Personal Finance News Saturday 3/16

Phil's Personal Finance Tip of the Day:

How to Avoid a Costly Restaurant Bill

Experts reveal the sneaky strategies restaurants use to get you to spend more money.

Expect the Unexpected

This article originally appeared on LearnVest.com via RealSimple

We’ve all been there: You head out to dinner with a friend, a ballpark amount in mind that you want to spend. You have a great time, laughing and catching up, and before you know it, the wine is flowing, you’ve ordered the extra appetizer, that tasty-sounding special, and life is fantastic—until the check arrives, and it is double what you wanted it to be.

It’s not a coincidence.

Smart restaurant owners know how to boost their profits by using subtle strategies that encourage you to spend more. Here, a restaurant insider and a behavioral psychologist dish about these secrets, so you won’t fall for them.

To read the entire article from LearnVest.com via RealSimple:
http://www.realsimple.com/work-life/money/saving/restaurant-bill-00000000058205/index.html

Inspirational Quotes@Inspire_Us from Twitter:
The harder I work, the luckier I get. -Samuel Goldwyn

Hi my name is Philip J. Miano and I am the founder of PJM Personal Finance and Productivity Coaching specializing in Budgeting, Debt Reduction, Bank Reconciliations, Goal Setting, Time Management, and Organizational skills. Please visit my website: http://pjmcoaching.com.

Personal Finance News Friday 3/15

Phil's Personal Finance Tip of the Day:

'Help! I'm in my late 40s, with no retirement savings'

By Walter Updegrave | Money 

I'm in my late 40s, single and have no idea of how to prepare for retirement. My employer offers health insurance, but no retirement plan. I don't want to have to rely just on Social Security. Please help. -- Maria, Ohio

The fact that you're getting a late start makes retirement planning more of a challenge. The lack of a 401(k) or similar plan at your job doesn't help either.

But let's look on the bright side. You know that you've got to start doing something and you seem ready to begin. You also have a good 20 or so years to build a nest egg.

So if you get started now -- and I mean pronto -- you can still dramatically improve your retirement prospects and avoid ending up dependent on Social Security alone after your retire.

Your first move: Open an IRA at a mutual fund company and fund it for the 2012 tax year.

That's right, if you contribute to an IRA before the tax filing deadline of April 15th, you can stipulate that the money count toward the 2012 tax year. The maximum contribution for 2012 is $5,000. (People 50 and older can make an additional $1,000 catch-up contribution). If you can't sock away the max, do as much as you can.

Unless you think you'll face a higher tax rate in retirement than you do now -- doubtful in your case given that you're getting a late start with saving -- you're probably better off doing a traditional IRA and taking the tax deduction rather than doing a Roth IRA and foregoing the deduction in return for tax-free distributions down the road.

But don't get hung up on this issue. What's most important is that you fund some type of IRA account before April 15th. Besides, you always have the option of converting all or a portion of a traditional IRA to a Roth IRA later on.

Similarly, don't obsess about how to invest your IRA funds. If you don't already have a plan for how to build a diversified portfolio, I suggest you just invest in a target-date retirement fund offered by one of the fund companies on our MONEY 70 list of recommended funds. That will give you a fully diversified portfolio of stocks and bonds that will become more conservative as you age.

To read the entire article from Walter Updegrave | Money:
http://finance.yahoo.com/news/help-im-40s-no-retirement-101900581.html

Inspirational Quotes@Inspire_Us from Twitter:
Always and never are two words you should always remember never to use. - Wendell Johnson

Hi my name is Philip J. Miano and I am the founder of PJM Personal Finance and Productivity Coaching specializing in Budgeting, Debt Reduction, Bank Reconciliations, Goal Setting, Time Management, and Organizational skills. Please visit my website: http://pjmcoaching.com.

Personal Finance News Thursday 3/14

Phil's Personal Finance Tip of the Day:

Best Days, Months and Hours to Spend Money

By Farnoosh Torabi | Yahoo! Finance

We all want to spend our time and money wisely, and now a new book explains how to do both — how to get the most bang for your buck by simply timing our purchases right. “Buy Shoes on Wednesday and Tweet at 4:00” offers tips on various transactions, from leasing a car to getting a haircut.

Shoes

A girl can never have too many pairs and online retailers make it very simple to find whatever we want day or night. But sales tracker ShopItToMe.com says if you can hold off until Wednesdays to buy a pair that caught your eye, you’ll likely save about 40% off the regular price.

Hair Cuts

How about a new “do” to got with your fancy footwear? Well, you may want to think twice before getting a haircut on a Saturday. Stylists interviewed for the book say it’s their busiest day of the week and when they’re under the most pressure. Instead, schedule an appointment with your barber or salon on Tuesday, often the slowest day for business. Hairstylists say they’re less stressed and make fewer mistakes — plus you’ll get their full attention.

Life Insurance Policies

Timing matters here, as well. If you haven’t invested in a policy yet, the time to act is sooner rather than later. In fact, you’ll get the best rate on a policy before your next birthday.

To read the entire article from Farnoosh Torabi | Yahoo! Finance:

http://finance.yahoo.com/news/best-days--months-and-hours-to-spend-money-155426046.html

Inspirational Quotes@Inspire_Us from Twitter:

I am not discouraged, because every wrong attempt discarded is another step forward. - Thomas Edison

Hi my name is Philip J. Miano and I am the founder of PJM Personal Finance and Productivity Coaching specializing in Budgeting, Debt Reduction, Bank Reconciliations, Goal Setting, Time Management, and Organizational skills. Please visit my website: http://pjmcoaching.com

Personal Finance News Wednesday 3/13

Phil's Personal Finance Tip of the Day:

Minn. Couple Paid Off $82,000 Of Credit Debt In Four Years
By Mandi Woodruff | Business Insider 

As a successful software engineer living in the suburbs of Minnesota, Travis Pizel never had an income problem.

With his wife, Vonnie, the couple pulled in a cool six figures each year, more than enough to provide for their two children and still take the occasional weekend getaway.

And if they couldn't afford something when they wanted it, Travis knew exactly where to turn.

As tales of debt often do, his began with one credit card that eventually became two credit cards, then three, and so on. A few years into his marriage, Travis had opened 13 lines of credit and was officially hiding the bills from his wife each month.

"I just stopped talking about how much [debt we were in]," Travis told BI. "Everyone else would go to bed at night and I would be trying to figure out how to move credit balances around, get new credit cards ... whatever it took to keep our finances going."

Within a decade, he amassed $109,000 worth of debt. 

To read the entire article from Mandi Woodruff | Business Insider:
http://finance.yahoo.com/news/minn-couple-paid-off-82-151902019.html

Inspirational Quotes@Inspire_Us from Twitter:

Although the world is full of suffering, it is also full of the overcoming of it. -Helen Keller

Hi my name is Philip J. Miano and I am the founder of PJM Personal Finance and Productivity Coaching specializing in Budgeting, Debt Reduction, Bank Reconciliations, Goal Setting, Time Management, and Organizational skills. Please visit my website: http://pjmcoaching.com

Personal Finance News Tuesday 3/12

Phil's Personal Finance Tip of the Day:

FAQs About Health Savings Accounts

A health savings account can be a powerful financial tool to cover medical expenses

As employers search for ways to lower their health care costs, they’re encouraging employees to sign up for a high-deductible health insurance policy paired with a health savings account. An HSA gives you a triple tax break: Your contributions are sheltered from income taxes, the money grows tax-deferred, and the funds can be withdrawn tax-free for medical expenses. It’s like a supercharged flexible spending account that never expires, and it can even serve as an extra retirement-savings fund. Most employers also add a few hundred dollars to the accounts each year as a bonus. Below we answer your questions about how HSAs work and how to make the most of them.

Read more at http://www.kiplinger.com/article/insurance/T027-C000-S002-health-savings-accounts.html#agipOlH3cOqSkbSv.99

Inspirational Quotes@Inspire_Us from Twitter:

Tell me and I forget. Teach me and I remember. Involve me and I learn. - Benjamin Franklin

Hi my name is Philip J. Miano and I am the founder of PJM Personal Finance and Productivity Coaching specializing in Budgeting, Debt Reduction, Bank Reconciliations, Goal Setting, Time Management, and Organizational skills. Please visit my website: http://pjmcoaching.com

Personal Finance News Monday 3/11

Phil's Personal Finance Tip of the Day:

New credit score could help millions

By Blake Ellis | CNNMoney.com 

A new credit scoring model will potentially boost scores for many credit applicants and help establish credit for millions of people who previously had little or no credit history.

The new scoring model will be used in the latest version of the VantageScore, the credit score created by the three major credit bureaus -- Experian, Equifax and TransUnion.

Currently, debts that go into collections, even if they are paid off, are factored into all credit scores for up to seven years, said John Ulzheimer, president of consumer education for SmartCredit.com. But VantageScore 3.0 will no longer factor these accounts into a consumer's score if the debt was paid in full or settled, just as long as the balance is zero.

To read the entire article from Blake Ellis | CNNMoney.com:
http://finance.yahoo.com/news/credit-score-could-help-millions-170500824.html

Inspirational Quotes@Inspire_Us from Twitter:
I'm a great believer in luck and I find the harder I work, the more I have of it. -Thomas Jefferson

Hi my name is Philip J. Miano and I am the founder of PJM Personal Finance and Productivity Coaching specializing in Budgeting, Debt Reduction, Bank Reconciliations, Goal Setting, Time Management, and Organizational skills. Please visit my website: http://pjmcoaching.com

Personal Finance News Saturday 3/9

Phil's Personal Finance Tip of the Day:

6 Clever Items to Simplify Your Life

Real Simple.com

Real Simple’s mission, through its 12 years, has been to simplify your life with smart finds like these.

Bike Tube Journal Bandolier

This band, which is made from reclaimed bicycle inner tubes, was built to fit around a standard journal and has pockets for holding up to seven tools like pens, pencils, paintbrushes, markers, and more. Makes brainstorming on the go a breeze.

To buy: $25, uncommongoods.com.

To read the entire article from Real Simple:
http://www.realsimple.com/work-life/life-strategies/problem-solvers-00100000097192/index.html

Inspirational Quotes@Inspire_Us from Twitter:
Better three hours too soon than a minute too late. - William Shakespeare

Hi my name is Philip J. Miano and I am the founder of PJM Personal Finance and Productivity Coaching specializing in Budgeting, Debt Reduction, Bank Reconciliations, Goal Setting, Time Management, and Organizational skills. Please visit my website: http://pjmcoaching.com