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• Why the 401(k) debit card is a very bad idea

  Posted Jan 24 2008, 01:12 PM by Karen Datko
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  Filed under: debt, retirement, spending, saving
  Money Blog: Smart Spending Blog - MSN Money

  Jeremy at Generation X Finance writes that the 401(k) debit card is "probably one of the worst ideas ever." This increasingly popular card allows you to tap your retirement account for any kind of purchase, including your silliest impulse buys. "That's right," Jeremy writes. "Now people can go shopping for that big-screen HDTV and instead of using a credit card or money they have in the bank, they can just swipe their 401(k) debit card and use those funds."   Read More...

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• Personal-finance lessons learned from 'The Office'

  Posted Jan 09 2008, 05:34 PM by Karen Datko
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  Filed under: debt, retirement, spending, Karen Datko
  Money Blog: Smart Spending Blog - MSN Money

  Have you seen this episode of "The Office"? Michael, worried about his money (or lack thereof), tells officemates he's declaring bankruptcy. Oscar schools Michael on money, using a three-column spreadsheet to illustrate Michael's spending. One column is for necessities, one is for wants, and the third and largest is what he has spent on things he doesn't need. We can learn a lot from this, writes RacerX of Life, Liberty and the Pursuit of Money. "In other words," RacerX writes, "a trip to Europe is a desire, contributing to my IRA so I don't eat dog food when I am 70 is a want, much less making sure I have my own shelter (a need)."   Read More...

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• Debt-free: Protecting your newfound financial freedom

  Posted Oct 22 2007, 10:11 AM by Karen Datko
  Filed under: debt, retirement, spending, saving
  Money Blog: Smart Spending Blog - MSN Money
  We reported recently that J.D. at Get Rich Slowly had asked readers for advice about how to live debt-free because he will become free of consumer debt by Christmas. He got a thought-provoking response : You'll be tempted to spend, spend, spend all the extra money you'll have when you're no longer paying off debt. That's a road back to financial ruin. Think big, make long-term plans, and automatically save for them. (Does early retirement sound attractive?) On a smaller scale, budget yourself an allowance and stick to it.
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