Infographic: Retirement Planning Unraveled

Posted by Matthew Murphy on March 29, 2012

Retirement planning is more intimidating than any other personal finance topic. We know we should be saving, but not how much. We know it’s important to use a tax deferred account, but not which one. And, most devastatingly, we leave saving itself completely up to chance, trusting that we’ll have enough willpower to set money aside for 30 to 50 years. Luckily, funding a secure and enjoyable retirement need not be mysterious. Here’s exactly what to do.

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Tale of Two Recoveries

Posted by Cindy McAdam on March 27, 2012

The New York Times recently found that where people eat can be a  good economic indicator. They looked at whether people dine more at full-service restaurants as compared to fast food restaurants.  It turns out that when Americans feel good about their finances they tend to dine out more frequently at full-service restaurants, where food is brought to the table.  Data over the past 12 months indicates that full-service restaurant sales were nearly 9% higher than the previous year, which is the fastest rate of growth in over 10 years.  The rate of growth is also much higher than that in limited-service restaurants.  And so, it seems to be further [...]

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The Rising Cost of Raising Kids

Posted by Mary Chan on March 22, 2012

Do you know how much it costs to raise a child?  Please make sure you are sitting before I reveal the answer.  A recent Department of Agriculture report shows that in 2010, the child of a middle class parent (meaning an income between $57,600 to $99,730) can expect to spend $226,920 in the child’s first 18 years.  Yes, nearly a quarter of a million dollars.  And that  number does not even factor in college tuition. The costly areas are to nobody’s surprise – childcare, food, transportation, and health care.  With that said,  parents should plan ahead and start saving to prevent any unnecessary surprises.  Here are a few tips to [...]

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Pride Goeth Before the Overdraft Fee

Posted by Cindy McAdam on March 20, 2012

The Consumer Financial Protection Bureau recently announced that it will begin an examination of how banks charge overdraft fees.  Citing various industry sources, the CFPB noted that the amount of the average overdraft charge ranged from $30-35 in 2011, an increase of 17% over the past 5 years. As part of the inquiry, the CFPB will be asking for input on a proposed “penalty box” — a disclosure that would be included on consumers’ statements showing how much they had spent on overdraft fees.  Especially in light of the feedback from the recent study on the minimum payment disclosures now included on credit card statements, it’s a worthwhile (and overdue) [...]

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Home Sweet Home

Posted by Mary Chan on March 15, 2012

In the wake of the Great Recession, it’s no surprise that some single adults are forced to move back home to live with their parents.  A recent Census Bureau Report shows that in 2011 more than 18% of American men aged 24 to 35 lived with their parents.  While the number of women in that same age range living with their parents showed no significant change from 2010, the figure for men reflects a sizable 2.2% increase. What does this reflect?  Are women doing a better job at expense management or are we better bargain shoppers, especially when times are tough?  Perhaps we women are more aware of where our [...]

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Tips for Tipping

Posted by Cindy McAdam on March 13, 2012

Emily Post, the name synonymous with good manners and proper etiquette, advises that a server should be treated with respect — no bossing them around or treating them dismissively like they’re your servant, give them an appropriate tip as a reward for a job well done, and pass along a kind word to their supervisor where they’ve gone above and beyond.  The Emily Post website even offers a tipping guide for those who aren’t sure of the rules. My sister was a waitress at a Chili’s in college, and my husband was a waiter both during and after college.  Based on their experiences, I try to treat servers well.  They [...]

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The Truth about Credit Cards

Posted by Cindy McAdam on March 7, 2012

Americans like credit.  Over 70% of American consumers have credit cards, and we carry over $800 billion in revolving debt.  The push to strengthen consumer protections in the credit card market has been a focus for the past few years, and in 2009, the Credit Card Accountability Responsibility and Disclosure Act, known as the CARD Act, became law.  Among a host of consumer protection requirements, the CARD Act requires that creditors disclose to consumers the terms of their account in plain language in plain sight.  This also includes a requirement that the payment amount on a card be displayed as well as the cost to payoff the existing balance in [...]

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Infographic: Does Your Teenager Know How to Manage Money?

Posted by Matthew Murphy on March 1, 2012

Though teenagers might not have much money yet, the financial habits they are forming now will shape their financial future for decades to come. Whether they earn $20 per week or $200, discussing good money management skills now will get them on the right path. Find out how you can help.

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