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EPISODE 28 ~ SAVE MORE: Cash Apps: Find Out When You Deserve A Refund With Apps Like Earny

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One thing that drives shoppers crazy is when they buy something and then the price drops a week or two later and they could have gotten it for less.   Enter the “Earny” app, that’s E-A-R-N-Y.  Earny tracks price adjustments and automatically gets you your money back in these situations.  My guest is Dori Yona, co-founder & COO of Earny.

Dori, how long has the Earny App been around and how did you come up with the idea for it?

Over a year.  We launched in 2016 and now we’re available on all platforms.  The reason we developed it is because of a real-life scenario: IN late 2015, my co-founders and I had recently moved to San Francisco and we were invited to a dinner.  We needed to go buy appropriate suits and business clothes.  I went to Zara and bought a blazer.  My business partner borrowed one from a friend.  They cost $130.  About 2 months later, while planning for another event, my partner found the exact same blazer for HALF off.  We remembered that credit cards often offer price protection plans.  That guarantees that if you buy an item and the price drops, your credit card will refund you that difference.  So I tried it.  I disappeared for a week and tried it.  And I got my  money back.  That made a lightbulb go off for us and Earny was born.

Give us the basics of how it works.  What do people do when they sign up and what does Earny do for them?

•You download the free app and link your email and sometimes credit cards to Earny.

•Earny tracks price adjustments, and when the price of an item you bought drops, the Earny bot emails customer service on your behalf to get back the difference.

People may be familiar with the price protection plans many credit cards offer.  So why would they need Earny too?

Although many credit cards offer price-protection policies, people rarely claim their refunds.  Earny makes it easy. For example, you can shop for the holidays anytime you want, instead of waiting for Black Friday and Earny will automatically get you money back on items that go on sale during Black Friday.

How does Earny know what I bought?

When you shop online or in certain stores, many merchants email you an electronic receipt.  Earny only recognizes the receipts that were sent to you by these specific merchants. He then analyzes the information to understand what you bought and starts searching for a better price.  When you first sign up with Earny, you give him permission to collect these specific receipts from the mailbox you signed up with.

I know some receipts, like for Amazon.com, don’t indicate what item you bought.  What then? 

Over a million price drops happen every day on Amazon, which means you are most likely owed money. Because Amazon doesn’t send an itemized description in its receipts, if you want Earny to protect your Amazon purchases, you have to link your Amazon account to Earny. Earny will then make sure you never overpay for an item on Amazon again.

You mentioned Amazon.  Does Earny work with any store?  Or do you have agreements with certain stores?

We currently cover the top 30 retailers, which account for 85% of purchases. 

For example, Amazon, Best Buy, Bloomingdale’s, Carter’s, Costco, the Gap Group including Gap, Banana Republic, Old Navy, Athleta, and the factory stores. Also, JCrew, Jet, Kohl’s, Macy’s, Newegg, Nike, Nordstrom, Overstock, Sears, Staples, Target, Walmart and Zappos.  we are always expanding the list of retailers we cover, and we appreciate any tips sent our way! 

How much does it cost and how do you get paid??

Earny doesn’t take any money until he gets you back money. The app keeps 25% of the money it gets back for you. In other words, Earny is happy when you are!  We receive our 25 percent via the customer’s linked credit card.  We also have a referral program where we will give some of our 25% back to you if you invite a friend.  You can earn 5% of your friend’s refunds!

Give me a juicy example: what’s the most you’ve saved any one individual so far?

I know we’ve had individuals who we’ve saved thousands per year.  Many consumers have capped out at the $500 limit that stores allow in their price protection plans.  The Eclipse glasses story is a great example.  We had a user who bought 10 sets.  He paid about $110 for the ten.  The eclipse was over, life went back to normal, Earny continued to track the price of those glasses and it dropped down to about $20 for all ten!  Earny submitted a claim and got that consumer $90 back!

Dori and team have written a guest blog post that explains, step by step how to take advance of price protection offers.

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EPISODE 27 ~ SAVE MORE: Used Cars: Shop For Used Cars At New Car Price

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I want to encourage you to buy only used cars from now on.   Never new!

I know, I know, you don’t want to buy somebody else’s problem.  But cars these days are built to last a long time and I’m not suggesting you buy a car from the 80’s1  Instead, I’m gonna show you how to buy a used car at the exact moment that it’s lost the most value but is still a great vehicle.

I”m sure You know that cars go down in value, but did you know that a car’s steepest depreciation occurs between ages zero and three –an average of 45%?  That means buying used is not a bummer. It’s a benefit. It opens up a whole new range of vehicles to you.

For instance, which would you rather drive, a Lexus or a Taurus? Gosh, I’m going to go out on a limb and guess that the vast majority of you said a Lexus.  A brand new Lexus ES3350 costs about $47-thousand dollars.  Ouch.

But guess what? You can drive a Lexus for the same price as a Taurus. (It’s just that it will be slightly used.)  I did a price comparison between a new Taurus and a used Lexus:

2017 Ford Taurus SEL sedan brand new:

$23,500

or

2014 Lexus ES350 sedan with 38,046 miles:

$23,500

Amazing. You can get a three year old Lexus with low mileage —37-thousand miles— for the same price as a brand new Taurus. That’s the story of vehicle depreciation. Dramatic, isn’t it?  The key is to get a used car that’s 2-4 years old.  That’s the sweet spot for scoring a deal based on the biggest period of depreciation.  Of course, if you REALLY want to save money, you’ll buy a used Taurus!  SO let’s do that math real quick.

Once again, I based this on a low mileage, 3-year old vehicle.  And 9-thousand in savings?  Fantastic!  My work here is done.

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EPISODE 25 ~ SAVE MORE: Activities For Kids: 10 More Ways To Save Money On Kids Classes

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Refer a friend.  Many children’s centers —especially newer ones looking to grow— rely on referrals and reward parents who make them.  If they don’t offer you a thank you discount, politely request one, and tell them there are more referrals to come.

Pay yearly. If you know your child is committed to an activity, paying the entire fee annually can net you a nice discount.  If they don’t offer, ask.

Package deals.  Some organizations offer package deals outright; Others will negotiate.  Ask for a discount on classes if you are enrolling multiple kids, or booking a birthday party or enrolling in camp.

Non-Profit organizations.  The YMCA offers financial aid and says it never turns away a family in need.  There are at least 4,000 Boys and Girls Clubs across America and some charge as little as $5 a year.

Internship programs. An older child may be able to get an unpaid internship.  The unpaid ones are required, by law, to be educational.  Sure your son or daughter won’t get paid, but you won’t have to pay either.

Groups that fundraise. Groups that actively engage children in raising funds for the group are sometimes more affordable.  For example, Girl Scouts sell cookies and Camp Fire Girls sell candy and the money they raise helps subsidize the group.

Free trials. Not sure a particular hobby is going to stick with your child?  Ask about free trials often available in hopes of getting you hooked.  You save money two ways: by starting out for free and by having the chance to bail, if your child loses interest. 

Coach the team.  If you’d like to volunteer to coach your child’s team, ask if their fee can be waived as informal compensation for your time.

City/County programs. Local governments sometimes offer surprisingly rich programming, often through their departments of parks and recreation.  For example, in addition to sports, Washington DC’s Department of Parks and Recreation has offered foreign languages, engineering and ballet to kids.

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EPISODE 24 ~ SAVE MORE: Travel Sites: The Best Websites For Cheap Airfare

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Let’s save some money now on one of my favorite things, travel.  If you’re frustrated because it seems like all of the travel websites quote the same prices, you’re right, many do.  And that’s because the mainstream websites are all owned by just a few companies. For example, Expedia owns hotels.com, Hotwire and Trip Advisor.  And Priceline owns Kayak and booking.com. 

So I want to share some off-the-beaten path travel websites where you really CAN find different —and often lower— prices.

Many thanks to ThePointsGuy.com, which did a great roundup of lesser-known airfare sites. Nobody knows more about travel deals than Brian Kelly and his team.  Here are some of their favorite websites for REALLY finding airfare deals:

First up is ITA Matrix, whose software is utilized by many airline and travel agency websites.  Maybe the reason it’s for real is that you can’t actually buy flights on ITA Matrix.  You just find the lowest option there and then book on the airline’s own site.

Number 2: Airfare Watchdog has several cool features, including showing you the top 50 fares all over the world each day.

Third, Google Flights is worth your time because it automatically shows you whether you can get a better price if you change your dates slightly or fly into or out of a different nearby airport.

Next, Momondo, is great for showing you deals where you fly one airline on your way and another on your the way back.

And finally, after you’ve booked, Yapta keeps track of price drops and lets you know if the price has gone down so much that you can save money by re-booking, despite the change fee.

Safe travels!

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EPISODE 23 ~ SAVE MORE: Buying A Car: Do Your Research And Haggle Your Prices Down To Save 15% On Your Next Vehicle

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Auto website Edmunds.com says skilled negotiators can save as much as 15 percent when they buy a car.  Here’s how to haggle for a car in12-steps.

1. Get outside financing first: Car dealers don’t make money just by selling cars. They make money selling financing. That complicates your negotiation. So get pre-approved for a loan at a bank or credit union before you ever talk to dealerships.

 

2. Choose either in-person or online: You know what it’s like to visit the dealership. But there is another way.  Most car dealers have “internet departments” that interact with customers via phone and email.  They’re often quicker to reveal their best price, which can make for a lower-pressure experience.

 

3.  Know what to pay: One way to set a fair opening offer and maximum offer is to use Edmunds.com‘s “True Market Value” pricing tool. It’s free, available for new and used cars, and is based on actual prices people in your area are paying for the same car.  For example, with a used car, Edmunds gives you four levels of TMV pricing:

-Certified Used, the most expensive

-then Dealer Retail-

-followed by Private party

-and, TradeIn, the least expensive.

Find the level that matches the vehicle you’re looking at. Is it Certified? Dealer Retail?  If you’re negotiating for a very popular vehicle, make your opening offer one pricing level below that, for a less popular car, two levels below.

 

For your final offer, since TMV prices are averages of what other people are paying, and you want to be better than average, try to pay less than the price listed for the vehicle’s category.  I will link you to the True Market Value pricing tool from EasyMoneyShow.com/23.

 

4.  Talk price, not payment: Many car salespeople like to talk about the monthly payment instead of the vehicle price. That’s a mistake because auto loans can be strung out over many years to manipulate the size of the monthly payment. You could end up owing more on the car than it’s worth because vehicles depreciate so fast.

 

5. Get the salesman to go first: There’s an old adage about negotiating that “whoever speaks first, loses.” Why? Because once you name a dollar figure, you can’t go any lower than that.

 

6.  Name your price and shut up: When it IS time for you to name a number, state your reasons, spit out the number -then SHUT UP.  You WANT that pregnant pause, that awkward quiet, because often the salesperson will fill it with concessions!

 

7.  Express your pain: When the salesperson makes a counteroffer, visibly wince as if the amount is painful to you.  Hey, if you save money thanks to your negotiating, that makes you a paid actor!

 

8. Counter with a smaller increment: To demonstrate your mental toughness to the the sales staff, make the increments of your counteroffers smaller than theirs. If they come down a thousand dollars, you will only go up by, say, $500.

 

9.  Leave or hang up:  Never purchase a car without leaving the dealership at least once!  Politely let your salesperson know the numbers aren’t where you need them to be, and you’re leaving -or hanging up- to shop around elsewhere.  Chances are you’ll soon get a call —and some concessions.

 

10. Shop multiple dealerships: Always shop more than one dealership and – without naming names – make sure they know about each other. “Execute the squeeze” by saying that you can get a better deal down the street —and ask them to beat it.

 

11. Ask for upgrades: If you’re very close but can’t quite get the price where you want it, instead of trying to get the car for less money, you can try to get the money to buy more car. Ask for extras like an extended warranty, better tires or a fancy stereo, if you really do want them.

 

12.  Mention your trade-in at the end: Negotiate the entire deal, then reveal that you have a car available to trade. If you mention it at the beginning, it’s one more number they can use to make the transaction confusing. You can get a good idea of your old vehicle’s value using the same Edmunds TMV pricing you worked with before.

So, does it work?   I once did a project for the Katie Couric show where we sent 2 customers into a dealership on the same day to negotiate for the same car.  One was armed with my tips.  The other was not.  The newly educated car consumer negotiated a price that was $7,000 less!

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EPISODE 22 ~ SAVE MORE: Cut the Cord: Cancel Cable, Save Big And Watch Anything You Want

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Now let’s talk about one of my favorite ways to “save more,” namely by cutting the cord, canceling cable. Americans spent an average of $103 a month —$1,236 a year— on cable television in 2016 and the prices are only going up. People are so intrigued and yet so confused about cutting the cord that my next guest produces an entire podcast and blog about how to do it right. Please welcome Dennis Restauro of Grounded Reason to Easy Money. Hi Dennis!

I think you were intending to do a broader podcast and blog about technology, but Grounded Reason really grew when you talked about canceling cable. Talk about how the podcast and blog took off, because I think it proves there’s a ton of rabid interest in cutting the cord!
When I started my podcast and blog, I didn’t know the first thing about blogging. I started it as a hobby to improve my writing skills.  By the end of the first year my blog was getting over 100,000 page views a month. Since then it’s become a very fulfilling part of my daily life, where I interact with people, guide them to the answers they seek, and hopefully help them solve a few problems along the way.

Your blog and podcast were my main source when I wrote a recent Washington Post piece about how to cut the cord. So let’s get into the steps I learned from you, the master. Number 1: If you want to cancel cable, first you need an HDTV ANTENNA, right?
Actually, all you need is a regular antenna. Manufacturers are using “HD Antenna” as a marketing term. Since 2007, local TV stations have been broadcasting digital signals so crisp that the reception is better than that of cable TV. Plus, despite all the hype about shows on niche networks, 19 out of the top 20 TV shows in 2016 aired on over-the-air broadcast networks. That’s why step one is to buy an antenna or dig out an old one. You can use the old rabbit ears or get a modern digital TV antenna so sleek it will match your decor or so skinny you can mount it out of sight.

Number 2, you need decent internet speed AND price. What should people be looking for?
To stream high definition TV shows, you need a speed of at least 10 Mbps (Megabits per second) —per TV set. If you live in an area with 2 or more providers, you should be able to get that kind of internet service for no more than $40 a month. You may have to do the dance and switch from one provider to another once your introductory period is up to maintain this low rate. Also be on the lookout for fees that aren’t included in the base rate.

Third step: Tell us about HDMI cords. What are they, how much do they cost, how do you hook one up and what do they do for you?
This is really the poor man’s solution, but worth trying and if you’re happy, you need go no further. The very cheapest way to watch internet shows on your TV is by connecting a laptop to your television set with an HDMI cord. Cost: as little as $3.50. It may sound complex, but it’s just like connecting an external monitor to your computer. You can then watch individual shows —and often entire seasons of shows— that the television networks have posted on their websites. Channels like CNN even offer live video feeds updated every few minutes.

Step 4: I’m a fan of websites that tell you where you can watch your favorite shows without cable. Do you find them useful?
They’re useful for finding new shows to watch. But these days digital TVs have great menus of their own. So you may not need outside services like Untangle.tv, Fan.tv and JustWatch.com.

Number 5: Check to see if you already have a smart TV. I myself was “this close” to buying another Roku box and then the guy at the store told me my TV was probably already internet ready. Is this a common mistake??If you purchased your television after 2009, there’s a good chance it can already stream television shows via the internet. Many modern televisions are “internet ready” with apps like Hulu and Netflix embedded in them. The problem is that sometimes a particular TV does not have the particular apps loaded onto it that YOU want. SO be sure to check because loading apps onto a TV is not simple like loading them onto a smart phone.

6: See if you can stream shows through your Blu Ray or gaming consoles. Once again, the idea is to use the technology you already have.
If your television isn’t pre-loaded with internet apps, you may have an external device that is. Many Blu-Ray players can stream shows and cost as little as $50. This is how I got started. Alternatively, recent editions of gaming systems like Playstation, Wii and Xbox can also stream videos.

And now, at step 7, you can finally consider spending a little money on a player. I think people should choose their player based on what shows they want to watch, because they all have different strengths. Do you agree?
Most players these days can access most programming, so this isn’t as important as it used to be. But if you have niche viewing habits, check to see if the device you’re interested in can access your shows. Some examples of players:

Amazon Fire ($40-$90) is a favorite of the editors at PC Mag because it supports so many different media services.

Apple TV ($149-$199) integrates seamlessly with other Apple devices.

Google Chromecast ($35-$70) Allows you to watch YouTube videos (and more) on your TV.

Roku ($29-$121) is easy to use and offers access to the most different channels.

Tivo Bolt ($300-$400 + $15/month). This device is more expensive because it streams video, but also skips commercials with a single click and does all of the other things that made “Tivo” into a verb.

And, finally, step 8, the last step. is to add streaming services. I like to divide these into “mainstays,” “Live” and “Premium.” So let’s talk about the mainstays first. These are services like Amazon Prime, Hulu and Netflix. How much do they cost and what do they offer?
• Amazon Prime ($99/year) offers hundreds of free shows, its own original programming, plus the ability to pay for shows and movies on demand. Many people already have Prime for the free shipping, so this shouldn’t even count as a cost for them.
•Hulu.com ($8/month) offers ABC, Fox and NBC shows, in case you missed them live with your antenna plus many cable networks from Comedy Central to SciFi Channel.
•Netflix ($8-$12) has the largest selection of television shows of any service and produces its own popular programs like Orange Is The New Black and House of Cards.

Now let’s talk about Live options. These are new and exciting and solve the perennial problem of how to watch many sports without cable. What are some names and prices?
• DirectTVNow ($35/month) provides 60 channels, from A&E to the Weather Channel but is so new that users report bugs to work out.
• PlayStation Vue ($30-$65) works with its own devices and others and includes base packages plus add-ons you can tailor to your tastes.
• Sling TV ($20/month) includes 30 or more channels, depending on your package, and with no contract so you can cancel any time.
•YouTube TV ($35/month) is You Tube new’s streaming service and is still adding metropolitan areas and channels.
•Fubo-TV ($35/month) offers a lot of sports options and is the newest of all.

And, finally, there are the Premium streaming services, which are the same as premium channels on cable, right?
Yes, and keep in mind that these can also be added to some of the basic options above. So check which is a better deal before buying them ala carte.
HBO Now ($15/month) is available on nearly every device.
Showtime ($11/month) can be added to Amazon, Apple TV, Hulu Roku, and Playstation Vue.
Starz ($9/month) is available via Amazon Prime and a dozen other venues.

This is all great info, Dennis. Thanks so much! Dennis has also provided a guest blog post with even more cord-cutting advice. Plus I will link you to his excellent Grounded Reason podcast and blog.

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EPISODE 21 ~ SAVE MORE: Wholesale Groceries: How To Get Them By Forming A Grocery Buying Club

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One way to “save more” on food, household and personal care items is by forming a grocery buying club. They’re also sometimes called co-ops, but no matter what the name, multiple families are banding together to buy groceries wholesale.

Buying wholesale means you’re buying your groceries from the same distributors who usually sell to grocery stores. You’re cutting out the middleman. A refrigerated 18-wheeler literally pulls up and makes a delivery.

The typical grocery buying club savings is about 25 percent. Jen W. of New Hampshire says she saves her family of three about $200 a month. Larger families report saving as much as $500 a month. Wholesalers who sell to grocery buying clubs recommend having seven to ten families in your club. But it’s really up to you to determine how many families you need in order to meet the minimum order required by your wholesaler. Jen’s wholesaler requires a minimum order of $350 and she finds she can easily meet that with just three families in her club.

Grocery wholesalers list their products in catalogs or on their websites. They can typically supply anything except fresh fruits, vegetables and dairy. The best buys are on bulk products like pasta, rice, flour and sugar. Club members purchase jumbo sizes of these products and divide them up for maximum savings. Natural and organic products are often available because many co-ops started out catering to that niche.

Usually members of the club divide up the responsibilities. One member compiles the order; Another member collects the money; Somebody else volunteers their home to receive the delivery.

I checked the price of buying 5 products through a wholesaler versus at a regular grocery store and the savings were impressive, especially because I checked all organic products. The regular store price for my items was $36.65. The wholesale grocery buying club price was $28.04, for a savings of $8.61 or 23%. And remember, if your start a grocery buying club, that savings will be multiplied times an entire shopping list. There are wholesalers in all parts of the country who sell to buying clubs. I will link you to a website that lists many grocery wholesalers, so you can inquire about starting a buying club.

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