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I share five must read blog posts about saving money every Friday.
Money moves – New job? Here are seven money moves to make when you get a new job. (Wisebread)
Theft increases – More stores are moving to self-scanning checkout, but these are increasing theft risk. Do you like the self scanning checkout lanes? (USA Today)
Financial IQ – Our blogger friend Kelly is hosting a financial literacy month and shares 24 financial terms you need to know. (The Centsible Life)
Little credit knowledge – Here’s another reason why you should talk to your kids about money. A new study finds college students are dunces when it comes to credit cards. (Time Moneyland)
No-cost funeral – Want to save money on a burial? Donating your body after death may be the answer. (MSN Money)
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This is a post by BargainBabe.com writer Yazmin Cruz.
I asked you to share what wealth meant to you for a chance to win “The Wealth Cure: Putting Money in its Place” by New York Times best selling author and CSI: NY actor Hill Harper and the vast majority of readers agreed that wealth is not about living an opulent life. It’s about the richness you find in your faith, family and friends.
With this in mind, Harper wrote his non-traditional finance book that teaches readers how to take control of their money. After reading all your comments, I declared reader
This is a post by BargainBabe.com writer Yazmin Cruz.
New York Times best selling author and CSI: NY actor Hill Harper shares personal anecdotes in his latest book on the real meaning of being wealthy. “The Wealth Cure: Putting Money in its Place,” is not a traditional financial literacy book, but it will help you control your finances.
Harper guides his readers to reevaluate their take on money. Coming from a family full of doctors and having been diagnosed with cancer, Harper writes about money as if it were someone’s health in need of treatment plan:
Our society is addicted to debt, and, exacerbating that problem, we live in a culture that associates material objects — “bling” — with success. Those two factors have led us to overvalue money. So much so that in many ways we “chase paper” just as intently as
This is a post by BargainBabe.com writer Yazmin Cruz.
From the 60 comments left on my book review of Clark Howard’s “Living Large in Lean Times,” it seems many of you know a lot about living large on budget. That’s great! The person I picked as the winner is enthusiastic and eager to learn more.
Without further ado, the winner of the book is
This is a post by BargainBabe.com writer Yazmin Cruz.
In “Living Large in Lean Times,” author, radio host, and penny pincher Clark Howard says he is frequently asked when the economy is going to come back. To win this book, see below. Clark’s response shocks a lot of people: five to ten years. So what’s a person to do in the meantime?
Learn to live large in lean times, says Howard. He writes:
I can’t predict when the nation will get healthy. But I can help you empower yourself so that you have your personal financial house in order. That way you can survive and ultimately prosper regardless of the country’s progress. You do it one step at a time, fixing your finances and then building the path to independence and ultimately, dare I say, wealth.
The 251-page book, on sale for the first time today, is divided into
This is a post by BargainBabe.com writer Yazmin Cruz.
Reader Patricia is the winner of my review copy of The Real Cost of Living by Carmen Wong Ulrich. Patricia said she has a handle on her finances, but her adult children are not there quite yet. She wrote:
At 60, I’ve pretty much figured this stuff out. What kills me, though, is seeing my 4 adult kids (aged 30-40) frittering away money on Starbucks, eating out, etc. If I mention stuff like that to them, it goes in one ear and out the other. But, if I could say, “Hey, I won this book and I’m passing it on to you”. . . . .
Patricia, I am (more…)
This is a post by BargainBabe.com writer Yazmin Cruz.
The impact our behavior and motivations have on our financial decisions is the focus of The Real Cost of Living by Carmen Wong Ulrich. Ulrich, who has a degree in psychology and was the former host of CNBC’s On the Money, says she sees money differently because she was not trained in the profession:
Economics has finally recognized that we are not rational creatures; we’re not all about the accounting. Behavioral economics, the study of the neuropsychology behind how we behave with our money, has won Nobel Prizes. But it’s also about time – especially for those of us in personal finance – to realize that there is a lot more going on than money when it comes to making decisions about our money and our lives.
What spoke to me the most was the chapter on the real cost of bad habits. (more…)
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This is a post by BargainBabe.com writer Yazmin Cruz.
Credit card use is decreasing, while debit card use is on the rise. The culprit may be the hard economic times, but that is not the only factor.
“People are being extraordinarily cautious because of concerns about a double-dip recession, and jobs not being returned,” says a recent USA Today story. “Consumers are opting for debit cards, because they’re ‘one of those mechanisms that allows you to spend what you have.’”
A Federal Reserve Board report states that credit card borrowing fell (more…)
Illustration by OConnorCartoons.com
This is a post by BargainBabe.com writer Yazmin Cruz.
Reader Gabrielle wins my review copy of Cash, Credit, and Your Finances: The Teen Years, for her funny comment about needing the book not only for her spoiled children but her husband as well. She wrote:
My teenager, you mean my hubby. I need this for my teenage like husband! HAHA!! No, but we have two pre-teens whom my mother-in-law has spoiled to no end & ruined any attempt I have put in to teach them about money, saving, & spending when needed instead of on any little thing they can afford.
Gabrielle, I love your honesty about your kids being spoiled. It is my hope that this book helps them learn about money and the importance of saving. Although the book is aimed at teens, Im sure your husband will also learn a couple of things. When reading the book, I was reminded I had to set money aside from my freelancing paychecks to pay for federal and state taxes when the time comes around. Im no longer a teen but the learning never stops.
If you missed my review of the book, author Jill Russo Foster says that teaching teens about money is the key to avoiding debt. Her easy-to-read book includes information from creating a budget to avoiding identity theft. This book is the first in a series of three books on personal finances by Foster.
Gabrielle, email me to claim your prize and include an address where I can ship the book to.
If you didnt win my review copy and would like to get the book for your teen or youd like to brush up on the basics, Amazon has it for $15.25.
If you are the parent of a teen and have been looking for the right time to talk to him or her about money now is the time. Jill Russo Foster, author of Cash, Credit, and Your Finances: The Teen Years
Ive come to believe that financial education is the key for everyone. The sooner you start learning about money and personal finance, the sooner you can take control of your own finances. This book will start you off in the right direction and teach you how to build good financial habits.
Foster, who is now in the mortgage industry, started her financial career right out of college when she began working as a bank teller in an affluent neighborhood. She recounts that most people she saw at the bank wore designer clothes, had the latest car and were also on the overdraft list.
In the book, Foster uses examples of five teens that were given her book to read and later tells of the changes they made to change their money habits. The teens stories and her own she admits to having 27 credit cards at one point make the book easy to read. Your teen will be able to relate to the teens’ stories and learn from their success and failures.
This 84-page book will teach your teen about the basics of managing their money think allowances and babysitting money while thinking of long term goals like saving for college and short term goals like buying an iPod. The book is divided into five chapters that are filled with worksheets and practical examples for teens to understand. The chapters include information on creating a budget, the banking system, establishing credit, strategies for paying for college, avoiding identity theft and making major purchases.
This book is the first in a series of three books on personal finances by Foster. If you would like to win a copy of “Cash, Credit, and Your Finances: The Teen Years” for your teen, leave a comment explaining why your teen needs to read this book. If you cant wait to get a copy, you can buy it on Amazon
Buying a copy supports BargainBabe.com.
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A recent survey by CESI Debt Solutions found a whopping 80% of us hide purchases from our partners. Ouch! Some 18.5% of married couples have credit cards their spouse don’t even know about! I’m not sure how that is possible. Wouldn’t they see the bill, notice transfers out of a bank account, or wonder where new items around the house came from?
According to the survey of more than 200 Americans, spouses are secretly buying:
- 34.5% clothing and accessories
- 24% food/dining
- 19.5% beauty/personal care items
- 16.5% gifts
- 13% alcohol
- 9% entertainment
- 9.5% music/cd/mp3
- 8.5% childcare/items for children
The last item makes me think the survey included in the “secret” category purchases not explicitly mentioned, which would inflate these numbers. The survey was conducted by a company that makes money from helping people pay down credit card debt so I suppose the more people overspend, the more their business is necessary. But forgetting to mention a purchase is different than keeping something secret. You took the kid to JC Penney for new underwear? Not exactly scintillating dinner conversation.
Most financial cheaters kept their spending on the down low to avoid problems at home, the survey found. Ya think?! Oh honey, I forgot to tell you I owe $6,000. Guess we won’t be going on vacation, after all.
- 46% are currently paying off the debt and feel s/he doesnt need to know
- 43% want to avoid an argument
- 27% will never tell their spouse about their spending
- 19.9% are concerned it would end the relationship
- 11% plan to tell their spouse, but are not ready yet
So the question is not whether you have cheated financially on your partner, but what purchase were you hiding? Or perhaps you have a story to tell about discovering a secret purchase?
One of the biggest fights I ever had with a significant other was when I discovered he had purchased a TiVo in secret. The purchase price was not the issue, however. I was strongly against a TiVo as I was convinced I would watch too much television if we had one. He was strongly for the TiVo as it would allow him to easily record shows he liked. A great sale came up and he couldn’t resist. I found the thing in the closet about a week later and blew up – it felt like he had lied to me. Looking back, we both could have compromised and avoided the whole argument. Sigh. Live, and learn.
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This is a post by BargainBabe.com writer Yazmin Cruz.
I have a confession to make. I am addicted to coffee – the pricey frapps and ice blended drinks. But thats not my only problem. In order to keep up with my caffeine addiction Ive been charging the drinks on my credit card. Not smart at all, especially when I carry a balance.
I didnt realize how bad it had gotten until I was reviewing my e-bill and noticed almost half the charges made were at coffee shops. My addiction began about six months ago when I took on more responsibility at work and couldnt get out of the newsroom until 10 or 11 p.m.
Waking up extra early didnt help either. By 3 p.m. I needed a pick me up and walked to a local coffee shop for my fix. If I didnt have cash on me I would simply charge my $4 drinks. In no time my habit added up to $20 a week. Now I pay for my indulgence plus interest.
I shared my dilemma on the Bargain Babe Facebook page and many readers offered solutions that I am implementing. Heres my plan. First, Im going cold turkey. I had my last ice blended drink this weekend. I am not frequenting any coffee shops for a while and most importantly I am working hard to pay off my credit card debt. Note to self, dont use plastic to pay for food or drink!
I am also fighting my expensive coffee addiction one tea bag at a time. Compared to coffee, tea is less expensive and doesnt add extra calories (unless you add cream). I am using my coffee maker at home more often, as reader Janna suggested:
I make my own cappuccinos now. I have a Senseo, which I *love* ($.25 per cup). I warm up some milk in the micro, then foam it up with an Aerolatte; simply awesome. For the counter space saved over a home espresso maker and the cost you can’t beat it.
Having worked at a juice bar, I have enough experience to tackle making coffee at home. I also have an Aerolatte so I just need to commit to doing it myself.
Related posts:
What tempted me to use my credit card this month
