Q&A: How to evaluate consumer options and not get cheated

Dear Liz: Although I’m able to pay my bills, it’s the decisions regarding cable, telephone, Internet and various insurance options that drive me nuts! I’ve tried to seek out independent groups that discuss such issues, but none exists in my area; and these decisions are not covered by my financial planner, nor do I wish to pay a senior money manager for this advice. As an elder orphan, I’m finding these decisions and others regarding repairs, workmen, etc. very stressful. Friends don’t really want to help and be held “responsible” if their recommendations don’t work out. What do you suggest?

Answer: Sometimes it feels like a full-time job to evaluate your options as a consumer and not get snookered. This isn’t an issue that’s unique to older people. But as we age, our financial decision-making abilities tend to decline, and we become more vulnerable to fraud or bad decisions. So you’re smart to want a trustworthy helper to guide you.

A lot of Internet sites clamor to be that helper, but not all are as objective as they seem to be. They may be steering you toward the companies that pay them the most. Make sure you read a site’s disclosure statements so you understand what its conflicts of interest might be.

One outfit you can trust is Consumer Reports, which has a print magazine as well as an online subscription with objective advice on thousands of products and services. Consumer Reports doesn’t accept advertising and has been helping people make smarter decisions since 1936.

Finding good people to work on your home is trickier. Sites such as Angie’s List and Yelp offer reviews from other consumers and can help lead you to reputable firms. You shouldn’t take the results as gospel, though, because both rely on advertising from the companies being reviewed.

If you don’t feel up to the task of researching and sorting your options, please reconsider your aversion to hiring a daily money manager. You typically can pay such a manager by the hour to help you make these decisions. You’ll also have a chance to “test drive” his or her services since you may well need help with paying bills and other financial tasks down the line.

Related Posts

  • Q&A: Keeping financial records Dear Liz:I have a garage full of old financial records. I believe I need to keep only seven years of information for tax purposes. Is that […]
  • Emergency funds: How much is enough? Dear Liz: A lot of financial advice sites say you should have an emergency fund equal to three to six months of living expenses. What […]
  • Q&A: Loose change and the ‘Big One’ Dear Liz: In your column about saving loose change, another reason to keep a couple of coffee cans full of coins is for when we have the […]
  • Q&A: Auto loan GAP coverage Dear Liz: In 2012, I financed a 2008 Honda at my credit union. The car was priced at $16,500. With a trade-in, the loan came to $22,000. […]