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Archives for October 2013

Best Checking Account: Ally Bank

By Frugaling 5 Comments

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There’s No Interest

Interest rates are shockingly, disastrously low right now. The simple idea is that the Federal Reserve Bank is making access to credit easy for banks, businesses, and shoppers. The goal is to stimulate the economy and encourage spending. Put your money to work by buying that big home and truck! Meanwhile, savers are being punished with puny rates in their bank accounts. It’s yet another tip of the hat to cultural consumerism, as saving seems worthless.

As bank consumers we can’t change the prime rate of interest, but we can position ourselves to get the best interest rate available. At any one time, you likely have a sizable amount of liquidity (cash) in your checking accounts. The smart thing is to make that money work for you (important, since I’m losing 6.8% a month due to student loans).

Fees, Failure, And More Fees

Today’s checking accounts are bloated with fees, minimum open/maintenance requirements, and various stipulations. Quite simply, your checking account sucks. The simple answer: You need to switch. On top of that, it shouldn’t take more than a few hours.

Banks are caught between two epochs. The first is one in which customers walk in and have a relationship with a banker. The real estate, building fees, maintenance costs, etc. – all the niceties are passed onto the customer. That brilliant lobby, friendly greeter, and coffee on the side are all paid for by your idle money and loans. The second is one where customers are in control. No longer are they attached to a singular location. People can move freely around the city, state, country, and globe – never worrying about withdrawing from an in-network ATM or going to a brick and mortar location to deposit a check. In recent years, this market has been dominated by online banks.

Online Banks Are Your Solution

If you’re still stuck in the first version and getting paid 0% interest in your checking account, it’s time to switch. The following are five simple reasons to switch to an online bank:

1. It’s in your interest

While your current bank may pay out as little as 0% interest, online banks regularly pay about .40%. If you carry large balances within your checking account, you can expect even greater rates (at Ally Bank, they pay .75%).

2. They’re at your service

Most banks are open during traditional work hours, which makes no sense whatsoever. Online banks are always available – 24/7 – online and by phone. Oftentimes, you can also use chat features and email. They’re made to work around your schedule. With an app or scanner, you can deposit checks whenever you have the time (~5 mins).

3. No minimums – ever

To have the privilege of holding your money, traditional banks reward you by charging fees for not maintaining certain balances. With online accounts, there are no minimums to open accounts and you don’t usually have to maintain $1,000 a month (or more). These fees, minimums, and penalties only hurt those with lower incomes or can’t balance budgets. By storing your money in online accounts, you vote for a fairer bank for everyone.

4. No more ATM fees

There’s no need to be afraid of that ATM. That $4 fee that the bank charges to give you money out of network is unfair. If you bank without borders, you can withdraw without restrictions. Online banks know that withdrawing your funds is important, and some actually refund your ATM fees at the end of the month.

5. No ridiculous account management fees

Even when a bank gives us all the terms and conditions, there can be confusing stipulations and requirements that end up dinging you every month. Nearly everything is free or without fees when you’re online. Like credit unions, they have a direct interest in making you happy and stealing customers from the bigger banks.

My Recommendation: Ally Bank

I’ve said it before and I’ll say it again: It’s time to switch. One question remains: Which online bank should you choose?

There are plenty to choose from, but the best checking account – at this time – is by Ally Bank.

The interest rates are higher, the customer service is friendly and prompt, and I’ve never once received a fee in all my years there.

Check them out here: http://www.ally.com (This a non-affiliate link)

Filed Under: Save Money

Why I Can’t Sell My TV – Yet

By Frugaling 11 Comments

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Television was left on, like a running tap, from morning till night.
–Aldous Huxley, Brave New World

My Mom likes to say I live in squalor. The exposed cinderblock makes my apartment look like a bat cave; albeit, without the glamour of Bruce Wayne’s accessories. The lighting is harsh in some spots, and ironically, dull where I need it. Poorly insulated walls leave me exposed to Iowa’s elements – both hot and cold extremes. The reality is that this is my home, for now.

While I won’t leave the cold walls of my oh-so-humble abode (affordable housing from university), I’m reevaluating the things I own. What do I need and what could I sell? I started with my car (which is still for sale). Then, like a lion on the prowl, I stalked my apartment for things to sell. It felt like there was little left – I had already done so much paring down.

I thought about needs and must-haves versus wants. As I focused on this, my television stuck out like an eyesore. It was lurking in the corner and cost me $400 after all was said and done. Do I need a TV? Does anybody? My television is the most expensive, optional item in my home, and I hardly ever use it. Should I sell my TV?

Broadcasts were designed in a different era. The word “tune” actually meant something. To have a TV meant being connected with the world around you. Nightly news and programs were shown at certain times and channels.

Maybe it’s purely generational. Maybe it’s technological. Either way, televisions are dying off in favor of computers and tablets. This epoch includes the Internet. Instead of watching at a certain time, you can watch what you want, when you want.

But there’s a reason I can’t part with it just yet. The television can be a social avenue in the right circumstances. How many times do you lean over to your iPhone-carrying friend and ask to watch with him or her? These portable devices that we now accept as commonplace are strangely isolating when it comes to sharing content (they were only ever designed for individual consumption).

A television, on the other hand, is designed to be open and viewed by many. Whether it’s the Presidential debates, a sports broadcast, or a movie with someone special, TVs are still the best option.

That black box takes up a precious corner in my apartment, normally dormant (I don’t really watch “TV”). Maybe it’s time to invite some people over? Or, maybe it’s time to sell it?

Filed Under: Save Money, Social Justice

Bloggers Beware: Scammers And Spammers Cometh

By Frugaling 7 Comments

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An Offer You Must Refuse

We’re fast approaching Halloween, and I figured it was time to offer my blogging friends a bit of a fright. If you choose to write publicly, as I do, sometimes strange things can happen. Watch out and stay skeptical.

If you’ve just gotten started in the blogging/writing for money business, you may be surprised at the rapidity of advertisement offers. When you write about an important or niche topic, people are inherently interested. Advertisers follow suit, and maybe an individual from that organization spotlights your site for a partnership.

It can be a wonderfully flattering offer, too. Suddenly, you’re offered some cash – usually a PayPal deposit – with a simple request: Publish a link, graphical advertisement, or write a favorable blog post about a company. Offers can be in the hundreds of dollars. If you just started out, that can be a pretty penny – turning your hobby into a money-making machine.

Look Past Flattery

When you’re early in the blogging business, these offers can surprise you. If your gut instinct says, “This doesn’t make sense, I have only been blogging for X amount of time,” you’re probably right. In my nearly 6 months of writing on Frugaling, I have been approached nearly a dozen times from scammers and spammers.

While some offers are absolutely real – I’ve made nearly a $1000 through private ad sales – they’re far less likely than your inbox may suggest. The problem is that there is a grey and black market for people looking to rip you off. Look past the flattery of an advertisement to see what’s behind the curtain.

These Guys Are Spooky

Just a few days ago I received two emails from the same organization, offering me $150 USD to place an advertisement on my site. At first glance, you might think that’s quite a deal, reply to the message, and begin planning on how you’ll reinvest your profits into more traffic to the site. That’s a wonderful conclusion, unless you look behind the veiled offer.

Here’s a copy of a letter I received from one scammer (pay close attention to where they say they’re located):

Hi,

[REDACTED] here of [REDACTED]. We are a new media agency headquartered in the UK. I would have ideally liked to contact you directly through your email address, but couldn’t find it on your site.

I was wondering whether you’d be interested in selling advertising space on your site? We can offer you 150USD for a single advertisement.

I would love to have the opportunity to discuss this further with you. If you are interested, I can provide you with more information about our company, clients, and advertising campaign.

Please let me know if you wish me to send these details over, by emailing me at [REDACTED]

Kindly include your website for me to get back to you quickly.

Thanks ! I look forward to hearing from you.

Kind Regards,
[REDACTED]
[REDACTED]

After reading this email, you have to do three things to evaluate the offer. First, research the company they’re representing. The company appears to have a net presence (in this letter’s case). That could make you believe the offer, but you must do further due diligence. Second, do a WHOIS on the company. Every website has a WHOIS record that shows the registration information for the company. In my case, the registration details showed the United Kingdom (as the email suggested). Everything seemed to be lining up for a real offer, despite the grammatical errors. The third and final step is looking at the IP address that the message came from. In my case, as the Google Maps image shows, the visitor and scammer is actually coming from the Philippines. This is a huge red flag.

Protect Yourself

It can be saddening/maddening to receive this golden ticket – your first big start into blogging riches – and learn that it’s all for naught. Scammers and spammers are hard to defend against. The best advice I can give you is to be skeptical and research any company that may have strange dealings. Even if [REDACTED] were to offer me an advertisement, it would likely be for a grey market of illicit/nearly-illicit activities that hardly fit my audience.

Real offers will come, just give it time.

Filed Under: Make Money

10 Ways To Save More Money

By Frugaling 5 Comments

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I definitely save money by following these steps. The following are 10 ways you can save more money:

This week can be different. You can decide to save without sacrificing much. These are little, everyday decisions that we may not think twice about, but add up to a lot over the course of a year. The following are 10 ways you can save more money:

1. Go to the public library.

That new book costs $20 on Amazon. Your local library probably will have it available in a couple weeks for free. It’s the worth the wait. There’s plenty more worthwhile reading material besides that new, got-to-have-it bestseller.

2. Brew coffee at home.

Buying coffee on the go or as a regular part of your day adds up. If I bought a tall, black coffee at Starbucks everyday for a year, I’d see $692 less in my bank account. More importantly, that money saved could be gaining interest or used to pay off debt. Brew your own coffee and save a huge chunk of change.

3. Pack a lunch for work.

Lunch doesn’t have to be expensive. By packing a lunch, you’ll be saving a boatload of cash at the end of the year.

4. Drink water when you go out to eat.

Soda, alcohol, and juices all cost an arm and a leg at restaurants. Drinking water will usually save you about $2 a meal. That little savings can add up quick.

I definitely save money by following these steps. The following are 10 ways you can save more money5. Look on Craigslist for free or low-priced furniture.

Craigslist is a wonderfully simple way to get furniture, devices, and appliances at dirt-cheap costs or for free. It’s worth a look before you buy new.

6. Walk, bus to work.

Cars are a money-sucking parasite. I should know. Take the bus – better yet, walk – to school or work. This could save you thousands of dollars a year.

7. Shop for groceries once a week.

Supermarkets are prime places to spend discretionary funds on things you don’t absolutely need. Reduce the amount of times you visit, and you’ll see a nice savings in gas used and extra items.

8. Use a rewards credit card for non-discretionary purchases (i.e., supermarket and gas station).

If you’re going to be making the purchase either way, make sure you’re making the most cash back possible. The best deals are usually with cash back and/or rewards credit cards.

9. Create a list of things you “want” and decide after 30 days if they’re still worth the cost.

In the moment, it can be hard to figure out what are must-haves. Given some time and reflection, you may realize that brand new gadget or appliance isn’t really work X amount of dollars. Make a list of wants and see if you still feel that need after a month.

10. Cancel magazine, TV, and digital subscriptions.

This is easy. Just call up every discretionary company you pay money to a monthly basis and say, “I’m done.” If you’re a hefty magazine and TV subscriber, this will net you at least a couple hundred this month.

Filed Under: Save Money

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