10 Ways to Start Living Frugally

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In our current economic dificulties, more people are considering adopting a more frugal way of living. Which is quite understandable when you need to watch the pennies! Adopting a simpler lifestyle does not always mean retreating to the country or to the hills and seeking out a simple life. Here is an article outlining 10 ways in which you can start to live more frugally while still living in any modern, urban or rural environment.

Top Ten Ways to Start Living Frugally
By Carrie L. Sommer

If you are ready to start living frugally, here are some good ways to get started:

1. Eat out less. No matter what you think, preparing your own food at home is always less costly than eating at restaurants. If you are pressed for time, do a lot of the preparation work on the weekends. You can even prepare casseroles and other meals in advance, and freeze them for later.
2. Clip coupons. Clip grocery coupons for those items that you typically purchase to save. Of course the big discount and warehouse stores don’t accept coupons, but they are handy for those products that you do purchase on a regular basis at the grocery. At this time of year, look for coupons on products you will use for holiday meals, paper products, and cleaning supplies. If you want to save big, find out if any stores in your area double coupons.
3. Use the library. Go to the library to check out those best sellers you’ve been dying to read. You can even save costs on magazine subscriptions by checking out your favorite magazines at the library, too.
4. Plan your errands. Plan your errands in advance so that you can take care of several things all in one trip. This will not only save on gas, but it’s a real time saver too.
5. Watch for free stuff – especially online. It’s amazing the stuff you can find for free online. From classic book downloads at the GutenbergProject.org to free business cards, free language lessons, free jewelry, and more. In addition, look for buy one get one free offers at the grocery and save.
6. Utilities - turn off the lights when you are not using them. Same goes for other appliances and your computer, too. Check the thermostat. Get a digital thermostat to automatically turn the heat down during the times you are not at home, or are sleeping, and turn it up a tad when you are in the house. Works the same way for the A/C in the summer.
7. Audit your insurance policies – check over your insurance policies to make sure you are not paying for coverage that you don’t need. For example, does your auto insurance provide an auto club like membership while you also belong to AAA Motor Club? Do you really need rental reimbursement coverage on your auto policy if you own more than one car? These and other issues should be checked over thoroughly. Call your agent to understand your policies better.
8. Learn to do-it-yourself – there are many services for which we pay top dollar that we could easily learn to do ourselves – i.e. manicures, oil changes, room painting, and other small repairs.
9. Avoid late fees – pay bills online. When you pay your bills online you not only save the cost of the stamp and the check, but also any late fees that you might incur if the payment arrives late.
10. Shop with a list – whether you are doing your grocery shopping or shopping for holiday gifts, plan ahead and make a list – then stick to the list to avoid impulse purchases.

You only have to waste less than $28 per day to throw away $10,000 a year. With the frugal tips listed above, you’ll learn to save at least that much!

Carrie Sommer is a frequent contributor to Fabtastically Frugal, where you may find much more information about living a frugal lifestyle.

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Work at Home Moms Create Entrepreneurs
By Audrey Okaneko

Work at home moms do much more than create an income. They also quite often create entrepreneurs in their own children.

When my daughter was just 13 or 14 she came to me and told me she was interested in opening an IRA account. She knew about IRA’s in two ways. Being a work at home mom myself, I had an IRA account since I didn’t have any other type of retirement benefits. It was a term she was familiar with. In addition, she had a friend whose father was an accountant and so he also knew the term. Today, my daughter is 26 and has had money in this IRA for over ten years now. Imagine when she’s 65 how that money will have grown.

Here are some additional ways that work at home moms can teach the art of being an entrepreneur to their children:

1. My children have learned that there are always many options available out there. There is not one right answer for everyone. Some people sell books and other people sell music. My children have learned that just about anything can be turned into a product or service-based business.

2. My children have learned about customer service. Sales are all about relationships and customer service. Because I’ve been a work at home mom since my kids were born, they’ve always been exposed to someone striving for excellent customer service.

3. My older daughter has always been active in my business, helping with data entry, newsletters, mailing of catalogs, putting together fundraising packets and more. She’s seen all the pieces of running a business from home and has learned which pieces are most important in creating success.

4. Running a business of your own does require high self esteem, personal motivation and the ability to multi-task. Both of my kids have developed all three of these characteristics as a result of learning from me and working with me.

5. Work at home moms must develop a money management system. Being self- employed means no taxes are being held out by the company. It means there is no 401K and there are no benefits such as health insurance. Money management is a must. Both of my kids have a very good understanding of money and how money works.

6. Time management, like money management, is essential to those who work from home. My kids have seen me work at 5:00 a.m. and they’ve seen me work at 10:00 p.m. depending on the day and what needs to be accomplished. Having the flexibility to work your own schedule is a luxury that not everyone has.

7. Making decisions, whether right or wrong adds to the overall self confidence of an individual. My kids have seen me make a decision that needed to be changed. However it’s my decision, not a boss’s decision or a company’s decision. Both of my kids are able to make decisions in most any situation.

Work at home moms very often find joy in watching their own children use the skills taught to them in childhood to create their own businesses and become a second generation of entrepreneurs.

Audrey Okaneko has been in direct sales since 1983. You can read more of her articles at http://mydirectsales.com or you can Become a Tupperware Consultant

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Help With Excessive Credit Card Debt
By Dan Rennecker

Excessive credit card debt can and often does cripple those with outstanding debt, fortunately there is help. There have been recent laws passed aimed at protecting consumers from credit lenders, which is testament to the growing debt crisis in this country. These days, the majority of American households find themselves in debt, a startling statistic.

Debt is such a raging problem due to the ease with which people can accumulate it. Unlike other bad habits that may require a trip to a casino or bar, it is exceedingly easy to pay for things online or swipe your card at a store without ever seeing the actual money leaving your hand. Just like chips at a casino, credit cards are a way for institutions to take your money without you feeling like you are losing money because you never see the cash.

The excessive nature of this debt becomes compounded by the late fees and interest paid on outstanding (month over month) debt. This increases the total amount of money owed, leading to even greater amounts of money owed in interest, which are added to the total. This cycle of compounding continues until the debtor is in so much debt they don’t know where to turn.

Many people struggle when looking for ways to escape their debt because they lack the fundamental understanding of how credit cards work. You always hear that knowledge is power and when it comes to debt this old saying certainly applies. Although paying the minimum payments will eventually get you out of debt (provided you are not adding to that debt through new purchases), it usually will take decades to do so.

There are a number of options out there for those with large amounts of debt and for some, consulting an attorney may be a worthwhile proposition. With or without an attorney though, options for reducing debt include consolidation and negotiation with the creditor. For those just starting out in their quest to reduce excessive card debt, a good starting point is their personal budget.

Average Credit Card Debt provides informative and 100% original content on topics such as excessive credit debt options.

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How Do I Get Out of Debt?
By Michael Peterson

It’s a question we’ve all asked ourselves; anyone who’s ever owned a credit card, taken out a student loan, financed a car, or paid a mortgage has accumulated debt. Debt can feel overwhelming, but you don’t have to be a slave to it. You just need a little common sense and some budgeting savvy. Remember, you own the debt – not the other way around.

If you follow three budgeting rules, you can be debt-free twice as fast than if you carry on using traditional guidelines (like the minimum payment) and spending habits (like reasoning, “I can’t afford this now, so I’ll charge it”). Just because the rules are simple, it doesn’t mean that they’re always easy to follow. Some will take very little effort; others may be more difficult at first. But once you create a healthy financial habit and witness the results, you’ll never regret it.

Step 1. Cut spending.
If you’re not sure where to start, try to track your spending for one week. Even one day’s tracking can be helpful. Notice where you’re letting your money go, apart from your bills, mortgage and car payments, and groceries. Maybe you buy a cup of coffee or a bottle of water every morning on your way to work. Perhaps you order pizza every Thursday for the kids. Watch where your money goes, and see where you can make some cuts.

Budgeting is not about total deprivation; it’s about being sensible. Treat yourself to a latte or a doughnut only on Fridays. Order pizza once a month instead of once a week. If you tailor your spending even the slightest bit, you will save money that can go directly towards debt removal.

Step 2. Pay off your credit cards.
Commit to making a fixed monthly payment at least a little above the minimum (5%-10% is best, if you can swing it). Make that payment every month, even as your minimum payment goes down. You’ll pay off your card in record time, and after it’s paid off, you can use that monthly contribution towards other debt, or put it into a savings account.

This really works. Check out the calculator on bankrate.com at www.bankrate.com/brm/calc/MinPayment.asp to find how making a fixed monthly payment to your credit card can save you thousands of dollars in interest and knock several years off of your debt.

Step 3. Never put more money on your credit card than you can afford to pay off each month.
Think of it as the “golden rule” of getting out of debt. As much as it pains you to put off buying that sleek new iPod or leather sofa or cashmere twin set, you must only charge what you can afford to pay off completely. Treat credit card purchases like cash. That way, you can organize and simplify your spending without paying the back-breaking interest on purchases you can’t really afford.

Remembering and sticking to these three steps will put you on the fast track to getting out of debt. The key is not to abandon these good habits. It’s tempting, especially during the holidays, or special occasions-sometimes even after you’ve managed to save some money-to break one of the rules. But even leaving $50 on your credit card from last month can lead to a financial train wreck. If you can only make your committed payment the next month, you’ll begin to fall behind again, and the credit card companies will charge you interest on all the money that carries over each month.

The next time you ask yourself “How do I get out of debt?” remember: Cut spending. Make fixed payments. Don’t over-charge. You’ll be amazed at how much faster your debt recedes, and how much money you can save. It’s an easy, sensible start to a process that could take over 30 years if you don’t make a commitment to those three rules. Wouldn’t it be better to enjoy life debt-free?

Don’t stop there.You can do more than get out of debt. You can start saving towards your future. Every week, two weeks, or month-whenever you get a paycheck, pay yourself first. Before bills, before groceries, and especially before entertainment, you must put a percentage of your paycheck into a savings account. And don’t dip into it! You won’t accumulate savings unless you leave it alone. If your company offers a 401(k) option, take it. You won’t even miss the 5% or 6% that’s already come off the top of your paycheck. If you don’t have that option, consider putting the savings into a CD at your bank. If you pay yourself first, you will save money that will be useful for financial emergencies, and also as a nest egg for investment later on.

© 2008 DebtGuru.com®. Michael Peterson is a co-founder and Spokesman of American Credit Foundation, an IRS 501 (c)(3) non-profit consumer credit counseling organization that has assisted thousands of individuals and families with their financial situations through seminars, education, counseling services, and, debt management plans. For more information, and free consumer resources visit http://www.debtguru.com

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The Benefits of Debt Consolidation Loans
By Becki Andrus

There are a variety of reasons why people consider debt consolidation loans. No matter what the reason for the loan, it is important that you have a full understanding of how a debt consolidation loan can benefit you and your current financial situation. In some instances, you can potentially save yourself from the need to file bankruptcy.

Many people turn to debt consolidation loans simply because their monthly bills are more than they can handle. All too often, people accumulate a great deal of debt. They do this, with the intention of repaying the debt. However, before they realize it, their unable to pay the required monthly payments.

A consolidation loan is where you take all of your debt and put it into one easy to pay loan. You can either consider a personal loan or a home equity loan to use in order to consolidate your bills. If you own a home, you may qualify for a home equity loan. In order to figure out how much equity you have in your home, you will need to take the appraised value of your home, minus your current mortgage. The balance is then the equity you have built up. With a personal loan, the dollar amount is calculated by your income, credit score and debt to income ratio.

Whether you choose a personal loan or a home equity loan, they work the same way. You will receive a dollar amount that can be used to pay off other debt, such as credit cards, medical bills or other loans. You can choose to have the lender send checks directly to your creditors or you can have a lump sum deposited into your account and then you disperse the money to your creditors.

Debt consolidation loans will not only free up some of your extra money each month, but will also save you a considerable amount of money in the long run. The amount of money you save will depend on your overall debt. But if you are able to obtain a loan with a lower interest rate, you could save a great deal of money. Likewise, instead of paying several different interest rates, you are simply paying one, low interest rate on your debt consolidation loan.

No matter what your reason for considering debt consolidation loans, it is important that you check with a variety of different lenders, so that you can obtain the best possible rates and terms of service. You can check with local lenders as well as online lenders. It is also important that you choose to work with a reputable lender. You can ask family and friends for recommendations. Likewise, you can check with the Better Business Bureau to make sure the lender you are consider has a good reputation.

All too often, people get into more debt than they can handle. In order to avoid damage to your credit score, you will need to take action. A debt consolidation loan can save your credit score from plummeting, as well as possibly saving you from bankruptcy.

If you are drowning in debt, be sure to consider debt consolidation loans as a way to your financial freedom. Using a debt consolidation loan can help you save thousands of dollars in interest costs and fees. It’s time for you to take action and get out of debt! Visit our website for more information on debt consolidation loans: http://onlinedebtconsolidationinfo.com

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3 Most Lucrative Recession Careers – Avoiding The Coming Pain
By Martin Thomas

If we are actually in a recession, it may be time to start specializing and moving towards the more lucrative pockets of the economy. When the economy is riding high, there seems no end to the size of available profits and money circulating. But in a recession, smart people adapt because it can get very dismal if you do not prepare yourself! Here are 3 possibilities.

Read the rest of this entry »

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It is undeniable that there is a strong link between debt or money worries and depression. In extreme cases it can even lead people to consider suicide or worse. It is important to tackle your debt problems before they overtake your life and you no longer feel you have any control of your finances or your life.

Got Credit Debt Blues?
By Thomas Nelson

For many people, debt is a way of life. However, it does not have to be. If you are currently swimming in credit card debt, there are a variety of different things you can do to eliminate your debt and work your way to financial freedom.

One of the first steps in eliminating your credit card debt is to quit using your cards all together. The more debt you rack up on the cards, the harder it will be to get the debt paid off. In order to overcome your debt, you must also have an accurate picture of the amount of debt you currently have. Therefore, you will want to sit down and make a complete list of all of your credit card debt.

After you have an accurate list of who you owe money to, you can then move forward. You may want to considerate debt consolidation. With debt consolidation you either obtain a personal loan, home equity loan or use a credit card with a low interest rate to consolidate all of your debt into one bill. In most instances, you will save a considerable amount of money by placing all of your debt into one loan or onto one credit card. When obtaining a home equity loan or a personal loan, you will generally receive a much lower interest rate than you are currently carrying on your credit cards.

Another viable option is to enroll with a debt management company. They can work with you and your creditors to lower your monthly payments. As well, they can help you set up a plan to reach all of your financial goals. Many companies offer classes on debt management.

If you are unable to consolidate your debt or would prefer not to work with a debt management company, there are still options. If you have several credit cards that need to be paid off, begin by paying off the smallest credit card. Continue to pay the minimum monthly payments on the other cards, while applying any extra on the card with the smallest balance. After you have completely paid off that credit card, you can then begin tackling the next smallest credit card. Be sure to apply the extra money you were paying on the first credit card, in order to reduce the debt a lot quicker.

Once you have completely paid off your debt, you need to make sure that you do not end up in a similar situation again. Therefore, it is important that you cut up the credit cards as you pay them off. Each credit card that you cut up, is a step closer to your financial freedom. You can keep one credit card for true emergencies. However, it is important that you have an accurate understanding of what a true emergency is. Should your water heater suddenly quick working and need replaced, this constitutes an emergency. However, a sale at the local mall is not even close to an emergency.

If you want to get out of debt, you must begin by changing your habits. With a few simple steps, you can easily free yourself from the financial burden of credit cards. Keep in mind how you got in this situation, so that it doesn’t happen again.

Discover how not to have credit debt and avoid being a slave to your creditors! Living with debt for over 20 plus
years Thomas Nelson provides the resources that crack the code to living debt
free http://debtfreeiq.com/.

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 Four Surefire Ways of Making Extra Income in a Financially Tight Situation
By Theresa Nixon

Do you find yourself staring down the yaw of yet another lean month wondering how you’re going to pay those unexpected bills or fill up your gas tank? Read the rest of this entry »

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 You can read more about debt consolidation at http://www.lookandseek.com/debtconsolidation.html

Smart Tips to Consolidate Debt
By Steven Hakala

For years we have been living in a world in which when people want something and don’t have the money they charge it! Do you ever stop and think – how do my neighbor’s kids afford leather jackets and $100 sneakers when they make less money than I do? More than likely they are charging their purchases. I have worked in the mortgage business for years and have seen credit reports with credit debt ranging from $10,000 to $100,000. Imagine having $100,000 in credit card debt at 21% APR. Your home is your most important asset and consumers are leveraging the value in their homes to pay credit debt – and then running up debt again.

What is the answer – DISCIPLINE!! First you need to stop spending and then eliminate debt. Easier said than done!

Tip 1 Avoid leveraging your home, as this is your most valuable asset.

Tip 2 Get rid of high interest credit cards; i.e., department store cards. Destroy them and call the company and ask that the account be closed. Stop all new charges.

Tip 3 Shop for a credit card with no annual fees, a low APR, allows balance transfers and offers a credit line. Use the card for emergencies only or items that you can pay off monthly. You can consider transferring high interest balances to low interest cards. Always make more than the minimum payment.

Tip 4 Shop for a personal loan. You can consolidate debt on high interest credit cards at a lower, fixed rate personal loan. If possible pay extra toward the principal each month and pay your loan off sooner.

Tip 5 Use the pyramid approach. Organize your debt in order of smallest balances and highest rates. The gist is that you pay these off first and then apply the money you paid on the highest rated cards to the next highest interest rated account and continue until the debt is paid. It may make sense to take on a part time job until your debt is resolved.

Tip 6 Avoid using IRA or 401K loans to pay off debt. You will have to pay interest on these loans and if you do not pay them you incur a tax consequence.

Tip 7 Avoid filing bankruptcy. Exhaust all other avenues first. A bankruptcy will impair your ability to get loans for years to come.

Tip 8 Look at the various credit counseling and debt consolidation programs that are available. This is your next to last choice before filing bankruptcy. These programs can help you reduce or eliminate revolving debt and collection accounts. In many cases the accounts in counseling show on your credit report as being in credit counseling. Banks will be concerned about this. If you are in credit counseling be sure that you make all monthly payments on time as a lender may require a payment history from the credit counseling agency.

Tip 9 When your debt is resolved obtain a copy of your credit report. Obtain letters from creditors agreeing to remove collection accounts, late payments and other inaccuracies. Submit these letters to the three major credit bureaus and have your credit updated.

Think smart. Spend smart. If you don’t have the money then put your purchase on hold!

We invite you to visit http://www.turningpointfinancialservices.com to obtain additional information about our site and what we offer. We have a page dedicated to debt consolidation, credit repair and identity protection. You can also look at our personal loan sources as well as top credit card choices.

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Bankruptcy Law
By Maddy Willson

What is bankruptcy? Bankruptcy is a federal statutory law, created to remedy the need for a basic structure of laws that cover the area of bankruptcy through out the United States. All bankruptcy cases are under taken by the United States bankruptcy courts, which is a branch of the district courts system.

What kind of bankruptcy is right for me? Bankruptcy covers a wide variety of proceedings. The most common form of bankruptcy is liquidation under a chapter seven filing. What is liquidation? Liquidation is the appointment of a trustee who will gather non-exempt properties of the debtor. They will then sell those properties and give the proceeds to the creditors. The other chapters of bankruptcy are a bit more complex. (chapter eleven, chapter twelve, and chapter thirteen). These types of bankruptcy allow the future earnings to pay of creditors. Also, we have chapter nine bankruptcy. Chapter nine bankruptcy is offered only to municipals. It is more like a reorganization then a liquidation. Chapter twelve and thirteen are very much the same except that chapter twelve is only available to farmers.

Are there any exceptions/loop holes? Some properties (equity in a home, equity in a car, tools of the trade, and some amount of personal effects) are exempt from being sold to pay bankruptcy debt. Personal effects with little value are exempt, because they do not promote any desirable economic result. Not all debts can be discharged under every chapter of bankruptcy. (taxes owed to federal, state or local government, support obligations, and government guaranteed student loans. The main purpose of bankruptcy is to ensure orderly and reasonable management of debt.

Check out my articles site!

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