27 Jun
2010

If you want to throw a great July 4 party or any party but don’t want to have to rely on credit cards or loans to pay for it, here are a few ways to save money while still preserving your reputation as a great host:

1) Get creative with decorations. You can often keep decorations at a minimum (unless you are hosting a children’s party). Create your own decorations or hit discount party stores for low-cost decorations. Buying decorations in bulk can usually save you cash, as well.

2) Think carefully about entertainment. You can spend thousands (and ruin your budget) on a house band or a big-screen karaoke contraption, but you can also get creative. Let friends provide the entertainment or just play music rather than running up a huge tab.

3) Buy food without spending a fortune. Buy food in bulk and be sure to visit a farmer’s market if you want veggie trays – you’ll get the best deals on veggies at this time of year at farmer’s markets. If you want finger food, you’ll often save by making it yourself rather than buying the packaged stuff. Making little sandwiches and dips isn’t time consuming, but saves a lot of money.

27 Jun
2010

The July 4 weekend can create a rush for payday loans as people party, get in over their head in debt, and face financial crises that require emergency loans. You can have an amazing July 4 and stay out of debt if you:

1) Plan your weekend. Determine where you are going and how much you will need to spend. This way, you aren’t planning on a weekend that is way outside your budget in the first place.

2) Have an emergency plan. The unexpected can happen, so when planning your weekend, make sure that you have some extra cash and a plan in case the unexpected happens. If your car breaks down, for example, make sure you have enough space on your credit card for a quick fix. Boost your emergency fund now to keep your July 4 spending from getting out of hand.

3) Consider finding less expensive ways to celebrate. There are lots of amazing things you can do without spending a fortune. If you are throwing a party, have it near a public fireworks display or have guests bring some of their own drinks and snacks. Find ways to save.

26 Jun
2010

The upcoming July 4 is a great time to start getting serious about your personal loans, payday loans, and debts. While you’re celebrating our great nation and the principles of freedom it was founded on, you could be declaring your own independence from debt. Here’s how:

1) Create a budget. After July 4, there won’t be holidays for a short while, so you’ll have a little while to put aside extra cash – no excuses.

2) Open a bank account for savings. Celebrate George Washington – and all the other leaders who appear on your currency – by gathering up small bills and change around your house and putting it into a savings account. It’s a very easy and painless way to start saving. After your July 4 party, be sure to return bottles and recyclables for a few extra dollars, as well.

3) Write your own declaration. Write down why you want to be free of your debts and how great it will feel to finally not have any loans to pay down.

4) Create a plan of attack. A country isn’t built in a day and a large debt is not paid down immediately. Create a plan to pay down your highest interest loan first, followed by your next loan, until you are debt free. Plan a really great way to celebrate being debt-free.

26 Jun
2010

As July 4 approaches, many people are hoping to celebrate. Unless you want to spend a lot of money and want to rely on expensive credit card charges or personal loans, here are some tips for celebrating on a budget:

1) Take advantage of free holiday events. Instead of traveling, play tourist in your hometown and take advantage of the many free activities your city or town likely makes available. Most municipalities offer free breakfasts or refreshments, free fireworks displays and even free concerts.

2) Host a party with friends. Sharing the cost of a party (and having all guests bring drinks and food) is the easiest way to celebrate the holidays without spending a lot of cash.

3) Create a budget. Don’t just head to the store and stock up on everything you need. Take the time to determine what you can afford and make a list. You’re less likely to overspend with a plan.

26 Jun
2010

Have you ever seen a great bargain and wondered whether it’s a great sale or deal? Here are the questions you need to ask to know for sure:

1) Do I need it? If you don’t need it, it doesn’t matter how amazing the bargain is. Not buying something you don’t need costs nothing and saves you your money.

2) Can I pay cash or get a good personal loan for it? If you are buying a smaller item (anything smaller than a car or a home appliance you really need), pay cash. If you can’t afford to pay cash, you probably cannot afford the item. Paying for your purchase with a credit card, payday loan or personal loan will increase the price. If you are buying a car, house, or similarly large item, you will need a personal loan to pay for it, but make sure you shop around for the best rates.

3) What is the per-unit price? If you are buying items in a grocery store or items sold in groups, figure out how much you are paying per item. Whether you are paying for a box of socks or a pack of juice boxes, figure out the per-unit price (in grocery stores, it’s often right on the store shelf). It’s the only way to know whether that sale price or the no-name brand is cheaper.

25 Jun
2010

If you are a student and you are broke, it’s not always that big of a problem. You have a whole lifetime of work to get ahead. When you are in your 40s, 50s, and beyond, however, being broke or seriously in debt can be a problem as it can affect your retirement security. If you are older and on shaky financial ground, you need to:

1) Step up your retirement planning. If you start retirement savings when you are young, you can afford to pay a small amount each month and still retire comfortably. If you start later, you will need to max out your contributions and make certain that your employer is matching your contributions (if possible). The good news is that you likely are making more in your 40s and 50s than you were at the start of your career.

2) Pay down debts. Personal loans, payday loans, and credit card bills could be hurting your retirement plans by robbing you of cash you could be putting towards your future.

3) Focus on income. Some people who start planning and saving later in life take on second jobs or work to switch careers to find more profitable jobs. This is not a good time to start reducing hours if you don’t have substantial savings.

4) Consider working past retirement. Even a few years can help offset retirement costs and give you a chance to build up a nest egg.

25 Jun
2010

If your bank account is at 0 or dangerously close, you’re probably under a lot of stress. However, there are many things you can do when you are broke:

1) Find ways to bring in cash fast. Whether you want to liquidate some assets, hold a garage sale, work late to get overtime pay, there are lots of ways to make additional cash fast. Find them.

2) Stop spending. It seems obvious, but many people keep spending money and charging items to their credit card – a move that leads to more debt and problems. Don’t spend money unless it’s vital until you get more cash in.

3) Evaluate how this happened. Do you not work with a budget? Have there been unexpected emergencies? Are you spending too much on personal loans and debts in interest? Are you living above your means? Take a good look at what got you here so that you can prevent the same situation next month.

4) Consider borrowing. If you really need cash and have no savings account, you may need an emergency loan or payday loan to see you through. However, make sure that you have a solid strategy for repaying your emergency loan before you get one, so that you don’t dig yourself deeper into debt.

25 Jun
2010

Doing some things yourself can save you bug cash. While doing your own plumbing can cost you more in emergency plumbing repairs and doing your own dental work rarely works out well, there are many DIY projects that make sense:

1) Do it yourself food. Preparing your own meals rather than heading out to eat is one of the simplest and most effective ways to save cash. However, even when you are in the grocery store, buying whole foods rather than convenience foods can save you money. Pound for pound, buying a block of cheese and grating it yourself costs less than grated cheese. Baking your own bread costs less than buying loaves.

2) Do it yourself home projects. Painting your own home and completing simple repairs (such as fixing those holes in the drywall) can save you $40 or more an hour. You can find online instructions or get advice from your hardware store for home projects. In general, though anything involving water pipes, your heating system, or electricity is best left to the experts.

3) Do it yourself vacations. Buying your plane fare, hotels, and vacation elements yourself can be less expensive than inclusive deals or buying from a travel agent.

4) Do it yourself financial help. You can pay for debt relief or debt settlement with professionals, but unless your financial situation is in dire straits, you may be able to do some of this work yourself. By communicating with creditors and creating a budget, for example, or by getting a consolidation loan through your bank, you may find that you are able to get control of your debts again – all without a service fee.

24 Jun
2010

Here is a challenge: make $1000 extra this week. Why? To prove that you can, and to earn some cash for investments or your savings account. If you meet this challenge, it will also give your financial know-how a huge boost. Imagine knowing how to come up with $1000 quickly in a week. Once you do it, you’ll know you’ll be able to do the same when faced with a financial emergency. This can help change your views about money and can help make you feel more confident about your finances. And just imagine how exciting it would be to be able to come up with that type of cash fast.

If you decide to accept the challenge:

1) Commit your goals to paper. We’re recommending $1000 in one week because it can be done but is challenging enough to be very exciting if you actually achieve this. However, if you don’t believe you can make that much or if you would struggle to make that much, choose a goal that is exciting for you but which you believe you may be able to achieve. Set a deadline for your goal.

2) Develop a plan. Research money-making opportunities and ways to increase your income fast. Do not pay money to meet your goal (don’t buy lotto tickets, for example) but do check out free ways to make extra cash. Ideas to try: yard sales, garage sales, becoming an extra in a movie, taking a short-term gig you find through a temp agency.

3) Keep track. In your planner or on your bathroom mirror, keep track of the cash you are making. Get excited as the figure grows.

4) Journal about your experience. Once you have met your goal (even if it takes a few days extra) sit down with pen and paper and write about what has happened. What did you learn? What was the experience like?

5) Put your earnings in an emergency account or buffer account. If you don’t have one yet, you now have no excuse not to start one.

24 Jun
2010

If a financial disaster hit you right now – a huge debt, a loss of a job, a serious illness – would you be able to cope? A lot of that depends on your current financial health. The healthier your finances, the more likely you are to weather a storm. A few things that may affect your ability to face financial disaster include:

1) Personal loans and debts. The more credit card debts, personal loans, and payday loans you have, the more trouble you could be in by a sudden money crisis. This is simply because you will need to keep paying (in some cases, substantial amounts) on your loans, no matter what is happening with your finances.

2) Budget. If you routinely make and follow a budget, you are likely more prepared for a financial crisis, because you know what you are spending money on and know how to control your spending.

3) Credit score. Having a good credit score is important in a financial emergency because it can allow you to get low-cost personal loans if you need them. Check your credit report today and find out how to improve your credit score.

4) Money habits. Having good money habits – such as living below your means and saving – can stand you in good stead when an emergency takes place.

5) Know-how. The more financially savvy you are, the more you know about money and the easier it will be for you to make informed decisions, even in a crisis.