Image Credit: thelastminute

I should have known better. Actually, I did know better but it just sounded too good to be true. You know what they say, if something sounds too good to be true, it probably is. I overheard a couple of people talking about a hot stock in the elevator at work the other day.

As soon as I got off the elevator and made it back to my desk, I did a quick search on the stock. The numbers looked pretty good and the stock was actually up over $3 for the day. I immediately dropped about a grand and picked up about 43 shares.

If I'd only done a little more research and waited a little while, I wouldn't be down over $100 today. I think the stock will rebound but I still wish I'd done a little more research. I'm really bad about making quick decisions without thinking about it.

Don't make your investments based on someone else's recommendation. Do your own research! Not only might you get a bad tip; your investment goals may be totally different.

Save money on your stock trades by using Zecco. Free trades and no minimum balance.

If you've made all the right moves to keep your personal information safe and someone is still skilled enough to steal your identity, don't panic. Panicking is the last thing you need to do when something like this happens. You need to take immediate action to restore your good name.

As soon as identity theft is identified, you need to take the following steps:

• Fraud Alerts. Place a fraud alert on your credit reports and review the reports in detail. Placing a fraud alert on your credit reports will stop the thief from easily opening additional accounts in your name. You only have to call one of the three companies to place a fraud alert and that should be sufficient (I would still call all 3 just to be sure). Experian can be reached at 888-Experian, Equifax can be reached at 800-525-6285 and TransUnion can be reached at 800-680-7289. Once you place a fraud alert, you are entitled to free credit reports from the credit reporting bureaus.


• Close Accounts. Any new accounts that have been opened in your name without your permission need to be closed as soon as possible. Call the fraud department of the creditor and advise them of the situation. Followup in writing via certified mail. Keep track of every letter you send and every call you make. Use the theft affidavit at ftc.gov/idtheft to support your written statement.


• Police Report. Make sure you file a police report with your local agency. Identity theft is a crime and needs to be handled as such.


• FTC. Report the identity theft to the Federal Trade Commission. Your report will help the law enforcement officials across the country with their investigation.

Thankfully, I've never been a victim of identity theft and by using the information presented in this three part series, I hope to never be a victim.

Related Articles:

• Avoiding Identity Theft - Part 1
• Avoiding Identity Theft - Part 2

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If you are a follower of the teachings of Dave Ramsey, you probably already know or have heard about the 7 Baby Steps to start you on the road to financial independence. If you are not familiar with the 7 Baby Steps, Patrick over at Cash Money Life gives a great explanation of each step.

No More Debt is not an official part of the 7 steps but it is certainly an important step on the ladder to financial independence.

If you were drowing in a pool, would you want someone to pour more water on you? If you were trying to lose weight, would you eat more food? If you were driving along and saw that you were about to hit the car in front of you, would you speed up? The previous questions have one common theme; don't do things that can make a bad situation even worse.

Taking on additional debt while you are trying to get out of debt is a prime example of making a bad situation even worse. If you are trying to get out of debt, you don't want to continue to borrow your way into a deeper hole.

Here is my story:

One of the biggest obstacles for me when I first started trying to get out of debt, was trying to pay down debt but at the same time, I was adding on more debt. When I would pay off a credit card, I would apply for a new card and run up the balance or do a balance transfer with the intent of paying the balance off before the intro period expired. When the into period expired, not only did I not pay the balance off, I'd run up a balance on the card that I'd use the balance transfer to pay off. Every time this happened, this pushed me farther away from my goal of being debt free. It was not until I made a promise to myself that I would not take on any new debt that I started to finally start to see my debt decrease.

I promised myself I would no longer continue to finance a new car every two years like I used to do. My goal for my next car is to pay CASH and not take any more car loans. It can and has been done and I can do it too. I will no longer make purchases on my credit card that I could not afford to pay in full the next month. The only thing I plan to ever finance again is a home. A home is something I can not readily pay cash for. I can make a large down payment but it is hard to pay 100% in cash.

By making the above promises and sticking to it, I was able to pay off all my credit card debt. Make a promise to yourself today...NO MORE DEBT!

Stay tuned to the M-Network for more great posts covering the 7 Baby Steps of the Journey to Financial Peace.

If you are new to SingleGuyMoney, please consider subscribing for more great posts.

Saturday, I presented a few key tips to avoid Identity Theft. Today, we'll discuss a few signs to determine if you have been a victim of identity theft

Signs that require your immediate attention:

• Missing Bills. Because you take great care in knowing when your bills are due, you can tell pretty quickly if a bill does not arrive. It may have been lost in the mail or some other mix up. If your bill does not arrive as scheduled, check up on it. Note: A missed bill does not relieve you of your payment obligation. Sign up to receive online bills if offered by the provider and you don't run the risk of having bills lost in the mail or stolen from your mailbox.
• Unexpected Bills. Receive a bill in the mail for a credit card you never applied for or for a card you haven't used in a long time? You may have been a victim of identity theft and you'll need to take steps to clear your good name.
• Unexpected Denial of Credit. Think your credit is excellent and then you get turned down for a credit card or home loan? You need to pull your credit report A.S.A.P to see what the problem is. Have you been a victim of identity theft or did you just forget to pay a credit card bill?
• Unexpected Phone Calls. Getting calls from a bill collector and you don't have an overdue bill? It could be a mix up or it could be identity theft. Check your credit report.

What is the best way to keep tabs on your credit? Check out AnnualCreditReport.com to get a free credit report once a year from each of the 3 major credit bureaus. You only get a free report and not a credit score. If you require more frequent updates like me or like to know your credit scores, consider using a paid credit report monitoring service like Equifax 3-in-1 Credit Watch Gold or all 3 Scores and Credit Reports from myFico.com. These services help you to quickly identify potential identity theft by alerting you to major changes in your credit.

Related Posts:

Avoiding Identity Theft - Part 1

Reminder: If you haven't already, please remember to subscribe to SingleGuyMoney.

I just finished paying all the bills for February and I actually have money left over. I'm telling you from experience, if you don't have a budget, get one and stick to it. You will be amazed at how well it works. If you are not sure how to do a budget, do a search for "budget" and you will come up with a number of free resources. If that does not work for you and you want to pay for help with your budget, consider Mvelopes. Mvelopes is an online, easy to use budgeting tool to help you get your finances in order.

Before I go back to wrapping up my bill paying activities, here are some of the articles I've enjoyed this week.

From the M-Network:
5 Simple Ways I Save Money @Gather Little by Little
ABC of Wealth Building @Moolanomy
The Choice of What is Right, and What is Easy @Cash Money Life
It's Good to be Broke Sometimes @Paid Twice
Living on One Income - The Single Life @Plonkee Money
My Sources of Alternative Income and How I Make Them Work for Me @My Two Dollars
When Buying on Sale Isn't Frugal @Beingfrugal.net

From my blogroll:
10 Common Expenses To Avoid If You Really Want to Save Money @Money Blue Book
The Road to Debt Reduction is Filled With Stoplights @Mrs Micah
Top Personal Finance Sites @My Dollar Plan

I couldn't wait to post this weeks saving money post. I made a few smart moves this week that saved me a little more extra money.

This week, I saved money by:

Mypoints Redemption. I redeemed a chunk of the points I'd saved up to get a couple of gift cards for a few things I needed to purchase. I'd wanted to replace my dining room light fixture since I purchased my home but I did not want to shell out the money for the new fixture. I redeemed enough points to get a gift card to Home Depot. I was able to get my new light fixture for free! Not only was the light fixture free, I was able to get it installed for free. Using my new bartering skills, I did my uncle's taxes for him in exchange for him installing the light fixture. By using the gift cards and free install, I estimate that I saved about $150. If you are not a MyPoints member already, you should really consider signing up. It's really quick and easy to earn free stuff that you can actually use. Want to know more about how Mypoints works? Click here.

Cash Back Credit Card. My homeowners insurance was due this month. Instead of writing a check directly to the insurance company, I paid with my cash back credit card that is currently paying 5% for the first three months. I will then payoff the credit card balance in full. By using this method, I was able to earn a couple of extra pennies in interest and a cash back bonus of $25.

Earn 5% on your gasoline and auto maintenance purchases and 1% on all your other purchases with the Discover Open Road credit card. Please apply for this card ONLY if you will use it responsibly and pay off your balance monthly.

By thinking ahead and being creative, I was able to save over $175. Doing this all the time can and will add up to considerable savings. What small things can you do to add up to big savings in your financial picture?

Did you save money this week? How did you do it?

Reminder: If you haven't done so already, please subscribe to SingleGuyMoney.

Image Credit: Kevin

I received a letter in the mail from the USPS the other day with a flyer on avoiding Identity Theft. Usually mailers I get from the post office go straight to the trash (once I make sure it is not something that is important). Identity theft is one of my biggest financial fears and I want to be sure I'm taking the right steps to avoid being a victim. Identity theft can quickly erase the good credit history you've worked so hard to build. Identity theft can cost you your hard earned money and your precious time.

Deter Identity Theft by:

• Rip it up. Invest in a good quality shredder and make sure you USE IT. The best are the ones that make the "confetti" cuts vs. strips that can possibly be put back together. Make sure you can also shred credit cards.


• Unpublished Number. I'm not talking about your phone number; I mean your Social Security Number. NEVER carry your social security card in your purse or wallet. If your purse or wallet is stolen, so is your social security number. If your employer prints your social security number on your health insurance card, ASK THEM TO REMOVE IT. My employer used to print social security numbers on our cards until about 2 years ago. You should also never have your social security number or drivers license number printed on your checks. If you live in Georgia, they will use your social as your drivers license number. If you request that they not use your social as your drivers license number, they will change it with no problem. If a service provider asks for your social, ask them why they need it and if they can use any other identifying information.


• Don't Get Clicky. Never click on links sent in unsolicited emails. If you get an email from your bank or broker. Go to the website that you usually use and log in to verify the request.


• Make it random. Don't use obvious passwords or the same password for all sites. Forget about using your birthdate, mother's maiden name, last four digits of your social, phone number, tag number or any other easy to access information.


• Hide It. Keep your personal information in a secure place at home; especially if you have roommates, have people working in your home or have alot of visitors. I went over to one of my friends and if I had wanted to steal his identity, I had all the information I needed right there on his dining room table.

There is alot of information on identity theft so I'll present it in 3 posts so you won't get bored. I need your full, undivided attention. This stuff is important!! Stay tuned for post 2 coming soon.

LifeLock - Protect your identity. Backed by a one million dollar guarantee.

Reminder: If you haven't done so already, please be sure to subscribe to SingleGuyMoney.

Image credit: CarbonNYC

It's funny how some people choose to remember you. I ran into one of my old coworkers today and we had the customary "catching up" discussion. One of his first questions after the usual "how've things been?" was to ask me if I was still buying all the latest electronic gadgets? He then went on to ask my if I'd bought a new car lately?

I informed him of the new me and how I was no longer buying everything in sight and was actually saving money. After the conversation, I started to think if that was how people viewed me. I actually was embarrassed at all the money I'd wasted in the past. Was I the guy that spent money like a free-spirited single man with no regard for saving?

I know what people think of me is unimportant and the most important thing is how I view myself. I now view myself as someone who has changed my entire financial picture. I no longer go out and spend without thinking. I no longer pull out my credit card and go crazy at Best Buy. I now plan for expenses that will come up in the next month, 6 months or year.

I like that people look at me as a person to come to for financial advice. I try not to give investment advice but for those basic personal finance questions, I am all ears and always ready to help.

Does this mean I'm growing up?

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I've been looking for a better way to remember when my monthly bills are due. I don't like having anything automatically deducted from my checking account and would rather keep track of when the bills are due and then pay via billpay or pay directly at the billers website. I carry a calendar to remember various appointments or meetings and I also use it to keep track of bill due dates. Using this method has a couple of drawbacks. Due to lack of space, I am not able write down notes about the bill like the amount due, account to be paid from, bill website or any other important notes. Unfortunately, if I forget to take my calendar with me, I do not have the due dates readily available.

I was contacted by the publisher of a program by the name of The Bill Manager. This is a free program that allows you to keep track of your monthly bills. I've used the program for about a week and I'm very happy with it.

Program Benefits:

• No cost. There is no fee to use this program. Nothing beats free!
• Easy to Use. Even, if you are not internet savvy, the program is still very easy to use. If you can point and click, you can use this program.
• Anywhere Access. If you have access to the internet, you have access to the bill manager. Go out of town? You can still access your account.
• Payment Reminders. You can get an email reminder to make sure you never miss a due date.
• Expense Manager. Manage your budget with the amount of your monthly bills conveniently calculated for you.
• Weekly Articles. Each week, there are a number of helpful personal finance articles via the main website or by RSS feed.

Head on over to The Bill Manager to check it out. Please note, this is not a paid review. I'm actually using the program and find it really helpful.

What method do you currently use to handle your monthly bills?

MyPoints: Earn rewards for shopping online, reading emails and more.

Reminder: Please subscribe to SingleGuyMoney.

This week was relatively quiet on the money spending front. I am still way under budget even though I did make a few unplanned purchases. So far, my zero based budget is working out well.

This week, I saved money by:

No More Dry Cleaning. As I mentioned in my Modern Day Bartering article, I have offered to help my friend with her finances in exchange for her ironing services.

Doing my own taxes. I did my own taxes using TaxCut. I considered using an accountant due to the complexity of owning a rental property. TaxCut asks all the questions, I supply the answers and the software does all the calculations. I worked on my taxes every other weekend for about 30 minutes to an hour and finally finished yesterday.

Washing my own car. I usually take my car in two the professionals for a bath every 2-3 weeks. This time, I went to the self serve car wash and washed it myself and used the self serve vacuum. Now my car is nice and clean for pocket change instead of the usual.

Coupons. Using coupons for my usual everyday purchases saved me over $15 this week. I had a few that were about to expire so I went ahead and used them.

Did you save money this week? How did you do it?

Reminder: Please subscribe for more great articles.

If you've been following all the talk about the economic stimulus package, you probably know that President Bush signed into law a multi-billion dollar stimulus package on February 13th. If you have not calculated how much stimulus you can expect, Kiplingers has a quick and easy calculator on their website. Click here to use the calculator to find out how much you can expect to receive. Please come back and share the estimated amount of your rebate and how you plan to use it.

There are a number of personal finance blogs I read on a daily basis and here are some of the articles I have enjoyed:

From the M-Network:
You Tell Me: What's Your Weakness? @ beingfrugal.net
401k or IRA? @ Cash Money Life
What do I do when my 401k is losing money? @ Gather Little by Little
When the Left Hand and the Right Hand Can't Even Find Each Other @ Paid Twice
Stupid Tax: Car Inspection, Commute and Margin Interest @ Moolanomy
You Are Not Your Stuff, Your Stuff is Not You @ My Two Dollars
Financial Concepts: Yank Speak to Queen's English @ plonkee money
How to Stop a Debt Collector from Calling or Contacting You @ The Dough Roller

From my blogroll:
Smart Money Magazine Giveaway @ ChristianPF
When I say I'm Broke, I'M BROKE @ Debtfree4ever
Debt vs. Savings @ Dimples' Divine Domain
How my life will change when I am out of debt @ Frugal Bachelor
Top Reasons to get a Business Credit Card @ HustlerMoneyBlog
Frugality: Increasing your quality of life for less @ MrsMicah
Tips and Tricks for Financial Organization @ My Dollar Plan
What one area of your personal finance management would you like to improve? @ No Credit Needed
Interest Income from Billpay @ Rocket Finance
10 Ways to Save Money and Live Green @ The Frugal Dutchess

Be sure to read all these great articles and don't forget to subscribe to SingleGuyMoney.

If you are one of the few people left in the country that doesn't have an ING Orange Savings account, I still have referrals left. By opening a savings account with at least $250, you can get a $25 referral bonus (I will get $10 - Thanks in advance).

Tricia @ Blogging Away Debt was kind enough to take a couple of my referrals to help me out.

If you would like a referral, you can contact me here; or you can go over to Blogging Away Debt.

If you live in Georgia, you may be paying up to an additional $1 for a pack of cigarettes. Currently, state lawmakers are looking at raising the tax on cigarettes by as much as $1 to provide additional revenue for the State. The additional revenue from the tax increase would go to fund healthcare programs in Georgia.

Georgia ranks 43rd in the nation with a sales tax of 37 cents on tobacco. The last increase in the tax on tobacco was back in 2003.

I, for one, hope they do increase the tax. Unfortunately, I have a nicotine habit that I have not been able to break. Increasing the price of cigarettes will certainly give me the additional encouragement I need to quit. I know about the negative health effects and that has not been enough to stop me yet. Hit me hard in the wallet; that will make me change my ways. For people who have never smoked, it is easy to say “just quit” but anyone who is or has been a smoker knows how hard quitting can be.

Were you a smoker? How did you quit? Are you a smoker now? Would an increase in the price of cigarettes encourage you to quit smoking?

Reminder: Please subscribe to SingleGuyMoney for more great posting and to leave a comment.

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My Bad Habits are Costing Me
I admit it...I'm a Clipper
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Wikipedia describes bartering as a type of trade that does not use any medium of exchange (money), in which goods or services are exchanged for other goods and services. Bartering dates back to times before there monetary currency.

I was discussing with one of my friends and coworkers about how much I hated to iron my pants. No matter how I do it, I can never get them right. I can never get the creases like I want them and they are usually still wrinkled in some spots. Instead of trying to iron my pants, I would take them to the dry cleaners. The dry cleaner I use charges about $2 per pant with light starch. I only take my khaki's that I wear to work to the dry cleaners; my jeans I still try to iron or I just fold them up out of the dryer.

My friend was talking about how much she hated to balance her to checkbook and how she did not know how to budget. She made a joke a couple of weeks ago about needing me to balance her checkbook and helping her with a budget. I know she makes more money than I do, yet she still manages to live paycheck to paycheck.

I asked her today if she would be willing to iron my pants in exchange for me balancing her checkbook weekly and helping her with a budget. She thought it was a great idea! I never thought she would go for it and was actually just joking. We agreed that I would balance her checkbook once a week and help her setup a budget with Mvelopes and she will iron 5 pairs of pants and 5 shirts (enough for a week of work) for me.

I'll be doing something I don't mind doing and she will be doing something that she does all the time and will save us both alot of money. No longer will I be spending up to $100 a month in dry cleaning bills and she will be able to save money by not paying overdraft fees. With her new budget in place, she should be able to bulk up her emergency fund which is currently about $22.

At lunch today, we went out and she opened a new checking and high yield savings account with Washington Mutual. They are currently paying 4.25% on a high yield savings account which is much better than the 1.01% she was getting at her old bank.

Like this article? Consider subscribing to SingleGuyMoney.

I currently have the Citibank Cash Returns credit card that I am using for any purchase where I am able to use a credit card. The reason for this? The card offers a 5% cash back rebate on all charges for the first 3 months of card membership. I have another month and a half before the cash back rebate returns to the measly 1% cash rebate. Once the bonus cash back period is over, I am considering switching to another cash back credit card to use as my primary credit card. I currently have 3 other cards that offer a cash back feature. Unfortunately, they all only offer 1%.

How do I decide which one I will use as my primary rewards credit card? I made an informal list on paper and finally decided on which one I will use.

The three cards I considered and the highlights of each:

Citi Dividend Card. This card has a credit limit of $15,100 and offers a 1% cash back bonus. The card has a cash back bonus limit of $300 per year. You can only request a check once you have reached $50 in rewards which is the equivalent of spending $5000.

Bank of America Cash Returns Card. This card has a limit of $10,000 and also offers a 1% cash bonus. There is no limit to the amount of cash rewards but like the Citi Dividend card, you must reach $50 in rewards before you can request a check.

American Express One. This card has no preset limit and offers a 1% cash back bonus. The difference between this card and the other two is that whatever bonus you earn, the amount is automatically credit to a savings account with American Express Bank. The card does carry a $50 annual fee. This card was my choice until I remembered the annual fee. I like that the amount is credited to a savings account each month and I don't have to wait until the balance is $50 to redeem the rewards. The only thing about this card that I don't like is the annual fee. Due to the annual fee, I will actually cancel this credit card. To make up the difference for the monthly fee, I would need to spend at least $5000 annually before I break even (not including the savings account interest). I do not spend nearly this much on my credit cards and I do not plan to spend more just to get a few extra dollars in rewards.

After looking at all the above, I think I will actually make the Citi Cash Rewards card my primary credit card for my everyday purchases. The limit is only $5400 so I will need to consolidate the credit limit from my 2 other Citibank credit cards. For any business related purchases for my rental property, I will continue to use my Discover Business Card. My Discover Business Card offers a 5% cashback bonus on office supplies, 2% bonus on gas and 1% on all other purchases.

What card do you use for your everyday purchases?

Reminder: Please subscribe to SingleGuyMoney for more great posts.

I just finished paying my bills for the first half of the month and I may have my first positive month of 2008; if the market cooperates. Right now, my networth has increased about 2.5% month to date. Most of the gain can be contributed to a couple of things.

• Managed Spending. I pulled in the reins a little this month on my spending. I've been saving a bunch of money by not eating out everyday at lunch.
• Another Bonus. I had my performance review a couple of weeks ago and I was given a small cash bonus in addition to a salary increase.
• Salary Increase. My increase in salary will be effective this month. This should net me an additional $150 - $200 a month after taxes.

I'm still down about $3-4k in my 401k but it's slowly trying to creep back up. My brokerage account is down about 11% with no signs of recovery any time soon.

How is your financial month looking right now? Will you have an increase, decrease or will you stay about the same?

Sponsor: Protect your identity with LifeLock. Identity Theft protection with a one-million dollar guarantee!

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January 2008 Net Worth Review

How am I doing with my financial goals?

It's a beautiful Sunday here in Atlanta. I'm hanging out on my deck, reading a book and enjoying the sunshine. Hopefully, you are having a great day wherever you are.

Here are some great posts I've enjoyed this week and want to share with you if you haven't seen them already.

From the M-Network:

What women wish men knew about money @ beingfrugal.net.
Roth vs Traditional IRA @ Cash Money Life.
Credit Card Companies - They really are out to get you @ Gather Little by Little. They are trying to get me back into credit card debt. Read about it here. I can tell you one thing. IT AIN'T HAPPENING.
I can't wait to Stimulate the Economy @ Paid Twice.
Got My Verizon Free TV and Wished I Could Do It All Over @ Moolanomy
5 Frugal Ways to Make Your Valentine Swoon @ My Two Dollars
How much money to keep in your main account? @ Plonkee Money. This post encouraged me to look at my own setup and make some changes.

From my blogroll:

Tips for Preventing Identity Theft @ Christian PF. You may also want to check out LifeLock.
Ways to Save Money @ CleverDude.
I did my own taxes @ Dimples' Divine Domain.
Do you believe in Valentines Day? @ Give Me Back My Five Bucks. Even if I was in a relationship, I wouldn't buy into all the hype. Why can't you show your significant other love all through the year?
List of Class Action Settlements @ Hustler Money Blog. Check it out and see if you are owed money.
New Years Resolutions @ My Dollar Plan. Madison got around to posting her 2008 goals. Better late than never. :-)
What is $6,992? @ Rocket Finance. Head on over to Rocket Finance to find the answer.
10 Classes to Boost Earning & Savings Power @ The Frugal Duchess.

Need contacts? Order online at 1-800 Contacts. $40-$80 Rebates on the Top Brands.

I managed to save some money this week but not nearly as much as I had hoped. Hopefully, you guys have some great money saving stories for me.
This week, I saved money by:

Taking my lunch to work. My goal is to take my lunch to work at least 4x a week and only eat out once a week. Of course, if my boss is taking me to lunch, that doesn't count. This week, I only brought my lunch three days and I went out to lunch two days. I did manage to save money by drinking water instead of ordering a soda.

Using the library. I went to the bookstore the other day and saw a couple of books that I wanted to read. One of them was $18.95 and the other was $13.95. I went to the library and checked the books out for free and saved myself $32.90 plus tax. Why purchase a book that you may only read once or twice when you can get it for free?

Using Coupons. Last Sunday's paper was full of coupons on items I use regularly. I managed to save enough to cover the cost of the paper and a save a few more dollars. One important thing to remember when using coupons is that if you were not planning to purchase the item anyway, purchasing something just because you have a coupon is counterproductive.

Did you save money this week? How did you do it?

More Ways to Save Money:
MyPoints - Earn rewards for shopping online, reading email, taking surveys or playing games.
Mvelopes - Simple, online budgeting system.
InsureMe - Save money on your auto insurance with multiple free quotes.

Reminder: Please subscribe to SingleGuyMoney.

When I went outside to get something out of my car this morning, I casually scanned my neighborhood as I usually do and what did I see? Another house just went on the market. I don't understand why people who don't really need to sell are trying to sell a home in this cluttered, slow-moving market. In addition to that, my subdivision is still pretty new (less than 2.5 years old) and they are still building homes. The new homes they are building are priced a little bit higher than what the original owners paid but they are offering over $15,000 in incentives. Why buy a used house when you can get a new house for less? I've seen some homes sitting on the market for over a year.

Of all the listings in my subdivision, this one interests me the most. The house is on my street, has the exact same floorplan and is the only one like it for sale. The owner is asking $205,000 which is great for me. I paid $189,140 for my house about 2 years ago and I think it is worth about $196,000 with the upgrades I've added. If he manages to sell for $205,000, $200,000 or even $198,000 I'll be doing cartwheels up and down the street (not really). I'll then have an actual comparable home to really find out what my home is worth.

Post Sponsor: America's Lending Partners - Rates have fallen. Refinance your home loan.

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I've read a couple of articles lately from a couple of different bloggers regarding how they use their checking and savings accounts to manage monthly cash flow. I've been meaning to examine the way I currently manage my monthly cash flow. With the recent drop in interest rates, it's even more important for me to maximize the interest I earn on my idle cash.

My current checking account is with Bank of America due to the numerous ATM locations and the the ability to deposit checks at the ATM without using an envelope or deposit slip. I also have a money market account where I keep my savings account. The account used to pay over 5% interest before the rates dropped. When I checked the rate the other day, it had dropped to less than 2.5%. I keep my Freedom savings account and my Rental Property savings account at E-Trade which is currently at 4.40%. I started using a self-created budget in Excel about a year ago to manage my monthly expenses. I know exactly how much money I need to cover my monthly financial obligations.

Currently, my setup is like this:

• Paycheck direct deposited into checking account
• Rental income is deposited into checking account
• Any miscellaneous income received during the month is deposited into the checking account.
  
• Monthly bills are debited from checking account
• Savings contributions are automatically deducted from checking account

With this setup, sometimes I end up with a lot of extra cash just sitting in the checking account until I move the extra into my savings account or into my freedom account. The interest rate on my checking account is a measly .05% so I'm missing out on a few extra dollars in interest income.

The new setup will be:

• Paycheck will be direct deposited into new E-Trade savings account
• Rental income will be deposited into BOA checking account. Tenant pays by check and I do not want to risk mailing the check to E-Trade and having the possibility of it getting lost.
  
• Any miscellaneous income that can be direct deposited will be deposited into E-Trade.
  
• Any income that cannot be direct deposited will be deposited into local checking account and then transferred to savings until needed.
  
• At the beginning of each month, I'll transfer 75% of the budgeted expenses for the month from the savings account. Around the 15th of the month, I'll transfer the remaining 25% to cover the remaining budgeted expenses.
  

Did I confuse you yet? It's actually a lot simpler than I made it sound. How do you manage your monthly cash flow? Here is how Plonkee Money does it.

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I knew it would happen sooner or later. Every since I paid off the remainder of my credit card debt, my credit card companies have not heard from me. Of course, what I mean by saying they haven't heard from me is that I have not used their credit card. There are only two cards that I use on a regular basis and that is only for the rewards. I no longer carry a balance and I pay off the balance in full each month.

Today, I got two offers from two different credit card companies offering me easy money because "I am a valued customer". One company "valued" me so much, they offered a 2.99% balance transfer for 6 WHOLE MONTHS (why can't I have a year) and the balance transfer fee is ONLY 3%. The letter encouraged me to take advantage of my entire $10,000 credit line.

Let me make sure I'm understanding you correctly. You want me to use your money for 6 months and charge me $300 up front plus monthly interest for the privilege to do so? NO THANKS! I'll pass on this "deal". In fact, the letter and checks they sent have already been shredded.

Had this been a few years ago, the OLD me would have jumped all over this. I would have promised myself I would pay it off in full before the special rate expired and when the rate actually expired, I would have some excuse for not paying it off and continue to carry a balance at the regular interest rate. The NEW me is not having it. The NEW me does not like debt anymore. The NEW me knows that credit card debt is bad.
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I participated in three great carnivals today and I encourage you to visit them all. There are so many great articles, I am still trying to get through them all.

Carnival of Real Estate #76 hosted by Searchlight Crusade. I submitted my article: The Real Cost of Homeownership.

Here's Your Team for the SuperBowl of Personal Finance #138 hosted by Paid Twice. I submitted my article: Suggestions for Your Tax Refund - Final Part 4.

Carnival of Debt Reduction #125 - SuperBowl XLII Edition hosted by BrokeGradStudent. I submitted my article: Considering Paying Off the Car Loan and it made Editors Pick!!!

Pardon me, I have more blogs to visit!

With the help of an extra paycheck in January, I managed to reach my goal of saving $1500 in my Rental Property savings account. Since I'd fully funded that account, I had planned to use the money I had been contributing to this account to help reach my goal of $5000 in my Freedom Savings account.
Apparently fate had other plans.....

When I picked up my rent check from my tenant yesterday, she told me it had been raining inside the front door and that the door frame appeared to be rotten. I took a look at it and sure enough, a lot of it was rotted and there were water spots from where water had leaked inside.

I called the contractor I'd used in the past for home improvements and had him come out and look at the damage. The door frame, the outer molding and the door would all need to be replaced. Apparently, the builder did not put a flashing above the door to stop water from coming inside the door frame. The grand total to repair the damages.....$1900.00 for materials and labor.
Just to be sure I wasn't getting ripped off, I had two more estimates done and they all were within $100 of each other. I decided to go with the contractor I'd used in the past since I already knew the quality of his work.

By the end of the week, the Rental Property savings account will be empty and I will need to pull $400 from my Freedom Account. I hate that I will be emptying out the Rental Property account but the most important thing is I can pay for the repairs in cash and not add on any additional debt.

It sucks to be a landlord when things like this happen.

After a lot of consideration and what-if scenarios, I've finally decided what I will do with my car loan. Thank you for all your comments and suggestions on how I should handle the loan. I've decided I would be comfortable with having $10,000 in savings. If I paid off the car loan now, that would leave me around $7,000.

I want to be sure that this loan is gone by the end of the year. In order to accomplish this, here is how I will handle the car loan. I will continue to pay an additional $200-$250 each month in addition to my regular payment. I will also continue to contribute as much as I can to my savings account. Looking at my budget for the next few months, I should be able to save at least $300 a month.
After about 6 months, the numbers should look something like:

• Car Loan Balance: $350/month decrease in principal from regular monthly payment. $200/month in additional principal payments. Car Loan balance should be roughly $20,900.00.
  
• Savings Account Balance: $300/month deposits, $150/month savings account interest. After 6 months, approximate savings balance should be $35,000.
  
• Savings Balance $35,000 - Car Loan Balance of $20,900= $14,100.00 left in savings.
  

Either way, I've decided that the car loan will be history in less than a year. After this loan, the student loan will be the only non-mortgage debt left. There is a real possibility that I can fulfill my goal of not having any non-mortgage debt by May 2009.
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I'm not doing my usual saving money post this week. I didn't make any purchases besides the usual but I didn't have any remarkable savings this week. I know alot of you are waiting for the SuperBowl today so I will share posts I've enjoyed from around the blogosphere.

The biggest highlight of the week is a big group post on Home Finance: Mortgages & the Real Cost of Ownership. For anyone looking at purchasing a home, you will definitely want to check it out. This project was organized by Rocket Finance and he has a great roundup on his blog.

From the M-Network:
2008 Financial Goals Progress @ BeingFrugal.net. Lynnae gives us a update on how she is going with her 2008 goals.
Person to Person Lending @ Cash Money Life. Patrick explains in detail how to bid on a Prosper Loan.
How are my 2008 goals going? @ Gather Little by Little. Gibble gives us an on on how he is doing with his 2008 goals.
Check-In with My #1 2008 Goal @ Paid Twice. Another goal update.
50+ Frugal Tips, Ideas and Resources @ Moolanomy. This is a great list with over 50 tips for being frugal.
My Thoughts on the $100 Billion Dollar Fiscal Stimulus Package @ My Two Dollars. MTD gives us his opinion on the stimulus package.
Green Dimes: Stop the Junk Mail! @ The Dough Roller. Stop junk mail and help the environment at the same time.

From my blogroll:
Budget: just do it @ Rocket Finance. Another great reason to make a monthly budget.
The Reduce a Bill Challenge is Back @ Working for Financial Freedom. Have a bill you want to reduce each month? Visit WFF and join the list.
Consolidate Accounts and Save Time @ Growing Money. I need to do this but I haven't quite got around to it.
Being Trapped at Work Saves Me Money @ Clever Dude. I would save money this way but I'd probably go crazy!
Why I'm a Renter @ Frugal Bachelor. I sometimes wish I was still renting.
Rebuilding My Non-Retirement Savings @ No Credit Needed.
Truly Investing for the Long Term? @ Money Blue Book. I am guilty of this myself.
Adjustable Rate Mortgages: The Benefits @ My Dollar Plan. ARMs are a dirty word right now but Madison admits she has one and the benefits.

Be sure to visit all the great articles above and good luck on your favorite team winning the SuperBowl!!!

Other articles you might enjoy:
Paying off debt makes you feel...
Big Changes in a Short Time

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Lynnae at beingfrugal.net was picked on to share the progress of her 2008 financial goals. Since she got picked on, she decided to pass the love on to me. Luv ya Lynnae!

How have I done with my 2008 financial goals? If you need a refresher of the list of my goals, click here.

1. Pay an additional $200 towards the principal of my car loan in order to decrease the balance to below $20,000. I was partially sucessful on this one. I'd $200 allocated in the budget but had to move $50 to another category. I was able to pay an additional $150 towards the principal. Next month, I have budgeted $250 to make up the difference.
2. Increase Net Worth to $75k. This one is way too early to call. Check back later in the year.
3. Increase Freedom Account Balance to $5000. Close, so very close, after the additional $1500 I added, I made it up to $4700. I should be able to meet or exceed this goal by next month.
4. I