“Good Info” Archive

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Is it possible the government has your money?

The California State Controller recently spoke at a seminar I attended. His main focus was the economic status of the state (bleak) but he tried to end on a happy note by reminding everyone to check the California unclaimed property website.

Huh?

I scribbled the info on the back of my napkin but didn’t expect to win the lotto of unclaimed property. No one owes me money right?

Wrong.

Unbeknownst to me, I was involved in a class action lawsuit against a former employer. Employees weren’t given breaks as required by law and the company was required to reimburse employees for the lost time. I only worked for the company 3 months as a summer job ten years ago but… I’m $111 richer.

Check for unclaimed property on your state’s website. There might be some money out there you didn’t know about. Let me know if you find something!

*Note: Women, if you are married, check you married AND maiden name. My unclaimed property was under my maiden name.

Posted by Beks on November 11, 2009 at 5:00 AM in Free Stuff, Good Info | 14 Comments »
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Finding Odd Jobs…

A reader asked how my husband and I find odd jobs.

First, and most important, we rarely do work for people we, or someone close to us, doesn’t know. I do not trust Craigslist for anything other than used doggie kennels and throw rugs. My husband mainly does work for friends and family – someone always needs a sink fixed or a toilet repaired. Let people around you know you’re willing to help.

I do accounting work for the company I worked for a few years ago. They are often short staffed and need an extra hand. I let them know I’m always available. It makes it easy when they already have my tax reporting information and I don’t have to keep records.

Second, if we do work for someone we don’t know, we keep it under $100. My husband is sometimes approached by fellow customers in home repair stores. There’s something about him that radiates honesty and good heartedness – maybe it’s because he is. If the job is too large, he refers them to a reputable company. It’s not worth the risk of not getting paid.

Third, be good at what you do, stay on top of trends in your industry, and be honest. My husband is extremely talented and is always reading construction magazines. He is never dishonest and will likely throw in work for free. Ninety percent of his work is from referrals. Happy people will tell their friends about you.

Fourth, pay close attention to the laws about certain types of work. California is stringent on almost everything. Working here without some sort of licensing is illegal for many trades. For example, construction work is limited to $500 (including material) if you do not have a contractor’s license. It’s also important to report all income when tax time rolls around. Nothing is worth the risk or penalties of an IRS audit. Also, if you are on unemployment, money from side work MUST be reported and will likely result in a reduction of benefits.

Fifth, don’t expect to make a ton of money. Usually, we make just enough for groceries or to cover what we’re short on an electric bill. It takes a lot of time and the money is little.

Again, I’m no expert. Before doing any type of side work, check with your local government authority and your tax advisor.

Posted by Beks on November 10, 2009 at 5:00 AM in Good Info, Making Money, work | 10 Comments »
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Waiting for Unemployment…

We’ve been waiting for a check from unemployment for 4 weeks… and we’re still waiting.

Don’t get me wrong, I understand government paperwork – heck, I process it every day as a government employee! But I think it’s important for everyone to be prepared.

Here’s a head’s up to those who think they may lose their jobs…

save to survive longer than 4 weeks.

Am I alone in this? Anyone else waiting for all of eternity?

We’re still coasting through on savings and odd jobs – and I am grateful we were prepared.

Posted by Beks on November 6, 2009 at 5:00 AM in Good Info, job loss | 10 Comments »
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Making Home Affordable Tips…

I learned a lot about the Making Home Affordable/Home Affordable Modification Program (HAMP) in my 2 hour call with Bank of America.

1 – If you are hoping for a huge change… this is not the answer. Not all changes are permanent and/or large. Some adjustments may last as little as 3 months.

2 – Loan modifications are not quick. If you can’t wait the standard 9 weeks for the review of your file and another 5-9 weeks for paperwork processing, you don’t have enough time and you may want to move forward with other options like a short sale or foreclosure.

3 – Give an accurate listing of all your expenses. Don’t exaggerate but don’t minimize either. Have a good understanding of exactly how much you are paying. Keep this information available for when you call the bank.

4 – You will be rejected if you have recently made large purchases or if your credit score is low. You shouldn’t be making large purchases anyway so I can’t say as if I blame the banks for this stipulation.

5 – If you have a second mortgage with another lender, they will likely require you to get approved for the Making Home Affordable Program on your first loan before they will consider a change to your second mortgage. If you are accepted for the program on your first loan, it’s easy to submit the same paperwork for your second mortgage.

6 – This should not be your only option. It’s worth a try, but don’t fool yourself into thinking this will solve your problems.

7 – If your home is not a Fannie Mae/Freddie Mac mortgage, this program does not apply to you… BUT some lenders are still willing to modify other types of loans.

8 – This is a voluntary program. No one HAS to help you. Sure it’s good business sense to lessen foreclosures on the banks part, but if you are a problem child, don’t expect any help. Banks don’t want to keep you as a customer anyway. Be kind, courteous, and polite even if you are frustrated.

According to the bank’s calculations, my husband and I qualify. We are now in the first 9 week waiting period while they review our files. We have stellar credit scores and we haven’t made large purchases in a long time. We are good candidates for an interest rate reduction from the over 7% it is currently, down to the market rates of 5-6%.

Do I really think it will really happen?

No. But it’s worth a try.

Posted by Beks on October 23, 2009 at 5:00 AM in Credit Reports/FICO, Debt Updates, General Debt, General Personal Finance, Good Info, Home Ownership, Loans, Making Home Affordable Program | 13 Comments »
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Ways to get by while on unemployment…

My budget was already threadbare but living with 50% less salary and on unemployment benefits has forced us to find ways to somehow reduce more.

First, we cut our dental and vision insurance. This is something that can easily be re-instated but the $25 a month can help me now.

Second, I cancelled all my appointments health related or otherwise. None of my appointments were an emergency and I requested that my doctor renew my prescriptions without the annual check-up since the last 6 years have been clear of any problems. These appointments and tests run in the neighborhood of $500.

Third, I called my cable company to cancel our cable, reduce our internet speed, and reduce our phone service. I explained our situation and was surprised when they offered reduced internet costs, reduced phone costs, and added free services and free channels for a 12 month period. I would tell you how much I’m paying – but I’m afraid they’ll figure out they made a huge mistake and ‘correct’ the discount… or fire the guy who gave it to me. I would have cut out the internet and phone entirely but my husband needs internet for school purposes and job searching late at night when he gets home (free internet at the library is closed) and I’m uncomfortable without a home phone for emergencies.

Fourth, I contacted my student loan company for a deferment.

Fifth, my husband and I contacted friends and family and let them know we’d be available for odd jobs. Since unemployment doesn’t start for nearly a month after a job loss, my husband has done everything from pulling weeds to insulating walls. I have been helping a company with paperwork at night after work. We use this money for groceries and for the important bills like electric and water. At no time should you feel you are ‘too good’ for any type of job.

Sixth, we cut off all our subscriptions and memberships. If you’re like us, you may not even remember you have some of them since they are automatically billed to your credit card and you may not look at each item on your online statement. Some examples: gym memberships, club memberships, magazine and newspaper subscriptions (some automatically renew unless you cancel). Savings – $50 a month.

Seventh, we’ve been using more public transportation. It takes twice as long to get somewhere, it’s uncomfortable, and it’s far from fun, but it saves $50-$75 a month.

It’s not a lot, but each item buys us a little more time.

Posted by Beks on October 19, 2009 at 8:31 PM in General Debt, General Personal Finance, Good Info, Insurance, Life Experiences, Living Frugal, Monthly Spending, Saving Money, job loss | 14 Comments »
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Another Reason to Work on That Credit Score…

Despite Dave Ramsey recommendations, I’m focused on my credit score and I try to encourage you to stay on top of yours as well. I’ve had the same credit card for 11 years (always carried a balance until last month) and I pay my mortgage on time – even if that means not eating… or selling something.

Sure, if I had no debt and had no plans or acquiring new debt, my credit score wouldn’t matter…

Or would it?

I was reading Parade magazine this week and was reminded of a very important reason to keep up those scores – employment. Employers are using credit scores as another way to narrow down candidates. In this rough job market, that’s the last thing you want to worry about.

My current employer ran a credit check on me prior to offering employment. I had been unemployed for 2 months but had managed to pay my bills. Had my credit score fallen, I likely would have been passed over.

Congress is considering blocking this practice but right now, it’s very legal.

Do you think credit checks are a fair way to judge potential employees?

You can read the article at Parade.com/creditscore

Posted by Beks on October 6, 2009 at 9:43 PM in Credit Cards, General Debt, General Personal Finance, Good Info, Living Frugal | 10 Comments »
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New Credit Card Rules…

I was watching the news last night and was amazed by a story about a guy whose credit limit was reduced because of his new spending habits – more specifically, where he shopped. Changes in habits, like shopping at high end stores similar to Macy’s and Niemen Marcus then suddenly shopping only at dollar stores and Walmart, can influence your credit – or so the story goes.

Rather than let the issue drop, the man has turned into an activist for consumers. His website, though not updated regularly, gives some good information on important issues such as the Credit Card Bill of Rights and consumer lending laws.

If you’re having a slow day, check it out:

www.newcreditrules.com

On a side note, I think he has a good idea and his dedication is admirable but wouldn’t it be easier to not be taken advantage of if you get rid of the credit cards entirely? It seems like the site should read, ‘You are all VICTIMS’ at the top. Activism on consumer protection is necessary BUT so is consumer responsibility.

*Warning* I can’t verify the validity of his claims but he has been all over our local news stations and on Good Morning America and they are far better at fact checking than I am.

Posted by Beks on October 1, 2009 at 5:00 AM in Credit Cards, Good Info | 7 Comments »
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