We all know that shopping makes us feel good. It’s a scientific fact – when we see something we want, it triggers the release of feel-good endorphins and hormones that inspire us to make a purchase – something I talk about in my book, The Difference. But I know from reading many of your e-mails that, in some cases, this kind of feel-good shopping can become a real issue. When you shop compulsively – buying things you don’t need, and racking up debt – it can take a real toll on your life.
My good friend April Lane Benson, PhD, is an expert in overshopping – and how to stop. She authored a book – To Buy or Not to Buy: Why We Overshop and How to Stop – to help compulsive shoppers curb their behavior and live a financially responsible lifestyle. Recently, April let me know about a new study she’s working on to test her treatment for compulsive buyers. The treatment has been a success for more than 100 shopaholics – and it incorporates a series of steps that help to re-shape buying behavior, and keep you from falling back into a bad habit once you’ve fixed it. More…
The American Red Cross swimming program, at least as implemented at one Westchester County, NY daycamp, has discovered the secret of reaching your goals. Break ‘em into achievable benchmarks. My young friend Sasha, age 5, started camp as a non-swimmer, as did my own kids years ago. Back then, a half decade or so ago, kids had to cross a slew of items off their list to move from Level 1 to Level 2 and so on. It could take an entire summer to scale a single rung. No more. This year, within her level, Sasha has been challenged to hit a number of benchmarks within Level 1. She started as a guppie, moved to tadpole, then was a minnow, now she’s a frog. And, reports her mother, “she feels great!” More…
Lending standards have gotten tougher in the past couple of years, and banks are starting to dig a little deeper into their customer’s finances before they give out loans. However, some expecting parents are being turned down for mortgages, and credit score requirements have gotten even stricter. This morning on the Today Show, I talked with Matt Lauer about some of the surprising things that might hold you back from getting a loan — and how to prepare yourself before you apply.
It’s not new news that kids are a big investment. According to estimates from the U.S. Department of Agriculture, it’ll cost parents anywhere between $205,460 and $475,680 to support a child born in 2009 until they’re 17 – estimates that do not include college tuition (an expense I’ll be facing in the next few years). And it’s not just money you’re expending, it’s time. The financial impact, researchers note, corresponds with the time spent on kids and their various activities.
The mother of a tennis player and a horseback rider, I know all too well what a new racket or pair of riding boots will set me back, in both minutes and dollars. But after a recent conversation with a friend, who’s three children participate in a collective 13 extracurricular activities, including (but not limited to) youth hockey, lacrosse, ballet, and swimming – I feel like I might be getting off easy. More…
The New York Times recently reported on the “silent victims of the economy” – the 16-24 year olds that are currently competing for summer employment. Facing a record 19.6 unemployment rate, this country’s youth are certainly struggling — and if your child hasn’t yet started his or her summer job search, it’s definitely time to get going! “Consistent with last summer, I’m finding that teens have to submit 10 applications to get one job offer,” says Steve Kimball of SnagAJob.com. “The competition is high.”
But that doesn’t mean there aren’t jobs out there. I asked Kimball about where there are still opportunities if your teenager hasn’t found work yet. “There are lots of sectors still hiring,” he says. More…
Who doesn’t want some extra cash? Whether you inherited your grandmother’s jewelry or no longer have a use for your designer suits, you can make money by selling things in your own closet. This morning on TODAY, I shared the stories of two women who were able to sell some of their clothes and jewelry — and also provided some tips on how to make sure you get the most out of what you have to offer. Watch the clip below!
How can you protect yourself and your credit when your identity has been stolen? Can you avoid fees on your credit card when traveling internationally? Will marriage impact my credit score? Watch the video below from this morning’s Money 911 for the answers — and click here to submit questions of your own!
This week, I asked Erin Chase, a fellow blogger and the author of The $5 Dinner Mom Cookbook, to join us with a guest post. She’s a master at putting inexpensive – and easy – meals on the table, and offered to share two of her favorite recipes.
When it comes to making dinner in my kitchen, I’m always on the lookout for the easy, convenient and of course the least expensive way to get dinner on the table. I love this White Chicken Chili recipe because it is made from scratch, it slow cooks all day, and it satisfies the hungry masses come dinner time!
Making your own sauce from scratch saves both time and money. I recommend making up a large batch of homemade white sauce and freezing it in plastic containers, in 2 or 3 cup portions. I substitute 1 can of “cream of” soup for 2-3 cups of homemade white sauce.
Also, cooking dried beans in large batches, then freezing in meal size portions, adds to your time and money savings. Rather than cooking 1 cup of dried beans at a time, prepare the entire bag, drain, cool, then freeze the cooked beans in 2 cups portions. I find that 2 cups of cooked beans is the equivalent of 1 15 ounce can of beans. Cooking dried beans costs 50-75% less than buying canned beans.
By making your own sauce and cooking dried beans, this White Chicken Chili meal comes in well under the $5 mark! More…
I have credit card debt of $80,000 after helping to support a family member in need. In the past, I haven’t had problems paying the required monthly payments. However, a promised company bonus did not come through and credit card companies have doubled their interest rates and monthly requirements, making it difficult. I can pay each month, but money is really tight now. I want to pay these off, and wonder if I should just keep plugging along, or try a debt settlement arrangement. What do you advise? – Allison, Wisconsin
It’s hard to pass on helping a family member or friend in a time of need – but sometimes, it can have a major impact on your own life. That means making a choice about the type of changes you are willing (and able) to make in your life. Below, I’ve listed your three main options – and given you some insight into the pros and cons of each.
Cutting down. When you have debt like this that you need to repay, sometimes it’s possible to slow your spending and free up some additional money each month. Now, that’s not to say it’s easy. Making lifestyle changes like this one can be a challenge – but you’ll save your credit score, and learn some new budgeting strategies that will stay with you and keep you out of debt in the future. More…
“My husband and I have been the victims of 8 fraudulent credit cards, embezzlement and forgery committed by his former secretary and her family. We are in dire need of your help. The bank that allowed her to get away with this has now put us in collections for a fraudulent credit card.” - Jean, New Hampshire
I’m so sorry you’re dealing with this – many people don’t realize, but about a third of identity theft cases are committed by friends or family members of the victim, making your situation all the more common. The first thing you need to do, if you haven’t already, is file a police report. This is important, because you may need a copy of a police report to legitimize your claims. You should take that to the FTC to file a complaint there — which can then be used to make debt collectors stop collecting on those fraudulent debts. More…
We all know that shopping makes us feel good. It’s a scientific fact – when we see something we want, it triggers the release of feel-good endorphins and hormones that inspire us to make a purchase – something I talk about in my book, The Difference. But I know from reading many of your e-mails that, in some cases, this kind of feel-good shopping can become a real issue. When you shop compulsively – buying things you don’t need, and racking up debt – it can take a real toll on your life.
The American Red Cross swimming program, at least as implemented at one Westchester County, NY daycamp, has discovered the secret of reaching your goals. Break ‘em into achievable benchmarks. My young friend Sasha, age 5, started camp as a non-swimmer, as did my own kids years ago. Back then, a half decade or so ago, kids had to cross a slew of items off their list to move from Level 1 to Level 2 and so on. It could take an entire summer to scale a single rung. No more. This year, within her level, Sasha has been challenged to hit a number of benchmarks within Level 1. She started as a guppie, moved to tadpole, then was a minnow, now she’s a frog. And, reports her mother, “she feels great!” 
It’s not new news that kids are a big investment. According to 
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I have credit card debt of $80,000 after helping to support a family member in need. In the past, I haven’t had problems paying the required monthly payments. However, a promised company bonus did not come through and credit card companies have doubled their interest rates and monthly requirements, making it difficult. I can pay each month, but money is really tight now. I want to pay these off, and wonder if I should just keep plugging along, or try a debt settlement arrangement. What do you advise? – Allison, Wisconsin
“My husband and I have been the victims of 8 fraudulent credit cards, embezzlement and forgery committed by his former secretary and her family. We are in dire need of your help. The bank that allowed her to get away with this has now put us in collections for a fraudulent credit card.” - Jean, New Hampshire
