Credit Tips Today

Women Manage Credit Better Than Men, Study Says

Thu, 23 May 2013 01:11:14 +0000

‘Bryant Park, late Apr 2009 – 21′ by Flickr user Ed Yourdon

Who says women aren’t good at math and money? People who can’t read, that’s who.

A new study from one of the major credit reporting bureaus, Experian, says, “Overall, women are better at managing their money and debt” — even though women working full time earn about 23 percent less than men.

Experian used 750,000 credit reports from its database in December for the analysis. Here’s some of what it found:

Men have 4.3 percent more debt than women, and on average use 2 percent more of their available credit.
The average debt is $26,227 for men and $25,095 for women. That includes credit cards, auto loans and personal loans.
Mortgage loan amounts for men are 4.9 percent higher, and men have late mortgage payments 7 percent more often.
Women in Washington, D.C., Georgia and Florida are most likely to have an independent, rather than joint, mortgage, compared with women in other states.
The average credit score for women is 675, beating men by a single point.

Experian also broke down its data by state and metropolitan area. They’re worth you taking a look. For instance, women in Minnesota have the nation’s highest average credit score: 710, compared with 705 for Minnesota men, who have the highest average credit score among U.S. men.

Next best for both sexes is North Dakota, with 705 for women and 700 for men.

Men have higher average credit scores in just 16 states. And the biggest gap in average mortgage debt is in Connecticut, where men owe $229,510 and women owe $175,276.

Subscribe by email

Like this article? Sign up for our email updates and we’ll send you a regular digest of our newest stories, full of money saving tips and advice, free! We’ll also email you a PDF of Stacy Johnson’s ’205 Ways to Save Money’ as soon as you’ve subscribed. It’s full of great tips that’ll help you save a ton of extra cash. It doesn’t cost a dime, so why wait? Click here to sign up now.

Many Americans Spend on Birthday Parties, Funerals for Pets

Thu, 23 May 2013 01:11:13 +0000

More than one in five people have held or attended a birthday celebration for a pet.

That’s among the fascinating results of a new survey about spending by CouponCabin.

One result is not surprising: Dog owners spend more on their pet per month than owners of cats. That’s discussed by Money Talks News’ Stacy Johnson in the video below. But the CouponCabin survey delved into other aspects of our financial commitments to our pets.

Please enable JavaScript to view this video.

Click to play ‘Which is Cheaper: Cats or Dogs?’

How much are we spending? CouponCabin found that:

62 percent claim to spend less than $50 a month on their pet.
22 percent spend between $51 and $100.
9 percent spend between $101 and $200 a month.
6 percent lavish more than $200 a month on a pet.

Nearly half of dog owners spend more than $50 a month while only 37 percent of cat owners said as much, CouponCabin says.

Now for the more interesting stuff. The survey found that:

36 percent of pet birthday bashes cost $20 to $49, and 17 percent cost $50 or more.
Nearly a third of dog owners have celebrated their pet’s birthday, while only a quarter of cat owners have.
Pet funeral and memorial services are also somewhat common, with 16 percent of adults saying they have attended one.

Finally, less than one in 10 pet owners have health insurance for their pets. Let’s hope they’ve self-insured by saving for future medical treatment.

How much do you spend on your pets? Birthdays? Funeral? Let us know on Facebook.

Subscribe by email

This story is linked to with a thumbnail of ‘party animal’ by Flickr user Pippin Graham.

Small-Business Owners: How Not to Behave on the Internet

Thu, 23 May 2013 01:11:12 +0000

‘Restaurant social media and word of mouth’ by Flickr user Ethan Hein

Insulting your customers seems like an obviously bad idea.

So did the owner of an Arizona pizzeria lash out at critics on Facebook after the business was portrayed in a negative light on Fox reality TV show “Kitchen Nightmares”? Many of the postings have been deleted, but here’s an obscenity-free sample of what was said, from BuzzFeed‘s screenshots:

I AM NOT STUPID ALL OF YOU ARE. YOU JUST DO NOT KNOW GOOD FOOD.

To all of the Yelpers and Reddits: Bring it on. come to arizona. You are weaker than my wife, and weaker than me. you are just trash.

The owners of Amy’s Baking Co. now say the rant was the result of a hack, and police are investigating, The Associated Press says. AP also says that “social media sites show someone posting as a member of the Bouzaglo family had been insulting customers over negative reviews since at least 2010.”

On the show, celebrity chef Gordon Ramsay gives advice to struggling restaurant owners. Amy’s Baking Co. has been open for six years, and in the episode Ramsay panned several dishes and criticized owners Amy and Samy Bouzaglo for getting increasingly defensive, AP says. The episode also showed the owners yelling and arguing with customers who complained about delays and undercooked food.

AP interviewed several marketing experts, all of whom agreed that the situation was very poorly handled. Businesses need to be humble, acknowledge mistakes, and find ways to bring unhappy customers back, they said — not chew them out for being dissatisfied.

The restaurant was temporarily closed last week. It has reopened, and the company’s page now features a press release that states in part: ”When re-opened, a portion of proceeds will benefit a charity organized to bring awareness to cyber bullying.”

It then said reservations may be made by emailing a public relations company.

More than 1,500 people requested a table, according to AZCentral.com. That site also says the PR company and Amy’s Baking Co are parting ways after they “disagreed over public-relations strategies.”

Subscribe by email

Today’s Deals: ‘Star Trek,’ Tires and Free Doughnuts

Wed, 22 May 2013 13:07:41 +0000

I subscribe to the promotional emails of hundreds of companies so you don’t have to. I sift through 1,000 deal-touting emails every week. Most are worthless. But some offer valuable coupons, promo codes, sales and freebies — which I collect and organize.

Note: Expiration dates are in brackets and special instructions are in parentheses.

Automotive

Jiffy Lube: $5 off a Signature Service oil change (print first) [1/1].
Sears Auto Center: Get up to $100 back in rebates or gift cards with the purchase of select tires [expirations vary].

Food

Krispy Kreme: Free Key Lime doughnut if you check in with a friend of the Foursquare social network [5/22]. If you haven’t already, you need to download the Foursquare app to your phone and make an account, and then visit Krispy Kreme with a friend who’s also on the network, to be able to redeem this offer.
McDonald’s: Try a small size of the new blueberry pomegranate smoothie for $1 [5/23].

Home

Ace Hardware: Free pair of canvas gloves with a $20 purchase (“like” and print first) [5/31].
Cleaner: $1.50 off Windex’s new Touch-Up products (print first) [expiration unknown].

Personal care

Ulta Beauty: 20 percent off one item in stores (print first) and online (use code 102029) [6/1].

Tech

RadioShack: $10 off a $20 purchase in stores (print first) [expiration unknown].
“Star Trek Into Darkness”: Up to 55 percent off the Blu-ray, DVD or combo packs at Amazon.com [expiration unknown].

Clothing, shoes and accessories

The Limited (women’s): 50 percent off regular-priced items in stores and online (use code FRENZY) during Fashion Frenzy, which starts at 5 p.m. [5/22].

Subscribe by email

On Your Dream Trip? You Don’t Need a Rental Car

Wed, 22 May 2013 13:07:39 +0000

‘Red Vancity Bikes’ by Flickr user sillygwailo

You’ve flown to your dream vacation spot. Now, how do you get from Point A to Point B without paying expensive taxi fares or outrageous rental car fees?

Over the years, I’ve picked up some tricks for keeping this particular line item under tight control. Here are some valuable resources for local travel information and alternatives to high-priced ground transportation.

Public transportation

You can easily save money by doing what the locals do — taking the city bus or subway. For intercity transportation, consider the bus or the train. In many cities, the bus and train stations are centrally located downtown, perhaps within easy walking distance of your hotel.

There’s likely a handy app to learn more about public transportation at your destination. City-Go-Round has assembled a myriad of helpful ones all in one place. Options include apps for the New York City subway, the Washington state ferry system, the Halifax, Nova Scotia, metro, rail travel in the United Kingdom, and many, many more.

Water taxis and trolleys

Venice, Italy, is famous for its gondolas. But water taxis are likely more common than you think. So are trolleys, particularly those that cater to visitors.

Use your favorite search engine to look for water taxis and trolleys in your destination. We quickly found water taxis in cities like Chicago, San Diego, Baltimore, Pittsburgh and Orlando, as well as in multiple international destinations. The locations with trolleys even include smaller cities like Gatlinburg and Pigeon Forge, Tenn.

The website of the tourism office of your destination city will let you know quickly about the availability of river buses, water taxis and trolleys. For example, the tourist website for Daytona Beach, Fla., has information about a beachside trolley that costs only $1.25 per adult.

Car sharing

There’s no law that says you need to book a vehicle through a big national chain. If you need a car for some side trips, you might be better off with a short-term rental. Some possibilities:

Getaround.com offers peer-to-peer car rentals in several U.S. cities, including Chicago, San Francisco, San Diego, Portland, Ore., and Austin, Texas. Rates start at less than $10 per hour, including insurance.
Car-sharing service Zipcar is available in more U.S. cities, as well as some cities in Canada, Great Britain and Spain.
Services like DriveNow and Car2Go let you leave the car at your destination instead of having to take it back. Both are available in some U.S. and European cities.
Locally based car-sharing services may be available. This is where using a search engine may help.

Bicycle sharing

Hugely popular in Europe, bike sharing is starting to make its mark in the U.S. Travelers can pick up a short-term bike rental at one station and check it back in at a separate station near their desired attraction. Prices vary depending on the city.

While bike-sharing programs sell annual memberships, many also offer short-term commitments that would work well for tourists. For instance, bike sharing in Montreal costs $7 for 24 hours of access, with additional fees for more than 30-minute trips.

This resource from Bikes Belong provides links to American cities that have taken the shared-bike plunge, including Denver, Miami and New York City. The Bike-sharing Blog also has a lot of useful information.

Walking

Some destinations are remarkably walkable. Cities where I have found plenty to see within walking distance of my hotel include Florence and Venice in Italy; Key West, Fla.; and Cuzco, Peru.

How do you determine whether your destination is easily walkable and safe for pedestrians?

Guide books. Good travel guides provide detailed information about public transportation and walkability. Lonely Planet tends to have exceptionally informative city center maps, and is my personal go-to choice for indie getaways.
Walk Score. This site scores the walkability of cities around the world and provides other essential information, like the location of nearby grocery stores, restaurants, cultural sites and much more. It also has a free app.

Another useful tip

If you must rent a car, a travel agent might have inside knowledge about deals and about the overseas car rental companies that are most transparent about taxes and fees.

A close friend of mine recently booked a rental car for a month to visit her mother and help during a surgical recovery period. By going through her local AAA agent, she scored a price of $200 with unlimited mileage. A definite deal in anyone’s book.

The cost of getting from place to place on vacation is nearly impossible to eliminate entirely. However, with the savvy implementation of a few of these strategies, it is possible to greatly reduce the overall cost.

Subscribe by email

5 Steps to Marital Money Bliss

Wed, 22 May 2013 13:07:37 +0000

If you’re heading down the aisle, we have some scary statistics for you. Nearly 30 percent of married couples say money is the No. 1 source of stress in their relationship, according to a study by American Express, and money issues are largely blamed as a top cause of divorce by many experts.

How do you avoid the strain? In the video below, Money Talks News founder Stacy Johnson explains how to get on the same financial track as your partner before you wed. Check it out, then read on for more tips and details.

Please enable JavaScript to view this video.

Click to play ‘Marriage and Money’

Now, let’s expand on Stacy’s pre-wedding advice.

1. Look for red flags

Look for thoughts or actions on your partner’s part that may not mesh well with your own. Does your partner make big purchases on payday rather than put money in a savings account? Does he forget to pay the bills on time? Everyone makes money mistakes, but a pattern of behavior isn’t going to change just because you tie the knot. Pay attention, and talk about your concerns.

2. Discuss your money habits

Only 43 percent of couples talk about money before marriage, according to American Express. That’s sad, because talking openly about finances is one of the best things you can do for your relationship and future married life. Set a time to sit down and have that discussion. Here’s some fodder for that conversation:

How do you view money? Some people see money as a means to reach goals. Other people see it as a way to pay the bills and have a good time. You’ll want to be on the same page with this one.
What debts do you have? You don’t want to find out your partner has a huge load of debt after the wedding ceremony. Perhaps they’re student loans or maybe the result of childish irresponsibility. What is your partner’s plan to pay them off? Is that plan realistic?
What is your credit score? It might feel strange to ask, but you should know your partner’s credit score. If you plan to buy a house, take on new joint credit cards, or get other loans together, a bad credit score will mean you pay higher interest rates.
What are your future money plans? Do you plan on making a big purchase soon? Do you have other savings goals? Are you serious about setting aside money for retirement? How much have you saved?

3. Set goals

Merging lives and money means merging goals. Before you get married, you and your partner should come up with a few financial goals you both want to achieve. Some things to consider:

What are our goals? Whether you want to buy a house, save for retirement, get a new car, or take a two-week vacation every year, having mutual goals keeps you working together and gives you both something to look forward to.
What’s the time frame? You’ve both figured out you want to buy your own home. But what if you want a house in the next year and your future spouse is fine with making the move in, perhaps, five years? Agreeing on a timetable has obvious benefits.
What is my part? Set clear actions for both parties to reach your goals. For example, if you make more money than your partner, maybe you’ll feel comfortable contributing more to your goals.

4. Make a plan

Sixty-six percent of survey respondents told American Express they share all monthly expenses, and 34 percent divide up their monthly bills based on factors like income. How do you plan to pay the bills?

Before you say “I do,” set up a household budget and decide who will pay for what. Deciding what is fair in your relationship ahead of time will cut down on arguments and stress later on.

5. Take a test-drive with your wedding plans

Remember when Monica and Chandler got married on “Friends”? Monica thought her parents would pay for her huge dream wedding, but when they didn’t, we found out Chandler had enough money in savings to cover the expense. By today’s standards that would be $28,427 on average, according to The Knot. In the end, Monica and Chandler decided to scale back and save some of that money for their future goals – a true sign of financial compatibility.

Consider the wedding as a way to test-drive managing money with your future spouse. Keep your partner involved in the planning and make big and small purchases together. If you can learn to agree on costs, you’re well on your way to managing money as a couple.

Subscribe by email

This story is linked to with a thumbnail of ‘bride groom money trees?’ by Flickr user pengrin™.

Are You Embarrassed to Carry a McDonald’s Bag?

Wed, 22 May 2013 01:05:25 +0000

‘@MindofZ eating HEALTHY in Nagoya’ by Flickr user Robert Sanzalone

We’d rather be seen with a Subway bag than with one holding a Big Mac, according to a new study by the footlong folks.

Subway asked 1,001 people which brand (among the following four) they were most embarrassed to carry around in public. The results, Business Insider says:

Subway — 11 percent.
Wendy’s — 14 percent.
Taco Bell — 33 percent.
McDonald’s — 42 percent.

Nearly half of the women (48 percent) and adults under age 35 (46 percent) didn’t want to be seen with a McDonald’s bag, BI says.

While some people are mortified at the thought, others expressed some degree of pride in being seen with a fast-food bag. Nearly 13 percent said they would be prouder with McDonald’s in hand than with bags from the other three. Sixty-two percent said they felt pride in carrying a Subway bag.

The results come just a week after new research at UCLA found that the average meal at Subway isn’t much healthier than one at McDonald’s, The Denver Post says. That study got nearly 100 young people (ages 12-21) to buy meals from the chains with their own money, and then hand over the receipts.

Researchers found that they ordered an average of 1,038 calories at McDonald’s and an average of 955 at Subway. The sandwiches at Subway tended to have more calories — 784 on average compared with 572 at McDonald’s — while McDonald’s tended to have much higher calorie counts for side items.

Are you embarrassed (or proud) to be seen with fast food, or a particular brand?

Subscribe by email

Beware Tornado-Related Scams in Aftermath of Oklahoma City

Wed, 22 May 2013 01:05:24 +0000

‘Oklahoma National Guard’ by Flickr user The National Guard

You’ll find plenty of ways to offer help to the victims of Monday’s deadly Oklahoma City tornado, but some of them will be fake. It happens every time disaster strikes: Imposters and scammers will mislead the public and try to steal your personal information or your money.

In the wake of tragedy, it’s important to take extra care when you’re trying to help out.

After the Boston Marathon bombing, a Twitter account posing as the marathon organizer claimed it would donate money for each retweet (sharing of its message) it received, NBC Los Angeles says. Also, cybercrooks created fake news and charity pages about both the bombing and the Texas fertilizer plant explosion in an effort to plant malware in viewers’ computers, McAfee.com says.

Here are some of the ways The Oklahoman says you can help disaster victims:

Text Red Cross to 90999 to donate $10.
Refer people who haven’t heard from missing loved ones to www.safeandwell.org.
Donate to The Salvation Army online, by phone at (800) 725-2769 or by texting STORM to 80888 and confirming a $10 donation by typing “yes.”
Donate to Feed the Children online or call (800) 627-4556.

The Better Business Bureau has disaster relief donation advice. Here’s the gist of it, from a story we did just last month warning about marathon scammers:

Do some research to make sure the charity is not poorly organized or questionable. If it’s brand new, it may be one or both.

Make sure you have a clear understanding of when and how the money will be used to help victims. You can find spending reports and tax documents for established charities at Charity Navigator, CharityWatch and GuideStar.

If you’re donating online, pay attention to the links you’re clicking and make sure the Web address is exactly what it should be, because some scammers try to imitate the look of established charities.

Subscribe by email

Getting a Price Match Can Be Tricky, Even Downright Difficult

Wed, 22 May 2013 01:05:22 +0000

‘Walmart Checkout Features Ad Match and Coupon Policy Signs’ by Flickr user Walmart Corporate

Many retailers offer some kind of guarantee to match their competitors’ prices — but those policies can be so riddled with exceptions that they’re rendered nearly useless.

Cheapism examined eight major retailers’ price-match policies and tried to untangle the common threads. Here’s what the site found:

Matching is usually restricted to local competitors, but the definition varies. Local could mean within 25 miles or within the state.
Most don’t match online competitors. Best Buy and Target are the exceptions, but they won’t match third-party sellers on Amazon.
The best proof of a lower price is an original printed ad. Some retailers don’t accept photocopies or photos on your phone.
Because you usually need an exact match on everything from color to model number, it’s difficult to get matches for expensive products with store-specific versions. The Home Depot, Lowe’s, and Best Buy all have their own model numbers for many high-end appliances and electronics.
Typically only regular prices are matched. Items with percent-off discounts, clearance items, and items with special offers like free gift cards or rebates are usually not eligible.
Some retailers will price-match items you’ve already purchased at that store, and give you a partial refund. How long you have is usually up to a manger, but it’s probably less than a week.

Cheapism rated Target, J.C. Penney and Lowe’s as having the best policies, followed by Best Buy, The Home Depot and Walmart. It placed Sears and Kohl’s in a “don’t bother” category.

Subscribe by email

Does Frugality Have to Hurt?

Tue, 21 May 2013 13:04:54 +0000

‘consumerism + desire’ by Flickr user angies

Recently I wrote a post called “Beware false economies,” which included examples of frugality that could actually cost someone money, health or reputation. A reader said those examples confirmed that “people believe ‘frugal’ or living within or below one’s means equals doing without.”

My immediate reply: “Good point! Just as some people believe that dieting or exercise must be unpleasant if it’s to be effective.”

After some reflection I believe it’s more than the “no pain, no gain” mentality. The attitude many people have is more one of crime and punishment:

If you gain weight, you are bad and must suffer in order to take it off.

If you don’t have enough money in this Land of Opportunity, you are less than worthy and must endure privation. That is, until you can get another line of credit.

We’ve been exposed to hyper-consumerism for so long that we forget there’s another way of living in the world. Specifically, we forget that a large population of the world lives without the things we believe are our birthright: the latest tech, the hottest cars, the biggest cable package, the trendiest foods, the flashiest clothes.

Spending should be a choice

Here’s the thing: You can be frugal and still have some or all of those things. You just have to be intentional about how you obtain them. (More on that below.)

I’m not against buying. What bugs me is blind consumerism, the “See it? Want it!” attitude. I fight it myself, especially regarding gifts for others. “It’s only $2.99 and it’ll make (whomever) so happy,” I’ll think.

Sometimes I’ll spring for the $2.99. Most of the time I walk away. Or, as I tell myself, “I’m saying ‘no’ this time.”

That’s the crux of the matter: My spending has to be a choice, not a tropism. I don’t want to automatically gravitate toward a hot deal like a seedling toward the sun.

Frugal hacks that work

That said, plenty of ways exist to get what you want without spending a lot. Among them:

Deal-a-day sites. I’m no fashionista, so I tend to stick to sites like Eversave and MyBargainBuddy.com. Both offer a wide range of goods and services. I’ve bought gifts this way, too.

Thrift stores. Your mileage may vary, of course. I’m already missing Seattle’s thrift stores because their wares are based on a much bigger population. But I’ve found some decent deals and some outright steals at Anchorage segundas over the years.

Cash-back shopping sites. When I make planned purchases through Extrabux, Ebates, FatWallet.com or Mr. Rebates, I get cash refunds, online coupons and usually free shipping. The rebate checks are always a nice surprise – and they go directly into savings. (Note the use of the word “planned.” It’s not a bargain if you don’t need it/can’t afford it.)

Social buying sites. These aren’t just for massages and manicures. Groupon and Living Social offer vouchers for health care, home services and auto repair. That said, they’re also a good way to get treats/give gifts on a budget.

Rewards programs. Through Swagbucks and MyPoints I get gift cards for restaurants, movie theaters, department stores and Amazon.com. Some I use and some I give as gifts (which means I can redirect the money I’d planned to spend for holidays and birthdays).

Yard sales. Some are great, some awful. Be willing to wade through a lot of junk and you just might strike gold, either for yourself or for birthday/holiday shopping. (Hint: A whole lot of unread books and unopened gifts end up with 50-cent tags on them. Imagine taking care of half your Christmas list for $5.)

Discounted gift cards. I use these like cash at theaters, restaurants, department stores, pet supply warehouses and even the hair salon. Search for the deepest discount through the aggregator site GiftCardGranny.com – and when possible, buy them through one of the cash-back sites noted above for another 3 percent to 5 percent in savings.

Believe it or not, I do buy retail – just not all that often. Being intentional about my spending most of the time means less pain when I do pay full price.

This is especially true for big-ticket items. Next week my partner and I are splitting the cost of a new water heater because the old one has become incontinent.

A certain amount of sticker shock exists with any major home appliance, but once again having saved where I can lets me spend where I want. You can be frugal and still look good and give great presents – and take hot showers too.

More on DonnaFreedman.com:

What I Learned from De-cluttering: The Sequel

The Importance of Midnight Movies

Let Me Eat Cake

Subscribe by email

Like this article? Sign up for our email updates and we’ll send you a regular digest of our newest stories, full of money saving tips and advice, free! We’ll also email you a PDF of Stacy Johnson’s ’205 Ways to Save Money’ as soon as you’ve subscribed. It’s full of great tips that’ll help you save a ton of extra cash. It doesn’t cost a dime, so why wait? Click here to sign up now.

Related stories

How to Shop for Goal-Oriented Groceries

Beware These False Economies

The $10 Wake-up Call

Article source: http://feeds.moneytalksnews.com/~r/mtrss/~3/a1tM8-y94Qk/