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Money Sense for Teens Newsletter
Volume 3, Issue 1

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Happy New Financial Year! • Did You Know? • An Assignment in Shopping • Shopping at Home • Did You Know?

Happy New Financial Year!

It's the first year of the new century – have you set your financial goals yet? Most of you set a goal to save money or reduce the amount of debt you have when you enrolled in Money 2000. According to reports, some of you are doing VERY well. Others aren't. Do you remember the goal you set? What have you done to reach it? Here are some easy ways you can save during the year. Which ones are you going to try this year?

• Drink one less soft drink per week - (75¢ x 52 = $39.00)
  
• Rent one less video per month - ($3.00 x 12 = $36.00)
  
• Eat pizza out one less time each month - ($6.00 x 12 = $72.00)
  
• Eat two less candy bars per week - (60¢ x 2 x 52 = $62.40)
  
• Buy one less CD each month - ($12.00 x 12 = $144.00)
  
• Buy one less pair of jeans ($40.00)
• One less concert ticket ($60.00)
  

If you did all of the above, you would have an extra $453.40 at the end of the year. If you put it into a savings account earning 4 percent, you would have $471.53. What could you do with an extra $471 next December?

Little things DO add up – Several years ago American Airlines saved $40,000 by eliminating one olive from each salad served in first class.

 An Assignment in Shopping

Think of one item you would like to purchase in the next few weeks. The next time you go shopping make the following comparisons. Remember, all the categories may not fit the item you are shopping for.

After making your comparisons, ask yourself these questions:

• Which item is the best buy?
• Were there differences in the cost of the items?
• Which item do I like or want the most?
• Would I be happy with the substitute item?

Shopping at Home

Thanks to 800 numbers and the Internet, you can shop 24 hours a day – if you could stay awake! But like any type of shopping, be careful. Here are some tips from the Federal Trade Commission.

Know who your are shopping with.  No matter how impressive a web site or how pretty a catalogue, if you are not familiar with a company, check up on it. Check with friends, the Arkansas Attorney General (or the Attorney General in the state where the company is based) or the Better Business Bureau. Try to learn where the company is physically located. Federal and state laws may apply if you are buying by phone, computer or mail, but if the company is located in another country, you may not have the same legal protections as you do in the United States.

Protect your privacy.  Beware of giving more information than you are comfortable providing. Provide personal information only if you know who is collecting it, as well as why and how it will be used. If social security number, driver's license number or other personal information is asked for, and is not needed for the transaction, click off or hang up and shop around some more. Provide your credit card number only if you are using it to pay for a purchase. Never give your computer password to anyone.

Pay with a credit card.  You may have to make arrangements with your parents to use their credit card to make payments on the web. Often, this is the only way you may make purchases by phone or Internet. Other ways to pay do not offer the same consumer protections as paying by credit card. If you do not receive the product, it does not arrive on time or if you believe the product is misrepresented, you are legally entitled to additional protections. If you are able to use other payment methods, don't send cash, checks or money orders by overnight delivery, wire or courier if anyone demands immediate payment.

Online Shopping.  When you shop online, many marketers want to know more about you than you may be willing to tell. Your best protection is to shop with a merchant that posts its privacy policies and offers you options about the use of your personal information. In most cases, the password you establish with the vendor, your credit card number and delivery address is the only information a seller should need to take your order. To confirm that your information is protected, look for a locked key or padlock at the bottom of the browser screen. These symbols mean the information you send is encrypted for online transmission. Only those with proper decoding software can access the data. That software is protected, and the U.S. government will not allow it to be exported to foreign countries. However, many, though not all, overseas companies have developed their own secure server software. Also guard your passwords. Don't use the same password you use to log on to your computer or network. Also, choose a different password every time you register with a new site.

Think It Through. Just as you made comparisons when selecting products in the activity in this newsletter, make the same comparisons when shopping via the Internet or by phone.

Ask for Help If You Have a Problem. If you can't resolve a problem by working with a company, contact your Attorney General, Better Business Bureau or the Federal Trade Commission. If you suspect telemarketing or Internet fraud, report it to the National Fraud Information Center, which are operated by the National Consumers League. For help in writing a letter of complaint, go to The National Association of Consumer Agency Administrators. And click on the banner that asks, "Has a business treated you unfairly?"

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