2009 is ideal time to take new financial approach
Terry Savage: It's a new year and a new beginning. So you're entitled to take a new approach to your investments and personal finances. Here are my 2009 Terry's Tips to start the year out right. Change is certain -- Just when you thought you had the markets figured out, things changed. A year ago, you knew it was smart to buy the dips because the market always rebounded higher.

TERRY'S TIPS FOR 2009

It's a new year and a new beginning. So you're entitled to take a new approach to your investments and personal finances. Here are my 2009 Terry's Tips to start the year out right.

Obama: Country needs economic stimulus plan
President-elect Barack Obama urged congressional leaders Saturday to move quickly on an economic recovery plan, even as some Republicans are saying they want more time to review the details. Obama said Congress should pass an American Recovery and Reinvestment Plan designed to create 3 million jobs.

Obama team polishing economic stimulus measure
President-elect Barack Obama urged congressional leaders Saturday to move quickly on an economic recovery plan, even as some Republicans are saying they want more time to review the details.

Digital TV subsidy program running out of money
The Feb. 17 transition from analog to digital television broadcasts looms and as many as 8 million households are still unprepared, but the government program that subsidizes crucial TV converter boxes is about to run out of money. People who still rely on analog TV sets to pick up over-the-air signals -- whether it is through rabbit-ear aerials on TVs or antennas on the roof -- will see their screens go dark when the changeover happens.

If you donate blood, you might win a $100 gas card
Want to do a good deed and save a little money on gas? Every day this month, Heartland Blood Centers is raffling off five $100 gas cards to people who donate blood at one of its centers. Heartland wants to reward donors who give blood during National Blood Donor Month. Plus, January is usually a slow month for blood donation, said Amy Smith, Heartland's director of in-house recruitment.

Sears suspending 401(k) matching plans
Sears has joined Motorola and other companies hit hard by the recession in suspending its match for most employees' 401(k) retirement plans. The 401(k) match cut-off starts Jan. 31, according to a memo to employees from Sears Holdings Corp. Interim CEO Bruce Johnson, dated Dec. 30.

In 2009, let's resolve not to get scammed

Dear Readers: It's that time of year when we resolve to eat better, exercise more and sleep more than five or six hours a night. And -- we hope -- to not get into a fix of our own making.

GMAC to use bailout to ease lending terms

The struggling financing arm of General Motors Corp., rescued by $5 billion in federal aid, plans to use some of the money to make cars and trucks more affordable to a larger pool of customers.

Dems seek to curb AMT on bonds

Congressional Democrats are seeking to expand funding for airport runways, housing projects and sewage-treatment plants through a new tax break for municipal bondholders.

Time to look ahead, not back
Terry Savage: Let's look back on 2008 without recriminations, and look forward to 2009 with only the resolve to face reality. This past year was a tough one financially for almost everyone. The markets once again demonstrated that -- much like Mother Nature -- we cannot stand in their way. Once rolling, the markets cannot be deterred by government fiat or individual pleas, any more than we can muster the force to change the direction of a hurricane or tornado.

'09: Time to look ahead, not back

Let's look back on 2008 without recriminations, and look forward to 2009 with only the resolve to face reality.

Talk money with family

If you have family gathered round you today, this column will be important. But if you are alone on this holiday -- or know someone who is, by choice or by chance -- I entrust you with this important and serious task.

Retailers ask Obama to declare sales tax holiday

2009: Year of the travel deal
The value of the U.S. dollar is surging, gas prices are at their lowest levels in four years, and hotel rates are softening. If you can afford a vacation, 2009 will be "the year of travel deals," predicts Genevieve Shaw Brown, senior editor of Travelocity. Pauline Frommer, the guidebook writer, agreed.

Despite bleak market, some industries to see growth

Despite bleak market, some industries to see growth Although the job market is expected to remain bleak next year, there will be bright spots, according to Chicago-based outplacement firm Challenger, Gray & Christmas' 2009 Job Market Outlook report.

Wheelchair snagged in red tape gets unraveled

Dear Fixer: I am disabled and can't walk because of problems from surgery.

Cashing in on your yard to heat, cool your home
In desperate numbness, perhaps clutching crumpled utility bills, residents fight winter and its annual wrath of snow and ice. Fueled by the often-freezing temperatures and rising costs to battle them, there are the home remedies -- plastic sealant over windows -- to help keep warm.

Wealthy tighten their belts, look for bargains
The rich are tightening their belts, too. Even if it's still a Gucci. Faced with the sharpest decline in net worth in nearly 50 years, wealthy Americans are re-evaluating their priorities and slashing their spending at a rate unseen in decades -- a move that could have dire consequences for the economy, luxury stores and high-end brands.

Allmon's long-running stock newsletter coming to an end
Terry Savage: Is it possible to make money in the stock market by holding stocks for the long run? Yes, and there's living proof. But the man who has done it for himself, his subscribers and his managed accounts is about to retire! At age 88, Chuck Allmon has announced he will discontinue the Growth Stock Outlook newsletter he has written since January 1965, though he will continue to advise $200 million in managed accounts.

LEGEND ENDS LONG RUN

Is it possible to make money in the stock market by holding stocks for the long run? Yes, and there's living proof. But the man who has done it for himself, his subscribers and his managed accounts is about to retire!

Mailing mix-up snags appliance rebate

Dear Fixer: In July, we bought seven appliances at Sears in Orland Park. When we bought them, we were told we would get 20 percent off and a rebate of $750 in eight to 12 weeks.

Stores using survival tactics, look past holidays
Retailers are accelerating their use of survival tactics -- slashing prices further and pulling merchandise off shelves to send to liquidators -- as the number of holiday shopping days dwindles. But January and beyond look scarier for even relatively healthy merchants as the passing of the holidays give shoppers no reason at all to spend.

Obama team, Congress fleshing out stimulus bill
President-elect Barack Obama's team and congressional staff are scrambling to come up with details of a plan to pump up the droopy economy with $650 billion or more in government spending over the next few years. The aides met in the basement of the Capitol on Friday to devise ways to pump public money into science, energy, education, health care and infrastructure programs, as well as to help the poor and unemployed.

Madoff case shows warning clearly bears repeating
Terry Savage: There is a certain fascination in watching the growing list of sophisticated investors who were taken in by the $50 billion investment fraud perpetrated by Bernie Madoff. Those scammed range from Steven Spielberg and Jeffrey Katzenberg, of Hollywood fame, to some of the world's largest banks, like HSBC and Banco Santander. And it also includes hundreds of retirees and many charitable foundations, as well as the country club set in Palm Beach and New York.

Feds ease credit card rules to help strapped consumers

Federal regulators on Thursday adopted sweeping new rules for the credit card industry that will shield consumers from increases in interest rates on existing account balances, among other changes. The rules, which take effect in July 2010, will allow credit card companies to raise interest rates only on new credit cards and future purchases or advances, rather than on current balances.

Trip to gas station cost a lot more than a fill-up

Dear Fixer: On Oct. 13, I was pulling into the Speedway gas station on Halsted in Homewood. Apparently, the cover that goes over the place where the underground gas tanks are filled was not on properly, because when I ran over it, the cover popped up and hit the bottom of my car, breaking the oil pan.

Old-time bulbs burn hole in pocketbooks
LEDs are, inescapably, the future of holiday lights. The White House has switched to LED lights. The tree in New York's Rockefeller Center, the national Christmas tree in Washington and even the Times Square New Year's ball have gone LED. It's easy to see why. LED lights -- "light-emitting diodes," which don't need a filament to convert electricity to light -- have some impressive advantages.

IRS working to help homeowners

The Internal Revenue Service is trying to make it easier for financially distressed homeowners to avoid having a federal tax lien block the sale of their home or a mortgage refinancing.

Toys for Tots is coming up short
Santa Claus might not be visiting thousands of Chicago's poorest children this Christmas. The Marine Corps' Toys for Tots program has gotten significantly fewer donated toys this year -- 220,000 as of Wednesday, compared with more than 486,000 toys in 2007. As a result, schools and other groups are being told not to expect a toy-drop from Toys for Tots this Christmas, unless a burst of last-minute generosity turns things around.

Consumer prices suffer record drop

Consumer prices in November plunged by the largest amount on records going back 61 years as energy costs posted nearly double the decline of the previous month.

Fed cuts rates to fight recession, deflation
Terry Savage: How low can interest rates go? We’re about to find out. The Federal Reserve just cut its short term interest rate target from 1 percent down to a range of zero to .25 percent. Yes, that’s correct. Short-term rates will now be pushed to their lowest level in history, in another attempt to jump-start the economy.

Gas prices creep up
In Chicago, the average price for unleaded regular was $1.734 Monday, up from $1.732 Friday, according to AAA-Chicago Motor Club. But prices tanked from a year earlier, when they averaged $3.083. They averaged $2.316 a month earlier. Crude prices sank Monday ahead of an OPEC meeting where huge production cuts are expected.

Economy can't chop down Christmas tree sales
Americans aren't ready to give up their Christmas trees just because of the slumping economy. But it does seem that people are downsizing -- picking smaller trees -- to save money. That's according to growers, sellers, and industry analysts, who say Christmas tree sales are holding steady.

Congressional hearings get curiouser and curiouser
Terry Savage: When it comes to Congress, truth is not only stranger than fiction, it appears to be fiction! I was on Capitol Hill at the invitation of the Aspen Institute, speaking to congressional staffers about the future of saving and investing in America. So I decided to attend several congressional hearings related to financial matters.

Hearings get curiouser and curiouser

When it comes to Congress, truth is not only stranger than fiction, it appears to be fiction!

Illinois foreclosures down 4 percent

Foreclosure rates in Illinois fell 4 percent in November from a year earlier and 38 percent from October amid a national decline, but the industry remains troubled, according to RealtyTrac's latest report.

One call fixes hang-up over T-Mobile rebate

Dear Fixer: I ordered two cell phones as part of a promo package from T-Mobile on Sept. 11, 2007. There was a rebate of $50 on each phone.

Jack in the Box's burger tops unhealthy list
It may seem like a steal at $1. But Jack in the Box's junior bacon cheeseburger has been ranked the unhealthiest "value menu" item offered by a fast food chain, according to the Cancer Project. Dieticians from the non-profit food watchdog group examined value menu fare from five fast food chains and found that many of these items are loaded with saturated fat, sodium and other ingredients that can increase the risk of heart disease and diabetes.

Tips to avoid the employment firing squad
Terry Savage: The employment news is grim. Companies are announcing mass layoffs. Your job could be next. It’s a scary way to live for millions of Americans. Chicago-based employment attorney Laurel Bellows says there are things you can do to either prevent or postpone your firing — or to increase your benefits package above what the company may be offering in its standard severance deal.

AVOID THE FIRING SQUAD

The employment news is grim. Companies are announcing mass layoffs. Your job could be next. It's a scary way to live for millions of Americans.

Difficult times make for tough choices
The fallout from the shattered economy has come crashing down on some of the Chicago area’s most vulnerable — seniors and others who live on fixed incomes. Take 79-year-old Ian Cameron, who is forced to work. Otherwise, he couldn’t pay the bills. Then there’s 50-year-old Connie Gaines, who is going without medicine because she can no longer afford it. We share these and other stories of how older Chicagoans have been struggling to stay financially afloat:

Bartender pay doesn’t cut it

Seventy-nine-year-old Ian Cameron longs for the good old days — when he and his wife, Kay, could easily make ends meet.

Plates gone, toll fines roll on

Disabled vet came home at a bad time

Aaron Jenkins, a 57-year-old disabled U.S. Army veteran and Chicago native, moved back to the city in May.

Programs offer help to seniors facing financial squeeze

There are a wealth of programs available to help seniors make ends meet. Here are some that have no asset limits:

Wall Street extends big rally
A stock market gaining in confidence has shot higher for a second straight session as investors bet that President-elect Barack Obama's plans to increase infrastructure spending will lift the economy back to health.