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Update on Our Shopping List, February 2012

Mon, 06 Feb 2012 20:45:00 +0000

It’s been awhile since I’ve given an update on our shopping list , so I thought I’d bring you all up to speed in this post. Here’s what we’ve accomplished in the past several months as well as our plans for the next few months: Vacations — We completed our Caribbean cruise in January (details coming soon). It wasn’t the most frugal trip, but it was a blast. Next on this front is planning out summer (trips to see family) and fall 2012 trips (potentially a trip to Chicago during Christmas season). Furniture — Still need a couple recliners or a second couch for the living room and perhaps a desk for my daughter’s room. This is the item that we just can’t seem to get past. Bed — It’s time for a new bed for us. I hate bed shopping more than I hate doing taxes. But I’m (grudgingly) putting it on the list. Snowblower — Old/smaller one was given to a neighbor who needed it. New/bigger one has a nice place in our now-cleaned-out garage. Landscaping — Completed “phase 2″ last summer which included some rock as well as plantings around the house. We also had our yard professionally sprayed since what I was doing wasn’t fighting off the weeds. We’ll be planning for “phase 3″ soon which looks like it could include the removal of some dead trees from our property (and replacement plantings). Attic insulation — Really want to do this in 2012, but it may take a backseat financially to the landscaping. Tablet — Thinking of getting an iPad or other tablet as a laptop replacement when I travel. Repair — Had repair work done below our fireplace. Next we’re considering getting an updated fireplace unit (old one is 20 years old) but am not sure what we’ll do. Car — My wife’s car is now eight years old and my son is close to driving age. Does anyone see a “transition car and new car purchase” in our future? I think that’s it, but as you can see, the list is kind of a moving target as we decide we don’t need certain things and do need others. How about you? What major purchases do you have planned for the rest of 2012?

How to Get Affordable Dental Care Without Insurance

Mon, 06 Feb 2012 20:25:46 +0000

Can’t afford a trip to the dentist? You’re not alone. The cost of dental care has consistently risen by nearly twice the average rate of inflation over the past half-century. In addition to rising dental costs, the number of consumers with access to dental insurance decreased 5.7% from 2009 to 2010 alone, leaving only about How to Get Affordable Dental Care Without Insurance is a post from the Money Crashers personal finance blog .

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How to Get Affordable Dental Care Without Insurance

What Is the Freecycle Network – Give & Get Free Stuff

Mon, 06 Feb 2012 16:45:14 +0000

We all love saving money on items we buy – but getting stuff for free is even better. Thanks to the Freecycle Network, finding freebies is now easier than ever. Plus, using the site is a great way to get rid of clutter in your home, and it costs nothing. The concept of Freecycle is What Is the Freecycle Network – Give & Get Free Stuff is a post from the Money Crashers personal finance blog .

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What Is the Freecycle Network – Give & Get Free Stuff

Three Questions to Ask Yourself about Preparing Your Own Taxes

Mon, 06 Feb 2012 15:45:00 +0000

MSN Money gives you three questions you should ask yourself to determine whether or not you should do your own taxes . Their list: 1. Are you prepared to give your taxes your time? 2. Are you prepared to put up cash to hire a preparer? 3. Are you prepared to deal with the complexity of the federal code? Here’s my take on these three questions: Time The article says that the IRS estimates the average taxpayer needed 23 hours to do his 2010 tax return — 32 hours if a Schedule C for business or a Schedule E for rental properties was filed. This assumes you have a fairly simple return with a limited number of deductions. I don’t have a simple return and I have a lot of deductions. So I’m way past the 32 hours estimate. That said, even if you hire someone to do your taxes, there’s still a lot of work to do. I have to get all my files and paperwork together to give to my CPA. I then summarize everything (Quicken helps tremendously with this) and type out specific thoughts for him to consider as he does the taxes. I’m guessing this takes 20 hours. Assuming completing my taxes from start to finish takes 40 hours, I’m saving 20 hours by having a CPA handle them. At $20 per hour (plug value of my personal time), that’s $400 in time-savings alone by hiring a CPA. Cost Paying a preparer isn’t really an issue for me. It’s not like we’re talking $10,000 or something here. It’s a few hundred dollars and can be deducted as a business expense. Complexity I am NOT prepared to deal with the complexity of the federal code (not to mention our ever-changing state tax code). In addition to the time noted above, there’s the frustration factor. 20 hours lying on a beach, watching TV, enjoying your family, playing video games, etc. is one thing. But 20 hours sorting through the tax code, trying to decipher what number goes where, is more akin to 20 hours of water dripping on your head. Or 20 hours of screaming endlessly into a pillow. Or 20 hours of holding your breath. You get the idea. Those 20 hours I get rid of are very unpleasant hours. Yes, tax software can help. And I’ve tried it in the past. But sometime software makes assumptions to make things “easier” for you — and those assumptions aren’t always true. So I found myself checking and re-checking what the software was putting in each box. This, of course, added more time to the entire process. Other Considerations Then there’s the planning/advice/feedback part of tax planning that you don’t get unless you have a preparer. And you have to have the right kind of preparer at that. My former CPA didn’t offer any sort of help, but my new CPA does, and without charging me any extra. In the end, it all comes down to the same thing every purchase comes down to: is it worth the cost? For me, the time savings, frustration factor, accuracy of the return, knowledge of the code (which can lead to extra savings), and planning issues make using a CPA to do my taxes a no-brainer. How about you? How do you prepare your taxes and why?

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Three Questions to Ask Yourself about Preparing Your Own Taxes

10 Best U.S. Cities to Live In

Mon, 06 Feb 2012 15:35:17 +0000

Americans are mobile people. In fact, the U.S. Census reports that about one in six Americans move each year. Though most moves are local, nearly one-sixth of all people who move change states. Finding the home that is right for you largely comes down to personal preferences, and the cities in this country have such 10 Best U.S. Cities to Live In is a post from the Money Crashers personal finance blog .

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10 Best U.S. Cities to Live In

Flexibility or Salary: Which Do You Value More?

Mon, 06 Feb 2012 09:29:00 +0000

Kiplinger highlights a salary versus flexibility survey of Gen Y workers with this being the most controversial finding: About one-third of the respondents, representing college students and young professionals from around the world, said they’d choose more personal freedom, or flexibility, in the workplace over a higher salary. What does “flexibility” mean in this case? It includes: The opportunity to access Facebook, Twitter and other social media outlets at work for personal — as well as professional — use. The ability to choose the tablets and smart phones they use for work. The right to work remotely with a flexible schedule. The piece then has a debate between two writers — each taking the opposite side of the issue. I like both a good salary and flexibility. But if I had to choose between one and the other, it would depend on the circumstances. For instance: If I made $30,000 with no flexibility or could make $25,000 with flexibility, I’d probably take the no flexibility as I’d need all the salary I could get to feed my family. If I made $60,000 with no flexibility or could make $55,000 with flexibility, it could be a close decision. If I made $100,000 with no flexibility or could make $95,000 with flexibility, I’d probably take flexibility since my base salary was high enough and flexibility is worth $5k to me. If I made $100,000 with no flexibility or could make $80,000 with flexibility, I’d probably take no flexibility since $20k is a lot to pay to work at home. In the end, it seems to come down to two issues: The base salary with no flexibility. How much salary you have to give up to get flexibility. Of course, if you can get flexibility without a pay decrease, then you’ve hit the job jackpot. The one aspect of flexibility that I especially like above is the last one — working remotely and with a varying schedule. I’m fine with working at 6 am or 9 pm to handle needed business issues if I could be flexible at other times to take time off. How about you? What’s your take on this trade-off?

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Flexibility or Salary: Which Do You Value More?

Christians Are Better Investors

Sun, 05 Feb 2012 11:05:00 +0000

For those of you new to Free Money Finance, I post on The Bible and Money every Sunday. Here’s why . Ha! That headline is sure to get people stirred up! I’m betting I get at least one nasty comment from a person who reads it but not the post. Seriously, though, I do not think that Christians per se are better investors than anyone else. Nor do I think they are worse than anyone else. The headline is in reference to a Market Watch piece that highlights the great performance of two Christian investment newsletters . One of them is Sound Mind Investing, a company I used early in my investing days and that I think very highly of. In particular, their book The Sound Mind Investing Handbook – A Step-By-Step Guide To Managing Your Money From A Biblical Perspective 5th Ed is excellent! Even if you are not a Christian, the guidance in the book is sound and the thoughts on investing are top-notch IMO, especially for the beginning investor. If you’re interested in getting some Christian-based guidance on your investments, I can’t think of a better option than Sound Mind Investing (no, this is not a paid endorsement — I really do like them.) I’ve written about them quite a bit, so to get more information on SMI check out these posts: Review: Sound Mind Investing Review: Sound Mind Investing Website The Four Levels of Sound Mind Investing Asset Allocation and Investing Temperament the Sound Mind Investing Way Sound Mind Investing’s Just-the-Basics Strategy Sound Mind Investing’s Upgrading Strategy

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Christians Are Better Investors

Why You Shouldn’t Count on Social Security

Sat, 04 Feb 2012 11:08:00 +0000

No, this isn’t a post on how Social Security is going bankrupt and won’t be around for many of us (not saying that it’s true or false, just saying this post isn’t about that.) What it is about is the fact that Social Security doesn’t cover much even if you do get it. The summary from Daily Finance : The average expected benefit for a retiree in January 2012 is a meager $1,229. That works out to $14,748 a year, or a bit more than $7.37 an hour for a typical 2,000-hour-a-year job. That’s barely above the $7.25 hourly minimum wage. (Of course, Social Security benefits aren’t taxed unless you have substantial other income, which means it’s not a perfect apples-to-apples comparison. But it’s pretty close: By the time typical minimum wage earners get their refundable tax credits back, their tax picture looks about the same as a Social Security recipients.) For those anticipating a retirement financed by Social Security, $15,000 a year is far from enough to lead even an “average” lifestyle. Wait, it gets worse. That $1,229 a month is what you get before any Medicare premiums are deducted. This is why I’m saving for retirement as if I’ll get nothing from Social Security because if I get anything, it will be meager. I was talking to a friend the other day and the topic came up about how so many people are counting on Social Security for their retirement — for their COMPLETE retirement, that is. They literally save nothing else, just assume that Social Security will cover their needs. Looking at the numbers above, these people are in for a very rude awakening. Is it any wonder that “work more years” is now one of the leading answers when people are asked what they are going to do to be able to afford retirement?

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Why You Shouldn’t Count on Social Security

4 Types of Artificial Sweeteners & Sugar Substitutes – Side Effects, Pros & Cons

Fri, 03 Feb 2012 21:15:37 +0000

Years ago, there were three choices when it came to sweetening your tea or coffee: white sugar, brown sugar, or honey. Oh, how times have changed. Today, with the great amount of attention given to calorie, sugar, and carbohydrate intake, many people do not even consider those options. Instead, numerous sugar substitutes are available, giving 4 Types of Artificial Sweeteners & Sugar Substitutes – Side Effects, Pros & Cons is a post from the Money Crashers personal finance blog .

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4 Types of Artificial Sweeteners & Sugar Substitutes – Side Effects, Pros & Cons

How Many Calories Should I Eat to Lose Weight?

Fri, 03 Feb 2012 18:25:31 +0000

You want to lose weight, so you’re planning to cut calories. But how many calories do you actually need to intake to effectively lose the pounds? People often fall for common diet myths and make the mistake of eating too few calories for their bodies, which can lead to deprivation, metabolism slow-down, and, in some How Many Calories Should I Eat to Lose Weight? is a post from the Money Crashers personal finance blog .

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How Many Calories Should I Eat to Lose Weight?