Today is the day we pause to reflect on everything our mothers have given us, from kisses on scraped knees and comfortable laps to sit on, to financial wisdom that has the power to stick with us through adulthood. We asked you to share the personal finance tips your mother imparted to you, because hey, sharing is caring and she’d probably approve.
When I was in first grade, the lunch lady at my school informed me that my parents had overpaid for my meals for the month, and sent the extra money home with me, as I remember it. I took it to my mom, who said that everyone should have a bank account, and that we could use that $18 or so to start one for me. And to add to that — she said that moolah could grow to a larger amount all by itself through a magical thing called “interest.”
There was only one winner of the $425 million Powerball drawing this week, and the ticket was sold at a gas station in California’s Bay Area. As you spend that money in your head, as we inevitably all do, you might wonder how you could win the lottery. You don’t need luck. Here’s a guaranteed winning strategy. [More]
Bargain-hunting can be really fun. You can spend hours clipping coupons, searching online, and pawing through clearance racks to find the best deals. If you don’t enjoy that or don’t have time, though, there’s another way. You can decide what you want and what you’re willing to pay, and use automated tools that notify you when the item reaches that magic price. [More]
If you struggle to put money away, it helps to eliminate personal choice by taking money out of your hands before you allow yourself to spend it. Getting saving to seem like something you have no control over makes it easier to set the funds aside and adapt your spending habits accordingly.
Tide has become a hot commodity lately. Law enforcement officials from around the nation say there has been an outbreak of thefts of the pricey-but-well-regarded detergent. One guy allegedly stole $25,000 worth of Tide before Minnesota police nabbed him. Why? Tide can be pricey (up to $20 a bottle), and, well, it’s in high demand. But how can you save on detergent without resorting to buying black-market-Tide?
A (presumably) sarcastic comment on Vanguard’s Facebook page about throwing away change instead of saving it has started something of a debate over on reddit. The question? Are there, in fact, people who really throw away their change rather than save it in a jar? Could this be true? Or is everyone being sarcastic and messing with us?
Residents of one block in Brighton in the UK are tracking their electricity usage via a giant infographic graffitied onto the street. In the three weeks the project has been running, electricity use has dropped 15%. Amazing the great good a little bit of feedback can do! In America people would probably just compete to see how big they could make the electricity drain go.
The New York Times has a round-up of money-saving travel hints for 2011 — and there are a few interesting ideas, like searching student travel agencies for trips with no age restrictions, and negotiating with the reservation agents at multiple hotels.
Adam Baker at Get Rich Slowly suggests you’ll be able to better stick to a budget if you pick one non-essential hobby or interest instead of cutting them all out. The key to figuring out whether or not it’s something worth “wasting” money on is to identify any hidden benefits, and then to make sure there aren’t hidden drawbacks.
If you don’t know about the Carnival of Personal Finance, it’s a weekly round-up of interesting posts from the glut of personal finance blogs and websites that now litter the web. I discovered two of today’s posts—the 23 debt-saving tips and the the alkaline-vs-rechargeables story—through the most recent Carnival.
Society may have come a long way since the 50s, but the grocery shopping tips remain the same. Inside, the wisdom that helped a generation of college-aged mothers conquer the scary supermarket.
Having a baby soon? Congrats! Now you can begin the 18-year process of saving for college (not to mention the even more costly option of paying for their upbringing.) Luckily for you, the New York Times has a simple formula that makes the saving process as painless as possible, requiring only small sacrifices (over a long period of time). They dub the approach “20-20-20” and it goes like this: