A recent study found that a record number of people (around 28%) with 401(k) retirement funds had loans (averaging $7,860) outstanding on them in 2010, meaning that these same folks will not have as much money set aside when it does come time to retire. That’s why a pair of Senators have introduced legislation that would make it more difficult for people to tap their 401(k)s. [More]
savings
US Bank Replaces "Free Checking" With "Easy" Checking (Hint: It's Not Free)
By 5.4.11
US Bank was one of the last large banks to keep offering free checking but that will be no more after May 15. All customers will migrated over from “Free Checking” to “Easy Checking.” While it’s not certain how it might be any easier, like a US Bank truck drives to your house and picks up your deposits and gives you a free lollipop, it is certain that the checking accounts will have monthly maintenance fees. But you can avoid those fees if you sign up for the right level package and abide by certain behaviors. [More]
Why You Need A Reserve Fund
By 4.29.11
Every nagging, Jiminy Cricket-like personal finance voice harps on you about how you need to build up a reserve fund or else the world will end in 2012 and the Cubs will never win the World Series. But the advise hardly stands on it’s own, because it’s boring just to sit on a large sum of money without investing or spending it. [More]
Kroger To Stop Doubling, Tripling Coupons In Houston
By 4.6.11
Houston coupon clippers have only a week to bask in double and triple coupon glory at Kroger, which announced it’s doing away with the discount multipliers April 13. [More]
Frugal 91-Year-Old Woman Was A Secret Millionaire
By 2.11.11
A 91-year-old woman who passed away in Washington state shocked her community by leaving behind millions. She was known for wearing tattered clothing and hanging onto broken furniture, but was sitting on $3 million. [More]
BofA Tests New Checking Accounts With New Fees
By 1.6.11
Bank of America is trying out a new system of checking accounts with new rules—and new fees for breaking them. [More]
SmartyPig Cuts Rate From 1.75% To 1.35% APY
By 1.6.11
In an email to customers, savings site SmartyPig announced it had cut its rate from 1.75% to 1.35% APY. Now it’s no longer the top rate for a nationally available online savings account. Sad day. [More]
More New Debit Card Fees Loom
By 1.5.11
Banks are making less money when you swipe your credit and debit cards because of new caps on interchange rates, the fee that they charge to process each of these transactions, that go into effect on July 1st. They have to make the money up somehow! We’ve seen new fee-incurring tripwires on checking accounts, and now they’re dreaming up even more fees for debit cards. Here’s what’s on their wishlist: [More]
Chase Kills "Free Checking" For Ex-WaMu Customers
By 12.6.10
Starting Feb. 8 2011, former WaMu account holders gobbled up by Chase will become the latest batch of customers to lose their free checking privileges. They will still get “free checks for life”, but their “free” checking is about to become “fee” checking. [More]
How To Build A Reserve Fund
By 10.31.10
Money mavens always harp on you to stash some money away to stave off disasters such as layoffs or having to blow $1,000 on a pair of tickets to see the Giants play in the World Series for the first time in forever. [More]
ING Won't Give Me My Dead Husband's Money (Updated)
By 9.27.10
Cathy’s husband died about a year ago, and she recently discovered he had a secret CD account with ING that he was using to save up for a surprise vacation. For no apparent reason, the bank is freezing her out of the $2,000 in the account. She says it will cost much of than that in lawyer’s fees to try to get the money, but she’s fighting anyway. [More]
Being Frugal Makes You More Appealing
By 8.23.10
According to a new ING Direct study, the word that most comes to mind when a hypothetical blind date partner is described as frugal is “smart.” Sadly, “sexy” only came to mind about 3.7% of the time, but at least you’ll have more chances: an eHarmony review commissioned by Ron Lieber at the New York Times “found that both men and women were 25 percent more likely to have a potential mate reach out to them if they identified themselves as a saver rather than a spender.” [More]
Remember: Checks Can Still Overdraft
By 8.17.10
Just remember, even though starting this week banks can’t charge you overdrafts unless you opted into their overdraft program, they can still authorize overdrafted checks, ATM withdrawals, and automatic bill payments at their discretion and charge you a fee for it. [More]
Is Buying A Discount Movie Ticket At Costco Worth Standing In 5 Different Lines?
By 8.13.10
Some movie theater chains sell discount passes at Costco that can save you over $2 per person. Not a bad deal… if you don’t mind waiting in five different lines before you sit down in your seat at the theater. [More]
What's Your Net Worth?
By 8.5.10
You can’t get where you’re going if you don’t know where you are. In order to accomplish your long-term financial goals, like saving up for travel, a home, or starting your own business, you should sit down and assess your net worth. [More]
Coupon Use At Record High
By 7.22.10
According to a new report from coupon marketing company NCH, the volume of coupons redeemed rose about 8% from a year ago, and marked the seventh consecutive quarter of growth. The report also indicates that manufacturers are increasing the value of coupons but moving up the expiration dates. [More]
3 Reasons You Might Not Always Save Money At Costco
By 7.21.10
Shopping at Costco is pretty cheap, at least when you consider unit pricing. But over at Helium.com, writer Suzanne Rose has come up with a handful of things to think about before clearing out the back of your minivan in preparation for a trip to the warehouse store. [More]
Prepaid Funeral Trust Money Used For Conventions And Lobbying, Say Auditors
By 7.12.10
We’ve said repeatedly that prepaid funeral plans are bunk–the industry is too unregulated to be trustworthy, and it’s far too easy to lose money when you could just as easily set up a savings plan for a funeral on your own. Now there’s news from California that the state’s second-largest prepaid funeral trust was spending money “improperly” on everything from political lobbying to conventions, blowing $12.6 million from the $70 million paid in advance by customers. [More]
