When I meet with unemployed clients at the Job Store or participants at a bankruptcy class, there is a general feeling of disappointment, maybe even depression, about where they are in their lives at that point in time. Money issues seem overwhelming and most people feel like they are never going to have, or accomplish, […]
Money
Shopping Returns: A Retail Perspective
Many people use “retail therapy” as an emotional tool to make themselves feel better. Later, they may experience buyer’s remorse when they see how much they have spent, so they go back to the store to return the items they just purchased. I don’t return things very often, so I wasn’t aware what a growing […]
Emergency Funds: Vital Help in a Crisis
Many families have faced challenges with loss of income and/or extra expenses during this recession. Families are often called upon to help pay bills or provide necessities if they are not covering their own emergencies. So, the message about having a reserve fund of cash may not be a “hard sell” in these times. Coming […]
Are You Fine with a 529?
I’ve been thinking about starting a 529 plan for my granddaughter. In case you’ve never heard of a 529, it is an education savings plan operated by a state or educational institution to help families set aside funds for future college costs. It is named after Section 529 of the Internal Revenue Code. Why do […]
I’ll Second That!
Normally none of us likes to be second. We’ve been conditioned to strive for perfection—in essence, to be number one. But when it comes to saving money, second is first, if you get my drift. You can save a lot of money by not requiring perfection in your purchases. Food Most grocery stores now have […]
Consumers Make Choices to Achieve Different Goals
Research has some insight into motivations for making consumer decisions. Kahn (2005) summarized the goals used by consumers to guide their decision-making. The first and most powerful goal is that we all want to make decisions that will make us the happiest and most satisfied. Economists call that “maximizing utility.” We do have limits on […]