The first 30 years of my life I was convinced it was the other way around. I believed that in order to be successful you had to make a lot of money, at any price, even if it meant that you hated what you did for a living. After all, what was more important than making a lot of money?
I always talk on here about watching your spending, staying out of debt, to stop spending on useless “stuff” that doesn’t bring real benefit to your life, etc.. But that doesn’t mean you should be a cheap bastard with your money, either.
OK, times are tough – We all know it. Right now, you might be worrying about how to pay for groceries or the gasoline in your car, and we can use all the help you can get to stretch each and every dollar. Luckily, I have a few friends that have plenty of tips for saving money and I asked them to send them all to me so I could assemble a list for you – the person looking to save money.
At my house, basic digital cable TV cost over $69 per month (plus taxes) and we watch maybe 10 of the 150 channels that they provide to us, meaning that we pay for many channels that we have no interest in. While the price of just about everything headed skyward, paid cable and satellite TV is sometimes one of the first things to go from someone’s budget
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I am enjoying reading them myself, so I hope you guys are enjoying the guest posts this week. I have a few more for next week while I finish my visit to California. Have a fantastic weekend!
This is a guest post by coupon sleuth and deal digger Coupon Sherpa. Visit CouponSherpa.com to find automotive coupons to stores like Auto Parts Warehouse and Auto Anything. Check out the Ask Coupon Sherpa blog for more money saving tips.
My car knows when I get paid. Like clockwork it demands a new repair with every paycheck. As a result, I’ve had to gather estimates for such big jobs as replacing the timing belt, repairing all four brakes (including replacing pads, shoes and rotor).
Much to my chagrin, I learned that although a timing belt costs just $55, estimates for replacement ran as high as $850. Why so much? Because two out of three shops recommend also replace the water pump, front engine seals, drive belt, idlers and tensioners.
Likewise with the brakes. One quickie brake shop said I had to replace pads, shoes and rotors on all four brakes. A visit to CarTalk.com revealed they may have been trying to take me for a ride.
The best referrals usually come from family and friends who have had positive experiences with a repair facility. Ask the mechanic for references and follow through. There are several places you can check online, including your local Better Business Bureau and (my favorite) NPR’s Car Talk “Mechanic Files,” which includes customer reviews by city and state.
If repair work will run over $100, make sure you get a written price estimate. Deal face-to-face with the facility, not over the phone. Research prices on Internet auto-repair database to make sure you’re not being overcharged. Once you receive an estimate, the repair shop legally can’t charge you more than 10 percent above the estimated costs without your prior approval.
* Vehicle Information: Including year, make, model, mileage, etc.
* Car Parts: Including description, quantity and price. This portion of the estimate also should detail whether replacement parts will be new, used or rebuilt (see #4).
* Labor: Work is usually charged in 15-minute increments. Ask about the estimated speed for each shop. You don’t want to end up paying more because of the shop’s slow repair speed.
* A Clear Explanation: Many work descriptions are poorly written and difficult for the layman to understand. According to the Car Guys, A clearly written estimate should read something like, “Performed 30,000 mile tune-up in accordance with manufacturer’s specifications. Changed oil, oil filter and air filter. Installed new cabin filter and performed all necessary checks, controls and procedures, including road test (miles 30,123 – 30,125). Performed lubrication services and confirmed proper operation of the vehicle. Set tire pressure and checked fluids, belts and hoses. Note: car pulls slightly to the left. Needs Alignment.”
* Summary of Charges: This is the total cost for all labor and parts. Check the math to make sure it’s accurate.
Original Equipment Manufacturer (OEM) parts usually are the most expensive as they’re designed for your specific vehicle. Aftermarket parts are manufactured by a third party for use in a variety of vehicles and usually are less expensive. If you’re vehicle is an older make, used or rebuilt parts are even cheaper and could last the remaining life of the car without trouble. Just make sure you won’t experience bigger problems down the road with the cheaper options.
These costs may include but are not limited to shop supplies, including chemicals, rags, hazardous-waste disposal, waste oil, etc.
Flat Fees are services not broken down into parts, tax and labor, making it difficult to compare prices. While most flat fees are competitively priced, mechanics also might use flat fees as an opportunity for “menu selling.” In other words, a tune up might be listed at $100 or a transmission flush at $90. Ask what is involved for each item and confirm the shop will actually provide the service based on the car manufacturer recommendation.
Ask if the repair might be covered by an existing warranty or recall and, if the repair shop won’t honor these terms, shop around or go directly to the dealer. You’ll still want to get a written estimate for any costs not covered. When having recall work performed, make sure you won’t be charged if the recommended remedy doesn’t work. Ask in advance if there is a diagnostic charge for which you’re responsible.
Ask some shops, “Do I need a tune up?” or “Do I need a new starter?” and the answer will always be yes. Such questions imply you don’t know your car and may be open invitations for unscrupulous mechanics to recommend unneeded services. Check the vehicle manual for the manufacturer’s recommended schedule of tune-ups, oil changes, tire rotations, etc.
Is the recommended repair really necessary or could it be postponed? Some fixes are necessary for safety reasons or to prevent future problems. If your car may well go to the scrap heap before the repair truly is necessary, then why throw away the money? When in doubt, follow this list of priorities: Engine and suspension work first; tires second; extras like stereo and air conditioning next; and appearance (minor dents and dings) last.
Even if you had your vehicle towed to one shop after it died, make sure you get an itemized estimate from a second shop. You may find another mechanic offers a better price and will tow your car to the second shop for free.
Make sure you understand exactly what work will be performed on your car before you leave it at the shop. Never provide carte blanche to do any work they find necessary; you might as well hand some mechanics a blank check. Provide the shop with your contact information and ask them to call you if they run into any problems not listed in the estimate.
Although this post is not directly related to personal finance issues, it does have something to do with it in terms of your financial security. For a long time now, I have had emergency kits in my car and in my home in case I suddenly had to vacate the house or got trapped away from home. After 9/11, the tsunami in Thailand, Hurricane Katrina, and the earthquakes in Haiti and Chile, I figured that if it can happen to all of those people then it can happen to me. We all go through life figuring that the bad stuff always happens to other people, but someday the other people could be you and you better be prepared.
I figured listing what was in my kit would help others prepare better for any kind of emergency. I have a backpack that I can grab and go in case of an emergency regarding my home or neighborhood. Here is what I have in my backpack:
Cash – $200 in small bills if not more. If tragedy strikes, banks and other electronic payment systems may be down and if that happens, cash is king whether for food, water or gasoline.
Food - MRE’s (Meals Ready to Eat) that could last 2 weeks if I ate them sparingly. These are loaded with carbs and calories to keep you going, and they last on average of 5 years.
Water - Besides a bunch of small water pouches (think Capri Sun or the like), I also have a bottle for water and water purification tablets if I run out of my own water and need to sterilize water from another source.
Clothing - A complete change of clothes consisting of socks, underwear, sweatshirt and hat. I also have gardening gloves in case I need to deal with something rusty or sharp. A rain poncho was thrown in for good measure as well.
First Aid Supplies – Band-Aids, Neosporin, gauze pads, wrapping tape, razor blades, small sewing needles, a compass, ace bandage, etc. I also have candles, lighters and matches, glow sticks, etc.
Medicine – If I have a prescription medicine, I make sure I have a bottle of it in my kit. According to my doctor, pills that are solid (not the gel liquid kind) last WAY longer than the expiration date on the bottle. So I make sure I have backup pills in the bags that will last until I can get my hands on more.
Personal Documents – This is where the personal finance aspect of this post comes in. In my bag, I have a small ziploc baggie filled with photocopies of my driver’s license, birth certificate, social security card, a few of my credit cards and a contact list. I also put a USB thumb drive in this bag that has the same info on it as above but also has all of our financial account numbers, phone numbers, insurance cards, first aid info and local emergency information. This usb key is the key to your recovery after an incident, as it allows you to have one place where all your information is stored.
Communication - I carry a windup emergency radio that has weather and other bands, and also has a flashlight attached. I also have a solar battery charger to charge my cellphone in case the juice runs out before I can find power.
Protection – I have mace and a rather large knife that can cut food, wires, etc etc in case I need it. You never know what may happen once the SHTF!
In my closet, stored in a big old WWII trunk my grandfather gave me, is all the stuff I would need if I had to stay in my house with no food, water or electricity for a while. I have a duplicate set as above, but with way more water, food, blankets, candles, an old telephone that doesn’t need electricity to work and assorted other things. Oh, and I have a giant axe, too…just in case.
Some of my friends think I am a little over the top, but I would much rather be over the top and ready than not have anything and depend on the kindness of strangers in an emergency. You do not know how people will react if something really bad happened, and I do not want to find out. I want to be completely self-sufficient and ready for anything. Living through 2 pretty big earthquakes back in CA has taught me that stuff can happen at any time and you are never ready for it. But having the backup materials just in case is definitely a start. The way I am set up, if I lost everything, I still have everything I need to re-start my lives… I can get on the phone right away with my financial/insurance companies and get the ball rolling on any help I might need. I cannot stress enough for people to be ready….and if you still do not do anything, be sure to have backup copies of your important documents in several places. If a fire struck your residence, you might lose everything. So be sure you have a backup you can turn to to start getting your life back in order. Buy yourself a USB drive, put your docs on it, encrypt it, and throw one in your desk at work or your daily bag you carry. But that is the bare minimum; think of the people that went through Katrina and then imagine something like that happening to yourself. Would you be ready?
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