Farnoosh Torabi's Blog, page 69

Best Things to Buy in February

We have an extra day to shop this month, so if you're in the market for specific items you may want to strike now. I stopped by The Today Show this morning to talk February deals with Al Roker. Check out the clip below.

 

 

 

 

Visit msnbc.com for breaking news, world news, and news about the economy

Presidents' Day Weekend: Your Shopping Strategy

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Source: antwerpenR's photostream on Flickr

If you plan to shop the sales this Presidents' Day weekend, consider these tips to help you score the best deals:

Use Apps to Price Compare Instantly.

While shopping save time and money with price comparison apps like RedLaser and ShopSavvy. Find out if a local competing store is offering a better price just by scanning the bar code of the item.  You may even be able to just show the lower price to a store manager and get the price match right away.

Track Down Coupon Codes.

Retailers are ramping up online deals – free shipping to additional percentages off of existing sale items. When in doubt, always see if there's a code you can plug in to get a discount. Sites like CouponCabin and RetailMeNot can help you find valid coupon codes. Or, simply going to a search bar and typing in the name of the retailer plus coupon code plus President's Day and you may find what you're looking for.

Check Facebook for Early Deals. 

If President's Day weekend is anything like Black Friday, then retailers will be marketing via their social networks like Facebook and Twitter. It doesn't cost anything to check out retailers' sites and twitter feeds to learn about sales. When I was talking to a rep from Target over the holiday shopping period she said the company sometimes announces weekly deals and specials on Facebook FIRST, and so you can snatch the deal faster that way.

Get Informed: Download weekly circular/local ads online

Sears, Target, Lowe's, they've all got their weekly advertisements online. You can find it on their home pages. Take 15 minutes to study up on who's offering what so that you don't waste time in the stores or driving around.

Don't be shy: Ask for a discount or free delivery.

Especially if you're buying furniture this weekend. New inventory tends to hit showrooms this month so whatever's left from last season has to go…use that knowledge to negotiate a better price, at the least free shipping when in furniture stores this weekend.

Go in on bulk deals with friends.

Stores will be desperately trying to unload inventory. You'll see a lot of buy three, buy two get one free deals. Or 10 for $10. Be cautious. You don't want to get in a situation where you're falling for these sales gimmicks and end up spending more than you should or hoarding all this stuff in your basement. My advice – for bulk deals go in on sales with friends and neighbors.

Stock up on winter items for next year.

Hats, scarves, gloves. Winter clothing and accessories will be marked down aggressively. I just checked and my down coat that I bought from Brooklyn Industries in November is on sale now for 60% off. It's a great jacket…It won't ever go out of style. So, I'm actually considering getting another one and holding onto it when I'm ready to replace my new one down the road.

 

Fast Food: $5 Best Bets

[image error]No matter how healthy we try to be, there will always be times — at the airport, on road trips — when we have no choice but to take advantage of the inexpensive convenience of fast food. Our latest Financially Fit video on  Yahoo! explores ways to save and stay healthy while fast food dining.

 

 

 

 

Today: Credit Score Myths

[image error]Stopped by the Today show this morning to share some popular credit score myths, as well as what you can do to raise your score. Check out the clip!

 

 

 

 

Visit msnbc.com for breaking news, world news, and news about the economy

Your 2012 Financial Blueprint

[image error]Hoping to enhance your financial life this year? Want to put your money to work? Here are my top tips:

Identify Your Goals and Establish a 5-Year Plan

Our money is meaningless unless we attach it to specific and tangible goals.  Take time to think about your future five years down the road. I find that we often dwell on saving for today and 35 years from now when we retire, but all those years in between is when life happens. Best to be prepared for life's milestones, right? Whether you plan to buy a home, go back to school or start a family, visualize those goals and commit to saving now. Any money that you absolutely need in the next five years to afford a major life event make sure to keep out of the stock market. Instead, place your 5-year goal money in a safe savings account or CD.

 

Save on Autopilot

Can't find the willpower to save? Then take all the effort out of it by automatically saving a portion of each paycheck in a savings account. Just set up a schedule with your bank online. Each time your paycheck gets deposited into your checking account, set it up so that your bank transfers a percentage – 10 or 15% – soon after into a separate savings account.  Do this until you have about 9 or 10 months of your living expenses saved up in case of an emergency.

 

Use Cash

Cash can go a lot farther than credit if your hope is to save. That's because both physically and psychologically, cash prevents us from spending more than we have. Credit card limits can exceed $20,000, which often leads to a false sense of financial security and overspending.  But with cash, we tend to be more cautious. What's more, when we use cash, we're able to better negotiate prices and terms. Merchants would much prefer cash transactions since they have to pay banks fees each time we swipe our credit card and, therefor, might give you a sweet little discount for using cash instead.

 

Invest in Your Future

One of the best ways to put your money to work is to start investing early and often. I know it's frightening to watch the stock market fluctuate day in and day out and yes, many saw their retirement portfolios plummet in the recession, but those who stuck with the market, are now glad they managed to recoup a big chunk – if not all — of that loss. For those in their 20s, I recommend automatically and diversely investing at least up to 10% of each paycheck in their employer's 401(k) program. For everyone else, tuck away at least the minimum amount your company will match. Additionally, consider opening an individual retirement account or IRA at your local bank.

 

Insure

Put your money to work by having it protect what you cherish the most: your health, your home and your life. Insurance is part of the foundation of a sound financial life. For those seeking health insurance, if your employer doesn't offer it, some alternative strategies include piggybacking off a spouse or partner, as some health care plans and employers extend coverage to domestic partners and joining a professional union with group benefits. Remember, you can always comparison shop for individual health insurance online. If you're healthy and a non-smoker, you may be able to qualify for relatively low rates.

Photo source: 401k's photostream on Flickr

Today: Money 911

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From credit scores to paying debt and retirement savings, we answered your big money questions on today's Money 911. Check out the clip from this morning's Today Show.

 

 

 

 

Visit msnbc.com for breaking news, world news, and news about the economy

Ditch Cable, Save $900

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Thought about pulling the plug on your cable bill? There are several alternatives to the traditional cable plan that can offer you and your family a better value. Check out our latest Financially Fit video below and let me know what you've done to lower your cable bill.

Finding Your "Passion"

[image error]You could spend years trying to figure out what your happiest doing in life. Or, you could spend $700 and take a 7 hour test for results that may just blow your mind (or, just make you go "duh!") Check out my latest Financially Fit video on the importance of testing your aptitudes…it could be the key that unlocks your path to career happiness.

 

Today: January Best Buys

[image error]It's no secret that January is a smart time to stock up on seasonal basics that go on sale, from holiday ornaments to wrapping paper to winter coats. But beyond the obvious, experts say there are other items that reach their rock bottom prices this month. Here are the best things to buy in January, based on a video we produced for Financially Fit on Yahoo!Finance

 

 

Visit msnbc.com for breaking news, world news, and news about the economy

 

 

 

2012 Financial Resolutions

[image error]I started the New Year by visiting the fabulous Rosanna Scotto and Greg Kelly at Good Day New York with some important financial tips to start 2012 in the right direction. Check out the clip from this morning below.

 

 

 

 

 

 

Farnoosh Torabi: Your Financial Goals: MyFoxNY.com