Quizzle Wire » Kristina Hall

Personal Finance 101: Credit Cards

Kristina Hall — Thu, 13 May 2010 14:48:37 +0000

As a 20-something, I’m learning the importance of building my credit history now, so in the future I’ll be in a position to make the financial moves I want when I’m ready, rather than letting my credit score have control over my major life decisions.

One way to show responsibility with credit is by using a credit card.

Naturally, it’s hard to do something right if you’ve never done it before. It’s even harder if you don’t quite understand the lingo. With this in mind, it’s important to know some credit card basics before you open your first account. This way you won’t be swayed by something that sounds like a great deal, but may end up creating bigger problems for your finances down the road.

Here’s a list of credit card terms you’ll need to know before you get started:

Cardholder agreement

You know that pamphlet that comes with almost every purchase you make; the one with all the product information, troubleshooting guidelines and other important details? No? That’s probably because these manuals usually get tossed to the side; I mean we all know exactly how to use a digital camera, laptop, car, etc., right?

When it comes to credit cards, the cardholder agreement is one document you’ll want to make time to read. It’s required by Federal Reserve regulations, and is a written statement that gives the terms and conditions of your credit card account. This includes the Annual Percentage Rate, minimum monthly payment, any fees associated with the card, and your consumer rights when filing billing disputes, just to mention a few.

It’s important to know exactly what is in your cardholder agreement because your bank can make changes to this agreement; however, they are required to give you a written advanced notice of these changes. Being prepared for a situation like this will give you the upper hand when deciding if you want to accept the changes, or if it would be better to close your account.

Minimum payment

Although it is a good idea when starting to build your credit history to only charge amounts you can pay in full, your credit card company will only require you to make the minimum payment towards your balance. This is the amount of your current balance that you have to pay to keep your account from going into default.

Grace period

Remember the time between eating a handful of cookies after school and sitting down at the dinner table where you got scolded for not being hungry? Well your credit card has a built in grace period too (and the good news is it’s longer than a few hours).

If you don’t carry a balance from month to month, all of your purchases can be made, interest-free, during the grace period between the date of a transaction and the billing date. The standard for grace periods is usually between 21 and 30 days. However, if you do carry a balance on your credit card, finance charges will accrue the moment you make a purchase with the card because no “get-out-of-interest” period is in place.

Finance charge

Have you ever wondered why you run into credit card offers everywhere you look? Why are banks willing to let you borrow their money? Isn’t having a credit card just like having a free supply of money that you don’t have to pay back until later without any consequences? Think again.

Credit cards often come with a list of extra fees outside of the amount you are charging on the card. Any additional charge you incur for simply using a credit card (which is typically made up of interest costs and other fees) is known as a finance charge. If you are responsible with credit, and make sure to only charge items you can actually afford, you will limit these additional costs.

Pre-approved offer

Congratulations! You’ve been pre-approved for a credit card. But you didn’t do anything; how can this be right? A credit card offer that contains the “pre-approved” word, only means that you’ve passed a preliminary credit-information screening that was run by a credit card company that’s interested in acquiring new customers.

Receiving one of these offers does not guarantee that you will actually qualify for the card in the long run. It is simply a way for banks to target a group of people that currently match a certain set of requirements. It isn’t until you respond to one of these offers and actually submit an application that you will find out if your request has been approved or rejected.

Secured credit card

If you are truly starting to build your credit from scratch, a secured credit card may be one of your only options to obtain a line of credit. A secured credit card is just like a “regular,” or unsecured credit card, only you are required to put down a security deposit when you open the account, as a form of assurance to the creditor that you will repay your debt.

Your purchases are not deducted from this security deposit. Instead, secured cardholders are billed each month for the charges they make, just like an unsecured cardholder.

This is just a chip off the ol’ block of credit card terminology; however, in order to become a responsible, in-good-standing money manager you have to know the basics. Take math for example. Before you can learn the complexities of calculus, you have to master simple addition and subtraction.

For more tips and info to help you manage your home, money and credit through your 20s and beyond–where you’ll find out your potential for credit improvement and get the most affordable credit monitoring on the web – visit Quizzle.com.

The Pros and Cons of Paperless Billing

Kristina Hall — Mon, 29 Mar 2010 14:57:41 +0000

Many industries have recently switched to the “going green” ideals of operating on a paperless system. According to PayItGreen.org, if 20 percent of American households switched from paper to electronic bills, statements and payments each year, the collective impact would:

Save 150,939,615 pounds of paper
Save 1,811,275 trees
Avoid producing almost 2 million tons of greenhouse gases
Avoid creating over a billion gallons of waste-water during paper production
Avoid using over 100 million gallons of gas to mail payments

Those numbers are convincing enough to make any industry consider the move to electronic statements. For example, take my recent experiences with doctors: One office had me fill out a new patient profile survey online before my first appointment. Another office had gone entirely paperless in the examination room—no charts, only laptops—and even asked if I’d be willing to receive my test results online by setting up an account with their patient manager website. Lastly, in order to receive a rebate on my prescription purchase, I had to use a promotion code and fill out the required forms online.

Personally, I think the movement to reduce paper usage is great, however, it comes with some consequences. In the first two examples above, I mentioned the passing of information through the Internet. Both instances required setting up a username and password to create an account. I may be the only one, but I’m starting to have trouble keeping all of my various online account usernames and passwords straight!

A lot of credit card companies are offering the option to receive statements online, rather than in the mail. Many customers view this as a convenience, but is it truly a helpful alternative?

THE PROS OF PAPERLESS BILLING

Environmentally Friendly

The first and most obvious reason to choose online statements is the reduction of paper usage. We’re all encouraged to do our parts in helping the environment and reducing our contribution to the waste we produce a year. Switching over to electronic statements (or e-statements) is an easy way to minimize the footprints we’re leaving behind.

Online Bill Pay

This is another convenient service that a lot of banks have added as a benefit for customers. Receiving your bills online makes the process of paying your bills online much easier. Rather than sitting in front of your computer with a stack of paperwork, you can check your card balances online and then instantly sign into your bank to make the payment.

Information Accessible Anywhere

Receiving your bills via the Internet gives you the ability to check your monthly statements wherever you are. This means if you’re out of town for work or on a vacation, you can easily stay on top of your bills and payments so you don’t miss any that are due while you’re away.

While you’re in the process of checking your monthly statements, it’s not a bad idea to double-check that the right information is being reported to the credit bureaus. Find out for sure at Quizzle.com, where you can get a free credit report and free credit score via the Internet, plus dispute any inaccuracies you might find.

THE CONS

Passwords

With increased security measures that websites are taking these days, passwords are required to be more complex and less detectable. This helps ensure your security on the website, but can be a pain when it comes to memory recall. A good general practice is to have several passwords for different types of accounts, in addition to changing them a few times a year. For those of us who have a hard enough time trying to remember all of our different usernames, the iron-gate passwords we create for our credit card information may be hard to remember (especially if you aren’t frequently signing-in to your account).

Some websites even require you to do something unique and out of the ordinary to your password, like “must contain at least one number inside the word.” Even if you use one of your typical passwords, if you don’t note these specific requirements, you could be locked out from viewing your bill. This type of restriction is only possible on the Internet. Can you imagine your mailman asking for the “secret word” before delivering your statement to your mailbox?

Updating Account Information

Just as you would let your credit card company know when you’ve moved and need to change your billing mailing address, you need to let them know when you change your email address. There are multiple reasons why you would change email services (changing your Internet provider, a new job, your old address is taken over by spam mail, etc.), so this is important to do before you lose access to your old email account. It is also common for people to have several different email addresses; this can cause confusion when trying to access your accounts if you’re signing-up for multiple services with different email addresses.

If you forget to do so, you could lose access to your account, or you may need to go through a verification process which could stand as a timely road block when trying to access your newest statement.

Less Frequently Used Cards

I opened a retail credit card a few years ago and have left the account basically inactive, until I used it last month. Now even though I only used the card to purchase one item, I made sure to pay off the balance the next time I went in the store. However, if I hadn’t done this, I would have been waiting a long time to see my bill in the mail—scratch that, I would have been waiting indefinitely for my bill to come. I had forgotten that two years ago I opted into electronic statements.

Not receiving a bill in the mail for the cards you rarely use could cause you to forget to pay the bill. This could result in a number of negative effects, including being late on your payments, which is a major ding to your credit score.

What this really comes down to is deciding which method will help you more—if you’re well-organized and can easily keep track of all of your accounts, online statements are a great way to manage your bills anywhere, anytime. However, if you like having a hard copy of your bills, or have created a routine around the old school practice of receiving your statement in the mail and immediately sending off the check, then switching over to the paperless trend may not be for you.

For more ideas on how to improve your financial health, check out Quizzle.com, where you’ll learn how to achieve your credit potential and get home loan recommendations tailored to your unique situation.

Financial Advice for 20-Somethings: Retirement Savings

Kristina Hall — Wed, 10 Mar 2010 18:32:39 +0000

As a 20-something, I’m finding more often than not that I’m in great need of guidance when it comes to financial decisions. Thankfully, I have people within my reach that are much more money-savvy than I. They’re who I turn to with any and all of my questions about managing money. With a little help and constant evaluation, I feel like I’m starting to build a solid platform for the future of my finances.

Speaking of the future, I think one of the most important lessons I’ve learned is that our 20s is the ideal time to start saving for retirement. You don’t want to contribute to the rising number of people who are less and less financially prepared for their golden years.

I know that for most 20-somethings retirement is something far-off in the distance, somewhere completely off the radar. However, there are several reasons why you should be thinking about it, and more importantly, actively contributing to a retirement fund.

Fewer Responsibilities

The best reason why people in their 20s should start saving for later in life: Right now we are at a time in our life where we don’t have extensive financial commitments. If settling down, buying a house and starting a family are part of your plan, make an effort to add “retirement savings fund” into your monthly personal budget before you make any of those leaps. If you create the idea that this fund is just another bill and you automatically deposit the money, you’ll quickly learn to live without it.

The more you can put away in these early years, the longer this money can grow. Then when you are starting to take on more commitments (like a mortgage payment, kid’s college tuition fund, grocery bill for 3+, etc.), you can make adjustments to your contribution level, but will still have that strong foundation on which you can continue building.

Compound Interest

Sometimes you just can’t ignore the numbers. Compound interest is one demonstration of mathematics at its finest. Simply put, compound interest is interest that over time is added to the primary balance, meaning you earn interest on your contribution AND the account interest. In this case, I believe examples speak louder than definitions:

Starting at age 25	$5,000 a year at 8% for 10 years*	$5,000 a year at 8% for 40 years*
Year 1	$5,400	$5,400
Year 2	$11,232	$11,232
Year 3	$17,531	$17,531
Year 4	$24,333	$24,333
Year 5	$31,680	$31,680
Year 10	$78,227	$78,227
Year 15	$114,941	$146,621
Year 20	$168,886	$247,115
Year 30	$364,613	$611,729
Year 40	$787,171	$1,398,905

The first column displays the amount one would have if he contributed $5,000 a year from age 25 until age 35. The second column shows the calculations for someone who continues contributing $5,000 a year until age 65. Although the first person only contributes $50,000 to his fund and the second contributes $200,000, the application of compound interest makes both investments much more powerful in the long run. However, if you don’t start early, you lose the power that time can have on your money.

Here’s a calculator from the Council of Economic Education that allows you to enter your own savings goal and watch how compound interest makes your investment grow.

Depending on how often your funds compound (monthly vs. yearly) and what rate of return you’re expecting, you could see your investment grow exponentially before you even reach your 50s.

No Excuses

Maybe the reason you’re hesitating to start saving isn’t because the interest isn’t there, but rather, you aren’t sure where to go or how to do it. There’s a wealth of information out there, but it’s hard to know who to trust or what option will be best for you. If this is the force holding you back, look no further. Here’s my plain and simple, retirement savings low-down:

401(k)

A 401K is a retirement savings plan, often offered through your employer. In the case of a traditional 401(k), all of the contributions you make are taken out of your paycheck before taxes. With this type of retirement fund, you’ll have to pay taxes when you withdraw that money at retirement. With a Roth 401(k), taxes are taken out of your contribution up front, meaning you pay nothing to withdraw those funds at retirement. If you think you’ll be making more money when you retire than you are now, and thus will be responsible for paying more in taxes, you may want to consider the Roth 401(k) over the traditional one.

Depending on the program offered at your company, a percentage of the amount you contribute may be matched; that means free money! Just think of that as a bonus for good financial behavior.

As the years go on, your money and interest grows in your account. Of course, like any other investment, there are a few things to double check, including limits on how much you can put into the account each year, rules about withdrawing your money, and where your contributions are being invested.

Traditional IRA

An Individual Retirement Account, or IRA, is how one saves money for her retirement outside of government or employer-sponsored benefits. This is a personal account that you will have to set up and contribute to on your own. As with a 401(k), the amount you contribute to your IRA is deducted from your taxable income and you don’t pay any taxes on your savings until you start making withdrawals.

The contribution limits for IRAs are much lower than that of a 401(k); however, there is usually a much wider range of investment options when it comes to these accounts. One last side note about money in your IRA: You can add to it until tax filing day of the following calendar year—meaning you have more than a month left to make your contribution.

Roth IRA

A Roth IRA has a lot of the same perks as a Traditional IRA with one big difference: The money you contribute to this account is not tax-deductible. You pay taxes on your contributions up-front, meaning that your withdrawals are tax-free. This is pretty convenient for people who don’t like the idea of putting a lot of money away to watch a chunk of it be taken with taxes when they need to withdraw it.

If you’re still unsure about whether or not you should start saving for your retirement, talk to your parents or grandparents. Ask them about their choices and goals, and if things ended up just the way they wanted. Learning from their example, you can either make a change so your path is different or follow in your family’s footsteps.

For more tips for the young financier, plus free tools to improve your financial health, check out Quizzle.com, where you’ll learn how to achieve your credit potential and get home loan recommendations tailored to your unique situation.

Do You Really Save Money When Using Retail Rewards Cards?

Kristina Hall — Wed, 13 Jan 2010 20:07:28 +0000

Yesterday, I was cleaning out my wallet to start the new year with a fresh, de-cluttered pocket book. Along with receipts, old IDs and gift cards that no longer have a balance, I found 12 retail rewards cards.

Some of the 12 are cards I had to sign up for in order to earn points at a specific store; others are buy two, get one free cards. After lining up all of the cards out in front of me, I asked myself, “Is all of this clutter really worth carrying around in my wallet every day?”

The cards I am talking about are not retail credit cards or even memberships where you have to pay an annual fee. They are free for you and me and are used by companies as a way of tracking customer spending habits.

In this case, the answer to my question should be, “Yes, of course! These cards are a way to earn discounts/points/rewards from the stores I shop at!” But often times, I forget to get the card stamped or don’t even bother to check how many points I have racked up over the last few months.

To really make rewards cards rewarding, you have to be organized and mindful.

Sign-Up for Cards You’ll Actually Use

First and foremost, make sure the stores where you are opting into reward programs are stores at which you frequently shop. The reason my wallet feels weighted down is not due to a large wad of cash (unfortunately), but rather a stack of loyalty cards for places I’ve only been to once or twice.

When the sales associate asks you if you want to join their “insider” club, think about how many times you’ve shopped there this year. Is it often enough to warrant adding their card to your wallet? Also, ask about the program: How do you earn points? How do you obtain your rewards? Will the company start spamming you with email offers? Make sure that the offer is worth your time.

On the flip side, not joining a rewards program at the places where you shop the most can mean missing out on additional discounts, free gifts or any number of other loyal customer perks. You just have to be sure that you remember to actually use the card once you have it.

Check Your Balances

This is my biggest fault when it comes to rewards cards. I am usually pretty diligent about remembering to use my card on every purchase, but where I fall short is following up on how many points I’ve actually earned.

Some stores will send you a quarterly coupon based on your point balance for the last few months, but other companies leave the hard work to you.

Most of the stores that offer reward cards also have a reward page on their website. This is where they outline all of the terms and conditions that go along with having a rewards card, but also where users can check their personal account information – including reward points balances.

This means you will have to do a little extra organizing if you truly want to use these memberships to the fullest. It may seem over the top to have a checkbook-like log of each of your rewards balances, so keep track at your own will. Either check your balance before you go shopping at each store to see if there is anything you can cash-in on, or check it periodically after several visits to the store. The most important thing about your points balance is knowing where you stand so you can actually make use of your rewards.

Use Your Points Wisely

Most reward programs are set up so you can use the points you’ve earned to receive specific discounts. For example, the gas reward card I have gives me 10 points for each dollar I spend and I can then use those points toward a free drink or snack. However, if I hold out until I’ve accumulated a lot of points, I can receive money off each gallon of gas or even a free gift card.

Since I don’t usually buy things at the gas station’s convenience store, why would I use my hard-earned reward points on a free cup of coffee? Even though it may take longer to reach the best rewards, the wait may be well worth it to earn the discounts you really want.

Another way to get the most out of your rewards is to use your discounts when you know you will be making a big purchase. For example, when I receive my quarterly percentage off coupon in November, I try to fit in as much Christmas shopping as possible into one purchase because most of these coupons are one-time-use only.

So the next time you receive a rewards member discount, think about what you can buy before you go shopping. Whether you have a couple of people to buy presents for or you need to update your spring wardrobe, you will often see your rewards go even further by combining purchases.

Staying on top of the rewards programs you’re most interested in and keeping organized will help ensure you get the most out of your rewards, ultimately saving you big dollars. And trust me, cash makes a much better wallet-filler.

For more money-saving tips and tools, check out Quizzle.com, where you’ll find out your potential for credit improvement and get the most affordable credit monitoring on the web.

Also, check out these other great money-saving articles from the QuizzleWire:

Do You Really Save Money When Using Retail Rewards Cards? was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

5 Tips to Get You Ready for Your Study Abroad Adventure

Kristina Hall — Wed, 06 Jan 2010 17:26:27 +0000

As a recent college graduate, I am familiar with the dreams of studying abroad. Living in another country is a unique and life-changing experience. The opportunity that is available to an increasing number of students today is one I fully support. It gives young people the opportunity to grow culturally, socially, academically and personally. It is also something that you may not be able to do later in life; once you are working,you can’t just take a three month vacation to move to Europe and learn to speak French.

Even though I support the choice to study abroad, I realize it’s a huge financial undertaking. It’s a decision that requires meticulous planning on various levels. Saving money and budgeting your spending both need to start several months before your trip, and continue while you are abroad. Make sure you are ready for this experience well in advance of your departure date.

Here are some tips to get you ready for your trip:

Budget and save

Decide on a set amount of spending money you want to have while you’re abroad. Divide your budget into specific categories. For example: Separate food, traveling, lodging, souvenirs and extra cash. Break down how much you think you will need for each category in your budget and set goals to save money so you actually have your goal amount.

Depending on when your trip is, break down the amount you’ll need to save by how many months you have before you leave. For example, let’s say you are leaving on July 1^st. It’s January. That means you have six full months to plan and save for your target goal. Take the total of all of the different categories and divide by six. This way you will know how much money you’ll need to save each month in order to fulfill your entire budget.

Know the exchange rate

Educate yourself on the currency you will be using while abroad. The U.S. dollar doesn’t have the strength and power that it used to, and it can be surprising what a tube of toothpaste is really costing you after you factor in the exchange rate. Use a few different sources to learn about the current rates. Start by trying this currency converter from Yahoo! Finance.

Also, exchange rates are dynamic; they may not rise and fall drastically while you are abroad, but if you don’t educate yourself on this subject, you could lose a lot of money on your trip as a whole when you total up each transaction.

Order foreign currency before your trip

This tip is one that I heard about too late before my trip abroad and was unable to use, but can save you a lot when it comes to dealing with the exchange rate. Call your bank and see if you can pre-order the currency you will need for your trip. If your bank doesn’t have an option like that, ask if they can refer you to one that does. By exchanging money beforehand, you can plan when you do the exchange so you get a better rate and minimize the amount of money you lose to transaction fees.

If you don’t want to go through your bank, several sources even allow you to order foriegn currency online. American Express and AAA are just a couple that provide this service, which is not exclusive to members.

Credit cards and Debit cards

Talk to your bank and your credit card company. First and foremost, you’ll want to alert them that you will be traveling abroad (this will prevent your card from being frozen because of fraudulent activity). But also, when you’re abroad and aren’t using cash, there will be a specific exchange rate that is used for your purchases.

Is it better to use your card for purchases, or should you always use an ATM and pay with cash? I found that I saved money by using an ATM rather than going to a money exchange.

If you find that you would rather use a card instead of cash, another thing to consider is using a pre-paid card. You should use the exchange rate to calculate how much you should put on the card, and in the case of loss or theft, you should never put too much money on it. However, losing a pre-paid card can be a lot less damaging than losing your personal credit or bank card. MasterCard offers several pre-paid credit cards, but has one specifically designed for world travelers.

Pre-pay for some of your purchases

This was something that I did and was really pleased with the overall experience. I contacted a student travel agency to see what kinds of offers and discounts were available for students. There are several different levels of involvement you can have with a travel agency depending on the involvement of your university’s study abroad program. STA Travel is a great place to start if you are looking for online offers; they also have 18 local stores across the U.S.

One of the easiest things to pre-plan is participation in a guided tour. Make sure you compare prices or talk to other people who have traveled to the city or country you are going to so you truly are saving money on the tour you chose to take. The nicest part about these pre-planned adventures is once you are already abroad, all you need is the date, time and meeting location. Even though you paid for it a few months ago, it feels like your saving money solely because you aren’t paying anything directly to the tour guide.

When students make the decision to study abroad, the focus is usually on the fact that they will be embarking on an once-in-a-lifetime opportunity that will become an unforgettable experience. Although this is one of the most important takeaways from your international endeavor, be prepared for all aspects of your trip, including smart saving and faithful money management.

For more money-saving tips and tools to help you while you on all your life adventures, check out Quizzle.com, where you’ll find out your potential for credit improvement and get the most affordable credit monitoring on the web.

Also, check out these other great money-saving articles from the QuizzleWire:

5 Tips to Get You Ready for Your Study Abroad Adventure was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

Tis the Season For Knowing What’s Really Important

Kristina Hall — Tue, 22 Dec 2009 14:54:34 +0000

Yesterday was the official first day of winter. It’s also a part of the year when many of us will have time off from work to celebrate the holidays and the new year. However, the holiday season has grown to be much more than a time for celebrating with friends and family. It’s about giving and receiving gifts, reviewing your year full of rises and falls and making resolutions for what’s ahead.

The first part of that bundle is one of my big concerns, especially for the large group of us who are troubled by managing our finances. Sticking to a budget is difficult when wish lists are full of high-tech gadgets and other big-ticket items.

And then there is the issue of the new year creeping up on us. Looking back on all you’ve done and truly seeing where you went wrong can create a feeling of hopelessness.

Amidst all of the noise, is there a way to make the holidays just as happy, even when times are hard?

Share the Joy of the Season with Loved Ones

Now a person on a budget I’m sure would say, “Are you kidding me? A party will only set me back even more!” But it all depends on the type of get together you plan on hosting. Potlucks or after-dinner parties only require a small investment aside from the time it takes to organize everything and making sure the house is clean.

People won’t be overly critical of what you are serving if you have some holiday decorations and a solid plan of activities. Make sure to note that the event isn’t a formal dinner party, rather a refreshing opportunity for friends to get together for the holidays.

What’s really important about having these types of parties is sharing the joy of the season. Spending a little more time with our friends and family members is a huge bonus of these extra days off and you should take full advantage of them without having to spend any extra money.

Focus on What’s Important

Again, I will take the time to note the point of embracing time with family. Spend an afternoon baking with your kids. Have a movie night cuddled up on the couch with hot cocoa and popcorn. Hop in the car and pop in some holiday tunes; drive around nearby neighborhoods to see all of the houses lit up and decorated for the season.

No matter what you decide to do with your friends or family, the key is dedicating time to spend with them. After all the latest fads and trends fade, you’ll still be able to appreciate the memories and pictures of these special times together.

Appreciate What You’ve Got

Christmas has become a holiday where people not only expect to receive a gift, but THE gift. Every November and December we sit down and think about all the new “stuff” we need to improve our lives.

Although shiny new things can be exciting, we are often too soon to jump into buying something new. Additionally, when the something new is something out of our price range, the damages begin to outweigh the item’s appeal. This is where you have to decide whether or not it is right for you to invest in your purchase. Do you truly need it? Do you already have something like it? Will you be able to use it for a long time, or want another replacement next year?

Going into the holidays and 2010, remember to be grateful for everything you already own. Looking at your life through a positive lens is a great way to start a new year: being proud of the things you’ve accomplished. This doesn’t mean you can’t buy new things, but rather, if you do spend money you should invest in quality products that will last.

So in a time where consumerism reigns supreme and stress levels are high, remembering the “meaning of the season” can bring us all back down to earth and create a better environment for starting (and maintaining) a happy New Year.

Smart money management is important all year-round. For more money-saving tips and tools, check out Quizzle.com, where you’ll find out your potential for credit improvement and get the most affordable credit monitoring on the web.

Looking for more holiday money saving tips? Check out these other great money-saving articles from the QuizzleWire:

Tis the Season For Knowing What’s Really Important was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

A Unique Gift Idea that Will Save Money for Giver and Receiver

Kristina Hall — Thu, 10 Dec 2009 19:42:55 +0000

Online shopping has become a major part of the holiday gift-buying routine. Heck, Cyber Monday is a day dedicated to this very practice. Being able to shop for family and friends in the comfort of our pajamas is a convenient luxury, especially for the parts of the country that are starting to feel the first chills of winter.

But sometimes online stores just don’t cut it. It may be that the stock room has run out of the right size or color, or maybe you’re shopping too late and your order won’t be delivered until after Christmas. On the other hand, if you’ve left yourself enough time, shipping and handling fees can start to add up and really take away from that initial convenience of shopping from home. Maybe you are just having a difficult time finding a gift that is truly unique and thoughtful.

With a little bit of time you can give a useful gift that will save money for you and the recipient of the present. You may think this is a geeky idea, but when you find out how easy it is to do and how valuable it is, you may change your mind.

Here’s the idea: A thumb drive packed full of free software.

Let’s start with the basics. A thumb drive is a data storage device that plugs into any standard USB port on your computer. The free “apps” I’m talking about are portable software programs that can be downloaded from the Internet, but don’t require any formal installation onto your computer’s permanant memory.

What you’ll need: A new thumb drive (this will be your only cost, along with your time), access to the Internet, and some extra time. This gift is a perfect idea from the computer geek, but for the average Joe.

First you have to decide on a thumb drive. You can pick one up at the store or search for one on Amazon.com. The options and prices are endless; you can get one for as cheap as $5-10. There are several different size options according to the amount of memory you’ll need. You can even pick your friend or family member’s favorite color to personalize the gift even more.

There are a lot of great FREE apps out there that you can add to your thumb drive and put your own personal spin on it, but here are some suggestions to start with.

Anti-Virus Software

Good anti-virus software can be hard to find, especially a free option that makes the cut. AVG is free, basic antivirus and antispyware protection for Windows users. It provides the base necessities when it comes to security for your computer and gets the job done.

You’ll get a combined anti-virus and anti-malware engine, LinkScanner, and e-mail scanning. LinkScanner is a part of the software that puts you one step ahead of the internet data snatchers. It analyzes every website behind every link you click or type into your Internet browser. It then lets you know if the webpage you are visiting is safe before you even get there. This software is compatible with Windows 7, Windows XP and Windows 2000.

Media Player

Have you ever had trouble opening a video or audio file? VLC Media Player is not the only option for free video playback, but it’s one of the best. What is so great about this player is that it can play pretty much any format. VLC supports a wide range of video and audio formats, and it even supports play back of zipped files.

Some specific features of the software are frame-by-frame advancement, granular speed controls (which allow for slower or faster playback), and live recording of streaming video. The toolbars are fully customizable, so you can have only the buttons you need in the interface. Overall, VLC Media Player is a must-have application even if it is simply for its ability to open just about any type of video file you throw at it.

Photo Editing

The best photo editing software can cost upwards of $100, but shouldn’t there be an easy-to-use option for photographers of any level? Enter PhotoScape, a free all-in-one image-editor.

It supports a wide variety of major image formats and comes with prebuilt templates for users to create photo collages. The program also has a standard set of major capabilities, including red-eye removal, light/shadow adjustment, and contrast-editing features. Lastly, the software allows you to batch edit images, combine them, and print them out one at a time or several at once.

The program loads pictures quickly and the interface is different from the leading expensive programs. It might take the receiver of your gift time to get used to a different layout, but that is only if they are an experienced image editor; otherwise it’s intuitive, fast, and lacks only the most advanced of image editing features.

These three are just a place to start; there are tons of great free apps available online. Not quite a master of the web, but want to find more? Check out CNET Download for a list of top downloads and their reviews.

This gift is perfect for the non-computer savvy people on your list. They will love to get a gift that wraps all of these apps up into one central place, AND they get a nice little thumb drive to go along with it.

Want more freebies? Check out the QuizzleWire for the latest on free stuff:

And for more money-saving tips and tools, check out Quizzle.com, where you’ll find out your potential for credit improvement and get the most affordable credit monitoring on the web.

A Unique Gift Idea that Will Save Money for Giver and Receiver was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

Go Green: Saving Money and Energy This Winter

Kristina Hall — Fri, 04 Dec 2009 14:22:59 +0000

As I drive around my neighborhood at night, enjoying the festive exhibits during the holidays, I often ask myself: “How much does it cost to have such an elaborate light display?”

Christmas decorations that light up my street are the first things that get me in the holiday spirit, along with 24 hour Christmas radio and hot cocoa, of course. I’ve noticed that despite the current state of the economy, people are still going all out for the season.

When it comes to energy-efficient appliances, I’m a very firm believer that spending a few extra dollars initially will save you money in the long run. This year, take a new approach to the holidays: Go green to save some green.

Lights

After researching the answer to my holiday light question, I discovered that it’s easy to spend a lot of money on lighting alone this holiday season, depending on the size of your display. The cost depends on what type of lights you are using.

According to the U.S. Department of Energy, running LED holiday lights on one 6-foot tree for 12 hours per day for 40 days can save 90 percent or more energy when compared to traditional incandescent holiday lights:

Type of Light	Electricity Cost *
Standard C-7 (125 bulbs, 4 watts each)	$25.13
Mini incandescent lights (300 bulbs, 0.4 watts each)	$6.03
LED holiday lights (280 bulbs, 0.04 watts each)	$0.56

*Assumes an electricity price of 10.5 cents per kilowatt hour (Annual Energy Outlook 2008 Residential Average).

The Department of Energy estimates that if every household switched to using LED holiday lights, the country would save approximately $410 million in electricity costs.

Here’s where the “spend a little to save a lot” concept comes into play. LED lights are a bit pricier than incandescent lights, but the investment will pay off because of their long life and low energy costs. In addition, several rebates are being offered this year to promote the use of LED lights.

Ask your local retailer if they offer any rebates for LED light strings or search online to see if you can find a rebate for a specific brand. Even some utility companies are offering rebates to customers who purchase LED lights, so check with yours to ensure your saving money before and after you buy.

Heat

One of my all time favorite parts of winter is cozying up by a fire. This is partially because of the warm ambiance that a fire creates, but mostly because I’m always cold. A big cost during the nippier months is the heating bill. This holiday season, be smart about heating your home.

Make sure to pay attention to your thermostat. Turn it down when you‘re not going to be home. When you do want your home to be nice and toasty, factor in the extra heat sources (like the oven when you’re cooking all day or the extra warm bodies that are over for dinner) and manage the temperature accordingly.

Although the holidays come during some of the coldest months of the year, they bring some of the warmest memories. Those family parties and bountiful feasts bring a fuzzy feeling and physical warmth into your home.

Don’t want the hassle of doing this yourself? Invest in an automated, programmable thermostat. This handy gadget will automatically handle the climate of your house and could ultimately save you 10 percent a year on your heating bill.

Water

Do your holiday plans include house guests? If you do plan on having a full house that could also mean a number of extra showers, which ultimately results in a higher water bill.

A great way to minimize this expense is to install water-conserving showerheads. Changing over to a more efficient model will reduce your hot water usage by up to 60 percent. This is a change that will help save money all year round. So why not use the holiday overload as an excuse to start making a difference today?!

Fuel

Unless you finished all of your holiday shopping on Black Friday, there is still some hustle and bustle in your future. Plan ahead before you go to the store. This seems like a no-brainer, but I don’t just mean making a list and checking it twice. You should also try to combine as many of your shopping trips as possible. Map out your shopping trips so you hit the stores in an order that will save you travel time and gas.

Also, running all of your errands at the same time will save you some gas money. Every time you take a short trip from a cold start, your car is using twice as much fuel as a longer trip covering the same distance when the engine is warm, according to Fueleconomy.gov.

If your house is already “green” as can be, think about giving some eco-friendly gifts this holiday season. Check out Guffly for a wide variety of creative, green presents that are sure to spread holiday cheer while being environmentally savvy.

So make this holiday season about going green and saving money. You will enjoy the brightness of the holidays even more once you see those extra savings in your stocking!

For more money-saving tips and tools, check out Quizzle.com, where you’ll find out your potential for credit improvement and get the most affordable credit monitoring on the web.

Looking for more helpful holiday money saving tips? The QuizzleWire has got you covered:

Photo Credit: http://www.flickr.com/photos/abbeychristine/ / CC BY-NC-SA 2.0

Go Green: Saving Money and Energy This Winter was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

Does Peer Pressure and Saving Money Mix?

Kristina Hall — Thu, 19 Nov 2009 21:05:28 +0000

No matter what your money situation, it’s easy to spend like your money will never run out, especially when the company you keep tends to spend like mad.

One of the perks I had during my recent college experience was living within walking distance of all my friends, which meant rarely needing to spend a lot of money to have a good time. But things are different now and draining my wallet seems to be a consequence of hanging out with friends.

Peer pressure to spend money affects people of all ages. It’s your friend who always wants to go out for lunch or a co-worker who keeps up with the latest trends and fashions. That’s the downside of all of this—we feel pressure from those around us to act a certain way even if it’s beyond our means. This is where the lessons we learn in grade school of “Just say no!” come in handy for money management.

Don’t spend unnecessarily

Within a group of friends, there can be a very diverse mix of financial situations. Some people can afford to spend more on their social lives and some live on a tighter leash. Don’t let friends who spend money all the time influence you to spend money you don’t have worked into your personal budget.

Find other ways to enjoy spending time together. Host a weekly or monthly get together to watch a popular show, like Dancing with the Stars, or have a board game night. Rotate who hosts the festivities and come to an agreement about food and drinks. Nothing has to be extravagant; it is supposed to be a low cost way to hang out with your friends.

But wait a minute! There are always two sides to every argument. Why should people (and their bank accounts) have to suffer because of popularity? The answer is: they shouldn’t.

The power of people

You can and should use the buying power of your group of friends to save everyone some money. Look for places that offer group discounts on tickets to events or restaurants that give bigger groups discounts on meals. Go shopping with friends who have similar tastes to take advantage of offers like “buy 3 get one free,” and split the cost so everyone gets a discount.

There is also a Web site that is dedicated to this exact practice. Groupon is a company that offers discounts to local businesses in more than 20 major U.S. cities.

Here is their basic pitch according to the Groupon blog: “Groupon subscribers receive free daily emails alerting them to an exclusive deal from a top local business (restaurant, spa, indoor activity, the World’s Largest of something, etc.), but these deals only go into effect if a minimum number of people agree to buy.”

This site provides a great service to their users. They encourage people to use the power of peer pressure to make sure everyone gets a break while helping local businesses in the meantime. The best way to ensure you don’t miss a good deal is to spread the word about the offer and share the discount with anyone who would be interested. Plus, there is a new deal featured every day, so there is bound to be something for everyone.

Is there a middle ground? Does a way to have fun with friends and be kind to your wallet exist? A lot of businesses have created days in honor of the saving savvy social butterfly.

Celebrate on “special” days

The “special” days I’m talking about aren’t birthdays or holidays (although this certainly could apply to them). The next time you want to spend time with your friends and go out rather than stay in, do it on a day that your regular hang out spot offers deals.

It’s the “happy hour” concept applied to activities instead of restaurants and bars. Bowling alleys usually have one night a week where games only cost a dollar or shoes are free. Golf courses frequently have twilight hours where you can golf at a discount because you only have so much time to play before it gets dark. Certain movie theaters offer matinee prices all day long during the middle of the week.

If you are going out to eat or to the bar, go during happy hour and on the days where restaurants offer special prices. Some places have “kids eat free” nights or all-you-can-eat pasta days. One of my favorite places in college had “half-off Wednesdays,” where everything on the menu was half price.

I realize these days usually attract a crowd, everyone wanting to have their share of a great offer, but that just means you’ll have to plan ahead. Make reservations if possible or allow your schedule to be flexible and account for waiting time.

So what does all of this mean for the peer-influenced money manager? Continue to be smart with your personal finances. Avoid following in the footsteps of liberally-spending friends, but use the weight of a crowd to save everyone money. So the next time you hear the phrase “Come on, everyone’s doing it!” make sure your peers are pressuring you to have fun while saving money, not throwing it away.

For more money-saving tips and tools, check out Quizzle.com, where you’ll find out your potential for credit improvement and get the most affordable credit monitoring on the web.

Looking for more money saving tips? The QuizzleWire has got you covered:

Photo Credit: http://www.flickr.com/photos/pierofix/ / CC BY-NC-SA 2.0

Does Peer Pressure and Saving Money Mix? was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

Procrastination: A Money Management Killer

Kristina Hall — Tue, 10 Nov 2009 16:50:24 +0000

Today while searching the web, I came across a list of “The Best Procrastination Quotes.” The list has a wide variety of quotes; some tailored to the seriousness of putting things off until the last minute and others taking the results of a carefree life a little more light-heartedly.

Procrastination has always been a personal battle of mine. Homework, laundry, plans for Friday night… I always find a way to wait until the last minute to do everything. This summer I caught an episode of the popular AMC show “Mad Men.” I really enjoyed the show and decided I would work it in to my fall television schedule. It’s the second week of November and I have not watched another episode of the show. Mad Men’s season finale has already come and gone.

Waiting until tomorrow to do something you could do today can make a big difference. This applies to making sure you have clean underwear, but more importantly, it pertains to personal finance. Staying on top of your money habits is imperative to having an accurate picture of your overall financial health.

Budgeting

Keeping track of every transaction seems tedious and time consuming, but it doesn’t have to be! Doing your budgeting in a timely fashion really helps when it comes to overall money management.

A lot of people blindly trust their bank’s records for all of their transactions. Most of the time, this is an ok practice, but there is usually a delay between when a transaction happens and when it appears on your statement. Having a hard copy of all of your purchases and withdrawals will keep you on top of your spending and possibly even help you catch an error on your bank’s statement.

Evaluating expenses

Review your habits and go over expenses frequently. Save receipts and actually look at them at the end of the month. Separate the items you bought that were necessities from the items that were luxuries. Add up the cost of those late night pizza runs and impulse candy bars, and try to eliminate the things you don’t really need.

If you make a point to schedule time to review your smaller purchases every month, you will end up catching your unhealthy spending behaviors before they get out of control.

Paying bills

I consider late fees an arch-nemesis. Who wants to pay an extra $25 because you forgot about that utilities bill you got two weeks before it was due?! If at all possible pay bills off as soon as you get them, even if there is a grace period between the time you receive it and the due date. If you can’t pay it off just yet, make sure to pin it on a bulletin board or stick it to the refrigerator so you don’t forget.

Buying gifts for birthdays and the holidays

The holidays are coming up. Waiting around until the last minute to purchase gifts could mean having to buy a more expensive model or spending more than you initially wanted to in order to compensate for not being able to get the perfect gift for that special someone.

In addition, unless you plan ahead or save up for the holidays, you could find yourself in a pretty big hole if you don’t take the excess spending into account when updating your personal budget.

Plan ahead for who you are shopping for and what you need to buy, even if that means buying gifts right now. This will leave more time for learning how to wrap gifts with only three pieces of tape, and truly enjoy the most important part of the holiday season: cookies.

Learning to overcome procrastination is something that could take years to do. However, the best way to defeat the habit is to start making changes today. Sally Berger once said, “The secret of getting ahead is getting started.” With the help of money management tips and tools in Quizzle, I have started practicing better money management that will ultimately help me save in the long run.