Comments on: Why Do People Ignore Easy Money?

By: Carnival of Personal Finance #112: Best Week Ever Edition | The Frugal Law Student

Fri, 24 Aug 2007 12:45:54 +0000

[...] Money Smart Life asks “Why do people ignore easy money?” Good question. I’m guilty of ignoring some of the easy money Money Smart Life mentioned in their post. [...]

By: Money Smart Life » Personal Finance Review - Expensive Baby Shoes Edition

Money Smart Life » Personal Finance Review - Expensive Baby Shoes Edition — Sun, 12 Aug 2007 17:13:59 +0000

[...] Thanks to The Frugal Law Student for including our submission on easy money in last weeks Carnival of Personal Finance. [...]

By: SavingDiva

SavingDiva — Tue, 07 Aug 2007 20:01:25 +0000

I’m trying to do a better job of taking advantage of the easy money….or saving small amounts on my monthly bills…it’s a struggle, but I am making a little progress.

By: Ben

Ben — Tue, 07 Aug 2007 14:06:44 +0000

vans girl, just do a Google search for rewards credit cards.

Mike, I was curious and nosy so I asked who all had rewards cards.

threadbndr, nice plan, enjoy the vacation!

Ryan, I agree banks seem to have a fee for everything.

By: Ryan

Ryan — Mon, 06 Aug 2007 23:40:55 +0000

The top 4 easy money ignored:
-401k employer match
-High yield savings account, checking, or just optimizing the return on your money/investments
-Rewards credit (though I understand why people avoid credit altogether…kind of like how alcoholics have a hard time becoming social drinkers)
-Paying for ANYTHING from the bank.

It’s a tough question why people don’t do these things. Before I got turned on to a couple PF blogs, my financial life was rife with ignorance of free money. Thankfully, I found my way before too long in a real job. Internet be praised!

By: threadbndr

threadbndr — Mon, 06 Aug 2007 22:30:10 +0000

If I went to lunch with you, you’d see me pay with a VISA debit card *G*, but run it as credit to get the quarter back.

You’re right, it’s not a lot of money, but even that $5 or $10 a month adds up. I’m playing a game with myself this year and putting all that type of money in a savings account. So far the quarter back, a few dividend checks (that haven’t been moved to DRIP) and rebates/refunds and such (plus the associated interest) have added up to over $300. That’s going to be a nice little kiss for the vacation slush fund!

By: EA

EA — Mon, 06 Aug 2007 20:59:51 +0000

For some of these things (the phone discount for example) the folks who aren’t taking advantage of it are helping to keep your cost low. Someone has to make loads of money for the phone company, it might as well be lazy people who don’t care about money.

By: Mike

Mike — Mon, 06 Aug 2007 16:12:44 +0000

How do you know that those 4 other card didn't have rewards attached? My credit cards don't have anything obvious on them indicating that they're a rewards card. Mike

By: used vans girl

used vans girl — Mon, 06 Aug 2007 14:14:10 +0000

How do you find out which cards offer these reward schemes?

By: Ben

Ben — Sat, 04 Aug 2007 21:16:33 +0000

Good point KMC. Most people can afford at least the minimum contribution just to get the match. The match doubles the amount you put in, pretty easy money.

Lazy and Shadox, you’re right about people that are carrying a balance. They’re making easy money for the credit card companies, not themselves.

Bryan, I agree, there is no such thing as a free lunch and if you don’t pay off your rewards credit card you’ll lose out. However, there are still easy things you can do to save money like cancelling subscriptions you don’t use anymore or signing up for available discounts.