September, 2009

Helping You Fix Your Finances

Do you want to cut your insurance costs? Looking for ways to slash your grocery bill? Need a plan to tackle your credit card debt? Want a new car but are confused about what you can afford? If you have a money problem we’d like to help you solve it. If you live in the New York area and you’d like to join me on the Today show for a Mini Money Makeover, send me an email (with a description of your financial problem) by clicking here.

Money in the Morning

On this morning’s Money 911, we tackled questions on everything from figuring out the best way to manage your household budget to knowing how to tell whether or not your financial advisor is trustworthy. Watch the video below for more:

Entrepreneur Fridays: Pea Soup

In 1999 Marcy Cohen started making hair clips for her daughter for fun. Today, Cohen and her sister Lori Rockoff are partners in Pea Soup, a line of children’s clothing and accessories. Read on to see how they turned their hobby into a half-million dollar a year business.

Who: Marcy Cohen and Lori Rockoff

What: Pea Soup Accessories for Kids; a manufacturer of handcrafted children’s hair clips, bows and more. You might have seen their designs on the offspring such celebs as Gwyneth Paltrow and Jennifer Garner.

When and Where: Ten years ago in Chicago, IL

How: In 1999 Marcy Cohen was working as a teacher. Her sister, Lori Rockoff was doing social work. For fun Marcy started making hair clips for her daughter and from there, Pea Soup was born. “I found myself going in my restaurants and people would stop me and say where did you get this bow…we didn’t start with a plan. We were buying materials, going to craft stores. Our first customer was a children’s hair cutting salon. We brought our items in and they placed an order.” That first order may have only $150 but the satisfaction they got from this taste of success was enough to spur them on. “We were so excited. It’s still exciting,” said Cohen.

From there, the orders only got larger. “When we first started we were the ones making the clips. We were in LA a year and a half into it when we got our first big order. It was about $1,200.” After a weekend spent on the floor of Lori’s apartment assembling the clips, More…

Ask Jean Thursday: Crazy for Coupons

“I’m constantly looking for ways to reduce my bills. I always read about how consumers save hundreds each year by using coupons. I clip the ones I find in my Sunday paper, but I’m not saving nearly as much as I know I could be. Where else can I find coupons? How much can I expect to save?”

-Janet, New York

Coupons, it seems, are everywhere these days. One look at today’s New York Times piece about the “Clip and Save Renaissance,” and you’ll see that in the past year using coupons has become, dare I say it, the cool thing to do.

According to the Promotions Marketing Association, consumers are saving $3 billion per year by using coupons. But how can you get your slice of the pie? You’re on the right track clipping the coupons you find in your Sunday paper (that’s where 90% of coupons are found, according to the PMA). But, according to Charlie Brown, co-chair of the PMA Coupon Council, there are lots of other places you could be looking. “One of the largest sources of coupons is in the store itself. About 5% of coupons are distributed there. Some stores have them where they’ll print it with the deli meat or cheese. You’ll see them on the package themselves,” says Brown. Surprisingly, Brown says that only 30% of these in-store coupons are ever cashed in.

Scouring the web for coupons can also net you some great deals. “The Internet is a huge growing source. There are very legitimate sites that are set up only for distribution of coupons,” says Brown. Sites such as RedPlum.com, Coupons.com, and CouponShack.com all offer coupons on everything from groceries to apparel. One of my favorite tricks to get discounts or coupons when shopping online is Googling the item I want to purchase along with the words “promotion code,” or “discount.” If you don’t have a specific product in mind and are just looking for the discounts in general, PromotionCode.org is a great place to start.

If you want to get the most out of coupons you’re going to have to put in a little bit of legwork. “Our studies show that if you More…

Taking Your Questions

Did you know that there are actually checking accounts out there now that are paying about 4% interest? Watch the clip below from this morning’s Money 911 for more money-smart tips.

Safely Investing Your Savings

Today’s Mini Money Makeover candidate had what every financially secure person should have-a savings to fall back on in case of emergency. The problem? All of her money was going into that savings account. She was scared to invest. Her money wasn’t working to make her more money. Have the same problem? Watch the video below for some helpful tips.

Ask Jean Thursday: First Credit Cards

I have a 17-year-old daughter that will be 18 in January 2010. What type of credit card should I get her to start building credit for her?

-Christine, New York

When teens and credit cards mix, the outcome can sometimes be disastrous. But, if handled correctly, credit cards can be a great tool for teaching your college-age kid the basics of financial management.

After your daughter turns 18 in January, she may want to hussle to get that first card. Otherwise, she will need a cosigner. When another piece of the new credit card legislation takes effect on February 22nd, any person under the age of 21 will be required to have a parent to co-sign on their credit card. “Mom needs to be sure she is comfortable with co-signing, which could affect her credit score if her daughter misses a payment,” says Karen Blumenthal, author of “The Wall Street Journal Guide to Starting Your Financial Life.” If your daughter can prove that she’s making enough money to handle having her own credit card, she may be able to side-step the need for a cosigner.

When you start shopping around for a credit card, let your daughter do the work. “It’s good practice for the student to research the options–the interest rate on charges, the interest rate on any cash advances, and the fees you’ll pay if you pay late or go over your credit limit. That way, the card holder knows exactly what the terms will be,” says Blumenthal.

As you probably know, the options for credit cards can be overwhelming. To make it easy on your daughter keep things simple. “I recommend a young person apply for a plain More…

Be Your Own Boss

It’s often said that times of economic hardship are the best times to start your own business. Saving money by hiring interns, finding investors to back your business and having a unique product or service are all great ways to get yourself on solid financial ground and help your business take off. Watch the video below for more.

Calling All Entrepreneurs!

Did you take your great idea and turn it into a real moneymaker? If so, we’d like to hear about it! Next Friday we’ll kick off a blog-series profiling a different entrepreneur each week. If you’re an entrepreneur and would like to share your story, click here.

If It’s Wednesday…It’s Money 911

On this morning’s segment, Carmen, Stacey and I answered questions on everything from annuities to 401(k)s. Click the video below to watch.