News, financial tips, and other information regarding personal financial freedom

• Make sure your credit report is really free.
  
  
  Many TV commercials with catchy jingles claim that consumers can get a free credit report. According to the Federal Trade Commission (FTC), the only authorized source to get your free annual credit report under federal law is AnnualCreditReport.com. To reinforce this message, the FTC is featuring two new videos with their own catchy tunes. Both videos are available at www.ftc.gov/freereports and www.YouTube.com/FTCVideos. The new videos highlight the differences between AnnualCreditReport.com and those other sites that claim to provide “free” credit reports. Other sites require users to pay hidden fees or agree to additional services. For example, some sites provide a free credit report if you enroll in a new service. If you don’t cancel the service during a short trial period, you’re likely to see membership fees on your credit card statement.
  
  
  
• Enjoy your city ‘on the cheap.’

Motivated by the current coupon-clipping climate, Cities on the Cheap (http://www.citiesonthecheap.com/), was created to help those that want to check out the low-cost activities in their local city. This site consists of a rapidly growing network of “On the Cheap” blogs. Each blog highlights city-specific freebies, discounts, and deals. Visit the site to see if you can find some deals in your city. Cities on the Cheap now include more than 40 city blogs in the U.S. and Canada, with more in development.
Save money by carrying big bills.
Keep large bills in your wallet if you want to spend less cash, according to new research from the University of Maryland’s Robert H. Smith School of Business. Researchers find people are more likely to think twice about making a purchase when they carry one large denomination of cash rather than many smaller denominations equal to the same amount of money. For example, you are more likely to hang onto a $20 bill than 20 one-dollar bills. This is because there is a greater “pain of paying” associated with breaking a large bill and there is a good chance you will lose track of spending when you break a large bill. When those studied knew they had to save $100 and exercise self-control in spending, they were more likely to choose a single $100 bill than five $20 bills.

• A major credit card company offers a helpful guide.
  

Chase Card Services in partnership with College Parents of America has issued an informative guide that helps parents discuss financial issues with teens and young adults. Topics include “Understanding Credit Cards” and “Creating a Livable Budget.” You can download this free 32-booklet by visiting www.chaseclearandsimple.com/Students_Guide.