By Laura Fuentes | August 30th, 2011

Bringing your lunch to work can be a quick and easy way to save money.

If you’ve gone to the grocery store lately, you might have noticed that prices have increased over the past year. If you’re working and rely on a quick drive-through or cafeteria trip for lunch, then you are probably spending between $40-60 dollars per week. At a café or restaurant, you are definitely spending more.

In my pre-kids era (back in my corporate job days) I spent an average of $75 per week on lunch, or $300 per month, or nearly $1200yr! (Thank you, Quicken for keeping track) WOW, that could have translated into a long NYC shopping weekend, or a beach trip!  Have a spouse? Make that x 2.

You don’t know what to pack? You can’t stand eating left overs the next day? You cook for one? Are you so exhausted after getting the kids to bed, and that making their lunches seems like an impossible item to check off on your to-do list? You are not alone. Lucky for you, I am the Modern-Day Lunch Lady!

The Right Tools Make the Job Easier.
Here are 3 simple steps you can take now to start making healthy lunches at home—and start racking up the savings now.

1. Have a Plan.
Mapping out a quick layout of your weekly meals (breakfast, lunch & dinner) can save you over $50 a week in wasted food, take-out dinners and impulse buys. That can add up to over $200 per month! A lunch planning service like MOMables can help you save time and money every week. It is technically a school lunch planning service, but by adjusting the portion sizes everyone in the family can eat healthy. Short on time? MOMables lunches can be prepared in 10 minutes or less for the entire family. An added bonus: you also get a shopping list and make-ahead tips

2. The right containers make a BIG difference.
Since saving money is our focus here, purchasing a re-usable and durable lunch container is cost effective over time. This will replace many disposable zip bags that would be thrown away every day (over $240 a year for a family of six). The search for something that will work for your entire family can be overwhelming; there are over 1,880 options on Amazon alone. In my household you’ll find. Easy Lunch Boxes. We have two sets at our house and the first set is over a year old. They are durable, are BPA, phthalate, PVC free, and keep the food separated in their 3 compartments. Packing lunch in these for our entire family is a breeze and the different colors help everyone identify the rightful owner. I no longer need containers of different shapes and sizes for my family (no more lost lids either!) Another important benefit: they keep adult portions in check. You can also go stainless steel and other all in-one options. But remember, they have to work for you.

3. Cook your options ahead of time.
You’ve heard of “bringing left overs to work” but what you really need to think about is re-vamping that roasted chicken into other things. Instead of grilling one chicken breast for dinner per person; add an extra one for lunches. Love roasted chicken? Make two. With the extra chicken you now can make chicken quesadillas, chicken salad, bbq chicken sandwiches, black bean chicken burritos, chicken and pasta… just to name a few. If you are making it for dinner, consider cooking up an extra portion or two per person anytime you cook chicken, pasta, pork or pot roast.

Revamping dinners into delicious lunches is easy when you have the food you need already prepared. And it’s very cost effective too!

4.  Incorporate variety.
We love options.  Who doesn’t like looking at a menu and selecting something delicious?  Sandwiches 5 times per week can get boring very fast.  You need to think outside the slice.  Buy pita pockets, whole-wheat subs, pastas, bread rolls, wraps… the possibilities are endless.  You can store them in the fridge or freezer and take out what you need.  Having options at home can save you lots of money; at least $8 per day!

5.  Get social.  
Nobody wants to sit at his or her desk while the rest of the office goes out to lunch.  Get a lunch buddy.  Social time is one of the biggest reasons we go out to eat.  Instead, pick a bench outside the office or a park near by; fresh air is the perfect side dish to your lunch.

If saving $2,000 dollars per year by bringing your lunch to work is not reason enough, think about your new lunch accessories.  Of course, you know you are going to shop for a stylish new lunch bag, cloth napkin, and the perfect stainless drink container; right?  Everyone else is doing it!
____________________________________________________________________________________________________________________________________________________

Laura Fuentes is the Chief MOM at MOMables™.  A wife, mother of 3 and a lunch enthusiast who insists on healthy, wholesome food for her family. 
On her personal blog, Super Glue Mom, she writes about motherhood, green living, deadlines and keeping her cool, even when her kids super-glued her hair.  She’s also a food contributor to numerous sites, and helps parents overcome the difficulties of cooking for picky eaters.

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By Wendy Mihm | Thursday August 4, 2011

If you’re out shopping for a car, one of your top considerations is probably gas mileage.  If it’s not, lean in a bit closer so I can whap you upside the head. 

Ok now.

Related to this, another question that may come to mind is “Should I buy a hybrid?” 

When deciding whether to buy a hybrid, there are several things you may consider, but when you’re assessing the gas mileage, it all comes down to basic math.

Turns out, fuel efficiency is no small matter. In August of 2011, as this post goes up on FinancialRx, the average price of a gallon of non-premium gas in the U.S. is $3.71.  But remember, that’s the U.S. average, and it varies depending on where you live.  For example, in traditionally less expensive areas like the Gulf Coast, the current average is $3.60, while New York City residents are paying $3.86, just slightly more than their urban counterparts out in San Francisco, who pay $3.84 a gallon. Regardless, by the time you fill your tank, it ain’t cheap.

Let’s look at some real numbers, using the Chevy Malibu, which is a mid-sized sedan as an example.  It’s tank holds about 16.5 gallons, so if gas costs an average of $3.71 per gallon, you’re talking $3.71 x 16.5 = $61.22 every time you fill your tank. 

Yikes. 

And how about those SUVs we see all over the place?  An Expedition’s tank capacity is anywhere from 28 to 33.5 gallons.  You can do that frightening math yourself!

So, should you rush out and join all those people buying hybrids?

Maybe.  Or maybe not.

If your primary reason for considering a hybrid is gas mileage, then buying a hybrid car really can come down to some basic math.

Buying Hybrids: Do the Math on the “Break Even” Point

Good news: figuring out when you will “break even” on your investment in a hybrid is not that hard.  As my business school stats professor used to say “Let’s give it a go!”

1.  Take your best guess as to how many miles you drive in a typical year.  In our example, we will use 15,000.  That also happens to be the number the EPA uses when they calculate the Estimated Annual Fuel costs. Car dealerships also print that number on the stickers they put in the windows of cars for sale.

2.  Look up the average price of a gallon of gas – if possible, try to get it for your city.  In our example, we’ll use the U.S. average of $3.71.

3.  Shop online as if you really were buying a hybrid.  Find out and write down its price and EPA estimated MPG.  In our example, we’ll use the new, base model 2011 Toyota Prius, which retails for about $24,566 and gets a combined EPA rated city/highway 50 MPG.

4.  Using our simple formula outlined below, calculate the annual fuel cost for your hybrid.

Annual Fuel Cost = Miles Per Year x (Price Per Gallon / Miles Per Gallon)

Here’s how the formula looks using the Prius:

Annual Fuel Cost = 15,000 x ($3.71 / 50) = $1,113

Now, for comparison’s sake, go through the exact same calculation with a non-hybrid that you might also consider buying.  For our example, we’ll use the 2011 base Toyota Camry (because I think they’re cute). They currently retail for about $20,195.  The Camry’s EPA estimated combined city / highway MPG is 26.  Using the same equation, we calculate the Toyota Camry’s annual fuel cost as follows:

Annual Fuel Cost = 15,000 x ($3.68 / 26) = $2,140

Notice the trade-off happening here.  Sure, when you buy hybrid cars, you spend more up front on the overall cost of the car. But then you save money at the gas pump each and every year, for as long as you drive your hybrid car.  The dollar amount the hybrid saves you each year in fuel costs versus the conventional car is important in the final analysis, so we’ll calculate it here:

Annual Fuel Cost Toyota Camry $2,140 – Annual Fuel Cost Prius Hybrid $1,113 = $1,027

Now, we arrive at the most important part: the Breakeven Analysis.  Here, we calculate how many years it should take to make back in fuel savings, all that extra money that was spent up front when you purchased the hybrid.

Breakeven Analysis on the Hybrid Purchase

Here’s how we go about the analysis:

First, start with the price of the higher-priced hybrid car and subtract from it the price of the lower-priced traditional engine car.

Here’s how it looks for our example:

Price differencial = $24,566 – $20,195 = $4,371

Second, calculate the break-even time in years.  Here’s how: divide the price differential we found in the first step directly above, by the annual dollar amount the hybrid saves you.

Here’s how it turns out for our example:

Price differential of $4,371 / Annual fuel savings hybrid of $1,027 = 4.3 years

So what does that mean, exactly?

This means that after driving the hybrid for 4.3 years, you will have saved enough money at the pump to make for all that extra dough you blew on the Prius. Then after that, the savings are yours to keep. Year after year. Hmm.

In addition to this basic math, things to consider when buying a hybrid are:

• How long do you expect to be driving your car?

• Whichever car you drive, if your plan is to reap fuel savings after the breakeven point, make sure you’re buying from a manufacturer that makes cars that last that long!

• Now, on the other hand, if your primary concern is gas mileage as opposed to the environment or geo-politics (a whole separate set of topics!) there are some sub-compacts out there with big mileage estimates and small price tags.

Ok, sister, I’ve given you the basic math and some things to think about. Now go figure!

Notice how I didn’t say “Start your engines?” or “Fire up your spreadsheets!” or something cutesy like that?

That’s love, baby.

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By Rosanne Hart | Tuesday August 2, 2011

Just the thought of marching my Manolos into a car dealership sends shivers down my spine.
But about every 36 to 40 months or so, I suck it up and brace myself for hashing out the “Buy vs Lease Cars” battle in my own head. Then inevitably I come to the same conclusion, and march on down to the dealership to get myself the best deal this side of the Mississippi on a new car lease.

What?

Why lease a car, and not buy one? For Yours Truly, there’s rarely been a question over the 25-plus years I have been in business. Even through crash #1 in ’87, crash #2 when the tech bubble burst, and yes, through the worst financial disaster since The Great Depression: The 2008 Wall Street Meltdown.

Leasing, my smart, shrewd and very bossy CPA told me, made financial sense, particularly for business owners. So when I weighed the question of whether to buy a car or lease a car, I had to keep in mind that the lease could be expensed by the company, along with the car insurance, maintenance, toll tags and gas. Essentially, I was paying for my car with “before tax” dollars, and not out of my meager, taxed personal income!

I could have leased any new car. But no!

This freeway-phobic fashionista had to have something akin to a German tank, thanks to a previous run-in with a Mac truck on a 5-lane freeway that peeled the top off my car, totaling the Buick. Saved by lots of steel, and no doubt a few angels in heaven, I vowed to drive only cars weighing at least 2 tons.

German cars have a history of being built for the Autobahn, where speeds in excess of 90 to 100 miles an hour are common. With tons of steel, engineering built to last beyond the American car industry’s planned 3-year obsolescence, German cars were as close to the tank as I was going to get.

But there was a glitch: German cars are not cheap. Hence another case for leasing in the “buy or lease a car” conundrum.  Rates on leasing a new car, particularly right before the new models break, are often quite attractive.  They can sometimes be as much as 50% less than a car payment for the same new car, making it more affordable for Her Highness here to drive a BMW, Audi or even a Mercedes.

A car is as much transportation as it is a statement of style and success in my line of work. Stepping out in Manolos from a used Taurus just won’t cut it when you’re trying to impress a high-end retail client in a top-10 urban market like Dallas, LA, Atlanta or Miami.

Unlike buying, leasing eliminates some (not all, mind you) of the headache of buying, then re-selling, or trading in your car. It skips a couple of anxiety-ridden steps. When your lease is up, you merely trot right back into the dealership, hand them your keys, say “Toodles” and go on your merry way to finding your next set of wheels.

But be warned: do not go over the mileage limit. I negotiate my leases to accommodate driving 15,000 miles a year to avoid that problem because I practically live in my car. Also, do not turn in a damaged car. Repair door dings, keyed door panels, or windshield nicks to avoid hefty turn-in charges.

My absolute favorite rationale for leasing in the buy-vs-lease-cars debate is cash flow. The savings on a lease payment versus a larger car payment can be used to invest in building your business (as I did), or socking those extra dollars away for the kids’ education, traveling, building an investment portfolio for your “golden years,” or simply scoring more Manolos.

Of course, you can always drop a cool $25-grand or more on a new car, or less on a used car, and drive it ‘til the wheels fall off. What a thought! Suze (Orman) loves that idea (bla!). Got your own thoughts about the buy vs lease cars debate? Let’s hear ‘em in the comments section.

For now, I’ll stick to my plan: bargain hard for the best deal on a lease and walk away with a car I’ll love driving in every day, and won’t worry (too much) about meeting up with a Mac in my Manolos.

____________________________________________________________________________________________________________________________________________________

A small-town Nebraska girl, Rosanne Hart graduated with a BS in Journalism from Kansas State University. At the age of 30, with a $1000 line of credit, she founded a national fashion/beauty PR/Ad agency, The Hart Agency, Inc., in Dallas. Despite her initial inability to balance a checkbook, and having flunked college accounting, she pulled it together and built The Hart Agency into a $1.5M venture, with offices in New York and Dallas, handling fashion clients and Fortune 500 accounts. An advocate for women-owned businesses, she is a founding member of The Texas Women’s Venture Fund, the Dallas Chapter of the National Association of Women Business Owners, and mentor to young women.

Her two sons keep her humble. She writes a blog on money matters under her alter-ego Spexy Lady and says outrageous things on Twitter: @thespexylady.

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By Rosanne Hart | Wednesday June 15, 2011

First let me say, I didn’t grow up with a silver spoon in my big mouth from the South. No, it was more like growing up polishing someone else’s silver spoons. That said, today I can’t imagine not wearing sexy stilettos – especially those by my fave shoe guru, Manolo Blahnik—‘til the day I’m pushing up daisies.

Now, how does one afford ridiculously priced pumps when the soccer team dues, orthodontist, football uniforms, ballet lessons, and vet bills come calling? By using my money saving tricks for shrewdly saving and socking it away, that’s how.

I call my fund “The Manolo Money Fund,” because that’s where I stash away those dollars for the little luxuries that keep me sane when my kids are driving me nuts. Shoes are my ticket to sanity. For others, it could be the spa, a girls trip, or simply a very sexy something to light up hubby’s eyes

It all started many years back, when I was running my own company and had too much on my mind—hung over employees, two babes with chicken pox, and a bookkeeper who ran off with a month’s operating budget. Brain overload!

I couldn’t remember which bank accounts I had, or how much was in each account.  Then one day I received a bank statement with money in an account I had set up ages ago. Found money! It would become the beginning of what I would lovingly name my own, personal Manolo Money Fund. Though this bank account was sometimes used for more “honorable” purposes, such as airline tickets for the family holiday vacation, etc., I discovered one of my money saving tricks:  having several bank accounts was one way I could save money without thinking about it! Then I discovered online banks make it even easier to save for life’s little luxuries – or for when life throws you a curve ball when your kids are up to bat.

If you think you don’t have money to spare, try this simple money saving trick. Fill one of your child’s piggy banks with any pocket change leftover each time you pay for something with a $20 bill. Even smarter, when you buy groceries and pay with a debit card, get a few dollars back in cash for Piggy. When you’ve hit $100, open an account at a bank that doesn’t charge fees. If you’re so inclined, and you see another bank with a special savings rate, open another account with $100 or more. I’d suggest having the same number of accounts as children, but not more than 3 – accounts (not children) otherwise things start to get confusing!

Rotate deposits into each account.  For example:  one week, deposit into Bank A, next week deposit into Bank B, so each fund builds up to your savings goal—$500, $1000, etc. Then, forget about it! Leave it alone. Do not touch it.  Let it be, let it be, let it be! Until you really, really need it. With several savings accounts, I rest easy at night knowing that when the right Manolo shows up in my future (on sale of course), I’ll be ready with cash in hand!

For now, I’m still waiting and saving…
____________________________________________________________________________________________________________
A small-town Nebraska girl, Rosanne Hart graduated with a BS in Journalism from Kansas State University. At the age of 30, with a $1000 line of credit, she founded a national fashion/beauty PR/Ad agency, The Hart Agency, Inc., in Dallas. Despite her initial inability to balance a checkbook, and having flunked college accounting, she pulled it together and built The Hart Agency into a $1.5M agency, with offices in New York and Dallas, handling fashion clients and Fortune 500 accounts. An advocate for women-owned businesses, she is a founding member of The Texas Women’s Venture Fund, the Dallas Chapter of the National Association of Women Business Owners, and mentor to young women.

Her two sons keep her humble. She writes a blog on money matters under her alter-ego Spexy Lady and says outrageous things on Twitter: @thespexylady.

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By Wendy Mihm | May 6, 2011

On Monday May 2, 2011 FinancialRx and AboutOne co-hosted their first Twitter Party and it was a blast! 

We chatted with about 50 of our closest friends on the theme “Organize your Finances, Simplify your Life.” 

The party culminated with AboutOne and FinancialRx drawing the name of one winner and giving away two great prizes:

• a $100 Amazon gift card

• a $100 donation to the charity of the winner’s choice

Our Twitter Party giveaway winner was Denise Morse! 

In the process of awarding Denise her prizes, we discovered that she and I are neighbors—Denise lives in Burbank California, which is just over the hill from my home here in Pasadena.

And Denise’s charity of choice?

Drum roll please…..  badabadabadabadabadabadabadabadabada bum:

The Shriners Hospital for Children!

The Shriners Hospital for Children provides orthopaedic, burn care, cleft lip and palate, and spinal cord injury treatment for children up to age 18, without placing a financial burden on the families of their patients.  What a fantastic choice!

Congratulations Denise, and thank you to everyone who participated in our Twitter Party.

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By Wendy Mihm | April 18, 2011

On Monday, May 2nd at 9pm Eastern Time / 6pm Pacific, I’ll be co-hosting a Twitter Party for the very first time with FinancialRx’s partner organization, AboutOne.

AboutOne is a digital file storage system that is designed to simply family life by keeping all your photos, finances, health records, school files, memorabilia and personal records—everything—in one secure, easily accessible place.

The topic and title of the Twitter Party on May 2 is “Organize Your Finances, Simplify Your Life.”

So aside from the fact that it should be an interesting and lively discussion, there is also an excellent giveaway as incentive to join us on that Monday night.  If you RSVP by completing the entry requirements below, you will be entered to win a $100 Amazon gift card AND a $100 donation to a charity of your choice, courtesy of us here at FinancialRx.

Entry Requirements
For a chance to enter and win, please complete the following requirements and leave a separate comment for each on the AboutOne blog post about this Twitter Party (also known as a Tweet Chat), including links to your original tweets.

Mandatory Entries:

1. Sign Up for Financial Rx’s FREE Financial “prescription” (via email)
2. Follow @AboutOne on Twitter

Optional Entries:
1. Follow @FRxWendy on Twitter.
2. Like FinancialRx on Facebook
3. Like AboutOne on Facebook
4. Tweet the following:
• RT @AboutOne Join us and @FRxWendy # Twitter party 5/2 (9-11 ET) 2 chat about ways to get organized http://bit.ly/hqiaEu  #FinRx #AOChat PLS RT
• RT @AboutOne GIVEAWAY! Enter 4 chance 2 win $100 gift card & $100 charity donation http://bit.ly/hqiaEu  #FinRx #AOChat PLS RT

If you haven’t done a Twitter Party / Tweet Chat before, it’s a really trippy and fun experience, and a great one to add to your social media arsenal.  Hope you can join us.

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By Wendy Mihm | Monday March 7, 2011

Spring is just two weeks away! You can probably tell because the days are getting longer (finally!) and you’re itchin’ to toss out all that stuff that’s cluttering the closets and stacked in the stairways.

So let’s harness that feeling and use it to get de-clutter your house, once and for all.  Why?  Because much of what is taking up all that space can be used by someone else, and just might earn you a little extra cash that you could put toward something really great like the schmancy new iPad or even a family trip.

Ok, here’s your plan.

• Grab a bunch of sturdy shopping bags with handles and a fistfull of garbage bags.

• Label half of the shopping bags “donate” and the other half “sell.”  The garbage bags are for items you find that are not in good enough shape to be donated or sold.

• Now, go through your closets, and dressers and your kids’ closets and dressers in search of any item that has not been used or worn for at least one year.  Don’t forget to include shoes, wallets, handbags, belts, jewelrey, socks and winter items stored away in boxes.  Be ruthless!  If you have not worn it in a year, chances are you are not going to reach for it again any time soon.

• Sort the items you find into the “donate,” “sell,” or garbage bags. 

If you have not eliminated at least 4 things from each closet or dresser, you have not been ruthless enough.  Go back and try again!

• Move on to the family room or media room and repeat this exercise with books, DVDs, music, printers, phones, and other media or office equipment.  Remember, if it does not work and it is electronic, it must be recycled in an appropriate e-waste facility.

• Next, you’ll tackle the kitchen and dining rooms, where you’ll assess whether you need that extra Magic Bullet, all those pots and pans, and that extra set of dessert plates you never use.

• Running out of bags?  Now would be a good time to re-load.  Speaking of that, why not use this little break to get your spouse to help you load all the full bags labeled “donate” into the trunk of the car.  That way the next time you roll past a Goodwill or Salvation Army, you’ll be prepared to drop them off.

• Now let’s move to the garage where you will asses how often you and your family use items like bikes, tools scooters, balls, sporting equipment and gardening tools.

• Finally, let’s make a loop around the basement (if you have one) and the rest of the house for random things like stored baby items, dish racks from your last apartment, paper towel holders, and that dust buster you don’t use.

Sweating now?

Ok, now let’s learn how to get rid of this stuff in an organized and a financially savvy way.  Here is a list of resources where you can either donate your things for a tax write off or, with a little effort, sell your items and make some real money.

Donate for a Tax Write Off

Goodwill: offers hassle-free drop off of your items in bags.  They even help you unload your car when you arrive.  Will take clothes and a wide range of household items, including electronics.  Some locations will even take broken electronics and dispose of them properly for you, but call or check the local website first.

Purple Heart:  Offers a pickup service for clothing donations in bags in a four state region:  NJ, DE, PA, MD and VA.  You can schedule a pickup online.

Salvation Army: Accepts donations of clothing, furniture and household goods and includes a donations valuation guide for tax purposes on their website.

Sell or Exchange

Craigslist:  great for baby items, furniture, power tools, bikes, and other “substantial” items.  Take the time to post a flattering picture of the item and write a thorough description.  Best for nearby local listings, as people like to come by and have a look before fully committing to buying, but once they see the item, they almost always buy it.

BookScouter.com: Books and CDs.  List your books and CDs with them online and they take a cut.

iPodMeister.com: Exchanged your used CDs and DVDs for hard drives, media players smart phones and tablet computers such as an iPad.

DCUrbanMomsandDads: Sell baby items and possibly other substantial items on this parents network in the Washington DC / Northern Virginia / Maryland area.

ParkSlopeParents: Sell baby items and possibly other substantial items on this parents network in the ParkSlope (Brooklyn, NY) area.

Berkeley Parents Network: Sell baby items and possibly other substantial items on this parents network in the Berkeley (Northern CA) area.

Specialty Items

Jewelry: If you are trying to sell jewelry that you suspect is of some value, do not take it to a jeweler and tell her that you want to sell it and you need an appraisal. The jeweler will try to lowball you so she can buy the piece then resell it at a profit in her own store.  A better plan is to take the piece to a jeweler who does appraisals and tell him that you need an appraisal for insurance purposes.  Then get the appraisal and sell the piece on eBay

Tools and Furniture:  People love tools and furniture on Craigslist and at yard sales.  However, on Craigslist, you don’t have to sit around all day hoping someone with cash in their pockets will happen on by, and you also tend to get higher prices for your items. Can you tell I prefer Craigslist..?

China and barware:  If you find some old china or barware and don’t know what pattern it is, or what it’s worth, you can try to identify it by going to the website called Replacements and sending them a photo.  They will evaluate what you have and send you their best guess at pattern and worth.  Then you can decide how to sell it – either as a full set (which is best, if you have it) or in pieces.

Getting all that clutter cleared out, earning some extra cash, and having a few tax deductions is a really fantastic way to greet the new season.  Now take a deep breath of fresh, spring air and enjoy your fabulously uncluttered space!  Aaaahhh!

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By Wendy Mihm | March 2, 2011

If you’re not a marketer by trade, you may have asked the reasonable question “what are loyalty cards, anyway?” 

Loyalty cards are any type of card issued by a retailer, (that’s code for “store”) museum, club or other entity, that entitles the holder to some type of special benefits.
These benefits can come in the form of discounts or special privileges such as the opportunity to skip the entrance line, come in at special hours, gain access to restricted areas, view special screenings of movies, see special speakers, etc. 

The benefits of the loyalty card in your pocket vary greatly depending on whether that card is issued by a grocery or bookstore (discounts) a zoo (skip the entrance line, free stroller rentals, etc.), an arboretum or museum (early entrance hours, gift shop discounts) or some other entity.

When you sign up for a loyalty card, you are typically given either a plastic credit-card-sized card to keep in your wallet, or a smaller plastic card to keep on your key chain—or both.  This sounds fairly reasonable, until you collect dozens of these loyalty cards and you no longer have space for your driver’s license, and your key chain starts to rival that of a middle school janitor.  This is fine if you happen to be a middle school janitor, but if you are not, you just might welcome the following solution.

CardStar!

(Cue singing angels: “Laaaaaaaaa!!”)

CardStar® lets you easily store, manage and quickly retrieve your reward, club, and loyalty cards on your smart phone, where they can be scanned directly from your screen at most merchants.

Want to consolidate your cards but you don’t have a smart phone? get the CardStar Card.  One card for all your cards.

Badda bing. Done.

Now you can answer the question “what are loyalty cards?” and you have a cool new way to store them all in one, sleek, fashionably high-tech way. 

Go, savvy Mamma, go!

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By Wendy Mihm | February 15, 2011

No one is going to believe me, but I actually had this idea in a Von’s grocery store parking lot about a year and a half ago. 

When I reminded my husband of this upon discovering the website this morning, I bounced up and down, pointed to my monitor and yelled “Look! Look!  Somebody made Coupon Bandit!”  That was my name for it.  My mascot was going to be a little raccoon because for some reason, everybody thinks raccoons are bandits.  Including me.  But it’s cute, right? 

Chris peered at my monitor, raised an eyebrow and said, simply “Oh yeah.  Did I like it at the time?” 

Obviously he did not have any recollection of my brilliance whatsoever.  But that’s the thing about business ideas.  They are a dime a dozen.  Sure it was a great idea, but I didn’t do anything about it—someone else did, and from the looks of it, they did a great job and they called it “Yowza!!” 

Now I am going to tell you about their business because I think it could save you some money.  I also just downloaded it onto my iPhone because I think it will save me some money too.  I am notoriously bad at using traditional coupons and maybe this will help me out.

Here’s how Yowza!! works.

Step 1.
Download the Yowsa!! app onto your iPhone or other smartphone.  It’s free!

Step 2.
Let it go to work downloading local deals in your geographic area. This is automatic—you don’t have to do anything.

Step 3.
Tap on the app and have a look at the shops and restaurants that came in.  Then when you visit one, simply pull up one of the deals on your smart phone, show it to the cashier when you check out and—badda bing!  You save money!

Now I must warn you: this is a brand new application and the team behind it is still pounding the pavement to establish relationships with more and more vendors to get on board.  That means there currently are not a huge number of shops and restaurants participating yet.  But the list should continue to grow as the company does.  So be patient—you have nothing to lose.  Since it is free, you might as well start saving now, rather than letting the existing deals pass you by.

Plus you look really good hanging out there, on the cutting edge!

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By Wendy Mihm | January 24, 2011

Beware of the Loss Leader!

There is a money-making tactic that club stores use called the “loss leader.”  A loss leader is an item that is priced so low that the club store may actually be losing money each time a consumer buys it.  That’s right, losing money.  So if they’re losing money on this thing, why would they bother selling it?

Well, one example of a loss leader might be a DVD.  Let’s use the DVD as an example to see how it would function as a loss leader to actually make the club store money, even though the DVD itself is losing money for the store.

First, the store advertises the DVD and its other loss leaders to get you to come in.  Once you’re in the store, let’s suppose you put the DVD and maybe another loss leader item in your cart.  But the club store has strategically merchandised (that’s the fancy marketing term for “placed in an attractive way”) other very enticing items right near the low priced DVD you came in for.  These other items are priced much better than the loss leader.  Priced much better for the store, that is, not for you.  Club stores in general have the best prices of all retail outlets, that is usually true.  But occasionally they will carry a few items that are priced about the same on a per-serving basis (if is food) or even slightly higher than in other outlets.  And many consumers put those items in their cart too.  Why?  Because they assume that, because the DVD was such a good price, everything else must be too.  At club stores, this is often the case, but not always.

To save money at club stores, avoid this tactic.

How?  First, by being aware that it exists.  And second, by doing something that can be very difficult at club stores:  shopping with a list and sticking to it.  If you came in for the advertised loss leader item, put it in your cart and walk away. 

Remember:  if you don’t need it, it is not a bargain.

This takes both practice and discipline.  But after shopping at club stores for awhile, you get used to what they have to offer and are not quite as enamored by their gigantic vats of bean dip and huge bags of potato chips.  You’ve learned that nothing that you eventually have to throw away is really a bargain after all.  But that’s a whole separate article, now, isn’t it?

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By Wendy Mihm | Tuesday December 14, 2010

Today’s money saving tip is to replace as many light bulbs as you can with compact fluorescents. 

Sure, you’ve heard this one before, but you still haven’t done it yet.  Or maybe you have in one or two places, but not in the majority of your lightbulbs throughout the house.  Why not? 

Sure, compact fluorescents are more expensive up front.  But compact fluorescent bulbs are all spiraly and cute!  Also, replacing one regular bulb with a compact fluorescent can save you $30 in energy costs over the life of the bulb.  Thirty dollars!  And that’s just one bulb.  Imagine if you changed all the bulbs in your house – that’s real savings that adds up to serious money saving on your energy bills, year after year. 

Plus, if every U.S. household replaced just one regular incandescent light bulb with a compact fluorescent light bulb, it would prevent 90 billion pounds of greenhouse gas emissions from power plants, the equivalent of taking 7.5 million cars off the road.  So take advantage of today’s money saving tip and save both money and the environment.  Seems like a no-brainer to me.

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By Wendy Mihm | Tuesday December 14, 2010

You can’t go around spending like Paris Hilton every day or your family will wind up sleeping under a freeway overpass.  But everyone deserves to splurge now and then, you just have to learn how to manage that urge to splurge in a way that’s both productive and fun.  We here at FinancialRx believe that if you don’t splurge once in awhile, you won’t be able to exercise discipline on a regular basis.  Besides, splurging on yourself or your kids now and then can be a lot of fun. 

One solution to manage the urge to splurge is to invent your own Spending Day.  Maybe it’s the third Saturday of the month.  Or maybe it’s every other Wednesday. Put some thought into what you think you can reasonably afford, and what you truly believe you think you can stick to.  If you wait too long between Spending Days, you could go overboard and spend too much.

Once you have decided on which regular day will be your official, planned Spending Day, you save your fun purchase(s) for that day.  You should also set a dollar amount for that day as well, so you don’t go overboard.  Remember the freeway overpass?  Yeah.

What I have found is that when my Spending Day finally rolls around, I often no longer really want most of what I thought I wanted so badly just a few days or weeks earlier.  The rush has worn off. 

With a little time and distance, my practical side takes over and I can see the item for what it really is – just another thing to crowd my closet or my kid’s drawers.  But then when I do make a purchase or two on spending day, it tends to be something pretty special.

So go ahead and take advantage of today’s saving money tip.  Invent your own Spending Day and learn to manage your urge to splurge.

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By Wendy Mihm | Thursday December 2, 2010

Today’s money saving tip is sounds tougher than it really is:  do not pay credit card late fees.  If you occasionally pay a credit card bill a day or two late, you may be hit with a late fee.  These fees can be anywhere from $29 to $59 and they are unnecessary, particularly if you just happened to sit down in front of your online bill pay service right before a holiday weekend. 

Number 1 Technique for Eliminating Credit Card Fees

If you see such a fee – or any fee that is unexplained on any credit card – call up the credit card company and just ask them to waive the fee. Believe it or not, if your credit is good, and if you have been a good customer for several years, most will agree to that simple request immediately. 

If they push back, explain to them that you have been a good customer for many years and have paid your bills on time.  This one just happened to fall behind the desk (or whatever) and you were only a few days late—could they please extend you excellent customer service and waive the fee?  I have never had anyone at a credit card company say no to this request.  If they say no to you, however, politely ask to speak to their manager about the matter so that you don’t “get them into trouble for granting you an exception.”  Then politely repeat your argument until they remove the fee.  Again, I have never had anyone refuse this request and I have never had to be anything but polite.  Do note, however, that I also have good credit and have established a solid history with all of my credit card companies.

The crazy thing is, banks and credit card companies add these fees because the vast majority of people just grumble to themselves and pay them.  But if you take advantage of this money saving tip, and just call up and simply ask for the fees to be removed, voila!  They will probably will be.

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By Wendy Mihm | Thursday December 2, 2010

Today’s money saving tip is very simple:  cancel one thing. 

Certainly there is one thing you subscribe to that you are not using.  For my husband and I, it was Netflix. 

We really, really wanted to be those people who curled up on the couch and watched a movie together twice a month.  In my mind, not only were we watching these imaginary movies, but we were also sipping imaginary wine and eating imaginary popcorn made with imaginary olive oil (I hear it’s supposed to be healthier that way).  But with two very young kids and our schedules the way they are, it just was not happening.

After about 21 months of this imagining, and then finally finding a dusty copy of “One Flew Over the Cuckoo’s Nest” jammed under the DVD player, I realized it was time to face reality and cancel Netflix.  Do you know how much this hopeful imagining cost us?  21 months x $11.95 per month = $250.95.  Yes, I know.  Dumb, da dumb dumb dumb!

So take advantage of this money saving tip and look at what you subscribe to with a brutal, honest eye for how you really live.  Are you reading that newspaper?  How about that stack of magazines?  Are you watching all those cable channels?  Using your gym membership?  What about any online subscriptions that you no longer use – did you sign up for Angie’s list to find a contractor and then forget about it when your remodeling project was over?  Even small monthly memberships can add up to big money when they keep renewing year after year after year.

So save yourself some easy money.  Cancel one thing today – it’s simple!  And kind of fun in a weird, OCD sort of way.

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By Wendy Mihm | Monday November 29, 2010

Today’s money saving tip is about removing retail email temptation.  At it’s essence, this is about removing the temptation to buy something you really don’t even need and, in fact, were not even looking for in the first place.

To help illustrate how unimportant clothing can sometimes be, try this exercise.

Think back to one of your favorite memories with a bunch of old high school or college friends.  Maybe you were all at the beach or at a backyard BBQ listening to reggae and dancing. Maybe you were all gathered around someone’s coffee table at midnight, playing a game of charades and drinking beer.  Now, quick, tell me what you were wearing.  Go ahead.  Tell me.  Can’t do it, can you?  It’s because it wasn’t important enough to remember.  What mattered were your friends and how much you laughed, not how much you spent on the clothes you wore.

Don’t get me wrong.  I love fashion as much as the next woman and I enjoy finding bargains – as you may have witnessed in our Deals and Steals section.  I also understand that looking your best in certain circumstances can be quite important. But sometimes the addictive quality of buying clothes, shoes and other material things can get us into financial trouble.  So today’s saving money tip is about removing one of the most common and powerful financial temptations around today:  the retailer email.

Today’s money saving tip is to take yourself off the email list of every clothing, shoe or handbag retailer that currently sends you any email at all.  I know.  You’ll miss all their big sales.  But here’s the secret about sales:  you’re not usually saving money by participating sales.  Unless a sale happens to come along right when you are already in the market for a particular item, you’re really just spending money on things you don’t need.  If you truly need something – need it, not want it – I promise you will remember that these retailers exist when that need arises.  Then when the time comes, you will go to that retailer’s store and buy The Very Important Thing.  Or you will go to their website, put The Very Important Thing into your shopping cart, find an online coupon code for free shipping and/or some other discount, check out, and log off.

These retailer emails are purely emotional in nature – they show you pretty pictures of pretty women sipping lattes and walking with handsome men down fabulous city streets – and they try to get you to crave the rush of the purchase or the swagger of the status.  And they do it because it works – on you, on me, on all of us.  So make it easier on yourself and just remove the temptation by removing the emails. 

Simply open the email and scroll to the bottom there should be an “unsubscribe” option.  Click on it. That may do the trick. Or it may take you to a web page and ask you again if you want to unsubscribe.
Just click “unsubscribe” again.  Bing!  Done.

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