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Archives for July 2013

Predictive Apps Spell Trouble For Budgets

By Frugaling 7 Comments

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Predictive apps collect our personal information, and turn it into suggestions, opportunities, offers, and more. Ignoring the obvious privacy policy and terms of conditions concerns, these apps are attempting to carve out their place on mobile phones everywhere.
There’s growing interest in applications and data-mining technologies that anticipate our next move. Predictive apps collect our personal information, and turn it into suggestions, opportunities, offers, and more. Ignoring the obvious privacy policy and terms of conditions concerns, these apps are attempting to carve out their place on mobile phones everywhere.

The New York Times recently wrote about the power of “Apps That Know What You Want, Before You Do.” These predictive apps are likened to virtual, personal assistants. They’re waiting on and for you. All they ask in return is some data about you.

The article takes a keen eye towards Google Now. This Google product can “answer questions, make recommendations, and perform actions” (Wiki). With the goal of being your intelligent, predictive assistant, Google Now is installed and ready for use on all Android phones running version 4.1 and newer.

I’m not a technological caveman, but I question this development. There are sacrifices we make to give our smartphones all this data. Despite Google’s desire to innovate, it’s important to remember the purpose behind it: ad revenue.

Google’s entire business model is based on finding and publishing advertising. The multi-billion dollar industry feeds off the personalized data we voluntarily share with the company. They’ve made products and offerings that cater to user, make it easy to interact, and fun to continue. Before you know it, you’ve shared more than you know.

As the collection of details metastasizes, you can become the product. Now, Google and any other predictive tech company can better target advertising to you. This is a serious budgetary vulnerability if people are exposed to more relevant advertising.

While Google Now and its brethren may not profit directly from the app, the data behind the scenes is very real. Predictive apps are growing in popularity (e.g., IFTTT, Siri, Osito). But an alarm should be sounding: You need to consider the budgetary consequences of targeted advertising that’s only getting better.

Read more about my thoughts on Privacy vs Frugality on PTMoney.com.

Filed Under: Make Money

Over Budget Birthdays

By Frugaling

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My over budget birthdays. It’s easy for me to spend and challenging to save. Maybe I’m not as good as you, but I aim to be better.

I’m floating in the Chicago skyline; this can’t be good for my budget. Down below, the third-largest city is in full swing, but I can barely hear the traffic from here.

Here, you’re removed from polar weather, abject poverty, and even the tiling of consumption at “The Magnificent Mile.” The price I pay for this distance is staggering – embarrassing even. I hesitate to tell you. On this random Sunday night, the room costs $200.

All summer, I’ve stayed incredibly frugal – hardly ever going out to eat or traveling. To place an endcap to the academic break, a birthday party in Chicago for someone I love seemed fitting.

Activities abound in the rousing ruckus of Chicago: Runs along the lake, comedy shows, Broadway-level theatre, and more. Over the years I’ve done them all. Some have cost me a small fortune to enjoy the entertainment.

My budget – my superego – has hated me every time. Almost like an outside entity, it groans with the credit card swipes. The Excel numbers dance in place to say, “Look at what you’ve done now.”

In total, this celebratory getaway costs me a small fortune; a year’s salary for much of the developing world: $400.

Is it worth it? Yes and no.

This is the last hurrah for the entire summer. I’m stopping unnecessary spend after this little vacation until maybe December. For the first time in my adult life, I truly saved and accounted for this trip. I participated in medical experiments all season to afford this moment. And, most of all, I took pleasure in celebrating someone special in my life – taking the time to show them I care.

Unfortunately, the answer is more gray. I also have nearly $40,000 in debt awaiting me back home – in the real world. A $400 trip will still be financed because it delays that amount of money I could’ve spent on repaying debt. 6.8 percent interest from the Federal government swirls in my head on a near-daily basis.

I’m left in a neutral place – somewhere between budgetary hell and heaven.

This is what I know: When I go out with people, they frequently joke about my frugal life. I think they expect me to be cheap and greedy. What I hope they see is that I’ve adopted this spendthrift lifestyle because I’m failing.

It’s easy for me to spend and challenging to save. Maybe I’m not as good as you, but I aim to be better. I’ve wasted gobs of cash for things I don’t need, and I’m not proud of that. That’s why I’m here, writing to you, and hoping we can share in this journey back to zero (debt).

Filed Under: Save Money Tagged With: Birthday, Budget

Get Amazon.com Deals In Target Stores

By Frugaling 2 Comments

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Amazon is a wonderful place to find specials and deals, but the shipping time can sometimes be a problem. Now, with Target's powerful Price Match Guarantee you can get Amazon's deals in stores.

You’ve just walked into your local Target store for a new coffee maker. The old one has finally crapped out – the coffee’s no longer hot. You pick up a discounted Mr. Coffee and look at the features. This is the one you want. The $29 price tag seems like a decent deal, but how does that compare to Amazon.com?

Amazon.com’s Deals

Target has some wonderful discounts with their 5%-off-everything Red Card, and the beta program, Cartwheel. Recent price comparisons between Walmart and Target show that the latter is often cheaper when paired with these discounts.

Oftentimes, Amazon has better deals because they have less overhead. Like online banks, the absence of a brick and mortar store can lead to savings being passed to the consumer. Unfortunately for Target, their stores take massive amounts of energy and extra employees.

Target Price Match Guarantee

Amazon is a wonderful place to find specials and deals, but the shipping time can sometimes be a problem. Now, with Target’s powerful Price Match Guarantee you can get Amazon’s deals in stores.

Here’s Target’s official, corporate dialogue:

If you buy a qualifying item at a Target store then find the identical item for less in the following week’s Target weekly ad or within seven days at Target.com, Amazon.com, Walmart.com, BestBuy.com, ToysRUs.com, BabiesRUs.com or in a competitor’s local printed ad, we’ll match the price. Price match may be requested at Guest Services prior to your purchase with proof of current lower price or by bringing in your original Target store receipt and proof of the current lower price.

As with any deal, keep a paper trail or bring a smartphone to prove the prices you’re seeing. If you find a deal, you’ll have to take your receipt and proof to a Guest Services agent. Once there, they can credit back the difference.

Simple, easy, and well worth your time. Stay frugal!

Source: https://corporate.target.com/about/shopping-experience/our-low-price-promise#q4069

Have you tried Target Cartwheel?

Filed Under: Make Money Tagged With: Target

10 Takeaways From A Spending Cleanse

By Frugaling 4 Comments

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After spending $0 for the week, I sat down to reflect on what I had learned - what was most important for others to hear. The following are my 10 takeaways from this little spending cleanse:

Read the Entire Series: Day 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7

I recently completed the 7-Day Buy Nothing Challenge. After spending $0 for the week, I sat down to reflect on what I had learned – what was most important for others to hear. The following are my 10 takeaways from this little spending cleanse:

1. Follow Rules

My head frequently questioned the decision to put away the credit cards and stop spending. I would pass by businesses, and sometimes walk in them, teased by a store’s offerings. Each time I left without spending a dime because I was on a mission.

On Day 0, I outlined a set of basic rules that would help me stay on track. For the most part, they helped. Many times, I didn’t carry a wallet at all. I felt lighter and more minimalistic. Having rules was a nice fallback for people that invited me out or wondered why I couldn’t spend any money.

2. Ignore Critics

Plenty of people questioned my decision to try this. Oftentimes, the skepticism centered on the idea that people couldn’t actually spend $0. For them, people are spending money on rent and utilities all the time. I have a car loan that requires a monthly payment. Maybe the skeptics are right, you can’t spend nothing. Also, I was taken out to dinner for one of the nights, and that seemed to inflame certain peoples’ perspective on the challenge (I was treated to a meal (without request or assumption) by old friends that randomly drove through town. These things happen.).

The only rebuttal for me comes from the reasons for this challenge. It wasn’t about scavenging for food or living out of a van. For me, I was aiming to rescue my finances by stopping all purchases. We are exposed to a wealth of marketing materials that hinder our ability to shop smart. I wanted to turn off all these points of weakness in spending.

In the end, if you try this experiment, you’re doing it for your own budget and life – not someone else’s ideal or idea for this experiment. Stay focused and don’t let the naysayers get you down.

3. Stay Purposeful

Whether you’re motivated to curtail spending for environmental, financial, or psychological reasons, this challenge can benefit you. There’s a tremendous purpose in stretching your prior assumptions around shopping. By starting this adventure, I learned just how difficult it can be, but that an overarching meaning motivated me to continue.

The thought of spending $0 over a week was often enough positive encouragement. In my most difficult periods, where I thought I might just spend money, I thought back to all the reasons I started this journey. I wasn’t going to fail my readers, friends, or my budget.

4. Control Urges

The urge to spend will come. Whether it’s because you can’t seemingly wait or you really need something, your mind will likely trick you into thinking you must go to a grocery store. The reality is that you can do without any one food source for a week. Out of black beans? This doesn’t call for a drive to your local Target.

By beginning to control the urge to shop or impulse buy, this sets a lasting precedent for purchases. No longer do I run to the store on whim or for a random item. When I shop, it’s with a purpose. When I make mistakes and don’t plan my purchases accordingly, I have to wait. Thankfully, that wait saves me big time.

5. Find Free Things

Whether a picnic in the park, concert in the city, or free breakfast from Ihop, your week away from spending money doesn’t need to be austere. From books checked out at the library to fancy stay-at-home dinners with your loved one, life can keep moving in a spending cleanse.

Be proactive and plan for free events and activities in your local community. These options can help get you through the week, while also bolstering your options afterwards.

Here’s a terrific list by The Simple Dollar to get you started: 100 Things to Do During a Money Free Weekend.

6. Be Prepared

By all means, be ready with food preparation. I did not stock up enough on diverse meal options. Before jumping into a week-long spending cleanse, consider what your diet is like and just how much food you eat throughout a week. Use my tips to dominate the supermarket and consider your week in advance.

In cutting out all forms of shopping, I imagined a world where I couldn’t get more food for a week. Thankfully, I was prepared with the basics, but in the future, there are some weak areas that I’ll need to work on.

As the Boy Scouts say, “Always be prepared.”

7. Recognize Accomplishments

Sometimes the challenge was trying because others can spend money around you, but you’re stuck with a $0 goal. It’s important to recognize your accomplishments, strengths, and trials along the way. It truly is amazing to put your wallet away and stop spending anything for a week.

With a tough day, I’d take a break to watch a movie, eat a (healthy) candy, and/or spend time with those I care about. This positive reinforcement and recognition from self and others helped propel me through the last two to three days.

8. Seek Support, Accountability

Because I turned this into a challenge, adventure, and experiment, other people held me accountable. My friends wanted to see me succeed. My girlfriend comically teased me with fantastic foods she was eating, but also kept me on track along the way.

By bouncing the idea off of others, sharing the stories on Facebook and Twitter, and talking with friends frequently, I had a group of people rooting for me the whole way. I focused on their support when the going got tough. This is an invaluable piece of the puzzle.

9. Make Do

As I’ve mentioned a few times now, I didn’t plan very well for food storage. Most of my fresh foods were gone in three days and the diversity of my meals was abysmal. Much like in camping trips or long-term travel situations, I learned to make do with what I had.

This is a lesson in attitudes. Maybe I learned it from running my first marathon not too long ago, but I developed a pleasure in pushing through pain. By conquering your discomforts, you can truly gain happiness.

Days of spaghetti, rice, and beans were boring and hard to maintain, but they helped me get through this journey. They’re staples for most of the world, and I’m thankful to have these basics.

10. Try This Experiment!

Don’t be surprised if I try this experiment out in the future! As the fall school semester rolls around, I’m eager to see if I can go two or three weeks without spending an extra dime. I sincerely hope it inspires others to attempt the $0 week, as well. Just imagine what you could learn about yourself from spending nothing for 7 days.

What’s the longest you’ve gone without spending? Would you try this challenge?

Read the Entire Series: Day 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7

Filed Under: Make Money

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