Singer Rihanna spent Labor Day spending her earnings at Gucci. How did the rest of us mark the working person’s holiday?

Amber runs Geezeo’s “Money Challenge” group. She challenged the community to spend as little as possible this weekend and focus on “free fun”.

I managed to still spend quite a bit on meals out and a movie, but, here’s my list of free weekend activities. What did you do for free this weekend?

Here’s a list of free activities for the family, at Labor Day or any other time:

Amber’s group posts a lot of fun financial challenges to keep you more mindful of your spending habits.

So, how did the rest of you spend your holiday weekend? What do you do for fun with your family that costs very little? Comment here or in the Money Challenge group.

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Lets be honest, many of us do not read through all of the fine print before we sign a contract. It just doesn’t seem logical. There are pages and pages of fine print writing that they expect us to read. BUT, if you were to read all that fine print…you may be surprised…

Five Bizarre Entries in Banking Fine Print
By: Jack Karp at BankingMyWay.com

Consumer-banking legalese is usually about as boring as you can get.

But lawyers occasionally throw in a catchy phrase, seemingly to relieve the monotony.

About 30 pages deep into an account rules and regulations contract, any consumer who has had the stamina to read that far is asked to “Please Read This Provision Carefully.” Or a promotion will state the obvious: “Repayment terms and payment amounts … may change, if, for example: we change your APR.”

Repayment terms change if they are changed? Thanks for the heads-up.

Here are five of the wackiest clauses in banking:

1. Wisconsinites Need to Shop Responsibly.

“Notice to Married Wisconsin Residents: all obligations on this account will be incurred in the interest of your marriage or family,” says the Chase Freedom Visa Signature Card’s Pricing & Terms provision.

So, Wisconsin cardholders: You are legally bound to behave responsibly when racking up debt.

Where does that leave the rest of the country?

2. Relax guys. Your interest rate won’t vary based on some index. It’ll be changed at the whim of the guy who’s collecting payments.

Even better, “this is not a variable rate tied to an index, such as the Prime Rate,” says Bank of America’s application for a $30,000 personal loan. “It’s a comfort to know your rate won’t automatically fluctuate every time the index changes.”

A predictable interest rate? I’m all for it. But wait, there’s more…

“By ‘non-variable rates’ we mean that the APR will not automatically vary with an index, such as the prime rate. We reserve the rate to change your APR, fees, or other credit terms at our discretion.”

A comfort? That the interest rate will no longer be based on the bank’s cost of borrowing, but rather, on whether it would like to get more money out of the deal?

That’s a favor I can do without.

3. We really want you to know what’s written in the second column of page 32 of your Account Rules and Regulations. Really. It says so right there.

If you — for some reason — happen to have suffered through 32 pages of account descriptions and legalese in Chase’s “Account Rules and Regulations” you’ll be rewarded.

In the second paragraph of the second column (no “Beware of the Leopard” sign, though) consumers are advised — in all caps — to “PLEASE READ THIS PROVISION CAREFULLY.”

The buried provision advices clients that they’ve given up their first amendment right to a day in court: Instead they must go through arbitration.

Think Judge Judy with closed proceedings. The arbitration administrators are dependent on the bank for business, depending on the administrator they may or may not be bound to follow the law and decisions are subject to minimal judicial oversight.

You can guess which party wins the vast majority of the time.

Plus the arbitration administrators forbid class action suits, which means banks have carte blanche to nickel and dime you without fear of legal reprisal.

But that’s not all: In previous clauses Chase also eschewed any responsibility for determining whether a court has any authority over your account before freezing your money. They have a freeze-first-let-you-work-it-out-with-the-unauthorized-entity-later policy. And you’re responsible for any costs the bank incurs in the process.

And if they make a mistake and accept a forged check, any problems you have as a result — even if you warned them of the risk beforehand — are your problem. You might get the money put back into your account, but you can’t go after Chase for resulting damages.

All of these clauses are standard banking practice. Perhaps the only thing that makes Chase unique is that the three provisions all occur in a cluster on page 32.

Continue reading the other 2 crazy clauses at BankingMyWay.com…

Photo: Kevin Rosseel

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A few weeks ago I received an e-mail from a close family friend in England. The subject read…“A seniors revenge!…Make sure you read this!” Obviously I was intrigued but then again, thought maybe it was just a forward. Either way this e-mail was pretty fun! Still not sure or not if it is true…but check it out…

A 98 year old woman in the UK wrote this to her bank. The bank manager thought it amusing enough to have it published in The Times.

Dear Sir,

I am writing to thank you for bouncing my cheque with which I endeavoured to pay my plumber last month. By my calculations, three ‘nanoseconds’ must have elapsed between his presenting the cheque and the arrival in my account of the funds needed to honor it. I refer, of course, to the automatic monthly deposit of my Pension, an arrangement, which, I admit, has been in place for only thirty eight years. You are to be commended for seizing that brief window of opportunity, and also for debiting my account £30 by way of penalty for the inconvenience caused to your bank.

My thankfulness springs from the manner in which this incident has caused me to re-think my errant financial ways. I noticed that whereas I personally attend to your telephone calls and letters, when I try to contact you, I am confronted by the impersonal, overcharging, pre-recorded, faceless entity which your bank has become. From now on, I, like you, choose only to deal with a flesh-and-blood person.

My mortgage and loan payments will therefore and hereafter no longer be automatic, but will arrive at your bank by cheque, addressed personally and confidentially to an employee at your bank whom you must nominate. Be aware that it is an offence under the Postal Act for any other person to open such envelope. Please find attached an Application Contact Status which I require your chosen employee to complete. I am sorry it runs to eight pages, but in order that I know as much about him or her as your bank knows about me, there is no alternative. Please note that all copies of his or her medical history must be countersigned by a Solicitor, and the mandatory details of his/her financial situation (income, debts, assets and liabilities) must be accompanied by documented proof.

In due course, I will issue your employee with a PIN number which he/she must quote in dealings with me. I regret that it cannot be shorter than 28 digits but, again, I have modeled it on the number of button presses required of me to access my account balance on your phone bank service. As they say, imitation is the sincerest form of flattery.

Let me level the playing field even further. When you call me, press buttons as follows:

1 - To make an appointment to see me.
2 - To query a missing payment.
3 - To transfer the call to my living room in case I am there.
4 - To transfer the call to my bedroom in case I am sleeping.
5 - To transfer the call to my toilet in case I am attending to nature.
6 - To transfer the call to my mobile phone if I am not at home.
7 - To leave a message on my computer (A password to access my computer is required. A password will be communicated to you at a later date to the Authorized Contact).
8 - To return to the main menu and listen to options 1 through 8.
9 - To make a general complaint or inquiry, the contact will then be put on hold, pending the attention of my automated answering service. While this may, on occasion, involve a lengthy wait, uplifting music will play for the duration of the call.

Regrettably, but again following your example, I must also levy an establishment fee to cover the setting up of this new arrangement.

May I wish you a happy, if ever so slightly less prosperous, New Year.

Your Humble Client

Again I’m not sure if this is true, but I feel as though all of us would love to do this every once and a while when our banks drive us crazy!

Photo: Mike - England

From Barbeques to fireworks to parking at the beach, the 4th of July has always been a holiday of spending and celebration. This year however, people may think twice before dropping so much money on flags and food.

Last week I thought I had seen a drop in gas prices around my area (and by this I mean a little under $4 per gallon), however, this week gas prices seem to be sky rocketing again with the 4th of July weekend!

People love to hold BBQs and attend firework presentations, but this year consumers may cut back their spending with gas prices being on the rise. Not only will people think twice about traveling so far, but they may even cut back on their extravagant grilling and stick to the simple hamburgers and hot dogs.

According to a National Retail Federation survey, “59.4% of consumers say increased gas prices will impact their spending for the holiday, up from 42.1% of consumers who said so last year.”

The 4th of July celebration is huge for major cities across the United States. Boston, being a historical city, sees a large rise in tourists around this time each year. According to a recent Boston Globe article, the 4th of July draws around 160,000 out-of-state tourists to see the Boston Pops perform, the fireworks, and other attractions throughout the city. These tourists bring millions of dollars in profit to the city ranging from spending on hotels, tourist attractions, restaurants, bars, etc. Will Boston see a drop in these numbers? Or will people continue to flock to the city for the celebrations?

Even the retailers might see their sales struggling this 4th of July! Every commercial I see on TV is for the 4th of July weekend sales, this year is no exception. Hopefully the retailers have used their advertising budgets well and will see their sales stay consistent and not drop.

The decision is really up to you! Everywhere I go people are excited about the 4th of July so I personally haven’t seen such a drop in spending, but obviously people are considering this in their budgets.

So this year, will you spend less on your 4th of July weekend? Or will you find reasons to celebrate and ignore those rising gas prices?

Picture: Andrea Church

First there were Money Confessions. Now, check out your daily money horoscope courtesy MainStreet.com. Click here!