Grad Money Matters

How to Save Money on Business Insurance

2011-02-06T20:03:00.000-08:00

(This is a guest article by Bailey Harris*)

When you own a business, carrying the right amount of insurance is a must. Even if you're trying to watch expenses, you can't overlook or do without coverage. Not having insurance could mean that you are only one disaster away from a lawsuit, or worse, filing bankruptcy and closing your doors. If you are worried about the cost of insurance, you are much better off looking for ways to save than ignoring your need for insurance altogether.

Examine Your Needs

Take a good hard look at what type of insurance is really necessary for your business. Do you need property insurance? What about liability insurance or worker's compensation? When you've established your true needs, the next step is to determine how much coverage you need. It's possible you're carrying too much in one area and not enough in others. Do you really need that high payout on your burglary insurance? Perhaps it would be less expensive to install a better security system that could lower your insurance premium. Another possibility is to consider having some of your work performed by independent contractors. You wouldn't need to carry worker's comp. However, if you take this route, make sure the independent contractor carries their own insurance.

Improve Safety

Liability insurance is usually a significant part overall insurance costs for any business. Finding ways to improve safety for your customers and your workers may allow you to carry less liability insurance. Consulting with a safety expert could also be beneficial in the long run. Your insurance agent could be of help as well. These professionals may be able to point out areas where safety features could be installed or help you hold safety seminars to instruct your employees in safer work habits. A safety expert may also help you find ways to make sure your customers are safer while on your property. The minimized threat of customer injury can translate into savings in insurance payments.

Get a Package Deal

Whenever possible, try to consolidate your insurance needs. Discuss options with your agent and determine whether carrying an insurance package would be to your benefit. Many insurance companies will reward multi-policy customers with additional discounts. For example, if you insure your property and your company vehicles with the same insurance provider, there is a very good chance that you will qualify for savings on both policies.

Look for Group Rates

If you belong to an organization that offers group rate insurance, it could be of value to your company. Many organizations have tremendous influence with insurance companies simply because they can bring customers in volume. As a result, the companies are prone to offer lower rates. If you don't actually belong to an organization that benefits from group insurance rates, do some homework and find out what groups in your area do enjoy that advantage. Consider joining the group, which will in turn allow you to take advantage of the savings. There will undoubtedly be some upfront cost, but it may be beneficial in the long run.

Shop Around

As with any type of insurance, the cost of business insurances can vary wildly from company to company. Before buying a policy, you should take time to get multiple quotes. As you are making comparisons, be sure to look at coverage levels as well as price. Although it is good to save money, the ultimate goal is to make sure that you have the proper coverage in the unlikely event of a catastrophe.

Ask for High Deductibles

As with most other types of insurance, policies for businesses include some sort of deductible. Paying out of pocket for a portion of the loss is standard. If your business is going well you may decide that taking a chance on a claim would be worth the extra expense of paying more of the cost yourself. Raising your deductible is a gamble, but the savings in insurance payments may be worth it. Examine your business finances to make sure you could withstand the outlay of cash. If so, consider raising your deductible to take advantage of monthly or annual savings.

Read the Fine Print

Businesses are frequently overcharged for insurance by accident. Be sure to review your insurance policies--particularly your worker's comp policy. Are your employees classified correctly? What about your inventory? Do you have replacement-cost coverage or an actual cash value policy? Know what you are paying for before your write out the check.

Remember That Business Needs Fluctuate

It's a standard business practice to do a cost analysis on a regular basis. As part of that analysis, you should include an update on insurance needs. If your profit to potential-insurance-payout ratio is out of sync, consider updating your insurance policy. You may be over insured. Spending money on insurance premiums comes out of your profit, and no business can survive by spending too much on unnecessary things.

*About the author: Bailey Harris writes about home insurance quotes and related topics for www.homeinsurance.org.

*Image Credit: Photograph by bookgrl [via Flickr Creative Commons]

Is it Possible to be Both Eco-Friendly and Frugal?

2010-12-20T20:44:00.000-08:00

(This is a guest article by Connor Groening*)

I used to be the girl who runs to the coffee shop every morning. On the way to the coffee shop I'd pass the coffee maker, can of coffee and filters, and on the way in, I'd dump my disposable cup out in the trash. I am now a mother and living a financially friendly lifestyle is a must - for both mine and my kid's future. Whether it’s parenthood, job change or just a want to use your finances more efficiently, there are tiny little things and even big ones that we don’t even notice we spend money on. Lets say that I was spending 4 dollars everyday on coffee. That’s around 120 dollars a month and about 1,500 dollars a year! Amazing right, over 1,000 dollars spent entirely on coffee. And to boot, 365 disposable cups in the trash can. Lets just say I make my own coffee these days and drink it in my "I Love You, Mommy" coffee mug, with a little fancy creamer to make it taste like a coffee shop latte. You don’t have to be an accountant or go to a financial school to take control of your finances and the effects they have on not only you but environmentally as well.

When you go through your everyday expenses it is amazing the little things you discover your spending thousands of dollars on a year. There are some ways to eliminate some of those expenses and even do a little eco-friendly monetary rearranging. I’ll use some examples out of my own personal experience and a few tips I have learned from others. Financially friendly living cannot only help you in your life but can even help the environment!

Have you ever watched "The Story of Bottled Water?" The basic message is how we spend thousands and thousands of dollars on bottled water, and by buying the plastic bottles not only are we wasting money, but resources that could be used elsewhere. Instead of spending money to fund big bottled water companies why not put that money and resource towards making tap water safe and drinkable all over the world. Same applies to most of the trivial things we as consumers feel we need. We are a nation obsessed with "stuff". Not to condemn American’s we are not the only consumer happy country, just the most recognized. Basically the message I am trying to convey is that there are many ways to save money and in doing so conserve national resources.

Small but Expensive

Taking a step back from the national approach I will evaluate from a more personal stand-point the things I do to live a more financially and eco-friendly life. I will start with the tiny things that we can do as individuals to cut costs in certain areas of our lives. First the minute little things. If you use a computer often then this is something I’m sure you have done. When you are done with the computer you let it go to sleep rather than shutting it down, and probably leave it plugged in as well. This seems too minute to worry about but you wouldn’t believe the amount of energy it uses yearly. Studies show that by leaving a computer plugged in costs you an average of $27.90 a year. That isn’t including a monitor if you have a desktop which generates a cost of about nine dollars a year, and the modem costing you around six dollars a year. And that's just one computer. How many computers and other electronic gadgets do you have around the house. Itty bitty expenses that add up, while at the same time hurting the environment.

Lets go back to the simple idea of a water bottle. The average family uses about 10 dollars a week on plastic water bottles. Equaling an amazing 520 dollars a year. What could you have used the 520 dollar on? A car payment, paying bills within the household... buying 10 water filtering systems for your tap water faucet? Try using a reusable bottle for water or other drinks. This reduces not only the amount of money you spend on plastic bottles but also the amount of plastic you send to landfills all over the world. These are just a few of the small things that we don’t realize we are spending so much money on. There are hundreds of things like this in our lives that we can either cut out or reduce considerably. Try sitting down and calculating the amount of money you spend on things like coffee in the morning, fast food lunches, water bottles and other things such as this. After calculating you will be amazed at where your paychecks are really going. Try coming up with creative ways to change your consumer habits, do some research and save some money!

Budgeting

When looking at your finances on a larger scale in a round about way there are a few skills you can use to keep your spending in check and live more financially friendly. First try making a budget. If you take the time to sit down and make a rough allocation of your money it gives you an idea of what you have left over for things you want. Needs and wants are very different and using those two categories is really beneficial when making your budget. Doing this allows you to make sure you get all of your needs covered and slowly mark your want list off with money you have left over.

Spend Wisely and Consciously

When shopping, shop wisely and with purpose. Comparing prices can be a mundane task but if you take your time shopping you will be amazed at the money you save. This goes for all shopping not only grocery shopping. Whenever possible support environmentally friendly causes. Advertisement has many, many tricks up its sleeve. Sales are one of those very touchy subjects. "It was okay I spent the money because it was on sale". Finding a good deal is definitely something you can look out for when shopping but beware of the way advertising seduces us into buying things we do not need. An example, some price tags will have a regular price and sale price printed on. Meaning that this company never even tried to sell this product at regular price. Seeing a sale price is enticing and our mind automatically justifies spending if the item is "on sale". Unknowingly we sometimes fall into the schemes of today’s advertising gurus, who if you let them will take every penny you have! Their good... but you can easily be better!

Get Crafty

In every home there are a number of unused items maybe you have a garage full or an attic. The point is we all have things lying around that can be of use. A personal example. I recently relocated, left my job, my home and all of the connections I had back home. It is the Christmas season and I love giving. However I have just started a new job and at the moment do not have the money to spend on a ton of Christmas gifts. I love to give everyone a special gift and so not having the money was killing me. I went to the basement to do laundry and started digging around. I found some clear glass ornaments that I had completely forgotten were there. So this year everyone is getting a hand made ornament uniquely painted for each individual person. And it worked out great... in stead of buying more and more stuff, I end up repurposing some the things I already have. Sometimes something you make means so much more! Getting crafty can be applied to many different things to not only make unique gifts but to make practical use of unused items just laying around at home. There is a book by readers digest "Extraordinary uses for ordinary things: 2,317 ways to save money and time". Its amazing how some of these directly or indirectly help save the environment as well. Try finding reads like this and using the information in your life.

There are many ways to live a more financially friendly life. I hope the information I have given you will spark some interest in the things you can do that not only save money but help save the environment as well. Saving money isn’t all about being frugal. There are a lot of things that I have learned on my journey to a more financially friendly living that have helped me in many aspects of my life, and have been great fun. Explore and gain knowledge on the different ways to save money that are out there and have fun doing it. When you begin to save and look back on the money you were spending on irrelevant things you will feel a great sense of accomplishment and pride. Sometimes it really is all about the simple things in life.

If you like this article you may also like:

What I Do to Live Frugally

Now Frugal, Now Not

Air Travel Checklist for the Frugal Minded Traveler

Frugality and Hardship

*About the author: This is a guest article by Connor Groening, who loves writing about personal finance and online finance schools.

*Image Credit: Photograph by beautyredefined [via Flickr Creative Commons]

How to Find Scholarships If Your Parents Are in the High Income Bracket

2010-12-15T21:07:00.000-08:00

(This is a guest article by Mark Davies*)

One of the biggest misconceptions about scholarships is that most people assume that they’re available on to those who belong to low income families. Yes, there are more need-based scholarships than any other kind, but they’re not the only kind of financial assistance available to students for a post secondary education. So if your parents are in an income bracket that does not allow you to apply for a need-based scholarship, yet cannot pay your way through college for various reasons and don’t want to take out a student loan and incur debt on graduation, here are the options open to you:

Look for academic or merit-based scholarships – most schools provide these if you have a GPA of 3.7 and above and if your high school academic records are excellent. You help your case if you have a complete portfolio of all your academic achievements, any community service projects you’ve participated in, and any other accomplishments in high school that you think is significant.

If you belong to a minority or ethnic background, now is the time to make good use of it – many colleges provide scholarships for members of minority communities.

Certain academic departments in colleges have scholarships that they disburse, so ask about these in the colleges you want to apply to.

If you’re physically or mentally disabled, you qualify for many scholarships that are set up to help those who are at a disadvantage because of their disability.

If you have lost a parent or other family member to cancer or any similar debilitating disease, you may qualify for certain scholarships that consider families who have used up a considerable portion of their savings and income towards medical expenses.

If you’re thinking of signing up for the military (army, air force or navy), then consider an ROTC (Reserve Officer Training Corps) program where you can get federal aid for college before training to be officers in a branch of the military.

Some schools offer scholarships for students who have lost a parent in the line of duty, as a cop, fireman or military personnel.

Your parents’ employers may be offering scholarships for meritorious children of employees in the organization, so get mom and dad to ask some questions in the workplace.

If you belong to a local community or church, ask about any scholarships or grants they provide for aspiring college students who actively volunteer and help out whenever needed.

If you don’t qualify for scholarships in your freshman year, you can always apply again in your sophomore, junior and even senior years. So don’t give up just because you lost out the first time, just keep looking for alternatives open to upperclassmen.

So don’t despair if your parents haven’t saved up for your college expenses, if your 529 savings amount is not enough to cover the cost of four years of college, or if a bad financial year has left your parents unable to pay your tuition and living costs in college. Start looking around for academic and other scholarships well before you must apply to college, and reap the rewards of your effort and persistence.

Scholarships that are not need based are not advertised prominently; so if you want to apply for and qualify for these, you must talk to the admissions office and your department of study specifically to see what you can do.

*About the author: This guest post is contributed by Mark Davies, he writes on the topic of Online Masters Degree. He welcomes your comments at his email id: markdavies247<@>gmail<.>com.

*Image Credit: Photograph by haagenjerrys [via Flickr Creative Commons]

Do You Know What Factors Affect YOUR Credit Card Interest Rate?

2010-12-10T20:55:00.000-08:00

(This is a guest article by Mirsad Hasic*)

Did you know that the average American family has an average of $5,219 credit card debt with an average interest of 17-20 percent? Yes, very disturbing indeed considering that the interest rate is usurious in every way possible. And with such a high interest rate, it will be tough to get out of debt and shape up one's financial issues.

Keep in mind that the credit card interest rate is the principal means by which the issuers generate revenue from letting the holders borrow the former's money for purchases bought with the credit card. In effect, the holder is paying a fee for the privilege of borrowing money, which will take time to accumulate if not for the credit card issued by the bank.

Since the bank is taking a risk in letting the holder borrow its money, the interest rate is based on how much the former believes the latter is a credit risk. Thus, if you are seen as a high credit risk by the bank, your interest rate will be higher but if you are a low credit risk, your interest rate will similarly be lower.

This is the rationale behind the statements that the interest rate you pay for the credit card is largely under your control and that the quickest way to secure a low interest rate is to become a low-risk holder.

Personal Credit History

Probably the most important factor in the determination of credit card interest rate is the personal credit history of the applicant. With the sophisticated information-gathering techniques used by national and international credit bureau reporting agencies, your personal credit history can be tracked for as long as 10 years ago. Missed payments on utility bills, defaults on loan amortizations for any kind of asset, foreclosures on the house, less than minimum payments on credit cards, and bankruptcy filings on one hand and almost-perfect payment history on the other hand all show up on these credit reports.

Your credit history shows how high or how low a credit risk you will be to the bank. If you have a spotty credit history, the interest rate will be higher. If you have a spotless credit history, the interest rate will be competitive so much so that it will be almost like borrowing the money interest-free. This is not a form of discrimination since any investor will want to protect his interests and that includes banks lending money to the holders.

Length of Credit Profile

The length of time relative to the credit account also comes into play when determining the credit card interest rate. If you have long held credit cards and you have kept them current, chances are that the interest rate will be lower. For new cardholders, the other factors will be considered more than the length of the credit account.

Percentage of Credit Used

But just because you are on top of your various kinds of credits from utilities and mortgages to credit cards does not necessarily mean that the interest rate will be lower. The bank will look into the percentage of available credit being used at the time you have applied for the new credit card account.

As a general rule, banks consider individuals and households using more than 30 percent of their available credit as higher credit risks than those who use a lesser percentage of their available credit. Borrow within your available credit to avoid being imposed higher interest rates on the new credit cards being issued.

Debt-to-Income Ratio

But the banks will not only look at your financial past. Your present and future finances will also be assessed to determine your credit worthiness. First, you will be asked about your current financial status specifically your debt-to-income ratio. You may even be asked for audited financial statements both for your personal and business accounts to provide the bank with an objective perspective into how well you are doing at present in terms of finance. Jobs, businesses and other economic activities will be asked.

Second, you may have to justify your credit card application with proof of a future flow of money into your possession. It can be an inheritance, income from government bonds and other verifiable sources of revenue. Your goal is to show the bank that you have the financial means to pay your credit card balances for their full amounts in the future.

Bank Promotions

Many credit card issuers offer promotional interest rates to attract customers to take out credit cards for their own use. Thus, you will see banks offering a zero percent rate for the first 6 months of use, which you will be attracted to when other issuers are not doing so.

However, you must be aware that the good times cannot last as long as you want it to. The banks will raise the interest rates to bring them in line with their profit goals. You may even be imposed an additional interest rate, no matter how miniscule it may look on paper, when you have been deemed a higher credit risk than was previously thought.

Economic Factors

And then there's the economy to take note of. Along with the bank policies on promotions, the economy is one of the uncontrollable factors that determine your interest rate.

Banks usually base their credit card interest rates on the prime rate, which represents the most favorable rate given to the individuals with the highest credit worthiness. (In other words, these are the holders with the lowest credit risk). The prime rate, in turn, is based on the federal funds rate, which is the rate at which banks charge other banks for credit.

If you want a lower interest rate, be a low credit risk. You have to pay your bills, amortizations and other payables on time; provide for proof of stable finances for the present and the future; and just generally be somebody whom the banks can trust with paying back their money. Even in these tough times, all that is possible.

*About the author: This article was contributed by Mirsad Hasic. Mirsad is the editor of best credit card deals, a consumer oriented site where you will learn how to pick a credit card that suits your needs and also get valuable tips and strategies on credit card debt relief.

*Image Credit: Photograph by Stargazer95050 [via Flickr Creative Commons]

How to Refinance Your Auto Loan

2010-12-07T09:30:00.000-08:00

(This is a guest article by Bailey Harris*)

There are several good reasons to consider refinancing your auto loan. If interest rates have dropped or if you have improved your credit score since you originally got the loan, you may be able to get a better rate. There is also a chance of lowering your monthly payment.

Another reason to consider refinancing involves terms. If you don’t like the terms on your current loan--maybe you're making payments for too many years or too few--you can probably get more preferable terms with a new loan.

How a Refinance Works

Getting an auto refinance loan is a lot like getting a traditional auto loan. You fill out a loan application, undergo a credit check, and get approved or denied for the money you need. You can try getting your current loan refinanced through your current lender. However, it is important to remember that your current lender may not have incentive to give you a good rate. Lower interest rates and better terms often mean less money in the bank's pocket.

It makes more sense to get a rate quote from your current lender as well as several other lenders at the same time. This will allow you to compare interest rates and terms and easily determine who can give you the best deal.

Before getting approved for a refinance loan, you will need to fill out a loan application. Most lenders charge a fee for this, but it is almost always less than $25. You will not have to pay closing costs on the loan or other fees typically associated with a home refinance.

If you are approved for the loan and agree to the loan terms, your lender will see to it that your old loan is paid off and a new loan is set up.

Getting Ready to Refinance

Before applying for a refinance loan, it is a good idea to get your credit in order. This not only increases your chances of getting approved for the loan, it also helps you get a lower interest rate, which is what refinancing is all about.

If you currently have bad credit, it is important to know that you can't fix your credit overnight. However, there are a few things that you can do to clean up your report and give your score a boost.

The first thing you will want to do is pull a copy of your credit report. You can get a free annual credit report each year through AnnualCreditReport.com, a centralized site created by the three nationwide consumer credit reporting companies Equifax, Experian, and TransUnion.

Look for any errors or negatives that can be cleared up with a few phone calls or letters. These things are easy to take care of, but can seriously harm your credit. When that's finished, look for negative items or bad debts that are currently in collection. Pay these debts off if at all possible. Some lenders will ask you to do this anyway before giving you a loan. If you cannot pay these items off, be prepared to dispute them or explain why they are there and why you haven't taken care of them.

Some of the other things that you can do to give your credit a quick boost include paying off installment loans, paying off credits cards, and limiting credit card charges to 30% percent of each card's limit. You may also want to try piggybacking off someone else's good credit by getting your name on their card. Every time they use the card and pay it off responsibly, your credit will get a boost.

One final thing to keep in mind is that having multiple credit inquiries can damage your credit score if they are not made within a specific time frame. When shopping for an auto refinance loan, make sure that the lenders all check your credit within a two week period. This will allow the multiple inquiries to be processed as a single hard inquiry, which is much less damaging to your credit score.

More Auto Refinancing Tips

An auto refinance is almost always worth exploring. However, you should be careful to do the math to make sure that refinancing is the right thing to do. You can almost certainly get a lower payment by lengthening the term of your loan, but this could leave you paying more interest than necessary. If lowering your payments is the only way that you can afford the vehicle, this scenario may make sense. The key is to evaluate your individual situation and then go from there.

You should also be careful to read all of the fine print and know what you are getting from the loan. Specific things to ask the lender about include the interest rate, the length of the loan, and minimum monthly payments. You may also want to make sure that there are no prepayment penalties attached to the loan so that you have the option of paying the loan off early or refinancing later on without problems.

*About the author: This is a guest post from Bailey Harris, who writes about Car Insurance Quotes for www.carinsurancequotes.net.

*Image Credit: Photograph by Dave Dugdale [via Flickr Creative Commons]

Healthy Eating Tips You Can't Afford to Miss (Especially if You Are on A Tight Budget!)

2010-12-01T10:39:00.000-08:00

(This is a guest article by Louise Baker*)

College is an exciting time and busy time. For most students, eating healthy is not a top priority. Often students will live off sodas and junk food. In addition, most college students have a tight budget. Students will eat food that is cheap such as the college staple of a sixteen-cent package of Ramen noodles.

Stay Home and Cook

Although college is fun at times, it can also be quite stressful. With poor diet and exercise, many college students gain weight or just feel unhealthy. Most colleges and universities offer healthy choices on campus including healthy snack machines. This makes eating healthy much easier. To stretch a budget it is essential that a student eat out as little as possible. Most students have a small microwave and small refrigerator in their dormitory rooms or many students live off campus in apartments.

Cheap and Healthy Meals

Although Ramen noodles are high in sodium, the noodles are the undisputed cheapest of cheap meals. These days you can create a hearty and healthy meal using this package of noodles. If you are unable to cook chicken, you can purchase canned chicken and canned vegetables. Add both to your Ramen soup to create a filling and healthy meal.

Stock up on a few jars of Alfredo sauce. You will find a popular brand for under two dollars. You should also purchase a few packages of pasta. You will find many brands available under one dollar per package. Purchase store brand frozen mixed vegetables for under one dollar as well. Heat up the Alfredo sauce and add water to the empty jar. Fill the empty jar halfway and shake. This gets the excess sauce that is stuck to the sides of the jar. Pour this into the heating sauce. Alfredo sauce is thick and you will create more sauce by adding the water. Then add your mixed vegetables to the sauce. When your pasta is cooked, pour the vegetable and Alfredo sauce over it. This is a hearty, healthy and delicious meal. You will have plenty of left overs for additional meals.

You can purchase a dozen small eggs for less than one dollar and fifty cents. You can purchase an off brand of whole wheat bread for the same price. For less money, you can buy a package of flour tortillas. Purchase a package of cheese and ham. You can make a breakfast sandwich or breakfast burritos for an entire week. Eating breakfast will help you focus on your studies and curb your appetite until lunch. This also makes for a great snack if you happen to have a late night in the student library.

Give up Sodas and Drink Water

Students spend an average of fifteen dollars a week on canned sodas. The healthy alternative is to drink water. You can purchase a water bottle that you can fill up at the campus water fountains. If you prefer filtered water, invest in one of the many water filter devices. Either way, you will save a tremendous amount of money if you drink water instead of sodas. Water is much healthier and it will keep your appetite under control.

If You Have to Buy Lunch

Most students do not have time to run back to their dorm room for lunch or to their apartment. Each night pack a lunch and snacks. This way if you get up late and are in a hurry, your lunch is ready to go. If you find yourself without your lunch, you can choose healthy alternatives on campus. You can usually eat in the campus cafeteria for under two dollars if you order a vegetable plate and drink water. The vegetable plate usually comes with a choice of three vegetables. Macaroni and cheese is not a vegetable, however, it is always available on the vegetable plate. It is high in fat; however, it is a fantastic comfort food. Therefore, as long as you have chosen two healthy vegetables go ahead and enjoy the macaroni and cheese.

You Can Eat Healthy For $20 Per Week

For approximately twenty dollars a week, you can eat healthy and eat well. You can stretch your money even further if you shop wisely. Make sure you visit your local discount grocer and shop the sale items. Stock up on healthy snacks such as trail mix, pretzels and baked chips. Every college student needs some junk food and these are healthy alternatives. You will find that if you eat breakfast, you will feel great and your appetite will remain under control. Your breakfast can be made the night before and reheated the next morning. All of the meals mentioned can be made under fifteen minutes and are cheap and healthy.

*About the author: Louise Baker is a freelance blogger who usually writes about online degrees for Zen College Life. Her most recent article ranked the best web design schools.

*Image Credit: Photograph by libraryman [via Flickr Creative Commons]

Got Wheels? 8 Tips for Finding an Affordable Car

2010-11-22T20:52:00.001-08:00

(This is a guest article by Ryan Embly*)

Graduates fresh out of college often struggle to stay afloat in a sea of college debt and student loans. Unfortunately, the bills never seem to end. Many college students live on campus and are able to get around without needing a car, but transportation becomes much more difficult once you have graduated and are looking for a job in a wide variety of locations. A car is something that can be very helpful for some recent grads or an absolute necessity for others. Cars can be expensive, but if you are careful and thoughtful there are lots of ways to save money and get a great deal. Here are some tips on how recent grads can find an affordable car and stay away from expensive pitfalls along the way.

1. Before you even start looking at cars, take a look at your budget. It’s easier to shop for a car if you already know ahead of time how much you are willing to spend. When you go to a car dealership, do not let them show you any cars out of your budget or the car lust will set in. Salespeople constantly try to upsell by offering unnecessary add ons like leather seats and satellite radio or by attempting to persuade you to upgrade to a more expensive and fancier model, but if you are committed to your budget you will be able to avoid these expensive traps.

2. Do your research. There are so many things you need to know about a car before deciding on a particular model. For example, does your dream car model have a nasty history of breaking down and requiring repeated maintenance? Does your car use up gas quickly or is it a fuel efficient dream come true? Is the car known for having a high safety rating? Search online and in consumer report magazines to find this information. If you aren’t careful with your car selection, you may end up paying what at first appears to be a great and affordable price - but in the end you find out that you get what you pay for after you’ve taken the car into the shop for the fifth time in as many months.

3. Leasing a car is not a good option for recent grads. At first, leasing looks attractive because the monthly payments may be lower, but in the long run all you are doing is pouring money into something that you can never stop paying for. Most cars will last for several years, long after you have finished off paying for it, making it a better long term investment.

4. Do not buy a new car fresh off the lot because new cars tend to rapidly depreciate in value. A one to two year old used car, on the other hand, has already depreciated and will be available for a much lower price. Just because a car isn’t the latest model doesn’t mean it isn’t any good – although car companies like to brag about their new and improved models, sometimes there isn’t much of a difference between last year’s model and this year’s model.

5. Check out different dealerships before settling on one. Although some dealerships may be selling the exact same cars, certain dealerships may have special offers that make it more worthwhile to buy a car for them. For example, a dealership may have a special discount for college grads or offer a particularly sweet interest rate.

6. Also make sure to shop around for good financing – don’t just take the first offer you get. If you are not sure what a good financing package looks like, go to a credit union or bank, tell them what car you want to buy and ask them what they’re willing to offer. Then take this offer back to the dealerships and start haggling. Do not be afraid to bargain – this is a common practice when buying cars.

7. Before you finish bargaining and sign the contract, make sure to read the small print to see exactly what you are agreeing to. Always ask questions if there is something in your contract you don’t understand. If you don’t take these precautions, your once affordable car may turn out to be more expensive than you thought because there was a pricey little clause hidden in the middle of legalese on the second page. Most dealerships are honest, but once in a while someone always tries to pull a fast one in the small print, and once you’ve signed, you’re screwed.

8. Even if you are able to purchase a car for an affordable price, don’t forget about obtaining equally affordable insurance. Shop for insurance the same way you shopped for dealerships and financing – call around and see who has the best price. Insurance prices depend on a variety of factors such as the model and year of the car you’ve purchased, your prior history of accidents and your grades. Some cars cost more to insure because they have a history of maintenance problems or are more likely to be stolen than other cars, so make sure to check up on this when doing preliminary car buying research. The best investment you can make for buying a car is to be a good driver and either have no accidents or very minor ones on your record. Also, keeping your grades up is really helpful since many insurance companies have good student discounts for academically successful individuals.

*About the author: This post was provided by Ryan Embly from the website Car Rental Express – a provider of cheap car rentals in North America and Europe.

*Image Credit: Photograph by jeff_golden [via Flickr Creative Commons]

10 Tips for a Great Car Pooling Experience

2010-11-17T21:38:00.000-08:00

(This is a guest article*)

If you have a long daily commute, one of the best way to keep cost down is to car pool. If the other person has a car too, you can take turns on who drives. If the other person does not have a car,you can work out an arrangement to be reimbursed for some of the cost you incur. When it is done right, car pooling can save you a bunch of money. Here are some tips to make your car pooling experience a great one.

People, people, people

Spending time in a car with someone you don’t like can be tedious, long-winded and aggravating – so chose your car pooling friend carefully. It may seem harsh but starting your day off with an irritant can be detrimental to your working day, which will ultimately reduce your chances of working to your potential.

Switch your seat

Commuting when you work a long distance from home can be painfully expensive and mundane. So when car-pooling, make sure that if the journey is a long one, allow the passenger to drive half the distance. This will ensure that you are both seen as equals during the commute, and even better you get to put your feet up for a bit and relax – just make sure the passenger is insured on your car first!

Adapt

Car pooling can be a great way to save money on expensive gas bills, but without the right strategic measures in the place, it could end in disaster. If your fellow car pooling friend lives close, it would be beneficial to ask if they could walk to you before you set off – this will save on gas, money and you having to pick them up. Equally, if they live relatively far away, make sure you both agree a suitable meeting point that is convenient for both parties – happiness is the key to great car pooling!

Money, money, money, money, MONAY!

The whole point of car pooling is saving money. So, make sure that before any journey or car pooling begins, you set out strict guidelines as to how much the journey will cost. Informing your cohabiter of the charge that they will incur will help achieve a mutual respect and thus cancel out any potential arguments regarding money. You need to consider many factors including; mileage, insurance, tax, tire wear and most importantly fuel.

Choose your route

If you look at modern day satellite navigation or GPS systems, you will notice that they offer two or three routes for each journey. One route will take a little bit longer but may offer a more economical run – it is important to look at what route is best for you and your passenger. One route may get you to your destination ten minutes faster but if it costs you a few extra dollars in tolls and gas, is it worth it?

Rules and regulations

We are all creatures of habits, but when car pooling, these habits are best to be spoken about before the journey. Is your terrible music going to be played? Will you allow smoking in your car? Your passenger might just assume they can light up and smoke in your new car – so we would advise to set out some ground rules early on in the relationship. We would advise the radio as background noise, just in case there are any awkward silent moments – everyone has them!

Drive safely

A commute isn’t a NASCAR qualifying lap, so just take those corners gently and ease off the throttle. Car pooling should be an enjoyable process for all parties, and nobody wants to view your ‘driving talents’ on the freeway. Just relax and drive in a safe and controlled manner – this will ensure your passenger is happy and both of you arrive at your destination in one piece.

Be pleasant

This one might be a bit obvious, but you would be surprised by how many people don’t posses the social skills to communicate with someone they don’t know that well. If you’re going to be spending a considerable amount of time with this person, you need to be as pleasant as you can be – or those hourly trips to work and back could become very awkward indeed. It doesn’t take much to smile, and if you’re lucky your passenger will smile back – hopefully.

Check your particulars

It is important to know who you can and can’t trust. Before you start car pooling with someone, you need to make sure that you both have the correct identification and qualifications. Simple aspects like driving licenses and insurance documents will ensure you have complete faith in your right hand man/woman.

Contact details

This is an important one. Incase of an accident, it is a good idea to note down both parties telephone numbers for their next of kin/someone who they can contact. There would be nothing worse than not being able to contact their loved ones if you were involved in a crash. Preparation is the key to happy car pooling.

*About the author: This is a guest blog post on behalf of Carfinance247 – specialists in helping people find a low cost car finance deal.

*Image Credit: Photograph by Mike Licht, NotionsCapital.com [via Flickr Creative Commons]

FAQs – What Does Teaching at an Online College Entail?

2010-11-15T10:29:00.000-08:00

(This is a guest article by Carrie Oakley*. If you are a Ph.D. student looking for money making ideas, and aspiring to pursue an academic career in the future, you may want to consider teaching at an online college now. It will provide you some much needed income, invaluable experience and a definite edge compared to the stiff competition you will face when you start your application process.)

It’s not a job that comes to mind immediately or one that you dream of when you join college, but it’s fulfilling and satisfactory in many aspects; teaching at an online college is an option you could consider if you’re a college professor or aspiring to become one. The demand for skilled and dedicated teachers is rising by the day, so if you think you fit the bill and would enjoy teaching online, here are answers to a few basic questions you’re likely to have about the job:

What qualifications do you need to teach college courses online?

Most universities prefer their own staff to handle their online courses; however, it is possible to find work as an adjunct professor if you hold a graduate degree or a doctorate in the subject you intend to teach, or if you hold any graduate degree and have completed 18 graduate level credits in the subject you want to teach. Many who aspire to teach online pursue the online graduate certificate in Management of E-Learning. This is offered by various universities and can be completed in as little as six months. When you complete this course, you’re not only eligible to teach online, you can also apply for positions as e-learning course designers.

Do you need to have prior experience?

It depends on the college you apply to and the course you want to teach – some may prefer experienced professors while others may be willing to try you out if you’re impressive or if they’re short of staff. Also, if the course is simple and meant to impart basic knowledge, you would be welcome to teach it even without experience.

How do you apply to become an online college professor?

Find out which online colleges (and regular ones that offer online courses) are hiring and send in your resume to the concerned department. You could also find online adjunct groups and sign up to meet and interact with others in this line of work. This way, you stay connected to all that’s happening in the world of online teaching and you know of any job vacancies as soon as they’re posted.

How much does an online college professor normally make?

Some colleges pay the same per credit hour as they do for those who teach traditional courses while others may pay according to your skill and experience. If you’re teaching online at a community or local college, the pay may not be as much as you would get at a bigger university. Online professors do take on other jobs like private tuition in order to make enough money.

How many hours of work does the job entail?

The number of hours varies according to the college, the course and the teacher. Some colleges set a number of hours for each credit; however, an online teacher may have to spend time responding to student queries and questions on interactive discussion threads.

Is it possible to work from home as an online college professor?

Yes, you can work from any location if you teach online. You don’t have to be on campus or even at an office when you handle online classes.

Are the work hours flexible?

As with online learning, online teaching too has flexible schedules. However, you do have to be ready to respond to student queries and doubts and take an active part in any discussion that happens online. So while you may not have preset work hours, you do have to stay connected in order to send out quick and accurate responses. Schedules may have to be set for interactive lessons and to send out study material to students.

What kind of software do you have to be familiar with?

You must be technology savvy if you want to teach online; a basic knowledge of the Internet and how instant chat and email can be used to interact with students is a plus; and while you don’t need to be familiar with any special kind of software, it would help if you spent some time familiarizing yourself with the medium used to impart lessons and send out study material before you decide to become an online professor.

Is it possible to work part-time as an online college professor?

Yes, it is possible to work part-time as an online college professor. You could take on online teaching gigs to supplement your regular job or just as a means to spend your time fruitfully.

How does online teaching help further your career?

If you’re new to the profession of teaching, online courses help you gain experience in your field. Besides this, you also become familiar and comfortable with technology and know how to use it effectively and efficiently. You get to interact with students from a wide cross-section of society and this broadens your horizons and boosts your knowledge; and your ability is challenged and tested by inquisitive and bright students who make your online classes more interesting.

*About the author: This guest post is contributed by Carrie Oakley, who writes on the topic of online colleges. Carrie welcomes your comments at her email id: carrie.oakley1983(AT)gmail(DOT)com.

*Image Credit: Photograph by Swansea Photographer [via Flickr Creative Commons]

How to Save Money on Your Home Insurance

2010-10-29T19:33:00.000-07:00

(This is a guest article by Bailey Harris*)

Millions of people overpay for home insurance each year. If you think you may be among them or if you are just looking for a few ways to cut costs, the following tips may help you save money on your home insurance premium.

Lower Your Deductible

If you make a claim, you will have to pay what is known as a deductible before your insurance company will agree to pay their part. A low deductible results in a higher annual premium. A high deductible, on the other hand, will provide you with a lower annual premium. You may be able to save 20 percent or more by raising your deductible from $250 to $1,000. A really high deductible--$5,000 or more--could save you as much as 40 percent.

Combine Coverage

Purchasing more than one type of insurance, such as auto and home or umbrella and home, from a single company can help you save a bundle on all of your insurance coverage at the same time. Nearly every insurer offers a multi-policy discount. However, the percentage of the discount can range from company to company, so it is always a good idea to ask exactly how much you can save by combining policies.

Insure Your House Not the Land

Many people pay a higher premium than they need to because they make the mistake of insuring to buy versus insuring to rebuild. You do not need to buy an insurance policy that is equal to the price you paid for your home. All you need is a policy that will cover the cost to rebuild your home and replace the contents within.

Improve Home Security

Some insurers offer special discounts to homeowners who have taken steps to improve home security. Items that frequently result in a discount include fire alarms, carbon monoxide detectors, deadbolts, burglar alarms, and sprinkler systems. Check with your insurer to see if a discount is available and how much you may be able to save by installing one or more of these items.

Disaster-Proof Your Home

Making your home more resistant to fire and water damage or natural disasters, such as windstorms, hurricanes, and earthquakes, may also net you a discount on your home insurance. Some of the improvements that commonly lead to savings include updated heat or electrical systems, reinforced roofing, and shutters.

Maintain Good Credit

Many insurance companies use an "insurance score" to help determine how much customers should be charged for coverage. Your insurance score is based on your credit score, credit history, and other metrics. If you have good credit, you will be charged less for insurance than someone with bad credit.

Seek Out Additional Discounts

There may be other home insurance discounts that you are eligible for, such as a renewal or loyalty discount, a senior or mature policyholder discount, a non-smoker discount, a group discount, or a professional discount. Ask your insurance company for a list of potential discounts as well as eligibility requirements.

Shop Around

Comparison shopping is the best way to save money on your home insurance. The cost of coverage can vary considerably from company to company. You may be able to save hundreds of dollars simply by switching providers. Quotes from various insurance companies are available from free online services. You can also get quotes by calling individual agents in your neighborhood.

*About the author: This is a guest post from Bailey Harris, who writes about homeowners insurance for www.homeownersinsurance.org.

*Image Credit: Photograph by renjith krishnan [via http://www.freedigitalphotos.net/]

10 Secrets to Landing the Best Job Even Before You Graduate

2010-10-27T11:22:00.000-07:00

(This is a guest article by Mark Macaluso*)

It’s no secret that every college student aspires to secure a good job as soon as they graduate or even before; it’s what they go to college for, and it’s the sole purpose of all their hard work. So when you know you’ve found that perfect job even before you’ve stepped out of school, the elation you feel is like nothing else – you know you’ve saved yourself the agony of being a graduate without a job, you’re free of the pressure to find one even as the bills start piling up and responsibilities come calling, and you can hold your head high that you’ve achieved success in the shortest possible time. It’s not that hard to land your dream job, not if you’re willing to do all it takes; so here they are then, the secrets to landing a great job even before you graduate:

Start early – even as early as high school. When you know what you want to become even before you graduate high school, it’s easy to plan your future and work towards it.

Plan your career based on your interests and future prospects – make a list of all the disciplines you’re interested in and one of careers that have potential and where job prospects are good. Cross check the two lists and pick a major that finds a place on both lists. This way, you’re assured of a job that you’re interested in when you graduate.

Work on your grades – college life can take you by surprise and all the freedom after the rigidity of high school could become too much to handle and you find your grades slipping. You must make an effort right from the beginning if you want to keep your grades up because good grades and consistency translate into good jobs at the end of four years.

Watch what you say or post on the Internet – social networks are great no doubt, but they’re a major reason why people are losing their jobs. If you’re indiscreet in what you say or do online, if you have photos that could be construed as proof of irresponsible behavior online, you could find that employers are not too keen on hiring you, even if your credentials are otherwise impeccable.

Find internships – one of the best ways to gain experience in and test the waters of any industry is to find work as an intern during your vacation. Think of it not as giving up your vacation but as a great way to check if you like a certain kind of job and if you’re suited to it and the easiest way to gain experience while still in school.

Create a great resume – when your resume speaks for itself and serves as the perfect means of introduction to a potential employer, there’s nothing you need to worry about. Don’t exaggerate your accomplishments or lie about them; remember, your resume must create a positive impression and make the person reading it want to know more about you.

Develop a network – let people know you’re looking for a job in the industry of your choice; keep in touch with the people who matter; make friends during your internship and focus on generating a positive impression all round.

Attend job fairs – don’t miss out on opportunities to attend job fairs that are held in your vicinity. It’s your best chance to see who’s hiring and what your prospects are.

Work on your interview skills – prepare for your interviews by learning more about the organizations you’re applying to, the positions you’re hoping to get, and by honing your interview skills. An interview is most often the last hurdle before you’re hired, and if you’ve come this far, you cannot blow it by not meeting expectations.

Do your research – know which companies are hiring and what kind of people they’re looking for. You could post your resume on various job sites and also send it out to companies you know are hiring based on your research.

The key to securing your dream job even before you graduate is to set a goal, plan ahead, and work towards putting your plan into action so that you achieve your goal.

*About the author: This guest post is contributed by Mark Macaluso, he writes on the topic of Masters in Accounting. He welcomes your comments at his email id: mark.macaluso985<@>gmail<.>com.

*Image Credit: Photograph by cobalt123 [via Flickr Creative Commons]

8 Things To Do If Your Wallet is Stolen

2010-10-19T20:37:00.000-07:00

(This is a guest article by David*)

There are few things that might churn your stomach and make you break into a sweat quicker than the loss of a wallet. The sad part about it is, in the overall scheme of things, it probably isn't the cash inside that you've lost that concerns you. It's likely the loss of all those little plastic cards with numbers printed across them that terrifies you the most -- that, and not knowing into whose hands they've fallen.

Recently I had my wallet stolen from the beach. The thieves didn't even get one dollar of cash and didn't manage to use any of my cards thanks to prompt canceling of cards. The police are never that hopeful of finding the thieves or recovering a wallet and so all they can do is give you an incident number to use with your banks, phone company etc.

If you've simply lost your wallet it could be a good samaritan who has discovered your wallet on the street. Unfortunately, you can't necessarily assume a well-intentioned citizen has hold of your wallet and is contacting the proper authorities. While in some cases you might luck out and have your personal affects returned to you, in most scenarios you'll have to assume the worst and get started on doing everything in your power to ensure the forces of evil aren't making the most of your misfortune. Here are a few tips to help you do so.

1. Make a Thorough Search

While you want to be quick about reporting a stolen wallet, you may not want to jump the gun before you've made a thorough search of the spots you visited last or at least make a quick phone call or two. Had you been eating at a restaurant, visiting a hotel, stopping in at a friend's, or frequenting another place at which you may have lost your wallet, it could be a long shot, but you might want to contact that business or person just to see if your wallet was turned in. However, even if someone did return your property, it doesn't mean that all its contents are there or weren't somehow compromised, so it might still be a good idea to consider or carry out the following steps.

2. Contact Authorities

Probably, one of the first things you'll want to do if your wallet has been stolen is contact the local authorities and file a report. This can be an important step, not only in the event that they can locate your wallet, but a police report can be important documentation should your personal or financial information be compromised and you must take action to recover your identity through various businesses or agencies.

3. Make a List

If you don't have one already, you should try to make a list of every item in your wallet. This may not be easy, but try to remember any and every item that could have been lost, especially those that had pertinent personal or financial information contained upon them.

4. Contact Credit Card Companies/Bank

Putting a halt to thieves using your credit or debit cards will likely be one of the first things on your to-do list after your wallet has been stolen. Hopefully, you have those numbers from the back of your cards to report them lost or stolen, but if not, you will probably have to contact the credit card company or bank and speak to a customer service representative who can guide you through the process of what to do. Take note, because it might have to be a process you have to repeat multiple times. If you had other pertinent information such as checking or savings account numbers in your wallet, you will want to notify your bank or financial institution of that as well.

5. Contact Credit Agencies

Beyond your credit and debit cards, you will probably want to contact each of the major credit agencies to place a fraud alert on your credit report. These three agencies consist of Experian, Equifax, and Trans Union, and it can be critical to the health and safety of your credit that you notify them as soon as possible after the theft of your wallet.

6. Notify Friends and Family

You may be carrying contact information of friends or family within your wallet. Phone numbers, email addresses, and similar information in the wrong hands could lead to those you care about being scammed by con artists or thieves. Therefore, it can be important to their safety to let them know what has occurred so they can take proper precautions.

7. Be on the Lookout

So now that your wallet is gone and you've notified the pertinent and proper businesses and persons, it's time to start keeping a good eye on your personal information and financial accounts. Even though you may have notified your financial institutions and placed fraud alerts on your accounts, it is still a good idea to be on the lookout for changes or odd activity related to your accounts. And if you had home and work information in your wallet as well, it may not only be the security of your accounts you have to watch out for, but work and home security as well.

8. Start the Rebuilding Process

The rebuilding process, replacing the things that you lost when your wallet was stolen, is probably going to be a royal pain in the neck, and there may be more items to replace than you initially realize. Besides contacting critical agencies like credit card companies and banks, you'll likely have other places to contact and you'll probably have to get a variety of new cards. Here are a few of the other cards you might have to replace or places you might have to notify regarding your loss:

Driver's license

Library card

Auto insurance company

Health insurance company

Employer

Time is often of the essence when you've had a wallet stolen. And it can be critical to the protection of your financial security, and possibly your personal security as well, to cover as many bases as you can think of after such a loss. Even if you don't see any activity on your accounts initially, it's important to remember to keep a watchful eye on such areas. Although much of the time such activity might occur almost immediately, it doesn't necessarily mean your information might not be used in ways that could come back to haunt you down the road.

*About the author: This is a guest article by David. David writes about personal finance for CreditCardCompare.com.au where you can find the best credit cards for Australians, including a range of low rate credit cards that help cut costs.

*Image Credit: Photograph by Andrman [via Flickr Creative Commons]

10 Quick Fixes for Your Credit Score

2010-10-18T10:31:00.000-07:00

(This is a guest article by Bailey Harris*)

Paying your bills on time is the best way to obtain and maintain a high credit score. However, there are a few other things that you can do to boost your credit score before applying for loans and other types of credit. Here are 10 quick fixes to try today:

1. Correct Major Errors

Some errors, such as incorrect address information or name misspellings, have very little (if any) effect on your credit score. However, there are some errors--negative items that aren't yours, paid accounts listed as unpaid, etc.--that can drag your score down considerably. One of the very first things you should do is check your credit report for errors, and if necessary, make an effort to correct bad information with all three credit bureaus.

2. Pay Down Credit Card Debt

Paying down revolving accounts is easily the quickest way to boost your credit score. If you can manage to pay down or pay off credit cards over a two month period, you will see substantial results. You should start with cards that are closest to their limits versus cards with the highest interest rates. If possible, get balances down to 30 percent or less of each card's limit.

3. Transfer Credit Card Balances

If paying down debt is not an option, try transferring the credit card balance from a card that is nearly maxed out to one or more cards that have few or no charges on them. Spreading out your debt in this way is the second best way to fix credit fast. If possible, get the balance on every card down to 30 percent or less.

4. Update Your Credit Limit Information

Your credit score may not be accurate if there are problems with the credit limits being reported by the companies who issued your credit cards. Credit card limits often change--maybe you requested more credit or maybe your limit was extended by your creditor. Whatever the case may be, make sure the credit card limits being displayed on your credit report are correct. If they are not, ask the company who issued the credit card in question to update the three bureaus with your most recent credit limit information. Most companies will update this information upon request.

5. Change Your Payment Dates

Every credit card company reports information to credit bureaus on different days. These days rarely line up with your billing cycle. So, if you make charges and pay your credit card off every month, the credit bureaus may still think you have a balance on your card--even when you don't. You can remedy this problem by checking your credit report to see which day of the month your creditors send updates on payments to the credit bureaus and then making your payments several days before this reporting date. You could also request that the company give you a new due date. These strategies will have a minimal effect on your credit score, but they are worth trying if you want to massage the system in every way possible.

6. Piggyback on Someone Else's Good Credit

If you have a spouse, parent, or another close friend or relative with good credit, you may want to consider having your name added to one of their credit cards. This method of piggybacking can have a positive impact on your score because it allows you to get credit for every charge they make and pay off by the due date.

7. Dispute Old Negatives

If you have an old negative on your account that has been sent to a collection agency, such as an unpaid cable bill, you could dispute the account with all three credit bureaus. You should mark the account as "not mine" versus "unjust" to increase your chances of winning the dispute. If the amount is small, the collection agency may not even take the time to bother with it when the credit bureaus investigate the situation.

8. Ask for a Goodwill Adjustment

A goodwill adjustment occurs when a creditor or lender agrees to erase a late payment from your credit history. You will have to request this adjustment personally--either in writing or over the phone. If you have a long-standing or positive history with a creditor, you have a better chance of getting this adjustment, but it never hurts to ask in any case.

9. Get a Rapid Rescore

Rapid rescoring services can help you quickly and efficiently correct errors or pay down balances. With the help of a service, you could see a higher score in as little as 72 hours. The cost for rapid rescoring varies depending on the service you hire, but typically runs somewhere around $50 per account.

10. Simulate Various Scenarios

If you want to see what impact these strategies (and others) may have on your credit score, you could try punching your information into a credit score simulator. Most simulators will show you how paying off balances, making a late payment, or removing negative information from your credit report will affect your credit score. The official FICO site offers a great simulator to people who have purchased a copy of their credit score. There are also a number of free simulators that can be found online.

*About the author: This guest post was contributed by Bailey Harris, who writes for CreditScore.net.

*Image Credit: Photograph by meddygarnet [via Flickr Creative Commons]

10 Tips to Get Your Job Through Campus Recruitment

2010-10-13T20:57:00.000-07:00

(This is a guest article by Tom Becker*)

The job application process can be a nerve racking experience; one that may involve a great deal of preparation and stress. However, being able to interview through campus recruitment presents a unique opportunity that not everyone has the chance to experience. Rather than having to go out and pound the pavement, send endless emails, or have the voicemail messages you leave unreturned, getting a job through campus recruitment can have the recruiters coming to you. This opportunity however, is one that can be even more beneficial if you are properly prepared to take full advantage of it.

1. Study - Similar to a college exam, proper preparation can be key to your success in a campus recruitment interview. Understanding what a possible employer does, knowing the history and circumstances surrounding their company or organization, and having knowledge about the position for which you are applying can make a favorable impression upon those with whom you are interviewing.

2. Test Yourself - Before your all important interview, you might take some time to test yourself and your interview acumen. Consider questions that you might be asked by your interviewers. If you don’t have ideas as to what these questions might be, you might want to search for typical interview questions on the Internet. When you answer these questions, you might want to try answering them aloud to hear how your answers sound and practice proper phrasing and articulation.

3. Prepare Your Own Questions - Asking questions related to a particular job or company can show that you are interested and educated regarding the position for which you are interviewing and the company or organization you are interviewing with. Sitting there with a blank stare when asked if you have questions for the interviewer can be a sign that you are unprepared or uninterested.

4. Remember the Little Things - The little things can make a big difference in the overall impression you make upon your interviewers. Having items like a working pen, paper, extra resumes and cover letters, and similar items can prevent you having to ask to borrow them from the interviewer or worse, sitting their seemingly unprepared or uninterested, both of which are potential interview killers.

5. Dress Appropriately - In most instances, it’s best to wear professional business attire to an interview whether or not it’s required or requested. It’s often better safe than sorry and being a bit overdressed probably won’t hurt your chances as much as being underdressed will.

6. Eat Something - As nervous as you may be, putting something in your stomach before interview time can keep embarrassing belly rumbling to a minimum. Sitting there in the crushing silence before that first critical interview question is asked, only to hear the churning of your stomach echoing through the interview room might have your interviewers raising an eyebrow or two.

7. A Bottle of Water - You certainly don’t want to flaunt having a bottle of water, slurping from it noisily or taking constant drinks from it throughout your interview, but having it available can come in handy. Few things can be more distracting or a turnoff to interviewers than that smacking noise your mouth makes when you’re nervous and your mouth is really dry. Worse yet might be that white stuff that accumulates around the edges of your mouth when it is excessively dry. Such things can severely detract from the overall impression you present during your interview.

8. Timeliness - While it shouldn’t have to be said, timeliness is often critical when it comes to campus recruitment. This isn’t a party and it’s not the time to arrive fashionably late. But when it comes to timeliness during your interview session, it may pertain not only to arriving on time, but not overstaying your welcome as well.

9. Graciousness - It’s probably not the best idea to just get up and walk out after your interview is completed. It can be important to show the proper respect and give your appreciation for the opportunity to interview for the position, but not overdo it. Acting as if you’re the interviewer’s best friend or being overly friendly by giving hugs, high-fives or slaps on the back might raise some red flags for the interviewer.

10. Follow-up - Depending on how an interview ends, a follow-up could involve numerous scenarios. A telephone call, note, or email thanking the interviewer for the opportunity to meet with them is often appropriate. You might stop by to do a follow-up if the company is locally located and you’ve been invited to do so. And even if your interview ended badly or you don’t think you have a shot at the job, a follow-up or thank you is still appropriate because even though you don’t think so, you may still be in the running for the job and it could be worth a call or email to find out.

*About the author: Tom Becker is a writer for Money Choices where he writes impartial reviews of high interest savings accounts and other financial products.

*Image Credit: Photograph by bpsusf [via Flickr Creative Commons]

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Evaluating and Negotiating Job Offers

The Multiple Job Offers FAQ

A Comprehensive List of Helpful Job Search Resources

Multiple Careers, Multiple Incomes? They're Closer than You Think

2010-10-08T20:16:00.000-07:00

(This is a guest article by Andrew Johnston*)

In a time when joblessness is a global threat and the employment market is apparently comatose, there’s another option: Create your own job. Whatever you do, you can usually do it online in some form. If you’re an HR person, you can do online advisories and work on the big HR sites. If you’re a gardener, you can probably make more money doing gardening advice and articles than you could working in a garden. If you think you lack training or need more, you can always get it, online or at a community college. A great new career is as close as a computer with an Internet connection.

The New Economy, explained

The New Economy is an almost totally different economy to the traditional job market, which is rapidly becoming obsolete, as well as disappearing through its own inefficiency.

The new approach is almost revolutionary:

High pay

High value work

Outsourcing to freelance experts

Low business overheads

Less business infrastructure

The "high pay" may be selective, but everything else is taking off in every industry. "Work" is now business between you and a client who’s no longer an employer but a contractor. This process has been welcomed by those trying to escape the grotesque workplace stress factories. The first people to take on the New Economy model, ironically, were all professionals like accountants, architects, business consultants and other people who stood to make a fortune simply by no longer working in an office.

Multiple jobs and multiple incomes

The New Economy also lets "workers" loose. All that’s required in these types of jobs is to do the work as per contract. The rest of your time is your own. You can run several contracts in the course of one day. You’re no longer dependent on the single stream income, and free from the constant stress of the workplace.

If you’ve got good client relationship skills, do good work and respect the interests of your contractors, you can wind up with more work than you’d believe. Imagine a job where you work 5 days a week, for 5 different contracts, and make the same money or more as you did in a day job.

Note that it’s a good idea to do any relevant business courses and learn the basics of running your own business. It’s also extremely useful when dealing with other businesses, because you can speak their language and understand their priorities more effectively.

Building multiple careers

The greatest thing about the New Economy is that you can literally develop your skills and business in so many directions. Unlike the single stream career types, you can actually build several careers, and integrate them.

For example:

Say you’re a web designer. You develop your skills base so you can also do mixed media, graphics, audio, animation, web content, and advertising. This is far easier than it sounds, and even the training is fun.

The result of all this self indulgence is that you now have a business capacity with six extra services. That means more business, both from your existing clients and new clients.

This is the biggest growth area in global employment. If you want a job, make a great one (or several) for yourself.

*About the author: Andrew Johnston is a freelance writer specialized in articles about Business Courses.

*Image Credit: Photograph by akeg [via Flickr Creative Commons]

10 Tips for Generating a Great Freelance Portfolio

2010-09-22T19:59:00.000-07:00

(This is a guest article by Angelita Williams*)

Landing freelance jobs can feel like a catch-22: you can't land them without work samples, but you can't get work samples without the jobs. This is why it's important to make sure your freelance portfolio is as polished and impressive as you can make it. Every freelance assignment you complete, no matter how small, can be vital to increasing your experience, broadening your skill set, and making your body of work that much more attractive to your next employer. Here are a few ways to maximize the impact of your freelance portfolio and drum up new work as a result.

Keep it simple. Your online portfolio isn't designed to be an all-encompassing site that tells potential employers your life story. It's ideally a streamlined, clear, easy-to-navigate home for your work, whether you're a writer, designer, photographer, or do anything that can be excerpted and displayed visually. Your freelance portfolio is your chance to showcase your work with an emphasis on clarity and impact. Don't clutter the pages with random information, and don't overdo the design. If you remember nothing else, remember this: you have to let your work speak for itself.

Focus on your skill. It's rare to find a successful freelancer who advertises herself or himself as a master of all trades. If you're a photographer, don't make a pitch for your web design skills; if you're a writer, don't go on about how you dabble in graphic art. Your portfolio is designed to sell your ability, and that means you need to devote your energy to promoting your main activity. If you get hired to do a job, then you can begin to put out feelers with your employer and let them know what else you're capable of doing. Until then, it's all about the big guns.

Proofread everything. If you use "definately," you will definitely not get hired. Grammar isn't just the domain of sticklers and English teachers; if you want to impress potential employers, it's vital that your portfolio reflects the professional demeanor and skill you're trying to project. Misspelled words and sloppy writing will only prove that you didn't care enough about the details to bother checking them, and that sends a terrible message to hiring managers. It's not just about the spelling, but about what it says about you.

Keep your work updated. Every time you complete a job, evidence of that work along with relevant samples should be added to your portfolio. Keeping your body of work updated can feel like a full-time in itself, but remember, every job you do will help you when it comes to the next one. It's true that you don't want to overload your portfolio -- it's designed to be an example of you at your best, not you in total. Still, as you progress, it's important to make sure your portfolio reflects the amount of work you've been doing, especially if you've done good work for increasingly major employers.

Don't ramble. Get to the point. You don't have to give a detailed back story for every work sample in your portfolio, just the basic facts about who hired you, what you did, and what you learned. When you begin speaking with a potential employer, you can fill in more of the little details that are appropriate in job interview settings. Until then, err on the side of minimalism.

Highlight your personal info. This one's so obvious that people forget to do it. Your portfolio is designed to show off your work and get you hired, but that's not possible unless employers can easily locate your information. A brief "About Me" page is all you need to discuss who you are, what you do, and how you can be reached. This is where you can talk a little about yourself and really sell yourself to potential employers.

Make yourself easy to hire. Piggybacking on the previous tip, you need to make the hiring process as easy as possible for those looking at your freelance portfolio. Build in a simple block of information with a header like "Here's how to hire me" on your bio page, and provide handy links there, as well as contact info, on the home page, as well. You want an employer or hiring manager to be able to move seamlessly from viewing your work to sending you an e-mail or arranging a phone call. The harder they have to hunt, the less likely you are to get the job. When designing your portfolio, ask yourself, "How easy is it for newcomers to find out how to hire me?" Let the answer guide your design.

Emphasize your diversity. It's a good idea to showcase how your skills have been applied across a variety of jobs. For instance, if you're a web designer, offer samples of sites for personal business, major corporations, blogs, and more. This lets employers know you can work at the professional level in multiple areas while also maintaining a core sensibility and skill level.

Talk about your experience. It's a smart idea to include with your work samples a brief description of what you did and what you might have learned. You don't have to be blunt about it or say "I learned how to do this task on this job," but it's wise to discuss principles you applied. For instance, a freelance writer might discuss how market research played a role in tailoring content to an audience, which lets employers know you're able to solve problems and take proper initiative.

Don't sell ads. Everyone needs money, but the portfolio brings in cash through jobs, not ads. This is your professional home online and a chance to create a package of your best work. You cheapen that immensely by selling ads against the content. Think of your portfolio like a business card; it's something you invest in knowing it will bring in work down the road. Keep your portfolio clean, ad-free, and focused on your work, and the money will follow on its own.

*About the author: This guest post is contributed by Angelita Williams, who writes on the topics of online college courses. She welcomes your comments at her email Id: angelita.williams7 @gmail.com.

*Image Credit: Photograph by cirox [via Flickr Creative Commons]

Got Guts? Become a Student Landlord!

2010-09-16T20:34:00.000-07:00

(This is a guest article by Kyle Chezum*)

If you're a student, chances are you pay rent to live somewhere. Real estate is a commodity. You're always connected to it, regardless of where you are. Real estate is the ground beneath your feet. And it's not free.

You may think you have to pay rent, that it's a necessity. I'll let you in on a secret. You don't. At least, you don't have to pay it to anyone but yourself. How do you do this? Simple. Buy a house.

Crazy? Not so much. You may have read my earlier article on how to prepare yourself for home ownership, while you are still a student. Today I am here to tell you that if you are diligent, you don't even have to wait until you graduate to make your home ownership dreams come true. Buying a house now makes a great deal of sense if you have access to some capital, want to build wealth, gain experience, and have nerves of steel. If you own a home and rent it out, you can save yourself some rent money and develop a real estate portfolio at the same time. It's better than working part-time at the cafeteria, that's for sure.

Here are a few pointers to get you thinking.

You'll be investing your own rent. This is probably the best part. If you're "paying yourself rent" because you own the home, then that money is paying off your mortgage. A mortgage is like a savings account. The money you pay sticks around in the form of home equity. You're not just spending money. You're giving it back to yourself. This is much better than paying rent to someone else, which essentially means you're paying someone else's mortgage.

It's good for your resume. Employers like to see that candidates are self-starters. Imagine walking into that job interview after you graduate and describing your past work experience. "I'm a residential property manager and investor." Wow. This is good stuff.

Buy early. Most young professionals who purchase a home live there alone or with a single partner. This is a waste of space. Honestly. If you plan to purchase a home when you graduate anyway, why not buy it while you're still a student and rent out the extra space? Make some money for a change.

Research property values. All of these ideas are great, but if you buy the wrong house, you're asking for trouble. Just look at the financial mess around us! Some neighborhoods are set to decrease in value in the future, and you don't want that. And you don't want to borrow more than what you can afford to pay. Do some homework before you make a purchase. Actually, do a ton of homework before you even consider making a purchase.

Ask your parents to pay for it. This isn't a joke. Many parents purchase homes when their children leave for college with the expectation that their children, and their children's friends, will become tenants. If your parents are willing to buy the house in your name or provide money for the down payment, you'll be able to start your real estate career in no time.

Use student loans to make part of the down payment. Check with your lender first. Most student loan originators will likely allow this, because student loans can be used to pay for living expenses. Purchasing a house is definitely a living expense. Don't, however, try to use student money to pay your whole mortgage. This may not work well, unless you plan to stay in school for the next thirty years.

Rent to your friends. Managing the maintenance needs of a residential property will be much easier if you're working with your friends. Try to get your friends interested first, before you put an ad in the paper. It will be a much more comfortable experience for you.

Document everything legally. This will kill you, but it has to be done. Make your tenants sign contracts. Big contracts. Huge contracts. Outline everything that your tenants are entitled to as tenants, and outline everything that you are obligated to do for them. Make sure everyone signs everything.

Prepare to be stressed. You're a property manager. Do you know what this means? This means everything from fixing a broken washing machine to killing a spider in the backyard to telling the neighbors, again, to keep their dog off your tenants' front lawn. You will get phone calls, all the time, demanding that you take care of any number of issues that may arise. If you can't handle your classes and your part-time job as it is, don't kid yourself. You're not ready for home ownership. But if you're active, energetic, and passionate about challenges, consider investing in a home and becoming a student landlord.

It'll beat working at the cafeteria. Guaranteed.

*About the author: This guest post was provided by Kyle, a content specialist at Lender411.com. Lender411.com helps homebuyers compare mortgage rates, find local lenders, and locate the best mortgage packages available.

*Image Credit: Photograph by origamidon [via Flickr Creative Commons]

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10 Ways to Save Money on School Supplies

2010-09-12T06:22:00.000-07:00

(This is a guest article by Roger Elmore*)

We students tend to live on very tight budgets. Needless to say, saving money is of utmost importance. And now that it’s time to go back to school, we’ve got to be careful not to spend too much of the money we scraped together at the summer job(s). Here are a few tips to help save on school supplies.

Check your Inventory

Make a List

Budget, Budget, Budget

Shop Around Before You Drive Around

Know When to Buy Quality Stuff

Buy in Bulk

Gently Used is as Good as New

Share with your Friends

Prepare for Next Year

Seek Financial Help

*About the author: This guest post is contributed by Roger Elmore, who writes on the topics of bachelors degree. She welcomes your comments at her email Id: rogerelmore24 @gmail.com.

*Image Credit: Photograph by Claudia Snell [via Flickr Creative Commons]

Planning a Backpacking Trip? 10 Safety Tips You MUST Follow

2010-09-06T13:48:00.000-07:00

(This is a guest article by Roger Elmore*)

For most students, backpacking is a perfect mode of travel. It helps you save a ton of money compared to conventional modes of travel while providing a great a sense of thrill and adventure. But, every backpacker knows the secret to a successful trip is being prepared and taking the right safety precautions. Here is a checklist that helps ensure that every hiking excursion will be well planned and well executed.

Dress Appropriately. Hikers know that the weather can often be unpredictable, especially in higher altitudes. Wearing multiple layers is the best way to stay prepared for any unforeseen changes in the climate. Removing top layers lets you quickly adapt to rising temperatures, while adding windproof, water-resistant top layers with good ventilations, will keep you warm and dry.

Balance your load. Carrying an unbalanced pack is the quickest way to hurt your back, knees, or shoulders. Clothes and cooking essentials should be safely stored in the backpack's main compartment, while heavier, cumbersome items should be placed in the back. Essential items like sunglasses, maps, and flashlights can be stowed in outside pockets. Also, pack all clothes and food in water resistant plastic bags. If your pack should fall into a lake, or you experience an unexpected downpour, these items will remain dry.

Bring plenty of food and water. Hiking can burn a lot of calories in one day, so backpackers should remember to pack plenty of carbohydrates that help replenish energy. Also, while water can be heavy to carry, getting dehydrated is a hiker's worst nightmare. If you are planning to hike for several days and there is a fresh water source in the area, like a like or moving river, consider bringing a water filtration system with you. This will reduce the amount of water you have to
carry, but keep you hydrated. Also, water takes longer to boil in higher altitudes, so consider taking food that doesn't require hot water, like sandwiches.

Travel together. Backpacking alone can be dangerous, especially in the winter and in rough terrains. Always hike with a partner to reduce the risk of getting lost or being stranded. And always remember to inform others of your scheduled route. This buddy system can help save your life in case of emergencies.

Bring first aid kits. First aid, or emergency kits are essential for all backpacking trips. They should be tailored to address the needs of the individuals going on the trip, like their experience level and their age, as well as the expected terrain. Research any poisonous plants or animals that might live in the area, like poison oak or scorpions.

Bring a map and compass. Every hiker should study a map of their proposed hike before embarking on the trip, and carry a map and compass during the trip. If members of the group become separated, they at least have the means to find their way to safety.

Plan ahead of time. Planning the trip ahead of time will save backpackers time and energy. They should plan elements like realistic daily goals and emergency regrouping sites.

Bring a basic repair kit. Sometimes backpack straps break, or camp stoves fail. Repair kits should include duct tape, a needle and thread, and simple tools. These things will come in handy should the shoe laces on your hiking books break, or your sleeping bag gets a rip.

Wear sunscreen and glasses. While the weather in higher altitudes might be deceptively cool, the sun is still a hazard. All backpackers should wear sunscreen when hiking no matter the temperature. Also, snow can cause temporary blindness if continually looked upon without protective eyewear, so don those sunglasses, too!

Bring plenty of fuel and an extra stove. Sometimes a stove breaks and can't be repaired and occasionally fuel canisters won't work properly. Bringing extra will ensure you can boil water and cook your food properly.

*About the author: This guest post is contributed by Roger Elmore, who writes on the topics of hotel management degree. He welcomes your comments at his email Id: rogerelmore24 @gmail.com.

*Image Credit: Photograph by argreen [via Flickr Creative Commons]

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10 Reasons Not to Buy a New Car

2010-08-31T20:40:00.000-07:00

(This is a guest article by Miles Walker*)

The debate on whether to buy a used car or new car rages on, with both sides justifying their choice vehemently. With the on going recession and the economy being down, we have a few more people jumping on to this side of the fence, where we like our good old cars. Here are my ten reasons for why buying a new car is not a great idea.

1. Necessity:

While many people live in areas that require some sort of motorized transportation, buying a brand new car right off the showroom floor is not necessarily a wise move. Once the ink is dried on the contract and the car is driven off of the lot, the value of the vehicle depreciates greatly, in some cases by half of the car’s worth. Buying a used car is more financially wise because the car has already had the “bugs” worked out of it. It has also stopped depreciating and many have begun to increase in its value.

2. Insurance:

The insurance cost of many new cars is incredibly high. The reasons for this varies with the make and model of the car that is bought, but some major ones will be sited here. Many insurance companies raise the rates of new cars because they have the most chance of their parts being recalled. For example, the recent Toyota recalls that concern the Corollas between 2005 and 2008 are not only a hassle for the owners of those cars, but also a huge liability with the three crashes and resulting injuries that have been linked to the accidents of these faulty systems. Another reason is that the accident rates for new cars are higher than the accident rate for older cars. The reason for this is unknown, but theorized that the newer cars may have problems with the braking systems that the older cars have already corrected. The age of the drivers with a new car is a factor as well, as it is with older cars, but one must remember that the younger the driver is, the higher their insurance rates will be.

3. Price:

The issue of the cost of gas is always a touchy subject with drivers. While that may not matter to people who live within a 5 mile radius of their work, it could matter greatly to the commuter who has to drive one hour to work and back home every day. That commuter has to fill up their gas tank every week because their round trip journey is nearly 50 miles a day. If one chooses to buy an SVU or a heavy duty truck, these vehicles are known as “gas guzzlers” and will use more gas than a sedan or smaller hybrid car would.

4. Family Finances:

When purchasing a car to fit into the family’s needs, buying a new car simply may not be an option. A new car can easily cost as much as a second mortgage and with parents losing their jobs, a new car would cause more unneeded stress. If the family buys a used car which can be bought outright for a few thousand dollars, it will save them a lot of heartache and worry about bills.

5. Parts:

The parts for an older car are considerably less in price and more available than the parts of a new car. They may also be available online, where the price for them could be even lower than at a store.

6. Warranty:

While a car warranty may not come with every used car, depending upon where it is purchased, if the warranty is offered, buying it could help save a lot of money in the long run. Depending upon how long the owner plans to have this car, having a warranty will keep money in the wallet of the car buyer. The warranty of the new car will be included in the price and may not last for the entire life of the loan for the new car.

7. Changes in Needs:

Many families change through months or even years. If a family of two purchases a sporty 1984 IROCK that only seats two comfortably and 4 months later, she is pregnant, it is much easier to sell the IROCK and buy a bigger car than it would be if the couple purchased a new car because of the ensuing loan.

8. Resale Value:

Older cars, specifically classic cars, add to their value regardless of whether they are restored or not. A car collector may offer to purchase the car, if they see potential in it, even if the car is not for sale.

9. Restoration Fun:

If the car owner has purchased a car that he loves, restoring it to its former glory can be just as fun as any other hobby. This can be a family affair and the love of cars can be passed down through the family from parent to child.

10. Saving Money in General:

Not only will a used car save the owner money through insurance, parts, gas, and warranties, but it can also save on other aspects of the car. For example, buying tires for the old car can be cheaper because the tires are also made for many different types of cars, causing the manufacturing of the tires to be cheaper than a new car’s tires.

*About the author: Miles Walker is a freelance writer and blogger who usually compares car insurance deals over at CarinsuranceComparison.Org.

*Image Credit: Photograph by AndYaDontStop [via Flickr Creative Commons]

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10 Great Ideas to Earn a Part Time Income

2010-08-26T09:00:00.001-07:00

(This is a guest article by Cody*)

Attending college is an exciting time of life with many new adventures. Attending class, studying, networking, walking around campus and doing whatever else is fun these days. One of the least attractive ideas is finding a part time job when you could be attending football games or going to a party, but it is something that is nearly essential to fund your college experiences and to set you up for your post graduate life. I have assembled 10 great ideas or ways to earn a part time income while attending your university.

Free Lance
Have a skill? There are many different avenues of free lance such as writing, photography, videography, graphic design, art, and web design. The best idea would be to start local to get your feet on the ground and then to try to either move to larger (better paying) companies or online. Free lancing is great for several reasons – it enhances your skill set, gives you better responsibility because the task is entirely dependent on you from start to finish and you establish what you will and won’t take on. This means you set your price, time tables and expectations. Start by doing a little research and finding a couple local areas that could really use your service, create a pitch explaining how you will help them for a low price, contact the target, get the contract and get to work!

Tutor
Many tutoring services are quite expensive. Therefore, if you look around you will find people looking for tutoring either for themselves or their children. Look for flyers or on your local / university job boards and you are bound to find several people looking for tutoring. The amount you make per hour is usually around minimum wage or slightly above, but it also sounds great during interviews and can help you create some nice connections with people who can give some great referrals if you do a good job.

Be a Lab Technician
Boring, monotonous and grunt work? Sure, but the key is that these positions are usually plentiful on a college campus. With these positions being somewhat available and fewer people wanting the position there is a higher chance of you obtaining one of these positions. While you may find the work to be arduous, it can be a skills booster as well as looking decent on a resume. Also, the hours are usually up to you so that’s a bonus!

Internships
Internships are my personal favorite. I worked at a fortune 100 company for my internship, the pay was great, the experience was priceless and my opportunities after graduating were phenomenal. I applied for four positions at well recognized companies after graduating and received an offer for each position, in a down economy. This sounds like I am bragging, but I am not, the point is that if you look hard, do your research, snag that internship and excel – you have set yourself up for a very long time.

Blog or write for the local paper
Many local communities either have a campus, local or city paper or website. You are college educated or in the process. You write a ton of papers already, why not get paid for it. Most of these positions will pay minimum wage, but you are in college so that is almost to be expected. If you really like writing you will be able to point to this position when either free lancing or giving references for better writing gigs later on.

Babysit or dog walk
My wife was a nanny and dog walker for the four years she attended college. We are now very close to the families she worked for and have made many great experiences. The work develops many different life skills if you ever plan on being a parent of dog owner. The pay was decent while being a nanny and we are saving bundles from all the tips she learned for our first born.

Community Clean up
This is one of the areas you do not often hear about. The pay is usually very low if at all, but is very meaningful and you are directly impacted. I am sure you pass garbage in your community plenty of times. Well, the good news is there is usually a group or government program that will pay you to clean it up. Reach out to your local government and find out what can be done. They may tell you they have crews who do the cleaning already, but you can do it for free. If you get that answer and want to get paid, reach out to local businesses. You will often find many local owners willing to shell out a small amount of cash to make their area look a lot nicer to their customers and everyone else.

Buy and Sell Books
This seems simple and obvious. Instead of selling your books at the bookstore for a fraction of the cost look to amazon and ebay. You will often times redeem almost full value if you purchased your books from those sites. Then do yourself one better and tell your friends who were just going to go to the bookstore that you will sell their books for them and give them a small margin of profit over what the bookstore would give them.

Virtual Assistant
This one can take some start up time if you do not have any training, but you can easily become a virtual assistant for clients by going to AssistU or other virtual assistant sites. You can get the training and then reach out to potential clients who will pay for your administrative services. You will need to have some usuable skills for this, but it is a job that is all about convenience.

Amazon’s Mechanical Turk
I have used this system and was able to accrue around seven dollars an hour if I had my full attention toward the work. It is very simple and can be done whenever and wherever you desire. If you hit some hard times or want to add a little side cash on top of your job mechanical turk is a guaranteed way you can make a little money. You can find more information at www.mturk.com

*About the author: This is a guest article by Cody. If you liked this article please read more of Cody’s work at The Million Dollar Mission which focuses on personal finance, success and career development.

*Image Credit: Photograph by derfel [via Flickr Creative Commons]

This article has been featured in the Carnival of Personal Finance

Networking to Success

2010-08-23T08:52:00.000-07:00

(This is a guest article by William Eve*)

When you graduate and join the workforce, you learn that in addition to your degree, many more skills are required to climb the career ladder. One skill that should be mastered as early as possible is the art of networking. Grad school is the perfect place to lay the foundation and hone your networking skills, so that you can enter the workforce with a distinct advantage over your peers. Here's a quick crash course on networking to get you started.

What is Networking?

Networking is the building of relationships within the business world. You meet someone within a certain area of business and become known to them. By building a relationship with that person you may well then meet people that they know, and then people that those people know, and so on.

The idea is that you get to meet people that are in the same industry as you, or people that may become colleagues or customers in the future.

There are many different ways of networking, and the world wide web has given us many new ways of building successful relationships. Let’s have a look at some of the best ways to network.

Be Yourself

When "putting yourself out there" it is very important that you are confident in who you are. Do not try and be what you think people want, as you will quickly learn you cannot please all of the people all of the time.

Do not deviate from who, and what you really are.

Know Your Strengths

Another thing to have in place before you begin networking is to know exactly what you can and cannot do. It is important that you are very open and honest with people as to your genuine skills. Within a network of professionals, a phony will quickly be found out and distrusted.

Business Cards

It is a very good idea to carry some business cards around with you. This does not mean you throw them around like confetti, or that you give them to every single person that crosses your path, but it is great to be able to hand someone a card with your contact details on should a suitable opportunity arise.

If you take someone’s business card a useful thing to do is note on the back where you met and make any notes to remind you of your meeting. It shows you pay attention.

Have a Website

In today’s modern age it is very worthwhile having your own website. It does not have to be anything flashy, and you do not need to be a computer genius to set one up. There are many programs out there that allow you to create a simple web-page without any experience of computing.

It is a good idea to have some sort of biography, as well as a break down of your skills, objectives and contact details for people when they visit.

It is also a very good idea to join social networking sites such as Facebook, and Myspace as many business people now have profiles, and swapping Facebook identities is now almost as common as swapping cellphone numbers or emails.

Again these profiles are very easy to set up, and there are online tutorials to get you started.

Give Before You Receive

One of the most powerful tips you should take board with networking is learn to offer value. Many people enter networking events with the questions in mind “What can I get from this?”, or “Who can meet today who will benefit my career?”

These are selfish questions and ones that will probably not get you very far. You need to develop the mindset of, “what can I offer people here today?”, and “What value can I add to peoples businesses so that they will want to work with me on a continual basis?”.

Being clear about what you can give people will make you much more attractive, and will make you stick in people’s minds.

Be Sincere

If you say you are going to call somebody then call them! If you cannot keep a dinner date, phone the person and let them know. It is vital that you treat people with respect when networking, and this also means being sincere in what you say and do.

Do not pay a compliment unless you mean it, and try as much as possible not to “suck up” to people. It is very transparent, and will often put off more people than it will win over!

Most importantly remember to never stop networking. Networks and relationships are like gardens. They must be watered, and tended to or else they will wither and die.

*About the author: This article was written by William Eve. William writes about saving money, investment loans and real estate for Home Loan Finder. If your a first home buyer or looking for a refinance home loan, visit the Home Loan Finder website for great advice and information on the best home loans available.

*Image Credit: Photograph by Álvaro Canivell [via Flickr Creative Commons]

Masters Degree Programs Online: Should you Jump on the Band Wagon?

2010-08-18T08:48:00.000-07:00

(This is a guest article by Justin Laughridge*)

If you are considering getting your degree online, regardless of your field or your chosen major, you aren’t alone in the current educational landscape. In fact, online education is a rapidly growing segment of the educational systems at many colleges, as evidenced by the rapid uptick in online enrollment. Consider this: from 2002 to 2006, the number of students enrolled in online degree programs has almost tripled, and the number continues to grow, with most estimates agreeing that well over 1 million students are currently enrolled just in masters degree programs online.

So if you are interested in accelerating the path to your degree or simply in making it more convenient, there has never been a better time to pursue your education online. But there’s no doubt that you still have some questions about the entire process, and hopefully this article is one small piece in your effort to get as much good information about online degree programs as you possibly can. If some of the questions below apply to you, the answers should prove helpful as you consider your online educational options:

How do I know that I’m finding reputable schools with degree programs I can trust? This is a huge issue, and you want to make sure that your online degree program of choice has reputable accreditation behind it. But rest assured - - more “traditional” universities are offering online education than ever before, with Harvard's Online MBA Program and other options like Duke University's Fuqua School of Business topping the list of available options. With so many options available in the current online education landscape, choosing one with solid credentials is an easier task than it ever has been before.

What if I’m interested in getting my master’s degree online? If you are a student that has already earned an undergraduate degree and what you’re REALLY looking for is a solid list of masters degree programs, your options in pursuing such a degree have never been more plentiful. Whether you’re interested in business, history, information technology, education, nursing, or any number of other fields, master’s programs are available and the options are growing every year! What’s even better is that each individual program is suited to your own needs and your own schedule. If you work at another job during the day or have other commitments that make traditional enrollment difficult to impossible, online master’s programs can always be tailor-fit to your schedule and your unique situation.

Even if it is more convenient online, earning another degree will still take time and effort. How do I know it will pay off? The simplest way to answer this question is in terms of probable payoffs over your years of future employment. And to that point, consider that a working adult with a master’s degree (whether it is earned online or on campus) can expect to earn double the lifetime income of a high school graduate with no further education, and that same adult will earn 20% more on average than his or her peer with an undergraduate degree. In real dollars, it comes out to almost $400,000 of increased income - - and with the average online master’s program costing around $18,000/year, the pay-off is well worth your time!!

So wherever you are in your decision-making process about an online degree, rest assured that resources are out there, good schools are out there, and the potential for higher lifetime earning power is out there as well.

*About the author: This guest blog is furnished by Justin of www.onlinemastersdegreeprograms.com

*Image Credit: Photograph by lumaxart [via Flickr Creative Commons]

The American Dream of Home Ownership: 10 Things You Can Do as a Student

2010-08-16T08:27:00.001-07:00

(This is a guest article by Kyle Chezum*)

College students often take home ownership as a fact of adult life — as something inevitable that will happen when it happens. But homeownership requires real effort, commitment, and responsibility, many college students aren't sure what steps to take to meet these requirements. The following ideas will help get you started on homeownership before you graduate.

Put some thought into it. Are sure you want a home? Is it part of your future plans? If so, make it a goal. Work toward it. If you're not intentional about getting there someday, you won't. Simple as that.

Get a job. This is much easier said than done, of course, but do what you can to earn an income. You need money to buy a house, but you also need a steady employment history. Start building up your resume as soon as possible.

Build up your credit score. Get a credit card or two—no more than that, though—and charge small transactions now and then. Pay off the balance monthly—never let a credit card charge carry over from one month to the next. Maintain tight control over your accounts. Don't use the cards to build up debt—that's the opposite of what you want. Using of the cards over time will provide you with a healthy credit score, which is critical if you plan to purchase a home.

Avoid student loans if possible. Paying back student loans can help build your credit as well, but the monthly payments that will come due when you graduate will cripple your home buying ability for several years at least. Borrow the smallest amount you can in student loans. Don't use your loan money to buy a laptop or a new phone. Keep yourself financially lightweight.

Buy used books. You know the drill. Used books can cost hundreds of dollars less—especially online—than the shiny new ones in the bookstore. A few hundred dollars in savings every semester can reduce the amount of student debt you take on.

Drive a clunker. This one is controversial. Older cars come with higher repair costs than new cars, but new cars are just plain expensive. You'll have to weigh the financial pros and cons of this one yourself, but whatever you do, don't use debt to finance a car. You can get by without the Mustang or the Sebring convertible. You'll save on insurance, too.

Skip spring break. Sorry, but spring break vacations are often extremely expensive. A spring break adventure in Cancun will likely cost you between $1,000 and $1,500, and that's if you're on a budget. If you were able to save $1,500 each year for four years, you would have $6,000 of cash on hand—which is equivalent to the average closing cost of a mortgage.

Learn basic maintenance. One of the costs associated with homeownership is maintenance. If you can learn how to make minor home repairs yourself, you can save a hefty amount of money as a homeowner, which will lower your monthly ownership costs and allow you to devote more of your income to your mortgage. You can paint the entire exterior of your home for just a few hundred dollars instead of the two or three thousand it would cost to have it done professionally. Learn these skills as soon as you can.

Learn about real estate. Buying a home and taking out a mortgage are not simple things. There's a lot to learn. What neighborhood should you purchase in? How long should you keep the house before you sell it? Are property values increasing or decreasing in your area? Learn how to understand these things. Stay up to date on the industry. Compare home prices, compare mortgage rates, and keep your eyes open for opportunities. Read a book or two on the subject. Talk to a local broker. It will help you immensely down the road.

Save money. Save, save, save. Save every penny you get your hands on. Put it away. Don't think about it. Open a savings account and fill it full. You don't need to eat out three times a week, and you can skip out on movies now and then. Your friends will understand. Tell them you're buying a house—it'll make for good conversation, if nothing else.

*About the author: This guest post was provided by Kyle, a content specialist at Lender411.com. This site helps homebuyers compare mortgage rates, find local lenders, and locate the best mortgage packages available.

*Image Credit: Photograph by Aditya Grandhi [via Flickr Creative Commons]

This article has been featured in the Carnival of Personal Finance #271.

How To Get Ahead Financially As A College Student

2010-08-13T20:00:00.000-07:00

(This is a guest article by XYZ*)

College is an exciting time of learning, meeting new people, visiting new places, and of course lots of the obligatory partying. Most new students do not think about the fact that it is also the beginning of your financial life. Indeed, now is the time when you cease being a dependent of mom and dad and become the master of your financial future. In order to make that future less stressful and more successful you have to start thinking about ways to get ahead financially and how to handle the little money that you have in the most effective way possible. While you might think you have too much on your mind to worry about your financial future it simply cannot be ignored. There are a few simple ideas that can go a long way toward building a successful financial life.

Financial Guide For College Students

Start saving and investing right now - College students usually do not have a lot of extra money in their budget, but that is not an excuse not to save. In fact, if you can learn to save 10% while you are earning very little it will be easier to save money as your income goes up. Take the money you save and put it in a high yield saving account or invest it in a Roth IRA. A Roth IRA is probably the best investment for college students because they are incredibly flexible. You can withdraw your initial investment with no penalty in an emergency or withdraw some of the earnings later on to buy a home.

Come up with a budget - You might think that as a young, single person you do not need a budget. But you are wrong, everyone needs a budget. Sit down and figure out all of your monthly fixed and variable expenses. Once you do that evaluate how you can bring some of those costs down. Maybe you should have a roommate to cut costs or eat out less. It is important for you to know where all of your money is going and exactly how much you have to spend. This helps you avoid spending too much and winding up broke at the end of the month.

Avoid overspending on credit cards - College is a great time to start building your credit file. You will have the opportunity to get excellent rates on credit cards so you should take advantage of them. However, owing a credit card is a big responsibility that has the potential to ruin you financially. Be sure you only spend what you can afford to pay back each month so that you do not have to spend money on interest. If you get to the point where your bill is more then you can afford each month then cut up your card or freeze it in a block of ice until the bill is paid in full.

Think of everyone you meet as a potential employer - One of the goals of college is to meet people who can help you get jobs later in life. As you meet new people treat them with respect and do your best to make a good impression. You never know who you will meet later on and what kind of opportunities they will have for you. There is no time like the present to start building a good reputation.

In the midst of all of this financial planning be sure to have fun while you are in college. Now is one of the few times in your life when you will not be burdened with lots of responsibilities so take the time to see the world and enjoy university life. Just make sure that at the same time you are making wise financial choices.

*About the author: This article was written by personal finance writer Timothy Ng from Sydney, Australia. He is genuinely passionate about helping people compare credit cards and helping them through researching to find the best credit card.

*Image Credit: Photograph by Proctor Archives [via Flickr Creative Commons]

Tax Savings for Twenty-Somethings

2010-08-10T20:30:00.000-07:00

(This is a guest article by Ashley*)

Twenty-somethings have plenty of ways to save on their taxes, but the unfortunate thing about this age group is that many seem to be very nonchalant about giving money away to the tax-man. They either think that taxes are absolutely unavoidable or they are too preoccupied to figure out how to squeeze some extra out of their hard-earned paychecks.

The following tips highlight that this doesn’t have to be the case. Twenty-somethings can qualify for several tax breaks and getting them is not as hard as you would think.

Deduct Interest On Your Student Debt

Many individuals in their twenties still have student loans. You can deduct the interest you have on student loans as long as the loan is qualified, you are not filing separately if married, and your modified adjusted gross income is not greater than $70,000 ($145,000 if married). Also, you cannot be claimed as a dependent on your parents or anyone else's tax return.

Buy a Hybrid and Save on Taxes

Several hybrids are still eligible for this tax credit and it expires on December 2010. If you need to buy a car, consider getting one that is low on fuel-consumption so you can claim this credit and save some money. The list of eligible cars can be found here.

Where You Save for Your Home Matters to the IRS

A Roth IRA is an excellent account to save for your first home. You can use up to $10,000 to buy or build your first home without incurring an early withdrawal penalty as long funds in the account have not been held less than 5 years. Yes, the money in the Roth is pre-tax, but also any investment earnings you incurred you can avoid paying taxes on. Roth IRA typically yield higher interest rates than traditional savings accounts. In summary, can save at high rates of interest for your first home while avoiding some taxes and penalties.

Consider a Roth 401k

If your employer offers a traditional 401K and Roth 401k, you should consider saving in the Roth 401k because although the Roth does not grant a tax exemption while the traditional 401K does, young employees often end up in low tax brackets anyway. Also a Roth IRA does not tax withdrawals later on, which can be plus in terms of mitigating the threat of tax increases on the horizon due to bursting budget deficits and rampant government spending.

Save Your Receipts

Even if you don’t itemize your expenses you can deduct a wide range of items as long as you have your receipts to back up your claim. Teacher’s aides can deduct expenses that they purchased out of pocket and other people can claim a wide range of things from medical expenses to interest on student loans and even gas if you have moved more than 50 miles away from your current home.

Get a Health Tax Break

Some employers offer a health savings account (HSA). A salary deduction funds the account which means it is taken out pre-tax and then withdrawals made from this account can be used for paying for medical expenses. This can save you 20% to 35% on your medical expenses depending on your tax bracket because you used pre-tax money to pay.

Take Advantage of the Saver's Credit

The Retirement Savings Contribution Credit will allow you to take a credit up to 50% of what you contribute to an IRA. This credit (unlike some other IRS provisions) actually encourages you to save for your retirement. Realize though that there are income limits on taking advantage of this credit which varies by your filing status. You must also be at least 18, not a full-time student, and someone else is not claiming you as a dependent. Check the IRS website for more details. This credit really helps young workers who early on in their careers have lower than average incomes.

Twenty-somethings should really be aware of all the ways they can save on the amount of taxes they pay. Keeping more of your income is one of the basic ways to head towards greater wealth.

*About the author: This guest post was provided by Ashley, who works for TaxDebtHelp.com, a site that provides help with IRS tax debt through its tax relief service offerings and self help articles for taxpayers facing major IRS tax problems

*Image Credit: Photograph by Alan Cleaver [via Flickr Creative Commons]

Student's Guide to Travelling Overseas on a Budget

2010-08-07T20:55:00.000-07:00

(This is a guest article by Timothy Ng*)

The allure of an overseas holiday when you are a student us often compelling. You are at that point in your life when you want to experience everything, to taste it, feel it, and smell it. Travelling out of the country may have always been a dream of yours or maybe you want to experience these adventures without mom and dad for a change. No matter what your reason for wanting to travel may be, your problem is probably the same as most other students; a tight budget.

Guide To Travelling Overseas On A Budget

Consider cheaper lodging options - Apart from transportation, lodging is usually the biggest cost of any trip. Forget about staying in hotels, when you are on a budget almost all of them are sure to be out of reach. Instead, think about camping, there are loads of campgrounds that offer cheap spots and great views. If you do not want to have to carry along camping supplies there are also hostels that offer cheap beds for student travellers. Hostels today are clean and friendly with top notch security plus you will likely meet entertaining people. One other option is a new trend called couch surfing. You simply join a couch surfing network and link up with people who are willing to let you crash in their house for free. Remember to return the favour next time a couch surfer is visiting your area.

Track your money - When you are on a budget you have to hold the reins tight so you do not run out of money before your holiday is over. Students might consider getting a prepaid credit card so they only have access to a limited amount of money at a time. You can refuel it every few days so you are not tempted to spend too much on an impulse purchase. Also, plan for all the little incidental purchases you might need to make along the way like buying a tube of toothpaste or doing laundry. Only after you consider these expenses will you know how much you have in fun money.

Find a frugal friend - If you have a travel partner, make sure they have a similar budget. There is nothing worse than travelling with someone who has an unlimited spending account when your are barely getting by. Instead, travel with someone who has to make the same sacrifices that you do for your trip. The two (or three or four) of you can even have a contest to see who can get through each day spending the least amount of money. That makes being frugal even more fun.

Choose a non-traditional destination - The world is a very big place and there are thousands of places to visit that are off the beaten path. There are many benefits to choosing a lesser known location the first being savings. Big tourist traps tend to be more expensive on all fronts from lodging to eating, even your flight will probably be more expensive. Those big tourist traps will also be crowded with people, making it more difficult to enjoy them. Pick somewhere unknown for a less costly and more exotic adventure.

Before you throw out your plans for travelling overseas during your time off from school consider that there are some low cost options available. Again, before you turn up your nose at the thought of going on holiday on a budget think about how much fun you can have and how many new adventures you can experience by taking the frugal route. You might find out that there is even more adventure to be had by spending less instead of more money on your trip.

*About the author: Timothy Ng is a personal finance writer, and has a real passion for encouraging people to compare credit cards to ensure they get the best deal. Check out his comprehensive guide to low interest credit cards where he provides an in-depth overview and analysis, to help you find a better deal.

*Image Credit: iPhoto Photograph

This article has been featured in the Carnival of Personal Finance #270.

~~~o0o~~~

This semester, rent textbooks instead of buying them and put away the savings towards your travel budget!

~~~o0o~~~

How To Tackle Back-To-School Shopping Without Breaking the Bank

2010-08-03T21:06:00.000-07:00

(This is a guest article by Timothy Ng*)

Heading out to do some back-to-school shopping can really be a drain on the pocketbook if it is not done with a strategic plan in place. The retail shops are counting on the young ones to beg and plead with their parents for the newest and greatest school supplies.

There will be a lot of advertising and setups placed in shops, and if you don't know exactly what you are shopping for, you may be tempted to purchase everything the store says you need.

Back to school with the young ones

Find out what your children really need to go back to school. You can contact the teacher before you head out shopping so that you can get a list of items. You can bring your children with you to go shopping as long as you let them know that you are going to be sticking to the list no matter what.

If you let your children make up the list with you they will be more actively involved in the decision-making and it will be easier once you hit the stores. Don't forget to check what items you already have at home. Your child will probably want all new items, but you can let them know before you go shopping that you do not intend to purchase anything you already have in stock.

It is nice to get your child a few pieces of clothing and a new pair of shoes for back-to-school, but don't go overboard. Once school starts there will be countless sales for clothes that weren't purchased during the back-to-school rush. Do your shopping then to save some money.

Watch the fliers and make a budget

Check out which stores have the better deals before you head out shopping. There may be coupons in fliers for back-to-school items that you need to purchase. You also have to set a budget so that no matter how tempted you are to overspend, it doesn't happen.

Back to school with the older ones

The cost of most textbooks is a nightmare about to happen for college students. The costs on these books can be outrageous so it is wise to look at ways of lowering the price. Here are some helpful tips you can use to keep the price down on textbooks.

Look on the Internet : You can do some fast and effective cost comparison shopping on the Internet for your textbooks. You can look at classified ads and bookstores that sell used college books. It is the fastest way to find them used at a good price.

Find out if you can use an older edition textbook : If you don't absolutely have to have the latest textbook edition your savings can range from 50% up to 70%. You can e-mail your professor and ask whether or not you need to have the newest edition of the book. Some professors will insist that you get the newest copy while others will tell you that it is not necessary and an older edition will do.

Get a used copy from another student : Many students are anxious to get rid of their used textbooks to earn income that they can put towards their tuition for the next year. Try to hunt down former students of the class you are taking and see if they still have the book available for sale.

Look at stores that sell used books : There may be a used store that sells textbooks in your area. You can find them in your phonebook or listed on the Internet. Give them a quick call to find out if they have your book in stock and how much it is.

Both younger and older students can save a lot of money when it comes to back-to-school shopping. Setting an example of good shopping habits for these students is an important part of their education as well and will stay with them for many years to come.

*About the author: Timothy Ng lives, breathes, and sleeps personal finance. Check out his in-depth guide to 0 balance transfer 12 months credit cards where he answers everything you need to know to finding the best balance transfer credit card.

*Image Credit: istock photo

Smart Ways for College Grads to Minimize Debt

2010-07-27T20:08:00.000-07:00

(This is a guest article by Omar Adams*)

If there’s one thing that most college students are graduating with these days, it’s a mountain of debt. And even though they know this situation is bound to arise when they take out a student loan to cover their tuition costs, they don’t realize that it is compounded several times because of the way they use their credit cards and rack up other unnecessary expenses. It’s not that hard to graduate debt-free or at least with a relatively low amount of debt; the only hitch is that collegians have to plan and execute even before they start their four years on campus. If you’re a high school student hoping to minimize your debt when you graduate from college even as you enjoy most of what college has to offer, here are a few tips that are sure to help:

Choose your college with care. Remember, a prestigious name is not going to help you when you’re faced with a mountain of debt on graduation. So unless you want to spend the better part of your adult life slogging away to pay your student loans, think carefully before you make the choice. While you don’t have to go to the other extreme and choose a community college, opt for a university that’s close to home or where you have friends you can stay with. This way, you cut back on accommodation costs. If that’s not possible, choose a degree at a college that’s reasonably affordable and which doesn’t demand that you pay through your nose.

Work while you study. College is not all about fun and games, parties and sororities. You need to adopt a more serious attitude if you want to graduate without a care in the world. When you assume responsibility for your debt right from your first year by getting a job that allows you to pay for your extraneous expenses and also settle some of your student debt, you not only prevent your debt from accumulating, you also reduce the interest on the amount that’s outstanding.

Use credit cards judiciously. I’m sure every college student has been given this piece of advice; even so, it falls by the wayside more often than not. While I’m not saying you must avoid credit cards altogether, it’s best to use them wisely – charge all your expenses to them if needed, but ensure that you have enough money to cover the entire payment every month on or before the due date. The best way to avoid racking up huge credit card debts is to get a secured card, one where you’ve paid a sum in advance and which is your spending limit. Also, if you have a savings account, tie it up to your credit card and set up an automatic debit facility the day your bill is due. This way, you don’t have to worry about going overboard or racking up a huge interest because you’ve forgotten to pay your bill, and even if you don’t have money to take care of your bill, the amount you paid upfront is enough to take care of it.

*About the author: This guest post is contributed by Omar Adams, he writes on the topic of online accounting degree programs. He welcomes your comments at his email id: omaradams47@gmail.com.

*Image Credit: Photograph by upsuportsmouth [via Flickr Creative Commons]

What Every First Time Car Buyer Must Know

2010-07-09T21:36:00.000-07:00

(This is a guest article by William Eve*)

There is lots of info for first car buyers. You might think that the most important things to know before you buy a car are which ones have the best gas mileage or were voted the best in safety standards but that is only a small part of buying a car. More important then the actual vehicle is figuring out how you will pay for it. You might not have thought of it, but if this is your first new car purchase it is quite likely the largest purchase you have made to date. It might also be the first time that you put your credit file to test in hopes of getting a low interest rate and reasonable terms for your car loan.

As this is often a significant purchase in your life it is important to understand how buying a car works and what you can do to get the best deals. The first step is to get a copy of your credit file. All you need to do is contact one of the credit reporting agencies and request a copy of your file. Hopefully you will find that your file is free of blemishes and your score is good. If you have that you will be able to secure a good rate before you go car shopping. This is an important step because you can go into a car dealership pre-financed, knowing what you are able to afford and what rate your credit score entitles you. Usually you can gain this kind of approval online or by visiting your local bank.

Important Info For First Car Buyers

Settle on a price - The first step in purchasing a vehicle is to find the one you want and then settle on a price for it. Most people do not pay sticker price for a car because you can haggle with car salespeople and usually get a much lower price then the one listed on the window. Take into account when you figure out a price that you will pay a bit more because of interest and other fees, this is info for first car buyers that is often forgotten.

Negotiate on financing - Most car dealerships are able to offer financing through an affiliated bank. When you are first taken back to meet with the sales manager he will try to get you to settle for a higher interest rate then you are probably eligible. This is in the car dealerships best interest, but not in your best interest. Keep pushing to get a lower rate until he meets or is less then your pre-approval rate. Even if the car dealership offers the same rate be sure to check on the terms of the loan to make sure getting it through the dealership is the most cost effective.

Look for other ways to negotiate - Many first time car buyers do not realise that the sales price and the interest rates are not the only chances to negotiate. The sales manager will also try to get you to buy things like an extended warranty. Typically the prices for these things are also not set in stone meaning that you can also negotiate them for a lower rate. Do not be afraid to haggle with the car salesman or the sales manager, they expect it and know exactly how little they can charge for any of their products or services. Odds are the numbers are lower then you think.

By taking note of this info for first car buyers you can ensure that you get a great deal. The first step is to arm yourself with your credit rating and find out on your own what kind of interest rates you can get. Do not let the car dealership dictate your interest rates, if you do you will likely wind up spending more then you should to finance your vehicle. As always, work hard to maintain a good credit file so that the best rates and terms are available to you. If you find that your credit file contains negative marks you might even want to work on improving it before you purchase a card. Although it will put off your purchase, improving your credit score before you get a loan can save you loads of cash.

*About the author: This article was written by William Eve who is a regular personal finance writer for Home Loan Finder, a 100% free mortgage comparison and application service. Whether a first home buyer or investor, visit the Home Loan Finder website for more quality information and guides on competitive mortgage products.

*Image Credit: Photograph by cseeman [via Flickr Creative Commons]

Ah, the Financial Implications of a Dreamer Marrying an Uber-Realist...

2010-06-26T19:43:00.000-07:00

The other day after a financial discussion with the better half, I couldn't help but think (for the hundredth time), how very different we were when it comes to approaching financial decisions. I am a dreamer. A hopeless, optimistic dreamer who sometimes loses sight of reality completely. The better half on the other hand is a very conservative realist. He is so much "in touch with" reality that, the world's best pliers probably cannot pry him away to fantasy world.

Personal finance is such a personal thing. Every person has a very different level of risk tolerance and a very different approach to finances. Here is a hypothetical, highly dramatized and exaggerated story to illustrate how very different the better half and I are.

If I were in the middle of a desert, and was shown half a glass of water, after a few moments of initial anxiety, I would start dreaming of how great it would be if I could somehow find a way to fill the rest of the glass with water. Heck, while I was at it, if I could only manage to find some lemons and sugar, I could have a whole glass of lemonade. Oh, and if I could just make the whole process repeatable, I could put up a lemonade stand. And I could get so rich selling lemonade to all the thirsty people in the desert!

On the other hand, if the better half were on a river boat and shown a half glass of water, as he sipped it, he would think, hmmm... it's really hot, and the glass is already half empty. The water is going to evaporate soon and we won't have anything to drink. I read some place that the river water has too much contamination and the water may be undrinkable. How much money do I have to buy bottled water? Will my family die of thirst? Maybe I should cut this vacation short and get back to work so I can make more money and have enough to buy bottled water for my family.

We both have a very common end goal - to be comfortably well off, shield our kids from having to live with financial worries and be able to retire without being dependent on anyone for our upkeep. If we can leave something behind for the next generation, all the more better. But the way we approach it is so different.

While these completely opposite attitudes sometimes cause some friction, the fact that both of us are marching towards the same goal helps keep things in perspective. And we tend to balance out each others' over the top attitudes. If it weren't for me the better half would probably be living in a tiny apartment, with all his money stashed under the bed, and be working 23 hours a day. If it weren't for him, I would have probably been one of the statistic that lost the house because I was upside down on the mortgage and didn't have a steady job since I was too busy chasing an Internet dream.

So together we march. To two separate tunes. In the same direction, but on different sides of the road. Someday, one of my eccentric grandiose plans will make us a boat load of money. Until them, I am content to let him guide us using his sensible "get rich slowly" mantra.

Photograph by renatela [via Flickr Creative Commons]

Is Investing in Stocks a Good Option for the Youth?

2010-05-05T21:30:00.001-07:00

(This is a guest article by Sharon Smith*)

Investing in stock... sounds scary? Many of us do not have much idea about stocks at all. Especially the youngsters who are just starting out, often inquire about how to start investing. Let’s start out with simple answers to the basic questions.

What is a stock?

A stock is, mostly simply termed, the partial ownership of a company. A lot of companies issue stocks when they plan growth. They sell stocks with the purpose of not falling into the clutches of debts. As stocks are equivalent to ownership of the company, the company is not liable to pay back the stock holders.

Why should you invest in stocks?

The simple reason is, once the company earnings increase, the value of stocks increase as well. Some of the companies pay dividends to their stock holders. Every quarter, companies calculate their profit percentage. Then, they reinvest certain profit amount into the business and pay out the rest of the amount as dividends to the stock holders. For example, if you buy $10,000 worth of stocks, each costing you $10, then you are buying 1000 shares of the company. Now, if the company earns a profit of 25% in that quarter of the year, it might reinvest 20% of the profit back into the business and decide to pay the rest 5% amount as dividends to its stock holders. Thus, you are earning $50. This is a legitimate income that you are earning and it is taxed.

There are usually two kinds of stocks - common stocks and preferred stocks.

Common stock is the ownership of the company in general. The companies offer common stocks through public offerings and tenders. The only obvious risk with common stock is that the price of the stocks fluctuates often. However, the investors can only lose their initial investment in case the stock prices fall.

The preferred stock is less risky than the common stock. Thus, the returns on the investment are also less. However, preferred stocks guarantee regular dividends for a fixed time period. Should the company default on dividend payments, and declare bankruptcy, the priority is given to the preferred stock holders regarding the assets entitlement. Preferred stock generates income for the investors, while raising the capitals for the company.

Start investing now

According to a mutual fund company, T. Rowe Price associates, if you wish to accumulate $1 million by the age of 65, you should begin investing at 25. Starting from this age, if you invest around $3900 annually, by the time you are 65 years old, you will be able to earn a return of 8% per year.

Here are four very important tips that you should keep in mind while considering investments.

Investment is not a gamble. It is true that a lot of investors gain and lose huge money in pretty short time. However, you should understand that investing in small amount consistently will fetch you better result by ensuring financial security. Investing is a long term process and you need to leave your money for circulation in the financial market for at least 10 years.

Do not consider investment, if you are in debt. Credit card debt is a big barrier towards financial stability. In case of debt, consolidate the outstanding amount and pay off. Do not incur any further debt on your card. It sounds difficult, but once you do that, it would be the best financial decisions that you would ever make.

Get insurance first. Insurance is something that most young people do not give much thought to. However, that is a huge mistake. You must have proper insurance before investing your hard earned money. You may never need it, but in case you ever do, you will be glad to have it in place.

Have an emergency fund. Emergencies can happen any time and under any circumstances. The biggest benefit of having an emergency fund is it prevents you to withdraw from your retirement accounts. In some types of emergencies like fire, illness etc, waiting periods for receiving insurance benefits might take more than two weeks. If you set yourself an emergency fund, that will keep you going during such crisis periods.

Once you have considered the above points, start investing. Just remember, investing in stocks would combat the risk of living beyond your means.

*About the author: Sharon Smith is a financial writer. She is associated with the Oak View Law Group. She offers advice on various debt management programs.

*Image Credit: Photograph by wonderwebby[via Flickr Creative Commons]

6 Steps to Help Your Child Learn About Money

2010-04-24T20:13:00.000-07:00

(This is a guest article by Andrew Salmon*)

Your child is going to have a love/hate relationship with money as they grow to adulthood.

If you’d like to push that relationship to be more about the former than the latter, here are six steps for teaching your child about money:

6. Good Morning, Early Birds

The best way to provide your child with a solid understanding of money and what to do with it, it’s best if you begin early before any bad habits can creep in while your back is turned. From as early as age 3, you can begin teaching your kids about handling money.

5. Make Allowances

There’s no better way to teach a child something than with hands on experience. Providing your child with a weekly allowance gives them spending power. Let them pick out items they want and pay for them with their own money. Have them work around the house to earn the stipend. Pick their birthday as a point for an annual raise.

4. Work It Out

Working around the house is one thing, working a “real” job is something else and the sooner your child gets this experience the better. Encourage them to get a part-time job in their mid-teens so they can learn what working is all about. They’re going to spend decades doing this, so they might as well learn it early while they have a chance to make money blunders that don’t result in catastrophe.

3. Practice What You Preach

Kids learn by example and your child is no exception. They are sponges and absorb whatever they are exposed to. So, instilling good money handling habits begins with the face in your mirror. Practice what you preach. Don’t stress saving and budgeting while displaying some extravagant purchase to the entire household. This will undermine the lessons you are trying to impart. Stick to you own budget, pay your bills on time. Economics Class is always in session.

2. Hold Your Hand Out

Take your child along with you when you stop off at Good Will or the Salvation Army to drop of your unwanted clothes, toys or gadgets. Stress how important this action is for people who can’t buy these things for themselves. Not only will they learn the importance of giving, but explaining the plight of the poor and needy will give your child a solid understanding that no one wants to be poor, that it is a state to be avoided and that through good money management, they can avoid poverty.

1. The Future Is Now

Money tends to burn holes in the Kids’ pockets. But one can at least make an attempt to teach one’s child to squirrel away into a savings account some small portion of their income whether it be from an allowance or a first job. Not only does this exercise stress how important it is to save, but it can also provide them with a nice start up nest egg for when they fly the coop.

*About the author: This is a guest post contributed by Debt Management. It was written by Vancouver based author and freelance writer Andrew Salmon.

*Image Credit: Photograph by kellyv [via Flickr Creative Commons]

Are Prepaid Cards the Right Option for You?

2010-04-13T19:53:00.000-07:00

(This is a guest article by David Pratt*)

Recent college graduates and students still in school will now find it much harder to get their first credit card under new Federal credit card rules that went into effect in March. The Credit Card Accountability, Responsibility, and Disclosure Act is meant to protect consumers from unfair credit card billing practices. The law includes rules to help protect people under 21 from going into deep credit card debt at the start of their work career.

The good news is that for many young people, a reloadable prepaid card is a safe and convenient alternative to using a credit card, cash or checks for making purchases and paying bills. Prepaid cards are widely available online or at retailers such as drug stores and grocery stores.

"Increasingly, prepaid cards serve as a powerful tool to encourage financial responsibility for college students," said Kirsten Trusko, President and Executive Director of the Network Branded Prepaid Card Association (NBPCA), a non-profit trade association. "Prepaid cards provide all the flexibility and security benefits of a branded payment card without the risk of running up debt and overdraft charges."

Harder to Get a Credit Card

Under the new rules, people under the age of 21 now have to prove that their income is high enough to make monthly credit card payments. Or, they need a co-signer, such as a parent. What’s more, if you are under 21 and have a co-signer on your account, you will need the written permission of that co-signer to let the bank to raise your credit limit.

In addition, card companies are no longer allowed to market on college campuses. The days of handing out t-shirts, sodas, and posters on the quad in exchange for obtaining filled out credit card applications from students are over.

It’s still possible to get a credit card without a co-signer if you are under 21, but you will have to have a high enough paying job as well as something of a credit history already—through bill payments or a track record of paying a card loan—certainly possible, but out of bounds for plenty of grads, at least in the initial time after graduation.

How Prepaid Cards work

Provided you are 18 and can pass a simple identity check required under the U.S. Patriot Act (which means providing your name, address, birth date, and social security number) it is easy to get a prepaid card. A prepaid card is plastic card that looks like a credit card or checking account debit card. It is issued by a bank and has an account number embossed on the front and embedded in a magnetic strip on the back. It typically is tied to either the MasterCard or Visa debit network. These cards are widely accepted by hundreds of thousands of merchants nationwide and around the globe for transactions such as buying groceries, clothes, gasoline, and eating at restaurants. They can be used in person or online with a signature transaction or by using a PIN number.

But instead of making purchases on credit, you "prepay" for those purchases by putting your own money into the card account ahead of time. Thus, you are drawing upon your own funds rather than borrowing money or paying interest charges. You can add money at a Western Union agent by handing cash to the agent who then for a small fee, deposits that cash into your card’s account. Similarly, you can buy a Green Dot Money Pak for $4.95 and transfer the money from the Green Dot Money Pak into your card account. You can also take advantage of direct deposit to have all or part of your payroll check deposited directly to your prepaid card account. In this way, you can reload your card with funds and continue to use it indefinitely.

When shopping for a prepaid card program, check that your funds are insured under the FDIC program. Under MasterCard and Visa policies you should be protected if your card is lost our stolen. If reported within 48 hours your liability will be limited to $50 under those policies and capped at $500 if you somehow failed to report the lost or stolen card as late as 60 days out. But if you waited longer than that, you could be out whatever amount you had on the card.

Advantage for Budgeting

Prepaid cards do have some fees, which vary from card to card. These typically include an activation fee, a monthly account fee, and per transaction fee. Still, compared to alternatives such as check cashing fees, overdraft fees, and interest payments, prepaid cards can prove cost effective for many people.

A prepaid card can help you track your spending and live within a budget. Like paying for things with cash, you have to have enough money on your card to cover your purchases. You can check your balance and review your transaction history online, via ATM machines, by calling a customer service number, or even through mobile text messaging, with most prepaid card programs.

In today’s economy, more people are limiting their use of credit cards and just getting one credit card with lower credit limits, or favoring debit cards—either check cards or prepaid cards.

*About the author: This guest post is contributed by David Pratt, marketing director for MiCash.net who writes on the topic of prepaid debit cards. You can reach David at dpratt (at) micashcard . com.

*Image Credit: Photograph by jepoirrier [via Flickr Creative Commons]

How to Stop Collection Agency Calls

2010-03-10T21:39:00.000-08:00

(This is a guest article by Garrett Driscoll*)

Debt collectors can be very difficult to deal with. They get paid based on their ability to collect a debt, so they have a pretty big incentive to get the money owed. Creditors (like credit card companies, mortgage holders, etc) outsource these debt collections to collection agencies. These agencies get paid based on what they collect, so they are determined to get that fee. I've recently read that in one instance a collector called a debtor at work 80 times in 1 day. Sometimes a collector's efforts to collect a debt can turn into harassment. This is why you need to know your legal rights.

Fortunately, there are government protections against harassment from any type of debt collector, lawyer, or collection agency. A law called the Fair Debt Collection Practices Act was created to stop unwanted disturbances from collectors. The FDCPA covers personal, family, and household debts like credit card, medical, and mortgage debt. There are certain rules that these collection agencies need to abide by or they are in breach of the law. If they break these laws you can even seek punitive damages against them.

These rules are:

They can only contact you between 8 A.M and 9 P.M. local time.

They aren't allow to contact you at a time that is inconvenient to you.(such as at work)

Threaten to contact people about your debts, such as your boss or neighbors.

They cannot misrepresent themselves to be a government agent or employee or a credit bureau.

They may also not collect any type of fee or interest on top of the debt that you owe.

The easiest way to get a collector to stop calling you is to send them a letter stating you would like them to cease communication with you. This is called a "cease and desist" letter. After you send them this letter they are allowed to contact you only if: the collection efforts are stopping, or that the collector is going to take certain actions (like proceed with a lawsuit). If they contact you further they are violating the FDCPA. You can even take legal active if these violations are significant.

Make sure and send your cease and desist letter certified mail. This way you can prove that the collector received the letter. This will be important in the future in case you are still receiving harassing phone calls. You definitely should start a file and record the date and times of your communications with the collector. Be sure and photocopy all letters and correspondence with the agency, especially any calls or letter that sound threatening or abusive. Its important to keep a paper trail if you need to prove your case in the future.

If you feel that a collection agency has violated any laws you can report them to the FTC, you local attorney general, or even take them to court. You can sue the collector for up to $1000 in damages if you can prove their harassment led to lost wages or medical expenses. But remember if a collector breaks the law in trying to collect the debt, it still doesn't stop you from owing it.

One more way that you can completely stop collection agencies, is to declare bankruptcy. It is not the recommended method, because it will severely damage your credit score for 7 years, but it will stop all current collection efforts.

When you start chapter 7 or chapter 13 bankruptcy a process called automatic stay starts. Automatic stay will stop all creditors, lawsuits, and the foreclosure process for a period of time. This stay in effect until a judge lifts the stay, the debtor get a discharge, or the debtor no longer owns the property do to bankruptcy.

For obvious reasons you would want to avoid bankruptcy in most cases, but it is available as an option of last resort. If you are in way over your head and negotiating, settling, or managing your debt isn't an option, then you might consider bankruptcy. Otherwise, set up a monthly budget for yourself and work with your creditors. You might be surprised how much they might be able to negotiate with you if you come at them with a plan of action to get your debts paid off.

*About the author: This is a guest post by Garrett from Debt Eagle. Visit debt eagle if you need credit card debt relief. He discusses the differences between debt consolidation, debt settlement and credit counseling.

*Image Credit: Photograph by alancleaver_2000 [via Flickr Creative Commons]

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What Everybody Ought to Know About Bankruptcy

2010-02-23T20:36:00.000-08:00

(This is a guest article by Dorothy Anderson*)

Recession has affected a lot of us in disastrous ways. Businesses big and small have gone bankrupt all around the world. Being in debt itself creates a lot of pressure on human minds. To top it, if you are in knee deep debt, you may feel perplexed about the various options available for the repayment of your debt. Many people do not give this problem much of a thought. Instead, they file for bankruptcy, thinking it to be the easiest and safest way out of debt. However, bankruptcy is not a viable option. It should rather be the last resort that you choose.

Bankruptcy is lawful declaration of incapability of an individual to pay his creditors at a given time interval. In case of a personal bankruptcy, you need to surrender your non-exempt property to a court appointed trustee, who liquidates the property and distributes the money to your creditors.

Basically, there are six types of bankruptcy in total; however, the two key ones are as follows:

Straight bankruptcy or chapter 7 bankruptcy- In this type of bankruptcy, you can have all your debt cleared, after your assets are liquefied and used to repay your debts. Just remember, that you should not conceal any records related to your present financial condition. You will not be granted any discharge, in case you do so. Relief, in such cases of bankruptcy is available only once in every eight year period.

In case you wish to enroll yourself to a wage earner’s plan, also known as reorganization bankruptcy or chapter 13 bankruptcy, this can clear you most of your debt. Once you file for the petition of the plan, you are protected from lawsuits and all other legal actions that creditors could have taken against you. The plan allows you to pay off your debt from your future earnings, while you are under the protection of the court. Your debt is paid according to a debt management plan set up in cooperation with your lawyer. You pay a fixed amount of money each day to a court appointed trustee. The trustee then distributes it to your creditors. The repayment plan is usually of three to five years. The creditors may object to the payment amounts, however, the judge has the final say.

In case, you have a secured debt, like a car loan, that you want to continue paying, then, reorganization bankruptcy is a better option as, chapter 7 bankruptcy requires you to liquefy assets.

According to the US Bankruptcy code, if you have more than $922975 in secured debt and $307675 in unsecured debt, you are not eligible to file reorganization bankruptcy.

In both the above cases of bankruptcy, you need to receive credit counseling from an approved firm, before filing the petition. Personal bankruptcy laws are complex to deal with. Therefore, make sure that you seek advice from an attorney before filing the petition.

So, what are the ways that you can choose to avoid bankruptcy altogether?
Check out the below-mentioned alternatives that you can choose from:

Debt consolidation program - This kind of programs help you to make your monthly bill payments at reduced interest rates. Here, you can consolidate all your debt into one easy monthly payment. Moreover, late fees and all other charges are eliminated. This also has a positive effect on your credit ratings. However, there are various effects of consolidating debt.

Debt settlement - When you cannot manage even minimum payments on your debt, debt settlement can be an option for you. In this kind of program, the creditors reduce your debt amounts by 40-60%. All you need to do is, negotiate with the creditors. You can obtain help from professional debt settlement firms.

Debt management - If you choose to opt for debt management, you need to visit a credit counseling agency. They will offer you a plan to repay your loans. They would help you to get reduced rates of interest on your debt. Furthermore, any interest charges incurred due to late payments would also be waived off.

Also, before filing for bankruptcy, check out the cons of filing for a bankruptcy petition:

Filing for bankruptcy will ruin your credit listing - A declaration of bankruptcy will remain on your credit score from six to ten years. This will make it difficult for you to get new loan approvals. Hence, it is always better to pay off your debt rather than go for bankruptcy filing.

You may be rendered homeless - Unless, you qualify for state or federal exemptions, and you may lose your car / home. This is because, if you are filing for a chapter 7 bankruptcy, your assets are sold off to repay your dues.

You cannot get rid of all your debt - Filing for bankruptcy will not get you exempted from all your debt. There are taxes, student loans etc which you have to pay.

Bankruptcy may influence your security clearance status, thereby affecting your financial situation.

Not all retirement plans are protected - According to the bankruptcy laws, 401k retirement plans are protected. However, any amount above $1 million is used to pay off your debt.

So, before considering bankruptcy, see whether, it is right for you. Think about the below mentioned points:

Try negotiating with your creditors - Creditors are human too. They would rather settle a debt instead of having it discharged in bankruptcy.

Get yourself credit counselor - Credit counselors can help you bargain at lower interest rates and monthly payments. Explore the option as an alternative to bankruptcy, since under the bankruptcy law, you will have to get credit counseling advice, before filing for bankruptcy.

According to the American Banking Institute, if your creditors have garnished your wages, filing for bankruptcy will stop it.

Your medical bills too, can be discharged completely, if you file for bankruptcy.

Everyone deserves legal help. Contact a consumer law attorney to discuss about your bankruptcy options. Only, he will be able to review the facts and give you the correct advice.

Ultimately, you can work your way out of bankruptcy, only by changing your spending habits.

*About the author: This is a guest post by Dorothy Anderson. She offers advice to consolidate debts. Dealing with debts is all about choosing the right option.

*Image Credit: Photograph by blehk [via Flickr Creative Commons]

5 Ways To Avoid Getting Stuck In The Credit Card Debt Trap

2010-02-16T21:24:00.000-08:00

(This is a guest article by Kris Bickell*)

If you've ever used a credit card, you know how easy it is for the balance to grow REALLY big, REALLY fast. And like a ball rolling down a hill, once it starts rolling ... well, once it starts rolling it's a lot easier to wait until it stops rather than chasing it down the hill.

So, think of credit cards like the ball.

And hold onto them tightly. Because once you start building debt, it's a lot like the rolling ball.

I know, that's much easier said than done. For most people, by the time you figure out you've got a debt problem, you've got a HUGE debt problem!

Trust me, huge debt problems don't go away quickly. Or easily. So do yourself a really big favor. And don't get stuck in the "debt trap" in the first place. One of my friends used to say "Money doesn't come with instructions". Which is so true. And even more true with credit cards. You get all the fine print about terms, rights, penalties, privacy policies. But nothing that tells you "don't charge more than you can pay off when the bill comes!"

I got my first credit card when I was in college. Imagine that!

I had no income. No credit. And no idea how to use it.

Yet American Express thought it was a good idea to give me a card anyway. Why? So they could make money off me, of course. Fortunately, American Express cards must be paid off each month. But the cycle of debt was started when I was only 20.

I remember my friends went on a day trip to Atlantic City and called me to tell me how much they missed me, because there were machines that took credit cards and gave you cash (of course, they didn't really miss me - they just wanted my fancy new AMEX card to use to get cash!)

The moral of the story is that the whole business of credit cards is nothing more than a money machine - for the banks!

So here are those instructions mom and dad never gave you. And American Express never gave you (or CitiBank or Chase or Capitol One, etc.) Here are 5 ways to avoid getting stuck in the credit card debt trap:

1) Don't fall for the lure of rewards cards (unless you can pay off the debt every month):

Rewards cards sound great. And if you can pay off the balances, they are. But if not, you'll probably end up paying a LOT more in interest than you gain in store discounts, frequent flyer miles, or other rewards.

2) Don't keep transferring balance & getting more cards:

Sure, credit card "surfing" is very common - constantly shifting your debt to low interest promotional offers. But in the long run, it's easy just to dig yourself a deeper hole, as you keep getting more and more credit. Want to use this as a temporary "quick fix"? OK. But as a long term strategy, this is like throwing the ball down the hill.

3) If you have more than one card, hide it:

It is tempting to use a retail card to save an extra 5% or 10% on purchases. Or use the new fancy looking card you just got in the mail. Or use the one with the lowest interest rate. And if you can pay it off when the bill comes, OK - then feel free to use them. But if you do fall victim to the temptation often enough, before you know it your credit card ball will start rolling down the hill!

4) Take yourself off the offers list:

The best way to keep yourself from getting caught up in the credit card trap is to keep yourself from getting all the tempting offers in the first place. So go to www.optoutprescreen.com and www.dmachoice.org to get your name off the most common mailing lists!

5) Don't use your credit cards as a spending account:

Make sure to set up a savings account to use for emergencies. Then, when you need some immediate cash, you can use this money instead of a credit card.

So there you have it. Sounds so simple, doesn't it? Sure, it takes some discipline. And many of your friends and family won't understand why you don't rely on credit cards to pay for everything. But if you follow them, these five steps will keep you out of the credit card debt trap!

*About the author: This is a guest article by Kris Bickell. If you would like to learn more about avoiding the credit card debt trap, visit www.Debt-Tips.com. You'll learn how the author, Kris Bickell, paid off all of his credit card debt and the various debt relief options you can use to improve your financial problems.

*Image Credit: Photograph by Leonid V. Kruzhkov [via Flickr Creative Commons]

5 Tips You Can Use to Start Saving Money Today

2010-02-09T23:51:00.000-08:00

(This is a guest article by Raine Parker*)

By now, no one needs to be told that the national economy has seen better days. Although there are signs that the recession might be bottoming out, it's too soon to tell. But the slowdown in the market has been a reminder that saving a few bucks here and there is a good idea, and there are great ways to save money even when the economy starts to pick back up. With that in mind, here are five simple ways to pinch pennies and make sure you're prepared for a rainy day:

Take your lunch to work.

Make a monthly budget.

Pay yourself first.

Don't use credit cards.

Set small rewards.

These are just a few ways to save money, but they'll get you started on the path to short-term and long-term savings.

*About the author: This guest post is contributed by Raine Parker, who writes on the topics of online accounting degree. She welcomes your comments at her email Id: raine . parker6 @ gmail . com

*Image Credit: Photograph by happyhaggis [via Flickr Creative Commons]

The Secret to Finding a Part-time Job in Tough Economic Times

2010-02-03T08:47:00.000-08:00

(This is a guest article by Caroline Fraissinet*)

Part-time jobs are sometimes necessary for students to earn enough money to pay for their education. In these economic times, it can be difficult to find part-time jobs. However, that does not mean that all hope is lost. There are some great resources and places to start which students (or anyone, for that matter) can use to search and apply for jobs. Here is a list of a few general tips and sources for finding a part-time job:

Take A Walk Around Town – stores or local businesses sometimes have “Help Wanted” signs on their windows. Many times, people may overlook them, so keep an eye out for them. Take a walk around your neighborhood and see if there’s any in a nearby location. This is more of a hit-or-miss option, as “Help Wanted” signs in the window are more characteristic of a smaller town or community. However, it’s a good starting point because most of the time, you can just walk right in and get a feel for what you might be doing as well as whom you might be working with right away. So take a little stroll around the block – who knows what kind of opportunities you might find?

On-Campus Job/Work-Study – college campuses have many services for students. Naturally, that means that a lot of assistance is needed for many of the great places open for the student body. Get in touch with specific locations on campus and see if they have any job openings. Some of the best places to look are the library and any food service locations. Colleges will also frequently post job openings in specific places to students on the university website. If you like meeting new people and being an on-campus leader, residence assisting might be a good option for you. RAs usually get room and board free for supervising specific floors in dorms, and sometimes get a stipend in addition to that for activities. Also, colleges may offer the opportunity for work-study if you qualify. These are more or less the same jobs, but the money that you make goes directly towards your tuition. Sometimes to get enough money to pay for your education, you need look no further than your college or university.

Surf The Web – there are countless websites that employers post job openings regularly. Craigslist.org is one of the best places to look for local job opportunities. They have many different subcategories of jobs to search, and also feature a separate section just for part-time jobs. Also be sure to check the “Gigs” section if you’re in a field that would apply (writing, film, ect.) or for miscellaneous jobs that can earn you a few quick bucks. Craigslist also posts many paid research studies, which could be a good way to make some quick cash if you qualify as well. Other places to look include Monster.com, SimplyHired.com and CareerBuilder.com. Keep in mind that internships may or may not be paid, but could also be a good opportunity for students to gain experience and make contacts for later on. Search the web for jobs; it’s one of the easiest ways to discover new job openings.

Talk To Friends – sometimes getting a job isn’t about what you know, but who you know. Try asking friends and family about places that they work or worked in the past. They may have some connections or contacts that you can get in touch with for some work. Another possibility is that if you have a friend currently working at a place, they might know about upcoming openings and be able to put in a good word for you. You can also get an insider’s perspective on different places and find out if the employer is someone that you actually want to work for. When job searching, never forget about your friends and family – someone you’re close to could make a huge difference to your finances as well as your social life!

Rough economic times don’t have to signal unequivocal doom to job searchers. There are many different ways to look for part-time jobs for students. By using any or all of these resources, you might be able to find a job that not only pays the bills, but that you might actually enjoy, too. Don’t get discouraged looking for jobs; if you utilize these strategies and are consistent about looking for employment, you should be able to find a great job that can help you to finance your studies.

*About the author: This is a guest post by Caroline Fraissinet, a student at Drexel University in Philadelphia, PA, majoring in Film/Video with a minor in TV Production. More articles by Caroline can be found here.

*Image Credit: Photograph by boogah [via Flickr Creative Commons]

This article was included in the Carnival of Personal Finance #243. Thanks, JD!

Apply for Scholarships, Not Loans!

2010-01-27T21:00:00.000-08:00

(This is a guest article by Caroline Fraissinet*)

Let's face it... most college students are always a little short on cash. That means that the opportunity to get a little money is always welcome and very much appreciated. One of the best ways to get some money to finance your education is through scholarships: it not only serves the purpose of paying for all the necessary expenses and allowing you to finance more ambitious goals and projects, but it’s also a great thing to put down on resumes because it shows that the student is hard-working and skilled in a particular field. It doesn't hurt either that scholarships don't have to be paid back, making them a far better option that taking out an education loan! Here are a few types of scholarship opportunities available to college students to consider:

University scholarships – most colleges offer specific scholarships available to students if they achieve a certain criteria. Alumni sometimes put aside funds to recognize students that possess a certain skill set or character trait that they themselves may particularly value. Check your college’s resource center for in-school scholarships. They typically have a GPA requirement, and may include a requirement to participate in a certain club or activity, demonstration of a particular quality or skill. Some scholarships may also require an interview, and most require paperwork. Specific majors and departments may also have scholarships and grants available to students majoring in specific fields. University scholarships are typically one of the easiest to access, but competitiveness may depend on the criteria and pool of students.

Local/city or town-based scholarships – individual towns and cities usually offer scholarships, but they are usually not very well advertised. This can work in a student’s favor, because if less people know about them, less people are likely to apply. They are usually broader in criteria than university-based scholarships and are typically smaller in amount. The problem with city-based scholarships is that winning them may be more based on who you know rather than what you possess, and they can be more or less competitive depending on the size of the city. However, they can be extremely rewarding and are definitely worth considering in your search for scholarships.

State-based scholarships – as you might be able to tell already, for every sub-category of living, there’s usually a scholarship for it. State-based scholarships can work twofold for college students; if you go to a school that is in a different state than you reside, you might be able to apply for both. The criteria is usually similar to city-based scholarships, but may be a little broader. You might be able to find information on broader state-based scholarships while you look for city-based ones. Due to the fact that the pool has been opened up to a larger pool of people and they are typically advertised a bit more, they may be more competitive; however, they are still exclusive enough that they may not be extremely competitive.

National scholarships – these are typically the most rewarding, but also the hardest to get. They can range in specificity from having a rare quality or skill to simply being a good leader. They are extremely competitive and usually require a lot more work to be considered for. This is when an updated high school resume really comes in handy; it’s typically the same process for applying for the same types of scholarships in high school, except that you are in a different age range and may be expected to offer different skills or criteria. They are usually very well advertised and very generous. Many nationally successful companies offer them, such as Coca-Cola, Pepsi and McDonald’s. This is one way to go about searching for them; simply go to any large company’s website, and chances are, you’ll find information about a scholarship they offer. Good resources to find other scholarships are FastWeb.com, Scholarships.com and CollegeScholarships.org. (When searching for scholarships online, however, make sure that you are using a FREE website; those that ask you to pay to access scholarships are, 99.9% of the time, scams.)

Scholarships are a great way to get money to finance your education. They range from a few hundred to several thousand dollars, which can help to achieve all of your educational goals and help keep debt at bay. When looking for scholarships, work from more specific to more general to get the perfect fit for your needs and eligibility. Scholarships look great to future employers and show that you take initiative and aim to excel in a particular field or skill set. And of course, your future self will thank you for not having to worry about paying off the loans. When it comes to ways to gain a little extra cash in college, scholarships are one of the best directions to look.

*About the author: This is a guest post by Caroline Fraissinet, a student at Drexel University in Philadelphia, PA, majoring in Film/Video with a minor in TV Production. More articles by Caroline can be found here.

*Image Credit: Photograph by acycakes [via Flickr Creative Commons]

Four Simple Tips for Saving Money in College

2010-01-20T19:28:00.000-08:00

(This is a guest article by Caroline Fraissinet*)

An education is one of the best investments that you can make…but that investment can mean that a little extra cash might come in handy while you’re earning your degree. However, there are a few small things that you can do to spend the money that you do have more effectively. Here are four quick and easy ways to save money:

Cook! – Pizza and take-out may be quick, convenient and relatively cheap, but it can add up over time. Generally, buying ingredients to make your own meals is much more cost-effective (and usually tastier, too!) For example, instead of buying pre-made pasta sauces, it may be cheaper to buy all of the ingredients and make a larger batch of sauce yourself. Cooking your own meals can also be creative, social and even relaxing. Keeping the times that you choose to order food down can help to save a few dollars here and there.
Break Those Bills – A simple way to accumulate a little more cash without even thinking about it is to break bills whenever possible. Always pay for things with bills and put the change aside. Try not to use the change unless absolutely necessary. Let it build up in a jar or piggy bank. When it’s full (which may take very little time), take everything to the bank to get it changed into cash. You’d be surprised at how much money you can collect over time.
Don’t Pay Full Price – With a little bit of searching, you might find that almost anything you want can be purchased for a lower price than you might expect. For most items available, there’s usually always a coupon or discount for it somewhere. It may seem insignificant to clip that 40-cents-off coupon, but if you clip enough, you may save a good chunk of change. But don’t let your deal-searching stop at what you find in the paper. Many restaurants offer great deals if you sign up for their mailing list. For example, Buca di Beppo frequently sends out $10 off a $20 purchase for both dine-in and take-out options to people who sign up for their e-mail list. College towns and cities also often offer programs that give discounts for students at local shops, such as Campus Philly in Philadelphia. For online shopping, you can often search around and find some great promotional codes that could take off a few bucks or even get you free shipping (check sites such as retailmenot and shopping-bargains by entering the name of the online retailer you want to get something from). In short, always research whether or not there’s a discount somewhere before making a purchase. A simple web search may save you a good deal of money.
Take Surveys – One of the easiest ways to make some quick cash is to participate in surveys. In bigger cities, there are often research studies going on that will pay qualified participants a certain amount of money for voicing their opinion on something. College campuses sometimes offer paying research studies as well. There are also many websites that offer online surveys with cash or gift card payouts. SendEarnings.com has many different ways in which members can earn money, from taking surveys to buying things online for credit to even simply reading e-mails that they send out. PollingPoint.com, EPollSurveys.com and ESurvey.com offer cash payouts, but also other types of rewards such as gift cards to a good number of locations as well as high-quality electronics. Other survey sites, such as SurveyU.com, gear their surveys more towards students, which can mean that qualification for particular studies might be easier. The one issue with earning money through surveys is that it can take a long time for your money to actually get to you if you’re requesting a check; fortunately, more and more survey sites are offering PayPal payment as an option, which sometimes makes the process of getting paid a lot quicker. Who knew simply expressing your opinion could have such a payoff?

All of these small actions can help to save you a few much-needed dollars in college and beyond. Saving money sometimes does not take much more than thinking about where your money is going and being resourceful about spending, but it can have a huge payoff. Following these four simple tips may help you to keep some cash in your wallet without costing you too much time and effort.

*About the author: This is a guest post by Caroline Fraissinet, a student at Drexel University in Philadelphia, PA, majoring in Film/Video with a minor in TV Production. More articles by Caroline can be found here.

*Image Credit: Photograph by seychelles88 [via Flickr Creative Commons]

How Higher Education Can Make A Difference

2010-01-16T20:59:00.000-08:00

(This is a guest article by Mary Acheson*)

There are a number of reasons why higher education plays a vital role in furthering your career; no matter what profession you plan to pursue. Some careers and career advancement opportunities will be limited - and sometimes eliminated - by not having sufficient post-secondary schooling. Even in careers that don’t require specific post-secondary education, having more qualifications and knowledge will give you a step up on your competition.

Screening applicants

Employers screen new job applicants all the time. They are constantly looking for candidates that have the knowledge and skills that they need to perform the functions of the job they are hiring. No news there. However, many employers are also looking to the future when they’re hiring new employees and job seekers sometimes forget about this.

One thing most employers know is that keeping great employees in the long term will determine the future success or failure of their company. One way that they can tell that you are serious about a particular position in their company is by showing them that you have spent significant amounts of time (and money) studying in that field. Higher education shows commitment and employers like that.

To recap – post-secondary education demonstrates to your employers the following:

You have formal training and have therefore gained the necessary entry-level skills to complete the tasks of your new job.

You are committed to a long-term career in your chosen field. An employer will have confidence because you have shown commitment to your education in this field.

These are just two reasons why higher education can be an important deciding factor during the hiring process.

Higher education = higher income

A huge advantage of higher education is that it will benefit you financially. Many employers use your level of education to determine the salary that you will receive when you are hired. At lots of companies, promotions, and pay raises are also tied to the completion of courses and programs specifically designed for career advancement. So even if you are able to get an entry-level position at a company, without a post secondary education it will be difficult to move up or make more money.

Statistics show that people with higher education make as much as $200,000 more over a lifetime than those with lesser education.

A qualification of higher education is necessary in many careers including dentistry, medicine, engineering, and architecture. Other professions such as law or speech therapy will require you to have a postgraduate qualification before you can practice.

College and university graduates are also more likely to have access to better healthcare and dental benefits that come with more established careers.

Life experience

Another thing that people often forget is that college or university allows you to experience a rich social and cultural scene, and meet all kinds of different people while pursuing a field you love.

It will also allow you to see different places, and for many people it is their first chance to live on your own.

Options

Monster.com and other job sites have thousands of different job postings every day. Most of these jobs require you to have some form of post-secondary education and without that education you have less options when it comes to finding a great career.

Studying also allows you to improve your reading, writing, and math skills that will help you with all aspects of your life. Improving these basic skills can help you do the following:

Plan your money better

Get a better job

Give you new confidence in your working life

It also allows you to study in a field that interests you and to follow an area of study that you are passionate about. Pursuing things that you are passionate about and gaining confidence with an education will help you lead a healthy and fulfilling life.

*About the author: This is a guest post from education writer Mary Acheson. Mary works for a number of websites on education and insurance including LifeInsuranceCanada.org, a Canadian life insurance website.

*Image Credit: Photograph by lumaxart [via Flickr Creative Commons]

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Looking for more information on higher education? Then check out all the online education info you need at MyDegreeOnline.com.

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Selective Amnesia: 5 Things to Consider Before You Buy a New Home

2010-01-11T19:51:00.000-08:00

(This is a guest article by Donald Farber*)

The picture is so vivid in your mind you might as well be watching it on glorious high definition television. Stretched out on your private deck soaking in a beautiful sunset while sipping wine with your loved one thinking how lucky you were to find this gem. In fact, you’re so wrapped up in your daydream you just nod politely when the realtor tells you that the reason for the low price is the high-rise slated for development across the street. It’s selective amnesia and it’s more common for homeowners than you might expect.

"You simply can’t persuade some people even if you know their decision isn’t in their best interest; it really just boils down to emotions," says 20 year veteran realtor Tony Swanson. "It’s usually not price, or size of style but usually something more personal."

For instance, he says, a recently divorced father of two who wanted a place that would be great for his kids decided to move them into the city where he grew up. "It was because he wanted the best for his kids that he moved back to his old neighborhood."

Unfortunately in the 30 years since he had lived there, things had went downhill in that area. "You can’t blame him because he was seeing everything through a veil of his happy childhood". It was two months later before he realized what a poor decision it had been and something Swanson says was avoidable.

So how do you let cooler heads prevail and balance those emotions with reason? Here are 5 tips that can help you see a potential home in a more complete light.

Talk to the neighbors. This is such a fundamental one, but oftentimes people neglect it. Sure it’s friendly, but it can also let you know if you’ll be buying a house amongst a sea of college aged renters. Find out if they have an association or newsletters. These are usually a good indicator that the community you are moving into also cares about it. This makes them more likely to look out for your home or kids, which can be great for your peace of mind.

Get a Home Inspection. This is incredibly important as it can save you substantial headaches down the line. Ask for referrals from your friends or from an independent agency. The important thing is to find out if the home inspector offers any guarantees or liability if they miss anything. Be careful about taking the realtor’s recommendation. Chances are that 99% of the time they will refer you to a legitimate inspector but always remember there may be a conflict of interest. Being aware of the financial consequences of having your inspector miss something crucial is reason enough to find your own inspector.

Obtain any records about renovations done on the house. A qualified inspection can only tell you so much. Be on the lookout for anything that raises alarm bells when it comes to the quality of materials used in any improvements. Being a detective means scouring any receipts for clues. Finding out the water heater was replaced two years ago despite the house only being 4 years old is a great example. Seemingly innocuous clues such as these could mean a flooded basement, which means you will want to be extra sure no mold is lurking in the drywall. Don’t be afraid to quiz the current homeowner. It’s not an interrogation, but can help you learn about other unique features of the home.

Think big picture when it comes to the add-ons. Sure a hot tub seems like a great idea, but what about the upkeep of chemicals and maintenance. The same thing can be said about the pool, or large beautiful yard and garden. Being realistic can save you significant time and money in the future. If gardening is your passion or you can afford the landscaper then by all means - but, often potential buyers seem swayed by the bells and whistles only to realize their annual hot tub dip is costing them $400 dollars on electricity and chemicals.

Don’t forget the house is in a community. Exploring the surrounding area can be a deal breaker on a great house. Finding out your house is a couple blocks from a fire station or hospital means the chances of 3AM siren wake up calls all the more likely. Expect similar problems with nearby airports, railroad track or even agriculture areas. Having the constant smell of manure may put a damper on your summer backyard BBQ. On the flip side, a less than perfect home may become more appealing when you realize how close it is to the elementary school, local park, or shopping centre. It might also save you a lot of money. The important thing is to do your research before you buy and make sure you’ve made the right choice.

*About the author: This guest post was contributed by Donald Farber, who writes extensively about first time home buyers and life insurance for LifeCover.ca

*Image Credit: Photograph by mamamusings [via Flickr Creative Commons]

Budget for Education in 5 Steps

2009-12-18T12:05:00.000-08:00

(This is a guest article by Courtney Stewart*)

If you are thinking about going back to school but are put off by the cost of higher education, don’t let that deter you. Here is a step by step guide to reworking your budget to help you afford that degree. Education can be expensive, but it is a worthwhile investment!

Assess your income and spending habits

Determine the cost of your education

Find ways to cut back on expenses

Start saving

Apply for scholarships/student loans

It seems like a lot of work, but you’ll find that making room in your budget for education is the best investment you can make in terms of future earning potential, personal growth, and career success. Good luck!

*About the author: This guest post was contributed by Courtney Stewart, who writes extensively about online colleges and universities for EarnMyDegree.com.

*Image Credit: Photograph by Linda (Pane, amore e creatività) [via Flickr Creative Commons]

10 Ways to Manage Debt and Avoid Bankruptcy

2009-12-12T21:02:00.000-08:00

(This is a guest article by Karen Schweitzer*)

Bankruptcy filings are climbing and are expected to total 1.5 million before the end of the year. If the economic crisis has you considering bankruptcy as well, there are several things you can do now to manage your debt and avoid being forced into filing bankruptcy like so many others.

Adopt a barebones budget. If you haven't done so already, you need to trim all of the fat from your budget. This includes, but is not limited to, cable TV, satellite services, cell phone or landline accounts, cigarettes, morning coffees, hobbies that cost money, and expensive nights out. If you don’t need it to survive, you don’t need it right now.

Sell assets. It can be painful to part with your prized possessions, but it is one of the quickest ways to raise money when you are in deep financial trouble. If you have a major asset, such as a house or car, that isn't secured by a loan, it has to go. Small assets can also be sold via eBay, classifieds, and other marketplaces. Take all of the money you make and apply it toward your debt.

Ask about hardship programs. Credit card companies, banks, and other creditors often have hardship programs for people who are having difficulty paying their bills. These programs offer lower interest rates, payment deferments, or reduced payments. Your creditors may or may not offer such a program, but you will never know unless you ask.

Work with your creditors. If you work closely with your creditors, you may be able to negotiate a non-bankruptcy workout agreement. This agreement will accomplish the same thing as a Chapter 13 filing, but you won't have to file bankruptcy and destroy your credit in the process.

Refinance. If you have student loans, car loans, or a mortgage loan, you may want to consider refinancing. A refinance may not cost you anything (unless it is a mortgage loan) and could significantly lower your payments if you are currently paying a high interest rate.

Request write-offs. This doesn't always work, but it is worth exploring. If you have old debts, you can contact the creditor or collection agency that holds the debt and ask if they can provide written proof that the debt exists. If they cannot, you can ask to have the debt written off entirely.

Settle your debts. Settling debt isn’t always the best financial avenue. However, it is definitely worth considering if you are on the verge of bankruptcy. If you have old debts (debts that have been sent to a collection agency or charged off), you should contact the company that holds it and ask to settle for a lesser amount. If you have a lump sum of money to give them, they may be willing to write off as much as 50 to 60 percent of your debt.

Seek help from a government agency. If you are in a really tight spot, you can contact local, federal, or state agencies for help. These agencies will be unable to assist you with certain types of debt, such as credit card debt, but they can help with the basics, such as rent, heat, electricity, or food bills.

Get credit counseling. The new bankruptcy law requires individuals to get credit counseling before filing bankruptcy. If you are thinking about filing bankruptcy, you should go ahead with the counseling. It may help you get lower payments, lower interest rates, and a better handle on your debt so that you can avoid filing altogether.

Increase your income. Although it can be difficult in a downtrodden economy, you should make every effort to increase your income so that you can pay down your debt naturally. This may mean asking for more hours at work, taking a second job, or finding ways to make extra money online.

*About the author: This is a guest post from education writer Karen Schweitzer. Karen is the About.com Guide to Business School. She also writes about online school for OnlineSchool.net.

*Image Credit: Photograph by phxpma [via Flickr Creative Commons]

The Seven Biggest Used Car Buying Pitfalls (and How to Avoid Them!)

2009-12-08T20:18:00.000-08:00

(This is a guest article by Paige Green*)

Whether it’s your first car or you’re tenth, we are all prone to some rather basic mistakes when it comes to making the decision to buy. After all, a car is emotive and appeals to some basic primal need we seem to have for things that are shiny and go very fast. (Historically, our great great grandparents were probably suckers for a speedy horse with a well groomed coat). Unfortunately for our ancestors, they probably didn’t have the same access to information that we currently do, so there was nothing they could do if their prize pony turned out to be a training nightmare. Learn how you can avoid the pitfalls of car financing and purchase by arming yourself with information.

Seven Ways NOT to buy a Car

Falling in Love and getting blindsided

Your perfect vehicle, it looks great, drives like dream and you’ll be the envy of all your peers – if you have your heart set on the car of your dreams – STOP! This is one of the most obvious traps of car buying, especially if you’ve spotted the love of your life in a dealership parking lot. Becoming blindsided and committed to a particular vehicle without first determining the implications of the purchase can mean you’ll be drowning in heavy debt or be bound to particularly unfavourable terms.

Not doing your Research

The decision to buy a car is not a light one and before you step into a dealership or start considering internet auctions, you need to do your research and find out what sort of vehicle will suit your needs. Consider your lifestyle requirements as well as your budget and financing options. Don’t forget to account for the future, if you’re not sure what your situation will be like in five years, you might not want to commit to a vehicle that’ll lock you into a particular style of living for the long term.

Buying and Borrowing out of your Budget

If you’re looking at financing options, it’s tempting to borrow up and “get something you really want”. Remember that defaulting on your monthly payments will seriously affect your credit standing and will have a substantial impact on any future financing. Remember to also consider depreciation costs and other factors that will affect the final value of your vehicle and your assets.

Not looking into finance

When you walk into the lot, the dealer usually offers you instant dealer finance to help you with your purchase which always seems tempting since there’s no lengthy and nervous waiting time that comes with bank loans or the unsettling and embarrassing possibility of rejection. The problem is that without doing your research and considering all of your car financing options, you can end up paying exorbitant fees and higher rates in the long run.

Not test driving

As internet auctions become more prominent, it’s sometimes too easy to just purchase a vehicle based on the owner’s description and not actually doing an in person inspection, especially if the seller is out of state etc. It’s hard to get the information you really need to ensure that a car’s performance measures up to the promised description.

Not Doing a Thorough Inspection

Do your own check for oil (you want to make sure it’s clear and not dirty) and look for any signs of water damage as this could lead to expensive problems in the future even if the vehicle is running great now. When buying a used car, it’s best to consider getting the vehicle inspected by a professional mechanic. For a few extra bucks, it’s worth it to hire a mobile inspector to visit the site and do a quick on the spot check to make sure the car is in good working order. Alternatively, bring along a friend who knows about vehicles.

Not Getting a History Check

By running the Vehicle Identification Number (located on the driver’s side dash or in the door jamb) through vehicle check, you can obtain the full history of your car and find out if it’s been in any accidents or has any outstanding debt attached to it. Don’t take a seller on his or her word, but arm yourself with the necessary information to be a wary buyer.

*About the author: Paige Green hails from the Land Down Under and is an expert at driving on the left side of the road. She waits eagerly for Lemon Laws to be introduced there and also writes for Australia’s leading experts in car finance.

*Image Credit: Photograph by Jeremy Brooks [via Flickr Creative Commons]

10 Things You Should Know Before You Get an Auto Loan

2009-11-18T19:53:00.000-08:00

(This is a guest article by Karen Schweitzer*)

Car dealers are working very hard to make sure that auto sales rebound over the winter season. And while it may seem like the ideal time to buy a new car, there are a few things you should know before you get an auto loan:

You Will be Subjected to a Credit Check

You May Need a Co-Signer

Loan Rates Will Vary

Loan Terms Affect Monthly Payments and Overall Costs

Zero-Percent Financing Isn't Always Available

Gap Insurance May Be Necessary

Extended Warranties Can Be Financed

Some Lenders Charge Prepayment Penalties

An Auto Loan Can Improve or Demolish Your Credit

You Can Refinance Later On

*About the author: This is a guest post from education writer Karen Schweitzer. Karen is the About.com Guide to Business School. She also writes about online degree programs for OnlineDegreePrograms.org

*Image Credit: Photograph by rev [via Flickr Creative Commons]

10 Simple Steps to Improving Your Credit Score

2009-11-08T06:28:00.000-08:00

(This is a guest article by Mike Acheson*)

Most financial institutions use credit scores to help decide whether to lend you money or not. It is very important to have a good credit score if you are looking to apply for a personal loan, credit card, or a mortgage. It can be the single determining factor for many banks and credit card companies.

In the US, the average credit score is somewhere around 650-675 but most banks consider anything above 700 to be a good score. Luckily, there are a few simple steps you can take to improve your credit score.

The first step is to search the Internet to find a free credit report - there are a number of websites that offer this service such as Equifax and Experian.

After you have your report, follow these 10 easy steps to improve your credit score:

Learn how to read your report – It’s important to know how to read the report and to ensure you have accurate information about your starting score. After you have a clear idea of where you’re starting from, you can improve your score from there. Some people already have a good score and don’t need to make any improvements.

Find errors – While reviewing your report, make sure to take note of all your applications for credit and to ensure they are accurate. If there is information that doesn’t belong to you or if there are any other errors make note of this.

Addressing the errors – Once you identify a problem you will want to notify the major credit report companies immediately to get them to amend your report. By law, they are required to look into your claims within a month. If the information you provided is correct they will change your report to address any concerns you had.

Pay any overdue bills – It is important to pay all your missed loan repayments or any bills you may have from an overdrawn credit card. This is crucial. After these bills have been paid, not only will your credit report improve but also you will have the satisfaction of having paid these outstanding bills.

Communicate with your creditors – Contact your creditors after sending your payments so that they can update your information immediately – otherwise it can take a few weeks.

Stop relying on credit – Taking on credit is a dangerous path for most people – your debts can spiral out of control quite easily. If you’re trying to improve your credit score then don’t take out any more credit. It’s as simple as that. Credit cards and loans will only make the problem worse.

Ask about payment plans – Many creditors accept payment plans with their debtors. The main purpose is to allow you to catch up on your remaining bills but it also helps you gain control of your finances and to create good spending practices. Living within a budget can be a rewarding challenge.

Adjusting the frequency of your payments – When paying back debts, divide your monthly payments into weekly or twice-weekly payments. This will make your bank records show that you have made extra voluntary payments. The computers will register extra payments, which can increase your credit score significantly. This method of repayment also helps you not fall behind on your payments in the future. If you pay off all your debt then you wont have to worry about any of this.

Self-Debt Management – It’s likely that a debt management company will take a lot of your money but you can often set up your own plan to help pay back your debt. Search the Internet for do-it-yourself debt management strategies and start budgeting. With a little hard work you can pay off your debt in no time and have a sparkling credit report. It’s not easy but it can be done.

Don’t be tricked – A lot of companies and websites promise instant credit repairs and improvements but they are often trying to take advantage of you.

The best thing you can do is work on your credit score at a pace that works for you. You might not be able to make all your payments right away but chip away at your payments and you will see your credit score improve – all it takes is hard work and a little foresight. Good luck.

*About the author: This post was written by Mike Acheson, who writes about debt and life cover in Canada.

*Image Credit: Photograph by kevinzhengli [via Flickr Creative Commons]

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5 Ways to Lower Your Auto Insurance Premiums

2009-11-02T20:10:00.000-08:00

(This is a guest article*)
With auto insurance being mandatory for all drivers, simply canceling coverage is out of the question. But paying for premiums that could be lower when you’re just starting to make some dough isn’t smart either, especially since student loans and other expenses loom. Auto insurance premiums can be especially daunting if your parents were taking care of them while you were in school. Fortunately, there is hope for the struggling grad and you may be able to hold on to more of your hard-earned cash.

Do smart comparison shopping

Look for multi-policy, and other discounts

Limit coverage on older cars

Raise your deductible

Maintain a clean driving record

*About the author: This article was written by NetQuote. NetQuote provides low-cost leads from most of the major insurance providers in the auto insurance industry.

*Image Credit: Photograph by net_efekt [via Flickr Creative Commons]

15 Free Online Accounting Courses for Self-Learners

2009-10-23T12:02:00.000-07:00

(This is a guest article by Karen Schweitzer*)

Getting a quality education in accounting doesn't have to mean spending several months in a classroom and several thousand on tuition. There are many free online courses that allow you to learn in your spare time and at your own pace. Here is a list of 15 free online accounting courses from top-notch colleges, universities, and educational institutions:

Financial Accounting - The Massachusetts Institute of Technology (MIT) provides a variety of free courses for self-learners including this Financial Accounting course. The free online course features 19 lectures in PDF format as well as other study materials.

Introduction to Accounting - This course from the U.S. Small Business Administration (SBA) features an introduction to accounting. Students taking this course can gain a basic understanding of accounting and learn how to keep accurate books and financial statements.

Influences on Accounting Regulation - The Open University offers a six-hour masters course that discusses the national practice of financial reporting in the UK. The course is broken up into two sections, the evolution of regulation and jurisdiction rules.

The Accounting Process - This NetMBA course provides an overview of the accounting cycle. The course covers everything from beginning transactions to closing books.

Managerial Economics - This Utah State University course discusses the essential principles of managerial economics. The course's 17 weeks of lecture notes are presented in audio format.

Accounting for Advanced Accruals - SimpleStudies.com provides this online accounting course that explains accounts receivable and notes payable. Along with courses, this site also provides online exercises and an accounting dictionary.

Management Accounting and Control - This free MIT course provides an introduction to accounting information, performance, and control. The course is intended for those looking to become management consultants.

Principles of Financial Accounting - The University of Alaska offers this free accounting course to give students an understanding of accounting principles and terms. The course is presented through slide presentations, assignments, and practice exams.

Fundamentals of Personal Financial Planning - This eight-module course in financial planning from the University of California-Irvine introduces students to the principles of accounting, investing, and taxation.

How to Prepare a Loan Package - This SBA course, which is the first in a series of online training courses for aspiring accountants and entrepreneurs, provides an in-depth look into creating and understanding a loan package. Upon completion of this self-paced course, learners receive a Certificate of Completion from the Small Business Administration.

Introduction to Strategic Management - Capilano University features this 15-week course to provide self-learners with an understanding of business analysis and business management. Course materials include presentations and assignments.

Introduction to Microeconomics - This Utah State University course focuses on the fundamentals of economics in the marketplace. Course offerings include fifteen assignments and four examinations.

Introduction to the Context of Accounting - This course from The Open University offers an overview of accounting and its origins. The four-hour advanced course provides learners with a clear idea of what accounting really means.

Taxes and Business Strategies - Students who take this free online accounting course from MIT will study tax planning and tax strategy for businesses. The course provides PDF lecture notes, assignments, and other downloadable course materials.

*About the author:Guest post from education writer Karen Schweitzer. Karen is the About.com Guide to Business School. She also writes about online classes for OnlineClasses.org.

*Image Credit: Photograph by laurenmarek [via Flickr Creative Commons]

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7 Easy Ways to Save on Healthcare

2009-09-25T21:21:00.000-07:00

(This is a guest article by Mary Ward*)

Healthcare costs are among one of today’s hottest topics. And, one thing that’s not up for debate is the fact that, whether you have employer provided healthcare or you’re paying for it on your own, costs have risen dramatically in the last few years. In fact, costs have risen so dramatically that many small businesses have had to cut health insurance for their employees, or at least reduce the benefits they pay for, and new businesses have difficulty adding this benefit for their workers. More people are paying for their own healthcare insurance than ever before. But, there are a few things you can do to reduce your healthcare costs under nearly any insurance plan.

Get a healthcare spending account – Healthcare spending accounts, sometimes called flexible spending accounts, allow you to have money taken from your paycheck on a pre-tax basis to go into an account to pay for out of pocket healthcare expenses. Because the money comes out pre-tax, you save tax dollars on anything you spend on healthcare in a year. You can use this money to pay co-pays and doctor bills as well as for prescriptions and over the counter medications. One drawback to these accounts is that any money you don’t spend during the calendar year is lost. So, be certain not to put too much into the account. And, as the year draws to a close, be certain that you’ve submitted all pertinent receipts for reimbursement.

Get healthy – Your healthcare costs over your lifetime will be less if you stay healthy. So, lose weight if you need to and quit smoking. In addition, don’t neglect preventative screenings like checkups, as these can help you catch any issues early on. In addition, some employers today are offering cash incentives to employees who meet certain health criteria. In the future, expect to see higher insurance premiums for people who are more at risk for disease, such as smokers and those who are obese. There’s no question that, over the next few years, the healthiest people will get the best insurance rates.

Switch to a "high deductible" plan – If you’re relatively healthy, a high deductible plan may save money over the long run. In such plans, you receive insurance negotiated rates for services and pay very low premiums. However, rather than co-pays you pay for each doctor visit at the negotiated rate. A healthcare account can be established for you (and sometimes your employer) to deposit money for paying your medical bills. There are two primary advantages to these plans. The first is that, in most cases, preventative procedures are free. This feature saves you hundreds of dollars each year and removes any excuses for not getting routine checkups and testing performed. The second is that the money in your healthcare account bears interest and rolls over from year to year. So, if you can stay healthy for a few years, you’ll have money built up when a big medical expense comes along.

Tweak your options – Similar to the above, even small changes to things like office visits, emergency room, and prescription co-pays can make a sizable difference in your premium. If you are willing to pay slightly higher co-pays, you may find an advantageous trade-off in the form of your premium. Just be sure to work the numbers so that the co-pays don't end up costing you as much as the premium savings. Also, ask about other features that could benefit your wallet, such as free (no co-pay) annual exams and discounts on eye care or dentistry.

Working the Network – Depending on your provider and plan, you may have lower-cost yet still quality options for using in-network providers for much lower premiums and co-pays. Talk to health plans to see if something like this can work for you, but realize that it often means switching your care provider; that's a benefit you'll have to weigh out.

Use those benefits! Many plans offer reimbursements and vouchers for things like gym memberships, weight loss plans, children's activities, and more. Often, these are things you are paying for anyway, not to mention that they are designed to get you healthier (see number 2) so be sure to take advantage of these programs—a few minutes filing an application really can add up to hundreds in savings.

Shop around – It’s not usually a wise idea to simply renew health insurance coverage each year without evaluating your options. If you haven’t shopped around for healthcare insurance in a few years, now is the time. Even if it means just evaluating a second option your employer may offer, it could pay to make a switch. Be sure to check with the company providing your auto insurance, too. They often have health insurance plans, and with a multi-line discount, may offer a very attractive policy. Never assume that your employer’s plan offers the best deal. Unions and other professional organizations may offer discount health insurance policies, too.

Healthcare and medical insurance are very volatile subjects in the US right now. We can only hope that all the discussion will lead us to more options and more affordable options for everyone. In the meantime, however, don’t forget to look at ways to save money on your current plan, as well as evaluating that plan to see if it still works for you or if another plan can save you money. We all need healthcare insurance; we just don’t need to go broke trying to get it.

*About the author: Mary Ward is a freelance writer and likes writing about healthcare career topics, such as how to obtain an online x-ray tech degree.

*Image Credit: Photograph by Badly Drawn Dad [via Flickr Creative Commons]

7 Don’ts for Fiscal Freshmen

2009-09-22T13:14:00.000-07:00

(This is a guest article by Jack Busch*)

As a student, your financial picture is a bit unique. You have few assets and few hours to devote to a job, thus little income. You have little credit history (good or bad) but some limited access to revolving credit and other loans. Because of this, the years between matriculation and graduation are somewhat of a testing ground for your creditworthiness. Lenders give students just enough rope to hang themselves – and during those crucial four or so years, you can either establish a firm foothold on your way up to excellent lifelong credit or scar your credit rating for life with poor decisions. But by being an early adopter of responsible spending habits, you can save yourself from a lifetime of debt and sorrow. Your continued fiscal auspiciousness should be dictated by a series of don’ts. For example:

Don’t carry a balance.

If you have to use that emergency credit card, make sure you get it paid off ASAP. If that means no pizza or beer for a week, then so be it. If it means borrowing $50 from your pop, then do it. Believe me – it’s worth it to miss out on that one wild night in order to avoid the never-ending downward spiral of credit card debt. As long as you don’t flunk out, there’ll be plenty more wild nights to come. But that credit card debt will last far longer than a hangover if you let it get out of hand.

Don’t open multiple accounts.

If you’ve gone ahead and ignored the first don’t and maxed out your credit card, then don’t make things worse by getting another credit card. Instead, focus on paying down your current debt or, as a last resort, transfer your balance to a 0% interest card, such as the Discover More Card (but watch out for those fees!). I’m actually a bit hesitant to recommend the latter route, since two cards are always tougher to pay off than one, and you likely won’t qualify for a favorable credit with high debt to credit ratio. Opening another credit card count when cash is tight is akin to drilling a hole in a sinking boat to let the water out. It just doesn’t make sense.

If things are truly dire, you may want to consider credit counseling or a debt consolidation loan. But both of these open routes open an entirely different can of worms – do so with caution.

Don’t spend your salary before you’ve got it.

Yes, I know, you think you’re going to be a wheelin’ dealin’ lawyer or a snazzy corporate consultant when you graduate. But don’t bank on that bestselling novel or big banker’s bonus to pay for your credit card debt in college. First of all, your lucrative career is going to be four years down the road (or more, if the job market stinks) which gives all that debt plenty of time to accumulate interest. Plus, you’ll have an entirely new set of expenses once you’re living the urban professional lifestyle. Going into the post-grad world with a bunch of undergrad debt is like going straight from being a student to being a parent. Except that lousy ungrateful kid you’re paying for is yourself.

Don’t use your credit card to its full extent.

Ever notice how your car’s speedometer goes up to something like 140 miles per hour? Ever notice how driving that fast will get you killed or arrested? Your credit card is the same way. There are lots of neat features that come with your credit card, such as cash advance, convenience checks and deferred interest. But don’t use them and don’t use up all of your credit line. Cash advance (i.e. getting cash from an ATM using your credit card) comes with an astronomically higher interest rate and can’t be paid off until the rest of your balance is paid off. That means that $60 you pulled out can actually end up costing you twice that much in the long run. Use your credit card only for emergencies or only to rack up points, cashback and rewards and then pay it off in full each month.

Don’t forget to check your statement.

You’re already checking Facebook every 24 minutes, why not bookmark your bank’s website while you’re at it? Knowing what you’re spending and how much you’ve got to spend will save you from overdraft charges, over-the-limit fees, late fees and other unpleasant surprises. If that’s too boring for you, there are plenty of flashy tools that you can use to track your finances, such as Mint, Thrive and Wesabe.

Don’t let your parents write the check.

To get the full gravity of how much everything is costing you, arrange your finances so that the money for tuition, room and board, etc. comes out of your account. This can be necessary for tax purposes but it also instills a sense of how much everything is costing and how money should be budgeted.

When I was in college, my grandparents paid for much of my expenses. But instead of cutting the school a check whenever money was due, they just plunked all the money I was going to get from them into my checking account on day one. It was a daunting sum of cash to see on my bank statement, but I knew that if I blew it all, it’d be the end of my education. I was in charge of writing my rent check each month and arranging payments with the school’s registrar to make sure I was still signed up each semester and it taught me a lot about handling vital finances.

Of course, you don’t have to go it alone completely. It’s not a bad idea to become an authorized user on one of their credit cards strictly for emergencies. Especially since the credit cards for college students offered (for a limited time) on campus can often be riddled with pitfalls and traps designed to extract money from the uninitiated.

Don’t let your spending outstrip your income.

This is a pretty simple one. If you have no job, then you have no income. This should make budgeting easy. If all you have is some money you received as a gift for your high school graduation and a check for your birthday and Christmas, then it should be pretty easy to calculate how much you can spend before you’re broke. If this kind of lifestyle feels restricting, then get a part time job. Donate plasma. Wash dishes in the cafeteria or get a work-study position through the school. You can party all you want as long as you subsidize the expenses.

This last don’t is important , and if you can’t remember anything else from this article, remember this: don’t live beyond your means. Follow that one rule and you’ll be fine.

Let college be the time in your life when you forge a healthy relationship with credit. Because once you get out and payments on your student and federal loans become due and it comes time to finance a house, a car and a family, the rules will stay the same but stakes get much higher. Master these guidelines today and thank yourself for sidestepping crippling debt tomorrow.

*About the author: Jack blogs about personal finance, credit cards and debt management at Master Your Card and DebtLoans.com.au.

*Image Credit: Photograph by RBerteig [via Flickr Creative Commons]

5 Ways Parents Can Help Reduce Student Debt

2009-09-07T14:42:00.000-07:00

(This is a guest article by Gary Foss*)

Often when a child leaves to enter further education, they will not have had to budget or manage their own money before. This can be quite a shock to the system and some young adults will deal with this more responsibly then others. Unfortunately, some will leave with considerably more debt than others. In many cases, this will be because the temptations of having money are all too much.

Many parents may not be able to help their children by providing money and helping to pay for their education and, for this reason, there is a lot that parents can do to help build their child’s financial independence before they leave.

1) Teach Them to Become Financially Independent

One of the best things that you can do is to encourage your child to save their money from an early age and to see and enjoy the benefits of saving. Often this will also result in the child feeling less inclined to spend their money in one go or on items that they do not really need.

It can be a good idea to encourage your child to have a small job when they are old enough, as again, this teaches them responsibility for their own money. It will also further reinforce the idea of saving and hopefully they will take pride in being able to manage their finances independently.

2) Point them in the right direction to fund their education

There are a number of ways to find money for education these days. Help your son or daughter identify these avenues:

a) Student Loans

b) Scholorships & Bursaries

c) Family Assistance

d) Commerical debt

3) Help them stay on top of their finance

You may also find that suggesting they keep track of all their income and expenses will teach them how to budget their money, which is an essential skill for the future. Once your child has begun full-time education it is advisable to sit with them and establish some form of budget.

This could be simply working out how much money they have per week and then taking out only this amount from the cash machine to avoid overspending. Something like this can really make a difference to how much debt they will have when they eventually leave. You should also advise against obtaining store and credit cards as these can provide too much temptation and cause them to accumulate debt.

4) Encourage them to get a part-time job

Some students don’t have the time or the energy to pick up a part time job on top of their studies but many can and should. If it’s possible, encourage your children to get a part-time job or even a full-time job during the summer vacation from school.

A job will give them a chance to earn a bit of money to go towards their education but it will also give them a sense of how much things actually cost. A student that never works doesn’t understand the costs of their education and the things that come along with it (Ie. housing, food, clothing etc.)

5) Help them if they’re having trouble

Lastly, you should always encourage your child to talk to either yourself or someone in a relevant department at their University or college if they do find they are struggling with their finances. Often, students will struggle on and get themselves into even more debt because they did not want to admit that they could not cope.

You might also need to bail them out by lending them money to cover their education debts – you obviously want your child to be able to stand on their own two feet but sometimes they might need your help to save them from financial disaster.

*About the author: This is a guest article by Gary Foss from SIPPS.org.uk - personal pension and finance specialists.

*Image Credit: Photograph by upsuportsmouth [via Flickr Creative Commons]

Credit Card Debt Among College Students

2009-09-03T08:36:00.000-07:00

(This is a guest article by Clark Chambers*)

College students are increasingly relying on student credit cards to make ends meet. According to student lending giant Sallie Mae (SLM), average credit card debts carried by graduating college seniors jumped $1,200 between 2004 and 2008. The same study also shows that only a shocking 15% of college students do not carry any credit cards.

The number of credit card-toting college students should change however now that the “Credit Card Holders’ Bill of Rights” act was signed into law. The bill requires credit card companies to lay off the high-pressure pitches to college students unless the students have proof of independent income or complete a financial literacy course. Otherwise, the credit card companies need Mom and Dad's consent to market credit cards to college-age students until they reach the age of 21. So, what does the passing of this new bill mean for students? No more stacks of credit card offers piled up in their mailboxes right after their eighteenth birthday, shucks!

The provisions in the "Credit Card Holders' Bill of Rights” act also outline new protections for college students in the form of credit line limits and requirements that card issuers may ask for. Card companies must receive proof of income and credit history, or a co-signer before issuing a card to borrowers still in college.

Reasons for the card increase amongst college students

According to some research analysts, college students make easy targets because they have little independent income and a significant need for ready cash, and Mom or Dad will often step in if a college student gets into trouble with a credit card. But, the main issues right now are the lack of college financial aid and personal savings, combined with skyrocketing college costs create the perfect storm for college students to go looking for additional funds.

Another cause for student’s increasing their needs of credit cards is the lack of private student loan funding available for school. Do to the current credit crisis and the changes the Government made to the student loan industry, students are finding it more and more difficult to find private student loans. So, the next best thing students are turning to is student credit cards to pay for living expenses, books, fees, supplies, and in some cases, college tuition itself. Often, with the constant hounding of the credit card companies on and off campus, students eventually find themselves holding on to four credit cards, complete with balances, by the time they graduate school.

Ways to avoid a credit card disaster

Only buy what you can afford. May sound like common sense, but this is where a lot of people get into trouble. That new Macbook Pro or HDTV you’d never have the cash to pay for may seem like a good idea when you’ve got plastic. If you are unable to afford to pay with cash or a check, don’t charge it.

Do not replace student loans for credit cards. Federal college loans have low, fixed interest rates, as well as borrower benefits that will allow you to postpone making your payments if you’re ever experiencing a financial hardship. This is something credit card companies will not keep in mind. Take advantage of your federal aid, scholarships and private student loan options first to cover all your school expenses before turning to credit cards.

Get digital. Most major card companies offer automatic e-mail or text alerts that can notify you about your current balance and payment due dates. If you’re prone to forgetting payment dates, use these alerts. It will make remembering those bills so much easier and save you money.

Pay off that balance. Don’t settle into the habit of paying only the minimum due, pay off the entire card balance each month to prevent years of payments.

Put it on ice. If all else fails, stick those credit cards in a large bowl, fill it with water, and stick it in the freezer. The next time you’re tempted with an impulse buy you’ll be giving yourself time to think. Thawing or breaking apart that block of ice will give you the needed time to collect your thoughts and really think about that purchase you are about to make.

*About the author: This guest post was provided by Clark Chambers, a freelance writer who covers topics on college finances including; financial aid, private student loans, student credit cards, and debt consolidation.

*Image Credit: Photograph by Andrman [via Flickr Creative Commons]

The Value of Education: Is the Investment a Good One?

2009-09-01T08:36:00.000-07:00

(This is a guest article by Lewis Bennett*)

Entering into further education can be extremely beneficial to your future. It is also a necessity for a wide range of jobs and careers, such as becoming a doctor, nurse, dentist or engineer. Although continuing on to University or College can be costly, it also provides you with a lot of life experiences that you would otherwise miss out on. It can enable you to build additional skills and confidence, and provide a number of new opportunities.

Nearly 90% of young people in America graduate from high school, and about 60% of those graduates start college the next year. There are a number of reasons why students choose to attend college.

How Your Education Affects Your Career

For those considering further education, there is still evidence to indicate that you are more likely to be in demand than those who do not have any extra qualifications. Furthermore, there is also a great deal of evidence to suggest that those with degrees will also fill higher level occupations as they are deemed to be more qualified.

Earning Potential

By obtaining a higher education qualification, you will invariably increase the amount that you are capable of earning and be provided with a much more extensive range of opportunities in the long-term.

The US Census Bureau is quoted with saying the following:
“Adults with advanced degrees earn four times more than those with less than a high school diploma. Workers 18 and older with a master’s, professional or doctoral degree earned an average of $82,320 in 2006, while those with less than a high school diploma earned $20,873.”

Americans with a bachelor’s degree earned $56,788 on average according to the Census while those with a high school diploma only earned $31, 071. This is a significant amount of money but when you calculate that amount over 10 or 15 years that number rises to $150,000 and $225,000 respectively.

A Rewarding Career

Having an extensive education behind you also makes you more likely to have a long lasting and rewarding career rather then just some job. Anyone can find a job but a fullfilling career can be more elusive.

It has also been noted that those who graduate from further education are more likely to work for the majority of their life and are unlikely to be unemployed.

Education doesn’t guarantee success

A college degree doesn’t necessarily guarantee success but it does increase your chances of obtaining wealth. There are lots of highly educated individuals working at gas stations and there are grade school dropouts running multinational corporations but statistics show that an education will increase your chances.

In a recent survey of some of the America’s wealthiest businesspeople, 30% felt that a good work ethic was the most helpful asset in achieving success. Work ethic was chosen just slightly more than the 28% that said a post secondary education was more important.

“Donative Commercial Non-Profits”

There are a number of economists that study higher education, like Gordon Wilson, who suggest that universities and colleges are “donative commercial non-profits” – that is, they are institutions that charge a fee, but where that fee doesn’t cover the cost of the product.

A business and a “donative commercial non-profit” are different in many ways – to start with, motivation and customer choice are very different. Prospective students and their parents base their decisions on hunches and reputation. In that sense, you often only have one chance at choosing a college: therefore there is no opportunity for repeat customers.

Another important element is how your fellow students will influence the value and quality of your education – both in the present and throughout the rest of your career and life. The networks of fellow alumni and the prestige of your educational institution will follow with you for years to come.

Additional Benefits to Further Education

Many students believe that their going to University was incredibly worthwhile and that they learnt a lot about themselves, as well as obtaining qualifications to obtain a good job once they graduated. There is also the added benefit of experiencing a wide social scene and mixing with people from different cultures. You are also far more likely to develop good communication skills and this is something that is just as attractive to future employers as your degree.

Even if you feel that your time has passed, you can still opt to continue your education at any age and mature students are becoming more and more common.

*About the author: This article was written by Lewis Bennett - He writes about education and finance, including the mortgage and remortgage market.

*Image Credit: Photograph by CarbonNYC [via Flickr Creative Commons]

10 Ways to Dramatically Improve Your Credit Score

2009-08-28T21:18:00.000-07:00

(This is a guest article by Karen Schweitzer*)

Everyone knows that paying bills on time will have a positive impact on credit scores. What many people don’t realize is that there are lots of other ways to improve your score--no matter how low it is. Here are 10 tips to keep in mind:

Check your report for errors. A low credit score can sometimes be a byproduct of errors on your credit report. Since an estimated four out of five reports have errors on them, there is a very good chance that yours does as well. If you do find an error, you can dispute it with creditors and the three credit bureaus before any more harm is done to your score.

Add as much info as you can. Depending on what is already included, adding information to your credit report can sometimes increase your credit score. Things to add include: birth date, address, telephone numbers, bank account numbers, and employer.

Get a credit card. Getting a credit card is a good way to establish credit history. The longer your credit history is, the better it is for your score. And when you use credit and pay it back responsibly, it impacts your score in other positive ways.

Piggyback on someone else's card. When you add your name to someone else's credit card account, you can piggyback on their good credit. Every time they make a charge and pay it off, it helps your credit score. One warning--only do this if you are absolutely sure that the person with the account is responsible and able to make the required payments. Late payments or slow payments on the card can have a negative impact on your score.

Request higher limits. When coupled with low balances, high credit card limits can boost your credit score. Most credit card companies will up your credit limit if you make the request. If you're a good customer, you can request and get higher limits several times throughout the year.

Negotiate better terms. Having better terms (lower interest rates) on your credit cards can make them easier to pay on time. And as everyone knows, paying on time is the best way to steadily improve your credit score.

Re-open closed accounts - Closing an account is never a good idea. Even if you don’t want to use a particular card anymore, you should still keep the account open. Long credit histories are always better than short credit histories. If you recently closed an account, call the creditor and request to re-open the SAME account. Within a few weeks, you'll probably see a double-digit increase in your score.

Get a loan. Getting and paying regularly on car loans, personal loans, student loans, home equity loans, and other types of credit typically issued by banks can lead to double-digit improvements in your credit score in just a few months time. Be careful not to make any late payments through. Just one late payment on a loan can undo months of dedication and hard work.

Lower your debt. This is usually easier said than done, but it is a good way to improve your credit score. Having a low debt-to-income ratio makes it easier to get a loan. It also makes it easier to pump your score up in a few months time.

Pay off old debts. Old debts and past due accounts can be a huge drain on your score. Even small bills of less than $100 will drag your score down. Paying off these old debts will not create an immediate boost in your score, but it will prevent the debts from working against you as you try to employ other score-hoisting tactics.

*About the author: This is a guest post by education writer Karen Schweitzer. Karen is the About.com Guide to Business School. She also writes about online courses for OnlineCourses.org.

*Image Credit: Photograph by khalid almasoud [via Flickr Creative Commons]

How to Spot Financial Abuse

2009-08-25T08:35:00.001-07:00

(This is a guest article by Lewis Bennett*)

Financial abuse is the act of stealing or defrauding someone of their money, possessions, or property. It is a very common form of abuse in the United States. If you are being financially abused, or know someone who is, then there are a number of ways that you can beat this problem but first you must learn how to identify it.

The following is a list of some of the indicators of financial abuse:

Forging a signature

Inability to afford things

Things going missing

Unexplained changes to a will

How can this occur?

Often the person in question will be exploited by someone that they thought they could trust. This could be a carer, family friend, or even a member of the family. This can make spotting financial abuse difficult at times as it can be hard to distinguish. However, it is important to remember that no matter who is responsible for the abuse, it can all be dealt with by professional means.

Financial abuse can occur in the person’s own home, in a retirement home, or in a day care centre. The key is to be vigilant and recognise the signs above.

People that are most susceptible to financial abuse

Although people that suffer financial abuse come from a range of backgrounds, the following factors will make a person much more vulnerable:

Spending a lot of time alone
Mental or physical disabilities
Loneliness
Poor understanding of financial matters
Having unemployed family members or family with drug problems
Having family members that have recently died

Reasons for the financial abuse within the family

Oftentimes a family member such as son, daughter, grandchild, or spouse perpetrates these acts. They do this for a number of reasons:

They have drug, gambling, or financial problems
They stand to inherit a significant amount of money, which they feel is rightfully theirs
They have grudges with other family members and they want to prevent them from inheriting money
They have had a bad relationship with the family member and feel that they are owed this money

Who Should I Contact if I feel this is Happening?

If you are concerned for yourself or for someone that you know, then you should contact Health & Human Services in order to explain the situation to them. They should then be able to investigate the circumstances of this further.

Should you feel that a crime has been committed and you have proof of such, then you can contact the police. The important thing to remember is that you must contact someone for help immediately and do not let the situation continue. The police will likely suggest that you contact the bank to freeze bank accounts that might be jeopardized by the financial abuse.

If you feel that you require any legal advice then you should contact a professional body, such as a solicitor, for further help and guidance.

*About the author: This information was put together by IVA Advice, a provider of free debt advice and resources

*Image Credit: Photograph by seretuaccidente [via Flickr Creative Commons]

Learning to Save - Tips on Starting Your Investment Portfolio

2009-08-20T21:06:00.000-07:00

(This is a guest article by Jeff Roberts*)

So you’ve done it... you landed that new job, and are well on your way to becoming the financially responsible adult your parents always dreamed of. And now for the first order of business - how to spend that newly fattened paycheck. Sure, you could buy gold and jewelry, a phone that does everything short of making coffee, or a new wardrobe to make sure you’re the snazziest accessory in your corner office. And while buying like there’s no tomorrow certainly holds an immense appeal, spending all of your extra earnings every month is a surefire way to end up in debt fast. After treating yourself to a few luxuries, it may be time give some serious thought to using your money more wisely. Now is the perfect opportunity to develop and begin to grow an investment portfolio. Think of it as a way to ensure that your money is making more money.

A portfolio is a collection of mixed investments. The assets within your investment portfolio can include everything from stocks and bonds to gold certificates and real estate (Or anything else that is expected to retain value long term). In essence, developing and building your portfolio is the most important part of diversification; the key to limiting your risk and maximizing your return. But if you’ve never invested (or, as is the case for many young Americans, even saved) before, the idea of building a portfolio can seem like a daunting task. The key, then, is to take it slowly; learning as you go which options are the best for you. There are, however, some basic guidelines that can help just about any budding investor:

Start with a goal
Knowing where you want to be is an essential first step in deciding how to begin. Of course, your investment goals will vary wildly based upon what stage of life you’re in, so you should be prepared to evaluate accordingly. A single person who is out of college and embarking on their first major career choice can afford to be more aggressive and take larger risks than, say, someone who has a family depending on them or is still struggling to pay huge student loan bills.

Money management is an abstract concept that can seem baffling, but everyone has dreams that they want to see realized. Come up with a concrete goal that you’d like to achieve, and suddenly setting aside money for your investments won’t seem like as much of a hardship. Motivation is a key ingredient to a successful investment strategy.

Do your research
This is probably the most important part of building a portfolio. Educate yourself on the basics of investing in general. You have to have a solid foundation on which to base your investment decisions. A great place to start is with the company that employs you, as it’s always a good idea to work with something you know a little something about. Read your company’s quarterly and annual reports, and compare them with the competition. (As an added bonus, you will develop a keener understanding of what makes your field of business tick) Use the internet, the newspaper, and the library as your tools for understanding as much as you can about the investment world. Once you have a general idea of how investing works, it’s time to talk to an investment advisor. Ask pertinent questions, and make note of any advice they offer you. You work hard for your money—don’t risk it until you’re sure that you know what you’re doing.

It’s also a good idea to find a mentor; someone who isn’t interested in selling you a product or service. A friend, family member, or coworker who does well in the market may have valuable insight for you.

Know what you can afford
Before you can even begin to assemble your portfolio, you need to determine your risk tolerance. Decide from the very beginning just how much you can comfortably afford every month. Some people like to carve out a certain amount (such as 10% of their paycheck) while others prefer to divert something along the lines of their weekly designer coffee habit.

It’s important to look for investment products that are within your level of acceptable risk. Start with something safe (mutual funds and bonds are usually very forgiving) to help you build confidence. If your employer offers a 401(k), use this as a jumping off point.

Keep in mind that if you keep all of your financial work with one bank, they will usually repay your loyalty with lower fees and better rates.

You’re ready to get started. Remember, this is supposed to be fun—you’re taking an active role in building your wealth. Build a trial portfolio of the stocks you’ve chosen based on your research. Look into respectable online brokerages with affordable fees. (Stick to the ones that don’t require a minimum investment amount to get started) If you’re dedicated… you’ll be surprised at just how quickly you can see your portfolio taking off.

*About the author: This is a guest post by Jeff Roberts, an industry expert on the Gold Market. Jeff also consults for Goldline International.

*Image Credit: Photograph by thinkpanama [via Flickr Creative Commons]

10 Tips For an Affordable College Education

2009-08-18T13:38:00.000-07:00

(This is a guest article by Adrienne Carlson*)

It’s one of the most important phases of our lives; it’s the passage of rite we go through as we transform into adults from youngsters; and on the downside, it’s also a pretty expensive proposition. So if you want to maximize your college experience, you need to minimize your expenditure and debt. And if you’re looking for ways to do this, here are 10 tips for an affordable college education:

Search for grants and scholarships for which you are eligible, if you are not eligible, find out how you can change your status and work towards it. Grants and scholarships are attractive options to afford college because you don’t have to pay them back.

Check out the various loan programs sponsored by the Federal government to help students with their college costs. They carry a low interest rate and are your best bet if you have to borrow money to finance your education.

Save well in advance for your college tuition. If you’re bent on getting the best education possible, if you’re dedicated and determined to make it to college on your own steam, save from a very young age.

Ask your parents to put aside money towards your college education when you’re in middle school and work really hard at your grades in order to convince them that you do mean business and that their sacrifices are not in vain.

Get a part-time job or offer your services freelance in order to make extra money when you’re at college. It will be tough, but it beats borrowing money at exorbitant rates or being broke all through college.

Do your research thoroughly before you enroll at a particular college. Check out all the fees that you have to pay in a year and ensure that you have adequate funds or the means to procure them before you sign up.

Don’t spend unnecessarily and keep track of all your expenditure. Do not fall victim to peer pressure, especially when you know you cannot afford it and that you’re going to regret spending this money in the days to come.

Enroll in colleges that are close to where you live so you can save on accommodation and food expenses. Weigh the costs of travelling to school every day against the costs of staying on campus and having to pay for food and other expenses.

If you’re taking out a loan to finance your education, consider one that offers a forgiveness program and lets you work off your debt once you graduate. Loan forgiveness programs are available for people of certain professions, like doctors, teachers, nurses and others involved in service to the public.

If none of the above seems likely to be happening, choose a community college that teaches you a profession which you can use to make money once you graduate. If you’re bent on going to regular college, you could work at a part-time job even as you study in order to save money for tuition.

College is a wonderful experience; make it even better by staying debt free and graduating without a financial burden to bear.

*About the author: This guest article was written by Adrienne Carlson, who regularly writes on the topic of accredited online university. Adrienne welcomes your comments and questions at her email address: adrienne.carlson83@yahoo.com

*Image Credit: Photograph by LuMaxArt [via Flickr Creative Commons]

33 Debt-Reducing, Money-Saving Calculators for the Newly Frugal

2009-08-10T20:32:00.000-07:00

(This is a guest article by Garrett French*)

To get ahead financially you can either make more money or spend less money. If "make more" isn't on your horizon it's time to adopt some frugal habits! Frugal habits can help you stretch your existing cash farther - or help you reduce debt sooner. Making the decision to adopt frugal habits will be easier if you can see how much extra money you'll be saving.

Here are the debt-busting frugality-growing calculators you'll find in this calculator collection:

6 Eating, Drinking, and Merriment Savings Calculators

9 Daily Commuter Vehicle Savings Calculators

4 Alternative Transportation Calculators for Daily Commuters

3 Purchase Decision Making Calculators for Impulse and Big Purchases

3 Kids Savings Calculators for the Early Years

5 Around the House Calculators for Home Ownership Savings

3 Appliance Savings Calculators

6 Eating, Drinking, and Merriment Savings Calculators

If you can make even small reductions to your regular expenses - drinking water instead of soda if you go out to eat for example - you'll save large amounts of money over the course of a year. These calculators demonstrate how much you'll save when making changes to your daily consumption.

1) Brown Bag Savings Calculator: "This calculator will show you how much you could save if you brought your own lunch to work instead of eating out. Plus, it will also show you how much your brown-bag savings would grow if you invested the difference."

2) Booze/Beverage Savings Calculator: "Here is a new and fun savings calculator -- the booze savings calculator. Personally, I never drink anyway, but if I did, I cannot imagine paying the prices even moderately priced restaurants and bars charge for beer, wine and mixed drinks ($2.75, $3.25 and up, often way up)."

3) Coffee Savings Calculator: "Calculate how much you could save if you stopped buying coffee or tea in the coffeeshop, and instead made your own coffee (or quit drinking it altogether)."

4) Cigarette Costs Calculator: "Calculate how much you could save if you stopped smoking. This counts just the cost of the cigarettes and not of health and other costs associated with smoking."

5) Free Printable Grocery Store Price Book (worksheet): "Create a list of frequently purchased products, track prices and only purchase products when they are truly 'on sale'"

6) Drink More Water: Are You Drinking Enough Water?: "Some people claim that drinking water before a meal can reduce how much you eat. Further, drinking water can reduce spending on other beverages."

9 Daily Commuter Vehicle Savings Calculators

Like food and drink, transportation is another of those regular expenses that can end up costing you thousands over the course of a year. Understanding what your vehicle choices may cost you - new vs. used situations, gas mileage or even car pooling - can help you put thousands of dollars back in your bank account every year.

1) Which is better: new or used?: "The debate is endless - you're the only person who can decide whether a new car or used car is a better purchase for you. Use this calculator for financial input on your decision."

2) How long should I keep a vehicle?: "Use this calculator to get a rough idea of how long you should hold onto a new car."

3) Compare MPG Savings in 2 Cars: "The real cost savings of MPG reveal themselves over the course of several years... This calculator will show you what your longer term gas costs will be."

4) Gas Guzzling Comparison Calculator: "Enter the current gas guzzling MPG of that SUV you bought when gas was $1.49 a gallon, and then enter the new MPG of that new Prius you've been thinking about. Then enter your daily round-trip commute, your driving days per year and the number of years to add up."

5) Edmunds.com - Gas Mileage Savings: "You would like to save money on gas so you're considering trading in your gas guzzler for a more fuel efficient car. This calculator shows how long will it take before you pay off the balance of a vehicle purchase and really begin saving money."

6) Gas Costs: How much can you save with a more fuel efficient car?: "Calculate how much one can save by driving a more fuel efficient car."

7) Cost of Commuting by Car: "Calculate how much your daily commute by car costs."

8) Commute Cost Calculator: "Compare the actual cost of three different commuting modes."

9) Gasoline Price vs. Cable Bill Calculator: "Some folks complain about paying an extra dollar per gallon for their gas while paying $50, $70 or much more on their cable bills..."

4 Alternative Transportation Calculators for Daily Commuters

Bikes and public transportation can save you thousands and thousands of dollars annually. Do the math for yourself and make the switch!

1) Bike to Work Calculator: "Use this calculator to see how much you can save on gas costs and CO2 emissions by riding your bike to work."

2) Calculate Your Savings by Riding Public Transportation: "This calculator will help you compare the price of using public transportation with the price of paying at the pump and then parking your car in town."

3) The Cycle to Work Calculator (£): "How much fuel & money will you save? How many calories will you burn? How long will your journey take?"

4) Bike Your Drive iPhone App: "Track your mileage, CO2 offsets and more—in real time!"

3 Purchase Decision Making Calculators for Impulse and Big Purchases

There's the 30 second rule where you think about whether you really need an item for 30 full seconds. There's the 30 day rule for larger purchases where you think about it for 30 days. Both of these methods are designed to help you prevent impulse purchases that aren't connected to your financial goals. These calculators will help you make smarter, more cost-efficient purchase decisions too!

1) What Is The Value Of Reducing, Postponing or Foregoing Expenses?: "Use this calculator to help determine what you could accumulate by not eating out as much, eliminating the newspaper, not renting as many videos and other discretionary monthly expenses."

2) FIX OR REPLACE (Digital Equipment) CALCULATOR: "Sometimes it makes more sense to repair your digital equipment (TVs, cameras, receivers, etc...) than to buy new... sometimes NOT."

3) Generic vs. Store-brand Savings Calculator: "Switch from national brand or store brand items to its functional, less expensive equivalent such as generic, store-brand, private label or regional products and this calculator will show you how much discount you will get and how much money you'll save over the course of your lifetime."

3 Kids Savings Calculators for the Early Years

Children are expensive. For years and years and years. These calculators will help you run the numbers on a few major decisions that often accompany young kids.

1) Cloth Diaper Savings Calculator: "Compare the costs of cloth diapers to disposable diapers and make the decision for yourself."

2) Stay at Home Calculator: Can You Afford To Stay At Home?: "Use our calculator to see if your household can afford for you to stay home with the kids."

3) Budgeting Child Care Options: "See what your child care costs are, and compare one income and two income options."

5 Around the House Calculators for Home Ownership Savings

Saving money around the house begins with determining whether or not it makes sense to BUY or RENT in your area. From there you can work up to protecting your heating and cooling expenses with effective insulation. Small investments can have huge payoffs over the course of several years - use these tools to save yourself money!

1) Is it Better to Buy or Rent?: "Compare the costs of renting and buying equivalent homes."

2) Home Energy Saver: Web-Based DIY Energy Audit Tool: "Find the best ways to save energy in YOUR home!"

3) Calculate Your Bulb Savings When Switching to High-Efficiency Bulbs: "Cutting energy use saves you money on your electric bills and reduces the amount of global warming pollution created to power your home."

4) Insulation Upgrade Cost Saving Calculator: "Use this calculator to estimate the cost saving and greenhouse gas reduction for upgrading your insulation or windows."

5) ZIP-Code Insulation Program: "will tell you the most economic insulation level for your new or existing house..."

3 Appliance Savings Calculators

Inefficient appliances can have a major impact on your monthly bills. Use these calculators to see what a difference an energy efficient appliance could have on your monthly power bills.

1) Refrigerator Energy Calculator: "With this calculator you can compare you can see how much you'll save by swapping an old refrigerator with a new one. Or, you can compare energy costs between two new refrigerators."

2) Washer Dryer Energy Calculator: "Compare costs over 2 washers' life time."

3) Electric Appliance Operating Cost Calculator: "Estimate the cost of operating any given electrical appliance, based on the average KWH (kilowatt hours) used per day, and on the average cost per KWH charged by your electric company."

*About the author: This is a guest post by MyCESI.org, a Debt Management Program with Certified Debt Counselors and the publisher of 103 Free Debt Reduction Calculators.

*Image Credit: Photograph by ppinacio [via Flickr Creative Commons]

17 Free Resources to Help Raise Your GMAT Score

2009-07-27T20:18:00.000-07:00

(This is a guest article by Brandon Laughridge*)

Record numbers of professionals are losing their jobs and saturating the job market, making competition for available positions very intense. If you have the cash available, now could be a prime time to consider the idea of going to business school. An MBA will differentiate you from the competition and offer increased earning potential. Even if you're just entertaining the idea, it may be wise to do some studying and take the GMAT as scores are valid for 5 years anyway. Everyone knows about the expensive GMAT prep courses available but did you know there's a ton of free resources available online to help you raise your GMAT score? Here's 17 of my favorite free resources to check out before looking into more expensive prep options.

Math Practice

GS Rehill's Interactive Maths Series - A nice high scool and college math review.

Math Review - Courtesy of Beat the GMAT.

GMAT Math Review - Free review for the math section.

Are you weak in Math? - Another good math review from the folks at Beat The GMAT.

Verbal Practice

Vocabulary Learning Tips - Sheppard Software presents their Top 10 Vocab Tips.

Verbal Practice Tests - A large collection of short verbal quizzes.

Vocab Build - 1200 of the most common vocabulary words used on the GMAT.

Sentence Correction Practice - Commonly confused and misused word tips.

Genteral Practice Resources

Kaplan GMAT Practice - Free practice test from Kaplan.

Princeton Review GMAT Practice Quiz - Another free practice test.

Manhattan Review Guide - Free portions of Manhattan's paid courses.

GMAT Practice Software - Downloadable practice program [Windows only].

Manhattan GMAT Practice Test - Another downloadable practive test from Manhattan [Windows only].

Veritas Prep GMAT Practice Test - GMAT "simulator" to estimate your possible score.

General GMAT Resources

MBA.com - The official GMAT website.

Mark Rice's GMAT Help - Notes, tips, and study guides based on Mark's personal experience with the GMAT.

Gmat Hacks - Jeff Sackmann's guide to improving your GMAT scores from his own admissions journey.

*About the author: This guest post was written by Brandon of Online Business Degree.org, an Online Business Degree Review site.

*Image Credit: Photograph by bitslice [via Flickr Creative Commons]

20 Free Personal Finance Podcasts and News Sites

2009-07-10T20:36:00.000-07:00

Managing your personal investments and planning for your future doesn't have to be a confusing or costly process. There are a number of great podcasts and online news sites dedicated to helping you make the best of your financial future. This article has a list of 20 financial sites worth checking out:

Podcasts

Kiplinger - Kiplinger Personal Finance offers free weekly podcasts that cover top stories in their magazine. These half-hour long podcasts provide practical advice on managing your money and securing your financial future.

Money Girl - This podcast from Laura Adams, a personal finance author, educates listeners about complex finance issues. In each episode, Money Girl seeks to inform and motivate listeners to reach and preserve their wealth.

Feed the Pig - Feed the Pig is a practical podcast that offers tips and tools to curb your spending, reduce your debt, and increase your savings.

Plain Talk on Investing - This podcast, presented by Vanguard, provides listeners with easy-to-follow steps for reaching financial success. Plain Talk on Investing looks at the market and the best way to invest your money.

Sound Investing - This radio show podcast features clear and concise advice from financial educators. Sound Investing advises listeners about managing money and investing for retirement.

Pro Money Talk - Pro Money Talk is dedicated to helping working people save and invest for the future. This hour long podcast uses educational discussions, interviews, and success stories to cover a wide range of personal finance issues.

Money Guy - The Money Guy podcast offers financial tools and information to get your finances on track.

Watching your Wallet - The Wall Street Journal offers several different financial podcasts, including Watching your Wallet. This daily, five to ten minute podcast features little tips to increase your financial health.

No Credit Needed Podcast - The No Credit Needed Podcast offers tips and information for debt reduction, frugal living, and saving money. Each episode runs anywhere from 10 to 40 minutes and features several handy ways to manage your personal finances.

Marketplace Money - The Marketplace Money podcast offers several tips and tricks to business and personal finances.

MoneySmartz - This financial guide offers several podcasts about managing money. Along with podcasts you can also find financial guides, blogs, profiles, and reviews.

News Sites

Bloomberg - This top-notch news site provides several resources for managing your personal finances. A few worth checking out are the portfolio tracker, financial calculators, and financial glossary.

The Motley Fool - The Motley Fool is a large investment community loaded with information on personal finance, retirement, and investments. This site's personal finance page discusses spending habits, saving, debt, taxes, and even offers a link to free personal finance software.

TheStreet.com - One of the leading financial media companies, TheStreet.com features a large personal finance section. Resources include articles on managing your money, retirement, investments, and expert perspectives.

SocialFunds - SocialFunds, one of the largest personal finance sites on the web, provides the latest news and investment information. The site features over 10,000 pages on socially responsible investing.

Forbes.com - Forbes.com, a leading place to find news and information, features a large personal finance web page with resources for investing, retirement, taxes, and mutual funds.

MarketWatch - MarketWatch's personal finance section offers tips about real estate, taxes, spending and saving, retirement, career, and small business.

WalletPop - This news site from AOL Money and Finance offers an assortment of different features for understanding and managing your personal finances. The site also has the latest information about budgeting, debt management, banking, and budgeting calculators.

Yahoo! Personal Finance News - Yahoo! Personal Finance News provides top stories about investments, debt, credit, and more.

CNNmoney.com - CNNmoney.com offers a free personal finance section with tons of money saving features. This is a great site to find budgeting tips and information as well as the best investments to save for your retirement.

*About the author: This post was written by Karen Schweitzer, the About.com Guide to Business School. Karen also writes about accredited online colleges for OnlineColleges.net

*Image Credit: Photograph by Colleen AF Venable [via Flickr Creative Commons]

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25 Free Budgeting and Finance Tools for Students and Grads

2009-06-23T11:13:00.000-07:00

(This is a guest article by Karen Schweitzer*)

Budgeting money is stressful for most but this is even truer for college students. Luckily, the Internet is loaded with free tools and apps to get you started on securing your financial future. Here are 25 sites you can try today:

Budgeting and Debt Management

Clear Checkbook - Clear Checkbook is a free, easy-to-use online checkbook register with a lot of extras. Students can balance their checkbook, get daily reminders, and set budgeting goals all in one place.

MoneyStrands - This site has useful software and tools for any budget big or small. It automatically tracks all your financial accounts, offers advice to help you save money, and compares how your goals measure up to others.

MySpendingPlan - Provided by Plans365 Inc., MySpendingPlan.com is quick easy-to-use budgeting software that can help you set goals, save money, and reduce debt. This site also offers tools and tips to help the budget conscious student secure their financial future.

Thrive - This site is a great online tool to help you organize your finances, get financial advice, and plan for the future.

Mint - This free financial site makes it easy to understand and maintain your budget. Some of the many features Mint offers include money tracking, goal setting, and money saving tips.

Wesabe - Wesabe.com is a free online tool that takes away the stress of money management. You can track all your accounts on one resource, gain insights on where you are overspending, and get useful tips to manage your accounts better.

PearBudget - Created by a husband and wife team, this free web app is a simple budgeting tool for students overwhelmed by finances. PearBudget offers budgeting and tracking tools as well as an informational blog.

Buddi - Buddi is a free downloadable budgeting program for people who are just beginning to understand their finances. It is can run on most computers and includes tutorials to help you along the way.

Geezeo - Geezo.com offers free financial tools to organize and track your finances. Students can also reap the financial rewards of an online community of experts to answer financial questions.

Mapping Your Future - Almost anyone can benefit from the information packed onto this educational Mapping Your Future is designed specifically for students and is loaded with tools and resources for managing your budget, financial aid, and college costs.

Tuition and Student Loans

College Scholarships - Every student can benefit from the financial aid and scholarship information found on this site. It contains multiple links to student loans, grants, and scholarships as well as calculators for estimating student loan and college costs.

FinAid - FinAid is a free and comprehensive guide to financial aid information. This site is a great financial tool for understanding and estimating college expenses.

CollegeBoard - The informational website, CollegeBoard.com offers a wonderful array of free tools that can calculate the financial responsibility that comes from student loans and tuition costs.

Federal Student Aid - The Department of Education has a free budget calculator that is available to all students so they can estimate the total cost of their education.

FastWeb - FastWeb has a variety of resourceful tools to guide students through the financial burdens of college. The site also offers a scholarship search engine.

Student Discounts

StudentUniverse - StudentUniverse is the largest student travel agency in the U.S. This site offers discounted prices for flights, trips, rail, insurance, and hotels.

Campus Tech - With savings of up to 85 percent, Campus Tech can help students to meet their software, hardware, and book needs while still maintaining a manageable budget.

Student Discounts - Since 1995, Student Discounts has been saving students thousands with its discounted academic software. This site offers all forms of software that a student could possibly need or want.

Student Advantage - Student Advantage is one of the leading student discount programs. They work with hundreds of colleges and distributors to provide discounted prices on things students need.

Affordabook - This free, easy-to-use website is designed for students who want to find the best prices on college textbooks and leisure reading.

Miscellaneous Sites and Web Apps

Cost of Living Calculator - This useful calculator from Bankrate allows students to compare the cost of living in different cities. You can compare prices on everything from rent to bananas.

Student Finance Domain - The Student Finance Domain is a free reference center that was created to help students make informed decisions about credit cards, student loans, and student banking.

Pay Range Calculator - The Pay Calculator provided by Payscale.com can help any student calculate salary range for different job titles and markets.

Currency Calculator - This currency calculator provided by XE.com is perfect for students who plan to travel or are studying abroad. It has great features like a currency converter, up-to-date cross rates, and a travel expense calculator.

Salary Finder - Graduate students looking for competitive pay in the job market will benefit from College Grad's Salary Finder. The tool can help with salary negotiations, hiring demand, salary calculations, and career information.

*About the author: This post was written by Karen Schweitzer, the About.com Guide to Business School. Karen also writes about college online for OnlineCollege.org.

*Image Credit: Photograph by LuMaxArt [via Flickr Creative Commons]

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Buying Insurance: Factors to Consider For Security and Savings

2009-04-29T10:34:00.000-07:00

(This is a guest article by Barbara Waltz*)

Whether it was for an auto accident or a doctor's visit, the odds are that you have had to make an insurance claim at some point in your life. At that point you probably learned the importance of having a quality insurance in place to cover the bills. While there are quite a few great insurance companies out there who will be there for you when you need them, there are also a fair share of companies who are less than reputable. Although those companies may offer incredible prices, they will leave you lacking when it comes to needing their help. Below is a list of what you should consider when purchasing any insurance policy as well as some tips to save a bit of money while doing so.

Premium Determining Factors

Age, past history and location are some of the bigger factors that determine premiums but certainly not all of them. Each company places different weight on certain factors and this equation changes regularly. For example a driver with a great record but poor credit history may have ridiculous premiums with one company who sees him as being a risk but with another who focuses on other factors may offer him discount auto insurance based on his driving history.

Use Caution When Cutting Coverage to Save Money

Always make sure you fully understand what you are getting into by doing this. While in some cases it is a great idea to increase a deductible to save a bit of money, it may come with a greater risk than the potential rewards. There are many areas of “fat” that can be trimmed out of insurances with little risk just make sure it is not something that can come back and bite you if you are in a bind. In some cases increasing deductibles can be a huge money saver and can save more money over the long term of the policy than lower deductibles and higher premiums.

Try Before You Buy

Most companies offer a 30 day trial period of their coverage. During that period you should be able to cancel and be given a full refund. While this period is often too short to fully understand if the coverage is going to be suited for you, it can still be a nice perk.

Verify the Company's Ratings (Financial and Personal Users)

Knowing that the company has the finances in place to handle a claim if it arises is important. Although they may have the finances in place, they may be less useful when it comes to paying up,and that is why it is equally as important to see what other policy owners have said about their experiences. The internet has spawned tons of user generated review sites and the financial information is readily available as well. Each state has their own insurance complain department as well which will is a great resource for verifying information on the company.

Ensuring Your Agent is Licensed

While it seems unlikely, there are many horror stories of people being fleeced with fake policies. The “agent” takes an upfront fee and then disappears.

Shop Around

While many people will look around to find the best shoes or lowest price on a car or whatever, for some reason people are less inclined to do so when it comes to insurance, which is arguably more important over the course of your life. Depending on your situation, some insurance premiums can be 50% higher with different companies. Compare several policies before making any decision to an insurance.

*About the author:This post was written by Barbara Waltz one of the founders of 24/7 Quote Us, an online resource blog and insurance quote comparison guide.

*Image Credit: Photograph by Gravestone [via Flickr Creative Commons]

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10 steps I used to get out of Debt

2009-03-19T10:38:00.000-07:00

(This is a guest article by Sharon Marthers*)

There were times when I used to allow my heart to rule as far as my personal finances are concerned. I thought it was the coolest approach that I could ever have until I realized that it wasn't a good idea after all! Well, I had to admit that one doesn't get into a debt situation in a jiffy because it builds up gradually and seeps into one's finances in a clandestine manner. Guess what? It even took me a long time to get out of it!

So what did I do to get out of it anyway?

I came across billboards that offered me debt help and was requested to enroll for some kind of debt relief option in the process. They seemed they might be effective initially, until I found out that they might not be the same for all and sundry. So, I took some personal measures first, such as, evaluating my financial situation and then finding the particular debt relief option that would be suitable for me. In the midst of this storm, here are some measures I used in order to withstand the storm and come out of it:

Avoid borrowing money to get out of debt

Use cash and minimize credit card usage

Attend to debts that have higher interest rates

Pay more than the minimum monthly payments

Work out a budget and track expenses

Check your credit report periodically

Read TOS while accepting credit cards

Save for the rainy day

Don’t be extravagant

Take professional guidance if required

*About the author: Sharon Marthers is one of the financial writers associated with the Debt Consolidation Care Community. With her in-depth knowledge and vast experience, she has had a profound impact through writing and advising on all debt consolidation issues and has presented useful tips to get out of debt. Her remarkable guidance and support has improved the community into a global hub for the debt related situations.

*Image Credit: Photograph by gaspi *your guide [via Flickr Creative Commons]

10 things a freelancer must do to survive this economy

2009-02-26T10:39:00.000-08:00

(This is a guest article by Jessie Hepzie*)

The season had been pretty rough throughout the last quarter of 2008 as well as in 2009. The economic meltdown has had its effects on every one including freelancers, yet this is the opportune moment for some, and they are really successful in acquiring great orders.
You should remember the life of a freelancer is not always a smooth one. With so many commitments and with uncertain income, the life of freelancers had always been in the rough seas. The following are the tactics that can make freelancers survive this economic crunch.

Look at the right place for your job:
Usually freelancers have a tough competition in forums and bidding sites. It’s high time you avoid those sources and look for various other options available throughout the internet. The best thing you could do is have an eye for corporate freelancing jobs. The recent freeze in recruitment programs and the downsizing of employee list in the corporate world is in reality a way open for freelancers. Companies in view of cost reduction are more than willing to hire freelancers to complete their ongoing projects. Associate yourself with these companies to get a regular income.

Diplomatic bargaining:
Whenever you are selected for a project do explain you skills, the current economical status, and diplomatically negotiate for a better compensation. This could boost your income and give you peace of mind. Never be aggressive because it can cost you your job. Diplomatic bargaining can also be very well applied when you are procuring material for your project. Compare vendors and prices and choose the best vendor that quotes the lowest price. You can also ask for discounts and offers and enlarge you margin.

Being punctual:
Once you take up orders do strictly adhere to deadlines. This will create a positive image and trust in you. Never take up more than you can chew and end up as failure. If your project is bit tedious, it is a wise idea to join hands with friends who can help you complete the project on time. Sharing a small amount in the revenue will reduce a great amount of stress involved in the job.

Maintain good relationship with your clients:
Maintaining good relationship with clients could gain you more projects and more money. The usual employer psychology is to provide the job to reliable employees rather than recruit a new one on trial basis. This is why maintaining good relationships will be an added advantage when it comes to gaining lucrative projects from previous employers.

Form a team:
Especially during the time of recession it is wise to form a team with like minded freelancers and share the work and revenue. This broadens your scope of getting projects and lessens your burden in handling large projects. Working together will also provide moral support and eliminate the loneliness thereby encouraging you to involve more in you job.

Learn new tips and tricks:
As a freelancer it is your duty to keep yourself updated with the latest trends in the field. Learning new tips and trick in your job should be a continuous process. Do not hesitate to spend a little in learning a new technique that could help you come out with flying colors in you future projects.

Be alert:
As a freelancer you should be alert with individual private employers. There are two possibilities that you can encounter with individuals contracting you for the first time. Cheats usually ask for some time to release your payment and never turn up once have you completed the project for them. It is always wise to get a partial payment in advance before you take up jobs for those you do not know. The other category is that people after testing your skills can provide you good amount and can force you into contracts that will benefit them a lot, while you will be stressed out unnecessarily. It is better to avoid both.

Be wise on expenditure:
When it comes to your personal expenditure, it is wise to reduce unwanted expenses. You should compare prices and get the best price for things you need. You can also reduce the expenses of eating out and other luxuries that could drain you purse especially at time of recession.

Start saving:
You should realize that there is no guarantee to your regular income and should start the habit of saving some money for the days when you won’t find jobs. There may be good income on few days while other days may be dry. So it is wise to limit your expenditure for the day with an eye for future. However, expending on investments is a clever option.

Positive attitude:
Remember nothing is permanent in this world and this financial crunch too will pass. Do look at poorer economies where people suffer the most and be thankful that you are in a better position. Comparing your state with those in poverty will boost your moral, whereas a comparison with better off people will lead to frustration.

*About the author: This article was contributed by Jessie Hepzie who maintians Oscommerce Templates.

*Image Credit: Photograph by lumaxart [via Flickr Creative Commons]