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Deal of the Day by Kelli B. Grant (Author Archive)
Financial Resolutions for the New Year
RUN A MARATHON, climb Mt. Everest, quit smoking. As you get ready to ring in the New Year, consider making some resolutions that you'll actually keep.
Credit Cards Offer Better Protections than Debit Cards
When tackling unauthorized or incorrect charges, credit cards offer consumers more peace of mind.Debit Card Drawbacks
Point-of-sale fees and lackluster rewards fail to make debit card transactions the smart choice after all.Credit Unions Offer a Smart Banking Option
Credit unions aren't just for a niche group of steel workers or teachers anymore. In fact, these nonprofit, member-run financial institutions are more accessible than ever before — and they can be a much better place to stash your cash than traditional banks.Are You Earning 4% On Your Cash?
If not, you're walking away from free money. Here are the best yields on savings and checking accounts.Five Sneaky Bank Fees
Your checking may be free, but that doesn't mean you aren't getting hit with fees elsewhere.Budgeting Software: A Free Way to Manage Your Finances
These free online money management programs can help your track your household finances.Mistakes Can Happen With Automatic Billing
Sure, automatic payments are convenient. But they aren't infallible. Here are six mishaps to watch out for.The SmartMoney 401(k) Planner
Use our calculator to see how increasing your contributions now will affect your nest egg in years to come.Easing the Bite of 401(k) Contributions
Worried that making bigger contributions will take a toll on your paycheck? Here's how to calculate — and minimize — the hit.Credit Cards, Banks Offering Cash Back For Money Spent
Banks and credit cards are providing some opportunities to put away cash for a rainy day — provided, of course, that you're willing to spend.The Best Credit Cards for Travel
When you hit the road, make sure you have the right card in your wallet. These traveler-friendly cards offer perks like complimentary insurance, low international transaction fees and extra travel discounts.The Rewards Programs with the Most Bang for Your Buck
Picking the right rewards program — and the right rewards — can offer you even bigger savings.Fee-Based Credit Cards Can Be a Good Deal for Some
For most consumers, a credit card with an annual fee is a waste of money. But if you're a big spender, these cards may give you the greatest rewards.
One goal that's often overlooked is to whip your finances into shape. In fact, just 17% of Americans are resolving to improve their finances in the coming year, according to a survey by Country Insurance and Financial Services. (In comparison, 24% said they planned to lose weight, while 23% resolved to spend more time with family and friends.)
Yet, taking steps toward getting your financial house in order can be much easier to accomplish than, say, losing 20 pounds. Here are five simple promises to make that will put your best financial foot forward in 2008:
1) Ditch Your Debit Card
It seems counterintuitive, but when you're paying with plastic, credit cards are the way to go. At least that's if you have the willpower to charge only what you can afford to pay off each month. Credit cards offer more consumer protections — from extended warranties on purchases to zero liability on unauthorized charges — than debit cards. If you can't be trusted to bring the balance back to zero on a monthly basis, at least pick up a pen to sign for your debit card purchases instead of entering your personal identification number. You'll gain a few more protections and earn double the rewards.Credit Cards Offer Better Protections than Debit CardsWhen tackling unauthorized or incorrect charges, credit cards offer consumers more peace of mind.
Debit Card DrawbacksPoint-of-sale fees and lackluster rewards fail to make debit card transactions the smart choice after all.
2) Boost the Earning Power of Your Checking and Savings Accounts
It may seem like small potatoes, but you can beef up your checking and savings accounts by seeking out the best interest rates available and avoiding the nasty bank fees that can quickly drain your balance. Here's how to bolster your banking returns.Credit Unions Offer a Smart Banking OptionCredit unions aren't just for a niche group of steel workers or teachers anymore. In fact, these nonprofit, member-run financial institutions are more accessible than ever before — and they can be a much better place to stash your cash than traditional banks.
Are You Earning 4% On Your Cash?If not, you're walking away from free money. Here are the best yields on savings and checking accounts.
Five Sneaky Bank FeesYour checking may be free, but that doesn't mean you aren't getting hit with fees elsewhere.
3) Stick to a Budget
Never again wonder where all your money is going and whether it got there on time. By setting up a simple system to keep your bills and transactions in check, you can soon rest easy knowing that the cable bill arrived on time, and that those impulse morning lattes aren't preventing you from paying off your student loans early.Budgeting Software: A Free Way to Manage Your FinancesThese free online money management programs can help your track your household finances.
Mistakes Can Happen With Automatic BillingSure, automatic payments are convenient. But they aren't infallible. Here are six mishaps to watch out for.
4) Don't Forget to Save For Retirement
If you aren't getting the full company match for your 401(k), then you're giving up free money. (Go ahead, scoff, but 20% of workers don't contribute enough to do so, according to Hewitt Associates.) Not only will increasing your contributions make a significant difference in your retirement savings, but you can do so without noticeably depleting your paycheck.The SmartMoney 401(k) PlannerUse our calculator to see how increasing your contributions now will affect your nest egg in years to come.
Easing the Bite of 401(k) ContributionsWorried that making bigger contributions will take a toll on your paycheck? Here's how to calculate — and minimize — the hit.
5) Pick the Best Credit Card
A low interest rate is the obvious must-have, but it's also worth looking for a credit card that offers other benefits you might use. A good rewards program and cardholder perks can make a world of difference.Credit Cards, Banks Offering Cash Back For Money SpentBanks and credit cards are providing some opportunities to put away cash for a rainy day — provided, of course, that you're willing to spend.
The Best Credit Cards for TravelWhen you hit the road, make sure you have the right card in your wallet. These traveler-friendly cards offer perks like complimentary insurance, low international transaction fees and extra travel discounts.
The Rewards Programs with the Most Bang for Your BuckPicking the right rewards program — and the right rewards — can offer you even bigger savings.
Fee-Based Credit Cards Can Be a Good Deal for SomeFor most consumers, a credit card with an annual fee is a waste of money. But if you're a big spender, these cards may give you the greatest rewards.
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Posted: 10:51 PM EST January 04, 2008
Posted by: malinisf
My wife and I pay (mostly) everything with our 2 credit cards: Discover and Citibank Platinum Rewards MasterCard. We pay off our balance every month and last year received around $550 in cash for doing so.fm
Posted: 9:43 PM EST January 04, 2008
Posted by: ljwaks
It is foolish to state that we should be paying our day-to-day bills with credit cards instead of debit cards. The problem is simple: to pay with a credit card you NEED to HAVE a credit card. Credit cards are an open invitation to consumer debt -- always a very bad idea. The first step toward financial sanity is to cut your credit card into little pieces. Pay with a debit card and think consciously that this is real money -- coming right out of the bank, same as cash.
Leonard Waks
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