End Notes

Unless otherwise indicated, the italicized text appears in the opening paragraphs of the referenced chapter.

PREFACE

68 percent of those surveyed: Jim Forsyth, “More than Two-Thirds in U.S. Paycheck to Paycheck—Survey,”  Reuters, September 19, 2012, http://www.reuters.com/article/2012/09/19/usa-survey-paycheck-idUSL1E8KJAZV20120919.

55.1 percent of card holders: Jesse Bricker, Arthur B. Kennickell, Kevin B. Moore, and John Sabelhaus, “Changes in U.S. Family Finances from 2007 to 2010,” Federal Reserve Bulletin 98 (June, 2012): 67, http://www.federalreserve.gov/Pubs/Bulletin/2012/articles/scf/scf.htm.

46.6 square feet of retail space: “Frequently Asked Questions,” International Council of Shopping Centers, accessed November 4, 2012, http://www.icsc.org/srch/faq_category.php?cat_type=research&cat_id=3.

INTRODUCTION

HOW MUCH WILL SLN! SAVE YOU?

about 20 percent each year: Joe Dominguez and Vicki Robin, Your Money or Your Life (New York: Penguin, 1992), 154.

$50,000 annually . . . the national average: “Consumer Expenditure Survey, 2006-2011,” US Bureau of Labor Statistics, accessed November 1, 2012, http://www.bls.gov/cex/2011/standard/multiyr.pdf.

Social Security Withholding . . . 6.2%: “Compliance Update,” American Payroll Association, accessed November 2, 2012, http://info.americanpayroll.org/pdfs/fpi/12k15-ComplianceUpdateAPA.pdf.

Medicare Withholding . . . 1.45%: Ibid.

Federal Tax Withholding . . . 25%: “2011 Tax Table,” Internal Revenue Service,  accessed November 2, 2012, http://www.irs.gov/pub/irs-pdf/i1040tt.pdf.

State Tax Withholding . . . 5.04% average rate: “TAXSIM Calculated Net State Rate after Federal Deduction,” National Bureau of Economic Research, accessed February 8, 2012,  http://www.nber.org/~taxsim/state-marginal/state-fix.html (2010 average).

about $44,600: “Consumer Expenditure Survey, 2006-2011,” US Bureau of Labor Statistics, accessed November 1, 2012, http://www.bls.gov/cex/2011/standard/

multiyr.pdf (reports average annual expenditures of $49,705, and subtracting average Social Security and pension expenses of $5,106, yields $44,599).

AND NOW, THE REALLY NOT SO HUMBLE CHECKLIST

habits involve three basic steps: Charles Duhigg, The Power of Habit (New York: Random House, 2012), 19.

1

Avoid the Purchase Altogether

A Kindle holds 3,500: “Kindle DX, Free 3G, 9.7” E Ink Display, 3G Works Globally,” Amazon, accessed November 1, 2012, http://www.amazon.com/Kindle-DX-Wireless-Reader-3G-Global/dp/B002GYWHSQ.

you save $1,200: “Billy,” IKEA, accessed November 1, 2012, http://www.ikea.com/us/en/catalog/products/83688210/#/83688210.

Wait Until Later

delay . . . about four months: Lauren A.E. Schuker and Ethan Smith, “Hollywood Eyes Shortcut to TV,” Wall Street Journal, May 22, 2010, http://online.wsj.com/article/SB10001424052748704167704575258761968531140.html.

2

Buy Other Technologies

You could spend $300: “Bose® QuietComfort® 15 Acoustic Noise Cancelling® Headphones,” Amazon, accessed November 1, 2012, http://www.amazon.com/Bose%C2%AE-QuietComfort%C2%AE-Acoustic-Cancelling%C2%AE-Headphones/.

Buy Generic

account for 22.3 percent: Todd Hale, “U.S. Store Brands have Room to Grow,” Nielsen News, July 20, 2011, http://blog.nielsen.com/nielsenwire/consumer/u-s-store-brands-have-room-to-grow/.

3

more than 23,000 results: Author’s search for “coffee makers” at Amazon.com on November 1, 2012.

Read Buying Guides and Product Reviews

Time magazine named Consumer Search: Adam Fisher, “50 Best Websites of 2009—ConsumerSearch,” Time, August 24, 2009, http://www.time.com/time/specials/packages/article/0,28804,1918031_1918016_1917951,00.html.

5

Review the Seller’s Policies

Retailers in 40 states: Joyce Rosenberg, “Small retailers say no to passing along credit card fees to patrons,” Denver Post, February 1, 2013,  http://www.denverpost.com/business/ci_22494382/.

8

most spending on services goes for auto repairs and home remodels: “Consumer Expenditure Survey, 2006-2011,” US Bureau of Labor Statistics, accessed November 1, 2012, http://www.bls.gov/cex/2011/standard/multiyr.pdf.

9

average household spends $2,572: Ibid.

10

10.1  costs about $500 per year: Kelli B. Grant, “Six Ways to Cut the Cost of a Gym Membership,” Wall Street Journal, January 6, 2010, http://online.wsj.com/article/SB10001424052748703436504574640651941267992.html.

11

11.4.4  skip this coverage: Consumer Reports, “Spend Less on Everything,” Yahoo Finance, accessed December 15, 2011, http://finance.yahoo.com/news/spend-less-on-everything.html.

12

$115 per year: “Consumer Expenditure Survey, 2006-2011,” US Bureau of Labor Statistics, accessed November 1, 2012, http://www.bls.gov/cex/2011/standard/multiyr.pdf.

12.1.3  Books published before 1923 reside in the public domain: “Copyright Term and the Public Domain in the United States,” Cornell University, accessed November 1, 2012, http://copyright.cornell.edu/resources/publicdomain.cfm.

12.3.2  More than 8,000 magazines host websites: “Magazine Handbook—Engagement to Action, a Comprehensive Guide and Factbook 2010/11,” Magazine.org, downloaded on or about November 1, 2011, www.magazine.org.

13

household paid $2,620: “Consumer Expenditure Survey, 2006-2011,” US Bureau of Labor Statistics, accessed November 1, 2012, http://www.bls.gov/cex/2011/standard/multiyr.pdf.

14

14.3.6  yielded 174 results: Author’s search for “alcohol breath analyzers at Amazon.com on November 1, 2012.

15

15.1.4  currently average $19: Josh Sanburn, “Reinventing the Wheels: A Fresh Look Coaxes Riders Back on the Bus,” Time, November 15, 2012, http://business.time.com/2012/11/15/reinventing-the-wheels-megabus-and-boltbus/.

15.3.2  lowest point on Tuesday afternoons: Scott McCartney, “Whatever You Do, Don’t Buy an Airline Ticket On . . .,” Wall Street Journal, January 27, 2011, http://online.wsj.com/article/SB10001424052748704062604576105953506930800.html.

15.3.4  great tip from FareCompare.com: Rick Seaney, “Airline Tickets—Shop One Passenger First and Save on Trips of Two or More, Fare Compare, last modified November 21, 2010, http://www.farecompare.com/news/airline-tickets-shop-one-passenger-first/.

16

16.1.8  2,600 locations nationwide, but only 130 of them still sport living quarters: George W. Rhodes, “At Home at the YMCA,” The Sun Chronicle, March 9, 2011, http://www.thesunchronicle.com/articles/2010/07/11/news/7663311.prt.

19

19.1  $1,721 in 2011: “Consumer Expenditure Survey, 2006-2011,” US Bureau of Labor Statistics, accessed November 1, 2012, http://www.bls.gov/cex/2011/standard/multiyr.pdf.

19.1.9  no more than 25 percent: “Top 10 Best Practices of Savvy Donors,” Charity Navigator, accessed November 2, 2012, http://www.charitynavigator.org/index.cfm?bay=content.view&cpid=419.

20

29.2 percent of the nation’s gross income: William McBride, “Special Report Tax Freedom Day 2012,” April 2012, http://taxfoundation.org/article/special-report-no-198-tax-freedom-day-2012.

20.1  6.85 percent or higher: “State Sales Tax Rates along with Average COMBINED City and County Rates,” The Sales Tax Clearinghouse, accessed November 2, 2012, http://thestc.com/strates.stm.

CODA: BYPASS SALES TAXES ALTOGETHER

must pay something called a “use tax”: Laura Saunders, “The Sales Tax that Comes Back to Bite,” Wall Street Journal, March 27, 2010, http://online.wsj.com/article/SB10001424052748704211704575139833572294198.html.

22

typical home energy uses: “Your Home’s Energy Use,” US DOE, accessed January 17, 2011, http://www.energysavers.gov/tips/home_energy.cfm.

22.1.1  save about 5-15 percent: “Thermostats and Control Systems,” US DOE, June 24, 2012, http://energy.gov/energysaver/articles/thermostats-and-control-systems.

22.5.6  consumes 446 kilowatt hours: Elisabeth Rosenthal, “Cable Boxes Guzzle Energy,” New York Times, June 25, 2011, http://www.nytimes.com/2011/06/26/us/26cable.html.

22.6.20  about $40 per year: “Dishwasher vs. Handwashing Dishes,” Energy Star, accessed November 2, 2012, http://www.energystar.gov/index.cfm?c=dishwash.pr_handwash_dishwash.

25

$86 per month: “Pay-TV bills continue to increase by 6 percent, year-over-year, as consumer-spending power remains flat,” NPD Group, April 10, 2012, https://npd.com/wps/portal/npd/us/news/pressreleases/pr_120410.

26

now costs about $500 per year: Centris Marketing,  “Science Research Note,” January 17, 2012, accessed via Google November 2, 2012, www.centris.com/docs/…/Monthly%20spending%201.12.pdf.

26.1  14 percent . . . used cell phones only . . . wireless-only households had jumped to 34 percent: Stephen J. Blumberg and Julian V. Luke, “Wireless Substitution: Early Release of Estimates from the National Health Interview Survey, July-December 2011,” Centers for Disease Control and Prevention, June, 2012, http://www.cdc.gov/nchs/data/nhis/earlyrelease/wireless201206.pdf.

26.2  deliver the fastest internet: “ISP Reliability and Costs,” ConsumerSearch, last modified October, 2011, http://www.consumersearch.com/isp/review.

27

321 million cell phone subscriptions: CITA The Wireless Association, “Wireless Quick Facts,” accessed November 2, 2012, http://www.ctia.org/consumer_info/index.cfm/AID/10323.

average cell phone user pays $78: “J.D. Power and Associates Reports: Average Length of Time Wireless Customers Keep their Mobile Phones Increases Notably,” JD Power, September 23, 2010,  http://businesscenter.jdpower.com/news/pressrelease.aspx?ID=2010185.

cost jumps to $1,500: “2012 U.S. Wireless Network Quality Performance Study Volume 2 Results,” JD Power, August 27, 2012, http://www.jdpower.com/content/study/Vf9wjMm/2012-u-s-wireless-network-quality-performance-study-volume-2-results.htm.

28

average household pays $552: Centris Marketing, “Science Research Note,” January 17, 2012, accessed via Google November 2, 2012, www.centris.com/docs/…/Monthly%20spending%201.12.pdf.

29

premiums now average $917: “Home Insurance Rate Report,” HomeInsurance.com, accessed February 20, 2012, http://homeinsurance.com/rates-in-your-state/.

30

policy costs about $1,200: “Auto Insurance Rate Report,” HomeInsurance.com, accessed November 2, 2012, http://homeinsurance.com/auto-insurance/auto-rates-per-state/.

32

32.1  50 percent of Americans . . . slumped to 44.6 percent: Elizabeth Mendes, “Fewer Americans Have Employer-Based Health Insurance,” Gallup, February 14, 2012,  http://www.gallup.com/poll/152621/fewer-americans-employer-based-health-insurance.aspx.

33

almost half of all Americans: Quiping Gu, Charles F. Dillon, and Vicki L. Burt, “Prescription Drug Use Continues to Increase: U.S. Prescription Drug Data for 2007-2008,” Centers for Disease Control and Prevention, September, 2010, http://www.cdc.gov/nchs/data/databriefs/db42.htm.

33.2.2  97 percent of them violate professional standards: “Buying Medicine Online: Internet Pharmacies and You,” National Association of Boards of Pharmacy, accessed March 25, 2011, http:// www.nabp.net/programs/consumer-rotection/buying-medicine-online/.

34

$179 on physicians and $129 on hospitals: Based on unpublished estimates from the integrated 2011 CES set forth in BLS e-mail message to the author, November 1, 2012.

34.4.1  1,350 clinics nationwide: Pamela Lewis Dolan, “CVS Retail Chain Clinics Expand while Walgreens Operation Stalls,” American Medical Ass’n, January 23, 2012, http://www.ama-assn.org/amednews/2012/01/23/bis0123.htm.

35

one-half of all Americans wear corrective lenses: Prevent Blindness America and the National Eye Institute, “Vision Problems in the U.S.: Prevalence of Adult Vision Impairment and Age-Related Eye Disease in America,” Prevent Blindness America, last modified April, 2011, http://www.preventblindness.net/site/DocServer/VPUS_2008_update.pdf.

35.2.4  surveyed 30,000 readers: “Costco Tops List of Eyeglass Retailers,” Consumers Union, November 1, 2010, http://pressroom.consumerreports.org/pressroom/2010/11/costco-tops-list-of-eyeglass-retailers.html.

36

spent $286 on dentists: Based on unpublished estimates from the integrated 2011 CES contained in BLS e-mail message to the author, November 1, 2012.

36.2.2  every $1 spent on prevention saves $4: “Policy and Advocacy,” National Center for Oral Health Access, accessed November 2, 2012, http://www.nnoha.org/advocacy.html.

36.6.2  x-rays only once every 24-36 months: American Dental Association and U.S. Department of Health and Human Services, “The Selection of Patients for Dental Radiographic Examinations,” US Food and Drug Administration, 2004, http://www.fda.gov/Radiation-EmittingProducts/RadiationEmittingProductsandProcedures/MedicalImaging/MedicalX-Rays/ucm116504.htm.

37

about 100 grocery store visits: “Supermarket Facts: Industry Overview 2010,” Food Marketing Institute, accessed November 2, 2012, http://www.fmi.org/research-resources/supermarket-facts.

household spends $3,838: “Consumer Expenditure Survey, 2006-2011,” US Bureau of Labor Statistics, accessed November 1, 2012, http://www.bls.gov/cex/2011/standard/multiyr.pdf.

37.1  44 percent of consumers use lists: “And Reveal 19th Annual ‘Shopping for Health’ Survey Results,” Food Marketing Institute, accessed November 2, 2012, http://fmi.org/news-room/news-archive/view/2011/07/21/.

37.6  discard about 25 percent: Dana Gunders, Wasted: How America Is Losing Up to 40 Percent of Its Food from Farm to Fork to Landfill, National Resources Defense Council, August, 2012, http://www.nrdc.org/food/files/wasted-food-IP.pdf.

37.6  that works out to $960 in losses per year: “Consumer Expenditure Survey, 2006-2011,” US Bureau of Labor Statistics, accessed November 1, 2012, http://www.bls.gov/cex/2011/standard/multiyr.pdf.

37.7  $832 a year: Ibid.

38

a whopping 48 percent: “What that Car Really Costs to Own,” Consumer Reports, last modified August, 2012, http://www.consumerreports.org/cro/2012/06/what-that-car-really-costs-to-own/index.htm#.

39

fuel costs . . . at $2,655: “Consumer Expenditure Survey, 2006-2011,” US Bureau of Labor Statistics, accessed November 1, 2012, http://www.bls.gov/cex/2011/standard/multiyr.pdf.

39.3.4  cuts mileage by 1-2 percent: “Energy Savers Booklet: Tips on Saving Energy & Money at Home,” US DOE, accessed November 2, 2012, http://www1.eere.energy.gov/consumer/tips/pdfs/energy_savers.pdf.

39.3.5  4 percent on average: “Keeping Your Car in Shape,” US DOE, last modified November 2, 2012, http://www.fueleconomy.gov/feg/maintain.shtml.

39.3.6  replacing the filter won’t improve mileage: Ibid.

39.5.2  cuts gas mileage by as much as two percent: “Energy Savers Booklet: Tips on Saving Energy & Money at Home,” US DOE, accessed November 2, 2012, http://www1.eere.energy.gov/consumer/tips/pdfs/energy_savers.pdf.

39.6.1  27 cents more per gallon: “Driving More Efficiently,” US DOE, last modified November 2, 2012, http://www.fueleconomy.gov/feg/driveHabits.shtml.

39.6.5  whenever the wait exceeds 10 seconds: Brendan Koerner, “Is an Idle Car the Devil’s Workshop,” Slate, May 27, 2008, http://www.slate.com/articles/health_and_science/the_green_lantern/2008/05/is_an_idle_car_the_devils_workshop.html.

40

40.6  largest single cost of car maintenance . . . tires: Based on unpublished estimates from the integrated 2011 CES contained in BLS e-mail message to the author, November 1, 2012.

42

loan interest represents 11 percent: “What that Car Really Costs to Own,” Consumer Reports, last modified August, 2012, http://www.consumerreports.org/cro/2012/06/what-that-car-really-costs-to-own/index.htm#.

42.2.2  costs about $9,000: “Cost of Owning and Operating Vehicle in U.S. Increased 1.9 Percent According to AAA’s 2012 ‘Your Driving Costs Study,” American Automobile Association, April 27, 2012, http://newsroom.aaa.com/2012/04/cost-of-owning-and-operating-vehicle-in-u-s-increased-1-9-percent-according-to-aaa%E2%80%99s-2012-%E2%80%98your-driving-costs%E2%80%99-study/.

43

43.4.6  car’s MPG will drop: Steve Raabe, “E85 is cheaper for Denver-area motorists, but you have to do the math on mileage,” Denver Post,  May 1, 2011, http://www.denverpost.com/business/ci_17963665.

44

15,000 miles per year in a mid-sized car costs $8,946: “Cost of Owning and Operating Vehicle in U.S. Increased 1.9 Percent According to AAA’s 2012 ‘Your Driving Costs Study,” American Automobile Association, April 27, 2012, http://newsroom.aaa.com/2012/04/cost-of-owning-and-operating-vehicle-in-u-s-increased-1-9-percent-according-to-aaa%E2%80%99s-2012-%E2%80%98your-driving-costs%E2%80%99-study/.

national average ($44,600): “Consumer Expenditure Survey, 2006-2011,” US Bureau of Labor Statistics, accessed November 1, 2012, http://www.bls.gov/cex/2011/standard/multiyr.pdf (reports average annual expenditures of $49,705, and after subtracting average Social Security and pension expenses of $5,106, this amounts to $44,599).

45

housing expenses average $16,803: Ibid.

45.5.3  ditching the PMI saves $480: “Cancellation of Private Mortgage Insurance: Federal Law May Save You Hundreds of Dollars Each Year,” US Federal Trade Commission, July, 2000, http://www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt072.pdf.

45.8.5 “home is the place where . . .”:  Robert Frost, The Poetry of Robert Frost (New York: Holt, Rinehart and Winston, 1969), 38.

47

MOTIVATE WITH METRICS

nobody was ever meant . . . :” Ibid. at 309.

48

about 95 percent of the average household’s expenses: Author’s calculation based upon a comparison of 2011 CES figures and the checklists contained in this book.

49

68 percent of consumers held credit cards: Jesse Bricker, Arthur B. Kennickell, Kevin B. Moore, and John Sabelhaus, “Changes in U.S. Family Finances from 2007 to 2010,” Federal Reserve Bulletin 98 (June, 2012): 67, http://www.federalreserve.gov/Pubs/Bulletin/2012/articles/scf/scf.htm.

roughly 45 percent of cardholders: Ibid.

Earn Rewards. the IRS doesn’t treat any of this as taxable income: Connie Prater, “Reward Point Gifts are Taxable, Says the IRS,” CreditCards.com, January 31, 2012, http://www.creditcards.com/credit-card-news/irs-taxable-income-credit-card-rewards-points-gift-1277.php.

Qualify for Legal Protection. no liability for unauthorized use: 15 U.S.C. § 1643.

CODA: SURCHARGES FOR USING CREDIT CARDS

retailers in 40 states: Joyce Rosenberg, “Small retailers say no to passing along credit card fees to patrons,” Denver Post, February 1, 2013,  http://www.denverpost.com/business/ci_22494382/.

Strategize which Cards Work Best. holds 3.7 of them: Kevin Foster, Erik Meijer, Scott Schuh, and Michael A. Zabek, “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, last modified April, 2011, http://www.bos.frb.org/economic/ppdp/2011/ppdp1101.pdf.

Ask for Fee Waivers. Card issuers spend $50-$150: Dayana Yochim, “The Hidden Perks of Plastic,” The Motley Fool, accessed February 2, 2012, http://www.fool.com/ccc/manage/manage02.htm.

50

MINT SECURITY

Mint has never reported a breach: Stacy Rapacon, “Best Online Money-Management Tools,” Kiplinger, October, 2012, http://www.kiplinger.com/magazine/archives/best-online-money-management-tools.html.

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