The latest on Amazon Go, personal finance apps, and college bank cards
Here are some favorite personal finance reads from around the web this week.
Personal finance apps that automate your savings can be a lifesaver to some, but don’t rely on them for everything. Remember that A) those savings don’t usually gain interest, and B) an algorithm won’t help you develop a sense of responsibility toward your money. Take stock of your financial life, and make decisions sans app as well.
—New York Times
Even if the government prohibits predatory fees for these proposed prepaid bank cards, students who opt in to them risk granting access to their spending habits and personal data, which are valuable to companies trying to market financial products to them in the future. Something to keep in mind and be wary of.
I’ve written about addiction and personal finance before—it’s incredibly an important topic. Here, a mother asks what to do if her son with a drug habit doesn’t plan to go to college—should she redirect his college fund into other personal expenses? It’s a tough conversation to have, but the key here is communicating and coming up with a plan together.
The new Amazon Go store goes one step beyond the convenience of swiping plastic or mobile payment—you simply walk out and your account will be charged. This is bad news: We already know you spend more when you buy with a credit card than you do with cash. Now that it’s even easier, you’ll feel less “pain of paying” and be more likely to overspend.
Craving more financial finds? Here are my latest blog posts!
Does retirement jargon make your eyes glaze over? From IRAs to ETFs, my new infographic guide breaks down the basics you need to know to sow the seeds for retirement savings—and reap the benefits later.
Caution: 2 out of 3 adults ages 70 and over will fall victim to an online scam. If you’re worried about your older parents, here’s how you can protect them and talk about the risks—without hurting their feelings.
Bank of America just announced an end to their only free checking account without a minimum balance. Thankfully, other banks and credit unions still offer this service. Here are some options if you’re no longer banking with BoA.
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