College students and young adults may be the ones to experience a mistake in budgeting, and be tempted to opt for the Burger King or Ramen diet for a few weeks, until they get paid to make up the shortfall. While you can easily get a payday loan to help tide you over for a few weeks, if you’re working, the problem has more to do with a lack of knowledge either in cooking or food storage skills and proper nutrition, than it has to do with a lack of money. To stretch a food budget, it’s important to take into account the necessary nutritional needs so that you don’t end up incurring imbalances in your body that later can cause medical problems, sticking you with more medical bills to boot. (more…)

While home ownership is a dream for many Americans, the bank failures and bailouts that the economy has experienced in recent months have caused lenders to change their lending habits. Banks that once would have approved a no asset no income mortgage, or even a jumbo mortgage, are now requiring their borrowers to prove their credit worthiness in the form of proof of employment and a high credit score. Gone are also the teaser mortgages that drew the borrower in with the promise of a low interest rate that would drastically increase in a matter of three to five years. Combine this with an unstable economy and banks are now more concerned than ever about lending money to the wrong person. If you find yourself longing for home ownership, here are some simple tips that can help you improve your credit rating so you look like a better risk to potential lenders. (more…)

Whether you have accumulated a large sum of credit card debt due to a job loss or a spending spree that got out of control, it can be quite difficult to break a habit that you have been accustomed to for so long. While most of us are raised to never carry a balance, and that we should pay them off in full every month, the lure of a new high priced electronics device or even the latest fashions have even the most budget savvy users using credit in times when they know that they should not. Just one purchase has a way of multiplying, and before you know it you have racked up so many charges that your monthly salary is not enough to cover them all. Combine this with an average credit card interest rate of 15% or more and even the smallest of balances can take you years to pay off if utilizing the minimum payment. While you may be feeling like you will be stuck in a credit card dungeon for the rest of your life, here are some simple tips that can help you keep your debt in check so you can finally dig yourself out of the hole that you have created. (more…)

Business owners are having a tough time getting a conventional small business loan. Even credit cards, which have been used by business owners to help fund business expenses have cut their credit limits, making it hard to find funding. Many are turning to asset based lending companies as a form of alternative financing. These types of lenders include merchant cash advance lenders, banks making secured loans with direct assets, and factors. The costs to engage this lending may be higher, but in a time when some credit is better than no credit, the rate of financing in alternative asset-based loans has increased 8% in 2008, as explained by the Commercial Finance Association. (more…)

You’ve worked all your life and now it’s time to sit back and enjoy your golden years. Unfortunately, the stock market has left your retirement savings in tatters, the housing market collapse has robbed you of your equity, and the rumor is that social security will not have a cost of living adjustment for the next few years. Can you still retire? While it may not be possible to fund the same retirement plan you created in the good years, you may still be able to salvage enough of your retirement plan to create a new strategy that can still leave you able to enjoy your golden years better. This new plan may include reducing your discretionary expenses, finding an affordable retirement city, and maybe even starting a home business or taking part-time employment to make ends meet. (more…)

Look around and you might notice that there are few places to put your money right now that will yield sure substantial gains. The stock market may be rising, but it’s been on a roller-coaster ride since the beginning of 2009, up one week, down the next. Foreclosures might or might not make a good investment, depending on where you live and how much inventory is left to reduce. Bank accounts are making minimal gains, whether money market or savings. It’s time to take the long view and opt to invest in something that will surely pay gains over time: yourself. This type of conservative investing can not only be tax-deductible, but even safer than opening a swiss bank account from the US. (more…)

Unlike family vacation ideas on a budget, business travel budgets aren’t looking for a fun experience more than savings. You can really get some great airfares today, as airlines compete for fewer customers, but that doesn’t really take into account the amount of lost time in travel and the simple inconvenience of it all. If you’re able to convince your clients that you can provide the same level of service without actually showing up in person, they will probably be happy to agree to a more technological solution that saves you money too. (more…)

Have a little extra cash and can’t decide whether to jump into the stock market or not? There’s no guarantee the stock market will continue to climb, and even so, some companies may be doing better than others in this recession. In the past, like during the Great Depression, some types of investments that we consider “unusual” were the best ways to safeguard monies. Today, we might want to take a little wisdom from the Greatest Generation, but also use this knowledge to include them in our favorite stock picks too. (more…)

Everyone is looking for ways to cut living expenses, but many just don’t want to give up their lifestyle while doing it. It’s one thing to want to cut your cable bill, but another to miss your favorite TV shows or movies. For those that want to “cut the cord” and find ways to cut living expenses, the good news is that new technologies can make that dream entirely possible. Other ways to cut living expenses are fairly simple and rely solely on your ability to negotiate a better rate or get a discount on service. The recession has forced many business owners to cave in, when asked for a reduction in price. Any sale is better than no sale, in this economic climate, and you can use that to help you cut living expenses without necessarily giving up a service you like. (more…)

When you need to make a purchase but do not like carrying cash with you, a debit card is a great tool. The bank releases the money electronically for the purchase just like cash and your account is debited the amount, hence the name. This can be a convenient way to pay for anything and a way to carry little cash as most stores take debit cards as a form of payment. As with every type of payment, there are downsides to debit cards that are often overlooked. It is important to know the risks and the rewards of any form of payment and consider them before using any debit card for purchases whether online or at your local store. (more…)