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Cash out and get a term life policy.
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Aug 18, 2013 11:17
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Dead Pressed posted:Cash out and get a term life policy. Seconded. Get an online quote for a term life policy to see how much you'd be saving per month.
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Aug 18, 2013 19:01
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Alright thanks for the advice. Is there a place generally recognized as a good spot to get online quotes from? I noticed my bank does them but from only one provider.
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Aug 19, 2013 10:26
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https://www.zanderins.com
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Aug 19, 2013 10:57
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I'm in college and I want to start being more fiscally smart. My sister has recommended Dave Ramsey, is he credible? Also should I get something geared towards graduates or would the average financing books be fine?
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Aug 19, 2013 16:47
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I really loved Suze Orman's "Young, Fabulous & Broke" when I was just graduating college, and I really credit it with giving me a good financial background and getting me on the right path.
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Aug 19, 2013 16:55
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Yes Dave Ramsey is credible. edit: His strategy for getting out of debt is technically not the most mathematically efficient strategy, but it is likely the best strategy for people who lack self-control when it comes to spending and finances (which is most people who have problems with debt).
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Aug 19, 2013 16:56
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Uranium 235 posted:Yes Dave Ramsey is credible. Hold the phone on Dave Ramsey. His strategy for getting out of debt is very effective for many people. It's very good and worth recommending. However, once you are out of debt and enter the world where you start thinking about tax efficiency or investments you've graduated Dave Ramsay-land and need to learn those subjects from better sources.
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Aug 19, 2013 20:59
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Edgar Allan Pwned posted:I'm in college and I want to start being more fiscally smart. My sister has recommended Dave Ramsey, is he credible? Also should I get something geared towards graduates or would the average financing books be fine? Dave Ramsey helped be think better about debt and get out of debt faster. However, his investment advice and "bootstraps" politics are pretty lovely so just ignore that. He's a great starting point into thinking more about debt in your life but that's about it. I like listening to Clark Howard too even though he can be pretty goofy at times.
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Aug 19, 2013 21:34
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Most people really are retarded about finances so it's no surprise that frugality advocates come across as extremely bootstrappy. Neither side is wrong; the economy sucks and is increasingly stacked against middle-class and poorer people, and also most people suck at managing their money. These can both be true simultaneously, you don't have to choose just one.
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Aug 19, 2013 23:15
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The Ramsey camp gets a bad name from some crazies who forget that living out of envelopes full of cash is a training tool, not a long-term way of life. Also, credit cards are satan's tool to enslave your soul even if you've paid in-full for two decades. Dave only buys houses cash, so mortgages are wrong. Etc.
eddiewalker fucked around with this message at 00:16 on Aug 20, 2013 |
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Aug 20, 2013 00:14
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Hi, I really need some help for my close friend of mine. I'll try to explain and any advice would help, although i'm not sure if this is better for E/N. She 24, lives in the Philippines, and her Aunt, who lives in California, is advising her to move over there and study. The Aunt doesn't appear to have any longterm plan for her in terms of help or anything other than telling her to get to the US. Now from everything i've read on this board i'm pretty sure this is a terrible idea due to the state of things over there economically and especially for the poor.. but i feel like she might just think my feelings on America are clouding my judgement. I would just like some sound explanations of the finances involved for someone totally alien to the situation, or some links or anything to try and show the facts other than just her Aunt's vague advice that sounds like its well out of date. If i'm wrong then i would like to know as well, maybe i am biased but i'm genuinely worried after everything i hear. Hope this isn't too much of a vague question for this forum. Thanks.
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Aug 20, 2013 05:22
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infinity2005 posted:Hi, I really need some help for my close friend of mine. I'll try to explain and any advice would help, although i'm not sure if this is better for E/N. She 24, lives in the Philippines, and her Aunt, who lives in California, is advising her to move over there and study. The Aunt doesn't appear to have any longterm plan for her in terms of help or anything other than telling her to get to the US. Now from everything i've read on this board i'm pretty sure this is a terrible idea due to the state of things over there economically and especially for the poor.. but i feel like she might just think my feelings on America are clouding my judgement. Well I would think the first question is: study what, and who is paying for said studying? Moving across the world to study business at Stanford or wherever on scholarship is a much better idea than moving across the world to study Philosophy as very local college with a ton of student loans. And not to knock Philosophy or anything.
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Aug 20, 2013 21:08
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So, I have a general question: how do you cut down your grocery bill? It's just me and my husband to feed. We don't have any special dietary considerations, other than I'm doing Weight Watchers (on which I can eat any food as long as I properly weigh and measure out portion sizes). This month I did all our grocery shopping at Target, and I'm going to come in at roughly $400 that I've spent. I buy a lot of perishable produce and stuff though, for snacks and whatever. I like the Target grocery section in our city because nobody knows it exists. Therefore, it's easy to get in and out with what we need quickly. They package their meats in sizes good for two people (like 3 pork chops in a package--I only eat one but my husband always wants two with dinner). I think I'm probably paying a higher price for meat like that, but it is so convenient! Also, there are never huge lines at checkout, unlike Wal-Mart where it's always hordes of people and 2 cashiers. For our dinners, we usually have a meat (I tend to buy pork chops, chicken breast tenderloins, and ground beef the most), a starch (like mashed potatoes or rice), and a vegetable (usually those birds eye steamable vegetables since they taste much better than canned veggies). We also like to make Hamburger Helpers or spaghetti with some kind of sauce (marinara, alfredo, meat sauce, etc). I do most of the cooking so I try to keep it simple and down to no more than 30 minutes. Breakfast is usually cereal with a banana or something. I started to buy the Malt-O-Meal kind that's in a bag because it's a bigger quantity, and I eat a lot of cereal by myself. For lunch I either eat leftovers, or I eat a mini bagel with cream cheese, some fresh fruit, and a yogurt. Now that I'm going back to work I will bring either leftovers or Lean Cuisines with me. Anyway--do you think it would save money if I bought meat in bulk and broke it down into the smaller sizes for us when I got home from the store? I have a food scale, so I could easily break a 5 lb bag of chicken into 1 lb bags. We also could shop at the commissary on post, since my husband is military, but typically surrounding paydays, you have the same horde problem at Wal-Mart, except they actually have plenty of cashiers, and baggers too. They have really good meat prices, but tend to fall more in the bulk size category (say, enough steaks in a package to feed an entire company of soldiers). I also am not averted to the store brands of foods so I try to buy those when I can. Any other ideas? I would really like to cut us to $300 or less per month with incidentals like milk and produce that I have to buy every few days included in that number.
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Aug 21, 2013 12:29
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I like Target too for shopping for the same reason. Around here however: better prices on packaged foods, hit or miss on produce, and TERRIBLE prices for meat. Go to costco for meat and break it down. Use tougher cuts that are cheaper and use a crock pot or pressure cooker. Use Cuban and Mexican cuisine for inspiration - they tend to be cheap to make. Stews are excellent for the price. Swiss steak is good. Beef carnitas are good. Just random thoughts on how I handle food around here.
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Aug 21, 2013 12:47
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Have you looked into a site like emeals.com? My wife and I were trying to figure out a way to cut down on our bill and get other meal ideas at the same time, and this worked well for us. They email you a meal plan for the week and can do it based on what type of diet you're on (they have classic meals, but they also have vegetarian, portion control, things like that). Then they'll put together the ingredient list for you on a second page. If it's offered for the meal plan you use, they'll even base it on sales that your store has that week (We had a Kroger one that would build meals around sales and on the second page show you how much your total bill should be). We don't use it anymore since we have several weeks worth of meal ideas, but it might be something you'd like.
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Aug 21, 2013 12:57
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My ways to reduce grocery bills:: - make a thorough list beforehand and don't deviate - shop multiple stores and pay attention and take advantage of sales and coupons at each and plan accordingly - look at a variety of cuts - drumsticks, thighs and even a whole chicken are usually much much cheaper than the breasts - if you have a farmers market or ethnic market take a walk down there and check out the prices of the produce - be open to brands - you will always pay more for convenience, whether its lean cuisine, hamburger helper, instant mashed potatoes, instant rice. If you have the time and eat them often enough, buying rice/potatoes in bulk is usually the way to go If military grocery stores are crowded around pay day then don't go on pay days, go at an off time. You really just need to shop around and take a look at prices. Buying in bulk can be great but you have to have a freezer to accommodate it. I have amazon prime and an amazon chase card so ill often add that into my grocery considerations for dried goods as well. It's the ultimate convenience shopping since it comes right to my door. I live in the city though where good chain groceries really dont exist if u don't have a car. Not sure how competitive their prices would be for you. Prices can be higher but they have a subscribe and save option for items you use on a regular basis that can decrease the price, plus the usual coupons and sales (which my local non chain city grocer is the worst at. Sucks when trader joes is your cheap grocery store) HooKars fucked around with this message at 14:21 on Aug 21, 2013 |
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Aug 21, 2013 14:03
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Plan your meals out in advance, before you go grocery shopping, and buy only what is on your list. Try to make meals that make use of similar ingredients. For instance, if one meal calls for a half an onion, try to make another meal that makes use of the leftover onion. My wife and I had awesome trips to the grocery stores when we did that.
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Aug 21, 2013 16:35
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Hip Hoptimus Prime posted:Any other ideas? I would really like to cut us to $300 or less per month with incidentals like milk and produce that I have to buy every few days included in that number. Do veggie meals 2-3 days a week. Vegetarian protein sources will typically be cheaper than meat.
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Aug 21, 2013 17:33
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My sister in law has done $300/mo grocery bills for her Air Force family of 4 for the last 11 years, shopping either on or off-base.. It can be done! There are good suggestions here. I'll add a few more and try not to duplicate them. 1. Plan meals around sales. If you get the circular of the weekly sales, let that dictate what you're going to eat that week. You won't save any money cooking at home if you plan ahead to grill pork ribs and buy them at $8.99/lb. Plan that meal during the week that they're $2.50/lb. 2. If you don't get the circular or plan that out, learn to cook very flexibly. (is that a word?) That is, I'm in the store and see that a 10 lb pack of pork loin is on sale for $1.80/lb, I'd look at that and see tacos, pork roast with gravy, stir fry, and pulled pork bbq sandwiches. I always check the "manager's special" rack for items that are right up on their sell-by date. At the store I shop at, they are often discounted between 70% and 90%. If you know a lot of recipes offhand, you can turn those surprise sales into mega-cheap meals. 3. Pack lunches every single day. $7/day for a sandwich and a drink at a sub shop adds up really, really fast. 4. Try to score free lunches at work when possible. I work for a gigantic company, and I can usually find a free lunch about once a week by listening to a speaker for an hour talk about diversity, internet security, sustainability, career balance or goal setting or whatever. Many large organizations have stuff like that, and universities especially can be goldmines for it. 5. You're on the right track about buying meat in bulk, portioning it out and freezing it. I often do the same after cooking it, for instant meals. What I do in my previous pork loin example is put that whole bad boy into a slow cooker and have pork roast with gravy on day one. I also take some of that pork the same night and fill a dozen sandwich rolls with that meat, BBQ sauce, and cheese and freeze them. Now I have "backup" lunches in case I don't feel like eating the leftovers du juor. The rest of the cooked meet goes into the fridge or freezer, and in the next couple nights they are stir fried with veggies and served over rice and pan-fried with spices to turn into taco or burrito filling. Each of those take less than 10 minutes to throw together and don't create a lot of dishes. 6. To echo the "anything convenient or faster is sold at a premium" sentiment, learn how to cook with raw ingredients. You'll usually save money buying a whole raw chicken and chopping it up instead of buying frozen chicken breasts. And you'll feel cool when you're doing it.
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Aug 21, 2013 19:00
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Hip Hoptimus Prime posted:Grocery stuff Buy bulk packs of meat, split them up using freezer safe bags. Do your best to squeeze all the air out to avoid freezer burn. You can also make cooking sauces in large batches ahead of time and do the same thing (cheap dollar store tupperware works exceedingly well for this). Loaves of bread can also be frozen with no side effects so buy on sale and freeze what you aren't eating immediately.
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Aug 21, 2013 19:34
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I really want to buy a chest freezer for bulk meat shopping. Our freezer is so tiny it seems like, now that I'm trying to shop ahead for stuff. I love vegetarian meals, but my husband whines if I make something with no meat, so I tend to make meatless meals on the nights he works late for just me. We have a Sav-a-Lot down the street that has really good prices on off brand items, and we also have an Aldi. Today the Sav-a-Lot had huge packs of ground beef, but they were only 73% lean. I alway buy 93% or 95% lean because of being on Weight Watchers. The 73% just made me go  when I saw it. Next time I want to look more closely and see if they have an off brand version of the Birdseye steamable veggies. When I was single, I used to use a web site called GroceryGame.com. You could subscribe to different lists of what's on sale at different stores, and it would also tell you if their were coupons for the sale item. I used to save a bundle this way. Maybe I should subscribe again because it was $10 every other month.
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Aug 21, 2013 21:52
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Hip Hoptimus Prime posted:We have a Sav-a-Lot down the street that has really good prices on off brand items, and we also have an Aldi. Today the Sav-a-Lot had huge packs of ground beef, but they were only 73% lean. I alway buy 93% or 95% lean because of being on Weight Watchers. The 73% just made me go You can brown, rinse and drain full-fat hamburger and come out reasonably close to leaner stuff, if you're just making crumbles. With the steamable veggies you're paying more for convenience again - you can typically go cheaper by using fresh veggies in season.
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Aug 21, 2013 22:30
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Hip Hoptimus Prime posted:I really want to buy a chest freezer for bulk meat shopping. Our freezer is so tiny it seems like, now that I'm trying to shop ahead for stuff. Those freezers are not cheap, and if you're putting it in your garage, are not cheap to run. I know a number of people who have chest freezers in their garages in a climate where it stays over 100 degrees outside for 4 months in a row. There is no way that the food savings could be paying for the added energy savings there. Replacing your old, inefficient fridge with a nicer one and moving the dinosaur to the garage as a beer fridge is similarly a bad idea.
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Aug 21, 2013 22:53
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Hip Hoptimus Prime posted:I love vegetarian meals, but my husband whines if I make something with no meat, so I tend to make meatless meals on the nights he works late for just me. quote:When I was single, I used to use a web site called GroceryGame.com. You could subscribe to different lists of what's on sale at different stores, and it would also tell you if their were coupons for the sale item. I used to save a bundle this way. Maybe I should subscribe again because it was $10 every other month. Another thing I haven't seen people mention is going through the food you already have. Lots of people end up with some stuff shoved to the back of the pantry & forgotten, which is wasted money. I've cut my grocery bill in half this month just by making an effort to use what I have instead of buying more. This obviously isn't sustainable indefinitely, but you bought that stuff so you might as well use it. You can use a site like Supercook to figure out what you can make with what you have - it finds recipes based on the ingredients you list, making it good for using up odds and ends.
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Aug 22, 2013 21:00
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I ordered two boxes of checks from an online printer with lots of good reviews. They showed up and all the info matches the previous checks that my bank ordered me. I even took a book into the bank teller to verify them before I used any. Now every check I've written from the new order is getting returned. The bank teller says there's no explanation in her system about why. I have a healthy account balance, and the info on the checks is clearly correct enough that they're getting routed back to my account. I'm getting charged a $15 fee for every single check, but the bank says I'm out of luck, and the check printer says they can't do anything but mail me another identical box. What gives?
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Aug 24, 2013 18:46
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What's the exact return reason? I'd call the main customer support and see what they can tell you.
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Aug 24, 2013 18:49
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All I see is "CREDIT CONVERTED PAPER REJECT" in my online statement, and their branch computer says the same thing. The teller was saying something about magnetic ink, but the check printer just kept parroting, "we us industry standard procedures." I'll have to wait till Tuesday to talk to someone I assume. The branch just has tellers in until noon on Saturdays.
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Aug 24, 2013 18:54
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This doesn't help you at all, but thats weird! My friend and I print checks from two different accounts (CU and Chase before we told Chase to fuckoff) without any issues ever. I wonder what's up with your complications...hopefully they can tell you and refund the changes...
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Aug 24, 2013 19:52
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Hip Hoptimus Prime posted:We also could shop at the commissary on post, since my husband is military, but typically surrounding paydays,
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Aug 24, 2013 20:50
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I graduated college in Spring with ~17k in debt. I received a job offer today which I accepted with the utmost promptness. Salaried at 4k per month working from home. Couple questions. 1. I don't know the correct term, but taxes are not taken out of my paycheck. 1099? Anyways, how much should I be taking out to pay for taxes. 2. I would really love to pay my student debt off within a year (my monthly expenses are probably around 1000). 3. My car situation is dire because I've always owned junk cars. I realize working from home makes it so I won't drive much at all, but I want a reliable car. Should I save up and buy outright or try and get a car loan? Edit: Figured I would expand on this. My current car is soaking up a lot of my money. I have been thinking about using the bus to travel around, but a lot of my friends are up in Seattle (Puyallup is where I live for all you Pierce County goons), and I would like to have a reliable car to travel up there. 4. What is the general thought on xx number of months you should have in savings in case your company goes bankrupt or you get fired? Sorry if it's too many questions, after my first thought of Holy poo poo I'm going to have money now after surviving on college diet for the past 3 years, I want to be sensible about it. Zzu fucked around with this message at 04:12 on Aug 25, 2013 |
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Aug 25, 2013 04:10
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Zzu posted:1. I don't know the correct term, but taxes are not taken out of my paycheck. 1099? Anyways, how much should I be taking out to pay for taxes. I believe you will need to file quarterly taxes. Beyond that, I don't know much about that situation. quote:3. My car situation is dire because I've always owned junk cars. I realize working from home makes it so I won't drive much at all, but I want a reliable car. Should I save up and buy outright or try and get a car loan? Buy a reliable used car outright. Check this out: http://www.mrmoneymustache.com/2011/04/19/how-to-come-out-way-ahead-when-buying-a-used-car/ quote:4. What is the general thought on xx number of months you should have in savings in case your company goes bankrupt or you get fired? Everyone has different risk tolerances. 6 months is generally considered a reasonable and safe number. Remember, you should immediately dial back your spending heavily if you get fired.
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Aug 25, 2013 14:35
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Zzu posted:1. I don't know the correct term, but taxes are not taken out of my paycheck. 1099? Anyways, how much should I be taking out to pay for taxes. You are technically self employed. If you have specific questions about that, what you can deduct, or the records you should be keeping, ask the tax thread http://forums.somethingawful.com/showthread.php?threadid=3394641 but you do need to be setting aside somewhere around 25% of what you make for your quarterly payments. This is absolutely mandatory. You will need to set aside a smaller amount for your state quarterly payments too. On the car, you can get a decent amount of car for something in the $6000 to $8000 range. I recently paid $4100 for a 2001 Buick Century with 64,000 miles. If it's unsafe, I understand that you might need something now, but it's a very rare car that needs so many repairs that the repairs by themselves equal a car payment. The car buying thread might give you some ideas http://forums.somethingawful.com/showthread.php?threadid=3213538
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Aug 25, 2013 19:48
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I'm not sure where else to put this, but is anyone having trouble with their American Express credit card today? I tried to use mine in a few places but it got declined. I called the bank and they said American Express is having issues.
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Aug 26, 2013 03:02
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I got an Amex a few months back to take a advantage of a point promotion, and it's been a pain in my side ever since. I'm just waiting until I get the bonus points and transfer them to my Aeroplan accounts before I close the account. Seriously, in an age of wave-your-card-at-poo poo-to-pay, whenever I pull out that drat thing I get a sigh and a pen. They've also somehow managed to bounce my first payment, which I still can't understand. In short, yeah, I totally believe that American Express is having system wide issues.
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Aug 26, 2013 03:10
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Breanna Manning posted:I'm not sure where else to put this, but is anyone having trouble with their American Express credit card today? I tried to use mine in a few places but it got declined. I called the bank and they said American Express is having issues. Yes. I had issues paying for gas with mine today. But I love the card otherwise.
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Aug 26, 2013 03:29
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Looking for some outside advice on my car situation since I've run through a dozen scenarios in my head ad nauseum and I can't seem to settle on a path to take: I have a 2011 Honda Fit Sport with about $20,000 remaining on the loan and a prospective trade-in value of $10,000 - $12,000. The car loan is my single biggest money sink on a monthly basis and, while having a new(ish) car is nice, I'm not a car guy and don't mind driving a bucket of bolts to work as long as the maintenance costs don't get too exorbitant. I'm not struggling to make the payments or anything of that sort, but I resent how much I'm spending on it and would like to get rid of it. However, because I do commute, I need a car. As I see them, my options are: 1. Bite the bullet and just keep on with the current situation. 2. Keep the car but try to refinance -- doubt I will improve my interest rate, but would have a lower monthly cost (bad in an objective sense but more tolerable in the subjective) 3. Trade the car in for a cheap used car; break RRSPs to pay off the balance on the loan 4. Trade the car in for a cheap used car; break RRSPs to buy a used car & refinance the balance on the Fit to lower monthly costs I have been overzealous in contributing to my RRSPs at the expense of liquid savings. Now my immediate goal is to lower my monthly expenses and increase my liquid savings so that I have some flexibility when it comes to making ~*~ big life decisions ~*~ in the next few years. I'm only 26, so I don't mind taking a bit of a hit on the RRSPs right now if it means having some more financial freedom in the immediate.
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Aug 26, 2013 18:19
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I'd personally advise against taking out RSRPs, simply because of the tax penalty. By the way, at your age, unless you're in a very high income bracket or some specific financial situation, TFSA would probably be better for you anyway. It's worth looking into how much it would cost you to get that money out of RSRPs and how much it would save you on the car. I'm not sure what the policy is on pulling RSRPs out, but I have a feeling it's very unfriendly. What kind of terms / rates are we talking about on the car here?
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Aug 26, 2013 18:29
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I was in that situation once. I got a signature loan from my credit union for the difference, and sold the car. Yeah; I ended up with a $5k loan, but I lost the 20k loan + massive insurance bill. Paid it off ASAP. If you can go carless, or use a beater until you pay off that loan - do that. It'll make the biggest dent without hitting retirement.
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Aug 26, 2013 18:31
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| # ? Jun 9, 2024 16:32 |
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Don't cash in your RRSPs, seriously. Withdrawing RRSPs will subject you to a withholding tax, and the entire amount you withdraw will be considered taxable income in the year you withdraw it. In essence, you could be looking at a major tax penalty that will likely wipe out a goodly portion of the gains from paying off your car in the first place. If you really want to start an emergency or liquid asset fund, TFSA is the way to go.
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Aug 26, 2013 18:49
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