September 2011 Archives

On Wednesday evening at sundown, the Jewish holiday of Rosh Hashana began. It's considered the Jewish new year, and its name translates to "head of the year." I was raised Jewish, and while I no longer actively practice, I remember enjoying this annual celebration.

Rosh Hashana kicks off a series of 10 days that are intended for self-reflection.

A common custom on Rosh Hashana is to eat apples dipped in honey. It's a great way to look forward to a sweet new year. Here's my weekly roundup of favorite personal finance tips from around the blogosphere.

Boy, did that backfire.

I'm talking about Bank of America's new policy of charging its debit-card-using customers $5 a month for that privilege.

And I bet Citi, Wells Fargo and Chase are breathing a huge sigh of relief for just "testing" the debit-card-fee waters in a few states instead of doing what BofA did in one fell swoop.

The reaction from consumers is pretty hostile.

It's no shock that during the devastating economic downturn, a lot of people went from good credit to bad, as job losses and foreclosures took their toll. But here's a surprise: According to FICO data, the number of people with excellent credit didn't fall during the recession -- it grew.

"Many people seem to think that everyone's FICO score must be down these days. However scores have moved in both directions," says Rachel Bell, senior director of global scoring solutions for FICO.

My blog about my reluctance to share personal information when signing up for a bone marrow donation program was selected for the 328th edition of the Carnival of Personal Finance.

I've been a fan of the TV show, "The Biggest Loser," for several years. I love watching people transform their unhealthy habits into a positive lifestyle. It's tragic that the easiest and cheapest food to obtain, such as pizza, burgers, ice cream and chips, are also the worst for you.

The new season began this week. It was disheartening to see that many of the new contestants are only in their 20s. Thankfully, most haven't developed chronic diseases yet. People in their 20s are often strapped for cash and tend to think that they have amazing metabolisms even if they don't. Contrary to popular belief, there are MANY ways to eat healthy without spending a fortune. I have a bad sweet tooth, but in general, I'm a healthy eater. Here are some of my tips.

Read on for my list of my top 10 favorite personal finance blog posts from the past week, several of which touch on making food more affordable.

It sounded like a harmless request this past weekend: Sign up to be a bone marrow donor to potentially help people who need life-saving transplants.

I was among tens of thousands of people who packed in to a popular live music festival (Austin City Limits) held in Austin, Texas, each year. I had just arrived and was walking the perimeter of the festival, stopping in at different vendor booths. At one booth, a smiling man approached me asking if I'd like to sign up to be in a database of potential bone marrow donors. Ok, I said, walking under the canopy.

I was willing to give up my bone marrow -- a process that can be extremely painful -- but not my personal information.

The first year of college for many freshman means getting their first student credit card. While the Credit CARD Act of 2009 severely restricts handing out plastic to those under 21, you can get a card if your parent co-signs on the card or if you can prove that you have the income to pay the bills. Your first credit card can be a great personal finance tool, but can also bring disaster if used recklessly.

A college student I know recently asked me if I had some tips for using his first credit card, so I thought I would share my ideas here as well. And for more money and credit advice, check out 10 of my favorite blog posts from personal finance bloggers from the past week.

A recent survey by America's Research Group reveals that while 82 percent of U.S. shoppers may rein in their holiday spending a bit compared to last year, more consumers will be avoiding brick-and-mortar stores and placing their orders online.

A headline from Michigan caught my eye this morning: "101-year-old Detroit woman evicted in foreclosure."

The Associated Press article detailed the plight of Texana Hollis and her son, Warren. Sheriff's deputies went to the home she has lived in for nearly six decades and put the woman and her two adult sons (ages 66 and 69) out. Warren Hollis told WXYZ-TV that he hadn't paid the mortgage in several years and ignored eviction notices.

If you're going to do that, think about the collateral damage that you may be causing to people who depend you on -- an elderly parent who lives with you, your children or spouse. They would face the embarrassment and disruption caused by a "surprise" eviction or a civil judgment for a delinquent credit card bill.

Last week's blog about a local discount gas purchase program that doesn't offer reloadable gift cards was selected for the Carnival of Personal Finance's 326th blog carnival.

Canadian Dream, the blog host, recognized the Taking Charge blog for its savings message. Although a Texas grocery store chain is sponsoring a promotion to sell gas for 11 cents less than the market price, the store doesn't provide reloadable gift cards to use for the purchase. Instead, customers must obtain new cards -- and throw the old ones away -- each time they exhaust the funds loaded on to a card. We wonder why the cards aren't reloadable to save the environment.

When I filled my car up with gas recently, I saved 11 cents per gallon off the current market price by using a retail store gift card.

That's a good deal.

Several retailers around the country are offering similar deals to drive traffic to their stores. It's apparently working as family budgets are being stretched more and more with the bad economy.

I applaud them. But can they make them reloadable for it's easier on the environment?

I think a peek into someone's wallet says a lot about them. I realized I haven't ever really stopped to share what's in my wallet.

What's in yours? Your thoughts about what it should or shouldn't contain may change when you check out this list of my favorite personal finance reads from the past week.

A Mint.com survey about clothes shopping got my attention this morning -- particularly the statistics on how much people around the country spend every month on clothes and accessories.

On average, according to the survey, people spend between 15 percent and 23 percent of their discretionary spending on the stuff we wear. Not surprisingly, Manhattan ranked No. 1, with folks there doling out 21 percent or $362 a month on fashion. San Francisco is No. 2, and Dallas (which is no surprise to us Texans) came in at No. 3.

Would you lie to your bank if it meant protecting yourself from identity theft?

Although some cardholders indicate they would stretch the truth to keep themselves safe -- telling the bank a credit card was lost or stolen when, in fact, that wasn't true -- lying could actually end up hurting you, experts say.

As large parts of drought-ridden, wind-blown Central Texas burned, my wife and I realized we needed to talk.

"If we had to evacuate because wildfires were approaching our house," I asked, "what would we take?"

It's just a hypothetical question for us, thank heavens. However, that's exactly the time when you should have the conversation -- not when you've just gotten a reverse 911 call telling you to evacuate as a roaring wildfire nears.

Bankruptcy and mortgage studies, plus wildfires

I thought I'd try something new I hope you find useful: Today's reading list. It's headlines and other reports on credit, debt and payments systems that I found newsworthy, interesting or odd enough to be worth passing along.

On August 15, the husband of a star on "The Real Housewives of Beverly Hills" was found dead from suicide. It turns out that he had filed for bankruptcy, was involved in several financial scandals and was facing many legal issues, including ones relating to domestic abuse. He and his wife were in the process of divorcing.

A day later, one of his friends and colleagues was also found dead from suicide. It is being reported that both were members of a "high-net-worth investors" club. Of course nobody will ever know what led these men to end their lives, but evidence shows that they were both were having major financial issues that may have contributed to their decision to end their lives.

I wrote an article on CreditCards.com in September 2008 about the link between debt and depression, and even suicide. No matter how upset or depressed you are with your financial situation, there is always a way for things to get better.

Read on for my list of 10 of the best personal finance blog posts published in the past week!