Editor: Crass Cash

Always, always, always review your credit card statements!  With today's automatic payment systems it's easy to just receive a bill and pay it regardless of whatever it says.  Hell we even have now where the credit card company will just deduct the money directly out of your checking account.  You don't even need to see the bill!  This is very worrisome.  

You need to always check the bill.  Perfect example is today when I reviewed my AMEX bill and noticed that the Wall St Journal charged my card for the entire year subscription.  They had me setup as automatic renewal, so I was never contacted about it.  I receive this through my work also, so there is no need to pay for it twice.  I immediately called them and cancelled it.  It ended up saving me $265.  

Also, you need to look for fraudulent charges.  Most thieves will steal your identity and run up huge charges.  But some are getting smarter.  They'll look at your bill and see where you're spending money and then go to those same stores and charge smaller amounts that you would never even think about.  This can go on for years without it ever being realized.  

If there's ever a charge that you don't recognize than don't hesitate to call that company to find out what it was for!  

Editor: Crass Cash

Fidelity has a cash rewards card that gives back whopping 2% cash back on every purchase!  This is really good!  The catch is that you have to open a Fidelity retirement, brokerage or college savings plan in order to qualify for this.  

So for example if you spend $2,500 then you'll get 5,000 points which can then be exchanged for a $50 deposit.  I've never worked with fidelity, but I may have to do this.  I'll still keep my gas and grocery card though where I get 3% cash back on those.  

Editor: Crass Cash

All of us want our little offspring to grow up and be successful.  But don't jeopardize your financial well-being because of a mistake that you made with theirs.  

Many student loans require the parents to sign as guarantors in case something happens to little Johnny.  As a result you need to have life insurance for little Johnny in case something happens to him.  Why?  Because if you sign as guarantor and little Johnny dies than you're stuck with his student loans.  That's right, unlike most debt since it's usually tied to an asset that can be seized in the effect of default, student loans cannot.  You can't give back the education, like you can the keys to a car or house. 

The best type of policy would be to get a "decreasing term life insurance" plan.  Most people get this type of insurance for outstanding balances on mortgages.  These are good because the loan will eventually and slowly get paid off as they pay down the principle, like on a mortgage.  BE SURE TO CHECK TO MAKE SURE THIS IS HAPPENING! 

Decreasing is better than level term because the premiums will be lower over the life of the insurance plan.  Most student loans go for 20 years, so check with the loan and get it so that it ends at that same time.  You can always cancel if it's paid off early, so hopefully that'll happen.  

If little Johnny gets a good job than he needs to pay for this himself, instead of you.  This will also incentivize him to get it paid off even faster.  AGAIN, VERIFY THAT THE PREMIUM IS BEING PAID!