Friday’s need-to-know money news

Old windmill in the town of Gorinchem. NetherlandsHow to save big bucks when traveling, preparing for back to school shopping, and what mistakes to avoid when managing your 401(k).

5 Coolest Travel Share Websites
Why pay for an overpriced hotel room when you can have the literal run of the house?

9 Money Management Tips for Newly Employed Millennials
Finally making real money is exciting. But finding ways to save it is vital.

Help with Managing Finances for People with Disabilities
Things to take into consideration when taking care of a disabled person’s finances.

2013 Sales Tax Holidays for Back-to-School Shopping
Find out when your state’s holiday is and what purchases will be tax-free.

The Experts: The Biggest 401(k) Mistakes to Avoid
Important tips on how to properly manage your 401(k).

Are you ready for a “zero waste” lifestyle?

Garbage BoatMost of what we buy or consume requires trade-offs. When it comes to some of the most important features–convenience, thrift and environmental friendliness—we often settle for one or two out of three.

A book and a few Web sites devoted to the “zero waste” movement have convinced me to try a little harder on the third count.

At first I was skeptical of claims that the typical American produces more than four pounds of garbage a day. Just observing our household patterns, though, convinced me that we’re generating a lot more trash than I thought. And too much of that trash either wasn’t being recycled or couldn’t be recycled. (We’re not alone…I found this rubbish map from the Economist showing the U.S. and Norway, of all places, are tops at producing trash.)

I’m not ready to go to some of the lengths that the truly devoted advocate to reduce our trash to what would fit in a Kleenex box.  But we’re taking a few baby steps:

We’re finally getting a composter. We composted on the farm where I grew up, but it was a pretty simple chore. Compostable food scraps went into a bucket Mom kept under the sink. Every few days it was my job to take the bucket and a shovel to the garden to bury the scraps. They disappeared almost magically. We never turned up an eggshell or coffee filter later on. The small lot we live on now doesn’t allow that kind of “lazy composting,” but the city of Los Angeles offers a $20 composter I’m going to try.

I’m remembering to take my reusable bags to the store. They’re way better than the flimsy plastic bags grocery stores provide (and that LA is about to ban). But I managed to ignore that until a lovely, expensive bottle of olive oil fell out of tear in one of those flimsies and shattered on our driveway. Now my groceries come home in strong, resilient, reusable totes that don’t let the contents roll all over my car.

I’m thinking about packaging before I buy. There’s usually a choice between recyclable and not. Surprisingly often these days, you don’t have to pay more for the greener option. This extends to fast food outlets. Carl’s Jr., a favorite burger chain here, wraps its food in paper and cardboard. McDonalds, by contrast, continues to use Styrofoam and non-recyclable plastic. The purists would bring their own plates, cups and cloth napkins to a fast food joint, or avoid such restaurants altogether, but for now I’m content to pick Carl’s.

We just had an almost-zero-waste BBQ. I’d convinced myself you couldn’t have a party without filling a trash bin, but I was wrong. I made pitchers of lemonade and cucumber water instead of providing bottled water. We used cloth napkins, regular cutlery, and real plates and glasses for the most part. The plastic cups for the kids were recyclable (as were the beer and wine bottles). I even managed to skip the Styrofoam trays that usually accompany meat: We bought some lovely tri-tip roasts from a local butcher, who wrapped them in paper. At the end of the night, the only thing that went into the trash were the hot dog wrappers. It was fun, and the cleanup wasn’t that hard.

Some resources if you’re interested in learning more:

The Zero-Waste Lifestyle: Live Well by Throwing Away Less” is a book by Amy Korst that suggests ways to reduce, reuse and recycle that range from the easy (like remembering those tote bags!) to the advanced (Diva Cups, anyone?).

Zero Waste Home is the blog of Bea Johnson, who wrote a book by the same name. I especially like the posts where she talks about zero waste and raising kids.

The Nonconsumer Advocate is a perfectly delightful Portlandian named Katy Wolk-Stanley who describes herself as a “library patron, leftovers technician, Goodwill enthusiast, utility bill scholar, labor and delivery nurse, laundry hanger-upper, mother and citizen.” Her commentary about some of her more absurd Goodwill finds—found under the heading “Goodwill, Badwill, Questionable-Will”—are particularly hilarious.

 

Thursday’s need-to-know money news

Paid education. Graduate cap on bank notesMaking college more affordable, avoiding email scams, and deciding should get your iTunes library when you die.

14 Dangerous Emails That Could Be in Your Inbox
It’s not just Nigerian princes anymore.

Retiring Soon? Don’t Forget Tax Implications
When planning your retirement budget, be sure to factor in these taxes.

How to Cut Back on College Costs
Tips on how to make college slightly more affordable.

How to Manage Your Digital Afterlife
Do you REALLY want your loved ones finding your private Facebook messages?

Car Dealers No Longer Fear Bruised Credit
If you have less than perfect credit and need a car, now’s the time.

Wednesday’s need-to-know money news

iStock_000016540552XSmallWhat 20-somethings can learn financially from their elders, how much that adorable new baby is going to cost you, and why the more you know could mean the more you spend.

7 Key Money Lessons for 20-Somethings
Old-school money habits can help the new school financially.

Raising Baby: Just How Much Does it Cost?
So very cute and so very expensive.

Same-Sex Couples Face New Financial-Future – and Opportunities
What same-sex couples should focus on financially now that DOMA is done.

When Informed Shopping is Dumb Shopping
How more information can lead to dumber purchases.

How Credit Card Companies Spot Fraud Before You Do
Credit card companies are tracking your spending patterns in order to prevent fraud.

Tuesday’s need-to-know money news

My first carHow to speed up your mortgage closing, saving more money with a maxed out 401(K), and preparing for your teenager’s time behind the wheel.

Four Steps to a Speedier Mortgage Closing
Speeding up the last, agonizing step before home ownership.
How Rising Interest Rates Affect Retirement
Rising interest rates could leave you altering your retirement plans.
Maxed Out on Your 401(K)? How to Save More
Maxing out your 401(K) doesn’t mean you should stop saving.
The Impact of Adding a Teenager to Your Auto Policy
Prepare to open your wallet when Junior’s ready to get behind the wheel.

How to Budget as a Live-In Couple
Creating a budget can make a stressful time much easier.

Monday’s need-to-know money news

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.

In case you missed it: the youth edition

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!

Friday’s need-to-know money news

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.

Your financial independence day

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?

Wednesday’s need-to-know money news

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.