Personal Finance 4 You

Goodwill Car Donation

2009-08-05T19:26:00.002-05:00

Check out this new site that my friend started to educate people about donating their cars and the related tax benefits.
Goodwill Car Donation

Your 5-Step Game Plan For Buying A Car

2009-05-06T10:15:00.001-05:00

Use this tip sheet to help make the process a bit easier.

By Jessica L. Anderson, Associate Editor

From Kiplinger's Personal Finance magazine, May 2009

1. Your top price. Run the numbers with our monthly-car-payment calculator at kiplinger.com/tools to figure out how much you can spend. Never reveal to a dealer your top monthly payment.

2. Financing. Get preapproved by your bank or credit union and know what rate you qualify for so that you can compare it with the rate the dealer's finance office offers you.

3. Target price. Look up dealer retail prices on Edmunds.com for each model you'll test-drive. Be sure to factor in options, mileage and the condition of the vehicle.

4. Competing deals. Arm yourself with printouts on similar vehicles from AutoTrader.com, Cars.com or the local classifieds. A competing offer is probably the best motivator for a seller to lower the price.

5. When to walk away. If something feels fishy or the price is too high, go to the next seller on your list. If you've done your homework, you'll know when the deal is right.

9 smart personal finance moves in 2009

2009-01-21T10:39:00.001-05:00

Nice article on Bankrate on what could be a tough year financially.

1. Know yourself.

2. Know where the money goes.

3. Know when to say no.

4. Know when to say yes.

5. Know when and who to ask for help.

6. Know your risk tolerance.

7. Know your portfolio.

8. Know your mortgage.

9. Know your credit.

Bankrate.com

Free real-time quotes from Google Finance

2008-06-02T12:25:00.000-05:00

Google Finance now offers free real-time quotes. Check them out!

Steals of the Day

2008-03-18T18:59:00.000-05:00

Just ran across a new website which lists deals and bargains from the top online retailers. Definitely add it to your bookmarks

Deals & Bargains

Tax Tip: How to get a replacement W-2

2008-01-29T14:14:00.001-05:00

Kay Bell on Bankrate.com tells you how to get a replacement W-2 in case yours didn't make it to you in the mail, or if there is something wrong with it.

Check with payroll
Alert the IRS
Form 4852
Do-it-yourself W-2

Read the details at bankrate.

Mailbox alert!

2008-01-23T10:42:00.001-05:00

The documentation that you will need to complete your tax forms is hitting the mailbox around this time. Be on the lookout and start putting them in a folder so you will have everything when you sit down to do your taxes.

10 must know IRA terms

2008-01-14T11:34:00.001-05:00

Another gem from Kay Bell on bankrate.com

10 terms you should be familiar with when opening an IRA account.

1. Adjusted gross income (AGI)
2. Contribution
3. Deductible or nondeductible
4. Education IRA
5. Individual retirement account (IRA)
6. Modified adjusted gross income (MAGI)
7. Required minimum distribution
8. Rollover
9. Roth IRA
10. Tax and penalty-free withdrawals

For the details go here.

Best investing moves to make in 2008

2008-01-09T10:29:00.001-05:00

Thinking about investing in the new year? Bankrate.com lists the following to try and make the best of what could be a scary investing year.

• High yield -- don't settle for less.
• Offset the falling dollar's effect on your retirement.
• Don't be afraid of foreign investments.
• Diversification and a long-term approach -- ho hum, but smart.
• See a financial adviser.
• Stuff your retirement plan.

More at Bankrate.

7 tax-filing moves you can make now

2008-01-03T17:37:00.001-05:00

Kay Bell has a nice article on Bankrate.com that lists tips to make tax filing as painless as it can be this year.

1. Get ready for the arrival of records.

2. Track down Social Security numbers.

3. Find your forms.

4. Decide how you want to do your taxes.

5. Consider electronic filing.

6. Use direct deposit.

7. Don't panic.

To read it in detail visit Bankrate.com

10 smart year-end tax moves

2007-12-10T13:03:00.001-05:00

Bankrate.com lists 10 things you can do now to reduce your 2007 tax bill. Make it part of your holiday to-do list.

1. Get in the giving mood
2. Assess your assets
3. Let your home help you out
4. Eliminate energy excesses
5. Focus on fuel efficiency
6. Maximize medical expenses
7. Make more miscellaneous payments
8. Keep an eye on the 'kiddie tax'
9. Shop for your classroom
10. Ramp-up retirement contributions

Tax to-do list

30+ Stock Market Tools and Resources

2007-10-16T09:10:00.001-05:00

Mashable.com has posted a nice list of online tools and resources for following or trading in the stock market.

Check it out here.

Big Three offer best deals on 2007 models

2007-10-15T09:02:00.001-05:00

It is one of the best times of the year to buy an automobile, and according to Bankrate.com's auto experts, the best deals are on domestic products.

Need a minivan? Chrysler is offering rebates of between $3,500 and $4,500 on its Town & Country vans.
Dodge is offering up to a $6,000 rebate on its Ram 1500 pickup.
Want a big, comfy -- if not exciting -- luxury sedan? Consider the $7,000 rebate on the Lincoln Town Car. If a Lincoln is a little too flashy, check out the Mercury Marquis sedan, which also carries a rebate of between $6,000 and $7,000.
Even the sporty Mustang is available with rebates from $1,500 and $3,000 on 2007 models.

Mint.com is live

2007-09-18T16:52:00.001-05:00

Mint.com, an online money management solution, is live and available to all users. I am still not convinced that storing all my financial data online is the safest thing to do. What do you think?

Technorati Tags: online money management, software

Interesting concept for bloggers...

2007-09-17T20:56:00.000-05:00

Just joined Blogrush. Let's see what kind of results it brings.

8 ways to cut honeymoon costs

2007-08-27T10:41:00.001-05:00

Bankrate.com lists 8 ways to have a memorable honeymoon that doesn't break the bank.

1. Book way ahead.
2. Wait until the last minute.
3. Postpone your honeymoon.
4. Ask for freebies and barter for services.
5. Scout deals out in advance.
6. Plan a destination wedding.
7. Consider a package or all-inclusive.
8. Cut back on the length of your trip.

8 ways to cut honeymoon costs

Technorati Tags: saving

20 timeless money rules

2007-08-22T12:50:00.001-05:00

Money magazine lists 20 timeless money rules to live by. Some good solid advice in there for everyday thinking and managing your finances.

Technorati Tags: money, saving, advice

20 timeless money rules - Be humble (1) - Money Magazine

Increase your Technorati rank

2007-08-22T11:35:00.001-05:00

Instructions:

Important Update - Please read here!

1.) Copy and paste the matrix of “ViralTags” below courtesy of Founders Cafe (to support Jimmy’s quest of launching his own Internet Startup with a shoestring budget, please consider subscribing to his Full RSS Feed to see his triumphs and struggles in real time).

2.) Substitute the Host Tag and one of the “Viral Tags” in the matrix with your anchor text of choice with your blog’s URL. Please keep anchor text to a max of 3 words to keep the matrix size manageable.

3.) When you get a ping back from someone that has your link in one of their “Viral Tags”, practice good karma by copying his/her Host Tag’s anchor text (automatically the associated link will also be copied) and paste it over one of your “Viral Tags” below.

4.) Encourage and invite your readers to do the same and soon this can grow virally.

Host Tag: Personal Finance 4 You

iPhone Worth Every Penny (?)

2007-08-22T11:10:00.001-05:00

Kiplinger Finance thinks so. I on the other hand, am not convinced. I am sitting on a $599 Apple gift card, wondering what to spend it on. I am not sure if the Iphone is worth that much money, or whether I really need a Mac mini. What to do, what to do...

Thoughts?

iPhone Worth Every Penny - Kiplinger.com

Top 10 money drains

2007-08-15T10:12:00.000-05:00

Bankrate.com lists the top 10 things you are probably spending money on, that you could quit and pocket the money. I don't know if I agree with them but anywho...

1. Coffee -- According to the National Coffee Association, the average price for brewed coffee is $1.38. There are roughly 260 weekdays per year, so buying one coffee every weekday morning costs almost $360 per year.

2. Cigarettes -- The Campaign for Tobacco Free Kids reports that the average price for a pack of cigarettes in the United States is $4.54. Pack-a-day smokers fork out $1,660 a year. Weekend smoker? Buying a pack once a week adds up, too: $236.

3. Alcohol -- Drink prices vary based on the location. But assuming an average of $5 per beer including tip, buying two beers per day adds up to $3,650 per year. Figure twice that for two mixed drinks a day at the local bar. That's not chump change.

4. Bottled water from convenience stores -- A 20-ounce bottle of Aquafina bottled water costs about $1. One bottle of water per day costs $365 per year. It costs the environment plenty, too.

5. Manicures -- The Day Spa Magazine Price Survey of 2004 found that the average cost of a manicure is $20.53. A weekly manicure sets you back about $1,068 per year.

6. Car washes -- The average cost for a basic auto detailing package is $58, according to Costhelper.com. The tab for getting your car detailed every two months: $348 per year.

7. Weekday lunches out -- $9 will generally cover a decent lunch most work days. If you buy rather than pack a lunch five days a week for one year, you shell out about $2,350 a year.

8. Vending machines snacks -- The average vending machine snack costs $1. Buy a pack of cookies every afternoon at work and pay $260 per year.

9. Interest charges on credit card bills -- According to a survey released at the end of May 2007, the median amount of credit card debt carried by Americans is $6,600. Rate tables on Bankrate.com indicate that fixed interest rates on a standard card average 13.44 percent. Making the minimum payment each month, it will take 250 months (almost 21 years) to pay off the debt and cost $4,868 in interest. Ouch!

10. Unused memberships -- Costhelper.com reports that the monthly service fee at gyms averages between $35 and $40. At $40 per month, an unused gym membership runs $480 per year.

Money drains

15 ways to save money on gas

2007-05-08T10:30:00.000-05:00

Some good tips on Bankrate.com for saving gas:

Gasoline prices across the nation topped out at an average of $3 a gallon as
April ended. That's the news from the Energy Information Agency, which tracks
fuel costs across the country. The last time most motorists saw prices over $3
at the pump was August 2006.
These gasoline prices send many of us into panicked flashbacks of the fuel crunches in the summer of 1980 and the mid-1970s. Thankfully, we learned a few good habits back then. Many Americans traded in their eight-cylinder gas-guzzlers for pipsqueak cars with small engines and better mileage.
Then came the boom of the late '90s, and, oh, how quickly we forgot. Though
most of us still pump our own gas, we've fallen into bad habits again. We've
embraced the gas-guzzling SUV and dawdle, idling, in drive-through lines.
But you can hold down the number of times you have to stand at the gas pump, aghast, watching the numbers spin. These 15 tips will help you cut fuel consumption:
Car maintenance
- Keep the tires inflated properly. This one is simple and a potential lifesaver. Underinflated tires waste fuel and wear out the tire tread. Also, check tires regularly for alignment and balance.
- A well-tuned engine burns less gas. Get regular tuneups and follow through with routine maintenance. The right parts and fresh oil keep your engine happy and less thirsty for gas.
- Get the junk out of the trunk. A weighed-down car uses more fuel. For every extra 250 pounds your engine hauls, the car loses about one mile per gallon in fuel economy. Carry only the basic emergency equipment and items you really need.
Gas shopping
- Buy the lowest grade (octane) of gasoline that is appropriate for your car. Check your owner's manual for this information. As long as your engine doesn't knock or ping, the fuel you're using is fine. You can save hundreds of dollars a year.
- Pay cash at stations that charge extra for credit cards.
- Don't top off the gas tank. Too much gas will just slosh or seep out. Why waste those extra pennies?
Driving
- Drive intelligently; don't make fast starts or sudden stops. You're just overexerting
your engine and burning extra fuel. Gradual acceleration also helps automatic
transmissions run better. Engine-revving wastes fuel, too.
- Lighten up on the accelerator. The faster you drive, the more gas you use. Speed limits have gone up around most of the nation, but you don't have to see your fuel
consumption go up drastically as well. For example, driving at 55 mph rather
than 65 mph can improve your fuel economy by two miles per gallon.
- Avoid long warm-ups. Even on cold winter mornings, your car doesn't need more than a minute to get ready to go. Anything more and you're just burning up that
expensive fuel.
- Combine errands into one trip and plan your stops for the most efficient route. You'll save yourself time and money.
- Do not rest your left foot on the brake. The slightest pressure could cause a drag that will demand additional gas use -- and wear out the brakes sooner.
Other good habits
- Tighten up that gas cap. Make sure it's on securely. Buy a new one if your current cap doesn't fit snugly. Gas easily evaporates from the tank if it has an escape.
- Buy a fuel-efficient car. When pricing cars, factor in long-term fuel costs. Keep in mind that sunroofs add to wind resistance, lowering the mileage per gallon.
- Be smart with the air conditioning. On the highway, closed windows decrease air resistance, so run the air conditioner. But in stop-and-go traffic, shutting off the air conditioning and opening the windows can lighten your fuel use. Air conditioning can lower your fuel economy by 10 percent to 20 percent.
- Remove snow tires in good weather. Deep tread and big tires use more fuel.

Bankrate's 2007 retirement guide

2007-05-01T10:43:00.000-05:00

Bankrate.com has just published their 2007 retirement guide. Lots of cool tips you can use to reach your retirement goals.

2007 guide to retirement

Tax record keeping tips

2007-04-18T09:33:00.001-05:00

Hopefully you have done your taxes already, and if you haven’t, stop reading blogs and go do them! Once you’re done, you should keep records of what you have filed. Bankrate.com lists some good tips on what you need to file and what you don’t.

There are limits
When it comes to tax-related documents, you should hang on to records that help you identify sources of income, keep track of expenses, determine the value of property, prepare tax returns or support claims made on those returns. However, common sense -- as well as storage space -- should be your guide. …

Use it or lose it
This means 1040 forms and any accompanying tax schedules, along with the documents supporting the return, such as W-2s, 1099 miscellaneous income statements and receipts or canceled checks verifying tax-deductible expenses. …

Housekeeping -- and selling -- records
For most taxpayers, the biggest asset -- and potential tax bill -- is a home.

While the tax rules for home sales have changed in recent years, meaning sale profits don't automatically face IRS charges, any paperwork relating to a residence should be kept for as long as the home is owned. …

Taking stock of investments
Fast on the heels of home sales as tax triggers (and record-keeping headaches) are stock transactions. …

Retirement record requirements
And then there are all those retirement savings plans, with all those different rules.

Contributions to traditional IRAs often are tax-deferred. But sometimes already-taxed money goes into these accounts, too. What happens to your taxes when you reach 59½ and start taking money out?

That depends in large part on your record keeping.

Business considerations
If you operate a small business, from a moonlighting job to a small operation with several employees, dealing with records becomes a bit more complex. But even then, it doesn't have to overwhelm you.

Pick a system, any system
Once you've identified critical records, the next step is to decide how to keep the data. Electronic bill paying can help keep track of your financial and tax life, but so can a plain old check register, as long as expenditures are entered faithfully.

It doesn't matter if it's a filing cabinet, cardboard boxes or a complex computer program. The key, says organizational expert Barbara Hemphill, is find your record keeping comfort level, pick a system and stick with it. …

Tax record keeping tips at Bankrate.com

10-point tax return checklist

2007-04-16T11:37:00.001-05:00

Don’t send in your return until you have checked it for these 10 things from Bankrate.com

1. Use the peel-off label, even if it's wrong. About half of taxpayers still send in paper returns. If you're one of them, use the label. If anything on it is wrong, simply strike through the bad information and make corrections right on the label. If you don't have the label, write in the requested information clearly.

2. Be sure to enter your Social Security number in the box provided on the return. It is not there, the IRS won't process your return. If you and your spouse are filing a joint return, enter both tax ID numbers.

3. Check only one filing status. And make sure it's the status that gives you the most tax advantage.

4. Count all your allowable exemptions. Each dependent you claim on your return directly translates into an exemption, a specific dollar amount you can subtract from your adjusted gross income. The lower your income amount, the less there is for the IRS to tax. And be sure you include each listed person's correct Social Security number. Without it, the IRS could disallow an exemption -- and the $3,300 deduction that goes with it.

5. If you're filing a paper return, attach all of your W-2 wage statements, as well as any 1099 forms if they show you had tax withheld from those accounts. If you e-file, make sure you correctly entered the amounts from these forms. If you're e-filing, make sure you enter the information correctly in the computer software program. The IRS will be checking your payment statements it receives from your employers against what you enter on your 1040.

6. If you're filing a paper 1040 or 1040A and have used schedules with them, assemble them in the right order. Each attachment has a sequence number in its upper right-hand corner. Put them in that order and staple them to your return.

7. Do you owe tax? Make your check or money order payable to the United States Treasury, not the IRS. Also put on the check, your name, address, Social Security number, daytime phone number and note in the memo area that it's payment for 2006 Form 1040 (or 1040A or 1040EZ). Put your payment (along with the voucher from your tax package if you're a 1040 filer) in your return envelope, but don't staple it to the return itself. The IRS cashes your check before it examines your return. That means your check is removed and sent to one office for deposit, while your return goes to another for review. When a stapled check is pulled off, other attachments could come loose, too. Tracking them down will slow the processing of your return or force the IRS to come back to you for duplicates.

8. Sign and date the return. If you file a joint return, both spouses must sign, even if only one had income. Both signatures are required on paper forms and e-filed returns.

9. Provide a daytime phone number. It could speed the processing of your return if the IRS has questions. Joint filers can use the contact phone number for either spouse. If you paid a professional to do your return, make sure that person's contact info is complete. And you can now refer questions about your tax return to anyone you choose, tax pro or not. Simply fill out the third party designee line (name, tax ID number and phone number) to give the IRS permission to call that person for answers.

10. Use the envelope included with your tax package to mail your return. In the last few years, as the IRS has reorganized and consolidated its services, some of its return processing and service center locations have changed. If you aren't using a pre-addressed IRS envelope or label, make sure you are sending your return to the proper place. Use the IRS' locator map to double-check the centers' mailing addresses in your state.

10–point checklist via Bankrate.com

10 quick ways to upgrade your home

2007-04-12T21:27:00.001-05:00

Home improvement usually means a ton of money to be spent on upgrading various part of your home. According to Bankrate.com, it doesn’t have to be that way. Here is their list of the top 10 ways you can improve your home on the cheap.

1. Make your kitchen really cook.
The kitchen is still considered the heart of the home. For a few hundred dollars, you can replace the kitchen faucet set, add new cabinet door handles and update old lighting fixtures with brighter, more energy-efficient ones. If you've got a slightly larger budget, you can give the cabinets themselves a makeover. …

2. Give appliances a facelift.
If your kitchen appliances don't match try ordering new doors or face panels from the manufacturer. Many dishwasher panels are white on one side and black on the other. It can be as simple as removing a couple of screws, sliding the panel out and flipping it over. …

3. Buff up the bath.
Next to the kitchen, bathrooms are often the most important rooms to update. They, too, can be improved without a lot of cash. Simple things like a new toilet seat and a pedestal sink are pretty easy for homeowners to install, and they make a big difference. …

4. Paint.
New paint makes everything look clean and bright again. And don't forget the ceiling. Paint the trim a contrasting color. …

5. Step up your storage.
Old houses, particularly, are notorious for their lack of closet space. If you have cramped storage areas, add do-it-yourself wire and laminate closet systems to bedrooms, pantries and entry closets. …

6. Mind the mechanics.
Spending a few bucks on nitty-gritty stuff. "It's often very worthwhile to hire an electrician, plumber or handyman for a couple of hours to look over your electrical services, wrap or fix loose wires, fix any faulty outlets, and check for and fix any water leaks," Perry says. "Those details tell a buyer that someone has really taken care of the home and can really influence its price."

7. Look underfoot.
Carpeting is another detail that can quickly update a home and make it look cleaner. A professional carpet cleaning is an inexpensive investment, especially if your rugs are in good shape and are neutral colors….

8. Let there be light.
If you have boring recessed lights in your dining and living rooms, consider replacing one of the room's lights with an eye-catching chandelier. …

9. Reframe your entry.
It's the first thing you, and your guests, will see. Repaint of refinish that front door and if you have a basic steel front door that has gotten dented, consider replacing it with either another inexpensive steel door or a fiberglass, wood grain door for slightly higher cost. …

10. Consider curb appeal.
Although it sounds obvious, a nicely mowed lawn, a few well-placed shrubs and a swept walkway makes a great first impression. As the saying goes, you never get a second chance to make a first impression. What buyers see when they first drive by your home is tremendously important. …

10 cheap ways to upgrade your home