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Posted
Nov 01 2007, 02:25 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Guns and credit cards have things in common , writes Patrick at Cash Money Life : Both can be used to good effect , and both can produce dire consequences if used improperly. In one of the more engaging posts we've read about credit cards and personal responsibility, Patrick argues that guns don't kill people and "credit cards don't put people into debt." He adds, "But the minute you begin to misuse them , devastating results can and will happen." Patrick writes that he's not a gun owner or a member of the NRA. He's a former service member who respects "their usefulness and their power." He's also a guy who pays off his entire credit card balance every month.
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Posted
Aug 13 2009, 02:16 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
If you are burdened by debt, you're more likely to be overweight than someone who's debt-free, a new study indicates.
The German research, reports Christy Harrison at Gourmet.com, suggests several possible explanations, including this one: "Energy-dense foods such as sweets or fatty snacks are often less expensive compared to food with lower energy density such as fruit or vegetables."
Another possible reason is -- no surprise here -- food can be comforting when you're distressed. (And thanks to Kris at Cheap Healthy Good for the link. BTW, her favorite comfort food is Kraft mac and cheese.)
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Posted
Jan 21 2009, 01:49 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Stephanie at Stop the Ride threw readers for a loop recently. She and her husband, Tim, have cut almost to the bone, and their debt isn't shrinking. In fact, the reverse is true. Now she is facing a huge decision: Is bankruptcy the best choice for her family right now?
She calls it "an option I never thought I'd consider, let alone mention publicly. ... My emotions have ranged from anger to depression while trying to think through this situation. But hard times do force change."
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Posted
Feb 11 2008, 04:49 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from J.D. Roth at partner blog Get Rich Slowly. During the 20 years I carried consumer debt, I made several attempts to change my habits. Every time I decided to lick the debt monster, I would follow the advice in the financial books: I'd arrange my debts in order, listing the one with the highest interest rate first. I'd pay extra on that bill for a couple of months, but then give up in frustration because I didn't seem to be making any progress. An extra $100 on a $12,000 balance doesn't make a dent. Eventually I read Dave Ramsey's "The Total Money Makeover." His debt snowball method changed my life. Ramsey writes: Personal finance is 80% behavior and 20% head knowledge. The Debt Snowball is designed the way it is because we are more concerned about modifying behavior than correct mathematics. ... Being a certified nerd, I always used to start with making the math work. I have learned the math does need to work, but sometimes motivation is more important than math. This is one of those times.
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Posted
Feb 19 2008, 08:38 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from Mark Huffman of partner blog ConsumerAffairs.com. Master marketer and infomercial maven Kevin Trudeau has a new book out, but he hasn't strayed far from his successful diet and health book formula, which critics say panders to consumer paranoia. His new book, coincidentally introduced during the current credit crisis, is "Debt Cures They Don't Want You To Know About." Consumers who called an 800 number to order a copy are reporting experiences similar to those relayed to ConsumerAffairs.com by people who called to order "Natural Cures They Don't Want You To Know About." They're finding it very hard to buy just the book. "I only wanted to order the book, but the young lady kept telling me about a trial for 30 days, and I kept telling her 'the book only, please,'" Cynthia, of Mexia, Texas, told ConsumerAffairs.com.
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Posted
May 28 2009, 10:15 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
If you've read a personal-finance blog from time to time, you know about the great debt debate: Do you pay off the smallest debt first, à la Dave Ramsey's debt snowball, to get that psychological boost, or do you pay off the debt with the highest interest rate, which makes mathematical sense?
How about neither? Ack! we can hear both sides saying. (Proponents on each side feel very strongly about this.) Or, rather, how about incorporating the best of both?
Baker at Man vs. Debt introduces what he calls the debt tsunami, which draws on the strengths of the seemingly contradictory points of view.
But, first, you've got to have your own underwater volcanic eruption -- as he says, you've got to decide you hate debt -- to get the tsunami rolling.
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Posted
May 29 2009, 06:55 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller.
Recently I published an article called "Dave Ramsey unleashed." I learned long ago that any post about Dave Ramsey will receive a passionate response from readers. Those who follow his financial teachings do so with "gazelle-like intensity," as Dave would say.
One response I received in both comments and e-mail is that Dave Ramsey teaches that one should stop contributing to retirement savings (whether 401(k) or IRA) while paying off nonmortgage debt. The question is whether this is the right choice.
The first thing to keep in mind is that there is no "right" choice. There is a reason it's called personal finance, as a reader reminded me just the other day. That's not to say that any choice is a good one. But there is almost always more than one reasonable approach to a money-management decision. For example, while Dave Ramsey would stop saving for retirement to pay off debt, as would Michelle Singletary, Liz Pulliam Weston believes we should not stop saving for retirement to pay off debt.
With that in mind, let's walk through several steps that will help you make the best decision for you and your family:
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Posted
Jan 21 2009, 08:27 AM
by
Donna Freedman
Rating:
Money Blog: Smart Spending Blog - MSN Money
Prices for recycled materials like cans and cardboard tanked along with the global and U.S. economy, according to an article in The Seattle Times. That explains why I got only $2 for 10 pounds of aluminum cans at my neighborhood recycling plant last weekend.
Only a couple of months ago they were paying 40 cents a pound (about 28 cans). If I lived in one of 11 states with can/bottle deposit laws, I’d have made at least $12.60.
For a $2 payoff, was it worth the effort to recycle? There are a couple of different ways to answer that question.
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Posted
Jan 03 2008, 08:49 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Some personal-finance bloggers are well on their way to financial security. But others live like the rest of us, trying to build savings while getting through each day. We learned this after a group of PF bloggers decided to post about net worth (assets minus liabilities) at the end of 2007. For instance, Lynnae at Being Frugal reported that for the first time in 12 years of married life, she and her husband are starting the new year with a positive net worth.
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Posted
May 07 2008, 11:02 AM
by
Donna Freedman
Rating:
Money Blog: Smart Spending Blog - MSN Money
"Dividend" has been using the snowball approach to debt reduction. To do so, the reader treats debt reduction payments as a monthly bill, "as necessary and unavoidable as paying rent."
Dividend started by creating a minimalist yet realistic budget to live on. This includes predictable expenses such as car insurance, gift-giving and "a little bit of play money." Everything left over is officially invisible. "I treat that money like it doesn't exist until the end of the month. Then, out of that, I pay minimums on everything first, and then the remainder gets paid to the next item in the snowball."
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