Archive for March, 2008

My Husband Saved Us Money on Car Insurance

By: Green Panda | Date posted: March 31, 2008 (5:00 am)

So many trees.......

We didn’t switch to GEICO and it took longer than 15 minutes, but thanks to a phone call we saved money. My husband called Progressive to inform them of our move.

He had to be switched a few times as we went from an agent in one state then one to the other state. Our previous car insurance was $135/month and now we’re going to $104/month. I’m excited about it. One positive point of the move is that my commute is a lot shorter. Instead of driving 1 hour each way, I’m looking at a 15-20 minute commute depending on traffic.

He mentioned the change and it got a us a lower rate. Since his car has airbags on both driver and passenger sides, we got a small discount on that as well. On top of that, it seems like our new state has lower rate in general.

If you’re trying to cut down on car insurance expenses without cutting corners, here are some tips I dug up on saving on car insurance.

Money Saving Tips for Car Insurance

  • Maintain a good driving record. It’s obvious, but helps. Our last six month’s premiums went down because an old accident went off the record after 3 years.
  • Develop and keep a good credit history. Another reason why being smart with your bills helps out.
  • If you’re a college student, see if your grades qualify you for a discount. It’s usually a GPA of 3.0 and higher. Check your company to what their discount is for good students.
  • Increase your deductible. Only do this if your emergency fund is in place. Don’t get a $1000 policy if you only have $500 in your emergency fund.
  • Pay in one or two installments. Insurance companies tend to give a discount if you pay your premiums up front.
  • If your commute has shorten a bit, let them know. It can lower your expense. Even if they don’t drop it as low as you want, you save on gas money.

The $30 we save a month will be saved, not spent. It can be tempting to use it to expand our eating out budget, but I’m learning to be more intelligent with the money. That money adds up to an extra $270 for this year!

Thanks Blue for being a great and frugal husband!

Your Thoughts

How have you lowered your car insurance bills?

Photo Credit: cervus and anomalous4

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Discrimination in Mortgage Lending

By: Green Panda | Date posted: March 28, 2008 (11:21 am)

Dual Income No Kids had an article based on a book published regarding race and poverty. Wow, that’s a big topic that could fill its on site. James reviewed the books thoughts and summarized it.

In closing James remarked:

So, it seems that lower wealth in African-American and Hispanic families has less to do with discrimination and culture, and more to do with family dynamics and educational attainment.

That sentence bothered me a bit. If I had re-write the sentence, I would say:

It seems that lower wealth in African-American and Hispanic families has to do with educational attainment, discrimination, and family dynamics.

His conclusion seemed incomplete to me.

  1. Educational attainment and family dynamics has an effect on every race, not just those two ethic groups
  2. There have been documented cases of discrimination in areas of employment, education, and housing.

We don’t live in a perfect society. People are discriminated for many things besides race; such as gender, age, religion, and physical capabilities.home.jpg

Just looking at the mortgage area, there is concern over how lending is different among the races. By reducing cases of discrimination, it can help families, including African-Americans and Hispanics, to increase their personal wealth.

The Urban Institute researched some claims and did find evidence of discrimination in mortgage lending. Besides just documenting the problem, it tried to offer some solutions. Some suggestions that the Urban Institute recommended were:

  • The Urban Institute report concludes by recommending priority next steps in measuring mortgage discrimination and developing policies and practices to better combat it. These recommendations include:
  • Expanded research on lender decisions about office locations, advertising and outreach, as well as referrals that may discourage minorities from ever applying for loans with some institutions.
  • Stepped-up testing at the pre-application stage and possibly the loan approval stage as well, for research, enforcement, and self-assessment by lenders themselves.
  • New nationwide studies of mortgage lending, including analysis of mortgage loan performance to determine the “business necessity” of lending criteria and procedures that disproportionately disadvantage minorities.
  • Expanded research on loan terms and conditions, including examination of relatively recent market trends such as risk-based pricing and credit-scoring formulas, as well as analysis of overages and fees.
  • Rigorous evaluation of successful fair lending to find out what really works to increase lending to traditionally under-served groups.

My suggestion whether you’re a minority or not is to research your options thoroughly. Don’t just accept what they offer. Compare and shop around.

I enjoy reading DINKs, as James and Miel seem to find interesting topics to write about. This one just caught me eye and I wanted to write a response. I just felt that the author of the book they reviewed gleamed over some important issues. Let me know what you think about the books and its thoughts.

Any ideas on repairing mortgage lending practices, besides the discrimination issue for some? We’re thinking of getting a home within 12 months, so now it’s showing up on a radar a bit more than before.

Photo Credit:  Fabio

The Cost of Moving to a New City

By: Green Panda | Date posted: March 27, 2008 (1:01 pm)

I finished my first day at my new job and it was hectically fun. It’s an adjustment as it is a smaller company, but I like the idea that I’ll be cross-trained.

cash.jpgAs I mentioned before, I’d look at how much the move has cost us. I was a bit surprised at the amount.

How much has this out of state move cost us?

Some expenses I counted were:

  • Moving truck and supplies (we used U-Haul; best value; some boxes we need to TVs)
  • Gasoline for truck (gas is a bit higher at our new city)
  • Security deposit (ouch!)
  • Pet deposit (double-ouch!)
  • Admin fees (I thought it was a rip-off)
  • March rent (part of the deal – $40 for month)
  • Food for volunteers (a small way of saying “thank you for all the help”)

Total Cost: $1,290.00

We’re very grateful to our family and friends for their help. This move was last-minute and they still dropped what they were doing to help us. Thank you and we hope that you guys come down to visit.

Tips to keep in mind when you move

Some tips I’ve learned after this move are:

  1. Compare prices and miles with moving trucks. One company had a lower price, but fewer miles. Another competitor offered unlimited miles, but the price was a bit high.
  2. Weight your options carefully when looking at apartments. We were looking at availability and price. We had one day to look at apartments together which I don’t recommend. Some questions to consider:
    • How much are the one-time fees?
    • Is any part of the fees refundable?
    • Does the apartment allow pets?
  3. Try to find a place that is close to where you work, so you can save money on commuting.
  4. Remember Murphy’s Law loves moves.My desk will need to be replaced as it was damaged. For now, I’m using the temporary dining room table.

I hope your move goes smoothly. Have you moved recently? What advice do you have?

Photo credit: massdistraction

We moved!!

By: Green Panda | Date posted: March 25, 2008 (11:11 am)

 

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Plan ahead with moving out of state.

The move from one state to another went (relatively) smooth. We currently have the kitchen done, the living room decent, and our bedroom functional. It took a few hours spread over 2 days to load the truck. I felt good because we able to donate three bags of stuff.

There was one casualty in the move.

A moment of silence for my beloved computer desk.

I realized that we will have to get a few things for the new apartment, but none are critical.

  • Two Bar Stools: We have a dining room and a little nook where we can eat and watch some TV. Right now we’re going to eat in the living room. We’re looking for a sale at a store or used ones at a yard sale.
  • Dining Table: Our last place was too small for a table. We’re going to look at Craigslist for a used set that can fit.
  • Washer & Dryer: We saw some for $150, which is fine. We just have to see if we can meet someone with a pick-up truck.
  • Computer Desk: My husband apologized and offered to buy one. I’m going to check the ads to see if they is a deal out here.

We got the main stuff unpacked and we’re not going to stress over unpacking the rest quite yet. Our friends and family came over to help and we’re thankful.

We just got our internet service connected Monday evening, in case you were wondering what happened. I’m looking at the emails I’ve gotten and realize I need to unsubscribe to some list. I don’t care as much and I need to unclutter my inbox. I’m reviewing some receipts to see how much this move is costing us to far and I’m hoping to put up the results Wednesday.

Photo Credit: RBerteig

Disconnecting/Connecting Utilities

By: Green Panda | Date posted: March 20, 2008 (1:54 pm)

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Getting ready for the move

Things are moving along. So far, so good.  I just finished getting our utilities set up between the old apartment and the new one.

Setting Up Electricity

Good news is that for the new place we do not need a deposit for electricity. There’s a $17 connection fee. Our old power company will send a refund check within 4 weeks to our new address. I’m going to ignore that money from our budget plans and act surprised when we get it next month.

Disconnecting the Cable and Internet

The cable company was a bit more difficult. I had to go through a long line of hoops on the automated menu. After giving my account information and verification, I was supposed to be sent to a ‘specialist’. The representative was nice , but she asked me to verify everything all over again. Then she launch into a script on easy payments with the cable company and asked me which option I would prefer. I told her I was disconnecting. Did they send me to the wrong department?

Anyway, she was able to get my information to send my $28 refund check (yes!). She then told me that $56 was due for next month’s service, to which I reminded her that was no next month. *sighs* I wish it was Friday.  I written everything down, to make sure if something goes wrong, I can track whom I spoke to.

Photo Credit:  Steve Keys

Rolling Over 401(k)s

By: admin | Date posted: March 19, 2008 (11:13 am)

We’re doing alright preparing for this move. I’m dead tired, but once this is done, I’ll be able to rest easy. Something that I’m keeping in the back of mind for now is the plan for our retirement funds.

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We both have 401(k)s with our employers. My 401(k) is considerably less than my husband; one reason being I just got qualified this year.

What to Do with Your 401(k) When You Switch Jobs

There are basically three options for us (and everyone else in this situation).

  • Roll it over to your new job’s 401(k) or to your IRA. This isn’t a hard process, but it takes some time to fill out the paperwork. Since I already have an IRA it’ll be less paperwork than my husband if he decides to go this route.
  • Keep it at its current spot. I can’t do this as I don’t have enough vested to have my employer keep it in there. My husband has to decide if he wants to do this option. If he’s happy with the service and selection that he has, this is fine.
  • Spend it. (DO NOT DO THIS!!!!!) You’ll be taxed for early withdrawal and you’re undo the work you’ve put towards retirement. If you spend your retirement money, it will also effect your income when you d your taxes.

We haven’t made a decision on either the first or the second option. We haven’t even discussed it since we’re more concerned with more immediate needs like making arrangements for the moving truck and turning on utilities.

Hopefully, I’ll be able to relax on Monday.

Photo Credit: Zzzack

Removing Clutter Before The Big Move

By: Green Panda | Date posted: March 17, 2008 (9:13 am)

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Photo Credit:  Steve Keys

We’ve reach a bit more than the halfway mark on packing up the apartment for the move. I had no idea how much stuff we had until I was combing our place and discovering some things I forgot we had. I’d say I had about 3 boxes of stuff that I’m not bringing over to the new place. They include

  • Old video games (I’m talking about  Win 95 era  games like X-Com)
  • Software that is obsolete (Lotus 1-2-3 anybody?)
  • Books that I haven’t read in a while and don’t intend on picking up again
  • Movies/Videos (VHS) that I don’t enjoy anymore
  • Clothes that aren’t my style (or more likely; not my size)
  • Old magazines laying around

It’s doesn’t sound like a lot, but they were really taking up space. I never got rid of them because I thought I would use it later. If you’re moving sometime in the future, here’s some things that you can do with your clutter:

1. Have a garage sale. This option can put a few extra dollars in your pocket, which is always handy during a move. Due to the time constraints of this move, I really didn’t have time for this. An alternative to this choice is putting items up on E-Bay or Craigslist and having people buy the items.

2. Donate. I personally like this option.  I usually donate my things to a local children’s hospital. My baby brother has been treated by the hospital a few years back. They were wonderful and the staff went above and beyond their duties.  I made a donation to the charity last week.

3. Trash it. This an easy, but wasteful option for some items. After David’s article on the history of stuff, I’m going to try and reduce this as much as I can.  My goal is that next time I move (hopefully to a house), I’ll have less junk and more reusable items.

It’s been a busy weekend and I’m finishing up my last week at my current job. I’m trying to tie up any loose ends and train some people on my tasks. I’ll miss my co-workers. They are really good at what they do and pleasant to work with on a daily basis.

Moving Updates

By: Green Panda | Date posted: March 14, 2008 (11:26 am)

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Photo Credit:  Phillip

It has been a busy two days for us. My friend came over yesterday and we managed to pack 7 boxes.

I didn’t realize how much we do have in our small apartment. We trashed a few bags worth of stuff that were cluttering up the place and couldn’t donate.

Here’s a to-do list so far:

  • Notify landlord (done)
  • Notify current employers (done)
  • Pick the apartment and fill out the paperwork. (We’re going down there tomorrow! Leaving around 5am… :p)
  • Get a few estimates from truck rental companies. (It’s going to be approximately $200.)
  • Start a file for moving paperwork (File cabinet ready.)
  • Grab and complete post office change-of-address cards. (I got to do that this weekend.)
  • Use up food that can’t be packed. (Doing pretty well on that!)
  • Schedule packing and do it! (We got some boxes from a local grocery store. We got a great tart and our goal is to do 2- boxes/day until we’re done. I’m estimating Tuesday.)
  • Clean apartment to get deposit back. (Wait until next week.)
  • Schedule disconnection of all utility services at current apartment, and have new apartment’s turned utilities on. (Wait until next week.)
  • Request a refund on our electric deposit. (Wait until next week.)
  • Return any borrowed items (I called some people and am making arrangements to return the items.)

There’s still a lot to do, but I think we can do this. Am I forgetting anything major? Do you have advice?

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