photo credit: qnr

I have fond memories of going with my dad to Circuit City as a kid and looking at all the stereos and latest gadgets. In fact, I’ve probably spent a good amount of money on electronics at Circuit City over the last 20 years. My first big stereo system, dvd player, Sony computer, car stereos, cell phones, and more. Well, now Circuit City is a victim of the credit crunch and poor holiday sales. Is it time to go to Circuit City one last time and look for a deal before they go out of business? Can I find a discount on a Wii? Do I even need a Wii?

Let’s say a Wii was in our family budget and I was going to use if for daily exercise using the Wii fit. Alright, you’re probably laughing at my justification right now, but let’s say I could get it for a steep discount. I think I saw the Wii for $250 at Best Buy or Target over the holidays and the Wii fit for another $100. Total cost would be $350 for a fun family toy. I don’t know if the price of the Wii would ever be justified if it wasn’t in our budget, but let’s say it is. If I could get a Wii for 25% or 30% off, would that be a deal? Let’s see.

Circuit City will be liquidating inventory and may not restock store shelves with new inventory. Since the Wii is sold out at many other stores, Circuit City may not even have them in stock. What if they do? Will Circuity City change the return policy since they are going out of business? Would it be worth a 25% discount if they offered no return policy or limited warranty? This could be a risky venture. I’m sure the Wii probably comes with a standard manufacturer warranty from Nintendo, but will Circuit City be able to help if something breaks? I might venture out this weekend and see what our local Circuity City has in stock. If it’s in your family budget, are you planning a trip to Circuit City to check for bargains?

Also, if you have any Circuit City gift cards that you received for the holidays…Use them quickly. You don’t want to be holding Circuit City gift cards when the stores are empty and worthless.

Please Share With A Friend:

If you enjoyed this post, make sure you subscribe to my RSS feed!

photo credit: inkynobaka

I came across an inspiring story about a couple that managed to pay off $30,000 in credit card debt and is now saving $500 a month. The Dunleavey’s tackled the credit card debt problem head on and won after 5 and a half years. I love these stories and what I enjoyed reading about this couple is how they are real about the issue of debt and they took action. $30,000 in credit card debt can seem overwhelming and this couple shares tips on how they made it happen. It didn’t happen overnight and they didn’t find a famous 1869 Red Stocking baseball card in the attic. What they did do is establish a goal to pay down the debt each month and establish a plan of action.

How did they do it and how can you pay off your credit cards? Many of these ideas may not seem like rocket science, but the point is they had an action plan and stuck to it.

1. They cut expenses.
2. Established a budget.
3. Identified and changed bad habits.
4. Adjusted lifestyle
5. Got a roommate
6. They moved
7. Paid down the credit cards with money saved from cutting expenses.
8. Stopped using credit cards
9. Established an emergency account
10. Setup auto bill pay.
11. Opened a new low interest credit card.
12. Communicated with friends and family that they were going to cut expenses.

The Dunleavey’s worked hard to pay down the credit card debt including overtime at work, taking on freelance jobs, and cutting expenses. They also got extreme with household expenses. Many people that I talk with could never get rid of a cell phone, cable tv, or internet. They also cut out gym membership and stopped eating out. What this did give them was an additional $500 a month to pay towards the credit card debt. What I also enjoyed reading about this couple was that they discussed the action plan to pay down debt with friends and family. Instead of saying no to a dinner out or a gift exchange, you could discuss your families determination to get out of debt.

Do you have a success story for getting out of credit card debt? Did you take on an additional job, sell something on ebay, or cut expenses? Or maybe you were fortunate to find that 1869 Red Stocking baseball card and all your credit card worries are gone.

You can read more about MP Dunleavey at MSN or

Please Share With A Friend:

If you enjoyed this post, make sure you subscribe to my RSS feed!

I came across an interesting article written by Alexandra Penney, who was an investor with Bernie Madoff. She has lost her life’s savings and is documenting her journey towards getting back to a “normal” life through the “Baglady’s Papers”. You might find this article interesting as she certainly doesn’t fit the mold of a typical investor. Penney was a successful writer and artist and now is in the process of selling some real estate to cover her living expenses. You do get a sense of betrayal and anger as you follow her journey from New York to Florida to sell her belongings. Also, she seems to have coined a new term called “Madoff-ed”.

Penney doesn’t disclose how much she lost from Madoff, but you can only imagine that it would be several million dollars as she wrote the best seller “How to make love to a man” and was an editor for Self magazine. She looked to Madoff since he was averaging about 10% a year in returns and she could comfortably work on her passion of artwork. What this reminds me of is the investment advice to not have all your investments in one fund. Whether it’s your 401k or your bank account. Make sure you are diversified and not have all your eggs in one basket. I’m still wondering where all the Madoff money went. It couldn’t have just disappeared, could it?

Have you reallocated your 401k recently?

Please Share With A Friend:

If you enjoyed this post, make sure you subscribe to my RSS feed!

U.S. Representative Mike Rogers has proposed a bill to stimulate new cars sales by allowing for consumers to deduct $7,500 from federal taxes on the purchase of a new card. The bill would allow for $7,500 for the first three months, $5,000, and $2,500 for the next three months. Is this what will jump start the car industry again, or will this just add to more consumer debt? If GM, Ford, and Chrysler continue to give out incentives the actual price of a 2009 model car could drop significantly with this new tax break. Would you be tempted to buy a new car if this bill passed? More can be found on the AP article here.

Please Share With A Friend:

If you enjoyed this post, make sure you subscribe to my RSS feed!

I guess it’s really no surprise that consumers have spent less money in the previous quarter as jobs have been lost and credit has tightened. Economists are reporting that this consumer tightening on the pocket books will cause the current recession to last longer than previously predicted. What’s good for the consumer is bad for the credit card companies and the economy. Not even zero percent financing and the lowest home interest rates can get Americans interested in borrowing. What will it take? Maybe seeing our home values increase, bonuses increase, and neighbors to start talking about other things besides the poor stock market performance.

According to the AP article, the Federal Reserve reported that consumers decreased spending by almost $8 billion dollars in November, which was the largest decline in 65 years. Yikes!

If you have been a frugal saver, shopper and overall consumer you now have more in common with fellow Americans. Interesting if this trend continues and more people start saving money and creating an emergency account or just saving in general. Maybe you are going to be a trend setter and shed your frugal lifestyle and start spending now that you might find some great deals to be had. Any purchases you see as tempting right now?

Please Share With A Friend:

If you enjoyed this post, make sure you subscribe to my RSS feed!