Free From Broke

A Personal Finance Blog for Regular Folks

Jon the Saver

How to Avoid Buying a Used Car Lemon

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It was the summer of 2010.  I had just graduated college and had saved up a down payment for my dream car, a 2004 Acura TL.  I had researched the heck out of that car and it came out on top whenever I compared it to other vehicles.  I was on a mission to get my used car and no one was stopping me!

At first, I tried the used car dealerships.  A found a couple that I loved but my excitement about the cars overtook my common sense.  I narrowed it down to two cars and brought my Dad to help me look and check for warning signs.  At each of the cars we looked at, it took my Dad literally less than five seconds to tell me the car was a lemon.  I was in denial!  How could these cars be lemons!  As it turns out, my Dad spotted spray paint near the bottom of the doors.  Also, when we asked the dealers about maintenance records, they didn’t exist.  According to my Dad, these were signs that we were looking at a lemon.
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Playing the Retirement Catch-Up Game in Your Forties

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So, you’re in your forties and have little to no retirement savings.  “What shall I do?” you ask yourself.  First thing you need to do is not lose hope.  You have a challenge ahead of you but you can win this battle.  It’s something I like to call “Retirement Catch-Up.”  At its core, it’s a fairly simple game.  You have a certain time horizon and need a certain amount you need before you can retire.  With the proper knowledge, anyone can win this game.

Here’s you have a sort of “cheat sheet” to win the retirement catch-up game:

Max out your 401(k) plan immediately

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5 Must Follow Home Energy Savings Tips for Summer

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Everyone can take a few key steps to lower the amount of energy they use in their home. While you are reducing your carbon footprint, you will also be reducing your monthly utility bills.  Check out these five home energy savings tips for summer that are a win-win for everyone.

Replace those old air filters!

It may seem like a no-brainer, but many people overlook the main air filter on their air conditioner.  When the air filter is dirty, the unit has to work much harder to push the air through the dust and dirt.  Unfortunately, air filters are not quite as cheap as weather stripping.  If you want to avoid this cost, simply clean the filter regularly yourself.  It is recommended that this be done every three to four months to keep it from getting to the point of no return.  A good way to remember is to perform the routine cleaning on the first day of each season. [Read more…] about 5 Must Follow Home Energy Savings Tips for Summer

6 Things to Consider Before Retiring

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After working long and hard for many years, the idea of retiring is very appealing.  However, you do not want to just decide to retire without proper planning. 

There are 6 important things to consider before retiring.

1. Volatility

If you are planning on retiring, the market volatility influences your retirement account when you have stocks or bonds.  The factors that impact volatility include the state of the economy, current events in the world, taxes, changes in the industry, political unrest, natural disasters and war.  Expanding your money out over different types of investments could help control the risk involved.  It is important to keep track of your portfolio, and make sure it is aligned within your goals.  Make sure your accounts are flexible, so you can make changes when needed. [Read more…] about 6 Things to Consider Before Retiring

Debt Doesn’t Mean You’re a Bad Person

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How often have you heard of people covering up their debts? Or even worse, going into more debt buying things they don’t need to prove to people that they’re “not in debt.”  Too often, this shame someone feels drives them into further debt and causes havoc in other areas of their life.  I’m here to tell you there is another way!

Being in debt does not make you a bad or irresponsible person! I mean, if it did, then anyone who is making payments on a car or house is deemed a “bad person.”  More specifically though, I’m referring to serious consumer debt.  I feel that often times, people who have spending problems cover up their debt or feel ashamed about what they’ve done.  If you keep following a pattern of consumer debt and doing nothing about it, then yes, you are irresponsible!  But, it’s all about how you deal with your debt.  If you realize the damage you’re doing to your finances and do something about it, you learn a tough lesson and move on with life.
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