"I bring my lunch to work each day and I'm able to save $45 per week. That's $180 a month!"
Joel T., Orlando, Fl
Get More For Your Money
Debt consolidation can lower monthly payments to put more money back in your pockets.
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- Look for Distress Sales of Homes on the Market
Ask your real estate agent to focus on strongly-motivated sellers. A house that sits empty is a major liability to the owner who now pays two mortgages a month - one on the old house, one on the new. Now that's a motivated seller. Low-ball your offer and see what happens. You could save tens of thousands of dollars on the purchase price.
- Unemployment Insurance
Employers are required by law to pay unemployment tax. You've earned it. Visit your state's unemployment office, listed in the blue pages of the telephone book, to register and start collecting those weekly checks 'til you're gainfully employed again.
- Vehicle Donation
If you donated a vehicle to charity in 2011, good for you! The charity will benefit and you'll get a nice tax deduction, but be aware of the tax implications. If the vehicle had a claimed value of more than $500, your deduction is limited to the gross proceeds from its sale by the organization. In years past, some taxpayers abused this deduction by overstating the value of vehicles they donated to charity. The IRS scrutinizes these deductions more closely now.
- Don’t Ignore Mortgage Trouble
If you are having trouble making your mortgage payments, it’s important to contact your loan servicer right away. The longer you wait, the fewer options you will have. To find out what some of those options might be, the government offers free information about options and eligibility on the website maintained by the Department of the Treasury & Housing and Urban Development (HUD).
- Take Advantage of Post-holiday Price Cuts
Many retailers offer steep discounts after Christmas to rid their shelves of excess inventory. When planning your holiday budget, you should try to set aside some money to take advantage of these sales to purchase items you truly need. An additional word of advice though, some of the best deals won’t be available until several days after the holiday, because many retailers have learned that people tend to spend gift cards they have received the first few days after Christmas.
