June 2009
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Unfortunately, the internet and dishonest people seem to go together like milk and cookies, but this combination will leave a bad taste in your mouth. In recent years a new phenomenon in identity theft attempts has sprung up online and many people are foolishly falling victim to it.
Spoof E-mail
If you’re a user of Ebay or PayPal, it’s likely that you’ve seen an email like this:
Urgent Message from Ebay
Due to recent account takeovers and unauthorized listings, Ebay account security is randomly selecting accounts for verification. We will require you to verify your account information. At this time, your account has not been cancelled. If, however, you do not respond to this message by verifying your information within 48 hours, your account will be suspended and then cancelled as fraudulent. Please click on the following link to verify your information…
The message will look just like the email messaged you do get from Ebay. If you follow the link, you’ll be taken to a web site that is nearly indistinguishable from Ebay’s. A web form that looks completely legitimate will ask you to enter your name, address, user name, password, and credit card information, all the same information that you probably provided when you signed up for Ebay in the first place. But you are NOT on Ebay.
If you answer the questions and provide the information requested, you are putting your financial well being into the hands of a criminal. Messages like this are commonly called “spoof” emails because they perfectly spoof the HTML code and design used by Ebay, PayPal, and a number of other services. Even the customers of large banks like Washington Mutual and Bank of America have fallen victim to these scams.
Both Ebay and PayPal have a fraud prevention department that investigates these false messages, but in reality there is little that can be done. The sources have proven to be almost untraceable at this time. If you get one of these messages it’s a good idea to report it to the company. If you keep getting them, just delete them. Do not, under any circumstances, provide information. No legitimate company will ask for this type of information via email, something almost all of them point out in there user agreements and documentation. Yet people are duped by these messages on a daily basis. Don’t be a victim.
Written by srini on June 30th, 2009 with no comments.
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Sometimes creating and maintaining a budget is easier than you may think, but you have to be willing to change your lifestyle somewhat. During a recent conversation with a graphic designer friend, I had an opportunity to give some first hand advice on some of the small things in life that can really affect your wallet.
“We’ve decided to send our daughter to a private school,” she told me in between sips from a Starbucks cup, “We fit most of it into our budget, but we don’t know where we’re going to come up with the last hundred and fifty dollars every month.”
“One-fifty?” I asked. “That’s easy. How much did you pay for that soy mocha latte you have there?”
She glanced dubiously at her Starbucks cup. “About three-fifty.”
“How often do you go there?”
“You know I go to Starbucks every day before work. I get my coffee and a muffin, or a bagel.”
“So how much do you spend there every day?” I smiled at her.
“With the muffin it’s like six bucks or so,” she said, and drained the last of the beverage.
“You spend six bucks a day, every day, at Starbucks. Does Dave do it too?” Dave is her husband.
“He gets a coffee and Egg McMuffin at Mickey-D’s every morning on his way to the office.”
“So he spends about four or five dollars a day. You both need to eat breakfast at home. You’ll save two hundred and twenty dollars every month, give or take the price difference between muffins and bagels.”
Sometimes it is little things that can make or break our budget. When we’re getting that morning coffee and muffin, or a fountain soda when we buy gas, or any of those little extras, we’re putting a significant dent in our budgetary plans. We usually think nothing of it at the time, after all five bucks isn’t going to make or break us, but when we realize that we’re giving the same amount to Starbucks every month than we give to the electric company, it puts it in perspective.
By cutting out those forms of unnecessary spending, we can often save much more money than we ever considered possible. If you’re planning on creating a budget, make sure you take the time to account for the little things and steer clear of Starbucks.
Written by srini on June 29th, 2009 with no comments.
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Sometimes a little comparison shopping via the internet is just the thing to find a better price.
My friend has a child who was asking for a video game for his birthday. The child wanted an interesting phenomenon called Dance Dance Revolution. Players dance to music and score points performing increasingly difficult step combinations on a plastic dance pad that replaces handheld game controllers.
Several medical authorities have It may be in an American’s blood to consume (we are consumers, after all), but that doesn’t mean we have to overpay for the creature comforts that we purchase. commented on the game for its aerobic workout qualities and the web site www.getupmove.com offers testimonials of people who have lost weight playing the game. Because my friend’s son is a bit overweight, he was excited that the child was interested. He went to the local Best Buy to pick up his son’s present. Here’s what he found.
• DDR Max video game: $49.95
• Plastic dance pad $29.95
• Playstation2 game system $149.95
Needless to say, my friend was not prepared to spend over two hundred dollars on the present. He started looking online to see if there was any kind of deal available on the game. He found one; an Ebay listing offering the DDR game, two dance pads (so two people can play at once), and a PS2 system. My friend won the auction and got the whole shebang for about a hundred and twenty dollars.
This case is an extreme example and my friend purchased used goods, but it illustrates a point; buying online can save you money. Whether you’re looking for a video game or a pair of imported castanet’s, you can bet there’s a website somewhere out there that is willing to sell it to you at a considerable savings over what you’d pay in a traditional store.
Buying online sends shivers of fear through some people’s bodies, and with good reason. Transmitting credit card numbers and home addresses can be a risky prospect. It is much safer today than it was years ago, however, and as long as you make sure you’re buying from a secure site (look for a .shtml in the order page’s URL (viewable in your browser’s address bar) and a padlock icon in Internet Explorer’s lower right corner and you can be fairly sure you’re ok.
Written by srini on June 28th, 2009 with no comments.
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People have a bizarre love affair going on with their hair. They love to style it, comb it, brush it lovingly, and baby it with all sorts of creams, herbal shampoos, and special conditioners. If just one gets loose and turns up in the potato salad, they tend to freak out, but generally people love their hair. This has got to be why they spend so much money on it.
In those long gone by days of the seventies an interesting phenomenon took place. Barber shops started to die. One by one they slowly disappeared, as if they were the last of the dinosaurs fighting against the radioactive effects of the giant meteorite that did their species in. In their places sprung thousands of unisex salons. The replacement of barber shops by salons ushered in a new era of hair styling and a new era of overpriced hair care. Before long, people thought nothing of spending thirty and forty dollars for a haircut that once cost four or five.
Fortunately it’s easier to save money today on this form of personal grooming. Discount haircutters are everywhere, offering haircuts for about ten dollars. They also offer lower costs on styling, coloring, perms, and other such services.
More money can be saved on hair styling by simply doing it at home. While it may not be a good idea to cut your own hair, if you wear you hair in a short military style cut, a family member can do it with a set of clippers. These can be purchased for about thirty dollars. Buy them once and you’ll never pay for another haircut.
Hair color treatments can also be performed at home for a lot less than it costs in the salon. Buying an over the counter hair dye and doing the job yourself will cost you about ten dollars. Having it done in a salon can cost as much as a hundred. Obviously that’s a serious difference.
With a little careful shopping for a salon, a bit of willingness to do it yourself when you can, and the understanding that it’s just hair (whatever happens to it, it will grow back – ya big sissy), you can save money on your hair care and let the follicular love affair continue unabated. Also, should worse come to worse, there’s always Hilda’s House of Human Hair Wigs.
Written by srini on June 27th, 2009 with no comments.
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Sometimes it seems like saving money in today’s world is harder than it ever was before. Insane inflation, low interest rates, and low wages may seem to have conspired to leave you penniless at the end of the month. When the average person subtracts the costs of living from her income, she often finds herself with nothing extra to sock away for retirement or the speed bumps that life tends to dish out. After all, how can you manage to save for a rainy day when you always seem to be in the midst of a downpour?
Cut Down on the Spending
If you’re serious about saving money, there are some simple steps you can take. Examine what you’re spending monthly and what you’re spending it on. You’ll find that you spend more than you realize on unnecessary purchases. According to the Research Division of the Federal Reserve Bank of St. Louis, Americans’ spending on retail and food services has risen steadily since the year 2001 while levels of disposable income rise and fall sporadically. This means that, even when we are bringing in less money, we’re giving more of it to McDonald’s. Stop any unnecessary spending. Junior may be whining for a Happy Meal today, but he’ll be happy he missed it when he’s graduating college.
What to do With the Extra Money
Now that you’re spending less, you’ll find that you have more money left over. What’s the best way to save and grow that money? If you’re starting from scratch, you won’t have enough to consider seriously investing for a while. In the meantime, open a savings account. Savings account interest rates are very low, so this is a short term solution. Set a dollar amount goal and keep depositing the extra until you’ve attained that goal. Make the goal realistic to reach in a short amount of time, but sizable enough to be an amount that matters. Anywhere from one to ten thousand dollars over six months to a year is a good guideline, depending upon your income.
Once you’ve reached the goal, withdraw that amount and invest it in a CD or mutual fund. As that money earns interest over time, continue the cycle with your savings account. Set a second, higher goal with a longer time frame for the combined funds. Before long you’ll need an investment counselor to help you decide what to do with all that extra money!
Written by srini on June 26th, 2009 with no comments.
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A good friend of mine worked for years as a debt collector. At parties and social gatherings he would usually share stories of his dealings with people on the phone who were, shall we say, less than enthused to be receiving his work-related telephone calls. The stories were sometimes humorous, often disturbing, and more than a little sad. Despite how people react to being called by a collection agency, they all have factors in their lives that resulted in their receiving those calls.
At these gatherings someone would always ask my friend for advice in getting a debt collector to stop calling them. His answer would be the same every time. “Pay the bill.” He had a valid point. Aside from the provisions of the Fair Debt Collection Practices Act (a federal law that governs the methods and tactics that third party debt collectors may use in their efforts), the one surefire way to stop a debt collector from calling is to pay the debt. Once they have their money, they will leave you alone forever.
Preferable to this, of course, is to avoid letting financial matters get that bad, of course. Taking control of your debt and reducing it will ensure that you maintain a good credit rating and also help you save money.
According to New Step Debt Consolidation (www.newstepsolutions.com), Americans carry an average of $5800 in credit card debt per month. Collectively we also carry an average of thirteen different credit cards and spent $1.1 trillion on credit card purchases in the year 1999.
Taking control of your revolving credit accounts is often the first step in taking control of your financial situation and saving money. Cut up all the credit cards except the one major card with the lowest interest rate. Lock this one up and only use it for emergencies. A new dress, a new power tool, or the latest video game is not an emergency. Pay as much as you can to each account each month and make extra payments whenever you can. Once the accounts are paid down to a zero balance, close them all, except the emergency card. Any time you do use this card, pay the balance before the grace period so that you are not charged any interest. The amount you save in interest can then be added to your savings accounts or invested. Then you’ll be the one collecting interest.
Written by srini on June 25th, 2009 with no comments.
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A family trip to the movie theater can be a lot of fun. Unfortunately, it can also be very expensive. When you combine the cost of tickets, popcorn and snacks, drinks, and video games for the kids (every kid wants to play as they pass the arcade in the theater), a family of four can easily spend over a hundred dollars to see a movie. It had better be a really good movie for that price.
There are a number of ways to cut down on the price you pay at the movies. Some portions of the cost can be saved on, others can be eliminated completely. The first thing to go should be the video games. Either visit a theater that lacks an arcade or just tell the kids no. They’re already being treated to a movie; they don’t need to play games too.
Ticket prices can often be saved on by choosing an earlier time. Most theaters offer special discounts on tickets for movie showings before six pm.
Saving on popcorn, drinks and snacks is a little trickier. You basically have three choices in this area. You can skip the snacks and sodas altogether, you can buy less of them and share among everyone, or you can “smuggle” in your own. The latter choice violates the policies of “no outside food or drinks” that all theaters post. They post these because the majority of the theater’s income comes from the concession stands. If you’re not bringing in alcohol, however, most theaters let you slide. It’s a rare occurrence that someone gets kicked out of a movie because they brought in their on Coke or a bag of M&M’s.
Discount theaters are also an option. Most cities have theaters that charge a reduced ticket price. It takes a little longer for the movies to get to these theaters, but if you can wait a couple of extra weeks, you can see the movie for about a buck or so in most of these theaters. The arcade and snack rules can be employed here as well, saving you more.
The final method of saving money on movies is to just not go. Most movies can be enjoyed just as well at home on DVD video as they can in the theater. In fact, the prevalence of DVD and home theater systems may eventually make traditional theater-going obsolete. Rent a DVD for a few bucks, pop it in, and the whole family can enjoy.
Written by srini on June 24th, 2009 with no comments.
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During the holiday season, the air seems filled with that special dazzling electric Christmas is one of the most joyful and wonderful holidays we celebrate. sparkle that has come to be known as “Christmas Spirit.” It’s not just a cheesy term from animated holiday specials or Will Ferrell movies; it’s a real feeling that seems to come with the holidays. Unfortunately the holiday loving Bob Cratchit in all of us is in danger of being quashed by the undeniably Scrooge-esque demons of overspending and holiday-related debt, unless we take steps to control our spending during the holiday season.
One holiday money saving method works particularly well for large families. Rather than every member of the family feeling compelled to purchase gifts for every other member of the family, the group gets together sometime before the holidays and draws names. Each participant then buys a gift just for the person whose name she drew. This is a far less costly way to spread a little holiday joy.
Gift giving aside, people spend the most money at the holidays on things like decorations and wrapping paper. Cut costs here by saving decorations as much as possible (most people reuse ornaments and lights, but other tree trimmers like garland and tinsel can usually be used repeatedly as well) for use the following year. New decorations, if they’ll be needed, should be purchased after Christmas, when all of the stores put them on sale, sometimes marked down as much as 50 to 75%.
There is nothing wrong with homemade decorations either. The kids will have fun stringing popcorn around the tree and making chain-link garland from red and green construction paper. A box or two of holiday candy canes can serve double duty as tree ornaments and snacks for the kids.
If you’re giving gifts at Christmas, wrapping paper is an unfortunate necessity, as professional gift-wrapping is far too costly. Discount stores sell wrapping paper at very reasonable prices, however, and this should be chosen over the far more expensive fancy paper sold by department stores. There is no reason to spend an exorbitant amount of money on something that is going to be torn through in seconds.
Taking little steps to cut back on holiday costs is not indicative of a lack of Christmas spirit. Quite the contrary, responsible spending and financial control during this time ensures the freedom to enjoy a worry-free holiday season.
Written by srini on June 23rd, 2009 with no comments.
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There are certainly times in our lives when we need the assistance of a professional. If we’re being taken to court, we need an attorney. If we’re ill, we need a doctor. When our car breaks down, we need a mechanic, unless we know how to fix it ourselves. There are plenty of things that people can do for themselves, but choose not too, either because they think they don’t know how, don’t want to learn how, or simply prefer to have someone else do them.
When we can afford certain services, it’s fine to pay for them. But if you’re living on a budget and pinching pennies, there are certain things that you should avoid paying to have done if you can just as easily do them yourself.
Washing the Car
Why on Earth would you want to pay ten, fifteen, twenty dollars or more to have your car cleaned when you’re supposed to be saving as much money as possible? There’s nothing they do at the car wash that you can’t do yourself at home with a bucket of soapy water, a sturdy sponge, and a garden hose. Give it a try and save!
Yard Work/Gardening
Unless you’re physically limited in some way, there should be no reason to pay someone else to pull your weeds, mow your lawn, and water your plants outside. Yet people pay gardeners and landscaping services to do these things, even when they’re supposedly living on a budget. Want to save more money? Do it yourself or, if you can’t or don’t want to do that, pay a neighborhood child to do it. It will cost a lot less and you’ll be helping a kid learn the value of hard work and money.
Cleaning the House
Most people think that the only people who hire maids are the wealthy. It’s not true. Companies like Merry Maids do not stay in business and keep operating based on the support of an exclusively well-to-do clientele. There are average, middle class, working people using these services. It’s nice to come home to a clean house, but if you’re cutting back in order to save money, fire the maid and pick up a mop. Your bank account will appreciate the extra padding it receives when you’re giving that extra money to it rather than to Florence, Hazel, or Alice.
Written by srini on June 22nd, 2009 with no comments.
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We can do more to save money than we often realize. A big problem in America is that we are a society that is driven by consumerism and advertising. We get the idea in our heads that, if we haven’t seen it on TV, it must not be worth having. This is the reason that Coca Cola and Pepsi Cola, two of the largest companies in the world, makers of the number one and number two soft drinks on the shelves, continue to advertise. If commercials for Pepsi and Coke went away tomorrow, would you forget that they were out there? Of course not. Yet huge corporations like McDonald’s, American Express, Visa, and the aforementioned soft drink companies spend millions on advertising every year. They do it to keep themselves fresh in our minds, and it works.
A good way to save money is to cut all the brand names out of your shopping trips. Are Del Monte green beans any greener or…um… beanier than the store brand? The price difference on any one item may be only a few cents, but those pennies add up considerably and can affect your grocery bill each month. A recent trip to the local market showed interesting results when the shopper compiled a group of brand name items and a group of the same items in store brands:
• Eggo Frozen Waffles 19.8oz $3.99
• Store Brand Frozen Waffles 19.8 oz $2.75
• Kellogg’s Corn Flakes 18oz $3.59
• Store Brand Corn Flakes 18oz $2.99
• Diet Coke 2 Liter bottle $1.25 (4 for $5.00 sale)
• Store Brand Diet Cola $0.75 (4 for $3.00 sale)
• Hormel Canned Chili 15oz $1.79
• Store Brand Canned Chili 15oz $1.49
• Ajax Dishwashing Liquid 25 fl oz $1.99 (on sale)
• Store Brand Dishwashing Liquid 25 fl oz $1.99 (regular price)
With this short grocery list, the shopper would spend $12.61 for the combination of brand name goods, and $9.97 for the store brand items. That difference is only $2.64, but what if we were doing a full two weeks’ shopping? Or a full month? Setting aside the instinctive need to buy a brand name item because we think it is “better” can save us considerably.
When combined with other methods of cutting back and saving money, selecting generic or store brand items can make a real difference in our budgets.
Written by srini on June 21st, 2009 with no comments.
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