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Even Paid Off Vehicles are Expensive

04.24.2011 by Matt Jabs //

Tomorrow I’ll publish a more robust and detailed article on this subject but given how high gas prices are threatening to go, wanted to touch briefly on it today.

Vehicles are expensive to own!

Understanding that financing vehicles is more expensive than paying cash, let’s consider how much it costs Betsy and I to own our “paid off” vehicles… perhaps we should be riding our bikes more!

We currently own a 2002 Pontiac Grand Prix (hers) and a 2000 Jeep Cherokee (his).  Both vehicles have been paid off for years… but despite that fact how much are they costing us each month – and do we really need to own both?

No, we don’t need both, but will most likely hold on to both until one dies.  We will not, however, be replacing both.

Adding up our costs of insurance, maintenance, fuel, etc… we found that our 2 “paid off” vehicles are costing us roughly $750/month.  As mentioned above, I’m publishing a detailed article on the topic tomorrow so watch for that.  In the meantime, check out these other personal finance articles from around the web.

God bless.

Other solid personal finance articles

  • Save Money Purchasing Beef In Bulk – Betsy and I purchase a 1/4 of grass-fed beef every year and highly recommend it for savings and higher quality meat.
  • How Much House Can I Afford? – With the mortgage rates at their all time lows and the housing market still favoring buyers, this may be a good time to buy. But how could you tell how much house you can really afford and that you’ll be ready for homeownership?
  • YNAB 3 Budget Software Review – Here is another solid review of YNAB, the same budgeting software I recommend.
  • Where is My Tax Refund? – How to check the status of your tax refund.
  • Can you get a mortgage after Bankruptcy? – 3 years after filing Bankruptcy Debt Kid looks to find out if it’s possible to buy a house.
  • The Best Ways to Save for Retirement – Phil weighing in on helping you save for your nest-egg.
  • Save tax on RESP withdrawals – If you’re looking for info on RESP’s, Mike is the go-to-guy.
  • How Social Security Benefits Are Calculated – I’m glad Mike is writing about this… because I certainly wouldn’t want to!  🙂
  • Do You Need to Make a Will? – I think everyone should have a will, it greatly simplifies burdens on loved ones and allows you to give where you’d like.
  • How much do you (really) need in your emergency fund? – David helps us determine how much to save for emergencies.

Categories // Money Management, Rally Tags // automobile, cost

Beat The Odds and Save Money by Doing It Yourself

03.26.2011 by Matt Jabs //

So… we’re inundated with many thousands of advertisements every day.  Almost everywhere we go and everything we do involves ads… and it’s really hard to get away from it.

Here are just a few of the ads you will experience today:

  • Television ads in your living room.
  • Radio and billboard ads while driving.
  • Website ads while browsing the Internet.
  • Mobile ads while using your phone.

Alongside all these ads you will also see signage ads everywhere!  Store signs when driving down the road, placemat ads when dining out, packaging ads when shopping for anything, etc., etc., etc.

Despite what we may like to believe… these ads strongly effect not only the way we shop, but also the way we think!  Think about it… If this were not true, marketing would not be a multi-billion dollar industry.

Buying solutions

Let’s assume you want to start your own seeds for your garden this year.  How would you go about it?  What would be the first step you would take in finding a solution that delivers the results you’re looking for?  Chances are you would go to your local hardware and/or lawn and garden center looking to purchase a seed starting solution – and I’m sure you would find something that would help you start seeds.

But did you ever think to make your own solution using free and/or scrap materials?

The truth is, unless we force ourselves to think of creative solutions, we will always end up at the store paying more for a solution someone else created and marketed to us!

Creating solutions

If you haven’t already picked up on this, I like to stick-it-to-the-man whenever possible.  Sometimes that’s a blessing and other times it’s a curse!

Don’t worry… in this example it’s a blessing.  🙂

Consider the following seed starting solution that uses free materials found around the house or somewhere close by.

  • 3 bales of straw
  • 1 piece of plexiglass
  • Dirt

Arrange the 2 bales of straw horizontally against the south wall of your home.  Arrange the 3rd bale parallel to your home at the far end of the other bales creating a box.  Fill the box with dirt (only up to the foundation, do not pile dirt against your siding.)  Plant your seeds.  Put the plexiglass over the box.

You have just created a greenhouse to start your seeds in… for free.  Water it several times each day and enjoy the proceeds.

The challenge

The point is… stop automatically thinking you need to buy consumer solutions and force yourself to think creatively about alternative DIY solutions that save you money.

Next time you think you need to buy something I challenge you to think of how you can do it yourself.  Make sure to let us know what you did in the comments.  🙂

Here, I’ll start.  Instead of buying “stoppers” to go behind the tires of our pop-up camper I used pieces of wood instead.

For more reading on this topic I suggest the book Early Retirement Extreme by my friend Jacob Lund Fisker.

Other solid personal finance articles

  • One More Year Before Comfort
  • Do You Need a Financial Advisor?
  • 10 Ways To Make Money Writing Online – If you have read many articles on the internet in the last few years, then you may have heard this phrase: “Content is king.” With such demand for content, it logically follows that writers would be in demand as well!
  • Interactive Brokers Discount Brokerage Review
  • Finding Health Insurance When You Are Self-Employed
  • Market Corrections: Do You Buy, Sell or Ignore? (I ignore!)
  • How Much Control Should The Government Have? (I say Less!)
  • What Happens If Your Broker Goes Out of Business? – Ever wonder what happens if your stock broker fails? Well, here’s the answer.
  • How to Become An Independent Contractor – If you’re having trouble finding work, you can actually launch your own business by becoming an independent contractor and find work faster – here’s how and why.
  • What You Need to Know About the Standard Tax Deduction
  • When Should I Take Social Security Benefits?
  • Extension to File Taxes vs. Amended Tax Return
  • Amazon Mom Review – Free Amazon Prime As Well As Discounts
  • How to Save Money with Your Mortgage
  • How to Lower Your Mortgage Payments – There are three good ways to lower your mortgage – refinance, challenge your taxes, or reduce your insurance expenses.
  • How Much Money Do You Have to Make to File a Tax Return? – Do you really have to file taxes if your income is low?
  • Nuances of Completing Your College Savings Application Correctly – Here’s the steps you need to know to fill out your college savings application correctly.

Categories // Money Management, Rally, Simplify Tags // DIY, Rally, Reduce Expenses

Free Tool To Help Eliminate Credit Card Debt

03.12.2011 by Matt Jabs //

About a year ago I began investing in peer to peer lending loans via Lending Club.  My NAR (net annualized return) was around 11% until I let a defaulted loan slip by unmonitored.  Even with the default my current NAR stands at 8.3%, which is still a solid ROI in today’s economy.

After having the default lower my NAR I now carefully watch the loans I invest in and am quick to offer them up on the secondary trading platform if the borrower looks like they’re getting into financial trouble.  I have successfully dumped 2 other troubled loans, reclaiming about 80% of the value as opposed to losing the entire amount.  All in all, I highly recommend investing through Lending Club.  If you’d like more info on this, read my Lending Club review.

That brings me to todays tip for readers… if you’re trying to get out of credit card debt I recommend checking out Ready For Zero.  It is not a debt settlement company but rather a free service that helps people eliminate credit card debt.  The reason I’m mentioning their service in tandem with my Lending Club investments is because Lending Club uses ReadyForZero to verify the credit card debt of loan applicants.  After reading about it I thought I’d mention here in hopes that it may benefit someone.

From the Ready For Zero site:

“Are you ready to get out of credit card debt? ReadyForZero is a free online financial tool that lets you track your credit card debt, explore options, and make and follow a plan to eliminate it. This is a gimmick-free program, not a debt settlement or similar service.”

If you end up signing up and using it… be sure to share your experience in the comments.

From other great PF blogs

  • My Debt Story, Our Debt Story – A new blog started by a good friend of mine (I love promoting solid new blogs.)
  • Different Types Of Canadian Financial Advisors – Which Is Right For You?
  • Planning for Uneven Retirement Spending
  • This is Why You Can’t Make Money in the Stock Market
  • Increasing Our Extra Mortgage Payments
  • Guide For Life After College
  • 7 Proven Credit Builders
  • The P’s of Evaluating a Financial Advisor
  • Where to Keep Your Emergency Fund – Nowadays there are not as many options as in the past for safe investments with moderate returns. But here are a few safe places to create your “rainy day” fund.
  • How to File an Amended Tax Return
  • When Do You Need to Buy Long Term Care Insurance?
  • Mortgage Applications Rise Even As Rates Inch Up. Is It Time To Buy Or Refinance?
  • Best House Selling Tips
  • 10 Best Home Based Businesses
  • When is it Best to Itemize Your Taxes?
  • How to Negotiate Your Medical and Dental Bills – Tips from an insider for saving money on your medical and dental bills.
  • What To Do with Your Tax Refund. Ideas for responsibly using your tax refund.

Categories // Debt, Rally Tags // credit cards, free, Lending Club, Rally

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Disclaimer

Content on Debt Free Adventure is for entertainment purposes only. Rates & offers from advertisers shown on this website may change without notice: please visit referenced sites for current information. Per FTC guidelines, this website may be compensated by companies mentioned through advertising, affiliate programs or otherwise. We respect your privacy. Privacy policy.

Popular Posts

  • Lending Club - My Review of Social Lending
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  • Debt Testimonials - Encouraging Success Stories!

Disclaimer

Content on Debt Free Adventure is for entertainment purposes only. Rates & offers from advertisers shown on this website may change without notice: please visit referenced sites for current information. Per FTC guidelines, this website may be compensated by companies mentioned through advertising, affiliate programs or otherwise. We respect your privacy. Privacy policy.

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