UTM Moving Party!
October 28, 2008 at 10:39 am | In Site News | Leave a CommentUTM is officially becoming a Blogger blog (for both compatibility and other reasons). Come and find us here!
Paper or Plastic?
October 27, 2008 at 7:25 pm | In Day in the life... | Leave a CommentTags: brochures, check out, credit card offer, grocery store, identity, insurance, krogers, personal finance, pet insurance, smiths, theft
When your friendly grocer asks this question, they’re usually wondering what kind of grocery bag you want to take your graham crackers and applesauce home in. While UTMGal and I were waiting in line waiting to check out with our milk and bread, I noticed something I hadn’t seen before. Tucked in between the king-size Snickers, the bubblegum and the batteries was financial advice. That’s right – financial advice. We were shopping at a Smith’s (which is owned by Krogers) and I picked up three financial advice pamphlets titled:
- 1-2-3 Rewards MasterCard (0% intro APR on Balance Transfers for 12 months)
- Pet Insurance (Because pets are family, too)
- Identity Theft Protection (You need more than a shredder)
I thought they were advertisements for another company, but nope, the website listed on the front of the pamphlets is: www.smithsfoodanddrug.com/finance (check the link for a picture of all of the different brochures and advice they offer.)
They include loans and other types of insurance.
So… would you take financial advice from your grocery store? After reviewing the pamphlets, it looks like the services Smith’s offers are bare bones, and not always essential. For example, take the pet care brochure, which features this quote:
“Cinnamon, just like a kid, had an unexpected injury. Having PetFirst insurance (the pet insurance Smith’s offers) enabled me to concentrate on her well-being and recovery. Instead of the $1,000 cost, 90% was paid for insurance! Now I can spend my money spoiling Cinnamon! I highly recommend PetFirst!”
Now I understand loving your pet – my family had an old cocker spaniel while I was growing up and as she got older and older and started to lose her sight and hearing we collectively mourned and were very said when she died. But is it worth $29.95/month for a cat or $39.95/month for a dog? (the price for premium care) In a year you’ll have forked over $479.40 – enough for almost for any kind of basic dog a family would like. This is obviously a luxury for those who don’t look at price tags. We run into similar situations with both the credit card (which has a rate of 12.24%) and the identity theft protection, which costs $11.99/month (for a yearly total of about $144). Both products are readily available from other locations for better prices.
The lesson from this? Don’t get sucked in to whatever offers show up in front of you – and just because something costs less than $20 a month doesn’t mean that it’s a good deal. It’s important to do your research and take some time just before you sign up for something that will save you $10 on groceries or get you 20 cents off a fill-up of gas (both of these offers are made in the brochures.)
Howdy Everybody!
October 24, 2008 at 5:57 pm | In Site News | Leave a CommentTags: Book Reviews, books, cheap halloween costumes, economy, halloween, howdy, introduction, link roundup, onling budget sites, rss, under the mattress
We’re glad you’ve made it to Under the Mattress. We know we’re the new kid on the block, so when we say thanks for coming, we mean it.
We’ve got new visitors finding us everyday – we’ve already had a 150% increase in visitors since yesterday. Most of you are checking out Glenn Beck’s long (and detailed) informational e-mails where he talks about the economy. If it’s your first time Under the Mattress, don’t leave thinking that’s all we’ve got to offer! We just posted our first book review, a look at “You’re So Money,” by Farnoosh Torabi, and we’ve also posted our weekly link round up which includes some great ideas for cheap Halloween costumes.
If you’re liking us so far, just wait and see what we’ve got planned for the future. Want us to come to you? Hey – we can do that. Just check out our quick and easy subscriptions page and you can have the UTM feed delivered daily to your inbox, RSS reader, or just about anything else that can catch us. We’ve noticed it’s a bit quiet in the comments feed out there (we can hear the comment crickets chirping) – we want you to talk to us, tell us what you want more of and less of – and we’ll try and make it happen! (You never know what’ll happen if you comment at UTM – our first brave commenters may find it worth their while….) Check it all out, make yourselves comfortable and look around.
“You’re So Money” Book Review
October 24, 2008 at 5:29 pm | In Book Reviews | Leave a CommentTags: 401k, advice, amazon.com, Book, budget, buy, CNBC, geezeo, investing, IRA, jim cramer, Mad Money, online budget sites, Review, savings, taxes, thestreet.com, You're So Money
Alright – the moment you all (well, at least me) have been waiting for – our review of Farnoosh Torabi’s book “You’re So Money” (Live Rich, Even When You’re Not)!
If you want to pick up You’re So Money: Live Rich, Even When You’re Not
What They Say (the back of the book): “Finally a savvy, realistic finance book for those of us who love our Starbucks mocha lattes and Razr cell phone but don’t want our Jimmy Choo shoes or Bose headphones buried under a pile of burgeoning debt. Twenty-something financial reporter Farnoosh Torabi tells you that you can satisfy your sophiscated tastes and achieve financial bliss.
The Key: Prioritizing your expenses according to what you want to most – splurging when you can and saving on other things. From sensible grocery shopping (yes, you can have your organic yogurt and eat it, too!) to cyberbanking, empower yourself to live a guilt-free Gucci and gadget-clad good life without sacrificing financial security”
Does the book deliver on it’s promise? We give it four stars out of five. The book does offer tips on getting you to your financial need-wants (as the book calls them) like an HDTV or an Audi, but the solution is nothing earth-shattering – it’s just cutting back on other things. This is a good book people need, because often, instead of cutting back, people end up using more and more credit and bringing on more debt.
Who the Book is For: This book is a great primer for those just getting their feet wet (college students, recent grads, those just starting out on their own). It covers quite a bit of topics in a real, humorous, and informative way. “You’re So Money” is a great introduction to all things money. The book covers things like purchasing cell phones, buying cars and houses, 401ks and IRAs. Basically – if you don’t know anything about finance, money, budgeting, or you’re just not comfortable when things start getting “mathy” or “technical,” you should check this book out.
Who is the book not for? The book covers a lot of topics lightly, so anyone looking for deep technical information, deep explanations, or information that isn’t available to everyone should probably try another source. The book is also light-hearted and modern, and is definitely geared towards a younger audience. (References to texting, iPods, etc., might throw off an older generation).
Whatcha might not know: The book also includes a forward and investing tips (part of a chapter) from Jim Cramer, an investing guru, host of CNBC’s “Mad Money,” and a co-founder of thestreet.com.
What’s In the Book?
Here are the chapter headings:
1. Life is Good
2. No More Debt Drama
3. Banking in Bed and Scoring
4. Rich People Dress Good
5. Accessorize Right
6. Lucky Money
7. Adults Only!
8. Homeward Bound
9. Cruise Control
10. Social Cents
11. Because Life Happens
12. Getting Covered
13. Just Say No!
14. Money is Everywhere
Would We Buy the Book? We did! Actually, we own the book, but we ‘won’ it on a contest on Geezeo, our online budgeting site (more on that later).
Basically… this is a great introduction to the financial world for those with little or no experience. We enjoyed the book. It’s written towards a college-age generation, and the lessons it teaches ring true. Check this book out if you need some basic information to get you started, and good specific advice on transactions that might be coming your way in the future (cell phones, cars, apartments…) grab a copy!
If you want to pick up You’re So Money: Live Rich, Even When You’re Not
We’re working on our next review…. want a hint? Let’s just say it’s about… Babylon… 
Like What You’re Seeing?
October 22, 2008 at 9:50 pm | In Site News | 1 CommentTags: budgets, e-mail updates, economy, finances, news, online budget sites, personal finance, rss
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UTM SE Update
October 22, 2008 at 3:07 pm | In Special Edition | Leave a CommentTags: bailout, budget, economy, glenn beck, under the mattress
Hey everyone – we’ve now posted the complete text of the Glenn Beck e-mails on our “special edition” page. They’re long, but insightful and educational. Beck covers quite a few things, especially in his last e-mail, and touches on politics, Bill of Rights Issues (gun ownership, etc.), the moral standing of our country and its leadership, the economy and the bailout, all of which are very interesting to read and paint the complete picture, but the main reason we posted this was for the solid economic advice which he offers. Like we showed in the quotes below, people in America are beginning to realize that everyone can do things for themselves to insulate themselves as much as possible from the economic rollercoaster that has been the past few months. Living within our means, paying off debt as smartly and quickly as possible, and prioritizing needs above wants (more on this when our review of “You’re So Money” comes later this week) will help people somewhat stablize their own finances. It’ll make you think, for sure.
UTM Special Edition – Beck on Economy
October 22, 2008 at 2:34 pm | In Special Edition | Leave a CommentTags: $700 billion bailout, e-mail, economy, glenn beck, stock market
UTMGuy Here, wasn’t planning on posting anything big on the economy this week, but just recieved an e-mail I thought was rather interesting. Glenn Beck, talk-show host on CNN, has reportedly been e-mailing friends and family members his thoughts on the economy, with his unique take and information from his research. The e-mail we recieved was actually quite a long one (three long ones all sent to us at the same time) so I’m still sorting through it, but I thought I’d post some parts from what I’ve read. His e-mails cover 3 main topics:
- How Did We Get Here
- What’s Coming
- What Can I Do To Prepare Myself and My Family?
These quotes are from the last section, about preparation. They won’t be 100% clear without reading the whole e-mail, which I’ll try and post soon, but I thought they were relevant anyway.
Soon, the Wall Street crowd will turn to the actual economy and the
conversation and pressure will change to consumer spending. Remember,
YOU are the engine of the US economy. Wall Street NEEDS you to spend.
I pray that we hold fast to the ’storm clouds’ that are still
gathering and ignore the lures and lies that will attempt to hook you
back into your old style ‘lawn party.’ We will continue to spend and
consume. We just need to focus on a few out of fashion American values
such as thrift, value and moderation.You know what your family can afford and what it needs. Kids still
need to go to college, broken cars still need to be repaired and
worn-out appliances still have to be replaced. What needs to change is
how we shop. We need to look for value and we MUST live within our
means.How do you know when you’re getting something for a good value? Just
imagine buying it (whatever it is) in front of dad. Can you imagine
telling dad that you ‘need’ to spend an extra $3,000 so your car can
come with that ‘must have’ automatic self-closing sunroof option? Or
paying an extra $650 on a washing machine option so it can connect to
the internet? I’m beginning to think that if dad won’t spend the money
on it, I probably don’t need it. Dad is great at spotting value and
it’s his sense of values that makes him so good at it. I always try to
think like my grandfather when I want to buy something, if in my head,
he says, “Why, you’ve got a perfectly good one now,” I know I don’t
need it.
Some interesting stuff to think about. I’ll get the rest of the e-mail posted later today – it’s a long and statistically involved e-mail, but a good educational read.
UTM Week Ahead…
October 21, 2008 at 5:33 am | In Site News | Leave a CommentTags: Book, Farnoosh Torabi, online budget sites, personal finance, Review, You're So Money
As the site begins to come to live, we’ve got a couple of things we’re excited about right off the bat. UTMGuy is working through the book “You’re So Money” by Farnoosh Torabi. As soon as we’re finished we’ll review the book. Also, a review of online financial management sites, tips from around the $$ blogosphere on celebrating the holidays in style while maintaining your budget, and some tricks we’ve learned about lightbulbs and our electricity bill are on tap. Check us out in the coming days for all this and more!
Dontcha Mess with My Money
October 21, 2008 at 5:15 am | In Site News | Leave a CommentHi – UTMGuy here with the first post on the Under the Mattress Blog. UTMGuy is married to UTMGal. Both are college students working part-time, trying to make ends meet. We’ve recently become extremely motivated to learn about money, learning how to earn it, save it, make it work for you, and get the best bang for our buck. This blog is not necessisarily a money-making venture, though it sure wouldn’t hurt if it did. We hope this is a place for real-world information. We’re working on some book reviews, financial sites and online service reviews, and many other things we’re learning through our research. We know that teaching others something you learn is the best way to learn something, so hopefully this will be mutually beneficial to both us and you. The tagline for the site comes from the song “Don’t You Mess With My Money” by blues artist Sterling Harrison. It can be found on the album “South of Snooty Fox.” We picked this as the tagline for the site because not only is Harrison’s sassy voice and swinging vocals a ton of fun to listen to while blogging, it’s a good mantra to live by – “don’t mess with my (your) money” – do it right and live happy! Stay tuned as the site gets fleshed out and comes to life over the next month or so.
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