Many people express interest at going to college and furthering their education, but state that this particular goal is out of their reach. The primary reason given by most people for not going is that college is too expensive. While the price of college tuition has increased, so has the amount available through a variety of federal grants, scholarships, and student loans. People are, unfortunately, severely uninformed when it comes to the types of assistance available in order to help them get through school. When it appears that all college expenses must be paid out of pocket, it’s easy to become overwhelmed by the total cost. With a bit of help from the various forms of financial aid that are available, attending college becomes a very attainable goal. (more…)

While it was slowly brewing for many years, the economic crisis has finally become a national talking point. For many months, people tried to say that there was an economic crisis and were being shut down and told that the situation was under control. With those days gone and billion dollar bailouts being developed to help keep the economy afloat, it is time to start wondering where every job stands. While many people are able to keep their jobs, there is a great deal of worry about what will happen to our current salaries. (more…)

Banking goes back at least to the first civilization in Babylon, when the priesthood engaged in lending to the citizens. Of course, there were likely types of banking before this, but they would not tend to fall under the modern definition of a bank. Various organizations have engaged in lending and protecting money on behalf of everyday people. Even the Knights Templar, the famous armed forces of the Crusades, offered services to pilgrims that enabled them to keep their money secure. The oldest bank in the world which is still in operation, however, is the Banca Monte dei Paschi di Siena of Siena Italy. It has been in operation since 1472. (more…)

With a bad economy more and more people are finding money to be very tight. Does this sound like your situation? If so, you may be overlooking one simple step to earning more: ask for a raise. Now may not seem like the best time to ask for more money, but remember this: you will never know until you ask. (more…)

Many Americans are scared of keeping their money in the bank for one main reason: they think that their institution will go under, and all their savings will be gone. Even though most banks are FDIC insured this is still a common worry. For this reason, more and more people are living by the mantra “cash is king.” In other words, they are keeping all of their money at home. The question is: is this a good idea or can it get you into trouble?

There is nothing wrong with keeping some cash at home, but you don’t want to act as your own bank. Simply put, the risk that you are taking with your bank is much less than keeping all your cash at home. The bank has FDIC insurance in order to protect most or all of your money (double check on which accounts are covered). Unfortunately, you do not and cannot have anything as good as FDIC insurance.

If you keep all your cash at home you could easily lose it to a thief or disaster such as a flood or fire. One day all your cash could be safe and sound under your bed and the next it could all be gone with no way of getting it back. Is that a risk you are willing to take?

You should definitely keep some cash in your home, but never a large percentage of your overall savings. If you do this you are taking a huge risk, and asking for trouble.

Creating a budget: does this sound like fun to you? Or would you rather spend your time doing something else? Nobody ever said that creating a budget is as fun as riding a roller coaster. But that being said, most people know that a budget is essential to their overall well being. Surely you believe that, right?

If you don’t want to go overboard, but know that a budget is important, stick to the basics. There is no rule saying that your budget has to be based on high tech software, and full of information you will never want or need. Instead, you can start a budget with a pen and a piece of paper. If you are feeling a bit more tech-savvy you can use a basic Excel spreadsheet to get started.

The basics of your budget should include: your income, expenses, and savings. If you are accurate with all three areas, no matter how many numbers you have, your budget will work out in the end. You may need to make adjustments from time to time, but that is something that everybody has to do.

When creating a budget the basics are what you should focus most of your time and effort on. Once you have the “bones” in place you can make changes as they come up. Who said that creating a budget was a long, boring process?

With the economy so bad, cutting expenses can help you get by for the time being. But how are you going to save money? One of the best and most used ways of doing so is shopping with coupons in hand. In other words, do your best to only buy items that you have a coupon for. This may not save you a lot on each individual purchase, but by the end of your trip to the store you will realize just how much money you have kept in your pocket.

Using coupons at the grocery store is a great way to test out this savings method. You can find plenty of coupons by scouring your local newspaper, or better yet printing them off the internet. Either way, you should consider using every coupon that you come across.

Of course, you should not stop at using coupons on groceries. Many other retailers, such as clothing, electronic, and hard stores also make coupons available to customers.

All in all, you can let coupons dictate where you shop as well as what you buy. This will allow you to save money, while also trying new stores and products that you may have never thought about using in the past.

If you shop with coupons you will save money; there is no two ways about it!

No matter how old you are, once you secure your first job you should begin to save for retirement. As you know, the earlier you start the more money you will have when you finally decide to hang it up for good. Compound interest is a great thing, and this is just one reason why you need to get your retirement savings into high gear as early as possible.

The way you save for retirement is up to you. Some people rely solely on one plan, such as a 401K, that they have through their employer. This is a particularly good idea if your company offers a “match” up to a certain percentage. After all, who doesn’t want free money?

Of course, you don’t need the help of your employer in order to save for retirement. You can open your own account, such as a traditional or Roth IRA. Both of these are perfect for those who want to plan their own retirement while also taking advantage of many tax benefits.

Finally, don’t forget that you can also save cash. This may not be the best way to earn interest on your money, but there is nothing wrong with keeping a bit of cash in an online savings or other high yield account. This may not be your primary retirement account, but it can go a long way when everything is said and done.

No matter how old you are or how much money you earn you should be saving for retirement. Are you on the ball? Or have you fallen behind?

photo credit: pfala

Did you know that the right budget can save you hundreds of dollars every month? People who don’t have a budget will never believe this. But those who do, and follow all its details, will tell you time after time that it saves them a lot of money. With money so tight, why wouldn’t you want to save? Millions of Americans are strapped for cash, but the right budget can help you better your situation and avoid future problems.

With a budget you will know for sure how much money you earn and how much you spend. It is your expense column that will show you just how much you can save. For example, after a few weeks of budgeting you may find that you are spending $500 per month on groceries. In turn, you decide that this is entirely too much and begin to watch what you are buying. Soon enough you may be able to trim your grocery budget to $400. This may not work with every expense, but there are a few that you may be able to cut a little bit in order to save money.

Even if your budget only saves you a few dollars each month this will add up by the end of the year. Let your budget guide you, and there is a good chance that more and more money will end up in your savings column. And that is what you want, right?

photo credit: Tracy O

Is it a good idea for a college student to carry a credit card? Most people, especially experts, will tell you no. Simply put, it is widely believe that college students are not mature enough to carry a credit card. Instead of using this money for important items such as books, it is thought that they will blow their credit at the bar, on junk food, on clothes, etc. Does all of this make sense?

Just like any consumer, some college students can responsibly carry a credit card and others won’t make it a few days without messing up. If your college-age child is interested in applying for a credit card you should talk to them about this situation. Ask them why they want a credit card, what it will do for them, how they are going to use it, etc. You may open their eyes to the fact that applying for a credit card is not the best of ideas.

Unfortunately, most credit card companies don’t have any issue lending money to college students. They know that college kids spend money, and of course, they can hit them with high finance charges that are sure to work in the favor of the creditor.

It is hard to say for sure that all college students should stay away from credit cards. But one thing should be remembered: in order to carry a credit card, no matter your age, you need to be financially responsible.