Andy Hough

Replacing a Lost or Stolen Phone Cheaply

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When you need to replace a phone before your cell service contract is up the price for a new phone can be quite steep.  As many of you pointed out Ebay is a great place to find a replacement phone and the price is much cheaper than buying one from the cell company.  You just need to be sure that the phone you buy works on your cellular network.  An even cheaper option is to find a friend or family member who has an old phone they no longer use and are willing to give to you.  After a little asking around I found three different people with old Sprint phone they were willing to give to me.  My new phone is an older model but it gets the job done and the price was right.  It will get me through to the end of my contract and I can get a new phone for cheap then if I want to do so.  With all the cheap phones available I can’t recommend getting the phone replacement plan the cellular companies sell unless you have an expensive phone and are unwilling to downgrade to a cheaper model if your phone is lost or stolen before the end of your contract.  Even if your phone isn’t lost or stolen you might want to take advantage of a used phone online to upgrade from your current phone.

I found the activation process to be very easy.  My experience was with Sprint but I would think other companies would have a similar process.  I just called customer service and read them the ESN off the back of the phone and my phone was activated within a few minutes.  You can also activate your phone online. Sprint has a step-by-step tutorial with pictures on how to activate a new phone. If you can follow simple directions you shouldn’t have any problem activating your phone online.  The process is so easy I’m considering buying a fancier used phone and upgrading before my contract is up.

Quitting My Job

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After thinking it over this weekend I’ve decided to quit my job.  This isn’t just because I was robbed although being robbed certainly was a major factor.  The increasing amount I’m spending on gas and the fact that my car is on its last legs were also contributing factors.  I’m planning to move farther away from my job when my lease is over at the end of September.  That would also make it less practical to keep my job.

I haven’t told my boss yet, I’m going to tell him when I work tonight.  Quitting this job shouldn’t be a problem for me financially.  I have some savings beyond my $1000 emergency fund and some online income to help pay bills as well.  I’ll be receiving financial aid next month for school.  I don’t want to spend any of this money on living expenses but it is available for that if needed. I was planning to only work two days a week once school started so I won’t have to replace too much income.  Maybe not having a job will give me the motivation to kick my online earnings into high gear.

Robbed!!!

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While working yesterday I was robbed.  They didn’t get much of my money, maybe $20 at most.  Unfortunately, they also took my cell phone and keys.  I thought they were going to steal my car but apparently they just wanted the keys so they could go through my car looking for more to steal. And perhaps to keep me from following them since they ran off on foot.  After they left I had to walk over to the apartment office so I could call the police.  Having my phone stolen created another problem becuase I don’t know any phone numbers that I keep programmed into the phone.  I didn’t know my work number and had to search a while to find it so I could report the robbery to them.

After the police came they wanted me to go home and get my other set of car keys to make sure that the robbers didn’t come back and steal my car.  This also was an ordeal because I didn’t know my landlord’s number either.  Once I got hold of him it took about 45 minutes for him to get there and open my apartment.  He gave me a new set of keys too since my apartment keys were on my car key ring.  That is going to cost me $10 on next months rent.  After that I was finally able to return to work where I had to file a report with the central office.  Then I was able to leave early and go home.

Besides the cash that was stolen I’m going to be out the money for a new cell phone, $10 to replace my keys, whatever it costs to get another spare car key, and the money I would have made the last three hours of my shift. I’ve got one year left on my Sprint contract and they told me my price for a new phone would be the two year contract price plus $75.  I’m thinking I’ll try to find a used phone to save money there. Anyone had any experience with a used phone?

Where I work it was almost inevitable that I would eventually get robbed.  Now that it has happened though I’m seriously considering finding new employment.  I’m going to work today and I won’t make a decision just yet but this is another factor against keeping the job.

My Take On the Baby Steps

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Dave Ramsey gets a lot of attention on personal finance blogs.  Some love him while others hate him.  My own opinion is somewhere in between.  His baby steps are a simple way to get your finances in order.  Here is my personal take on the baby steps.

1.  Create a $1,000 emergency fund.- I agree with this one and have done this.

2.  Pay off all debt using the debt snowball.- I have special reasons for not paying off my student loans which I’ll detail in a later post.  I do have all other debt paid off.  I don’t have any problem with people using the debt snowball to pay off their debt but I believe I’m disciplined enough that I could pay off the highest interest debts first.

3. Three to six months expenses in savings.- This one also makes sense.  I haven’t done this yet because I’m concentrating on maximizing my retirement savings.

4. Invest 15% of income into Roth IRAs and pre-tax retirement savings.- I do believe you should be doing this but I don’t believe it should be delayed until step 4.  You are limited in how much you can contribute to these accounts each year and if you miss a year you can’t make it up later.  Plus, the earlier you get money into retirement savings the longer compounding works for you.

5. College funding for children.- This one also makes sense but I don’t have children and don’t plant to so it isn’t a concern for me.  I didn’t have any help paying for my college.

6. Pay off home early.- This one I could go either way on.  There is a lot of psychological comfort in having your home paid off but your mortgage is also cheap money.  I don’t own a home but if I did I’d probably pay it off early even if that isn’t the most advantageous financial move.

7. Build wealth and give. Invest in mutual funds and real estate.-  I agree with this one but  I’d also add investing in your own business.  Of course, that would depend on whether you have the desire and ability to run your own business.

That is my take on the baby steps but I don’t think you should blindly follow anyone’s financial advice.  You should study it and determine how well it works for your personal financial situation.

July Credit Score

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A quick note to those who have just discovered my blog this week.  I normally post daily M-F but I’m on a trip this week so I’m not on my normal posting schedule.

My credit score for July went up to 716 from 710 last month.  It is a long way from the high of 781 I hit earlier this year but at least it has stopped declining.  I’m not acquiring any new debt other than my student loans so my credit score should remain stable or go up next month.