Alpha Consumer
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Survey: Many Americans Unprepared for Crises
Continue reading… 8 CommentsA new survey from AARP Financial contains enough motivation for anyone to start preparing for worst case scenarios, including divorce, death of a spouse, and illness of a child. Depressing stuff, but also worth thinking about, since avoiding the topic leads to financial catastrophe on top of the emotional crisis. (As I recently reported, most people have much too little life insurance.)
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Audio: 5 Scams You Might Be Falling For
Continue reading… 0 CommentsOver the weekend, I spoke with WTOP in Washington about scams that the recession is making popular. Some examples include websites that charge money for free information on government grants and fraudulent mystery shopping offers.
5 Scams You Might Be Falling For
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How to Save $30 a Month on Cable
Continue reading… 6 CommentsMy co-worker Russell Heimlich accomplished something amazing: He shaved $30 a month off of his Comcast cable bill. I asked him to explain how he did it.
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Britney Spears: Fighting her Dad's Control?
Continue reading… 0 CommentsAccording to a recently posted voicemail that Britney Spears allegedly left in January, she is worried that her father, who currently controls her estate under a conservatorship, will try to take her children away from her. (Spears may have since resolved matters since her father, who has been on tour with her, according to TMZ, which posted the voicemail message.)
In the message, Spears says, "I just wanted to make sure that during the process of eliminating the conservatorship that my father has threatened me several times, that you know, he'll take my children away. I just want to be guaranteed that everything will be fine with the process and that you guys are taking care of everything [and] that things will stay the same as far as my custodial time." -
Most Tax Refunds Won't Go to Retailers
Continue reading… 2 CommentsDo you know how you'll spend your tax refund? In another sign of the tough economic times, this year, most Americans say won't be splurging on a new LCD television or leather sofa with that money. Instead, they'll save it, invest it, or use the money to pay off debt, according to a survey by ING Direct.
The survey found that half of those who anticipate a federal refund will use the cash to buy food for their families. One in three will pay off debt with the refund and one in four will save the money. -
The Best Money-Saving Kitchen Gadgets
Continue reading… 16 CommentsIt's time for an Alpha Consumer Challenge: Nominate your choice for the best money-saving kitchen gadget. The randomly-selected winner will receive a copy of Slow Cookers for Dummies, which gives you a hint at my first nomination. Here are a few other ideas to get you started. Leave your own suggestions in the comments below for a chance to win.
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Recession Scams Prey on Desperate Consumers
Continue reading… 3 CommentsThis morning, I went on Good Day LA to talk about recession-related scams. Unfortunately, fraudsters tend to take advantage of people's vulnerability during tough times. Here are the three big ones to watch for:
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Uncle Sam Wants Your Opinion on Card Fees
Continue reading… 17 CommentsToday's guest blog entry comes from Jeremy Simon, a reporter with CreditCards.com who writes about payment-card-related topics for consumers. He also contributes to Taking Charge, the website's blog.
If your debit card use has ever resulted in an unexpected overdraft fee, you now have the chance to give the government a piece of your mind: Through Monday, consumers can go online at the Federal Reserve’s Web site to share their thoughts about proposed changes to rules governing overdraft "services" provided by banks, credit unions and other financial institutions.
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Restaurant Week Can Save Money
Continue reading… 1 CommentI just got this tip from Alpha Consumer reader Veronica Neilan:
Restaurant owners are hurting a lot due to the economy and cut in consumer spending. It's currently Dine In Brooklyn week, where a three-course meal can be had for $23 (not including drinks, tax, tip). A lot of restaurants in my neighborhood run daily specials regardless of Dine in Brooklyn week. I'm not advocating spending money if you can't afford it, but there is nothing wrong with going out once in a while to take advantage of a good deal. My friend and I went on Monday night to a restaurant and paid a total of $85 for our three-course meals, two glasses of sangria each, tax, and tip. We did leave 20 percent on the post-tax amount because the food and service were phenomenal. I am likely to go back again on their Wednesday night "all you can eat quesadilla/all you can drink sangria" special that is $16.95.
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John Cleese: How to Save Money on Divorce
Continue reading… 3 CommentsJohn Cleese, the incompetent hotel manager from Fawlty Towers, has proved himself a savvy divorcée. He has reportedly cut his million-pounds-a-year-plus payouts to his former wife in half. So, as thousands of divorcing men and women might like to know, how did he do it?
The key appears to have been convincing the courts that he no longer earned the kind of money that he used to -- and that he was under no obligation to support his former wife in the manner to which she had become accustomed. (For her part, Alyce Faye Eichelberger says that she was used to "'being entertained by royalty and dignitaries in castles" while married to Cleese, according to the Daily Mail.) -
Ramit Sethi: Yes, You Can Still Be Rich
Continue reading… 3 CommentsRamit Sethi, 26, author of the just-released I Will Teach You To Be Rich
(and blog of the same name), recently spoke with me about how young people are dealing with the recession. He also argued for why 20 and 30-somethings should continue to put money into the stock market, even if most of their investments so far have shrunk in half. Excerpts:
How do young people think about money?
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Juggle Your Money on Our New Finance Page
Continue reading… 18 CommentsWe just launched a brand new personal finance page at www.usnews.com/yourmoney. You can find out how your spending and saving habits -- as well as your income -- match up with your peers. Also, get the latest money management tips and financial news, as well as the Alpha Consumer podcast and U.S. News money-related blogs. Please let me know what you think!
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Video Game Teaches Financial Literacy
Continue reading… 1 CommentCheck out the trailer for Celebrity Calamity, a video game from the D2D Fund that promotes financial literacy. Students practice paying off credit card bills, learn how much they really pay for items when they pay interest, and pick up a basic understanding of how to use credit. Early results show that playing the game also increases users' self-confidence in their financial skills. Could this be the future of financial education?
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Lindsay Lohan: Cash-Strapped and Unemployed
Continue reading… 3 CommentsIs Lindsay Lohan following in Britney Spears' footsteps?
No, not as an actress-turned-Paparazzi-magnet, but as a cash-strapped spendthrift. The New York Daily News reports that Lohan has been over-spending and now relies mostly on credit cards and girlfriend Samantha Ronson's funds. A "friend" says, "Sam really thinks Lindsay needs to learn how to become a recessionista and manage her money better.” -
For Singles, How to Split Checks with Couples
Continue reading… 2 CommentsDear Alpha Consumer,
As a single person with many married friends, I often run into trouble when I go out to dinner with another couple. If the couple offers to pay to simplify matters, I feel guilty that I'm not paying my way and I don't want these married friends to resent me as a financial burden. But it can be awkward to split a bill into thirds. What's the best way to handle the check? -
Suze Orman: President Bush Owes Us Money
Continue reading… 50 CommentsIn an interview with Women's Wear Daily, Suze Orman says that former President George W. Bush should share his wealth with the American public since he is responsible for the financial crisis.
She says of Bush: -
Nutritional Labels for Mutual Funds
Continue reading… 2 CommentsSo far, the best idea to come out of today’s Brookings Institution conference on financial literacy in Washington, DC is to slap nutritional labels onto mutual funds and other investment products. Instead of calories and fat, the labels would list expense fees, historical rates of return, and other key facts. That way, people can easily compare investments just as they do now with types of cereal. (This idea was suggested by Julie Agnew of College of William and Mary.)
Among the other highlights:
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Fidelity's New Tool Ranks Savings Priorities
Continue reading… 37 CommentsDo you know where you would put your next available $1? Would it pay off credit card debt, go towards your kids' college education, or fund an emergency savings account?
A recent Fidelity survey found that one out of three Americans don't know where to put their next dollar of savings, even though more people are trying to save. The survey also found that 80 percent of Americans have started spending less and almost half have started saving more for an average of $200 additional savings each month. To help people figure out where to put that money, Fidelity designed a "savings planner," which anyone can use for free. -
Shop Discount Groceries and Save $1,000
Continue reading… 7 CommentsIf you could save over $1,000 a year by shopping at a discount grocery chain, would you do it?
A survey from Washington Consumers' Checkbook shows that families that would spend $150 a week if they shopped at average-priced chains, such as Safeway, could save $1,326 by shopping at the discount store Bottom Dollar Food -- or spend $3,510 more by shopping at Whole Foods. While the survey focused on Washington, DC-area stores, the same principle applies across the country: Shops sell food, and often the exact same name brands, for very different prices. By switching from Whole Foods to Bottom Dollar Food, customers could save almost $5,000 a year. That figure might be enough to scare you off those price organic brands for awhile. -
Credit Card Companies Go on the Defensive
Continue reading… 39 CommentsCredit card companies, which have been hammered by the financial crisis, are getting increasingly worried about their customers' ability to pay their bills.
Check out these statistics, collected by LowCards.com:
