, an older couple thinking about retirement funds or maybe you simply want to reduce your mobile phone bill.
Investigating the options available will help you clarify when you are being offered a great deal and what conditions or benefits may be attached to an agreement.
Mobile phone providers, for example, often try to tie you into a long-term contract by tempting you with the latest phone. Many consumers will find this offer irresistible and sign up without thinking the implication through.
It is financially more astute to calculate the cost of the contract against the cost of buying the phone outright and finding a lower priced tariff from another provider.
Credit card companies will offer 0% or lower interest rates on balance transfers, so spend a little time comparing providers to see how much you could shave off this debt.
Even if you have a low credit score it is worth comparing credit cards for bad credit to get the best deal for your circumstances.
Often, credit cards companies offer additional benefits when taking out one of their cards, such as discounts at certain stores or money-off vouchers, travel or car insurance and fraud protection.
If you are planning a family vacation with Disney for example, taking out a Disney credit card can provide additional benefits. Credit card holders benefit from 10% discount at their shops and $50 credit on cruises.
There may be other factors that influence your decision, such as the charitable ethos of a company. Many firms favor certain causes and will donate a percentage of profits to charity.
So invest some time in researching better deals to suit your circumstances or use a reputable price comparison site to do the research for you. Then all you have to do is to enjoy your savings!
Post by Moneysupermarket.
Making Up Stories
Saturday night, as I was walking out of the pizza place, I saw a beautiful young brunette standing on the sidewalk talking on her cell phone.
As I walked past, I heard, “I could pay my rent if they’d just give me my last paycheck! They owe me like $200.”
That’s it.
Have you ever heard a tiny piece of a conversation and used that to build a back story in your own mind?
I do that all of the time.
In fact, I’m going to do that now.
First, what can I know from those two sentences?
- She was unemployed. She was more worried about her last paycheck than her next one.
- She had worked for a scummy, fly-by-night, something-or-other. Good companies don’t withhold paychecks.
- She had no emergency fund. If she had one, $200 would be an inconvenience, not a disaster.
- She rented, and had roommates. This conversation occurred in the parking lot of a pizza place in a reasonably affluent suburb. For $200, she wasn’t living alone. Whether she rented a room or shared an apartment would be a mere guess.
Those items can–I believe–be taken as fact, given the evidence at hand.
Now for the conjecture:
- She was a waitress. A $200 final paycheck probably means her hourly wage was low. Besides, pretty, young, unskilled girls often become waitresses. It’s one of the few ways to make good money without a degree of any kind.
- The restaurant wasn’t a chain. Chain stores have lawyers and procedures. They don’t withhold final paychecks.
- She invites drama into her life. When you work for a company that makes a habit of shady practices, like withholding final paychecks out of spite, you know it happens. It’s not a surprise. If you continue working there, you are just waiting in line for your turn to have problems.
- She wasn’t close to her family. In an emergency, $200 from Mom & Dad is nothing. In my mind, she only has one parent and isn’t close to that parent, but that’s purely invention.
- Her friends are in the same boat. Short-term planning, no reserve cash, no room to let a friend couch-surf for a couple of weeks.
- Next month, she’ll be having the same problems, but she’ll find someone else to blame. Her ex owes her money, or her roommate stole the last of her cash.
That’s my entirely unsupported guess of a young stranger’s life story. My opinion isn’t flattering, but how could it be, when $200 is enough to make the young woman panic?
Have you ever played this game?
