Diversify your money. My grandfather was a bootlegger in the 1920s. He had an old Tin Lizzy that he used to drive around rural Illinois, carrying his wares under a tarp on the back. Unsurprisingly, given that Prohibition was ongoing, these were cash-only transactions, and he would often drive along in that old rusty machine across the backwoods of Illinois, in the time before there was even many paved roads….He kept all of his money in a local bank, the building of which was still standing when I was a child (though it has since been torn down)…Most of the businesses that the bank owner was invested in were bankrupt by the end of 1930, but the bank owner kept trying to play the market and make the money back. Well, in late 1931, word got around that the bank had almost no money at all, and lots of people went to the bank to try to collect. The bank just shut their doors, locked them up, and the bank owner left town with what remained of everyone’s money. My grandfather happened to be out on a run then, and when he came back to find himself in financial ruin, it changed his life forever.
savings
Grandpa's Financial Advice
50 Ways to Save At The Grocery Store
Thifty Mommy has a good list of 50 ways to save at the grocery store. We knew most of them, and do some of them, but it’s still a nice reminder of what to watch out for. A few favorites:
Savings Rate Worst Since 1933
If you saved money this year, you’re one of the few. According to the Commerce Department, the savings rate fell to -1%, meaning that not only did people spend all the money they earned in 2006, they borrowed some as well.
12 Ways To Save On Utilities
“One thing (of many) that stood out to me is that we’ve spent an average of $141/month on utilities (gas, water, electric) during that period (it was much lower early on, and considerably higher more recently). That doesn’t sound like a huge amount, but consider this… Over a ten year period that works out to roughly $17k — that’s a pretty nice chunk of change.”
Investing Basics: The Savings Account
Bankrate has some info about savings accounts, the sad forgotten account. When are they useful? What’s the point? What kinds are there?
Stylish Piggy Banks For The Chic Tightwad
Conventional wisdom dictates that a tightwad wouldn’t buy a piggy bank in the first place, but never mind that. The style hive blog has put together a collection of the top 5 most popular chic piggy banks and we just love them. They’re so cute! Who says saving your pennies can’t be fashionable? Or fun?—MEGHANN MARCO
HSBC Direct Offers 6% APY On New Deposits Until April 30
Now through April 30th, HSBC Direct offers a whopping 6% APY on any new money deposited into an online savings account. That’s better than most CD’s.
Don’t Get Screwed On Valentine’s Day: Cards And Gifts
Valentines Day price gouging makes us frown, so we’re putting together some tips to help you save money… while not seeming cheap. Ok, you might seem a little cheap, but savvy consumerism can be sexy. Next: Cards and Gifts
Microwaving Sponges Kills 99% Of Pathogens
Popping a dirty sponge in the microwave for two minutes will kill 99% of its pathogens, says a new study in the Journal of Environmental Health. [More]
Save Small, Save Often
Ramit drew up a clever graph to explain why you can’t keep your long-term savings goals.
10 Ways To Build A Down Payment
If the one thing standing between you and your dream home is a down payment, Bankrate has some suggestions that may help you come up with one:
Open A Roth IRA Now
Blueprint For Financial Prosperity highly advises you open a Roth IRA right now if you don’t got one, sucka.
Busting the College Textbook Monopoly
- Consider: How often does someone have the authority to order consumers to purchase a product with a limited number of vendors? University professors have just that power, requiring students to purchase particular books for their courses. The often obscure titles must typically be purchased from the college bookstore, which obtains them through special order. With limited competition, at best, prices for new textbooks can easily climb to $100, and have tripled since the mid 1980s
Oh man, stop. We’re having flashbacks.
Lazy Winter Energy Saving Tips
You could install aerators, ask your utility company to lock in a year round rate, or replace your furnace filters every month, but that could take a lot of work.
Save Money By Exfoliating With Baking Soda
Let us know how that works out. —MEGHANN MARCO
