“Personal Finance Sites to Help You During Tough Times - Associated Content” plus 3 more |
- Personal Finance Sites to Help You During Tough Times - Associated Content
- Personal Finance with Kathy M. Kristoff - Chicago Tribune
- Personal Finance: New overdraft rules and you - Los Angeles Times
- Kudos to trio of teachers - Johnson City Press
| Personal Finance Sites to Help You During Tough Times - Associated Content Posted: 14 Jun 2010 10:21 AM PDT ChristianPF.com Yes this site may have a faith based edge to it. However most of the posts are incredibly helpful and are without Bible verses. I can honestly say this site has changed my outlook on money, and therefore changed my life!Bob is the owner and writer, but many guest posts can be found as well. Some of the most popular posts are things like "23 Ways for College Students to Make Money", "5 Legitimate Work From Home Opportunities", "How to Make Money Blogging", "How To Make A Budget" and many more that are full of great tips and really fun to read (not dry like some personal finance sites out there!) ChristianPF also has a great layout and setup. On the right hand side has 7 tabs so you can go straight to the help you need. From Budgeting 101 to Making Money to Money and the Bible there is something for everyone! This is a classic and amazing blog. Trent goes through things like how to make your own laundry detergent to save money, budgeting, investing, etc. One of my all time favorite things about this site is how much attention Trent pays to college students and money. Being a college student I know how much trouble our age group has with money so tips from someone who's been there is so important. Trent also talks a lot about his family life. He stresses the importance of raising kids with smart views on money (including one really inspiring post where he had lunch with a friend that had teenagers that he encouraged to start their own businesses, Trent plans to do the same with his kids.) I'm so inspired from this blog not only on how to handle my money now but also when I have my own family! As a 20something trying to get it all as right as possible, it's really great to learn from someone else's mess-ups and successes. Five Filters featured article: Headshot - Propaganda, State Religion and the Attack On the Gaza Peace Flotilla. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Personal Finance with Kathy M. Kristoff - Chicago Tribune Posted: 14 Jun 2010 04:16 AM PDT New overdraft rules for checking accounts go into effect over the next few weeks, and they're spurring a raft of mail from banks urging consumers to "opt in" — and often warning of potentially dire consequences if they don't. What are these new rules, how will they affect consumers, and what should you do about them? New rules: Responding to consumer complaints about burgeoning overdraft charges, the Federal Reserve announced that it would bar banks from automatically enrolling consumers in some types of overdraft protection plans for their bank accounts. These plans allow banks to approve a check or debit charge to a customer's account, even if the charge causes the customer's balance to go negative, and then assess an overdraft fee of as much as $39. Banks argue that the plans are a consumer service, preventing customers from being embarrassed (or harmed) by a denied charge at a restaurant or gas station, for example. But consumers complained that they had no idea they could spend more than they had in their accounts when using a debit card because they were enrolled in the plans without their knowledge, and the overdrafts were "approved" (and triggered big fees) without their being alerted that the account had insufficient funds. The Federal Reserve rules take effect July 1 for new accounts and Aug. 15 for existing accounts. The rules do not stop banks from covering overdrafts. But they bar banks from charging overdraft fees on ATM and point-of-sale debit purchases unless the consumer has actively enrolled in the overdraft protection service. Bankers say consumers should opt in to overdraft protection to avoid having a charge denied for insufficient funds. "This is not a one-time opt-in at the point of sale," said Nessa Feddis, a spokeswoman for the American Bankers Assn. "It's a general opt-in. If you don't do it, you could have a debit purchase denied." Other options: There are other options, and most of them are far less expensive than allowing the bank to approve an overdraft at $39 a pop. Consumer advocates suggest that you link your checking account to a savings account or a credit card. This type of arrangement typically results in a charge that is a fraction of what overdraft protection plans cost, says Leslie Parrish, senior researcher at the Center for Responsible Lending in Washington. For instance, most banks will charge a one-time fee of $5 to $10 to transfer money from a linked savings or credit card account into your checking account. That would cover all of the overdrafts made in a day. If you triggered five overdrafts, for example, this would still just cost $5 to transfer the money versus $195 ($39 times five) with a traditional overdraft program. If the money was transferred from a credit card you'd also face interest charges, but those charges are likely to be minimal if the overdraft is repaid quickly. There are other options out there too. Jim Kelly, chief operating officer of ING Direct, says his bank offers a better deal. If you set up an overdraft line of credit at ING to cover your ING checking account, there's no transfer fee. In this case, you are simply charged for the money you use at a 7.25% rate. Someone who borrowed $100 for 10 days by overspending on a debit card would consequently spend about 20 cents, he said. Customers do have to apply and have decent credit to get an overdraft line of credit, Kelly said. If they don't have that line of credit set up, the bank declines charges when there are not sufficient funds in the account to cover them, but doesn't charge customers to do it. "The bulk of our customers don't use it. But it's a convenient way to access an affordable credit facility if you do," he said. Exceptions: The new Federal Reserve rule will not stop all overdraft charges, however, even for those who do not opt in to overdraft protection programs. That's because the agency will allow banks to cover "regular" payments and debits, such as the automatic payment for your mortgage or gym membership, and charge a fee if that payment causes you to overdraft. In addition, the Fed did nothing about one of the practices that consumer groups find particularly egregious, that of "reordering" how transactions are processed from highest amount to lowest amount, regardless of the order that they reached the bank. Banks have said this practice is a service aimed at ensuring that customers' most important payments, such as the rent, are covered. But consumer groups say it's a thinly veiled plot to boost the number of overdraft fees the banks can charge by draining the account with the biggest transactions first, increasing the chance that your other transaction, no matter how small, will trigger additional overdraft fees. What you should do: If you are among the 20% of consumers who occasionally overdraw your checking account, you should become familiar with the terms of your bank agreement. "Understand your account terms and shop around," Kelly said. "Fees can make such a huge difference in the cost of operating an account. If the consumer is subjected to 'gotcha' fees, it can completely change your financial picture." Five Filters featured article: Headshot - Propaganda, State Religion and the Attack On the Gaza Peace Flotilla. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Personal Finance: New overdraft rules and you - Los Angeles Times Posted: 14 Jun 2010 04:16 AM PDT New overdraft rules for checking accounts go into effect over the next few weeks, and they're spurring a raft of mail from banks urging consumers to "opt in" — and often warning of potentially dire consequences if they don't. What are these new rules, how will they affect consumers, and what should you do about them? New rules: Responding to consumer complaints about burgeoning overdraft charges, the Federal Reserve announced that it would bar banks from automatically enrolling consumers in some types of overdraft protection plans for their bank accounts. These plans allow banks to approve a check or debit charge to a customer's account, even if the charge causes the customer's balance to go negative, and then assess an overdraft fee of as much as $39. Banks argue that the plans are a consumer service, preventing customers from being embarrassed (or harmed) by a denied charge at a restaurant or gas station, for example. But consumers complained that they had no idea they could spend more than they had in their accounts when using a debit card because they were enrolled in the plans without their knowledge, and the overdrafts were "approved" (and triggered big fees) without their being alerted that the account had insufficient funds. The Federal Reserve rules take effect July 1 for new accounts and Aug. 15 for existing accounts. The rules do not stop banks from covering overdrafts. But they bar banks from charging overdraft fees on ATM and point-of-sale debit purchases unless the consumer has actively enrolled in the overdraft protection service. Bankers say consumers should opt in to overdraft protection to avoid having a charge denied for insufficient funds. "This is not a one-time opt-in at the point of sale," said Nessa Feddis, a spokeswoman for the American Bankers Assn. "It's a general opt-in. If you don't do it, you could have a debit purchase denied." Other options: There are other options, and most of them are far less expensive than allowing the bank to approve an overdraft at $39 a pop. Consumer advocates suggest that you link your checking account to a savings account or a credit card. This type of arrangement typically results in a charge that is a fraction of what overdraft protection plans cost, says Leslie Parrish, senior researcher at the Center for Responsible Lending in Washington. For instance, most banks will charge a one-time fee of $5 to $10 to transfer money from a linked savings or credit card account into your checking account. That would cover all of the overdrafts made in a day. If you triggered five overdrafts, for example, this would still just cost $5 to transfer the money versus $195 ($39 times five) with a traditional overdraft program. If the money was transferred from a credit card you'd also face interest charges, but those charges are likely to be minimal if the overdraft is repaid quickly. There are other options out there too. Jim Kelly, chief operating officer of ING Direct, says his bank offers a better deal. If you set up an overdraft line of credit at ING to cover your ING checking account, there's no transfer fee. In this case, you are simply charged for the money you use at a 7.25% rate. Someone who borrowed $100 for 10 days by overspending on a debit card would consequently spend about 20 cents, he said. Customers do have to apply and have decent credit to get an overdraft line of credit, Kelly said. If they don't have that line of credit set up, the bank declines charges when there are not sufficient funds in the account to cover them, but doesn't charge customers to do it. "The bulk of our customers don't use it. But it's a convenient way to access an affordable credit facility if you do," he said. Exceptions: The new Federal Reserve rule will not stop all overdraft charges, however, even for those who do not opt in to overdraft protection programs. That's because the agency will allow banks to cover "regular" payments and debits, such as the automatic payment for your mortgage or gym membership, and charge a fee if that payment causes you to overdraft. In addition, the Fed did nothing about one of the practices that consumer groups find particularly egregious, that of "reordering" how transactions are processed from highest amount to lowest amount, regardless of the order that they reached the bank. Banks have said this practice is a service aimed at ensuring that customers' most important payments, such as the rent, are covered. But consumer groups say it's a thinly veiled plot to boost the number of overdraft fees the banks can charge by draining the account with the biggest transactions first, increasing the chance that your other transaction, no matter how small, will trigger additional overdraft fees. What you should do: If you are among the 20% of consumers who occasionally overdraw your checking account, you should become familiar with the terms of your bank agreement. "Understand your account terms and shop around," Kelly said. "Fees can make such a huge difference in the cost of operating an account. If the consumer is subjected to 'gotcha' fees, it can completely change your financial picture." Five Filters featured article: Headshot - Propaganda, State Religion and the Attack On the Gaza Peace Flotilla. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Kudos to trio of teachers - Johnson City Press Posted: 14 Jun 2010 08:33 AM PDT  Kudos to trio of teachersBy Jeff Keeling Alumni of Science Hill, Unaka and David Crockett high schools probably won't sit around the dinner table in 10 years recounting these high school exploits like they might remember a game-winning hit. They probably won't recall Theresa Burton, Amy Collette and Debbie Mottern with fond wistfulness the way they might that old coach who willed his team to a district title in his final year on the sideline. But the table they gather around, and the roof over their heads, may be securely paid for thanks to principles these graduates learned from this local teaching trio. So to Unaka's Burton, Crockett's Collette and Science Hill's Mottern, I say bravo! You've made my annual top 10 list for enriching the lives — now and later — of countless students who otherwise receive a steady drumbeat of signals telling them that life is all about instant gratification. A group called Tennessee Jump$tart gave the teachers its 2010 "Excellence in Teaching Personal Finance Award." Only six such awards were given out by the coalition, founded 10 years ago to improve the personal financial literacy of Tennessee's youth. According to a news release from Tennessee Jump$tart, Burton incorporated personal finance into her classroom by establishing "Burtonland" to help students use a series of hands-on learning activities and simulations that portray real-life situations. Burton has also leads field trips to a credit union to enhance her students' personal finance education. Collette assesses her students' knowledge before and after their course, and uses a series of Web-based activities, collaborative student activities and individual student activities, as well as guest speakers, to enhance her students' knowledge. Mottern's students must keep a budget, track expenses and analyze their individual daily spending habits as they progress through the personal finance course she teaches. "The need for financial literacy in Tennessee is great and these teachers should be commended for their efforts in the classroom," Tennessee Jump$tart co-president Ann Berry said. "The personal finance course is an opportunity for teachers to make a positive impact on Tennessee's financial future." Society often honors coaches who instill positive values in student athletes, and this is fitting. Kids who learn to place a team's interest ahead of their own and who sacrifice their time to develop their talents are gaining values and experience that can help them succeed as adults. But consider how many penniless former professional athletes have shared sad stories of possessing boatloads of money but no training or common sense about how to manage it. And easy credit, sadly, allowed lots of people with incomes much more modest than those of ballplayers to live as if they were wealthy — for awhile. The Tennessee Department of Education recognized this problem when it mandated a couple years ago that public schools teach personal finance courses to all Tennessee students, starting with the graduating class of 2013. A mandate, though, is only as good as the people carrying it out. Standing in front of teenagers and teaching them how to handle money wisely sounds about as daunting as sending your third-string cornerback out to guard the league's best receiver. Coaching makes all the difference in those types of situations. So I tip my cap to Mottern, Burton and Collette for taking their tasks seriously — because they certainly are serious tasks — and devising strategies that work. That's what winners do, and so that makes them winners.
Five Filters featured article: Headshot - Propaganda, State Religion and the Attack On the Gaza Peace Flotilla. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
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