Being an insurance agent in MA, I can tell you that you are pretty accurate on these myths except for the Myth #4. You can replace the vehicle on your current insurance policy in MA and not have to start a new policy. You can also add the vehicle to your current policy if you intend on keeping the older vehicle. Lots of policies have up to 4 cars on them, Peerless insurance allows 8 vehicles on a policy. So what you need to do is ask your insurance agent. Call them, say hey I am getting a new car what do I need to do... they will walk you through it.
I think that if you hate planning, then don't budget. Automate your savings, pay yourself first, do that little bit of extra work at the beginning, and reevaluate once something changes.
I check my budget on Mint.com at least once a week, if not every other day. I like knowing where I stand and reminding myself what money I've spent recently. It helps me keep my goals in mind - I would usually rather see the $100 for shoes/electronics/dining out going toward a savings goal instead of out the window in one day.
almost the same thing with our attic. lol ppl next door to us their cable wire is like connected to ours. we called to complain about the service an the cable guy goes into the attic and pulls the wrong cable wire. this most of happened b4 cuz the guy next do came over and knew flat out what happened... btw i live in a townhouse.
This list is very nice, but will probably get plenty of people audited and when they lose it will be taxes plus interest and penalties. Business use of home is "exclusive business use." means no non-business activities in the space. It is also an audit red flag. I am defending 2 people in home office audits while we speak. You can deduct meals and entertainment, but only 50%. Drug rehab is a medical expense subject to 7.5% of AGI and you must itemize; the strip club, but only 50%,.#86 Misc. Itemized deduction subject to 2% of AGI etc. etc. Good Luck
Finally out of CC Debt (goo thing too my intro APR ended the same month) The only thing I'm using that card for in the next month is my pup's vaccine ,that i can pay before the billing period
For years, we had friends over to play trivia games on our Wii. Those were seriously fun times. Now that we have small children, it's much more complicated.
Your ideas are great, though. I'm thinking we might spring for a babysitter and have a game night one day this spring. Thanks!
I recently deposited at a BoA branch and was told there was no fee involved with loose coin deposit for personal accounts. I had counted the change beforehand and when it was deposited to the account, there was a 15% difference. I have been getting the run around and have had issues with disputing it. In a nutshell, even if coinstar charges a fee, you are better off. The bank can claim any amount in the bag, and you are left with your word against theirs. Thanks for the info about the casinos!
Another great free learning site is the Khan Academy, at www.khanacademy.org. The lessons are in YouTube video format, so they're short, which makes them ideal for viewing during lunch. I've been working my way through all the algebra I never understood in high school, with the eventual aim of doing well on the GMAT.
The site has everything from physics to programming to social issues. It's a fantastic resource!
Because our income is sporadic, I review our budget almost daily to make sure we are where we need to be in order to meet payment deadlines and in order to tweak spending as necessary to stay within our means.
In practice we sit down and review our budget for major overhauling twice a year, once in December for the next year's budget and once again in September (after the annual review raises). In these sessions we take the monthly averages of what we spend in each catergory and compare to what are monthly allocations are to each category and adjust so that we are allocating (read transferring to a named savings account for that category) and make sure it follows the 110% rule (Save 110% of the avg month towards those expenses). Now of course each day we enter the receipts into the computer is another day to review but we do not make changes to the budget at that time.
Thank you for making the case for debt free living. In this day and age, common sense is not that common anymore. I like the idea of doing a "debt snowball", but I love not having any debt at all!
No, Teresa, you're not the only one. Moreoever, some people who went into fields that promised salaries that would permit loans to be repaid reasonably easily have found that not to be the case.
Again, why are corporate bail-outs fine, but it's a different story for individuals who worked hard, and didn't act recklessly?
It's been waaaaay too long since I've had a good game night. I've been talking with some friends about playing Settlers of Cattan. Need to make it happen!
Thanks so much for the mention! Wow, I think it's my first time in a WiseBread post :)
Being an insurance agent in MA, I can tell you that you are pretty accurate on these myths except for the Myth #4. You can replace the vehicle on your current insurance policy in MA and not have to start a new policy. You can also add the vehicle to your current policy if you intend on keeping the older vehicle. Lots of policies have up to 4 cars on them, Peerless insurance allows 8 vehicles on a policy. So what you need to do is ask your insurance agent. Call them, say hey I am getting a new car what do I need to do... they will walk you through it.
I think that if you hate planning, then don't budget. Automate your savings, pay yourself first, do that little bit of extra work at the beginning, and reevaluate once something changes.
I check my budget on Mint.com at least once a week, if not every other day. I like knowing where I stand and reminding myself what money I've spent recently. It helps me keep my goals in mind - I would usually rather see the $100 for shoes/electronics/dining out going toward a savings goal instead of out the window in one day.
almost the same thing with our attic. lol ppl next door to us their cable wire is like connected to ours. we called to complain about the service an the cable guy goes into the attic and pulls the wrong cable wire. this most of happened b4 cuz the guy next do came over and knew flat out what happened... btw i live in a townhouse.
Great resources! Thanks a lot for sharing Ashley!
This list is very nice, but will probably get plenty of people audited and when they lose it will be taxes plus interest and penalties. Business use of home is "exclusive business use." means no non-business activities in the space. It is also an audit red flag. I am defending 2 people in home office audits while we speak. You can deduct meals and entertainment, but only 50%. Drug rehab is a medical expense subject to 7.5% of AGI and you must itemize; the strip club, but only 50%,.#86 Misc. Itemized deduction subject to 2% of AGI etc. etc. Good Luck
Finally out of CC Debt (goo thing too my intro APR ended the same month) The only thing I'm using that card for in the next month is my pup's vaccine ,that i can pay before the billing period
Chocolates and purple writing instruments would be mine.
You could also buy some mobile apps. You could by one for entertainment, one for fun, and one just because.
I couldn't agree with you more on these worthless investments -- timeshare is the worst among these that you've mentioned.
For years, we had friends over to play trivia games on our Wii. Those were seriously fun times. Now that we have small children, it's much more complicated.
Your ideas are great, though. I'm thinking we might spring for a babysitter and have a game night one day this spring. Thanks!
If anything, college is about building character. It should be viewed as an opportunity to become mentally prepared for what comes after graduation.
I recently deposited at a BoA branch and was told there was no fee involved with loose coin deposit for personal accounts. I had counted the change beforehand and when it was deposited to the account, there was a 15% difference. I have been getting the run around and have had issues with disputing it. In a nutshell, even if coinstar charges a fee, you are better off. The bank can claim any amount in the bag, and you are left with your word against theirs. Thanks for the info about the casinos!
I try to evaluate our budget about every other month. My husband isn't as into stuff like that, like I am, or else it would probably be every month.
https://twitter.com/#!/colourofspring/status/164835494230884354
When there's a change in employment situation, or new goals to save for, we reevaluate our family budget.
Another great free learning site is the Khan Academy, at www.khanacademy.org. The lessons are in YouTube video format, so they're short, which makes them ideal for viewing during lunch. I've been working my way through all the algebra I never understood in high school, with the eventual aim of doing well on the GMAT.
The site has everything from physics to programming to social issues. It's a fantastic resource!
Our budget is reviewed on a continued basis. meaning at the very least monthly and as unexpected situations arise.
I check our spending against budge daily but we haven't updated the budget in at least two years. It's probably time to revisit it.
Because our income is sporadic, I review our budget almost daily to make sure we are where we need to be in order to meet payment deadlines and in order to tweak spending as necessary to stay within our means.
I do the major budget once a year and adjust monthly, track weekly using Quicken and downloads from my credit union.
In practice we sit down and review our budget for major overhauling twice a year, once in December for the next year's budget and once again in September (after the annual review raises). In these sessions we take the monthly averages of what we spend in each catergory and compare to what are monthly allocations are to each category and adjust so that we are allocating (read transferring to a named savings account for that category) and make sure it follows the 110% rule (Save 110% of the avg month towards those expenses). Now of course each day we enter the receipts into the computer is another day to review but we do not make changes to the budget at that time.
Thank you for making the case for debt free living. In this day and age, common sense is not that common anymore. I like the idea of doing a "debt snowball", but I love not having any debt at all!
No, Teresa, you're not the only one. Moreoever, some people who went into fields that promised salaries that would permit loans to be repaid reasonably easily have found that not to be the case.
Again, why are corporate bail-outs fine, but it's a different story for individuals who worked hard, and didn't act recklessly?
It's been waaaaay too long since I've had a good game night. I've been talking with some friends about playing Settlers of Cattan. Need to make it happen!