Repaying Your Debt

When it comes to a major purchase where financing is involved, there are a few options that can really save you money. In financing, there are two major elements to consider, time and interest. These combined elements are what determine the actual cost of your purchase. If you are paying 9% in interest for a $10,000 loan, the difference between paying the loan in 24 months vs. 48 months is a cost savings close to $1,000. Conversely, if you are paying that same loan off in 48 months with an 8% APR vs. 9%, you could save over $450 on that loan. But what if you already have a loan and can't negotiate how much you borrowed or how much interest you are paying? Good news, you still have time on your side. Save money by paying that loan off sooner.

Credit to FreeCreditScore.com financial resources

The Hater Chronicles

Take a Tip. Share a Tip.

Have you heard of Google's Tip Jar?

It's a collection of money saving tips submitted and ranked by the web community.  Tip Jar gathers tips in one place and invites people to rank them in order of usefulness.  Over time, the best and most useful tips will rise to the top.  Here is what Google's official blog says about Tip Jar:

Ideas are everywhere, but how do we know which ones actually work? At Google, we put a lot of stock in both the wisdom of crowds — the idea that lots of people responding to a given question can collectively find the best answer — and the value of community. We believe that people working together can help one another through even the most difficult times.

Check it out here: Google's Tip Jar

Card-Skimming Scam at Grocery Store

Financial Calculators from MyMoney.gov

MyMoney.gov is brought to you by 22 Federal entities that work on improving financial literacy and education.  Among their many resources, MyMoney.gov offers an impressive collection of financial calculators.  From tax withholding to retirement planning, there is a calculator for just about any of your financial needs.

Check it out here: http://www.mymoney.gov/category/topic1/calculators.html 

Notable Black Friday Deals

Over the 2010 Black Friday weekend, 212 million shoppers spent an average of $365.  That was an increase of almost 17 million shoppers from 2009.  And why not?  Retailers continue to make Black Friday the biggest deals and savings days of the year.  It has literally become an American holiday.  We've put together a list of notable Black Friday deals and resources.  Check them out here:

Apple: Black Friday Teaser

Amazon: Black Friday deals from Amazon

Best Buy: Door Busters by Best Buy

The Black Friday: The Official Black Friday 2011 Website

2011 Black Friday Ads: Store Hours for Black Friday 2011

What have you found?  Let us know.

What is a Bond?

"Simply stated, bonds are debt. Think of a bond as a kind of loan, but instead of you taking out the loan from the bank, you are the bank that is loaning the money. When you buy a bond, you are literally loaning your money to an entity - be it a company, city, state, or federal government - and receiving regular interest payments."

Check out this infographic from Mint.com: In Graphics: What is a Bond?

Cash Advance Loans

Bank of America's Wise Decision

Two months ago, Bank of America proposed a monthly service fee that would affect most debit card customers.  The announcement was immediately met with disdain and criticism.  It seems that the bank has wizened up.  David Darnell, the bank's COO, announced today that Bank of America has decided against the monthly service fee.  "We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee. Our customers' voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so."

Wise decision Mr. Darnell.    

What is Credit Card Skimming?

Take Control of Your Finances with Mint.com

Annual Limits Relating to Financial Planning

The College for Financial Planning is one of the nation's leading providers of financial education. Every year they publish a printable reference sheet called the "Annual Limits Relating to Financial Planning". This document covers everything from IRA contribution limits to taxable standard mileage deductions. It's an informative fact sheet for all your financial planning needs.

Check it out here: http://www.cffpinfo.com/annualLimits.html

How can I get rid of student loan debt faster?

I have a grad school loan of around $43,000. The interest rate is 4.75% and I can only afford to pay $300 a month, which barely covers the interest. It is a degree in the arts and I have never been able to pay more than the $300 a month. I let the interest roll over the first few years foolishly, but started making regular payments in 2005 and I have only paid the loan down a thousand bucks from the original amount that I graduated with back in 1999. I am 41 years old, have no savings, and I work in the arts and fear that I will be paying off this loan into my 60s or 70s. What can I do to get this monkey off my back faster beyond the obvious -- paying more each month? — Name withheld, Jersey City

Read CNN Money's reply here: We understand your frustration...

Understand Your Credit Identity With LifeLock Credit Score Manager

"The New York Times recently reported that "millions of consumers have fallen out of favor with the credit scoring gods" leaving many consumers wondering what their credit may look like. LifeLock, an industry leader in identity theft protection, has a solution for consumers that will take the surprise out of wondering about their personal credit identity - LifeLock Credit Score Manager(TM)."

Read the rest of the story HERE.

Get Out of Debt More Quickly

Debt Wise is the easy, automated way to get yourself out of debt faster. It puts you in control of your financial well-being and it's brought to you by Equifax, so you know it's safe and secure. Debt Wise prioritizes the debts in your plan each month, for maximum impact. It's easy to stay organized and pay smarter!

Pre-populated and automatically updated by your Equifax Credit Report, your Fast Play Plan is easy to create and easy to follow. As you follow your plan Equifax tracks your progress, and provides tips and tools to help you stay on plan.

Need a Vacation?

Between the 9 to 5 and the chore-filled weekends, when do you ever take time for yourself?  Take this quiz from CNN Money to help you determine how badly you need a vacation:

http://money.cnn.com/quizzes/2011/fortune/vacation/

Financially Compatible Spouses?

Check out this interesting quiz from CNN Money that asks:

Do you jump at the chance to spend money on vacations, but dread saving for retirement? Take this quiz to better understand what motivates you to spend and save. Then ask your partner to take it and compare results.

Take the quiz here: Are you financially compatible with your spouse?

Top Personal Finance Blogs

Wise Bread regularly updates their rankings of the top personal finance blogs on the web.  The current top 5 are currently:

• Deal Seeking Mom
• Money Saving Mom
• Bargain Brianna
• Consumerist 
• Wise Bread

You can view the entire list here: http://www.wisebread.com/top-100-most-popular-personal-finance-blogs/

Check Your Credit Score

Try it FREE! Membership helps you understand your credit and plan for financial decisions.

• Credit Score Alerts

Find out when your score changes. This could help you qualify for better interest rates and lower monthly payments on new loans.

• Credit Score Center

Understand how your score works. Find out how it's calculated, which factors impact it, and the best time to apply credt.

• Credit Score Estimator

Plan ahead to see how big financial decisions, like applying for loans or maxing out credit cards, may impact your score.

Google Advisor

Google has recently unveiled a new financial tool called Google Advisor. Per The Official Google Blog, Google Advisor is "a site designed to help you quickly find relevant financial products from many providers and compare them side-by-side".  The blog goes on to say the following,

With Google Advisor, you enter information about what you’re looking for in a mortgage, credit card, CD, or checking and savings account. We show you a list of the offers that match your criteria, along with rates and contact information. Google Advisor is designed especially to help you make these difficult financial decisions easily, with:

• Speed: As you change your criteria, the results update instantly. You’ll still have a list of all your options in one place, so you can quickly compare different offers.

• Trust: By setting your own search criteria, you’re able to see only those offers and rates that apply to you, which means you can compare applicable offers without even contacting a provider first.

• Control: You only need to provide the minimum amount of information we need to show you offers that are right for you. You have full control over what you want to share, and which providers you choose to talk to—and you don’t have to submit any personal information until you’ve decided you’re ready to move forward.

You can find this awesome site here: Google Advisor

Middle Class Meltdown: Sink Or Swim Time

Source:Middle Class Meltdown: Sink Or Swim Time

Should I Consolidate My Personal Debt Into A New Loan?

Check out this calculator from Yahoo! Finance:

With interest rates at historical lows, it may make sense to consolidate some of your credit card and other personal debt into a new consolidated loan, typically a home-equity loan. Consolidation loans can significantly reduce your required monthly payment because they are generally amortized over 10 or 15 years. Use this calculator to determine how quickly you could get out of debt and how much interest you might save:

Should I Consolidate My Personal Debt Into A New Loan?

How you can help the Japan relief effort

Your gift to the American Red Cross will support the disaster relief efforts to help those affected by the earthquake in Japan and tsunami throughout the Pacific. On those rare occasions when donations exceed American Red Cross expenses for a specific disaster, contributions are used to prepare for and serve victims of other disasters.

Click here to help.

Where does all the money go?

Via Yahoo! Finance: How much am I spending?

Where does all the money go? An itemization of your living expenses may help you budget better and plan for future expenses. Use this calculator from Yahoo Finance to help you recall and itemize your living expenses.

What does paying "the minimum" really cost you?

There are over 176 million credit card owners in America. There's a very good chance that you are one of them. However, have you found yourself in situation where you are only paying the minimum amount due? You are not alone. Consider this fact from CreditCards.com: nearly one in three Americans -- 29 percent -- said that in some of the past 12 months, they paid only the minimum payment on their credit cards. While it is understandable that paying the minimum is sometimes necessary, how long can you afford to do so? How much does paying the minimum amount due actually cost you?

Find out at Bankrate.com: http://www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx

Cost of Living Calculator

Are you considering relocating? Check out CNNMoney.com's cost of living calculator before you finalize your decision:

http://cgi.money.cnn.com/tools/costofliving/costofliving.html

Considering a Payday Loan?

Payday loans are safe, short-term personal loans for people who are in need of a small cash advance until their following paycheck. Many people are turning to online payday loans to meet their financial needs such as an unexpected medical bill, car repair bill, or personal crisis. A person can simply apply online for a payday loan with a proof of income, valid identification, and a bank account. The fees and terms of service are clearly stated during the application process. This means that the customer is never hit with hidden charges and interest rates. Payday loans are a safe and efficient solution for unexpected expenses that must be addressed in a hurry. Here are some things to consider regarding payday loans:
• Payday loans are also known as cash advance, short term loans, payday advances, cash loans, fast cash, fast loans, bad credit loans, deferred deposit, and a number of other things.
• Payday loans are offered on a temporary basis. A person should make sure that he or she is able to repay the loan within the required period.
• Payday loans can range from $100 to around $2000.
• Most payday lenders charge fixed fees. This typically means that a person may end up saving money by choosing a payday loan over a costly late fee.
• Payday lenders typically do not perform credit checks on the 3 major credit bureaus which report a person’s credit score. However, they may use CL Verify
• Cash advance loans should not be seen as a long term financial solution, but rather a solution for a financial emergency.

The best free way to manage your money online

A quick search for personal budgeting tools will yield an impressive number of results. Without doing a little research, you might find yourself slightly overwhelmed. It is, after all, hard to distinguish the gems versus the gimmicks. However, Intuit's free online money manager, Mint.com, is quickly becoming one of the best. We can't quite quantify that statement, but it is difficult to argue with over 4 million users.

According to the website: Mint brings all your financial accounts together online, automatically categorizes your transactions, lets you set budgets, and helps you achieve your savings goals. See all your balances and transactions together, on the web or your phone. Mint automatically pulls all your financial information into one place, so you can finally get the entire picture. The fees that banks pay us for introducing new customers allow us to keep the service free for our users. We're committed to staying free for everyone, whether or not you ever act on one of our savings recommendations.


Find out more here: http://www.mint.com/

10 Ways to Stay Broke

The Consumerist decided to take a different approach to offering financial wisdom. Consider the following tidbits from Consumerist's 10 Tips That Will Make Sure You'll Stay Broke:

We know you don't really like having money. That's why we've put together these 10 tips that will help ensure you never will:

1) Make Shopping Your Hobby.

Nothing to do on a Tuesday night? Go to the store. Doesn't matter which one. Just go and bring your credit card. Better yet, open a store credit card and buy a bunch of stuff. Hey! You saved 10%! Sure, you didn't actually know you "needed" this stuff until you saw it at the store, but its just so cute.

2) Don't Have a Budget.

Look, you know about how much money you make and about how much you spend on basic costs. Then you need your "play money." After that, if there's anything left, it can sit in your non-interest bearing checking account until next month. As long as there is something in there, you're doing well.

Sure, you overdraft now and then, but big deal. It doesn't happen every day.

3) Impress Your Friends By Buying Them Expensive Stuff You Can't Afford.

If Betty registers a $10,000 silver platter for her wedding... you should get it for her. Yeah, so you went in to debt? Betty is your best friend . She'd do the same for you. What? You don't want to look cheap !

4) Go Grocery Shopping When You're Hungry, With No List.

Don't plan you meals. Always eat "whatever you feel like." Go shopping when you're really hungry and make sure to buy everything that looks yummy!Mmmm! Lobster! Another good tip is to go shopping on "sample day" and buy everything you try. Smoked Gouda! Caviar! Little pigs in a blanket! Pizza rolls! Yay!

5) Go To The Little ATM At The Gas Station. A Lot.

It's only 1.50, get over it. The bank is sooooo far away. Just get money wherever it's convenient. Who cares about the fees? Same goes for overdraft fees and other banking fees. It's not that big of a deal.

6) Buy Lots and Lots of "Comfort Items" Without Considering The Cost.

You need your latte. You need your new shoes. You need Madden 08. You need a blu-ray player. You need cable. You need an iPhone. You need more DVDs. You need to buy a book instead of going to the library. You need to play a MMORPG . You need 150 shades of lipstick. You need to see every movie that comes out, then buy the poster and an action figure. You need to go to every concert. You need to buy the T-shirt. You need lots of brand new clothes every month.

You need these things to be happy. If you don't have each and every single one of them you will be so depressed that you may actually die. Don't take the risk.

7) Don't Open A High Interest Savings Account

High-interest savings accounts are for old people. You don't need to save yet. Or at all. You have that, you know, plan thing at work where they save money for you. And you can use your credit cards for any emergencies that might come up. So you'll be OK.

8) Run Up Lots Of Credit Card Debt

Don't worry, you'll pay it off at some point. When? Um. When you make more money than you do now. Duh. Besides, if the credit card company says you can afford to take out $17,000 at 18% they must know what they're talking about, right? They don't want to lose their money!

9) Let Yourself Go.

Don't work out or change the oil in your car. If you get sick, take half the medicine, that way you'll get sick again really quickly and get to spend more on medical bills. Take crappy care of your car and your house so that when something breaks it costs a ton of money to fix. Also, buy a gas guzzling car and leave your windows open with the air conditioning on. Don't brush your teeth or eat healthful foods. Make sure to buy lots of things that are very expensive to maintain, then neglect them. Who cares?

10) Buy Your Children Whatever They Want

Your kid can't go to school unless he/she is dressed in all the latest fashions. Also, he/she must have better toys than other children or you are a bad parent. Disappointment is bad for children. If children don't get everything they want, it makes them bad at math. True story. Also, if you don't sign your kid up for tons and tons of expensive classes and activities, he/she will fail at life and live under a bridge. And it will be your fault.

Start 2011 on Top

The excitement of a new year is often met with a flurry of resolutions. Most people tend to set fitness and health-related goals. Although we can all stand to be a little healthier, why not also focus on your finances? Did you find yourself falling behind on your bills last year? Are you still trying to catch up? 

There are many little things you can do to start saving in 2011. From packing a lunch for work to consolidating your debt, you can climb out of any financial hole. If you are in need of immediate help, we suggest you consider a cash advance loan. You can have the funds deposited into your account within one business day. Visit our site to pick from a list of safe and reliable lenders. Start 2011 in the right direction!