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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 30 2008, 02:34 PM
by
Karen Datko
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We won't get into the merits -- or lack thereof -- of some candidates' proposals for a summer-long federal gas-tax holiday. But did you know that the gasoline taxes collected by many states per gallon is a lot more than the amount that goes to the feds? How much is your state collecting for each gallon of gas -- now at a record-high average price of nearly $3.62 a gallon -- that you're pumping into your tank? You can find out from Kay Bell at Don't Mess with Taxes, our favorite source for important tax information and news, as well as the tax troubles of Wesley Snipes, Britney Spears and other celebrities.
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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 18 2008, 03:47 PM
by
Karen Datko
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The scramble is on by major retailers to get you to spend your tax refund or tax rebate check with them. (By the way, contrary to what many people believe, you don't have to pay that rebate back.) Cathy at Chief Family Officer informs readers that Kroger Co., which owns Kroger stores and a boatload of other chains -- will give you a 10% bonus if you turn that refund or rebate into a gift card at one of its many stores. (For a complete list of stores and a detailed description of the offer, read the press release here.) Sears Holding Co. has announced a similar bonus for Sears, Kmart and Lands' End stores. But are these really good deals?
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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 14 2008, 01:10 PM
by
Karen Datko
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A new survey shows that only 48.3% of high school seniors could correctly answer basic questions about personal finance. That's the worst score in the six times the survey has been conducted. For instance, 48% realize that a person who pays only the minimum due on a credit card each month will end up paying more in finance charges than those who pay more than the minimum. In fact, 18% thought the person who pays off the entire balance each month will pay the most finance charges. Actually, Steve at brip blap, who posted about the survey results (to read the post, click here) made public by the Federal Reserve last week, thinks there is reason for optimism in these answers. He goes on a little political rant to make his point.
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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
Apr 01 2008, 04:02 PM
by
Karen Datko
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"Free From Broke" has some tips for you today about making a lot of money quickly: Speculate on stocks, use a home-equity loan to buy property and flip it, master blackjack, and use your tax refund and tax rebate to purchase lottery tickets. We especially like this one: "Blog. Anyone can blog. Really. Look at me, I'm no Dostoevski and you're reading this. There are so many ways you can monetize a blog." Also, claim lots of deductions on your tax return. "The money you donated to the orphanage? That's like having a whole bunch of dependents to declare!" Free From Broke says. Sorry, folks. We couldn't resist. Apparently Free From Broke noticed what today's date is.
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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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