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EPISODE 42 ~ TOP TIP: Warranty: Don’t Be Fooled By Service Contracts Disguised As Extended Warranties

If somebody tries to sell you an “extended warranty,” keep in mind it’s not really a warranty and that it may NOT be extended either.  These deals are really service contracts, often offered by outside companies. Here’s the big question:  Does this service contract duplicate the protections offered by the regular warranty?  The word “extended” implies that it extends the period of the manufacturer’s warranty, but often these contracts kick in right away so they are in effect at the same time as the manufacturer’s warranty.  So be skeptical and keep in mind that less than twenty percent of consumers who buy service contracts ever use them.

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EPISODE 41 ~ TOP TIP: “No Money Down” Can Mean Big Money Lost

No money down, no interest, no payments til next year!  This is what’s known as a “No, No, No Deal.”  But before you say “yes, yes, yes,” you should know these deals can end up costing you a lot, lot, lot.  Here’s the main problem.  These offers are strictly structured so that if you don’t pay off the full amount when the introductory period ends, you do owe interest.  Worse yet, that interest is retroactive to the date of the original purchase.  Worst of all, often the interest rate is sky high –twenty percent or more.  Another downfall is that the product price is often inflated to make up for the free financing.  An electronics store offered a thirty-five inch television for $999.  But consumers who opted for free financing had to pay $1499.  Bottom line: These highly hyped deals only save you money IF the product is competitively priced AND IF you pay it off in time.

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EPISODE 40 ~ TOP TIP: Credit Score: Raise Your Score Almost Instantly By Becoming an Authorized User on Someone Else’s Account

If you need to improve your credit score fast, one way is to be added as an authorized user to another person’s credit card account. This is a perfectly legitimate strategy if the other person is a family member or close associate. Many parents do this for their kids.  Some business partners have too.  Even though the authorized user is not responsible for paying the bill, the account – and all its history – will show up on their credit report.   Ideally, it will be a major credit card account, rather than a podunk store card.  Of course, you should make sure you are added by somebody with a good credit record of their own or this move will hurt instead of helping you.  There are lots of other, more important moves to improve your credit score —like paying your debts in full and on time— but this is a little extra  boost that can make a difference fast.

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EPISODE 39 ~ TOP TIP: Carpet Cleaning: Go With The Cleaning Service That Prices By Square Foot NOT By Room

Carpet cleaners who advertise “3 rooms for $29.95” or some other low, set price, don’t really mean it.  They are hustlers who want into your house.  They’ll drag all their equipment into your house to make you feel obligated.  And then they’ll upsell you like crazy.  Want stains removed?  That costs extra.  Furniture moved?  More money.  Closets adjoining rooms included?  Pay up.  Some have even been known to take their revenge if you don’t pay more by soaking your carpets with dirty water and then not sucking it back up.  Reputable carpet cleaners charge by the square foot and it costs a good deal more than 10 bucks a room.  Oh, and for the best, most thorough job, you should hire a carpet cleaner with truck-mounted equipment, which is far more powerful than portable equipment..

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EPISODE 38 ~ TOP TIP: AAA: Invest In AAA To Avoid Pricey Tow Truck Services

Instead of complaining about how my car broke down last week, here is a Top Tip that might help you if yours does.  If your car dies on you and you need to get it towed, you may be able to join AAA and get a year’s worth of towing and other services, for less than the cost of hiring a tow truck just for the one trip.  This didn’t help my husband and me because our alternator blew during rush hour, right in the middle of a busy 2-lane road where it was blocking traffic.  So we were in a hurry.  BUT!  If you are able to pull your car over to the side and have a little more time than we did, consider this:  The tow truck we called cost us $100.  But joining AAA for a year costs just $57.  If you sign up online, you will receive your membership number and temporary card as soon as you’ve paid.  You can then use them immediately to book a AAA tow truck for no additional cost.

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EPISODE 37 ~ TOP TIP: Budget Planner: Set A Spending-Cap With Your Spouse When Combining Finances

I was talking to a newlywed friend the other night and she was nervous about combining finances with her husband and keeping the peace at home.  I shared this marital spending tip: Set a spending cap that neither spouse is allowed to go over without checking in with the other person.  Something like a hundred dollars or 2-hundred or 5.  The amount will depend on your own circumstances, and you can raise it as you grow older and more prosperous.  This makes it easy to spend amounts that are less than the cap guilt-free.  And it slows down your big-ticket spending because you have think about whether to ask the other person in the first place, then do the actual asking and then consider the expenditure together.  Having an agreed-upon spending cap has worked really well for my husband and me and I hope it helps you too!

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EPISODE 36 ~ TOP TIP: You do NOT have 3 Days To Return a Car —Car Sales Are Final

Most car sales —new or used— are FINAL.  Many people believe you have three days to return a car if you change your mind.  It’s one of the most pervasive consumer myths and drives me absolutely crazy.  A few rare and noble dealerships have begun allowing limited returns.  But it is NOT the norm.  So, when you think you’re ready to sign on the dotted line, take a deep breath and WAIT.  Consider the price.  Consider the financing.  And then if you’re comfortable, sign your life away.  I repeat YOU can almost never RETURN A CAR! 

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CBS News Radio Listeners: Welcome! Here Are the Details and Links To Help You Save, Find and Make Money This Valentine’s Day

Every week on the Easy Money Podcast, I dig up clever, creative ways to
make more money, save big money and find your unclaimed money. My
CBS Valentine’s Special tips and tricks were just a sampling. I invite you to check out the podcast for so many more. Meanwhile, as promised, here are more details about how to save money on greeting cards, candy, flowers, restaurants and diamonds. Plus I share how to search for unclaimed money for your sweetheart and interesting ways of making more money.
HOW TO SAVE MONEY ON VALENTINE’S GREETING CARDS:
CBS Advice:
•Look down low. Low on the rack of greeting cards, that is —think
toddler level!— because that’s typically where the cheaper cards are.
•Buy blanks. Better yet, look low on the rack ANY time of year for
beautiful, but blank cards. When you find deals, stock up, because you
can use blank cards all year round. Just write your own heartfelt
message inside.
•Pass the same card back and forth with your significant other every
year. How romantic to re-read what you wrote to each other in past
years!
More Advice:
•Dollar Stores can be a great source of inexpensive greeting cards.
•You can create your own photo cards online and use them for multiple
occasions. Look for coupon codes and this can be very affordable.
•Trader Joe’s supermarkets sell high quality cards at a low price.
HOW TO SAVE MONEY ON VALENTINE’S CANDY:
CBS Advice:
Stack your way to savings. For example, find candy on sale and then
STACK coupons on top of that sale to deepen your discount. YES,
retailers allow you to benefit from a store sale plus a manufacturer’s
coupon! Many thanks to the “Krazy Coupon Lady” for these links.
More advice:
Links to stores with great sales on Valentine’s Day:

Valentine’s candy on sale at Walmart.
Valentine’s candy on sale at Target.

Valentine’s candy on sale at Walgreen’s.
Valentine’s candy on sale at CVS.
Valentine’s candy on sale at Rite Aid.
Links to manufacturers with coupons for Valentine’s candy:
Mars
Werther’s
Ghirardelli
Godiva
Snickers
Hershey’s
M&M’s
Brach’s
Trolli

HOW TO SAVE MONEY ON VALENTINE’S FLOWERS:
CBS Advice:
•Avoid roses. Roses —especially red roses— are marked up to two or
three times their regular cost around Valentine’s Day, so skip them!
•Buy favorites. Instead, buy your sweetie’s favorite flowers instead and
they will be so much less expensive that you can even afford a bigger
bouquet! Pssst! My favorite flowers are tulips, honey!
More Advice:
•Go grocery shopping. Grocery store flowers come from the same
suppliers as florist’s flowers and some have special wrapping stations
set up on Valentine’s Day. Bring your own vase to save even more and
personalize the bouquet.
•Shop locally. Instead of ordering from big, international companies
online, call or visit the website of a less expensive local florist located
near your loved one.
•Snag coupon codes. If you must use a big online florist, search for
coupon codes online before you place your order. They are often
available for 15 to 20 percent off.
HOW TO SAVE MONEY ON VALENTINE’S DATES:
CBS Advice:

•Local restaurants: If you prefer dining at local restaurants, check out
Restaurant.com gift certificates. Go to the specials page, where I
recently spotted $75 gift certificates being offered for $15.
•Chain restaurants: If you like chain restaurants, then head to
Raise.com, a site where people buy and sell gift cards they don’t need
or want. When I checked, gift cards to popular chain restaurants were
discounted by as much as 24%.
More Advice:
Alternative dates: Be creative! Instead of a dinner date, take your
sweetie on a more adventuresome outing. Groupon is a great source
for discounts on stained glass classes, bird watching, movies and more.
HOW TO SAVE MONEY ON A DIAMOND THIS VALENTINE’S DAY
CBS Advice:
•Understand fractions. Instead of buying, say, a 1.5 karat diamond,
consider one that is 1.47 karats. That tiny difference is not discernible to
the naked eye, but IS to your wallet. It could save you as much as 15%!
•Halo effect. You can also save money by buying a smaller center
diamond surrounded by a halo of even smaller diamonds. Together they
look big and blingy, but the combo costs far less than a single large
diamond.
More Advice:
•Save on the band. Alternatively, spend your money on the diamond,
but save on the band, by selecting gold or white gold instead of platinum or titanium.
HOW TO SEARCH FOR UNCLAIMED MONEY FOR YOUR SWEETIE:
CBS Advice:
•Just do it. Every week on the Easy Money podcast, I encourage
people to search for unclaimed money and give advanced strategies for
finding it. So far, I’ve helped people reclaim nearly $2 million dollars!
The 50 states are holding billions of dollars for their citizens and one in
every ten of us has money waiting, so taking 5 minutes to check is the
real hurtle. Here’s how you do it:
More Advice:

•Step 1: First search at the free website MissingMoney.com, which
automatically checks its 40 member states at once for you.
•Step 2: Then, if you want to be really thorough, go to unclaimed.org
(note, that’s .org) to search the other 10 states individually, especially if
your loved one has lived or worked in: Arkansas, California, Connecticut,
Delaware, Georgia, Hawaii, Illinois, Oregon, South Carolina or
Wyoming, which don’t participate with the first site.

HOW TO MAKE MORE MONEY FOR FUTURE VALENTINE’S DAYS:
Every week on the Easy Money podcast, I talk about clever, creative ways to make more money. Join me to find YOUR way! Here are some
examples:
•Charmaine Pocek, a former recruiter from Houston, has made more
than $1.2 million dollars editing resumes for online clients.
•Ryan Heenan of Orange County, California used to make $30,000 a
year as a preschool music teacher. Now he makes $30,000 a month
producing jingles for businesses.
•Military mom Candace Hatch didn’t even know how to sew when she
started making her Lili Lane children’s clothing and selling it on
Instagram.
•27-year- old Alicia Chew started a fashion blog in her dorm room and
built up such an impressive following that brands from Banana Republic
to Pepsi pay her to talk up their products.
•Jake Bartlett, quit his day job when he realized it was taking away from
his freelance career teaching courses on Skillshare.
•When Jessica Craddock’s fiancee became disabled, she started selling
clothing on Poshmark, and has done so well, she may not bother to use
her law degree
•Kyle Clark has traveled around the world thanks to the extra money he
makes renting out cars on Turo, “the AirBnB of cars.”

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EPISODE 35 ~ TOP TIP: Avoiding Financial Failure By Being the “Hunter” Not The “Hunted”

Here is a Top Tip that I love. It’s my motto as a consumer, actually.  Ready?  “Be the hunter, not the hunted.”  Sounds kind of weird, but let me explain.  All sorts of bad things happen to us financially when we respond to those who come after us with their products and services.  Instead, do your research and do business with companies and charities that YOU seek out and you’re likely to get a much better deal and avoid scams and rip-offs.  Once more time, all together now: “Be the hunter, not the hunted.”   

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EPISODE 34 ~ TOP TIP: Pay By Phone: Why You Should Only Pay Over The Phone If You Initiated The Call

The other night I picked up the phone and it was my husband’s college calling to ask for money.  We are big believers in education, so I had the patience to listen and I was sympathetic to the idea of donating.  BUT, as I went to get my credit card, I suddenly realized I was about to break one of my own rules!  Never buy anything or donate money over the phone unless YOU initiated the call!  After all, it could be a scammer on the line trying to get your financial info.  For that matter, don’t let the caller give you a number to call back and confirm.  Instead, hang up, research the company or cause’s phone number yourself and call or mail in a donation when it’s convenient for you.

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