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Making Financial New Year's Resolutions
Tweet Share on Facebook December 31, 2008 Comment (3)For a recent story on how to make New Year's resolutions that you'll actually keep, I discovered that the main trick is simple: Tell everyone you know what your goal is. That way, it not only forces you to be specific about what it is, but you also have the extra motivation that comes from knowing other people are expecting you to reach this goal. If it's paying off debt, then your sister might ask you about it each time you talk. If it's saving $10,000 by the end of the year, then your mom asking if you're halfway there in June might just help you get there.
So, in the spirit of making our resolutions come true, let's talk about what they are. Here are a few of mine:- Finally replace my grad school-era futon with a grown-up looking couch. I haven't yet been able to stomach making the splurge but I'd really like to this year.
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Guide to New Year's Eve Sales
Tweet Share on Facebook December 30, 2008 CommentHow can anyone get any work done with all these incredible New Year's Eve sales? (Now you know why I'm posting so late today.)
As we've all heard, retailers are hurting, and that's leading them to offer some killer discounts. Here are a few of the best deals out there -- please feel free to contribute your own:- Aldo Shoes: This trendy shoe store is offering up to 70 percent off select styles. You can get cute flats for under $50 and an extra $20 off already-reduced boots.
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What to Expect From Your Credit Card in 2009
Tweet Share on Facebook December 29, 2008 Comment (20)Credit card guru Justin McHenry, president of IndexCreditCards.com, is out with his predictions for the credit card industry in 2009, and it doesn't look good. McHenry predicts:
- Tight credit throughout the year, which means charging that new Honda Pilot -- or even True Religion jeans -- on plastic will remain difficult.
- Fewer credit offers for those with bad credit, while consumers with strong credit will be increasingly sought after. So if your credit score is north of 680, expect a deluge of offers -- but since your score is so high, you're probably good at declining them.
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How to Charge Interest on Family Loans
Tweet Share on Facebook December 29, 2008 CommentDear Alpha Consumer,
In your article When a Relative Wants a Loan, you talked about the interest rates that should be charged on loans over $12,000. You mentioned the rate set by the Treasury Department was 1.63 percent or higher.
I received a personal loan from my parents to purchase a house and we want to document it in a loan with the appropriate interest. Where do I find out the proper interest rate? Our transaction was in December.
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In Michigan, a Look at Our Possible Future
Tweet Share on Facebook December 29, 2008 Comment (2)Over the holidays, my husband and I visited his family in Michigan, where almost everyone we know has been affected by the struggles of the Detroit auto makers. Friends can't sell their house that's been on the market for over two years, making it impossible for them to buy a new home in a neighborhood closer to their jobs. (The recent foreclosures on nearby properties haven't helped.) Recent law school graduates can't find jobs, as law firms see some of their biggest clients -- auto companies -- cut back on work. As one relative told me, "If we stayed here, our future isn't going to be very bright."
Almost every story in the Detroit Free Press -- which itself recently announced it will no longer deliver the newspaper seven days a week -- contains a hint of that deep frustration so many people seem to be feeling. The front page recently featured a story on the growing health care sector, with information on how auto workers can enter two-year training programs to shift careers. The real estate section featured tips on "small spaces for tight times." And, to top everything off, the Lions finished their season yesterday without winning a single game.
As we noticed the shuttered windows of mom-and-pop shops that had gone out of business since we last visited, I couldn't help but wonder: Is this the future for the rest of the country? I sure hope not. Because while it can be almost fun to rediscover frugality and learn to live within our means, there's nothing pleasurable about feeling trapped with limited opportunities for success. -
Winning the Returns Race
Tweet Share on Facebook December 26, 2008 CommentWhether you were hoping for a larger television or a different color sweater, this is the day exchange the presents you received for the ones that you hoped to get. The good news: Retailers are making it a little easier to return gifts this year. The bad news: If you don't have the receipt and packaging, you may be stuck with what you've got.
Here are five suggestions from Consumer Reports to make the process a little less painful:
Check store policies ahead of time. Consumer Reports says that policies vary widely, so be sure to know what the rules are before waiting in line at the returns register. Walmart, for example, lets shoppers make returns within 90 days of the purchase, except when it comes to GPS units and digital musical players -- in those cases, you only have 15 days.
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Frugal and Festive Cooking with Beer
Tweet Share on Facebook December 24, 2008 Comment (3)Still struggling to figure out what to bring to your holiday hostess? Lucy Saunders over at The Best of American Beer & Food explains how to make your own beer-infused treats without resorting to laying down big bucks for gourmet packages. One suggestion: Barley Wine Marshmallows.
While pre-made packages typically retail for $6 and up, you can make these yourself largely with ingredients you already have in the kitchen. (Although you may have to run out for the key ingredient, Barley wine.) Saunders says she recently saw a package with a dozen marshmallows on sale for around $12 and that these ingredients cost around $9 per batch of 50.
Saunders' suggestions got me thinking about other homemade treats that make great -- and affordable -- hostess gifts. Barefoot Contessa's granola is my all-time favorite. What about yours? Please share tips -- there are still a few hours left before it's time to go to grandma's house!
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Why Jewelry Makes a Bad Gift
Tweet Share on Facebook December 23, 2008 Comment (4)Even as someone who loves jewelry, I get annoyed by those diamond ads that take over the airwaves this time of year. This video says it best.
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Audio: 7 Ways to Save During a Recession
Tweet Share on Facebook December 23, 2008 CommentOver the weekend, I spoke with WTOP in Washington about how to save for retirement during a recession. While some people are tempted to stop putting money into their 401(k)s when the market is so volatile, financial analysts say the best thing to do is to proceed as usual -- right now, you're buying shares at blowout sale prices, at least compared to a year ago.
LISTEN NOW: 7 Ways to Save During a Recession
Subscribe to Personal Finance With Kimberly Palmer
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Last Minute Shopping Tips and Tricks
Tweet Share on Facebook December 23, 2008 CommentAs they have been all season, retailers are offering incredible discounts today and tomorrow, so procrastinators can get as good deals as those who finished their shopping on Black Friday. Here are three tips to keep in mind:
Retailers are deperate. Growth for the year is expected to come in at a sluggish two percent, so in these last few days of the shopping season, stores are going all out to win your business. Some retailers, including Target, Walmart, and the Gap, are offering deals even more tempting than what you could find a couple weeks ago. Walmart has put together its list of last-minute gift suggestions with some incredible discounts, including a Garmin GPS device with an mp3 player for $246, marked down from $498.
Consumers are in the driver's seat. The most important thing savvy shoppers can do is comparison shop before setting foot in a store. Consumer electronics are a popular category this year, and the same products are often sold for vastly different prices at different stores. That's why using a website such as PriceGrabber.com can pay off.
So don't be afraid to take control. The second most important thing for shoppers to do is to negotiate. More stores -- even big ones -- are willing to match the prices of their competitors this season, so try asking a store manager if you saw the same product for less elsewhere. While some Alpha Consumer readers have expressed concern about offending sales people, as long as you're polite, you've got nothing to lose.
