Single Guy Money

First National Bank of SingleGuyMoney is CLOSED

2010-03-15T06:30:00.043-04:00

I wrote this post last night while it was fresh on my mind.

I feel like I'm being selfish and I feel like a jerk. I also feel angry and frustrated. I don't know what to do; well I do know what to do but it doesn't feel like it's the right thing to do. This past weekend, I had 2 family members and a good friend ask me for money.

All of three of these people are very close to me and know I am very particular with money. They know I have a good, stable job and they know that I'm a big saver. After all, I am always telling them about how important it is to save for a rainy day. They know that I write a personal finance blog but none of them have ever asked for the address. They know I have money in the bank so when they ask me to borrow money, I feel bad about saying I don't have it or saying no.

Granted, I can afford to help them out but none of them have a track record for making wise financial decisions. I hate to say it but they will continually be broke because of their behavior and the way they handle money. They feel that they will always be broke and struggling financially and just accept it as a fact of life. Not one of them is taking any initiative to improve their finances. Unfortunately, if I were the one that needed help financially, they would not be able to help me.

It would be different if this was the first time I was asked to borrow money. Nope, it actually happens pretty frequently. I don't want to do it anymore. I can't continue to be a financial crutch to my family and friends.

This sucks and I hate this feeling. Why should I feel bad for getting upset when I'm asked for money? What do you guys think? Should I feel bad? Am I being selfish?

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February 2010 Networth Report

2010-03-11T06:30:00.009-05:00

It's been quite awhile since I've posted a networth report. I used to post an update every month but decided to quit posting them for awhile. The last report was posted in August 2008.

As of that report, my networth was over $77,000. Due to several factors, it looks like I'm down a little over $20k. Namely, the decrease was caused by decreases in my home values, decreases in my 401k value and small increases in my debt.

As of February 28, 2010, my networth is as follows:

Assets:

Primary Home - $183,000.00
Rental Property - $130,000.00
Car - $17950.00
Retirement - $34,955.23
Cash (checking & savings) - $40,703.84
Total Assets: $406,609.07

Liabilities:

Primary Home Mortgage - $179,757.53
Rental Property Mortgage - $143,067.44
Student Loan - $23,570.51
Credit Card Debt - $2,914.37
Total Liabilities: $349,310.05

Total Networth ending February 28, 2010: $57,299.02

Summary:

Primary Home Value determined by appraisal obtained from my refi in May 2009.
Rental Property Value determined by neighborhood comps.
Car value from NADA.
Credit card debt composed of debt for rental property flooring and new MacBook Pro. Both are at 0%. I will pay both of these off before the promo period expires.
Yes, I know I have enough in cash to payoff my student loan but I choose not too. I am a cash hoarder and explained the reasons in this post.
I just started tracking the numbers again last month so I don't have any data for the changes in the prior month. Next month's report will show monthly changes in the numbers.

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Tips To Make Money on Craigslist

2010-03-08T06:30:00.145-05:00

If you are looking for some extra cash to add to your savings accounts or if you're in need of money for an unexpected bill, believe it or not, there's a pretty easy way to come up with the cash. Really, the only things you need are an internet connection, a computer and a digital camera. If you have these things, you can list a few items on Craigslist and make some quick cash. This is a good way to make money without having to take on an a second job and you don't have to pay taxes on it!!

Stop for a second and take a look around your home. I'm absolutely SURE there is something that you don't use anymore and it's sitting in the corner gathering dust. Like the old saying goes, one man's trash is another man's treasure.

Image Courtesy: Orin Zebest

I recently sold a laptop and a TV stand on Craigslist. The laptop was just sitting around not being used since I bought a new MacBook. The TV stand was out in the garage taking up the precious bit of space I have left. In fact, if I wasn't paying attention when I got out of the car, I would sometimes bump into it with the door of the car or my knees.

If you want to sell your item quickly and for top dollar, remember these tips:

Description. Give a good, clear and accurate description of the item; including the item condition. For electronics, make sure you list the model number and specs of the item. For example, if you are selling a digital camera, make sure you tell how many megapixels it has and what the zoom is. If you are selling an item of furniture, make sure you include measurements. You don't want a potential buyer to get to your home and not buy the item because it was not the size they were expecting. Make sure your item title is specific and eye-catching. Make sure your buyers know how to contact you. If you are going to list your email address, you should probably create a secondary email so you aren't giving your primary email address out to total strangers (think spam).

Pictures. Take good, clear photos of your item. I personally would not buy anything if there was no picture of the item. Putting up a stock photo is better than nothing but a photo of the actual item is preferable.

Condition. Take a few moments to cleanup the item you are selling. My TV stand was all dusty and dirty and it didn't look good at all in that condition. I took a little time to clean and dust it and it looked good as new. I would much rather buy an item that is clean and in good condition instead of one that may be in good condition but needs cleaning.

Price. This is very important if you want your item to move quickly. I'm not saying you should give the item away but it does need to be priced accordingly. If a new item is selling for $50, you don't want to list your used item for $55. If you aren't sure how to price your item, do an internet search and see what other similar used items are selling for.

Using the tips above, I was able to get rid of 2 items I was no longer using and bring in about $500 in additional cash. I need to take some time to go through my closets and find more stuff to put up for sale. Not only can I declutter my home; I can make extra cash doing it.

Have you recently used Craigslist to make a little extra cash?

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Monthly Budget Review - February

2010-03-03T08:00:00.001-05:00

Historically, February has always been a good month for me, financially speaking. This is the month that I usually receive my tax refunds, the rest of my bonus from the prior year and the month my pay increase goes into effect.

This month was no different and was actually a better month than the one's prior.

Here's where the money came in:

Interest: All interest paid on my bank accounts. Not very impressive and I'll be so happy when interest rates go back up on savings accounts. My credit union is currently paying .75% APR on checking and 1.50% APR on my money market account.

Other Income: This category includes rental income and any other miscellaneous income that comes in during the month.

Salary: I received an additional bonus of $500 this month which bumped my salary up a little bit.

Not included in this amount is my Georgia state tax refund of $2489 which went into my rental property savings account since my tenants lease ends in a few months and I'm not sure if she will be renewing the lease. I want to be sure my rental income is covered in case it takes me a little while to find a new tenant. I also received $500 from a family member towards repayment for a loan I made them last year.

Here's where the money went:

The chart above only shows my top 5 spending categories.

Mortgage: This is the total mortgage payment on my primary home and my rental property. This amount also includes additional principal payments of $25 to each mortgage.

Utilities: Normally, my expenses run less than $400 a month but thanks to the cold winter, my gas bill is a but higher than usual.

Loan: This includes payments for my student loan.

Food: Total amount includes dining out and groceries. My eating habits are weird since I don't usually eat dinner. The majority of the food amount comes from dining out for lunch during the week.

Other: Monthly HOA dues of $173, Misc of $151.33, $50 cash and $18.33 insurance co-payment.

Summary:

February Income: $5434.52

February Expenses: $3894.75

*********

Total Amount Saved in February: $1539.80

How'd your budget do in February?

****************************************************

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Financial Do-Overs

2010-03-01T06:40:00.002-05:00

Do you ever remember playing a game as a kid and someone messed up? The way the kids in my neighborhood played was that if someone didn't quite understand the rules of the game, you were able to get a "do-over".

It was simple back then. If you didn't quite understand the rules of the game, you simply got a "do-over" and everything was good. No harm, no foul. Screwing up back then didn't mean getting stuck with a car you couldn't afford or mean you bought too much house for your income. As a kid, you could simply start the game over again.

Image Courtesy: John Morga

You aren't a kid anymore!! As an adult, it's not so easy to just start the game over again. Sure, some people choose to file the big "B" and start over again but not everyone chooses that route. For some of us, those bad decisions will stick with us and haunt us for a long time.

Although it's not easy, you can give yourself financial "do-over". If you find it hard to make ends meet, look for ways to cut your spending or find ways to increase your income. If you have a mountain of debt over your head, reallocate your extra income towards paying it down as soon as possible. If your credit score is low, work on making it better by paying your bills on time and keeping your credit usage below 30% of your credit limit.

There's a few financial mistakes I've made in the past that I wish I could "do-over". I wish I didn't buy new cars every 2 years, increasing my negative equity time. I wish I didn't take out the maximum amount of financial aid I was given each year; or at least I wish I had saved some of it. I wish I didn't have a huge weakness when it comes to electronic gadgets. That one is still getting me in trouble to this day. Did I tell you I bought a MacBook Pro a few weeks ago?

What financial nightmares do you wish you could do over??

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The Bachelor's 5 Point Mini-Guide to Investments

2010-02-25T07:00:00.001-05:00

There are good aspects and bad when it comes your finances as a bachelor. One of the best financial aspects of being a bachelor is that there is no one there to tell you what to do with your money. You are the number one decision maker and you can decide how cheaply or how extravagantly you want your living situation to be. This means that you can choose to dress fashionably and drive a fancy car while living in a $300 a month, cracker box apartment, or live well below your means when it comes to food and entertainment, but put your feet up at the end of the day in a palatial palace. It's up to you!

The down side of being on your own is that there may not be anyone at your side to help you out with expenses when things go bad. There's no dutiful wife to help share costs or discuss investment options when it comes to what to do with your money. And if you aren't one that is particularly savvy when it comes to your paychecks, you might find it difficult to discipline your bachelor mentality when attempting to reign in your spending. You don't want to end up playing big man only to live like a miser in your golden years.

To help you avoid such an existence, here is a guide to investing for bachelors that might help you when it comes to your personal financial situation.

1. Understand your finances

Since you'll likely have no one else to do it for you, it is critical that as a bachelor you fully understand your investments. Doing so means that you may have to be a jack-of-all-trades when it comes to your money. To fully focus on your investments though, you will likely have to perform other functions such as balancing the checkbook, paying bills, keeping up with your retirement account, making investment decisions, and avoiding overdraft and credit card fees. To make sure that you are up to the task, it is important to understand the tools and resources that are available to help you with organizing and having a working knowledge of your money and investments.

2. Resources

Being a bachelor doesn't mean you are completely on your own when it comes to investing. Friends, family, and co-workers can be helpful resources when it comes to discovering investment options as well listen to a few good investment horror stories. Then you have the analysts and consultants out there ‚Äòmanaging' your 401k, 403b, or IRA, but you never know what ulterior motives they might have when it comes to where you put your money. So what other resources are out there when it comes to investing?

Amazingly, that thing called the newspaper still offers business and investing information. And if you can't stand getting some ink on your pretty little fingers, the internet offers up a slew of research tools and options. Blogs and online investing communities can be great places to read about and discuss investment ideas and strategies, and there are a variety of tools and tracking devices available with which you can measure your investment progress.

3. Invest in what you know

Putting money into investment vehicles you don't understand can lead to exasperation and frustration, especially if you start losing money. While your bachelor lifestyle might be conducive to a little risk taking and wild streaks, when it comes to your money, you may want to tone down your strategy. Just because you don't have a family to provide for yet, doesn't mean you have to go crazy when it comes to risky investments. A bachelor with a guaranteed four or five percent return on his money might not sound exciting, but it's better than being a broke bachelor. Choosing sound investments that you understand and that have a reasonable expectation of return can provide peace of mind and steady income streams.

4. Diversify

Even a bachelor with few responsibilities should be responsible when it comes to his investments. Remember, you may not be a bachelor forever, and it can be nice to go into a relationship with a little nest egg stashed away for the future. A diversified portfolio that spreads your money over a variety of investments with various risk levels can help keep big swings in your returns to a minimum. Spreading money over stocks, bonds, mutual funds, savings accounts, CDs, real estate, commodities, tangible assets, and other investment options can help you ensure your investment eggs aren't all put in one basket.

5. Realise your goals

When making investments as a bachelor, it's important that you understand your goals as well as your money. Having not only an idea of where you're going, but how you're going to get there will make it easier to evaluate your successes and failures along the way. Writing some short and long term goals, even if it's just jotting your ideas down on a sheet of paper, is a great reminder of the direction in which you want your investments, and in turn, your life to proceed.

This is a guest post from Mark Brown who writes for www.moneycompare.com.au, an Australian website offering people an easy way of doing comparisons of online savings accounts offering a good return on investment.

Ideas to Access Cash In An Emergency

2010-02-22T06:15:00.000-05:00

No matter how prepared you think you are for life's emergencies, unfortunately things happen that are beyond your control. Sometimes the emergencies are minor inconveniences and sometimes, they are big headaches that cost major dollars. Usually, emergencies that require a nice chunk of change are rare, but when they happen (and they do happen), they can wreak havoc on your finances.

Image Courtesy: ckroberts61

Before these major emergencies happen, it's best to sit down and make a roadmap for your plan of action to handle the emergency. Having a plan ahead of time can keep you from making an irrational decision in a panic. Everyone's plan of action will not be the same due to different financial circumstances.

My plan of action to handle a financial emergency would be as follows:

Emergency Fund. Having a fully funded emergency fund can save you from a lot of headaches and worry. It's easy and quick to access your money and usually without any fees. And the best part, you won't pay any interest since you are using your own money. I currently keep my emergency fund in a money market account at my local credit union.
Irregular/Sinking Fund/Random Fund. The second line of defense against emergencies would be to hit this fund. This is the savings account I set aside to cover those irregular expenses such as auto insurance, auto repairs, home repairs and to cover those small emergencies that may pop up. Just like my emergency fund, this fund is kept at my local credit union but in a regular savings account.
401k. This certainly would not be my first place to go for money. Borrowing money from your retirement account affects the future growth of the account. Taking money out of the account now can result in a smaller retirement fund when you are ready to draw from the account. The other downside is that you are paying back the loan with after-tax dollars. If you were to leave the company, the money would be due in full or you will be subject to penalties and fees. The upside is that it is pretty easy to get a loan from your 401k and there is no credit check. You will also be paying interest to yourself and not to the bank.
Family/Friends. I would hope I would be able to cover the emergency with the above 3 choices since borrowing from family and friends can cause a strain on your relationship. If you want to lose a friend or family member, borrow money from them or loan them money. I personally would probably skip to the next step before I would think about borrowing from family and friends.
Bank/Credit Union Loan. Usually not an easy way to get money in a pinch. You'll have to have good to excellent credit for an unsecured loan. In addition, interest rates on these loans are usually in the double digits.
Credit Card Cash Advance. This would be one of my last places to get cash in an emergency. The interest rates are astronomical and there are usually no grace periods.
Title Pawn/Payday Loan. No comment other than to say that I would have to be a life or death situation before I would consider borrowing money from these guys.

So do you have a plan of action to get cash in an emergency?

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Saturday Link Love - Spring Edition

2010-02-20T09:00:00.000-05:00

It looks like today will be a beautiful day here in the Atlanta area. The temperature is supposed to get up into the 60's with clear blue skies. This is certainly a welcome change after the snow we got last week and the bitter cold temps that followed that. I'm trying to figure out something nice (and frugal) to do outside and enjoy the sunshine. Although, I may take the opportunity to clean out my garage and get some things listed on Craigslist.

Here are some of the posts I enjoyed reading from my fellow personal finance bloggers this week:

Clever Dude is tired of buying and spending.

Budgets Are Sexy turns 2!! Go by and wish J a happy blog anniversary.

Couple Money asks what you plan to do with your tax refund - payoff debt or savings?

Money Crashers explains how to build an Emergency Fund with Irregular Income.

My Two Dollars says that everything in your house has value to someone else.

PT Money gives a great explanation of how to make money blogging.

The Wisdom Journal reminds you to make sure you remember any forgotten income when you file your taxes.

I participated in 2 Carnivals this week:

Festival of Frugality #217 - hosted by Simply Forties.

Carnival of Personal Finance CCXLIV - hosted by Len Penzo dot Com

Taxes Filed - Results Not As Bad As I Thought

2010-02-18T07:45:00.005-05:00

I took advantage of being snowed in this past weekend to get some things done around the house and tackle the dreaded task of completing my taxes. I'd spent the last few weeks gathering all of my W-2's, 1099's and receipts and putting them in a nice pile. Every time I attempt to attack the pile and get my taxes started, something more interesting would get my attention and I would put it off longer and longer. I finally bit the bullet and got it done.

Image Courtesy: Zevotron

Although it was on the "to do" list, I wasn't in any hurry to get my taxes done since I had a pretty good idea of what the result would be. For the last 3 or 4 years, I have been intentionally underwitholding my federal taxes so that I would get a very small refund or owe a small amount. Unlike most people, I don't look forward to getting a huge tax refund each year. A big refund to me just means I've been letting the government use MY money for free throughout the year. I prefer to get the money throughout the year in my paycheck and earn a few pennies in interest instead of a lump sum once a year.

The result was that I only owe the federal government $12! Last year, I owed $1533 and the year before that, I owed over $2000. Now that I have the right amount of taxes withheld for the federal government, I need to adjust my state tax withholding. I got a refund of a couple thousand dollars last year from the State of Georgia so I adjusted my W-4 withholding. It didn't do much good because this year, I will be getting a refund of over $2000 again.

One of the things that helped reduce my taxes were some repairs I had to have done to my rental property. I also get to write off the expenses of maintaining the rental property such as lawn maintenance, pest control and depreciation. The other thing that helped was the amount of money I paid in mortgage interest. I didn't pay as much as J over at Budgets Are Sexy but I did pay a tidy sum of over $20,000. I was also able to deduct the interest I paid on my student loan.

Since I put mine out there, now I want to get all up in your tax business.

Did you get a refund or do you have to pay? How much?
If you are getting a refund, what do you plan to do with it?
Do you like getting refunds or do you prefer to get your money throughout the year?
Do you do your own taxes or do you pay someone to do them? I do my own using H&R Block at Home.

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Instant Gratification and the MacBook Pro

2010-02-15T06:50:00.000-05:00

I transformed into my prior self a few weeks ago. The prior self that caused me to get into major credit card debt. The prior me that I don't like anymore and try to keep hidden deep in the closet.

I'd been wanting to purchase a MacBook Pro every since my buddy got one and told me how cool it was and all the awesome things it did (I swear he should be a salesman). I haven't had the best luck with PC's lately so I decided I would give the Mac a try.

I told myself I was going to wait until I had the purchase price of the laptop (approximately $1500 with taxes, accessories and protection plan) saved in a separate account. I have multiple savings accounts at my credit union so I picked one that didn't have any money in it and promptly changed the name of it to my "MacBook" fund. I'd planned to purchase the laptop in about 6 months which means I would need to deposit $250 a month into the account.

I made my first transfer of $250 and setup an automatic transfer of $250 each month from my checking account to my "MacBook" savings account. In five months, I would be able to purchase my MacBook...I didn't make it five days.

I made the mistake of going to my favorite store in the whole wide world (Best Buy) just to look around and play with the computers. I remember my buddy telling me that they had a special financing promotion on any purchase. If you apply for a Best Buy credit card, you get eighteen months no interest financing. Needless to say, I left the store with a MacBook Pro and $1600 in debt (laptop, taxes, protection plan and case).

I'll be sure I pay this off well before the eighteen months are up. I don't want to take any chances on missing a payment and having to pay interest on this purchase.

I'm not upset about making the purchase but I am upset with myself for not following my plan and delaying instant gratification. I should have known better than to just go look. Me going to Best Buy is like taking an alcoholic to the bar. I can't control myself. I know electronics are my weakness.

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Saturday Morning Roundup - Snow and Taxes Edition

2010-02-13T09:30:00.001-05:00

Thanks to the snow, it looks like I'll be stuck in the house for most of the day on Saturday. Atlanta received anywhere from 2-5" of snow in the metro area and higher amounts of snow to the south. The roads were starting to get bad last night as the temperatures dropped so I figured today would be a good day to stay home and get my taxes done. Before I start that tedious task, here are some articles I've enjoyed from some of the personal finance blogs I like:

J. Money presents 10 Ways to Woo on Budget.

NCN has been debt free for awhile but now, he is buying a house.

Five Cent Nickel wants to decide what better - use interest free financing or cash?

Your Money 101 talks about The Lotto, Your Finances and You.

Punch Debt In The Face wants you to Share Your Secret.

Money Crashers gives you 5 Ways To Make Some Extra Cash.

Fellas, don't forget that tomorrow is Valentines Day. Be sure you get an extra special gift for your lady.

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6 Questions To Get To Know Each Other Financially

2010-02-10T06:20:00.000-05:00

I saw this over at How I Save Money who saw it at Budgets Are Sexy who saw it at over at Automatic Finances. I thought it was a pretty cool idea so I figured I'd steal it and do my own post on it.

(1) How do you spend: cash, debit or credit? The majority of my transactions are made by debit card or credit card. I hardly ever use cash because whenever I have it, it always seem to disappear and I have no clue where it went. For larger purchases, I use 1 of my 2 credit cards that gives me cash back or rewards for using my credit card. I use a couple of checks each month to pay for the mortgage on my rental property (they charge to pay online) and to pay my trash bills.

(2) Do you bank online? How about use a financial aggregator (Mint, Wesabe, Yodlee, etc.)? I love online banking and I don't know what I would do without it. I usually check my accounts at least once a day to make sure everything is going okay. I use Mint to get an overall view of my finances and also to check on those accounts that are rarely used.

(3)What recurring bills do you have set on autopay? None. I have a problem with billers being able to go in and debit my account automatically each month. I have no problem paying the bill online as long as I initiate the transaction. I just have a huge fear of them making a mistake and withdrawing $3000 instead of $30.00. I know it would be a huge headache for me to correct the error and I'd rather avoid going through the hassle.

(4)How are your finances automated? My 401k contributions are made automatically and my paycheck is direct deposited. I setup automatic deposits to my savings account.

(5)Do you write checks? If so, how often? I'm still a geek when it comes to checks. I actually like writing checks. I don't write that many but I'm sure I write more than most people these days. No, I'm not one of those people that holds up the line in the grocery store. I'm all about the debit card for that.

(6)Where do you stash your short-term savings? Short term savings are safely tucked away in a money market account at my local credit union. The rate is not the highest but it is among one of the best rates I can get right now.

How about you? Let's hear 6 things about your finances.

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What Should You Do With Your Pay Raise?

2010-02-08T06:30:00.003-05:00

If you are among the lucky few that recently received a pay raise or will be getting a pay raise this year, you are probably wondering the best way to put this extra money to good use.

The most important thing to remember is not to increase your standard of living (expenses) to match your new income. It's amazing as I look back over the years and see how my standard of living increased to match (or sometimes, exceed) my income. If I was living comfortably on $30,000 a year, why couldn't I continue to live on $30,000 as my salary increased. Just because my salary increased should not have meant that my expenses increased along with it?

Two years ago, I made a conscious effort to be sure that my as my salary increased, my expenses stayed the same or decreased. If my expenses did increase, it was because I was sending more money to my savings accounts and not because I was taking on another bill to pay each month.

If you will be getting a pay raise or recently received a pay raise, here are a couple of good things to do with the increase:

Debt Payments. If you have high interest debt you can direct the additional income towards knocking out your debt. Once you get rid of the debt, your raise will have have a double positive effect. You're income will increase from the raise and you'll have the additional money you aren't sending to your debtors. If you have a mortgage, how about sending that additional money in to knock down your principal and own your home a few years sooner?

Savings. Are your savings accounts looking a little skimpy? Direct the additional income into those accounts to fatten them up.

Don't use a pay increase as a reason to increase your expenses. Do you really need a larger house or a new car? Those things usually mean larger monthly payments.

Don't get me wrong, I'm not saying you should not have a little fun with your money; but don't go overboard. Make it a one time expense instead of one that occurs monthly.

Did you get a raise recently? What did you do with the increase?

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Monthly Budget Review

2010-02-04T06:30:00.000-05:00

The first full month of my new zero-based budget was a success. My new budget plan is to set aside the amount of money I plan to spend at the beginning of the month in my checking account and any deposits are sent to my money market account. Once the money in my checking account is gone, I can’t spend any more money for the month.

Income:

My income was a little bit higher this month due to getting my company bonus. The majority of the bonus was deposited into my rental property savings account to cover some upcoming maintenance items that need to be completed.

Expenses:

Nothing really out of the ordinary this month. I budgeted $4100 to spend for the month and I spent a little over $3800. The difference of $296.38 was transferred over to my money market account to zero out my checking account. On February 1, I’ll transfer another $4100.00 to my checking account and start all over again. (Note: The mortgage amount includes the mortgage for my primary home and my rental property).

I really like this new method and I think I’ll stick with it. Instead of trying to allocate money to several categories, you allocate money for the month. To me, it makes budgeting easier.

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Toyota Recall – Are You Affected?

2010-02-03T19:27:00.001-05:00

I’m sure you guys have probably heard this by now but if not, there are several Toyota models being recalled due to two different safety issues.

The first recall, "Floor Mat Entrapment," regards the potential for an unsecured or incompatible driver's floor mat to interfere with the accelerator pedal and cause it to get stuck in the wide-open position.

The second recall, "Pedal," is being conducted because there is a possibility that certain accelerator pedal mechanisms may mechanically stick in a partially depressed position or return slowly to the idle position.

Here is the list of Toyota vehicles involved in the recall:

* 2005-2010 Avalon
* 2009-2010 RAV4
* 2007-2010 Camry
* 2008-2010 Sequoia
* 2009-2010 Corolla
* 2005-2010 Tacoma
* 2008-2010 Highlander
* 2007-2010 Tundra
* 2009-2010 Matrix
* 2009-2010 VENZA
* 2004-2009 Prius

If you aren’t sure if your vehicle is involved in the recall, head to your nearest Toyota dealer to get it checked. This is a huge recall that can affect the safety your vehicle.

You can also check your Vin number (17 digit number on the left front dash or checked the drivers door). Vin numbers that begin with “J” are not subject to the recall.

Are you a Toyota owner? Is your vehicle affected by the recall? Have you had it repaired?

Tips To Rebuild Your Credit After Bankruptcy

2010-02-02T06:30:00.000-05:00

According to the Wall Street Journal, personal bankruptcy filings are up 32% from 2008. Sometimes, your personal financial situation is so bad, bankruptcy is the only option. While bankruptcy may wipe your financial slate clean, unfortunately, it will also kill your credit score and stay on your credit report for at least 10 years.

While filing bankruptcy may hurt your credit for the first few years, you can take steps to rebuild your credit.

The first and most important thing to remember is to not to get back in a situation where you end up over your head in debt. I’m not saying that all bankruptcy filings are a result of irresponsibility. Bad things happen to good people. People lose jobs unexpectedly, people have health problems, people get divorced, etc. I will say it again, sometimes bad things happen to good people.

The second thing is to pay all bills on time. Even though your utility companies or cell phone companies don’t show up on your credit report, they will likely show up on your credit report if they go into default.

You will need to demonstrate to future creditors that have learned your lesson and you can be responsible. One way to build or rebuild your credit is to apply for a secured credit card. Secured credit cards work like regular credit cards except that your credit line is usually secured by a savings account that you maintain with the bank. Many of these cards don’t have a monthly and/or annual fee. You can find a list of prepaid cards here.

Building your credit score up will not happen overnight but with patience, time and responsible behavior, your credit score will improve.

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Yes, the Small Amounts Matter

2010-01-28T06:30:00.001-05:00

The other day, some of my co-workers and I were discussing the amounts that our paychecks changed due to the increase in the cost of our benefits.

I asked one of my co-workers if her paycheck changed and she said she did not know. I thought she was joking but after awhile I realized, she really did not know.

She could tell by the look on my face that I thought it was weird that she didn’t know how much her paycheck was. Her reply was that she doesn’t know exactly how much her paycheck is, she just looks at the first 2 numbers in the email. (We get an email 2 days before payday telling us the amount of our direct deposit).

We ended our conversation with her saying that her paycheck probably only changed $20 or $30 bucks but that is such a small amount amount that it really doesn’t matter.

Do you think the small amounts don’t matter? If so, I have to say that is not the best way to think about your personal finances. The small amounts DO matter. Saving $30 bi-weekly will give you $780 after a year. That may not seem like a lot of money but if you have NO savings right now, $780 is a huge amount of money.

When I was younger, I would not pick up a penny because it was only one cent. My grandmother would always tell me, “son, pennies make dollars”. I didn’t think much about it when I was younger but now, I have no problem picking up a penny.

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The Bachelor’s Guide to Savings

2010-01-25T06:01:00.000-05:00

The single life can be grand, but it can also cost you several grand a month to maintain a lifestyle to which you could become accustomed, therefore, you need to follow this quick and easy guide for bachelors looking to save money and still have a good time.

Cut back on your gadget intake. If you are trying to make ends meet or just want to be able to afford to save a little money for a rainy day, look at the gadgets and accessories in your life and think about which ones you really need and which you can go without. For example, do you really need pay TV with extra HD channels and recording functions which you don’t know how to use (or remember to use)?

Subscription television can be several hundred dollars each and every month and that’s after you’ve paid to have it installed and surely a bachelor like yourself has better things to spend his money on. Instead why not hire movies rather than subscribing to the movie channel – if you remember to return them before the due date it’s much cheaper. Or watch sport at the pub, you’re probably there anyway – that’s why you don’t remember to record your shows at home!

And what about that phone with all the internet applications, can you cut back on that and have a phone which just does the things you need it to do? You can after all check your email and use the internet at home – or better yet, while you’re at work.

Cut back on your takeaway intake. Ordering takeaway and having pizzas delivered is great but the costs really add up when you do it a lot. Therefore, to save money on your bachelor lifestyle cut back on the amount of takeaway you order. Cooking and eating at home will save you money and make you feel better when you have a proper meal rather than one between two buns.

You can even save money on your shopping as you take back your kitchen by examining what’s already in your cupboards before you visit the supermarket. You’ll probably find a lot of cans and pasta packets that will feed you for a week before you have to spend money on groceries yet again. before you go to the supermarket next time, remember to make a list of exactly what you need to save you money on buying things you think you need, and forgetting the things you really did need and having to make two trips. Making a list will also help you avoid stocking up on more junk food at the supermarket because if it’s in your bachelor pad, you’re going to eat it – so don’t bring it in. Cutting back on junk food saves you money too, and will go even further to making you feel better and keeping you in shape, two important factors for a bachelor on the prowl.

Save money on your dates. You don’t need to be a complete tight arse when it comes to the girl of the hour, just make some simple cut backs to save you money and she probably won’t even notice. For example, split the bill when you’re at a restaurant for dinner she’s probably already suggested it anyway and instead of immediately brushing off the idea to appear chivalrous, share the cost. To save on pre-dinner drinks which can be expensive from a bar or restaurant, you could have drinks at your place or hers before you leave. Or to save on your fuel costs suggest to meet your date at the restaurant or bar so that you don’t have to drive out of your way to pick her up and drop her off.

Return home. You don’t have to go back to living at home to save on your rent, but your parent’s place can be a hive of money saving tips and tools for a bachelor. For example, invite yourself to dinner one of two nights a week to save on meals for yourself, or do your washing in your mum’s machine instead of going to the laundromat or powering up the clothes dryer on your own power bill. Plus, before you go out and buy household items for your bachelor pad, see whether your mum has anything you could use. Your parents’ house will be a treasure trove of unused linen, packed away dinner sets and mismatched dining chairs which you can commandeer to save you money in furnishing your home.

Use a dedicated savings account. If in the course of helping you with your washing your mother neglected to mention the importance of a savings plan, you need to start one now, because if you are going to be more conscious about your spending habits, you should also keep track of the savings you are making. To help you with this step, open a dedicated high interest savings account which you can operate primarily online. In this way you can make instant internet banking transfers to your savings, plus you don’t have access to the account with an ATM and withdraw card to spend up big on a night out with the boys. A savings account will also allow you to set up a regular transfer from your everyday account to your savings fund every payday. In this way you are paying yourself first , contributing to your savings growth and you won’t even notice because the transfer is automatic.

A savings account can help you save for a bigger bachelor pad, a newer and more impressive ride, or for the deposit on a house if you don’t want to be a bachelor for the rest of your life.

This is a guest post from Jason Bentley. He writes for Savings Account Finder, where he helps people to compare term deposits and savings account online.

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8 Handy Tips for Improving Your Liquidity

2010-01-22T06:15:00.002-05:00

It is becoming increasingly difficult to stay liquid in this difficult economy. With banks keeping a continued tight grip on their cash, it’s making it hard for business owners and individuals alike to get the cash flow needed to keep their heads above water. While it might seem like a losing battle, by making an effort to reduce expenditures and understand where your resources lie and how best to utilize them, you may be able to make it through a rough patch. Whether you are running a business or managing your individual finances, here are some tips to help you stay liquid, even during rough economic times.

Ladder Your Investments. When it comes to your excess cash and what to do with it, you can be left in a head-scratching dilemma. Do you look to long-term investments to get a better return on your cash? How much do you invest? And how much do you leave on hand as a source of current liquidity? Whether investing your available cash in bonds, certificates of deposit, buying necessary business equipment and supplies, or increasing your inventory, laddering your cash by spreading costs and/or investments over a variety of prices, interest rates, and timeframes, can be a great way to insure continuous cash availability. This technique can help to ensure your cash isn’t tied up all at once and that there are consistent sources of available liquidity constantly becoming available. A brief example of laddering might be taking a lump sum of $12,000 and investing $1,000 in a 12-month CD each month throughout the course of a year so that by the end of the year, the first CD will be coming due, just as you invest your last $1,000.

Diversify. By diversifying your business and/or investments, you can better protect yourself against a cash shortfall. If you have a number of income streams, when one runs dry, another may supplement that loss, providing additional time to make up for that loss in other areas.

Don’t Overextend. When things are good, it can be difficult to restrain yourself from overextending your available resources. Extra costs, investment opportunities, and a seemingly secure income can make it easy to lose sight of protecting yourself against a liquidity freeze. If there's one lesson to be learned from the credit crunch it's that no matter how good things look or how secure your business and investments seem, it is important to safeguard yourself against a lack of liquidity by not overextending your available cash on hand.

Accounts Receivable. Either as a business owner or as an individual, your accounts receivable can be an important source of liquidity in a pinch. For business owners, you’ll certainly want to keep a close eye on your AR sheet, especially if it continues to expand rather than shrink in times of tight cash flow. As and individual your accounts receivables might be quite different from those of a business owner, but you might still have some outstanding cash to count on when times are tough. An undelivered tax return, a personal debt someone owes you, vacation time that can be cashed in at work, and similar cash sources can be important ways of staying liquid.

Reserves. Reserve sources of cash may be something you’d prefer not to touch, but they can be lifesavers in times of a funding shortfall. Credit cards, lines of credit, and emergency cash accounts can all be possible options when it comes to staying liquid. Even when times are good or if you don’t ever plan to use them, it can be important to keep those sources of reserve cash available just in case.

Keep an Eye on Overhead. Decreasing overhead costs can be a great way of helping you stay liquid. While lower costs might not be bringing in extra income directly, it can save you cash, which is just as good (maybe even better since you likely won’t have to pay taxes on it) in a liquidity freeze.

Understand Asset Value. Whether you are the owner of manufacturing equipment, farm machinery, government bonds, rare coins, or valuable antiques, knowing what your investments and assets are worth can make them easier to turn into cash, if or when the time comes. If you have evidence or documentation of an asset’s value, whether it is by way of receipts, an appraisal, or similar documentation, this can make it quicker and easier to convert the item to cash.

Cash in on Assets. When it comes time to convert an asset to cash, it can also be important to understand how best to do so. Understanding where to exchange your assets for cash, knowing where to get the best price, or already having buyers lined up, can unfreeze much needed liquidity quicker.

Mark is a writes about strategies to manage personal finances for an Australian comparison website where consumers can compare credit cards including the best balance transfer credit cards that significantly help in managing debt.

Mid Month Budget Checkup

2010-01-20T06:40:00.001-05:00

January is the first month of my new budgeting method. As mentioned in my 2010 Financial Goals post, my goal is to budget my expenses for the current month based off of the prior months income. Basically, each month, I deposit the amount of money I plan to spend for that month in my checking account. At the end of the month, any money remaining is transferred to savings.

The rest of my cash, including savings (Emergency Funds, Reserve Funds, General Savings), will stay in my Money Market account. Any deposit that comes in during the month is deposited into the Money Market account.

Using this method, I can clearly monitor how much money I have remaining to spend for the month without having to restrict my money to certain categories. For those of you that don’t like the idea of a strict monthly budget, this method may be a good idea for you. In order for this method to work though, you need to have a good idea of your normal monthly expenses. For me, it’s sort of like the envelope method but all of my cash is in one envelope (my checking account). Once the envelope is empty, there can be no more spending until the next month.

Here’s how things look as of 1/18/10:

This months budget was based on total monthly expenses of $4100.00. Based on the chart above, I’ve spent $3397.07 as of January 18, 2010. (side note: The mortgage category includes the mortgage on my primary home and my rental property).

Right now, I have $702.93 remaining to spend until the end of January. I’m a little surprised I have that much left since mostly all of the bills are paid. The only remaining bills are for my monthly trash pickup ($24) and my cell phone bill ($77).

Does anyone else use this budget method? How does it work for you?

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Who is Single Guy Money?

2010-01-18T06:25:00.003-05:00

I realize there are quite a few new readers to the blog since it started back in July 2007 so I figured it was time to update the "About Me" page on my blog.

Who is SingleGuyMoney?

I am a single 32 (soon to be 33) year old male living in Atlanta, GA. I graduated from college in December of 1999 with a crap load of debt ranging from student loans, personal loans, auto loans and credit card debt. At one point, I was over $80,000 in debt.

I happened to stumble upon a few personal finance blogs and I was motivated to start my own blog. Since, I've been blogging, I've managed to pay off over $40,000 in credit card debt. I paid of my car loan of $22,000 and now I'm working on paying off my student loan and the mortgages on my primary home and rental property.

My current goal is to build a nice fat savings cushion of $50,000 in cash. I want to be able to self finance things that I would usually have to go to the bank and apply for a loan (crossing my finger that they approve me). For example, if I wanted to purchase a vehicle that cost $20,000. I would simply find the car I want, go to the dealership, workout the numbers and write them a check. The car is paid for and I have not added any new debt to ruin my finances.

My long term plan is to get rid of all debt (including the mortgages) and live on a cash only basis.

I've been interviewed by several media sources such as:

MSN Smart Money

Debt Consolidation Care

Interview with SingleGuyMoney by My Two Dollars
Kiplingers Personal Finance

Honorable Mentions:

Top 100 Personal Finance blogs by Wisebread

The Best Finance Blogs by FinanceDaily

Top 100 Blogs to Help You Live Debt Free

101 Useful Tools For Recent College Grads

100 Best Personal Finance Blogs for Recent College Grads

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The Giveaway of All Giveaways – MoneyCrashers 2010 New Years Giveaway Bash

2010-01-12T07:00:00.000-05:00

If you haven’t heard about this yet, there is a huge giveaway going on over at MoneyCrashers. The contest is simple to enter and there are loads of prizes. Prizes range from cash, Apple Ipod’s, Amazon Kindle’s, personal finance books and more. At last count, the total prize tally was over $7500 in cash and prizes.

Hurry up and enter the contest! The winners will be announced on February 3rd.

http://www.moneycrashers.com/new-year-2010-giveaway-bash/

Save Money On Your Heating Bills

2010-01-11T07:00:00.003-05:00

Image Courtesy: Barbara Hanson

I don't have to tell you this but, it's cold!!! Here in Atlanta over the past week, we've experienced temperatures that were way below average. One day last week, the high was 27 and the low was 9. The normal high in Atlanta for this time of year is in the mid 50s and the lows are in the low 30s. My poor heat has been working overtime too keep my house warm and I am terrified to get the bill. My bill last month was about $65 but I am expecting the next one to be over $100.

If you want to save money on your heating bills, consider these tips:

Programmable Thermostat. If there is no one home during the day, there is no reason to warm an empty house. Get a programmable thermostat and set your heat at a lower temp when no one is home and program it to start warming up before you get home. You can purchase a programmable thermostat for less than $40 at Wal-Mart or Target. They are easy to install and you'll make up the cost of the unit with the money you save on your heating bills.

Empty Rooms. Close the thermostat in rooms that aren't being used. This will force more heat into the rooms that are being used.

Stop Drafts. Check the seals around your windows and doors, do you feel air coming in. If so, this is causing your heating system to work harder to warm your home. Your hard earned money is just flowing out of each of those leaks. Window sealant is available at most discount retailers and home improvement stores. Put a towel underneath any door that is letting cold air in your home. It's not pretty but it will save money.

Wear More Clothes. My usual winter attire when I'm lounging around the house consists of sweat pants, socks, t-shirt and a fleece pullover. I would much rather wear a few more layers of clothing instead of turning up the heat and paying a larger heating bill.

Insulate. Check the insulation in your home. Heat can easily escape from poorly insulated areas in your home. The more insulation you have, the warmer your house will be.

How much was your last utility bill? Has it increased dramatically?

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Single Guy Money's 2010 Financial Goals

2010-01-05T07:15:00.000-05:00

Image Courtesy: Mulberry24

Goodbye 2009! Hello 2010!! As we enter a new year and a new decade, it's important to set and/or review your financial goals as well as your personal goals. Without having goals and plans in mind, you don't have a clear path of what you want and/or need to accomplish in your life.

Prior Months Income. This is new for me. I don't know how it will work out but I am going to give it a try. I used to setup my budget based on the projected income and projected expenses for the month. Now, I will budget based on last month's income. Here's how I'll do it: Each month, I'll transfer the amount I've budgeted for the month into my checking account. My paychecks and any other income will be will be deposited into my Money Market account. At the end of the month, any money remaining will be transferred to savings. Using this method, I can clearly see how much money I have left to spend for the month.

50k Savings Challenge. My goal is to save $50,000 cash by the end of December 2010. I'm currently at approx $37,000. If 2010 is anything like 2009, I am pretty sure that I'll meet my goal. Once that goal is met, I will increase the amount a little bit higher.

Organize and Destroy Paperwork. I am really bad about keeping paperwork much longer than needed. I have a small section in my home office filled with papers that I need to go through and destroy. There is very little in the pile that I NEED to keep. I was looking through the stack and there are still bank statements in there from when I was in college (over 10 years ago).

Consolidate Accounts. Over the years, I've managed to accumulate a number of checking and savings accounts over the years. My plan was to close the old account once I opened a new one but I never got around to it. I am embarrased to even tell you guys how many open accounts I have. Most of them are no longer used and have only a few dollars in them. I plan to narrow that down to only one or two checking accounts and no more than 2 savings accounts.

Have you set your 2010 financial goals?

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Seven New Years Financial Resolutions for 2010

2009-12-30T08:30:00.000-05:00

This is a guest post from the National Endowment for Financial Education (NEFE), a non-profit dedicated to improving the financial literacy of all Americans. NEFE operates the site Smart About Money and have developed a series of articles filled with tips to help you make 2010 the year of financial freedom. You can also find Economic Survival Tips, worksheets and articles focused on financial education related to housing, spending, credit and job change. Follow NEFE on Twitter at @nefe_org

Control Spending. If you spend less you'll have more money available to pay down debt and save for the future. Write down your expenses for a month to see where your money is going. You might be surprised by how easy it is to find places to scale back.

Create a Debt Repayment Plan. If you carry credit card debt, write down everything you owe and make a plan to pay it off. Start with small items you can act on right away–it will make tackling the bigger debt easier. Also, try buying with cash only. It’s a sure-fire way to prevent increases in your credit card debt.

Setup Auto-Savings Plans. Arrange with your bank or another financial institution to have a set amount deducted from your checking account to a savings account each pay period. Of the Americans who have been able to contribute to emergency savings funds, automatic withdrawal is the most popular method, according to the Consumer Federation of America. Here's why you need to save money.

Boost Retirement Savings. If your employer offers a 401(k) plan, increase your contributions. If you don't have an employer plan, open an Individual Retirement Account (IRA) and arrange for contributions to be made automatically from your checking or savings account.

Create a Long-term Plan. Write a list of your long-term goals, such as buying a home or saving for college or retirement. Visit the Life Events section of Smart About Money for concrete tips on accomplishing those goals.

Protect Yourself. Be prepared for the unexpected by making sure you, your family, your assets and investments are insured and fully covered. If you do not have a will, make 2010 the year you establish a life plan. Not sure where to start, Quicken offers a Willmaker program to get you going.

Find a Financial Buddy. Share your financial resolutions with a friend, colleague, or family member, and you’ll be more likely to keep them. Find someone else who wants to turn around their debt or cut their spending, and establish a mutual support system.

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