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With major retailer data breaches the last few years, and statistics indicating that 1 out of 5 Americans have experienced debit card fraud in the last 5 years, it’s no secret that debit card technology has been long overdue for a security upgrade. We’ve been hearing rumors for years about the full-scale roll-out of EMV, sometimes termed ‘smart card’ or ‘chip card’ technology, but banks are finally producing them to the exclusion of their magnetic-strip predecessors.
Rampant fraud has made it clear that magnetic strip technology provides very little protection from card theft., as thieves simply have to obtain your card number and swap it out with the magnetic strip on another card (even a gift card). Alternately, they can create an entirely new card using your data. Chip technology effectively eliminates this problem.
So how does it work?
The tiny integrated circuit on a chip card stores your payment information just like a magnetic strip, but with each transaction, creates a unique, one-time code that can’t be recycled. This means that even if a thief gets your payment information, they will be unable to re-use or reproduce these unique codes that verify the card’s authenticity. [ continue reading… ]
I have written a few times on how to save money with baby clothes and kids clothes. But if you are like me, then you want to know a bit about saving money in your own wardrobe too. Financial experts say that individuals should spend about five percent of their take home pay on clothing. That translate to $150 for clothing each month if your take home pay is $3000. Do you really need to spend that much to look good? I think not. Here are a few places where you can cut down the costs. [ continue reading… ]
It’s almost that time of the year again: back to school! Parents can’t wait for it, while kids frown at the thought of it. Whether you’re sending your children back to school or going back yourself, one of biggest tasks on your to-do list is back to school shopping. While back-to-school shopping can be fun, it can also be quite stressful, as there’s a lot you or your child is going to need to have a successful year ahead. The cost of supplies can add up quickly too. Here are 5 budget friendly tips for back to school shopping:
Ask for a shopping list
Have a game plan before you even start shopping. It’s easy to waste money on things you don’t need. Ask your school or your child’s teacher for a shopping list. If they don’t already have one prepared (and most will be prepared), they can at least provide you guidance on what to buy. It will make things much easier for you and take the guess work out of shopping. You’ll only buy exactly what you need and still be super prepared. [ continue reading… ]
The perfect house has come up for sale. It’s the right size for your family, in the right neighborhood, and in your price range. You plan to call the phone number of the real estate agent who’s toothy grin graces the sale sign and get started on your path to home ownership.
Except calling the seller’s agent is not necessarily in your best interest. You will be much better off hiring your own real estate agent without being in a potential conflict of interest who can meet your needs and negotiate for you.
And don’t look for just any agent either. Here are four questions you need to ask an agent to determine if she is the right fit for you: [ continue reading… ]
In the past couple of years, the financial media has been full of stories about the risk aversion experienced by millennials. According to surveys and studies, millennials are reluctant to invest in the stock market. Many of them came of age in time to watch their parents lose retirement money in the aftermath the financial crisis of 2008 (although hanging in there rather than selling would have resulted in recovery and then some).
That’s too bad.
Savings Accounts Don’t Build Wealth Effectively
While savings accounts can be great places for liquid funds used for emergencies, the reality is that they won’t help you build wealth effectively over time. Try any online calculator that figures compound interest, and you’ll find that the interest returns from a savings account are woefully unable to help you build enough wealth for a comfortable retirement. You probably won’t even beat inflation if you keep your money in a savings account. [ continue reading… ]
The value of a new car drops thousands of dollars the instant it leaves the dealership lot. During the first year of ownership, that shiny new ride will drop 20% off it’s value, and nearly a third by the end of the second year. This exceptional rate of depreciation is exactly why the financially savvy look to buy a used vehicle, as a great vehicle with a lot of life left can be had at a huge discount.
Cell phones follow the exact same model, because consumers pay a premium for the latest and greatest technology. The definition of what is the latest and greatest changes rapidly, though. Today’s technological marvel is merely tomorrow’s middle of the road phone. In fact, everything changes so fast many of us don’t fully utilize the capabilities of the phone that we carry around each day. For example, I had a Galaxy S4 and after a year I shelled out extra cash to upgrade to the S5. I could barely tell the difference to be honest. I suspect there are many people out there that have the same customer experience as I did.
I decided to do a little research to find out just how much I could save buying a used cell phone that is at least one generation behind the latest and greatest. I searched Craigslist for the two leading flagship smart phones: The Apple iPhone and the Samsung Galaxy. [ continue reading… ]
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