Those that are interested in buying or selling their homes have been watching various sites with great interest to see what their 2009 house market prediction will be. So far, many people are refusing to make any sort of prediction, but those that have are saying that the price on homes will continue to decrease as the year goes on. This is a bleak outcome for those looking to sell, but may be exciting news for those that are wishing to buy at some point during the year. If you’re one of those people, don’t wait too terribly long before beginning your hunt for a new home. (more…)

Student loan statistics indicate that the average 2009 college graduate is going to receive their diploma and be in debt to the tune of $22,000 in student loans. This does not take into consideration the roughly $9,000 in additional credit card debt that a majority of students will graduate with as well. This leaves many people just entering the job market with an enormous financial burden. Even someone with good financial management skills will be challenged to meet their basic expenses easily. (more…)

With the price of living going up and more companies going out of business, many families have deemed it necessary to take on part time jobs along with their full time jobs in order to help make ends meet. This may be because of the company a loved one worked for going over, or simply because now more than ever people are seeing the importance of being able to set a little something aside in a savings account just in case something happens to them. Even when prices and the economy aren’t much of a concern, many people are still pulling down full time and part time jobs for a variety of reasons. (more…)

In the current financial climate it is important to have a steady income, lower cost of living and good emergency financial plans in place. This is particularly important for those entering or already living in their retirement years.

Usually the process of arranging an easy and comfortable retirement begins with the living arrangements. A majority of retirees make plans to sell their homes and relocate to a more affordable location. This can often include apartments or retirement communities, but they will still need to be in places that have a lower cost of living. This means that selecting an affordable retirement city or town is the wisest step in planning for the “golden years”. (more…)

Credit card debt has been mounting this past year as Americans are sometimes using their credit cards to stay afloat during these turbulent times. As the economy has gotten worse, consumers are often turning to their credit cards and cash advances to make ends meet including bill payments, groceries and energy bills.  (more…)

There are many kinds of savings accounts and you may find use for one or another, depending on your current circumstances. Let’s briefly consider a few major types of savings account. First of all, you have a basic bank account, which is the typical savings account most banks offer customers. This type of savings account is mainly for storage and frequently used to pay short-term expenses. These accounts usually have low interest rates and fewer restrictions as to withdrawals. (more…)

Budgeting can be fun? Actually, in the current economy, making a budget requires a lot of creativity and planning, which can be made into a really fun adventure for the whole family. Some fun budgeting ideas include creating a household competition to see who can recycle the most, use the least amount of resources or save the most money. Such activities would see kids clipping coupons, rinsing cans and bottles for the recycle bin and even using timers when brushing their teeth or taking a shower. The winner could get a special treat or the chance to pick out what the family will eat for dinner. (more…)

If you haven’t been watching headlines or nightly news broadcasts you may be unaware of the fact that the average house price in 2009 is expected to decline. While this is not necessarily the case for every real estate market in the country, on the whole, house and property values are expected to continue dropping at unprecedented rates. (more…)

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.