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Renting an apartment or house usually doesn’t seem like a situation where you can do a whole lot of negotiating, but if you do your research you might be surprised by how many ways you can get a better deal as a tenant.

Doing your research well and planning ahead are two important factors in making sure you get a good deal on your rent - if you have to take something urgently or at the last minute then you’re much more likely to end up having more rent to pay, just because you can’t afford to be choosy. Know how much is a fair rent in the area you want to live in and give yourself plenty of time to find the right place at the right price.

It’s also important to consider the marketing side of being a tenant. That means that you have to promote yourself to potential landlords as a good tenant, as well as trying to negotiate the best deal by pointing out advantages for the landlord of what you propose. For example, if you want to sign a longer rental contract, try and persuade them that if you have a two-year contract at a slightly lower rent they’ll still end up on top compared to changing tenants after a year.

One last tip is to see if you can do some work in exchange for part of the rent. For example, offer to do some maintenance or minor home renovation works in exchange for a discount in rent and you might be surprised at how many landlords will take you up on the offer.

photo credit: Megapixel Eyes

Sometimes we forget that kids might hear all this horrifying news about the economic crisis - and listen to what the adults around them are saying too - but not really get what’s going on. Rather than get them feeling worried or scared, Yahoo suggests, parents should remember to chat to their kids about the economic crisis and make sure they understand the gist of things without feeling too anxious. (more…)

It’s really ironic that a purely online account takes a lot longer to transfer money in and out of than an account based at a physical bank. Most of it has to do with security, and checking that the money really exists before it gets withdrawn or deposited anywhere. Fraud is not a large problem for online banks but they say that’s because they’re so careful and because they take longer to move money around.
If you are needing your money from an online bank in a hurry, here are a few tips that might help speed up your transactions:

• Plan ahead with your transactions as far as possible; or when you realize you need to make a transfer then do it online as early in the working day as possible and it will be more likely that your transaction happens a little faster.
• It might be possible to open a (small) checking account at the physical bank connected to your online bank. If you transfer money within the same bank (from your online account to a physical checking account) it will usually be available the same day.
• Complain to your bank if transactions are particularly slow, because there are rules about how quickly funds should be credited.

Apparently the European system already works a lot faster than that in the United States, so online bank customers can hope that things will improve in the next few years.

Who would’ve thought that paying less interest on your credit card could be as simple as asking? I don’t know anyone who’s ever tried this, and I certainly haven’t, but according to Jeremy Vohwinkle at About’s Financial Planning site, paying less interest is often just a matter of requesting a lower rate.

We often forget that a credit card company actually wants our business, and any interest we pay, and will often accept a little bit less in interest payments rather than lose you completely as a customer. If you haven’t requested a rate drop before (or at least not recently), if you usually make your payments on time and especially if you tend to pay more than the minimum repayment, your chances of getting a rate reduction on your credit card are quite good.

If you ask the credit card company for a lower interest rate and they say no, you can also try the strategy of telling them you plan to do a balance transfer to another card company offering a lower rate. That might entice them to lower the rate then. And the best part is that you can’t really lose here - if they say no, that’s fine, you can try again in a few months, and it hasn’t cost you anything to ask. If they say yes you could save thousands of dollars in interest payments.

photo credit: Here in Van Nuys

A recent study based on unpublished Internal Revenue Service (IRS) statists shows that the rich ($200,000+ annual income) cheat more on their taxes than any other income group. How do they do it? Simple: they understate their adjusted gross incomes by an average 21 percent, 13 percent more than those with incomes between $50,000 and $100,000 annually.

The study, which has not yet been officially endorsed by the IRS, was written by Joel Slemrod, an economy professor at the University of Michigan, and Andrew Johns, an IRS economist. The study reviewed 45,000 individual 2001 tax returns, and was the first such IRS study since 1988.

The study also found that the rich cheat more because a higher percentage of their income comes from sources easier to hide. Among these, self-employment, rental income, S corporations and capital gains. In fact, the IRS estimated that individuals underreported incomes by a whopping 43 percent in 2001, which adds up to a significant loss in federal tax income.

Of course, this doesn’t mean that the rich get away with cheating. The IRS has collected billions in back taxes over the years, and the biggest offenders are often slapped with extra fines and even jail time. If you ask me, that’s a hefty risk to run.

photo credit: derek olson

America’s children have always followed the trends — when my parents were young, they wanted record players in their room and when I was a little girl, a phone and CD player in my room were all I needed. Today, kids want cell phones, and not the cheap kind either, because cell phones are the tween and teen status symbol of the 21st century.

Of course, cell phone service is expensive, and it’s parents who foot the bill for this techie obsession. And in some cases, costs are out of control. Take Ellen, for example: in just two months, her teen daughter racked up $1,100 in cell phone charges, including text messaging, music and Internet access.

For some parents, these options are surprising and financially threatening. Most cell phone companies encourage line owners to open all options, hoping that their customers will inadvertently spend much more than they intended. If your kid’s got a phone, that business tactic is clearly working in the company’s favor. And even when you think you’re covered — lots of minutes and unlimited text messaging — you’re not. There are too many extras (cell phone horoscopes, anyone?) that cost dollars, adding up to unexpected phone bills.

In the end, parents need to draw the line at how cool they can afford their kids to be. Remember, you shouldn’t have to take a second job just to pay for your children’s right to text, so stand up for yourself, make rules, and require your kids to stick to them.

photo credit: JLStricklin

The economic slump has hit us all, and singles may feel the pinch more than others. It’s common for serious couples, married folks and families to stay in and watch a movie with microwave popcorn, but singles are supposed to tear up the town, frequent upscale bars and take their dates to on expensive outings. Now though, singles are looking for creative, inexpensive date ideas, hoping to stretch their dollars farther.

If you’re in this boat, not to worry; there are plenty of options. If you live in the city, museums are a cultured and inexpensive way to spend the afternoon, allowing you to save your bucks for a nicer dinner than you might otherwise have. And don’t overlook the fun of a casual date at a local bar or restaurant/bar - it may not have “classy” written all over it, but plenty of men and women would have just as much fun throwing darts and shelling peanuts as they would downing expensive wine at a stuffy restaurant. In fact, forget the formal dinner date and branch out into other formats - afternoon hikes, visits to the park or inexpensive cultural events. After all, the key to a good date is not how much you spend, but how much fun you have.

Unlike many countries, America’s higher education system almost requires students to go into debt… deep debt. And today, more than any time in the past, students are feeling the burden of huge student loans - fewer jobs and lower pay are tough to handle when student loan payments don’t get any smaller. In fact, recent studies show that two to four percent of student loan owners have left the country, and many see that as the only option to escape their debts.

Students are often first time borrowers, and may not know what they’re getting into. It’s easy to miscalculate or simply wishfully think it into a smaller number, but when graduation day is over, huge monthly payments may be staring you in the face. Right now, there is about $60 billion in defaulted student loan debt, and searching for debtors abroad is an expensive process that cuts into loan company’s profits.

If you or someone you know is having trouble paying off a student loan, there are several steps to take. Filing for economic hardship deferment or forbearance can either defer or eliminate your monthly payments. Under other circumstances, you may be able to talk with your company, and extend your loan term; though you’ll pay more in the long run, you’ll at least be able to meet your monthly minimums.

photo credit: mrhayata

Experts say that especially in tough economic times like these, lending money within a family is getting increasingly common. But borrowing money from parents or siblings is a risky business and one which The Age thinks should be avoided wherever possible.

If you absolutely feel that lending or borrowing money between you and your family members is necessary, here are some pieces of advice to follow:

• Put the loan in writing. Even if it’s a little awkward to discuss that at the time, it’s better than creating a large dispute later. Where possible, draw the arrangement up as officially as possible.
• Only lend money that you are prepared to lose. You never know what could happen in the future. Apparently a worrying trend amongst parents with adult children is that they are lending them money by remortgaging their houses, and if the adult child is unable to repay the money, the elderly parents lose their house - and of course the relationships between them get very strained.
• Avoid reverse mortgages for this purpose - the reverse mortgage allows retirees to use equity in their home to obtain cash which is repaid when they later sell the house to move into care or when they die. Here the risk of losing a house increases again.
• Be open, honest and up front about every part of the deal, and if you have any doubts at all, say no. Just consider whether your relationship with the family member is more important than money or not. Usually the relationship wins and it’s not worth risking it over money.