Tag, you're it: Bloggers offer their best financial advice

re: Tag, you're it: Bloggers offer their best financial advice

Brian Bishop — Fri, 17 Apr 2009 17:22:23 GMT

I am a first time homebuyer and am too high in ratio between my debt to income. I'm considering a few options to help reduce my current montly expenses. I have a $484 Car Bill that I'm considering trading in for a $250 Lease. My question is whether I should pay down my $20,000 Credit Card bill to $10,000 to help bring down my current payments prior to purchasing my home. Since cash is king, should I keep the money in the bank and pay the higher credit card payment as I go along with the mortgage payments? Or would you recommend paying down the credit card bill.. Thanks, Brian

re: Tag, you're it: Bloggers offer their best financial advice

jill — Tue, 09 Sep 2008 17:15:13 GMT

I save all the water from my dehumidifier to use to water plants, in my iron, even flush toilets. Why send all that water down the drain? I will be purchasing a rain barrel for my new house and saving rain water to water plants with etc. and will continue to use my dehumdifier water inside.

re: Tag, you're it: Bloggers offer their best financial advice

meeginsaves! — Sat, 30 Aug 2008 02:01:15 GMT

I started a cash only system for my grocerys gas and spending but realized early on that I would spend grocery and gas money (even when they were in seperate envelopes) on other things . My solution? Gift cards! The grocery store I go to because it's across the street (which saves on gas) offers gas rewards of 20 cents for every $50 so I put $140 on a gift card for that store and one make sure I don't spend the money on anything besides grocerys and two ensure I get 40 cents off per gallon at the gas station which I also use my gift card for. It saves and is a huge simplifier!

re: Tag, you're it: Bloggers offer their best financial advice

CreditMom — Tue, 26 Aug 2008 00:02:55 GMT

As soon as I get paid, I pay my bills. I do all of my banking online and I view my pay check as not mine. My paycheck must take care of my responsiblities first and as long as I view it as someone else's money I'm good. Once I've taken care of my monthly responsibilities, then I see what is left in discretionary funds. That is what I live on.

<creditmomblog.com>

re: Tag, you're it: Bloggers offer their best financial advice

Urban — Wed, 13 Aug 2008 16:32:42 GMT

Pay off your debts. All of them. Save 10% and then do not spend more than you make.

re: Tag, you're it: Bloggers offer their best financial advice

Chazman — Wed, 23 Jul 2008 21:08:47 GMT

ALL MY BILLS are paid automatically, on time, every month, without exception. You can do this, too. You have to pay your bills; you might as well do it this easy way.

All banks offer a free web-based tool that lets you transfer money (ACH) to almost any vendor or utility (put yourself on gas & electric Budget plans so your payment is the same each month). They usually won't do insurance or government/tax payments.

You control how much you send, (instead of utilities taking out what they think you owe this month when their computer goes screwy), when it gets sent, how often, for how long, and you can change it or send extra $$ any time (the vendor usually posts the payment the next day). You could pay 1/4 of your monthly bill every week and never spend a penny for postage, worry it got lost or delayed in the mail, etc. AND you have a perfect record online of every transaction. Try that with a checking account!

If I'm thinking about making a large cash withdrawal from my account, I can easily look ahead to see how much I'll need to pay all my bills before next payday -- all I need is Internet access. Trying that with a checkbook and last month's bills would be a nightmare, or impossible.

For my own information, suppose I choose to pay $30 on the 5th of each month; I make the payment $30.05. When I get an invoice next month and see that they posted my $30.05 payment on the 6th, I know they're posting promptly. If they credited me on the 10th of the month, I may call them and ask what's the problem on their end. Mailing a check would not tell me they are tardy with their paperwork, and stuff actually does get lost or misdelivered in the mail. Or, I'll send $30.99 to let me know it was a one-time payment when I see next month's bill, or $30.44 if I send payments four times a month, etc. $30.50 means I send half every two weeks. I can instantly understand and keep track of an endless number of accounts by just looking at any bill.

I set each payment to expire a year or two in the future during my birth month, so I review them all at the same time once a year. If someone gets overpaid, they send me a check or credit my account and I can modify that payment at my leisure.

All I have to do each month is open the bill, note the date it got paid (and when I sent the money) and throw away all the envelopes and other junk. (Naturally, you should read the details on the bill -- if you're not watching your money, no one else is, either.)

Making every payment on time every month adds to your credibility if you ask for something special, (like a lower interest rate, higher limit, or a refund if you do something stupid) not to mention the benefits to your credit score. You'll know how exactly much cash you can withdraw without bouncing payments, and eliminate <<all>> costs for postage, envelopes, late fees, checks, as well as time spent return-addressing, writing checks and account numbers, finding (wrong) envelopes or misplaced bills, etc. No one will ever complain (or lose your payment) because of your handwriting. Forget about check fraud -- I don't write 10 checks in a year.

You'll need a current bill for the account number, balance and payment info, mailing address (to get the correct credit card office, and for some odd vendors that can only accept checks -- they'll mail a check for you at no charge, and you still get the online payment info). Set it up once and you're all set. Peace of mind, no postage, no envelopes, no checks, no lost payments, and you can tell if the vendor is posting promptly. The bank saves money since they don't have to handle your checks, so they make it as easy as possible and totally free.

re: Tag, you're it: Bloggers offer their best financial advice

cookinbigmama — Sun, 20 Jul 2008 17:55:08 GMT

after reading the blogs of thrifty ideas, i see no mention of church rummage sales or consignment shops near rehab centers or hospitals...these beat garage sales any day. another shortcut is using graham crackers or bread that has been flattened with a rolling pin and sprayed with buttered flavored spray and sprinkled with sugar...that was our dessert while growing up in the great depression. how about thermos bottles for your food and drink...the better ones keep food cold or hot up to twelve hours when combined with an ice pack. simplify!! there are too many choices..like cereals for instance!

re: Tag, you're it: Bloggers offer their best financial advice

vashtismom — Thu, 17 Jul 2008 18:30:26 GMT

In response to Thrifty4life's post, what she says about Bed, Bath & Beyond 20% off or $5-$10 off coupons is true. Linens 'N Things will accept BB&B's coupons for their merchandise on top of the advertised sale price. I have a huge stack of BB&B coupons due to my neighbors tossing them into the trash can in our apartment mail room (money in the trash, y'all!!) and I just fish them out. Last time I went to BB&B, the manager told me that they can only take up to five coupons at a time, one coupon per item. I don't normally go places where I'll be tempted to spend money on stuff I know I don't need, just want; but if they're having a really good sale on a big-ticket item that I know that I'll only need to buy one time, like a stainless steel cookware set, I might splurge and get that item with a discount coupon.

re: Tag, you're it: Bloggers offer their best financial advice

Auntie Em — Thu, 17 Jul 2008 14:29:10 GMT

Consignment shops to sell your outgrown kids shoes and clothes,it gets the stuff out of your way and gives you a little spending money. Also get rid of that stuff you know you will never use purses, shoes that hurt your feet or stuff you or your loved ones have outgrown. I never get rid of something I know I might use. ( This month I got $27.00 that may not seem like a lot but I have been doing this for years)Some months it may not be but $10.00. But you can let your balance add up.

Goodwill and salvation army are great to buy books, also small furniture. I have found some really great pictures, it is really cool when you find something antique for such a cheap price.

WORK LUNCH*** Michelina's frozen dinners for about a buck add a touch of seasoning salt or sea salt.Eat a yogurt or fruit. Bring your own drink from home. Or drink water. DON"T use a vending machine.How about making a sandwich.What about a LITTLE Debbie for dessert. If you have chips at home put some in a sandwich bag and bring to work. If you like trail mix use the sandwich bag to bring some for your breaks. Don't forget microwave popcorn, but be prepared to share.

If you have errands to run try to do them at less busy times of day to save on traffic delays.

re: Tag, you're it: Bloggers offer their best financial advice

DD — Thu, 10 Jul 2008 17:17:07 GMT

Before retirement, would it be better to save by investing in an HSA and pay premiums for a high deductible health insurance or paying medicare premiums and premiums for supplemental insurance. Is there a side by side comparison anywhere? I also heard there is a penalty for each year you don't sign up for medicare so that would have to be included in the comparison.