LearnVest Blog

An App-Tastic Way To Never Pay A.T.M. Fees Again

The LearnVest Staff — Wed, 10 Mar 2010 16:25:28 +0000

The Problem.

A.T.M. fees make us feel like suckers. With many banks charging as much as $2 to $3 per transaction, getting speedy cash just twice per month can easily cost you over $70 per year.

The Solution.

Simple: Find A.T.M.s that don’t have surcharges.

The Action.

Download the free Allpoint app, which helps you find a surcharge-free A.T.M. near your current location. The no-frills app is available for iPhone, BlackBerry, and Android. Simply search using GPS or enter your address or zip code to find nearby locations.

When we searched, most of our results were A.T.M.s in drug stores and supermarkets near us. One was as close as across the street! If you’re skeptical that Allpoint will be able to find a free A.T.M. without leading you to the boonies, chew on this: The Allpoint network includes 37,000 surcharge-free A.T.M.s around the world, and one out of every 12 A.T.M.s in America is part of the network.

If you’d rather find the closest A.T.M. regardless of fees, consider the ATM Hunter app from MasterCard. We thought it was fine when we tried it out, but Allpoint is still our fave. Our main objection is that ATM Hunter doesn’t tell you about fees for each of its results.

If you feel more secure swiping into a security-protected bank to use an A.T.M., then find an A.T.M. for your own bank. To do so, consider Googling your bank’s name or downloading your bank’s app, if available, to find the nearest branch. We weren’t satisfied with either Allpoint or ATM Hunter for that purpose.

One Drawback.

Some Allpoint and ATM Hunter users have complained that the GPS features is too imprecise. We didn’t have a problem when we tried it, but recommend that you simply search by zip code or address if GPS isn’t cutting it for you.

*If you pay two $3 A.T.M. surcharges per month.
**If you are 25 today and retire at age 65. We calculated that number here.

The Basics: In Addition To Convenient A.T.M.s, What Makes A Great Savings Account?

LV Daily: An App To Keep You From Getting Ripped Off On Car Repairs

LearnVest Living: Tech and App-Tastic Ways To Say I Love You

LearnVest Living: 10 Ways To Save At Restaurants

The Business Of Suiting

Allison Fast — Wed, 10 Mar 2010 14:38:55 +0000

We will always tell you to save first, but part of the LV lifestyle is living well on a budget. That’s why LearnVest is committed to bringing you deals from great brands. Our partners share our goals: an aspirational message, high quality, and, most importantly, affordability.

We are excited to align with companies that share this mission. And scoring great deals for you makes it even better!

That’s why we’ve brought you The Limited’s Semi-Annual Suit Yourself Event.

Click the first image to view a slide show of our favorite spring looks, along with tips for how to maximize your dollar and get the most out of your clothes.

CLICK IMAGE FOR SLIDE SHOW >>

[View with PicLens]

Day 18: Be Regular Through Retirement

The LearnVest Staff — Wed, 10 Mar 2010 14:30:00 +0000

Total Action Time: 8 minutes

Yesterday was a big day. If you followed your orders, you now have an IRA. This is huge! HUGE! Congratulations! This is NOT the order to procrastinate on, so if you skipped this step yesterday, turn around sister and prioritize your future today!

Learn:
As we saw in Day 16 (Monday), you get way more bang for your buck if you start contributing to your retirement account early, thanks to the power of compounding interest. As a result, we need you to contribute on a consistent schedule. If you wait to do it whenever you feel like you can afford it, then you’ll miss out on some of the best investment years of your life. Write your retirement contributions into your budget so that your money can work for you in the long run!

Your Orders:
1. Figure out how much you can afford to contribute every month/year. LV’s Budget Tool can help you do this. Your goal is to contribute the full $5,000 each year for an IRA, which is about $415 each month. Don’t fret. If you can’t handle that much, contribute as much as you can—a minimum of $50. (That’s only the cost of two nice dinners or nights out.)
Action Time: 5 minutes

2. If you feel comfortable enough to contribute the full $5,000 at once, then we recommend doing so on January 1st in order to maximize the tax benefit. Decide if this approach is for you.
Action Time: 1 minute

3. If you will contribute every month, set up automatic payments or recurring calendar reminders. If you will contribute once per year, set up reminders for January 1st of every year. (Plus, LearnVest plans to send you a reminder in a week to make sure you’ve contributed.)
Action Time: 2 minutes

LV Hint:
Feel overwhelmed by these orders? We want to make it as easy as possible for you—especially when it comes to retirement! While we can’t give you specific investing advice, we can help walk you through setting up the retirement account that is right for you. E-mail us at feedback@learnvest.com if you want a little more hand-holding and we can set up a call.

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Where To Turn For A Job When You’re In College

Laura Moran — Wed, 10 Mar 2010 14:25:57 +0000

If you’re a college student looking for a part-time job, one of your top priorities will be to find something that’s flexible for your class schedule.

Look For More Unconventional College Jobs.

One of the best places to look first is right before your eyes—campus. The bookstore needs to be staffed, tours need to be given, dorms need resident assistants, the gym needs trainers, and the library needs extra hands.

Leverage Work-Study Grants.

For better or for worse, many on-campus jobs are reserved or prioritized for work-study students or those who qualify for specific levels of financial aid. If this applies to you, then make sure to use the opportunity to the fullest. Whereas many other students face steeper competition to land jobs, you have a competitive advantage.

Take Note(s).

Some schools actually pay students for their class notes, so that they can send those notes to students with disabilities in the same class. The process is usually anonymous, and the note-taker turns over the assignment by photocopying hand-written notes or emailing typed ones. Although some universities don’t pay students for this service, we know someone at Columbia University who made over $300 for each class she was the official note-taker. Of course, we haven’t even mentioned the fact that taking official notes means that you’ll probably have better notes for yourself, too.

Help Yourself By Marketing Others.

From distributing samples of the latest energy drink to passing out movie posters and giveaways on the street corner, consider working for one of the hordes of marketers that visits college campuses. Especially if you’re working for marketers on campus, your commute should be a breeze!

Get Street Cred (Or Academic Cred).

Remember that you’re at school to learn and plan for the future. See if you can find a paid internship, or some sort of work in your desired eventual field. Our friend who was interested in publishing managed to land a summer internship at a major publishing house–for about $11 per hour. Although this isn’t tons of money, she was able to make ends meet while learning all about the industry, making valuable contacts, and figuring out what she wanted to do after graduation. Whether in addition to or instead of a regular paycheck, many internships also often school credit.

To find an internship that interests you, consider applying directly. Our friend in publishing? She simply went to the websites of all the biggest publishing houses, clicked on their internship section, and applied. Our friend who landed a paid internship at the Metropolitan Museum of Art took a similar tack by applying to all of the museums she loved already. For additional internship listings, we like Idealist, Craigslist, and college posting boards.

Don’t Discount Restaurants And Retail.

Both of these industries offer the flexible hours that are great for students, and they sometimes pay pretty decently. Bartenders and waiters can make huge sums from tips; some of our waiter friends can bring home well over $100 in one night. While retail often pays relatively low hourly wages, we like stores that offer commission, which is sometimes about 6% of sales.

But remember: The point of college is school. If you’re having trouble balancing your work life with your student life, consider speaking with your financial aid office and your parents.

LV Daily: Should YOU Consolidate Your Federal Student Loans?

LearnVest Living: Interview With Estee Lauder VP: “What I Wish I Knew When I Was 25″

The Basics: Alternative Ways To Pay For College

LV Checklist: I Just Graduated/Recent Grad

The Affordable Way To Be A Foodie (Slide Show!)

The LearnVest Staff — Tue, 09 Mar 2010 16:25:48 +0000

The Problem.

We love fancy jams and cheeses from the farmers market, but we have a hard time planning our schedules around going. Plus, there are a limited number of sellers, so you can’t exactly go comparison shopping for gourmet granola (we found 45 different varieties on Foodzie).

The Solution.

Check out an affordable online marketplace that allows you to buy local and artisanal food directly from producers. Think of it as an edible Etsy.

The Action.

Visit Foodzie, launched in December 2008. It supports small gourmet foodmakers by giving them their own online storefront from which to sell goods. This provides consumers with access to producers who may otherwise have a hard time landing their products on store shelves. “Our goal is to make good food more approachable,” says co-founder Emily Olson.

And affordable. Foodzie’s breadth enables comparison shopping that wouldn’t be possible at a traditional farmers market. For a limited time, Foodzie is offering free ground shipping on orders over $100 (though not for some perishable items that have to be shipped faster). Otherwise, there’s a $7 flat ground shipping rate.

Our favorite part? Foodzie helps us find local venues through its producer map. We’ve mapped out some places we’d like to drop by in person to explore. For right now, we’re happy to get our passion fruit marshmallows, pesto cheddar cheese, and bacon potato chips delivered to our desks!

Foodzie differentiates itself from online grocery sites like FreshDirect through its artisanal focus. So, if you’ve shackled your inner foodie for the sake of your bottom line, check out this slide show with our delicious finds:

Click the first image to begin slide show >>

[View with PicLens]

Links:

sea salt and pepper pistachios

red, yellow, and blue popcorn kernels

marinated eggplant

12-piece Mystery Box

spicy cranberry-cherry relish

handmade nori sea salt

Zhi House Blend White Blueberry tea

fig and black tea preserves

raspberry hamantaschen

The Basics: Make More Money From Your Savings Account (To Pay For Fancy Cheese, Perhaps)

LV Daily: 10 Tips To Scale Back Your Grocery Bill

LV Checklist: I Want To Budget For A Party

LearnVest Living: 10 Ways To Save At Restaurants

Day 17: Tackle Retirement Accounts In Five Steps

The LearnVest Staff — Tue, 09 Mar 2010 14:30:54 +0000

Total Action Time: ~20 Minutes

So, you have a sense for the differences between the retirement vehicles, but which one is right for you? Roll up your sleeves – it is time to get serious about your financial future!

Learn:
Let’s talk about your options:

1. If your employer offers a 401(k) matching plan, enroll! Contribute as much as you can (up to the $16,500 limit) to get your full matching benefits. If your company does not match and you can save more than the $5000 IRA contribution limit, you should definitely still contribute to your 401(k)!

2. If your company doesn’t sponsor a 401(k) and you make less than $105,000 a year, we want you to open a Roth IRA. Even if you can only spare $50 to contribute, doing this is a game-changer for your financial future! If you make more than $105,000, open a Traditional IRA and know that the government will allow you to roll this over into a Roth IRA. Don’t worry about this today.

The chart below should help you understand why a Roth IRA makes more sense for you than a Traditional IRA if you qualify:

Let’s say you are 25 years old and aiming to retire at 65. Like a good LearnVester you contribute to your IRA every year from the age of 25 to 65. The below is how Traditional and Roth IRAs will differ when you retire.

3. If you contribute the max of $5,000 to your IRA and still have money to save for retirement (i.e. your Emergency Savings fund is in tact), then—even if you don’t receive employer matching—you can focus on maxing out your 401(k) at $16,500!

4. If you don’t receive employer 401(k) matching, we are going to have you open an IRA right now! Aside from making sure you pay your bills on time, this is the single most important thing you can do for your financial future!

Your Orders:
1. Understand whether you qualify for a Roth IRA by evaluating all of your income. If you make less than $105,000/year – you qualify! Check out this chart to determine the best type of account for you to open.
Action Time: 8 minutes

2. If an IRA is best for you, choose a brokerage account for your IRA – Roth or Traditional. If you need to build your savings over time and are not in a position to open your account with a lump sum, check out TDAmeritrade. At the bare minimum, make sure the brokerage account you choose meets the following LearnVest requirements:
•No fees for opening the account
•No annual service fees
•Low minimum balance requirement
•Trades for less than $10 per trade
•Investing research tools
•Accessible customer service, in case you have any questions
Action Time: 5 minutes

3. Sign up online. Make sure to set up online statements.
Action Time: 5 minutes

4. Link your bank account, if possible. Many online brokerage accounts allow you to associate a savings or checking account for easy transfers. We want you to do this so that you can make a contribution to your IRA with as little drama as possible. The brokerage will probably make small deposits into your bank account within a few days, and you will have to identify the deposits to verify that the account is really yours.
Action Time: 5 minutes

5. Once your account is cleared, make your first deposit!! Even if you can only afford to contribute $50 today, put in something to get yourself started.
Action Time: 2 minutes

LV Hint:
Don’t stop now! You can do it! If you don’t yet have a retirement account, you need one to secure your financial future! If you want to be walked through the process in greater detail, check out the LearnVest checklist “I Want To Open An IRA“. Still feel overwhelmed? E-mail us at feedback@learnvest.com and we will help walk you through the process.

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Is The iPad Worth It?

Theodora Blanchfield — Tue, 09 Mar 2010 14:30:37 +0000

After months of intense speculation, the Apple iPad has been released, to great fanfare. Upon its debut, the tablet was instantly panned as underwhelming and overpriced, by the blogosphere and Twittersphere alike.

How Much Does It Cost?

The number thrown around most often is $499, which is for a 16 GB version that’s been described as a big iPod touch; you can only connect to the internet via wireless networks, rather than 3G. There are, however, a wide range of prices for different models, ranging from the one $499 to the $829 64 GB version, which allows users to connect via wireless or over 3G networks.

How Does It Compare To E-Readers?

The iPad has drawn a lot of comparisons to the Amazon Kindle, but how do the two stack up? The Kindle is less expensive, as it starts at $259 and doesn’t require an extra data plan. With its e-ink technology, it is also easier on the eyes than the iPad’s LED, backlit display. But, the Kindle is also limited in what it does: It is solely an e-reader, on which you can pay to subscribe to books, newspapers, magazines and blogs on the Kindle. (The less-popular Barnes & Noble Nook is also priced at $259 with no extra data plan necessary.) On the 3G iPad, the unlimited data plan costs $29.99 per month, though no contract is necessary. Some of the features of the iPad are:

• Safari, a full-fledged web browser

• Email

• Photos

• Video

• YouTube

• iPod

• iTunes

• App Store

• iBooks

• Maps

• Notes

• Calendar

• Contacts

The iPad Is Cost-Effective…If You Don’t Own A Computer Or An iPhone.

But we’re not saying that this machine can really take the place of an actual computer. Or an iPhone, since it’s not a phone. The iPad is really cool because you can access your mail, photos, videos, YouTube, iPod music, iBooks, apps, maps, calendar, notes, and more. Its graphics look great, it’s light and portable, and sensitive enough to sense your movements so you can move it for physical games as on an iPhone. We’re not certain that it’s much more useful than either an iPhone or a computer, but it’s fun. As a result, we see it as a purchase that needs to come from your extra, disposable income. If you can spare it–and you think it’ll improve your life either in terms of fun or utility–then plan accordingly.

You Might Want To Wait.

Unless you absolutely worship at the temple of Apple, you might want to wait for your iPad. History has shown that Apple almost always drops prices after its first release of a product. When the first iPhone was released in 2007, it cost $499. That price was quickly dropped to $399, and you can now get a new iPhone 3G (not the newest model) with a two-year contract on AT&T for $99. When the MacBook was introduced in 2006, it sold for $1,099; today, MacBooks sell for $999. Our best guess? Unless you have a need to buy the iPad immediately, you’ll do best to hold off for now.

–

Image credit:

http://www.flickr.com/photos/patrick-allen/ / CC BY-SA 2.0

LearnVest Living: Tech And App-Tastic Ways To Say I Love You

LearnVest Living: 5 Google Tools You NEED To Know About

LV Daily: App-Tastic Way To Split Roommate And Group Bills

The Basics: Make More Money From Your Savings Account

Decoding Online Promo Code Websites

Kristin Romey — Tue, 09 Mar 2010 14:30:15 +0000

The Problem.

You’re ready to make an online purchase, but you don’t have a promotional code. Yet, a LearnVester never pays full price!

The Solution.

Look for a promo code online, in order to score discounts or free shipping. There are lots of discount/promo code websites out there, but many of them offer expired keys.

The Action.

Follow our lead, by checking out some of our favorite sites (whose coupon codes are generally more reliable than others):

Coupon Cabin is one of the most comprehensive promo code sites on the web. Make sure you sign up for their (very useful) weekly newsletter.

RetailMeNot offers codes for about 50,000 stores. They’ll send you an email when new codes are posted for your favorites, and we like that expiration dates are usually listed by each coupon. That way, we won’t waste our time trying out codes that are really duds.

CouponChief is a bit different, as it encourages you to upload coupons and will pay you 2% of the sales that result from it. So, if you know of a deal, pass on the love!

Tip: If you have a specific item in mind and are not in the mood to sift through a promo code site, simply Google the specific item and the phrase “promo code” to see what turns up. The only downside to this, however, is that less-reputable sites might stick you with more results for codes that have already expired.

LearnVest Living: The Best Discount Shopping Sites On The Internet

LV Daily: Save Money On Things You’d Buy Anyway

The Basics: Make Sure You Have A Sound Emergency Fund Before You Shop

The Basics: Get Money Back From Your Savings Account

Risky Business: How Likely Are You To Suffer Identity Theft?

Minda Zetlin — Mon, 08 Mar 2010 16:30:00 +0000

The Problem.
How to know if you’re at risk for identity theft—or, worse, if someone is attempting to steal your identity right now? Simply looking at your credit report, or credit card and bank statements may alert you as much as a year after crooks have started using your personal information. We’d rather catch them before that.

The Solution.
Figure out how high your individual risk of identity theft is, and then stay on top of it.

The Action.
MyIDScore.com is a free service from ID Analytics, an anti-fraud software developer whose clients include banks and creditors. My ID Score assesses how at-risk you are for identity theft by taking your name, address, and date of birth (Social Security number and email address are both optional), and spitting out a number between 1 and 999. The higher the score, the greater your risk of identity theft.
My ID Score will also use your personally identifiable information (or PII) to improve its own research and products, but you don’t have to allow that if you don’t want to. The site gives you the option to opt out of having your data used for anything but your own ID score. If you pick this option, an automatic email to the company will be generated on your behalf, with “opt-out” in the subject line.

Your score is produced through the discovery of anomalies in your financial data, such as someone applying for credit or a job with your name but only part of your personal information. That’s the sort of thing that can signal someone trying to steal your identity. A low score is a reassuring sign that this likely isn’t the case, though you should remain vigilant by guarding your Social Security number from all except those (such as your bank) with a legitimate need for it. Additionally, we recommend keeping your birth date and year out of your Facebook profile and other social networking sites.

If you receive a high score such as 600 or more, don’t freak out just yet. Remember, the score is based on probability—it doesn’t guarantee that you’ll be a victim of identity theft any more than a low score guarantees you won’t be. But, if the probability is high, take immediate action. Begin by carefully reviewing your bank account and credit card statements to see if there are any transactions you didn’t make–report them immediately if there are. Next, go to AnnualCreditReport.com —the only government-authorized credit reporting site—to look at your credit report for free. Check carefully for any inquiries that you don’t expect. If you find any, contact the inquiring company for further information.

Finally, if you have a high risk of identity theft, seriously consider putting a fraud alert on your account. You can also do that at AnnualCreditReport.com. A temporary fraud alert will tell banks and other credit issuers not to issue credit to anyone in your name without ironclad proof that it’s you. Doing so may make opening accounts or applying for credit a bit harder for now—but it should make life a lot harder for a potential identity thief. Either way, check back with My ID Score from time to time. The site allows you to check up to twice every two weeks.

With you on the case, identity thieves don’t stand a chance.

LearnVest Living: Specific Ways To Prevent Identity Theft

The Basics: Even More Tips To Avoid Identity Theft

The Basics: If Identity Theft Happens To You, What To Do?

One Woman’s Story: How To Pay Off $14,000 In Credit Card Debt?

Lemondrop — Mon, 08 Mar 2010 16:26:15 +0000

The girl: Tiffany

Age: 25

Job: Nonprofit

Where she calls home: The Midwest

Her sitch: In June 2008, Tiffany owed $14,611.47. She’s managed to chip away at the balance by using gift money, tax refunds and watching her spending, but she still owes close to $8,000, and she’s not sure what else to do.

“I don’t have any real system,” she says. “I tried fun Excel spreadsheets and advice from friends, but nothing really panned out. In the end, I just kept throwing any money I could at it, from $50 to $200, as often as I could. But I’m hoping to move in the upcoming months, so I won’t be able to set much aside to pay off the debt. Help!”

Check out Tiffany’s five-step plan to get back in the black. Click to continue!

LV Daily: Take Charge Of Your APR!

LearnVest Living: Are Credit Card Offers In The Mail Legit?

The Basics: Make Sure Your Credit Report Is In Good Shape

LV Checklist: Easy Steps To Tackle Your Debt