Sharing insights since 2007 on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom!
In 2001, I graduated from college with about $22,000 in student loans. The bulk of my debt ($20,000) was from a federal loan, but I also had a small $2,000 private loan.
Despite the fact that my private loan was a tenth the size of my federal loan, it was the much bigger headache producer in the year and a half it took me to get it paid off. My lender raised my payment once without notice, as well as increased my interest rate. Though my payment amount was low (about $60 per month), I decided to just quickly pay off the entire loan to avoid the stress-inducing changes that seemed to crop up every six months.
Thankfully, that was my only private student loan, and I’ve since paid off all of my loans. Some private loans, however, are more difficult to recover from.
Here at MoneyNing.com, we’re all about encouraging good financial habits and motivating the community to save smart, make more money and give back. But sometimes those goals are hard to accomplish alone! That’s why we’ve created the #MoneyThing campaign, which will run through June 2014.
“Money’s not the center of our lives, but it can connect us to what is. Show us that #MoneyThing!”
How to Participate
Take a picture with your phone or camera and upload it to your Facebook or Twitter account. Share a brief description of your #MoneyThing and why it motivates you to save more, spend smarter, or make better financial decisions. How is your #MoneyThing helping you reach your goals? [ continue reading… ]
Perhaps you’ve been hearing about one of the newest technological developments in the car insurance industry: pay-as-you-drive.
A device is installed in your vehicle that tracks how many miles you drive in the course of a month, how safely you drive, or a combination of both — depending on your insurance company. Several major providers such as Allstate, State Farm, and Progressive have already implemented this technology with some of their customers.
While sitting at the kitchen table, I was reconciling the checking account by entering transactions into the register. My wife walked up beside me and dropped off a receipt from a cut and color she’d received earlier that afternoon. I saw the amount charged, as well as the amount she’d written in for a tip. It was something I’d seen countless times before.
As a tip, she’d left about 5%.
The Problem with Tipping
I should probably mention here that I’m not a huge fan of tipping. I’d much prefer merchants to raise their prices enough to pay their staff and get rid of the awkwardness of trying to figure out who to tip and how much. But, given that’s not happening anytime soon, I’m doing the best I can to live within the system. [ continue reading… ]
This is a question I’ve been asked over and over since quitting my day job in October 2013. When I answer yes, I’m either given a blank stare or asked about some type of program that is clearly a scam.
It’s no secret that I love my Health Savings Account (HSA). I make regular contributions, and even maxed out my contribution last year.
The HSA isn’t for everyone, but if you have a high-deductible account, and can afford the out-of-pocket costs until you meet you deductible (I rarely meet my deductible, because I have few health care services needs), it can be a great tool.
Not only are your contributions to the account tax-deductible, but you can also withdraw the money tax-free when you use it for qualified health care expenses. This means you don’t have to pay taxes on your earnings if you use the money for the right things (watch out for penalties if you don’t, though!). Plus, your HSA can serve as another IRA if you build it up by the time you reach 59 1/2, with the same rules as a Traditional IRA when you use money for non-health expenses.
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