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Life on $7 a Day
Tweet Share on Facebook January 23, 2009 CommentWhile I'm on vacation, I'm re-posting some older Alpha Consumer entries that still apply today.
From March 4, 2008:
My friend Zack, who lives in New York City, recently told me that on average, he spends only $7 per day on food. I asked him to share his tips, many of which he gleaned from the personal finance blog the Simple Dollar. Here's how Zack saves money on food:
• Buy in bulk. Zack drives to the suburbs in New Jersey to shop at bulk retailers, such as Sam's Club. He fills large duffel bags of food to bring back to the city and estimates it saves a significant chunk of change each month.
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The Best Credit Cards for College Students
Tweet Share on Facebook January 22, 2009 Comment (1)While I'm on vacation, I'm re-posting some older Alpha Consumer entries that still apply today.
From June 6, 2008:
Dear Alpha Consumer,
I'm a college student. Should I get a credit card? Which one should I get? If I'll be able to pay off the card every month, does it matter what the interest rate is? Help!
Despite all the criticism about college students and credit, now is a good time to get your first card and start building your credit history, as long as you can be sure to pay off the card each month. Graduating with thousands of dollars of debt is a bad idea, especially when you're also paying off student loans and trying to make ends meet on an entry-level salary.
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Audio: Obama's Financial Literacy Plans
Tweet Share on Facebook January 21, 2009 Comment (7)Over the weekend, I spoke with WTOP in Washington about ways that President Obama can improve financial literacy. The possibilities -- and recommendations from a financial literacy panel -- include requiring financial education in grade school, providing tax incentives in the workplace, and improving the government's money web site.
LISTEN NOW:
Ways Obama Can Improve Financial LiteracySubscribe to Personal Finance With Kimberly Palmer
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Wife Swap: The Couponing Edition
Tweet Share on Facebook January 21, 2009 Comment (92)Last Friday's episode of ABC's Wife Swap featured women at opposite extremes of budgeting: One believed that a husband should get a second job in order to fund her own spending (and tanning) habits. The other spent an hour using coupons at the grocery store in order to save money.
As usual, the program participants were portrayed as extremist weirdos, but the couponing couple, George and Denise McIntyre of Gaines Township, Michigan, had some useful habits. Among them:- They use the Internet to save money. According to a local newspaper story, they subscribe to the site RefundCents.com to keep track of deals.
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Does Australia Hate Career Women?
Tweet Share on Facebook January 21, 2009 Comment (3)This ad for Australia, now running on television, is designed to encourage people to find themselves by going Down Under. It depicts a career woman who so stressed out by work that she appears exhausted, unpleasant to be around, and on the verge of ruining her relationship. But then, she goes to Australia, and turns into a pleasant human once again. Her boyfriend tells her that he's glad she's back. As the ad puts it, "She arrived as Ms. K. Mathieson, Executive VP of Sales. She departed as Kate."
Here's my question: Can't a woman be the vice president of sales while also being a pleasant person with a loving relationship? This commercial seems to have such a retro view of modern womanhood that it makes me wonder about the state of feminism in Australia. Still, that waterfall does look enticing. -
Some Inauguration Visitors Feel Misled
Tweet Share on Facebook January 20, 2009 Comment (38)Not all Inauguration visitors have been happy with their treatment here.
Caitlin Armstrong, an 18-year-old sophomore at Auburn University, came to Washington, DC expecting to see President Obama and Beyonce, one of the scheduled performers. She had received a letter earlier this year congratulating her on being “accepted to be among the thousands of students” to “witness first-hand the Inauguration of the 44th President of the United States.”
The letter left her with the impression that she would have tickets to the Inauguration and be invited to one of the official Inaugural Balls. The event’s website specified that the schedule included the official swearing-in ceremony.
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Retrieving Flight 1549 Survivors' Wallets
Tweet Share on Facebook January 16, 2009 Comment (3)The matter of wallets, credit cards, and other items belonging to Flight 1549 passengers is, admittedly, insignificant in light of the main story: Through some combination of pilot skill and luck, everyone on the flight survived. But as a personal finance reporter, I couldn't help but wonder how, or whether, the survivors will retrieve their valuables.
The staffer answering the US Airways media hotline told me she has no information about such plans and isn't sure if such information will even be released publicly. Anyone interested can continue to check back on US Airways' Web site.
The general protocol on escaping from a downed plane -- or any accident, for that matter -- is to leave your belongings behind. Carrying backpacks or even an iPod could hamper passengers trying to leave a dangerous area. Besides, in a life-or-death situation, keeping tabs on credit cards, cash, and IDs is the last thing on anyone's mind. (Social security cards shouldn't be in your wallet, anyway.) -
E-Mail Fraud Rises, But Does It Matter?
Tweet Share on Facebook January 16, 2009 Comment (3)Symantec's MessageLabs has detected a spike in E-mail fraud and financial scams over the last couple weeks. The company says that messages with subjects such as, "Congratulations New Year Winner!" or "You have won the UK National Lottery" make up about 10 percent of the E-mail sent so far this year. (That's over 43,000 E-mails of the more than 427,000 the company has scanned.) That's three times more E-mail scams than last year.
Here's my question: Is anyone still vulnerable to these types of fraudsters? To me, they resemble junk mail more than any sort of sneaky scam. I receive dozens of such messages a week and delete them within a nanosecond of viewing.
But MessageLabs says there is reason to be concerned, partly because Nigerian scams, which generally ask for help in transferring or claiming money, have become savvier, with E-mail messages that are easier to read and shorter. Paul Wood, senior analyst at MessageLabs, says the recession could also contribute to rising online fraud. "As the economic climate continues to be frosty and the inability to secure credit through official channels remains spammers are tempted by the possibility that consumers facing uncertain futures may be more tempted by some of these hard-to-resist offers," he says.
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Natalie Dylan: Trading Virginity for College
Tweet Share on Facebook January 15, 2009 Comment (58)Natalie Dylan, 22, has decided to auction off her virginity to the highest bidder in order to raise money to send herself to graduate school. So far, the bidding is up to $3.7 million. Putting aside the health, ethical, and legal issues, is this a smart money move?
The cons: For many people, prostitution is something they would never, ever consider. For those people, this topic isn't even worth discussing. Plus, there are a multitude of student aid options that do not involve selling one's body. (How about a Stafford loan?)
The pros: She's raising money for a worthy cause -- school -- which will increase her future earning power. Plus, she's getting so famous through this auction that she could land a lucrative book deal, too. After all, the original Washingtonienne, Jessica Cutler, got a book deal and an HBO series out of her escapades. -
Why We Still Love Our Netflix (and Nordstrom)
Tweet Share on Facebook January 15, 2009 CommentWhether or not we still care about brands or just go for the cheapest product with the best online ratings is a subject of heated debate in the retail world. A new report from Interbrand Design Forum scores points for those who believe in brands with evidence that certain brands -- including Walmart, Amazon, and Victoria Secret -- wield considerable power (and dollars).
Target's red and white bullseye, for example, is recognized by 96 percent of Americans. Anthropologie's power "comes from its ability to entice 25 to 40 year old wealthier women, who are more immune to economic downturns." Nordstrom puts luxury in a department store format.
According to Interbrand Design Forum, the secret to our wallets lies in our hearts. It says:
