Money Crashers » Consumer News

Great Comment About Southwest Airlines Charging For Priority Seating

Erik Folgate — Thu, 10 Sep 2009 03:58:03 +0000

Great comment from Jon:

My wife and I just flew Southwest on Labor Day Weekend. Getting there early won’t get you the best seat. They have a couple of ways you can check in early, either at the kiosks in the airport, or online up to 24 hours prior to your flight. Either option lets you print a boarding pass, with a boarding number on it. The boarding group you are assigned to determines the order in which you board the plane, and thus the “quality” of your seating. I’d guess that they hold open some slots in the “A 1-30? group for people who are willing to pay the extra $10. We were in the B 1-30 and B 31-60 groups (last to board), and still didn’t have much problem finding decent seats together on flights that were full, so unless it was extremely important to me to be first off of the plane on landing, it’s not worth the extra cost. If you’re first to board, you also spend quite a bit of time just sitting in your seat waiting for everyone else to board and settle in before departure.

So, it looks like the extra $10 might not be worth it, and that could add up if you are traveling with your entire family, round-trip. However, if you’re a single business traveler and you want time is of the essence, it’s probably worth springing for the extra $10. Anyone else else traveled on Southwest lately? How hard is it to get a decent seat? Related Posts:

Great Comment About Southwest Airlines Charging For Priority Seating is a post from: Money Crashers

My Favorite Personal Finance iPhone Applications

Erik Folgate — Wed, 04 Mar 2009 03:14:18 +0000

Recently, I bought an iPhone after about two years of carrying around a phone that looked like it was about to fall apart. I had to switch carriers away from T-Mobile, because the service in our house was horrible. I knew that I was going to go big or go home this time with my phone choice, and iPhone is simply the best smart phone when you boil down all of the options out there. I thought about a Blackberry, but they function best as business use only. I wanted personal use and business use, and the iPhone does the best job of that. I may have gone with the G1 Google phone by T-Mobile, because it is the closest thing to the iPhone in my opinion. The G1 uses the Android open-source software so new applications are being developed every day for it, much like the applications for the iPhone. But like I said, it wasn’t an option, because T-Mobile has a coverage gap in our area. I haven’t gone nuts downloading new apps, but finding new applications that will make my life easier is my favorite part about the iPhone. There are a zillion other websites out there that do a better job of reviewing iPhone applications, so I will only give you a short list of my favorite personal finance applications that I know of so far.

Mint.com App: I was a little disappointed at the functionality of this app, but nonetheless, I love Mint, so this is still one of my favorites. If you want a quick snapshot of the accounts that you have linked up to your Mint account, this is a good app to download. This app is Free, and I am sure there will be updates for it in the future. One way to make good use of this app is to set certain budgets for discretionary spending such as entertainment and clothing. You’ll be able to check your micro-budgets on Mint while you are out shopping or having fun. This app is FREE.

Bank of America App: Not my favorite, but I have it on my iPhone for utility purposes. It’s much easier to have the app than trying to sign into the website on Safari. This app is FREE.

Save Benji’s: I just downloaded this App, so I haven’t used it much, but it looks pretty cool. Most of the bad reviews are because they can’t get it to work right or they the product they are looking for doesn’t come up. This app is a work in progress, but the concept is great. You can look up a product by it’s name, category, bar code, etc., and it scours the internet to see if you’re getting a deal. It’ll show you comparisons on the internet. My wife leave stores all the time without purchasing an item, because we want to make sure it’s not cheaper on the internet. I hope this app helps us figure out the internet prices without leaving the store. Cost: $.99

Paypal: Allows you to access your account and pay people instantly through the traditional payment methods. It’s nice to have this if you are with someone who has paypal and you don’t have cash on you. They can physically watch you pay them instead of looking like a mooch and saying, “Oh, I promise I’ll pay you back”. This app is FREE

Shopping List: Keep track of your shopping list on your iPhone. Never leave the shopping list at home! I am a big believer of having a shopping list when you go to the grocery store or a store like Target and/or Wal-Mart. It’s so easy to make impulse buys at the grocery store or Target, and they can bust your budget like no other. This app helps you never leave your list at home, and you can keep a running list by adding an item every time it comes to mind. Cost: $.99

There are a ton of personal finance apps out there. I think there are about 50 tip calculators. If you are really bad at figuring out tips, then you can pick up a free one. There are also about 10 different variations of the shopping list app, but that is the best one for the money, in my opinion. I’ll admit it, I wrote this post so you all could tell me your favorite iPhone apps. Tell me your favorite money and other iPhone apps. Related Posts:

My Favorite Personal Finance iPhone Applications is a post from: Money Crashers

Busch Gardens Stops Giving Away Free Beer

Erik Folgate — Tue, 06 Jan 2009 14:20:52 +0000

The effects of the economy slowing down are hitting people in every aspect of their life. Now, if you visit Busch Gardens, you won’t be able to enjoy a free glass of beer courtesy of Anheuser-Busch anymore. The company decided to nix their hospitality centers at Busch Gardens that are famous for giving out glasses of Bud and Bud Light. Busch will be converting the hospitality centers to cafes and restaurants, and they cite the reason for taking away the free beer is because it alienated guest of the park to only people 21 and over. Yeah right. They’re struggling financially, and they punish the customers for it.

I’ll have to admit, I was a little upset by this news. It has been a tradition of mine to go get a free glass when I go to Busch Gardens. It’s hard to find anything that’s free these days. What’s next? Will restaurants start charging us for tooth picks? Related Posts:

Busch Gardens Stops Giving Away Free Beer is a post from: Money Crashers

7 Steps To Saving Money On Black Friday

Erik Folgate — Thu, 13 Nov 2008 18:21:09 +0000

The big day is coming up when retailers begin to smile and consumers go crazy over deals that aren’t really deals. I shouldn’t say that. There are some deals, but many people get caught up in the deals that aren’t really deals. There are basically three types of people when it comes to Black Friday.

The “I don’t care about black friday. It’s too crowded” person
The “I’m going to get that $300 flat-screen TV, hardcore to the max about Black Friday” person.

If you are the first person, then skip to the next article, but if you are one of the last two people, then read on for my tips about saving money on Black Friday.

Save money. Don’t go hog nuts with credit cards on Black Friday. If you go out on Black Friday with a $5,000 credit limit in your pocket, you’ll come home with more crap than you could ever imagine. Part of Black Friday that makes it so unique is that a domino effect occurs with shopping. You go out and see a bunch of people with carts full of stuff, and you feel like you need to spend more money. Saving a certain amount of money to spend on Black Friday is the only way to avoid impulse buys.
Bring Cash. If you don’t like carrying cash, then use your debit card, but I don’t even like using my debit card on Black Friday. Next thing you know, you can’t pay your utility bill in December.
Prepare yourself ahead of time. Visit Black Friday dot Info to familiarize yourself with the door buster and weekend deals.
Write a list of items you want to target. Make a list of sale items you want to grab first. This will help alleviate the impulse buy effect.
Avoid the crazy door buster deals. Most of these deals are set up just to get you in the door. They’ll only carry about 20 of them, and you’ll have to wait outside for a day to get in front of the line. I have not seen any door buster deals on blackfriday.info that are worth it yet. I know that Electronic stores put their off-brand, less quality items on door buster deals, and you can probably get the same deal the day after Christmas.
Take your time. Don’t get caught up in the frenzy. This is how you spend more money. There’s no rush, and it’s not a race to see who can rack up a higher bill first.
Go with friends or family. They can help you decide what to buy, if you should buy it, and if you’ll ever use it. Plus, you can make a day of it and spend some quality time with loved ones.

My wife and I started going out early on Black Friday as a little mini tradition. We do it more for the experience and the fact that it gets us in the mood for Christmas. Christmas isn’t about buying gifts, but being out at the store, listening to Christmas music and eating holiday goodies is a cool way to start off the Christmas season. If you find a deal on something that you have already been looking to buy, then go for it. I’ve found that parents can really save some good money on Black Friday, because the price of toys and games are dropped 10 to 20% over the Black Friday weekend of shopping. Good luck, and comment on your past success stories!

Free Coffee, Doughngiuts, and Ice Cream On Election Day

Erik Folgate — Tue, 04 Nov 2008 14:23:57 +0000

Lines are long to vote today, but there are a few companies trying to make it a little easier for you to vote today. Starbucks is giving out a free cup of their original brew coffee. The corporate owned Krispy Kreme stores will be giving out star-shaped glazed doughnuts. Also, Ben & Jerry’s will be giving out a free scoop of ice cream today. Originally, you had to prove that you had voted with the “I voted” sticker, but I think the companies have rescinded this requirement because it violates election law.

So, go out and get fat while you vote! Related Posts:

Free Coffee, Doughngiuts, and Ice Cream On Election Day is a post from: Money Crashers

Want To Buy Saddam Hussein’s Yacht?

Erik Folgate — Tue, 04 Nov 2008 03:43:42 +0000

If you’ve got 20 million pounds, which translates to about $35 million bucks, you can buy Saddam Hussein’s yacht. The yacht was built in secrecy by the Iraqi government specifically for Saddam Hussein in 1981. The broker that will be auctioning off this yacht say that it will take as much money as its worth to remodel it, because Saddam kept the decor in its wonderful eighties-sheik-persian like fashion. Read the article that I linked to. It’s pretty funny.

Personally, if I had enough money to buy the yacht, I would drop a bomb on it and let that thing sink like the titanic somewhere out in the Mediterranean. Related Posts:

Want To Buy Saddam Hussein’s Yacht? is a post from: Money Crashers

The Use of Layaway Is Becoming Popular Again With Retailers

Erik Folgate — Tue, 28 Oct 2008 16:31:20 +0000

When I was a kid, if I was at the store with my mother and I pointed to a big ticket item that I wanted, she woud reply, “We’d have to put that on layaway to afford that!”. I didn’t really know what “layaway” was, but then she explained it to me when I was older and it made a lot of sense. Pay for something weekly or monthly increments until you’ve paid for it in full. Then, they give you the item. However, that was back in the 80’s when it wasn’t as easy to get a credit card or home equity line of credit. In the past 20 years, the use of credit cards and home equity lines has skyrocketed, and the average consumer carries thousands of dollars in debt. Our culture has changed since our grandparents and parents were young. Instead of saving up to pay for something, we want it now, so we buy now and pay later. But, all of this paying later business equals billions of dollars spent on interest every year on products that GO DOWN in value, including cars. But now that the economy has slowed down and many Americans are starting to realize that they need to get out of debt, the use of layaway in the retail industry is coming back.

K-Mart and TJ Max have already brought back layaway as an option for buying big ticket items, and there’s a website called eLayaway

When should you use layaway?

Use it when you don’t have enough money to pay for something worth more than $100, but you will have enough money within 3 to 4 months. Don’t put something on layaway for a year. Chances are that a better product will be out there in a year, and you might not even need it in a year.

Are there fees associated with layaway?

Some retailers offer it for free, but they have a strict payment policy. Like if you are late on paying, they’ll put it back on the shelf. eLayaway has a 1.9% flat transaction fee that they charge, but it’s better than paying 18% interest on a credit card.

The Bottom Line

I still don’t recommend layaway over the traditional saving up and paying for something method, but it’s a much better alternative to paying with a store charge or credit card and carrying a balance. You’ll save money on interest, but you’ll also re-train your brain to think that you must WAIT to have something that you want. Instant gratification has plagued our culture and put us into massive debt. The “I want it, and I want it now” mentality of American consumers has only hurt us, and the option of layaway is one step closer to helping Americans break that mentality. Related Posts:

The Use of Layaway Is Becoming Popular Again With Retailers is a post from: Money Crashers

The Price of Gas Falls to An Average of $3.15 Per Gallon

Erik Folgate — Wed, 15 Oct 2008 11:57:00 +0000

You have probably noticed that gas has dropped severely over the past couple of weeks. Now, according to George Jahn from the AP, the average price of a gallon of gas in the United States has dropped to $3.15. This is almost a dollar lower from the national average for gasoline in July.

Why did it drop so much?

The free market took over and corrected the overly inflated $4.00 a gallon price. It didn’t take the government to interject themselves into the gas price crises for the problem to be corrected. Basically, consumers felt the price got too high, so we responded by driving less and becoming more conscious about wasting gas. The result is lower gas prices. The price of oil has fallen to $78 dollars a barrel, and we will probably see $2.90 to $3.00 a gallon by the winter, which is right back where we were before the gas price hike mess started.

Why Isn’t this on the front page of the newspaper?

Good Morning America and all of the other morning shows had a lead story every day about the price of gas rising back in July and August. Now when it’s falling down like a rock, they bury it in their headline ticker on the bottom of the screen. Wouldn’t you think that the media would want to report such good news like the price of gas dropping almost a $1.00 in 6 weeks? No, because good news doesn’t sell for them. And why is that? I have a theory that the media merely a reflection of society. I don’t believe that the media shapes society, but rather society shapes the media. The media is just giving us what we want, which is bad news. We need to start embracing good news, and we need to start talking about good news around the water cooler. Maybe the media will respond to that if they see it happening. But for now, we’ll continue to be fed doom and gloom, because that’s what gets us talking an issue. Related Posts:

The Price of Gas Falls to An Average of $3.15 Per Gallon is a post from: Money Crashers

The Easiest Way to Insure Your Bank Deposits Beyond $100,000

Erik Folgate — Tue, 23 Sep 2008 02:57:29 +0000

You know that the economy is on shaky ground when the hottest topic in personal finance is making sure your bank deposits are insured. Many of us never think about what would happen to our money if our bank closed its doors. Almost all traditional commercial banks insured their deposit accounts up to $100,000, which is enough coverage for the average citizen. However, some of you are blessed with an abundance of money and $100,000 might not be enough. Many small businesses carry bank deposit balances over $100,000 as well. Traditionally, the only way to make sure you are fully insured is to spread out your money to multiple banks in $100,000 increments. In fact, Clark Howard suggests that you spread it out in increments of $90,000 to account for the interest you’ll accrue on the money. So, if the worst happens and your bank closes up shop, you’ll insure your interest as well.

Never fear, because there is a company that came up with a solution for individuals and businesses who need more than $100,000 in deposit protection. The company is called CDARS, and they will insure your money up to $50 million dollars. Go to their website and locate the bank nearest you that participates in the CDARS program. CDARS will take your money and disburse your money into various CDs up to $90k to $100k for each CD. They take the hassle out of disbursing the money yourself. You get one interest rate and one statement. There are no hidden fees.

If you are a small business owner, I strongly suggest that you sign up for this program at the bank closest to you. With the way the bad debts from the housing market are affecting investment and commercial banks, you can never be too safe with your deposits. Don’t be like one of the thousands of IndyMac customers that lost a portion of their deposits, because they did not have enough FDIC insurance. Related Posts:

The Easiest Way to Insure Your Bank Deposits Beyond $100,000 is a post from: Money Crashers

Where Should You Put Your Money During Times of Financial Turmoil?

Erik Folgate — Wed, 17 Sep 2008 03:07:11 +0000

The recent news of the financial turmoil on Wall Street is unsettling. For younger folks like me, it’s even more unsettling, because my generation has never been old enough to remember financial problems like this in the past. Older folks know that we’ve rebounded from situations just as bad or worse than this one. One thing that we need to remember is that this is what happens in a free market. The market corrects itself by snuffing out companies that took on too much risk. This is why I disagree with all of the government intervention and bailouts on a philosophical level. On a practical level, I agree that it had to be done, or the future of our financial sector would have been very grim. Also, we need to realize that the government isn’t just bailing out these large corporations for the sake of helping a bunch of rich executives. They are thinking about the consequences that would ensue for the average customer of a company such as AIG. It’s a tough situation, but there is always a light at the end of the tunnel.

When it comes to life and personal finance in general, you must see the positive side of every situation. It’s the healthy thing to do. The people that become wealthy during times of crisis are the people that seize opportunities when the economy is down. So, the questions is, “Where should you put your money?” Should you hide it under the mattress? Should you dig a grave for it, and forget about it for 10 years? The answer is simply “no”. Here are three steps to take to secure your money during financial turmoil.

Step 1: Make minor changes to your investment style. Continue doing what you do best with your investments. If you let it sit under your mattress, it will rot far much longer and at a more devastating rate than a couple of hiccups in the financial market will do to it. When you buy during times like this, you are buying a seriously discounted price. You’re gains a months and a few years from now will be worth sticking it out.

Step 2: Start looking at real estate as a long-term investment. There are always people that need to rent. If you buy a house without the intention of flipping it right away, it’s hard to go bad with real estate. It has a great long-term track record. Now is the time to buy, and you can scoop up many steals right now. There are plenty of banks and private owners willing to dump properties for 30% to 40% less than the appraised value.

Invest a portion of your money in treasury and municipal bonds. Don’t put 50% of your money into the bond market, but the bond market is a great way to safe guard your return on investment when the market is down. Typically, when the market is bad, the bond market interest rates go up. Municipal bonds are totally tax free. You won’t get rich on the bond interest rates, but it’s a guaranteed interest rate that will wipe out some of your losses from the stock market.

We must think independently, and do our own research during these times. We cannot rely on the mainstream media to feed us all of our information about the economy. They will preach gloom and doom all day long because that’s what generates ratings. It’s amazing how “good news” is considered boring to our culture. Whenever I hear good news in my life, my heart skips a beat. But in the news world, bad news makes their hearts skip a beat. Don’t get too frustrated about your 401k and IRA accounts. Just know that the more you pour into those accounts, the more shares you are buying at a discounted price. Look for the light at the end of every tunnel, and you’ll be sure to find it.
Related Posts:

Where Should You Put Your Money During Times of Financial Turmoil? is a post from: Money Crashers