Jason Butler, Author at Dinks Finance

About Jason Butler

Jason Butler is an Atlanta native, as well as businessman, blogger and teacher. Not only is Jason a prolific flipper, marketer, writer and side hustler his number of years in higher education and student support have given him expert knowledge in understanding the economics of the student loan industry.

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How to Support Yourself Buying Gold

Posted on December 26, 2016 - 6:30 am by Jason Butler

buying gold, investment tips, purchasing gold tips

Hello, Dinks. 2017 will be here in a few short days. Many people have goals for the upcoming New Year. One common goal that a lot of my friends have is to start investing more. Gold is an option that you can consider. A lot of people recognize the value embodied by gold. Before you decide to spend your hard earned money on it, you need to spend some time studying the subject. The following info will provide you with a solid base of knowledge.

Be smart

When buying gold for the first time, use caution. Make sure that you are buying from a reputable seller. You can learn who you can trust be searching the Better Business Bureau website. If you choose to buy your gold online, make sure you pay attention to the seller’s history.

Know what a karat is

Make sure that you know what a karat is Gold is a soft metal, so it must be combined with other metals for durability. Each karat, which is 1/24 pure gold, tells you how much gold is in the alloy compared to other metals. An interesting fact is that a piece that has less than ten karats cannot legally be called gold. If anybody tries to sell you five karats, tell them no thanks.

Delivery

Before you buy gold, be sure you know how exactly when it will be delivered to you. If the seller does not provide immediate delivery, you must get some kind of writing from them confirming when you can expect to get your pieces. The planned delivery date should be noted somewhere. Proceed with the order only if you get this confirmation. Make sure that you take precautions if you mail your items. There are a lot of mail services these days, and while they can be convenient, you need to protect yourself. Send the pieces through insured mail. That way if something happens to them, you can get your money back. Also, take photographs and know the company’s policies in case they lose your gold pieces and you want a settlement.

Be aware of any fees that are attached to the transaction of buying gold. Online purchases come with several types of fees. You may suffer from a markup of as much as ten percent from the dealer. As always, read all of the fine print to learn about any and all fees that are related to the purchase.

Watch for pressure

Do not fall for the pressure that sellers may put on you. Sales pressure is commonly used when the seller is trying to pull a fast one on you. Don’t make any quick decisions. Take some time to consider all of your options before investing in gold. This is particularly the case when buying over the internet.

Check the prices of the gold the day you plan to buy. If there is a huge jump in price, save your money. The price info is available online. It is updated every day. A rule of thumb is never to pay more than 8% markup above the spot price. Anything more is unethical. Beware of this happening.

Gold is widely acknowledged to be a universal conduit through which personal wealth can be funneled, safeguarded and utilized. But, not everybody knows the best methods of maximizing their own market position. Hopefully, after reading the above info, you are ready to start investing in the gold markets.

6 Expenses That You Should Review in the New Year

Posted on December 23, 2016 - 6:30 am by Jason Butler 1

personal finance advice, expense tracking, financial management

So many people proclaim that the next year will be their year. They are excited and determined to make things happen once it becomes January 1st. By February 1st, they are back to their old habits and ways. Saving money is usually a goal for many people for the New Year. It may be easier than you think to save a couple hundred each month. Below, I have six expenses that you should review in the New Year. If you find out that you don’t need them anymore, you can stop using them.

Eating Out

Many people don’t like to cook every day. Going to a fast food restaurant is quick and easy, but it can quickly add up in cost. I’ve had co-workers over the years go out to eat at least four times a week for lunch. If their meals averaged $8 each time, they go out they are paying $40 a week and $112 per month. That’s $160 just for lunch. We haven’t even talked about breakfast or dinner. You could use the money that is spent on lunch and go to the grocery store. Cooking your lunch will save you a lot of money throughout the year.

Gym membership

Gym memberships are good if you use them. If not, you are wasting your money. Some gym memberships are expensive depending on where you go. Going to the gym isn’t the only way to get your work out on. You can exercise outside or at home.

Bank Fees

Bank fees can be a pain in the you know what. With some accounts, you can only withdraw a certain amount of money each month. With others, you have to have a certain balance in the account each month, or they will charge you a fee. Every bank doesn’t have those fees. When you get a chance, research a few different banks until you find one that you like. If you don’t see any banks that you like, you do have the option of looking into a credit union. From my experience, credit unions have better fees.

Cable Television

Your cable bill is one expense that you must pay attention. Cable companies go up on their prices every year. If you are paying hundreds of dollars per month, you are paying way too much. There are so many options out there that it doesn’t make much sense to have cable unless you pay a decent price for it.

Morning Coffee

People love their morning cup of joe. Coffee shops make a killing every day. If you go to a coffee shop each day you can save between $30 – $35 each week by brewing your on. It is not difficult, and it should only take an extra 5-10 minutes each morning to do that.

Cell Phone Service

If you are still paying over $100 for a single phone line, you are doing it wrong. I’m sure if you check with your phone provider you will see a better plan out there. If not, check with their competitors. Verizon just released a new plan that is $50 a month for unlimited talk, text, and 5 GB. That’s a great deal.

For more ways to save money this year and into the future check out these articles.

3 Ways to Save Money on Eating Out
Real Ways to Save Money That You Can Start Doing Right Now
13 Ways to Save Money

Do you have any of these expenses? If so, what are you going to do about them?

Why You Should Use a Debt Reduction Spreadsheet

Posted on December 21, 2016 - 6:30 am by Jason Butler 3

paying off debt tips, debt reduction advice, managing debt

Hello, Dinks. Debt is something that many people struggle with. I struggled with mine for years until I started making payments on it. Getting out of debt doesn’t have to be as daunting as you might have thought. A debt reduction spreadsheet can help you keep track if income and expenses. Choosing a good spreadsheet can be pretty easy since there are many sources where you can download a free spreadsheet online.

Helps you keep track

One advantage of using a spreadsheet is that it’s very to lose track of your purchases. You might think you’re doing well with your budget, but in reality, you are spending a few dollars here and there. Before you know it, you’ve thrown away a lot of extra money every month. Who wants to do that? I know I don’t want to. If you write down all of your expenses and keep track of it, it’s much harder to waste money. When you can see your debt and expenses in black and white, most people tend to hold themselves more accountable.

It can keep you motivated

Another benefit of using a debt reduction spreadsheet is that it can really help you stay motivated and on track when you actually see your progress. It’s a good feeling when I can see my figures getting smaller each month. It is a very empowering feeling. Besides being motivating, it will give you the strength to resist temptation and stay on track when you have physical proof that you are moving ahead.

Keep the spreadsheet up to date

This next tip is critical. You must remember to keep your spreadsheet up to date. No matter how good a spreadsheet is, it won’t do any good if you don’t keep all the entries up to date. Anytime there is a change in your circumstances such as a change in the interest rate of a certain loan, or the minimum payment requirement. You’ll have to update your spreadsheet so that your new payoff date will be accurate. If you have some unexpected change in your monthly living expenses, you have to update your spreadsheet. Remember, the information you get from your spreadsheet will only be as accurate as the info you plug into it. You may not want always to do it, but you should review information a couple of times a month. By doing that, the info will be up to date.

Find a spreadsheet for you

Different types of spreadsheets will help you focus your efforts, one of the most common types of spreadsheets is the one that has you pay off one debt first, and then you take that amount of money and apply it to the next debt. This is called the snowball effect. It’s a cumulative effect and as long as you are making at least minimum payments on every debt and only using the extra money that you’ve free up by paying something off to pay off more debt.

Spreadsheets can become your best friend when paying off debt. It really doesn’t matter what type of spreadsheet that you use. As long as it works and can help you lower your debt, it should be fine.

Credit Card Tips to Keep You on Track

Posted on December 19, 2016 - 6:30 am by Jason Butler

credit card tips, credit card advice, money management

Good morning Dinks. Have you ever had a spending problem with your credit cards? Hopefully, the answer is no. I have a few friends who have swiped their cards a few times too many. Having credit cards requires discipline. When you start swiping without thinking, you can run up huge bills on nonessential expenses in the blink of an eye. If you used them correctly, credit cards could mean good credit scores and rewards. Continue reading for some ideas on how to pick up some good habits, so that you can make sure that you are using your cards correctly.

Make Payments

Remember that you must pay back what you have charged on your credit cards. It’s basically only a loan. Depending on your credit score, it may be a high-interest loan. Carefully consider your purchases before charging them to be sure that you will have the money to pay them off. If you can’t pay your credit card bill on time, the worst thing that you can do is just to ignore it. Call your credit card company immediately and let them know your situation. They may be able to help you out but delaying your due date. If you just ignore it, you will be charged late fees and your credit score will probably drop.

Cash Advances

Only take cash advances from your credit card when you absolutely have to. The finance charges for cash advances can be very high and difficult to pay off. Only use them for situations in which you have no other option. Since I’ve had a credit card, I’ve never used the cash advance option. I don’t plan on doing it either. There are other ways to get money if you truly need it.

Pay Attention to Fees

The next thing that you should do is pay attention to fees. Figure out how much a late fee charges just in case. Also, watch out for hidden fees. Review your credit card paperwork thoroughly before you sign it. Without reading the fine print, you could be setting yourself up for failure in the long run. If there is something that you don’t understand, contact your card issuer.

Purchases

Since I’m currently paying off debt right now, I choose not to use my credit cards at all. Once I’m debt free, I plan on using them to get reward points. Even then, I won’t be using them for everyday purchases. Some people are disciplined enough and use the cards for every purchase. You, the card user will have to make the decision on when to use the credit card. Just remember, you should pay the balance off at the end of the month. If not, you will end up with a pile of the credit card debt that will keep on growing.

Extras

Some credit cards offer you freebies just for signing up. If you are offered a freebie, make sure that you check all of the terms of the offer before applying. In some cases, the free items might be covering up things such as a yearly fee. Make sure that you always read the fine print.

Another extra that your credit card may come with is a roadside assistance plan. Check with your credit card company. Some companies offer free roadside assistance to consumers, just for owning their card, which might mean you don’t need an additional roadside assistance plan at all. That will save you money.

Saving Money on Travel During the Holiday Season

Posted on December 16, 2016 - 6:30 am by Jason Butler

saving money on travel, holiday travel, holiday travel tips

Hello, Dinks. We are right smack in the middle of the holiday season. Many people travel to various locations during this time. Some go and visit family for Christmas. Others go to places like Las Vegas or Miami to bring in the New Year. Traveling this time of the year can be very expensive if you don’t plan for it. Today, I want to go over five things that you should consider when you’re trying to save money on travel during the holiday season.

Decide when & where

The first thing that you need to do is to decide when & where you’re going. During this time of the year, the dates are vital especially if you’re flying. Flying one or two days before or after Christmas or New Year’s Day may save you hundreds of dollars. Over the years, I’ve traveled a lot for New Year’s Eve. Learning the 28th or Dec 30th did make a difference. You also need to figure out where you are traveling to. If you’re trying to bring the New Year in some place different, there are a lot of cities to choose from. Just remember major cities will be more expensive than smaller ones.

How

Once you figure out when and where you’re going, you have to think about how. Do you want to drive, catch the bus, train or do you want to fly? The cheapest option will depend on where you’re going. Take time to check out the different prices and go from there.

Consider lodging

The third thing that you need to do is figure out where you’re going to sleep at. If you’re going to see family, hopefully, they have space for you. If not, you will have to consider an alternative option. The first option is to check with a hotel. You may be lucky enough to find a deal on a room, but don’t bank on it. Hotels are typically expensive during this time of the year. Another lodging option that you have is Airbnb. Airbnb is a website where you can rent lodging from different people around the world. You can rent rooms, full apartments or homes. They usually have some great deals on their site.

Check several websites

When you’re making travel plans, make sure that you review different travel sites. You want to make sure that you are getting the best deal. Some sites that you can check are Priceline, Kayak, Hotwire, Skyscanner, and Google Flights. I’ve used all of those sites in the past to compare prices for flights, hotels, and rental cars.

Reward points

If you have them, and the dates aren’t blacked out, you can use reward points. You can earn rewards with different many credit and debit cards. Many of the credit cards have bonuses that you can get if you spend enough money with them at a particular time. Those points can be used for flights and hotels, If you don’t have any reward points, you should consider getting a credit card that will allow you to earn some next year.

Do you have any holiday travel planned?

Helping Your Parents Get Ready For Retirement

Posted on December 14, 2016 - 6:30 am by Jason Butler 1

retirement tips, preparing for retirement, getting ready for retirement

As we continue to grow and get older, so do our parents. My mother turned 60 this year, and it’s crazy to think that she will be at the retirement age soon. As loving children, we want to make sure that our parents are prepared for retirement. We want to ensure that their dollars will stretch. In order to retire, there will be some things that they will need to do to prepare. Below are some tips to help get them ready for retirement.

Prepare for a drop in income

When your parents retire, they will experience a decline in income if they are not prepared. Heck, there is a chance that they will experience a slight drop in income regardless, so it’s a good idea to get ready for it. A good place to start with is the budget. Once they know that their income is going to change, they can prepare by getting a budget together that will allow them to make adjustments. If they are having a problem with their budget, volunteer to help them if they need it.

Professional Help

The next thing your parents should do is seek expert help from a financial adviser. The adviser can help them take a realistic look at retirement. They will be able to calculate and tell them when it looks best for them to take that step. The adviser will also be able to help them with projected income and a budget.

The financial adviser can also help with making sure that they are getting all the benefits that they are entitled to. Benefits can be very tricky. Some of them have different rules and different times that you can claim them. It’s good to have someone that will be there to help them.

Possible Part-Time Work

When most people retire, they don’t want just to sit around the house and wait to die. This is the time for your parents to tap into hobbies and skills that they weren’t able to do when they had to work 9-5 every day. To help bring some more retirement income in, your parents may want to take on some odd jobs. Here are a few options.

Teaching music or art can be done in their home or a local house of worship. It can be inexpensive to do.
Become a greeter at a store like Walmart or Target
Do home repairs such as plumbing and electrical work. People always need those things done. Retirees will have flexible hours and lower prices.
Building things for others can help your parents increase their income. They can create things such as dog houses, chicken coops, and furniture. People will always need these types of things.
Repairing cars is something many retirees like to do in their spare time. A good mechanic is always appreciated.
Sewing and knitting items for sale can make your parents a little bit of extra money. If they are good at it, they can sell the items on eBay or Etsy. That could become a very steady source of income.

Goals

The final thing that your parents should do is to define their financial goals if they already haven’t. What do they want to save? How much do they want to leave to their family? What do they want their estate to be? Those are just a few goals that they should think about.

Are your parents ready for retirement?

Auto Insurance Tips That Can Save Money

Posted on December 12, 2016 - 6:30 am by Jason Butler

auto insurance tips, saving money on car insurance, car insurance tips

Hello, Dinks. Auto insurance is something that can fluctuate over time. One minute you could have a great deal and the next minute, you could have an accident and your price could skyrocket. Heck, your premium can go up even if you don’t have a wreck. My premium did just that a few months ago. In this article, I will be going over tips that can help you choose the right auto insurer.

Driving Course

In certain states, your auto insurance premium will go down if you take a course to improve your driving skills. You can find out more about this at the department of motor vehicles. That’s the best resource for finding an approved driving course. If my premium goes up next year, I may need to take a course to save some money.

Don’t lend your car to uninsured drivers

Make it a point never to lend out your car to any other driver that does not have auto insurance. Don’t assume that others have insurance, ask them. I don’t let other people drive my car in the first place. I just don’t trust it. If you loan your car to an uninsured friend and they cause a wreck in your vehicle, your premium will still go up. You will also be liable for any claims that exceed your coverage. I wouldn’t want to have to deal with a situation like that.

Options

There are several things to think about when you are considering which policy to buy. Make sure you carefully consider how much coverage you need. Do you want to carry both collision and comprehensive coverage or just one? You should also compare policy prices from several companies. The policy can vary in cost. For example, you may pay $100 more for a similar policy with a company like Allstate than you would with Geico. Comparing different plans may take some time, but it will save you some cash. In the past, I’ve compared different auto insurers with my current one. I was happy to see that I was already using the cheapest one.

You should also make sure that you are getting all the discounts that are available to you. If you have other insurance, such as home insurance or an umbrella policy, you may be eligible for a discount based on this. You may also get a discount if you are in a particular organization, a college student or if you are married.

A simple way to lower your auto insurance premiums is to ask if there is a discount for security features. There may be discounts for features such as auto trading devices, antilock brakes, and steering wheel locks. These features lower the risk of loss for the insurance company, and they may be happy to compensate you for it.

If you can, you should try paying for your car with cash instead of financing or leasing it. You can save a pretty good amount of money because you will not be forced to pay for insurance to cover the cost of the vehicle in case it is damaged in any way.

As you just read, there’s a lot of knowledge that goes into selecting the right auto insurance for your needs. Hopefully, these tips help you make a better decision when choosing what kind of insurance you want. When it’s time to choose your auto insurance provider, keep this info in mind.

Tips for Managing Your Credit In a Marriage

Posted on December 9, 2016 - 6:30 am by Jason Butler 3

Good morning Dinks. I know that many of you are married and value your credit. Before you were married, you only had to worry about yourself when it came to finances. Now you have to worry about yourself and your spouse. Getting married has profound implications on your credit. Below are a few tips to help you go from solo credit thinking to joint credit thinking.

Make one thing clear

When you get married, your credit reports are not joined together. Each spouse will still have an individual credit score. If one spouse has a bad credit rating, it won’t bring that other ones score down. Both of you will still have an individual credit rating. The next thing is important. Once you’re married anything new that has both of your names on it will affect both of you. Credit cards, the mortgage, and even car loan will affect both of you. Those things will be reported on both of your credit histories.

Discuss money early

The net tip is to discuss money early. Sometimes people are afraid to have the uncomfortable conversations. The topic of money is uncomfortable for a lot of individuals. Once you get serious with your significant other, you should discuss money. Take the time to understand what each of you believes when it comes to saving money, investing money and spending. Work out your difference before you join your finances. You might be shocked or pleasantly surprised at what you find out when you have those money talks. You guys may agree on some stuff or disagree totally. If that’s the case, you should try to work together and come to a common ground. If you can’t compromise then, he or she probably isn’t the one. That may be a tough pill to swallow, but it’s better to find that out before you’re in too deep.

Discuss your financial goals

Something else that you will want to talk about early on is your financial goals. Are you trying to be debt free? Do you want to invest? Do you want to create a college fund for children if you decide to have them later? Do you want to leave something for your family when that time comes? Those are just a few financial goals that you should discuss. Different lifestyles and different goals require very different financial planning.

Check your credit together annually

The final tip is to make it a habit to check your credit report every year. Before getting married, make sure that you take a look at each other’s credit. There should be no secrets, so it’s time to share your scores with each other. Every year after you get married, check your credit together. Doing this will allow you to spot any blemishes on your credit as early as possible. Since most of your big purchases from now on will probably be joint, it makes sense to pay close attention to each other’s credit. Managing your credit in a marriage involves shifting your thinking from me to us. That may take a little while to do, but as Dinks, it must be done. You are not just managing your credit; you are also managing your money and goals for the two of you as a unit.

Making Money With Thrift Stores

Posted on December 7, 2016 - 6:30 am by Jason Butler 2

Good morning Dinks. Last week, I discussed different side hustles that you can start. I know that people get in various situations from time to time and they need to make some extra money. One of the ways that was listed in my previous post was to sell on eBay. Today, I want to discuss how you can make money with thrift stores.

eBay

The thrift store is one of the places where you can find inventory for eBay. They have hundreds of items for you to look through. Don’t be afraid to visit different stores. You may end up being pleasantly surprised. Below are a few tips to get you started.

Find Stores

The first thing that you should do is figure out where the thrift stores in your area are located. A quick way to do that is to do a quick search on Google. In my city, there are 15 thrift stores in a 20-mile radius. Figure out what stores you want to visit and make it happen.

Look around

Once you get to the thrift store, take some time to look around. Most thrift stores are set up differently, meaning that none of them are organized the same way. Take a chance to see how each store is set up. Look for the clothes, shoes, antiques, toys and book section. See the different type of items that the thrift store has. Some thrift stores will have better quality than others. Some thrift stores won’t even have anything you like, but that’s fine. You can always check back another day.

Check Prices

This is the fun part. Check the prices of the items in the thrift store. Certain thrift stores are cheaper than others. You’d think that every thrift store would have the same low price, but they don’t. Some are trying to make more money than the others. I’ve seen old Nike shoes sell for $6.99 at one store, then sell for $39.99 at another store. If I wanted to pay $40 for the shoes, I might as well go to Finish Line or Footlocker then.

Decide to Purchase

You’ve looked around the thrift store and see some items that you like. If you think you can make some money off of them, it’s time to buy them. If I don’t think I can double my profit, I typically don’t purchase the item. It’s a waste of time. The worst thing that you can do is buy some stuff, and they either don’t sell, or you sell them for a lower amount. Unfortunately, I’ve done that before. I don’t want y’all to take any losses.

When you want to make money with thrift stores, remember to find out the locations, make sure that you carefully look around each store, check the prices and decide if you want to purchase the item or not. I’ve been buying and selling items from thrift stores for a few years now. It’s a very easy way to make some extra income. Anybody can do it. The tips above will help you out.

Have you made money with thrift stores before?

Have You Heard of the 365 Day Money Challenge?

Posted on December 5, 2016 - 6:30 am by Jason Butler

saving money tips, money saving challenge, saving money advice

There have been multiple money challenges out there. One of them, the 52-week money challenge has gained a lot of popularity during the last couple of years. The 52-week money challenge works for some people, while others start off strong and fall off to the wayside. I recently stumbled along and found another challenge that seems pretty interesting. It’s called the 365-day money challenge.

Pay Yourself

The concept of the challenge is pretty simple. There are 365 days in the year. Each day before you go out, you need to pay yourself first. That is very important. Paying yourself first means that you don’t have to worry about that later.

The second important point is that until paying yourself first becomes a habit; it needs to be extremely easy to do. It takes 21 days to form a habit, so it’s important to make saving as easy as possible for those first three weeks.

How it works

Each morning when you get up, you need to pay yourself some amount before you do anything. The payment can be anywhere between a penny to $3.65. Once you’ve made that payment to yourself, you “x” out the box on your chart. The next payment the following morning can be any of the remaining amounts on the chart. You do this each and every morning for the entire year. When you are done, you will have saved $667.95. Even better, you will have started the habit of paying yourself first which will be an asset for the rest of your life.

There are a couple of important steps that go along with the challenge. After printing out the challenge sheet, you need to place it somewhere where you will see it every morning. The bathroom or your room is fine. It needs to be visible so that it’s in your face each morning.

The second thing is that you need to physically make the payment each morning. You need to go to your purse or wallet and place the amount you decide to pay yourself that day into a jar that is specifically for this challenge. That payment is important. It will benefit you in the future.

There are two advantages to this challenge over the 52-week money challenge for those who struggled to get their finances in order. The first is that you’re starting with small amounts that anyone, no matter what their current financial situation can participate in. If all you can do is pay the minimum amount each day for the first month, you’re only out of $4.65 for three days. There should be nothing holding you back.

The second main advantage is the challenge is done daily. It requires you to think about saving every day. Even though the amount that needs to be saved isn’t that much, the process of thinking about it will cross your mind each morning as you pay yourself. By the end of the 365 days, paying yourself and saving money each day will be a natural part of your day. When you are only thinking about saving once a week, it can turn into a situation where saving money is only thought about at the last minute at the end of the week, and the process never gets instilled as a habit.

If you’ve attempted other money challenges such as the 52-week challenge and failed, you should consider trying this one. $667.95 is a good start to an emergency fund. Doing it will put you in a position to save more money down the road.