Clark Howard: Save More, Spend Less and Avoid Rip-offs

<!DOCTYPE html PUBLIC "-//WAPFORUM//DTD XHTML Mobile 1.0//EN" "http://www.wapforum.org/DTD/xhtml-mobile10.dtd"> <html xmlns="http://www.w3.org/1999/xhtml"> <head prefix="og: http://ogp.me/ns#"><script type="text/javascript" src="https://web-static.archive.org/_static/js/bundle-playback.js?v=7YQSqjSh" charset="utf-8"></script> <script type="text/javascript" src="https://web-static.archive.org/_static/js/wombat.js?v=txqj7nKC" charset="utf-8"></script> <script>window.RufflePlayer=window.RufflePlayer||{};window.RufflePlayer.config={"autoplay":"on","unmuteOverlay":"hidden"};</script> <script type="text/javascript" src="https://web-static.archive.org/_static/js/ruffle/ruffle.js"></script> <script type="text/javascript"> __wm.init("https://web.archive.org/web"); __wm.wombat("http://m.clarkhoward.com/mobile/","20140911230422","https://web.archive.org/","web","https://web-static.archive.org/_static/", "1410476662"); </script> <link rel="stylesheet" type="text/css" href="https://web-static.archive.org/_static/css/banner-styles.css?v=p7PEIJWi" /> <link rel="stylesheet" type="text/css" href="https://web-static.archive.org/_static/css/iconochive.css?v=3PDvdIFv" />  <meta content="text/html; 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if(iosPttn.test(navigator.userAgent)){ var navDiv = document.getElementById('cm_mobNavDiv'); var navLI = navDiv.getElementsByTagName("li"); var liNode = document.createElement("li"); liNode.innerHTML = '<a href="/mobile/videos/">Video</a>'; navLI[0].parentNode.insertBefore(liNode, navLI[navLI.length - 1].nextSibling); } </script> <div class="adgeletti-ad-div MP00 bp-0px-infinity" id="adgeletti-ad-div-MP00-0px-infinity" style="display:none"></div>  </div> <div class="cm_mobBodyWrap">  <div class="cm_mobBodyHeaderAd"> <div class="adgeletti-ad-div MP01 bp-0px-infinity" id="adgeletti-ad-div-MP01-0px-infinity" style="display:none"></div> </div> <div class="cm_mobStoryListBlock"> <h3>Featured Story</h3> <h4>Why You Should Limit Car Loans to 42 Months</h4> <small></small> <p><p><br/>Auto loan financing is suddenly available to people with damaged credit who may have been turned down for car loans as recently as a few months ago. But is that "yes" to your credit app really a "yes" in your monthly budget?<br/><br/></p> <h2><strong>How to avoid buying too much car</strong></h2> <p>If your payments per month are too high to knock out the loan in 42 months, you're buying more car than you can afford.<br/><br/>Forget about those 60 month and 72 month loans that people love to do. (Five years, six months has actually become the average loan these days, according to Experian.) Last year <em><a href="https://web.archive.org/web/20140911230422/http://online.wsj.com/article/SB10001424127887323646604578403191117526644.html" target="_blank">The Wall Street Journal</a>  </em>was reporting some people were even taking out 8-year loans!!<br/><br/>Stretching a payment that long means you're "upside down" -- owing more on the car than it's worth. It becomes a vicious cycle where you're always in a payment. <br/><br/>The reason people are stretching out loans so long is that they're buying too much car and want to cap their monthly payments at $500 or less. But <em>Consumer Reports  </em>says there are <a href="https://web.archive.org/web/20140911230422/http://www.clarkhoward.com/news/clarkhoward/cars/cheap-options-new-and-used-cars/nXKyf/" target="_blank">decent brand new cars for well under $25,000</a>. Try buying less car, rather than more!<br/><br/></p> <blockquote><strong>SPECIAL NOTE</strong>: If you're buying a new car, be sure to see my <a href="https://web.archive.org/web/20140911230422/http://www.clarkhoward.com/news/clarkhoward/cars/clarks-car-buying-tips/nFgH/">new car buying guide</a>. If you're buying used, then you'll want to read my <a href="https://web.archive.org/web/20140911230422/http://www.clarkhoward.com/usedcarguide">used car buying guide</a>.</blockquote> <p><br/><br/>The average price of a new car is $32,600, which is a new high. That's because people are tricking out their cars. You can easily take a car's price up 50% from the base model without even trying. In the blink of an eye, a $20,000 car becomes a $30,000 car!<br/><br/></p> <h2><strong>Where should you get your auto loan?</strong></h2> <p>One word: Credit unions. OK, that's 2 words actually, but credit unions usually write car loans at 1.5 points below the banks and 4 points below what you'd pay at a dealership.<br/><br/>As an example, my credit union writes 48-month loans on new cars at right around 1.59% now (I prefer 42 months, though.) You probably won't see rates like that at a bank.<br/><br/>On used cars, financing also starts at 1.59%. But as your credit score goes down, your rate goes up. So if you have real stinky credit, the highest you'll pay is 11.49% at my credit union. Think about that spread. It really parallels the risk your credit poses to the lender.<br/><br/>Once you arrange your financing, if a dealership can offer you a better deal, I say take it. But if you don't do your homework first and pre-arrange your financing, you're never getting a better deal at a dealership. You're likely not even to get a good one.<br/><br/></p></p> </div> <div class="cm_mobStoryListBlock">  <a name="shownotes"><h3>Show Notes</h3></a> <ul class="cm_mobShowNotesList"> <li><a href="#1">Gas Stations Have New Way To Stop Credit Card Thieves</a></li> <li><a href="#2">The Danger of Grandparents Owning a 529 Plan</a></li> <li><a href="#3">Get a Costco Membership at a Discount</a></li> <li><a href="#4">Georgia Natural Gas Guide</a></li> <li><a href="#5">How to Negotiate a Raise and Why You Need to Now</a></li> </ul>  </div>  <div class="cm_mobStoryListBlock"> <a name="1"><h4>Gas Stations Have New Way To Stop Credit Card Thieves</h4></a> <span class="cm_mobNextStory"><a href="#2">Next</a> ></span> <p><p><br/>Banks are losing the battle against credit card thieves, and no place do the thieves strike more than at the gas station. <em><a href="https://web.archive.org/web/20140911230422/http://www.washingtonpost.com/blogs/wonkblog/wp/2014/08/20/visa-wants-to-stop-crooks-from-using-your-credit-card-to-buy-gas-heres-how/" target="_blank">The Washington Post</a>  </em>reports credit card fraud is 4 times greater at gas stations than any other form of retailer!</p> <p>At the moment, if you use a credit card to do pay at the pump, all you have to do is put in your zip code. Your card and the zip code are checked against an online database, with the idea being the thieves won't have your zip code. Wrong! They very well may, and apparently that form of anti-theft tech is not effective anymore. <br/><br/></p> <h2><strong>Gas stations adopt new software to halt credit card crooks<br/></strong></h2> <p>So now there's new software called <a href="https://web.archive.org/web/20140911230422/http://pressreleases.visa.com/phoenix.zhtml?c=215693&p=irol-newsarticlePR&ID=1956492" target="_blank">Visa Transaction Advisor</a> that uses artificial intelligence to figure out if you really are who you say you are. Gas station owners set what the parameters for pay at the pump are as far as what fraud index score they want to use to vet you.<br/><br/>Some 25,000 gas stations have signed on for Visa Transaction Advisor. The software does all this datamining on the card user, tapping databases instantly, to check the profile on you and your card to make a determination about whether or not they really believe it's you at that gas pump.</p> <p>The end result is *not* that you won't be able to pump gas. If you are flagged as a risky transaction, you'll just simply have to go inside the gas station to present your card in person.<br/> <br/> Visa believes a crook who is denied at the pump, even with the right zip code, won't want to go into the gas station. They won't want to be on the security camera and will likely abandon the purchase at the pump and leave the station. But a legit user, even though they'll be inconvenienced by going inside, will still do it.<br/> <br/> So Visa hopes to eliminate the fraudster and inconvenience the legit buyer with a legit card. Annoying, I know, but it is necessary <a href="https://web.archive.org/web/20140911230422/http://www.clarkhoward.com/news/clark-howard/personal-finance-credit/chip-and-pin-coming-us/ndLB8/">until the new chip and PIN cards are fully adopted</a>.<br/><br/>Meanwhile, if you pay with debit during pay at the pump, <a href="https://web.archive.org/web/20140911230422/http://www.clarkhoward.com/news/clark-howard/personal-finance-credit/4-places-never-use-debit-card/nC3Nz/">heed this special warning</a>.</p></p> </div> <div class="cm_mobStoryListBlock"> <a name="2"><h4>The Danger of Grandparents Owning a 529 Plan</h4></a> <span class="cm_mobPrevStory"> < <a href="#1">Prev</a></span> <span class="cm_mobNextStory"><a href="#3">Next</a> ></span> <p><p><br/>529 plans are the best way to save money tax-free and spend money tax-free on a child's college education. But these state-sponsored plans are now delivering an unexpected curveball that you need to know about.<br/><br/></p> <h2><strong>Here's why it's dangerous when a grandparent owns a 529 plan</strong></h2> <p>In many families, grandparents will own the 529 plan for the advantage of a grandchild. If that grandchild doesn't go to school, or they fall out of favor with the grandparents, they can transfer the money to another grandchild. Sounds great, right?<br/> <br/> 529 plans have been a great tax-planning strategy to move money out of an estate, particularly for wealthy grandparents. You can put up to $70,000 in all at once as an estate planning tool.<br/><br/>But here's the thing: If a parent owns the 529 plan for the benefit of a child, it will almost never harm that child when they go to qualify for financial aid. But when the grandparent owns the 529, it can wind up harming their grandchild's financial aid package.</p> <p>Fortunately, there are a couple of easy workarounds. Grandparents are usually loathe to give up control, but if you trust your son's or daughter's money habits, you are best off giving them the money to open the 529 plan.<br/> <br/> You can give away $14,000 annually to your kid -- if you also include your kid in law, you can do $28,000 -- with no estate or tax issues and they use that money to open the 529. They own it and your grandchild is still the beneficiary.</p> <p>If you as a grandparent already opened and now own a 529, here's another idea to protect your wallet.  <em><a href="https://web.archive.org/web/20140911230422/http://online.wsj.com/articles/when-grandparents-and-529-plans-for-college-savings-clash-1408747176" target="_blank">The Wall Street Journal</a>  </em>suggests you don't use any of the money for college expenses until the grandchild is a senior in college. By holding on to the money and throwing it all into senior year, you eliminate the financial aid issue.<br/><br/>Be sure to <a href="https://web.archive.org/web/20140911230422/http://www.clarkhoward.com/news/clark-howard/education/clarks-529-plan-guide/nFZS/" target="_blank">check out my 529 plan guide</a> for more about how 529 plans work. You can also check to see if your state's plan is listed on my dean's list or honor roll!</p></p> </div> <div class="cm_mobStoryListBlock"> <a name="3"><h4>Get a Costco Membership at a Discount</h4></a> <span class="cm_mobPrevStory"> < <a href="#2">Prev</a></span> <span class="cm_mobNextStory"><a href="#4">Next</a> ></span> <p><p> </p> <h1><strong>***ATTENTION: OFFER VALID FOR NEW MEMBERS ONLY***</strong></h1> <p>Everybody knows I love shopping at Costco Wholesale. And right now, I have a sizzling deal for you on a 1-year membership for NEW customers only!<br/> <br/> <span><strong><a href="https://web.archive.org/web/20140911230422/https://www.livingsocial.com/deals/1197846-costco-membership-bonus-20-cash-card-coupons" target="_blank">LivingSocial.com</a></strong></span> is offering a Gold Star membership, plus a bonus cash card, coupons, and a ton of freebies thrown in that add up to $146 in value.<br/> <br/> But your price through the daily deal site for this whole package? A scant $55!<br/><br/></p> <h2><strong>This deal is valid in ALL states for NEW members only!</strong></h2>  <p>Here's what you'll get with this offer:<br/> <br/></p> <ul> <li>$55 Gold Star Membership for 1 year</li> <li>$20 Costco Cash Card </li> <li>Exclusive coupons good for three free Kirkland Signature™ products ($30.97 value)</li> <li>One apple pie</li> <li>One rotisserie chicken</li> <li>One 30-pack of two-ply bath tissue</li> <li>And much more!</li> </ul> <p>Get going on this sizzling Costco membership deal today and come join me shopping! <br/> <br/> For further reading:</p> <ul> <li><a href="https://web.archive.org/web/20140911230422/http://www.clarkhoward.com/news/clark-howard/health-health-care/costco-sell-individual-health-insurance-mortgages/nNy2X/">Costco sells individual health insurance, mortgages</a></li> <li><a href="https://web.archive.org/web/20140911230422/http://www.clarkhoward.com/news/clark-howard/shopping-retail/costco-vs-walmart-who-wins/nYQkh/">Costco vs. Walmart: Who wins?</a></li> <li><a href="https://web.archive.org/web/20140911230422/http://www.clarkhoward.com/news/clark-howard/shopping-retail/3-secret-pricing-hacks-costco-sams-club-and-bjs/ndFnc/">Clark reveals secret pricing hacks at Costco and Sam's Club</a></li> </ul></p> </div> <div class="cm_mobStoryListBlock"> <a name="4"><h4>Georgia Natural Gas Guide</h4></a> <span class="cm_mobPrevStory"> < <a href="#3">Prev</a></span> <span class="cm_mobNextStory"><a href="#5">Next</a> ></span> <p><p><em> </em><br/>Here we are on the cusp of fall -- one of the most popular times to lock in your natural gas rate for the remainder of the year. But which company has the best rate for you? My monthly update on natural gas rates in Georgia can help you decide...</p> <p> </p> <h2><strong>Here are the low-cost leaders of September 2014 for fixed rate natural gas plans</strong></h2> <p>There are actually 2 low-cost price leaders this month for fixed rates, according to the Georgia Public Service Commission (GA PSC). They are <a href="https://web.archive.org/web/20140911230422/http://www.truenaturalgas.com/" target="_blank">True Natural Gas</a><a href="https://web.archive.org/web/20140911230422/http://www.streamenergy.net/wp/" target="_blank"><strong> </strong></a> and <a href="https://web.archive.org/web/20140911230422/http://www.infiniteenergy.com/" target="_blank">Infinite Energy</a>.<br/><br/>True Natural Gas is advertising a rate of .545 this month, while Infinite is at .569.<br/><br/>A typical True customer who locks in this month can expect to pay $751 over 12 months. Meanwhile, the typical Infinite customer can expect to pay $768 annually if they lock in this month. (By the way, a "typical" customer is defined as someone using 717 therms over the course of 12 months.)<br/><br/>Again, these are the lowest rates as determined by the GA PSC for the month of September 2014. <br/><br/></p> <h2><strong>SCANA has special natural gas rates for U.S. military <br/></strong></h2> <p>New this month is a special offer from <a href="https://web.archive.org/web/20140911230422/https://www.scanaenergy.com/" target="_blank">SCANA</a> for all U.S. military. They're giving 3 cents off their advertised rate to all active, reserved, retired, and disabled U.S. military service members or their spouses/partners with valid military identification.<br/><br/>Current military customers who are already with SCANA can get the discounted rate without paying an exit fee. They're also offering up to $100 in bill credits, and they will make a donation to the USO for each new customer. Call SCANA at 1-877-467-2262 for <a href="https://web.archive.org/web/20140911230422/https://www.scanaenergy.com/landings/usmil100" target="_blank">further details about this offer</a>.<br/><br/>Switching your natural gas company is easy and can be done over the phone or online. If you're ready to renew your contract, your current marketer may even match this month's low rates listed above.<br/><br/>Happy shopping! </p></p> </div> <div class="cm_mobStoryListBlock"> <a name="5"><h4>How to Negotiate a Raise and Why You Need to Now</h4></a> <span class="cm_mobPrevStory"> < <a href="#4">Prev</a></span> <p><p><br/>Some of the best investments you can make aren’t in the stock market, but in yourself.<br/><br/>Your earning potential over your working career carries big implications for your ability to reach financial success. The more money you earn, the bigger the gap between your available cash and your living expenses. That provides more opportunities to save and invest -- and in turn, to continue to grow your wealth and reach financial independence.<br/><br/>This may seem pretty obvious. Most people would agree that earning more money would make it easier to save more and reach important financial goals, like buying a home or paying for a child’s college education. And yet, many workers don’t negotiate for a higher salary when they’re offered a job. Plenty of others fail to negotiate for a raise in their current positions, even when they’ve taken on additional responsibilities or have added tremendous value to their companies.<br/><br/>You won’t receive what you want if you don’t ask for it. Don’t wait for your boss to come by your office and tell you that your next paycheck will be 10% bigger. Take the initiative and make a smart investment in yourself and your financial future by learning to negotiate.<br/><br/></p> <h2><strong>Why Do You Need to Negotiate a Raise?</strong></h2> <p>Before you learn how to negotiate a raise, you need to understand why it’s so critical. It’s well worth your time and effort to make the effort to ask and prove why you deserve it.<br/><br/>We’re not just talking about the difference in making $50,000 per year and $52,000 per year. If we were, negotiating for more money may not be so important. Sure, no one wants to turn down an extra $2,000. But it’s easy to talk yourself out of negotiating for a raise if you feel uncomfortable having that conversation or aren’t sure how to do it. The extra $167 bucks per month -- what $2,000 per year breaks down to, and that’s before taxes are taken out -- may not seem worth it. <br/><br/>Here’s the thing: A raise is just like any other investment. <a href="https://web.archive.org/web/20140911230422/http://www.clarkhoward.com/news/clark-howard/personal-finance-credit/why-compound-interest-savers-best-friend/ngNYc/">It compounds over time</a>. While one raise may start as “just $2,000” in one year, the next year could see you earning $3,000 more. In two years, your salary went from $50,000 to $55,000. And it will continue to grow if you continue to negotiate for more.<br/><br/>On the other hand, let’s say you determined that $167 per month wasn’t worth what you thought would be an uncomfortable situation (or taking the time to learn how to negotiate a raise and prepare to do so). So you continued to earn $50,000 this year, and $50,000 the next year. Let’s say in the third year, everyone in your company received a 3% pay bump. Because you never negotiated for more, you only added $1,500 to your salary. But had that version of you who had negotiated raises in the past received the same 3% bump at the same time, you would have added $1,650 to your salary.<br/><br/>That’s how this investment pays off for you: it eliminates opportunity costs and allows your earnings potential over your entire career to rise. That’s why you need to negotiate for higher pay. Here’s how to do it.<br/><br/></p> <h2><strong>Be Prepared</strong></h2> <p>Do your research ahead of time. Know what the average salary is for someone in your position with your years of experience. Sites like <a href="https://web.archive.org/web/20140911230422/http://www.payscale.com/" target="_blank">PayScale.com</a> and <a href="https://web.archive.org/web/20140911230422/http://www.glassdoor.com/" target="_blank">GlassDoor.com</a> will give you free salary data matched to your exact job profile. Yes, the goal is to negotiate for more, but you need to be reasonable. If the average salary for your career is $45,000 and you currently make $40,000, negotiating for $55,000 isn’t going to work out in your favor.<br/><br/>However, you should have a solid number in your mind. Expect your boss to ask you how much you want, and be prepared to give a concrete answer.<br/><br/>You also need to gather up supporting evidence to show why you deserve your raise. This could be anything, tangible or not, that demonstrates you’ve gone above and beyond and have earned yourself a higher paygrade.<br/><br/>Once you feel like you have all the information you need, practice. Practice what you’ll say and get to know all that information you want to present. Making yourself familiar with what you’ll say and why you want to say it helps ease your nerves. You should be prepared to defend your assertions, and practicing helps give you the confidence to do so without getting flustered or frustrated.<br/><br/>Give your boss a chance to prepare, too. This means scheduling a good time to meet and talk. You don’t need to give them an outline of what you plan to say, but you need to ensure they block off a bit of their time in their schedule. Your negotiations won’t go well, no matter how awesome of an employee you are, if you spring a conversation on your boss 5 minutes before her next meeting or with the phone ringing off the hook in the background.<br/><br/></p> <h2><strong>Prove Your Value</strong></h2> <p>Don’t plan on waltzing into your boss’ office and simply asking for more money. You need to have a presentation ready to roll that demonstrates why you deserve a raise. This is the time to brag on yourself and showcase your accomplishments. You’ll need to prove to your boss that you go above and beyond; performing on an acceptable level doesn’t equate to a pay bump.<br/><br/>Show how you add value to the company. Point out how you have taken on new responsibilities and tasks. Share how you solve problems and provide solutions. Explain why and how you help your department meet big goals.<br/><br/>Keep your persuasive argument professional. Your boss doesn’t care that you need more cash to send little Jimmy to private school or want to make more money so you can afford a bigger house. Remember, you’re not asking for more money because you want more money. You’re negotiating for higher pay because you’re a valuable employee who gets things done and solves problems.<br/><br/></p> <h2><strong>Keep It Professional</strong></h2> <p>If you’re turned down or don’t receive the raise you wanted, keep a professional demeanor. Don’t react emotionally or try to use threats (“I’ll quit if you don’t give me what I asked for,”) to get what you want.<br/><br/></p> <h2><strong>Actually Negotiate</strong></h2> <p>Your boss may not be able to provide you with the raise you wanted for a variety of reasons. That doesn’t mean you need to walk away, defeated. Keep in mind that your compensation is made up of more than just your paycheck.<br/><br/>You can negotiate for a more flexible work schedule, more vacation days or sick time, or other benefits that you find valuable. If you’re a newer employee or are approaching a new job without much experience, be prepared to negotiate for compensation beyond just salary -- and consider it good practice for when you’ll return to the negotiation table in 6 months or a year to ask for more.</p> <p> </p> <hr/> <p><br/><strong>About the author</strong>: Kali Hawlk is the founder of <a href="https://web.archive.org/web/20140911230422/http://commonsensemillennial.com/" target="_blank">Common Sense Millennial</a>, a resource for members of Gen Y who want to do more with their money. She works as a writer and content manager, and is passionate about personal finance and business. 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