Cover the Uninsured Week Thursday, Apr 26 2007

Last week was SpaWeek. Millions of Americans finally got their much needed manis, pedis, and rubs for a fraction of the regular price. How relaxing…

This week happens to be much more important. It’s Cover the Uninsured Week. This is the time when millions of Americans who are without healthcare can receive the basic preventative screenings they so badly need. (Kinda puts those Swedish massages in perspective, huh?)

There are events planned nationwide that aim to support reauthorization of healthcare for kids and enroll families in need. Business owners, union members, educators, doctors, nurses, and other member of the community come together and demand that our country finds solutions for the millions of Americans living without health insurance, particularly the children. Visit the website to find out how you can become involved.

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Wanna Travel for Cheap & Immerse Yourself in the Culture: Try Couchsurfing Wednesday, Apr 25 2007

Couchsurfers: We all know a few. Maybe we’ve been one. One of those guests who crashes in the living rooms of a circle of friends in lieu of paying their own rent. But now there’s a new breed of couchsurfers: world travelers who stay on other “surfer’s” couches around the world (in exchange for extending their own living room to other travelers). The Couchsurfing Project dubs itself as “a worldwide network for making connections between travelers and the local communities they visit.” How? Simple – you create on online profile and search your desired travel locale. You then request accommodations from local hosts. In many cases you are welcome to stay for up to a few nights. All absolutely free. That’s right, no expensive hotel costs. But this network is more than just free accommodations – it’s about creating a worldwide social network and experiencing the culture with the locals. Sure, most everyone who goes to Paris for the first time is going to see the Eiffel Tower and the Louvre, but your Couchsuring host may take you to all the yummy local cafes and chic shopping spots.

Sounds sketchy? It’s surprisingly not. The website uses a system where current members can “vouch” for hosts and guests. It’s similar to the system Amazon and eBay use to rate sellers. There are also other safety precautions listed on the website.

I’ve never been a Couchsurfer, but I think it’s such a cool idea. And I’m not the only one. There are currently over 200,000 Couchsurfers in over 200 countries. And countless friendships and priceless travel experiences.

 

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Home Depot’s Earth Day Giveaway Friday, Apr 20 2007

In honor of Earth Day, Home Depot is giving away one million Compact Fluorescent Lightbulbs (CFLs) Sunday, April 22. So exciting. I’m embarrassed to say I’ve never used these bulbs, but have been wanting to try them for awhile. They have a considerably longer life than their traditional, old-school incandescent counterparts – a cool 8,000-15,000 hours compared to the incandescent 750-1000 hours. More importantly, they consume about one fifth the power as the incandescents. And where there are energy savings, there are also cost savings. Although these bulbs cost slightly more than incandescents, the savings in energy costs more than pays for the price of the bulb. And since they last so long, you don’t have to purchase them nearly as often – (apologies for stating the obvious).

Home Depots’ generous giveaway alone will result in:

• $12 million savings in annual energy costs
• reduction of up to 196 million pounds of CO2 emissions, which is the equivalent of removing 70,000 cars from American roads

Hurry to Home Depot Sunday morning to get your CFL while supplies last. Both Ben Franklin and Mother Earth would be proud.

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Hidden Costs of Booking Through Expedia Wednesday, Apr 18 2007

Sure, online travel reservation portals, like Expedia and Travelocity, often offer better deals than booking directly through the airline or hotel. And the package deals are usually your best bet. But ONLY in a perfect world. ONLY if all goes as planned, which, when traveling, as we all know is wishful thinking. When planning for that dream vacation, Murphy’s Law typically rears its ugly head.

Such was the case for me this weekend. Nasty weather delayed my flight by six hours (which, btw, Frontier Airlines were nice enough to call me at home and let me know in advance my flight was delayed). Another bout of nasty weather left me stranded at my first layover (which was not my final destination). To make a long story short, I was stranded and forced to cancel my hotel reservations. All was well, as the hotel’s lax cancellation policy only asks I cancel before 6pm with no penalty. Oh, yeah, I booked through Expedia; must cancel through them also. Fine.

Not fine. “Customer service rep” informs me I am charged a 100% penalty unless I had canceled before check in day. (And, there are other penalties for canceling before check-in day, though not so severe.) In case you’re not following, as I wasn’t, I am to be charged 100% of the ENTIRE stay, even though I am technically canceling days before the second or third night. No exceptions. Not weather, not illness, etc.

So, yeah, I saved a FEW bucks by INITIALLY booking through Expedia, but it actually cost me quite a bit. I was told I had to eat the cost of the hotel I canceled in advance, but apparently not far enough in advance. Then I had to book a hotel in my layover city, where I was stranded overnight. Grrrrr…

I don’t give up without a fight though. I called Expedia back, knowing I would likely get a different “customer service rep” on the line. Fortunately for me she was much more understanding of my situation, and agreed to refund the total cost of the reservation. WHY couldn’t the first person have done this??? It’s not like it comes out of her pocket. But, at least justice was served.

When you find yourself in a completely ludicrous situation, demand the terms are unacceptable. Speak to another person. Speak to the supervisor. Always get the names of the people you speak with. Write a letter. File a complaint with the Better Business Bureau. Call your credit card company and refuse to pay the charges. Bottom line – do not let these companies get away with stealing your money. Sure, Expedia agreed to refund my money (in the next two billing cycles?), but I’m not entirely sure this is over. I fully intend to receive the credit, but not without a few more frustrating calls. In the future, I won’t be booking with Expedia. I would rather pay a few more dollars in exchange for a more forgiving cancellation policy.

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Used Car Buying Guide: Negotiating the Deal (Part 2) Monday, Apr 16 2007

This post refers to negotiating with a private seller, not a dealer. I will (hopefully!) write a post later on about how to negotiate with a seller, which is a whole different story.

So you’ve found a car you love? Now it’s time to negotiate the deal. It’s important to not let on to the seller that this is a car you can’t live without. Here are a few tips on how to negotiate, and why playing hard to get is often to your benefit.

1. Be prepared to ask a lot of questions from a private seller, even before you look at the vehicle.

a. Why are you selling the car? People don’t usually sell a car they love. Maybe it really is a great car, but the seller can no longer afford it, but maybe there are considerable repairs that need to be made.

b. How many miles are on the vehicle? Keep in mind that about 12,000/year is average. If the car has high miles, ask if the car is primarily driven on the highway or around town. (Highway miles are less taxing on the car.)

c. What condition is the vehicle in? Ask about specifics, like the paint, tires, AC, etc. This not only gives you a good idea of what condition the car is in, but also allows you the opportunity to access how honest the seller was with you when you actually look at the car. If the car is in worse condition than you were led to believe, there may be other hidden problems. Ask if there are any existing issues you should be aware of.

d. Do you have all maintenance records, including tune-up and oil change receipts? Although the majority of people do not have all records, they should be able to provide records of major repairs. But remember an owner who was attentive enough to keep all records likely was meticulous about taking good care of the car. Also, keep in mind that keeping all future records is a major selling point, and will likely expedite any future sales.

e. How much are you asking for the car? This question implies the price is negotiable, and the seller’s response will likely give you a better idea of how much they are willing to negotiate.

2. When all questions are answered to your satisfaction, schedule a time during the day to look at the vehicle. Be sure to take a copy of the Used Car Buyers Checklist with you.

3. Once you decide you are ready to make an offer, it’s time to play hard-to-get. In order to make it clear you aren’t completely in love with the car:

a. Tell the seller you aren’t completely sold on one (or more) feature(s) of the car. Maybe you don’t like the color, or prefer a manual to an automatic transmission.

b. Tell the seller you are interested in the car, but it is out of your price range.

c. You have looked at other cars you like just as well, but are in a lower price range.

4. Once you have established your reservations about the car, or the price, reiterate that the car is priced too high for you, and ask what the seller’s best price is.

5. Negotiate till your heart’s content, but be aware the seller will only go so low. If the car is indeed a good vehicle, the seller knows he will find a buyer who is willing to pay a fair price. Only you can decide how much you are willing to pay (and how much you can afford).

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Used Car Buying Guide: Do Your Research (Part 1) Thursday, Apr 12 2007

This is Part 1 in a series of used car buying tips.

Do your research. This can be time consuming, and boring, but it can also save you loads of time (and trouble) down the road. Here’s some tips I found helpful in my recent used car purchase:

1. Edmunds is a good resource for true market value, pricing, unbiased consumer and expert reviews, and expert advise on how to get a fair deal. The consumer reviews were particularly helpful for me. I had scheduled a test drive for a particular year and model of a vehicle and after reading consumer reviews on Edmunds, I learned very quickly this model and year had serious electrical problems. I canceled my appointment and saved both the seller and myself some time.

2. Kelley Blue Book is a good resource for checking the trade-in, retail, and private party value of a particular vehicle, depending on the condition and the amenities of the vehicle. Knowledge is power. Never go look at a car without having a clear idea of the market value.

3. Know how much you can afford. The KBB website has a financing calculator on that lets you enter in the requested loan amount, interest rate, and term of the loan. The calculator will generate an average monthly payment and the total cost of the loan. This may prompt you (as it did me) to consider a 3 or 4 year loan, as opposed to 5+ years. Check out Jeremy’s post (Generation X Finance) on why car loans over five years may be a bad idea.

3. Once you know how much you can afford and have decided on certain makes and models you are interested in, there are other factors to consider. Sports cars usually have higher insurance rates. SUVs are often gas-guzzlers. Certain cars require only premium gas. Other vehicles are notorious for higher maintenance costs. Maybe the price of the vehicle is higher because it is four-wheel drive or all-wheel drive, and you don’t really need this feature. These are all things to consider.

3. Before testdriving a car, be sure to get the VIN# and run a Carfax report. Many dealerships provide these upfront. You often have to have ask private sellers for the VIN though. A Carfax report will tell you how many owners the vehicle has had, any repairs that have been done on the car, whether the car has been in any accidents, has been salvaged, stolen, flooded, or damaged by fire. This detailed vehicle history report is invaluable. Get the VIN# before even looking at the car. I recently looked at several vehicles, one of which seemed too good to be true. The car was beautiful on the outside, seemed to run well, and was well under KBB price. I wanted to drive it off the lot. But after running the Carfax report I found that the car had been “salvaged beyond repair” and was resold at an auction. Thousands of cars were virtually destroyed in Hurricane Katrina and have been rebuilt (on the outside) while water damage corrodes the innards of the vehicle. Carfax reports also tell you how many owners the car previously had. If a dealer or seller refuses to give you the VIN, don’t bother even looking at the vehicle. Huge red flag.

4. Be patient. Reading automobile reviews is not the most engaging reading for most people, but it does pay off. No part of the car-buying process should be rushed, especially the research.

Happy hunting!

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Saving Money & Cutting Calories Wednesday, Apr 11 2007

Grocery shopping. A necessary evil for me. Don’t get me wrong – I love to eat. And I love to shop. I just don’t love shopping for food. Maybe it’s because haven’t cultivated my cooking skills, or I’m impatient and often procrastinate and end up going to the supermarket when I’m starving, and I end up buying food I never eat. But likely it’s because I disagree with my live-in boyfriend about grocery shopping, and eating habits in general.

I must admit I am somewhat resentful of my boyfriend because he eats whatever he wants (and often he chooses rather unhealthy options) and cannot gain a pound. I’m quite the opposite. I try to watch what I eat, not only for health reasons, but also because my weight tends to spike right alongside my bloodsugar.

But alas, I have convinced my boyfriend to adopt some healthier eating habits. And I think we can both agree that we spend too much money on food that is basically garbage. We have decided to adopt a new method of grocery shopping for us – perimeter shopping. Ever notice how the perimeter of the store is where all the basic food groups live? Typically, the produce, dairy, meat department, and bakery (jury’s still out in my house as to whether the bakery constitutes a basic food group) are all located around the outside of the store. As you venture to the center of the store, you’ll find all the processed foods – including cookies, chips, sugary cereals, etc. Ironically, these food are often much more expensive than the healthier, fresher choices around the outside of the grocery store.

Yeah, I understand it is necessary to visit the center isles for a few essentials (for me this includes the coffee and tea isle). When isle shopping (as opposed to perimeter shopping), remember to look beyond eye level. Typically, on the cereal isle in particular, the popular name brands are strategically placed at eye level. If you look above or below, you may find some less pricey, even generic (gasp!) brands. This may not save you calories, but it will likely save you a few bucks. And remember the cardinal rule of grocery shopping: NEVER shop hungry.

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Pamper Yourself: SpaWeek 2007 Monday, Apr 9 2007

Ahhhh, spring has sprung, and none too soon. It’s been a long, cold winter for most of the US. I spent much of the weekend packing up my winter gear. Hats, gloves, scarves, sweaters, and coats have gone into hibernation for the spring and summer. I love my Ugg boots, but I don’t want to see them before Sept, at the very earliest. In the process of my closet overhaul, I was struck with the motivation to do a little more Spring Cleaning. I scoured the bathroom and tossed expired medicine, vitamins, cosmetics, etc. I scrubbed my kitchen and purged my cupboards and fridge of old leftovers and food I never intend to eat. My house has been exfoliated, and now my skin needs some love.

SpaWeek 2007 couldn’t have come at a better time. For those not familiar with SpaWeek, it the one week of the year where visiting the spa is not a luxury reserved for the wealthy (or in my case, when I am fortunate enough to receive a gift certificate). From April 16-21, at least 400 spas in some 20 cities across the US invite us all to pamper ourselves for a fraction of the normal price. Treatments that normally cost up to $200 are available for just $50, and gift cards are available at many of the participating spas. There’s no limit to the number of treatments you can get, but make your reservations ASAP, as the spots fill up quickly.

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Credit Card Companies Becoming Big Brother: The Universal Default Clause Sunday, Apr 8 2007

We all know it’s important to pay your credit card bills on time every month. It’s become common knowledge that credit card companies have the authority to raise your interest rates immediately if you are even one day late on a payment. You don’t have to read the fine print to know this – everyone’s already heard the horror stories of interest rates jumping from 11% to 25% overnight because of a minor oversight.

Now credit card companies are exercising their authoritative muscle in an even more extreme way. They have the right to view your credit report monthly and penalize you for ANY late payments – including late phone bills, car payments, mortgages, etc. – thanks to the Universal Default Clause. And we’re not talking about a light increase – rates can be increased to as much as 29.99%. Outrageous. This sounds so completely illegal, but it’s not. Legal, but still evil, in my opinion. The clause is often buried in the fine print of the credit card agreement, and even when consumers do see it, they often don’t fully understand its implications because of the complicated terminology. (To rationalize this nonsense, credit cards execs claim that they are only protecting themselves when they believe that the risk of repayment has been increased by a customers late payments.)

We, as consumers, don’t have to be at the mercy of the credit card companies. Here’s what we can do:

1. Pay your bills on time. This seems obvious, but it’s good to mention. I try to pay my bills once they arrive. That way, they are taken care of immediately, and I’m not tempted to spend money on other things – leaving my budget tight when they are actually due.

2. Read the fineprint. Beware of taking out any new credit cards with the Universal Default Clause, and find out if the cards you currently carry have a universal default clause. Instead of canceling a card altogether, consider transferring your balance to a card without this clause. Canceling credit cards can sometimes negatively effect your credit score. (Seems, ironic, huh?) . Also, if you do apply for a new credit card, make sure the card you receive is the card you applied for. If you don’t qualify for the card your originally applied for, they may send you one with “comparable” terms. Be wary. Keep records of all cards you apply for to compare to cards you receive.

3. Check your statements regularly. This also seems pretty obvious, but it is surprising how many people don’t even look at their statements. If they do, they are often only looking at what charges have been applied, not the interest rate.

3. Check your credit report annually. This is a good practice anyway. It’s good to know what kind of credit you have, what your interest rates are, your credit score, etc. This is also important in preventing identity theft.

Do keep in mind, not all credit card companies are all bad. Kudos to Citibank, who has done away with a universal default clause altogether. Maybe we should all transfer our balances and see how well the other companies do without our business?

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Aspiring Writers Inspire Future Savers Friday, Apr 6 2007

How do I love ING? Let me count the ways…

Seriously, I really do love this organization. They give you to $25 just to open an account with a stellar interest rate that is always increasing. They make it so simple to deposit and transfer funds. In addition to savings and checking accounts, they also provide home loans, investment, and retirement accounts. But what I really love are their contests. I’m competitive by nature and I LOVE saving, so naturally, I am always watchING out for the next contest.

Their latest contest really jumped out at me. Adventures in Savings challenges story writers of all ages to write a fictitious children’s story that espouses a financial lesson. There are separate categories – child, teen, and adult – and one winner from each will win $1,000 and have their financial fable illustrated and published.

I applaud ING’s efforts to teach kids about money at an early age. Call me a cynic, but I feel like so many financial institutions aim to keep us in the dark about these matters (young and old). Credit card companies reward you for spending above your means, and slap you with a hefty penalty for any spending mishaps, no matter how minor.

Or you could call me naïve for raving about ING’s latest contest to encourage saving. You may be thinking – sure they want to encourage saving, as long as you save with them. And sure credit card companies want to keep consumers in the dark about late payments and high interest rates – that’s how they make their money.

Either way, I think this contest is just swell. I’m already brainstorming about money morals…

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