You’re Not a Confident Consumer

July 2, 2009 11:48 AM | Comments (0) | Posted in weekly retail report, shopping tips, consumer confidence

What: A new report has come out that suggests shoppers aren’t as optimistic about the economy as originally hoped. While consumer confidence was steadily going up in March, April, and May, it’s now dropped again. This surprised all the forecasters out there, and has everyone worrying that retail sales will take another beating for the remainder of the summer.

What They Say:

Lynn Franco, director of The Conference Board Consumer Research Center, said in a statement that the decline in consumers’ current view — caused by a less favorable assessment of business conditions and employment — “continues to imply that economic conditions, while not as weak as earlier this year, are nonetheless weak.”

What We Say: What happened? Luxury brands were getting snobby again, budget chains were doing fabulous, and it seemed like we were forgetting about that whole economy thing. Apparently that is not the case, as more and more of us face the harsh reality of an economy in recession.

Do you feel more or less confident about your pocketbook than a few months ago?

Photo from Newton Free Library

Obama Takes On Hidden Credit Card Fees

June 11, 2009 06:00 PM | Comments (0) | Posted in personal finance, shopping tips, credit cards

What: Visa and Mastercard may not be able to get away with charging retailers a “credit card swipe fee” for much longer.  Interchange fees, the fee the credit card companies charge merchants every time you swipe your card- which amount to roughly two percent of every plastic purchase, really add up over time. And that cost gets passed down to consumers, in the form of higher price tags on merchandise. This fee is conveniently hidden, though - you won’t see it on a monthly statement or a receipt. Well, now a bill is in the works that will require credit card companies and retailers to negotiate these pesky fees, in an effort to reduce the cost to the average consumer.

What They Say:

“Interchange collections totaled $48 billion in 2008, up from $16.6 billion when NRF started tracking the fees in 2001. The higher prices that result from the fees cost the average household an estimated $427 last year, up from $159 in 2001.”

What We Say: These kinds of stories give us the heebie jeebies…How little we know about the real, underlying price of the things we buy every day. What also concerns us is that this fee is passed on to us, the consumer, whether we pay cash or use credit and the credit card companies are making money on both ends.

Photo by Andres Rueda

TBF’s Top Recession Survival Tips

December 23, 2008 05:00 PM | Comments (2) | Posted in shopping tips, recession shopping tips, recession saving tips, depressionista

Right—nobody likes the “R” word (and apparently “Depressionista” is next in line to be banned by the FCC); however, it’s our duty here at TBF—as your cyber BFFs—to share whatever tips we can to make dealing with whatever we choose to call this challenging economy a little bit easier. A round-up:

Tips for Recession Proofing Your Closet
Keeping the mortgage paid and the food on the table seem to always fall at the top of the priority list, no matter how many times we revise it, so many of us will need to make cuts in other areas—like the wardrobe. These tips help keep it fairly painless . . .

Attention Shopaholics: Tips for Getting Your Financial Priorities in Order
You know who you are (and yes, we’re reassessing our spending habits right along with you).

How to Shop a Thrift Store
The thrift store is the new Saks. Well, not really, but we definitely spend more time in the former than the latter, and if you’re with us, here are some tips for making your shopping trip a success.

20 Tips for Getting Out of Debt
Not 5, not 10, but—count ‘em—20 tips. Surely there’s something here you can use (and if you have a tip we’ve missed, don’t hesitate to share . . .).

Tips for Consignment Store Shopping

October 23, 2008 01:00 PM | Comments (1) | Posted in consignment shop, economic survival guide, shopping tips

Every budget fashionista is familiar with a fundamental fact associated with finding fierce clothes for as little money as possible: Consignment and secondhand stores can yield some great finds at great prices—you never really know what you’re going to find! One woman’s castoff is another woman’s couture, and if you’re really lucky you can find some items that have never even been worn at a price that is unbelievable.

This does not mean, however, that you should waltz into a consignment store, whip out your credit card, and grab all the stuff you can get your hands on. Just like with any other shopping trip, you need to budget beforehand and do what you can in order to get the best deal possible. So how can you enjoy consignment store shopping without making your budget suffer? Read these five tips for extreme budget shopping at consignment stores, for starters:

1. Set a budget and stick to it…really. You should already know what you can afford to spend before you wander into the store. How do you figure this out? Think about how much money you have that isn’t already obligated for bills, savings, or emergency money. Don’t spend money you can’t afford to part with. If you don’t need a specific item, and your closet is already packed, don’t give yourself a bunch of money to spend.

2. Haggle with the owner or manager. Plenty of consignment and secondhand stores are small enough to where the person working the cash register is also the person in charge of making decisions. The next time you approach the counter with a handful of clothes, consider a negotiation. If you have $200 worth of clothing in your hands, ask if you can pay $175. Don’t feel apprehensive. You might be surprised to find that your request is granted and you can walk out with enough money to buy some shoes off a clearance rack.

3. Wait for sales. Even consignment and secondhand stores have sales, especially when they need to move some products to refresh their inventory. When a store like this is having a sale then it’s time to head over there and have a look around. What’s better than gently used clothing? Gently used clothing on sale, of course.

4. Call ahead of time. If you are looking for a specific piece of clothing – suppose you need a black cocktail dress for a dinner, for example – you can call the store ahead of time and ask if they have anything like it in your size. Why should you bother to do this? The answer is simple: If they don’t have anything like what you are looking for then you shouldn’t risk going into the store and finding a bunch of stuff that you don’t really need but decide that you want to buy.

5. Don’t take your credit card with you. You’re much more likely to splurge and spend beyond your means if you’re paying with a credit card instead of bringing cash into the store with you. There is just something about paying with cash that makes most people reign in their spending. As a bonus, you may be able to ask for a cash discount.

Also, consider walking into the consignment or secondhand store with your arms full of clothes from your own closet that you don’t wear anymore—you might get enough store credit to pick up some great new pieces.