“General Personal Finance” Archive
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I’m excited to report the $1100 in the Emergency Fund but really wanted to show $2,000 total paid so far. That didn’t quite happen and I have avoided doing my shell game thing to make myself feel better. What I COULD have done (but it would have been wrong) is to deduct a payment I will be making in a week or so that would have brought that total paid to the $2,000 mark I really wanted to hit. No, no, no…keeping it precise and honest is the way to go. And I can look forward to the good numbers on June 1. Since I was figuring out how I wanted to update and have agreed with readers that once a month is best…June 1 will be the first month that shows a true full month’s payments on debt. $500 more and we will have hit our $1600 Emergency Fund goal. At that point–between the small amounts freed up by the small debts being extinguished….and the amounts we’ve been putting in savings…and the amounts we are saving with new lifestyle choices…we should start seeing some momentum building.
You may or may not notice that the lowest balance credit card increased since last month. That is a card in DH’s name and thanks to this blog and the new habit of keeping an eye on things…we discovered that some random $19.99 charge hit. I googled the name of the charging entity and sure enough it appears to be a scam! We are working with the bank to have that charge removed and then stopping it from being charged again. Stinks that it happened but I’m feeling good about keeping our eye on things b/c in the past it would have taken us much longer to even be aware of it…so that’s a good thing. When I was googling and finding info on it I noticed that a lot of people said they had looked back and the scam charge had been showing up for months and they had not noticed!
So there you have it–farewell April, hello May. Here’s to keeping the focus, finding ways to cut even more and having fun while doing it!
Are any of you master hagglers? I am not but my husband certainly has this skill set. As I’m reading more and more on financial stuff, I came across a great article about haggling on www.moneytalknews.com. I find haggling to be extremely awkward and just don’t seem to have the guts to ask for a reduced price. After reading and thinking about this area, I really liked the tip about paying with cash vs. paying with plastic. The merchant is going to save money by my use of cash…so why shouldn’t I get a cut of that savings? I think I shared once that the little cafe in my building gives a 7% discount to the customer if they use cash–automatically. I don’t know of any other merchant doing that so this tip is something I could be brave enough to point out. I’m going to test the waters on this one and challenge myself to ask for a discount when I use cash.
DH does not fear the awkwardness I’m speaking about here and he definitely has the persistent tip covered. I tease him sometimes that he often gets what he wants in a purchase setting bc the seller just wants him to stop! He isn’t afraid to walk away and he does the haggling with such friendliness that people don’t get angry…they end up (like the article talks about) wanting to help someone they like. I think I’ve ruined this for him on more than one occasion. I get so uncomfortable with that silence that really DOES give you leverage that I start talking and…we lose the leverage! I’m getting better at walking away and not ruining things but I need to learn to sit and just be quiet!
Thanks Brandon Ballenger at Money Talks News!
Here are the tips:
1. Do your homework
It’s easier to bargain for a deal (and recognize if you’re really getting one) when you understand the numbers. Before you go shopping, research prices and competitors. Check on store policies to see if a business matches prices, and under what conditions. And while this obviously applies to big purchases like appliances, don’t stop there. If the dry cleaner down the street is charging $1 for shirts, why should you pay $1.25 at yours?
2. Don’t be afraid to walk away
Your biggest bargaining chip is the fact your business isn’t guaranteed. If a seller is convinced you’re going to buy (or continue buying) from them regardless, you’re at their mercy. They should be at yours. Not getting the price you want? Say you’re going to see if the next competitor down the list can do better. If they don’t care, neither will you – because you’ll mean it.
The person with the power is the one who doesn’t care if the deal gets done.
3. Ask the right person
Not everybody has the authority to negotiate, so seek out the decision-maker. Customer service, billing issues, and cancellations are often handled by different people, especially on the phone. In a store, the salespeople might not have the authority to negotiate. Ask. If they don’t, speak to a manager. In fact, any time someone can’t or won’t help you with any purchase or problem, don’t be afraid to say, “OK. Now I understand you can’t help me. May I please speak with someone who can?”
4. Time it right
One trick to negotiating is understanding the other person’s business. For instance, at certain times of the year, clothing stores are eager to get rid of seasonal merchandise. Car dealers might be pushing to meet an end-of-month quota. And every salesperson is more attentive when business is slow. New Year’s Eve is traditionally one of the best times to shop for a car – it’s end of the month, end of the year, and there are no customers in the showroom.
In short, try to buy when others aren’t and when stores need to either clear inventory or make quota.
5. Pay with paper instead of plastic
Businesses can pay up to 3 percent in transaction costs by accepting credit cards. If you’re paying cash, you deserve to take at least that much off the purchase price.
6. Don’t fear awkwardness
If you have little experience haggling, don’t sell yourself short just because it feels weird. You’re not being a cheapskate, and the other party isn’t going to hate you. Don’t get flustered by a momentary silence, and don’t be afraid to pause and think. In fact, silence can be a bargaining tool. According to Stacy, who was in securities sales for 10 years, “In any negotiation, make an offer, then shut up. Wait 10 minutes in silence if you have to. Because more often than not, the next person to speak loses.”
7. Be friendly
Being aggressive only works when you’re in the superior position. If you lack power – which you do when trying to negotiate something like a discounted hotel room – play nice. Rude customers are the rule for most people in customer service. Be the exception. Smile, be patient, make a joke. Nobody wants to help a jerk, but everyone wants to do a favor for a friend.
That being said, it’s important to be real. You don’t have to be Donald Trump or Mr. Rogers to get a deal – just be yourself. Use the person’s name as often as possible, look them in the eye, and treat people like you like being treated.
8. Be firm
Being nice doesn’t mean rolling over. If you’re a steady customer, don’t be shy about pointing that out. Your loyalty should be worth something. And if not, your future business definitely is.
9. Be persistent
Stacy’s rule: ask three times. “When I go into a hotel, I ask for a discount. If they say no, I say, “Are you sure there’s not some special rate you can give me?” If they still say no, then I use my fallback. I smile big and say, “Well, you can at least give me the Elvis suite for the same price, right?” They invariably laugh, and almost invariably give me the best deal they possibly can.
Speaking of upgrades…
10. Go for extras
If the price is non-negotiable, don’t give up. There are other ways to sweeten a deal – like a free upgrade, accessories, a future discount, free shipping, free delivery, or free installation. Sometimes, businesses are already prepared to offer these concessions – because they’re cheaper than dropping the price but still make customers happy.
Bottom line? Like conversation, negotiation is an art that cries out to be practiced. It’s not just acceptable, it’s fun. It often results in lively banter and nearly as often a better deal.
In the Parade magazine from the first weekend of April there was a listing of the Top 10 Personal Finance Apps for Smart Phones. I’m dabbling with mint.com and we should all know Paypal and Turbotax by now, but the others were new to me. I thought I’d share in case some of you can benefit too. This is just a quick listing so if you want more info you can visit http://wearelivingonabudget.com/10-top-personal-finance-apps/.
-Mint Mobile
-Can I Buy?
-Debt Snowball Pro (Dave Ramsey plan)
-Doxo
-Paypal
-Manila
-Smartypig
-TurboTax
-Shoeboxed
-Yahoo! Finance Apps
Let me know if you are already using any of these and what you think!
The end of April will mark a full 4 months that we have been following our spending and putting limits on ourselves. We took some time to look back over those 4 months and are pretty pleased with the results. January was ugly–no two ways about it. We knew it was going to be but to look back and see that we paid “insufficient fund fees” is not only alarming…in many ways it is like looking at people we do not know. Now we are ending April in a much better place. As some of you read in a comment I made recently, we rent out the house my husband owned before we married. Before March 2012, we were in hot water if that rent check did not come in. Now, not only do we have breathing room that eliminates the panic around the first of the month—but we also learned that USAA offers “Rent Replacement” coverage on the homeowners’ policy if the renters skip town. Adding this to the policy was such a minimal amount (less than $90 a year) we figured it was worth it given our current financial situation. Our renters have been great but you never know what might happen. In addition to not desperately needing that rent check, we have an emergency fund that will just about cover the monthly mortgage (and that is our goal–to reach $1600 in the emergency savings so that we have that payment if needed). Additionally, we have erased a couple of petty debts and were able to consolidate obscene interest rate debt into a lower rate loan.
Now, before you think I’m throwing my shoulder out patting myself on the back–please know that I am painfully aware of just how far we have to go. I anticipate speedbumps along the way and pray that we have the fortitude to dust ourselves off and start again. I haven’t faced too many moments of discouragement because the adjustments to our lifestyle are yielding tangible results. While we are sometimes forced to deny ourselves in ways we have not denied ourselves before—with momentary discomfort—the rewards of finding breathing room and seeing a savings account grow are definitely worth it.
There is a long road ahead but comparing how we are living life now with how we were living life then is a good exercise. I do not ever want to have to worry about there being enough money in my checking account. I’ve lived life too long like that and the energy and time the worry of that has taken from me is already too, too much. Financial freedom is critical for our overall well-being. I can’t get over how long it took me to get that! I guess many people never do…and I’m thankful for seeing that reality while I still have time to do something about it.
SUPER busy weekend and then the week hasn’t let up–so pardon my brief absence! I was so excited and proud about the planning I did for our daughter’s First Communion and things only got better! As I shared, we had made the reservation and had the budget under control. On Saturday when all 14 of us arrived at the restaurant, there was a mishap of some sort. They were aware of our reservation but did not have a table ready. It seems that someone broke up the large table arranged for us into 4 smaller tables and those 4 small groups of people were still dining when we arrived. This is a family owned local restaurant that we really like so even as we had to wait I couldn’t really be angry at them. As hunger REALLY set in and I was dealing with a tired 7-year-old and my poor diabetic 82-year-old Dad…I started to move toward anger. It was over an hour before the large table could be reassembled and as soon as we all sat down and a waitress was passing out water glasses…she spilled one down the back of our poor First Communion Kid! 
The back of her pretty dress was all wet and the pretty curls we did went flat. She had an ice cube in her dress and made me so proud by holding it together when I knew an all out fit was just milliseconds away! The waitress was also near tears and my sister made a well timed joke saying that now this was a First Communion celebration…AND a baptism of sorts. We moved along and enjoyed the rest of our meal. As two bottles of wine arrived at the table and then a spread of delicious desserts I kept eyeing my ex-husband to see if he was adding things to the bill! I was getting nervous thinking the budget was being blown just about the time I got my half of the bill. Dinner for 14 with wine AND dessert? WITH the tip came to $196.00!! OR $98.00 each! I still can’t believe it! The restaurant didn’t charge us for the wine or the desserts!
Our daughter received several gifts and a total of $40 cash. I haven’t yet but will work with her on splitting that up b/w giving, spending and saving. I sometimes forget to do that with her b/c she is young and that is dumb—she’s at a great age to learn skills about money.
We are trucking along on the savings and paying debt. I’m excited to share new numbers on May 1.
As I learn to bear all for all to see my financial mess…I loved the timing of a post on a yoga magazine’s website. I should first fill you in on my journey to yoga. This is one of those times I wish the readers really knew me and what I am all about. For purposes of this post, it is important that you know I hate to exercise and for years people were suggesting I take up yoga. Call it my Type A personality that has to work to relax but a lot of well intentioned people saw the value that yoga could bring to my life. I resisted for years and in just the last six months, I finally took the plunge into this world that I knew nothing about and was sort of put off by to be truthful.
I am still not great at yoga. I’m not able to focus ALL the time as I battle my mind wandering to a to do list or things I forgot to do before getting to yoga. I feel completely silly most of the time (although…side note…I feel MUCH sillier in Zumba). But yoga HAS shown me in a very tangible way that slow and steady wins the race. This practice has brought me into an area that I’m not entirely comfortable in but where I do accept the challenge. I am not naturally good at being still and focusing and pretty much have the upper body strength of Kermit the Frog. HOWEVER, in six months I CAN see improvement in all areas…I can focus longer than I was able to in the beginning and I can do asanas that were completely impossible at the beginning. That is SO empowering.
And so today as the comments became very negative and anger and frustration started to creep in, I was able to go back to my thoughts on yoga. And then I saw this post: http://blogs.yogajournal.com/guestblog/2012/04/money-and-the-truth-practicing-satya.html#.T5Bjfhrb3WQ.facebook
Take a look when you have a chance–I know some of you will find something you can relate to in this article. I know my sharing here on the blog has led to my sharing with trusted friends–with no details being held back….and I cannot say I have done that before. The truth IS setting me free…one day at a time. Challenge yourself to tell one person about your debt dirt today. 
Namaste.
$11,889.19 in my work 401K and an additional $10,288.31 in Restricted Stock. I will be vested in February 2013. This 401K is the only investment account I am currently adding to with a 4% withholding (reminder: this is a recent increase from 3% after a raise kicked in so I wasn’t accustomed to getting the money yet so it was easier to add to savings.) My company uses Fidelity and I spent some time exploring their website and learned some basic info. I’m invested in a “life plan” Vanguard that is designed to grow gradually more conservative as I move toward retirment. I used 2035 as my retirement date which would put me at age 63. I think I was in the default fund and it was too conservative for my current age. I don’t know for certain right now but if memory serves me correctly, my husband’s 401K sits in the same range.
I also used a couple of retirement calculators to see where we are at and what we need to do in order to get where we want to be by age 60. While certainly not in a fantabulous position, we also aren’t destitute. With the debt payments decreasing in the next couple of years I would hope that by retirement we are talking about living expenses, medical expenses (which I know have got to be horrendous), housing and basic living stuff…maybe we won’t need to die within 18 months of retirement. Funny timing as I was doing these calculations today, my husband was dining at what he did not know was a “Senior Friendly” restaurant on his current business trip. I’m sure as he enjoyed what he described as exceptionally bland food…surrounded by the senior crowd…he really wanted to see a text from his wife about retirement!
Anyway, I’ve gathered all the retirement numbers and that prompted me to get things moving on the account transfers and such so that’s a plus to posting this info. I really hate this stuff–like almost rather eat a big bug instead of look at and thinking about my retirement accounts. Sigh. I know it is a reality but it is like I have a teflon brain for getting this! In some ways I think it is simply a mental roadblock that will eventually lift on its own…other times I am pretty sure I will never understand investing. Maybe there’s a community education course I can look into to help–b/c not even reading books on my own is doing it! This reminds me of high school geometry when even the very patient teacher finally just gave me a D to get me out of her class! My only D ever and she was so good about telling me she knew I was working so hard and giving it all I had…but…it was time for me to go! Ah…good times!
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About This Site
My Debt
- Original Debt: $97,293.06
- Paid: $1,927.89
- Remaining: $95,365.17
- Emergency Fund: $1100
- Broken Down
- Line of Credit 2: $0.00
- Line of Credit 1: $0.00
- Credit Card 1: $0.00
- Credit Card 2: $245.00
- Credit Card 3: $405.00
- Credit Card 6: $1,785.00
- Credit Card 7: $2,381.17
- Consolidation Loan: $11,000.00
- Credit Card 10: $14,519.00
- Auto Loan 1: $16,093.00
- Credit Card 11: $23,873.00
- Auto Loan 2: $25,064.00
Finance Blogging Buddies
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- Generation X Finance
- GRACEful Retirement
- Grad Money Matters
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- Josephsangl.com
- Kick Debt’s Butt
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- Personal Finance Advice
- pfblogs.org
