Is it really money loss for retailers because online shoppers use stores as 'showrooms' before buying items? Up to 20% of shoppers researched products in stores before purchases, a recent study says.
Fed up of feeling like an offline showroom for online buyers, a specialty food store in Australia institutes a $5 showrooming fee for shoppers.
Celiac Supplies, a Brisbane, Australia, store specializing in gluten-free groceries, has unveiled a shopping policy that has fired up the controversy around "showrooming," the act of checking out products in-person at a store and then going online to buy them for a lower price somewhere else.
Celiac Supplies posted a sign telling customers of a $5 fee for in-store browsing. The fee then would be deducted from the cost of any in-store purchase. As images of the store's sign spread on a social media site, so did consumer outrage.
On Celiac Supplies' Facebook page, the store responded to inquiries about the issue by saying, "I get some very sick people coming through the door and all occupy 20 to 30 minutes average of time. Like anyone else, I would like to get paid for my work. Only volunteers and people on community service work for nothing."
Are showrooming fees going to be a new trend? Some social media users mentioned knowing of clothing stores with showrooming fees, but no other signs along the lines of Celiac Supplies' have come to a head just yet. It seems to be a manifestation of the frustration store owners are feeling about the impact of online commerce.
Showrooming can be a serious problem for bricks-and-mortar businesses, but imagine the fallout if a store like Best Buy implemented a cover charge for checking out digital cameras!!
What do you think about the showrooming fee? Is it reasonable, or is there a better way to deal with the issue?
Before Buying, Mobile Shoppers Do This Mostly
They’re researching products, which opens an opportunity for retailers, online and offline.
Consumers who use their mobile phones when shopping are doing more than just comparing prices—they are accumulating more information on products and in the process sometimes using a retailer’s site or app, which allows retailers the opportunity to clinch a sale through mobile technology, finds a new study from mobile marketing and technology firm.
Save Thousands Grocery Shopping
The study reassures retailers that operate physical stores need not fear showrooming, where consumers in stores compare prices between retailers and later make a purchase online or through mobile commerce. Therefore, retailers armed with their own sites, apps and deals can convince shoppers to buy in-store.
There is not much of a gap between comparison shopping and gathering more information about a purchase.
While 54% of mobile shoppers have compared prices in-store, 51% have looked up a product review. Of the additional in-store activities the mobile shopper conducts, 45% have scanned a QR code or bar code for more information, 33% have researched a product on the store’s web site and 28% have used a retailer’s app in-store.
Mobile shoppers seem to be savvy shoppers....
76% of mobile shoppers use coupons at least half of the time while shopping; more than half have used mobile coupons, showing that relevant and timely offers play an important role.
The survey of 1,006 consumers who have used their mobile phones for shopping purposes—a group that represents more than 60% of smartphone owners—finds that one-third earns less than $50,000 a year, one-third makes $50,000 to $100,000 a year, and another third makes more than $100,000 a year. One-third of mobile shoppers are above the age of 45, the survey says. And nearly 70% of mobile shoppers do not have children in the household, the survey finds.
Retailers can expect consumers to do more research than ever before to make sure they get what they need, when they need it, at the price they want—with many using their mobile phones to do so. Therefore, it’s important for retailers to understand how and when consumers are using their phones in order to personalize each valuable interaction. And they need to connect with them beyond price.
Consumers who use their mobile phones when shopping are doing more than just comparing prices—they are accumulating more information on products and in the process sometimes using a retailer’s site or app, which allows retailers the opportunity to clinch a sale through mobile technology, finds a new study from mobile marketing and technology firm.
Save Thousands Grocery Shopping
The study reassures retailers that operate physical stores need not fear showrooming, where consumers in stores compare prices between retailers and later make a purchase online or through mobile commerce. Therefore, retailers armed with their own sites, apps and deals can convince shoppers to buy in-store.
There is not much of a gap between comparison shopping and gathering more information about a purchase.
While 54% of mobile shoppers have compared prices in-store, 51% have looked up a product review. Of the additional in-store activities the mobile shopper conducts, 45% have scanned a QR code or bar code for more information, 33% have researched a product on the store’s web site and 28% have used a retailer’s app in-store.
Mobile shoppers seem to be savvy shoppers....
76% of mobile shoppers use coupons at least half of the time while shopping; more than half have used mobile coupons, showing that relevant and timely offers play an important role.
The survey of 1,006 consumers who have used their mobile phones for shopping purposes—a group that represents more than 60% of smartphone owners—finds that one-third earns less than $50,000 a year, one-third makes $50,000 to $100,000 a year, and another third makes more than $100,000 a year. One-third of mobile shoppers are above the age of 45, the survey says. And nearly 70% of mobile shoppers do not have children in the household, the survey finds.
Retailers can expect consumers to do more research than ever before to make sure they get what they need, when they need it, at the price they want—with many using their mobile phones to do so. Therefore, it’s important for retailers to understand how and when consumers are using their phones in order to personalize each valuable interaction. And they need to connect with them beyond price.
No Sacrificing Our Morning Latte To Save 2 Bucks!
An easy way to save on credit card interest is not to pay interest at all. Just spend only what you can afford and pay it off in full each month and you will NEVER pay a cent of interest ever! And you still get all the rewards your credit card offers!
For shrinking your cell phone bill, I'd highly recommend going with a prepaid provider. I switched from Verizon, where my smartphone bill was over $90/month to Page Plus, where I can get the exact same services on the exact same network for only $30/month. I probably should feel guilty about how little I'm paying, but it does feel pretty nice to stick it to Verizon!
I spend a lot of money on tea, coffee, and snacks when I'm at school and generally anytime I'm out of the house. To save money I keep some tea bags in my purse and most places on campus, grocery stores and bodegas will give me free hot water. It doesn't work with coffee unless you pack instant (which I'm not a fan of). I try to keep snacks on hand, but that is hard too. The most I manage to do is pack a baggie of mixed nuts and dried fruit. Overall this saves me anywhere from 35-80 dollars a week.
Thanks for a really helpful and realistic article! I just moved and this was a good reminder to sign up for a library card so I can borrow ebooks.
Save on your smartphone - big carriers charge an arm and leg - sometimes two legs for smartphone service. Along comes Republic Wireless offering a $19 a month service plan for their smartphone - $19 for unlimited talking, text and data. The phone uses both Wi-Fi and cellular - we've already started saving big bucks.
For shrinking your cell phone bill, I'd highly recommend going with a prepaid provider. I switched from Verizon, where my smartphone bill was over $90/month to Page Plus, where I can get the exact same services on the exact same network for only $30/month. I probably should feel guilty about how little I'm paying, but it does feel pretty nice to stick it to Verizon!
I spend a lot of money on tea, coffee, and snacks when I'm at school and generally anytime I'm out of the house. To save money I keep some tea bags in my purse and most places on campus, grocery stores and bodegas will give me free hot water. It doesn't work with coffee unless you pack instant (which I'm not a fan of). I try to keep snacks on hand, but that is hard too. The most I manage to do is pack a baggie of mixed nuts and dried fruit. Overall this saves me anywhere from 35-80 dollars a week.
Thanks for a really helpful and realistic article! I just moved and this was a good reminder to sign up for a library card so I can borrow ebooks.
Save on your smartphone - big carriers charge an arm and leg - sometimes two legs for smartphone service. Along comes Republic Wireless offering a $19 a month service plan for their smartphone - $19 for unlimited talking, text and data. The phone uses both Wi-Fi and cellular - we've already started saving big bucks.
Your Boss Dumped Your Wife, What?
Companies are dropping health coverage for spouses to cut costs.
Companies have a new solution to rising health-insurance costs: Break up their employees’ marriages.
By denying coverage to spouses, employers not only save the annual premiums, but also the new fees that went into effect as part of the Affordable Care Act. This year, companies have to pay $1 or $2 “per life” covered on their plans, a sum that jumps to $65 in 2014. And health law guidelines proposed recently mandate coverage of employees’ dependent children (up to age 26), but husbands and wives are optional. “The question about whether it’s obligatory to cover the family of the employee is being thought through more than ever before,” says Helen Darling, president of the National Business Group on Health. See: When your boss doesn’t trust your doctor
While surcharges for spousal coverage are more common, last year, 6% of large employers excluded spouses, up from 5% in 2010, as did 4% of huge companies with at least 20,000 employees, twice as many as in 2010, according to human resources firm Mercer. These “spousal carve-outs,” or “working spouse provisions,” generally prohibit only people who could get coverage through their own job from enrolling in their spouse’s plan.
Such exclusions barely existed three years ago, but experts expect an increasing number of employers to adopt them: “That’s the next step,” Darling says. HMS, a company that audits plans for employers, estimates that nearly a third of companies might have such policies now. Holdouts say they feel under pressure to follow suit. “We’re the last domino,” says Duke Bennett, mayor of Terre Haute, Ind., which is instituting a spousal carve-out for the city’s health plan, effective July 2013, after nearly all major employers in the area dropped spouses.
But when employers drop spouses, they often lose more than just the one individual, when couples choose instead to seek coverage together under the other partner’s employer. Terre Haute, which pays $6 million annually to insure nearly 1,200 people including employees and their family members, received more than 20 new plan members when a local university, bank and county government stopped insuring spouses, according to Bennett. “We have a great plan, so they want to be on ours. All we’re trying to do is level the playing field here,” he says.
While couples generally prefer to be on the same health plan, companies often find that spouses are more expensive to insure than their own employees. That’s because, say benefits experts, covered spouses tend to be women, who as a group not only spend more on health care, but also have more free time to go to the doctor if they don’t work.
Companies have a new solution to rising health-insurance costs: Break up their employees’ marriages.
By denying coverage to spouses, employers not only save the annual premiums, but also the new fees that went into effect as part of the Affordable Care Act. This year, companies have to pay $1 or $2 “per life” covered on their plans, a sum that jumps to $65 in 2014. And health law guidelines proposed recently mandate coverage of employees’ dependent children (up to age 26), but husbands and wives are optional. “The question about whether it’s obligatory to cover the family of the employee is being thought through more than ever before,” says Helen Darling, president of the National Business Group on Health. See: When your boss doesn’t trust your doctor
While surcharges for spousal coverage are more common, last year, 6% of large employers excluded spouses, up from 5% in 2010, as did 4% of huge companies with at least 20,000 employees, twice as many as in 2010, according to human resources firm Mercer. These “spousal carve-outs,” or “working spouse provisions,” generally prohibit only people who could get coverage through their own job from enrolling in their spouse’s plan.
Such exclusions barely existed three years ago, but experts expect an increasing number of employers to adopt them: “That’s the next step,” Darling says. HMS, a company that audits plans for employers, estimates that nearly a third of companies might have such policies now. Holdouts say they feel under pressure to follow suit. “We’re the last domino,” says Duke Bennett, mayor of Terre Haute, Ind., which is instituting a spousal carve-out for the city’s health plan, effective July 2013, after nearly all major employers in the area dropped spouses.
But when employers drop spouses, they often lose more than just the one individual, when couples choose instead to seek coverage together under the other partner’s employer. Terre Haute, which pays $6 million annually to insure nearly 1,200 people including employees and their family members, received more than 20 new plan members when a local university, bank and county government stopped insuring spouses, according to Bennett. “We have a great plan, so they want to be on ours. All we’re trying to do is level the playing field here,” he says.
While couples generally prefer to be on the same health plan, companies often find that spouses are more expensive to insure than their own employees. That’s because, say benefits experts, covered spouses tend to be women, who as a group not only spend more on health care, but also have more free time to go to the doctor if they don’t work.
Save 100's of Dollars Yearly Patrolling Your Refrigerator
Watch the waste. Studies estimate that Americans waste up to 40% of our food supply. If that's the case in your household, you could save hundreds of dollars a year just by patrolling your refrigerator, freezer and pantry each day so you can use stuff before it rots.
The average American family of four spends $727 a month on food -- but you can spend substantially less and still be healthy.
If you're newly broke, or trying to save money for other purposes like paying down debt, your grocery list is a great place to look for savings. Although food is the third-largest expenditure for most households, after housing and transportation, it's also one of the most flexible and can easily be trimmed on the fly. Here are some general principles to keep in mind:
Skip the processing. Steer away from foods with lots of additives, chemicals and packaging; they're often not as good for you, and they can drive up the cost of your groceries. Instead, opt for foods that are as close to their natural state as possible. That may mean you have to spend a little more time preparing your meals, but I've included helpful tips below on how to make that more convenient.
Demote meat. Beef, chicken, pork and fish often take a starring role in American meals, whereas in less-wealthy countries they're often supporting players or make only cameo appearances: Think bowls of rice or grain topped with lots of veggies and a few bits of meat or seafood. Or you can skip meat entirely for much cheaper protein sources, such as eggs or beans (a half cup of beans has as much protein as 3 ounces of steak).
Nuts, legumes, seeds and dairy products, including milk, cheese and yogurt, are other good sources of protein. Water-packed canned tuna and salmon, which you frequently can find on sale, can help you get the 8 to 12 ounces of seafood the USDA says you should have every week. The new "Healthy Plate" guidelines, which the USDA recently introduced to replace the old food pyramid, reflect these changes by replacing the old "meat and beans" category with "protein foods."
Promote veggies. The typical household should spend about 40% of its food budget on fruits and vegetables, Post said. Buying in-season produce on sale is one way to save while filling your plate. Also consider frozen or canned vegetables and fruit. Frozen produce is typically processed soon after harvest, which preserves more nutrients, but be careful with canned foods, because they can have too much salt and sugar. Opt for low-sodium versions and fruit packed in juice, not syrup, Post recommended. If you have a farmers' market nearby, consider shopping there, especially toward the end of the day when you may be able to negotiate deals on produce farmers would otherwise have to haul home.
Go for the grains. Wheat, rice, oats, cornmeal, barley and cereal grains are filling and fairly inexpensive, especially if you buy in bulk. Opt for whole grains, which offer more nutrients and fiber. Oatmeal makes a nutritious, satisfying breakfast for just pennies a serving, while brown rice can be served at any meal (it's pretty good heated up with milk and honey).
The average American family of four spends $727 a month on food -- but you can spend substantially less and still be healthy.
If you're newly broke, or trying to save money for other purposes like paying down debt, your grocery list is a great place to look for savings. Although food is the third-largest expenditure for most households, after housing and transportation, it's also one of the most flexible and can easily be trimmed on the fly. Here are some general principles to keep in mind:
Skip the processing. Steer away from foods with lots of additives, chemicals and packaging; they're often not as good for you, and they can drive up the cost of your groceries. Instead, opt for foods that are as close to their natural state as possible. That may mean you have to spend a little more time preparing your meals, but I've included helpful tips below on how to make that more convenient.
Demote meat. Beef, chicken, pork and fish often take a starring role in American meals, whereas in less-wealthy countries they're often supporting players or make only cameo appearances: Think bowls of rice or grain topped with lots of veggies and a few bits of meat or seafood. Or you can skip meat entirely for much cheaper protein sources, such as eggs or beans (a half cup of beans has as much protein as 3 ounces of steak).
Nuts, legumes, seeds and dairy products, including milk, cheese and yogurt, are other good sources of protein. Water-packed canned tuna and salmon, which you frequently can find on sale, can help you get the 8 to 12 ounces of seafood the USDA says you should have every week. The new "Healthy Plate" guidelines, which the USDA recently introduced to replace the old food pyramid, reflect these changes by replacing the old "meat and beans" category with "protein foods."
Promote veggies. The typical household should spend about 40% of its food budget on fruits and vegetables, Post said. Buying in-season produce on sale is one way to save while filling your plate. Also consider frozen or canned vegetables and fruit. Frozen produce is typically processed soon after harvest, which preserves more nutrients, but be careful with canned foods, because they can have too much salt and sugar. Opt for low-sodium versions and fruit packed in juice, not syrup, Post recommended. If you have a farmers' market nearby, consider shopping there, especially toward the end of the day when you may be able to negotiate deals on produce farmers would otherwise have to haul home.
Go for the grains. Wheat, rice, oats, cornmeal, barley and cereal grains are filling and fairly inexpensive, especially if you buy in bulk. Opt for whole grains, which offer more nutrients and fiber. Oatmeal makes a nutritious, satisfying breakfast for just pennies a serving, while brown rice can be served at any meal (it's pretty good heated up with milk and honey).
Imagine A Dripping Faucet Keeping You From Buying A Car
Can you imagine your air conditioner keeping you from buying a house? Can you imagine your cellphone costing you thousands of dollars in interest on a higher-rate mortgage?
"Impossible," you might say.
A leaky faucet can drown your credit
Credit agencies are increasingly interested in your complete financial profile, even utility payments. So a late phone bill could also impact your mortgage rate.
Those things are entirely possible, even probable. Here's why: Your credit reports are made up of information about you flooding into the credit reporting agencies. You probably already know about some of the information -- your home address, credit cards, payment histories and (possibly) bankruptcies. Yet many consumers are surprised to discover one piece of information they didn't know was being reported on their credit reports, even though this information can severely hurt their credit scores if they aren't careful.
Unpaid utility bills are now being reported consistently on credit reports. Your phone bill, power bill and water bill (and any other utility-related obligations you might have) could show up on your credit report, and therefore influence whether lenders will loan you money.
It might be tempting to skip a payment now and then or not pay on time, especially if money is tight and you need to direct those funds elsewhere. But it's important to pay your utility bills on time -- not only to keep your utility providers happy, but also to ensure that you keep your current and future lenders happy.
Here are some tips to help you handle your utility bills so they don't hurt your credit scores:
Watch your bills closely and mark on a calendar when they should be paid.
If you want to minimize the number of utility bills that could impact your credit, try to bundle services (for example, your telephone company may also be able to provide you with Internet services).
Keep the number of times you switch service providers to a minimum. you're your credit reports will be pulled each time you switch.
Ask your utility provider if you can get on a fixed average payment plan so your bill each month is a predictable amount. This will can help keep away an unpleasant surprises after a month of particularly high utility usage.
Not every utility reports payments, but I am seeing an increasing number of utilities that do report, so consumers who are smart about their credit should manage their utility bills in the same way they manage other credit-impacting accounts, including loans and credit cards.
"Impossible," you might say.
A leaky faucet can drown your credit
Credit agencies are increasingly interested in your complete financial profile, even utility payments. So a late phone bill could also impact your mortgage rate.
Those things are entirely possible, even probable. Here's why: Your credit reports are made up of information about you flooding into the credit reporting agencies. You probably already know about some of the information -- your home address, credit cards, payment histories and (possibly) bankruptcies. Yet many consumers are surprised to discover one piece of information they didn't know was being reported on their credit reports, even though this information can severely hurt their credit scores if they aren't careful.
Unpaid utility bills are now being reported consistently on credit reports. Your phone bill, power bill and water bill (and any other utility-related obligations you might have) could show up on your credit report, and therefore influence whether lenders will loan you money.
It might be tempting to skip a payment now and then or not pay on time, especially if money is tight and you need to direct those funds elsewhere. But it's important to pay your utility bills on time -- not only to keep your utility providers happy, but also to ensure that you keep your current and future lenders happy.
Here are some tips to help you handle your utility bills so they don't hurt your credit scores:
Watch your bills closely and mark on a calendar when they should be paid.
If you want to minimize the number of utility bills that could impact your credit, try to bundle services (for example, your telephone company may also be able to provide you with Internet services).
Keep the number of times you switch service providers to a minimum. you're your credit reports will be pulled each time you switch.
Ask your utility provider if you can get on a fixed average payment plan so your bill each month is a predictable amount. This will can help keep away an unpleasant surprises after a month of particularly high utility usage.
Not every utility reports payments, but I am seeing an increasing number of utilities that do report, so consumers who are smart about their credit should manage their utility bills in the same way they manage other credit-impacting accounts, including loans and credit cards.
Your Mom, Her Money and Alzheimer's
How one woman took over her mother's finances after she was diagnosed with the disease.
When I started noticing signs that my mom's memory was fading, I was too intimidated to tell her that I thought she might have dementia or Alzheimer's disease. So I called her primary-care physician and asked him to suggest during her next appointment that it would be a good idea for her to see a specialist to check for memory loss.
She took his advice and hankfully, one of her friends stepped in and took her to another doctor, who did diagnose her with Alzheimer's disease.
The diagnosis affirmed what I already knew -- that my mom's ability to handle financial tasks (as well as daily activities, such as cooking, bathing and dressing) would erode, possibly very quickly. As such, I told myself that I couldn't be afraid to step in and start helping her manage her finances. Here's how I did it:
I got power of attorney. After my mom was diagnosed with Alzheimer's, I knew I had to act quickly to get power of attorney to handle financial transactions for her. Without it, I wouldn't be able to access her accounts, sign checks for her or manage her money when she was no longer able to do so. And I couldn't wait until she didn't have the mental capacity to handle financial transactions before I secured this document. For a power of attorney to be valid, the person has to be competent when he or she signs it. Otherwise, you'll have to go to court, and a judge will have to deem your parent incompetent.
I used the diagnosis to start a conversation with my mom about the disease and how it meant her memory and ability to do things would only get worse. I told her that I wanted to be able to help her. To do so, I said we needed to meet with an attorney to draft all the necessary legal documents. She agreed.
My mom granted what's called a durable power of attorney to both my sister and me. It took effect immediately, and it will stay in effect even if she's declared incompetent. Another option is a so-called springing power of attorney, which will not take effect until your parent is deemed incompetent by a doctor. We opted against a springing POA because we were concerned that a doctor might be hesitant to sign anything that could lead to a legal dispute.
Once I had this document, I started contacting financial institutions at which my mom had accounts. Proof of power of attorney varied from institution to institution. Some simply took my word for it; others, such as her credit card company, wanted me to send the original document, but I insisted that I could send only a copy because my mother's attorney had instructed me never to send the original (which could be misused if it fell into the wrong hands). We went together to her bank, which required that she sign documents giving me power of attorney for her account there.
I started monitoring her accounts. My mother isn't tech savvy -- she doesn't even own a computer. And that worked to my advantage. I was able to set up online access to her accounts to monitor them, using passwords of my choosing. I wanted to take her checkbook away because she had been giving freely to almost every charitable organization that sent her a donation request. To do this, I suggested setting up automatic bill payments so that she wouldn't need paper checks, but she balked. Instead, I went through her mail every time I visited to weed out solicitations from organizations to which she had no ties. I wasn't able to take away her checkbook until two years after her diagnosis, when I moved her into my home.
I took away all but one of her credit cards. Experts I spoke with said that it was OK to be sneaky at times when dealing with people with Alzheimer's in order to protect them financially. That could mean going through a purse, finding a checkbook and copying down an account number so that you can monitor the account, or surreptitiously looking through files to get a better picture of a parent's finances. In my case, I pulled all but one of the credit cards out of my mom's wallet when she wasn't looking. For someone who could easily leave her purse behind without noticing, it was too much of a risk for her to carry all those cards.
Luckily, my mom didn't have a debit card. She simply used checks to get cash from her account. I left her with one credit card to pay for things when she didn't have cash on hand. This card was issued by her bank, and because I had set up online access to her bank accounts, I was able to monitor her use of it.
Once my mother moved in with me, it was much easier to take over her finances entirely. Even before that point, though, I was incredibly lucky because my mother was willing to let me help her. The few times she resisted my efforts, I simply backed off and tried again later or used a different approach. I've also been grateful that my sister and I have never had any arguments over how to manage my mom's money.
It's not always this easy for children to help parents with financial tasks, though. Some parents don't want to be told what to do by their kids; others are suspicious of their kids' motives.
When I started noticing signs that my mom's memory was fading, I was too intimidated to tell her that I thought she might have dementia or Alzheimer's disease. So I called her primary-care physician and asked him to suggest during her next appointment that it would be a good idea for her to see a specialist to check for memory loss.
She took his advice and hankfully, one of her friends stepped in and took her to another doctor, who did diagnose her with Alzheimer's disease.
The diagnosis affirmed what I already knew -- that my mom's ability to handle financial tasks (as well as daily activities, such as cooking, bathing and dressing) would erode, possibly very quickly. As such, I told myself that I couldn't be afraid to step in and start helping her manage her finances. Here's how I did it:
I got power of attorney. After my mom was diagnosed with Alzheimer's, I knew I had to act quickly to get power of attorney to handle financial transactions for her. Without it, I wouldn't be able to access her accounts, sign checks for her or manage her money when she was no longer able to do so. And I couldn't wait until she didn't have the mental capacity to handle financial transactions before I secured this document. For a power of attorney to be valid, the person has to be competent when he or she signs it. Otherwise, you'll have to go to court, and a judge will have to deem your parent incompetent.
I used the diagnosis to start a conversation with my mom about the disease and how it meant her memory and ability to do things would only get worse. I told her that I wanted to be able to help her. To do so, I said we needed to meet with an attorney to draft all the necessary legal documents. She agreed.
My mom granted what's called a durable power of attorney to both my sister and me. It took effect immediately, and it will stay in effect even if she's declared incompetent. Another option is a so-called springing power of attorney, which will not take effect until your parent is deemed incompetent by a doctor. We opted against a springing POA because we were concerned that a doctor might be hesitant to sign anything that could lead to a legal dispute.
Once I had this document, I started contacting financial institutions at which my mom had accounts. Proof of power of attorney varied from institution to institution. Some simply took my word for it; others, such as her credit card company, wanted me to send the original document, but I insisted that I could send only a copy because my mother's attorney had instructed me never to send the original (which could be misused if it fell into the wrong hands). We went together to her bank, which required that she sign documents giving me power of attorney for her account there.
I started monitoring her accounts. My mother isn't tech savvy -- she doesn't even own a computer. And that worked to my advantage. I was able to set up online access to her accounts to monitor them, using passwords of my choosing. I wanted to take her checkbook away because she had been giving freely to almost every charitable organization that sent her a donation request. To do this, I suggested setting up automatic bill payments so that she wouldn't need paper checks, but she balked. Instead, I went through her mail every time I visited to weed out solicitations from organizations to which she had no ties. I wasn't able to take away her checkbook until two years after her diagnosis, when I moved her into my home.
I took away all but one of her credit cards. Experts I spoke with said that it was OK to be sneaky at times when dealing with people with Alzheimer's in order to protect them financially. That could mean going through a purse, finding a checkbook and copying down an account number so that you can monitor the account, or surreptitiously looking through files to get a better picture of a parent's finances. In my case, I pulled all but one of the credit cards out of my mom's wallet when she wasn't looking. For someone who could easily leave her purse behind without noticing, it was too much of a risk for her to carry all those cards.
Luckily, my mom didn't have a debit card. She simply used checks to get cash from her account. I left her with one credit card to pay for things when she didn't have cash on hand. This card was issued by her bank, and because I had set up online access to her bank accounts, I was able to monitor her use of it.
Once my mother moved in with me, it was much easier to take over her finances entirely. Even before that point, though, I was incredibly lucky because my mother was willing to let me help her. The few times she resisted my efforts, I simply backed off and tried again later or used a different approach. I've also been grateful that my sister and I have never had any arguments over how to manage my mom's money.
It's not always this easy for children to help parents with financial tasks, though. Some parents don't want to be told what to do by their kids; others are suspicious of their kids' motives.
Quick Way To Fatten Your Wallet
A little planning can fatten your wallet by preventing expensive impulse buys. You can even save on gas by being organized, because you won't need to make a second shopping trip to buy those forgotten items. Wait a minute, second shopping trip? I am talking about grocery shopping and here are 2 ways to cut the fat from your grocery bill. These ways can help you get a grip on tasty but often expensive cost of living.
It's the grocery cycle: You shop, you buy, you eat, then start over. But being prepared along with being vigilant on prices, coupons and brands can save big bucks.
1. Make a grocery list and check it twice!
2. Watch the price scanner: What can cost you additional dollars are mistakes on price scans that are common at the grocery store. A recent Consumer Reports survey found that 6% of respondents were overcharged at the grocery checkout, and no particular chain stood out as more or less accurate than the others. Watching while your grocery prices scan and verifying their accuracy at checkout can save you money and may even get you free food -- many grocery chains will give you the item for free if it scans at the wrong price, but it's up to you to spot the error.
3. Buy generic items over big brand names: It costs big bucks to market brand-name products, and you're paying for that expense when you buy a food item with a recognizable label. Save 10% to 50% on every shopping trip by switching your brand-name buys for generic items. Compare many generic items to the brand-name equivalent and you'll find that the brands are not necessarily better than their less-advertised alternatives.
4. Stop clipping the wrong coupons: Many coupons offer deals on highly packaged foods low in nutrition and high in unpronounceable ingredients so please take a good look at the grocery coupons you're clipping before getting excited about the deal. A better deal for your health in the long run is by skipping the coupons for bad buys and opting to pay a little bit more for whole foods.
5. Skip the cans, buy dried beans in bulk: Buying dried beans in bulk and soaking them overnight is a frugal way to add protein to your diet without paying for the high cost of meat. Besides, dried beans are extremely cheap and expand when soaked, so your family gets more meal for every dining dollar spent by forgoing the canned variety.
Finding simple ways to cut your everyday food expenses takes a bit of practice, but the payoff can be huge!
It's the grocery cycle: You shop, you buy, you eat, then start over. But being prepared along with being vigilant on prices, coupons and brands can save big bucks.
1. Make a grocery list and check it twice!
2. Watch the price scanner: What can cost you additional dollars are mistakes on price scans that are common at the grocery store. A recent Consumer Reports survey found that 6% of respondents were overcharged at the grocery checkout, and no particular chain stood out as more or less accurate than the others. Watching while your grocery prices scan and verifying their accuracy at checkout can save you money and may even get you free food -- many grocery chains will give you the item for free if it scans at the wrong price, but it's up to you to spot the error.
3. Buy generic items over big brand names: It costs big bucks to market brand-name products, and you're paying for that expense when you buy a food item with a recognizable label. Save 10% to 50% on every shopping trip by switching your brand-name buys for generic items. Compare many generic items to the brand-name equivalent and you'll find that the brands are not necessarily better than their less-advertised alternatives.
4. Stop clipping the wrong coupons: Many coupons offer deals on highly packaged foods low in nutrition and high in unpronounceable ingredients so please take a good look at the grocery coupons you're clipping before getting excited about the deal. A better deal for your health in the long run is by skipping the coupons for bad buys and opting to pay a little bit more for whole foods.
5. Skip the cans, buy dried beans in bulk: Buying dried beans in bulk and soaking them overnight is a frugal way to add protein to your diet without paying for the high cost of meat. Besides, dried beans are extremely cheap and expand when soaked, so your family gets more meal for every dining dollar spent by forgoing the canned variety.
Finding simple ways to cut your everyday food expenses takes a bit of practice, but the payoff can be huge!
The Truth About Your Dirty Laundry
Makers of laundry detergent are in the business of selling their product and selling as much of their product as they possibly can. They recommend that you use a certain amount of laundry detergent in each load. it's printed right there on the box or bottle.
That recommended amount is a maximum, not a minimum. Here's why:
Laundry detergent takes dirt off your clothes because dirt sticks to the detergent, and then the detergent is washed away in the rinse cycle. The more detergent you use, the more will be left behind after rinsing. If you use too much, then your clothes will be permeated with laundry detergent and the dirt that is stuck to it.
I sometimes rewash the clothes that my daughter-in-law has already washed because they still look dirty. I use no detergent at all. The machine fills with suds in the wash cycle, and then it rinses out all that built-up, dirty detergent in the rinse cycle.
So remember, in the case of laundry detergent, more is not better. #firstdayofschool
Back in the old days folks kept batteries for flashlights and for kids' toys at the holidays. Nowadays batteries are a mainstay for all our electronic devices so with this said many people keep a battery drawer at home. Batteries are not for the occasional buy any longer.
Let's separate fact from fiction when it come from getting the most power out your purchased batteries. It really depends on where you live when you need to keep your batteries in your fridge such as living in a hot weather climate or keep your batteries in a very hot storage place. Alkaline batteries lose capacity much quicker when stored at high temps. Then you might want to keep batteries in a cooler location like the fridge. However, most people can store batteries at room temperature.
Wise and old advice of taking batteries out of toys and devices to prevent corrosion is still true and dropping batteries on cement do not affect the energy of your batteries. Plus, do not worry about the date stamped on the side. If it passed the date, it is not super fresh but still usable. Don't throw them out until they actually run out.
When buying batteries do not get confused with the hyped up advertising labeling. Ultra Capacity, Long Life, Heavy Duty, that is ad copy writer trying to get you to buy their name brand. Buy whatever brand that works fr you.
Buy batteries in bulk is a smart buy. They last a long time sitting in the drawer, and you never know when the remote is going to go dead.
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