Filed under: Savings Experiment, Lifestyle

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An apple a day may keep the doctor away, but a daily multivitamin can go a long way, too. Do you want to stay fit and frugal? Here are a few ways you can do so without wiping out your wallet.

A 200-count bottle of Centrum is priced at $13.00, or $6.50 for 100 tablets. While this won’t break the bank, you can do better. Walmart stocks Equate Complete Multivitamins, which cost $7.68 for 200 tablets, or $3.84 for 100. To save even more cash, you can go to Costco and buy Kirkland’s Signature Daily Multi, which is priced at $3.10 for 100 tablets. That’s less than half of the cost of Centrum!

Now, when it comes to special vitamins, you could be looking at higher prices. Centrum’s Prenatal line costs $52 for a 100-day supply. In addition to that, they don’t go down easily, and often make women feel ill. Luckily, there’s a fun alternative — children’s vitamins.

Flintstones vitamins actually offer similar supplement levels, and they taste great. Pregnant women need extra iron and folic acid, so add that to your kids’ vitamins and you’ll only be spending $10 for 100 tablets. That’s a savings of $42.

So, when it comes to maintaining your health, don’t just reach for the big brands. Shop around your local stores and see which offers the most value for your buck.

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Filed under: Savings Experiment, Fashion & Beauty

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There are many different kinds of hairdryers on the market, but how do you know which ones work best? Here, we break down the four main models, and show you how you can save dough when it comes to your ‘do.

A standard metal coil hairdryer can cost $10 or less, which is a bargain, but can often leave you with less than desirable results (aka frizz). Ionic hairdryers claim to dry hair quicker, and allow for the absorption of moisture in your hair for a sleek look. These results sounds great, but are unproven, and with a price tag of $100 or more, they could be an expensive gamble.

Ceramic hairdryers come with a ceramic coating on the heating element, which allows for the even distribution of hot air. These models range from $20 to $40, making them a reasonable option for those on a budget. But what if you could get the best of both worlds?

Tourmaline hairdryers offer features of ceramic and ionic models, combining the two technologies. We’re particularly fond of Conair’s Infiniti Cord-Keeper for its form, function and price. For $34.99 (less if you get in on a good sale), you’ll score a hairdryer that produces great results and can be stowed away neatly.

Having the right tool is just the beginning; using your hairdryer properly is equally as important. Keep the setting on warm to cool, and the speed on high. Then hold the hairdryer 6 to 8 inches away from hair for the best results. And that’s how you get the most beauty for your buck.

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Filed under: College Finance, Family Money

The other day, a friend told me an interesting story. Her daughter had just gotten into her pick of colleges, but her top-choice school wasn’t offering as much financial aid as the schools that were a bit lower on her list. So she was wondering – should she pick up the phone and called the financial aid office of School #1 and say: “I really want to come here, but the tuition is just too hard to swing. Can you do better?”

As a mom with her own high school senior in the house, this story got me thinking: Is negotiating with aid offices common? Does it really work? Over the past week, I reached out to some experts and learned that the answers to those questions are “it’s hard to say,” and “it depends.”

If you and your child are looking at aid packages that are less than you had hoped for, here’s what you need to know before you call the school to make a fuss.

Don’t call it negotiation. “Colleges are not car dealerships,” Mark Kantrowitz, creator of finaid.org, likes to say. “This idea you can haggle is not all that accurate. Very few colleges do anything that way. Instead, it’s very structured and policy-driven. In most cases, negotiation is professional judgment.” Professional judgment refers to a process whereby a college can make adjustments to an aid package if unusual circumstances (a job loss mid-year, abnormally high medical costs, etc.) were not reflected on the FAFSA or aid application. If something severely impacted your income last year and the college does not know about it, you could be a candidate for consideration under this process.

Stick to the facts. It’s also important to understand that “the entire [financial aid] process is driven by documentation,” says Kantrowitz. If your financial situation has changed, the schools is “going to want copies of documentation: for a job loss, a copy of the pink slip, copy of the notice of unemployment benefits.”

Peter Van Buskirk, founder of “The Admissions Game” program and former dean of admissions for Franklin & Marshall College, echoes this sentiment: “The appeal needs to be made from the basis of fact, not emotion,” he says. “The parent that goes in full of fire and brimstone, nothing’s going to happen there. If there’s a reasonable presentation of information… and they can get this kid [to enroll] by making an adjustment, they’ll reserve the right to make that judgment.”

Reframe the conversation. If School #1 offered you $10,000 and School #2 offered you $20,000, don’t wave the competing offer in the face of School #1. Instead, focus on dollar amounts so you’re not bringing another school into the conversation. “Typically the notion of haggling is not well received,” says Don Fraser, director of education and training at the National Association for College Admission Counseling. “If you say, ‘I want to go here, could you offer me X amount of dollars,’ that’s the kind of conversation they’re more willing to engage in.”

Get rid of high expectations. Just about everyone I spoke with told me that there’s no harm in calling a college and asking them if there’s anything more they can do. However, the key is to be polite about it, and lose all visions of a $15,000 adjustment. “It can’t hurt to have the conversation, but don’t go into the conversation with high levels of expectation or entitlement, because that’s off-putting,” says Van Buskirk. “[Parents] can paint themselves in a corner by saying, ‘My kid won’t come unless….’ And then the institution calls the bluff. It’s important to resist the impulse to give into ultimatums.”

With Maggie McGrath

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Filed under: Macy’s, Target Corp, TJX, Family Money, Saving Money

It’s the time of the season, as the Zombies sing, when love runs high — especially for the nation’s adolescents, many of whom face the titillating prospect of that teenage rite of spring, high school prom.

But the pleasures of prom — elegant dress, alluring flowers, fancy transportation — don’t come cheap: Last year’s Visa (V) Prom Spending Survey found that families spent an average of $807 on the event. Spending varied widely by region, from $1,073 in the West to just $542 in the South.

And prom is getting significantly pricier. According to USA Today, spending on the spring formal is set to rise this year to an average of $1,078. “Where is it all going?” the paper asks. “Mostly towards the dress or tux, but limo rides, professional hair and makeup services, visits to the nail salon and new shoes and jewelry are also contributing to the increasingly hefty bill.”

Any expense of that magnitude is worth approaching carefully, and that’s doubly true for a one-night event. With that in mind, DailyFinance consulted consumer expert Andrea Woroch to find out how you and your teens can save on prom. Click through the gallery below for a baker’s dozen strategies.

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Filed under: Family Money, Personal Finance

Too many Americans are woefully underinformed about financial matters. Surprising numbers of them are on shaky ground, largely because they never learned the basics of money management.

But the ranks of the financially illiterate might shrink a bit over the next seven days, thanks to the Money Smart Week program, a partnership between the American Library Association and the Federal Reserve Bank of Chicago.

First lesson: If you lack financial knowledge, recognize that you’re not alone.
Take a look at the state of the average American’s finances, taken from the 2012 Consumer Financial Literacy Survey:

• 33% of Americans don’t pay all their bills on time.
• 39% have no non-retirement savings.
• 39% carry debt on credit cards.
• 80% say they could benefit from professional financial advice.

And a brand-new Northwestern Mutual survey found that 45% of Americans have no financial plan at all.

These problems are not new. In 2007, a Bankrate.com poll found that 47% of Americans — roughly half of us — find investing to be confusing. Only 29% are aware of the fees they’re paying when they invest. Only 32% had an IRA.

These numbers spell trouble. Take credit card issues, for example. Many of those carrying revolving debt on credit cards are paying interest rates of 20% or more. On a not-unusual $25,000 debt, that’s fully $5,000 per year just in interest, which could otherwise be put to better use.

Lack of knowledge about all of these things can lead to financial and personal heartache and headaches: If you have no non-retirement savings, you face possible financial ruin should you lose a job or experience a medical catastrophe. If you’re not seeking the best mortgage deal, you might end up paying tens of thousands of dollars unnecessarily over the life of your loan. Paying your bills late? That can whack your credit score, which is checked by many prospective employers, landlords, and insurers, and which dictates the financial terms you’re offered.

To the Rescue…

Enter the ALA and the Chicago Fed. They’ve dubbed April 21 through April 28 “Money Smart Week @ Your Library,” and their initiative will feature financial literacy programs taking place at more than 200 libraries in more than 35 states.

The programs target Americans of all ages, and teach smart money management. Local community groups, financial institutions, government agencies, educational organizations and financial experts are also participating, and some content will be offered in Spanish. A wide range of topics will be covered, including debt management, retirement planning, savvy shopping, understanding credit scores, protecting yourself from identity theft, and kids and money.

Odds are, you can benefit from this program. Check with your local libraries to see if they’re offering any Money Smart Week events. Consider going above and beyond, too, learning a lot more on your own.

There’s a lot of guidance available for free online. Spend some time exploring the rich AOL DailyFinance site and The Motley Fool’s Personal Finance and How to Invest nooks — among many other great resources out there.

Take inspiration from the American Library Association and the Chicago Fed. Take control of your financial future by learning smart money management — all year long.

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Filed under: Savings Experiment, Shopping

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Meat can be expensive, but there are ways to get your protein and cash in on some great savings. Here’s how to make sure you’re getting the best deal on your family’s meals.

The first thing to keep in mind is the day of the week you’re purchasing your meat. Supermarkets generally mark down prices in the mornings, so try shopping in the middle of the day to score the best deals and selection.

Another tip: Just ask! If you see that a package of meat or poultry is approaching its sell-by date, find a manager and ask him or her if the price can be lowered. Establishments will likely mark the package down, which keeps the product moving and its customers happy.

When buying proteins, you want to keep them as fresh for as long as possible. To do so, make sure to do all of your other grocery shopping before you hit the meat and poultry aisle. You want to add these perishables to your cart last to reduce the time they spend outside of their cold cases.

If you know you won’t be returning home for a while, make use of a small cooler in your trunk to keep perishables insulated and extra fresh. It will cost you under $10 for a travel size cooler, which can come in handy for more than just groceries. So, the next time you’re out shopping for the family, keep these tips in mind. They’ll make sure you stay a cut above the rest.

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Filed under: Savings Experiment, Lifestyle

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These days, there are many varieties of hand soaps, including antibacterial lines, but when it comes to hand-washing, are antibacterial products worth the extra cost?

Here’s the scoop: In order for antibacterial soaps to work properly, you need to lather for two minutes before rinsing. That’s right, two whole minutes. Since most people don’t spend that much time washing their hands, the extra chemicals don’t even get a chance to do their job.

Prolonged use of antibacterial products can also strip your hands of both unhealthy and healthy bacteria, which leaves room for more resistant strains to take hold. So, when it comes to savings, you’re better off going with a regular liquid soap. A 9-ounce bottle retails for $1.89, and for the same price, you can get a three-pack of bar soap, which works out to 63 cents each.

When you’re not near a sink, hand sanitizer is the next best option. An 8-ounce bottle costs between $1 and $5, depending on the brand. Just be sure to choose an alcohol-based product — it gets rid of the bad bacteria without harming the good kind.

So, when it comes to keeping your hands clean and your budget tight, choose regular liquid or bar soap. If you’re on the go and can’t get to a sink, alcohol-based hand sanitizers are the next best thing.

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Filed under: Savings Experiment, Lifestyle

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Fresh flowers make beautiful additions to any room, but bouquets can add up. Not to worry, though — there are ways to use blooms to brighten up your home without breaking the bank.

Carly Cylinder of FlourLA.com says flowers don’t have to be a luxury. One idea is to buy inexpensive pre-made bouquets from your local supermarket or flower shop and then deconstruct them. Group flowers of the same variety together and then rearrange them using color blocking. This modern arrangement will give your cheap blooms an expensive look.

Another way to save money is by buying one kind of flower and then placing mini bunches in recycled vases. Wine bottles and tin cans are great options, but vintage or used vases can offer a unique look, too.

To get the most out of the flowers you purchase, choose bunches with buds that haven’t opened yet. They will open throughout the week, and stretch out the longevity of the arrangement.

According to Reader’s Digest, many household items can be added to your vase water to make your flowers last longer. Suggestions include aspirin, bleach, soda, vodka and vinegar in various combinations and amounts. The magazine even suggests misting a little bit of hairspray to your flowers, or adding coins and a cube of sugar to your vase to extend the life of your bouquet.

Fresh flowers can look luxurious without costing you a fortune. Keep these tips in mind the next time you go shopping.

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Filed under: Savings Experiment, For the Home

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If you’re handy around the kitchen, you know that a good set of knives is essential, but which kind of cutlery offers the best value?

There are a wide variety of options when it comes to knives, but if you’re in the market for one all-purpose tool, you’ll want to go with a good chef’s knife. This item can cost you around $100, so keep that in mind when you’re shopping. One of the most popular brands is Wusthof, which can often be found on sale at retailers like Macy’s.

Ceramic knives are becoming more popular in kitchens today because they’re sharper and wider than their steel counterparts. However, ceramic knives are fragile and can get damaged in the dishwasher. Dropping your knife can commonly result in a broken tip, as well.

Meanwhile, the average cost of a ceramic knife set is $250. With that price tag, you might as well invest in a high quality set of forged stainless steel knives. Sure, you’ll have to get them sharpened every few years, but a good set can last up to two decades.

When shopping for a set of knives, try going in person so you can feel out the weight and grip of various handles. Then, once you’ve narrowed down the brand and type, you can search for a deal online. If you can wait, try shopping around major holidays when large department stores often have home sales. You may be able to cut your costs even more by doubling up on discounts.

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Filed under: Family Money

In the old Cybil Shepherd/Bruce Willis comedy Moonlighting, the office workers at the Blue Moon Detective Agency once chanted “No work and pay!” hoping for just that — to be paid for doing nothing.

Many of America’s children might have the same hope, but alas, according to a recent survey, their parents have other ideas.

The survey, called Chores & Allowance and the 21st Century Kid, was conducted by DoughMain.com, a company dedicated to family financial education. It found that the vast majority of parents — 89% of them — assign chores to their children. Only about half, though, give their kids an allowance. And among the allowance payers, just 21% tied the payouts to chores.

Those who aren’t paying allowances might want to consider doing so, though.

Tying Pay to Chores

One of the top reasons for paying allowances is to help children learn to manage money — 47% of allowance payers cited this reason.

Ken Damato, president and CEO of DoughMain, sees an ongoing debate about allowances and chores in America and about “whether giving an allowance helps make kids smarter about money — and whether parents should require kids to do chores to receive one.”

While some parents focus on either chores or allowances, Damato suggests tying them together. By being assigned chores, children learn responsibility. If their reward is financial, that can serve as compelling motivation for them and can also help them learn the value of money and how to manage it.

Unpaid, but Not Unrewarded

It’s worth noting that while many children who do chores and don’t get allowances may seem to be unrewarded for their work, there are other forms of rewards that parents employ.

Non-monetary rewards include television or computer time. A growing number of parents are using such rewards (26% of surveyed parents use them instead of money) — perhaps to some degree out of necessity, as many parents are financially pinched these days.

And some parents object to connecting allowances to chores, wanting their kids to do chores simply because they are expected to, out of a sense of responsibility and not merely in order to receive money.

Allowance Tips

If you pay your children an allowance or are thinking of doing so, here are some things to keep in mind:

• Starting early is OK. Some experts suggest that even 6-year-olds can handle a small allowance. To determine what a sensible sum is, think of how much your child might reasonably spend in a week on expenses that you think they should pay for, and pay them all or some of that.
• Encourage well-rounded money management behavior. It’s good to learn how to save for different time frames and goals. For example, designate one portion of your child’s allowance/earnings to long-term savings goals, such as a big purchase like a car or even college. Another portion might be earmarked for charity, perhaps supporting one or more causes important to the child. And one portion should definitely be used for fun, to be spent on entertainment or clothing.
• Combine the chores and allowances with regular discussions about money. Don’t just discuss how they’re managing their money — discuss how you are managing the household’s money, as well. Children can benefit by knowing how much it costs to hire a plumber or buy the week’s groceries.

Here are a few more tips, from the folks at DoughMain:

• Before assigning an allowance, make sure your kids know the basics of coin recognition and confirm they have a basic understanding of keeping track of dollars and cents.
• Let some chores be not rewarded with money, to help teach responsibility, while others can be paid tasks tied to an allowance.
• Consider giving an allowance or rewards for household chores like dusting and vacuuming, but also for important responsibilities, such as homework, hygiene, exercise, punctuality, and positive behavior.

Chores and allowances are great ways to help your children grow up to be responsible people and smart money managers.

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