January 6, 2009 By Debbie Dragon
One of my favorite carnivals is the Carnival of Debt Reduction - getting out of debt has been a long term goal of mine, and I know that it’s a goal of many to pay off their debts and live the debt-free lifestyle. I do apologize for the late publication of the carnival- it was due out yesterday but after traveling for several days, it just slipped my mind that I was given the honor to post this week’s edition! So, let’s just get to it!
The Carnival of Debt Reduction: As Suze Orman might do it (if she did carnivals, anyway, instead of things like the Oprah show!):
Quotes from Suze Orman’s book, “Young Broke and Fabulous”:
Listen, I know dealing with money, especially the lack of money, may not necessarily be high on the list of priorities. But something motivated you and brought you to this page…
Laura, from No More Spending, has made the commitment to getting out of debt, and shares her story in Tunnel Vision, Focus, Going Gazelle, anything will do, just get out of debt
Heidi presents A Penny Saved is More than a Penny Earned! posted at Little People Wealth.
Ashley from the Wide Open Wallet shares Debt Reduction for 2008, a snapshot of how much she’s paid and how much of those payments went to principal and how much went to interest.
Jennifer Derrick presents Financial Regrets From This Past Year and What I’ll Do Differently In ‘09 posted at Saving Advice.
Young people have the greatest asset of all on their side - time.
Deposit Accounts teaches us that Learning to Live on 70% of Your Income posted at Deposit Accounts, is a great way to find money to repay debts or invest.
Tom Tessin presents How People Cut Out Debt posted at FSC Blog.
MoneyNing presents Do You Switch “Frugal Mode” On When You Come Back from Vacation? posted at Personal Finance Blog by Money Ning.
Tristan presents When Should I Change Mortgage Lender? posted at Debt Consolidation Quote.
Carson Brackney of Personal Finance Analyst asks the common question, Investing vs. Paying Down Debt - Which Way Should You Go?
Broke is: paying your rent with a cash advance from your credit card.
Debt Freedom Fighter presents 3 Methods to Discover the Best Company For Credit Card Debt Relief posted at Discover Debt Freedom.
David presents Keep Emergency Fund Or Pay Off 0% Balance Transfer Credit Card? | My Two Dollars posted at My Two Dollars.
apply4-credit presents 5 Secrets the Credit Card Companies Don’t Want You to Know posted at Apply4-Credit.
Bob at Christian Finances was surprised to find They cancelled his credit card because he has good credit and his account was in good standing.
Broke is: treating credit card bills like kryptonite - you don’t open them because you’re afraid they will destroy you.
Debt Free Destiny presents Bankruptcy Has Far Reaching Effects on Your Life posted at Debt Free Destiny.
Sam presents Things to check when looking for credit card posted at Fix My Personal Finance.
Curtis from Money $ Liberty talks about paying off debt, in Ah, the catharsis of paying off large swaths of debt.
You know what you need? You need advice that deals with your reality. A set of solutions for the problems you have.
Matt Caldwell presents 5 Reasons to Track Your Expenses posted at 15minutestoriches.com.
Jessica Karels presents How to Eliminate Your Debt (Without Spending More) posted at Words of the Shadow’s Kin.
FMF presents Free Money Finance: What to Do When Relatives Ask for Loans posted at Free Money Finance.
MoneyNing presents Do You Switch “Frugal Mode” On When You Come Back from Vacation? posted at Personal Finance Blog by Money Ning.
J. Money presents Today’s the last day to grab those Charity tax write-offs! posted at Budgets are Sexy..
DianeDean presents Where To Make Your 1040-ES Payments;Addresses posted at Need IRS Help?.
Silicon Valley Blogger presents Best Coupon Sites For Online Shoppers posted at The Digerati Life. Lower your debt by finding the best coupon sites to use before doing any spending or shopping!
The Smarter Wallet presents Going Shopping? Avoid The Layaway Plan posted at The Smarter Wallet.
You know what else you need? You need a plan. You need to believe you can make it way past broke and come within reach of the dreams and goals that are yours to achieve.
Trisha Wagner from Empowering Mom Blog wonders Are You Waiting for Your Ship to Come in? and wants you to stop waiting for tomorrow to make your dreams a reality… you never know if tomorrow will actually come.
Destroy Debt gives you the steps you need to Make Your Own Debt Reduction Plan.
Scott Crawford presents DebtGoal
9 Steps to Achieve New Year’s Debt Reduction Goals posted at DebtGoal.
KCLau presents Redefine Retirement: Lifestyle Design of the New Rich posted at KCLau’s Money Tips.
NCN at No Credit Needed helps motivate us all to reach that debt free lifestyle, with 20 Things That Rock About Being Debt Free
Posted in blog carnivals 
7 Comments »
January 5, 2009 By Trisha Wagner
As you look in your rear view mirror and wave goodbye to the end of the holiday season you can now focus on the next bump in the road. Before you know it tax season will be in full swing and now is the 
time to determine if you can reduce your income tax liability by claiming some common tax credits.
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Child Tax Credit. You might be able to reduce the federal income tax you owe up to $1,000 for qualifying children under the age of 17. Several factors determine if a child is eligible- a few of which are: age, relationship to you, citizenship, support provided and if the child has lived with you over half of the year. Depending on your income level and number of children this tax credit may result in a refund.
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Child and Dependent Care Credit. To be eligible for this tax credit you must have a child or qualifying dependent who receive paid care while you are at or looking for work. The child or dependent adult must be physically or mentally incapable of taking care of themselves. There are other factors that are considered when determining eligibility for this tax credit. Your income level, the payee (cannot be someone you claim as a dependent or a person under the age of 19), your filing status, if the dependent lives in your home and any other dependent care benefits you receive will all be taken into consideration.
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Residential Energy Tax Credit. Tax credits for for energy efficient home improvements (windows, doors, roofs, insulation, HVAC, etc.) which had previously expired in 2007 are now applicable for 2009. Keep in mind you will not be able to use this tax credit for improvements made in 2008, however if you have any plans for improvements in the upcoming year they will be eligible.
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Credit for Retirement Savers. If you are over 18 and contributing to a 401(k), IRA, or other tax favored retirement plan you may be eligible for the retirement plan savers tax credit. Based on your adjusted gross income (AGI) and amount of contributions you made you may be able to trim up to $1000 off your tax bill. (Note: full time students are not eligible for this tax credit.)
These are just a few of the common tax credits available. Tax time will come and go just like the holiday seasons, however being ill prepared for this time of year can cost you considerably more.
Posted in holidays, taxes No Comments »
January 5, 2009 By Debbie Dragon
WOW! The Clever Dude certainly lived up to his name when he published the first Carnival of Personal Finance for 2009. He turned all the submissions into a cute Fairy Tale. He included a TON of posts in his story about Anastasia and Prince Mike.
My favorite selections from the fairy tale include:
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January 2, 2009 By Tisha (Kulak) Tolar
You need a car and have done your homework to find one that will fit your 
budget. But you also know your credit is not so great. Should you give up the notion you can get a vehicle loan? Not necessarily.
There are many people across the country who have been experiencing hard financial times and bad credit issues. Educating yourself about what options you have available to you for your vehicle financing needs is the first step in getting a loan despite your bad credit. The pitfall those with less than perfect credit fall into is that they are so happy to get approved for the financing, they rarely stop to think or care about the terms and conditions of the loan they did get. Instead of falling into the same trap, here are some tips that will help to ensure you get the best deal for you and your financial situation.
Check In With Your Credit
While you may have an inkling of what state your credit score is in, make sure you confirm just where you stand. If you currently have a credit score under 500, you might want to postpone shopping for a car for the time being and focus on getting your credit score up. You can also start saving more cash to pay for the car outright because with such a low score, you could end up paying a very high interest rate (think close to 30%), which in the end will definitely cost you way more than you can afford.
Check Your Income
Since you are allowed to dedicate only 20% of your income toward a monthly car payment, review the amount of money your bring home per month and make sure it is at least $1200 a month.
First Time Buyer Incentives
Check with your local dealerships or online site to find programs that offer incentives to first-time buyers. With proper research before walking into a dealership, you will be better prepared to know what you can get and prevent the salesman from telling you otherwise.
Ask for Help
If you know your credit is not great, you may be able to find better financing if you find a willing co-signer to help you on the application. A co-signer with great credit can help your chances but keep in mind that being a co-signer on a loan (or having one) is a big responsibility and can be a sure-fire way to ruin good family relationships or friendships if you don’t live up to your end of the deal by skipping out or being late with payments, essentially single-handedly ruining the other persons credit.
Timing Counts
If you have improved your credit score past 500, found a co-signer, or otherwise improved your financial situation and are ready to make a deal, visit the car dealership at the end of the month, when incentives may be better. Car salesman might be more flexible to close a deal at the end of the month because commission is so close to coming in. The dealership’s finance department may also be more willing to bargain so they in turn can end their month on a high note.
Posted in autos, lending, loans 1 Comment »
January 1, 2009 By Tisha (Kulak) Tolar
HAPPY NEW YEAR, READERS!
As we roll into a new year and tax time starts to freak us out, there are some ways to prepare yourself for a 
more stress free financial year. Starting early and getting organized is the key to starting a new year with a clean slate.
Here are a few simple ways to get ready:
1. Get Organized
Take some time over a weekend and gather together all of your paperwork from last year. This should include finding last year’s tax return information, banking statements, and all of your other monthly bills and statements that have accumulated. If you are not currently using a filing system of any kind, invest in a file cabinet, some hanging folders, and a box of manila folders. Go through all of your paperwork and separate into categories. Shred all other things you no longer need. Make sure you mark your folders clearly and keep important information, such as insurance policies accessible and easy to find. As the year moves along, keep up with your filing system so you can skip this step next year and always be organized. There is nothing more frustrating or un-motivating when you have to go searching all over different parts of your house to find what you need. Storing it all in one place, in an organized manner may keep you focused on paying down your debts and finding more financial freedom.
2. Create a Budget & Track Your Spending
Now that you know where all your paperwork is, you should review all of your balances and start making a budget with the goal of paying down your debt. Along with your budget, start first thing in the new year to track where you are spending every penny of your money so you can create a more reasonable budget and figure out how and where to trim your spending.
3. Start Using Cash
While it might be tempting to spend cash when it is burning a whole in your pocket, start learning to visit the bank or ATM once a week and withdraw your budgeted allowance. You will no longer have to deal with balancing your checkbook, following up on debit transactions, or worried that you have overdrawn your account. This can also help you stop using your credit cards as often, which will help you work toward your goal of paying off your debts, since you are not accumulating new ones.
4. Automate Bill Payments
Since you no longer have to worry about overdrawing your accounts now that you are using cash, sign up for as many automatic bill pays you have available to you. This eliminates the bills you have to worry about paying on time each month to avoid late fees.
5. Automate Savings
Make a trip to your human resource department after the holiday and find out the process for making direct deposits to your savings account each pay week. Since the money is automatically taken from your pay and put into savings, you are likely to be able to successfully maintain and build your emergency fund.< >< ><–>
Posted in personal behavior, personal finance basics, taxes 2 Comments »
December 30, 2008 By Tisha (Kulak) Tolar
As a candle lover, I have been disappointed at the growing price of candles lately. They have increased so 
much in price that we can no longer afford to buy the good ones that fragrant the entire house. We have tried other alternatives (ie: cheaper candles) but they aren’t the same.
While there are many new recipes for creating your own cleaning materials such as window cleaners and laundry soap, there are also smell-good alternatives for scenting your home without the expensive prices tags, the dangerous chemicals, or the long process of making your own candles.
Here’s mine:
- Collect small jars such as those that come with baby food.
- Wash them out and let them dry.
- Pick up a few essential oils from the health food store or online shop.
- Carefully punch holes into the jar lid.
- Add a few drops of essential oils to the cotton ball and secure the lid.
This makes a great substitute for families with little kids who should not be around lit candles. You can use these little jars all over the house. It can be a fun project to do with your kids as you can use scraps to decorate the jars. Make sure you don’t buy a lot of scents you are not familiar with just in case you don’t like them. Choose a few at a time until you know what you like and then you can feel free to mix and match scents.
As you perfect the art of creating scents and decorating your jars, you can get ready to include your signature scents into gift packages you give to family and friends during the holidays or other special occasions, saving you additional expense in the gift department. Remember to keep your scent-sational gifts in mind and recycle common items around the house to use as decorations such as scrap paper, extra buttons, and other things that may serve another purpose beyond becoming trash.
Posted in environment, free stuff, saving money 1 Comment »
December 30, 2008 By Tisha (Kulak) Tolar
As any parent can tell you, having a child identification kit assembled is a 
necessity in the event the unthinkable happens and a child goes missing. There are many resources available to parents, including the local police department, where actual kits are available to gather the important information you need to aid search efforts.
However, what if your children aren’t human at all but are still as much a part of your family as a son or daughter? Pet owners, especially of dogs and cats, stand a greater risk of loss should a pet run away from home by escaping through a door or under a fence. Pet owners can be just as devastated at losing a beloved animal as they would a human counterpart and in times of emergency, it can be difficult to stay mentally on task in order to help find a missing pet.
By establishing a pet identification kit that can be turned over to the local police or ASPCA, you can act fast and get out the vital information that you need to deliver in order to recover your pet. It doesn’t have to be an expensive kit. Just use a large manila envelope and keep the following items up to date:
A Clear Photo of Your Pet
It can be surprising to realize the number of times the owner of a lost animal can not easily locate a good picture of their pet. Take updated shots of your pet every few months, especially if it is still growing so you will have something to add to flyers and allow the public to help in your search. Blurry photos or ones that make it difficult to identify your pet will not be very useful.
A List of Vitals
You will want to make sure you can provide exact descriptions of your pets such as eye color, coat color, markings, and weight. If you pet has a microchip, keep information that pertains to the chip on hand for easier identification.
Copies of Medical History and Vaccinations
You will want to have these on hand to prove that your animal is up to date all on shots and exams in the event the dog is turned over to the pound. There is also the possibility that a dog on the loose can become frightened and end up biting its rescuer. You will want to be sure you can prove rabies in not a factor so your dog will not be turned over to authorities. Keep all copies of prescription and medical records current for each exam or treatment.
Registration Papers
If you have any information pertaining to local registration information such as tag number, keep them in your file. If you have any information or paperwork regarding your animal’s purebred status, this also may come in handy.
This information should be stored in safe but accessible place at home. If you put it away in a safety deposit box and your dog runs away on a Saturday evening, you will not have access to it until the following Monday during business hours. Also remember, if you are traveling with your pet, bring a copy of the entire file with you in case of an emergency. It is best to leave the original set at home where it is safe, as traveling can leave you absent-minded.<-->
Posted in family, lifestyle No Comments »
December 29, 2008 By Debbie Dragon
The Fraud Files hosted the last Carnival of Personal finance for 2008, and has included a wide variety of personal finance blogs for your end-of-the-year financial fix!
Here are a few notable posts you’ll want to look at:
Because it’s about that time to file your taxes, and there may be a few things you could do to help your tax situation for 2008 in the remaining days, I thought I would also include the Carnival of Personal Finance section on Tax blog posts:
Posted in blog carnivals No Comments »
December 29, 2008 By Tisha (Kulak) Tolar
Skiing is a wonderful adventure vacation the whole family can enjoy but it can be downright expensive, 
especially if you do not live within driving distance to a ski resort. If you are planning to take a ski trip with your family, there are some things you can do to cut down on the costs of the overall trip and still enjoy sloshing down the mountainside with your family.
Go Online for Deals
If you are not familiar with the cost associated with a day on the slopes, make sure you check out the resort’s website for special deals. Many times resorts will have specials online that are not advertised elsewhere which can save you money on ski rentals, equipment rentals, and passes. You need to understand the different fees and charges for the rentals and slope access as it can sometimes be deceiving.
Check Out Other Sites
Sometimes in conjunction with the ski lodge, hotels and other lodging places will offer discounts or free passes to nearby ski lodges. If you don’t necessarily have to sleep at the ski lodge itself, you may find a close-by hotel or motel that will provide extended discounts for skiing just for staying at their facility.
Borrow From Family and Friends
If you know others who enjoy skiing and own their own equipment, ask them to borrow it. If you don’t have to rent or buy snow suits or skis, you can end up saving a lot of money. If, after your trip, you and your family decide to make skiing a more common family trip, start checking out the prices and saving to buy your own ski equipment for the next trips.
Bring Groceries
If you plan to do a lot of skiing, you might want to save additional cash by bringing your own food, such snacks and materials to make sandwiches. If your family only goes out to eat one meal at a restaurant, you can save a ton of money. Ask if your hotel has any kitchen facilities or at least provides a refrigerator in the room for your personal use. Keep water and drinks and snack on hand in your backpack or a lodger locker for breaks during the day instead of hitting the snack bar, which can also cost big bucks.
Choose Family-Friendly Eatery
Instead of splurging on a fancy mountainside restaurant you can’t afford, choose a less expensive family place, especially if kids under a certain age get free deserts. When making reservations for your hotel, check out on the map what is in the area so you can plan beforehand where you can eat without driving around for hours looking for something reasonable in an area where you are not familiar.
Bring Some Fun From Home
Ski lodges can be a money trap, especially when the kids get bored. There are often video games and other activities that do not come cheap. Plan to bring along favorite board games and other family-friendly ideas that allow everyone to participate and spend good, quality time together during the trip once you are off the slopes.
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December 29, 2008 By Tisha (Kulak) Tolar
As the holidays are beginning to wind down, many people are looking 
forward to getting back to normal or even getting away from all the stress. Many are still traveling or planning to join other family members to celebrate the New Year. This year, it may be a little tougher to stretch out a holiday budget on travel so it pays to be totally prepared, especially when traveling with kids.
Keeping Travel Incidentals Low
One way to cut costs is by bringing your medicine cabinet on the road with you - or at least a miniaturized version of it. Since the weather is unpredictable at this time of year, it is not uncommon, especially for kids, to come down with a cold or worse. Being on vacation with a sick child is not pleasant but it can be even more disastrous of you have a sick child (or adult) and nothing in your suitcase to help them feel better in the middle of the night.
In many places, there is no such thing as an all-night pharmacy and even if there is, you could up spending a lot of money on things you could have just as easily brought from home. Remember as you are packing up your suitcases and make up case, to prepare a first aid and medical travel kit for your family.
Some of the more common items you will want to include are:
- Thermometers
- Acetaminophen such as Tylenol in both adult and child strength
- Ibuprofen
- Cold medicine
- Cough drops/sore throat spray
- Band-aids
- First Aid Cream
- Antibacterial towlettes
- Hydrocortizone for itch relief
- Insect repellent if you are going somewhere warm
- Lip Moisturizer
- Diaper rash cream if your child is in diapers
- Tissues
- Gauze pads
- Motion sickness tablets for car or boat trips
- Gum for chewing during airline flights to help keep ears open
Also remember to pack any prescribed medications that you have access to immediately whether you are traveling by plane or by car. You might want to include a list of medication prescriptions and your physician’s phone number in the event you lose any of your prescribed medications. You should also ensure you have copies of medical insurance cards for each member of your family.
If you leave your house prepared, your trips to the convenience store will be limited and you will be able to keep more cash in your pocket to enjoy your vacation. The kids and adults alike will be able to feel better without extra stress of finding medicines or waiting for a store to open for business.
Update Your Supplies
When you arrive home after vacation, make sure you replenish any items you took from your case during your trip before you forget and then store the case with your suitcases. The next time you travel, the kit will be ready to go when you need it. If there is a significant period of time between trips, remember to use the medications before their expiration date or you will waste your money. Keep a simple list of the contents of your medical kit and the dates of expiration on your refrigerator to remind you what you have if you should need it.
Posted in budgeting, travel, vacations 1 Comment »
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