Money Hacks

Liz Pulliam Weston at MSN Money recently asked her readers for money hacks. She picked 12 cool money tricks to publish. My favorite? Getting stores to give you interest-free loans:

Warning: This is an expert hack, recommended only for folks who have good money management skills. I’ll let a Your Money message board poster with the handle of “sneakers” explain how it works:

“Whenever I buy a big ticket item, I make sure I have the cash to pay for it. Then I wait for store financing offers — same-as-cash or deferred interest for an extended period. I opt for the financing, put the cash in a (certificate of deposit) that matures just before the end of the promotional period, and pay it off before the deferred interest becomes due. It’s like a free loan from the stores and I can earn interest while I enjoy the item!”

Obviously, this hack works ONLY if you keep your mitts off the invested money and if you pay the bill before it comes due; otherwise, you could pay a truckload of finance charges.

This is beyond my skill level at the moment, but I admire the guts it takes!

Lifehacker points to Coupon Chief, a source for online coupons and coupon codes. The site also highlights discounts and specials around the web.

Here at Coupon Chief, we strive to provide a one stop coupon deal and discount resource for our Web site visitors. Our focus on customer support and providing up to date coupon codes and promotional deals and discounts is unparalleled in the online shopping e-commerce industry. You can be assured we are always on the lookout for the latest deals and offers from our extensive list of web merchants. We are constantly adding new merchants and coupon codes, promotion codes, and offers, so come back and visit us again and again for all your online shopping purchases!

Links from Coupon Chief are embedded with affiliate codes, but that seems like a worthwhile way to support them. If you’re opposed to affiliate programs, simply research the coupon codes and then enter the appropriate link manually.

While organizing the list of 24 Craigslist tips, tricks, and resources at Get Rich Slowly, I stumbled upon an interesting page that highlights gift card strategies: how to best acquire or dispose of them.

This page offers a wealth of sound, practical information regarding gift cards, including information on:

• Why you should beware of bank gift cards
• Gift card traps
• Best and worst deals
• How to buy a gift card at below face value
• How to dispose of a gift card you don’t want

The author lists four web sites where you can buy and sell gift cards: Craigslist, Cardavenue, Gift Card Buy Back, and Swapagift.com.

[The Skill Pool: Gift card strategies: how to best acquire and dispose of them]

DealMine is a new site that allows users to compare prices and find deals on a variety of products and services. According to founder Scott Cherkin:

DealMine.com aggregates discounts and rewards from AAA, AARP, Upromise, American AAdvantage, Ebates, Delta SkyMiles, Visa, American Express and many more, and matches them up to price comparison technology. 

By adding deals from price comparison search results we can help people find the best deal for them based on who they are.  For example, most AAA members (65mm of them) do not realize that they get 10% off at Target.com, AARP members (35mm of them) get 4% discount on Home Depot gift cards or Amex cardholders get 10% off at Overstock.com — we think this is important information to consider in the comparison shopping process.

Our goal is to help people figure out the best program to use when they are shopping for anything.

The site also features a Daily Deal Blog, which highlights deals from around the web, such as housewares at JCPenney.

DealMine offers various extensions, including a Firefox add-on. The site is in beta, and various parts don’t work. I could not access the FAQ, for example, and there were some display issues with the blog. Still, DealMine looks like an interesting way to save money.

Dayana Yochim at Yahoo! Finance writes that you should forget making a list of financial New Years Resolutions.

Make things even simpler: How about instituting just one new money habit for ‘07? My suggestion is this: Save money every day.

By making “save money every day” your vow, you bring mindfulness to your spending. Mindfulness is the practice of being aware your thoughts and actions. This may seem obvious, but it can be a powerful tool.

How often do you grab a pack of gum or a candy bar or a magazine while in line at the grocery store? Is this a conscious act? Is it an actual decision? Or is it a reflex? Yochim writes that three habits will help you save money every day:

1. Make more conscious cash decisions.
2. Keep the bigger picture in constant view.
3. Always shop with a list.

Make “save money every day” your resolution for the coming year!

[Yahoo! Finance: Forget resolutions: pick one good money habit in 2007]

Here’s a little app that’s sweeping the internet: Price Protectr 2.0 is designed to save consumers money after they’ve purchased big-ticket items.

Ever buy stuff from stores that offer a 30 day price protection guarantee? If they lower their price within 30 days of when you purchased it, they’ll refund you the difference. Sounds great… except how often do you remember to the check price again? Now you don’t have to. Let Price Protectr do it for you! It’s free. It’s easy. It’s free and easy money. How often do you get that offer?

Here’s how it works:

1. Buy something from one of fifteen supported merchants, including Amazon, Costco, and Sears.
2. Find the item you bought online. Copy-and-paste the URL to Price Protectr.
3. Enter your e-mail address. (Price Protectr promises not to spam you.)
4. Sit back and relax. If Price Protectr notices the price drop at any time during the protection period, you’ll receive an e-mail.

That’s it. Sounds great. I can’t wait to try it.