2013 Everyday Cheapskate Archive Stories

Dear Mary: What do you think about settling a debt with a creditor? I recently agreed to one for a credit card, and the bank did notify me that the forgiven debt will be considered income by the IRS. I will have to file taxes on this amount using form 1099C. The bank will report the zero balance to the credit agencies, my credit r

Dear Mary: Please give me some pointers about bouncing back from bankruptcy. Will this have any effect on future employment opportunities? — Henry, email Dear Henry: Live on cash. Have only one credit card, and if you use it, pay it in full every month. Refuse all other offers of credit, and take on no unsecure

Dear Mary: My husband and I were excited to start our rapid debt-repayment plan and did well the first month. Now we have fallen off the wagon and are behind on payments again. We haven't used our credit cards, but we feel discouraged. Now what? — Teresa, California Dear Teresa: Want to know how many times I fe

Dear Mary: I am 24 and will be a senior in college next year. I plan to apply for my first credit card to start building credit. I am also planning on traveling, so I would like a card that can be used abroad. However, looking into credit cards has been difficult. I am limited in what I can apply for because I don't have a credit

If you've been reading this column for long, you know that I am passionate about the subject of kids and money. In addition to the many articles I've written, my book about raising financially confident kids has been revised and updated several times. This subject is obviously important to my readers, too. Recently, as I was preparing a

Dear Mary: I am trying to find recipe substitutes for the popular creamed soups, like cream of celery, cream of mushroom, etc. These condensed soups are killing my budget. I don't even want to pay a buck a can for the generic option at Walmart. — Nikki, Colorado Dear Nikki: Here's a bulk recipe to use in place

Dear Mary: My husband and I have really gotten ourselves in deep. We thought at the time that starting a franchise using our personal credit cards was a good idea. The manager we hired was inept and untrustworthy. Now we are in credit card debt to the tune of $250,000. We are trying to crawl out from under this problem and are out

Dear Mary: My mom bought 20-year term life insurance policies for my two sons when they were young in the 1970s. I know she finished paying on them, and I know she didn't cash them out. When my kids were in their late 20s, Mom told me she was going to give the policies to them so they could put whatever beneficiary they wanted on

Dear Mary: I am eager to be a stay-at-home mom to my 2-year-old. We are paying down the bills. What are some of the common mistakes working moms make when changing their lifestyles to be at home with the kids? — N.R., email Dear N.R.: Your No. 1 priority is to create an emergency fund or, as I call it, a contin

DEAR MARY: Is there any advantage to sending in my credit card payment early? Or is it better to keep the money in the bank where it is earning interest and then sending it closer to the due date? — Jeff, New Jersey DEAR JEFF: Because interest on credit card accounts is calculated according to the "average daily balan

Bank fees are like a leaky faucet. Drip by drip, there goes your money right down the drain. Remember the good ol' days when virtually every bank was offering totally free checking? Well, you can kiss those days goodbye. Even on accounts that are still advertised as "free," banks and credit unions alike are adding fees to consumer accoun

A study conducted by Trends Research Institute revealed that about 80 percent of those questioned said they would be willing to accept a reduction in pay if they could work fewer hours to spend more time with their families. It is a lovely thought, but how realistic? Working less usually means earning less — hardly an option for mo

DEAR MARY: It's time for New Year's resolutions, and once again my husband's goal is to get in shape. He wants to sign us both up for gym memberships, even though I'm sure this is just a phase that will fade. In the meantime, what should we consider when joining a gym? I don't want to get stuck with high fees and an unbreakable contract. &mda

Consignment shopping is an excellent way to purchase kids and baby clothes, often brand new and for less than one-third of the retail price. And most cities now have specialty consignment shops for babies, children and teens. The consignment process is simple. If you are a seller, the store sets its criteria for accepting merchandise and

OK, I'll say a word, and you respond with the first thing that pops into your head: Me: January You: White Sales! Excellent response — the very one I was hoping for to set the tone for this column. It's important to note that times have changed with these monthly sale guides. In recent years, some of the best sales

Several months ago, we refinanced our mortgage. The transaction closed in August with the first payment due in October. Rather than take a month off from making a mortgage payment, we made an unscheduled payment in September to reduce the principal right off the bat. We sent a letter with the payment and wrote "Principal Prepayment" on the check