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Posted
May 02 2008, 09:00 AM
by
Donna Freedman
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About six weeks ago I wrote an essay about why getting rid of some of the clutter in your life could help you save money. Yesterday I read an Associated Press article about people who are emptying closets and attics just to keep the wolf from the door.
Online auctions are bristling with family heirlooms, home electronics and designer duds. Craigslist ads are getting increasingly frantic, like the one in which a teen begged on behalf of her unemployed mom for people to "please buy anything you can to help out." One cash-strapped Wisconsin woman put her diamond engagement ring up for grabs.
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Posted
Apr 28 2008, 04:47 AM
by
Karen Datko
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This post comes from J.D. Roth at partner blog Get Rich Slowly. I wasn't raised in a culture of saving. My parents never made it a habit, and so could not pass the skill on to me or my brothers. In fact, I didn't establish my first savings account until three years ago, when I was 36 years old. (I had a passbook savings account as a young boy, but it never had more than $5 in it.)
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Posted
Mar 26 2008, 05:01 PM
by
Karen Datko
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Fed up with the government's bailout du jour? You'll find a kindred spirit in Randall at Credit Withdrawal. He's been on an extended rant lately about the causes of economic gloom and the supposed solutions to fix them. His starship goes where a lot of other personal-finance bloggers hesitate to travel. Bailout plans provoke this reaction: "Rewarding stupidity isn't going to make anyone learn from their mistakes. America is the land of opportunity, but that opportunity also includes the opportunity to fail." Why does the government want us to blow our tax rebate money on stuff? He writes: "If everyone were to spend their checks only on debt reduction, the only 'stimulus' that would happen would be for the bankers and lenders, and they already have lots of money coming to them from the Fed in the form of reduced prime rates and now direct loans to nonbanking businesses." Randall doesn't stop there. He foretells the future -- it ain't pretty -- and proposes what regulars folks should do, just in case his predictions are spot on.
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Posted
Mar 18 2008, 07:50 AM
by
Karen Datko
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This post comes from partner blog Blueprint for Financial Prosperity. Having an emergency fund is one of the cornerstones of a solid personal-finance plan. Whether you subscribe to saving enough to cover three months, six months or a full year of expenses, an emergency fund is something that every single person and family needs. An emergency fund enables you to weather difficult times -- especially since they seem to cluster -- without getting in an even worse situation. Some people rely on credit cards to supplement an emergency fund, and others will use them only as a last resort. But ultimately you need to have an emergency fund that matches both your needs and the chance of a bad thing happening. For those of you who understand risk analysis, the part people understand best is the impact or severity of a risk.
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Posted
Mar 13 2008, 04:54 AM
by
Karen Datko
This post comes from Lana Goodrich at partner blog Wise Bread. What's the first thing people tell you when you start feeling down in the dumps? "Don't worry. Things will get better." But sometimes, being too positive is just a one-way street to being unprepared. Here are four common worries and why dwelling on them can help you save cash. What if I lose my job? You're right to worry. The economy is on shaky ground, and you could be fired or laid off due to any number of circumstances. Take it for granted that you're going to leave your job eventually. This is a good time to set aside money for an emergency fund to cover at least three months' living expenses. Update your resume or portfolio so they're current and highlight your best work. Network with acquaintances and put out your feelers for similar jobs -- even if you have no intention of leaving quite yet. Being ready is the best way to bounce back.
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Posted
Mar 06 2008, 03:43 PM
by
Karen Datko
Your friends may be giving blood or watching porn to make extra money, but you can beat them on the weirdness factor by hiring out to contract malaria. Isn't that an interesting approach to building up your emergency fund? That's right. You can get paid to get bitten by an infected mosquito and check into a hotel for a few days while researchers check for parasites in your blood, according to an article by science writer Sandi Doughton in the Seattle Times. And, blessedly, not one soul has expired from participating in the experiment. This particular malaria is a cloned strain developed by the U.S. Army that can be easily cured.
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Posted
Mar 05 2008, 07:51 AM
by
Karen Datko
This post comes from partner blog The Dough Roller. 2008 has been a difficult year. On Dec. 30, I rushed my wife to the emergency room. She had severe abdominal pain and was literally doubled over as we raced to the hospital. When morphine didn't dull the pain, they moved to Dilaudid, which is much stronger. It took the edge off the pain. Then the vomiting started. Ten hours and many tests later, they released her. They didn't know what the problem was, but the medicine had reduced her systems. After a restless night, the pain returned, and off we went to the hospital at 5 a.m. This time we spent 13 hours in the emergency room before she was admitted. More tests, more guesses, more pain and more vomiting. By Jan. 2 (happy new year, by the way), they had narrowed the problem to one of her kidneys and scheduled a procedure for later in the week. The procedure went well, and everything seemed to be resolved. She was discharged that day. Five hours later the pain and vomiting returned. We were off to the emergency room again, she was admitted and had the same procedure. She was discharged the next day, nine days after the ordeal had begun. She's doing much better now, although there are a number of follow-ups yet to go. They think the problem has been resolved, but they aren't certain. I give you all of this background so you can better appreciate the following four things this experience taught us about health insurance (we have preferred-provider organization or PPO insurance).
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Posted
Feb 06 2008, 06:01 PM
by
Karen Datko
Single Ma at Fabulous Financials apparently took it as a personal slight when her bank informed her in a letter that -- due to rate cuts by the Federal Reserve -- her online savings account was, so to speak, losing interest. So Single Ma responded with a Dear John letter online. She noted that her bank first attracted her with a 5.05% APY. In the past five months, it has dropped four times, now to 3.55%. She wrote: "I really enjoyed our love affair while it lasted: the 5.05% APY, our biweekly exchanges, your generous deposits, the sneak peaks at my growing balance -- ah, the memories. But it's over now."
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Posted
Jan 31 2008, 06:56 PM
by
Karen Datko
Does shame sometimes compel us to spend money that we don't have? It's time to get beyond that type of thinking, writes paidtwice at I've Paid For This Twice Already. In a gem of a post, paidtwice explains that she came to that realization after her dentist said her wisdom teeth have to come out -- this just after paidtwice spent the family emergency fund and other reserves on a car engine replacement. So she's practicing what she'll say when she tells the dentist that the procedure will have to wait until she has saved money to pay for it. "I get so hung up on appearances, and the idea that money would cause me to put this off makes me feel like I can't keep up the appearance that we're doing just fine," she writes. But, she says, "I'd rather live in full awareness of reality and be a little embarrassed than in a fantasy world I create with available credit."
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Posted
Jan 29 2008, 02:34 PM
by
Karen Datko
Kevin Geary at Change Your Tree doesn't try to cajole or sweet-talk readers into adopting good personal-finance habits. Rather, he bashes them over the head. In a recent post called "2 simple savings concepts you should be utilizing but probably aren't," Kevin addresses a common PF-blog theme in a way that makes for a very entertaining and enlightening read. On saving for an emergency fund, he writes: "If you don't want Citibank holding your umbrella when the rain starts pouring down, you'd better set up a safety net now." He recommends an ING Direct account, adding, "They also have a foolproof automatic-saving feature for those of you who still haven't stopped making excuses."
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