Tag Archives: Money

Money, Technology

No Cash! How to Pay Via Text with Venmo

Cash is a great system that helps many people control their spending, but for those who have taken hold of their budget there is a great benefit of cashless systems like online banking. The newest method of exchanging money that may lead the way in the next decade is paying over your mobile phone via text message. One of the best young companies to offer the service is Venmo.

Try out Venmo now by using invite code “obsessed-25“.

How Do I Pay With Text

Paying via text is very similar to paying via email and online with PayPal. You essentially tell Venmo who you want to pay and how much and Venmo will arrange the transaction. This requires an account to be set up with Venmo prior to or following the transaction so that you can move the money into your normal checking account.

The format for sending money with texts is fairly intuitive.

Pay <number or username> <amount> for <memo line>

For example, if you need to send me $10 for dinner you would text the following to Venmo (646-863-9557)

Pay ryank 10 for dinner last night

Benefits and Concerns of Paying With Text

Paying with a text message offers a number of great benefits.

  • Quick – Payback friends or businesses instantly without carrying cash.
  • Free – Unlike PayPal, transactions are free when using the Venmo network.
  • Easy – Request money from people who owe you (Venmo has a “Trust” feature to instantly charge friends in your network for money)

There are also some concerns with paying via text, but hopefully these will get cleared up as the concept becomes more mainstream.

  • Security – Is it safe? Venmo helps by letting users cancel transactions within 24 hours online and recommends that users use a PIN to lock their phone. Other competitors require a PIN for each transaction to help add a level of security.
  • Simplicity – Not everyone wants to set up another account online to manage money, but Venmo helps make this easy by allowing users to sync bank accounts straight from the phone
  • Ubiquity – Until the service gets popular it may be hard to explain to your friends why they should pay with text. The concept has gained more familiarity, though, with the “Text to Haiti” campaign which helped raise over $50M.

Try It Out

Venmo is available via private invitations only right now, but has provided me with 25 invitations for my readers. Use the invite code “obsessed-25” to try it out. After signing up, let me know what you think or send the following text message to Venmo (646-863-9557) to donate $1 to the blog.

Pay ryank 1 for cool blog

Other Reviews Online

Venmo review on AllThingsD
Venmo review at Thrillist
Venmo – The Future of Payments
Venmo’s Simple Loaded Premise – Pay Your Friends from Your Phone
Venmo Possibly Abolishing Friendly IOU
Venmo – SMS Based Payments

Life, Technology

iPhone 3GS Screen Protector Review – ZAGG InvisibleSHIELD

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I love the utility of the iPhone 3GS, but am often scared the shiny screen won’t last. I decided to try out a state of the art screen protector to protect my state of the art device. The ZAGG invisibleSHIELD is a highly marketed screen protector for the iPhone and other similar gadgets. In the over-supplied world of iPhone accessories – and particularly screen protectors – the ZAGG invisibleSHIELD tries to distinguish itself by claiming to be the “gold standard” of screen protectors. The dilemma I decided to tackle was to find out if the high price ($24.95 retail) was worth it.

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Life

How to Live Beyond Time and Money

This past week I took a short break from blogging to reflect on everything else in life. As wonderful of a hobby as blogging has been for me, I always like to take some time to reflect on my life and make sure I’m heading in a good direction. Although I enjoy looking at great ways to save time and money, the past week of reflection have helped me remember the important things in life. So if you’re ever stuck in a time when money or time or some other personal worry is overwhelming you, I hope you come back and think about these ideas on living beyond money.

Time is Limited and Money is only a Tool

I always like focusing on finding time and saving money because they are two things that are very useful.

  • Time is our greatest commodity and most limited resource. We all have the same amount per day and will make some decision on how we use it.
  • Money is the great medium of exchange. It allows people to serve others indirectly in a way that has helped millions.

But while useful, optimizing your time and money can be a distraction.

  • If you spend too much time worrying about your time, then you won’t have any time left to worry about.
  • It’s not worth it to save up millions while giving up great opportunities. Money is a tool that should be used wisely.

Take a Break and Serve Others

If you find yourself in a phase where all you worry about is time and money, then take a break to serve others. Sometimes thinking about money and time gets me so caught up on myself that I need a way to look outward. Here are some ways to impact others.

  • Buy some friends dinner. This helps build relationships and reminds you that treating your friends is a lot more fun than treating yourself.
  • Support a cause with Time. It’s easy to write a check to help someone, but take the next step and spend a day building a Habitat house, working at a homeless shelter, or aiding someone with a handicap. This will greatly impact your heart and remind you that you are blessed to have as much time as you have.
  • Reflect on your priorities.  Taking time to step back and think about what your priorities are versus what you are actually doing should help figure out what’s out of line.

Don’t Be Mastered by Time or Money

In the end, time and money shouldn’t control you. They are two things that if used well can make your life great or destroy it if used poorly. Whenever you realize that your life is being run by a constant need for more time or money, just step back and think about what you are really living for.

Thanks for your time. What are your thoughts about living beyond time and money? Leave a comment or send this to a friend.

Money

Learning What to Spend and Where to Save – Part 2

Last week, in Learn What to Spend and Where to Save – Part 1, I wrote about buckets to consider when setting up your budget. Although it’s different for everyone, it’s important to understand the types of saving you need for different goals in your life and how much you should constrain yourself on spending. This week I’ll offer some great places to put your money based on my research and own experience. If you have any suggestions you want to offer, feel free to help the readers by adding your recommendations to the comments below.

Continue reading Learning What to Spend and Where to Save – Part 2 →

Life, Money

Save Valentine’s Day and Your Budget

Alright men, next Sunday is when restaurants, card makers, jewelers, flower growers, etc. expect you to save them from a struggling economy and spend your past month’s worth of income on your girlfriend/spouse/date… This may sound like an overwhelming task, but you may be able to earn a few brownie points from the lady with some creative yet low cost ideas. Here are some ideas provided by women I asked about surviving Valentine’s Day without breaking the bank. Feel free to share your own creative ideas in the comments below.

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Money

Save Five Grand in Five Hours with Tax Deductions

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Taxes aren’t easy.  We can all agree on that, but given that we have to do them let’s make the most of it.  If I told you that I would pay you $5,000 for 5 hours of your time would you take it? You might ask, “What’s the catch?”  The catch is, you have to actually think about your taxes for a few hours, calculate your deductions, and enter it into your tax software.  If you do, your tax refund may increase by $5,000 or more.
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Money

Learning What to Spend and Where to Save – Part 1

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When you first get a job, change your income, or just start thinking about where to put your money it’s easy to get lost. It’s easy to spend, but if you’re reading this you probably know it’s wise to save. Where should I put my money? How much can I spend? Do I put more in Long term or Short Term savings? All are great questions.

Continue reading Learning What to Spend and Where to Save – Part 1 →

Money

The Best Deal Sites Online

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The internet has brought a wealth of information to our fingertips. Some of this great information includes the numerous deal sites online that allow people all over the country and world to share ways to save a buck or find the best price for anything and everything. These sites come in the form of blogs like this one or forums where users discuss how to save. Below are some of my favorites. Check them out next time you plan to make a purchase and you may be surprised to find how much you can save.

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