Mainstreet - Smart Spending

Holiday Gimmicks to Lure Shoppers

The Associated Press — Fri, 20 Nov 2009 14:00:01 -0500

By Ashley M. Heher, AP Retail Writer

As you rush into the holiday shopping season, you may catch a whiff of cookies baking at the mall or find a note from a roving elf on your iPhone or get a coupon by text message.

Across the nation, retailers and mall owners are trying to spark the holiday spirit with longer hours, more live music, twittering elves and even fresh-baked cookies.

Simon Property Group, the nation's largest mall owner, plans to give away more than 2 million bite-size chocolate chip cookies this season in partnership with Nestle's Tollhouse brand.

Cathi Weiner, a senior vice president at Simon Brand Ventures, calls it retail aromatherapy.

"I can't think of anything that can fit into it more — warm cookies in the mall and that type of comfort food feel," she said.

Shoppers will be able to snag several morsels at a time, along with a Nestle coupon during the promotion, which starts Black Friday, Nov. 27, at 100 locations and runs each weekend through Christmas. But it's strictly BYOM: bring your own milk.

Taubman Centers, with 24 malls nationwide, plans to focus on store employees by delivering breakfast to thousands of workers the day after Thanksgiving, known as Black Friday and traditionally seen as the launch date for the holiday shopping season.

The mall management company also plans to treat store employees to midday massages.

"We wanted our retailers to be at their peak performance," said Taubman spokeswoman Karen MacDonald.

Shoppers also will get free breakfast at Taubman malls in Los Angeles, Miami, Dearborn, Mich., and Wellington, Fla., while others will offer free parking.

Copyright The Associated Press 2009.

The Secret to Getting A Cheaper Laptop

Seth Fiegerman — Fri, 20 Nov 2009 09:00:00 -0500

Do you want to buy a laptop or netbook for 100 bucks? Well, the trick is to look to your cell phone company.

In the last year, phone companies have entered the world of laptops. Companies like AT&T, Verizon and Nokia have partnered with computer manufacturers like Dell and Acer to debut a modified computer called the 3G laptop. These computers are usually similar in size to netbooks and use the 3G wireless Internet connection available on many smart phones.

The computers typically cost a few hundred dollars, but when you buy them with a two-year contract from the phone providers, you can get some of these 3G laptops for less than $100.

RadioShack started to sell an Acer netbook from AT&T at the end of last year for $99, and Best Buy actually experimented with selling a Compaq Mini for just 99 cents back in June. Both of these deals required signing long term phone contracts.

How can the companies get away with selling computers for that cheap. Well, according to Bloomberg.com, “technical support, product warranties and phone contracts are more profitable than the laptops and handsets themselves.”

Unfortunately, companies are enforcing certain limits to these plans. While customers can often get a free phone with an extended contract, the same is not likely to happen with computers (despite Best Buy’s experiment).

“We want to give customers a choice in how they use their netbook,” the president of AT&T emerging devices told Wired.com recently. “But free netbooks from AT&T on contract is not part of the plan.”

On top of that, phone companies are very alert to ways users could scam them. A few months ago, reports came out that Ericsson had developed a special modem for its 3G laptops that had a built-in kill switch. The reason, as BoingBoing.net noted, was that “carriers are worried that customers might sign up for a contract, then stop paying their monthly service fee but continue to use the laptops.”

On the other hand, it's important for consumers to figure out whether the monthly plan you sign up for ends up costing so much that it nearly nullifies the savings on the computer. In some cases, the answer may be yes. But one strong positive of buying your computer through a phone company is that you will not only get wireless Internet, but you may also get free access to Wi-Fi hotspots around the country that usually cost money.

—For a comprehensive credit report, visit the BankingMyWay.com Credit Center.

Holiday Charity: Gifts With Good Karma

Althea Chang — Fri, 20 Nov 2009 07:00:00 -0500

Charitable giving made easy, even in a less than cheery economy.

Avoid Black Friday Debt

Althea Chang — Fri, 20 Nov 2009 07:00:00 -0500

Here are a few shopping strategies to prevent bills from taking a toll on your post-holiday budget.

Dirt Cheap Flights

Seth Fiegerman — Thu, 19 Nov 2009 17:28:01 -0500

UPDATE: This deal is no longer valid.

JetBlue is offering a set of super discounted flights to and from cities across the country, starting at just $29.

Fly from New York to Boston for just $39 or from New York to Aruba for $129. Flights from Los Angeles to New York are just $89. These prices do not include taxes, but even with that added on, the flights are dirt cheap.

JetBlue is calling the deals its Sample Sale. The airline has held similar sales in the past, but the timing of this one is particularly useful for holiday travelers.

The deals are available until 11:59pm tonight, and are only good on flights between December 2 – 16th and January 6 – 10th. It’s the perfect promotion for the holidays, giving cash strapped Americans a great way to see loved ones and friends who live far away.

However, there is one downside. If you’re reading this, you have no excuse not to see your loved ones and friends who live far away.

—For a comprehensive credit report, visit the BankingMyWay.com Credit Center.

Negotiate the Best Deal For A Trade-In Car

Brian O'Connell — Thu, 19 Nov 2009 14:27:19 -0500

Slick auto salespeople will tell you that there isn’t much they can do to change the trade-in price of your old car. They say there’s a formula involved that just cannot be tampered with. Not so. You can negotiate a higher price for your trade – but only if you follow these key tips.

How auto dealers value your car. Do what the auto dealers do and visit one of the companies they use to peg the value of your car. Do so online, at the National Automobile Dealers Association, or “NADA”, Black Book, and Kelley Blue Book. Review each site thoroughly and get a good idea of the value of your car.

Don’t confuse dealer vale and retail value. These two “values” are different. By and large dealer value is $2,500-$4,000 less than retail value (the price you could theoretically get in the open market for your car). Dealer value places an emphasis on the cost of reconditioning your vehicle, its resale potential (can the dealer sell the car quickly or will it be stored on the lot for months?), and any advertising costs attached to the sale of your car. The starting point for your negotiations will likely be the dealer price – not the retail price.

Check the calendar. If you’re selling an off-road, four-wheel vehicle, do so in January, when the weather is colder. If you’re trading in a convertible, do so at the first sign of spring, when people start spending more time outside.

Visit multiple dealerships. Yep, it’s a pain in the neck, but visiting several auto dealers will give you a good idea of the best trade-in deal. Make sure you let the sales manager know that the number one factor in buying a car from him is the value of your trade-in. See if he can beat the best price you’ve secured so far.

Hike your chances by using the “right” dealer. Your chances of getting a great trade-in deal are increased if you approach a dealer who actually sells the car you’re looking to trade-in. For example, if you’re trading in a Ford SUV, take it to a Ford dealer first.

“Stage” your car. Put your car in the best light possible by cleaning it inside and out. Some higher-end car washes offer thorough cleaning and detailing services for under $100. It’s well worth that price to get a gleaming car to bring to dealers.

In all honesty, the best price you can get for your car is through a private buyer. But if you don’t have the time or inclination, then bone up on the secrets of the trade-in market, and buff up your chances on getting a great deal for your car.

The Post-Clunker Rise in Car Prices

The Associated Press — Thu, 19 Nov 2009 14:00:17 -0500

By Ken Thomas, Associated Press Writer

The government's Cash for Clunkers program offered a lot of Americans great deals on new cars. Now, those falling prices have shifted into reverse.

Prices for new and used cars rose sharply in October, partially reflecting a whiplash from the government trade-in program that winnowed inventories at dealership lots. The price spike also has to do with car companies delivering more expensive 2010 models to the showroom.

The Labor Department reported Wednesday that consumer prices for new cars rose 1.6 percent, the largest monthly increase since May 1981. Used cars also saw a price hike of 3.4 percent in October — their largest increase since September 1980.

All of this came against the backdrop of a sluggish economy — consumer prices are lower than a year ago and the higher car prices accounted for 90 percent of the overall 0.3 percent consumer price gains last month.

Economists and analysts said the steeper prices reflected a combination of factors in the new and used car market. Here's a look at what happened and what to expect in the months ahead.

Q: Why did new car prices spike when everything else was flat?

A: Cash for Clunkers, the summertime government program that gave consumers up to $4,500 to trade in a clunker for a more fuel-efficient vehicle, helped many new car dealers reduce their inventories in July and August. And most car companies have cut production because of the tough economy so many consumers had less to choose from when they surveyed dealerships in October.

The tighter inventories came as the new 2010 model year vehicles arrived en masse and many dealerships and manufacturers were less inclined to offer incentives.

"The Cash for Clunkers program may have wiped out the '09 models that have been sitting there but the brand-new 2010 models come and they can command a higher price for those," said Dr. James Brock, an economist at Miami University in Oxford, Ohio.

Q: How was the used car market affected?

A: Clunkers reduced the inventory of used cars because the government required the traded-in cars and trucks to be scrapped.

"A lot of (the used cars) were taken off the road in the Cash for Clunkers program so a lot of those trade-ins were scrapped instead of being available," said David Wyss, chief economist for Standard and Poor's in New York. "On top of that you had a pretty healthy demand for used cars because people aren't buying new ones."

Tom Webb, chief economist at Manheim Consulting, which produces an index of the used car market, said the lower new car sales in 2009 have reduced the number of vehicles traded-in to dealerships, reducing inventories and allowing used car dealers to charge a higher price.

Car companies have also cut their sales to rental companies, leading to fewer trade-ins of used cars from fleets.

Q: What does this say about the overall economy?

A: Hard to tell. Analysts noted that auto sales stabilized in October and showed improvements compared with the dramatic decline during the fall of 2008. If projected for an entire year, October sales rose to 10.5 million units compared with 9.2 million in September, a positive development but well below the annual sales of 15 million cars and trucks or more in the late 1990s and early 2000s.

The Cash for Clunkers program, meanwhile, galvanized auto showrooms during the summer but has led to reduced inventories, making it difficult to gauge the market until carmakers replenish car lots in the coming months.

"It's distorted the data both for new and used cars," Wyss said.

Q: Should I wait for prices to cool down? Or should I buy now?

A: Jesse Toprak, vice president for industry trends and insight with Truecar, a Santa Monica, Calif., company that tracks car buying habits, said he expects car prices to remain high for the rest of the year because dwindling vehicle inventories will keep dealer incentives down. Sport utility vehicles and pickup trucks, which tend to be more expensive, also take up a larger share of the market in November and December as consumers in cold weather states plan for the snow, mud and ice of winter.

But Toprak said consumers can still find a deal, especially if they're willing to buy an '09. His company found that "Black Friday," the hot shopping day after Thanksgiving, was the best day of the year to buy a car. Most consumers are shopping for sweaters instead of cars, average car incentives tend to be higher than normal that day and many dealers facing end-of-the-month sales quotas are more willing to bargain.

"It creates a perfect storm for car buying that day," Toprak said.

Copyright 2009 The Associated Press.

Big HDTVs Under $600

Seth Fiegerman — Thu, 19 Nov 2009 07:00:00 -0500

These 10 HDTV’s are all at least 32 inches wide and all are great bargains. Go Wild.

Bank of Mom and Dad: Wasteful Wheels

Farnoosh Torabi — Wed, 18 Nov 2009 22:00:00 -0500

Each week on SOAPnet’s new original reality series Bank of Mom and Dad, a twenty-something woman who is drowning in debt must pay the ultimate price ... letting her parents move in! With the assistance of money coach Farnoosh Torabi (that's me), Mom and Dad will teach their daughter to rethink her spending habits and transform her relationship with money.

This week former NFL cheerleader Julie Tempest and her $35,000 debt load take the spotlight. Her car loan, by itself, is more than $20,000 and her credit card balances amount to more than $10,000. The 27-year-old part-time dental assistant from Jersey City, N.J., is so broke that she’s been leaning on her mom Denise and brother Chad to make basic ends — from rent to food — to meet.

Mom’s been dipping into her pension to pay Julie’s monthly bills and Chad has agreed to let Julie sleep on his couch, since she can’t afford her own place. But enough is enough. Her family is unable to keep up with their financial support. Meantime Julie shows no signs of slowing down her free-fall spending and addressing her debt. I spent the week with the Bank of Mom and Chad coaching Julie with the following advice:

Make More Money. Julie’s not working enough and her income shows it. Her part-time dental assistant position brings in an average $1,380 a month. To keep up with her bills, pay her monthly minimums on her credit cards and start saving for her own place, Julie will need to bring in at least an extra $300 a month — at least! To inspire her to make more money, Mom and Chad arranged to have Julie teach a couple of classes at a local cheerleading school for kids. The managers at the school thought Julie did a nice job and said they would consider hiring her for some shifts. The takeaway: When you need extra money consider a part-time job that lets you turn an existing skill into a revenue stream.

Sell Your Car. This is a recurring issue on Bank of Mom & Dad as some young women have car payments exceeding half their take-home pay. In Julie’s case, her fancy sport car is not really affordable unless she begins earning an extra $800 a month. This was the hardest reality for Julie to face, since she has a deep attachment to her car. When she’s in her car, she feels richer than she is. It’s an abusive relationship, I explained to her. The car is preventing her from addressing bigger financial problems and to get on with her life.

Don’t Wait for Prince Charming. Julie has admitted to being financially dependent on ex-boyfriends and that part of her hopes that her money woes will go away once she marries a rich man. She has seen many of her cheerleading friends leave the NFL and settle down with wealthy husbands and Julie sometimes hopes for the same, mainly so that she can be financially free. But what she doesn’t realize is that she is the only one who can save herself and that being in debt is not attractive. With the help of a dating and matchmaking expert, Mom and Chad were able to drive the point home and make Julie think long and hard about her dependency issues.

Catch a new episode of Bank of Mom and Dad Wednesdays at 10 p.m. (9 p.m. Central) on SOAPnet.

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.

Senators Blast Internet Tricksters

The Associated Press — Wed, 18 Nov 2009 16:00:00 -0500

By Lolita C. Baldor, Associated Press Writer

WASHINGTON (AP) — With Cyber Monday, the unofficial start of the Internet holiday shopping season nearing, a Senate committee Tuesday condemned three online companies, saying they are tricking consumers into signing up for subscription services they don't want.

Internet companies Affinion, Vertrue and Webloyalty are using aggressive sales tactics to scam millions of customers, the Senate Commerce Committee said.

According to a committee report, the three companies enter into agreements with other more familiar Internet shopping sites that sell movie tickets, flowers and other items.

Just before a customer completes the sales confirmation process the customer gets an offer that often promises $10 cash back or other rewards, and appears to be connected to the shopper's original transaction.

When the shopper clicks "continue," or "yes," the shopper — often without knowing — enters into a new financial contract with a membership club operated by Affinion, Vertrue or Webloyalty, the report said. The shopper's credit card information is sent to the membership club company, which charges monthly fees, by the shopping site the shopper originally visited.

"Beware if you're a consumer," said the committee's chairman, Sen. Jay Rockefeller, D-W.Va. "I worry about this because the holiday shopping season is just beginning." He added that while the companies insist they are not breaking any laws, "just because what you say you do is legal doesn't make it right."

While the day after Thanksgiving is known as Black Friday, historically the point when retailers start to turn a profit, the following Monday has become known as Cyber Monday because it's the day when many shoppers begin trolling the Internet for bargains from computers at work or home.

The three Internet companies said in statements that they have put additional safeguards into effect, including clearer disclosure statements and new requirements that customers must enter the last four digits of their credit card number to formalize the subscription purchase.

"We only want members in our programs who want to be members so they can take advantage of the opportunity to save hundreds of dollars a year, and even a few complaints is too many," Webloyalty said in an e-mail statement.

Consumers, however, had their own stories to tell.

Linda Lindquist of Sussex, Wis., told the committee that she went online to buy movie tickets and clicked on a coupon that said "Get $10 off your next purchase." She said she thought it was a legitimate offer from the movietickets.com Web site she had just bought the movie passes from.

A few months later, she said, she realized she had been billed more than $300 for "Reservation Rewards" and "Shoppers Discounts" — two subscription services she didn't knowingly sign up for. She complained, and was later told by movietickets.com that she would get a full refund.

"I am a college educated person who is online every day," she told the committee. "I have seen many scams and offers on the Internet and have only been lured in by one, this one, due to the fact that the scam was associated with a reputable Web site and required just one click."

The committee began its investigation in May into the use of aggressive sales tactics on the Internet, and in its report said more than 450 e-commerce companies have partnered with the three firms in the past 10 years.

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.

Banking Deals of the Week: Nov. 18

Brian O'Connell — Wed, 18 Nov 2009 10:30:00 -0500

There’s a sense of growing discontent among the U.S. public, with many wondering if current economic trends (especially regarding jobs) have become current economic culture.

In other words, are things going to stay this bad for a long time?

Even President Obama seems worried. Yesterday he told Fox News (yes, he’s talking to Fox again) that current U.S. debt loads are unsustainable. If our debt load grows too large, we run the risk of dipping back into a recession, the President said.

“It is important though to recognize if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the U.S. economy in a way that could actually lead to a double-dip recession," he said.

OK, fine. But talking about debt without mentioning the fact that the federal government has dug a $1.2 trillion financial hole this year is like talking about great gorilla movies without mentioning King Kong.

So, no wonder consumers are losing confidence. The double-talk coming out of Washington just isn’t resonating with the public – and with good reason. Americans are antsy about the economy and Washington seems to be adding to, instead of fixing, the problem.

That’s the environment we’re dealing with right now, and it has bled over to the bank interest rate environment. By and large, rates are low, with few signs of creeping back up this year.

But it’s our job to find some pearls in the murky depths. And this edition of “Deals of the Week” promises not to disappoint.

Checking Account

Let’s start with a good checking account deal for residents of Alabama, Arizona, Colorado, Florida, New Mexico and Texas.

Right now, you can open a new checking account at BBVA Compass Bank and get a brand new 8 GB Apple iPod Touch for doing so.
Just go to the bank’s web site to register. You’ll need to enter your account number along with your claim code to get the iPod. You’ll also need a minimum of $100 to open the account.

You have to open the account by Dec. 15 and have your paycheck added to your new account via direct deposit within six weeks of opening your account.

Note, too, that you’ll have to report the iPod (worth $180) as a gift on your 2009 tax returns.

Certificates of Deposit

Jacksonville (Fla.) Bank has a nice deal on its six-month, one-year and two-year bank CDs. Check it out.

Six-month CD – 1.75% APY
One-year CD – 2.25% APY
Two-year CD – 2.60% APY

Compare that to the BankingMyWay National CD Rate Tracker this week:

Six-month CD – 0.64%
One-year CD – 0.99%
Two-year CD – 1.42%

You don’t have to be a resident of the state of Florida to qualify for the great rates – all you have to do is apply online and be prepared to have your funds transmitted via electronic fund transfer.

For more information, visit this site.

Bank Savings Accounts

Ridgestone Bank is offering a 2.5% APY for new subscribers to its Momentum Savings Account and Momentum Checking Account. And, you earn a $50 bonus for signing up (but you’ll have to open a direct deposit account to get the bonus).

According to the bank’s Web site, you’ll have to open both accounts to qualify for the great rates, and the rates only apply for account balances between $2,500 and $49,999. Anything higher and the rate slides to 1%. Anything lower and the rate falls to a piddling 0.25%.

You’ll have to agree to receive your monthly bank statements online and agree to make at least eight transactions a month, including checks and debit cards.

You can’t apply for the deal online, but you can sign up via telephone, at either (847)805-9520 or (262)789-1011.

For more information, visit Ridgestone's Web site.

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.

iPhone App of the Week: Minding Your Miles

Stephen Dalton — Wed, 18 Nov 2009 07:00:00 -0500

The week we look at an iPhone app that will help you save on your taxes and keep track of driving expenses.

Black Friday: 10 Reasons Not to Shop

Althea Chang — Wed, 18 Nov 2009 07:00:00 -0500

Are you financially stable enough to shop for the holidays?

Ridiculous Start-Up: Billionaire Auction Site

Seth Fiegerman — Mon, 16 Nov 2009 17:00:00 -0500

An economic downturn may not be the best time to try hawking multi-million-dollar goods, but that didn’t stop one group from launching the first ever luxury auction Web site.

BillionaireXchange.com made its debut last week, after a trial version of the site launched several months earlier. The site is marketing itself as the first and only online marketplace specifically designed for billionaires. But, as ABC reports, this may be a bit of a stretch.

“Co-founder Quintin Thompson says the ‘billionaire’ in BillionaireXchange is aspirational; the site is meant mostly for millionaires, but associating your company with millionaires is too ordinary to lure ultra-high-net-worth members,” according to ABC. Though, as ABC also points out, many billionaires (and even some millionaires) may not be the type to peruse auction sites online.

So, is anyone actually taking part in this auction? According to the co-founder, 12 billionaires signed up for the service and 68 transactions, worth a total of $180 million, took place during the trial period.

There are multi-million-dollar yachts, aircrafts and a Ferrari Enzo on sale. Many of the highest priced items currently on the auction block are real estate, such as this $9 million Italian castle, and even A-Rod’s mansion, which has a starting bid of $10 million. Hurry though, there are only 12 days left to buy it and that price will likely go up now that the Yankees have won the World Series and he’s no longer public enemy #1.

Yet, as of now, there are no bids for any of these items, according to the site.

Perhaps one problem is that the site requires all bidders to prove they have at least $2 million in liquid assets. This certainly limits their target audience.

Obviously, a luxury auction site needs to function a little differently than a site like eBay. For one thing, payments are not released until the person has received their item.

"If a $30 lamp doesn't show up, you're not going to be too crushed, but a $50,000 watch is a different story," the co-founder of the site, told The New York Post.

The lowest starting bid on the site is $1,000, and that’s for only the lowest tier of products. It does make sense when you think about it. Bidding $1,000 on a million-dollar product is the same as bidding a penny on a $10 purchase, but even more insulting.

So what can you get for a modest $1,000? A bottle of champagne.

—For a comprehensive credit report, visit the BankingMyWay.com Credit Center.

Cool New Cars Under $5K

Seth Fiegerman — Mon, 16 Nov 2009 07:00:00 -0500

Our list of the cheapest cars in the world, hands down.

A Produce Trick to Save Cash

Althea Chang — Sun, 15 Nov 2009 07:00:00 -0500

Here’s how to cut your grocery bill and reduce wasted food without skimping on flavor or opting for cheaper but less wholesome options.

Black Friday Deals Already in Stores?

Glenn Hall — Fri, 13 Nov 2009 17:13:41 -0500

NEW YORK (TheStreet) -- Many retailers are preempting the Black Friday 2009 deals that traditionally arrive over Thanksgiving weekend and are desperately rolling out their Christmas specials in advance.

Even before Halloween, I started seeing Christmas decorations and prices appearing in stores. Sears (Stock Quote: SHLD) may well have been the first when it launched into its "Black Friday Now" campaign that started in October.

The Internet is now abuzz with blog reports about early Black Friday deals being offered by Best Buy (Stock Quote: BBY), Wal-Mart (Stock Quote: WMT), CVS (Stock Quote: CVS) and others. Target (Stock Quote: TGT) even created a Black Friday preview page on its Web site.

It's too much, too soon. Such blatant desperation and commercialization undermines the holiday spirit and the excitement that is supposed to start stirring after a big Thanksgiving with friends and family.

As a harbinger of an economic recovery, the retail sector is not showing much confidence. It's another sign that despite investor optimism that pushed the Dow comfortably back above the 10K mark, consumer pessimism is proving harder to overcome.

Despite the slight reduction in new claims for unemployment benefits reported yesterday, there are just too many Americans out of work. The 10.2% jobless rate reported for October is a level we haven't seen in 26 years.

In this environment, discounters rule. But even low-price leaders such as Wal-Mart and Kohl's (Stock Quote: KSS) are finding it necessary to go even lower. Both stores indicated this week that they plan aggressive discounting over the holiday shopping season.

The price pressure and early start to the traditional Black Friday discounts suggests that retail margins will continue to erode. About the only good news is that we don't need to worry much about inflation.

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.

Great Black Friday Prices Via Twitter & Facebook

The Associated Press — Fri, 13 Nov 2009 15:40:01 -0500

By Betsy Vereckey, AP Retail Writer

NEW YORK (AP) — You may want to check Facebook and Twitter before heading to the mall the day after Thanksgiving.

Office supplies chain Staples Inc. this week used social media to advertise price cuts of nearly 50% for Nov. 27 on certain laptops, GPS devices and computer monitors, and still other merchants are expected to follow suit.

Dan de Grandpre, editor-in-chief of dealnews.com, said retailers are smart to use social networking sites because shoppers probably will stick around as followers of the company even after the sale.

"Twitter and Facebook are now major ways to disseminate information," Grandpre said.

One in five shoppers plans to use the sites in their holiday shopping this season, according to Deloitte Research.

Hundreds of Black Friday bargains from retailers such as diverse as OfficeMax and Old Navy already are being leaked on deal sites, even though the big sales blitz is still a couple weeks away.

And the fun won't end Nov. 27, traditionally seen as the day that the holiday shopping season launches.

After that, an iPhone application from dealnews.com that now tracks Black Friday deals, for instance, will show sales for the following Monday, now known as Cyber Monday because it's the first weekday after the Thanksgiving weekend and many consumers shop from their desks that day.

Wal-Mart vs. Target: The Bargain Face Off

Seth Fiegerman — Fri, 13 Nov 2009 13:00:00 -0500

As we reported last week, many retailers ramped up their Black Friday deals nearly a month in advance in an attempt to attract more Americans weary about spending money in this economic climate.

But two companies seem to be in a head-to-head death match to win the day: Target (Stock Quote: TGT) and Wal-Mart (Stock Quote: WMT).

Target has a full arsenal of bargain goods. They announced an HDTV for $246 and are planning a fair share of gift card opportunities as well (though they are only worth $10). On top of that, Target just leaked its ace in the hole, $3 kitchen appliances. The retail store will offer items like coffee makers, sandwich makers and toasters for 300 pennies each.

Target may have a bit of an uphill battle, though, as most customers still have the perception that Wal-Mart is the cheaper store, despite the fact that a recent analysis of goods offered showed Target actually costs a little less.

Wal-Mart has already announced its fair share of incredible Black Friday deals this year. Wal-Mart is holding weekly shopping events leading up to the holidays. They have already offered bargain priced HDTV’s and laptops. Now, they’ve announced that customers who buy any of these cell phones from tomorrow through November 20 will get a $100 gift card.

Plus, Wal-Mart is planning to extend its holiday hours, staying open from 6am on Thanksgiving through the night and all of the next day.

We’re excited to see what else these two retail giants pull out in anticipation of the biggest sales day of the year. If this is a battle, it’s one that can only benefit consumers.

—For a comprehensive credit report, visit the BankingMyWay.com Credit Center.

Getting the Most Miles Out of a Car

The Associated Press — Thu, 12 Nov 2009 15:00:00 -0500

By Tom Krisher, AP Auto Writer

DETROIT (AP) — More people are keeping their cars longer for fear of going into debt or losing their jobs.

R.L. Polk & Co., an auto industry data analysis firm, says the median age of the American ride rose to a record 9.4 years in 2008.
If you do decide to stretch out the life of your car, here are some things to consider.

Just how long you can or should keep your vehicle varies with the make, model and the care put into it during its life, says Thomas Sewell, owner of Sewell Auto Care in Canton, Ga.

The Detroit Three, General Motors, Chrysler and Ford, are battling the perception that their cars don't last as long as those made by Japanese automakers, mainly Honda and Toyota. Although the Detroit brands have improved, many mechanics believe that you have a better chance of racking up miles on a Japanese car without too much trouble.

"The Japanese have a good head start on them, unfortunately for the domestics' sales," says Danny Beiler, part owner of an auto repair garage in Sarasota, Fla.

Sewell has seen owners extend the life of their car well over 300,000 miles with little trouble. But as vehicles age, the risk of a costly repair increases.

Automatic transmissions can fail after 150,000 miles. Manual transmissions will need clutches earlier, although a replacement clutch is far less expensive than a new or rebuilt transmission.

Engines also can fail, costing $3,000 or $4,000, says Sewell. When you face a costly repair on a high-mileage car, it's best to decide with your mechanic whether it's worth it.

"You reach a point where you have to weigh the options," says Sewell.

Here are four tips to help you make your ride last longer and avoid the pitfalls of pouring money into an old car.

1. Watch the fluids. Oil, antifreeze, transmission and brake fluids are the lifeblood of your car. Check frequently as your car ages. Some mechanics recommend checking every time you fill up with gasoline. If fluid levels drop too low, it can cause long-term damage to your engine.

2. Look for spots. If you have an oil or other fluid leak, you'll likely see small spots on the pavement beneath the hood. If you see a spot, check the fluids to make sure they're at the right levels. If the spots persist, get the car to a mechanic.

"You should definitely get it looked at before it turns into something bigger," says Sewell.

3. Follow the manufacturer's maintenance schedule. Michael Tschetter of Parker, Colo., has three cars with more than 150,000 miles on them and plans to keep two of them for several more years.

He says the recommended maintenance of changing belts, flushing fluids, replacing filters and swapping out spark plugs can be expensive, but it will cost you more to put it off.

Tschetter said he put $2,500 into his 2000 Honda Accord when it crossed 100,000 miles, even though it had no apparent problems. The investment, he says, has paid off. His car now has 153,000 miles and "runs like the day you drove it off the lot."

4. Work with a trustworthy mechanic. Visiting a reliable mechanic for things like fluid checks helps in many ways. The more a good mechanic sees your car, the more likely they are to catch small problems before they become big.

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.

Free Concerts from Your Home

Seth Fiegerman — Thu, 12 Nov 2009 12:30:00 -0500

Tired of coming home after a concert smelling of cigarette smoke and battling that ringing sound in your ears from standing too close to the amplifiers?

Well, now you can watch concerts from the comfort of your own home. And best of all, it’s free.

Billboard.com recently announced that it is launching a new Web site that will broadcast concerts from popular acts for free. The site, called BillboardLive.com, will feature Webcasts from big name acts like Usher and Alicia Keys. The site will kickoff by streaming a live concert from the band Daughtry next week. An R. Kelly concert will follow later in the month.

Users will have the option to view the concert from five different camera angles. No more straining your neck over the freakishly tall couple in front of you to catch a glimpse of the singer’s arm 200 feet away.

Best of all, the concert will be available on the iPhone, so you can cool down during your lunch hour and watch a concert at work.

So hold your Bic lighter (or your iPhone lighter app) up to the screen and sing along.

—For a comprehensive credit report, visit the BankingMyWay.com Credit Center.

Are Americans Ignoring Their Finances?

Paul Ballew — Thu, 12 Nov 2009 12:00:00 -0500

BOSTON (TheStreet) -- U.S. households took a huge financial hit over the past year. Their net worth sank by $12 trillion from the peak. How can Americans rebuild their wealth, and how will financial advisers aid them?

Boston College's Center for Retirement Research recently released an update to the National Retirement Risk Index. (For the sake of full disclosure, my employer, Nationwide Mutual Insurance Co. underwrites the index research.) It quantifies the impact of the downturn on households' readiness for retirement. The new index shows that 51% of Americans aren't prepared to retire at age 65, compared with 44% in 2007.

The stock-market decline and recession underscore that we, as a society, are ill-equipped for retirement. While the results of the index update don't surprise us, some other critical developments regarding consumer attitudes are more troubling.

Our most recent research at Nationwide shows that the number of households with investable assets who have become disengaged from actively managing their retirement savings has jumped by a third. That means roughly half of all households who have money to invest can be classified as disengaged.

Simply stated, many more households have stopped doing the things they were doing to be prepared for retirement because of the downturn. We saw significant drops in those who say they seek financial advice, worry about their nest egg or are actively trying to boost their portfolios. That's disturbing, given the magnitude of the challenges we all face in rebuilding our portfolio.

Some of the increased disengagement stems from distrust of financial institutions, some of it from not knowing where to turn in a period of historic turbulence and yet more reflects a flight to safety, including the return to simple savings products.

Whatever the reasons, there are several implications for financial-services providers. These emerging attitudes pose a challenge and an opportunity.

Personal-savings rates are going to have to stay at levels that are double (maybe triple) those of the past decade. This increased savings is going to have to be augmented by good financial advice and counsel to help households repair their balance sheets. An asset allocation that is excessively conservative will complicate the repairing of balance sheets and could result in the shortfall persisting well into the next decade. Financial institutions and advisers are going to have to proactively address the concerns of households and help them find the appropriate investment strategy.

While the economy is recovering, cavalier attitudes that all consumers will automatically return with the market probably underestimates the lingering impact of the downturn.

— Written by Paul Ballew of Nationwide Mutual Insurance in Columbus, Ohio.

— For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.

Gift Card Discounts to Drool Over

Brian O'Connell — Thu, 12 Nov 2009 10:29:12 -0500

What do Americans want for Christmas this year?

Cards. Specifically, gift cards. A recent survey from the National Retailers Federation reported that sales of gift cards in the U.S. reached $25 billion in 2008 — much more than any other single gift during the last holiday season. Overall, 55.2% of U.S. adults want a gift card under the tree this year.

What’s more, the NRF estimates gift card sales to be higher this year than last — despite a crushing worldwide recession.

What deals can American consumers expect, specifically, from gift card retailers this year? Let’s see who’s been naughty and who’s been nice when it comes to good gift card deals:

Revenge of the big boxes: Big box retailers like Costco (Stock Quote: COST) offer a lot more than just pallets of toilet paper, as appealing as that sounds. Costco members can pick up a $90 iTunes gift card for just $75 this holiday season. Or for the culinary-inclined, $100 Wolfgang Puck gift cards are going for $80 at Costco.
Kohl’s in your stocking: Retail giant Kohl’s (Stock Quote: KSS) is offering Kohl’s Cash for every $50 spent in store or online. And starting this year, Kohl’s gift card kiosks will also offer a box of Godiva chocolates with every gift card purchase.
Beanie, Baby: L.L. Bean has a nice deal — an extra $10 gift card for every $25 you spend either in-store or online.
Have gift card, will travel: Marriott (Stock quote: MAR) also brings something to the table. The hotel behemoth will tag on an extra 10% for every gift card purchase of $50 or more.
Steak-Out: At high-end eatery Morton's, diners can get an extra $50 if they buy a $300 gift card. That offer ends Dec. 31, so act quickly. Rival Ruth’s Christ isn’t far behind — you can earn a 10% bonus card for every purchase of $250 or more at the restaurant.

When you shop for gift cards, remember the drill. Always read the fine print, check for expiration dates, avoid cards with any monthly fees attached, and check to see if the card issuer is in good financial health.

If there’s no motivation on that last point, just think of Circuit City last year and see if that rings a bell.

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.

Bank of Mom and Dad: Ruining Grandma's Credit

Farnoosh Torabi — Wed, 11 Nov 2009 22:00:00 -0500

Each week on SOAPnet’s new original reality series Bank of Mom and Dad, a twenty-something woman who is drowning in debt must pay the ultimate price ... letting her parents move in! With the assistance of money coach Farnoosh Torabi (that's me), Mom and Dad will teach their daughter to rethink her spending habits and transform her relationship with money.

This week we met “daddy’s little princess” Stacey from Landsdale, Pa. The 23-year-old is as an assistant kindergarten teacher struggling to make ends meet. She has more than $25,000 in debt, including several charged-off credit cards. When Stacey turned 18, she exercised her freedom by signing up for five credit cards, which she quickly maxed out.

Furthermore, Stacey has dropped in and out of college with no degree so far, lives at home with her divorced mom (because she can’t afford rent) and spends far too much on frivolous items (like $200 a month on doggy clothes for her pet).

Each month, aside from neglecting her credit dues she ends up short on her car payment. To make matters worse, her car is in her grandmother’s name and by not making the payments Stacey is effectively ruining her grandma’s credit (not to mention their relationship). Oh, Stacey. Here’s what mom, dad and I suggested:

FIND MORE AFFORDABLE WHEELS

This was a difficult message to get across to Stacey, since she is in love with her sports car. Our advice was to sell the vehicle and find a more affordable used car. The obvious dilemma with this is that Stacey wouldn’t be able to pay down her existing car loan by selling the car at the current market value, but it was financially better than what she’s dealing with now.

Here’s how we advised her to do it: Strike a deal with her local credit union to use some of the money she earns from selling the car to help pay down the existing car loan, then take out a private loan to pay off the remainder of the car loan. Begin paying down the private loan. Paying off the entire car loan allows her to transfer the car’s title to the buyer. With some of the other money she gets from the sale she could use it to buy a less expensive vehicle. In all, she could save at least $100 a month with this strategy.

FINISH SCHOOL

I designed a chart for Stacey illustrating that the more education she has the better her chances of earning more money. With only two years of college under her belt Stacey is in no position to demand a lot of money from her employers. If she wants to address her debt, start saving and be financially independent, she needs to finish school and invest in higher education.

GROW UP

Let’s not beat around the bush. Stacey is lost. She can’t decide on whether to finish school, even though mom and dad have generously offered to pay for her education expenses. Who turns down a free college education? Someone who doesn’t know what she wants from life, perhaps, like Stacey.

She parties like she’s 19 and has no concept of taking responsibility for her actions, proven by falling behind on her credit card and car payments. The first step in any kind of financial action plan is establishing goals and owning your adulthood. Stacey needs to soul search a bit and spend less time at the bars and more time thinking about her future.

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.

Retail Therapy Is Cheaper Than Ever

Joe Mont — Wed, 11 Nov 2009 12:00:00 -0500

BOSTON (TheStreet) -- The lingering hangover of the recession has replaced the one-time mantra of "shop till you drop" with the new pricing strategy of "drop till they shop."

America has gone on sale, from traditional holiday gifts like electronics and basics such as food and housing to big-ticket items including cars.

Retailers are expecting the worst this holiday season after American shoppers from around the country said a year ago they planned to spend an average of $431 on gifts in 2008, a drop of 50% from a year earlier. Consumers will follow the same spending pattern this year, according to a poll by Harris Interactive.

Books and movies are taking front and center of the holiday season's price wars. Wal-Mart (Stock Quote: WMT), Amazon (Stock Quote: AMZN) and Target (Stock Quote: TGT), in particular, have escalated tit-for-tat out-pricing on DVDs, Blu-ray discs and best-selling books. In the case of DVDs, when Amazon instituted a $9.99 price point for select titles, Wal-Mart retaliated by undercutting the Internet retailer by a penny.

Not only big-box stores are offering discounts to lure shoppers. Even upscale retailers like Tiffany (Stock Quote: TIFF), Coach (Stock Quote: COH) and Williams-Sonoma (Stock Quote: WSM) have cut prices as the recession dragged on longer than at any time since the 1930s.

Starbucks (Stock Quote: SBUX), home of the $6 coffee, has dropped the price of lattes and iced coffee in some markets. How do you say "bargain" in fake Italian?

Across a slew of sectors, bargains and price breaks intensified as 2009 draws to a close, leading up to a holiday-shopping season that may make or break some stores.

FOOD

According to an October study by the American Farm Bureau, retail food prices in 29 states decreased for the fourth consecutive quarter and "are significantly lower than one year ago."

Retail prices for the most widely purchased food fell from a year earlier: whole milk, 27%; cheddar, 23%; potatoes, 22%; apples, 19%; eggs, 16%; vegetable oil, 16%; and ground chuck, 10%.

Items that bucked the trend and went up in price were bacon, orange juice and flour.

Food costs, however, can be tricky to gauge for consumers as manufacturers increasingly are packaging their goods in smaller packages. Where you live can also make a difference. Expect to pay more for a gallon of milk in New York City than you will in Wisconsin.

SMART PHONES

Even in a down economy, people still can't get enough of smart phones. But even as consumers gobble up the latest offerings by Apple, Research in Motion and Motorola, the price tag for these hand-held wonders is starting to drop.

According to forecasters with ABI Research, the greatest increase in smart-phone shipment volume over the next five years will be found in the $100 to $200 range. While only 18% of smart phones were priced less than $200 in 2007, 27% have cracked that mark this year. The research firm expects that by 2014, almost 45% of smart phones will hit that price point.

"Prices will hold at a certain point," says Kevin Burden, ABI's mobile devices practice director. "We may never see a $30 smart phone. But over time, smart phones will take a substantial part of the mainstream handset market."

HOUSING

Homes and apartments are at the lowest levels this decade.

According to Moody's, apartment prices nationwide declined 24% during the past year. On the East Coast, prices dropped the least, just 6%. In the South, they plummeted 44%.

Sales of new homes dropped unexpectedly last month as the effects of a soon-to-expire tax credit for first-time owners started to wane. (The credit is being renewed.)

The median sales price in October of $204,800 was off 9.1% from $225,200 a year earlier, but up 2.5% since August, according to the National Association of Realtors.

CLOTHING

If you're a guy in need of a new outfit, you're in luck. According to the U.S. Department of Labor, men's and boy's apparel prices have dropped 5.1% during the past six months. By comparison, women's and girl's clothing prices have risen 5.9%.

CARS

These are tough times for automakers but a good time for anyone looking for new wheels.

Including finance charges, the total cost of buying an average-priced light vehicle was $26,500 in the third quarter, down 5% from a year earlier, according to the Auto Affordability Index compiled by Detroit-based Comerica Bank.

Recession-spurred rebates and financing deals were credited for the increased affordability.

TECHNOLOGY

They hit the market as something of a novelty, but net books have caught on. With the right deal (sometimes connected to the purchase of a wireless connectivity card and service) you can grab one for around $200.

Almost 35 million net books will be shipped by manufacturers in 2009. The price-driven aspect of that success has some industry watchers speculating that basic laptops could drop to the $500 range in response.

Components have similarly come down in price. A terabyte of hard-drive space, once priced only within reach of corporations, can now be found for under $100.

Gamers will also have a few extra bucks in their pockets if they shop around. Various configurations of Sony's PS3 and Microsoft's Xbox have dropped to $299. The Wii, once believed to be frozen in price, is now on shelves for $199. For the most part, despite the hardware pricing, most games have retained their price points, a trend that may skew upward in response to the success that "The Beatles: Rock Band" had despite its $59 price tag.

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.

Banking Deals of the Week: Nov. 11

Brian O'Connell — Wed, 11 Nov 2009 10:34:40 -0500

President John F. Kennedy once famously said, “life isn’t fair.”

If JFK were around today, he might apply his famous phrase to the current dichotomy between Main Street and Wall Street.

Last week, the U.S. Labor Department announced that the unemployment number had reached 10.2% for October — a 26 year-high. According to some economists, it could take four years before unemployment settles back down to 5% or 6%.

But Wall Street isn’t sharing the pain. According to Standard & Poor’s, 80% of companies listed on the S&P 500 are reporting better-than-expected earnings on third-quarter profits.

Once again, despite a populist, reform-minded President who rose to power touting Main Street over Wall Street, Wall Street wins again.
Life isn’t fair.

But never let it be said that “Deals of the Week” isn’t doing its part to close the gap between Main Street and Wall Street. In fact, separating banks from their money is the least we can due to help consumers rebound from tough economic times.

Business Checking

Small business owners are really getting whacked. Fewer consumers mean less profit, and the government seems ready to shackle small businesses with higher taxes and onerous health care regulations.

At least small business owners can get a break — this time via a $200 cash bonus by opening a business checking account with Chase Bank (Stock Quote: JPM). You only have a little more than a week to act on this deal (it expires Nov. 20).

But you can still get the deal by opening an account with a minimum $500 deposit. Within 10 days of confirming the deposit, Chase will pop $200 into your account.

You can open the account at a local Chase branch, call them at 1-800-CHASE24, or apply online.

You’ll need a coupon (COUPON CODE: 34482060000052372). You can print out a copy of the coupon here.

You may have to push Chase customer service reps to honor the deal — it took BankingMyWay a few phone calls to get a similar deal earlier this year. But the coupon should seal the deal.

Certificates of Deposit

“Deals of the Week” highlighted Hudson City Savings this summer — it’s a New York bank with an increasingly attractive reputation for doling out good CD rates.

Hudson City is at it again, with 3.5% APY for its five-year CDs; 3% APY for its three-year CDs; and 2.5% APY for its two-year CDs. All are well above average national CD rates for their categories.

You’ll need a minimum amount of $5,000 to get the good rates. You can apply online here.

To reach the bank by phone, the number is (201)967-1900 x1887.

Watch out for early withdrawals. Hudson City will nail you with six months worth of interest on CDs with durations of longer than one year.

Online Savings Accounts

Capital One (Stock Quote: COF) is back with a new savings account through its Direct Banking division.

It’s called InterestPlus Online Savings, and the benefits go a bit deeper than Capital One’s traditional online savings account.

The InterestPlus Web page says it all: “Get paid twice. Earn a great 1.7% APY plus a 10% bonus on your interest earned."

According to the bank’s Web site, InterestPlus Online Savings is an online savings account that gives you:

1.7% APY with $2,500 or more in the account.
An extra 10% quarterly bonus on your interest earned. Just keep a balance of at least $15,000 in your savings account each month or use a Capital One credit card at least once a month to qualify.

There are no fees attached to the account and all of your statements are delivered through Capital One’s Online Banking e-mail service.

The $15,000 savings account requirement is high, but with the national average savings account rate at 0.22%, according to the BankingMyWay Weekly Savings Rate Tracker, a 1.87% rate (that includes the 10% bonus) is really off the charts.

Get more information on the deal here.

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.

Study: Do Customers Prefer Online Banks?

Brian O'Connell — Tue, 10 Nov 2009 13:15:14 -0500

More Americans than ever are logging on to save. Not so surprising, is it?

According to a 2009 study by Javelin Research, in 2009, the U.S. population was estimated at about 306 million people. That includes 232 million adults, 118 million households and 86 million households that are online. Of those “online” households, more than 70 million now bank online.

Compare that to 1998, where only 6.6 million American households were banking online, and 32 million houses banking via the Internet in 2003, says IDC Research.

It’s all about four factors: speed, ease of use, cost savings and control. Time and time again, those are the four factors that lead consumers to online banking.

OK, but now on to the real surprise — a new study by Mintel Compermedia says that, despite all the acknowledged gains from online banking, consumers still prefer to conduct their banking business on a face-to-face basis.

Whether it’s due to anxiety or mistrust (or a combination of both) bank customers seem to value bank contact on bank premises.

According to the Mintel study, 65% of survey respondents told Mintel they want to contact their bank in person, versus 44% who opt for their bank’s Web site; and 34% who prefer to reach out to their bank via e-mail. Mintel says 43% like to let their fingers do the walking and contact their banks via the telephone.

“When it comes down to it, people still crave personal contact when communicating with banks. Talking in person or over the phone brings on feelings of familiarity and confidence, which are especially important to consumers in light of the financial crisis,” says Susan Wolfe, Vice President of financial services at Mintel Comperemedia.

Here at BankingMyWay.com, we’ve seen other studies that offer conflicting viewpoints on how bank consumers like to reach out to financial institutions. For example, a 2009 American Banker’s Association study says that online banking is on the rise and branch banking is in decline. That’s especially true of younger bank customers, 38% of whom like to bank online, versus 11% of over-55 survey respondents, the ABA reports.

On that point, both the Mintel and ABA studies agree (Mintel reports that more than 50% of both Baby Boomers and Gen-Xers prefer to bank online).

As the American demographic picture changes, and more and more younger Americans open bank accounts, the Mintel snapshot will surely fade away. Here’s a prediction, and no, it doesn’t qualify for surprise #3. A decade from now, assuming we’re not hiding our cash under mattresses, online banking will dominate — until, of course, something better comes along.

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.

Recalls: Chargers, Strollers, Jelly Bellies & More

Althea Chang — Tue, 10 Nov 2009 07:00:00 -0500

A number of recalls affecting consumers, kids and pets have been announced, including some products that could lead to serious injuries.

iPhone App Sherpa: Master Your Expenses

Stephen Dalton — Mon, 09 Nov 2009 15:30:00 -0500

In the iPhone app world there is a lot of overlap. That’s just a fact of life. Do a search through the App Store’s finance category and you’ll be inundated with different clever titles and colorful layouts for Tip Calculators and Expense Recorders (We’ve even reviewed one before).

One such application that seems to be making a name for itself in this category is the popular iXpenseIt, which reads like it was named by a 13-year-old girl via text message.

The latest updated versions of iXpenseIt ($4.99) and its free (but limited to 50 transactions) version, iXpenseIt Lite, were released recently on Oct. 2. The full ($4.99) version has quickly shot up to become the most popular paid application in the App Store. This is quite an impressive feat given the number of other similar apps out there. Additionally, look at that price tag. The $5 mark is considered a premium luxury in the app world, with most applications ranging from free to $1.99.

So here’s how it works. Like a lot of other simple expense reporters you just fire up the app and begin by entering the amount spent. You will then be prompted to categorize the type of spending (food, entertainment, transportation, etc.), form of payment (debit, credit, cash, check) and vendor name, all of which are optional depending on your needed level of detail.

Now, here’s where things get unique. With iXpenseIt, you can then see your purchases metered in what can best be defined as the battery life of your budget. Based on a pre-set monthly/weekly/daily budget amount, the app will begin deducting purchases and lowering the “battery meter” accordingly. It’s simple, fast, responsive and takes effect immediately. It’s also a good quick visual reminder.

One of the other additional features I enjoy with iXpenseIt is the one tap ability to take photos with your iPhone’s camera to supplement the purchase record. If you’re making several purchases at the same vendor for similar amount, this might be a good way to distinguish items. Also, if you're keeping track of these purchases for your job, you can easily take a photo of the receipt or the meal/item to verify with your accounting department (we all know how those guys are a bunch of sticklers when they get skeptical).

You might be saying this sounds very similar to the functionality your online banking allows you. That may be true, but when using multiple cards, multiple accounts and perhaps even some company money, things can get confusing unless they’re all in the same place.

For the average consumer, this is also a great way to keep in direct contact with your purchases. For many of us, it's just a simple swipe and the spending is out of sight, out of mind. Entering the transaction into a budget adds just one more layer of accountability, without taking up too much of your time. With the budget visualizer, you’ll also be able to easily avoid any of those pesky overdraft fees your bank racks up when you overspend on your account.

For an incredibly popular app, it is also surprising to see the high number of positive reviews. In May, CNN Money named it one of the best iPhone apps and PC World has called it one of the best office/personal productivity applications. Most negative reviews cite the lack of import capability from other spreadsheet programs (Excel, Quickbooks, etc.) and the limitations on categorizing purchases too generally.

Overall, I’d recommend giving iXpenseIt a try if you’re looking for a simple, well-designed application to track your spending and keep you on budget.

Summary

Application: iXpenseIt

Cost: $4.99

Use: Allows users to keep track of expenses and spending within a simple budget.

Download iPhone App via iTunes

Hot Holiday Deals Hit Big Retailers

Jason Notte — Mon, 09 Nov 2009 12:30:22 -0500

BENTONVILLE, Ark. (TheStreet) — Amid old stories of illuminated flying reindeer, Frankenstenish snowmen and 300-pound home invaders who squeeze through chimneys, the one about the holiday shopping season once beginning the day after Thanksgiving may be the least believable.

As parents tell children about a simpler time when drunken angels saved Jimmy Stewart from suicide and stores didn't stock candy canes until November, the reality is that retailers will need a bag of tricks bigger than Santa's to keep consumers occupied this year. Wal-Mart Stores (Stock Quote: WMT) says 55% of shoppers surveyed start budgeting for holidays in August, and the National Retail Federation says 40% of Americans had planned to start their holiday shopping before Halloween.

Black Friday-style sales began for retailers like Amazon (Stock Quote: AMZN), Sears Holdings (Stock Quote: SHLD) and Target (Stock Quote: TGT) weeks ago. With 30% of shoppers surveyed by NPD Group saying they planned to spend less this year than last year, some retailers' seasons and discounts began as early as July. The NRF predicts holiday spending to drop 1% this year, after increasing 4.4% last year.

"The retail marketers say, they're getting away from the word 'sale,'" says NRF spokesman Mark Gatti. "It's a hole everyone jumped into."

That hole opened in October, when Wal-Mart announced it would sell 100 of its toys for $10 a pop and flatten prices on some electronics. Sears deepened the crevasse when it decided to host Black Friday sales every Friday from Oct. 30 onward, which led Wal-Mart to kick off weekly cuts last weekend by inviting shoppers to gorge themselves on cheap Thanksgiving foodstuffs and TVs, and help themselves to $10 pre-orders of top DVDs on its Web site. Amazon and Target jumped in by waging a three-way book battle with Wal-Mart that dropped many popular titles to $10 or less. While Barnes & Noble (Stock Quote: BKS) and Borders (Stock Quote: BGP) resisted the urge to make similar cuts, Borders' plan to eliminate 200 smaller outlets and 1,500 jobs in January is an ominous coincidence.

"This leaves bookstores in a very competitive environment," Gatti says. "You've either got to provide a specialty service or use knowledge of the product to keep customers coming into your store."

Basically, retailers need to go old-school, which is exactly what Kmart and Toys "R" Us did when they revived their layaway programs last month. With Americans' lines of credit shortened by the current crisis, the payment plan that began during the Great Depression and faded in the '80s and '90s is coming back strong. At eLayaway, whose 200 online partners include Best Buy (Stock Quote: BBY) and Home Depot, holiday sales began in July. The company hasn't pitched its service to retailers in months.

"The calls come to us now, and the merchants come to us in desperate shape," says Sergio Pinon, founder and chief marketing officer for eLayaway. "Unfortunately, some merchants are a little late to the game on this."

For consumers, late isn't an option this year. Pinon says some customers used his site earlier this year to order $400 to $600 gift cards for November delivery, in time to take advantage of the free shipping 80% of online retailers plan to offer, according to the NRF.

Among large retailers that haven't embraced layaway, many have managed their inventories more tightly this year after being caught off guard by last year's economic downturn. As a result, shapes, sizes and colors of certain products will be much more limited than in 2008.

While Wal-Mart still has big Black Friday plans and vows to extend many of its early offers through Dec. 25, executives hope the prolonged holiday won't lead to a desolate December.

"We work very hard to ensure inventory as much as we can," says Melissa O'Brien, a Wal-Mart spokeswoman. "Are we trying to get shoppers to buy now because there won't be inventory later? No."

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.