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Liz Weston

Monday’s need-to-know money news

July 9, 2013 By Liz Weston

Pink piggy bank and Stacks of money coinsHow to make the best out of credit card annoyances, tips on finding the best unsecured loans and how a little known settlement fee between credit card companies and retailers could save you money at the register.

10 Common Credit Card Complaints
From annual fees to lousy customer service, tips on how to manage the annoying side of credit cards.

Is Higher Education Still a Good Investment?
As tuition prices skyrocket, is a college degree still worth the expense?

Should You Get a Personal Loan?
Tips on finding the best unsecured loan.

How to Avoid Movers’ Scams
Moving is stressful enough without having to deal with shady movers.

Paying With Cash Could Earn You a Discount at More Retailers
How a swipe fee settlement could save you money at the register.

Filed Under: Liz's Blog Tagged With: college, Credit Cards, moving expenses

In case you missed it: the youth edition

July 5, 2013 By Liz Weston

Cut up cardsSpurning credit cards means younger people have less toxic debt but they may be doing inadvertent damage to their credit scores and costing themselves money. Learn more in “Why young people hate credit cards.”

Read some smart answers to the awkward questions your kids may ask about family finances in “One way money is a lot like sex.”

You’ve probably read that student loan rates doubled on Monday, but that’s not quite true. Read “Student loan rates: Facts amid the fictions” for the straight scoop.

Have a great weekend!

Filed Under: Liz's Blog Tagged With: Credit Cards, Credit Reports, Credit Scores, credit scoring, Debts, federal student loans, FICO, FICO scores, kids and money, Student Loan, student loan debt, Student Loans

Friday’s need-to-know money news

July 5, 2013 By Liz Weston

House With Tree DamageHow to prepare for a disaster, avoid the financial pitfalls that come with a speeding ticket and how to get the latest iDevice without destroying your family budget.

How to Plan for Any Disaster
Preparing for the unexpected.

Do Employer Credit Checks Damage Credit Scores?
Understanding employer’s right to access your credit information.

5 Tickets That Will Ruin Your Insurance
Slow down to avoid paying extra.

5 Frugal Summer Activities to Beat the Heat

Staying cool doesn’t have to melt your wallet.

Don’t Let Gadgets Devour the Family Budget
Sometimes the latest isn’t the greatest.

Filed Under: Liz's Blog Tagged With: Budgeting, Credit Cards, Credit Reports, Credit Scores, disaster preparedness, disasters, FICO, FICO scores, Insurance

Your financial independence day

July 3, 2013 By Liz Weston

Colorful and vibrant fireworksWorking just to pay the bills isn’t enough. We should be reaching for something more: financial independence.

Financial independence is when your investments and other sources of income provide you with a comfortable-enough living that paid work becomes optional. As we mark the anniversary of our nation’s independence, I like to review our progress toward this goal. The good news: we’re pretty close to financial independence now, if we were willing to live frugally.

Some people who use the principles of voluntary simplicity achieve financial independence remarkably early. I’ve talked to people who “retired” in their 40s or even 30s, trading the 9-to-5 for a more relaxed lifestyle where they worked fewer hours, or worked for pay only when they wanted to. (If you want to know more about voluntary simplicity, the book “Your Money or Your Life” is a great place to start.)

But my husband and I have decided on a different path—a lifestyle that involves more spending now with the understanding we’ll work a little longer. That’s the best fit for us, because we both love what we do and we like the idea of doing it for a long time.

We’re planning a “phased” retirement, cranking back on our work commitments gradually over time. We like T. Rowe Price’s concept of a “practice retirement,” which suggests that those who have saved substantially for retirement can start putting some of that money toward travel and other spending once they hit their 60s, as long as they continue to work and put off tapping Social Security, pensions and their retirement accounts.

We’re also working on a Plan B, in case we aren’t able to work as long as we’d like. About half of retirees leave the workforce earlier than they’d planned, usually for health reasons although also because of layoffs or the need to care for a loved one. Finding ways to have a smaller “nut” in retirement—a lower level of fixed costs—can really help if you have to leave work early. That’s one of the reasons we’re paying down our mortgage, so that we won’t have that bill later. One of my readers installed solar panels for the express purpose of reducing his utility bills in retirement.

If you got a late start saving for retirement or have suffered some big financial setbacks, your financial independence day may seem impossibly distant. But you may be able to move that date into sight if you’re willing to plan, make some sacrifices and stick to your guns. Start with “Your Money or Your Life” and build from there.

How are you doing on your path to financial independence?

Filed Under: Liz's Blog Tagged With: early retirement, Retirement, voluntary simplicity

Wednesday’s need-to-know money news

July 3, 2013 By Liz Weston

creditThe mystery behind credit scores, why buy a dress when you can rent one, and what turns Americans off about haggling.

What Really Influences Your Credit Score?
The creators of the VantageScore, a rival to the leading FICO, discuss the formula behind the numbers.

Taking Control of Your Personal Debt

While the math may be simple, the choices can be difficult.

Should You Rent Your Next Dress?
Why pay thousands for a designer dress you’ll wear only a few times?

The Secrets of Super Travelers
How to travel like the pros.

Haggling Can Pay, But Many Americans Refuse to Bargain
Why Americans are wary of this worldwide custom.

Filed Under: Liz's Blog Tagged With: Credit Bureaus, Credit Scores, credit scoring, debt, debt collection, Debts, travel

Tuesday’s need-to-know money news

July 2, 2013 By Liz Weston

Champagne glassesFinancial survival tips for before the wedding and after the marriage ends, freedom from credit card debt, and beating the retirement clock.

Engaged? You Might Need Money Therapy
Things you should know before you walk down the aisle.

How Does Divorce Affect Bankruptcy and Mortgage
Things you should know for when the walk down the aisle fails.

Declare Your Independence From Credit Card Debt
Life, liberty and the pursuit of zero debt.

How to Get Help From a Student Loan Mediator
Student loan battles don’t have to be fought alone.
What to Do When You Haven’t Saved Enough for Retirement
How to get by when time isn’t on your side.

Filed Under: Liz's Blog, Saving Money Tagged With: couples and money, Credit Cards, debt, Debts, Divorce, Retirement, Student Loans

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