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Coupon Master Saves $1,500 a Month
Tweet Share on Facebook February 6, 2009 Comment (14)Ashley Nuzzo, creator of the Frugal Coupon Mom website, says she saves around $1,500 a month by using coupons. In December, for example, she spent $711 on groceries and saved $1,500. (Because her family doesn't need $2,200 of groceries, she donates much of what she brings home.)
I asked Nuzzo over E-mail how she got started, and how much time her couponing takes. Excerpts:
Why did you decide to start your blog?
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Eminem: Good with Money
Tweet Share on Facebook February 5, 2009 Comment (9)It turns out that Eminem, the superstar rapper from Detroit, is secretly thrifty.
In a lengthy profile based around his new album, London's Independent newspaper reports that even as a millionaire, Eminem worries about spending money on himself. A friend shared this story: -
Paris Hilton: I Will Save the Economy
Tweet Share on Facebook February 4, 2009 Comment (3)Economists are no doubt breathing a sign of relief: Paris Hilton has pledged her shopping power to stimulate the economy. The San Francisco Chronicle reports that the heiress recently told a British magazine, "It's really scary about the economy right now. So the way I'm playing my part in helping is doing a lot of shopping wherever I go."
She must not have a lot of her money invested in stocks, because she says her income hasn't been affected by the recent financial crisis. Plus, the Chronicle notes, she picks up thousands of dollars in appearance fees from nightclubs.
This isn't her first act on behalf of the U.S. economy. The Chronicle says she also promised to wear only U.S.-designed clothes.
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The Real Reason People Don't Save
Tweet Share on Facebook February 4, 2009 Comment (8)We're always hearing about the importance of financial literacy: Kids need to learn how to budget, the importance of saving, and the power of compound interest. But for low-income individuals at least, lessons about saving aren't likely to help much. They already know how important it is. But they still can't do it.
If they're earning enough to support themselves, then they're probably being asked to support family and friends, as well. "Resource sharing," the technical term for such generosity, is common among lower-income social groups. That means the only way to get people to save is to essentially force them to do so through vehicles that can't be easily accessed by others, such as pensions or 401(k)s.
I recently spoke with Helen Levy, researcher at University of Michigan's Institute for Social Research, and expert on such matters. (Levy was also my professor at the University of Chicago's Harris School of Public Policy.) Excerpts:
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The Future of Journalism?
Tweet Share on Facebook February 3, 2009 Comment (1)For a story on how to earn extra money, I recently interviewed Steven Kydd, executive vice president of Demand Media, which owns eHow.com and other sites. EHow.com pays contributing writers based partly on how much ad revenue their articles generate. To some people, this might sound like the scary future of journalism. To others, it sounds too good to be true, especially since some contributors earn over $1,000 a month.
I recently spoke with Kydd about his business model. Excerpts:
Can you explain your business model?
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Chipotle: Get Burritos, a Date
Tweet Share on Facebook February 3, 2009 Comment (2)You might have thought that Chipotle was the place to grab a great burrito, but did you realize that it's also the number one place to meet "hot guys," according to BettyConfidential.com? The women's website says, "The Bettys discovered that, come lunchtime, the popular chain Chipotle is overflowing with an inordinate number of very attractive men. From those with closely cropped hair in crisp business shirts of white and blue, to the sweaty, tan, muscled, T-shirt-clad crews of college guys, it's not just the food heating up the place!"
(If you're looking for more of an organic broccoli kind of guy, BettyConfidential.com recommends Whole Foods.)
Chipotle spokesman Chris Arnold says, "What a great way to kill two birds with one stone. Have lunch and meet hot guys at the same time. Our core customers are young, active, and sophisticated. While I never really thought of our restaurants as the go-to place to meet hot guys (or girls), given the nature of our customers, I’m not surprised that someone has connected those dots."
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The End of Credit Card Rewards?
Tweet Share on Facebook February 3, 2009 Comment (5)Today's guest post comes from Curtis Arnold, author of How You Can Profit From Credit Cards and founder of CardRatings.com:
Credit card reward programs, which give consumers everything from free airline tickets to espresso makers to spa treatments, may be on their way out.
Scott Bilker, Founder of DebtSmart.com, suggests, "Banks are definitely cutting back. Many of my readers have written in with stories of their rewards ending. The interesting thing is that merchants pay more because of the rewards so you would think that banks would keep them in place. I'm not sure if these programs will return when the economy improves. By that I mean they will be back but probably not work the same way. Maybe there will be more fees or other catches that make them less beneficial to consumers." -
Nation of Savers? Not Really
Tweet Share on Facebook February 3, 2009 CommentMuch has been made of the recent uptick Americans' savings rate. The Commerce Department reported Monday that consumers saved $378.6 billion in December, up from $299.1 billion in November. As a percentage of disposable income, the rate went up to 3.6 percent from 2.8 percent for those two months. (The increase becomes even more apparent when you compare the 2009 third quarter savings rate of 1.2 percent to the fourth quarter's 2.9 percent.)
Newspaper headlines celebrated the resurgence of thrift, while pointing out that our lack of spending could hurt the economy further. "U.S. Thrift Hurts the Economy," read one AP headline.
But have we really transformed into a nation of savers? A closer look at the data reveals a more complicated picture. If you look at our savings rate as a percentage of gross national income, as this Bureau of Economic Analysis chart does, then you can see that the rate is still negative, at least through the third quarter of 2008, the most recent data available. The negative 1.7 net savings rate is lower than it was even in the rollicking early 2000s. (In 2000, the net savings rate as a percentage of gross national income was 5.8 percent.)
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Audio: In a Recession, It Pays to Give More
Tweet Share on Facebook February 2, 2009 CommentOver the weekend, I spoke with WTOP about why now is a great time to give. It might seem like a bad time, given the recession, but 1) charities need more help than ever, and 2) psychologists say being generous actually makes one feel richer. Plus, you don't have to give money -- blood, time, and resources are also good options.
LISTEN NOW: In a Recession, It Pays to Give More
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5 Ways to Cut Your Winter Heating Bill
Tweet Share on Facebook February 2, 2009 Comment (2)Today's guest post comes from Geoff Godwin, division vice president of Emerson, the world’s leading provider of heating, ventilation, air conditioning and refrigeration solutions for residential, industrial and commercial applications.
As the temperature continues to fall throughout the United States, winter energy bills are starting to soar. Homeowners can take simple steps today to save more than 30 percent on their winter energy bills or more than $300 per year. It should only take about an hour to make these do-it-yourself adjustments to several common home features to instantly save money on your next winter energy bill:
- Program your thermostat. A homeowner can save up to 30 percent on their total winter heating energy bill by programming their thermostat for maximum energy efficiency. Approximately 25 million households own programmable thermostats, but only 50 percent of homeowners program them. To program yours, first determined the temperature that you're most comfortable at. Then, set the thermostat to drop about 6 degrees or more at night and when you're out of the house during the day.
