Money Mag recently came out with their list of best money websites, so I thought I'd share 'em around and see what you all think. Along with my own two pennies, of course.

You would have thought that after 2 months of heavy research they'd have at least mentioned the all-time BEST site in it though (BudgetsAreSexy - duh!) but I suppose they must have overlooked it ;) Whatever, I'll continue reading your silly little financial mag...you've already got me hooked!

The 20 Best Money Websites:

1. Basic.esplanner.com - If you're wondering if you need to save more for retirement. (?)
2. Morningstar.com - If you're wondering if you have the right mix of investments. (popular one)
3. Portfoliomonkey.com - If you're wondering if your portfolio is too risky. Love the name :)
4. Finance.Google.com - If you're looking to find your next stock pick. Google is everywhere!
5. Nerdwallet.com - If you're wondering if it's time to dump your rewards card. What a site name! I'd visit just based on that...who isn't a nerd reading this right now?
6. Mint.com - If you're wondering how to cut spending and save more. Mad respect for the Mint team! They have one of the best budgeting platforms around...and noticed I said "platforms" here. We all know who has the best budgeting spreadsheets ;))
7. Credit.com - If you're wondering how good your credit is. They're also one of my sponsors :)
8. Billshrink.com - If you're looking for a better-paying savings account. Another place I've partnered up with before! Those guys are rrazy funny too - check out their blog --> Shrinkage Is Good
9. Neighborhoodscout.com - If you're wondering which neighborhood you should live in. (Sounds kinda creepy to me... like someone's peeking through your windows or someting! haha...)
10. Trulia.com - If you're looking for sellers ready to deal. Have heard great things about this site.
11. Diyornot.com - If you're wondering if you should hire a contractor or not. If your name is J. Money, then YES. Always.
12. Vitals.com - If you're looking for the best doctors in your network (I think I'm too lazy for this)
13. Healthgrades.com - If you're wondering which hospital you should go to. Or if you're a guy - the closest one ;)
14. Linkedin.com - If you're looking to find your next job. Also: Twitter, Facebook, Craigslist, blogs.
15. iTunes U - If you're wondering how to keep your skills sharp. As in, iTunes, iTunes.
16. Truecar.com - If you're wondering what the best price you can get on a car. (What about KBB?)
17. Pricegrabber.com - If you're looking for the best price on electronics. And I agree. Definitely NOT Best Buy, although it still doesn't stop me from walking in there ;)
18. Coupons.com - If you're wondering how to pay less for everyday stuff. (It seems that the best places also have the best (and most generic) site names too, eh?)
    
19. Kayak.com - If you're wondering how you can save on your flight. Which is funny considering what would happen if you actually tried to fly in one!
20. Charitynavigator.org - If you're wondering if you should give to a specific charity. I agree with this one 100%! GREAT site that I'm glad is around to ward off all those hacks.

They also listed their 4 favorite iPhone apps:

1. ATM HUNTER - For finding the nearest ATM that won't cost an arm and a leg.
2. REALTOR.COM - For finding out how much houses go for. (I use this every other day!)
   
3. REDLASER - If you're wondering if that price you're looking at in the store is a good deal. (Just downloaded after reading! Haven't tried it out yet, but I'm excited to.)
4. IXPENSEIT - If you need to hold on to your receipts but you always lose them.

What do you guys think? They leave any great sites or apps out? It'll be interesting to see what pops up on their list next time. So many awesome and creative sites show up every year - it's so cool we're a part of this online information age!

Labels: link lovin, money management, one of my lists, tools and resources

Do you want to guess what these money wasters are before reading? You probably fall for at least half of them, I know I do :) Found these over at Free Money Finance, who found them over at Yahoo, and couldn't help but chime in here. Y'all know I love this stuff.

Someone's list of the Top 6 Mindless Money Wasters:

1. Convenience Stores - I am a SUCKER for these. I don't know what it is about 7-Elevens and gas stations, but I cannot go in there and avoid spending money! It's like they rounded up the best of the goodies and put them all in one spot - Slurpees, beef jerkies, coffees, lottos - LOVE! Very hard to resist (which is why you should avoid 'em like the H1N1 (remember that?)).
2. Cell Phone Plans - Got me again! Damn iPhone and its damn convenience ;) But as I've mentioned before, the extra $30-$40/mo is totally worth it to me. Don't wanna cut this out.
3. Soft Drinks - Success! I've been doing pretty well in this category ever since giving it up for Lent 3 years ago. Only drink it on the weekends, and we get a super-duper pack from the grocery store whenever they go on sale - it lasts months now.
4. Unnecessary Bank Fees - Oh hell no. I don't do bank fees very well...not to say I never mess up, cuz I do!, but just that I have no qualms calling up good ol' USAA and getting it worked out ;) When you have a decent record you can get away with a bit more.
5. Magazines - Hmm....yeah, I probably pay my fair share here. I'm signed up to 5 that cost around $75 a year (Money, Kiplingers, Smart Money, Fortune, and This Old House). Well worth it for the information, and keen on my eyes during daily work commutes.
6. Annual Credit Card Fees - Neverrrrrrrrrrrrrrrrrrrrr! I don't see the point in these unless you run some company that saves you a lot more in return (although that Black Card is pretty sexy).

So yeah, nothing too shocking with these money wasters, but it's always cool to check in and see if there's room for improvement. Or rather, if you DESIRE to make any improvements I should say ;) How do you guys fare with these?

Labels: blown money, in the real world, one of my lists

Guest post by Mrs. BudgetsAreSexy ;)

Life as a graduate student is notoriously tough. Generally, you're operating on a slim-to-nonexistent source of income, yet with the workload of a full time job and the expenses to go along with it.

I consider myself very fortunate to be a married grad student. It's great to know that I am not forced to work out housing and other living expenses all on my own; however, even with this "safety net" of sorts, I still strive to maintain my own expenses as much as possible. My husband may be "Mr. Money" on this blog, but I try not to call him that at home - wouldn't want to crouch his fiscal style if I can avoid it! ;)

Many of you may be aware of how we generally operate financially as a married couple. Typically, we get our paychecks deposited into our separate personal accounts, and we each deposit a certain amount of these into a "common account" for home-related items like the mortgage, groceries, etc. This worked out great when I was working with a full-time job, but as a student, my tiny TA stipend just isn't enough to cover the same monthly needs. Thanks to personal savings, some financial help from family/selling off some inherited stocks, I was able to put together a good chunk of money to pay off my "share" of the common expenses for most of the first year or so of my being in school (much of which is noted in the "cash savings" area of J's net worth updates).

As with any savings, however, they start to dwindle when you actually need to use the money! Thus, I have made a tremendous effort during my grad-student days to continue to build up my portion of the "home fund" for the duration of my schooling. Below are a few of my favorite frugal-living tips on a grad student (or any kind of student) basis:

1. Save, save, save. It's the same tip that everyone tells you, and there's a good reason for that: It's just hands-down the most important. Since my portion of our "shared" expenses comes out of the stockpile of cash I accrued before starting school, the rest of my salary (a whopping $12K annually), almost entirely goes directly into my savings account. If I have an immediate personal expense, I pay for it out of this money, but otherwise, it's all stuffed into my own "home fund in waiting" account.
2. Conserve your travel expenses. If you're a commuting student, trying to condense your class schedule into 2 or 3 days a week can save a ton on daily commuting costs.
3. Keep an eye out for extra work opportunities. If you can find some good RA or TA jobs on campus, even the pittance that these jobs pay can definitely add up in the end - I think I added a solid $3K to my salary last year based on RA jobs alone. (Just remember not to take on more work than you can handle!)
4. NEVER buy your textbooks at full price. EVER. Go through Amazon, Half.com, or any other online textbook source - or if you don't need to keep your books, get them from your campus library! Take the extra time to shop around for good book deals; it def. pays off in the long run.
5. Avoid falling into the campus Starbucks/fast food/vending machine traps. Pack snacks, drinks, and a lunch from home as often as possible.
6. Alcohol can be a major drain on expenses when you're in college. Though this would apply more to most undergraduate than graduate students, my advice would be to A) drink less, B) drink cheaper stuff, or C) drink at home or at a friend's house. If you must go out on the town, options A or B can at least keep the cost at a more manageable level!
7. Become well-versed in the art of window shopping. And if you're shopping online, make use of the "save for later" option instead of buying things on impulse. You'd be surprised how waiting a couple of days can give you the necessary perspective on whether or not you "really need" a certain item.

All in all, life as a grad student doesn't have to be a total sacrifice - besides, so much of your time is spent on schoolwork that you tend not to worry about a ton of frivolous spending anyway! Just stay focused, save as much as possible and remember that light at the end of the tunnel. Now back to the paper-writing cave I go...

Labels: advice, grad school, money management, one of my lists, saving

Every year I put out a "10 Ways to Woo" post around this time (although once I did it in October?), but it seems like I've already given out most of my romantic secrets already.

So this year, I thought I'd round up some of my all-time favorites, and then sprinkle in a few new ones to give you the best of the best. I doubt most of you have seen what I brew in the WOO department anyways ;) So if you're scrounging around this Valentine's day, be sure to give one of these some thought! Here we go...

The Top 10 Ways to Woo on Budget:

1. Set up camp in your living room! This is one of my favorite ideas cuz you get the best of both worlds :) Pop up a tent, gather a few sleeping bags and blankets, and enjoy some peace and quiet in the comfort of your own home. Could probably even do s'mores depending on your stove.
2. Replace the Hershey Kiss tag thingies w/ your own words.** Cut up some small paper strips, pick up a bag of Hersheys, and swap out the tags w/ your own creative ones!
   
3. Make her/him a mixed CD! This is a classic all the way from high school my friends ;) And you KNOW chicks love it. You don't necessarily have to go w/ all romantic songs either - hook it up with those that remind you of each other, or just your favorites.
4. Pick up two matching goldfish, and name them after yourselves. Cutest/cheeziest thing I've ever written, but def. a fave.
5. Put some naughty into your board games. Like Jenga? Try out "lovers" Jenga by writing down some punishments on each of the blocks. That way, EVERY turn is fun!
6. Hook your other half up w/ a massage!** And a decent one too, not your 2 min. quicky she's probably used to ;) (sorry, the Mrs. made me put that...guess she's trying to tell me something)
7. Get all lovey by putting a "Just Married" poster on your car. You'll have to drive around for a bit to get the effect, but it's still cute.
   
8. Place Post-It notes all over the place.** As the link suggests, I've actually done this one before ;) And it wasn't even on Valentine's Day! (Awwwww). That's the beauty of this one - you can rock it any day. Just jot down some lovely memos and then plop 'em throughout your home. On doors, closets, mirrors, cabinets, tv's, anywhere.
9. Cook dinner WITH each other. Find a good recipe, go shopping together, and spend some good quality time together. Whip out the fancy silverware and never-opened candles if you want! Anyone can PAY for a fancy dinner, but making it yourself is sometimes better.
   
10. And my all-time favorite....the whipped cream birthday suit! A la Varsity Blues (sfw, but barely). I swear, you pull this one off ladies and it's a done deal.
    

Whatcha think? Got any better ones to add? We'll be rocking the "make your own dinner" deal ourselves, and then maybe a dabble of #6 and a I-totally-wish-but-it'll-never-happen #10 ;) But as long as we spend it together, it doesn't really matter what we end up doing.

----------------
Previous Woo'age: 2008, 2009
** These are fail-proof, baby!

Labels: awesomely awesome, bargains, holidays, one of my lists

Guest post by Red.

What is the first thing that comes to your mind when you think of credit card debt? Maybe it's maniacal company executives laughing as they toss the money earned on your interest up in the air. Or the stress involved in mapping out your payments toward debt freedom.

If you've been down in the trenches - deep in credit card debt, missing payments and accumulating multiple overdraft fees - maybe your first thought is of phone call after harassing phone call from collection agencies trying to get their money back.

In 2007, I was $3,500 in credit card debt, working full-time while going to school full-time and struggling to pay my bills. I couldn't even make minimum payments on the six credit cards I had opened and maxed out to pay for my lifestyle. (Even though I was living like a student where cable and digs were concerned, I had a nasty shopping habit - clothes and new furniture were my weaknesses.)

It didn't take long for companies to begin calling me, night and day, every hour on the hour. I answered before I caught on to the numbers. I began ignoring all phone calls from numbers I didn't recognize, fearing they were from a nasty representative who wouldn't be happy that I had borrowed money I couldn't repay. I had just started dating my boyfriend. The collection agencies would start calling at 7 a.m., while we were still in bed. What could I tell him? That I had mishandled money? What would he think of me? Instead, I lied and told him I didn't know who it was. But I knew.

I easily received 15 phone calls a day. Sometimes they would leave a voicemail, but I deleted it without listening. I was terrified, and I knew what they would say. They wanted their money, and they wanted it now!

I've heard people claim credit card companies can't do anything but call you and after a while they'll stop. (Those people obviously don't know the destruction a poor credit card record can do to your credit report.) But the hourly reminder that I owed thousands of dollars at high interest rates was much more psychological torture than I could handle. The few times I'd accidentally answer the phone I'd cringe and hang up as soon as the person on the line asked, "Is [Red] available?"

Some good did come from the incessant calls. (Just don't tell the collection agencies that!) I knew I couldn't live in fear of my cell phone ringing, and I made a plan to rid myself of the debt. Here's the advice I have for anyone who is being harassed by credit card companies:

1. Know your rights!

The Fair Debt Collection Practices Act, part of the Consumer Credit Protection Act, maps out practices that are prohibited by law. These include calling outside the hours of 8 a.m. to 9 p.m., failure to cease communication upon request, abusive or profane language and communicating with consumers at their place of employment when advised that it is prohibited by the employer. If a collection agency is not abiding by the law, let them know that you know your rights and will contact the Federal Trade Commission or your state attorney general if the abuse continues.

2. Try to prevent the harassment before it starts.

Unfortunately, I don't share J. Money's optimism all that often. ;-) Credit card companies know that their interest rates are outstanding and that many consumers will treat their cards as free money. You're not the first person to go over your card's limit or be unable to pay your bill. If you're drowning in credit card debt, try to take the lead and call the companies before they call you! If you can call the company before they refer the debt to a collection agency, you may be able to work out a better payment plan. But if it's too late for that...

3. Send a cease letter.

The easiest way to stop collection harassment is to write the collection agency a cease letter. Federal law requires collection agencies to stop their collection efforts after they receive a written request to stop. Keep a record of any letters and phone calls received after sending the cease letter.

4. Create a repayment plan.

Consider your current financial predicament and work out a repayment plan. Be as honest with yourself as possible. You'll need a realistic budget to get out of this debt, and seeing the light at the end of the tunnel is better than blindly making minimum payments with no consideration to what your interest and credit card is really costing you.

5. Don't avoid the calls.

I know from personal experience that it is tempting to plug your ears with your fingers and sing la-la-la-la when you see that all-too-familiar phone number pop up on your caller ID. But, really, it only adds to your stress and encourages them to continue calling. Instead, answer the phone!

6. Contact the creditor and negotiate.

Though I still envision executives throwing my hard-earned money up in the air, dancing around their desks and laughing greedily, the representatives are human. Most of them understand that emergencies happen, and sometimes things are beyond our control. By this point, you should have a kicka$$ budget in your hands and know exactly how much you can pay toward your balance each month. Avoid offering too much. You don't want to make a deal that you know you can't keep. If you do, you'll end up right where you started. Instead, tell them honestly how much you can monthly pay for the foreseeable future. Ask for an interest rate reduction. (This rule is important whether you're in over your head or not. Most companies will reduce your interest rate if they know it increases the odds of getting some of their money back. And no one wants to lose business to a company offering a lower interest rate.)

It took me a long time to make it through this list of six dos and don'ts. But when I did make the phone calls and accepted that I needed to do something to get out of debt, I felt such a giant weight lift from my shoulders. I had a plan. I was in control of my finances instead of those collection agencies. And that made all the difference.

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This is a guest post from Red, a newbie personal finance blogger over at Girl with the Red Balloon. Her blog began as an attempt to stay money-conscious in a relationship and now includes tips and personal anecdotes on saving, budgeting, repaying debt and de-cluttering your home (and making money in the process, of course).

Labels: credit cards, debt, guest post, one of my lists

There are 3 simple steps I like to tell people when they're interested in managing their money. 1) To seek out the info, 2) to act upon it, and 3) to use time to your advantage.

Right now (unless I've already bored you) you're in step #1 - you're here reading this because you genuinely want to better your financial situation! And for that I congratulate you ;) You could be on facebook, or watching the latest viral video right now, but you're not. You're here with me on this personal finance site. So good work, step #1 has been completed.

Step #2 involves acting on what you've learned from your research. What will you do when you're finished reading this? Will you click away and totally forget what you just read? I hope not! Or else you just wasted 5 minutes of your life ;) Luckily there aren't many "actionable" items from today's post, but when you move to the next one on your list - My Money Blog, MSN, Consumerist, etc - make sure to pause for a second when you're done and reflect on what you've just learned (or what you'll need to do to make something happen!).

It's kinda hard in this fast paced world of ours, but taking that last step before switching over to the next thing really helps allow the stuff to sink in. And if you're too busy to act on it right then, draft up an email and type out what's important right there in the headline - then send it to yourself. I do this at *least* 4 times a day, and I can't express how helpful it is with keeping me on track.

The last step I like to advise (and my personal favorite) is to use time to your advantage! How often do you look back and wish you would have started saving 5 years earlier, or contributed to your 401(k) from day 1? Probably a little too much than you care to admit, and it's crazy frustrating. But you know what? We can change that! We can't do anything about the past, but we can sure rock out the future. If you're trying to get rid of debt, or start saving for a new home or emergency fund, get on it TODAY! Tomorrow you'll be much happier and every single day that follows will only help move you closer to financial freedom.

5 years ago I about $3k in my 401(k) and couldn't care less. Now it's at $110k+ and I appreciate every last paycheck that continues to fund it! $50 here, and a few hundred there is nice, but watching it grow and compound over time is simply incredible. The only way you're gonna get there though is by starting. Do yourself a favor and get on with the game plan! That way when we look back to THIS day, you can give yourself a hearty pat on the back and be that more thankful for taking action when you did ;)

Labels: advice, money management, one of my lists, personal finance

If you're in college and reading this,YOU ARE SMART! Not only for getting into college (naturally) but for wanting to get a head start on your finances. When I was your age the only thing I cared about was women & beer pong - and in that particular order. As long as I had enough to survive, I didn't want anything to do with financial management ;)

Unlike me though, you want a head start in life and you're doing something about it! So today's post is directed at you, along with a fellow student of yours looking for some help. We'll call her Miss Roxy for the fun it. Here's her dilemma, along with my thoughts on it:

"I'm 19, in college, planning on marrying in summer of 2012. I can't save much right now, but I know eventually I'll have a job and I want to put away for retirement. The problem is, I'm not sure how to. I know that sounds silly because there are posts about this all over the place. But the problem is, there is a chance that my future husband and I might be moving to a different country within the next ten years. How does that effect my retirement savings and can you help me?"

First off, good for you in trying to plan all this stuff out! I couldn't tell you what I was doing for lunch each day, regardless of planned weddings, moving, etc so good job. That being said, I think life is too crazy and will change when you least expect it - esp. in the next 10 years. That doesn't mean planning for retirement and the wedding shouldn't be done right now (it totally should!) but just that I wouldn't worry about having the *perfect* game plan at this point in your life. It'll always be a work in progress.

THAT being said (again, haha...) the answer to your question depends on a slew of variables. Here are a few things I wish I had thought about back in the day:

5 Financial Tips to Get Your Mind Right

1. Save save save! Every time you get paid, get cash presents, win the lottery, etc, stash at least 10% of it away. You do this for the rest of your life you'll have plenty of money, believe me. It's one of the simplest things anyone can ever do.
2. Find as many income streams as you can. Work side gigs while in college, get a good job when out (and if it takes a while to find one, at least work others in the meantime!), etc. Without income you can't do squat. This applies to both you and Mr. Roxy ;)
3. If you're looking for an investment vehicle, besides a saving account, try a Roth IRA. You can put in $5k a year that will grow TAX-FREE for the rest of your lives. As long as you don't hit the maximum income to be able to contribute (it's over $100k so you don't have to worry about that right now), it's one of the first places people usually advise to put money in.
4. Contribute at least up to your employer's match in your 401(k) plan. This doesn't apply now as you don't work full-time yet, but once you do make sure to contribute at least whatever they're matching as it's FREE money for doing nothing saving (which you should be doing anyways).
5. Create a simple budget and review it once a month. It's boring at first, but once you get into the habit you catch yourself spending more than you should be ;) Give free budgeting sites like Mint.com (affiliate) a shot, or see if any of the excel spreadsheets I gathered does the trick! As long it gets you to take action, it really doesn't matter which.
   

You & your man follow a few of these, and you'll be just fine :) People make this stuff a lot harder than it actually is. When it comes down to it, it's all about spending less than you earn, and saving the rest. That'll leave you with plenty of money for the wedding, retirement, and whatever else you're planning up.

Anyone want to add anything else? Maybe some tricks/lessons YOU learned in college?

Labels: advice, money management, one of my lists, reader mail, retirement

Don't you just love all these crazy named-days?! Black Friday, Cyber Monday, Shipping Monday, it's marketing brilliance at its best. I was trying to get away from this myself, but it's kinda hard when you're personal finance blogger ;) So instead of fighting it, I figured I'd at least share some of the tips I think might actually help you! My all-time favorite being Black-Friday.net.

I plan on skipping the early part of Black Friday myself, but since I love some good drama I can't resist all of it...I'll probably hit up the usual suspects around noon and see what happens. Best Buy & Target are always fun cuz crap is flown all over and all the associates look like zombies. haha...I don't know why that amuses me.

Back to the Black Friday Tips

There's a killer book I was recently made aware of called "Retail Hell: How I Sold My Soul to the Store Confessions of a Tortured Sales Associate" by Freeman Hall - a former handbag manager at Nordstrom's. Apparently he knows bad behavior well, routinely dealing with shoppers who try to return worn handbags filled with used tampons and braziers, splatter fitting rooms with bodily fluids, and who cheat, lie and beg to get the almighty discount (hah!).

Here are some of my favorite tips from the book...and mostly because they're funny:

Case the Place & know what you want ahead of time - Check out the store the day before Thanksgiving (that's today!) so you can make a beeline to the items you've coveted. Talk to sales associates to get the low down on what will go down. Also, not everything is on sale during Black Friday. The best deals are advertised because the stores buy them in bulk.

Bring Your Ads If You Want To Price Match - Target and Walmart are offering the same exact printer, but Target is selling it for $10 cheaper, and you're at Walmart. Unless you have a copy of the ad to prove it, Walmart WILL NOT PRICE MATCH. Unfortunately, they're not just going to take you at your word and give you the item without proof. So if you forget the ad and the cashier hasn't been provided with a copy, expect to pay the higher price.

***Shop Gladiator Style - You are going into sale war. You are a shopper on a mission - think of this day as the Olympics of shopping. Leave uninterested spouses and children at home and bring teenagers who can run fast. (Gladiator shoes not recommended.)

Do the Black Friday Google - Don't have the time to go through the papers? Can't remember who has what from the ads you saw on TV? Do the Black Friday Google. There are hundreds of websites with Black Friday sale information, like www.black-friday.net where you can peruse the latest sale ads and updates at all the stores. You can also go to your favorite store's website for the sale skinny like www.target.com/blackfriday

Make Friends with an Associate - It's the best way to get the inside scoop on everything. A day or two before Black Friday, check in with them. Often times, they have been briefed on the exact location of all the hottest items their store will be selling, and how many they have. They usually know the quickest way to get from one to department to another. Tell them what you're after. Listen to their advice. Plan your strategy.

Have a Black Friday All-nighter Party - Afraid you won't wake up at 3 am to get in line? Then don't go to bed! Stay up and have a Black Friday All-nighter Party with friends! Make Black Friday-tinis with vodka, blackberry brandy, black raspberry liqueur and lemon twist. And you may not have to wait too long, as some outlet stores actually open at midnight on Turkey Day. Shop all night - sleep all day!

Be wired, not tired - If decide to drag yourself out of bed at 3 am, make sure you energize with massive amounts of caffeine. You know your limit. Maximize your jittery potential without needing Mylanta. Have snacks with you or hit the drive-thru before you get in line. It's going to be a long morning and you don't want to spend it in the bathroom with coffee stomach.

Put it in park fast - Don't waste time circling the lot eight times in hopes of getting a coveted location. It will only take away from time you could be using to get those great deals. As a plus, taking a distant parking space can help you walk off the half a turkey you ate yesterday.

Stampede tip - If you find yourself in an unruly crowd, try to make your way to its edge, where the flow is lighter. Stand straight with feet firmly positioned. Stay calm and conserve oxygen and energy by not yelling or screaming. Brace your arms out in front of you, creating an air pocket for protection. If you see someone down, try and help them up. Or try blocking other people from walking over them.

***Build Team Black Friday - Find out what stores your friends are going to and build a Team Black Friday. See who needs what. Split up with lists and hit different stores. It can save time and win you your sale prize.

Leave Dead Weight Behind - Leave uninterested spouses and others at home and bring teenagers who can run fast and be bribed.

Stay Black Friday Focused - Shop the advertised necessities. Things that aren't on sale or the hot items of the year will still be there tomorrow. So hold off on buying the groceries and underwear until later. Every moment you spend picking out socks for Aunt Gertrude is a moment you could be missing out on a $5 microwave.

Leave your Black Friday Diva at the door - Kindness and a smile go along way. Sales associates will be more willing to help you if you treat them nicely. They might give you a coupon you don't have or inside info on shipments. Being rude, snappy and taking a sales associate's head off because the store ran out of an item fifteen minutes earlier isn't going to make it magically reappear, and the only thing you'll get is thrown out of the store.

Don't use Sob Stories and Lying on Sales Associates - Putting on an Oscar performance of how poor little Katie will be so disappointed because she can't have that new Barbie for Christmas isn't going to get you one. Sales associates have heard it all before and they have no magical wand to make your sold out item suddenly appear. At most, all you'll get is "I'm sorry, Katie will have to wait till next year."

Do use Sob Stories on Shoppers - While flirting, crying, begging, bribing, and bullying won't work with sales associates, it may be your perfect Black Friday weapon with other shoppers. If you need that Barbie for Katie, make sure your tears are flowing and you have a lot of cash on you.

Remember "no" means "no" - If the sales associate says they're out of an item, then they're out! Asking the cashier to check, and then asking for a manager to do the same thing is going to waste everybody's time. Including yours. And no, they do NOT hold certain amounts of items in the back for the cashiers/associates/managers. It's the biggest shopping day of the year and retailers aren't going to be holding out on the shoppers by hiding stock in storage. If they say they are out then they are out.

Expect to be touched, pushed, and perhaps even shoved - These sales can at times bring out the worst in people, and often times the words "personal space" cease to exist in favor of getting the best deal on the hottest item. If you're shoved aside because you're moving too slowly for the liking of the person behind you, try to remember that the store can't control it, and often times, unless you've been hurt, won't do anything about it either.

Have a back-up plan to pay - If your credit card is rejected the first time, it's going to be rejected no matter how many times the cashier tries to run it. So make sure you have a back up method to pay for things so you're not going home empty handed. And, no they won't hold everything. And no you shouldn't try to make a run for it.

Hold your Black Friday horses - Be patient at the checkout. You've gotten everything on your list and it's down to the home stretch...but there are 56 people in line ahead of you. Take this moment to relax and collect your thoughts. Focus on your next stop instead of tapping your foot and sighing expectantly. The line won't move any faster.

***Do a Random Act of Retail Kindness - Do something nice for a Sales Associate on Black Friday. Their Thanksgivings were ruined and they are working long hours. Buy them a drink or candy bar. Pick something up off the floor. Or just be friendly. It will make their day - and yours! You will gain Shopping Karma points as well!

Okay, that is all.Black Friday is still 2 days away and I'm already tired of it. The main thing to take away from all this - PLAN AHEAD! You will save hours, if not dollars, when shopping your heart away. And even more importantly, enjoy Thanksgiving with your loved ones :) I will be hanging out w/ the fam taking in lots of good food & gossip, and I hope you do too! God bless everyone!

Labels: one of my lists, shopping

For all you slackers out there (myself included). Last year I went as a rockstar, but I'm thinking of going as a Blogger this time around. According to a friend though, that means I have to put on a pair of nerd glasses and hike up my pants like Urkel?! I think my friend is confused. We're more like this guy, I mean come on ;)

Actually, I have no idea how to dress as a blogger - I'm just being lazy. More than likely I'll paint the black nail polish back on and sharpen me up some rocker tattoos again. I already wear ripped jeans and t-shirts anyways so it'll cost me a big fat $0.00. And I don't have to worry about any props getting stolen by drunkards! Haven't picked a costume yourself? Check out some of these clever ideas from friends around the net (thx everyone!):

Cheap & Last Minute Halloween Ideas:

1. Christmas Tree: I once saw this guy dressed in all green with nothing else but Christmas lights wrapped around him. It looked kinda stupid at first, but when he plugged himself into the wall he had the whole party's attention! (and he got a lot of chicks that night)
2. Random Hook-up: My brother won a contest with this: Just drape a lot of colored extension cords around you. You're a "Random Hook-up" - @MoneyMateKate
3. Tanning Bed: Tape glowsticks up and down your arms and then trap people in them as a tanning bed. - @hollyjunesmith
4. Wolverine/Freddy Krueger: Just put silverware on your fingers! - The Digerati Life (pics!)
5. Kissing Booth: I took a picture of this dude a few years back and it still cracks me up to this day :) All he did was put some cardboard together with some red velvety stuff, and labeled it "Kissing Booth". From what I remember, it really worked.
6. Smarty Pants: Tape smarties candies to your pants - SMARTY PANTS! (I did this last year.) - Jennifer Bruyette
7. Gold Digger: Gold colored dress + shovel. - @beskeie
8. Martini Glass: Saran wrap around me as the stem, and a big dog medical collar as the glass, my head in green tights for the olive!
9. Road/Highway: Black t-shirt yellow tape down the middle, then glue/tape dollar store toy car/trucks to the shirt - super easy and inexpensive - Kim
10. Drunken College Students: Just wear a college shirt (w/ buffalo wing stains) & drink lots of Natty light! Cheap, easy & fun! - @Matt_SF
11. A "Cool" Guy: You know, trucker hat, popped collar, fancy facial hair, and boxers hanging out. Like this - Nicole @ Breaking Even Inc.
    
12. Sasha Fierce: A leotard will run you about $15. Throw on some heels, fake eye lashes and put on a fake bling ring. You can get the fake bling rings for about $2.99 in the wedding section of costume/party shops. - The Frugalista
13. DC Tourist: You know the kind: fanny pack, I heart DC tshirt, metro maps, high-waisted long shorts, camera :) - @myprettypennies
14. A nudist: Price free, or adam and eve for couples :) - @pffirewall
15. Skunk: Black tights with a while stripe down the back - @pffirewall
16. Bunch Of Grapes: Purple tights with purple balloons glued on - @pffirewall
17. Cheap zombie costume: Just need tissue paper, glue, makeup & some old clothes. (click here for some help) - @creditgoddess
18. Job Seeker: Wear an old suit from your closet. Tape a pink slip of paper to a "Hello, My Name Is" sticker that you can buy from an office warehouse store for about $4.97. -The Frugalista
19. 70s disco queen: You can either buy a ready-made outfit from a place like Party City or you can hit up thrift or vintage stores for discount bell bottoms. Wear your hair in a flip or buy and afro from a beauty supply store for about $25. -The Frugalista
20. A Domino: I used black clothing & white paper circles to make myself a domino. Kinda lame, but I was in Japan & had 10 mins' notice. - @MoneyMateKate
21. Penguin: I am going to be a penguin! Black hoodie with orange felt beak with giant styrofoam ball eyes! Adorable, yet frugal! - calquist
22. Spider: Hefty bags stuffed with newspaper, legs made of foam pipe insulation, and a vintage black pillbox hat with veil. - Money Mate Kate
23. Charlie Brown: Got a t-shirt off some website and bought a pair of long(ish) black shorts.
    
24. Ghost: (sheet) - @centsiblelife
    
25. Baby: (pajamas) - @centsiblelife
26. Spy: (walkie talkie, dark glasses, sly glances) - @centsiblelife
27. Cat: (all black, paint on whiskers). - @centsiblelife
28. Waiter: White shirt and black pants. Add an apron and a note pad for ''taking orders'. To really jazz this one up print a menu up of the night's special for them to carry around. To take it to the next level, make a waiters tray glue a couple of drinking glass on to the tray. Fill the glasses with Jello to give the illusion that drinks are being served. - Converting A Spendthrift
29. Special Agent/FBI/Secret Service: Build on the waiter costume by adding a black jacket, black leather-like wallet for the badge, and a pair of super cool shades. Jazzing this one up is easy as well by adding the 'ear piece' and a wrist communicator. - Converting A Spendthrift
30. Old School Wrestler: Colored pantyhose or tights, briefs and bare chest. A Cape, mask or prop personalizes this costume. - Converting A Spendthrift

Cheap Halloween Costumes for Couples:

1. Jim & Pam from The Office: You couldn't ask for an easier and cheaper costume... - My Life ROI (click for more info and a picture)
2. Bonny & Clyde: You should both dress nice in an early 20th century way, carry fake guns, and get a cloth sack with a dollar sign on it to represent the money you just stole... - My Life ROI (click for more info and a picture)
3. Clark Kent & Lois Lane: The costume is much like Jim and Pam's - except with more professional clothes & a superman t-shirt underneath.... - My Life ROI (pictures & info)
4. Cleopatra & Marc Antony: To dress as Mark Antony, try and dress as a Roman would. For Cleopatra, you can wear a white dress with gold embroidery. Get some fake gold jewelry to make yourself flashy... - My Life ROI (pictures & info)
5. Tarzan & Jane: Just go to any store that sells fabric and you can make a skirt and shoulder strap for Tarzan. For Jane, you can go in two different directions: 1) You can dress as an English person who is on a safari in the jungle, or 2) You can dress like Tarzan in a skirt and bra...- My Life ROI (pictures & info)

Cheap Halloween Costumes for Kids:

1. Kid Robots: All you need is boxes & sharpies :) - The Digerati Life (click for pics!)
   
2. Mario Brothers: Getting some caps and pasting on some letters on them (which you can have your children do themselves), painting the moustaches on your kids, picking up oversized gloves, having your kids wear overalls. - The Digerati Life (click for pics!)
3. Stuffed Animal: You know those huge stuffed animals you win at a carnival or fair. Tired of them laying around the house? Cannibalize it. Take out the stuffing, poke holes and let them wear the outer shell. - Converting A Spendthrift
4. Lilo from "Lilo & Stitch": My daughter was Lilo from Lilo and Stitch, one of her favorite movies, TV shows, etc. - Hit up "Converting A Spendthrift" for details & directions!
   
5. Athlete: Have a kid who plays a sport? Football, basketball, soccer, cheer leading, tae kwon do, and on and on. Let them wear that uniform that you paid a lot of money to own or rent/lease for the season. - Converting A Spendthrift

Happy Halloween all!!! May your weekend be full of beverages and candy.

Labels: holidays, money hacks, one of my lists

I got included in my first e-book! It's a sweet one too >> "52 Ways to Make Extra Money" by Phil over at PT Money. If you click over by Friday you can download it free of charge (there's a download link at the bottom) with no strings attached :) After that you have to sign up to his newsletter to get it. Which is still cool, he's a great blogger, but might as well get it while it's hot. I'd tell you to at least check out my contribution in it, but I'm about to copy & paste it below!

So how and why did I get to participate? Well, he asked, and I accepted - along with some others :) I wasn't sure how I could contribute at first, but then the glorious Craigslist name popped up and I was like, Aha! I can pimp that. My Sell-O-Meter hasn't been updated in a while, but CL is still one of my favorite avenues to make some extra cash. In fact, besides this blog it's really the only one. That and freelance design, but I just haven't had much time for it.

Okay, so wanna see what I wrote? Here we go........
--------------------------

Selling things on Craigslist is like crack (not that I'd know what that's like). You unload a whole bunch of stuff you could care less about, and in return get cold hard cash! And if you're real good, usually within 24 hours. I've sold cars, beds, jackets, and even random art I've found on the street. The trick is spending a few minutes and getting a formula down. In fact, it's a lot like blogging:

1. You have to come up with a killer headline! One that's packed with both umph! and a lot of searchable keywords. If you're selling a bike, for example, don't just put up, "Bike for sale". Try: "Mongoose Maxim 24" Mens' Bike for Sale! Green, Awesome, and Barely Used." Just enough details to get someone excited, but also friendly to the searches.
And, naturally, killer content. Put all the biggies in the first couple of sentences, and then add another paragraph or two to show WHY it's such a great bike, and why you're getting rid of it. Is it because you're moving? Won it as a prize? Let people know you're human and you can be trusted. Throw up as many details as you can - even if it makes it look long. By adding in measurements and characteristics (which you can often find on google) you've now opened it up to those who might not have originally wanted it. And if the item is broken/scratched/worn out? That's fine too - just be 100% upfront and honest. You'll be amazed at the things people will buy off you.
Add in pictures (max out the #)! People want to see pictures!!! We want to see what it looks like at all angles, good & bad. We want to get a feel for what shape it's in and how pretty it is or isn't. Even if it's all dingy and dirty - highlight it! Humor and honesty can go a long way here ("The dirtiest bike you've ever seen! It could be all yours for just $___!". It may sound counterproductive, but again it's all about honesty and not wasting anyone's time. If it's jacked up, they'll find out sooner or later believe me.
Price, Price Price - The same as location, location, location - it matters. List how much you paid for it, but DON'T try and sell it for that! You're not tricking anyone, price it for what you think is fair and they will come. Search around for similar listings and then go off those.

You're bound to sell stuff 10x faster by following these rules. And if you REALLY want to impress your buyers, copy & paste the questions you're asked right back into the post! It may take a few more minutes, but it only helps your cause that much more. And by "cause", I mean "more money in your pocket!"

----------------
There you have it - I'm no longer an e-book virgin! Or at least un-kissed. I know it wasn't MY book per se, but I at least got to 2nd base right? As soon as I find a topic that won't bore you to death I'll even come out with one of my own. Perhaps with some e-condoms thrown in ;)

To download the other 51 ways, click here (and look for the link at the bottom).

Labels: advice, craigslist, money hacks, one of my lists

Fed Chairman Ben Bernanke recently said that the recession is very likely over. I'm not sure I believe it all the way (do you guys?), but I'd be lying if it doesn't sound hot. It's been a wild & crazy past 18 months, and it's nice to hear that our world isn't going to hell in a hand basket for once.

I swear, if the media stopped portraying all this gloom and doom we'd be much better off. Everyone knows that humans are emotional - you say one wrong thing and CRASH! There goes the market. But I guess the opposite would also hold true. After all, here I am helping spread the 4-5 word phrase Bernanke just spoke of ;) At least it's a positive influence though.

Regardless, I've learned a lot over this whole ordeal and I'm sure I'll learn even more. I really like that about life - $hit can be flying all over the place, yet you can usually take away some new lesson or preventative measure to help you down the road. The bigger the problems, the bigger the learning curve too! (at least that's how I see it)

5 Things the recession has taught me so far:

1. It IS actually possible to spend less! All I have to do is NOT go into Target, TJ Maxx, Best Buy or the mall ;) That, and PAY ATTENTION TO MY FINANCES!
   
2. No job is ever safe. I've learned that you can't stay at one company forever, so always keeping your eyes open and active keeps me sane and away from an unexpected surprise one day.
3. Nature is one of the best gifts to us. And it's free! Since I'm not shopping as much, I'm now going on more and more walks. I totally forgot what fresh air felt like.
4. Networking is M-A-G-I-C. It really is a matter of who you know these days, so keeping in touch with old friends and colleagues is something that will def. pay off in the long run - esp. if they're in your same field. My favorite way to stay in touch is over beers and 1/2 priced appetizers at happy hours! Something a few of us bloggers did last night actually.
5. Everyone wants to master their finances! This might be one of my favorite things right now. You're hearing personal finance spout all over the place and all of a sudden learning about money is "cool!" You & I have ALWAYS known this of course, but at least the others are catching on ;)

So whether the recession is over or not, do me a favor and remind yourselves of all the positive stuff going on in your lives these days. We can't control the economy, but we sure can change the way we're living! Here's to a happy (and hopeful) recovery my friends.

Labels: career, crazy economy, life, one of my lists

Remember those? The ones you made right before you partied like it was 2009? I didn't, until my shower this morning started populating my head full of random thoughts. And I must admit, if it weren't for this blog I'd probably have forgotten them altogether. Alas, it is all tracked on this super duper weblog.

I find it's good to go over these every now and then to a) make sure you're still on track, and b) give yourself a pat on the back for all you've accomplished (or, if deserved, a punch in the face for being a slacker. Luckily though, only you get to be the judge of that). Let's see how I'm doing, shall we? My 2009 New Years Resolutions:

Personal Finance

1. Pay off the last of the car loans - $3,214.87. Completed! I paid off the entire Cadillac, along with the other loans I had associated with it (selling my Highlander had left me $1-2$k in the whole. Stupid SUVs and '08 gas gouges). Going on month #6 of no car payments!
2. Combine and analyze the Mrs. and I's money - expenses, assets, net worths. Shockingly, this is also done. We combined all our finances on paper/spreadsheets back in January and have looked forward ever since. We keep a few accounts separately in our own names still (like our "do whatever" funds), but we track 'em all as one big net worth. It still feels kinda weird though, I'm not gonna lie.
3. Hit $2,000 on the sell-o-meter. FAIL. The sell-o-meter is still frozen at $907.00 - exactly how it was 9+ months ago. Every time I find something to sell, I end up piling it in a corner and convincing myself it's not worth the time at that moment. 50% of this is true - blogging has taken up way more than it used to - and 50% is just plain laziness. It's true I value blogging & internet time more than selling something for $5 or $10, but I also know that I don't want that stuff in the house anymore and I have to kick my ass into gear to either sell it or donate it. Especially now that I'm trying to be a minimalist :)
4. Have a combined Net Worth of $125k. Soooooo close! $6k away and hoping to hit this by the end of September :) For the dirty deets, check out my net worth updates to see how it's progressing.

Life In General

1. Write more letters instead of emails 24/7. 75% FAIL. I wrote like 5 letters in January to old high school friends, but after the novelty wore off I just plain forgot. Maybe I should put a goal like to send 1 letter every month or something? Even if it's just to my mom - they love that stuff :)
2. Put up crown molding and new light fixtures in the house (yikes!). BIG FAIL. Have not installed crown molding NOR new light fixtures. I still have the urges to do this, but money and time are just getting in the way right now. I think I'll leave this be until next year's resolutions ;)
3. Travel to a new foreign country! (we won't count Bahamas) Another FAIL. Although I've done a helluva job circling around some incredible states these days - New Orleans, New Hampshire, Pennsylvania, and as already mentioned - the Bahamas! Ireland is reason I made up this goal though, trying to figure out the best time to go still.

Bloggy Blog: (* = long shot)

1. Keep blogging at least once a day, M-F. Done and Done. Sometimes I even do two (*gasp*). I've considered switching to 3 times a week, but I write much better under stricter deadlines when I'm forced to dig into this brain of mine last minute. Most of my favorite posts came when I initially wasn't in the mood to write (as crazy as it sounds, I really don't like writing in general).
2. Hit 2,000 subscribers! * We're getting there :) I'd happily retire the year with 1100+ anyday.
3. Make a total of $6,000 through advertising. ** Completed! I don't know how, or why for that matter, but there's been an upswing in my advertising efforts. Might blog more on this later.
4. Get featured in the media (TV, Magazine, Consumerist) *** No TV, but I got into my first magazine this month AND on Consumerist - twice! Not to mention one of my favorite big blogs MSN Smart Money (featured there a handful of times this year). Great GREAT few months in this department, and actually working on a "BudgetsAreSexy In The Media" post which will come out soon. Perfect for those days I'm hating on myself.
5. Interview a celebrity about their money skillz ***** Does J.D. and Trent Count? How about Ramit? ;) Financial bloggers aside, I've scored a big goose egg on this one. Although I haven't put much effort into this until recently - I shot over an interview request to Chris Cooley, a rock star NFL player for my Wash. Redskins. His people haven't gotten back to me yet, but it's safe to say my hail mary pass will go uncaught (hardy har har). In the meantime, if you have celebrity friends SEND THEM OVER! I'll handsomely reward you with a 6 pack of virtual Natty Light and a dozen or two email hugs. Maybe more if I'm feeling feisty.
   

Overall I'm happy. No Pressure, No Problem as I said back then. Life has been good and I can cross half these things off the list now. I don't know if I'll be spending any more time on the failed ones at all, but as long as I'm working on *something* I'll consider it a win. That's really the point of all these resolutions - to work towards bettering yourself. If you can figure out a way to make that happen, you're head of the rest out there.

Speaking of which, how are you guys coming along? Anyone whipping my ass? Anyone give up already? Do you even REMEMBER what your resolutions are? Can I ask you yet another question?

Labels: goals, in the real world, life, one of my lists

The other weekend I experienced something pretty damn exciting - I participated in THREE new activities in 1 day!

I didn't realize it at the time, but looking back it was one of my favorite Summer days I've ever had (at least as an adult). And you know what? It was pretty cheap! So I thought I'd share them with you in hopes you might find them interesting as well :) We've still got a lot of Summer days ahead!

Summer Activity #1: Paintball

Oh man, talk about feeling all GI Joe'ish! There were cars scattered around, old refrigerators, walls of shacks, these fields were no joke. We started out in the forest playing a little 3 on 3, and then we moved over to more of a "rapid-fire" game out in the open with all these big crazy balloons surrounding us. The whole thing was a trip, I'd never seen anything like it before.

And it was really cheap too. For around $20 you get an hour or two out in the field with 500 paintballs - this included your gun, the C02 it needed, your mask, everything you needed to play (and I'm pretty sure it's a lot cheaper if you bring your own gun/gear too). That's a helluva experience for only $20 bucks! And you know what else kind of shocked me? There were an equal amount of guys AND girls on the field! I'm pretty sure there were some dates going on there too, haha...nothing says I Love You like getting shot up by your significant other.

Summer Activity #2: Geocaching

After getting cleaned up, we headed back out to do some geocaching. I've heard of it before but really wasn't sure what, exactly, it was. Here's a brief rundown from The Official Global GPS Cache Hunt Site:

"Geocaching is a high-tech treasure hunting game played throughout the world by adventure seekers equipped with GPS devices. The basic idea is to locate hidden containers, called geocaches, outdoors and then share your experiences online. Geocaching is enjoyed by people from all age groups, with a strong sense of community and support for the environment."

Fun, right?! It sounds like some people get pretty hardcore with it, but my fam likes to just putter around a bit and look for local stuff hidden in our area. We hit up two spots but unfortunately the construction going on made it a bit difficult to locate some of these majestic treasures. After some snooping my dad just told us what was in there (he had found them previously - I want to say it was some sort of McDonald's toy?) and we moved on to the next adventure of the day. Total cost: $0.00. You have to have a GPS and a car to get to most places, but other than that it costs ya zilch.

Summer Activity #3: Ghost Tours

My favorite of all three! Having personally seen a ghost myself (seriously I have! don't laugh), I'm crazy fascinated by this stuff. And to think we hit one up in our own town?! Incredible, I really don't know why I hadn't been on one before. But nevertheless it was exactly what you would think a ghost tour would entail: A tour guide dressed in colonial clothing, a group of excited kids & their parents, and a variety of just great overall story telling! Be sure to bring some good walking shoes too.

We never saw any ghosts, but we did learn about the famous ones that supposedly frequent our streets and the reasons behind it. Whether you believe it or not, it's still an excellent way to spend a couple of hours outside as the sun is setting. Overall cost: $10/person (and most small children are free or discounted)

There you have it! 3 cheap & sexy summer activities to try. There are a couple of others I came close to throwing in (wine tours & kayaking), but I'll post something up on those guys later. For now, give one of these a shot before Winter starts sneaking up! And if you've still got a gaggle of kids clamoring for your attention, check out my 6 Fun & Free Summer Activities for Children (and Adults!) . There's no shame in joining the fun ;)

Labels: bargains, life, one of my lists

As many of you know, The Credit Card Accountability, Responsibility and Disclosure Act was passed a while back and some of the stuff coming out of it is just plain AWESOME.

Not only will it improve a lot of the shadyness going on, but it'll hopefully get the average American back on track and *paying attention* again (see #4). It may also means entirely new fees to watch out for as the credit card issuers fight back, but all in all I'm personally pleased by it. While I promote smart leveraging of credit cards, I know very well of the trouble many people get into when they fall behind and it becomes a downward spiral. So if you're one of them reading this, pay attention and see what we all have to look forward to! Hope is on the way, baby...

Credit Card Legislation: The Good :)

Money Magazine breaks down 13 of the new mandates that affect us (print edition: Aug, pg107) so that people like you and me don't have to. Rather than list them in the same order as they did though, I figured I'd list them in order of the ones I think are MOST IMPORTANT first. Numbers 1-5 are the key ones in my opinion, followed by some others that are great, but not *as* sexy as the previous ones. But again, I pay my credit card off in full every month so it may just be that they don't pertain to me. Let's get started:

1. Payments in excess of the minimum owed must first be applied to the balance with the highest interest rate, and then to other balances in descending order. YES!!!! OMG this helps so many people. Even I have fallen for this at times. You have your normal rate set at let's say 6%, and then you withdraw cash @ 18% due to something unexpected and quickly turn around the next day and pay it off "in full". That might be fine and dandy but the old rules say you just paid that XXXX worth of $ towards the 6% instead of the emergency 18%!!! And if you have a large balance already that you can't wipe out? Sucks to be you. But now anytime you pay money it goes to the highest first, and THEN the next lower one in line. A++ politicos. (by Feb 2010)

2. Applicants under age 21 must have an adult co-sign, or show proof of income for approval. DAMN that's genius! Not only does this make the kid think twice, but now it puts more responsibility on the parent :) Again, another A++ for the nation. (by Feb 2010)

3. Issuers can't offer sign-up gifts on or near college campuses. Looks like no one will be getting any free shirts or stress balls anymore! Do you hear that Debt Free Dad of 6? If this were around when you got one of the first credit cards in history things might be better. A+ (by Feb 2010)

4. Issuers must indicate in statements how long it will take to pay off a balance (and the total cost) if you make only minimum payments. WOW. I guess sorta like a mortgage, eh? If this doesn't help educate the average American, I don't know what will. A+ (by Feb 2010)

5. Cardholders assessed a penalty APR for late payment can reclaim the lower rate if they pay on time for six consecutive months. Sexy! So no more "Well I'm screwed now and there's nothing I can do about it"-type mentality. You mess up, you pay the penalties, and you get right back on track 6 months later. I'm all for that. (by Aug 2010)

*****Other Great Ones****

6. Statements must be mailed 21 Days before bill is due (up from the current 14). (by Aug, 09)
7. Issuers have to give 45 days' notice (vs. 15) before increasing interest rates and fees. (by Aug, 09)
8. Issuers can no longer raise rates on an existing balance, unless payment is more than 60 days late or a teaser rate expires. (by Feb 2010)
9. Teaser rates must be in effect for at least six months. (by Feb 2010)
10. Except for expiring teasers, the rate on new purchases can't be hiked in the first year. (by Feb 2010)
11. Over-limit fees can be applied only if a consumer opts in for approval on going over the credit limit. (by Feb 2010)
12. Issuers can no longer practice "universal default" - that is, raise your rates if they learn that you were late on another account. (by Feb 2010)
13. In calculating finance charges, issuers cannot average in daily balances from the previous billing cycle. (by Feb 2010)

Credit Card Legislation: The Bad :(

Okay, so this new legislation is AWESOME in so many ways, but what about the consequences? You better believe the credit card issuers aren't going to just take it up the $%!* and let go of all that money. Instead, Money Mag predicts that we have the following new charges to look forward to:

• Late Fees: We may see a rise from $39 (average in '09) up 25% to around $49 in 2010!
• Customer Service Calls: Get the first one free, and then pay $4 for each additional call/month!
• Credit Line Increases: If you call to increase your credit line, you may now face a $35 fee.
• Cash Advance: Perhaps @ 4% with no cap. That cap one will get ya...
• 2nd Card: Need a 2nd card? Pay them $30 extra (instead of nothing right now).
• Paper Statements: Remember how they always want you to "save the Earth" and go electronic? Maybe now they won't be as pushy if they're charging you $4 PER MONTH!
  
• Credit Card Rates: And finally, they predict average credit card rates to go up to 15.07% by Feb. 2010 - up from an average of %13.76 in June of '09. Boooooooo.

So what's my overall take on this? I say LET'S ROCK IT OUT!!! Yeah the extra fees/charges/rate increases will suck for all those not paying attention, but guess what? PAY ATTENTION. We all slip up some time (except for maybe Brad who never uses credit cards), but the pros heavily outweigh the cons here. Credit Card Accountability, Responsibility and Disclosure Act - I love you.

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Related posts you might enjoy:
- It's all About the Credit Cards Baby! 4 Steps to Success...
- I'm all for The Credit Cardholder's Bill of Rights no matter what.
- Top 4 Credit CardIssuer Traps
- Credit Card Roulette - To Play or Not to Play?

Labels: awesomely awesome, credit cards, one of my lists

As I mentioned in my last post, Borrowing from yourself first is key. There's no financial point in taking on more debt when you have the means sitting right there in front of you.

Psychologically it might be a different story (who wants to deplete their nest egg?) but desperate times call for desperate measures....or something like that. The point is, emergencies and other *needs* justify the right to dip into your savings accounts or emergency funds. It may suck, but you could always fill it right back up as needed! You already did it once, right? (I'm sure you'll tell me if I'm wrong :))

The Best Order To Take Out Money.

So let's say something comes and you need X amount of dollars in X amount of days. Where would you start? Your savings? Credit cards? 401(k)? (Lord I hope not) With all the options we have at our disposal, I thought it would be a good exercise to run down the list in the order I'd personally hit up myself. After all, not all tools are worth using just because we have easy access to them! It's all about starting from the smarter routes first, and checking them off as the amount of money (and the emergency) grows. In my opinion, here's the best order to take out money:

1. Savings Accounts

I keep only what I need for bills and monthly expenses in my checking account, so all extra cash goes right into our savings accounts (after investing, paying extra towards mortgage, etc). This is the first place I'd look because this money isn't *needed* or being used for anything in particular. It helps with all splurging desires, over budgeting issues, or anything else that requires smaller amounts of money not accounted for. (we usually have anywhere from $500-$2,000 in there at a given time)

2. Emergency Fund

I'd hate to do it, but life ain't perfect and I ain't trying to break my debt-free (besides mortgages) record right now. We have $10k stored in our emergency fund to cover worst-case scenarios and to help us sleep better at night. It also works great for floating money and instances when someone asks to borrow money - and I offer it ;) Again, pulling money from here isn't desirable, but it's there for a reason and you could always fill her right back up when issues pass over.

3. Fun Fund

It sounds weird listing this as #3 here, but I never like playing around with the money stored in my fun fund: A box at home specifically set aside for true-life actual FUN. As hardcore as I am about saving/investing/being frugal, I've gotta allow myself a little breathing room to really *enjoy* what money can buy us in life. Plus, I never have much in here anyways ($200-$500 max), so it would have to be getting bad if I started extinguishing options #1 and #2 above. And in which case I'd need this money even more to help pep myself up at that point ;)

4/5. Family Members/Credit Cards

I'm not sure which I'd choose first if it came down to this, so I'll put both here under the assumption it's going to take some time to repay. If it's 3 months and under, I'm rolling with my friends/family. If we're talking 6 months or even a year+ to pay back, then it's on to the credit cards! We have some serious limits on both our house cards & personal cards, so I reckon we could grab up to $70k here. Not optimal, but with rates hovering around 6% for us it would be better than what's next on the list. Plus, USAA is always rockin' out special rates when you call BEFORE using it (either purchases or cash advances) so I guarantee we could lock one in around 4% at the most. *If you have jacked up credit or jacked up credit CARDS however, consider this your #7 option - It could seriously screw you up.

6. Bank or Credit Union Loan

The only bank loans I've ever taken out were for our mortgages, so other than those I'm not sure what loopholes or rates you're really going to get. I'm assuming if I need money for something non-housing related I'd take out a personal or business loan (if applicable). And I'm guessing that would run us at least 8-9% with GOOD credit. But again, I have no direct experience with this one so I'm hoping someone else could share. Regardless, you're still swimming above water here. Update: Be sure to check out local Credit Unions too! Totally forgot about those - you can usually get a loan a bit cheaper than your average bank. The last car loan I had was through a credit union and I want to say I got it for only 4% when rates were 6%+ a couple years back.

7. Home Equity Line of Credit

Or a "HELOC" as many of us like to call it. I drop this guy here at #7 due to the recent fiasco going on with the housing industry. If you're in the same situation as I am and your house is underwater, you can forget even having this option. Homeowners that have equity in the house, however, can usually pull from that by either taking out a loan against it or by refinancing and "cashing out" the difference. Neither option is that great since you're backing it up with YOUR HOUSE, but it's still better than the options that are soon to folllow. HELOCs can have interest rates ranging from the mid 2%'s (it's rare, but it's possible in this economy - ours is at 2.8% currently, un-locked) up to 10%+ depending on your situation and your credit. Just be sure to do your research before jumping in and using your house as an ATM.

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*****Now, from this point forward $hit has either hit the fan or you're up to some cool business plan that requires a major investment - or at least I hope ;) Either way, here's how I'd personally proceed:
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8. Roth IRA/Traditional IRA?

This is where it starts getting scary! Anytime you're forced into pulling from your retirement funds things BETTER be bad. Don't be one of those idiots who uses their 401(k) as an Emergency Fund - that's not what they're intended for!!! But if you've exausted all other options, then yes start pulling from your Roth. Take out only what you've contributed so far over the years and you won't pay a dime in taxes (you already paid that before you xfered in the money). Be VERY carefull here though because when you start pulling out everything, including any profits you may have earned over the years, you'll start accruing hefty fines! It may not matter to you at this point, but just keep it in mind. Read the IRS' online IRA resource guide for further information - I'm not a professional!. You could also pull from your Tradional IRAs as well if you have those accounts. I don't so I'm not too familiar with them, but it would still fall under #8 here in the list. Check out more on the IRS's site concerning Traditional IRAs.

9. 401(k)

By this point you're running out of options and your 401(k) is basically your last resort. The first thing to do is to see if you qualify to take out a loan against it. In a perfect scenario this would mean taking $XXXX out, and then paying $XX back on a scheduled basis until it's filled back up. It'll cost you a relatively small setup fee, but you won't have to deal with tax penalties and the lot. You WILL, however, have to make sure you remain at your employer the entire time. If you quit or get laid off, you're usually responsible for paying it back ASAP. Call your plan holder for additonal details, or start researching the IRS' website on 401(k)s (again, don't take my word for it)

10. PayDay Loans/Cash Advances

Most of you know how much I despise payday loans, but it's still "an option" even if not much of one. At the very least it's worth a little research in seeing what the best offers are here. Make sure to determine *exactly* how long you think it will take to pay it all back! The more you extend it or stop paying it back, the higher your fees and interest rates go (we're talking 30-40%+). In other words, this is one of your last options.

There you have it - the best order to take out money! There are some other avenues I've skipped along the way (certain types of insurances for example), but they're a bit out of my scope for this blog and probably don't affect most of the readers here anyway. I do hope this list helps though!! Once again it all comes down to personal preference and what YOU are comfortable with - don't go and do something drastic before consulting a professional (have I hinted, enough?) :) Now let's just pray you never have to make it past option #7!

Labels: advice, debt, money management, one of my lists