Inside Consumer United :: Brendan Fallon

Brendan Fallon works full time as a Consumer United advocate, helping the average person save money on basic services.

Working at Consumer United, Fallon enjoys interacting with a group of intelligent and motivated young co-workers who believe in what they do, and the goals of the company. "It's refreshing to work with people who care about their jobs and the consumers we help," he says.

How does Fallon save money? "I try to save money by enjoying many of the free activities in and around Boston. Nothing beats a concert or movie at the half shell during the summer." He also shops at clearance sales, but makes sure never to buy anything at first sight. Fallon frequently checks up on products online in order to take advantage of sales.

What is Fallon's favorite personal finance advice? "Finance is all about balance. Yes, you should save for the future but not to the extremes that cut into the quality of life you live. It is important to be prepared for retirement, but you should also have fun along the way."

A Boston University graduate, Fallon enjoys visiting museums, reading the New Yorker, watching VH1 reality television and taking advantage of Boston's night life.

Oil prices drop while demand continues

The cost of crude oil dropped over 32 percent last month, the biggest one-month decline on record since 1983.

Although lower oil prices will likely translate into savings for consumers on expenses such as gas and groceries, the drop may be a bellwether of bad economic news. “Oil prices continue to drop as a direct relationship between a weak global economy and demand," Mark Williams, a risk management expert and finance professor at Boston University, tells MarketWatch.

Experts suggest that lower demand in Asia may exacerbate the effects of stagnant or declining growth that are already being felt in the US. In addition, the decisions the OPEC makes about whether or not to decrease production is another factor that could cause prices to change.

"Should they become more aggressive in supply quotes, how will this impact the economy? In particular, the global economy is vulnerable and such OPEC-imposed quota restriction could push the economy in even a deeper recession, further pushing down oil prices," Williams continues.

One way, however, to decrease the fluctuations in oil prices and supply would be to develop more alternative fuel sources. As long as consumers are reliant on oil for necessities such as gas and home heating oil, they also remain subject to the market’s ongoing ups and downs.

Click here for the complete article.

--Bridget O'Sullivan

Financial meltdown hits higher education

As news about the economy continues to be bleak, even major universities are finding themselves scaling back. The ivory towers tend to be immune to small changes in economic conditions, but as incomes shrink, donations decrease and financial aid applications increase.

With the price of private school tuition barely within reach of many families even in good times, but as the economy slows, the burden seems increasingly hard to bear. Lower family incomes, rising inflation, and dips in the stock market could mean that many college funds may not go as far as parents originally planned.

Home equity lines of credit, an increasingly common way to pay tuition bills, are now no longer an option for many families. As home values fall, the cash does not exist to take out.

With the state of the economy in mind, colleges are planning to make changes to their budgets for the upcoming year. According to an Associated Press report by Justin Pope, schools such as Boston University are putting a hold on development projects.

Though private universities will have to work through the challenges of receiving fewer donations and fielding more requests for financial aid, public schools are also likely to have to reevaluate their spending decisions.

With incomes likely to be lower and aid programs more necessary, state governments will be forced to take a hard look at their budgets. Funding for state schools could be high on the list of items that get scaled back in the upcoming year.

Click here for the complete article.

Home lighting could go wireless

Scientists at Boston University are working on a new, energy-efficient way to deliver your home’s wireless internet access. By transmitting information from a router through power lines straight to household lamps, LED bulbs could transmit connection information using patterns of light that people cannot see.

In the same way that remote controls also use undetectable patterns of light, LiveScience reports that LED bulbs could communicate wireless connection information. One of the challenges, however, is that LED bulbs have not completely replaced incandescent bulbs in many households. Though they last longer and are more energy efficient, the price of one LED bulb is considerably higher than a regular light bulb.

Traditional wireless connections currently use radio waves to communicate, but as more and more people use the internet constantly, the radio frequency, or bandwith, becomes crowded and slow. Communicating with light could provide a speedy alternative.

Researchers are also seeking to apply the principles of communicating with light to other fields. Using LED brake lights, it could be possible for cars to “talk” to each other. If one car hits a serious pothole and registers the jolt, it would send out a signal and the cars behind it would know to be on the lookout. In addition, LED traffic lights could inform drivers of how many seconds they have before a light turns green.

Both the computer and automotive industries are hoping to see products using LED technology on the market in the next few years.

Thomas Little, a computer engineer at Boston University, tells LiveScience that “an aggressive partner could have something out on market within a year."

Click here for the complete article.

--Bridget O'Sullivan