Personal Finance 4 You» Personal finance

Credit Unions Beat Big Banks in Customer Happiness

Melissa Heltzel — Sat, 17 Dec 2011 14:00:33 +0000

The number of people who moved their money into credit unions in October may not have been as strong as the original estimates suggested, but a new study reveals that the folks who do belong to credit unions are happier with their banking experience than those who deal with the big banks.

[Article: Not Your Grandmother's Credit Union]

After several major banks increased their customer fees this year, the Bank Transfer Day movement called for consumers to send a message by taking their money out of big banks and placing it in credit unions. Initially, the Credit Union National Association estimated that credit unions across the U.S. gained 650,000 new members between Sept. 29 and Nov. 5 (the official Bank Transfer Day). CUNA now says the number of consumers who stuck it to the big banks is actually 441,000. However, the number of new members for that period alone equals 75% of new membership for the entire year of 2010.

[Resource: Get your free Credit Report Card]

So how’s that whole credit union thing working for people? Pretty good, according to the American Consumer Satisfaction Index, which tracks customer satisfaction with banks and credit unions, among other things. This year, credit union member satisfaction scored an 87 out of 100 (up 8.7% from last year), citing those smaller institutions’ ability to provide more personalized service. Meanwhile, the average big bank customer satisfaction dipped one point from last year to a tepid 75.

Original article by Melissa Heltzel (c) Credit.com News + Advice - Read full story here.

Straight Talk on Debt: Financial Values & the Holidays

CoachSuzanne — Fri, 16 Dec 2011 12:43:00 +0000

The countdown to December 25^th is on…it’s less than 10 days away! For many this holiday season will be no different than the last; dozens of gifts under the tree, stellar light displays, and party trays piled high enough to fill an army. For others this year might be different… in a good way.

Tough economic times have taken their toll on millions of families across the US leaving them with less than perfect financial positions. In an effort to keep expenses to a minimum some are planning to celebrate a gift less holiday-complete with memories that are sure to last a lifetime.

The holidays aren’t the only reason to celebrate; from financial challenges to new beginnings many families are turning over a new leaf so to speak and planning for new beginnings in 2012.

How about you? Have you considered a gift less holiday season? Are you gearing up to take on your financial challenges in 2012?

The Value of the Holidays

Original article by CoachSuzanne (c) A Straight Talk on Debt - Read full story here.

Lessons on Buying Clothes and Cheese

bethy — Fri, 16 Dec 2011 01:22:21 +0000

I’ve been reading personal finance blogs for a while now, and I’m always intrigued by the frugal bloggers who suggest that the answer to financial woes is to cut back on frivolous expenses, like your $4 morning latte. As for my stance on this issue, I’m a flip-flopper. Sometimes I’ll indulge in a delicious Blue Bottle latte (cost: $3.75), but I rarely head to work without my brown-bagged lunch.

I’ve learned a couple of lessons from my flip-floppiness. Let me explain.

Lesson #1: Enjoy small indulgences….

I believe in indulging in small things that make you happy, assuming they don’t break the bank. For example, I love cheese. Like, really love cheese. And while I can demolish a whole block of cheddar in one sitting, I appreciate the taste of high-quality Manchego even more. Let’s do a quick comparison. On Amazon (you can find cheese there!) one pound of Manchego cheese costs roughly $20. A pound of extra-sharp New York cheddar cheese goes for $12, which is 60 percent the cost of the Manchego.

Now, the frugalista in me stops to think, “I could eat a whole pound of cheddar* for 40 percent less than the Manchego.”

But the cheese snob in me thinks, “Manchego is much tastier.”

So I’ll purchase the Manchego, which I’ll eat slowly and indulgently. Rather than spend more money over time on the less-exciting cheese, I spend more money up front on the yummier cheese that brings me greater happiness, knowing that the more expensive Manchego will last longer than the mediocre cheddar.

Lesson #2: …But don’t nickel-and-dime yourself out of something great.

I seem to forget my cheese philosophy when I’m browsing the sale racks at my local Gap(shopping’s great for burning off Manchego calories). I’ll comb the racks for a gem: a dress marked down 60 percent or a sweater on sale for $15. While I typically plan my cheese expenses, I rarely plan for clothes shopping indulgences. Naturally, I end up buying two to three items, rationalizing, “But they’re on sale!” (My mom taught me well.)

What’s wrong with my little shopping spree? Nothing, except for the fact that I’ve been wanting to save for specific, quality items: a good pair of leather boots, a nice trench coat and some designer denim, to name a few. While the items on my quality list of clothing would probably last me for years, my sale items will likely survive for a season or two before being cycled out of my wardrobe.

To bring it full-circle (or cheese wheel), I spend less money on a few items, just because they’re on sale, instead of saving and spending more on one high-quality, longer-lasting piece.

The Bottom Line

In the end, my flip-flop frugality doesn’t destroy my finances, it just holds me back from making more purposeful purchases. After all, as Ramit Sethi says, “You can’t out-frugal your way to rich” by buying the cheap cheese. But you can cheat yourself out of something great, like a pair of designer jeans.

Have a Karmic day!

Bethy Hardeman, Social Media Maven

*I would never actually eat a whole pound of cheese in one sitting. Unless, of course, I was REALLY, REALLY hungry. Or if I had something to go with it, like a couple slices of bread to make a grilled-cheese sandwich. Or if it weren’t a weeknight. Or if it accompanied a holiday movie marathon…

Original article by bethy (c) Credit and Personal Finance Blog | Credit Karma - Read full story here.

Study: Google Wallet Leaves Some Data Unencrypted

Credit.com — Wed, 14 Dec 2011 21:15:26 +0000

A study of the newly implemented Google Wallet mobile payment system found that it may have a serious security flaw.

The study, which was conducted by security firm ViaForensics, found that the Google Wallet application on a Nexus S 4G Android smartphone writes unencrypted database files that contain payment transaction histories, according to a report from tech news site the Verge. Details about the cards used could also be found, including balances, credit limits, expiration dates and the last four digits on the card. Other security issues were also present in some cases.

[Resource: Get your free Credit Report Card]

“Many consumers would not find it acceptable if people knew their credit card balance or limits,” the company stated in its report on the findings, according to the site. “Further, the ability to use this data in a social engineering attack against the consumer directly or a provider is pretty high.”

[Featured Product: Looking for credit cards for bad credit?]

Image: Andrew Currie, via Flickr.com

More from Identity Theft 911:

Betty Chan-Bauza, vice president of product management for Identity Theft 911, writes a regular blog about the potential privacy and identity theft issues consumers may face when dealing with products.

A version of this article originally appeared on Identity Theft 911.

Original article by Credit.com (c) Credit.com News + Advice - Read full story here.

2011 Holiday Tipping Guide

Rob Berger — Wed, 14 Dec 2011 12:44:15 +0000

Photo: Muy Yum

‘Tis the season to tip! It’s a wonderful time of the year and it’s also pretty darn confusing. Sometimes it’s difficult to figure out when a tip is even appropriate, let alone how much you should give. That times are tough and you might not be able to be as generous as you would like to be doesn’t help, either.

The good thing about tipping is it’s a personal decision. You get to decide what’s appropriate for you and your budget. To help you navigate through this unfamiliar tipping territory we have collected a variety of best practices and have wrapped them nicely in our 2011 Holiday Tipping Guide.

At Home

Your Babysitter
$$ Amount: One nights pay
You don’t have to tip your babysitter, but if she goes above and beyond for you then a tip would be appropriate. You should tip one nights pay and adding a little note from your child would be a really nice touch.

House Keepers/Maids
$$ Amount: One weeks pay
The average consensus on a house keeper is to give them a nice holiday card with one weeks pay included.

Dog Walker
$$ Amount: One weeks pay
If you have a dog walker be sure not to forget them. After all, they are good to our fury friends and they clean up after them, too. One weeks pay would be the perfect way to say thank you for all their hard work.

Your Doorman
$$ Amount: $50 – $100
Doormen make out during the holidays! The appropriate tip for a doorman is $50 to $100 depending on their level of service.

In The Neighborhood

Postal Carriers
$$ Amount: $20
There are regulations that prevent our USPS mail carriers from accepting cash gifts. They are allowed to accept gift cards – like a $20 gift card to a coffee shop along their route. Don’t forget you can buy gift cards online at a discount!

Newspaper Delivery Person:
$$ Amount: $10 – $30
If you don’t normally tip your newspaper delivery person then you should give a holiday tip. If you are a regular tipper than you could go with a smaller amount.

Garbage Collector
$$ Amount: $10 – $15
I never would think to tip my garbage man, partly because I never see him. But, proper tipping etiquette says we should put these guys on our list. First, be sure to check to see if their are regulations for this in your local area. If your garbage collector goes above and beyond while being friendly then $10.00 to $15.00 per person would be a nice gesture.

At Work

Secretary/ Office Assistant
$$ Amount: $50 or more
Secretaries make the world go around – at least while you’re at work. Be sure to add them to your shopping list and take into account how long they have been with you. A holiday tip in the form of a bonus is one way to show your thanks. Gift cards or an actual gift would also be appropriate in this case as well.

Outside The Home

Hair Stylist
$$ Amount: $20 – $100
If you have a long standing relationship with your hair stylist, then tipping them the amount of one visit would be appropriate.

Personal Trainer or Massage Therapist
$$ Amount: $60 – $100
Generally, the cost of one session is the ideal tipping amount.

Nursing Home Staff
$$ Amount: $50 – $100
Those that take card of our beloved family members certainly should not be forgotten during the holidays. Since this is for a team of people, a generous gift basket full of holiday goodies would be a wonderful idea.

Private Health Care Nurse
$$ Amount: One weeks pay
A gift card to a favorite store or restaurant, or a gift equivalent to one week’s pay.

Your Child’s School

Calling it a tip might not be accurate, but the idea is still the same. Any parent knows just how important teachers and school officials are in the lives of our children so thinking of them during the holidays is a must. The holidays are a perfect time to let them know just how much you value them.

Children’s Teacher and Teacher’s Aid
$$ Amount: $25
A gift card to a local store of coffee shop, along with a note of appreciation is a great idea. Check with the school beforehand because some schools have their own policies on things like this. Also, in the event you need to have it delivered to the school, make sure they accept deliveries.

School Secretary and/or School Nurse:
$$ Amount: $25
If you have some sort of close relationship with these individuals, a gift card and note would be appropriate.

Additional Tipping Resources

Holiday Tipping Guide by Diane
Who Should You Tip for the Holidays?
Holiday Tipping Advice
Holiday Tipping Is Really Holiday Thanking

Original article by Rob Berger (c) The Dough Roller - Read full story here.

Resolutions to Make for Your Finances in 2012

Sherin Dev — Mon, 12 Dec 2011 02:30:00 +0000

Making the right financial decisions, and surviving for many of us, wasn’t easy this year. With a failing economy and inconsistent stock market, staying financially stable is a challenge to say the least. However, luckily for the financially frustrated, 2012 brings a fresh breath of financial opportunity. Question is, how do find ourselves smelling the savings and foregoing the spending pattern of years past? Prepare your financial resolutions for the New Year today. Every dollar, and day, counts! Here are some ideas that may help you get started in formulating a rockstar resolution!

Reflect on Your Saving Habits

America has one of the worst savings rates in the World. That’s why, for 2012, it’s best to start developing some type of strategy. Whether this consists of the $5 a day rule, and really sticking to it, or looking into a savings club or account, any effort is better than none. A good nest egg doesn’t just prove useful in times of serious hardship or retirement. Sacrificing to save on a regular basis can improve daily productivity and financial motivation. A strong saving ethic is just like its cousin the work ethic. Feeling a commitment towards something naturally spreads awareness and accountability.

Inquire Into Investing

Investing is a practice for the educated – so if you haven’t already, do your homework. Take a look out your earning potential and yearly financial needs to determine how much you can afford to spend. Read up on the subject, ask or hire someone that can provide sound advice. A serious decision like investing takes serious advisement. Start off slow, or if already in knee-deep, find out to reign in your investments to make them more manageable. Investing can become a passion, but, don’t let that passion hinder your financial future.

Put Debt Management First

A hastily made purchase or skewed sense of financial freedom can quickly turn into an unmanageable amount of debt. Whether you buy used and save the difference, or close your eyes while walking past your favorite shop, you’ll be glad you kept that wallet closed when next month’s bills come around. Let your already existing debt determine your spending patterns for the upcoming year. Getting out of debt can be hardest when just getting started. But a strong sense of persistency will have you creating a little debt management magic in no time!

Take it One Day at a Time

Finding financial freedom will not happen overnight. It takes many and many days of making smart moves to see results. So before letting frustration creep up on you, take a deep breath and continue to move forward in a positive direction. Focus on the success you make on a momentary basis. Sacrificing a Starbucks latte for that homemade cup of coffee, or taking the bus instead of your gas-guzzler is an accomplishment worth celebrating. These are the small actions that can make a difference in the long run.

So in this new year of 2012, go forth and add a little financial flavor to your list of resolutions. Planning and actively working towards a secure financial future is essential for everyone. Happy New Year and Happy Planning!

About the Author: George Gallagher is a personal finance and education blogger and writer. He also works with graduates to find solutions to their student loan consolidation needs.

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Original article by Sherin Dev (c) Moneyhacker - Read full story here.

What To Do When Your Check Engine Light Comes On

Rob Berger — Fri, 09 Dec 2011 16:41:03 +0000

Photo: f2point8

We recently bought a car for our kids to drive. It’s a beauty, too. We’re talking a 2004 Mercury Sable with 170,000 miles. And after just a few short weeks of ownership, the dreaded “check engine light” came on.

Now we did what most probably do–we took it to a repair shop. I learned a few things from the experience. One was never to go back to AAA Service Station (see below). Based on my costly experience, here’s what to do when your check engine light illuminates.

The Dreaded Light

First, lets talk about what the light actually means. The computer in your car that triggers the check engine light is monitoring the efficiency of your car and the emissions. When the light comes on, it doesn’t necessarily mean you have to stop the car immediately. But you do need to determine what the problem is as soon as possible. If the check engine light is on in conjunction with the low oil or high temperature light, however, there may be more serious problems with your car that should be addressed immediately.

In my experience, the check engine light usually indicates a small problem that needs to be addressed before it becomes a larger (and more expensive) problem. Continuous driving with the check engine light usually means you are experiencing reduced fuel mileage and reduced performance. The check engine light can indicate something as simple as a loose gas cap or something more sever such as a bad sensor or excessive exhaust. We see the light a lot on our Honda Odyssey, and every time it’s because we haven’t screwed the gas cap on tight enough.

So now that you know something is wrong, what do you do? You have a few options.

Go To A Mechanic

One option is to take it to a mechanic for a diagnostic test. A mechanic will plug your car to a meter that will give him a list of trouble codes that were logged when the check engine light came on. These codes will tell the mechanic what the problem is. Before you head out to a mechanic, however, there are a few things to consider.

First, before you even go to a mechanic, make sure you ask what the charge is for the diagnostic test. Second, if there is a charge, then ask if the fee is credited towards the repair bill. I assumed my diagnostic test fee would be credited towards the bill as long as I had them do the repairs. It turns out that AAA service shops don’t work that way. As a result, I paid $150 for diagnostic tests that took them about 10 minutes to complete.

Of course, I won’t be going back to an AAA shop. There are plenty of mechanics in my area that don’t charge anything for a simple diagnostic test. If mechanics near you do charge, make sure the fee is credited to the future cost of repairs. If not, go to a different mechanic.

Purchase A Diagnostic Tool

If you are more of a do-it-yourselfer, you can purchase a code reader online or in most auto parts stores. The reader works just like the diagnostic tool used by mechanics. You plug it into your car (usually located under the dash on the driver’s side) and it will retrieve the error codes. Some of the tools show you the error codes on their display and provide a book to translate the codes. Others require you to plug the tool into your PC and software will interpret the codes for you.

The code readers can range anywhere from $25 – $300 and can easily be found on Amazon. There is even an iPhone app called the goPoint Technology GL1 OBD-II Accessory for iPhone (also works with iPod and iPad) that can tell you why your check engine light is on. If you are able to do the repair work, a code reader can pay for itself quickly.

Visit An Auto Parts Store

Another option would be to take your vehicle to an auto parts store and have them plug in a code reader. Many stores provide this service for free in hopes that you will purchase the parts you need to make the repair. If the repair requires special tools, they will often rent those to you for a very small fee (and some will return the rental fee when you return the tool). Some stores are even able to give you directions or diagrams to help you complete the repair.

Original article by Rob Berger (c) The Dough Roller - Read full story here.

Start The New Year Right With Your Finances

Sherin Dev — Thu, 08 Dec 2011 02:16:00 +0000

The new year is just around the corner, and you have a chance to start fresh with many facets of your life including your finances. Start off right by getting your finances in order an begin making a plan for how you are going to pay your bills, pay off your debts and save money for emergencies. It’s also time to make a new budget, especially if you are considering getting a new loan, like a car loan. The time to plan starts now, and here are a few tips to keep in mind when planning for your 2012 finances.

Set a Budget

Congress may not be able to set a budget correctly, but it is essential that you do. Tally up all of your monthly expenses into several categories. Suggested categories can include the following:

Fixed Expenses: These include all bills that you have on a permanent basis like your mortgage, electric bill, phone and cable, auto insurance, your car loan and anything else that is fixed or doesn’t fluctuate too much during the year.

**If you have a fixed expense that fluctuates from month to month, figure out what your average expense will be and then save any excess money for the times where you will need to pay more.

Debts: Include some of your budget money to pay off your existing debts. Have enough money to make your minimum payments and then tackle the balances that have the higher interest rates first with the rest of your budgeted money. Never make the minimum payment only as this will take too long and cost too much.

Savings: Some of your budget money should be set aside for a savings account so that you will always have some money for the hard times. Try setting aside as much as you can without sacrificing money in the other categories.

Miscellaneous Expenses: Your budget can include some money for you to spend at your leisure. Make this expense category one that you won’t feel bad about if it’s all spent, but be sure not to spend more than you set aside. This expense should be the last item category in your budget and the first item you cut in times of financial need.

Loans

Before getting a new loan, like a personal loan or car loan, make sure the you have plenty of room within your budget for the payments. You will also need to consider any increases for the insurance premiums for your new vehicle.

Pay your loan on time so you can stay on top of your finances and keep your credit score in good standing. Always try to get a loan where you can make the lowest monthly payments possible, but then pay off as much per month as you can. In this way, you will get out of debt faster, but you can always fall back on the low monthly payment in case you get in a bind for a month or two.

Despite any financial trouble you’ve had in the past, you can start the 2012 year off on the right foot. The important thing to remember is to set a budget and stick to it as much as possible. Cut your budget from the bottom up, meaning, cut out the fun money so that you can keep paying your bills and stay on top of your credit rating. Keeping on top of your finances is easy, and as long as you have the discipline to do it, you can live within your means on any salary.

About the Author: Kathleen Hubert is a blogger who writes on a variety of different sites. Check out more of her work at car loans

Original article by Sherin Dev (c) Moneyhacker - Read full story here.

The Deal That Wasn’t a Deal

bethy — Tue, 06 Dec 2011 00:49:43 +0000

The situation: I wanted a new coffee maker.

The enticement: Gilt, a flash sale site, was having a special sale on fancy coffee and espresso makers. The one I wanted was $79, marked down from $145. Here’s how the chat with my husband went:

Me: Gilt is having a coffee maker sale. Any interest?
Him: Sure.
Me: How about this one?*
Him: I found it here, refurbished?
Me: You and your Ebay. Yes, that’s a much better deal.
Him: How about this or this? We can get the same coffee maker, new, for $14 less than the Gilt sale advertises.
Me: So, basically you’re saying I’m a sucker?**
Him: Let’s hold off on this for a while. I’m going to shop around.
Me: Yeah, this is really your realm.

In the end, we still don’t have a new coffee maker, but that’s alright. I learned a few lessons by not impulsively buying the discounted coffee maker.

Don’t buy a deal without researching first to see if it’s really a deal. As it turns out, this one wasn’t. In a matter of minutes, my husband was able to find the same coffee maker for $65 new and $29 refurbished.
Use multiple sources. Just as I researched various sources when writing my post on what’s not in your credit score, I should research various locations when it comes to shopping for online deals. Sites like Amazon.com, BuyDig.com and Ebay are good places to start.
Save for it. We have the cash for a coffee maker, but that money would be better spent on Christmas gifts for our family or a roast for Christmas dinner. If we started putting $25 per paycheck away in my SmartyPig account we’d have $100 to spend on a coffee maker by the end of January.
Ask for advice. Since my husband knows all of the great sites for getting deals, I’ll always get tips from him before making a purchase. Then, I’ll bookmark the best sites in a folder on my browser for later reference.
Be patient. When it comes right down to it, I don’t need a new coffee maker right now. Even though ours spits out coffee that tastes a little like soap, I’ve been surviving just fine with it. My husband and I have now decided to wait until after Christmas to make the purchase.

In two months, I’ll have the coffee maker of my (frugal) dreams. I can be patient for now and keep clicking through online discount sites until I find the best deal out there.

Have a Karmic day!

Bethy Hardeman, Social Media Maven

*Link may only be available for a short time. That’s how these flash sites work. But FYI, it was a Cuisinart 10-cup coffee maker.

**Insert sarcastic tone.

Original article by bethy (c) Credit and Personal Finance Blog | Credit Karma - Read full story here.

Unique Christmas Gift Ideas That Won’t Break The Bank

Ankit Agarwal — Mon, 05 Dec 2011 18:08:00 +0000

You want to give gifts to family and friends this holiday season, but have
very little money to spend. Use your imagination and take advantage of your
local dollar store and thrift stores! Here are five ideas to get you
started:

Candles

Candles are a popular gift each season as many people enjoy
them. Pick up a glass votive holder, scented votive candle or tea candle and
some ribbon. Tie the ribbon around the lip of the votive holder and put the
candle in. Each candle will cost you less than $3.

Cookies

Buy a roll of cookie dough at the supermarket for less than
$4. Request a free shirt box from a department store. While the cookies are
baking in the oven, line the shirt box with tissue paper. Neatly arrange the
cooled cookies in the box, cover with tissue paper, and you are done!

Favorite Recipe Book

Type up the recipes of the dishes that you make that the
intended recipient loves. Print them out, put each sheet in a plastic sheet
cover, and put it all together in a binder. Total cost of the sheet covers and
binder is less than $10.

You can save money on shipping costs if you can save your recipes in a
PDF file and sent them as an attachment to a Merry Christmas email.

A Snowman Kit

Perfect for children in colder climates, a snowman kit
encourages them to get outside and play in the snow! Gather together 2 charcoal
briquettes or buttons for the eyes, a large button or fake carrot for the nose,
a package of black pom-poms for the mouth, an old scarf and a hat. In a clean
box or tin or whatever you have available, put it all together and write
“snowman kit” on the outside. The kids will love it!

Zen Garden

Shown as a way to alleviate stress in the workplace, a Zen
garden for an office desk is a wonderful gift. Take a small, sturdy box, fill it
up about halfway with aquarium or play sand from the dollar store, place a few
shells or rocks on top, with a small toy rake. Wrap with plastic to avoid
spillage before putting the lid on the box.

With a little creativity, you can make your gift dollars stretch. Christmas
doesn’t have to break the bank, and you will enjoy it more if you don’t have
several months of credit card debt to look forward to.

This article was written by Phill from LateLateGifts – Great gifts same
day.

Original article by Ankit Agarwal (c) Getting Money Wise - Read full story here.