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Stretching an Up-and-Coming Budget
Tweet Share on Facebook April 23, 2008 Comment (13)Before I interviewed You're So Money author Farnoosh Torabi, I asked her to keep a spending diary for a few days, so we could compare her philosophy with her own habits. Torabi's diary:
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Dealing With Crisis
Tweet Share on Facebook April 23, 2008 Comment (2)I received another E-mail in response to our recent stories on 20-somethings and personal finance. This time, it was from a woman in Cheyenne, Wyo., who says young people today don't know what "real" debt is.
She writes that she and her husband are in their 60s and 70s, respectively. They had run their own headhunting business but came upon hard times during the slowdown after 9/11. While they had been earning between $70,000 and $90,000 a year, they soon ran up credit card debt of $100,000 while trying to maintain their lifestyle on much less income. By 2003, their credit card debt had reached $180,000, and they had used up all their savings. They refinanced and settled with some of their card companies, but there's still more debt. The woman, who asked to remain anonymous, writes:
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Video: 20-something Personal Finance
Tweet Share on Facebook April 23, 2008 CommentIf you are interested in learning more about personal finance issues for 20-somethings, you can watch my interview with ABC News NOW here.
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When Dental Work Eats Up Savings
Tweet Share on Facebook April 22, 2008 Comment (14)In response to my story that recommends 20-somethings create an emergency fund for themselves (while acknowledging how difficult that can be), I got a note from Veronica, a 24-year-old graduate student in Brooklyn, N.Y., on just how important it is to put even a few hundred dollars away for unexpected expenses. She writes:
Even though your article in this week's magazine talks about 20-somethings not being able to really have an emergency fund, I learned the importance of having an emergency fund this month. A few weeks ago, my tooth was bothering me. I had to go home to New Hampshire to get a consult with my family dentist and he referred me to a root canal specialist.
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Video: Pop Quiz and Credit Card Disputes
Tweet Share on Facebook April 22, 2008 CommentFor tips on getting on top of your finances through the help of a pop quiz and handling credit card disputes, here are two videos from my recent appearances on Retirement Living TV's Daily Café:
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Audio: Reducing Your Grocery Bill
Tweet Share on Facebook April 22, 2008 CommentOver the weekend, I spoke on WTOP about how to reduce food costs, which have been skyrocketing. Listen now, download on
iTunes, or subscribe to the 
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Podcast: Cutting Costs in Tight Times
Tweet Share on Facebook April 21, 2008 CommentI recently spoke with Ken McDonnell, program director at the American Savings Education Council, for the Alpha Consumer podcast. He explained how to save money during tight times, which he says starts with examining your expenses. You can also hear the Alpha Consumer tip of the week on handling awkward money questions.
Listen now or download
iTunes and RSS. -
Staying Focused Amid Multiple Debts
Tweet Share on Facebook April 21, 2008 Comment (1)As I was reporting for this week's magazine story on 20-something personal finance, I asked Tricia from Blogging Away Debt to share her own perspective on prioritizing different forms of debt, such as student loans and credit card debt, without getting overwhelmed. (Tricia has paid off over $26,600 in credit card debt since February 2006.) Here's what she said:
We had over $100,000 in debt when you added up our mortgage, student loans, and credit cards. To tackle all $100,000 at once would be overwhelming. Instead, we decided to focus only on the credit cards while keeping the mortgage and student loans on minimum payment auto-pilot. Once our credit cards are paid off, then we'll work to pay off the student loans, then the mortgage. Breaking down our debts in that fashion has been very helpful in keeping us motivated.
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Money Blogs Dish Out Advice
Tweet Share on Facebook April 21, 2008 Comment (3)Check out this week's Carnival of Personal Finance. Tips include surviving on one income, protecting against inflation, and a defense of paying for small daily pleasures.
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Credit Card vs. Consumer
Tweet Share on Facebook April 18, 2008 Comment (4)Unlike last time on Capitol Hill, when the consumers were uninvited to speak minutes before the congressional hearing began, Thursday's credit card hearing featured three cardholders who said their providers had treated them unfairly.
The hearing examined New York Democrat Rep. Carolyn Maloney's proposed cardholder bill of rights, which industry groups have criticized as overly restrictive.
