Tag Archives: consumer panels

Playing Catch-up with Your Retirement Savings?

retirement savingsThis one is for the over-40’s who are facing (or avoiding) the fact that they don’t have any retirement savings, or very little. I think this is one of the few times in history where you could admit to something like that, and the people around you would totally NOT be shocked. It’s been a rough several years on the economic front. Sometimes saving takes a back seat to, you know, EATING or PAYING RENT.

Still, retirement is coming sooner or later (sooner), and you have to do SOMETHING, right? So how do you catch up? Our old standby Clark Howard has some ideas, in an article entitled, “Over 40 with no retirement savings? Take these 6 steps.”

Here are the bullets:

  1. Crunch the numbers: How much are you going to need? What will your Social Security income be? Etc.
  2. Get aggressive: Start putting aside as much as you can, max out your 401K, etc.
  3. Play the catch-up game: If you’re 50, you can go well beyond the typical max on your 401K.
  4. Rethink your retirement plans: You might have to work longer than you planned to.
  5. Scale back as necessary: Obviously
  6. The best time to start saving is always now!

So, don’t panic, I guess. Just get real with yourself, and look this thing you have been avoiding straight in the eye, and start making some changes.

Lots of good information in this one, so check it out! How about you? Confident? Nervous? A little of both? Let us know over at the MindField Online Facebook page!

America Going to the Dog$

moneydogAnd also the cats. NBC News tells us that Americans will spend at least $60 billion on our pets this year. Why is that? Well, we have a lot of pets: about 70 million of have total of 82 million pets. But there’s more to the fact that pet spending has gone up 25% in the past few years: we have gone a little goofy with our pets

The pet industry is changing. I almost call it a revolution…. We treat them with the same kind of respect and style of life that we treat each other…The two main areas we’re seeing is you’re adding to the pets’ safety or you’re adding to their enrichment.”  NBC News

Safety can mean facial recognition scanning for your dog. Enrichment can mean having video chats with your dog while you’re at work. People have always said, “My JoJo thinks he’s PEOPLE!” Today, JoJo’s gotta be REALLY confused!

Well, it’s your money, I guess. So where does that money go? Let’s take a look!

  • $1580: first year expense of owning a dog
  • $1300: cat version of the above
  • $700: spending each year after that, dog or cat
  • $230: annual healthcare for dogs
  • $160: annual healthcare for cats
  • $200 rough estimate for pet health insurance

The first time I saw an ad for pet health insurance, I thought they were kidding. But, as soon as people decided that their pets were so much like family that they would spend $4000 on radiation treatments for the dog, SOMEBODY was going to invent insurance!

To each his own. Don’t mean to sound cynical, but I watched my cat get killed in the street and, well, I got cynical.

How about you? Is your pet “family”? How much do you spend on pet expenses? Let us know over at the MindField Online Facebook page.

The “Broke” Mindset

piggy brokeWe quote money dude Dave Ramsey from time to time here. Primarily because he’s not a know-it-all or a scold; he always seems to offer you HOPE, even when your financial situation is garbage. And this is another good example. This one is called 25 Myths Broke People Believe.

Broke is something you’re just passing through. We’ve all messed up by believing some of the prevailing money myths in our culture. The turning point comes, however, when you’re willing to own up, claw your way out, and never live in the lie again.

He asked his readers to record the things that their broke friends and relatives say about their condition, and here are the highlights:

I’ll save more next year when I’m making more money.
At my age, it’s too late anyway.
What’s wrong with a 72-month car payment?
We’ll pay it off when the tax return comes in.
I’ll start my budget next month.
I’ll worry about the future when it gets here.
I must be able to afford it if I was approved for the loan.
I work hard. I deserve it.
My rich grandparents are going to leave me money.

There are many more tips (and excuses) at the original piece, so check it out! As Dave says, “To win with money in the long term, you have to stop making excuses in the short term.” Have YOU used any of these money excuses? I know I have! Have you wised up? Let us know over at the MindField Online Facebook page!

 

 

Independence Day by the Numbers, 2015

independence dayHere’s a lightweight Friday/holiday piece for ya! It’s my birthday, my wife has the day off, and you, if you’re at work, are probably counting the minutes before the boss says you can punch out at 3:15. Savor the flavor!

And then head to the store and spend $6.7 billion!! That’s the estimated total for all of our Independence Day fun for 2015.

Let’s break it down, courtesy of the National Retail Federation, if you are actually still reading this.

  • 64%: will attend a barbecue
  • $71: spent per household, up from $68 last year
  • 23%: still haven’t bought their red, white & blue accessories
  • 43%: will watch (lame but still fun) fireworks
  • 12%: will attend a parade
  • 33 million: will take a weekend trip

As for me, we’re heading to the beach. And, unfortunately, the married couple that throws the BEST Independence Day barbecues is splitting up. TMI, I know.

How about you? Do these numbers sound about right? What are YOUR Independence Day plans? Let us know over at the MindField Online Facebook page, and HAPPY INDEPENDENCE DAY!

Check Yourself?

selfcheckDoes your favorite retailer have self-checkout lanes? Do you use them? Some folks see them as a tremendous convenience, while others are pretty much insulted by them… “Oh, so I WORK here now?”

I use them occasionally at Walmart and Piggly Wiggly. Usually, I have too many items. Somehow, filling the bag and then trying to remove it creates a hassle. Or, I have too much produce, and looking up the price codes is beyond my ability. And, is it just me, but do you also slam your items in the bag so that the machine “detects” them? Because, again, not bagging is also a problem for the machine. I have better luck at Lowes Hardware. I think “hammer, one each” is the perfect application of self-checkout.

Anyway, Consumer Reports surveyed over 60,000 people about their impression of self-checkout. In general, people are happy with them, something like 70% satisfaction. Others have very specific complaints. Such as:

  • Machine didn’t work properly
  • Customers ahead of me took too long
  • I needed help, but nobody was around
  • I couldn’t figure out how to use it

There were differences between men and women. The biggest being “I needed help, but nobody was around.” 20% men, 2% women. Why do you suppose that is?

There are more interesting stats at the original piece, including a breakdown by age, so check it out!

So, are YOU a Selfie? Why or why not? Let us know over at the MindField Online Facebook page!

Are You an Impulse Buyer?

shopcartYou didn’t plan to buy it, but you saw it on the shelf and you had to have it. That’s the impulse buy or, as the retail industry likes to call it, the At-the-Shelf purchase. What triggers these purchases?

It’s not just shiny packaging and placing popular items at eye level that triggers an impulse buy. According to the 2015 American Pantry Survey, over 4000 respondents said there are several reasons, some price-related and some not. Some highlights…

Price Related Impulse Buys:

  • 89%: Discounted price
  • 49%: Free samples
  • 37%: Saw the product and remembered I had a coupon
  • 36%: Smartphone app alerted me in-store

Non Price Related Impulse Buys:

  • 81%: Saw it and remembered I needed it
  • 63%: Just wanted to try it
  • 52%: A new product by a trusted brand
  • 41%: Health and wellness claims

There’s actually a bunch more info and a cool graphic to go along with this piece (yes, I say that every time!) so check it out!

How about you? Do you stick to your shopping list religiously, or do you indulge in the occasional impulse buy? Let us know at the MindField Online Facebook page!

Father’s Day Spending 2015

fathersday01It seems like the consumer journalists are always trying to paint some kind of social significance around the fact that we generally spend less on Dad for Father’s Day than we do for Mom on Mother’s Day. In fact, it’s something like $21 billion for Mom, and $13 billion for Dad. But, do you know a dad who actually gets upset about this? Me neither.

Still, it’s interesting to look at the stats, as we tend to do around here for the major holidays. So, once again, it’s time for Father’s Day by the Numbers, 2015 edition!

According to the National Retail Federation….

  • 75%: Will celebrate Father’s Day
  • $12.7 billion: Total spending for Father’s Day
  • $115: Average spent per dad
  • 40%: Will buy clothing
  • $1.7 billion: Spent on clothing
  • 43%: Will buy “experience” items, such as ballgame tix or dinners
  • $2.6 billion: Spent on experience items
  • 52%: Buying for dad or stepdad
  • 28%: Buying for husband
  • 9%: Buying for son who is also a dad

If holiday statistics are your thing, then be sure to check out the rest of the NRF survey! How about you? Who are you buying for? What will you give? How much will you spend? Let us know over at the MindField Online Facebook page, and HAPPY FATHER’S DAY from MindField Online!

Summer of Savings?

summer savingsAccording to money dude Dave Ramsey, summer is a season of savings – or potential savings, if you play your cards right. How so? Well, for families with kids, simply cutting out school means a lot less running around. That’s less gas, and fewer times when you say, “I’m just too busy to cook – let’s pick up Mickey D’s!”

So Dave has a few tips for taking advantage of potential summer savings. Take a look…

  • Home Cooking: No explanation necessary!
  • Gardening: Interesting statistic – one dollar’s worth of green bean seeds yields $75 worth of beans!
  • Simple Entertainment: For instance, you and hubby chilling in lawn chairs, while the young’uns run through the sprinkler. Note: they have to put down their phones first!
  • Local Events: Back home in Cincinnati, there were roughly 200 church festivals every weekend in the summer!
  • Kids Pitching In: Apparently, the number of kids holding summer jobs has fallen about 50% in the past 20 years. Assuming there are jobs to be had, they provide spending money and valuable life lessons!

As usual, these are just the highlights. More info at the original piece. So, how about you? Do you find that summer is a time of savings, or not? Any other suggestions? Let us know over at the MindField Online Facebook page!

Wedding Season Spending 2015

wedding spenidingWe think of June as the beginning of wedding season, though statistics tell us that the number of weddings is spread out pretty evenly throughout the year. June is number one, for sure, but not by a huge margin.

Anyway, let’s just go with it and say “It’s Wedding Season!!” If you are getting married – or you’re paying for someone else to – where will your money go?

In the US, we spend $48 billion every year. Here are some numbers…

  • $30,000: Average cost of a wedding in 2015*
  • $5855: Average cost of an engagement ring
  • $1,973: Average cost of a wedding planner
  • $1350: Average cost of a wedding dress
  • $14,000: Average cost of venue
  • $1970: Average cost of flowers
  • $2550: Average photographer
  • $68: Catering spent per guest
  • Most expensive wedding location: Manhattan at $76,000!
  • Least expensive wedding location: Utah at $15,000

Did you notice the asterisk (*) by that $30K average? That’s because there are theories (like this one) that say these numbers are inflated by some in the industry to get you to spend more. (“But Daaaad…the average is $30K, and I’m only asking for 25!!!”

How about you? Do these numbers seem right? Let us know over at the MindField Online Facebook page!

Most Trusted Companies, 2015

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number one ribbonThe “most reputable company” each year will likely be a familiar name. In 2013, it was Campbell Soup. In 2014, it was Hershey. And in 2015, the most trusted name is Kellogg’s. How did they earn this distinction?

“Kellogg’s has focused on health and nutrition and creating quality products, but in its conversations with consumers, it also showcases its commitment to sustainable agriculture practices, childhood nutrition and open and transparent labeling.” The Reputation Institute

So, apparently it goes beyond a quality product, and into a lot of important social concerns.

Who made the top 10 for 2015? Check it out…

  1. Kellogg’s
  2. Lego
  3. Fruit of the Loom
  4. Campbell Soup Company
  5. Levi Strauss & Co.
  6. The Hershey Company
  7. Clorox
  8. Kraft Foods Group
  9. Tupperware
  10. Hasbro

There are a bunch more ratings at the Reputation Institute site, so check it out. So, how about you? See any of your favorites? Would you like to nominate somebody else? Let us know over at the MindField Online Facebook page, and have a great weekend!