As featured in The Wall Street Journal, Money Magazine, and more!

Search: negotiation

For almost as long as I’ve been living without a human roommate, I’ve enjoyed the company of my cat, Rupert. I adopted Rupert from my friend who determined his newborn daughter was allergic to cats. He had already owned Rupert for a long time, and I knew I’d be the cat’s new owner for the second half of his life.

Rupert was fifteen or sixteen years old when I brought him to the veterinarian to have him put to sleep this weekend. His quality of life had been worsening over the last year, though trips to the vet didn’t indicate why he was unhappy or having health problems, nor could the vet offer any suggestions to help. His suffering seemed to increase in the past weeks, and I had to make the difficult decision.

For most of my years with Rupert, I commuted to my place of work every weekday, and I knew that he would be waiting for me when I returned home. In recent months, as I’ve been working from home, Rupert kept me company when he wasn’t sleeping during the day. There were times he was a pest, but overall, he was a very sweet cat who was always happy to provide companionship. I may find a new cat sometime in the future, but not until I can settle other aspects of my life.

Here are some articles from around the web that piqued my interest lately. Read the full article →

{ 19 comments }

This is a guest article by Emily Guy Birken, author of The SAHMambulust. In this article, Emily explains and reviews the 3/50 Project, a movement designed to boost local economies.

The presents have been given out, the wrapping paper has been cleaned up, and Black Friday, Cyber Monday, and Small Business Saturday from American Express are just distant memories. Now may not be when most people are thinking about shopping, but it’s the perfect opportunity to commit to really help small businesses in your area for 2012. And what do small businesses need more than anything else? Loyal customers.

This is the basis of The 3/50 Project, spearheaded by Cinda Baxter, a retail consultant, professional speaker, and former retail business owner. Back in 2009, after hearing several reports about how patronizing local brick-and-mortar stores could help the economy, Cinda wrote about the achievability of economic recovery if we all simply commit to being good customers to independent retailers.

BakeryFrom that blog post, a movement was born.

The idea is very simple. Pick three local, independently owned businesses in your area — businesses that you would be sad to see shut their doors — and plan on spending $50 total per month among those three businesses. That’s it. The movement does not ask you to spend more than you already do. Just plan on $50 of your monthly expenditures going toward local businesses.

It is important to note that sometimes you will end up spending a little more money by purchasing locally rather than at the neighborhood box store or online. However, paying above bargain-basement prices means that you are also helping your local economy — a fairly easy trade-off in most budgets.

What’s exciting about making this commitment is the fact that it could contribute to our financial recovery. According to the statistics provided by The 3/50 Project website, every $100 spent in local brick-and-mortars results in “$68 return[ed] to the community through taxes, payroll, and other expenditures. If you spend that in a national chain, only $43 stays [local]. Spend it online, and nothing comes home.” Imagine the boom to the economy if everyone simply chose to spend some of their money locally.

The 3/50 Project is specific in how it defines an independent business. Though a franchised store may have a local owner, it is not one of the local businesses that The 3/50 Project is aiming to help. As a franchisee, the owner of a fast food restaurant, for example, can benefit from national ad campaigns, preferred vendor lists and large-scale price negotiations. This project is looking to help the independents who are relying on their own unique brand, pay their own expenses for marketing, rent and other operating costs, and operate from a storefront, rather than their home, a kiosk, or the internet. The full description of what constitutes an independent retailer is available here.

Deciding to try The 3/50 Project in your community does not mean that you have to give up your Starbucks coffee or your cheap groceries at Wal-Mart. There is room for national chains, internet shopping, and local stores in your commitment. This is an opportunity to be mindful about your spending, which should always be a goal of responsible personal finance. Why not help your local economy while you’re making savvy spending decisions?

Photo: Calgary Reviews
3/50 Project

{ 9 comments }

10 Ways to Avoid Hotel Fees

This article was written by in Featured, Travel. 14 comments.

I’ve noticed over the past few years that the fees and surcharges that appear on my hotel bills are creeping steadily upward. I’m apparently not alone with this observation. According to a new study by Dr. Bjorn Hanson from the NYU School of Continuing and Professional Studies, hotel fees and surcharges will account for $1.8 billion revenue in 2011, up from $1.7 billion in 2010. The increase comes from higher fees as well as more travelers (or escapists) spending time in hotels.

This doesn’t take into account the various taxes that appear on hotel bills. On a recent trip to California, my itemized hotel bill includes an Occupancy Sales Tax (12 percent) and a Convention and Tourism Tax (0.02 percent). In addition to the taxes, if I had done anything in the hotel other than sleep, I might have seen my bill peppered with fees such as telephone calls, internet fees, early check-in fees, late departure fees, business center fees, and if the hotel had been a little nicer, a resort fee.

HotelHere are a few suggestions for avoiding hotel fees and saving money while traveling.

1. Know your fees before you travel. Unfortunately, many hotels make it difficult to have full knowledge of fees during comparison shopping. If you book your hotel room by using a website that compares rates at a variety of hotel brands, you’re only seeing the full story. Airlines have found this to be an advantage, and hotels are following suit. The least expensive hotel when comparing nightly rates may enforce additional surcharges.

One solution is to look at the individual hotels’ websites, but not every hotel is gracious enough to list all the fees that they may charge. You might have better luck calling the hotel directly and asking for the details.

2. Negotiate your rates. When I’ve put in an effort, I’ve had some success reducing the overall nightly rates and negotiating removal of some fees, particularly internet access fees. You may not have much room for negotiation if you book your travel using a third-party website or even the hotel’s own online booking system, but taking the small step of calling the hotel — and you just called to ask about fees, anyway — and asking for the best rates and fee considerations can work well. If you can pit one hotel’s offer against a local, comparable hotel’s offer, you could have even more success.

3. Bring your own internet service. If your business involves the internet, as mine does, you may find you need to be connected more often than not. Earlier this year, I decided to bring the internet with me by getting a mobile WiFi hotspot from my wireless provider, Verizon Wireless. It has helped me in a number of situations where I needed to have internet access while I was away from home. The service can be worthwhile for anyone who travels while needing to be online.

Mobile WiFi may be more expensive than a few nights each month with hotel-provided internet access, but if you need to be online on the road, the service is better than hotel room internet.

4. Avoid resort hotels. You would think that more expensive hotels would include more services. I’ve seen charges at fancier hotels for services that less expensive hotels offer for free. In a resort hotel, you may find it hard to resist the temptation to take advantage of some of the more unique services, like spa access.

5. Don’t call room service. If you’re planning for a longer stay, look for kitchen availability in the room and prepare your own meals. With a local grocery store, you could avoid dining out as well as relying on the hotel’s own expensive kitchen.

6. Stay with friends or family rather than the hotel. If you know your stay won’t be a burden, and you need to travel while spending as little money as possible, you might be successful crashing on a couch as a guest.

7. Couchsurf. Couchsurfing is one of the newest travel trends. Like the above tip, the comfort of a home often beats a hotel, and you never have to worry about hidden fees. With couchsurfing, you’ll need to trust a stranger as a host, but you can review a potential host’s references on couchsurfing.com.

8. Carry your own baggage. If you are staying in a hotel, one of the great conveniences is the presence of porters who help move your bags from the lobby to your room, for a nomial fee encouraged by an outstretched palm. In most cases, this service is unnecessary. This is one of the smaller fees you may be expected to pay, but if your goal is to take the most frugal approach, it’s easily avoidable.

9. Park elsewhere. If you’re staying at a hotel where space is at a premium, within a city for example, you may be subjecting yourself to a fee for parking. If you must bring a car, you might be able to find a parking lot nearby for less money.

10. Leave yourself enough time to review your bill. If you’re rushing to check out quickly in order to catch a flight or your next appointment, you might not give your hotel bill the attention it deserves. Some hotels are kind enough to slip your bill under your door early on your check-out date, but if not, leave enough time to review your bill line by line. If there is a charge you don’t agree with, have it removed by talking to the manager. This happened to me on one of the first hotel stays I experienced as an adult responsible for paying the bill — and at a time when I probably didn’t have enough money for taking vacations, anyway.

What’s your favorite hotel fee?

Photo: kevin dooley

{ 14 comments }

A new analysis of household income reveals some statistics that might be counter-intuitive. The study, authored by former Census Bureau economists Gordon W. Green Jr. and John F. Coder and published by Sentier Research, shows that median income for Americans has decreased more sharply during the economic recovery than during the recession.

The survey that presented these results focuses on monthly income data, which the study’s authors believe are more accurate than the popular annual data. The monthly data is more recent, helping to contribute to more potentially accurate results. Also, the annual data is subject to a “telescoping” effect, wherein respondents are more likely unable to correctly identify the timing of financial changes.

When the recession began in December 2007, the median salary was $55,309. This figure was down to $49,909 by June 2011, the most recent period with monthly data available.

It’s always interesting to look at data reflecting the economy as a whole, but most of the time, the only data points that matter are the specific conditions that affect your household. While the economy is slowing down, if a family has been able to increase income through negotiation, a strategic carer move, excellent performance, or picking up extra work on the side, the overall economy’s failure doesn’t matter.

It’s probably because I’m paying more attention now, but it seems like the economy is a significantly bigger piece of the news cycle than it ever has been. The economy has been the primary issue for politicians as well, replacing war and social issues. As someone who writes about personal finances, I can’t complain about this trend, but I often need to remind myself that macroeconomic issues aren’t that connected to people’s day-to-day experiences. It does trickle down. For example, the economy suffers and the financial industry suffers with it. With a sluggish industry, financial companies are less likely to hire or offer competitive salaries and benefits, protecting profits as much as possible for shareholders. Financial firms increase fees, fire customers, and make life difficult for employees.

At the individual level, these changes might not matter. I can move my money to an account that doesn’t charge fees. I can find a new job or find ways to supplement my income.

You can either be a victim of the economy or you can take control of your finances and increase your human capital so you can thrive regardless of the state of the economy.

Reuters, New York Times

{ 15 comments }

How to Close Your Bank of America Savings or Checking Account

by Flexo
Bank of America

If you’re upset about Bank of America charging a monthly debit card fee or any other fee, if the bank has a policy you don’t like, or if you just have no need for this company’s particular set of services, consider closing your Bank of America account. There’s an initiative called Bank Transfer Day encouraging ... Continue reading this article…

49 comments Read the full article →

Start a Salary Negotiation With a Ridiculous Request

by Flexo

There’s some evidence that the first number mentioned in salary negotiations serves as an anchor. As an employee, you can influence the employer’s final salary by asking for a high number up front. That high number, you may know, is out of the employer’s range, but by asking for a somewhat reasonable high number, you’re ... Continue reading this article…

12 comments Read the full article →

10 Tips for Avoiding Overdraft Fees

by Flexo
Nickel and Dime

Bank of America is settling the overdraft fee class-action lawsuit that alleges the bank knowingly manipulated customers’ deposits and withdrawals in order to maximize the fees they would receive. Although the banks aren’t completely to blame for the proliferation of overdraft fees, policies were so much of a problem that the government and regulators needed ... Continue reading this article…

12 comments Read the full article →

In-Home Photography Studio and Hiring a Maid Service

by Flexo

I’ve rearranged my dining room to function as a small photography studio. I haven’t had much time, but this metamorphosis should give me more opportunities to practice photography. Since this might involve people visiting my home, I finally stopped procrastinating and called a maid service. Upon some recommendations, I found a local office of Maids.com. ... Continue reading this article…

10 comments Read the full article →
Page 1 of 512345