Ask Liz Weston

Get smart with your money

Liz Weston

Tuesday’s need-to-know money news

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shutterstock_101159917Today’s top story: How to start married life with extra cash. Also in the news: Credit counseling for new grads, how your brain tricks you into using the wrong credit cards, and the retailers that reward you for recycling your unwanted junk.

5 Ways to Start Married Life With Extra Cash
Giving your marriage a strong financial start.

Credit Counseling for New Grads
Getting your post-college financial house in order.

3 Ways Your Brain Tricks You Into Using the Wrong Credit Cards (And What You Can Do About It)
Keeping the right cards at the top of your wallet.

The Retailers That Reward You for Recycling Your Unwanted Junk
Better for the planet and for your wallet.

Book Giveaway – The Index Card: Why Personal Finance Doesn’t Have to Be Complicated

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unnamedI’m giving away a copy of “The Index Card: Why Personal Finance Doesn’t Have to Be Complicated,” written by my friend Helaine Olen of Slate.com and Harold Pollack. These two cut through the hype and clutter to tell you what you really need to know about money.

To enter to win, leave a comment here on my blog (not my Facebook page). Make sure to include your email address, which won’t show up with your comment, but I’ll be able to see it.

All comments are moderated, so it may take a little while for your comment to show up.

The winners will be chosen at random Friday night. Over the weekend, please check your email (including your spam filter). If I don’t hear from a winner by noon Pacific time on Monday, his or her prize will be forfeited and I’ll pick another winner.

Also, check back here often for other giveaways.

The deadline to enter is midnight Pacific time on Friday. So–comment away!

When Social Security Turns You Into a Zombie

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If the Social Security Administration thinks you’re dead, you might wish you were.

People who accidentally wind up on the agency’s Death Master File have seen their bank accounts frozen, credit cards closed, health insurance cut off and benefit payments canceled or even pulled back from checking accounts.

One California man told me his 97-year-old mother nearly had her utilities shut off after her bank froze her account and all her checks bounced, including a birthday gift to a grandchild. A retired professor in Massachusetts wasn’t allowed to get his prescriptions filled and found that all his medical appointments had been canceled, according to a recent article in the New England Journal of Medicine. A woman in New Hampshire told CNNMoney couldn’t get her driver’s license renewed for months.

In my latest for the Associated Press, what to do when Social Security thinks you’re dead.

Monday’s need-to-know money news

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wall_street_zombie_moneyToday’s top story: Frightening types of 401(k) fees. Also in the news: It’s time for open enrollment, how to avoid bringing zombie debt back from the grave, and the staggering amount of money behind all things pumpkin.

3 Frightening Types of 401(k) Fees
The dark side of retirement funds.

Nov. 1 Means It’s Time for Health Insurance Open Enrollment
Time to purchase health insurance.

1 wrong move can bring ‘zombie’ debt back from the grave

If you thought the pumpkin spice craze was a bit much, look at this number
Pumpkins are a smashing success.

Q&A: ‘Stay at home’ credit card isn’t foolproof

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Dear Liz: Regarding updating automatic payments when a credit card is replaced, I have found that using a separate credit card that never leaves home for automatic payments is a good idea. It’s very unlikely that this “stay at home” card would get hacked like a card I use in stores or ATMs. Does this seem like a good idea?

Answer: The security advantage of hiding a card at home is “pretty minimal, and approaching zero,” said Bob Sullivan, consumer security expert at BobSullivan.net and author of the book “Stop Getting Ripped Off.”

Any credit card can be hacked, as numerous database breaches have shown us. Once you use the card — with a merchant, at an ATM, on the Web or over the phone — you have no control of where its numbers are stored or how secure those databases are.

“The risk that it’s stolen from a database of cards outweighs the risk that a waiter or a compromised machine might steal it,” Sullivan said.

It may be more convenient to monitor automatic payments if they’re all on one card. But if the card is hacked, you’ll still have to reset all those payments.

Q&A: Financial help for seniors

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Dear Liz: In your response to the person whose friend was erroneously declared deceased by the Social Security Administration, you suggest that the older person consider finding help in managing her finances. Please recommend checking the American Assn. of Daily Money Managers for such help. I have a certification from this professional organization and we help thousands of people in this predicament. You can find more information at www.aadmm.com.

Answer: Handling the details of daily finances can get challenging as we age. Many people have trusted family or friends who can help monitor their accounts, make sure bills are getting paid and keep an eye out for signs of financial abuse. For those who don’t, a daily money manager can be a godsend.