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List of New York Times Bestseller Books in ‘Money & Savings’ category

Published November 29, 2008 Money & Savings 0 Comments
Tags: New York Times bestsellers on money and savings

I recently stumbled upon the bestsellers list in the New York Times. While searching for some good books, I unintentionally ended up in the business bestsellers - books on debt management and money and savings, to be more precise.

Americans need to read the best material on these topics as the expert advice given in these books along with some practical steps will protect us from losing our homes, businesses and other valuables. Following is a list of NY Times bestseller books in ‘Money & Savings’ category.

• THE TOTAL MONEY MAKEOVER - Dave Ramsey

The book, written by the famous radio host, Dave Ramsey, explains in detail on how families can get rid of debts while maintaining an overall fiscal fitness. He urges readers to take baby steps by first paying the smaller debts and then going for the bigger ones. Additionally, he is also a supporter of emergency cash fund of $1,000 besides paying off the small loans.

• DEBT CURES “THEY” DON’T WANT YOU TO KNOW ABOUT - Kevin Trudeau

Kevin Trudeau has got a reputation of being a blunt and ‘out there’ writer who reveals insider secrets of the corporate world. In his recent book, he has bared all in the financial industry who want you to remain indebted and financially troubled. He has given extensive information on how to get out of these debts and gain a state of financial well being. How to turn bad debt into good credit and how to improve your credit are some of the questions he has asked and answered in this book.

• The new paradigm of financial markets: The Credit Crisis of 2008 and What it means - George Soros

Soros emphasizes on the need to understand financial bubbles instead of ignoring them. He thinks that the current economic principles of supply and demand have failed to sustain the economic growth and we need an entirely new economic paradigm. The book has described the factors that led to financial crisis and how markets should behave to get out of this mess.

These books are a must read as we all are looking for a final solution to our financial issues.

Turn Your Kitchen into a Savings Machine! How Little Here and There Adds Up

Published November 29, 2008 Money & Savings 0 Comments
Tags: grocery saving tips, turn your kitchen into a savings machine

Americans are facing a huge financial crisis. You keep on hearing this from every nook and corner as if even nonliving objects have also realized this fact. People are desperate to save more and more money but don’t find ways of doing it. I call them to start from your home and start from your kitchen.

Kitchen is the place which eats up most of your savings. Any loose spending on foods, overdose of coupons and a lot of trips to fancy restaurants are some of the reasons behind the huge bill on food and kitchen expenditures.

You don’t have make huge amends to cut down kitchen expenses. Little changes here and there are suffice to reduce your kitchen expenditures by up to half. I’ll tell how to do this.

Cut down on your eating out frenzies:

If you are a fan of eating out and spending a lot on foods, it’s time to reduce such extravagant outings now. You can prepare the same food at the fraction of a price that you’ll pay at a restaurant.

Plan before you buy:

We spend a lot on buying groceries. Many do prepare lists before going to a store but most of us end up buying many unimportant items like loads of chocolates. Savings can’t be done unless we cut down such spending.

Less packaging, more saving

Spend less on packaged foods as you can prepare most of them at home. Cake, breads, muffins and pizza mixes are only good for those who have a lot of money. You can easily prepare these things at home.

Keep an eye on local stores offer:

These days many grocery stores are offering big discounts on many edibles. Also many are offering packages, coupon sales and rebates, among other offers. If you are aware of such offers, by browsing the Internet or your local newspapers, you can get more items in less bucks.

Smart buying:

Buying in bulk especially dispensable items like milk cartons and toilet rolls etc is a money saving tactic. You can stock up such items at cheaper rates instead of buying them on a daily or weekly basis.

Coupons, coupons all the way

Coupons are the best way of saving on grocery. These are available in many magazines and newspapers. There are some cases of fraud too, like those downloaded from interent are not accepted at stores. But, you can accumulate a wealth of credible coupons and make big use of them.

Save money and masses by going green

Published November 29, 2008 Lifestyle , Money & Savings 0 Comments
Tags: save masses by going green, save money by going green

Green energy and green lifestyles are slowly but gradually making their presence. Green living standards include adopting cleaner living, energy saving and shifting towards renewable energy and reducing your environmental footprint.

Our planet is suffering from the emissions and rapid depletion of natural resources. With scarce natural resources, how can we live happily or what we are giving to our future generation? Even if we are eager to go green; the costs are very high and there is a big economic crisis.

Fortunately, green living is not as expensive as it seems. On the contrary, you can even save money by adopting a cleaner and greener lifestyle. How? I have given some solutions in the following lines.

• Cut your fuel costs

Although fuel prices are much more economical now but there is always a chance that these can go higher. You can buy a more fuel efficient car and also can use public transport for commuting to your workplace. The money saved here can be used for other meaningful purposes. You can also do carpooling to save money.

• Home shielding leads to better results

By shielding, I mean the insulation of your home. Majority of American homes have poor insulation, wild ducts which boost your heating bills and drafts which result in higher energy costs. You can save money by insulating your home, weather proofing it and by using renewable materials. The whole process may cost you up to a 1,000 bucks but you can also save $100 to $200 on a monthly basis.

• Energy saving ‘electrical manners’

Americans waste a lot of energy when they keep on the electric appliances running even if they don’t need them at all. Take for example the iron that you forget switching off or the computer, TV or kitchen appliances - even if some of them are in standby mode.

• Turn off the heat

Turning off the thermostat when it’s not necessary and lowering the water heater temperatures are some easy steps which can save you some energy bucks.

• Energy efficient appliances

Energy Star compliant appliances are making a big round these days. They are not only energy efficient but are also less harmful to our environment.

Here is a nice video about going green

Tips & Tricks to Help Lower your Credit Card Interest Rate

Published November 29, 2008 Money & Savings 0 Comments
Tags: credit card interest rate, lower credit card rates, tips n tricks

Credit card holders have yet to see any significant impact of the huge cuts in interest rates - they are still bearing the brunt of credit card companies. Federal Reserve has heavily slashed the interest rates for more than a year but these have not trickled down to the end users.

The current interest rates, based on the prime rate, are hovering around 13.77%. Credit card companies , at least a majority of them, are not eager to transfer this benefit to their customers. If a customer wants to confront them on this issue, they will mostly come up with lame excuses like talking about the economic situation, losses or your credit history which is barring them from giving you any relief.

You can go around the corner and take a 180 degrees turn if you actually want to get a reduction in interest rate. Following are some tips and tricks that will help you lower your credit card interest rate.

• Before seeking an explanation, take a look at the interest rate you are currently paying on your credit card balance. You’ll most probably find it to be too high.
• After confirming the rate, next step should be a research on what other companies’ rates are and if they offer 0% balance transfer and no annual fee.
• Once you have find these statistics, you should check the interest rate these companies will charge after initial period (usually six months).
• After doing this research, next step is the decision to change your creditor. People usually are afraid of changing credit companies so often but given the current situation, you have to go for the best deal.
• When you’ll call your current creditor, the folks over there will try to convince you otherwise. They will try their best to keep you on the books. You just have to stay firm and keep your ground.
• You can also ask for a revision of the interest rate while talking to current creditor. If they agree, it’s well an good. Otherwise, you should go for the better option.

Also be very careful about your FICO scores as they will be slashed if you join a new company. But, if you have no other option and your current creditor is not listening to you; you can take some risks.

How FICO Score Affects My Credit Rating and What It Means For Me?

Published November 28, 2008 Money & Savings 0 Comments
Tags: FICO score

FICO scores are the lifeline of your credit rating. FICO, which is the abbreviation of Fair Isaac Corporation, is an analytical organization helping businesses automate, improve and connect decisions across organizational silos and customer life cycles.

The maximum FICO score is 850. The equation is quite simple; higher a score, the easier it is to borrow money for a mortgage. A good range for a first-time buyer is anything above 680. Those with a lower score, in the 500s and 600s, may be able to borrow money, but at a higher interest rate.

FICO score evaluates your credit accounts as well as your credit history in maintaining those accounts. Even a FICO score of 630 is taken as a healthy one and if you have a score above 750, then you can easily maintain and boost your credit.

Before making any loans, lenders do consider the FICO score as it gives them a chance to look at your payment history, the amount you currently owe, what type of credit do you have, what is your credit length history and how many credit applications you have made, among other things.

FICO score will affect your credit rating as lenders can impose higher interest rates. In fact, they’ll definitely impose higher interest rates if your FICO score is below 600. Moreover, you’ll have to pay extra premium if go for mortgage insurance of your home. A worst case scenario is the complete denial of the loans.

The better way of dealing with this issue is to get a copy of your credit report before applying for any new loans. You can always ask for a revision if any discrepancies are found.

What’s Credit Reporting Agency and Why do I need to Know Them?

Published November 28, 2008 Money & Savings 0 Comments
Tags: Credit reporting agency, Equifax, Experian, TransUnion, what is credit reporting agency

Credit Reporting Agency, also known as Credit Bureau, is an institution which collects information about individual consumer credit from multiple sources for a variety of reasons including credit worthiness, lender assessment, interest rate depending on the capacity to pay back the loan, among other things.

The number of credit rating agencies has increased in recent years but the credibility factor remains with only three or four. Three largest one of them are Experian, Equifax and TransUnion. These agencies also give you an option to check your credit score online, without any charges.

These are the companies which have the most valuable and credible reports. It is highly likely that your creditor will determine the credit limit, interest rates (which have become a headache these days) and discounts/recounts depending on these reports. One needs to be fully aware of these reports because often times there are discrepancies in the report like your credit limit is reported wrong or any other issue.

You need to know the working of a credit reporting agency because under Fair and Accurate Credit Transactions Act, credit agencies are bound under law to provide you a free copy of your credit score, once a year. You can also ask for a copy at any time. The official place to check your credit is AnnualCreditReport. In case of any confusions, it is your right to seek explanation and correction from your creditor.

The process is quite simple; you just have to mail a form- which is present on the back of the Annual Credit Report Request brochure (available here) to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. Or, you can simply give them a call at (877) 322-8228.

How to pick the right credit card that is just Right for me?

Published November 28, 2008 Money & Savings 0 Comments
Tags: best credit card, How to pick the right credit card

Offers for credit cards keep junking my mail and am surprised at the marketing frenzy of these companies. We are in the midst of an economic crisis and still these companies are offering mouth watering deals. We know that we can’t go for any Tom, Dick or Harry offering us the best credit card deals. We’ve to be extra careful about any offerings.

Given my own experiences, I have come up with some suggestions regarding the choice of credit cards.

Look before you leap:

There is a possibility that you may go for a company totally unknown but offering the most juicy package. The saner decision would be to look before you leap. Read all the rules and regulations, interest rate, market standing and benefits, among other things, before reaching any decision. Following are some tips that will help.

Reputation:

Reputation and market value of a credit card company plays a pivotal role in consumers market. If you are buying a card from a reputable firm; you are safe.

Charges/Fees:

Fees or charges on credit cards vary from company to company. There are some companies who don’t charge even a single cent while others are eager to deduct up to $50 to $100 a year. You would obviously choose those companies with minimum to no payment but be careful about one aspect. Re-read the terms about penalties and fines on late payment.

Interest rates:

It’s the game of interest rates. At the end of the day, if you end up paying higher interests on your credit then it means that your calculations were wrong. Interest rates are not set for credit cards and can be as high as 25% of your credit limit. Companies exploit users by offering minimal or 0% interest rate in the start, only to be replaced by a heavy markup later.

Top 10 tips to enjoy shopping during Christmas season

Published November 28, 2008 Money & Savings 0 Comments
Tags: Christmas, christmas shopping, holiday season, shopping

Holidays season is just around the corner and with three weeks left in Christmas, many people are ready to hit the stores. Sales on Black Friday were promising as the economic meltdown forced stores to cut prices. This year, nearly 129 million Americans lined up for Black Friday - a number slightly less but still encouraging.

To make the most out of the current financial lowdown and the race to attract shoppers, if you act on the following tips; you can get the best bargains.

1. Think before you shop: Haste makes waste so don’t get overexcited at the prospects of a catchy deal. First take a sneak peek at your wallet and then decide what you can buy and what not.
2. Make a list: Americans generally go all nuts when they find lucrative deals thus ending up buying many items which are not needed - hence they reach home with not just empty wallets but a lot more debt. This year, the situation can be more worse as there are so many stores trying to lure your attention. Think before you leap, make a list, and then go for shopping.
3. Early birds get the best deal: If you shop early, there is a possibility that you may find the best deal. Additionally, you will also be able to purchase your favorites. If you fail to do so, you might not be able to get that designer jacket you were eyeing for a couple of years or that sofa set you were planning to buy for 10 years.
4. Never lose hope: Shoppers tend to get desperate if they fail to get their desired items at one store. You need not worry as this year dozens of stores are offering goods at competitive rates. You can try your luck at another store.
5. Bust the doorbusters: We have this inclination towards stores displaying some ‘catches’ at lower prices but we are always busted when we enquire about the product and it’s sold out. This time, more stores will be doing this but you have to be more cautious about it.
6. Internet shopaholic: Finding the best deals on internet has become tad bit difficult this year. It’s not that there are less deals available (in fact, we’ve more) but making a choice is difficult this year given the huge array of options. What you can do to find bargains is to do a thorough research and price survery.
7. Official Web site - another must: Retailers official Web portals are offering lucrative deals this year. If you happen to visit the sites of these stores, you’ll find that many hot items are available at competitive prices. You can also subscribe to mailing lists to get regular updates.
8. Comparison made easy: Comparing deals by logging on to such Web sites will be good for your wallet. You can download the brochures, circulars and other materials about the hot items on sale.
9. Think bigger this year: Even fifth avenue stores, some of which never thought of putting discounts, are doing it this year. Maybe, you can shop the top designer items this time.
10. Never Give up: If you were unable to get that laptop on discounted rates or if that favorite jacket was picked by someone else. Don’t worry as you can always go for smaller stores which sometimes don’t advertise much but have the same quality items as are available at a well known one. diversify your options.

Why Financial Freedom Leads to More Romance in a Marriage?

Published November 20, 2008 Money & Savings , Uncategorized 0 Comments
Tags: financial freedom, romantic marriage

People say that a happy married life is independent of financial standing. They think that people can live happy even if they have nothing to eat and nowhere to live. While this is a very hot debatable topic but studies have proven that a married couple with sound monetary position fares much better romantically than one in abject poverty.

Reasons for this premise are pretty much obvious. Imagine a couple making out while they have eaten nothing for two days and are shivering in biting cold under a bridge. Is that possible? Maybe but that would look really ‘funny’. I thought of using another word but stopped short of it.

Why financial freedom leads to more romance in a marriage? Now imagine a couple with a minimum debt on their home, secure jobs and children going in good school. They are also saving enough money for their retirement and for the children’s college education. Despite all the financial gloom, when they go to bed; they are free of any worries on what will happen the next day or whether they will be able to put food on the table or they have to do away with their beloved dog as they can’t afford the expenses.

Anyone can easily conclude that they’ll make love more often and will have a satisfied married life. Romance in the marriage is not just limited to love; it is developed when there is a complete package out there.

Finally I would say that just look around yourself; your family, friends and acquaintances. You’ll be surprised to know that those couples will be more happy and romantic who have a sound financial standing as compared to those with a shoestring budget. Financial freedom indeed leads to more romance in married life.

Help for Couples! Baby Steps to Debt Reduction and Living a Happy Life

Published November 20, 2008 Lifestyle , Money & Savings 0 Comments
Tags: baby steps to debt reduction and living a happy life, Help for couples!

Debts are ruling the roost these days. I heard some people saying that if the conditions remain the same, U.S will be remembered as the debt man of the world. Almost half of the U.S population is severely affected by the current economic quagmire while the rest half is waiting for its turn to go bankrupt or foreclosed.

These are indeed very tough times and there is no doubt that we badly need some magical solution to our financial ills. But we also know that there is no genie which can save us from this mayhem.

I will not talk about the big ways of getting the act together nor will discuss any financial jargon here. Following are 8 baby steps to debt reduction and living a happy life, it can be a big help for couples.

1. Setting up a crisis management fund

The ideal way to kick off the rescue plan is to start funding a reserve which can be used in case of extreme emergency like a foreclosure which can’t be stopped. If you have sizeable amount in the fund, you can protect your property.

2. Collaborative thinking

An ideal couple is one that sticks together through thick and thin. Talk to each other and develop a workable strategy which you both think will be the best for you.

3. Save big bucks - at least equal to 8 months salary

Try to save as much as you can and pool in that extra cash; ideally equivalent of your eight months salary or at least five to six months income. This reserve can be used in case of untoward situation.

4. Small things are better

Debt management can be optimized in a more perfect manner if you try settling up smaller loans. This strategy will enable you to clear all the smaller and medium-sized debts in a go.

5. College education fund should never be compromised

American parents are facing one of the biggest fear of their lives - to give away college education funding of their children to banks and savings institutions. You can avoid that by having a steady and unbreakable stream of dollars going for this fund on a monthly basis. You have to manage this at any cost.

6. Avoid retirement woes

Retirement is another difficult time of our lives but if both of you have enough savings, there is no need to worry about. Start with saving 5%-10% of your monthly salary into this fund and you can increase the amount when suitable.

7. Clear home loans as first priority

Clearing any debts on your home should be your first priority as foreclosures are so difficult to avoid otherwise. If you are over with this, you can manage other debts pretty easily.

8. Invest with your mind, not heart

Don’t follow the crowd in making investments. Try investing in safe avenues or you can also try your luck in new sectors like renewable energy which has a bright future.