Posts by jsangl
What Is This Money For? A New TOOL!
Have you ever looked at your checking and savings account and wondered aloud – "What is this money for?"
I used to do this all of the time.
For example, I would look at a checking account and see $5,000 there. Now, seeing $5,000 was a good thing, but I could not keep track of what I was going to use that money for.
Today, I am proud to introduce a greatly improved "[download#8#nohits]" tool!
Here is how it works. Let's say that you are saving for the following items.
- Emergency Fund
- Christmas
- Property Taxes
- Annual Car Insurance Premium
- Life Insurance
- Vacation
And, let's say that the money is being saved in three different accounts – a Christmas Club, Savings, and Checking Account. The "[download#8#nohits]" tool helps you keep track! There is $1,000 in Checking, $5,000 in Saving, and $200 in the Christmas Club account.
What is the $6,200 in the accounts for? Using the [download#8#nohits] tool, you can clearly give a name for every dollar you have!
When the total amount saved matches the total amount named, the BALANCED? section turns green with a "YES"!
If not all of the money has been given a name, the BALANCED? section turns yellow with a "LOW".
If too much money has been given a name, the BALANCED? section turns red with a "HIGH".
Here is what it will look like when it is balanced!
One huge benefit of having your savings account completely named is that you AND your spouse will KNOW what the money is for. It eliminates disputes (yes – this is what the money was for), it provides encouragement (yes – we get to take vacation), and it makes sure the necessities get paid.
Try it out! – [download#8#nohits]
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Credit Card Companies Don’t Play Fair
Robin sent me THIS ARTICLE written by Liz Moyer and Tatyana Shumsky of Forbes the other day.
It seems that Bank of America has decided to pull out the 0.5 font and crank the rates on their "valued" customers.
Here are the items that stood out to me:
- "Bank of America gives card holders the chance to opt out of the higher rate by paying the account off, but such a request must be made in writing."
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"Millennium card also has no grace period, meaning a 19.5% interest rate on charges kicks in as soon as a charge is made. "That's unheard of," Arnold says. The account is secured with the borrower's own money. "There's no risk for the issuer.""
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A spokeswoman for Chase says, "We pride ourselves on having an extensive array of products so customers can find one that fits their needs."
You know what the article reminded me of? The reasons that I do not use credit cards anymore. I played their game and lost multiple times. They were NOT my friends.
By the way, in one of my financial counseling appointments today, one of them had a Bank of America card that had more than DOUBLED the rate even though they have always paid their payment on time. I can't believe that these companies get away with selling these horrible products.
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Great Questions To Ask About Money
A random list of great questions to ask about money …
- Can you offer this to me at a lower price?
- I'm looking for a deal. Can you also include "X" if I purchase this item today.
- If I keep managing money they way I currently manage money, will I be able to accomplish my future hopes/plans/dreams?
- Who can I bless today?
- If my wife or child had to have emergency surgery today, would I be able to absorb the financial impact?
- If I died today, would those who depend on your income be protected?
- Do I really NEED this?
- Do I work for a paycheck or am I doing what I love to do?
- Do you add huge value to your business? Why not objectively ask for a raise. Look, you delivered "X" results that benefited the company. Why not improve the income?
- What could I do with all of this money that I send toward debt payments each month?
- What does life look like without ANY payments. No house payment. No student loan payment. No car payment. No credit card payments. NO PAYMENTS!
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Discount Codes – Great web site!
I recently discovered a new web site that is helping me save money.
It is called www.RetailMeNot.com.
This web site has discount codes and promo numbers that allow you to save money at thousands of different e-tailers.
Home Depot, Wal-Mart, Victoria's Secret, Barnes & Noble … There are over 10,000 companies represented.
One thing I really like about this web site is it allows the users to rate the promo codes. If it did not work for you, you can communicate that to the next user so that they don't waste their time with it.
Try it out, and see if you can save some money!
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What was your first credit card?
My first credit card was an Advanta VISA card with a really low limit.
How did I get it? I signed up for a free t-shirt during my first few weeks as a freshman on the campus at Purdue University.
What did I do with it when I received it? I went and charged it up!
It was so easy! Yet, it began a ten year mess of debt. I was a huge loser with credit cards. Maybe you have done better. Maybe not.
So my question today is:
What was YOUR first credit card?
AND
Did it help you or hurt you?
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