As paychecks wither in this economy, it may comes as a surprise that the simple act of eating out can cost you $2000 a year. Unfortunately, people who work outside the home have to factor in the occasional coffee, and the daily lunch costs, and many times that can significantly impact their budget, too, especially if they’re only working part time jobs. Add to that birthdays, holidays, and just the urge to eat out every now and then, and the costs of eating out quickly take a huge chunk out of what’s left of your disposable income. If you’re looking for somewhere to save big this year, consider some of these strategies to rein in those dollar munchies. (more…)

It may come as a surprise, but even small amounts of pocket change can help you build a hefty savings account. Don’t overlook the potential to save even $20 a month, if that $20 can end up being diverted to an interest bearing savings account. Over time, that $20 can grow into $240 a year, and near $1000 in four years, with the right strategies and compounding interest. Many people may overlook small ways to save thinking it isn’t sufficient to create a decent emergency buffer or worth the financial incentive. Nothing could be further from the truth. The hard numbers show that the earlier you start saving, the more that small amount grows. It also helps to create savings habits that last a lifetime.  (more…)

Regardless of your age, odds are you have had dreams of amassing the large sum of money that allows you to quit your day job and live life like you had always dreamed of. While this may be an easy task for some, many of us are shocked back to reality due simply to too many bills and not enough income to cover them all. This commonly causes most people to take on a second and possibly even a third job in order to make ends meet. Instead of being happy, most end up feeling depressed and wondering if they will ever achieve their dreams. While it may not be possible to amass a million dollars overnight unless you win the lottery, there are some things that can help you improve your current financial status. Here are some simple tips on how you can improve your net worth, regardless of how old you may be. (more…)

Charity is about giving without expectation of return, but investing is about expecting a return on your spent money. These days, you don’t have to choose between being an open-hearted philanthropists or a hard-nosed investor, you can do it both at one time. There are now organizations that help you fund microloans to individuals to help them succeed in their ventures, whether financial or social, with an expectation of a return on that investment in the form of interest. You can invest in social projects of merit, and make money too. (more…)

Working mothers struggle with the pull of being there for their children and the need to contribute to the household income. Child care costs can be so high that many will justify that it pays more to stay at home than work. In an economy where more women are becoming the sole breadwinner’s for their families, it’s becoming clear that taking time off to raise children comes with inherently high risks for the financial future of themselves and their households. It reduces your ability to get different forms of credit in your own name, whether payday advance loans or credit cards. It substantially impacts your earnings over time. It’s time to take a look at generating child care options that don’t cost as much as traditional day cares and can provide a way for women and the unemployed to continue gaining income and laying a sound financial future. (more…)

We all know that we need to have at least six months to a year’s worth of salary saved up in the savings kitty, should the unexpected like a job loss or illness happen. No matter how important we know a healthy savings balance is for the welfare of our family, many tend to avoid this requirement simply because they either think they will never need it, or just because they think they cannot possibly afford to save. In a time when unemployment is at an all time high, building the balance in your savings should be as important to you as breathing. Here are some simple yet effective tips to building your emergency fund no matter what situation you are in. (more…)

In times of economic crisis, we may need to seek help from as many outlets as possible. Loans are available from banks with good credit and collateral to protect the bank from losses. As banks are out to make a profit, they must protect themselves from defaults by securing collateral to use if a borrower cannot pay their loan back. Payday loans are also a good choice as their credit requirements are not stringent like those of banks and these advances are available online for convenience. (more…)

The thought of retirement should be filled with excitement as you enter your golden years. But with recent stock market issues and economic downturns, we worry if we have enough money to live on when we eventually retire, as we will not want to have to take cash advances during this period. One of the biggest retirement fears is that we may outlive our money. Now that things have changed in the economic environment, it is time to also change our retirement planning to adjust for what has happened. There are a few ways to help us save for our retirement to alleviate any concerns about outliving our income. (more…)

The Case-Shiller index may have good news for homeowners recently, with a rise of 1.4 percent in housing prices in the first quarter. That’s not as good news as it is for homebuyers, however, since the over all drop in housing prices is 15% since the same quarter last year. What this combined set of data shows is that we may be turning the corner in some housing markets. If you’ve wanted to buy in some of the most expensive neighborhoods 2008, in 2009 you may finally get the chance of lifetime. Prices are low, you have an $8,000 credit being offered by the federal government, and housing prices are starting to rise. The bottom may be here, if not, it’s very close. (more…)

Nothing is worse when bills start to pile up, the phone is ringing off the hook with “courtesy” or bill collector calls, and you are being fee’d to death by your friendly, neighborhood, bank. Unfortunately, more and more Americans are finding themselves in this position, due to the aggressive tactics that can put anyone on a round of never ending phone calls, even if for years they’ve had a sterling credit rating. With current salaries stagnant, and prices rising, sometimes you are put in the position of paying one bill over another, or delaying payment for a few days. Those few days, though, shouldn’t put you on a permanent list of harassing calls, which are sometimes happens, disguised as “courtesy calls.” There are ways to take control back and start reducing the stress of managing debt, even if you are thousands in debt. (more…)