Laughing All the Way to the Bank

How fun is your workplace?

Authors Adrian Gostick and Scott Christopher say that humor on the job promotes creativity and helps to attract and retain employees. The two argue their case in The Levity Effect: Why It Pays to Lighten Up (Wiley, $22.95). The book is this month's Color of Money Book Club selection.

In an email, Pam Finer of Glen Allen, Va., wrote a limerick about how a little cheer goes a long way towards lightening the mood at work.

"We need some more humor at work!

It certainly would be a perk!

A smile on each face

Would improve the whole place

And save us from going berserk!"

As part of a pod of people who often played practical jokes on each other, I've certainly had my share of fun on the job. For example, a friend at work played a great joke on me once. The ruse started when I decided to have a cake made for his birthday. I ordered and paid for it at our workplace cafeteria.

A few weeks after the office party, I received a voicemail from a woman who said she was from the Post's accounting office and that I was late paying for the cake and if I didn't pay up she would call my supervisor.

I was hopping mad and called her back right away. I got her voicemail and left a message saying I had paid for the cake and furthermore how dare she threaten me? I said some other very heated things (didn't cuss however).

When I turned around after leaving that message, my co-worker, who sat next to me and who had been listening the whole time, was practically falling out of his chair in laughter. He had gotten someone to call and leave me the "you're a deadbeat" message. But he had used the real name of someone who actually worked in accounting so I had to quickly call and apologize for my message. The woman in accounting thought the whole thing was hilarious, even though she hadn't been in on the practical joke.

My co-worker knew I would go ballistic at someone accusing me of running out on a debt.

When I realized I had been had, I couldn't stop laughing either. I know I sounded like a crazy person on the message, but we were always doing things like that to lighten up our days, which were filled with constant deadlines and pressure to perform. It made going to work so much more fun.

So, do you have a humorous workplace story? What's the craziest thing you've ever done on the job to make it fun or more bearable? Write me at colorofmoney@washpost.com. Please put "J-O-B Fun" in the subject line.

Financial Fear On The Fourth

It seems this July 4th holiday wasn't so cheery for a lot of folks. Money worries dampened the celebration writes AP reporter Pauline Arrillaga in Americans' Unhappy Birthday: 'Too Much Wrong' (July 6).

People certainly have a long list of economic complaints -- $4 or more for a gallon of gas, the neverending war, the volatile stock market, job uncertainty, the housing market mess, and rising food prices.

You Asked

Starting this week, I'm adding a regular feature to the e-letter. I'll be regularly answering questions I didn't have a chance to address during my regular online discussions. So if you participate in the chat and your question isn't answered, there's a good chance it might appear in the e-letter.

Here is one question from my last chat:

Q: Thank you for tackling topics that many of us need advice on but can't figure out where to go. I am 30 years old and recently married. My husband and I are starting to look for a house. We both have good jobs and a good amount saved up for a down payment. But when we ran a credit report, my credit was lower than I thought given my good history of paying off credit cards, etc. I am not sure if my being on my parents' deed affects my credit score. If so, how do I go about getting my name off of their house? I have never paid anything for that house. They just added me on to get a good rate. Also if I remove my name, does that adversely affect my parents in any way?

A: I'm afraid if you are on the mortgage - not just the title to the house - it does affect your credit score. If you are just on the deed and you did not co-sign for the mortgage that does not affect your credit score. If you are on the mortgage however it does matter. It affects your credit scores because you are fully, not partially, responsible for that debt. If your parents fail to pay, the lender can come after you.

However, if your parents have been paying their monthly mortgage payment on time, having that debt alone should not be pulling your score down. Nonetheless, it could be factored into your overall debt ratio. You may find that you and your husband will qualify for a smaller loan because you are already on the hook for your parents' mortgage. On the other hand, some lenders may not hold this debt against you in the underwriting process if you can prove your parents have paid the mortgage consistently and on time.

If I were you, I would ask your parents to refinance and get you off the loan.

This reader's problem is exactly why I recommend you do not co-sign for anybody - not your mama, daddy, child, or cousin Peaches. You should only co-sign if you are married.

For more information on what it means to co-sign read this fact sheet from the Federal Trade Commission. Also consider this statistic from the FTC: "Studies of certain types of lenders show that for cosigned loans that go into default, as many as three out of four cosigners are asked to repay the loan."

The Credit Card Game

Many consumers are finally cutting back on their credit card usage. Personal finance reporter Nancy Trejos reports in The Checkout blog that credit card debt is down for the first time since early 2007. "Nationwide, the average debt per credit card borrower dropped 1.25 percent to $1,673 in the first quarter of this year from $1,694 in the previous quarter," reports Trejos.

This may prove to be a temporary reduction however, as rising gas prices start to put more of a strain on household budgets and many people turn to using credit. Read more in A Temporary Pullback in Credit Card Debt (June 30).

While consumers are pulling back on credit, small businesses are drowning in credit card debt writes Simone Baribeau. Credit card issuers are reporting that delinquent payments among small business owners increased in the past year.

Advanta, one of the largest issuers of small business credit card debt, wrote off $16.3 million, or 6.5 percent, of their small business credit card receivables in the first quarter of this year, reports Baribeau. Check out Pulled Under by Plastic (July 4) for more.

If you're having financial trouble and you have a work-issued credit card you should read Maria Glod's story Audit Finds Abuse of Education Dept. Credit Cards (July 6).

Auditors examining a sample of business travel expenses for fiscal 2006 found $18,256 in inappropriate charges made by 34 employees.

A government audit found that 34 Department of Education employees misused their government-issued credit cards by eating out, buying clothes and accessories or renting cars for their personal use. Twenty-nine people used bank cards to withdraw about $17,600 more than allowed under the department's travel allowance for meals and incidentals, Glod reported.

Auditors also found that some employees put in for reimbursement for airfare and meals that had already been paid for with department funds.

No matter how tight times get, don't misuse your employer-issued credit card. You could make matters worse by losing your job.

Surviving the Economy

AllBusiness columnist Lynette DeNike tackles a tough issue this week - cutting back when your pay has been cut so that you don't ruin your credit history.

I often tell people that their emergency fund should consist of a minimum of three months of living expenses. And when I say living expenses I mean what it costs to run your house for three months including cable, Internet, typical cell phone bill charges along with other daily or monthly expenses.

Why include these luxuries? Because it often takes people a few months before they really cut back after they've had a reduction in their income. So why fool yourself into thinking your emergency money should only be enough to cover your rent or mortgage payment, food and utilities?

DeNike offers five steps for rearranging your financial priorities when you've seen your pay decline in Protect Your Credit When Income Declines (July 7).

You Can Still Have The American Dream

This Saturday, July 12th, I'll be at Howard University's Armour J. Blackburn Center to discuss practical money management skills. The workshop is part of the Legacy of Homeownership Tour, which has been providing information on the benefits of homeownership.

Saturday's events start at 8:30 a.m. and run until 3 p.m. Lunch will be provided, but you must register to attend. For more information and to register, visit www.chase.com/legacy or call 1-800-541-0368.

You are welcome to e-mail comments and questions to singletarym@washpost.com. Please include your name and hometown; your comments may be used in a future column or newsletter unless otherwise requested.

Charity Brown contributed to this e-letter.