Three Steps to Moving Past Financial Mistakes

Everyone makes mistakes sometimes (see my post yesterday), and mistakes will happen in your financial life.  It is unpleasant, often expensive, and most of all, utterly inevitable.  Here's the important part:  looking at them, seeing what you need to learn or change, and then letting it go far, far away, never to haunt you again.

What do I mean?  Surely there has been some time in your life where you've messed up with your money.  Whether it is the medical bill you had to pay because you didn't get it properly cleared through Tricare first, or the late payment fee on your credit card, or the snazzy new car you paid too much for, mistakes happen, even to really amazingly savvy people.  Of course, no one wants to make these kind of mistakes and we're all striving to avoid them (as we should) but there is a strategy for learning without obsessing or beating yourself up unnecessarily.

First, look objectively at what happened.  What could you have done differently to prevent it?  (Disregard the actions of anyone or anything else - just analyze your own behavior.)

Second, see how you could change your financial systems to prevent this from happening again.  If necessary, set up overdraft protection, find a better filing system, or do whatever else you need to do to make it hard to make the same mistake in the future.

Third, move on!  This is hard for me (I'm still stewing over a medical bill from several years ago, one that could have been prevented if I'd followed Tricare's rules in the first place).  Time helps, but you can also try more active techniques such as writing it down and ripping it up.  It also helps to remember the times that surprise money has fallen into your life - assuming your financial mishaps aren't a regular occurrence, they're probably being pretty balanced out by the windfalls.

Just knowing that no one manages money perfectly should help you feel less guilty when things go awry.  If you can look at the expense as tuition in an educational experience, and use your knowledge in the future, it should lessen the blow a little and let you move on.

Click here to find the main page of The Paycheck Chronicles.

Old Navy Military Appreciation Days

Don't forget, today, August 30th through September 2nd are Military Appreciation Days at Old Navy (stores only.)   Active duty, reserve and military members and their families will receive 30% off their entire purchase.  If you are looking for some bargain back-to-school wear, this might be just the right place to find some deals.

Thanks, Old Navy!

Update at 5:24 PM on Sunday, August 30th...readers are reporting that their local Old Navy doesn't know about this promotion.  I called the three stores closest to my home and none of them knew about this sale, but then we finally discovered that it was actually JULY 30th to August 2nd...mea culpa.  I totally apologize for any inconvenience.

While trying to figure it out, the sales asso.ciate mentioned that Old Navy offers 10% off on the first of every month, and that they are offering 10% off on September 1st through September 3rd.  Of course, now I'm a little wary of publishing that...ikes!  Call your store to see what promotion they might be offering.

Sorting Out Charitable Giving

Charitable contributions are a challenging issue for many people.  Sure, we all want to be generous and help others, but sometimes we don't know how much to give, who should get our money, or where to start.  Admittedly, military folks have a small advantage, as we are encouraged to give to the Combined Federal Campaign (CFC) and our service's aid society through payroll deductions.  Even that can be hard:  how much should you give, and which agencies should you choose for CFC?

The religious tradition of tithing states that you should give 10% of your income to the church.  Many people hear that 10% number, believe that they can't afford it, and then just give up on the idea of charitable giving altogether.  Alternately, many people don't choose to give to a church because they don't worship regularly and that isn't a comfortable place for them to give.  However, there are so many other ways to look at giving and I encourage each of you to consider fitting charitable giving in your budget.

I believe that people who are able to help have an obligation to do so, and I also believe that there is good karma generated from charitable giving that will bless you in other areas of your life.  You don't have to agree with either of those statements, they are just my thoughts.  Plus, you get a nice tax deduction if you itemize.

Let's start with the amount.  Depending on your current financial situation, anything from 1% to 10% might be appropriate.  I think that you start where you think you can, while also challenging yourself to increase the amount in the future.  I find that it works better if I do it at the beginning of the budget, just like savings.  If we wait until the end of the month to give, somehow it seems that there isn't any money left.  In some sense, it isn't the amount that matters, it is the thought behind it.  You need to decide if you are working with a yearly, monthly, or weekly giving budget.  We chose to set aside a certain portion of each paycheck for charitable giving, but other ways will work as well.

Now, where do you want to give?  If you are religious, your place of worship is a good place to start.  How much would you like to contribute to their activities.  Keep in mind that if you worship in a military chapel, your contributions are being used differently than those of a civilian congregation.  Either way, you might want to be proactive and ask how your church/synagogue/mosque uses their offering money.  You might be surprised to learn where your money ends up.

Out in the community, there are innumerable opportunities to give.  Think (with your family if appropriate) about what is important to you.  Our family often contribute to military causes, family support activities and environmental groups (but not the wacko ones.)  In just a quick brainstorming session, you can probably think of several dozen groups that you would like to support.  Once you've made the decision to give, narrowing it down to your budget is usually the hardest part.  Be sure to check on the charity's records before giving, which can be done easily using charity rating websites such as Charity Navigatoror Charity Watch.  You can learn all sorts of interesting information there, but many people choose to focus on the portion of the fundraising that is used for administrative expenses.  Keep in mind, however, that some charities might have higher administrative expenses than others because of the nature of the charity, not just because someone is spending poorly.

Charitable giving is an important part of American culture and helps support millions of valuable projects every year.  Think about how you can contribute and then go out and do it.  I think you will be glad you did.

Click here to reach the main page for The Paycheck Chronicles.

Quotable: David Geffen

"Anybody who thinks money will make you happy, hasn't got money."

Carnival of Pecuniary Delights, Edition 21

Aha, it is my turn to host the Carnival of Pecuniary Delights and I get the lucky 21st edition.  Originated by my friend Penelope at Pecuniarities, the Carnival features some of the best personal finance reading available.  Due to a lack of sleep and some less-than-sound thought, I decided to dissect the carnival name and group the articles that way. We'll see if it works!

But first, the Editor's Pick. I've only chosen one because I think this is such a fantastic post and it deserves star billing. The Happy Rock from The Happy Rock presents A New Stage In My Financial Journey. I don't want to give away too much (I like that the title is enigmatic) but I think he's on to something here and he's given me a new goal.

All definitions from Merriam-Webster.com:

• Main Entry: car·ni·val
• Pronunciation: ˈkär-nə-vəl\
• Function:  noun
• Etymology:  Italian carnevale, alteration of earlier carnelevare, literally, removal of meat, from carne flesh (from Latin carn-, caro) + levare to remove, from Latin, to raise
• Date: 1549

1. a season or festival of merrymaking before Lent
2. a: an instance of merrymaking, feasting, or masquerading, b: an instance of riotous excess <a carnival of violence>
3. a: a traveling enterprise offering amusements, b: an organized program of entertainment or exhibition: festival <a winter carnival>

Carnivals can be expensive - it seems like the money just falls right out of your pockets. Unfortunately, real life can seem that way, too. J. Money from Budgets Are Sexy helps us get a handle on the lost money with his post Find Out Where Your Spending Leaks Are, and Fix Them.

Once upon a time, when I was a child, my father was working at home one night and I asked him what the project was about. He told me that they were mapping out the world so that they could put up satellites to cover most of the earth's surface, and someday everyone would be able to carry a phone around in their pocket instead of using phones at home. I was pretty sure that he had enjoyed the 70s a little too much - phones in pockets? Crazy. Well, 20 some years later, Wojciech Kulicki from Fiscal Fizzle presents The Days of Land Lines are Numbered. I guess that my dad wasn't so crazy after all.

Whether you love him or hate him, Dave Ramsey has certainly had a huge impact on the world of personal finance education. jim from Bargaineering.com (plus his commenters) offer an excellent overview and discussion at Dave Ramsey’s Total Money Makeover Review.

I'm including this one in the carnival section because it is starting to seem like the entire investment world is just one big celebration of excess.  Fortunately, Natalie MacLellan from Before You Invest presents Choosing a registered financial adviser - one step in fraud prevention.  Hopefully her tips will help you to chose wisely.

Finding just the right rewards credit card can make you feel like you've hit the jackpot, or at least fill you with a happy feeling. david from Credit Card Offers IQ presents 10 Super Cool Credit Card Offers (You’ve Never Heard Of).

• Main Entry: >pe·cu·ni·ary
• Pronunciation:\pi-ˈkyü-nē-ˌer-ē\
• Function: adjective
• Etymology: Latin pecuniarius, from pecunia money
• Date: 1502

1. consisting of or measured in money
2. of or relating to money

Online bank accounts can be useful tools for many reasons. CPF from Christian Finances presents Where to open a free online bank account?

No one wants to talk to a collection agency, but talking is probably your best strategy. Fortunately, Ray from Financial Highway presents Dealing with Collection Agencies- Tips on Handling Collection Agencies.

I'm not much into investing outside my retirement accounts, so this subject is pretty foreign to me. The Digerati Life from The Digerati Life presents Best Online Stock Brokers For Cheap Stock Trades and helps a newbie like me to understand a little more.

As the worlds financial markets change, some people are finding that their access to affordable, prime credit is shrinking. As a result, the sub-prime credit market is reaching out to more people. There are plenty of things to know about sub-prime credit. The Smarter Wallet from The Smarter Wallet presents Credit Crisis and Subprime Card Traps.

Ever wondered what this "dollar cost averaging" stuff is? Learn from Investing Toolkit, who writes Dollar Cost Averaging Basics. Not a glitzy and exciting post, but certainly important, Banker Saver from Banker, Saver presents Living With Low Interest Rates and Poor Investment Performance. 

• Main Entry: de·light
• Pronunciation: \di-ˈlīt, dē-\
• Function: noun
• Date: 13th century

1. a high degree of gratification: joy; also: extreme satisfaction
2. something that gives great pleasure <her performance was a delight>
3. archaic: the power of affording pleasure

A great reminder from Baker at Man Vs. Debt: What Money Can't Buy: Share Your Priceless Moments. What a lovely combination of lighthearted-fun and a serious prompting to look around and enjoy the gifts that life has given.

The comments fmd included with this submission sum it up better than anything I can say: "It is easy to make a budget. It is harder to make a budget that works. Read this article and get some help." He's right, so click on over to My Findependence Day to read Making a Budget that Works.

A different sort of delight: a good credit score! If you are striving to improve your score, DR from DoughRoller presents 11 Simple Ways to Improve Your Credit Score Today I found it interesting and I hope you find it helpful.

First time homebuyers are a huge part of the current upsurge in sales. PT Money from Prime Time Money presents $8000 First-Time Home Buyer Tax Credit Details. Don't forget that you must close by November 30th in order to be eligible for the credit - time is running out!

I keep a separate line item in my budget for pet supplies, and sometimes the numbers make me wonder about pet expenses. Even so, I was amazed by the analysis that Darwin from Darwin's Finance presents in How Much is that Puppy? The Most Detailed Dog Cost Analysis You’ve Ever Seen. Wowsers - that is a lot of money.

Some people may find this odd, but I delight in checking out new personal finance software. Chance from Personal Finance Software Reviews presents New Personal Finance Software Review - Weekly Envelope. (Just so you aren't confused, Weekly Envelope is the name of the software being reviewed.)

For many people, a small business or work at home job sounds positively delightful. Check out this article where Buck Weber from The Buck List presents Nine Ways to Find a Job or Work at Home.

I was so impressed with the quality of submissions in this week's Carnival of Pecuniary Delights. Thank you for joining me and be sure to check out next week's edition hosted by The Canadian Finance Blog.  Submit your articles here for consideration.

To Buy, Or Not To Buy

Recent headlines about Cash for Clunkers and the upcoming Cash for Refrigerators programs have me rethinking some of my spending plans.  Here is the situation:  my deployed husband is coming home in 2010 and we anticipate moving sometime thereafter.  Possibly outside the country.  As a result, I've got some household items that could use replacement but I'm waiting to see where we're headed:  a new car, a new refrigerator, a new vacuum, a new clothes dryer.  I've been nursing these things along because it makes no sense to buy something new just to put it in storage or try and resell it (at a loss) a few months later.  I restrained myself from using the Cash for Clunkers program to replace a car, because a car is such a large purchase, I wasn't necessarily interested in buying a brand-new car anyway, and I still need a large car and I wasn't really happy with the models that would qualify.  However, this Cash for Refrigerators program is really tempting me.

Basically, this is a federal program that uses some of the economic stimulus money to encourage purchases of Energy Star appliances.  Buyers will not need to "trade in" their old appliances to be eligible for the rebates, and the federal program can be added to state programs already in existance.  (Find a list of current state programs here.)  Individual states can decide which items will be eligible for rebates in their state.

This brings me to a dilemma...shall I go ahead and purchase new products during the rebate period?  If we stay in the states, I will be needing them.  Some of the items, such as heating and air conditioning systems, will help my house sell or make it easier to be a landlord.

It looks as if the program will become available in November and it is expected that the money will run out pretty quickly.  If you think that you might want to participate, you should start planning and contacting contractors now so that you don't miss the winodw of opportunity.  I'm at least going to talk with my husband and call around to see what might benefit my family.  I'm curious to see if you decide to make any purchases based on the incentive program.

Old but still Good

Last week, the Carnival of Pecuniary Delights, hosted by Counting My Pennies, featured The Paycheck Chronicles post:   5 Reasons Not Saving Money is Saving Me Money.  It is a useful read even if you read it before, because the ideas are timeless and it is easy to slip into the "gotta run around and save money" mindset.  I've spent a few weeks shopping for school supplies and have definitely been guilty of it!

.

Free Chick-fil-A and Other Restaurant Goodies

Thank you, Bargain Briana, for pointing out TWO ways to get free Chick-fil-A!  It is nice to have a little restaurant treat once in a while, and even better when you can get a bargain as well.

Speaking of bargains, don't forget to check your favorite restaurant websites to sign up for their birthday clubs and other clubs.  Just tonight, the four kids and I ate dinner at Bob Evans for only $13, courtesy of a couple of birthday club coupons.  (Don't forget to calculate your tip based upon the full amount of the bill before discounts.)  I noticed that the kids hadn't received their Friendly's birthday emails so I clicked on over to discover their new Best Friend of Friendly's club.  I'm a little confused about whether the old Friendly's registrations are gone but I did sign up for the new club.

I'm in the mid-Atlantic, so I'm also signed up with Boston Market's VIP club, the Cheeburger Cheeburger Fan Mail Club, and Denny's Birthday Club.  Check websites for restaurants in your area to see what deals you can find.  I keep my coupons in the glove box for surprise treats or to keep the costs down while traveling.

Cheese, Please

I love cheese, and so does my family.  Unfortunately, we seem to eat it in spurts:  a ton one week and hardly any the next few weeks.  Fortunately, I found these handy hints from Mary Hunt to help me keep our cheese fresh and cheese-colored.  I knew the trick about keeping cottage cheese stored upside down, but the rest of it was news to me.  Hopefully Mary's info will help you save a few dollars on the cheese bill.

Quotable: Alan Greenspan

"Any informed borrower is simply less vulnerable to fraud and abuse."

Military Retirement and Social Security

Elsewhere at Military.com, Ask June answers a question about Social Security and military retirement.  It seems to be a popular question, so find out the answer from Military.com's resident expert.

Test Your Credit Savvy

Thanks to Carrie Davis, who has put together a short, fun quiz at Moolanomy:  10 Questions that Test Your Credit Savvy.  I got 9 right, but I sort of had the answer to one of them given to me, so let's call it an 8.  Good, but honestly, I should do better.  I learned the difference between educational scores and lender scores, and I didn't know that lenders could construct their own scoring criteria.

How did you do?  What did you think?  Did you learn anything new?  I'd like to know!

Phony Cell Phone Bill Charges

Like many of you, I get my cell phone bills on the the internet.  A little email comes that says "Your bill is available to view online" and then the payment is automatically debited from my account on the due date.  It is an efficient system and it ensures that my bill is always paid on time. 

However, I admit that I don't always open the bill and look at it closely.  As long as the number looks about right, I will think, "I'll check that later," and later rarely comes.

On a fluke, I recently checked my cell phone bill and was really irritated to discover that there has been a odd $9.99 charge on the last few bills.  I called the cell phone carrier and was told that it was something I had signed up for online.  I had my account set up to refuse these type of charges and then called the company making the charges.  It seems that I had responded to a Facebook IQ challenge from a friend and had been provided the PIN to get my score via a text message.  According to the company representative, further in the text message was some language stating that if I used the PIN number, I would be signing up for their $10 a month service, billed to my cell phone bill.  Seriously?

Three lessons I've gotten from this:

1. Always read your cell phone bill.  Every month.  Even if it looks right.  (Duh.)  Call your company immediately if you find errors or unauthorized charges.
2. Don't use your cell phone for purposes that you don't full understand.
3. As your carrier if you can put a block on your account to prevent such deceptive charges from occuring in the first place.

 

There's also a fourth lesson:  Even if the Facebook IQ says you are smart, you're probably not as smart as you think you are!

Click here to go to The Paycheck Chronicles main page.

American Public University offers Scholarships

This one isn't military specific, but still worth the effort:  American Public University, an online university offering 74 degree programs, is offering 15 full tuition scholarships.  Applicants must submit a 500 word essay on their goals and how a degree will help them meet those goals.  The application deadline is October 31st.  More information can be found at the website.

Click here to go to The Paycheck Chronicles main page.

Quotable: Henry Ford

"If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability."

Old Navy Discounts: End of Month

Don't do your Old Navy back-to-school shopping just yet, because Old Navy is offering an excellent military appreciation deal.  August 30th to September 2nd, Old Navy stores are giving active duty, retired and reserve US military personnel and their fmaily members 30% off their entire purchase!  That's right, 30%!

I'll post about this again on August 30th so you don't forget!

Car Registered in Florida? Fees are Increasing in September

My dear mother-in-law called me this morning with some useful information about Florida driver's license and car registration fees.  It seems that Florida is raising their fees, pretty dramatically, as of September 1st, 2009.  However, if your license or car registration expires within 90 days, you can go ahead and renew at the lower price before the end of August.  Car registrations can be renewed for two years for even more savings!

If you are a Florida resident, this would be a great time to check your driver's license, your car registrations, and your vehicle titles to make sure everything is accurate and up-to-date.  (I mention car titles because I happened to notice that the fee for a duplicate title was going up from $24 to $70, and then realized that we are missing the titles to one of our cars.  Better get that duplicate before August 30th, huh?)

Don't forget that most Florida registrations can be renewed online here.

3 Rules for Outlet Malls

I've recently had opportunity to visit a couple of different outlet malls:  once on vacation with my family, once while searching for bargain backpacks for school, and just last night, looking for some workout clothes.  The thing that struck me, in all three places, was that the prices weren't really that good.  Sure, I found a couple of shirts for the kids at the Old Navy outlet, but I only bought them because I wanted to get a good family portrait and needed something that matched.  Other than those shirts, I left all three malls empty handed.  I wasn't seeing deals that made me say "Wow!" and start shopping like mad.  So why is everyone so crazy about outlets?

Well, today I was sent a link to this article about how outlet malls convince customers that they are offering great savings:  How Outlet Malls Have Convinced Shoppers Into Thinking They're Getting a Sweet Deal.  It is rather long but it provides a lot of explanation for why customers are so enticed by outlet malls.  It is fascinating to see the background and marketing that goes into these mega-malls.

Of course, this doesn't mean that you should never shop at an outlet mall.  It just means that you need to be aware of what good prices are on the items you buy.  Of course, it is impossible to know the fair price of every item in a mall.  This is why it is so easy to be fooled by the outlet mall pricing. 

If you are looking for a particular item, an outlet mall can be a great place to get lots of options in one place and the regular prices usually aren't too bad.  For example, I always head to the nearby outlet mall when I need new tennis shoes because there are three or four stores that carry my brand.  I can try on a variety of shoes and compare prices quickly without driving all over town.

On the flip side, outlet malls usually carry my favorite brand of clothing.  Even at the "take 50% off everything in the store" outlet prices, they are still more expensive at the outlet mall than they are at the bargain store where I usually buy them.  And not just a little more expensive, but several times more expensive.  Why would I want to pay $20 for a skirt at the outlet when I can get it at the discount store for $7?

If you are headed to an outlet mall, following these three rules will help prevent overspending:

1. Make a list.  What items do you need?  Not having a need when you go shopping is asking for a shopping disaster!

2. Make a budget.  Know how much you are willing to spend on each item.  Do you need running shoes?  How much are you willing to spend on running shoes?  What is a great price, what is a good price, and what is too much?

3. Allow yourself plenty of time.  Outlet malls are designed to make it hard to get out quickly, particularly if you want to comparison shop between stores.  If you are rushed, you are more likely to make bad choices.

 

You might have noticed that these are the same three rules that should apply to all shopping trips.  Yup, they are.  Follow them in all your shopping and you will find that your spending will decrease and your home won't be cluttered up with unnecessary purchases.

 

Click here to find The Paycheck Chronicles main page.

USAA Keeps Making It Easier

For several years, USAA has been offering it's Deposit at Home service, allowing members to make bank deposits by scanning the check and uploading the scan to the USAA website.  This week, USAA is unveiling an upgraded version:  an iPhone app that allows customers to photograph both sides of the check and send the pictures.  Just amazing!

Perspective is a Good Thing

While doing a random internet search, I found this article that really touched me.  It is a poignant reminder of how lucky most of us truly are:  She's on top of the world with $400 a week.  Just the day before, I read an article about how "rich" most of the world is - ice for drinks, a rodent free place to sleep, a chance of medical care - compared to a few hundred years ago.

While there are families who are truly struggling, I ha've been trying to reframe the troubles in my life in terms of the blessings they represent:  Oh, my gosh, I have so much laundry to do!  What a blessing to have so many clothes.  The kids won't stop fighting!  Thank goodness they are all healthy.  It is so hot in this house!  How wonderful to have a secure home.  (Plus, I could choose to turn on the air conditioning if I wanted to.)

It isn't an easy exercise and I don't know how much longer I can keep it up, but it certainly is interesting and very educational.

Quotable: Albert Einstein

"I am absolutely convinced that no wealth in the world can help humanity forward, even in the hands of the most devoted worker in this cause. The example of great and pure characters is the only thing that can produce fine ideas and noble deeds. Money only appeals to selfishness and always tempts its owners irresistibly to abuse it."

Alert: Credit Cards Abroad

There's always a new concern when it comes to using your credit cards overseas.  Now there is another thing to worry about - the rest of the world has, since 2004, been going to a different type of credit card identification system, called "chip and pin."  In theory, chip and pin readers should be able to read magnetic cards and retailers should still be able to process transactions on US credit cards.  However, customers are reporting problems with merchants who state that they are unable to process transactions using magnetic cards, and some self-service machines, such as gas stations and self-purchase transit tickets, are not equipped to accept the pin-less cards.

How can customers prevent problems when traveling in overseas?

1. Before you leave, notify your credit card issuer that you are going overseas (a good idea anyway) and ask them to issue you a PIN number.  Some retailers are willing to use a magnetic card as long as you have a PIN.

2. Carry adequate cash and/or traveler's check to take care of smaller purchases where a credit card may not be accepted.  Make sure you are able to use your debit card at ATM machines abroad in case you run low on cash funds.

3. As the retailer to try to use the card in their machines, and ask for a manager if necessary.  Sometimes it is a problem with the staff not understanding the new system, not a problem with the system itself.

 

It doesn't seem that US credit cards are going to change to the new chip and pin system anytime in the near future, although it is possible that issuers may begin offering special cards for use overseas.  It is also possible that countries will stop accepting the magnetic stripe cards in the future.  In the meantime, be prepared when you travel, and keep your ears open for additional changes over time.

For further reading, see US Credit Cards Becoming Outdated, Less Usable Abroad, at CreditCards.com, and US Credit Cards Lost Their Cachet in Europe at Frommers.com.

 

Click here to find The Paycheck Chronicles main page.

The Many Values in Food

You know I struggle with my time...those 24 hours I get each day don't seem to go very far!  I guess that why I was so struck by Credit Loan's post:  Thoughts on a Low Grocery Bill.  CL's thoughts on food are very close to mine, and I found his way of stating his opinion to be quite lovely.  His conclusion about personal values sums it up beautifully:  you do what is more important to you, not only about food but about all the other parts of your life, as well.  A good read!

Seven Important Parts of the Credit Card Act of 2009

The Credit Card Accountability Responsibility and Disclosure Act of 2009 (The Credit CARD Act of 2009) is a new group of federal laws that are designed to make credit card practices more fair and transparent.  It has several major provisions that will affect the many Americans who use credit cards.

1. Requires companies to give consumers 45 days notice of changes to their interest rates, allows consumers to close the card and pay off the balance at the old interest rate, and prevents companies from changing individual customer's interest rates for reasons unrelated to that particular account.

2. Requires companies to apply payments (in excess of minimum payments) to the higher interest portions of a balance that has multiple interest rates.

3. Prevents companies from using a previous month's balance to calculate the present month's interest charges (often called double-cycle billing.)

4. Requires companies to allow at least 21 days between the statement mailing date and the payment due date, and requires that payments received by 5 pm on the due date be counted as received on the due date.  It also prevents the companies for charging a fee to process telephone or internet transactions, unless it is immediately before the due date.  Payments made at a local branch must be posted the same day as the payment is made.

5. Allows consumers to request that the companies deny transactions that would put their account over their credit limit, and prevents companies from charging any over-limit fees to customers who opt for such strict credit limitations.  In the event that a customer does not request the strict credit limitations, the company is limited to three over-limit charges for each incidence that the customer exceeds their credit limit.

6. Young adults, under the age of 21, will be required to show proof of income or have a co-signer in order to obtain credit cards.

7. Substantially limits the fees and charges of sub-prime credit cards, which are often marketed to customers with low credit scores and/or little credit history.

There are various implementation dates attached to specific parts of bill, but the bill as a whole is effective in early 2010 (unless otherwise specified.)  The full text of the act can be found here.

Is Your Credit Score Good?

I came across a interesting post at Moolanomy Personal Finance:  What is a Good Credit Score.  It is a basic discussion of the value of a good credit score with examples and links to finding out your credit score.  In addition, don't forget you can get an estimated credit score via BrightScore, using the promotional code available from your command or base personal financial people.

Fast Food from the Grocery Store

I rarely enjoy fast food.  Sure, it is fast, but it doesn't usually taste that good and it is often super-expensive.  Just the other day, I picked up some breakfast at McDonalds while traveling.  Even without buying drinks, and only having one adult and three children, I still spent nearly $20.  And people were still hungry afterwards.

Later in the day, we were able to stop and make a quick run through a grocery store to pick up lunch.  What a difference!  We were able to choose fresh fruits and veggies, healthy drinks, and better snacks for just about the same price.  We all ate a lot and had leftovers for later in the day.

I still struggle with ideas for road food, but we've found the following things work well.  Granted, they aren't always the cheapest choices in the grocery store, but they are so much better than the drive-thru.

• apple slices (add caramel dip if you want to splurge)
• carrot sticks and dip or even get a small veggie tray
• drinkable yogurt (less messy than regular yogurt)
• deli meats and cheeses on rolls or bread
• small cheese (string cheese, BabyBel or individual squares
• granola bars, cereal bars and oatmeal bars
• clementines or oranges
• nuts, especially in the little packages

 

Sure, this is going to cost more than the Dollar Menu, but it is tastier, healthier, and you won't be hungry again in an hour.  What foods do you like to eat on the road?