No matter what strange noise your car is making, it almost always turns into the ca-ching of your mechanic's cash register gobbling up your savings. Because car repairs are expensive, it's tempting to let them slide. But putting off or skipping certain repairs can be a costly and even dangerous game.
Here are six car repairs you might be tempted to skip to save a little cash. But we'll show you how making that call could cost you a lot more in the long run.
1. Brake Pads
It seems like common sense: Don't neglect your car's brakes. Still, when it's time to replace your car's brake pads, it's easy to look the other way. For one thing, brake pads tend to wear gradually, so you might not notice changes in your braking performance right away. Secondly, a car with worn brake pads will still stop -- just not as well. So what's the harm in saving some money and holding off?
It turns out the harm in not replacing your brake pads is about $400. When your brake pads are worn, they can cause damage to brake rotors. As the rotors rub against the worn pads, they become warped, which makes it tougher to stop the car (if you feel your car shudder as you brake, you probably have warped rotors). Fixing the rotors requires that they be turned or smoothed out -- something that requires a mechanic and can run over $100 per rotor. If the rotors need to be replaced, you'll end up spending four times what it would have cost to replace the brake pads.
2. Oil Change
An oil change should cost you around $40 at most quick oil change stations. And that same station will probably tell you to come back in three months or 3,000 miles. But do you have to? It depends. That old rule of thumb still applies to some cars, but others can go much longer between oil changes. To find out how long your car can go between changes, read your owner's manual.
After you've found out the oil change interval for your car, follow it. Oil is like your engine's blood. But unlike your blood, all sorts of impurities build up in unless your oil is changed regularly -- not to mention that all engines lose some oil. Too much buildup and not enough oil lead to your engine seizing up. Sure, you can save $40 by putting off an oil change, but you could end up spending $4,000 on a new engine.
3. Air Filter
Changing an air filter is cheap. It's even easy enough for most people to do themselves. Not changing your car's air filter, on the other hand, is expensive. According to the EPA, a dirty air filter can reduce fuel economy by up to 10 percent simply because your engine won't breathe as efficiently. By not changing a dirty air filter, you'll save about $15. But, if your car is supposed to get 25 miles per gallon, and gas is $2.50 a gallon, those savings have evaporated by the time you've driven about 150 miles.
Even worse, if the air filter isn't clean and that means enough air isn't getting to the engine, you could foul your spark plugs and might have to replace them. Depending on your engine, that can cost anywhere from $100 to $300. Now, spending $15 for a new air filter doesn't sound so bad, does it?
4. Transmission Fluid Leak
One of the most common problems associated with your transmission is a fluid leak. You'll likely first notice it when you see drops of red fluid on the pavement where you usually park your car. Ignore it for long enough, and you'll definitely notice it when the leak leads to your transmission shifting roughly, or the gears slipping.
Transmission fluid is what cools and lubricates your transmission. If it's leaking, you need to fix it, and fast. Resealing a transmission is a relatively easy job and should usually only cost a few hundred dollars. Ignoring the leak can lead to the transmission seizing up and a subsequent transmission replacement --which costs several thousand dollars.
5. Burned Out Lights
Here's one car repair on our list that is really easy to ignore. After all, a burned-out tail light won't eventually lead to engine failure or to your transmission falling out. While that's all true, you should still fork over your hard-earned $5 for new tail light bulb if yours is burned out.
Believe it or not, failure to keep your rear lights working can be an expensive proposition. First, if a police officer sees you with broken tail or brake lights, you're going to get a ticket. In some states, the fine for a broken tail light is $150, which makes paying for a new bulb seem like chump change. Second, broken lights increase your risk of being on the receiving end of a rear-end collision. And while the other driver's insurance should cover any damage (assuming they have insurance), you still have to deal with the headache of getting your car fixed.
6. Clogged Fuel Filter
An important part of maintaining your car is keeping impurities out of the engine. While the air filter does part of the job by keeping airborne impurities out, the fuel filter keeps impurities from the fuel out of the engine. Like the air filter, if it gets clogged and you don't fix it, you're looking at some major problems.
On older cars, a fuel filter is relatively easy to replace because it's easy for mechanics or car owners themselves to get to. On newer cars, it's a more complex job. More complexity means more money, which makes this repair tempting to skip -- despite the fact that it can lead to the car stalling or refusing to start altogether.
Don't skip it. At its most expensive, replacing a fuel filter will be a few hundred bucks. Let it go too long, and not only are you looking at dealing with a car that will barely run, you could also have dirt in your fuel injectors -- causing them to need replacing. Replacing just one fuel injector can cost over $500. But if they all need replacing, you're looking at least $1,000 in repair bills.
By Jamie Page Deaton
Monday, June 29, 2009
Tuesday, June 23, 2009
How to Save a Million Dollars
It's easy enough to save a million dollars if you come into a large inheritance, win the lottery or strike oil on your property. It's a great idea to simply stick one million of your windfall into the bank. Yet, it's not that simple or quick for most of us. Don't let that fact discourage you. It is possible to save this much money over the course of your lifetime. You can even do so within a decade if you are careful with your money. Yes, you can save a million dollars with a bit of forward thinking and some financial restraint.
1.Spend less than what you earn. This is the fundamental principal of personal financial success. No matter how much money you make, you can blow it all if you don't make a conscious effort to spend less than what you earn. Socking the difference away in savings and investments can make all the difference.
2.Diversify your income sources. Keep your income high. Insure yourself against job loss by creating multiple sources of income. In addition to your primary job, consider consulting on the side, working a home-based business or getting a second part-time job. Save all of your secondary income, and put it into interest-bearing accounts or investment vehicles.
3.Establish and maintain residual income and semi-passive income sources to free up your time to make more money. Consider buying and renting out apartments, or perhaps start a business that can be outsourced in large amounts.
4.Set goals for your savings, and track your progress each month. Challenge yourself to save money that you would otherwise spend on things you don't really need. Watching your progress each month can really inspire your efforts.
5.Continue to earn, save and invest your income over your working years to save a lot of money. How hard you work, how dedicated you are to saving and how successful you become financially can add up to a million dollars before you are thirty, forty or fifty. Perseverance is your biggest asset in this journey.
By Maria O'Brien, eHow Editor
1.Spend less than what you earn. This is the fundamental principal of personal financial success. No matter how much money you make, you can blow it all if you don't make a conscious effort to spend less than what you earn. Socking the difference away in savings and investments can make all the difference.
2.Diversify your income sources. Keep your income high. Insure yourself against job loss by creating multiple sources of income. In addition to your primary job, consider consulting on the side, working a home-based business or getting a second part-time job. Save all of your secondary income, and put it into interest-bearing accounts or investment vehicles.
3.Establish and maintain residual income and semi-passive income sources to free up your time to make more money. Consider buying and renting out apartments, or perhaps start a business that can be outsourced in large amounts.
4.Set goals for your savings, and track your progress each month. Challenge yourself to save money that you would otherwise spend on things you don't really need. Watching your progress each month can really inspire your efforts.
5.Continue to earn, save and invest your income over your working years to save a lot of money. How hard you work, how dedicated you are to saving and how successful you become financially can add up to a million dollars before you are thirty, forty or fifty. Perseverance is your biggest asset in this journey.
By Maria O'Brien, eHow Editor
Thursday, June 18, 2009
The 12 Worst Job Hunting Mistakes
1. Having a bad attitude. Interviewing while still angry at a former employer. Being, acting, or thinking negative. The problem with negative people is that they seldom realize how terribly negative they really are. They may have good business skills, but they stay unemployed a long time and can't figure out why. Motivate yourself with FranklinCovey!
2. Thinking "something will come along." Waiting for something to happen. As a rule, good things don't "just happen." Successful people make them happen. Effort usually equals results (E=R). As a rule, the harder you work at a job search, the sooner it ends.
3. Thinking someone else will find me a job: a recruiter, a counselor, my neighbor, my employer, my spouse, my pastor—anyone. Even with counseling and support, this is really a "do-it-yourself" project.
4. Thinking they're more marketable than they are. Declining job offers that pay less than the last job or are somehow inferior. It's often best to accept a weaker offer and leverage up from there. I call it "kicking a career field goal."
5. Taking rejection personally. The best way to cope with rejection is to have so many balls in the air that one loss doesn't matter much. Having your entire future riding on one potential offer is clearly a red flag.
6. Acting desperate. You may feel desperate. Just don't let them see you sweat.
7. Shooting too high (or too low). It's essential to know where you're marketable. You learn that through networking, and by asking others where they think you're competitive. Ask college professors, experts in the field, and especially those in jobs similar to the ones you want.
8. Looking for "a job" rather than for a good fit where you'll be happy. Sometimes it's necessary to take the first job that comes along. Most of the time, it's not. Whenever possible, hold out for the right fit.
9. Launching a job campaign before you know who you are and what you want to do. (The cart before the horse.) This is like building a custom home without a blueprint. Usually, the result is a short-term fix. Then you're back in the job market with fewer resources and more anxiety. It's better to begin with structured testing and assessment like the Birkman Method®, and with time-tested paper-and-pencil exercises.
10. Asking for "a job" instead of asking for advice, ideas, and referrals. Business contacts-especially strangers—are generally willing to point you in the right direction, but they dislike being asked directly for a job, because they're uncomfortable turning you down.
11. Not preparing for interviews. Your competitors will be prepared. They will have rehearsed the answers to difficult interview questions—sometimes even on videotape. Why shouldn't you? Also, don't interview half-heartedly. Go for the job offer. You can always turn it down later.
12. Hard-selling. Coming on too strong. Pushing people to give you names. Sometimes called NFL networking. Hard selling creates bad feelings about you and is actually counter-productive.
2. Thinking "something will come along." Waiting for something to happen. As a rule, good things don't "just happen." Successful people make them happen. Effort usually equals results (E=R). As a rule, the harder you work at a job search, the sooner it ends.
3. Thinking someone else will find me a job: a recruiter, a counselor, my neighbor, my employer, my spouse, my pastor—anyone. Even with counseling and support, this is really a "do-it-yourself" project.
4. Thinking they're more marketable than they are. Declining job offers that pay less than the last job or are somehow inferior. It's often best to accept a weaker offer and leverage up from there. I call it "kicking a career field goal."
5. Taking rejection personally. The best way to cope with rejection is to have so many balls in the air that one loss doesn't matter much. Having your entire future riding on one potential offer is clearly a red flag.
6. Acting desperate. You may feel desperate. Just don't let them see you sweat.
7. Shooting too high (or too low). It's essential to know where you're marketable. You learn that through networking, and by asking others where they think you're competitive. Ask college professors, experts in the field, and especially those in jobs similar to the ones you want.
8. Looking for "a job" rather than for a good fit where you'll be happy. Sometimes it's necessary to take the first job that comes along. Most of the time, it's not. Whenever possible, hold out for the right fit.
9. Launching a job campaign before you know who you are and what you want to do. (The cart before the horse.) This is like building a custom home without a blueprint. Usually, the result is a short-term fix. Then you're back in the job market with fewer resources and more anxiety. It's better to begin with structured testing and assessment like the Birkman Method®, and with time-tested paper-and-pencil exercises.
10. Asking for "a job" instead of asking for advice, ideas, and referrals. Business contacts-especially strangers—are generally willing to point you in the right direction, but they dislike being asked directly for a job, because they're uncomfortable turning you down.
11. Not preparing for interviews. Your competitors will be prepared. They will have rehearsed the answers to difficult interview questions—sometimes even on videotape. Why shouldn't you? Also, don't interview half-heartedly. Go for the job offer. You can always turn it down later.
12. Hard-selling. Coming on too strong. Pushing people to give you names. Sometimes called NFL networking. Hard selling creates bad feelings about you and is actually counter-productive.
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