Living with credit

Emily’s list: Patience pays off edition

Emily Crone

There have been rumors for years that the iPhone would be available to Verizon Wireless customers, but every time consumers and industry experts thought it was about to happen, it never did.

Emily's list: Patience pays off edition
Well, the time has finally come. Verizon customers no longer have to flee their cell phone contracts to get the beloved iPhone. A Verizon-friendly version of the iPhone will be on sale early next year, according to The Wall Street Journal. AT&T’s monopoly on the popular mobile device is ending.

For the past few years, anyone who was on a plan other than AT&T was out of luck if they wanted the iPhone. They could wait until their contract ran out, but most contracts are for two years. If they were desperate (like me), they paid a hefty termination fee on their existing plan to switch over, and then paid several hundred more dollars for a new iPhone. If consumers had bad credit, they also had to pay a deposit. That’s a lot of work to get your hands on a cell phone.

Although I love my iPhone, I really do think I would have been OK with a different smart phone on what was my current network (Sprint). Instead, I paid $150 to cancel my Sprint account early so I could switch over to AT&T. Now that I’m removed from the situation and can reflect, I realize I could have easily lived another year without one. But at the time, I was consumed with iPhone frenzy.

We all have found ourselves caught up at one point or another obsessing over something we think we must have. As I mature financially, I work really hard to be aware of when I get in that mindset and force myself to evaluate whether it’s something for which I can patiently wait. I was in a similar situation two years ago when I wanted to leave an apartment due to a change in job location but was locked in a lease. I could have gotten out of it earlier, but I would have to pay hundreds of dollars in contract termination fees, plus new rent somewhere else. It was painful, but I managed to wait it out. Sometimes it’s a pain to be patient, but if we can suck it up, it’s worth it.

I hope you will read on to soak up some of my favorite personal finance advice and insight from blogs in the past week!

1. Moolanomy reminds us why it’s important to have a good credit score even if you don’t plan to use credit cards.

2. If you’re trying to shed debt, you are probably frugal. Being Frugal explains how to overcome frugal guilt when you spend money on something special.

3. Generation X Finance outlines 12 tips you can use to avoid identity theft and protect your finances.

4. Negotiating isn’t as common in the United States as it is in other countries, but Sun’s Financial Diary explains how you can use negotiating to save money on things like overdraft fees and taxes.

5. The iPhone gets a lot of love, but what about Android? My Dollar Plan lists eight of the best personal finance apps for Android-based phones.

6. Cash Money Life discusses how you can teach your children the value of money and key lessons, such as delayed gratification.

7. Free From Broke offers another post on the topic of kids and finance. He explains why parents with the “it’s all for the kids” mentality might be damaging their own financial well-being and preventing kids from learning valuable money lessons.

8. Money Funk explains when it’s wise to use a credit card and when you should use a debit card instead.

9. Ask Mr. Credit Card discusses the disturbing new trend of people under 21 paying people to co-sign for them so they can get a credit card.

10. Bargaineering helps readers learn how to recover from bad credit
and build good credit.

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