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Passing Judgment on Hummers and Hybrids
Tweet Share on Facebook August 11, 2008 Comment (11)As I was reporting my story on "The End of Credit Card Consumerism," I spoke with Robert H. Frank, author of Luxury Fever and professor of economics at Cornell University. He told me that because of gas prices, the environmental movement, and other cultural factors, he expects a small bungalow in the city soon to be considered more luxurious than a 5,000-square-foot home in a gated community. "That will seem like so yesterday," he says. Similarly, Frank notes that SUV drivers are now considered "chumps" in many circles.
I was too embarrassed to tell him that I drive an SUV, albeit a hybrid. But I am definitely familiar with the sentiment he's describing. In fact, a Hummer not far from my neighborhood was vandalized last year by people who disapproved of its gas-guzzling ways.
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Video: How to Save Online
Tweet Share on Facebook August 8, 2008 CommentTo learn more about saving online, check out this video from last night's edition of CNBC's On the Money. In addition to the sites I mentioned yesterday, here are two more to help you stay within budget:
- Spoofee.com: This site scours the Internet for the best online deals and is especially strong when it comes to gadgets. Televisions, computers, printers, flash drives—it's got it all. My favorite part of this site is the fact that users help rate each deal, so you know if you're really getting your money's worth.
- Mygrocerydeals.com: Type in your ZIP code and shopping list and this site will tell you which store in your area is offering the best deals. It's especially useful when you're planning a party and you need to buy a lot of one thing, like soda, hamburger meat, or veggies.
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Three Top Coupon Websites
Tweet Share on Facebook August 7, 2008 Comment (23)Tonight, I'll be going on CNBC's On The Money to talk about the best coupon websites. Here's a sneak preview of a few of the sites I plan to highlight:
- RetailMeNot.com: This site has saved me over $20 in shipping costs over the last couple months. Before you make an online purchase, do a search for the retailer's name on this website. It will let you know of any coupon codes that can get you big discounts.
- ShopItToMe.com: Sign up to get notified when your favorite brands go on sale. You can specify your size and the type of clothes you tend to buy (dresses, exercise clothes, or accessories, for example) and then you'll get an E-mail when you can buy them at a discount.
- Pricegrabber.com: This is really the king of comparison shopping websites. Whether you're looking for electronics, flowers, or clothes, you can find the store with the lowest price by checking this site first. Plus, check out the newly launched product of the day for an extra steep discount.
If you have any of your own favorites, please share them below.
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How to Live the Simple Life
Tweet Share on Facebook August 6, 2008 Comment (39)During a recent interview with Tim Kasser, associate professor of psychology at Knox College and author of The High Price of Materialism, I found myself wanting to ask him questions beyond the scope of our discussion on the connection between materialism and happiness. Specifically, I wanted to get more personal. He ascribes to a lifestyle known as "voluntary simplicity," which essentially means opting for a less materialistic life. Instead of spending the evening in front of a plasma-screen television, a voluntary simplifier might cook a meal with the vegetables he grew in his garden. Instead of splurging on two lattes a day, he might bring his home-brewed beverage of choice to work in a reusable mug.
Because I love the idea of voluntary simplicity but often find myself involuntarily making life complicated, I wanted to ask him: Don't you ever have the urge to go on a shopping spree or crave a material indulgence? Kasser agreed to share his thoughts on those questions and more. Please add your own ideas about voluntary simplicity below—do you like the idea of giving up purchases, or are you doing it already? One commenter will be randomly selected to receive a copy of David E. Shi's The Simple Life.
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Will Starbucks's New Deals Save You Money?
Tweet Share on Facebook August 5, 2008 Comment (25)This morning, Starbucks launched a nationwide program that offers its morning customers any grande iced drink for $2 after 2 p.m. In case you're not a Starbucks frequenter and $2 for coffee doesn't sound like such a great deal, let me assure you that it represents a significant discount. A grande iced latte, for example, easily clocks in at around $4.
This move is the latest in a series of discounts that Starbucks is giving its customers. When I spoke with the company's vice president of customer relationship management, Brad Stevens, recently, he explained that Starbucks realizes that people are trying to save money. "Customers are telling us that budgets are tight and they're making sacrifices, but they don't want to give up all of life's little luxuries," he says.
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Audio: Student Loan Forgiveness
Tweet Share on Facebook August 5, 2008 Comment (1)Over the weekend, I spoke with WTOP about how to get student loans forgiven. The two main ways are working in the public sector and having a disability, but even then, it's still not easy. Listen now, download in
iTunes, or subscribe via 
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Is the New Double Eagle Coin a Good Buy?
Tweet Share on Facebook August 4, 2008 Comment (21)Dear Alpha Consumer,
The U.S. Mint will soon be coming out with a gold coin that is a modern version of the 1907 Double Eagle. It's being billed as the most beautiful coin ever created, and I was thinking of buying one each for my preschool-age granddaughters. When the girls reach college age, will they be likely to thank me, or will they secretly think that Grandpa should have put his money in a 529 savings plan instead?
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Buy a House or Hold on to Cash?
Tweet Share on Facebook August 1, 2008 Comment (2)Dear Alpha Consumer,
We are in our 50s. We sold a house and have those funds in a money market account. Our question is, should we use all our savings and, in combination with taking out a $100,000 mortgage, build a new house right now, or should we hold onto the cash and wait for the economy to stabilize. Our jobs seem secure, but anything can happen.
It's impossible to predict what will happen with the housing market—or the larger economy for that matter. But the two financial advisers I described your situation to both leaned toward holding on to your cash for the time being. Here are their suggestions:
