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The Financial Risks of Online Dating
Tweet Share on Facebook March 31, 2008 Comment (7)A reader recently reminded me why dating websites are not always worth their monthly fees. She writes that since she signed up for one over a month ago, she still has not found a suitable match. Yet, as a senior, she says she would like online dating to work out since it is easier than trying to meet people in person. (And you don't have to be a senior for that to be true—few people enjoy trying to find dates in dark, loud bars.)
Online dating sites can work, but you have to be smart about it. The Better Business Bureau reported a sharp increase in complaints about dating websites earlier this year, and recommends being wary of advertisements that claim "exclusive" communities or other potential exaggerations.
I'm also going to share another tip, courtesy of a friend who found her own serious boyfriend online after trying out two different dating websites. For a first meet-up, stick with short coffee dates, she says. You'll often know within the first 10 minutes whether you click with someone, and if you don't, there's no point in wasting time and money to find out just how badly you are matched.
Readers, please share any other online dating tips below—learning the hard way is too expensive.
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New Voice Calls for Credit Reform
Tweet Share on Facebook March 31, 2008 Comment (1)In the midst of a heated debate over credit card reform, the New York Times has come down on the side of the reformers. In an editorial published Saturday, the newspaper urges Congress to pass new regulations, such as Rep. Carolyn Maloney's cardholder's bill of rights:
Before more Americans get in so deep that they cannot dig out, Washington needs to change the way these companies do business to ensure that consumers are treated fairly.
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Bloggers Share Money Advice
Tweet Share on Facebook March 31, 2008 CommentYou can check out this week's Carnival of Personal Finance at Stock Trading to Go for tips on choosing an online broker, educating your man about money, and fishy tax write-offs.
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Hold the Steak, Bring on the Chicken
Tweet Share on Facebook March 28, 2008 Comment (1)Are you replacing steak with chicken? Fresh veggies with frozen ones? Citigroup Global Markets reports that consumers are buying their food at less expensive stores such as Wal-Mart, making cheaper dinners, and avoiding pricey brands.
The firm attributes the shifts not only to an uncertain economic environment but also to steep food inflation. The price of food for home consumption has risen 5.1 percent over a year ago, according to the Bureau of Labor Statistics. And food isn't the only reason for squeezed budgets: More than 70 percent of consumers surveyed said higher gas prices had changed the way they shop.
The bottom line: Making a home-cooked meal on the cheap is getting harder. You can check out these tips on how to buy and cook in bulk to save while still keeping your stomach happy.
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Television's Money Lessons
Tweet Share on Facebook March 28, 2008 CommentUsually, the main message I get from watching sitcoms is that everyone else has nicer furniture and clothes than I do. Shows seem to almost always feature the well-to-do—perhaps because that's what the rest of us like to look at while we relax. But every now and then, television imparts some useful financial tips. The blogger at Well-Heeled points out some of her favorite money lessons from Sex and the City, which will be coming out later this year as a movie:
• When Carrie realizes that she's spent $40,000 on shoes but could not secure a loan on her own to buy out her share of the co-op after she breaks up with Aidan. Personal finance lesson for the gals--don't be the Old Lady Who Lived in a Shoe! Manolos can't fund a retirement....
• When Samantha gave up her hair appointment to Miranda and offered to baby-sit Brady.Friend lesson: The best present isn't about money.
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Awkward Topic: Parents and Money
Tweet Share on Facebook March 27, 2008 Comment (104)Parents feel more prepared to give their teens advice on the birds and bees than on investing, according to a study released this week by Charles Schwab. That goes a long way toward explaining why so many kids don't know as much as they could about money management, says Carrie Schwab-Pomerantz, chief strategist of consumer education for the financial services firm.
She recommends discussing money around key milestones in a child's life, such as getting a first toy, car, or job, which gives parents a chance to teach kids to save 10 percent of their income. Parents can also involve their kids in daily discussions about family budget decisions, Schwab-Pomerantz says. Schwab's MoneyWise website offers an interactive game and other tools to get the conversation started.
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How to Be a Green Shopper
Tweet Share on Facebook March 26, 2008 CommentHere is my interview with Diane MacEachern, author of Big Green Purse: Use Your Spending Power to Create a Cleaner, Greener World, about how to balance saving money with buying environmentally friendly products. She says it's possible to do both.
You can read about our conversation here or hear it and also get the Alpha Consumer tip of the week. Listen now, iTunes, RSS
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The IRS Puts Itself on YouTube
Tweet Share on Facebook March 26, 2008 CommentThe IRS has a solution for consumers who are still confused about how to get their rebate checks but are savvy enough to watch videos on YouTube. Together with the American Payroll Association, the agency has launched a series of videos, posted on YouTube, to clarify what consumers need to do to get their economic stimulus money. In the video below, IRS Deputy Commissioner Linda Stiff says consumers need only make sure to file a tax return, and the IRS will do the rest. As for how to spend that rebate once you get it, here are a few ideas.
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Boosting Credit Scores for a Fee, Take 2
Tweet Share on Facebook March 25, 2008 Comment (4)Larry Chiang, founder of Duck9.com, which helps people boost their credit scores, responded to my criticism of his company last week. Basically, I said that paying a company almost $10 a month to remind you to pay your bills is a waste of money. He says it can be worth it. In an E-mail, he told me the following:
Statistically speaking, getting into the 95th percentile (a credit score over 750) is, by nature, hard. A Duck9 registered user graduates to a FICO score over 40 percent higher than an [average] adult living in the United States. Paying $9.95 is ok but we [also] dole out 50,000 free for life subscriptions per month.... Duck9's reminder service is super simple but we add value with predictive reminders based on [the patterns of] students' lives....
[Duck9 is] a secret society of students who realize that over half of America's charge-offs [which have a big negative impact on credit scores] are for under $200 and usually from a department store that they don't know they owe.
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Audio: Recovering From a Pink Slip
Tweet Share on Facebook March 24, 2008 CommentI spoke with WTOP over the weekend on how to engineer a career makeover, especially in the wake of a layoff. The good news is that it can be an opportunity to pursue a passion. Listen now,
iTunes , 
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