My Personal Finance Journey

Category Archives for Saving Money & Frugal Living

How To Dispute a Credit Card Charge & Win

Today’s guest post comes to us from Mike. Enjoy! 
 
I’ve blogged about this topic more than once over the past few months. Why? Because I’m so disappointed at the number of posts I get on my forum about people who have been ripped off in a credit card or dispute credit report… not because their dispute wasn’t valid, but because they didn’t handle it the right way.

I remember the first credit card dispute I ever filed was when I was only 18. I had ordered what was supposed to be a new exercise device online, only to receive something in the mail that wasn’t as advertised. I filed the dispute with my credit card company but almost lost, because of a technicality in what I said when I filed. Fortunately, everything worked out in the end, but it taught me this lesson at a very early age: understand the credit card dispute rules!

Before you ever file a dispute on your credit card, you’re going to need to do a lot of homework first. If it’s your first time, I’ve created this 5 step template of what you will need to research:

Step One: Get your story straight

When we’re angry, it’s easy to blow our lid and act on impulse. This is bad to do in all areas of life, including these disputes. Why? Because you need to calm down and get your story straight. If you call up your credit card company rambling in rage, things may be misinterpreted and hence your dispute may be filed incorrectly, which I’ll talk about next…

Step Two: Categorize your complaint properly

There are two kinds of disputes; (1) billing errors, which cover a number of different things, and (2) disputes about the quality of the goods or services you received from the merchant. For each there are completely different rules and rights, so you need to thoroughly understand both and know where your dispute fits in. If it can be categorized as a type of billing error, all the better because you will be entitled to greater protections set forth by law.

Step Three: Gather your evidence

If a prosecutor goes to court with weak evidence he may lose his case. In the same way, if you go into the dispute without good evidence to support your side of the story, you may lose. Now there are some credit card disputes that are pretty clear cut, like those where your credit card was stolen, but for most others, you may be required to produce evidence (receipts, pictures, emails sent to the merchant, etc. depending on the circumstances). This is most important with disputes about the quality of goods or services received, since those have the weakest laws behind them (basically you will be at the mercy of your credit card company, so make a strong case!).

Step Four: File your complaint

By having the above figured out beforehand, filing your complaint will be much more orderly and concise (and therefore, less chance of error). Many people including myself have filed our complaints about the phone without any problems. But I should warn you that the FTC website does say complaints need to be filed in writing. Therefore you should consider doing so if you anticipate this battle possibly turning ugly with the merchant.

Step Five: Stay on top of it

How fast (or slow) your dispute is handled varies, depending on the circumstances. Under most circumstances, 60 days from the date of filing is the longest the credit card company can take, but I have had disputes be wrapped up in less than half that time.

Whatever the case, be on the lookout for mailings from your creditor: If they don’t rule in your favor, they will send a letter and typically you have only a matter of days to file a response, otherwise the dispute will automatically be closed.

Again, I want to reiterate that this is just a summary, and you have a lot of research to do, but hopefully, these five steps act as sort of road map to get you started.

How about you all? Have you ever had to dispute a credit card charge? Did you win or lose? Could you have used one of these tips to strengthen your argument?

Share your experiences by commenting below!

Jacob’s Thoughts – This is a very complete post in my mind on how to handle disputing credit card charges the right way! The only thing I would add is to remember one thing – the credit card companies are facing extreme competition right now.

If you feel that the credit card company is being unreasonable in handling your dispute, I would threaten to take my business elsewhere because I would want to work with a company that is more understanding.

How to Save Money on Your Next Family Vacation

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Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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Interested in a FREE $10 BP Rewards Card? Click here to find out how you can win one!


Today’s guest post comes to us from Bailey Harris. Bailey writes about home insurance quotes and related topics for www.homeinsurance.org.

How to Save Money on Your Next Family Vacation


In today’s economy, a vacation may seem way out of reach. But here’s the good news: there are many ways to save money and still enjoy a fabulous vacation. You and your family can plan a great vacation and spend less money than you think. Here’s how!

Plan Ahead


A great way to spend less money on a vacation is to plan ahead. After you’ve decided where you want to go, do some research online. For example, if you plan to fly to your destination, you can save money by booking your flight, hotel, and car rental in one bundle. You can also find valuable coupons and discounts online for various attractions, theme parks, and restaurants. Taking the time to search for these discounts will save you time and money.


Ways to Save if You Fly


Let’s face it: flying can be very pricey for an entire family. If you decide it’s the best method of transportation for your vacation, there are a few ways you can save. First of all, if you have frequent flyer miles, use them. It’s worth it to get a frequent flyer number if you don’t already have one. You can also inquire at your local bank to see if you can get a debit or credit card that earns frequent flyer miles. 

Another way to save if you are flying is to try and get by with less baggage. Baggage fees can add up fast, so plan to stay somewhere with laundry facilities. You won’t need to pack as much which will cut down on extra fees.


Plan a Road Trip


Driving on your vacation can make for a much cheaper adventure! You don’t have to worry about how much luggage you bring along, and you can make lots of exciting stops along the way to your destination. By driving, you avoid spending high ticket prices that you would have if you were flying, and you don’t need to worry about renting a car, either.


Accommodations


Instead of staying in a hotel on your vacation, why not stay in a vacation rental? For a family of 4 or more it can be much cheaper–you can sometimes save as much as 70 percent by going this route. If you stay in a vacation rental, you will most likely have a kitchen in which you can cook some of your own meals, allowing you to save money on food. Another way to save money is to camp. A family camping trip can be a lot of fun and it is one of the biggest ways to cut down on costs.


Food


Eating out three meals a day while on vacation is very expensive, especially if you have a large family. If you are driving, bring some food with you. You can easily pack a cooler with sandwiches, healthy snacks, and beverages. Food purchased at gas stations or convenience stores adds up. Look for grocery stores to purchase snacks and groceries instead. If you are staying somewhere with a kitchen or kitchenette, try and cook some of your own meals. If you cook breakfast and lunch, you and your family will be able to afford lots of nice dinners out.


Take a Cruise!


A family cruise can actually turn out to be quite cheap. Food and accommodations are included, and there’s plenty of entertainment provided for you and your family. Some cruise-lines offer deals as low as $199 per person.


Other Ways to Save


While on vacation, use your debit or credit card instead of withdrawing money from an ATM. Most ATMs charge a fee, and those fees can add up fast. Almost all places now accept plastic, so you can save a lot by avoiding ATMs. Or, if you travel to a particular foreign country very frequently, try out a foreign currency account to save on conversion fees. 

If you and your family decide to visit a theme park or large attraction, be aware that a lot of these places charge for parking. Look for free places to park even if it means you have to walk a little bit more. It’s cheaper and it’s great exercise.


If you need to rent a car for your vacation, check with your insurance agent to see if your car insurance policy covers rental cars. Some policies do and this will prevent you from purchasing car insurance you don’t need from the place where you rent the car.


As you can see, family vacations don’t have to break your piggy bank. There are lots of ways to save money and give your family a fun and memorable vacation!

How about you all? How do you save money by traveling? Have you used any of the tips above? Share your experiences by commenting below!


Jacob’s Thoughts on Various Article Points – 

  • @Frequent flyer miles – These are great to use for trips! One thing that I find frequently is that when I take a plane trip, the miles from the trip do not get added in to the system officially. This can occur when you have to do a lot of manipulation with your original ticket due to cancelled flights, etc. However, you can go in to the airline’s online system and request that the miles be back added.
  • @Saving money by carrying less luggage – This is a great tip as well! What I have been doing recently that works really well is to carry-on a large backpacking backpack that I gate check so that I don’t have to have it inside the fuselage with me. And, the folks at security don’t catch on that it is a big bag because it is “just a backpack.”
  • @Going on a car trip – I would just make sure to check that the total charge for gas will not be more than airfare!
  • @Going on a cruise to save money – While it is true that it looks like taking a cruise is cheap at first glance, it very important to know that the price of the cruise does not include alcoholic drinks or excursions at ports. Be sure to factor in those things when doing your financial planning!
  • @Using debit/credit cards when travelling – While it is true that ATMs do charge fees if you are not in provider bank’s network, watch out for foreign currency fees that credit cards charge you if you use them while out of the country. This is typically around 3%, and can add up to more than an ATM charge if you are not careful.
  • @Car rental insurance saving – Along with your car insurance company generally already providing rental car coverage, many CREDIT CARDS offer the perk of providing rental car insurance! Don’t get suckered in to paying more for insurance if you don’t have to!

***Photo courtesy of http://www.rezhub.com/Portals/2/Blog/Files/1/1038/WLW-10TipsForSavingMoneyWhileTravelingGreen_B734-stockvault_16011_20090404_9.jpg

Boiler Repair Delays Start of School Term

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Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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The following is a guest post by Alex on behalf of Home Serve.

Boiler Repair Delays Start of School Term

When it happens in the home, a boiler repair can really ruin your week – both financially and emotionally. However, this is not the only place where a heating howler can cause serious problems, as one recent story has proven…

The Story


Students at Darrington CE J&I primary school in Yorkshire, England got an extra day off after the festive holidays when a boiler failed on campus the day before the start of term. According to the Pontefract & Castleford Express, the breakdown meant that youngsters in classes A and B were forced to stay away.

Although this no doubt meant an extra day of sledding in the snow and playing with new Christmas presents for the kids, it’s likely to have caused frustration among teachers eager to get their students back in the swing of things. It could also have served as a stark reminder to teachers and parents of having adequate preparation for such events in place, both at home and school.


What Can We Learn From This?

While the school is likely to have had comprehensive insurance in place (meaning that getting a boiler emergency service was as simple as a quick phone-call), it’s not always as easy to solve the issue at home. Should you be unlucky enough to suffer a breakdown over the festive period, getting a repair service in to fix the problem ASAP may not be as easy as it sounds. And, should you manage to locate a repairman/woman over the Christmas period, his or her rates are likely to reflect the fact he or she has been dragged away from their own seasonal family celebrations.

For this reason, some people could find that having boiler insurance in place gives them the peace of mind that their home will always be protected from heating disasters. With this type of protection, you needn’t worry about the consequences of a boiler breakdown, whether it’s the height of summer of the bleak mid-winter.

Taking out this kind of insurance also guarantees that the tradesman who comes out to fix the problem is fully qualified and on the Gas Safe Register. Although it’s illegal to carry out work on gas appliances without this important accreditation, there are plenty of cowboys out there eager to make a quick – and dangerous – buck by taking on jobs they’re not legally allowed to.

They may not teach you about getting boiler insurance at school. But, suffer a breakdown without it in place, and you could learn a lesson about taking care of your home the hard way.

How about you all? Do you have boiler insurance? Have you ever had a boiler break and caused some chaos in your home?


Jacob’s Thoughts – The importance of making sure your home is properly insured is paramount. Personally, I am going to review my homeowner’s insurance policy to see if a rupture in the water boiler is covered under the policy terms. It is my understanding that frequently, these bursts are not covered. It is also important for your home to be secured. If you are interested in options for different security systems on the market, there are some great online resources. For example, I recently read an article of a Reliance Protectron Review from the folks at Home Security System Canada.

Another option is to self-insure with a sufficient emergency fund to cover the repairs that are needed.


Share your experiences by commenting below!


***Photo courtesy of http://1.bp.blogspot.com/_9GTi7Cvkr5s/S1osp3LfUyI/AAAAAAAADCQ/6-6VS_FxmXw/boiler-insurance-cover.png

Win A Free $10 BP Rewards Card! – My Personal Finance Journey’s First Ever Giveaway

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Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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Enough with this slow winter days business. Let’s give away something FREE, shall we?!

Previously on My Personal Finance Journey, I’ve written about how I am a loyal BP fan and customer (regardless of their recent horrific accident). In one of my first ever posts in January of 2010 on this blog, I wrote about how if I only had to choose two credit cards to use, one of them would be the Chase BP Cash Back Rewards Visa card.


Note: I am still using this credit card for all of my gas purchases, and earn 5% cash back in the process!!

A recent promotion that BP has been running, called the Thank You Days reward program, is rewarding BP customers for their continued business (this was recently reviewed and publicized by Jonathan and My Money Blog) by giving away $10 reward cards after the 5th gas fill up of 8 gallons of gas or more.

Now that I’ve successfully completed this promotion and gotten my five codes, I want to give them away for free to readers of my blog!

Follow the instructions below to accumulate points to qualify to win the $10 BP reward card!

1) Leave a comment below (be sure to include your email) to let me know you are participating and what you are doing to accumulate points – Worth 1 point 
AND, if you leave a comment regarding your financial goals for 2011 – Worth 2 

points 

2) Refer a subscriber (send the email of the person you referred via my “Contact” tab above) – Worth 5 

points

3) Follow me on Twitter – Worth 1 

point

4) Subscribe to my website via email (Place your email in the Feedburner subscriber box on the right or click here) – Worth 2 points
5) Link to this page from your website (send the link of the page you are linking to me from via my “Contact” tab above) – Worth 3 points
6) Review my website on Alexa.com – Worth 1 point

7) “Like” me on Facebook – Worth 1 point
8) Leave a [value adding] comment on any other post on this site (comments already left do not count – be sure to leave your email address) – Worth 2 points
9) Complete the My Personal Finance Journey site reader feedback questionnaire (only takes one minute) – Worth 3 points
There is no limit to the amount of points you can earn. If you refer 10 subscribers – your name will have accumulated 50 points!

In the event of a tie, I will be using Random.org to select the winner, and the coupon codes will be sent to your email that you provide when placing a comment.

The deadline for entries will end on February 8th, 2011 at 11:59pm (2 weeks from today). Good luck to you all!

***Photo courtesy of http://www.smartcouponing.com/wp-content/uploads//2011/01/BPReward-card-300×186.jpg

Is Your Attitude Hurting Your Bottom Line?

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Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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Today’s guest post comes to us from Sarah Barnett. Sarah takes a keen interest in financial issues. She believes that we can all benefit from some simple personal budgeting. She writes for Finance Facts, a personal finance website. You can read more about her methods by visiting her website at the link above!

Is Your Attitude Hurting Your Bottom Line?


Did you know that how successful you are in planning for your retirement has a lot to do with your attitude? That’s right. Being able to retire comfortably in 10, 20, or 30 years depends on what you do beginning right now. And, one of the first things many of us need to do is understand our attitude towards wealth and consumption.

Do Not Keep Up With The Joneses

Studies have repeatedly shown that, after the obvious income disparity, the biggest difference between the wealthy and the middle class is how they view money. For instance, wealthy households tend to routinely save 20% of their income. They also choose less expensive cars to buy, as well as clothes and everyday items.

The middle class, however, tend towards conspicuous consumption. It is a race to have the newest and biggest SUV, designer labels hanging in the closets, and the biggest pool in the backyard. Driving down a middle class cul-de-sac, you will see manicured lawns and shiny cars. What you do not see is the monstrous credit card debt that many of those households are swimming in, and the fact that many of those vehicles are leased.


What is wrong with leasing, you ask? Nothing, if you run a business and can use a company car as a tax deduction. However, if you are leasing a car solely because that is the only way you can afford that make of vehicle, which is a very common reason for leasing, you are making a poor financial decision.

Time For A New Way To Look At Things

Look, this is not about getting down on the middle class. Reams can be written about what the middle class contribute to society. The problem is, when you start to think about retiring and being comfortable, the spending habits of the middle class make that difficult to achieve.

Are you ready to change all that? It can take some time to change a deeply ingrained belief, but it can be done. Remind yourself everyday that your self-worth and success is in no way decided by the kind of car you drive, or the zip code you live in. Teach your children this as well. You will be giving them a lasting gift if you do.

If you are looking for some immediate ways to begin saving, experts agree the following tips are financially sound:

  • Pay yourself. No matter what the amount, make sure you pay yourself first. Put this money in a savings account. You will find that the more you save, the more motivated you will become. It is human nature.
  • Dine in more. Use restaurant dining as a special occasion only. If you add up the amount you have spent the last five times you went out, you will probably feel sick.
  • Once a debt is paid off, do not incorporate the money you were paying into your budget. It goes in your savings account, no questions asked.
These are just a few tips you can begin using immediately to start saving money. There are many more out there. You will find that as your attitude towards money and consumption changes, you will be open to many more financial recommendations.

How about you all? What aspects of your attitude help you to save most effectively?


Share your experiences by commenting below!


***Photo courtesy of http://debbiking.files.wordpress.com/2010/07/attitude.jpg?w=300&h=247

Reasons Behind Credit Card Debt

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Today´s guest post comes to us from Alban. Alban is a personal finance writer at Home Loan Finder, a home loan comparison website.

Reasons Behind Credit Card Debt

The only way to change your bad behaviors is to take responsibility for them, and while no one forces you to spend on your credit card or to buy things you don’t need and can’t afford, the reasons behind your credit card debt can actually be made up of a myriad of catalysts.
The reasons behind credit card debt – which can lead to mounting stress, not to mention bills – can include:
1 – Your Attitude

This is where you need to take responsibility for your role in your credit card debts because it is easy to succumb to the consumerist, must-have-it-now attitude, and spend more than you earn. Saving is seen as old fashioned and who hasn’t rolled their eyes when their parents started talking about how in their day you waited to make big purchases and saved a little each week.
However, when you are spending on credit you are living beyond your means, especially if you don’t repay your purchases right away before interest is applied. A credit card should be viewed as a short term cash flow solution, not as part of a long term financial plan.
You can adjust your attitude towards credit cards by thinking about the consequences of each purchase in the interest you will be charged. By using some forward planning and restraint you can resolve this reason.
2 – Your behaviors

Your attitude towards money and credit may be the catalyst to make the purchase, but what you do afterwards is important to your debt levels too. One or more of these behaviours could be the reason behind your credit card debt:
  • You don’t repay your balance in full each month. If you can benefit from interest free days all the better, but even if you don’t it is important to repay your balance as soon as possible, and in full each month. When you have a revolving credit card balance you are charged interest again and again each month on the same balance and those purchases you made months ago have now doubled or tripled in cost and that item may have even outlived its usefulness before it even repaid. 
  • You’re unaware of your balance. Ignoring your credit card balance won’t make it go away, in fact the opposite is true. When you are aware of your balance you will know that you can’t afford to keep spending on your card, or making frivolous purchases, and should instead channel those extra funds to your repayments. 
  • Making large purchases. If you are in the market for a new fridge or television for example the store you are buying from may offer you a store card or credit terms. However, your own credit card interest rate will often be much lower than the store is offering you however, putting such a large purchase on your card means you need to pay it off quickly to see the savings in interest. 
  • Making cash advances. If you have interest free days on your credit card, cash advances often don’t qualify and will instead attract interest right away. Cash advances also often attract a higher interest rate than regular purchases so those withdrawals cost you even more.
3 – The Cards

Of course, credit card providers make it very easy for you to get into credit card debt because that is where they make their money – in fees and interest charges. As a result, your credit card balances are charged compounding interest if they are not repaid in full each month. This means that as the interest is added to your balance in one month, the following month interest is charged on the total of your balance and your interest charges, compounding your balance.
Credit card annual fees can also be an unexpected expense of several hundred dollars each year. Fees are added to your balance as a purchase would be, and must be repaid before attracting interest.
Your credit card may also be tempting you to spend with the promise of rewards for every dollar spent. While this sounds like a good deal, it is only worthwhile if you are making purchases you would make anyway – and not spending for the sake of rewards points – and you repay your balance in full within the interest free period because interest charges can eat into the true value of your rewards redemptions.
4 – The Providers

If a credit card company already has your business, they want more of it, and if they don’t have you, they’re willing to try and tempt you to them. As a result you will often find preapprovals and offers of an increased credit limit in your letter box and these are very easy ways to get into credit card debt you can’t afford.
Plus, credit card approval processes are relatively easy to navigate and a bad credit history or lack of savings is often no barrier to obtaining a credit card.
5 – The Unexpected

Credit cards are a popular go-to in an emergency and as a result, the unexpected is a prominent factor behind many people’s credit card debts. If you face an emergency expense, if you lose your job or if you become separated or divorced, all of these things put pressure on your finances. However, your credit card company doesn’t care, and the debt must be paid. Unexpected expenses can also run in the vein of car repairs and unannounced school excursions which need to be paid, but as your credit card debt mounts, and its use becomes more prevalent, unexpected expenses can become the desperate need to a new outfit for a last minute party, or the need to stock the fridge with imported beers because friends are dropping in.
Instead, if you face an unexpected event or an emergency situation, you can avoid succumbing to credit card debt and making the situation worse. You simply need to adjust your behaviours, because you can’t keep living the same lifestyle if you lose your job for example, because waiting for things to return to ‘normal’ can mean months of living on credit, and the creation of a whole new emergency expense when the credit card statements arrive.
Therefore, if you are dealing with an unexpected life event, stop using your credit cards and start changing your spending habits. Have a budget and make sure your essential bills are paid, cutting back on luxuries until things become settled again.

How about you all? What in your life has caused you to accrue some credit card debt?


Share your experiences by commenting below!


***Photo courtesy of http://1.bp.blogspot.com/_ulIVxmgmnZE/SjXBaK-NoTI/AAAAAAAAAcM/C4hv6txXCjY/s400/thinking+man.jpg

How Your Financial Situation Affects Your Life Insurance Rate

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Today’s guest post comes to us from Denise Manchini. Denise is a manager with AccuQuote.com, a leading Life Insurance Quotes company, providing free term life insurance quotes from some of the top-rated insurance companies in the United States. To learn more about her website, please visit the link above.

How Your Financial Situation Affects Your Life Insurance Rate

For most of us, the economy has hit our pockets hard. Trying to make ends meet, who hasn’t missed a few credit card payments here and there? You may think nothing of it, but your life insurance carrier sure does.

Besides looking at your health profile and driving record, life insurance companies look at credit scores to assess the amount of premiums you need to pay. This means that if you have been late on making payments, maxed out your credit card or filed for bankruptcy, the amount of life insurance premium you would need to pay could skyrocket. In some underwriting processes, having a bad credit score could double your premium amount!

Is there any logic behind this? Insurers say there is a link between a bad credit score and the cost of insuring someone. When compared to customers with a good credit history, customers who have a poor credit score are more likely to make a claim on a policy. Experts believe that if you are not good at managing your finances, you may not be good at maintaining good health and fitness. Therefore, a low credit score just might push your premiums significantly higher than you expected.

What should you do if you think your financial situation could impact your life insurance rate?

  • The obvious thing to do is to try to make your credit card payments on time in order to maintain a high credit score.
  • If you have already filed for bankruptcy, your existing life insurance policy should still be in effect to protect your loved ones. If it is a permanent life insurance policy, you may be given a part of the cash value for your personal expenses. However, if you do not have a life insurance policy, it is worth paying the higher premiums to get your life insured. Think of what would happen to your family if you were to die a premature death. Being financially protected by a life insurance policy could clear all your debts and leave your family in a good financial position to pursue their dreams and ambitions.
  • Realizing that the economy is struggling, many life insurance carriers look favorably on people who have low credit scores. Their underwriters look into your credit score history in more detail to check for patterns in your payments. After reviewing your case, they may be able to offer you lower premiums than other life insurance companies.

In spite of your financial situation, you can still find the best rates through online life insurance quote providers. Make sure you are using a BBB-accredited site for a safe experience. Such providers have access to hundreds of reputable life insurance carriers. Fill in the questionnaire and allow a few seconds to run your criteria through their databases. Within moments you’ll receive the most competitive life insurance quotes that best suit your needs and pocket. Remember, where life insurance is concerned, even a little coverage is better than no coverage at all.

According to Donald Hanson of the National Association of Independent Insurers, “Research indicates that people who manage their personal finances responsibly tend to manage other important aspects of their life with that same level of responsibility and that would include being responsible behind the wheel of their car or being responsible in maintaining their home.”


How about you all? Do you agree that your credit score and the way you handle money should be reflected in ancillary activities such as your job or credit score?


Share your experiences by commenting below!


***Photo courtesy of http://farm4.static.flickr.com/3559/3370455325_93c1f81898.jpg

Best of Credit Cards and Saving Money Carnival – December 28th, 2010 – Ridiculous Arnold Schwarzenegger Videos Edition

My Personal Finance Journey Homepage

Welcome to the December 28th, 2010 edition of the Best of Credit Cards and Saving Money Carnival.


The goal of this carnival is to highlight articles each week that provide a unique view of credit cards, credit scores, and personal finance that can help people save money.


To give us all a little break from the stresses that can almost certainly come around the holidays, the theme of this week’s edition is the one, the only, Arnold Schwarzenegger. 


Enjoy the articles and be sure to let me know which clip is your favorite in the comments section! 

MadTV Spoof of Arnold’s Made-Up movie, Stolen Identity 3. Enjoy!

Credit Cards

Janet presents Credit Card Use and Materialism posted at Credit Cards Canada.

Silicon Valley Blogger presents Blue Sky Credit Card from American Express Review posted at The Digerati Life, saying, “My review of Amex Blue Sky. 🙂 Thanks!”

Michael Pruser presents Citi ThankYou Premier Card $200 Bonus posted at The Dough Roller, saying, “Citibank has launched a new and improved rewards credit card known as the “ThankYou” card, offering $200 in gift cards right away.”

Michael presents The Plum Card® from American Express OPEN 1.5% Cash Back posted at Consumerism Commentary, saying, “The Plum Card from AMEX Open offers small businesses a chance to survive and thrive.”

Jeff Weber presents Getting a Virtually No Fee Balance Transfer posted at Smart Balance Transfers, saying, “Tips on how to reduce balance transfer expenses.”

Clair Schwan presents “Abusing” Credit Cards – A Contrarian Perspective | SELF RELIANCE WORKS posted at SELF RELIANCE WORKS, saying, “Mark Zeiger presents an alternative view of credit cards, and highlights how even those with a subsistence income can use them responsibly.”

Boomer presents Get Out Of Credit Card Debt! posted at Boomer& Echo, saying, “If you are currently holding a balance and continue to use your card when credit becomes available you are basically paying your future income to the credit card companies for decades to come.”

MoneyThinking presents Kids Do Stupid Things in College posted at Money Thinking.

Tim Chen presents Best Way To Buy Gas? Gas Credit Cards or Discount Stations? posted at NerdWallet Blog – Credit Card Watch, saying, “Figuring out how you can score the cheapest gas can get complicated.”

Ben presents Citi ThankYou Premier & Preferred Cards posted at Money Smart Life, saying, “A comparison of the new Citi ThankYou cards”

Jeff Weber presents Chase Freedom Card Review | Chase Freedom Visa and Mastercard posted at Smart Balance Transfers, saying, “A look at the Chase Freedom credit card.”

Every Arnold Scream From Every Movie – All In One!


Credit Scores

BWL presents Consumer Info About Credit Scores posted at Christian Personal Finance, saying, “A look at some of the things that affect our credit scores…”


Finance

David de Souza presents Three Ways Christmas Could Affect Your Tax Bill posted at UK Tax Blog, saying, “Guide to three ways that Christmas can impact on the amount of tax that you pay”

Kyle Taylor presents Best Ways to Sell a Gift Card posted at The Penny Hoarder.


Frugality

Tim Rakeman presents How To Be Frugal: Grow a Garden to Save Money posted at All Things Frugal, saying, “When it comes to saving money on groceries, unfortunately that usually means eating a lot of processed crap. Anyone who has been in a grocery store knows the cost of a calorie is a lot cheaper in the form of a frozen pizza than it is in an apple.”

Miranda presents Is a Prepaid Cell Phone Right For You? posted at Moolanomy.

Hercules in New York Clips – Arnold’s First and Best Movie Ever! 


Personal Finance

Card Wisdom presents Tips for Recovering from Credit Card Debt in the New Year posted at Credit Card Wisdom, saying, “Ideas to get finances in order and reduce debt in the new year.”

BWL presents Tax Act 2010: Social Security Tax Reduced in 2011 posted at Christian Personal Finance, saying, “A look at how the latest tax act has social security rates reduced in 2011…”

Michael Pruser presents You Have Many Choices When it Comes to CD’s posted at The Dough Roller, saying, “When it comes to saving in CD’s, you have more options than you might think.”

And if you really are a fan and want to relive all of Arnold’s 10000 movies from the past 20 years in ten minutes, take a look at the clip below! (Beware, there are a few bad words)


Saving Money

One Family presents Mortgage Refinancing Decision – How to posted at One Family’s Blog, saying, “Thanks!”

Darwin presents Energy Tax Credit 2011 – Not What It Used to Be posted at Darwin’s Money, saying, “Check out the new 2011 Energy Tax Credits in the spending bill just passed by Congress. The window, door and HVAC credits aren’t as generous as they used to be, but they’re in there.”

That concludes this edition. Next week, the Carnival of Credit Cards and Saving Money will be returning to Card Wisdom. Submit your article for inclusion in the upcoming edition by clicking the following link – Jan 3 Edition of the Carnival

Did you like this article? You can get the complete text of all the latest articles at My Personal Finance Journey in your email inbox each evening by clicking the link below and entering your email address. Your address will only be used for mailing you the articles, and each one will include a link so you can unsubscribe at any time.

Subscribe to My Personal Finance Journey via Email


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Carnival of Wealth – December 26th, 2010 – Fantabulous YouTube Christmas Videos Edition

It is an honor to be hosting this week’s edition of The Carnival of Wealth. The focus of the carnival is to feature writings related to creation, management, and enjoyment of wealth.
 
The weekly Carnival of Wealth features the best articles in the blogosphere on the following broad topics – Investing, Personal Finance, Taxes, Estate Planning, Careers, Entrepreneurship, Family, Lifestyle, and Travel.
The theme for this edition (since it is Christmas and all) of the Carnival of Wealth is awesome, amazing, funny, hilarious, fantastic YouTube videos related to Christmas! Enjoy! Please let me know which video is your favorite! 

This Week’s Editor’s Picks! Congrats to the winners!
1. Sustainable PF presents Your Dog’s Diet Could Cost You and Your Dog posted at Sustainable Personal Finance.

2. Erin Pavlina presents Cultivating Command and Leadership posted at Erin Pavlina – Spiritual Wisdom for Conscious People.

3. Jeff Rose, CFP presents How to Protect Your Child From Identity Theft posted at Jeff Rose.After that stellar reading, you definitely need a breather. So, enjoy Gayla Peevey in her famous song, I Want a Hippo for Xmas! Enjoy!

I Want a Hippopotamus For Christmas – Gayla Peevey

Below are the rest of this week’s submissions! 
 
Careers
 
Job-Interview-Site.com presents How to Resign From a Job & Reasons for Job Resignation posted at Career Guide.
 
Tom @ Canadian Finance Blog presents Resume Psychology posted at Canadian Finance Blog.
 
 
Echo presents Employee Performance Management posted at Boomer&Echo.
 
Job-Interview-Site.com presents “Why Should We Hire You” posted at Job Interview Guide.
 
Entrepreneurship
 
Estate Planning
 

Family

 
Marvin Grossman presents What’s more dangerous? A surprising look at everyday risks posted at Insure.
 

Jingle All The Way Clip – Sinbad Goes Crazy! Enjoy!

Investing

 
Arjun Rudra presents A Review of Smarter Than the Street: Invest and Make Money in Any Market and Interview with Gary Kaminsky posted at Investing Thesis.
 
Barb Friedberg presents The Friedberg Family Portfolio-Revisited posted at Barbara Friedberg Personal Finance.
 
Freefrombroke presents What Is Peer to Peer (Person to Person) Lending? posted at Free From Broke.
 
Mich presents Canadian REITS: Yours to Discover posted at BeatingTheIndex.com.
 
MikeAhi presents Why Buy Gold? posted at After Hours Investing.
 
 
pfblogger presents Investing in Stocks During an Economic Crisis posted at Personal Cents.

Lifestyle

Jessie Stanton presents Hippie Wedding Theme Ideas posted at Wedding Theme Ideas.
 
Ahmed presents Daydreaming for Success posted at LIVING! Not Surviving.
 
Joe Plemon presents Financial – And Life – Lessons From 40 Years of Marriage posted at Personal Finance By The Book.

12 Pains of Christmas

 

Personal Finance

Janet presents Bye-Bye Penny – Hello Swedish Rounding? posted at Credit Cards Canada.

Silicon Valley Blogger presents How To Be A Smart Credit Card User (Infographic) posted at The Digerati Life.

 MoneyCone presents How to get your credit score from all 3 credit bureaus for free! posted at Money Cone.

Odysseas presents Store Credit Cards and Bad Credit posted at Wallet Blog.
Jeff Weber presents 4 Tips for Choosing an Airline Credit Card posted at Smart Balance Transfers.
Tim Rakeman presents How To Be Frugal: Grow a Garden to Save Money posted at All Things Frugal.
 
Rich D presents Best Instant Access Savings Accounts posted at Qwoter.
 
Clair Schwan presents Capitalism And Compound Interest – Two Reasons You Have No Excuses posted at SELF RELIANCE WORKS.
 
Money Thinker presents Should I Buy a Home Now? posted at Money Thinking.
Joe Manausa, MBA presents Jim Cramer Backs Off Of Real Estate posted at Tallahassee Real Estate Blog.
 
Shaun presents Servicing Your Wealth: Cashing in on Christmas Time posted at Money Cactus.
 
MoneyNing presents What Do You Splurge On? Where Do You Save? posted at Money Ning. 
 
Mark presents Banks Are Stealing Your Money posted at Buy Like Buffett.
 
Pinyo presents Is Prepaid Cell Phone Right for You? posted at Moolanomy.

Dominic the Italian Christmas Donkey

 

Taxes

 
 
N.W. Journey presents What Does That Gift Really Cost posted at Networth Journey.
Travel
 
Gorilla Golf Blog presents The Top 5 New Zealand Golf Courses posted at Gorilla Golf Blog.
That concludes this edition. If your article was selected to appear in this week’s Carnival, please link back to this page within a week’s time.
 
Also, remember to submit your blog article to the next edition of Carnival of Wealth using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

Did you like this article? You can get the complete text of all the latest articles at My Personal Finance Journey in your email inbox each evening by clicking the link below and entering your email address. Your address will only be used for mailing you the articles, and each one will include a link so you can unsubscribe at any time.

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***Photo courtesy of http://optimum-capital.com/wp-content/uploads/2010/06/wealth.jpg

What Are Balance Transfers & How Do They Work

My Personal Finance Journey Homepage

Today’s guest post comes to us from Jeff Weber. Jeff writes about saving money with balance transfers at www.smartbalancetransfers.com/blog, a site designed to help people find the best money saving balance transfer offers.

What Are Balance Transfers & How Do They Work

There are two types of credit card balance transfers: those with introductory offers and those with fixed rates for life.  

An introductory offer transfer means you will receive a 0% or a low interest rate on the money transferred to the card for a limited period of time.  You will commonly see 0% balance transfer offers for 12 months, for example.  A fixed rate balance transfer provides a specified interest rate on the money transferred until the balance is paid in full.  Fixed rate balance transfers are currently not available due to economic conditions, so if you are looking to do a balance transfer, you will need to seek out a card with a low short term rate.

Choosing a Good Balance Transfer Offer

Right now, the best type of balance transfer offers provides 0% interest on the transferred balances for 12 months to as long as 24 months and charge 3% transfer fees. Some credit cards advertise 0% interest for “up to 12 months”; but these offers should be avoided because if you do not qualify for the full 12 months, you could find yourself with only six months of 0% interest. As with any credit card offer, the devil is in the details, so be sure to review the fine print before you being filling out the application.

How To Transfer Credit Card Balances

Once you find a good balance transfer, it’s quite easy to set up.  When applying for a new card offering 0% interest on balance transfers, you can enter the information from your current credit cards directly on the application.  If your application is approved, the credit card will be issued in your name and the balances from the credit cards you included on the application will be transferred to the new card automatically. This can take anywhere from a week to a month, so be sure to continue paying your high rate cards until the transfer clears.

If you are not approved for a high enough credit limit to transfer all of your credit card balances, first transfer balances from your credit cards with the highest interest rates.   If you have good credit, you may want to consider applying for another balance transfer credit card to consolidate the rest of your higher interest credit card debt. Applying for multiple cards can have a negative impact on your credit score, so take this into consideration, especially if you will be applying for a car loan or mortgage soon.


How Much Money Can Be Saved With a Balance Transfer

Carrying $3000 of credit card debt can be expensive. At a 15% interest rate, it can cost you almost $450 a year. By transferring that debt to a 0% credit card, you can save that money. However, because of standard 3% balance transfer fees, your total savings will likely be closer to $300. Despite these fees, a balance transfer can still save you a lot of money.

How much you save after the first year will depend on what your new interest rate is beyond the introductory 0% period.  Ideally, you will choose a balance transfer offer that has a lower interest rate after the introductory period than you are currently paying on your credit cards.  Alternatively, at the end of the 0% introductory period, you could begin looking for a new 0% balance transfer offer to move the remaining balance again so you can continue making interest-free payments on the debt until it is fully repaid.

How about you all? Do you have credit card debt? Have you ever used balance transfers to help diminish the balance you owe? If not, why? Share your experiences by commenting below!

Did you like this article? You can get the complete text of all the latest articles at My Personal Finance Journey in your email inbox each evening by clicking the link below and entering your email address. Your address will only be used for mailing you the articles, and each one will include a link so you can unsubscribe at any time.

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***Photo courtesy of http://uk.creditcards.com/credit-card-news/images/balance-credit-cards.jpg

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