There was an interesting post on the Houston Chronicle’s web site about the money management habits of the Amish. According to the story, Amish children all learn a trade such as farming, welding, or woodworking. Money earned through apprenticeships goes to their parents, who give the child 10 percent for spending and put the rest […]
Tag Archives | Banks/Credit Unions
Overdraft Protection For Less
More than three-quarters of all banks automatically enroll their customers in the most expensive form of overdraft protection. That’s a key finding from a new FDIC survey, as reported by MarketWatch. If you are among the 25 percent of people who spend more than is in your checking account at some point in a given […]
More Savings Now Insured
Previously, I mentioned that the federal government is now insuring money saved in money market mutual funds. The move was made in response to a rare dip below a dollar for the value of shares in the Reserve Primary Fund. Two points of clarification are warranted. First, as reported by ABC News, the insurance only […]
Money Market Funds Now (Temporarily) Insured
Whereas money market accounts are a type of insured savings account offered by banks and credit unions, money market funds are mutual funds, which until last week were not insured against investment loss. Historically, money market funds have been widely viewed as extremely safe. However, within the mix of bad news last week came word […]
Making Sure Your Money Is Safe
The news of the past couple of weeks has been unsettling for many people, with Lehman Brothers filing for bankruptcy, Merrill Lynch being sold, and AIG getting a government bailout. Even if you don’t have money in these institutions it can make you wonder how safe your money is. In the midst of all the […]
Protect Yourself From Overdraft Protection
If you use your debit card to make a purchase but don’t have enough money in your account, chances are good that your bank will allow the transaction to go through, helping you avoid the embarrassment of a checkout line rejection. However, as pointed out in a recent CNNMoney.com article, there’s a cost to the […]
Too Few Playing the Savings Game
Just 28 percent of all Americans say they save at least 10 percent of their income. That’s one of the findings from a new survey by the American Savings Education Council. What percentage of your monthly gross income do you save each month? For most people, 10 percent should be the absolute minimum. Do you […]
Savings Momentum
A hot topic among “consumer behavior” researchers is “shopping momentum.” The idea is that once a shopper makes a purchase they cross an important threshold making it much more likely that they’ll make other purchases on the same trip. While marketers work at spurring faster first purchases, I wonder if the same concept might apply […]