PT Money

Use Google Docs to Save Big and Make Life Easy

Austin — Tue, 09 Feb 2010 14:29:14 +0000

Two weeks ago Google Docs unveiled a new feature which allows users to upload any file type to their account, essentially making Google Docs your flash drive in the cloud. We all have emailed a file to ourselves for quick access, but this is Google’s way of clearing your inbox and organizing your life for free.

Since it was first introduced in 2006, Docs has shown that it is the future of word processing. With its tight integration with Gmail, Google is in for the long haul when it comes to how average people like you or I write, present, and organize our lives.

Google even has an answer for those people who are afraid of relying on the internet to hold their files. Google Gears allows you to have access to your files when offline by syncing them with your computer’s hard drive.

I’ve been a Docs user for almost two years now and I suggest them to all of my friends for the speed, easy Gmail integration, and cloud computing capabilities. In college I would create a Presentation (Power Point) for a speech and instead of putting it on a flash drive, I would just open it on the computer in the classroom. I could use Docs Document (Word) to start a paper in the library, edit it in my dorm room, and then finalize it that weekend when I visited my parents at home.

3 computers, 1 document, and no worrying about a faulty flash drive.

Right now, Google Docs offers uploads for any file up to 250 MB and you’ll get 1 GB of storage for non-Docs files like pictures, videos, or original files you don’t want to convert.

The best part? You can get more storage for dirt cheap. $0.25 for 1 GB every year.

With Google’s growth it’s also more than possible that the amount of free storage won’t dramatically increase over the next couple of years. When Gmail started in 2004 it offered 1 GB and now it’s at 7400 MB.

Google Docs could do away with flash drives in the near future.

So how can Google save you money?

- Does away with word processing software

Savings: $150 (Microsoft Office 2007)

Docs has the capabilities to save and send files as Word documents (.doc), Open Document formats (.odf), Rich Text format (.rtf), and PDFs. This way you can send a file to a friend, colleague, professor, or boss and you can customize it to their computer standards. You don’t have to spend time worrying about compatibility issues.

Microsoft Office includes Word, Excel, and PowerPoint. Google Docs has their own version of each of these programs. They’re stripped down, efficient versions of Microsofts, but they’ll fit the needs of 98% of people who need to use these programs for their daily lives.

Would I write a manuscript on Docs? No. But you’ll be hard pressed to find situations where Docs won’t fill your word processing void.

- No need for flash drives

Savings: $50 (assuming 5, $10 flash drives)

Flash drives are like Pringles, you can’t eat just one. But in the case of flash drives, “you can’t have just one”.

I have at least 3-5 flash drives in my apartment at any given time. They’re cheap and easy, but they’re becoming unnecessary for the types of files that Docs can handle. I don’t see there being any reason I’ll ever buy another one with the new Doc’s upload capabilities. They accept any file and it’s even easier not having to worry about losing the flash drive, getting it damaged, or it breaking.

Docs may take some getting used to for people who have relied on desktop word processing software for decades. Regardless, the Docs team is innovating online word processing at a rapid speed and pushing out exciting features almost weekly. If that’s not enough for you, at least you won’t have to buy any more flash drives or software that sets you back a couple hundred bucks.

Check it out here: Google Docs

This article was contributed by Austin, who lives in Japan where he teaches English and writes about personal finance for twenty-somethings at Foreigner’s Finances.

Download my free e-book: 52 Ways to Make Extra Money...Revisited!

Orchard Bank Credit Card: 4 Options for Building Credit

PT — Tue, 09 Feb 2010 14:08:28 +0000

This is an updated review of the Orchard Bank Credit Card.

The Orchard Bank Credit Card is actually a product of HSBC, the well known international bank, who also owns HSBC Advance, the online savings account product. The Orchard Bank series of credit cards are perfect for someone who’s credit situation is not the best and needs to work on rebuilding their credit.

Whether you have no credit history, poor credit history, or if you’re recovering from a bankruptcy, this card can help you get your credit back. Building credit history takes time though, and a credit card, whether secure or standard, should be used wisely and seen as a long-term solution as a part of a larger plan to improve things.

When you apply with Orchard Bank for a credit card, you’ll have a chance at getting one or more of the four credit cards that they offer. You are screened and then shown your options. Here are the four cards:

Orchard Bank Secured MasterCard – Waived annual fee the first year. Low APR. Reports to 3 credit bureaus.

Orchard Bank MasterCard – Low annual fee and intro rate. Low APR.

Orchard Bank Gold MasterCard – Low annual fee and intro rate. Low APR. Increased benefits with Gold program.

Orchard Bank Platinum MasterCard – No intro fees. Low Annual fee and APR. Platinum level benefits.

Low Annual Fees and Decent Rates

The bad thing about this card, in general, is that it comes with an annual fee, and as you see above, some versions come with an application fee. The fees aren’t huge, like an American Express annual fee, but they are there. I would normally never recommend a card with an annual fee, but most cards of this type (no credit/poor credit) typically do have an annual fee. So at least these fees aren’t that high.

On the flip side, these cards have pretty decent APR rates. And anyone with poor credit history or no credit history can sign up and have a shot at one of these cards.

Other Features Include

Acceptance at millions of locations worldwide, including website purchases and reservations
Your account information is updated and at your fingertips 24/7 so you can manage it your way
Email and text messages to remind you of your upcoming payment due date with online enrollment
On-call customer service representatives to assist you with questions or concerns

Bottom Line: One of the best cards on the market for those building credit. Low intro and annual fees. Better rate than most.

Your next step is to fill out the pre-qualifying application, find out what card you qualify for, and sign up…

Download my free e-book: 52 Ways to Make Extra Money...Revisited!

Make Extra Money with Freebie Trading

PT — Mon, 08 Feb 2010 15:19:45 +0000

This post is the third in my series of interviews with real people making extra money online. Leslie is a Blogger/Entrepreneur who teaches people how to make money online with Freebie Trading.

His blog at TheFreebieGuy.net teaches people how to get started with Freebie Trading and his Community at CaliStyle101 is one of the premiere Freebie Trading Communities on the Internet today.

1. What is freebie trading?

Freebie Trading is a relatively new industry that’s built on the concept of Affiliate Marketing, in a way that makes it much easier to get started. It involves Freebie Sites that provide users with incentives for trying out different services/products in the form of cash or physical prizes. These services can be free or very inexpensive products and ranges from things like a Free Blockbuster Online trial to getting your credit report. In other words, many of these things are things that you would do, but with Freebie Trading, you get paid to do it.

These Freebie sites pay anywhere between $40 (for easy sites) and $120 (for much harder sites) for each referral that you get that meets the very basic offer requirements and you can get paid over and over for each referral you send, without having to complete any more offers.

There are two features that make freebie trading very appealing to beginners. The first one would be the Freebie Trading forums. There are a few good ones out there like CaliStyle101 where you can find mentors to walk you through the process, people interested in completing offers and being your referral and training to make sure you are on the right path.

The second would be the concept that with freebie trading, the person getting the referral usually splits the money they get paid with the referral. In other words, if you sign up as someone’s referral and complete the offer requirements, the person that referred you usually gives you 50% of their profit.

2. How and why did you get started?

I was browsing the internet one day and I just stumbled onto the process. After doing a lot of research, I saw that many people were doing it successfully and that it wasn’t a “high risk” venture (in terms of how much it costs to get started) so I decided to give it a go, just for fun. I wasn’t really looking for a way to make money online, but it seemed like the risk was so low,that it made sense to give it a try. I started in January of 2008 and have not regretted the decision one bit.

3. How much money do you make from just freebie trading each year?

In my first year (2008), I made approximately $28,000 Gross. However, my net profits were approximately 50% of that, because I paid my referrals half of what I made, following the standard model. I also was able to get a free iPod touch and 42″ flatscreen TV, which was really exciting, because I always wanted one of those TVs, but couldn’t convince myself to spend that kind of money on it. Getting it free was the best of both worlds. I also want to mention that I did this part time, because I also have a full time job and couldn’t invest as much time as I wanted to.

In 2009, I made the shift to owning a Freebie Trading forum and providing resources for other people to be more successful. I really enjoyed trading but realized that there was a lack of simple video tutorials to help people do well. People were coming into the industry, misunderstanding the terms, making simple mistakes and deciding that it wasn’t for them. So I took up the task and made the switch to providing a great community. So, I’m no longer an active Freebie Trader, but still very active in the Freebie Industry.

4. I know you have another job. When do you do this freebie trading?

Yes, I’m a full time Science and Math teacher at a boarding academy, which does demand a significant amount of time. However, because of the nature of Freebie Trading, there are no real time restrictions. You can do it whenever you have free moment. When I was heavy into Freebie trading, I would log into the forums early in the morning, whenever I had a break during the day and again in the evening. In other words, I did it whenever I felt like it. This is another attractive aspect of Freebie Trading.

Freebie Trading is literally the kind of thing where you can do some work for maybe 20 minutes, and then decide that you don’t want to touch it again for a month or so. That’s not what I would recommend, but it does illustrate that you are 100% free to choose to do it however you would want to do it.

5. Can you see yourself doing this full-time?

Most people expect me to say yes in response to that question. However, the answer is a resounding no, and here’s why. Freebie Trading is a great way to start making money online and supplement your income. However, it’s not something I would recommend for full time income. It takes a lot of work to make a lot of money with it, but is easy to get started and in order to continue making money with Freebie Trading, you have to continue working hard.

For long term (full-time) income, I prefer to set up a full online business. One that you can leverage so that over time, you can establish multiple streams of income, resulting in you working less and making more. I recommend Freebie Trading for anyone looking to get started making money online. Then I recommend investing in your online business education and taking steps to build a business that can have a tremendous impact on your life and the life of those around you.

6. What skills have made you successful at freebie trading?

The first skill is the most important one and is applicable to whatever you are doing to make money online. That’s patience. It takes patience to make money online. Although you can literally make money on your first day with Freebie Trading, in order to really build on it, it will take work, reading, educating yourself and following crucial steps. Many people try to rush into it, unaware of some of the steps that need to be taken, and then they aren’t as successful.

The second skill is attention to detail. There are a lot of details to keep track of with Freebie Trading (as with any business). You need to keep track of your referrals, the offers you complete, the payments you receive and have to send to your referrals, contact information and the list goes on and on. You need to be organized and pay attention to the details.

The last skill I would like to mention is that of perseverance. I’m not going to tell you that once you start Trading, it will be a bed of roses. It’s easy to start, but in order to make a significant amount of money, it will take a lot of work. In the months where I’ve made the most money trading ($6,878.54), I basically lived attached to my computer and was extremely burnt out to the extent that I almost wanted to forget it all and move on. I know I probably shouldn’t say that, but it’s the truth. Since then, certain aspects of the industry have continued to make it challenging, but when it’s all said and done, the experience you gain plays a significant part of shaping your success.

7. How do you maximize your earning from freebie trading?

One of the biggest mistakes I see people make is trying to get a ton of referrals. I know, that sounds like the logical thing to do, but there’s a smarter way of doing it. On average, you will make $25 profit from each trade. If you want to make $1,000 in a month, you can do it the “normal” way of getting 40 referrals in a month. Now, that’s just A LOT of referrals to get and it would take A LOT of time dealing with those people, answering questions, getting your questions answered and just being helpful.

Alternatively, you can do it the smart way and get 8 referrals to do 5 trades with you. Less referrals, meaning less people to keep track of, less time spent and just as much money. This is the model I’ve tried to use for maximizing my Freebie Trading success.

8. What are some of the common mistakes people make when they try to make money from freebie trading?

Not watching the tutorials and following the instructions. There are a few details that are essential to freebie trading success. Some people find out about Freebie Trading, dive in, complete offers, don’t get credit and then write it off as a “scam”. However, if they only watched the video tutorials, they would see that in order to get credited, they have to set their browser the right way. If you don’t know those settings, it’s very likely that you won’t get credited for the offers you complete, and won’t get paid.

9. Do you see yourself doing this for a while? What’s next for you?

Most definitely. I believe that there is a lot of growth potential in this industry. It’s such a young industry that it’s not really well known. With the internet growing at alarming rates, it’s only a matter of time before Freebie Trading is a common term.

In terms of what’s next for me, we are constantly expanding CaliStyle101. In fact, we just purchased a Freebie Network called Prizefast and are working on building that to be one of the best Freebie Networks in the industry. We’re excited about the possibilities, because they are endless. If anyone is interested in learning more about Freebie Trading, I would invite them to watch our Free Video Tutorials at CaliStyle101. It’s a community with over 27,000 members and is growing on a daily basis. So check it out and see if Freebie Trading is right for you.

Thanks for your great responses, Leslie. If you have a question for Leslie, fire away in the comments below…

You can read more about how to make extra money in my post 5 Tips for Making Extra Money. Freebie trading not your thing? Check out 52 Ways to Make Extra Money.

Download my free e-book: 52 Ways to Make Extra Money...Revisited!

Stay Slim on a Trimmed Budget: Inexpensive Healthy Foods

Yasmeen — Sun, 07 Feb 2010 15:30:07 +0000

Expensive Healthy Foods

Is it me or do grocery prices seem to get steeper with every new year? Within my host of New Year’s resolutions, eating healthier and getting in my Five-A-Day of fruits and veggies is always a hard one to keep. Eating healthy, one would think, theoretically, would be cheaper than eating processed foods or fast food, but it’s often more expensive and more work to prepare, which is why most of us don’t do it.

Recently, I took a trip to Whole Foods, the Neiman Marcus of all grocery stores and was floored by my bill, though happy with my experience and the natural high that I get from all of their amazing products. However, the high was short-lived once I realized how pricey those organic blueberries and gluten-free snacks were. That’s when it hit me that shopping at Whole Foods is definitely not for the underpaid.

A Better Option for Healthy Choices

In order to support my healthy eating mission, I came to the sad conclusion that there’s no way I can afford Whole Foods on a weekly basis. However, I was determined to find a better selection of produce and fresh meats than what my neighborhood market offered, so I started venturing to ethnic markets that often have impressive and exotic produce sections like the Latino Super Mercado. Much to my delight, while finding organic items is virtually non-existent, I can now afford to actually eat 5 fruits and vegetable servings and not be broke by the end of the week. Visiting ethnic markets has also proven to be an adventure into another culture and quite educational, as I have been able to employ my college Spanish and discover new items like plantain and yucca (which is not yucky at all, but delicious!)

My funniest shopping experience was to the Asian “Ranch” market, where this over six-foot, tall American woman drew a lot of attention as I grabbed a few stalks of fresh forest green Bok Choy. Another reason why I enjoy Asian markets is for their seafood and live seafood tanks teeming with fresh lobster—and again, all at a fraction of the costs you pay at mainstream stores.

So, if you are trying to eat healthy and stretch your mighty dollar, a little adventure and exploration, venturing into new ethnic grocery territory is a cost-effective way to save money, get more veggies and fruits into your family’s diet and to learn a few new words in a different language.

This post was contributed by Yasmeen Muqtasid, a fanatic for of all things frugal and fabulous.

carnivals from last week…

The Festival of Frugality at Ultimate Money Blog, The Festival of Frugality at Cooking Manager, The Best of Money Carnival at The Centsible Life, The Carnival of Debt Reduction.

Photo by ?Sage very busy!

Download my free e-book: 52 Ways to Make Extra Money...Revisited!

File Your 2009 Taxes for Free

PT — Fri, 05 Feb 2010 23:18:30 +0000

This is an updated list of some of the top places to file your 2009 taxes for free.

It’s tax time! This is a big weekend for filers. Will you be filing your taxes this weekend? I may try and do my taxes prior to the Superbowl kicking off. That should give me some nice motivation to hurry it along.

You should have recieved most of your tax forms and information by now (what to do with an incorrect 1099). Go gather up all your required documents (see tax prep checklist), grab your beverage of choice, crank open your PC or Mac, and let’s get started.

Before you send everything over to a CPA, or download some expensive filing software, check out these free filing options from some of the top companies:

TaxAct Online 2009 Free Edition- TaxAct is a personal favorite. I used it for several years to file my taxes for free. They have a great online interface and allow you to work on your return, come back to it later, and print them when you’re ready to file. I never once had an issue with their online software. Solid product. Things have changed over the years though. TaxAct now offers the following for free:

Prepare, Print & E-file FREE for Everyone!
All e-fileable forms for every situation
FREE e-mail and audit support

CompleteTax Free – I’ve never used Complete Tax. They appear to have a similar business model as the others listed here. And they have a free version which is offered to those who meet these guidelines:

1040EZ Federal form only
Earned Income Tax Credit (EITC)
Single, and Married Filing Jointly filing status
No children or dependents

H&R Block at Home Free Edition- H&R Block took TaxCut and repackaged it as H&R Block at Home this past year. I actually used TaxCut Premium last year to file. Didn’t have any problems to report. They did a great job with my return. Here’s my review of H&R Block at Home. They offer the following with their free file service:

Free Federal e-file
Step by step guidance makes it easy for first time users
Double-checks for errors
Some forms supported
Will not prepare returns containing self employment, stock transactions, rental property, farm or K-I income

QuickTax Free Online Edition - QuickTax is for Canadian filers, eh, and includes the following with the free service:

Free support by email
No downloads and no software to install – do your taxes in your Web browser
Your info is totally safe! QuickTax uses the same security features major banks do

TurboTax Free Edition- It’s no secret that TurboTax is the leader in the industry. They consistently help file more tax returns each year than all the other tax software services combines. Their free edition is no slouch. It offers:

FREE preparation, FREE printing, FREE efiling for your simple tax return
Guides you like a GPS through your simple tax return
Double-checks your return to make sure it’s accurate

Enjoy the weekend, the big game, and the free tax filing.

Download my free e-book: 52 Ways to Make Extra Money...Revisited!

What is a Joint Savings Account and Why Should You Care?

PT — Thu, 04 Feb 2010 07:49:55 +0000

Earlier this week I shared a guest post on the benefits of using joint checking accounts. I thought it might be a good follow up to discuss the joint savings account, one of my favorite financial tools.

What is a Joint Savings Account?

A joint savings account is simply a savings account set up by two individuals in order for those two people to access it and benefit from it. From a legal standpoint, both parties generally have equal rights to those assets and can use those funds how they like at any time. I’m sure laws vary by jurisdiction though. Therefore, it’s good to have a high level of trust involved in this relationship.

Who Would Want One?

Couples - These accounts are great for couples who want to build financial stability and trust. Often times in a relationship there is no need for each partner to have their own savings account. A joint savings account is perfect for couples. Mrs. PT and I have several joint accounts. We’re saving for a house down payment right now. Our emergency fund is also a joint savings account.
Parents and Kids – Parents sometime open a joint savings account for their kids. This past year, I opened one up for little Miss PT. She started saving even before she knows what money is.
Friends – In rare occasions, friends or other good acquaintances might want to open up joint accounts if saving toward a specific, short-term goal.

The Benefits of a Joint Savings Account

There are plenty of benefits to having a joint savings account versus striking out on your own. The first is the ability to build up savings faster and reach higher limits quicker. With two people storing away funds, you’ll reach your goals quicker and will be more likely to meet minimum balance requirements from some of the higher paying online savings accounts, like EverBank (which is currently paying the highest interest rate, but essentially requires a $5,000 minimum balance). Another benefit is the ability for one partner to access the funds if something happens to the other person. The joint savings account also builds up trust and camaraderie towards your financial life. It helps you work as a team. Even if you have separate checking accounts, a joint savings account will provide some relational benefit.

Where to Get a Joint Savings Account

You can open a joint account at a traditional brick and mortar bank. You can also open one at one of the top online high yield savings accounts. The process will generally be a same. Both parties will be required to provide personal information. At a local bank you’ll both likely need to be present at the time of opening the account.

What’s your take? Do you think a joint savings account is a good idea?

Download my free e-book: 52 Ways to Make Extra Money...Revisited!

A New Story to Tell: Single Mom Redux

Tiffany — Wed, 03 Feb 2010 11:00:20 +0000

Today’s blog post comes from Tiffany, a “Frugal Single Mom” and Community Manager for a local E-Learning Website. In the coming weeks and months she’ll be offering up her stories, as well as some tips and tricks for living the frugal life. Check out her current situation below and be sure to welcome her in the comments.

Single Mom Redux

Frugal.

Having never been wealthy, and perhaps most importantly, having always had the innate desire to find creative ways to do more with less, the word “frugal” has been an automatic add-on to nearly every role/title I’ve ever had. I’ve been a:

Frugal (starving) ramen-noodle-eating college student.
Frugal young professional.
Frugal young married couple.
Frugal stay-at-home mom.
Frugal single mom.

What never occurred to me, until now, is that I might have to repeat a role.

When I re-married six years ago and ended my glorious and successful three year run as a “frugal single mom”, I momentarily forgot that nothing is guaranteed. I always assumed that I’d experience most of life’s phases with full abandon before slipping cheerfully into the next phase. It’s rewarding to sit from where I am and gaze back fondly at “the good old days”, but I’m not eager to jump back into the aforementioned roles.

Well, too bad. Here I am.

Early forties…ensconced in a successful and rewarding career…enjoying watching my two amazing children – Frannie (14) and Liam (9) – grow into amazing human beings.

And single. Again.

As a single mom in the early part of this decade, I had a lot of confidence and a renegade spirit. Even with a job as a grossly underpaid state employee, a beat-up single-cab pickup truck, a kindergartner, and a baby, I felt that we could conquer the world. And we did!

This time around, the confidence is still there, but the spirit is more cautious and is eager to “play it safe”. To not let my guard down again. To get serious about frugality.

I have a solid income, with minimal bills and expenses. Big concerns facing me are increased premiums for health insurance (with an eye-popping deductible attached) and college for my daughter in four years. And…the sobering state of our economy has given most of us a wake-up call. I don’t know many people who are taking things for granted these days.

Though I have practiced strong thrift in the past, I’ll admit that I’ve become lackadaisical in recent years. Because it’s not been a necessity, I’ve let go of too many of my frugal practices and I’ve bought into the “convenience society”. I shamefacedly acknowledge that I’ve turned away from the teachings of The Great Ones. Amy Dacyczyn. Heloise. My Grandmother.

I’ve convinced myself that my frugal practices “really didn’t save me that much money, did they???”. After all, a person MUST factor in convenience and quality of life, right? Not to mention the value of my time. Right? Right?

Not right. Back to basics.

My team (the kids) and I are diving into this headfirst. I have done what I recommend that everyone do: talk openly and honestly with kids about important issues, and that includes the topic of money. Not only is what we are doing right now essential to our family’s financial health, but it’s essential that I lay the groundwork to helping my children make their own healthy financial decisions in the future.

I’m prepared to bring all of my tools and resources into play. This includes not only my significant store of frugal tips and ideas from many years of necessity, but also my extensive experience with business practices. My team is equipped and ready to be proactive in setting up a solid foundation that will ensure that we’re making the most of what we have.

A Frugal Family Meeting

A family meeting has been scheduled to pull together our “Project Plan”. My next posting will detail “The Plan”:

We need to schedule a detailed analysis of where we are spending. Make immediate and appropriate adjustments as needed (quick fix: no more fast food just because it’s easy!).
Are there ways to bring in a little more income?
Are there ways to decrease current expenses?
What can we live without?
What can we NOT live without?
Will our new living arrangement add any expenses, such as tasks previously done by my ex-husband?
Will we actually make gains in some areas by being lighter one person?

We will put it all on paper and create a final budget. Having a solid, real plan will help us to keep our finances organized and stay on track. Getting the whole family involved increases our chances of success!

What Tiffany Brings to PT Money

I’m not a guru who is here to tell you how to invest expertly. I don’t really know a lot about getting the best fixed rate mortgage that will save you tons of money. And I’m not an expert on the twists and turns of the economy.

My expertise lies in getting by with nearly nothing, and using it to create a true, quality existence for my family.

My articles will show you how to feed your family for a week with $50 if that’s all you can afford. I’ll discuss the benefits and pros/cons of growing your own groceries. I’ll address with honesty and candor the stress of lying awake at night worrying about bills, only to awaken in the morning with a feeling of dread as the same worries hit you again.

And most importantly…I hope you can help you find your own “renegade spirit” and offer that little bit of hope that comes when I remind you (and myself) that my team and I conquered the world once, with far fewer resources than we currently have, and we will again.

Download my free e-book: 52 Ways to Make Extra Money...Revisited!

The Benefits of a Joint Checking Account For Your Relationship

Austin — Tue, 02 Feb 2010 11:00:17 +0000

In this post, Austin, from Foreigner’s Finances, shares his thoughts on the benefits of a joint checking account.

I like to have control over my money. I like to know where it is at all times and I don’t like lingering IOU’s. So when my girlfriend of two years and I started living in the same apartment complex last year and sharing groceries, it caused some tiffs.

On top of that, we were over the chivalrous stage of the man buying all the meals and instead splitting dinners out. We were constantly trying to figure out who paid last, who owed money, and who was paying more. It always seemed to cause a $15 headache.

Fortunately, ING DIRECT’s Electric Orange Checking Account came to the rescue and we quickly became a 21st century couple.

We both already had ING DIRECT savings accounts, so we decided to open a joint checking account. This made life easier in two ways:

How Our Joint Checking Account Worked

1) We could easily pay one another with a shared account.

We linked our respective savings accounts to the joint checking account. If I owed my girlfriend $22, I would transfer $22 from my savings account to our checking account. The transfer was automatic, and then she could immediately transfer the $22 directly from the checking account to her savings account. If we had two computers, the transfer would take less than 30 seconds and we no longer had to worry about lingering IOUs.

2) We got a debit card and used it for joint purchases.

With the joint checking account we each got a debit card. At the beginning of the month, we would each transfer $100 or $200 to the checking account to cover any shared purchases. This was great for groceries, dinners, gas, and anything else we bought and shared because it was split 50/50 every time. Not only were there no longer any money fights, but there was no need for any discussion because it just became normal to pull on the ING checking debit when we were buying something that would be shared.

A Word of Warning About a Joint Account

This little time-saver can be great for married couples, those soon to be married, or longtime girlfriend/boyfriend, but it’s definitely not for every one.

Make sure you have a committed and trustworthy relationship with your significant other before you decide to link your accounts. ING made online banking easy, but this ease can also cause a relationship fight to escalate into a boyfriend stealing $2,500 from his girlfriend’s saving’s account. It sounds comical, but don’t be naive and think your relationship is indestructible.

Regardless, linking to a joint checking account just might be the money hack your relationship has been looking for.

This article was contributed by Austin, who lives in Japan where he teaches English and writes about personal finance for twenty-somethings at Foreigner’s Finances.

Photo by Katie Tegtmeyer

Download my free e-book: 52 Ways to Make Extra Money...Revisited!

Make Extra Money with an Online Store

PT — Mon, 01 Feb 2010 11:15:24 +0000

This post is part of my series of interviews with real people making extra money online. Today’s interview is with Steve from MyWifeQuitHerJob.com.

What exactly is an online store?

An online store is simply a website that allows you to sell goods online in an automated fashion. For a store that carries many products and manages inventory, there are many complete shopping cart solutions available that allow you list and organize unlimited products, accept various forms of payment, manage shipping and allow for a multitude of sale and discount options. These days, many of these shopping carts are open source and free which makes it easy for anyone to get started.

How and why did you get started?

My wife and I strongly believe in having a parent stay at home with the children especially during the early stages of childhood. So when my wife became pregnant with our first child, we both knew that she was going to quit her job. The problem was that we couldn’t really stand to lose 50% of our household income. Either we had to drastically cut back on our expenses or we had to find another source of income within 9 months. Ultimately, we decided to start an online business and haven’t looked back since.

Do you do this full-time?

The term “full-time” is somewhat of a misnomer when it comes to the internet. Because a computer server is running the business for you 24 hrs a day, when and where you decide to work is entirely up to you. In the case with our online store, my wife runs the store during the day and I help out at night. I would say that she puts in maybe 3-4 hours a day.

I work full time still while managing all of the technical aspects of our online store and my blog at MyWifeQuitHerJob.com. I really love my job as a computer processor designer and my company is extremely flexible so I plan to continue working for the foreseeable future even though I could probably quit my job and still get by. In addition, having my job allows me to provide health care insurance for my family.

How much do you actually make doing this?

Although I won’t divulge exactly how much our online store actually makes, we did make a little over 100K during our first year of business. If you follow the blog, we’ve had significant increases every year and have been in business for 3 years. If you really want to know, you can check the blog and do the math.

What skills make you most successful at running the online store?

I wouldn’t necessarily call this a skill, but I think our motivation is what has made us successful. Most people start a business and start coasting once things get going. But my and I are always constantly finding new ways to improve the business and drive traffic to our store. Our kids provide us with inspiration because our online business allows us to spend more time together as a family.

How do you maximize your efforts?

My wife and I get questions all the time about how we manage to run a business, a blog, a full time job and two kids at the same time. The key is that we break up tasks into small pieces and do a little work whenever we have a free moment. If you look at your typical day, you can always find a small chunk of time to get something done. My wife and I used to waste a ton of time so it helps to analyze your day and prioritize. It’s all about making constant progress no matter how small.

What mistakes do people make when trying to make money with an online store?

The biggest mistake that most people make is that they think they can simply throw up a store and the customers will come automatically. The bulk of the work isn’t in getting your website up and your products ready to sell. It’s a constant process that involves marketing and promoting your store.

In addition, many people give up shortly after their store launches because they don’t have patience. It takes time for a business to develop. In fact, our online business made very few sales during our first months of business and we wanted to give up as well. But if you stick with it, good things always happen.

What other advice could you share about building an online store?

The best advice that I can give is to get started now. The sooner you start, the sooner you can become entrenched in the search engines and the sooner you can build a business reputation. These days, it is extremely cheap to start any business online. In fact, my wife and I only invested around 600 dollars to launch our store and it only cost us about $30 a month to maintain. It’s easy and cheap to start so why not give it a shot?

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Thanks for your great responses, Steve. If you have a question for Steve, fire away in the comments below…

You can read more about how to make extra money in my post 5 Tips for Making Extra Money. Online store not your thing? Check out 52 Ways to Make Extra Money.

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EverBank: A Big Rate for Big Funds

PT — Sat, 30 Jan 2010 22:33:54 +0000

EverBank Review

Have a decent sized emergency fund already? Need a safe place to store the cash for one of the best returns on the market? Then check out the Yield Pledge Money Market Account at EverBank. EverBank has a diverse set of services (checking, money market accounts, CDs), but this review will focus on the money market account.

About EverBank

The first thing you notice about EverBank is the type of account they’re offering. It isn’t a traditional online savings account. It’s a money market account. Why does that matter? It doesn’t really. The account is still FDIC insured. The only difference is that EverBank has a bit more flexibility with how they invest your funds. This is why they have a higher return.

EverBank is a trusted, proven name in online banking. In 2007 they were named Money Magazine “Best of the Breed”. They also performed well over the past few years despite the banking industry woes.

Yield Pledge Money Market Account

Okay. Let’s quickly get down into the nuts and bolts of this yield pledge money market account. First off, EverBank has it’s drawbacks with this account:

They have a minimum requirement of $1,500. Not a huge hurdle for someone with an established emergency fund. But newbies should look somewhere else. The second thing you notice is that they charge a monthly fee (around $9) when you keep a balance of less than $5,000. That fee would negate any interest you’d earn on the account with less than $5,000 earning interest.

So, the way you should read this information is that EverBank is for people with a fund of at least $5,000 already built up.

They also have some restrictions on transfers you should read up on, which are typical of online banks. But I wouldn’t advise making this an account where you’re moving a lot of things around. Just open it up, dump the money there, and forget it till you’re ready to use it on it’s intended purpose.

What I Like About EverBank

Very nice introductory rate. At the date of this review, EverBank sits at the top of list of top high-yield savings accounts, and this is due to the fantastic 3-month bonus rate.

One of the highest yielding banks (even after the promo ends) – After the 3 month period it’s not like your rate drops to the floor. They still compete in the top tiers of the online interest rates. In fact, they’ve pledged to always be on top. See current interest rates.

FDIC insured and proven. As with any online bank account, I have a need for security. I need my assets to be protected. Therefore I only roll with FDIC Insured institutions, like EverBank. Plus, I like that EverBank has a proven track record and isn’t just throwing out rates trying to get customers.

Check writing abilities. With your EverBank account, you get checks. This would be ideal for someone saving up cash for a house down payment. You wouldn’t have to worry about a transfer to your checking account (which can take a week).

The bottom line on EverBank’s Yield Pledge Money Market Account is that it’s a no-frills account where big savers could earn top rate interest on their money. Perfect for a large emergency fund or other big savings goal.

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