Dollar for Dollar

When it comes to money, Mother may not necessarily know best, but shes more willing to talk about it: Fidelity

Fri, 10 May 2013 22:18:35 GMT

Its in these early developmental years, when as moms we are inundated with our childrens why, what if, and why not questions, that we form not only our paths of communication, but the style in which we interact. A recent Fidelity study on intergenerational conversations about healthcare needs and retirement expenses reinforced in my mind how important it is to establish clear connections with our kids early on.

Do you have a spring or summer break hiding in a rewards program? Time to check the points balance!

Fri, 12 Apr 2013 19:48:08 GMT

Almost three in four Americans have forgotten about frequent flier miles or credit card rewards points that theyve earned. For people who dont take advantage of points, youre leaving money on the table, said Brian Kelly, author of ThePointsGuy.com, a website dedicated to teaching the ins and outs of maximizing the use of points for travel and other benefits. Kelly worked with Princeton Survey Research Associates to find out how many people are actually taking advantage of points programs and how many are letting them expire. What Kelly found in his survey of 1,000+ individuals is that while two in three Americans collect rewards points/miles through various programs, only 41 percent of them actually understand how they work. As a result, 27 percent have let some or all of their miles expire at some point.

Charles Schwab: Retirement income expectations low even amidst concerns about medical costs

Sun, 24 Mar 2013 22:54:21 GMT

Charles Schwab & Co. financial consultant Kimberly Segal says she recommends her clients save enough to meet 80 percent of their current expenditures when planning for retirement. But a recent survey by her firm finds that Bostonians with means arent necessarily hearing the message. Most are expecting to only need about half the income they earn now when they retire, even amidst concerns about healthcare and other rising costs.

How much car can you afford to finance? Try the 20-4-10 rule

Thu, 28 Feb 2013 19:46:23 GMT

If youre looking to finance a car, you might consider the 20-4-10 rule: 20 percent down; financing that lasts no longer than four years; and principal, interest and insurance that doesnt exceed 10 percent of your gross household income. Its a formula that can help change the way we think about how we define the affordability of a car, and potentially start to free up some extra cash for other, more important financial needs such as retirement or even the more basic emergency savings fund.

Gas prices eating at your wallet? Try visiting the pump on a Wednesday, before 10 a.m., as well as these other tips

Sat, 23 Feb 2013 04:36:33 GMT

Feeling a pinch from the gas pump? No wonder. According to the American Automobile Association, gas prices rose every day from Jan. 17 to Feb. 20 a 15 percent jump to $3.778 per gallon, the fastest run-up since 2005. Not surprisingly, Ive been hearing from a lot of folks who have tips for how to track, and maybe even help manage, the sticker shock. For example, there is an app called Gasbuddy.com that can provide you with a list of gas stations in the area and their latest prices so that you can compare prices before you fill up the tank. In some cases, you can save 20 cents or more per gallon, which can quickly lead to big savings.

Ally Financials Kucharski Sees Auto Lenders Ready to Handle Increase in Consumer Demand With More Financing, Lease Offers

Sat, 16 Feb 2013 04:43:43 GMT

Jim Kucharski, who works with auto manufacturers such as General Motors Corp. and Chrysler Corp. as vice president of Alliance Sales at Ally Financial, expects 2013 to be a good year for the auto industry because of significant, pent-up demand from buyers (both consumers and businesses) who deferred sales during the recession. In addition, the average vehicle on the road in the US is more than 10 years old, encouraging consumers to trade in this older fleet for newer models.

Merrills Mullin: 2013 May Be the Year of the Great Rotation

Fri, 01 Feb 2013 20:24:18 GMT

The rally in the markets this week probably has a lot of people checking their 401(k) balances to see what kind of bump they may have gotten in their portfolios. Mary Mullin, a financial advisor with Merrill Lynch Wealth Management here in Boston, says that there are some pretty solid reasons to be optimistic about a rebound in growth, not just in the U.S., but worldwide this year.

OK with spending on the latte every morning? Then lets try some other resolutions.

Fri, 18 Jan 2013 03:25:58 GMT

Lets assume that we all know its not the smartest move to spend several dollars on that higher-priced cup of Joe every day when you can brew a less expensive version at home and put it in a go cup. This year, what else can we do to get our financial house in shape?

Going paperless: Some products that set me up for success

Fri, 11 Jan 2013 05:28:14 GMT

Last year, my New Years Resolution was to go paperless. I succeeded, but not in the way that I expected. I began the year trying several new online applications that aimed to help me organize tasks ranging from setting up a snapshot of all my bills and reminders to pay them, to creating a family system that would allow my kids to track their allowances and chores. As I often discover (and re-discover) when I embark on an effort to create new habits, starting simple is best.

Bankrate: Low interest rates to make 13 another good year for borrowers, lousy one for savers

Sat, 05 Jan 2013 00:55:37 GMT

2013 is going to be another good year for borrowers, and a lousy year for savers, as interest rates remain low amidst a slow-growth economy, Bankrate Senior Financial Analyst Greg McBride said in an interview.

Help prevent the financial exploitation of older adults

Fri, 14 Dec 2012 21:09:05 GMT

According to the National Center on Elder Abuse, as many as 5 million older adults are victimized each year, costing an estimated $3 billion. Its not uncommon to have the financial abuse committed by a person they know and trust, from a friend to a caregiver to even a family member. Anyone who has access to their personal information can misuse it. If you know of an older person who has been victimized, in addition to contacting local law enforcement they can get help through the Eldercare Locator, a nationwide, public service that provides connections to resources. More information can be found at www.eldercare.gov or by calling 800-677-1116. There are also resources available through the National Center on Elder Abuse, details of which can be found at www.ncea.aoa.gov. A few more resources are listed in the pdf attachment as well.

If Santa had a credit score...

Fri, 07 Dec 2012 04:18:07 GMT

I found this infographic from creditsesame.com cute, festive, and relevant to the holiday shopping season ... A nice way of reminding all of us to watch our credit even as we spend it ...

Your wallet is still the easiest source for ID thieves

Thu, 29 Nov 2012 21:30:43 GMT

Whats in your wallet? Whatever it is, identity thieves still see it as the easiest way to get your information. As concerned as we all are with an online or other technology-related data breach, the vast majority of identity theft happens from stolen or misplaced items such as wallets and pocketbooks. The second most common cause is a compromised license, Social Security card or other form of personal I.D. Burglaries rate third.

Boston.com readers plan to wait to holiday shop, and keep a close eye on their wallets

Fri, 16 Nov 2012 19:09:45 GMT

Retailers in the Greater Boston area need to do a little more homework if they want to capture this holiday shopping market. According to the survey I posted last week, more than 70 percent of Boston.com readers plan to wait to do most of their holiday shopping until early December, when there arent many crowds in the stores. I have to agree with my readers. Who wants to deal with Black Friday when you can wait a few days and have some time to think and space to breathe in the stores?

Spreadsheet sanity makes for holiday cheer

Thu, 08 Nov 2012 17:45:47 GMT

Excel spreadsheets are once again becoming my best friend. As I begin preparing my annual Christmas shopping list, instead of my usual paper system tacked onto my bulletin board or stuffed in my wallet, I have decided to lay out my list of people, and purchases, in a few simple columns so that I can easily find and track all of the information. Interestingly it helps to get my husband more involved in the planning. Trying to interpret my paper notes often left him guessing, and therefore left out, of the process. The spreadsheet is easier to follow, and help fill out, giving him a chance to be more proactive and engaged.

Lights, Camera, Save! A fun video contest on personal finance for kids

Fri, 02 Nov 2012 04:40:41 GMT

Easthampton Savings Bank is one of 88 banks nationwide that is participating in this years Lights, Camera, Save! video contest for teens thats organized by the Education Foundation of the American Bankers Association. National winners will receive cash to fund their savings goal, plus a donation to their school.

Moodys: Car sales, and loans, on fire as auto financing companies aggressively extend credit

Sat, 27 Oct 2012 01:01:23 GMT

According to a recent report by Moodys Analytics, auto lending is growing at the fastest pace in seven years. Total outstanding debt on loan and leases increased last month by more than $50 billion, or 7 percent, to $767 billion from year-ago levels, according to Moodys Analytics, which provides research and other financial tools to help companies measure and manage risk. Auto lending is on fire, said Cristian deRitis, senior director of consumer credit analytics for Moodys Analytics. Its pent-up demand that built up during the recession.

Consumer borrowing is up, but not for shopping The cost of education is going to make this holiday a tough season for retailers

Fri, 19 Oct 2012 02:53:30 GMT

This week the National Retail Federation, the retail industrys main voicebox, released its annual forecast for holiday spending, and not surprisingly the results indicate that consumers are going to continue to be cautious during the fourth-quarter buying season. Consumers are also showing an interest in controlling the way they spend their money, an adjustment to the new normal that is evident in not only their adherence to budgets and avid pursuit of discounts, but their reduced use of credit cards. As a result there is more interest in using layaway programs (hence the already large number of TV commercials airing to promote this practice) with many consumers saying that they plan to begin their shopping this month, even before Halloween, in order to make sure they are able to grab the seasons must have items before its too late. Consumers have more credit available to them, and have more cards in their wallets that they did a year ago, but they have not been willing to take them out and charge up, said Cristian deRitis, senior director of consumer credit analytics for Moodys Analytics.

The folly of youth: The inheritance myth

Fri, 12 Oct 2012 07:16:40 GMT

Expecting an inheritance? Apparently so, if youre a member of Gen Z. And that youthful optimism may deter these individuals from taking retirement savings seriously with potentially damaging consequences.

Living with the "new normal"

Fri, 05 Oct 2012 20:41:08 GMT

When I was told about a recent Affluent Insights Survey that Merrill Lynch conducted, I found myself wondering how we might think about its results so that it can be useful information for a variety of individuals, of varying incomes, and not just for those who happen to have $250,000 or more of investable assets. To me, these surveys are helpful if we can find even just one or two nuggets of new information that might serve as potentially interesting solutions when applied to our own lives.

Fidelity: More stock plan participants use assets to invest

Thu, 27 Sep 2012 20:45:46 GMT

Individuals who participate in company stock plans are increasingly earmarking the assets for investment or retirement instead of paying off debt a shift that offers some hope that segments of the population are starting to be able to refocus on saving rather than just paying off bills, Fidelity Investments said today

The cost of opting out of a bank account

Fri, 14 Sep 2012 13:36:57 GMT

Earlier this week a study by the Federal Deposit Insurance Corp. (FDIC) showed that the number of American households opting out of the banking system grew steadily from 2009 to 2011. About 17 million adults dont have a checking or savings account at all, representing about 8.2 percent of U.S. households. Another 51 million are so-called underbanked adults, which means they have a bank account but may also consistently frequent higher-risk services such as pawnshops and payday lenders. The FDIC said it partnered with the U.S. Census Bureau to conduct the survey in June 2011, collecting responses from almost 45,000 households.

Massachusetts daycare costs top in the nation for infants and children up to age 4

Fri, 24 Aug 2012 18:15:30 GMT

A study by Child Care Aware® of America found that Massachusetts had the highest average annual cost for full-time infant daycare in the U.S. at an average $14,980 per year, and that top expense continues through age 4. Its only when a child enters school that the state drops off the top 10 list.

Time to read your 401(k) statements: New regulations aim to make it easier for participants to understand the fees

Fri, 17 Aug 2012 20:59:18 GMT

If you participate in your employers 401(k) plan, you may have already noticed a change in the format of the statements that are provided to you, detailing your investments. If you havent, keep an eye out by Aug. 30th, the information provided on there will be changing. The U.S. Department of Labor is requiring that plan sponsors (your employer) provide more detailed information on fees and expenses related to 401(k) plans. Its important to note that the fees listed are not new. Theyve always been there. Its just that now the DOL is trying to make it easier for participants to see the administrative expenses charged for running a program.

Back-to-school spending gets a boost as shoppers hit Internet stores

Fri, 10 Aug 2012 20:00:22 GMT

With school starting in just a month, parents and their kids are beginning to shop for those supplies, clothes and other gear needed to make it through the upcoming year. The back-to-school shopping season is the second-busiest for retailers after Christmas, and the National Retail Federation, one of the bigger groups representing the industry, expects this year to be a banner year. Spending, according to the NRF, for combined K-12 and college, is expected to reach a record $83.8 billion. The big boost in spending may actually be from online shoppers, who are expected to spend 27 percent more than those who hit the actual physical stores.