womenspersonalfinance.net— A few of these tips are obvious, a few not so. Ofcourse, the age-old problem in personal finance, love, or dieting is having the discipline to follow the advice!
Sep 21, 2006View in Crawl 4
My honest reaction is that this person decided to create a website, but that a lot of the material is "knee-jerk" verbatim from certain financial "wizards". If there's a book on consumer rights and saving/making money legitimately, I've read it - Jane Bryant Quinn, the Dolans, Suze Orman, Clark Howard, National Consumer Law Center, and a host of others. The material here is VERY knee-jerk on conventional wisdom. If you're in need of conventional wisdom, okay - but if you're in real financial trouble (you're afraid the creditors will beat your door down), you're better off getting the NCLC's book "Surviving Debt", and if you want interesting tips and reviews, Clark Howard is more your guy. I.e. he doesn't just talk up VOIP to save a buck - he talks about which service is most economical, and which seems to have more customer service issues. Best, his website features a section called "Clark Stinks" where you can take him to task if you disagree with him - and he actually hosts a segment where he reconsiders listener complaints. Also, some of this page's advice is NOT accurate.For example, the railing against using coupons, because supposedly you'd be buying something you don't need. What bull. There's a reason that there are hard-core homemakers and families who collect and even trade coupons. (Go to Yahoo! and look at just how many coupon trading groups there are.) The received, conventional wisdom is that coupons are useless and just for junk food. Nothing could be further from the truth.Yes, I do the coupon thing. My husband and I signed up for a service that tracks the cost of food at several nationwide grocery stores. The database tracks the cyclical cost of food and the expiration of coupons. It costs us $5 a month, billed bi-monthly, but we don't care - we save on average, 50 to 65% off our grocery bills. We get coupons. We wait for the items to drop to their lowest price, the database tells us where to look, and then we buy in bulk for our pantry. I've gotten many, many things free because of this system: kitchen sponges, hand soap, canned and tinned vegetables, condiments like ketchup, mustard ... mashed potatoes mix, etc. Then again some things I have to pay an entire $1.00 or even $1.50 for - but if the regular price is $2.50 or $3, I honestly don't mind.If you are too good to spend $2.99 on 100 oz. of laundry detergent when it ordinarily costs $7 or $10, and quality is not a factor, then you're asking to be parted from your money.
@PreludeThe paying of the mortgage first refers to the monthly payment, not extra principal. Paying off extra principal is often good, but not a priority. But not paying the monthly payment could cost you the house. So pay that first.
Ummm, the article suggests you stay away from whole life. I'm unclear how you disagree with that since you say "whole life isn't good insurance" and "whole life isn't the best type of life insurance".
Thuktun, they made their point not in a general section talking about saving money on food, but by putting it under a subheading recommending not to spend much time saving coupons. It starts with a negative suggestion.The advice about the supposed time and energy coupons would entail, and all the time you're supposed to take vetting their usefulness, is at the expense of a solid strategy for saving money. A lot of people will read the summary and conclude that coupons aren't worth the effort. The deck was stacked by the writer against this type of strategy. The most positive thing they say is: "If you were planning on buying an item and have a coupon, great! But if not, don?t even bother- it?s money spent on something you don?t need, which is considered to be a waste."That's just not good advice (and "weasel words" ... "considered to be a waste"? Well either it is, or it isn't.). If the item has a steep discount, you use it, and you can store it in your pantry, and it would cost only 30%-50% of what you would normally pay, it's smarter to buy ahead. I'm not talking about junk food, but stuff like toilet paper, spices, canned goods, oils, mixes, and so on. It's been great for us because we typically check our own stocks before running to the store. What I see often is I'm standing in the grocery store next to someone, and they buy the offbrand of say, olive oil for $6.99, without even looking at the others. I waited until the sale price dropped on a quality brand to $5.99, used a $1.00 or $1.50 coupon, and bought it for $4.99 - which is still cheaper than buying it in bulk. We used to be like that - loyal offbrand shoppers. In their minds, they don't even check the price - it's like people who don't realize that Wal-Mart is not always the lowest priced place for certain items. They automatically see "offbrand" and think it's the best deal. Just like people who buy bulk items at CostCo (a store I personally love) but who can't possibly use certain perishables in time to make it worth their money.The database I use, by the way, is called the Grocery Game. Look out for others, by the way - there are a couple of places that claim to sell coupons that can bring your grocery bill down by 90%, or who sell counterfeit Internet style coupons. If you go to a site called Taylortown Preview, you can see what coupons are coming out before each weekend; there's another called Kachina Coupons, I believe, for another part of the country.
Just to clarify that the "look out" I mention - for other "coupon" places - places like "Coupon Explosion" - they are scams. They claim you can buy a kit and save $90 off a $100 grocery trip, which is bunk. *That* company, World of Products, has some complaints lodged against them at the Better Business Bureau (itself not the best arbiter of company honesty and more for show... but that's another story).The legitimate company I use, Grocery Game, you're really paying for access to their database, which spits out a HTML list of items according to their 12 week low (grocery stores run on 12 week sale cycles). So if I miss a sale or we don't shop one week, and my favorite sponge or brand of soda water was on sale, I know within the next cycle it will be discounted again.
I agree with you, but I think these things get lumped with retirement because most people are in debt and don't save. Many can barely contribute to their 401K and save for an emergency fund, much less have enough money to lose.
CBennett, I politely but very much disagree with you regarding "generics", although you have well encapsulated the argument of the pharmaceutical companies for why we should pay more. Of course, insurance companies and doctors have something to say about brand names. Your comment, though...that might have been true fifteen years ago when generics were usually packaged in yellow with big brown block letters... like you were eating C rations or something. The truth is that today, generics are often made by the brand name company. Check the bottle or box, and you may find that it is made by the same brand-name manufacturer - perhaps the only difference being a single flavor or fragrance. Also, that ignores that the bulk of generics today are store brands - and the grocery store certainly has an image to maintain, and plenty of advertising. There's a reason why HEB stores, for example, or Trader Joes, have a fanatical following for their store brands.I feel real bad for other gals who spend money buying Lancome cosmetics at the department store, when they could get the same quality buying L'Oreal at the drugstore or supermarket. YEP - you guessed it - they are one and the same company, and use the same manufacturer. Only Lancome charges $20 for a lipstick you could get for less than half with L'Oreal. To really know quality, you're going to have to test items out, or get a subscription to Consumer Reports. Personally, I'd rather eat brand name Cheerios because I like the taste better, but I am perfectly happy to buy store brand cookies or club soda because there's no difference in taste.
tubatechnoSep 21, 2006
effeminate
surferbetteSep 21, 2006
My honest reaction is that this person decided to create a website, but that a lot of the material is "knee-jerk" verbatim from certain financial "wizards". If there's a book on consumer rights and saving/making money legitimately, I've read it - Jane Bryant Quinn, the Dolans, Suze Orman, Clark Howard, National Consumer Law Center, and a host of others. The material here is VERY knee-jerk on conventional wisdom. If you're in need of conventional wisdom, okay - but if you're in real financial trouble (you're afraid the creditors will beat your door down), you're better off getting the NCLC's book "Surviving Debt", and if you want interesting tips and reviews, Clark Howard is more your guy. I.e. he doesn't just talk up VOIP to save a buck - he talks about which service is most economical, and which seems to have more customer service issues. Best, his website features a section called "Clark Stinks" where you can take him to task if you disagree with him - and he actually hosts a segment where he reconsiders listener complaints. Also, some of this page's advice is NOT accurate.For example, the railing against using coupons, because supposedly you'd be buying something you don't need. What bull. There's a reason that there are hard-core homemakers and families who collect and even trade coupons. (Go to Yahoo! and look at just how many coupon trading groups there are.) The received, conventional wisdom is that coupons are useless and just for junk food. Nothing could be further from the truth.Yes, I do the coupon thing. My husband and I signed up for a service that tracks the cost of food at several nationwide grocery stores. The database tracks the cyclical cost of food and the expiration of coupons. It costs us $5 a month, billed bi-monthly, but we don't care - we save on average, 50 to 65% off our grocery bills. We get coupons. We wait for the items to drop to their lowest price, the database tells us where to look, and then we buy in bulk for our pantry. I've gotten many, many things free because of this system: kitchen sponges, hand soap, canned and tinned vegetables, condiments like ketchup, mustard ... mashed potatoes mix, etc. Then again some things I have to pay an entire $1.00 or even $1.50 for - but if the regular price is $2.50 or $3, I honestly don't mind.If you are too good to spend $2.99 on 100 oz. of laundry detergent when it ordinarily costs $7 or $10, and quality is not a factor, then you're asking to be parted from your money.
jefbobSep 21, 2006
I can accept a long copy/paste when the article is on a site where you have to sign in to read the whole thing.
ecclesSep 21, 2006
@PreludeThe paying of the mortgage first refers to the monthly payment, not extra principal. Paying off extra principal is often good, but not a priority. But not paying the monthly payment could cost you the house. So pay that first.
thuktunSep 21, 2006
Ummm, the article suggests you stay away from whole life. I'm unclear how you disagree with that since you say "whole life isn't good insurance" and "whole life isn't the best type of life insurance".
surferbetteSep 22, 2006
Thuktun, they made their point not in a general section talking about saving money on food, but by putting it under a subheading recommending not to spend much time saving coupons. It starts with a negative suggestion.The advice about the supposed time and energy coupons would entail, and all the time you're supposed to take vetting their usefulness, is at the expense of a solid strategy for saving money. A lot of people will read the summary and conclude that coupons aren't worth the effort. The deck was stacked by the writer against this type of strategy. The most positive thing they say is: "If you were planning on buying an item and have a coupon, great! But if not, don?t even bother- it?s money spent on something you don?t need, which is considered to be a waste."That's just not good advice (and "weasel words" ... "considered to be a waste"? Well either it is, or it isn't.). If the item has a steep discount, you use it, and you can store it in your pantry, and it would cost only 30%-50% of what you would normally pay, it's smarter to buy ahead. I'm not talking about junk food, but stuff like toilet paper, spices, canned goods, oils, mixes, and so on. It's been great for us because we typically check our own stocks before running to the store. What I see often is I'm standing in the grocery store next to someone, and they buy the offbrand of say, olive oil for $6.99, without even looking at the others. I waited until the sale price dropped on a quality brand to $5.99, used a $1.00 or $1.50 coupon, and bought it for $4.99 - which is still cheaper than buying it in bulk. We used to be like that - loyal offbrand shoppers. In their minds, they don't even check the price - it's like people who don't realize that Wal-Mart is not always the lowest priced place for certain items. They automatically see "offbrand" and think it's the best deal. Just like people who buy bulk items at CostCo (a store I personally love) but who can't possibly use certain perishables in time to make it worth their money.The database I use, by the way, is called the Grocery Game. Look out for others, by the way - there are a couple of places that claim to sell coupons that can bring your grocery bill down by 90%, or who sell counterfeit Internet style coupons. If you go to a site called Taylortown Preview, you can see what coupons are coming out before each weekend; there's another called Kachina Coupons, I believe, for another part of the country.
surferbetteSep 22, 2006
Just to clarify that the "look out" I mention - for other "coupon" places - places like "Coupon Explosion" - they are scams. They claim you can buy a kit and save $90 off a $100 grocery trip, which is bunk. *That* company, World of Products, has some complaints lodged against them at the Better Business Bureau (itself not the best arbiter of company honesty and more for show... but that's another story).The legitimate company I use, Grocery Game, you're really paying for access to their database, which spits out a HTML list of items according to their 12 week low (grocery stores run on 12 week sale cycles). So if I miss a sale or we don't shop one week, and my favorite sponge or brand of soda water was on sale, I know within the next cycle it will be discounted again.
technobarbieSep 22, 2006
I agree with you, but I think these things get lumped with retirement because most people are in debt and don't save. Many can barely contribute to their 401K and save for an emergency fund, much less have enough money to lose.
surferbetteOct 11, 2006
CBennett, I politely but very much disagree with you regarding "generics", although you have well encapsulated the argument of the pharmaceutical companies for why we should pay more. Of course, insurance companies and doctors have something to say about brand names. Your comment, though...that might have been true fifteen years ago when generics were usually packaged in yellow with big brown block letters... like you were eating C rations or something. The truth is that today, generics are often made by the brand name company. Check the bottle or box, and you may find that it is made by the same brand-name manufacturer - perhaps the only difference being a single flavor or fragrance. Also, that ignores that the bulk of generics today are store brands - and the grocery store certainly has an image to maintain, and plenty of advertising. There's a reason why HEB stores, for example, or Trader Joes, have a fanatical following for their store brands.I feel real bad for other gals who spend money buying Lancome cosmetics at the department store, when they could get the same quality buying L'Oreal at the drugstore or supermarket. YEP - you guessed it - they are one and the same company, and use the same manufacturer. Only Lancome charges $20 for a lipstick you could get for less than half with L'Oreal. To really know quality, you're going to have to test items out, or get a subscription to Consumer Reports. Personally, I'd rather eat brand name Cheerios because I like the taste better, but I am perfectly happy to buy store brand cookies or club soda because there's no difference in taste.