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Entry bubble How Are You Saving Money These Days?

By: Nancy | July 31, 2008 | Category: Money

Has your credit card been seeing less daylight lately? According to a new study on how Americans are handling their money in the current economic downturn, 37 percent of people surveyed said they're cutting down on how often they use their credit cards. They're either going to a cash or debit card basis or are just plain spending less.blog wallet The same survey says that 57 percent of respondents are being more careful about dining out and 46 percent are shopping more at discount superstores.

Some people I know are even going back to the old fashioned, pre-credit card era practice of envelope budgeting. It's low-tech wonderful. After working out their weekly and monthly budgets to find out exactly what their expenses are (and finding "leaks" in their budget—expenses that they weren't really aware were adding up) they take out cash and divvy it up into envelopes for each expense—insurance, rent or mortgage, food, utilities, etc. And when that money's gone at the end of the month, it's gone. No borrowing from another envelope and going into debt.

There are so many other ways you can save by auditing your lifestyle:

  • What are your phone habits? Are there cheaper plans that meet your calling needs better?
  • When you go grocery shopping, are you making a list before you go, sticking to it and shopping on a full stomach or do all the displays and smells get you to fill your cart with things you hadn't planned to buy?
  • Once you've paid off your car, are you setting aside some money every month to help pay for your next vehicle so your car loan will be smaller? If you're shopping for a car right now, are you armed with the info you need to get the best deal?

I could write a 10,000 word blog entry on all the ways to save. But my bosses nudge me nicely when I go over Gov Gab's 300ish word limit. And I'm over it now. We don't have any limits on blog comments though. So please help me out and share what you're doing differently these days to save more and spend less.

| Post a Comment | View Comments [10] | envelope E-mail This Entry | Tags: cars   credit   nancy   phone   saving   shopping  

 

Entry bubble ATM Safety

By: Colleen | July 09, 2008 | Category: Money

I pretty much live in a cashless universe. It's a rare day when I have over two dollars in my wallet. ATM

I've been just fine using my credit/debit card for pretty much everything. In the rare occasion I need cash, I simply make a withdrawal (or "tap MAC" as Philly folks say) from whatever ATM is closest.

This was not something I ever thought twice about until recently when ATM safety came up in the news.

In an era of identity theft, we have to be super careful to protect all of our private information. Apparently, it's very easy for an ATM machine to retain your account information after you've swiped your card. This is particularly more common for machines found at convenience stores or bars and restaurants. Using an ATM at your bank's branch office is much safer, as they are videotaped and constantly maintained.

Another thing you must be mindful of is your PIN. It should be changed frequently (strike one for me) and a different number should be used for each account (strike two).

To protect yourself, it's important to monitor your account frequently. Keep ATM use to your bank. And always select the "credit" option over "debit" to minimize PIN usage.

Have you been a victim of ATM identity theft? Any pointers?

| View Comments [4] | envelope E-mail This Entry | Tags: atm   colleen   credit   debit   identity   money   safety   theft  

 

Entry bubble Late Credit Card Payment Lament

By: Jim | May 28, 2008 | Category: Money

Ever have a problem with a credit card? I just did. When I got my most recent statement, it showed that the previous month’s payment was late -- by one day! Unfortunately, I misplaced the bill in the mess I call a desk and got my payment in the mail a little late. Even though it was my fault my payment was late, I was still a bit ticked that the company charged me a late fee and had half a mind to cancel the card. Geez, I’ve paid off my balance in full and on time for nearly 20 years. Couldn’t they cut me just a little slack!?

angry manAfter I was done being mad at myself for being late, I realized that canceling the card wouldn’t be good for my credit history in the long run. The longer you hold on to your credit cards and make payments on time, the better. The point being, you want to develop a history of showing that you pay your bills on time. This shows lenders that you are a responsible borrower and a good credit risk. Which means you can get better interest rates on credit cards and loans. Many people erroneously think that it helps improve their credit scores if they cancel cards they’ve had for a long time and don’t use much or need, this is not the case. Check out consumeraction.gov for more tips on how to manage your credit.

The late payment probably is a minor negative mark for my overall history, but I’ll worry about it all the same. Of course, I’ll be visiting the Federal Trade Commission’s annualcreditreport.com web site soon to get my free credit reports from the three credit reporting agencies. I’m hoping (probably in vain) that my report won’t get dinged.

There are a few other things I need to do while I’m at it. Like clean up my desk, so my bills don’t get misplaced. Better yet, I should just set up my accounts to that they can be paid by electronic funds transfer. Has anybody else out there had a problem with a credit card?

| View Comments [15] | envelope E-mail This Entry | Tags: charge   credit   jim   late   loan   money  

 

Entry bubble Credit Card Offers

By: Colleen | May 07, 2008 | Category: Home and Family

Few things are consistent in life. The alarm clock doesn't always go off when it's set. The Patriots ruin a perfectcredit card season by choking in the Super Bowl. A bright and sunny Saturday can turn to thunderstorms in the blink of an eye.

As far as I can tell, I can guarantee only two things:

  • If I am wearing white to dinner, something with spaghetti sauce will be served.
  • At least three times a week I will find a credit card offer in my mailbox.

Wearing white will never stop me from eating spaghetti, but I can help eliminate the seemingly endless stream of credit card offers.

Receiving these offers makes you a target for identity theft. To prevent your information from falling into the wrong hands, you should "opt out" of pre-approved offers.

You can opt out for five years or permanently.

Eliminating these offers helps protect your identity and is also eco-friendly. You're saving paper and creating less waste. It is reported that my generation is in an endless cycle of post-graduation credit card debt—so the fewer offers you get, the less temptation you have to add another card to that bulging wallet.

| View Comments [9] | envelope E-mail This Entry | Tags: card   colleen   credit   identity   mail   offers   theft  

 

Entry bubble The Hassles of a Stolen Wallet

By: Nicole | April 25, 2008 | Category: Money

Purse Theft

A scary thing happened to me Tuesday night. I was shooting pool with some friends when a stranger tried to snatch my purse. I couldn’t believe it. My purse was a mere five feet away. The guy quietly swiped it, hid it beneath his sweatshirt, and sauntered toward the door. I was lucky. I noticed almost immediately, and the guy was apprehended.

For a few terrible moments, I thought he had gotten away. I began to imagine the hassle of replacing my credit cards, my driver’s license, and my ATM card (not to mention the songs on my iPod). What a mess. So, today, I’ve decided to post a few things you should do, just in case:

  • Keep a list of all of your credit, debit, and ATM cards. This list should include card numbers as well as customer service phone numbers. You might also want to include the fraud hotlines of credit reporting agencies, so you can place a fraud alert on your credit report. You should keep this list somewhere safe and easy to access (but not in your wallet!).
  • Because your Social Security number is a gold mine for identity thieves, never keep your Social Security card in your wallet. If your driver’s license has your Social Security number on it, you should contact your state motor vehicles office and ask for a replacement that doesn’t display your Social Security number.
  • Never keep PIN numbers in your wallet or with your credit or debit cards.

If your wallet has been stolen, the FTC provides a quick list of what to do. And of course, there are lots of other things you can do to avoid identity theft.

Do you have any tips for how to make life difficult for purse snatchers?

| View Comments [5] | envelope E-mail This Entry | Tags: card   credit   purse   replace   robbery   security   social   theft  

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