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Airfares: Don’t Let the Low Price Fool You, New Rules Help…

By Kembala Evans on January 31, 2012

Last month my best friend flew to Chicago to attend my book launch party ­for “Get Your Money Right .” After shopping around for her ticket, I have to say—don’t let the low price fool you.

Especially when it comes to Spirit Airlines. On the surface it looks like you’re getting a real bargain. But once you start adding in the extra fees, you may be shocked to find out how much your trip really costs. I’m not talking about the standard fees like for security, facility and taxes either.

With Spirit Airlines she paid $16.99 just to buy her ticket online. They call it a “passenger usage fee” and you pay it each way. So it costs you about $34 roundtrip. Who buys tickets at the airport these days? The airfares are probably higher in person anyway.

Then she had to pay another $30 to carry on her luggage. Yes, you read that right. Spirit charges you for bringing on carry on bags. And there was no way around it because she needed clothes for the weekend. At least she saved $5 for paying in advance.

That’s close to $50 in extra charges on a one-way ticket. After using her $25 coupon code, Spirit was still the cheapest option for a one-way ticket. When shopping around, I encourage you to take into account any additional fees to find the best deal. For example, a round trip ticket on Spirit Airlines purchased online with carry on luggage both ways could cost you an additional $94.

The good news is that the government has made it easier to compare ticket prices across airlines. Starting on January 26th, all airlines are now required to provide full fare advertising including taxes and mandatory fees (so you still have to check optional fees).

According to the Department of Transportation press release – January 23, 2012:

Also beginning this week, passengers will be able to hold a reservation without payment, or cancel a booking without penalty, for 24 hours after the reservation is made, if they make the reservation one week or more prior to a flight’s departure date.  In addition, airlines will be required to promptly notify passengers of flight delays of over 30 minutes, as well as flight cancellations and diversions, and they will generally be prohibited from increasing the price of passengers’ ticket after it is bought.

The new rules also will make it easier for passengers to determine the full price they will have to pay for air transportation prior to travel.  (more…)

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Categories: News, Save Money, Travel

Chicagoland: Metra Fare Increases Start Feb. 1st

By Kembala Evans on January 30, 2012

This morning I heard on the news that IL gas prices are the highest ever for this time of year. That’s not surprising if you’ve been to the pump lately. Gas is averaging about $3.69 per gallon/regular. But what really got my attention was to hear Metra fares are increasing up to 30%, starting on Wednesday, February 1st.

Up to 30% – that’s some increase!

Here’s the fare increases Metra riders can expect to pay starting on Wednesday:

Starting on Feb. 1, 2012, one-way tickets will increase an average of 15.7 percent across all fare zones, while 10-ride tickets will go up an average of 30 percent and monthly passes will increase an average of 29.4 percent. Reduced fare one-way tickets will increase an average of 10.3 percent, reduced fare 10-ride tickets will increase an average of 18.9 percent and reduced fare monthly passes will go up an average of 10.8 percent. Taken together, the overall average increase is 25.1 percent.

Metra Fare Increases

One more thing, if you were thinking of stockpiling those 10-ride tickets at today’s lower rate you can forget about it. I bought one of these a few weeks ago and there’s a big RED stamp that only makes it valid through February 29, 2012.

In addition, Metra is immediately changing the expiration dates of one-way and 10-ride tickets in an effort to deter the stockpiling of those tickets before the fare increase begins next year. One-way and 10-ride tickets purchased from Nov. 12, 2011, though January 31, 2012, will be valid only through Feb. 29, 2012. There is no price increase for those tickets during this temporary period. Unused tickets will be reimbursed at the refund policy in effect at the time of purchase.

For more information on Metra fare increases and policy changes starting Feb. 1 click here.

Photo: Ron Cogswell

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Categories: News

3 Things to Learn from Athletes Gone Broke

By Kembala Evans on January 27, 2012

How can an athlete go broke after earning millions of dollars? Some people might say it’s just the fast life. But when you look a little closer, you’ll see what’s really chipping away at their fortunes.

Keep An Eye On Your Money

“When it comes to personal finance, get personal, because it’s your money and no one will ever care more about it than YOU.”

Most athletes trust the people (friends, family, agents and others) around them for professional recommendations. And typically depend on others (financial advisors, accountants, lawyers) to manage their finances. After all, these people have the titles, so they must know what they are doing. Right? Not always.

That’s why you have to stay in control and involved with your finances. It’s important to know where your money is going. What do you owe? How’s your credit? Are bills being paid on time? Unfortunately, a friend of mine (former NFL player) discovered this principle a little late—after someone he trusted lost his money. He learned from his mistake and decided to take control of his money himself. And now he’s doing much better financially.

Live Below Your Means

“Be assured that it gives much more pain to the mind to be in debt, than to do without any article whatever which we may seem to want.” - Thomas Jefferson

Sounds like common sense to spend less than you make. However, many people struggle with this, even athletes earning millions. Believe it or not, during the NFL lockout it was reported that more than 20 percent of the players were living paycheck to paycheck.

You can easily fall into this trap if you have a hard time saying no or when you’re trying to keep up with the Joneses. Living the lavish lifestyle of $200,000+ fast cars, million dollar homes, expensive yachts and pricey jewelry can quickly shrink that multi-million dollar contract. Have you ever heard of the saying, “it’s not how much you make, but how you spend it”? In other words, no matter how much money you earn, you have to control your spending. A great way to do this is to create a financial plan and stick with a budget.

Invest Wisely

“An investment in knowledge always pays the best interest.” - Benjamin Franklin

Bad investment decisions are probably one of the biggest reasons athletes file for bankruptcy. Fortunes have disappeared because of ponzi schemes, real estate losses, con artist scams and poor business ventures.

Of course there’s always risk involved with any investment. But a good rule of thumb is “if it sounds too good to be true, it usually is.” It’s important to work (more…)

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Categories: Money Management

Not So Fast! My Warranty’s Not Up…

By Kembala Evans on January 24, 2012

At first glance, the mailer reads in big bold letters: “REQUEST FOR IMMEDIATE ACTION – TIME SENSITIVE MATERIAL ENCLOSED.” Then to peek your interest, the words “TO BE OPENED BY ADDRESSEE ONLY PLEASE RESPOND WITHIN FIVE DAYS.”

So I open it, just to find out what this sender is really up to. The message inside tells me that my car warranty is expiring and they can help. But of course, I must act now. Let’s see they have the right owner, car make and year too. Guess they have a little bit of credibility?

The solution to my problem seems to be just a call away. They give me their toll free number to extend my vehicle’s coverage. But as Lee Corso says, “Not so fast.” After all, my car warranty isn’t expiring for another year.

But the mailer clearly says it’s “URGENT AND TIME SENSITIVE.” Surely, this mailer is going right into the recycle bin. Pronto!

However, I must say knowing the specifics about your warranty can really save you money. For starters you won’t fall into warranty extension gimmicks. Now if you really need the additional coverage, I encourage you to make sure it’s a reputable company and confirm the coverage is worth paying for (what does it cover? how much does it cost?).

Warranty protection could definitely be a good thing! And it gets even better when retailers (i.e. Costco) or credit card companies automatically extend the manufacturer’s warranty on some purchases. (more…)

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Categories: Save Money

5 Steps to Make Your New Year’s Resolutions a Reality

By Kembala Evans on January 18, 2012

With every passing year, we are given a chance to reflect on the past and start anew. As Oprah Winfrey once said “Cheers to a new year and another chance for us to get it right.”

That being said, have you set your New Year’s resolutions yet? Perhaps, there’s something you’d like to improve on this year. And the key to actually making your New Year’s resolutions a reality is how you go about it.

Here are 5 Steps to Make Your New Year’s Resolutions a Reality:

  1. Make the Decision and Be Committed – Whether you want to lose weight, save money, quit smoking or anything else the first step is to make the decision. But making the decision alone is not enough, you must be committed to your goal. In other words, you have to be willing to do what it takes to achieve it.
  2. Set Your New Year’s Resolutions – Now that you’ve decided what you want to achieve, it’s time to write it down. It’s important to be specific about what you want to achieve, make sure it’s realistic and set a target date. For example, instead of just writing I want to lose weight. You could be more specific and write “Lose 25 pounds by June 30, 2012.”  After you’ve written it down layout the actions (e.g. eat healthier, exercise) you’ll need to take to make it happen. Then capture the actions down on paper too.
  3. Find an Accountability Partner – Do you know anyone you trust that you can share your New Year’s resolutions with? This person could be your accountability partner. Someone who will be there to encourage, motivate and hold you accountable for achieving your goals.
  4. Track Your Progress – In order to achieve success you must keep your New Year’s Resolutions in front of you, stay positive about achieving them (better yet, visualize your success also) and track your progress. Tracking your progress will help you identify whether you need to change what you’re doing to get more desirable results.
  5. Celebrate Your Successes – Be sure to do something to recognize your achievements. Keep it simple, but be sure to take the time and celebrate your accomplishments. This will keep you motivated and moving in the right direction!

I wish you all the best in 2012 and beyond.

Feel free to share your thoughts or any other tips. Thanks for reading!

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Categories: Life

How Much Could You Buy with $5?

By Kembala Evans on December 15, 2011

Yesterday my five-year old daughter went on her first shopping trip without us. In fact, Kiara and her classmates shopped without any parents. I gave her $5 and she came home with more than I would have expected. She bought slippers and a book for her sister, a picture frame for her dad, massaging slippers for me, and even got herself a new art set and markers. All of this for only five bucks.

How did she buy it all for just $5? Where did she go? Well, it was no shopping trip to the dollar store. That’s for sure.

She actually shopped at school. Her school has Shopping Day every year. It’s when the kindergarteners and first graders get a chance to put what they learned about money into action.

Shopping Day teaches students how to:

  • Use money to buy things. They have to be able to identify and count their money.
  • Think of others. I think it’s great that they are using the holiday season to help them learn the importance of caring for others. For example, Kiara bought something for everyone in her family. :-D
  • Giving. Parents and teachers donate items (new or “very slightly used”) for Shopping Day. And all of the cash proceeds are donated to those less fortunate.

Kiara absolutely loved shopping day and it showed on her face (all smiles). And she couldn’t stop talking about it. She told me some of her friends were really great shoppers. Kiara also noticed that a few of them were a little selfish because as she put it “they only bought things for themselves.”

I have to say I’m proud of Kiara. She learned a lot on Shopping Day. She was confident about using money, thoughtful and selected some really nice items (already has an eye for value ;-) ).

Kudos to her teacher Ms. Laine for doing such an awesome job putting this real-life experience together!!! Keep up the great work!

Shopping is one of the best opportunities to teach kids about money. And the lessons here go beyond your typical how to count money and receive change scenario. Do you have any other great ways to teach kids about money to share?

Photo: PublicPhoto.org

 

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Categories: Giving, Life

Shattering 5 Myths About Money

By Kembala Evans on December 8, 2011

We all think about money in different ways. But there are some myths about money that need to be brought to the light. These myths can be misleading. And may even give you a false sense of security, or lead you to believe there’s a quick fix for the problems in your life.

Now, let’s explore them for what they are. Here’s 5 Myths About Money Shattered:

Money Buys Happiness

This is probably one of the most popular myths about money. Does money really buy you happiness? Last year, a study conducted by Princeton University found that most Americans (85%) were happy, despite their incomes. Sure, money gives you more financial security and comfort. But it doesn’t necessarily bring you happiness.

Rich People Only Buy the Most Luxurious and Expensive Things in Life

While it may be true that some rich people splurge on lavish and expensive things. And you may even see them featured on TV for purchasing ridiculously priced homes, cars, jewelry and more. But if you read The Millionaire Next Door you’d be surprised to learn that many millionaires are disciplined and thrifty spenders. Did you know that billionaire Warren Buffett chose to drive a reasonably priced Lincoln Town Car over more expensive options like a $380,000 Rolls-Royce Phantom?

If You Make Good Grades or Have a Higher Education – You Know How to Handle Money

This myth could not be further from the truth. Knowing how to manage money has nothing to do with the grades you made in school or a law degree. And just because you happen to be a doctor, teacher, or CPA does not mean you’re any better managing your money than a bus driver. Being financially literate, disciplined and having self-control are more important factors.

I Don’t Need to Know About Finances, Because My Husband Handles Everything

I remember when I shared a copy of my new personal finance book, Get Your Money Right: The 7 Keys to Unlocking a Better Financial Future, with a woman at the library.  After looking through my book, she told me that the content looked great. Then she said, “Well, I really don’t need to know anything about money, because my husband handles everything.” I could not believe my ears. What? (more…)

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Categories: Money Management

Wishing You a Happy Thanksgiving

By Kembala Evans on November 23, 2011

Thanksgiving is a joyous time of the year. It’s the perfect time to reflect on the many people and things we have to be thankful for.

I’d like to personally express my gratitude to YOU. Thank you! I appreciate the time you spend reading blog posts like this one, sending me feedback and sharing your thoughts with me.

Hope you have a safe and happy holiday season!

Wishing you a Happy Thanksgiving,

Kembala

A thankful heart is not only the greatest virtue, but the parent of all the other virtues. ~Cicero

Photo: TheAlieness GiselaGiardino²³

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Categories: Uncategorized

Real Talk: How to Avoid Paying High Credit Card Interest

By Kembala Evans on November 14, 2011

If you’re a credit card holder, then you probably already know about—high credit card interest rates. Sure, credit cards can be great for their convenience, ease of use, and the line of credit. But you have to use them wisely or they could cost you big time in interest (default rates can be as high as in the 30% range) and fees. The other day I had a conversation with someone that spawned this post.

If you were a fly on the wall, the conversation went a little like this:

Question: Do you know how I can use my credit card without paying any interest on my purchases? I don’t want to pay any high credit card interest! I know it’s good to have a credit card. I enjoy getting the benefits from my purchases like cash back. Right now, I use my credit card to make online and larger purchases (e.g. car maintenance). I immediately pay my credit card after I make the purchase to avoid paying any interest.

My response: You’re absolutely right, credit cards give you some nice benefits (e.g. purchase protection, travel perks, and insurance). But if you’re not careful the costs (fees, high interest rates) could outweigh the benefits.

That’s great when you make it a habit to pay your purchases off and avoid paying any credit card interest. However, you usually don’t have to pay your purchases off immediately to avoid paying any interest. Another way you could avoid paying high credit card interest on your purchases is to pay your bill in full by the due date.

Credit cards normally offer you something called a “grace period” to avoid any interest charges on new purchases. And if you pay your balance in full by the due date (within the grace period), you don’t have to pay any interest. Be sure to check your credit card terms or call the number on the back of your card to find out how your credit card works first. If your credit card has a grace period, then you can avoid paying any interest when you pay your balance in full by the due date. Plus, this way of paying saves you time, since you won’t have to pay your credit card every time you make a purchase.

To find out how your credit card works – You may want to call and ask the credit card company, “How does the grace period work for new purchases on my account?” I called some credit card companies to specifically ask this question and here’s what I was told: (more…)

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Categories: Credit Cards, Save Money

How to Achieve the Impossible

By Kembala Evans on November 4, 2011

Sometimes we can see something that may look impossible to everyone around us. That vision may be ours and ours alone. But then the chatter begins. The negativity swirls around us with people’s doubts and discouraging words. That is the time that we must dig inside and give it all we’ve got to make it happen.

Never give up, stay focused and work toward achieving the impossible.

This post was inspired by a conversation I had with someone who is dear to me yesterday. I want to encourage you to keep pressing forward. Stay positive and don’t let people’s negativity distract you from your goals. You can do it!

Start tuning out the negativity and achieving the impossible. Here’s a poem written by Edgar Guest that illustrates this point further:

It Couldn’t Be Done

Somebody said that it couldn’t be done,

But he with a chuckle replied

That “maybe it couldn’t,” but he would be one

Who wouldn’t say so till he’d tried.

So he buckled right in with the trace of a grin

On his face. If he worried he hid it.

He started to sing as he tackled the thing

That couldn’t be done, and he did it.

 

Somebody scoffed: “Oh, you’ll never do that;

At least no one ever has done it”;

But he took off his coat and he took off his hat,

And the first thing we knew he’d begun it.

With a lift of his chin and a bit of a grin,

Without any doubting or quiddit,

He started to sing as he tackled the thing

That couldn’t be done, and he did it. (more…)

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Categories: Life
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