Smartphone Apps for Year-Round Shopping

Holiday shopping is underway. Shoppers are still looking for deals, and a variety of cellphone
apps can help with that. What’s more, these apps are useful for comparison shopping year round.

Coupon Sherpa (available on Android and Apple phones) allows you to search through hundreds
of coupons from stores and restaurants, both local and chains. A feature of this app is an “instore”
list, showing which stores have coupons available. All you have to do is show the cashier
the coupon code when you are ready to pay.

RedLaser (available on Android, Apple, and Windows phones) enables barcode scanning with
your camera phone, so you can compare prices of items in stores. This lets you know if
something is available for less at another store or even online.5

Slice (available on Android and Apple phones) is an organizational app for online shopping. It lets
you know if any item you have already purchased is available for less now. Because some
retailers will refund you the price difference if you show them an item you bought from them that is
now available for less, you can save money even after the fact. And you can use the app to store
e-receipts for possible refunds or returns.

Reference:
Huddleston, C. (2014, November 24). Best apps for holiday shoppers. Kiplinger.com. Retrieved
       December 2, 2014, from http://www.kiplinger.com/article/spending/T050-C011-S001-best-                appsfor-  holiday-shoppers.html.

How to Make Extra Cash for the Upcoming Holiday Season

Do you get bored quickly during holiday breaks from school? Or do you need extra money to have fun with friends during your break? You might consider working at a temporary or part-time job over your break. Not only would you earn extra money for the holidays, but you would also be improving your resume.

Just keep in mind that it may be difficult for a young person to find a part-time job because adults may be competing with you for these jobs, due to the economy. However, there are alternatives for making extra cash without a regular job:

·      Pet sitting: Many people need someone to care for their pets while they are away on vacation. Holiday breaks are the perfect time to ask people you know if they need someone to care for their pets. And the rewards may be more than financial, as walking dogs is great exercise.

·      Babysitting: Babysitters are often in great demand during the holiday season. This can be a fun money-making opportunity if you enjoy kids. Of course, it is also a great responsibility; parents will expect you to take good care of their kids and not raid their refrigerator or turn their house into party central. Consider creating fliers to distribute in your neighborhood and to your parents’ friends to publicize your services.

·      Winter Labor: If you live in area that gets a lot of snow during the winter, consider shoveling snow off of people’s driveways and sidewalks. In fact, if your area gets snow until March, this could be a good job for the entire winter.

·      Sell your used electronics and gently worn clothing: If you have properly functioning electronics that you aren’t using, consider selling them online. Secure websites like uSell and Gazelle.com allow you to safely sell your smart phones, tablets, etc., online. If you have gently used clothing that you no longer wear or no longer fits you, consider selling it to consignment stores. If your item sells, then you might receive 50 percent of the selling price. Some stores might give you cash on the spot if your clothes are not outdated and are in good condition. You can might even sell your clothes online through sites such as thredUP.com or The RealReal.

READERS, what do you think?

1.     Have you ever looked for opportunities to make extra cash during your holiday break? If so, what did you do?

2.     Can you think of other ways to make money during your break that are not mentioned here? If so, what are they? How practical do you think they are?

References:

Flashman, R., & Stork-Hestad, N. (2011, December 5). KHSFPP Update # 258—Part-Time Jobs for the Holidays. Kentucky High School Financial Planning Program. Retrieved December 3, 2014, from http://www2.ca.uky.edu/hes/fcs/hsfp/updates/2011/update0258.htm.

Huddleston, C. (2014, November). 20 Ways to Earn Extra Cash for the 2014 Holidays. Kiplinger.com. Retrieved December 3, 2014, from http://www.kiplinger.com/slideshow/saving/T065-S001-20-ways-to-earn-extra-cash-for-the-2014-holidays/index.html.

How to Avoid Holiday Scams

 The holiday season is one of the biggest times of the year for scam artists and identity thieves. While most people are busy holiday shopping, criminals are busy scamming the unwary. Don’t let this happen to you. Learn about the various scams that occur every year, and what you can do to protect yourself this holiday season.

Do you remember the data breach affecting Target customers last year? Experts believe most companies have had such data breaches by now, so it may be safe to assume that bad guys already have some information that could be used against you. A good way to protect yourself from possible data breaches is to use cash. If you plan to do any holiday shopping online, experts recommend using a separate credit card with a small credit limit. With credit cards, you have a little time between purchase and paying your bill. If you get an unknown transaction during this period, you have a chance to dispute it.

Maybe you’re already aware of problems with opening spam e-mail. Scammers may send fake advertisements for store deals and fake notifications about package deliveries. Make sure not to open these e-mails, and be especially careful not to download any unknown attachments. It is important that you have strong passwords for your online shopping accounts, especially if you have provided credit card information for that account. Never click on links that offer free gifts. Those are most likely phishing scams.

When looking for great deals online, you may be safer with established retailers, though of course they all may be vulnerable to data breaches. Avoid online stores that you don’t know about because they could be trying to scam you. Of course, many smaller online retailers may provide excellent service, but you will do well to check them out before ordering from them. Be sure to search online (away from their Web site) for information about these stores; read reviews of their service to make sure it is safe and legitimate. Also, if you order online, request that your package be delivered to your Post Office box or your local UPS or FedEx store. Package theft occurs all the time.

Lastly, before donating to any charity, be sure to research the organization to make sure it is legitimate, and that enough of your money will go toward the actual cause. You can find information on any charity on www.charitynavigator.org.

READERS, what do you think?

1.     What are your thoughts about setting up a separate credit card for online shopping? Do you think it is a good idea, or a bad idea? And why?

2.     What about sticking to cash purchases? How do you think that could protect you from fraud? Do you see any drawbacks to using cash?

Reference:

Anand, P. (2014, November 27). 6 Holiday scams and how to protect yourself. Marketwatch.com. Retrieved December 1, 2014, from http://www.marketwatch.com/story/6-holiday-scams-and-how-to-protect-yourself-2014-11-26?page=1.

Having the Holiday Smarts

For many of us, Black Friday is the kick off to holiday shopping. On this day, stores will have door busters, sales, and (maybe) great deals on most items in the stores. It all has been planned to attract gift shopping. However, all this emphasis on spending leads many people to overspend. Those who do not budget their spending barely have any money for themselves and for their own needs. Or, if they splurge on themselves, they don’t have the money to buy presents for friends and family. So think ahead and learn a few ways to budget and save for the holidays.

Always plan your holiday budget before you start shopping! Make a list of everyone you plan on buying a present for. You might budget for one gift per person and mention on your list a possible gift you would like to get for each of them. When shopping, make sure you stick to your original budget because it can be very tempting to overspend!

If you have a credit card, check to see what your card benefits are. Some credit cards offer price protection, which might help if you bought something at one store, but later find it was less expensive somewhere else. Your card might cover the price difference of the item and give you a refund. All you have to do is file a claim within a certain period.

Your credit card might also offer holiday season rewards. A smart phone app called Wallaby can show you available rewards on your credit card.

Also be aware you do not have to buy gifts for everyone! An easy way to save on the holidays is to make gifts for people. Do a Google search or use Pinterest to find DIY holiday gift ideas. Making your gifts can be more personable than finding something on a store shelf.

Another option is to host a gift exchange during the holidays. Everyone draws a name out of a hat and the name you draw is the person you buy a gift for. This way you can buy something nice for one person, yet save money by shopping only for that one person. You could also create homemade “gift certificates” for friends and family. Examples of services you could offer include a month of babysitting, doing household chores for your parents, cooking someone a dinner, etc. Use your imagination and come up with something special that people will appreciate.

READERS, what do you think?

1.     Do you buy/make gifts for your friends and family this year? Do you make a budget ahead of time?

2.     Have you ever participated in a gift swap? Did you feel that it saved you money? Did people receive gifts they wanted that way? (It is important to give gifts that people will appreciate.)

3.     Would you make a personal gift certificate for someone? If so, what would you give?

Reference:

Steinberg, S. (2014, November 6). 15 Ways to avoid holiday debt: Spread the holiday cheer to your bank account this season. U.S. News & World Report. Retrieved November 12, 2014, from http://money.usnews.com/money/personal-finance/slideshows/15-ways-to-avoid-holiday-debt.

The Truth about Cashing Old Checks

If you have ever received a check and forgotten to cash it, you’ve probably wondered whether it’s still good. Could you still take the check to the bank and get your money? If you have had questions about what to do with old checks, you are not alone. Every year millions of checks go uncashed.

The first thing to know is that there are no standard rules as to when a check expires. However, the Uniform Commercial Code does not require banks to accept checks that are more than six months old. Every bank sets its own rules for depositing old checks, so make sure you check with your bank first.

When cashing an old check, be courteous to the person or organization who wrote the check. If you deposit an old check without telling the person who gave it to you, their bank account could become overdrawn because they might not have enough money in their account to cover the check. (If they’ve decided you’re never going to cash it, they might have tallied the amount of the check as part of their bank balance.)

Give the person a call, let them know you have not cashed the check, and see if they will write a new check. If it was a gift and you did not write a “thank you” note, this is a good time to personally thank them. (Be sure also to write them a nice note, as you don’t want to seem ungrateful.)

Never assume that your bank will accept an old check! You could end up paying a “deposit item returned” fee for checks that bounce. These fees could be $30 or more for each bounced check!

Readers, what do you think?

1.    Have you ever tried to cash an old check? What happened when you did? Did the check bounce?

2.    Did you notify the person who gave you the check before trying to deposit it? What did they say?

3.    Do you see bouncing an expired check as a learning experience? If so, what will you do differently next time?

Reference:

Ross, A. (n.d.). 5 Things to Know When Cashing Old Checks. Bankrate.com. Retrieved November 11, 2014, from http://www.bankrate.com/finance/checking/cashing-old-checks-1.aspx?ic_id=Top_Financial.

Check for Defects When Buying a Used Car

Buying your first car can be very exciting. However, many people buy cars with defects, a mistake you can avoid by doing your homework beforehand. Have any used vehicle you are thinking about buying checked over by your own mechanic. Also make sure you know whether the vehicle is under recall by the manufacturer.

Many people whose cars are under recall continue to drive their unrepaired vehicles. According to Insurance Journal, “About a third of all recalled cars and trucks don’t get repaired….” This puts everyone at risk.

Pay attention to your warranty coverage. If your car is still under warranty, you can have it fixed or get a part replaced free of charge as part of the recall when you take it in for service or repairs. Authorized dealerships are reimbursed by the manufacturer for this. However, many drivers don’t realize their car model has been recalled. Manufacturers are supposed to send recall letters to owners of affected vehicles, but the letters don’t always reach the owners. The car company may not know if you have moved. And, if you bought the car used, you’re not likely to get a letter from them.

“In 2009, Ford Motor Co. recalled 4.5 million vehicles … for a part that could spark a blaze even if the vehicles were sitting in the driveway.” Clearly, this is not a minor defect. “Because the models stretched back to 1992, Ford was unable to reach 600,000 owners….”

A recent NBC News story has information on a current recall involving defective air bags that can explode, hitting drivers and passengers with metal shrapnel. This recall affects vehicles of many makes and models. Be sure to read the story accompanying this video to see if your vehicle is on the recall list.

READERS, what do you think?

1.    If you have bought your own car already, was it new or used?

2.    Have you found any defects in your car? Is it still under warranty?

3.    Have you checked to see if there is a recall on your car?

References:

Green, J. (2014, April 15). 1 in 7 Cars on Road Have Unrepaired Defect. Insurance Journal. Retrieved October 28, 2014, from http://www.insurancejournal.com/news/national/2014/04/15/326291.htm.

Aegerter, G. (n.d.). U.S. Expands Recall Warning for Cars with Defective Air Bags. NBC News. Retrieved October 28, 2014, from http://www.nbcnews.com/business/autos/u-s-expands-recall-warning-cars-defective-air-bags-n231216.

Telephone Scam Series: Recovery and Refund Scams

Recovery and Refund Scams

Another phone scam involves potential recovery or refunds of money lost in previous scams. This is a case of scammers trying to fool people twice. The criminals contact people they have victimized once, claiming to be with the FBI or another law enforcement agency. They might offer to help you recover money you lost, for a fee. If they want money for this service, hang up right away! Government agencies do not charge fees to recover stolen property.

This is the final post in our series on phone scams. However, criminals continue to find new ways to scam people out of their money, so be alert to anything that doesn’t seem right.

READERS, what do you think?

1.    Have you come across any phone scams not covered in our four recent posts? What are they?

2.    What should consumers keep in mind in order to avoid scams?

Reference:

Sassi, H. (2014). Be on the Lookout for These Common Telephone Scams. Better Business Bureau: Consumer News and Opinion blog. Retrieved November 3, 2014, fromhttp://www.bbb.org/blog/2014/02/be-on-the-lookout-for-these-common-telephone-scams/.

Telephone Scam Series: Fake Cashier Checks

Fake Cashier Check Scams

 These scams can occur  when you are trying to sell something. The scammer may send you a fake check for more than the amount you asked for; and they might give you a more or less credible reason for overpaying. They will then ask you to deposit the check and wire back a portion of the money. Their check is no good, so you don’t get any money. You also lose any money you send them. You have to pay for the bounced check. And you lose whatever you tried to sell. All around, this is a very bad deal for you, and an excellent one for the criminal!

Another example might not involve an overpayment. The victim could be someone trying to sell a car, and they need to ship it to a buyer in another state. The “buyer” pays for the car, plus shipping, with a cashier’s check or money order; but, by the time the seller realizes the check is no good, the criminal has shipped the car overseas and can longer be located. The seller has to pay for the bounced check, and the criminal gets away with the car, which can be sold or scrapped.

Be careful when selling anything online or through other types of advertisements, because a potential buyer might try to get away with something. Many news stories also warn about buyers who physically attack sellers who agree to meet them somewhere. This has happened more often than you would think. But long-distance buyers can still hurt you financially,  so do not wire money to strangers.

READERS, what do you think?

1.    Have you or anyone you know ever advertised anything for sale? Did potential buyers try to get away with anything they shouldn’t?

2.    How do you think you could sell something without being victimized by criminals?

Reference:

Sassi, H. (2014). Be on the Lookout for These Common Telephone Scams. Better Business Bureau: Consumer News and Opinion blog. Retrieved November 3, 2014, from http://www.bbb.org/blog/2014/02/be-on-the-lookout-for-these-common-telephone-scams/.

Telephone Scam Series: Phishing Scams

Phishing Scams

Today, we are also discussing phishing scams that occur over the phone.

Phishing scams are becoming more common these days. In one  scam you might encounter, someone calls claiming to be from a credit card company; they say they are checking on your credit card because a large purchase was just made on it out of state. Then they ask for private information such as a password, PIN, or account number to verify you are the real cardholder. Never give this kind of information over the phone! Your real bank or credit card company already has this information on file and would never ask for it over the phone.If you get a call like this, hang up immediately and call that company (at a number you look up yourself) to make them aware of the scam.

READERS, what do you think?

1.    When do you think it is appropriate to give your credit card or other personal information? Who do you think genuinely needs you to give them this information?

2.    If you needed to call your bank or other financial institution, what account information do you think you would need to give them during your call?

Reference:

Sassi, H. (2014). Be on the Lookout for These Common Telephone Scams. Better Business Bureau: Consumer News and Opinion blog. Retrieved November 3, 2014, from http://www.bbb.org/blog/2014/02/be-on-the-lookout-for-these-common-telephone-scams/.

Telephone Scams Series: Prize and Sweepstakes Scams

Telephone Scams

This week we are posting a series on phone scams. Anyone who has a phone can become a victim of telephone scams. Criminals may approach you by e-mail or text message, but phone calls don’t cost them much and it is easier for them to prey on you when they have you on the line. Being on the federal Do Not Call Registry may stop more legitimate businesses from calling you, but it will not always stop scammers from trying to steal your money or identity. If you are targeted or are victimized by a scam or fraud, be sure to file a complaint with the Federal Trade Commission.

Today we cover prize and sweepstakes scams.

In this type of scam, the person calling may promise you a new car or a vacation. Or they may say you have won a “sweepstakes” that you never entered (or likely heard of). If you choose to stay on the line with them, you first need to listen for any fees for claiming your “prize.” This is a clear sign the offer is not legitimate; if the caller wants your credit card number, or otherwise tries to collect a fee, hang up immediately. Real prize winners are not charged fees and are not asked to verify their identity via credit card number. A person who calls, asking for your credit card number or other personal information is likely up to no good, and you should not talk to them.

READERS, what do you think?

1. Have you ever picked up the phone and found yourself talking to someone who offers you a prize or deal? Or has the caller asked you for personal information? What did you do?

2. What do you think could be done to stop these types of scams?

Reference:

Sassi, H. (2014). Be on the Lookout for These Common Telephone Scams. Better Business Bureau: Consumer News and Opinion blog. Retrieved November 3, 2014, fromhttp://www.bbb.org/blog/2014/02/be-on-the-lookout-for-these-common-telephone-scams/.

What to Do When You Have Been Rejected for a Checking or Savings Account

Most adults and many young people have a checking and/or savings account; but did you know that financial institutions can turn you away when you try to open an account? It is important to know why some consumers are denied checking and savings accounts and what to do if it happens to you or someone you know.

A common reason financial institutions deny applications for checking or savings accounts is that reports show that a previous institution closed an applicant’s checking account due to unpaid overdrafts. Mismanaging of your accounts can cost you. The Fair Credit Reporting Act (FCRA) allows negative information to appear on your reports for up to seven years. Such negative information can include checks written without sufficient funds, or even possible fraudulent transactions if not resolved. A poor credit report can also hurt your chances of opening a new account.

If you are denied a checking or savings account because of mistakes you’ve made, ask the bank or other financial institution if they will reconsider. According to Keith Ernst, FDIC Associate Director of Depositor and Consumer Protection, “Every bank decides for itself how to evaluate the information in a consumer’s report.” Just because you have negative information on your report does not necessarily mean a bank will want to reject your business. Also be sure to request the report the bank used to deny your account. You might find incorrect information; if so, you will want to dispute it, providing the correct information wherever possible. This might enable you to open up a new account, after all.

Another option for getting needed financial services is a “second chance” account. According to the FDIC, “one in four banks offers accounts that give an option to some consumers unable to open a regular checking account.” Even though these accounts have higher fees and added restrictions, they are easier to manage and cost less than money orders and check-cashing services. You might also be required to attend free money management training, but look at that as a bonus: it never hurts to learn more about managing your money.

READERS, what do you think?

1.    Have you ever tried opening a savings or checking account? Were you able to open one? If not, did you find out the reason?

2.    What would you do if you were rejected for a savings and/or checking account?

Reference:

Federal Deposit Insurance Corporation. (2013, Fall). You’ve been turned down for a checking or savings account. Now what? FDIC Consumer News. Retrieved October 22, 2014, from https://www.fdic.gov/consumers/consumer/news/cnfall13/deniedchecking.html.

What are you More Afraid of: Catching Ebola or Crossing the Street after Getting off the School Bus?

Visit NBCNews.com for breaking news, world news, and news about the economy

Every day more and more drivers are endangering the lives of children by passing stopped school buses. The police are using more technology to catch this illegal act.

Disclaimer: There is some disturbing content in the video. 

So far, the chances of catching ebola in this country are remote. But getting hit while crossing the road is more likely than you might think. Whether you are driving or walking, be careful and watch out for others!

Readers, what do you think?

1. Have you ever seen someone violate the law? Would this be something you would report to the police?

2. How would you feel if this happened to your brother, or sister? 

Reference:

Rossen, J., & Billington, J. (2014, October 20). New technology targets drivers who      pass stopped school buses. Retrieved October 20, 2014, from                        http://www.today.com/parents/new-technology-targets-drivers-who-pass-stopped- s    school-buses-2D80217961

Save Money by Minimizing Student Loans

Do you know any students who have borrowed more money for college than they know how to pay back? These might be students a few years older than you, and they might be entering the job market by now. What are the struggles they face?

Fortunately, as a recent blog entry showed, more students now are finding ways to minimize the amount they borrow for their education and/or career training. Many students work to earn money for their education, and many families are using their savings to avoid student loans. This saves them a lot of what they would otherwise pay in interest. It enables them to pay less money in all, and pay back their loans much earlier than they would otherwise.

It might not be a concern to you now, but you will likely want to buy a house eventually, and that costs more than your education: a lot more. There will be many things you will need to save money for over your lifetime: for down-payment on a car, and eventually on a house. Farther down the road, you will also want to save for your children’s education and for your own retirement.

Don’t take this as a downer; it’s simply the truth. It’s the reason why your parents might be concerned about your spending habits now. Over-reliance on college loans, and using them to pay your living expenses, can lead to crushing debt.

And consider this one other fact: Educational loans are not covered under bankruptcy law, so you can never get out of them! Defaulting on your student loans can lead to an existence similar to debtor’s prison, which was abolished many years ago. This is something we all want to avoid.

College costs more all the time, but many students choose to attend less expensive colleges. By paying in-state tuition, you save a great deal. You also might consider attending a less expensive two-year community, technical, or junior college, and then transfer your credits to a four-year university. Just be sure that the four-year institution you want to transfer to will take your credits.

By attending a community college in your area, you could save money by living at home. You might also be able to do this if you attend a four-year institution that is close enough to home. This way, you don’t have to pay for a dorm room or apartment, and you also save on food expenses.

Reducing your dependence on student loans will save you a lot in the long run.

READERS, what do you think?

How much do you think you could save by living at home while going to school, rather than in a dorm or apartment?

And what are other ways you can think of to save money on your education and living expenses while in school?

Reference:

Hicken, M. (2014, August 1). How Americans Are Paying for College. CNN Money. Retrieved from http://money.cnn.com/2014/07/31/pf/college/paying-for-college/index.html?iid=SF_PF_River.

Here’s how every college student can graduate debt-free

Texting While Driving Can Be Deadly! It Can Also Lead to Financial Consequences

Have you ever driven while talking on the phone or texting a friend? Maybe you feel comfortable doing other things while you drive, but it’s time to reconsider. Distracted drivers cause many of the accidents on the nation’s roads, and cell phones are a major distraction. Even experienced drivers are not able to drive safely while talking on the phone, and texting is even worse, taking the driver’s eyes away from the road.

Halfway through this year, 1,200 tickets had been written in Kentucky for texting and driving. This is much worse than last year, when approximately 800 tickets were written for the same offense during the entire year. Although enforcement is being increased, many people continue to use their cell phones while driving.

Keep in mind that nearly 7,200 accidents were linked to distracted drivers last year, and 22 people died in those crashes. The next statistic could be you or someone you know. If someone you care about is driving while distracted by anything, whether they are texting or looking at a map, encourage them to pull over safely and do what they need to do.

There have been several attempts to pass tougher laws in Kentucky to deal with distracted driving, but so far not everyone is on board. Currently, there is a $25 fine for the first offense and a $50 fine for the second offense, plus court costs. Kentucky has also banned the use of personal handheld electronics for drivers under 18 years old. You might have to pay serious prices if you drive and text.

Fortunately, there is a “TextLimit” app that you can  download onto your iPhone, Android, or Blackberry phone.  The app will disable text messaging capability while your car is in motion. All you have to do is sign up and enter the code, “NOTEXTKY”, to get a free subscription for one year. This technology could save many lives in Kentucky and help discourage people from texting while driving.

For more information, watch the following video from WKYT in Lexington: http://www.wkyt.com/home/headlines/Kentucky-joins-national-texting-enforcement-movement-252531981.html?ref=981.

READERS, what do you think?

Do you talk on your cell phone while driving? And do you text while you drive? If not, do you know of people who do or who have had to face legal or other consequences because of it?

What would you say to a friend or family member who is endangering themselves or others by texting while driving?

And would you use  the “TextLimit” app to keep you from texting while driving?

References:

Internet Forestry. (2014, July 25). Kentucky: Distracted Driving Laws, Legislation. Hands Free Info. Retrieved September 24, 2014, from http://handsfreeinfo.com/kentucky-cell-phone-laws-legislation/.

Smith, S. (2014, March 26). Kentucky Joins National Texting Enforcement Movement. WKYT. Retrieved September 24, 2014, from http://www.wkyt.com/home/headlines/Kentucky-joins-national-texting-enforcement-movement-252531981.html?ref=981.