Issue Date: April 5, 2009
MoneySmart |
WALECIA KONRAD |
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Fight sneaky bank fees
Get to know your bank manager now; you may need his help with unfair charges later.
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Many banks, shell-shocked by the financial crisis, are relying on fee income more than ever -- say, $3 a month for canceled checks, $5 for a replacement ATM card and $2 to use a teller instead of a machine. So examine your statements carefully, says Bob Sullivan, author of "Gotcha Capitalism" and MSNBC's consumer expert. Other tips:
Visit your branch regularly. If you put in some face time, then the manager might be more likely to respond to complaints and to waive fees. Calling customer service? Do so during business hours, when managers -- who have the authority to waive fees -- are the most likely to be working.
Use electronic banking. For example, download free copies of canceled checks to avoid teller charges.
Limit debit card use. It's easy to lose track of your spending. To avoid overdraft fees -- now averaging $27 a pop -- use cash or credit cards for everyday purchases. Hard to believe, but there's actually an upside to all of the bad economic news.
Raising frugal kids: A timely lesson
Raising a child to think frugally is a lot easier today than it was a year ago. To learn how, we turned to financial expert Susan Beacham, of Money Savvy Generation (msgen.com), which helps parents teach their children how to be smart about money. Her advice:
Talk about ways to save, such as piggy banks and savings accounts.
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Teach the basics. By the fourth grade, kids should know how to identify coins and paper money; what they can do with money, including saving, buying and giving to charity; and what a budget is.
Discuss your own budget. Meals are a great time to discuss how your family spends its money -- on food, housing, transportation, vacations, etc. Discuss different ways to save, such as with piggy banks and savings accounts.
Teach everyone to be thrifty. Set a month-by-month goal to rein in spending. Skipping a daily latte, packing lunch or cutting back on online music purchases can make a difference.
Make learning fun. Give your youngest lights-out duty at bedtime to teach about saving on electric bills. Early readers can help clip grocery coupons from the circulars. And teens can search for sales and coupons online.
Claire Green is the president of Parents' Choice Foundation, a non-profit guide to quality children's media and toys. For more information, go to parents-choice.org.
TravelSmart |
EVERETT POTTER |
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Cheapest times to go
The most affordable time to visit popular destinations is in the low season, but "low season" varies depending on which part of the country you want to visit.
Hotel rates are subject to change.
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Hawaii: Low season is April and May as well as September to early November. That's when you'll find reduced prices on hotels, condos and airfare. And you actually might be able to use frequent flier miles then to go to Honolulu.
Colorado: Vail is high-priced in winter. But from June to September, it's warm, and rates are about 25% less than at Christmas.
California: Go to San Diego in May or June and you'll find that the famed oceanfront Hotel del Coronado has rates starting at $249 per night, which is about 20% less than in July.
Massachusetts: January to April is the low season for Cape Cod. But the secret season is midweek in May and June, when hotel rates drop, spring is in the air, and the beaches are quiet.
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