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Posted
May 29 2008, 11:51 AM
by
Karen Datko
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If you've already received your economic-stimulus check from Uncle Sam, you can share what you did with it by posting at a Web site called -- ta-da -- How I Spent My Stimulus. You can even post a photo that illustrates how you used it. For example, we saw photos of casinos, whiskey bottles and cut-up credit cards. Scrolling through the site, we noticed that lots of folks spent their tax-rebate money to treat themselves -- hopefully stimulating the economy in the process. Some saved it, some used it to cover higher living expenses, and some gave it away. Some posts are listed under a category called "weird."
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Posted
May 06 2008, 11:03 AM
by
Karen Datko
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Cathy at Chief Family Officer was very excited the other day. That tax rebate check showed up in her checking account. She's using it to pay off the balance owed on her car loan. "That's right! Our car loan will be paid off in less than two months! I feel like I pretty much met my goal of paying cash for a car this year," she writes. Lots of bloggers have received their checks and are sharing their plans for the money. Not a spendthrift group, this bunch. So much for the government's economic-stimulus plan.
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Posted
Apr 25 2008, 10:16 AM
by
Karen Datko
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Consumer confidence is at a 26-year low. Gas prices have risen yet again. Are we ready for some good news? Here it is: Those tax rebate checks will start showing up in people's bank accounts on Monday, four days early. For those who didn't select direct deposit, the checks will begin hitting the mail on May 9, a full week ahead of schedule. "The money is going to help Americans offset the high prices we're seeing at the gas pump, the grocery store, and also give our economy a boost to help us pull out of this economic slowdown," President Bush said today.
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Posted
Apr 17 2008, 06:15 AM
by
Karen Datko
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This post comes from Nora Dunn at partner blog Wise Bread. There are a number of ways to stretch your dollars simply by rearranging your finances. Here are 11 tips to help you find some extra money. Change your withholding tax. If you typically receive a tax refund each year, ask your employer to reduce the amount of tax withheld from your paychecks. I know, I know. You like getting those fat checks at tax time each year. But in reality it's an interest-free loan to the government. Your money is much better in your own pocket, thank you very much. Reduce interest rates on your debt. As cited in a previous article, if you ask for a discount by calling your credit card company, you often will receive one. This also applies to other loans. If you happen to be drowning in your finances, you can call creditors and explain your situation, and they can make concessions for you. If the agent you are talking to can't do it, politely ask for the manager, who has more clout for granting rate discounts. Refinance your car loan. If your car is less than five years old, and you got your loan through a dealer, you may be able to do better. A Web site like Bankrate.com can help you find the best loan rates in your area, and Kelley Blue Book will give you a dollar value for your car.
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Posted
Apr 02 2008, 02:53 PM
by
Karen Datko
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More than half of Americans say they'll put their tax refunds into savings, and the rest say they'll pay off debt, do home improvements or give it to charity. (Actually, we have no idea if this is true because we read it at Punny Money.) Nick, the blogger at Punny Money, knows better. His hand-drawn pie chart -- "How Americans actually use their tax refunds -- shows this breakdown: 34% will spend it on "the newest model of iPod. Every year. Forever." Another 20% will go for pay-per-view wrestling, 19% for Hannah Montana concert tickets, 9% for "personalized celebrity recording for answering machine," and it just gets worse from there. What are some ways to use that refund or rebate that aren't so ridiculous? The funniest personal-finance blogger on the Internet has some advice for you.
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Posted
Mar 25 2008, 07:07 AM
by
Karen Datko
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This post comes from partner blog Blueprint for Financial Prosperity. I try to do as much shopping as I can online. Nothing beats comparing a bunch of locations all at once to get the best price or taking advantage of a vendor's price-matching policy. What's also awesome about buying online is that you get to avoid malls, parking and dealing with people who are grumpy or had a bad day. Here are eight reasons why I prefer to shop online: Better prices. While not always true, in general you can find better prices online because online vendors have lower overhead costs. They don't need to rent a physical store location, staff it with people, and support all the other overhead costs associated with a brick-and-mortar store. Online stores have warehousing infrastructure and distribution costs, but they save on the overhead associated with storefronts.
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Posted
Mar 12 2008, 08:38 AM
by
Donna Freedman
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This post comes from Abby Freedman, a freelance writer and daughter of Smart Spending blogger Donna Freedman.
Thanks to a few hefty medical bills, my fiancé's tax refund was going to be sizable, too: $2,380. We had big plans for the money.
Note my use of the past tense.
In late January I sent in the forms. (Please don't ask why I didn't e-file. There's no good answer.) A few weeks later I checked the IRS Web site's handy "Where’s my refund?" feature and found that the money would be deposited on Feb. 29.
According to MSN Money's Liz Pulliam Weston, my fiancé was entitled to spend 10% of the refund however his little heart desired. Given that we'd been assured a deposit was imminent, I suggested he take $238 out of the paycheck he'd just received. He did, and spent it on hobby supplies.
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Posted
Mar 07 2008, 04:20 PM
by
Karen Datko
How does Patrick at Cash Money Life really feel about tax refund anticipation loans? He writes, "The refund anticipation loan is quite possibly one of the worst things to happen to taxes since ... well, taxes." First of all, why not wait the 10 to 14 days it will take the IRS to get your money to you electronically. "Unfortunately, some people aren't satisfied with mere days. They want it now!" Patrick says. "Enter the refund anticipation loan," which he calls "essentially payday loans that are guaranteed by your tax refund."
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Posted
Feb 11 2008, 01:59 PM
by
Karen Datko
Congratulations to Peter of Plan Your Escape, whose post "8 reasons why small houses are better than big ones" edged out the closest competition by one vote to make him most valuable player in the Superbowl of Personal Finance. Overall, Team Finance defeated Team Frugal in total votes cast by readers. Noting that "one of the key characteristics of simplified living is knowing what is enough," Peter presented compelling arguments for opting for a small home. You'll spend lots less on the purchase price, taxes, utilities, maintenance and furniture. You'll be less tempted to accumulate clutter because you have less storage space. You'll also leave a "smaller environmental footprint." He wrote, "Huge homes aren't going to be sustainable in the long run."
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Posted
Feb 07 2008, 06:28 PM
by
Karen Datko
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Now that a $168 billion economic stimulus package has been approved by Congress, we thought we'd revisit David's recent post about the plan at My Two Dollars. He thinks it's a bunch of bunk. (Actually, his wording was a bit stronger.) Where, he wants to know, is the money coming from? "We are borrowing to pay for everything nowadays because Bush has spent us into the poorhouse .... And yet we still have (money) to hand out to every person in the country? No, we actually don't," he writes. "It will be paid for by us, just not today." (Lest you think this is a partisan rant, he lets the Democrats have it, too.)
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