HARRISBURG (AP) — The second full month of legal sports betting in Pennsylvania saw gamblers double the amount they wagered.The Pennsylvania Gaming Control Board said gamblers bet $32 million in January at five casinos and one off-track betting parlor where it approved sports betting.SugarHouse Casino in Philadelphia led the way with $10.8 million in bets, trailed closely by Rivers Casino in Pittsburgh with $9.5 million in bets. The casinos made $2.6 million, while $940, [...]
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الخميس، 21 فبراير 2019
Top 3 TurboTax Alternatives
Filing your taxes online can help you get your tax refund faster. Not to mention, you get to enjoy increased convenience, accuracy, and security.
TurboTax is one of the best tax filing software products on the market today, but it’s only one of many—there are alternatives to TurboTax.
This guide to tax software will help you decide whether or not TurboTax is the best call for you.
TurboTax Alternatives
About TurboTax
TurboTax has been in the tax filing business since the mid-80s. As a result, they are among the most reputable and experienced tax software today.
The Turbotax program offers a simple free version that is ideal for filers who don’t itemize their returns. The free version can also work well for you if you don’t intend to take any specialized credits or deductions.
However, if your tax situation is a little bit complicated, you may need to invest in any of the three TurboTax’s paid versions:
- Deluxe
- Premier
- Self-employed
The price for these paid versions ranges from $39.99 to $89.99. The best thing about them is that they are designed to help you save cash through deductions and charitable contributions.
Moreover, every TurboTax version comes with an Audit Support Guarantee. That means you won’t be on your own if the IRS audits you for any reason.
It’s worth noting that if you find yourself in trouble and need live one-on-one support, you’ll need to get one of Turbotax’s paid versions as the free package doesn’t grant that access.
TurboTax may be an excellent tax filing software, offering valuable functionalities, but one of its competitors might better suit your needs.
Hence, you may need to consider TurboTax alternatives and compare them against each other in a bid to choose the best.
That said, let’s compare TurboTax with its close competitors, TaxAct, H&R Block, and TaxSlayer.
File your taxes with TurboTax>>
TurboTax vs. H&R Block
Both TurboTax and H&R Block offer a free package for basic returns. These free plans also allow you to file some additional forms and schedules.
However, H&R Block’s free plan allows you to file more schedules and forms than TurboTax’s free plan. You can file several state returns with H&R Block’s free plan without paying a dime.
TurboTax’s free plan, on the other hand, allows you to file only one state return for free.
Overall, then, H&R Block is more cost-friendly than TurboTax if you have to file state returns.
When it comes to ease of use and user-friendliness, both providers perform impressively. However, TurboTax is a little bit superior to H&R Block on both the mobile app and desktop platform.
TurboTax’s interview-style tax preparation method, with its simple and straightforward questions, makes the entire filing process easy. The level of tax jargon used in the software is minimal.
While H&R Block has tried to maintain user-friendliness on its mobile and desktop platforms, its questions and explanations are sometimes unclear for users who aren’t super-familiar with legal terminology.
These two providers hold a great reputation for offering exceptional customer support. However, H&R Block would be a better option if you would like in-person support should you run into a serious problem.
This is because it has hundreds of physical offices spread around the country. However, if you don’t mind getting advice online, TurboTax has a lot to offer. Both TurboTax and H&R Block offer their customers access to real tax experts.
File your taxes with H&R Block>>
TurboTax vs TaxAct
Both TurboTax and TaxAct offer a genuinely free “free” plan. That means you won’t pay a dime for filing both federal and state return (as long as you only need one state return).
Both providers also have a number of paid packages, which are geared to support more complex tax situations. If you are looking to itemize your deductions, for example, you’ll find great value in TurboTax’s Deluxe package and TaxAct’s Deluxe+ package.
Both providers have designed their high-end plans to meet the tax filing needs of investors, self-employed individuals, and owners of rental real estate.
When it comes to features and user-friendliness, TurboTax beats TaxAct hands-down.
Its interview-style tax preparation method makes things simple and straightforward. In the case of document importations, both tax filing programs allow for importing of W-2s to save time.
When it comes to customer support, Turbotax would make a better option, especially if you prefer to be walked through every step of the tax filing process. TurboTax features a searchable knowledge base, tons of video tutorials, and online forums, which are invaluable for research on the fly.
However, the most remarkable support feature that TurboTax has to offer is TurboTax Live. TurboTax Live gives you access to an actual CPA to help you review your tax return.
You also get to enjoy unlimited live tax consultation. TaxAct, on the other hand, will give you access to unlimited tax support through in-app email, but you must be a paid user to enjoy this service. If you’re looking to file your own taxes affordably, TaxAct is a smart choice.
You also stand to enjoy unrestricted tax support on the phone if you are a Deluxe+ Premier+, or Self-employed+ user.
If you are a Premier + or Self-Employed+ user, TaxAct entitles you to a dedicated phone line, limited in-app chat, and screen-sharing. Overall, TaxAct seems to offer a better deal, albeit less user-friendly, as it is less expensive but still boasts plenty of capabilities.
TurboTax vs. Tax Slayer
TaxSlayer offers a few packages targeting taxpayers with varied tax situations.
Its Classic and Premium packages are designed for taxpayers who might have somewhat more complex tax situations compared to the average filer who needs to file only a 1040.
Their self-employed package gives you access to some special features if you need assistance in determining what you can and can’t deduct. You’ll also get help on issues that affect small business owners to guide your tax filing.
With the Ultimate package, you get to enjoy the best of what TaxSlayer has to offer.
TaxSlayer Ultimate features premier audit defense, identity theft protection services, as well as unlimited email, phone, and chat support.
Overall, TaxSlayer is cheaper than TurboTax. The primary reason is that TaxSlayer offers fewer features and functionalities.
Nonetheless, you can get all the tax forms from their cheapest package. Hence, if you are experienced in tax filing, you may save a lot of money.
File your taxes with TaxSlayer>>
Bottom Line
Every tax filing software has its advantages and downsides. Some come with features that offer more support to filers in different tax situations.
In the end, the best tax filing software is the one that is easy to use, suits your tax situation, and fits your budget.
You also need a software product that offers reliable customer support, so you can quickly get help whenever you find yourself lost.
TurboTax is very easy to use and provides a wider variety of features and support compared to H&R Block, TaxAct, and TaxSlayer.
It can work well for both beginners and experienced business owners—provided they can afford the price for paid versions.
However, if you don’t like TurboTax for any reason or find the cost of its competitors to be hard to beat, then the best alternatives would be TaxAct, H&R Block, or TaxSlayer.
The post Top 3 TurboTax Alternatives appeared first on Good Financial Cents®.
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Best WordPress Directory Plugin – (Review Updated For Winter of 2019)
The Internet is full of directories. In fact, your website might already be listed on some directories right now.
Depending on the scenario, directories have multiple applications and use cases. For example, Yelp is a popular option for consumers to find a restaurant or service in a specified area based on their search parameters, while a directory like Angie’s List connects people with contractors for things like electrical work, landscaping, and plumbing.
Both of these websites are very different, yet, they are both directories.
Essentially, directories are databases. They serve as an easy way for users to find more information about a particular subject or business.
Regardless of your business type or industry, there’s a good chance you can find a way to implement a directory on your website. Law firms use website directories to list their lawyers and employees. Real estate companies have directories for their listings as well as their agents. A retail chain probably has an online directory for its store locations.
If you’re using WordPress, adding a directory to your website is simple. You just need to install a plugin.
Key features of a WordPress directory plugin
Since the word “directory” is so vague and has tons of potential applications, it can be a bit challenging at times to find the best WordPress directory plugin for your website. So before I go through my list of the top options for you to consider, I want to briefly explain what to look for in a directory plugin.
- Payment options (for those of you who will charge for directory listings)
- Location-based searches with integrated maps
- Fully customizable form fields
- Easy ways to add and adjust directory listings
- Ways for customers to rate and review businesses
- Back-end tools
- Front-end submission features
- Shortcodes that make it easy to add a directory anywhere on your site
- Media support
You won’t necessarily need every feature on this list. It really depends on your company, your website’s purpose, and the type of directory you’re trying to create. As we continue through this guide, you’ll see these features and many more offered by the directory plugins I’ve listed. So use this list as a reference to help you find the best WordPress directory plugin for your site.
1. GeoDirectory
GeoDirectory has one of my favorite search interfaces of all the directory plugins on the market. With GeoDirectory, you’re able to create a massive global directory on your website. This is a great option for those of you who are looking for a free WordPress directory plugin as well.
They make it easy for website visitors to find exactly what they’re looking for without sacrificing the look and visual appeal of your website.
This plugin offers a front-end form that allows other businesses and users to submit listings, so scaling your directory is limitless.
When someone searches for a business on your website, the listings are displayed by proximity, so users can see the closest and most relevant options to them first.
As the name implies, GeoDirectory is integrated with Google Maps. There is a large and clickable map next to every listing in the directory. Users can find directions to the location directly from that map without having to leave your website.
While most of the features are free, you can buy add-ons for things like:
- Paid listings
- Reviews
- Multi location support
- Advanced search
- Events
- Option for businesses to “claim” their listing
GeoDirectory is also multi-site compatible, so I recommend it to developers who will add it to their clients’ sites or to those of you who plan to build a network of directories.
If you’re building your directory website from scratch, you could also consider purchasing the directory themes from GeoDirectory as well. But, this plugin will work with any theme, so you’re not obligated.
Merchants with listings on your directory will have access to Google Analytics data. This feature will show them how much your site is helping their company. You can use that to potentially justify your pricing if you plan to charge for listings.
Overall, GeoDirectory is a top option for anyone who wants to build a large and scalable business directory.
2. Advanced Classifieds & Directory Pro
Advanced Classifieds & Directory Pro made my list is because its potential applications are seemingly endless. You can use it as a platform for classifieds, similar to Craigslist, or go a completely different direction and use this plugin for something like a directory of movie ratings. Maybe you want to add a travel guide directory, wedding directory, restaurant guide, or real estate portal to your website. All of these options are possible with the Advanced Classifieds & Directory Pro plugin for WordPress.
Similar to other plugins on our list, Advanced Classifieds & Directory Pro is free to install. But it offers premium add-on features that you can purchase. One of my favorite add-on features is the listings slider.
The plugin has a user-friendly interface for businesses to manage their listings on your website. This area also lets those businesses see their payment history and renew their listings directly from the platform. This plugin can integrate with Stripe, PayPal, and WooCommerce for payment processing, and even supports offline payments, meaning you can accept checks from local businesses that don’t want to pay online. This can be a way for you to save some money by avoiding a payment processing add-on. Merchants will automatically be notified via email when their listings expire. They will also receive a confirmation message when payments have been received.
Advanced Classifieds & Directory Pro lets you organize listings by category, which is something you should take advantage of. An advanced search widget is also available from Advanced Classifieds and Directory Pro, so users can narrow their options by category, location, keywords, and more. All of these flexible features make this one of the best WordPress directory plugins you’ll come across.
3. Business Directory Plugin
The Business Directory Plugin is an all-in-one option for WordPress directories. It offers some of the key features that I look for in a directory plugin:
- Media support
- Customized form fields
- Payment processing
You can also purchase add-ons to enhance your directory with the Business Directory Plugin. If you’re going to use these add-ons, I’d recommend buying the package. The combo pack is $199.99 for a single site and $399.99 for multiple sites. It may sound pricey initially, but considering the price for each add-on starts at $69.99 and $139.98 (for a single site and multiple sites, respectively), it’s actually a great deal.
They have add-ons for premium features like:
- 2Checkout gateway
- Discount codes
- Ability for businesses to claim listings on your site, similar to Yelp
- Google Maps integration
- File attachments module
- PayPal gateway
- Ratings
- Stripe integration
Even though you’ll have the option for premium add-ons, you can install and use this plugin right out of the box for free. The plugin also comes with a built-in reCAPTCHA tool to avoid spam listings on your directory.
The Business Directory Plugin also has a featured-levels module. This is perfect for those of you who are using this directory to generate recurring sales by implementing subscriptions. Here’s how it works: You can set up your site to offer specific features for paid listings. For example, a business that pays to be listed can have unlimited character counts, images, and maps, whereas a free listing wouldn’t get these features. Business Directory Plugin even lets you specify between payment tiers based on the features you offer.
This plugin really gives you all of the tools that you need to compete with the giant names in the directory industry. I’m not saying that all of you should try to be the next Yelp or TripAdvisor, but if that’s your goal, you should definitely consider trying the Business Directory Plugin. I think it’d be super smart to create a directory in a very niche area that’s not well-represented or easily searched for in an existing directory.
4. LDD Directory Lite
LDD Directory Lite is extremely easy to install, which means you can get a directory up and running on your site in just minutes.
It’s another free WordPress directory plugin with add-on options available for purchase. Compared to some of the other plugins out there, these premium upgrades are fairly inexpensive, ranging around $10 to $20.
The LDD Directory Lite shortcode makes it possible for you to add a directory to any page or post on your WordPress site. Once the shortcode is added, the directory gets generated automatically. This solution makes it one of the most lightweight (hence the name) directory plugins available.
Once the plugin is installed, you have seemingly endless customization options. You completely control how the directory looks and feels on your site. Some of the top add-ons include social media and Google Maps integrations.
By using this plugin, you’ll benefit from a modern design. It’s ideal for WordPress users who aren’t too tech-savvy and don’t want to play around with confusing features, but still want a good looking result.
LDD Directory Lite is compatible for front-end submissions. It’s easy for website visitors to view your listings and navigate without any trouble as well.
You can set up email notifications related to listings. Businesses that have listings on your site have the power to customize and make edits from the front end as well.
I recommend it to anyone who wants a simple directory plugin that’s powerful and won’t weigh down your website.
5. Directories Pro
Last, but not least, is the Directories Pro WordPress plugin. It’s extremely responsive and uses caching to optimize the performance of the directories from both desktop and mobile devices.
The plugin offers an advanced search and filter for your visitors. You can even enable an auto-suggest feature in the search forms.
All of the fields are completely customizable. Each listing can have fields like tags, locations, reviews, and categories.
One of the best features of Directories Pro is the content display editor. It’s easy for you to use the drag and drop editing options to customize the directory without having to use any code. Some of the other top features include:
- Map integration
- Paid listings
- Claim listings
- CSV import and export
- Customized email notifications
With Directories Pro, customers can rate and review the listings on your directory without having to register, login, or create an account. So you’ll likely get more reviews that will improve your directory.
It’s easy to build multiple directories with this plugin as well. You also have the option to clone or migrate your directories from one site to another. All of these features make Directories Pro one of the best WordPress directory plugins for developers and average users alike.
Conclusion
There are so many different ways to add a directory to your website.
Some of you might be trying to create giant business directories that will compete with the big players in this industry. Other websites will create local directories in niche categories. You might even just want a directory for something simple, like your staff.
Regardless of your situation, you can add a directory to your WordPress site with ease by installing a plugin. So use this guide to narrow your search. Look for the option that has the specific features you need to help you find the best WordPress directory plugin for your website.
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14 Frugal Failures, or When the Bottom Dollar Isn’t the Best Answer
My usual approach to any spending decision – any time that money leaves my checking account – is to make sure I’m getting the most value for the dollar. Almost every time, I’m happy with the overall outcome. I got the result I desired with close to minimal expense.
There are times, though, when things don’t go quite as planned. Sometimes, I’ll find that a seeming bargain isn’t an actual bargain.
Here are 14 examples of situations over the last few years where I believed I was operating in a frugally sensible manner, only to have the situation backfire badly. In each case, I learned a lesson and was able to hone my frugal sensibilities a bit better going forward.
Failure #1: Letting Frugality Harm a Relationship
I used to go out to lunch occasionally with a married couple that I knew from my college years. They always wanted to go to really expensive places for lunch, so I started suggesting cheaper places. At first, they went a few times, but then they started declining my invites and not offering any in return.
I later found out that these friends thought I was trying to impolitely avoid them. They wanted to have some classy long lunches with an old friend, whereas I kept insisting on cheap ethnic places where the meal would be done in 20 minutes. They felt I was trying to get meals done quickly and get away from them and was only doing it out of obligation.
The mistake I made here was looking exclusively at the price rather than the big picture. Often, when someone invites you out to eat, they’re doing it because they want a nice social experience with you, not because they want the cheapest decent meal out there.
Luckily, I was able to repair the friendship and we still go out to eat every once in a while, usually at a place where it’s pleasant to linger and converse for a while.
Lesson learned: A meal with an old friend might have more meaning than simply the least expensive decent meal in town, so if it’s done irregularly, don’t be afraid to go somewhere nice for an occasional meal with a good friend. Also, be sure you’re communicating well with old friends, as that will often resolve a lot of issues right away.
- Read more: Friendships and the Financial Turnaround
Failure #2: Buying Cheap Tires
The tires on my wife’s car were getting thin. A friend suggested that we buy some really good used tires from a place he recommended and, at first glance, the tires seemed great for the price. They weren’t the type I usually buy, but the price seemed really good and the wear seemed minimal, so we went with them.
There were a few problems, though. One, the tires caused a significant change in fuel efficiency. My wife was suddenly fueling up more frequently than before and her car noted a roughly 10% drop in fuel efficiency due to greater tire contact with the road. Two, the tires seemed to wear down extremely fast, causing us to have to replace them faster than we ever expected. Three, they didn’t handle very well at all in wintry conditions.
We went back to our preferred tires and the fuel efficiency rebounded to previous levels and the car’s handling in winter weather improved drastically. The price per mile on the good tires is already less than those off-brand used ones and we’re not even counting the fuel savings.
Lesson learned: “Too good to be true” prices are often just that. There’s nothing wrong with trying out a new product, especially if the price is good, but be wary, especially when it’s a product you really rely on. I’m probably not buying cheap tires again – tires fall into a class of “stick with something you trust that works well” because they’re relied upon so heavily.
Failure #3: Overinvesting in a Hobby
I really enjoy home brewing as a hobby, but I mostly do it roughly at cost. Let me explain. I have a handful of equipment for home brewing that I received as gifts over the years and I’ll occasionally make a batch of home-brewed craft beer that ends up costing about as much as buying a similar craft beer at the store (maybe a bit less, depending on what I’m making).
A few years ago, I went through a phase where I was really into it. I made a bunch of batches in a single year, went to some local meetings, traded some bottles with other home brewers, gave away six packs as gifts, provided home-brewed beer for a party, and so on.
During that phase, I decided to start scaling up my gear. I ended up spending money on a few items that really pay off if you’re home brewing frequently, but aren’t really necessary if you’re only making one batch every few months.
Well, I still participate in the hobby, but my frequency has declined back to earlier levels. To make matters worse, I only bought some of the equipment needed to “gear up” to a higher throughput, so my entire process now is a little weird, involving me having to move my batches back and forth between two different areas in my home.
Lesson learned: There’s nothing wrong with investing in a hobby, but make sure it’s something you’re deeply passionate about and ready to take to another level. Think through that move thoroughly first and don’t put yourself in a position where things actually work worse than before because you didn’t think through your upgrades. I should have waited and fully planned out the upgrades and really considered whether they were necessary instead of buying random copper piping without a better plan.
Failure #4: Buying Cheap Walking Shoes
I bought a pair of very inexpensive shoes mostly meant for walking around our neighborhood. They seemed to fit well and had decent but not spectacular reviews online, but the price seemed good.
Within a week, I was hobbling around with foot pain and some back pain from the awkward walk I had adopted. My feet were killing me and so I went back to my old shoes temporarily. The pain abated quickly, even though those old shoes were falling apart.
Rather than giving it another try, I just bought a replacement pair of the same “good” shoes that were falling apart. They cost about three times as much, but they work much better. It turns out that a good pair of New Balance walking shoes is far better than the cheap-o special.
Lesson learned: If you rely on something every single day to keep pain and discomfort at bay, be very careful and thoughtful with that purchase and don’t be afraid to move on quickly if you find yourself in pain or discomfort. Shoes definitely fall into this category, especially if you walk or run a lot.
Failure #5: Freebie Pen Failure
I was at a community event where someone was handing out free pens. I grabbed one, stuck it in my pocket, and used it a couple of times during that day. Sweet! A free pen!
By evening, the pen tip had bent, causing the blue ink to rush out of the pen and all over my clothes, ruining them. I had to toss one of my favorite shirts.
There’s nothing wrong with having a free pen in a drawer somewhere to sign a piece of paper or fill out a quick form, but don’t carry it around with you. You’ll regret it.
Lesson learned: Don’t keep a cheap pen in your pocket. Even if it’s free, the potential cost just isn’t worth it. If you write a lot, spend $0.80 and get a decent clickable pen or a pen with a good cap and a sturdy body to carry with you. I’m sticking with my Uniball Signos going forward.
Failure #6: Leaving Leftovers Behind
I’m very diligent about putting aside leftovers for the future. After dinner, I’ll package up what’s left behind into individual meal containers or some other method of storage that’s likely to be useful.
Where I often fall short is remembering to eat those leftovers – or, sometimes, when I do think about them, actually eating them.
The end result is that sometimes leftovers are found in the fridge and they’re far past when they should be used. They have to be dumped out, and that’s just wasted food (and thus wasted money).
There’s really a twofold problem here. One is remembering the leftovers, and two is making the leftovers appealing.
Lesson learned: To make sure I remember leftovers, I stick a reminder in my phone for 11 AM on the day I think I’ll eat those leftovers. It pops up reminding me of the leftovers that are waiting for me, so I don’t have to think about it. I can just eat. To make sure leftovers are appealing, I’ve started adding a little extra seasoning or some other ingredient to gently remix the leftovers. If I have leftover curry, I’ll add a bit of extra sauce or curry powder. If I have leftover spaghetti, I’ll add a bit of shredded mozzarella. It’s really easy to do this kind of tweak and it makes leftovers far more interesting.
- Read more: 10 Smart Ways to Use Leftover Rice
Failure #7: Don’t Lowball a Contractor
I’m still going to call this a failure, even though it was honestly a failure that was narrowly averted.
Recently, we had some work done on our home that was a bit outside of our skill level. We decided to contract out the work and so we got several bids for the job.
My natural instinct was to go for the lowest bid. The person seemed pleasant enough and the bid wasn’t absurdly low compared to the others.
Just as we were about to say yes, I asked my social network for feedback on a number of contractors and got a note from two different and unrelated people telling me that this person did shoddy work – not intentionally bad, but just shoddy and not well-finished or professional.
I was literally ready to sign the papers within 24 hours when I got that update. Due to the suggestions of other friends, we ended up going with a somewhat more expensive contractor (about 25% more) who did a fantastic job.
Lesson learned: Don’t hire the cheapest contractor just because that contractor is cheap. It’s okay to be price conscious, but choose a contractor with a good reputation. The cost of a contracted job going bad will blow away whatever you saved by going with the cheapest option. Trust your social network and their recommendations.
Failure #8: Overbuying cheap supplies
I found a great deal on blank notebooks a few years ago. They were the exact kind I like the best and were selling for about 20% of the price that they normally sell for. They were legitimate, too – I was able to inspect them before buying.
I bought them all without skipping a beat. It was a great bargain, except…
I write in my notebooks a lot, but four years later and I still have shelves of these notebooks. I’ve sold some of them and used a ton of them and I still have a lot of these notebooks sitting around. I probably have a lifetime supply of these notebooks, and they just take up space.
Lesson learned: There’s nothing wrong with buying an item in bulk that you’re sure you’re going to use, especially when it’s at a discount, but there is an upper limit to this. Don’t buy so much of an item that it’s likely to exceed your natural life because you will have to deal with storing it.
Failure #9: Frugal Repair Mistakes
Several years ago (this is probably the earliest “mistake” in this article), I tried replacing a toilet. Everything was fine except that when I removed the toilet, I accidentally bent the water valve without noticing it, so when I turned the water back on, there was a pretty steady leak. I had no idea what to do next, so I spent an hour looking through a DIY book that I had and eventually figured out how to fix it, but I ended up turning a 30-minute job into several hours of confusion, a number of additional parts, and a ton of additional cleanup.
If I had simply prepared ahead of time and read all of the caveats of the procedure in the DIY book to begin with, I would have saved myself a ton of time.
Lesson learned: If you’re trying a new home improvement project, make sure you read through the procedure first and watch lots of videos. Also, make sure you know how to handle things that might go wrong. For example, if you’re doing something with the water, make sure you know how to turn off water in the room and for the whole apartment or home. If you’re doing something with electricity, make sure you know how to turn off the breaker for that area.
Failure #10: Understanding Your Home’s Wiring
This one’s comically easy to avoid, but still worth noting here.
We had some improvements done to our home recently and part of those changes involved a small amount of rewiring, for which we hired an electrician for a day’s work. What we didn’t understand at the time was that there was now a new GFCI breaker installed in an outlet, but that outlet was on a circuit that included our deep freezer.
We accidentally tripped this breaker and so we went out to the breaker box and couldn’t find any breakers that had been flipped. Our conclusion? Something must have been wired wrong.
We call the electrician, who isn’t sure what’s going on but agrees to stop by and check.
Life goes on. Two days later, my wife notices that our deep freezer is “broken.” This arouses further suspicion that something is going on with the breakers and I go out and check them again. I then literally start investigating every single bit of new wiring done for the project and eventually discover the GFCI breaker, which wasn’t there before. A single button push and suddenly the new outlet is working, as is the deep freezer.
We lost some food and almost lost money spent on calling in an electrician simply because we weren’t aware of the basic functions of our home.
Lesson learned: Know the electrical wiring of your home. Know where the breakers are (including the outlet breakers), the water valves, and so on. Knowing those things can save you a lot of money and stress – and possibly keep you from losing a lot of food.
Failure #11: Making Things Yourself Without Figuring Out the Full Cost
There are a lot of things that are much cheaper to make at home than to buy elsewhere. Most family dinners, for example, are far cheaper to make at home. Coffee (provided you buy roasted beans) is much cheaper to make at home. Naturally, knowing this can cause a person to start defaulting to making as many things at home as possible.
The catch, of course, is that there are a lot of things that aren’t cheaper to make at home.
Sarah was frustrated in October with the lack of interesting Halloween costumes available for our children and decided to make a couple from scratch. After investing roughly 50 hours worth of effort along with several trips to a craft store and a fabric store, she ended up spending more on materials than a similar costume in the store (though hers did look better) and invested many, many hours in the costume.
About halfway through the process, she regretted it, not because she didn’t enjoy making the costume, but because it ended up being a time and money investment far beyond simply purchasing a basic costume.
This isn’t the first time this has happened. I’ve made many food items that ended up costing far more than just buying them at the store (often because I had to make a larger volume than necessary or else things would go to waste). My experiments with preserved lemons come to mind.
Lesson learned: Unless you’re doing something strictly for fun or learning, make sure you’re doing the math beforehand when making something at home. It can often end up costing more than just buying the item at the store.
Failure #12: A Good Price Isn’t Enough
Just because something is available at a stellar price doesn’t mean you should buy it immediately, even if you think you might flip it or you think you might use it. Save your money for stuff you will use or that you will flip immediately.
A while back, I bought a bunch of items at a kitchen supply store as it was going out of business. The prices were stellar and I thought I’d end up using some of the stuff and flipping some of the other stuff.
I ended up putting about three items in our kitchen. I then sat aside the other items in a box that wound up in our garage.
I found this box just a few days ago. The items in it were bought three or four years ago and just sat there since. A few of them aren’t usable any more (I think temperature change affected them). I might use one or two of the remaining things. I can still flip some of the others, and I might recoup the cost.
What a waste of money.
Lesson learned: Don’t buy things just because they’re on sale or the price is great. Do you actually need this item? Do you have the capacity to extremely quickly flip this item and earn a tidy profit for your effort – meaning, do you have the time to do this and know how to instantly find someone to buy it? If you can’t say a strong “yes” to one of these things, then you shouldn’t be buying the item.
Failure #13: Buying Cheap Replacements for Daily Use Items
We store a lot of food. We do meal prepping, which means we prepare full meals in advance and store them in the freezer. We save leftovers virtually every night. We often put aside ingredients for future meals, like chopped vegetables.
For a lot of this stuff, we’ve always used cheap containers that don’t stand up to a lot of repeated use. In with those cheap containers, we have a handful of nicer containers we’ve picked up here or there that stand up to a lot of use.
I recently ran the numbers and I found that the cost per use of the expensive storage containers (Pyrex) was less than the cost per use of some of the cheaper containers that we wound up tossing. In fact, it wasn’t even close.
We’re not buying the cheap containers any more.
Lesson learned: If you use something daily (or close to it), make absolutely sure that what you’re using gives the best value per use, not the lowest price. If you’re not sure, go for the sturdy and reliable version because you’ll be able to invest less time in shopping for replacements later on.
Failure #14: Rebates
As I was clearing out my office, I came across a rebate form and a receipt for our home printer. Great! I can send it in for cash, right?
The rebate expired in 2016.
Rebates seem like a great thing, but if you don’t do them immediately, they quickly lose their urgency and are forgotten. That’s often why manufacturers offer rebates in the first place – they get forgotten or overlooked by the customer, so the manufacturer never has to pay out.
Lesson learned: Unless you are going to fill out a rebate immediately, just ignore it. If you’re not going to fill it out immediately, then it’s very likely that you’ll never fill it out and it ends up being wasted money.
Final Thoughts
Frugality is not a perfect science. It’s just as fallible as anything else we do in life. It’s failed by forgetfulness. It’s failed by a lack of preparation. It’s failed by laziness.
The key thing, always, is to look at those situations where things go wrong and ask yourself what you could have / should have done differently. That way, you can take that lesson with you and apply it the next time around.
Good luck!
Read more by Trent Hamm:
- Breaking Out of the ‘Cheap’ Cycle
- The ‘Buy It for Life’ Compendium, Vol. 2
- The 10 Most Valuable Financial Lessons I Learned Last Year
The post 14 Frugal Failures, or When the Bottom Dollar Isn’t the Best Answer appeared first on The Simple Dollar.
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How a Simple Mortgage Refinance Saved Me From Credit Collapse
Refinancing a mortgage won’t cure all of your financial ills, but it can be a great start.
I first learned about refinancing a home several years into my first stint as a homeowner. At age 25, I decided to use the money I’d managed to save from my first job as a copy editor and buy a condo. No, I wasn’t well-off at the time, but this was before the housing crisis, when mortgages were basically being handed out like Halloween candy.
Immediately after college, I’d moved into an apartment in Weehawken, N.J., and began working at a newspaper in Jersey City. When my landlord notified tenants that he planned to double the rent and empty out the building, I slunk back to my parents’ house and was allowed to live there for a year. It gave me enough time to save up for a modest (under 20%) down payment on a one-bedroom condo in Verona, N.J., but not without signing onto a five-year, adjustable-rate mortgage with a rate of nearly 6.6%.
Even as I signed the mortgage, I had a feeling it was a really bad idea. I was four years into a 10-year payment schedule on my student loans, and I wasn’t making sound financial decisions at that point in time. I was driving a 15-year-old Ford Taurus that cost me $500 every time it went in for repairs when an accident not only raised my insurance rates, but forced me into my second Ford Taurus – this one 12 years old. If you need further evidence of my mid-20s financial foolishness, consider this: I purchased it with a cash advance on a credit card that I’d been issued through my family’s credit union of choice.
- Read more: 10 Common Money Mistakes 20-Somethings Make
I managed to open a second credit card – an American Express Blue with revolving credit – largely because I kept paying my mortgage and student loan on time. But I’d already cost myself 5% of the value of a terrible used car just by taking out a cash advance, and I was inflicting higher interest rates on myself thanks to my bloated credit card bill (of which I was paying little more than the minimum).
Little more than three years into my mortgage, I knew I needed help. I asked family members who’d recently refinanced their homes how they did it, and they pointed me toward a broker who’d come to their homes and reviewed their finances with them.
I had this broker come over to the condo and laid bare my shame: My mortgage, my student loan balance, my credit card bills, and my monthly payments, all fanned out on my kitchen table. He showed me how much equity I’d built in the condo just by making payments and pointed out that my student loan balances were actually much lower than when I’d bought the condo for the same reason.
He noted that my existing home equity could completely cover my outstanding bills, and — because mortgage rates had dropped by more than a point since I first bought the home — a refinance could blend it all into one monthly payment that was lower than my mortgage payment to that point.
Refinancing and Your Credit
That would take me back to zero, but it was going to be difficult to stay there if I kept treating my credit like free money.
It was at that kitchen table that the broker showed me what our colleagues at CreditCards.com love to hammer home: The five components of your FICO credit score.
The biggest slice, 35% of your credit score, is your payment history, which was working in my favor after several years of on-time payments. However, the next biggest piece is credit utilization, or how much of your available credit limits you’ve used up. That accounts for a whopping 30% of your credit score, and with my credit card balances far above the 25% to 30% usage threshold that experts recommend staying well shy of, .
Another 15% of your credit score comes down to the age of your credit history, and mine was still less than a decade old and not exactly untarnished. But refinancing could help change the biggest negatives to positives. As credit card expert John Ulzheimer points out, credit card balances are considered riskier “revolving debt” that counts against your utilization ratio, while a refinanced mortgage is an installment account secured by an asset – basically, if you don’t pay the mortgage, the lender can take the house back to cover its losses.
“When you carry a high percentage of credit card debt compared to your credit card limits, your credit scores are going to almost certainly begin to trend downward,” Ulzheimer says, while a large mortgage balance won’t have much of an impact on your utilization ratio.
So a refinanced mortgage isn’t as much of a credit risk for a lender as a weighty credit card balance. But there’s a lot more at stake for you if you run up debt again and can’t make the payments.
That makes the next step after refinancing and debt consolidation the most important. For me, it meant putting my revolving-debt credit cards through a shredder and leaving myself with only a debit card and an American Express green card, which requires cardholders to pay their balance monthly.
A little more than a year after I refinanced, I was working at a newspaper in New York that had a sister paper in Boston. My sister was planning to move up there, and several of my friends from college had already settled there after school. I checked with a real estate agent to see how quickly my condo could sell, and discovered its position near public transit to Manhattan and the minor changes and repairs I’d made to the place (paint, light fixtures, and a new stove and dishwasher to replace their 1970s predecessors) made it more valuable than when I’d bought it.
To my surprise, the best offer came in at $84,000 more than I’d paid for it, and I moved up to Boston a month later with zero debt and a nest egg to boot. That surplus became my emergency fund and, while I was fortunate enough to never have to make substantial withdrawals, it made it much easier not to turn to revolving credit cards in a pinch. Years later, after I’d met someone and married, that emergency fund came along with us and served as a portion of the down payment on our new house.
To this day, a portion of each month’s pay and any tax refunds we receive goes directly into that emergency fund. It’s the legacy of a shaky real estate purchase, but a reminder of the refinancing and reassessment that built our sturdy financial foundation.
Read more:
- Refinancing Your Mortgage to Pay Off Student Loans? Sounds Tempting, But Use Caution
- Five Home Improvements Worth a Discount on Your Homeowners Insurance
- Should You Use a Personal Loan to Pay Off Credit Card Debt?
The post How a Simple Mortgage Refinance Saved Me From Credit Collapse appeared first on The Simple Dollar.
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This All-in-One Banking Account Will Let You Close Your Other 382 Accounts
“Our life is frittered away by detail. Simplify, simplify.” — Henry David Thoreau
If you’re like most Americans, you’ve got a bunch of different financial accounts in a bunch of different places.
There’s your checking account. Maybe a savings account. If you’re thinking about the future, you’ve got an investment account of some kind. And of course, your cash-back credit card account. And on and on…
So many accounts! Too many accounts scattered everywhere! It muddies your financial thinking. It adds unnecessary stress to your money management.
Take Thoreau’s advice: Simplify, simplify.
Consider keeping all your money in one place that lets you pay bills, build your savings, earn interest and get cash back. Aspiration has just launched an all-in-one account where you can take control of all your money in one place.
Here’s what it offers:
- The online account gives you a debit card with no ATM fees, so you can use any ATM you want.
- It pays up to 2.00% APY on your savings.
- It also comes with a debit card that gets you 0.5% cash back on purchases. It basically turns your debit card into a cash-back card.
- The company also offers two investment funds for middle-class investors. They require only a $100 minimum investment.
Declutter Your Financial Accounts
Aspiration makes it easy to use an online account. Its mobile app lets you access the account from anywhere, and deposit checks from your phone. It offers unlimited ATM fee reimbursements. It’ll pay your ATM fees anywhere in the world.
There’s no monthly fee and no minimum balance. All of Aspiration’s services work on a “pay what is fair” model. You choose your price and pay as a “tip” — up to $10 a month and as little as $0.
It’s also easy to set up. The whole sign-up process takes about 20 minutes, and you can open an account with just $10.
Investing Through Aspiration
Aspiration offers two investment funds for middle-class investors. They are:
- Flagship Fund: This mutual fund has a goal of safe long-term growth.
- Redwood Fund: This fund invests in companies with sustainable, environmental and socially responsible practices.
Because they require only a $100 minimum investment, they open up financial services that were traditionally only available to elite investors.
Bonus: Donate to Charity
Aspiration’s a do-good company, focusing on sustainability and charity. You can give to your favorite causes directly from your Aspiration account. Just enter an amount you want to give, and select one or more causes — poverty, water, education, etc.
Plus, when you refer a friend who opens a Aspiration account, the company will donate $25 to your favorite charity and to your friend’s, too. That’s all on top of the 10% the company already commits to donate.
The bottom line: You don’t have to keep your money in a bunch of different places to achieve all your financial goals. You can do it all with this company.
Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. He likes to quote Henry David Thoreau in pretentious attempts to sound intelligent.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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