Alpha Consumer
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'Stingy Scoundrel' Spills His Secrets
Continue reading… 1 CommentToday's guest post comes from Phil Villarreal, a contributing editor at the Consumerist, reporter at the Arizona Daily Star and film critic at OK! Magazine. His humorous money-saving book, Secrets of a Stingy Scoundrel, is now in stores.
Alpha Consumer readers, I’m sorry to report that you’ve been scammed. Instead of getting to benefit from the wise financial advice of Kimberly Palmer, you’re stuck with a guest writer. And the least trustworthy type of guest at that—one with a book to peddle.
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Audio: Why Renters Insurance Is Worth It
Continue reading… 0 CommentsOver the weekend, I spoke with WTOP about the benefits of taking out renters insurance. Most young adults don't have it, despite the fact that many value their belongings at over $10,000. Renters are also more at risk for theft than homeowners. In a big city, renters insurance for a one-bedroom can start at around $100 a year—less than $10 a month.
Why You Should Get Renter's Insurance
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John Bogle: Why We Have 'Enough'
Continue reading… 5 CommentsJohn Bogle, the founder of Vanguard, is frustrated not only with the financial world, but also with how many of us seem to focus too much on stuff, and not enough on the more important things in life. In his book Enough, he reflects on his career and life experiences to offer ideas on how to counter our culture of greed and complicated materialism. At 79, he sounds a bit like a wise grandfather gathering his readers by his side for a long, cozy chat.
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Getting 'Financially Naked' in Relationships
Continue reading… 1 CommentIn Manisha Thakor and Sharon Kedar's new book, Get Financially Naked: How to Talk Money with Your Honey, the authors argue that many women make the mistake of relying too much on the men in their lives to provide financial security. That's despite the fact that one-third of women earn more than their husbands and recent research from the Center for American Progress shows that 5.4 percent of working wives now have husbands who are unemployed, up from 2.4 percent in 2007. Thakor and Kedar say it's time for women to take more control, starting with honest conversations about finances. Here are excerpts from our recent conversation:
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Shopper's Dilemma: Is More Better?
Continue reading… 6 CommentsFast Retailing, the Japanese company that's been getting a lot of attention lately for its cheap but trendy clothing, raises the classic shopper's dilemma: Is it better to buy fewer, more expensive items, or a larger selection of cheaper ones?
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The Cost of Getting Married
Continue reading… 2 CommentsMarriage has long been advocated as a way to counteract poverty, since something about making a lifetime commitment seems to help generate wealth. That's one reason some people advocate public policies that encourage walks down the aisle, from subsidized marriage counseling to tax credits. But recent research by professors at Saint Mary's College and the University of Notre Dame found that in some cases, current tax policies penalize marriage, especially among low income couples.
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Audio: Strategies for Successful Maternity Leave
Continue reading… 0 CommentsOver the weekend, I spoke with WTOP in Washington about how to plan ahead for a successful maternity leave. Experts say that delegating tasks ahead of time, checking back in every few weeks while you're out, and working hard when you return to the office can help to ease the transition.
Strategies for Successful Maternity Leave
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Gen Y: Influenced by Parents and Materialism
Continue reading… 3 CommentsToday's post contains part two of my interview with Kit Yarrow, consumer psychologist and co-author of Gen BuY: How Tweens, Teens, and Twenty-Somethings are Revolutionizing Retail. In yesterday's post, she explained what makes Gen Y different from previous generations, and how they are being affected by the recession. Today, she defends young shoppers against charges of materialism and tells brands how they can make themselves popular with Gen Y. Excerpts from our conversation:
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Gen Y: Empowered, Engaged, Demanding
Continue reading… 6 CommentsIn Gen BuY: How Tweens, Teens, and Twenty-Somethings are Revolutionizing Retail, consumer psychologist Kit Yarrow and reporter Jayne O'Donnell argue that today's young shoppers differ from their predecessors. They've come to expect top-notch customer service such as free shipping and easy-to-navigate websites, and they're drawn to lifestyle brands that help them define and project who they are. While their tendency to constantly update their wardrobes and own the latest gadgets can sometimes seem materialistic, the authors say it is more a function of having so many choices. I recently spoke with Yarrow about the book's findings. Excerpts: (Full disclosure: I am briefly quoted in the book.)
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"Frugalista" Debate: One Blogger Stakes Claim
Continue reading… 23 CommentsThe term "frugalista," which is so widely used that even the Oxford English Dictionary defines it, has now been trademarked by Natalie P. McNeal, a Miami Herald blogger, causing a brouhaha in the world of personal finance bloggers. McNeal's lawyer has been sending letters to other bloggers who call themselves "frugalistas," informing them that they must immediately stop doing so.
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The Power of Free Stuff
Continue reading… 2 CommentsLast night, I went to a free yoga class at Lululemon, the popular yoga clothes company. The store near my office offers classes—at no charge—every week. When I got home, my husband asked me if I bought any of the stylish clothes hanging on the racks near the yoga practice room. Of course not, I told him. But I was tempted. And I might purchase some soon. "That is how they get you!" he said.
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The Dangers of Free Trial Periods
Continue reading… 7 CommentsDear Alpha Consumer,
In January, I decided to try out a free offer for facial cream. I've been around the block on 'free offers,' but I thought I was safe because I could cancel the trial period and get a full refund if I didn't like the product.
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Audio: Preparing Financially for Disasters
Continue reading… 0 CommentsOver the weekend, I spoke with WTOP in Washington about what you need to bring with you in case you need to leave your house in a hurry because of wildfires or other natural disasters. Legal certificates, wills, insurance policies, extra cash, and bank account information are among the vital documents. Keeping all of those items in an easily-transportable file or box can make for a less hectic escape.
Preparing Financially for Disasters
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Do Company Logos Matter to Consumers?
Continue reading… 3 CommentsIt might seem like an inconsequential issue, but retailers spend a lot of time (and money) designing their logos in a way that will appeal to consumers. They try to avoid fiascos like the one faced by Tropicana earlier this year when it released new images on orange juice boxes. Consumers apparently hated them; sales dropped and Tropicana reverted to the previous packaging almost immediately.
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Sarah Strohmeyer Answers Reader Questions
Continue reading… 0 CommentsSarah Strohmeyer, author of The Penny Pinchers Club, September's selection for the Alpha Consumer Book Club, is back with answers to reader questions. (For a Q&A with Strohmeyer, see: "Fearing Divorce, Mom Finds Inner Frugalista.")
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Audio: The New Credit Card Rewards
Continue reading… 0 CommentsOver the weekend, I spoke with WTOP in Washington about new credit card rewards programs that give customers incentives to pay off their debt. Discover's Motiva card, for example, gives back one month's worth of interest after six consecutive on-time payments, while the new Citi Forward card lowers interest rates for customers if they pay on time and stay under their credit limit. T.D. Bank's Simple Flexible card sets interest rates based on how much debt customers pay off.
While the cards could provide encouragement to customers trying to improve their credit score, anyone carrying a large amount of debt should be careful to use a card with the lowest interest rate possible, regardless of any rewards program attached.
Take Advantage of New Credit Card Rewards
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How to Fight Health Insurance Denials
Continue reading… 15 CommentsMy recent health insurance debacle, which I wrote about in a story published today, reminded me of The Rainmaker. The 1997 movie stars Matt Damon as an inexperienced lawyer who takes on a large insurer that has denied claims for treatment of a young man's leukemia. In one courtroom scene, lawyers for the insurer explain that coverage for a bone-marrow transplant was denied because it was considered experimental—the same wording that Aetna used in its original denial of my pregnancy ultrasound claim.
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Fearing Divorce, Mom Finds Inner Frugalista
Continue reading… 4 CommentsIn Sarah Strohmeyer's The Penny Pinchers Club, mom and interior decorator Kat suddenly finds herself needing to save $15,000 in eight months. Her daughter is about to head off to college, she has $37,000 in debt (partly caused by her Starbucks addiction), and she's worried about the stability of her marriage. That challenge leads her to start saving money in all kinds of creative ways, from dumpster diving to getting rid of her landline and Netflix subscription.
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California Fires Create Money Disasters, Too
Continue reading… 1 CommentThe fires that forced many California residents to evacuate from their homes earlier this week also posed a personal finance challenge: How do you prepare yourself, financially, to leave your home for an indefinite period of time? What documents should you bring with you? What should you leave behind?
Most of us would probably reach for our wallets, passports, and perhaps a file of key documents, such as marriage certificates and Social Security cards. But what about wills, insurance papers, bank account details, and other paperwork? The National Endowment for Financial Education suggests packing up legal certificates, wills, powers of attorney, insurance policies, Social Security cards, checkbooks, and bank account information. NEFE chief executive Ted Beck, who experienced the 1991 fire evacuation of Oakland, also recommends calling your insurance company to let them know what is going on as soon as you reach a safe area. In some cases, they will pay for the costs of staying away from home. Otherwise, he says, the Red Cross can help direct you to nearby crisis shelters. -
Companies Aren't Giving Women What They Want
Continue reading… 2 CommentsHere's what we already knew: Women are busy, stressed out, and have no time for themselves. Almost three in four mothers work, and they're also usually in charge of grocery shopping, laundry, and other household tasks.
Here's what the new book from Boston Consulting Group, Women Want More: How to Capture Your Share of the World's Largest, Fastest-Growing Market, tells us: Most companies are doing a terrible job of appealing to those over-worked women. In a survey of 12,000 women conducted for the book, almost half of the respondents said the investing industry needed to do a better job of meeting their needs. Similar levels of dissatisfaction were found with the auto industry, banking sector, life insurance companies, and physicians.
