THEMACGIRL* / Flickr

This is a post by BargainBabe.com writer Yazmin Cruz.

A couple of days ago, I bought what I thought would be a yummy cake from Whole Foods. It was stale. I was torn between complaining and letting it go.

I had paid $43 for a pumpkin sponge cake with cream cheese frosting that looked delish in the display case. I was splurging for a get-together.

When it was time to cut the cake, I had a hard time getting the knife through it. UGH! I was so disappointed and embarrassed.

So why did I hesitate to complain? I didn’t want to be drag. With the holidays in full swing it seemed like an inopportune time. I was simply too busy with other things and I knew the same was true for the store’s manager.

Then I remembered Bobbi’s post about speaking up when the service was bad. After thinking of the best way to let them know about my discontent, I sent an email to the store’s customer service.

I got all the facts straight. Price. Time. Date.

I was polite, but not in a grossly obsequious way.

I was direct about how I wanted the matter to be resolved. I asked for my money back.

I also asked for a response to my email.

Within an hour from sending the email, I received an apology along with instructions to call the store at a convenient time. The manager I spoke to seemed genuinely concerned and told me to drop by the store’s front desk when ever possible.

Here’s what I wrote:

I frequently shop at this Whole Foods location and I’ve had many good experiences including great customer service and finding quality products. On Friday evening, I bought cake from your bakery that was subpar. I paid $43. I don’t know if it sat on the display for days, but it was stale. Needless to say I am not satisfied with my purchase and would like to get my money back. I know it’s a really busy time for you, but I’d appreciate a response to my email at your earliest convenience.

His response:

I’m really sorry. Please call me. My name is David (I’ve erased his last name and number.) I want to make it up to you.

Almost a week later, I dropped by the store and got my money back plus a $50 gift card. According to the cashier who returned my money, I received the $50 gift card because the manager was impressed by how I handled the situation.

I’m not going to lie, I was astonished by what a simple thought out email got me. Have you ever complained? What happened?

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Is it safe to buy appliances from an outlet? Credit: Editor B/Flickr

Jeannie is not sure she can trust an appliance outlet store. What do you think?

Dear Julia, Love your site. Question for you or the readers: we need a new dishwasher and Consumer Reports recommends 2 Whirlpool models in our price range. I did “Bargain Babe” due diligence in looking around for a great price and came across the Whirlpool Outlet store, which claims it has brand new products. But how do I know I can trust them?

Their site looks legit, but they’re based in the Midwest and we’re on the East Coast, so it makes me wonder if I’d be better off paying a little more and buying from a brick-and-mortar store, which feels so 1990s to me! Any advice you could offer would be great! Thanks, Jeannie

Jeannie, I would check a few things off my list before making a major purchase from an online retailer you are new to.

1. Is the site a manufacturer site for Whirlpool, or just a reseller?

2. Does the site have an address and phone number listed for customer service?

3. When you call the customer service phone number, do you get a legit response?

4. What is the site’s return policy? Does it seem reasonable to you?

5. Is the price on this Whirlpool Outlet ridiculously lower than anything else you’ve seen? I know the Sears “scratch and dent” store 45 minutes from my home sells appliances 40-70% off, but they are a legit branch of Sears that sells damaged items. We bought a freezer there and have been very happy with it.

Here are 12 more indicators that an online retailer might be fraudulent.

What do you think Jeannie should do?

MCalatayud / Flickr

This is a post by BargainBabe.com writer Yazmin Cruz.

I was sitting in the dentist chair looking into the light when he told me exactly what I didn’t want to hear.

“You need a root canal.”

Ouch! The thought of having the dentist drill my molar was not as painful as wondering how much this was going to set me back.

I immediately began blaming myself. If only I hadn’t put off

going to the dentist, or had actually sat down to research and purchase insurance. I was going to get to it, eventually.

It just happened out of the blue. There was no pain. I was having toast and cereal for breakfast and felt a hard piece in my mouth.

“Eww, what’s in this cereal?”

I’ll spare you the yucky details. It was a piece of my molar. I found out after running my tongue and feeling a sharp edge.

After freaky out, I texted my dad. He directed me to go to the dentist.

“If it’s not that big, they’ll probably just patch it up,” he said.

That’s how my Friday morning started. By the end of the day, I was so thankful I had at least been diligent enough to put money away in an emergency fund.

So how much is it going to cost me? $1,400. Not bad considering the bill started at $2,800 for the root canal, two fillings and deep cleaning.

I managed to negotiate a lower price by offering to pay cash upfront. It also didn’t hurt that my little sister recently got her braces with their orthodontist.

This shrunk my emergency fund and left me feeling irresponsible. It also left me wondering if I should have taken the money from my budget or savings (as a form of punishment as a percentage is for fun) instead of my emergency fund.

You see, although necessary and urgent, I’m having doubt about whether it’s an emergency as there is no pain or blood just a lot of worrying and extensive Google searches about broken teeth and root canals.

Where would you have taken the money from?

Related posts:

Should I dip into savings to meet my budget?
Your question: Affordable health insurance options?
Cash v. credit: easier to save money with paper or plastic?

Top 10 most shoplifted items below. Credit: kate*/Flickr

This list of the Top 10 most shoplifted items of the season was compiled by Yahoo! and based on info from AdWeek. Yahoo says that “one in every 11 people walks out the door with at least one item they didn’t pay for.” That is truly shocking. More stats:

• Shoplifting is up 6% this year
• Retailers will lose about $119 billion of merchandise to shoplifters in 2011
• 75% of shoplifters are adults, most of whom have jobs

The top 10 items most stolen items are not what you would think! My guesses included iPods, kids toys, and clothes. Yahoo says (my comments in italics):

1. Filet mignon – So many people are tucking choice cuts of meats under their jackets that supermarkets are now considered the stores with the most theft. No way.

2. Jameson – Those with an unquenchable thirst for booze just help themselves to a free bottle of expensive liquor. Isn’t that why liquor bottles have that bulky black plastic cap?

3. Electric tools – Apparently the the most common items men nab are electric toothbrushes and power tools. At least they’re fighting cavities.

4. iPhone 4 – Electronics like smartphones and video games are high risk items, and one research group claims 100,000 laptops are stolen annually from big box stores. How exactly does one walk out of the store with a stolen laptop?

5. Gillette Mach 4 – Anyone who uses non-disposable razors knows they’re pretty expensive, so in tough financial times people don’t want to pay for them anymore. No wonder they keep these behind the counter!

6. Axe- The men’s deodorant and body wash we love to hate are often stolen in mass quantities and resold at flea markets and corner stores. Dial is popular amongst thieves too.

7. Polo Ralph Lauren – Clothing theft is up 31% since 2009. It’s hard to look good in a bad economy, so some score fresh threads the illegal way.

8. Let’s Rock Elmo – The Sesame Street toy topped the Toys ’R Us “Hot Toys” list this year, so parents are stealing this must-have toy for their kids if they can’t afford it. That’s sad. But remind me of a story I heard on NPR yesterday about mall santas lowering kids’ expectations.

9. Chanel No. 5 – Who wouldn’t love a bottle of this popular woman’s fragrance? Expensive perfumes make up nearly four percent of loss in stores that carry them.

 10. Nikes – As Ad Week points out, some shoppers wear flip-flops into a store, try on a pair of sneakers, and walk out wearing them. Sneaker heads will do whatever it takes to score the kicks on their wish list.

Earn $10 for joining Kidworth!

With a baby on the way, I’ve been thinking a lot about how to raise my kid so that she is savvy with money. How do I show her to save money, to live frugally, and to make savvy spending decisions? When should we first give her an allowance? How do I instill in her the pride I take in donating money to help others?

Enter Kidworth, a new website founded by a father who was tired of going to kids’ birthday parties and witnessing hundreds of dollars wasted on “plastic junk.”

So this father, Rudy DeFelice, did some research and discovered the average kid comes across $25,000-$30,000 in gifts by the time they are 18. Holy *$(%*#! How many 18-year-olds do you know that have more than a few bucks to their name?

“The way we treat kids reinfornces mindless consumption,” Rudy told me. He wanted a way to counter balance that consumerist message. He wanted a way to train kids to deal with money that would give kids a better chance.

Kidworth is not about creating more money, but about using resources – gifts, allowance, earnings – in a better way. Parents create an account for their kid, from babies to teenagers, and set up save goals, spend goals, and share goals. Depending on how old the kid is, they can get involved, too.

On a practical level, parents can use Kidworth to send out birthday invitations and holiday cards, using the opportunity to share their kid’s goals. It’s a not-so-subtle way to ask for specific gifts and donations, instead of the aforementioned plastic junk.

When you visit a kid’s page, family and friends can see what kind of progress the kid and what the kid is doing with their allowance, gifts, and earnings. Only first names are used, and no identifying information is shared or asked for. Pages do not show up in search engine results, but parents can share their kids’ pages with whomever they wish.

Kidworth is totally free to use, though sending an egift card costs $2.50 and sending a physical card costs $5. Both fees go to covering credit card processing fees.

If you’re dreading an onslaught of unwanted gifts this holiday season, sign up for Kidworth! The next 100 people to sign up via Kidworth’s Facebook page will earn a $10 credit when they create a goal in their Kidworth account.

Win this book by commenting below!

In 99 pages, seven-time author Mike Piper answers three burning questions in Can I Retire?
(Win my review copy below.)

• How much money do I need to retire?
• How do I manage my retirement savings?
• How do I plan for taxes in retirement?

On the first page, Mike admits that there are plenty of good retirement books out there. So why did he write another one?

Can I Retire? is not meant to be better. It’s meant to be shorter. It’s written for the person who…

…might not be able to find the time to read Otar’s entire 525-page book or the 370-page Boglehead’s Guide…But if there’s a good chance that, if you were to buy one of those other books, it would sit unread on your coffee table or bookshelf, then this book is written for you.

I met Mike at the Financial Blogger Conference in October 2011, where he told me about self-publishing on Amazon. (If you’re interested in writing a book, the gist of it seems to be that if you go with self-publishing and selling on Amazon, you’ll make a lot more money per book. But you won’t get any recognition because self-published authors still have a second class reputation. If you go with a traditional publisher, you may get a lot of media buzz and attention, but you won’t make any money.) Mike gave me a free copy of his book, even before I said I would review it on BargainBabe.com.

Each chapter is a few brief pages, with practical and simple steps to take action. Mike summarizes each chapter with bullet points at the end. Can I Retire? does not shy away from technical terms, but it uses plain language to explain terms and concepts, making the book a great primer for anyone interested in planning their retirement.

Because the book is so short, it does not cover when to start taking retirement benefits, whether you should buy long-term health care, and some other subjects. Mike suggests you supplement the book with advice from a professional adviser or continue to self-educate yourself.

If you’d like to win my review copy, comment on this post with how you’d like to spend your retirement. Comment by Thursday, Nov. 3, 2011 at 11:59 p.m. EST to be eligible to win. A winner will be selected and announced on Friday, Nov. 4, 2011. Or buy Can I Retire? on Amazon for $10.20 (orig. $15). The Kindle version is just $5!

Jason Texter / Flickr

This is a post by BargainBabe.com writer Yazmin Cruz.

I recently read a story in the LA Times about Hallmark adding unemployment cards to its sympathy line. The cards are apparently a good way to show compassion, but to me spending $3 to $5 on a card is ridiculous! This got me thinking of five frugal ways to show your support for those going through a rough time.

Not surprisingly, Hallmark is not the only company getting in on the action. You can also buy layoff cards from online companies Zazzle Inc. and Greeting Card Universe.

1. Provide a survival kit – Share our job loss survival kit which includes everything from keeping your health care while unemployed to tax brakes for job hunters. This is invaluable information that may be missed when they’re too shell-shocked to think straight.
2. Help them network – Offer up your contacts to begin the process of searching for a job and mention any job opportunities you hear about. You can also help your friend prepare a resume and cover letter, and get ready for interviews.
3. Help them stay current – If you have skills that will help your friend stand out from other applicants, then offer free lessons. A former coworker of mine taught me the basics of InDesign when I was looking for a job. It was very helpful and it was much appreciated.
4. Give a care package – Heading to the grocery store to buy necessary seems like a better use of money than buying a card. Getting a week’s worth of groceries (or whatever your salary allows) is helpful. Don’t forget to use My Coupon Database to  keep the cost down by printing off grocery and drugstore coupons.
   
5. Take the Person to Dinner – Treating your pal to a meal helps him/her enjoy the pleasures that are often the first to go when money gets tight. You don’t have to break the bank! Save 25-45% off your bill with Restaurant.com. Not only will you enjoy a night on the town, but it will alleviate stress, or at least push it away for an hour or two.

How else would you help a friend? Would you buy a greeting card for someone who just got axed?

T Hoffarth / Flickr

This is a post by BargainBabe.com writer Yazmin Cruz.

Have you ever caved into buying an item at a higher price because you didn’t want to be perceived as cheap? Last weekend, I did just that at the Santa Monica Pier, a major tourist attraction in California.

My family and I headed to Coffee Bean & Tea Leaf to grab drinks. At the front of the line I was faced with a major decision.

“Hi. I’m getting three regular sized drinks – a latte, a Mocha Ice Blended with whip, and hmm…where is it?” I asked.

“What drink?” responded the barista, looking at the menu.

“Oh there it is! My usual Black Forrest, please. Wow, it’s $5.75. Did your prices go up?”

“No, we’re at the pier. Your total is $18.03.”

I grinned nervously and turned to my dad, who I could tell disapproved of me forking over almost $20 for coffee.

“That’s not what we usually pay,” he whispered.

“We’re at the pier,” I heard myself respond as I handed over my debit card.

I didn’t notice the prices till I was ordering, and felt uneasy about canceling my order and walking out. What was I supposed to say? I was being charged 50% more just because we were in a tourist area. Should I have asked for a discount?

I still can’t left it go. At the time, I felt as if everyone was watching me because I was holding up the line. I didn’t want them to think I was a big cheap-o or worse, that I couldn’t afford the drinks! I also didn’t want to mortify my teenage sister like Julia embarrassed her friends when she haggled for cupcakes. So I paid up. Was I wrong to cave in?

I know there are a couple of things I could have done differently. I could have used my Swagbucks account to get a gift card to Starbucks and skipped the overpriced temptation at the pier. Alas, I failed to plan ahead.

What would you have done: haggled, walked out, or paid up?

• Dell increased sales by $25 million by changing it’s slogan from “Learn More,” to “Help Me Choose.”
• Product videos at Zappos have increased shoe sales by 6-30% (Babies R Us does this too, and it totally works!)
• Speeding up load times from 6-9 seconds to 2 seconds bumped up Shopzilla’s revenue by 5-12%.

See the infographic on retailer tricks by clicking “more. ” And check out the 19 retailer tricks that Bobbi, Yazmin, and I brainstormed.

Source: VoucherCodes.co.uk

A literal use of an anchor. Credit: Beth Rankin/Flickr

Current or original price. What resonates with you when considering a purchase?

A blog called You Are Not So Smart argues that even the savviest bargain hunters, like you and me, are swayed by the original price, called the anchoring effect. I’d never heard of the term anchoring effect until reading this post, but the concept is very familiar. You Are Not So Smart shares this scenario:

You walk into a clothing store and see what is probably the most bad ass leather jacket you’ve ever seen.

You try it on, look in the mirror and decide you must have it. While wearing this item, you imagine onlookers will clutch their chests and gasp every time you walk into a room or cross a street. You lift the sleeve to check the price – $1,000.

Well, that’s that, you think. You start to head back to the hanger when a salesperson stops you.

“You like it?”

“I love it, but it’s just too much.”

“No, that jacket is on sale right now for $400.”

It’s expensive, and you don’t need it really, but $600 off the price seems like a great deal for a coat which will increase your cool by a factor of 11.

You put it on the card, unaware you’ve been tricked by the oldest retail con in the business.

The con being the anchoring effect, also called, you mean I can get a $1,000 leather jacket for $400? The number that sticks in your head is $600, not $400. So the jacket seems like a deal, because you are getting it for less than half of what it’s worth. Except that it’s not worth anything because you don’t really need it.

The problem is that we unconsciously use the original price as a guideline.

The anchoring effect comes up often in our lives – not just when we are shopping.

Think about the last time you negotiated a salary or raise. Your entire discussion with your boss or manager references the first number or range stated. At a garage sale, when you haggle on an item, the negotiations are based on the starting price set by the seller.

Here’s another example from You Are Not So Smart of the anchoring effect:

In a 1975 study by Catalan, Lewis, Vincent and Wheeler, researchers asked a group of students to volunteer as camp counselors two hours per week for two years.

They all said no.

The researchers followed up by asking if they would volunteer to supervise a single two-hour trip.

Half said yes.

Without first asking for the two-year commitment, only 17 percent agreed.

What about the last time you negotiated a chore with your spouse or partner or boyfriend?

I’ve noticed that if I come right out and ask my husband for what I want, say, for him to make a dish for tonight’s dinner, he’ll counter with a lesser contribution, like setting the table. But if you ask him to make the entire dinner, then a compromise to make part of it doesn’t seem so bad. Use this strategy sparingly or it will backfire!

Let’s go back to the shopping scenario. A true bargain is based on an item’s value, not the actual price. I would pay more for a high quality pair of shoes, even though I could find a lower price (for lower quality) elsewhere. Plenty of people would disagree, as evidenced by Walmart becoming the world’s biggest retailer.

When we see sales signs, which are everywhere these days, we get skewed by those big percentages off. Discounts above 50% are no longer a dream, but quite common. Stores that roll out a constant stream of sales are playing into the power of the anchoring effect by wowing us with a massive difference between the price tag and what we’ll pay at the register.

So what’s a bargain hunter to do? As GI Joe said, knowing is half the battle. Being aware of the anchoring effect will give you pause at the store. Maybe, just maybe you could wait a day before deciding. Sleep on it and you’ll often find the next day you’ve completely forgotten about that leather jacket.

The unwanted bills our neighbors gave us.

Our neighbors gave us $40 after we powered their refrigerator with our generator during Hurricane Irene. No matter what we did, they would not take it back, saying replacing all their groceries would have cost a lot more.

The $40 they gave us is not a lot of money (in the grand scheme of things) but I feel a little…dirty about the whole thing.

Our neighborhood was without power for 27 hours From Sunday to Monday and we ran our generator for about five of those hours, powering both our fridge and our neighbor’s. Not even that long! We offered them a power chord because our generator is powerful enough to handle a second fridge, and because our generator is so fricking loud we thought sharing the electricity would soften the din.

We never expected to be paid and don’t want their money. The satisfaction of being a good neighbor and helping them out was payment

enough. The lady who lives next door is in her 80s and we thought she would really appreciate having air conditioning, ice, and cold food. Her daughter is always very friendly and thoughtful.

Now what do we do with the money? I’m trying to think of someway to spend it on them or pay it forward. Should we slip the cash into a thank you card? Buy them flowers? Do nothing at all?

When someone gives you cash or a gift of thanks that you really don’t want, what do you do?

 More Money Morality Topics:

Does nickel and diming save money?

Who is responsible for the vet bill?

Do you accept money from your parents?

Legit to shop at thrift stores if you can afford retail?

Going to college = eating ramen.
Credit: crazytales562/Flickr

Reader Pauline shared a fascinating secret in her comment on Yazmin’s post on college money wasters: “Our plan and my son’s goal is that he graduates from college debt-free.”

Whaaaa?! How would she accomplish such a financial feat? I was dying to know Pauline’s plan. Luckily, she wrote back and shed light on her family’s incredibly savvy spending habits.

Hi Julia:  Well, first of all my son is VERY low maintenance. We have had our kids purchase their own WANTS for years. His Dad and I always provided the needs and made that clear what a need vs a want consisted of. And also my son doesn’t like to spend his own money. He has several  and various savings accounts that have been growing over the years.

As far as starting 9 months ago I’m the type of person that needs

time to let creativity mull in my mind and in reality if one wants something free or really inexpensive you need time on your side. As an example my son wanted a George Forman grill to take to college, I told him wait you’ll find one at a yard sale at a give away price. Well we never did and I wasn’t going to buy one retail (actually I don’t know if one can even find one retail anymore). Well, one of those thrift shops we located in Arcata had a brand new George Forman grill for sale. Austin said,

“Mom can you buy this for me?”

“How much is it?” (which is my typical response)

“Three bucks”

“Okay, I’ll spring for that at that price.”

Well, when we went to check out the gal said,

“Oh this is $1.50. Evey item with that color tag is 50% off today.”

YEAH. Everyone I knew, knew Austin was off to college in August so we had many offers of needs. We acquired the items from friends, Freecycle, Craigslist, yard sales, rummage sales and even our own home (yes we do have duplicates of many things). When I returned home from driving my son to school my husband asked where did the microwave and kitchen clock radio go? Oh I let Austin take it to school, I received the microwave from Freecycle and I figured I could find another but Austin needed one now so ours went out the door. As for the radio clock I have a vintage clock on the kitchen wall so didn’t need 2 clocks in the kitchen. One neighbor lady that I met through Freecycle would even email prior to posting  her Offers to see if my son could use her items for college (that was really sweet and kind of her).

So here’s a mini list of what he took to college that we acquired for free: Microwave, Dorm refrigerator (I was not going to buy a new one of those), toaster oven, Brita Water filter system,  large Rubbermaid storage bin (to store and stockpile all the snacks/foods that I had acquired either free or really cheap), clock radio, all his school supplies:  binders, paper, pencils, erasers, pens, highlighters, kitchen utensils/tools, pots, pans, plates, cups, mugs, down comforter cover and comfy pillows, extra long fitted twin sheets. He was given some really neat plaid Penelton type shirts that he eagerly packed, pants (from Freecycle), tennis shoes, heavy wind breakers, basketball shorts/tops. I’m sure there is more I’m just drawing a blank now.

I would say one flawed character trait in kids today is not differentiating needs vs wants because of who is flipping the bill. This one takes years of training and you can’t start the Summer before your child heads off to college. We wanted my son to be responsible for his college expenses that includes tuition, room and board etc. He had to fill out the financial aid applications (with our help and guidance of course), he filled out the scholarship applications also. My opinion is kids today have a huge entitlement mentality and presume parents will cover all college and sundry costs. So I’m old school and believe what one works hard and diligently to acquire one will appreciate and work even harder to maintain. Additionally, we are trying to teach our son independence, discipline and a strong work ethic. I think that is needed even more so in this day and age.

My son previously would always kid me about how “cheap” I am because I wouldn’t buy anything unless it’s on sale, I have a coupon for it, or we find it at a yard sale, thrift shop etc. But one of the first emails I received from him from college was this:

“I found the names of the books for all the classes I have but I don’t wanna get them here because they are very expensive, so see if you can get them for cheap.”

So I replied: “So now you like that I’m cheap ‘er frugal. Okay I’ll check with Half.com and Abebooks.”

I have a funny story about his lap top but that’s another long email. Please email me back should you have more questions. Sorry for the ramblings.

Sincerely Pauline

I really admire Pauline’s perseverance and dedication to teaching her son such frugal financial values. Such patience is rare. Pauline mentioned Freecycle several times. If you’ve never checked out this organization, you should. It’s an amazing community resource that will make you feel good about passing on household items, instead of sending them to a landfill.

As for the textbooks, this is perfect timing. Yesterday I did an entire post on how to get textbooks for cheap.

Got a story like Pauline’s? Email me! How are you preparing for your child’s or your own college expenses?

Comment to win this book!

Discovering secret credit cards, unpaid bills, and debt is a blow many couples cannot survive. In fact, money is the number one cause of breakups, says the married authors of “First Comes Love, Then Comes Money: A Couple’s Guide to Financial Communication.” Comment below to win my review copy.

Unlike most personal finance books, this one is not going to teach you to balance your budget or live debt free:

Why? Because without healthy financial communication, without a commitment to putting an end to financial infidelity, none of that stuff works. After more than thirty-five years of combined experience as financial advisers, we’ve learned that if you don’t know how to talk about money with your partner, if you don’t know how to keep financial infidelity from destroying your relationship, budgets and plans and payments won’t mean squat.

The first part of the book deals with discovering each partner’s financial personality, and how they can create conflict. The book divides everyone into five personalities: the saver, spender, risk taker, security seeker, or flyer. I’m definitely a saver or security seeker. Clashing financial personalities can cause major damage, even divorce.

The second section is about uncovering financial infidelity using what the Palmer’s call the Financial Relationship Index. Both partners take a quiz, earn a score of 0-100, then read what that score means. A lower score is best! The third and final part shares three basic financial communication tools to move forward, including a monthly “Money Huddle.”

All this in 189 pages spread over eight chapters and three appendices. The only trick is to be most effective, you’ve got to read it with your other half.

To win my review copy, comment below on why you need this book. Comment by Aug. 16 at 11:59 p.m. to win! If you can’t wait, buy a copy from Amazon for $6 (orig. $15).

Are you protected? Do you need to be?
Credit: Jürgen Fälchle/Fotolia

Psst. Very few Americans – just 1 in 5 according to CNN – know about the newly established Bureau of Consumer Protection. Boring name, I know, but it aims to protect consumers and as a savvy spender you should know how it can help you.

The BCP covers seven areas, including advertising practices, consumer and business education, enforcement, financial practices, marketing practices, planning and information, and privacy and identity protection. Its website says:

The Bureau of Consumer Protection works to protect consumers against unfair, deceptive, or fraudulent practices in the marketplace. The Bureau conducts investigations, sues companies and people who violate the law, develops rules to protect consumers, and educates consumers and businesses about their rights and responsibilities. The Bureau also collects complaints about consumer fraud and identity theft and makes them available to law enforcement agencies across the country.

Scams are also a focus of the BCP, which has a page on weeding out free trials that aren’t free. Another page has a video on scams targeting people looking for a job. Some of them are, sadly, quite savvy. To submit a complaint about unfair business practices or a scam, visit ftc.gov/complaint.

Depending on your politics, the new agency has pros (consumer protection and education) or cons (more restrictions on financial products and more government oversight). I’m hopeful that the BCP will, in fact, protect and educate consumers about predatory lending and other ridiculous business practices that got us into the mortgage crisis, while not letting consumers off the hook (greed and irresponsibility played a huge role, too).

Do you think the Bureau of Consumer Protection will make a difference?