Personal Finance

You know those movies which show you what your life would look like if you had chosen a different path? Well, yesterday morning I chose the wrong one quite literally, and ended up smacking right into a brand new car as it cut across my lane without looking. Ugh… All of us are safe and sound and no one hurt at all (or else I wouldn’t be able to blog this right now, haha),  but nonetheless it shook us up a bit. And luckily the person I hit freely admitted she was in a rush and wasn’t paying attention when she made the turn so she agreed it was her fault. We’ll see if that story translates okay to her insurance company (Progressive), but I’d like to think she’s a good person :) Turns out it was also her first crash of her life (she was maybe pushing 19), so a good way to learn the hard way I suppose… at least she wasn’t texting and driving!! Especially with a little kid in the car! :( SOOoooo…. now we wait and see how the insurance companies play with each other. I relayed all my info to USAA who will keep everything on file in case it’s needed later (they recorded parts of our call for their archives which was pretty cool), but if all goes as planned I’ll get word from Progressive on how we go from there. And hopefully that it doesn’t touch my insurance at all – the way it should be when the party isn’t at fault. The whole thing was pretty surreal, especially since I avoided what I thought would be a crash only 60 seconds earlier (guess it was meant to be?), and whenever that happens I tend to get into duper deep thought and play the “what if” game. What if one of us got killed? What if one of us didn’t have any insurance? What if I just waited TWO more seconds before getting into my car?? Why didn’t I just go down the OTHER street instead of this one? Am I living my life as best I can right now??? Is there a potential for me to get sued and lose all my savings and future savings for years and years to come??? (That what if was courtesy of USAA, btw, when they advised I may want to look into “Umbrella insurance” after seeing all my financials I have with them :) Apparently it’s pretty cheap (couple hundred a year?) and can cover you for millions of dollars once all other insurances/etc tap out. So like if someone got seriously injured in today’s crash and my car insurance ran out at $300,000, then the umbrella one would kick in and cover the rest in a crazy situation. I’ll be checking on that in the near future, you can bet on that…) A little blown out of proportion considering there was minor damage to our cars (well, at least mine as you can see in that picture above – hers was banged up a bit more since I rammed right into her side door there), but nonetheless that’s how the brain works. I was due for a crash any day anyways – I’ve been getting in them every 4 years like clockwork, so it’s kinda expected now :) I swear I’m a good driver though! HAH! The person I hit just texted me… let’s see here…. awww, check it out: Thank you for being calm about the whole accident this morning, I am truly sorry. I called insurance company and everything. God bless you. So sweet!! If only everyone could be like that afterwards :) One of my first ones involved a guy who rear ended me at a stoplight at 2 am, and then got out and started swearing at me up and down as if it were MY fault he drank 10 too many beers that night, haha… I was at a red light – completely stopped – minding my own business! And we were the only cars around in like a 5 mile radius??? What an idiot… And an even bigger one when he decided to pick a fight with the cop who showed up on the scene who then promptly arrested him and took him on a nice trip back to the station ;) You never argue with the police – that’s rule #2. After #1: Never D

Flickr | http://www.flickr.com/photos/johnbeagle/2559363502/ Spring is in full bloom and I’m sure many of you have already started cleaning out your unwanted items. While donating is always an easy option, why not gather up the best of your unused goods and sell them for some extra money? Like millions of other Americans, I’ve spent way too much time and money buying things I don’t really need, and as a result, I’ve accumulated tons of items I no longer want. I even opened an eBay store just to get rid of my stuff. Thankfully, I’ve curbed much of my frivolous spending, but in the process, learned a thing or two about selling used items. Also, the team at MyBankTracker is in the midst of our current Money Challenge, in which we will attempt to sell the goods we no longer use. We plan on using popular selling sites like Craigslist and eBay, as well as other selling tools such as Yardsale (the app). If you’ve been procrastinating but want to get started on cleaning out your attic or garage, click through our slideshow and discover the the easiest ways to sell your stuff and make some extra dough. Don’t forget to comment here for a chance to win a $50 AMEX gift card, and let us know the results of your spring cleaning! Related Stories: 7 Items You Should Always Buy Generic 3 Credit Cards for Big Savings on Common Monthly Expenses 5 Easy Ways I Teach My Kids About Money 6 Uncomplicated Ways to Make Extra Cash Through Spring Cleaning

I think everyone has fantasized about winning the lottery. So much of our lives are spent working towards specific financial goals. Everyone wants to pay off debt, buy their dream house, and spend every summer on a tropical beach and every winter on a mountain. Some people want a wardrobe where they can wear different clothes every day of the month, and others want to spend their life on a boat or the beach. The lottery is one way that we can fast track all of those plans in order to make our dreams come true immediately. Of course, from a financial perspective, the lottery is a poor financial decision. Chances are, even if you play the lottery every week for the rest of your life, you will never win. Likewise, going to the casino can invoke dreams of massive winnings, but rarely will you leave with more money in your pocket than when you arrived. That being said, life has its ups and downs. If you bought a winning lottery ticket, or even got lucky at the casino, or if some other massive windfall money comes into your ownership, you should have a plan for how to deal with that money. So here’s three things everyone should do if they come into ownership of a large amount of money. Don’t Tell Anyone As tempting as it may be to tell your boss off, take your buddies to the Superbowl, or pay off your parent’s massive mortgage, don’t tell anyone that you won the money. Some areas you’ll have no choice but to declare publicly your winnings, so do what you can to quietly prepare for the incoming money before you claim it. There’s a couple reasons for this. First and foremost, announcing to the world that you suddenly have a lot of money will bring out every single person you ever met. Forget about ever using Facebook again, you’ll have dozens of messages daily from people you hardly remember wondering what you’re doing with all that cash. I’m sure a bunch of them will be championing noble causes, but just as many will be looking for a quick buck. The second main reason you don’t want to tell anyone is because people will start to treat you differently. If people are suddenly nice to you, you’ll wonder what ulterior motive they may have. If they are suddenly mean, you’ll think that they’re resenting you. This will ruin your life, your friendships, and your work relationship. If you want to have some peace and quiet to enjoy your new found wealth, don’t tell anyone. Keep going to work, even if you plan on quitting or moving, don’t make any massive purchases, and take that time to really plan out how you’re going to use the cash. Hire Someone The vast majority of lottery winners are bankrupt within a couple of years. If you aren’t 100% sure how you’re going to use, spend, and save that influx of cash, hire someone to figure it out for you. It’s normal and natural to want to take advantage of that cash by going on a trip, paying off the mortgage or other debt, or hiding all that cash under your mattress. These may not be the best ways to take advantage of that income, so ask someone who knows best. Most likely they will want the entire amount to invest for the future – and that may be the best option. Even if you can get a 3% return on a million dollar investment, you can massively supplement your annual income without any additional work. It’s not quite as glamourous, but it could be the best option. Ask someone who can break down all your financial options and collectively determine what is best. A second good hire would be a lawyer who will assist you in protecting your assets. Consider it an investment for the money itself. Once you have something worth taking, a year old minor car accident could suddenly become much more serious before you had any assets. Reward Yourself Take 5% of the income and treat yourself, just wait 3 months first to decide what to spend it on. Like I said, it is going to be awfully temp

I subscribe to the promotional emails of hundreds of companies so you don't have to. I sift through 1,000 deal-touting emails every week. Most are worthless. But some offer valuable coupons, promo codes, sales and freebies -- which I collect and organize.Note: Expiration dates are in brackets and special instructions are in parentheses.AutomotiveJiffy Lube: $5 off a Signature Service oil change (print first) [1/1].Sears Auto Center: Get up to $100 back in rebates or gift cards with the purchase of select tires [expirations vary].FoodKrispy Kreme: Free Key Lime doughnut if you check in with a friend of the Foursquare social network [5/22]. If you haven't already, you need to download the Foursquare app to your phone and make an account, and then visit Krispy Kreme with a friend who's also on the network, to be able to redeem this offer.McDonald's: Try a small size of the new blueberry pomegranate smoothie for $1 [5/23].HomeAce Hardware: Free pair of canvas gloves with a $20 purchase ("like" and print first) [5/31].Cleaner: $1.50 off Windex's new Touch-Up products (print first) [expiration unknown].Personal careUlta Beauty: 20 percent off one item in stores (print first) and online (use code 102029) [6/1].TechRadioShack: $10 off a $20 purchase in stores (print first) [expiration unknown]."Star Trek Into Darkness": Up to 55 percent off the Blu-ray, DVD or combo packs at Amazon.com [expiration unknown].Clothing, shoes and accessoriesThe Limited (women's): 50 percent off regular-priced items in stores and online (use code FRENZY) during Fashion Frenzy, which starts at 5 p.m. [5/22].

The following is a guest post from Gerrid Smith is CEO of the charity-focused coupon website, Save1. They provide coupons and deals from over 5,000 online stores! Each time a coupon is used, they provide a meal to a child in need. There’s no lack of how-to retirement articles online. You can learn about everything from travel to estate planning. It’s great advice but is it practical?Instead of asking more experts, we wanted to ask some real people who made it to retirement with enough money to live comfortably and cross off a few of items on their bucket list. Here’s what they said.Practice RetiringHow do you really know how much you’ll need to save for retirement? The answer is that you do not but there’s a way to put some data behind your projections. Sydney Lagier, retired owner of the blog, Retirement a Full-Time Job, says that she and her husband tested their retirement budget the best way they knew how: They lived it before actually retiring.“My husband and I agreed to practice living on our planned budget before I retired. Of course, we could not. That practice run was a reality check that I'm glad I sorted out before I actually pulled the trigger on retirement.”If it doesn’t work, make changes. Those changes will give you an idea of your retirement lifestyle. Will one or both of you have to continue working part time? Can you cut expenses enough to be able to travel or lavish the grandchildren with gifts? Everything costs more than you think.Don’t Fall for the Sales PitchEvery investment advisor has the magic fund that will set you up for the retirement of your dreams but as so many learned in 2008, those dreams can become a nightmare almost overnight. Boyd Lemon, author of Retirement: A Memoir and Guide, advises retirees to be wary of the products financial advisors try to sell to them.“Do not expect a higher return with low risk no matter what the investment adviser says. If the return is high relative to government bonds, it means that the risk of loss is correspondingly greater. You can count on that.”If you’re behind on your retirement savings, ratcheting up the risk in your portfolio isn’t likely to make a large-scale difference especially if you’re nearing retirement. Instead, contribute more. The IRS allows for catch-up contributions, which increases the maximum you can contribute to an IRA after the age of 50.Budget After SavingBob Lowry, author of the retirement blog Satisfying Retirement, says, “A budget is the single most important tool to financial stability. There is no other way to understand where the money goes.” Lowry advises people to think of saving as a payroll deduction that comes out of your paycheck before the money reaches your account. Then, design your budget around what is left over.Most employers allow you to split your check into multiple direct deposits with one going to a savings account, IRA or other vehicle and the other, into your checking account. He says, “make the decision early on to take your total income, commit to a percentage of savings (at least 10 percent), and then design a budget on what is left. Too many folks tend to build a budget and then make it work with available income and credit. (If they even budget at all). I followed this approach starting at age 28 and was able to retire at 52.”Go after the DiscountsJim Probasco, a retired school administrator from Dayton, Ohio says that there are more senior discounts than retirees might think. Probasco says, “There are numerous websites that allow seniors to look for discounts in their community. Sites like seniordiscounts.com list discounts based on the zip code you enter. When I enter my zip code, it returns more than 7,000 results. Before we make travel plans, my wife and I check these sites for discounts at our destination. The terms of the discounts vary but most require you to be at least 50.” “Some companies require that you register before receiving the discount. Some states also have discount cards that make you eli

Girl Ninja and I have a significant amount of our net worth sitting as cash in a “high yield” savings account. It’s exciting that we are just a few weeks away from hitting our $100,000 savings goal, but it’s also terribly depressing to know this money has earned a paltry 0.8% over the last couple years. Especially when it could have been earning 20%+ in the stock market. I mean, I would literally have an extra $20,000 to my name if I saved via the stock market, instead of saving via a bank account. As you know, we are keeping such an excessive amount of cash on hand for a down payment on our first place. We’ve been hunting for about six months now, and the reality is, we are no closer to buying a home today than we were when we first started. If we decided tomorrow that we never wanted to own a home, I would immediately take $90,000 out of our savings account and start putting it in the market. This would leave us about $10,000 in cash for emergencies. I think having more than $10k in the bank is pretty silly. Especially when we have a healthy discretionary income, stable jobs, no kids, and a Roth IRE. My question for you today is simple: Is there anywhere else I should consider putting this $90,000?  Half of our net worth is failing to keep up with inflation. This concerns me and I feel like something needs to be done about it. Only problem is, I don’t know what reasonable alternatives there are to savings accounts when it comes to having quick access to cash in the event Girl Ninja and I finally find a house worth buying. HELP!!!

With the 2012 tax season in the rear view mirror, its time to start thinking about 2013 taxes and strategies that you can put in place to minimize taxes owed in 2014.  But before that take some time to familiarize yourself with the new 2013 tax brackets shown below. But, be careful in reading the table below [...] Read the full article at savingtoinvest.com - Your 2013 Tax Rate – Understanding Your IRS Marginal and Effective Tax Bracket Related posts: How You Can Get a 14% Effective Tax Rate Like Mitt Romney and Other Super-Rich Americans 2013 IRS Official Tax Updates – Tax Rate Schedules, Standard Deduction, Personal Exemption and AMT update 2012 Tax Brackets and Federal IRS Rates, Standard Deduction and Personal Exemptions

How do you find a good lender? How to find the best mortgage rates? These are some of the common questions that first time home buyers face. This is probably a good time to buy a [...]Recommended For You:What is an FHA Home Loan?What Credit Score Do You Need to Buy a House?When Should You Refinance Your Home and WhyRefinance Your Home LoanCredit Rating: What is a Good Credit Score Number? Read the rest of How to Get Best Interest Rate on Your Home Mortgage at Moolanomy.com.

Are you are determined to provide your child with a college education but not sure how you will survive the anxiety over how to pay for it all?  You are not alone.  Many families are facing the same issues as they shop around for schools or get ready to send their children off. Whatever stage you are in towards the goal of a college degree, there are ways to keep expenses down. If you are flexible there are approaches to a college degree that can help you get the most out of your money. AP High School Classes – By taking Advanced Placement classes in high school, and doing well on the exam, your child can actually earn credits towards college classes.  Some students are able to cut a whole semester out of college by taking advantage of free high school classes. Start at a Two-Year School – Starting a college education at a two-year school is a great way to keep moving forward academically while saving a good deal of money. Tuition is generally significantly cheaper at a two-year college and if your child can commute, you could save even more in on-campus costs such as room and board.  Just be sure that the classes your child will be taking are fully transferrable to a reputable four-year school once your child receives an associates degree.  Starting at a two-year school should have no effect on your child’s future as a diploma only lists the institution graduated from, not where your child started. Take Advantage of Tax Credits – If you are already paying tuition, find out if you can take advantage of two tax credits offered by the federal government. If you qualify for either the American Opportunity Tax Credit or the Lifetime Learning Credit you could reap the benefit of a dollar for dollar decrease off of your tax liability. Some states also offer tax breaks for some college savings accounts. Scholarships – There are more scholarships available than ever before. With a little research students and their families should be able to find at least some scholarship money towards tuition. Generally however, you must hunt down free money; it will not come to you.  Some popular targets for scholarship money include religion, community service, ethnicity and of course athletics. If your child is involved in any of these areas, there may be money waiting for you to find it. Books and Supplies – There are many online marketplaces for used books. Be sure to try and buy early as prices will go up the closer it gets to the school year.  Check the school bookstore also as most schools run a book buy-back program and then resell the books for less than retail.  Buy supplies such as paper, pens and notebooks at warehouse stores or discount stores such as Walmart. Always use a coupon to save even more.  Save1.com offers discounts on office and school supplies and at the same time helps to provide a meal to a hungry child. Dorm Room Setup – In the early stages of planning for college many families forget to add in the costs of outfitting a dorm room for their child.  If there will be roommates, some costs will be shared.  Perhaps one roommate can bring a microwave and the other a stereo. A TV should not be a necessity as most dorms provide a community TV.  Try Craigslist or the local newspaper for bargains on new or used couches or chairs.  Shop discount stores for bedding and bath supplies.  You may even have your child contribute to their dorm room with money from their summer job. Day-to-Day Living – Make sure your child is on a budget and if they are not responsible with money, do not hand over the credit card.  Before school starts sit down and come up with reasonable figures for food, gas or transportation, personal items and entertainment.  It’s not a bad thing to teach your child about spending money wisely, especially if it is not their own.  Keep an eye on their bank account to be sure they are not being charged fees and try to discuss any overages in a calm manner. Agree to review the budget and make adjustments periodically to av

Flickr | http://www.flickr.com/photos/consumerist/411375470/ Q: I have a MyAccess Checking account with Bank of America. Last month, I was hit with a $12 monthly maintenance fee even though my account balance was $1,500. I called up customer service and the representative just recited the ways that I can avoid the fee. I checked the personal schedule of fees and nothing seems to have changed. How can I get a refund for this fee? - B. W. A: You’ll have to review your monthly statement to see if you can make a case for a refund of the monthly maintenance fee. With the MyAccess Checking account, you can waive the $12 monthly fee if you have at least one direct deposit of at least $250 or maintain an average daily balance of at least $1,500. It’s almost instinctual to think that as long as you have $1,500 in your account by the end of the month, you’ll be able to avoid the fee. But, if you play by the rules of the account, you may be far from meeting the fee waiver criteria. Let’s say the statement cycle is 30 days. If you held a daily balance of $1,500 for 29 days and $1,470 for one day, your average daily balance for the statement cycle is $1,499. Under the rules of the account, the bank will charge a monthly fee. A small bill payment, debit card purchase or ATM withdrawal could be enough to keep you from meeting the average daily balance requirement. Some checking accounts have a more stringent minimum daily balance requirement. In this case, your account balance at the end of the day cannot be less than the specified amount whatsoever. Maintaining an average daily balance of $1,500 is very different from an minimum daily balance of $1,500. You should look over your monthly statement and calculate your average daily balance. For Bank of America, daily account balances are recorded as of 5:00 P.M. Central time (6:00 P.M. Eastern time). If you find that you did qualify for the fee waiver, you can bring it up with customer service and explain the situation. If the bank was correct in charging the fee, you still might be able to have it waived with enough persistence (works best if this is the first time that you got hit by the monthly fee). Your Monthly Bills: Watch Out for Hidden Fees Related Stories: Checking Accounts Ditch Direct Deposit From Fee-Waiver Criteria Simon Says: Your Bank Account Was Labeled ‘Abandoned’ Having Fewer Bank Accounts Makes You a Better Saver Simon Says: How to Calculate the Average Daily Balance