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How to Start Saving More Today
Tweet Share on Facebook February 27, 2009 Comment (3)Ready to celebrate America Saves Week? Dozens of organizations have joined forces to encourage Americans to start saving more money this week.
While government statistics show that people have been saving more over the last several months, most people are still worried about their finances. The First Command Financial Behaviors Index February survey found that 68 percent of people had lost money in their retirement accounts. About 7 in 10 people said they didn't feel confident the government stimulus bill would help them. And half of the respondents didn't think it would stabilize the U.S. economy, either.
Many consumers are taking matters into their own hands by cutting costs. According to the First Command Financial Behaviors Index, 58 percent of households plan to reduce expenses, from clothing purchases to leisure activities, for at least a year. -
Why Credit Scores Matter on Job Applications
Tweet Share on Facebook February 26, 2009 Comment (13)How much a credit score affects hiring decisions has been a subject of some debate. After all, just because someone has trouble paying off his credit card each month doesn't necessarily mean he'll be a bad employee. (Of course, for certain jobs, such as the banking sector or other work handling money, it makes more sense to check out someone's financial habits.)
In a survey of human resource managers, TransUnion's TrueCredit.com recently found that while half of respondents said they don't check candidates' credit scores, 13 percent did, and used them when deciding whether or not to hire the person. One in ten managers said they have declined to offer someone a job because of a poor credit score. Also, 16 percent of the human resources managers said that because of the recession, they expect credit scores to become more important in the hiring process.
Meanwhile, the survey also found that one in four people are worried about losing their job this year. Given the potential importance of credit scores in finding a new one, anyone who's worried might want to pay extra attention to paying their bills each month. -
Video: Cooking Tips from the Great Depression
Tweet Share on Facebook February 26, 2009 Comment (6)The newest YouTube star is 91-year-old Clara, who gives cooking demonstrations based on the recipes her families used during the Great Depression. She jokes that every night her family ate a different version of pasta -- pasta with peas, pasta with garlic, pasta with beans. She even shows how to turn the heat off and let the pasta cook in the heat of the water to save energy. (Thanks to Baking and Books for the link.) Below, watch Clara make pasta and peas:
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How to Get a Deal on the Obamas' Dog Choice
Tweet Share on Facebook February 25, 2009 Comment (11)According to People magazine, the Obamas have made their choice: They will soon adopt a rescue Portuguese water dog, which typically go for upwards of $1,400. That a pretty pricey puppy.
But if the Obamas' decision has you yearning for your own Portuguese pet, there are ways to save. First, consider following the Obamas' example and adopting a rescue dog. Rescue dogs, which are typically older, adult animals living in shelters, are usually placed in homes at no charge other than the cost of keeping them healthy and safe for the rest of their lives. (Note: There is sometimes a fee involved, but this cost is much less than the price of purchasing a newborn puppy.)
If you can't find what you're looking for at the local shelter, websites such as Craigslist.com often list pets that are up for adoption at lower than normal prices or no cost at all. That way, you know you're giving a home to an animal that needs one. -
How (and Why) To Join a Money Club
Tweet Share on Facebook February 25, 2009 CommentMoney groups are essentially like book clubs, but instead of discussing Jane Austen plot twists, the focus is on the stock market, 401(k)s, and paying off debt. Women -- and some men -- get together to share financial goals and (hopefully) make them come true.
M.P. Dunleavey, author of Money Can Buy Happiness, will soon be leading a money group in New York with her partner, financial planner Galia Gichon. I recently E-mailed with her about how the groups work, and why the recession seems to be inspiring more women to form them. Excerpts:
What are the benefits of working in a group versus on your own? -
Do I Have to Repay My Student Loans?
Tweet Share on Facebook February 24, 2009 Comment (19)Dear Alpha Consumer,
I went to truck driving school two years ago with the promise that I could make $50,000 a year. I took out $9,200 loans to pay for the three-week course. But now, I don't see how I will make $50,000 a year. I was hired to drive for 31 cents a mile, which is the going rate for beginning drivers.
It's obvious I won't be able to make $50,000 a year this way. Did I get fooled into taking out these loans? Do I have the right to a refund if I can't earn $50,000 a year? -
Video: Life on $7 a Day
Tweet Share on Facebook February 24, 2009 Comment (6)I recently spent the morning with Kate Vickers Deriso, author of the Bountiful Living Wellness blog, to talk about how she saves money on food. She grows her own sprouts, brews her own tea, cooks in bulk, and freezes leftovers. (If you're looking for that tempting lentil and rice recipe, here it is.) WUSA videotaped her techniques and broadcast the segment last night:
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Partying (Or Not) Like It's 1997
Tweet Share on Facebook February 23, 2009 Comment (4)After seeing today's news that stocks fell to their lowest levels since 1997, I felt depressed. How will I ever save for retirement when half of my investments have already evaporated? Then I remembered that I recently rebalanced my 401(k) and felt mildly relieved. Instead of being 100 percent in stocks, an extremely aggressive stance, I put around one-quarter in safer investments, including bonds. And finally, I've decided to forget about the whole thing, go home, make dinner, and watch 24 while avoiding any further discussion of my retirement portfolio.
What about you -- do you have any especially handy denial techniques that you plan to implement tonight? -
Oscar Fashion: Sign of the Times?
Tweet Share on Facebook February 23, 2009 Comment (2)Perhaps it's just a coincidence, but the verdicts on the Oscar gowns seem to reflect our recessionary times.
The Huffington Post gushes over the "simplicity" that "stole the show," and praises the "minimalist approach to jewelry this year," such as Angelina Jolie's earrings (she focused on a few big pieces, although it's hard to think of those giant emeralds as frugal) and Beyonce's lack of jewelry altogether.
Meanwhile, Slate called out Miley Cyrus for her decadent dress that, according to the magazine, "looked like a tiered cake with those silver beaded things people use to decorate Christmas cookies." Also on the hit list: Sarah Jessica Parker and Penelope Cruz for their sparkly princess dresses. Perhaps the critics just thought the look was over-the-top at time when people are losing their jobs and 401(k)s? -
Economics 101 Meets Buddhism
Tweet Share on Facebook February 23, 2009 Comment (4)Chances are, your college economics course didn't involve much meditation. But after completing a fellowship at the Center for Contemplative Mind in Society, Amherst College economics professor Daniel Barbezat decided to introduce meditation, along with other Buddhist practices, into his course on "consumption and the pursuit of happiness."
He encourages students to reflect on what produces feelings of satisfaction and happiness so they can better interpret the numerous studies on the subject. I recently spoke with Barbezat about his approach. Excerpts:
How did you get the idea for this course?
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Alpha Consumer
Kimberly Palmer, senior editor for U.S. News & World Report, writes about making smarter financial decisions. She’s the author of Generation Earn: The Young Professional's Guide to Spending, Investing, and Giving Back.
Generation Earn
Senior editor Kimberly Palmer’s book, Generation Earn: The Young Professional's Guide to Spending, Investing, and Giving Back, is now available.
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