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Creating and living by a budget is essential to your financial security in the future.  Without a budget, you have no clear picture of your spending habits and no idea where to cut expenses should you experience a loss of income.  Budgets make it possible for us to save money and survive tough economic times.  However, creating a budget is just the first step, you must also commit to living within that budget. For tips on creating and budget and living within your budget read, “Creating and … [Read more...]

When you get divorced, you hope to put your relationship and everything to do with it behind you.  However, this may not be true if you filed joint tax returns.  If your spouse cheated on his tax returns and owes money, the IRS will hold you equally liable for the debt and pursue you for payment.  You may try several things such as Innocent Spouse Relief, Separation of Liability Relief and Equitable Relief. For more information on how to deal with an ex’s tax problem read, “How Divorcees Can … [Read more...]

Knowing how much home you can afford can be tricky.  Most experts advise that your home should cost no more than three to five times your annual household income.  However, you should consider other factors such as your future career and life plans.  A 30-year mortgage is a long commitment in light of the unemployment rate.  Furthermore, what are your current and future debt obligations - - will you have student loan payments that will begin in the near future. For more help deciding how much … [Read more...]

After listening to testimony during a nine-day trial that ended earlier this month, Bankruptcy Judge Stephen Rhodes has finally set a date for his decision on Detroit’s eligibility to file a bankruptcy.  Detroit, and the rest of the country, will know on December 3 whether or not Detroit will be allowed to continue under bankruptcy protection or if creditors can resume attacking the city demanding payment of past due bills.  Regardless of the decision, appeals are likely to be filed by those who … [Read more...]

If you are considering moving in with a roommate to split costs and save money, you need to iron out the details before packing your belongings and moving in.  For example, will the rent be split evenly even though one roommate has a much larger bedroom?  Likewise, unless you are renting a fully furnished apartment or house, how will you deal with splitting any household items that are purchased together if one roommate moves out?  Figuring out the rules and nailing down all of the money matters … [Read more...]

The divorce may have been painful but the day-to-day agony of dealing with an ex-spouse that will not pay child support is worse.  If you are struggling and just cannot seem to get help, you may want to employ a few new strategies to help cope.  First, do not deny visitation.  If your spouse is involved and invested in your child’s life he may be more willing to pay support, if not now at least when he has the money.  For yourself, do not plan your personal budget using the support as income.  … [Read more...]

Holiday shoppers are bombarded with offers for store credit cards this time of year.  They are enticed to apply for a store credit card in order to receive a special discount to be applied to purchases that day.  However, you must remember that to save 10% or 15% on today’s purchase you may be paying more in interest on the balance because store credit cards usually carry higher interest rates than bankcards.  Moreover, multiple inquires can also negatively affect your credit score if you take … [Read more...]

If you are a resident of Illinois, you may be able to continue your current health insurance policy after January 1 even if it does not meet all of the requirements of health plans under the Affordable Healthcare Act.  The Illinois Department of Insurance decided to renew current plans so that customers will have more time to review their options and transition into the health care system under Obamacare.  The extensions came after thousands of individuals received cancellations notices from … [Read more...]

The holiday season is a time when many people give to others.  It is especially important this season as we see the horrible devastation caused by severe weather here at home and across the world.  However, you must be careful when giving to charities because scam artists are clever and will use your empathy to steal money from you and from the survivors.  By doing your research and keeping careful records, you can avoid charity scams this year.  Requesting information from the organization and … [Read more...]

Flipping houses is becoming popular again as the housing market continues to improve from the 2008 crash.  For first time “flippers” excited about the possibility of purchasing a cheap “fixer upper” and turning it over for a nice profit, it is easy to make mistakes.  From going over budget when buying a home to neglecting to have a home inspection, first time home flippers must be careful not to sabotage their profits from the beginning. For more tips about house flipping read, “7 Things Not … [Read more...]