10 Consumer Questions, Including: Are Cheapskates Hot?

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Also, is it wrong to take advantage of freebies? And: How much should you be saving for college? (If you’re dropping off your kid at school next week, this is an issue you probably should have addressed earlier.)
Can a cheapskate get a date around here? From the category of stuff-you-already-knew, an ING Direct survey “reveals” that women aren’t exactly turned on by frugality. One-third of women would describe a frugal blind date as “stingy,” compared to only 20% of men. And, per a NY Times story based on ING’s research:

In June, the company asked 1,000 people which words would come to mind if someone was fixing them up on a blind date with someone described as frugal. Just 3.7 percent answered “sexy,” while 15 percent picked “boring” and 27 percent chose “stingy.”

Should you tip for bad service? If yes, how much? Readers and waitstaff weigh in at Mint.com. It’s a judgment call, obviously, and a personal decision. For tipping tips in early every situation imaginable—assuming you’ve received good service—Ask Coupon Sherpa gives suggested percentages for 63 different services, from a massage to a tattoo.

Is it wrong to get free stuff? What could possibly be wrong with taking advantage of freebies? Ethically speaking, more than you might think, according to a WiseBread post.

Why do college costs continue to rise? Blame it on college administrations. From a Kiplinger story:

A study performed by the conservative Goldwater Institute found that schools’ inflation-adjusted spending on administration rose 61 percent between 1993 and 2007. Instructional spending, by contrast, rose just 39 percent.

But is a college education still worth the money? This question, and sentiment to the effect that college isn’t regarded as an entirely solid investment, has come up a lot lately. Despite that tuition is overpriced, college is still the way to go for most students for the same reasons college has always been a smart decision. Why? The Star-Tribune’s Chris Farrell, whose youngest son is starting his college freshman year, puts the answer in simple, undeniable terms:

A college degree is a passport to better earnings and more employment over a lifetime. Employers want educated workers. College graduates are not only paid more than their high-school-only peers, they’re also more likely to get jobs with health insurance and an employer-sponsored pension plan.

So how much should parents be saving for college? A LOT. A financial planner interviewed in a Boston Globe story gives this sound technical analysis:

“College costs are rising like crazy.”

According to a new report from Fidelity, college costs have been rising an average of 5.4% per year, which is at least double typical inflation rates, and which has been occurring at the same time that household incomes have stagnated. Fidelity says that family with a $55K income should be saving 3.5% (or $160 a month) if it expects to put a child through four years at a public university, or a hefty 9% (or $410 a month) if the child is going to go to a private school.

After a slew of changes to ATM overdraft policies, are the rules set? Not necessarily. The LA Times reports that the FDIC is currently considering even more consumer protections, such as:

• Monitor overdraft programs for excessive or chronic use. If a customer overdraws more than six times in a rolling 12-month period, the bank should take “meaningful action,” including contacting the customer to discuss less costly ways to have overdrafts covered. These could include linking a savings account or credit card to the customer’s checking account or offering an overdraft line of credit.

And:

• Place a cap on the number of overdraft fees that could be charged in a single day, or create a daily limit on the total amount that could be debited in overdraft charges to a single account.

Why is it necessary to carry cash nowadays? Because restaurants, increasingly sick of paying credit-card fees, are mandating bills be paid with greenbacks in many locations.

What does “free” car maintenance really mean? It could mean a lot of things. Auto manufacturers are pumping up the added value of free maintenance service on certain new cars, but said value varies quite a bit. You could get only a single measly oil change, or a comprehensive four years’ worth of maintenance visits, or anything in between. Per the NY Times:

A Web site that provides auto information, Edmunds.com, has estimated the savings offered by the various programs, taking into account the cost of parts and labor. Edmunds’s figures range from $95 for Land Rover owners to $2,738 for BMW owners. BMW estimates its savings to be $1,000 to $2,000.

Can objects make us happy? Like a BMW or a Land Rover, for instance? Dylan Kendall, in a Huffington Post piece, says indeed, material possessions have the capability of making owners happy. They sorta can anyway:

Yes, objects have the ability to make us happy. But not in the way materialists would have us believe… Objects contribute to our lives, they can bring us luck, help us reach our goals, or simply provide a much-needed moment of recreation; but in a culture in which we’ve pumped steroids into consumption, we should align our choices in a way that minimizes gluttony and, instead, maximizes our lifetime happiness.