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I don’t normally like to interrupt the stream of personal finance articles with something that’s more related to the website than it is to money, but this is an important message that can help support the entire community of blogs that focus on writing about personal finance. If administration-type articles don’t interest you, skip ahead to read about the extreme couponer arrested for stealing newspapers or listen to our podcast about the Consumer Financial Protection Bureau, but I encourage you to read further.

I founded Consumerism Commentary at a time when there weren’t many personal blogs dedicated solely to the writer’s financial journey. Since that time, there has been an explosion of personal websites focusing on money management, long-term investing, frugality, and the role of money in designing a satisfying life, or in making sure all the bills get paid, or in taking advantage of rewards opportunities.

Even if websites like these weren’t able to generate income, there would still be a good variety of great writing in this genre, detached from mainstream media and from product- or service-focused companies using blogs as a marketing tool. In an effort to bring more attention to this style of personal writing about personal finance, the Plutus Awards reward bloggers and independent writers for publishing their best work and moving the industry forward. The Plutus Awards also allow this community of independent writers to honor the best products and services.

As of today, nominations are open to the public, and will be so for only a couple of weeks. After the nominations are collected, a panel will choose finalists, and voting will be open to the public. The winners will be announced at the Financial Blogger Conference in October.

I encourage all bloggers and readers to nominate their favorite blogs and products for the Second Annual Plutus Awards.

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I’ve spoken out against the concept of “extreme couponing” a few times already. In search of ratings, television shows — and in particular, “reality” television shows, use creative editing to make practitioners seem crazier than they are, but the concept has caught on so well, some people, in real reality, stop at very little in order to save some money. Never mind that the mathematics behind extreme couponing is often exaggerated; never mind that the typical couponer could earn more money than she saves by spending the same amount of time working more; never mind that excessive couponing ruins savings possibilities for everyone else and increases prices.

The pressure to find the biggest score has couponers breaking laws under the auspices of “savings savvy.” People who still have non-digital newspaper subscriptions have been reporting an increasing number of missing deliveries. These newspapers are being stolen off porches by unscrupulous discount hunters. Walking door-to-door isn’t efficient, however, and many couponers have discovered that they can simply lift stacks of papers earmarked for early morning deliveries and newspaper vending machines.

Grocery shoppingEarlier this month, an extreme couponer was arrested for stealing newspapers. Legitimate extreme bargain hunters claim that this practice is not common, and this is not a behavior that extreme couponers support. This message is getting lost in today’s culture where super-frugality is a sport, and getting products for bargains, for free, or for even less is more important than either logic, ethics, or the law.

People can certainly be successful without resorting to illegal tactics and without hoarding unneeded products in order to pay less money for needed products, but the competition to win at this game can be so intense that it drives people to do stupid things. And when they’re caught, they claim they didn’t know stealing was illegal.

“Moderation in all things” is a classical philosophy ideal that, when followed, could help guide someone toward a more satisfying life. I don’t always agree with this philosophy, but when it comes to extreme fanaticism about a concept, the purpose will sometimes become secondary to the fanaticism itself. The idea behind extreme couponing isn’t to get as many great deals as possible, and build new shelves and buy more refrigerators to store all these great deals, it’s to spend as little as possible on those items which are necessary.

If extreme couponing has turned into an obsession, especially if it encourages someone to resort to breaking laws to satisfy the thrill of getting something for nothing and reducing the quality and quantity of time one spends on other important things in that person’s life, any possible savings will not make up for the lowered quality of life.

Photo: calamity_sal
KSDK

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Today’s guest on the Consumerism Commentary Podcast is consumer savings expert Andrea Woroch. Andrew frequently appears on television to speak about retail trends and provide advice for shoppers to break bad buying habits. Visit her website for more information.

Andrea talks with Consumerism Commentary Podcast host and produce Bryan J Busch about the negative effects and deceptive production of the “Extreme Couponing” TV show and how stores have been compelled to change their policies to stop aspiring extreme couponers from clearing shelves and causing a ruckus in the checkout aisles.

They also discuss year-round coupon tips and other ways to save in the supermarket.

Consumerism Commentary Podcast #118
Extreme Couponing Part II: S05E14 / 142

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Table of contents

[00:00] Introduction from Bryan J Busch
[00:34] Interview with Andrea Woroch
[00:50] Is the “Extreme Couponing” TV show giving normal coupons a bad name?
[04:22] How are stores changing their policies as a result, especially with stacking?
[06:45] What if I can’t find the coupon policy on the store website?
[07:28] Is the “extreme couponing party” over?
[09:34] People are stealing newspapers more often just for coupons
[10:14] Andrea’s advice for finding and dealing with coupons responsibly (e.g. Cellfire and Coupon Sherpa)
[14:18] What is up to the store manager’s discretion? Always read the fine print and check for expiration dates.
[16:42] Tactics for saving in addition to coupons
[19:47] End

We always welcome feedback from listeners. If you have any comments for this episode or for any other, or if you have suggestions for future episodes, please leave us comments here or email us at podcast at this domain name.

Theme music by Mindcube.

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The latest big business security breach affected Citigroup and about 1% of the company’s credit card customers. Hackers were able to access the customer database, finding customers’ names, credit card numbers, and email addresses free for the taking. The hackers were not able to gain access to other personal information, like Social Security numbers, card verification numbers, or birth dates. The company has started contacting affected customers.

It’s unlikely that customers whose numbers and names are significantly more susceptible to identity theft as a result of this breach, because Citi kept the more sensitive information secure. It may still be a god idea to change your password if you have online access to a Citi credit card. In cases like these, there is little that customers can do to avoid being included in a data breach short of opting out of the finance industry overall. If you never sign up for a credit card, you prevent hackers from stealing your information. Once you’re in “the system,” you have to rely on banks to protect your information appropriately.

As a result of this breach and the continual development of technology, financial institutions may soon find new regulations that require even stricter security for online access. Some financial institutions now offer options for their customers to authenticate via a SecurID — technology that uses wireless networks to provide a unique code over the air that must be verified before you can access your account. In my role at my former job, I accessed banking institutions on behalf of the company, and every bank required a different wireless device. This could be where the consumer market is heading — and if it is, it’s going to make even more sense to simplify your finances.

Additional information: According to the Wall Street Journal, Citigroup waited up to three weeks after the incident before notifying customers. The delay was due to an investigation into the issue.

Update: Of the 360,000 accounts breached, only 3,400 accounts were subject to fraudulent charges by the hackers. Customers are not responsible for fraudulent charges, though the total loss on Citi’s side due to the fraud is $2.7 million.

Yahoo Finance / AP, CNN Money

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Podcast 103: Lost and Found, Geneen Roth

by Flexo

Today’s guest on the Consumerism Commentary Podcast is Geneen Roth, author of Lost and Found: Unexpected Revelations About Food and Money. Geneen has appeared on national television shows including The Oprah Show, 20/20, and The NBC Nightly News. Geneen is the author of eight books, including The New York Times bestsellers When Food is Love ... Continue reading this article…

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50 Best Places to Work

by Flexo

Glassdoor is a good tool for researching a potential employer. The site compiles anonymous reviews, ratings, and salary information from employees and allows individuals to access that information. The more you share about your current or past employer, the more access to information is granted. In addition to the search and browse functionality, Glassdoor has ... Continue reading this article…

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Customer Service: Politeness vs. Demands

by Smithee

The prevailing wisdom when dealing with customer service representatives is to just keep repeating, “Let me speak to your supervisor,” until you eventually get what you want. Every time I read this, though, I get defensive and annoyed. I can’t forget that year I spent answering the phones for Bank of America, and the myriad ... Continue reading this article…

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Alternate Ways of Rewarding Content Creators

by Smithee

I’ve been thinking a lot since the last time we talked about my ongoing internal troubles with stealing entertainment. In general, my habits are tending more toward avoiding theft, even accidentally. I want to make sure that the creators know that the thing they made was good, and I want to help them make more. ... Continue reading this article…

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