There have probably been many times when you really needed money for something and were tempted by the many places offering payday loans. These are known by other names such as cash advance loans, bad credit loans, fast cash, or short term loans. Websites promising fast money with no hassle are all over the internet. You have probably received spam emails from these sites. The important thing that most people don’t realize is that these loans come with interest rates and guidelines that completely illegal. It is surprising that state laws have not closed the doors on this business. However, more people fall prey to this scheme everyday, making it a billion dollar industry.

These loans were specifically designed for people who have bad credit and are in dire need of money. Since there is no credit check to be approved for one of these loans, it is very appealing to the desperate customer. It is also possible to get your money on the same day you apply for it just by clicking your mouse.

If you are someone who is thinking about applying for a payday loan, you should keep in mind that what you will be paying back is usually a lot more than you borrowed. The process begins with meeting some basic requirements. There are some loans that are easier to get than others. Requirements can include meeting age requirements, having proof of a steady income to assure repayment, and references to be contacted if you miss payback day.

The most important requirement for all of these types of loans is the existence of a savings or checking account where the funds will be deposited. Once your application is completed and submitted through the internet, the lender will verify your information. You will probably also get a phone call at your job to make sure that you really are employed and can repay the money. It normally takes about 24 hours to make it through the verification process, and have your money deposited.

When it is time to repay the loan, the lender will simply withdraw the amount due plus the interest from your bank account. You should make sure you have the amount of money in your account at that time, or your fees will start to add up. The lender will start withdrawing these fees without notice.

You should think about this really hard before going this route to acquire needed money. Most of the time, using this method for borrowing emergency money can just make things worse for you instead of better.

The cost of everything seems to be going up these days. Gas, electricity, and food prices continue to soar on a daily basis. While the gas and electricity prices may not be in your control, there are certainly ways to save on food. The average family of 4 can actually eat decently for as little as $100 a week or less.

One of the most popular programs to help with the cost of food and feeding your family is called Angel Food Ministries. This started as a small idea and has expanded to nearly every state in the US. Anyone can take part in this. There is no income restriction or any other qualifying factors. The only thing you need to do is place your monthly order in person at the distribution center closest to you, and then return on the distribution date to collect your food.

For the average price of $30 you get as much as $75 worth of food. This isn’t low quality food, either. It’s just as good as any you would find in the grocery store. In some cases, it’s restaurant quality. You are not limited to a certain number of these menus. As long as you can pay for them, you can buy them. After you have purchased one of the main menus, there are extras offered for lower prices that you can add on. These include such boxes as steaks, chicken and pork chops.

If you are older, you can qualify for the slightly cheaper senior citizens specialty menu. These have been put together with dietary needs in mind. They are made to include daily amounts of different vitamins and minerals.

By purchasing $100 worth of these boxes, you can save twice that amount of money in food during the month. Many people do all of their food shopping once a month by using Angel Food Ministries. Then all they need to do is purchase things such as milk, bread, drinks, and eggs during the rest of the month, as these are things that everyone tends to run out of quickly.
People who have tried this program swear by it when it comes to stretching the food budget. All of the money you save from using it can be put away for many things. It can become a savings plan for the holidays, a vacation, or even just a monthly outing for the entire family. If you have pressing bills to pay, that is something else the money could go towards. However you decide to use it, it’s comforting to know that the extra money will be there without having to sacrifice feeding your family quality meals.

In what’s being considered the worst financial credit crisis in the United States since the 1930s, the federal takeover of Fannie Mae and Freddie Mac is one of the biggest events. The crisis as a whole stems in part from subprime mortgage hedge fund issues that began to come to a head in 2007, and consists of a long line of financial restructurings, mergers, bankruptcies and major government market interventions. Some of the leading symptoms of this crisis are large financial losses for major financial firms (as with Bear Stearns) involving impairment of capital, credit rating downgrades, naked short selling, and impairment of capital. These lead to a decline in market confidence, coming back to the subprime mortgage crisis. In addition, these events affect not only the finances of those of us in the United States, but may leak out into a world wide credit crisis, as foreign markets and investors lose confidence.

In September of 2008, James B. Lockhart, the director of the Federal Housing Finance Agency (FHFA), announced the decision to put two government sponsored enterprises (GSEs) into FHFA – run conservatorship. Those two GSEs were The Federal National Mortgage Association (commonly known as Fannie Mae) and the Federal Home Loan Mortgage Corporation (commonly known as Freddie Mac). The United States Treasury Secretary Henry Paulson and Federal Reserve Bank Chairman Ben Bernanke expressed their support for the federal takeover.

And so the Housing and Economic Recovery Act of 2008 passed Congress on July 24, 2008 and was passed into law by President Bush on July 30, 2008. The act enables the FHFA to have expanded regulatory authority over both Fannie Mae and Freddie Mac, and it gives the United States Treasury the authority to advance funds to Freddie Mac or Fannie Mae in order to keep them stabilized. The funds the Treasury can advance are limited by the amount of debt that the entire federal government is permitted to commit to by law. The debt ceiling for the Treasury was raised to $10.7 trillion in anticipation of the need to lend funds to stabilize Fannie Mae or Freddie Mac, which is a jump of $800 billion dollars.

The federal takeover has ostensibly helped in leveling out the country’s current financial crisis, but we are not out of the woods yet, and it remains to be seen what other problems will arise out of the crisis.

While most credit problems stem from irresponsible spending and defaulting on payments, sometimes your credit problems are actually the fault of your creditor, especially when they’ve made a mistake or gotten too aggressive with you. To that effect, there are four laws you should be aware of, in case such a situation arises for you. The more informed you are as a consumer, the better off you are – particularly in the midst of the current economical crisis of failing banks and thrifts that’s been brought about by subprime lending practices and the like.

These 4 laws are on the federal level. Individual states may also have other laws that take it further, and line up with parts of the federal laws. You can find information about your state laws on your attorney general’s web site or a state consumer affairs web site.

The first of the 4 federal laws is the Truth in Lending Act (TILA). TILA is for all types of consumer lending and focuses on disclosure. It states that all types of consumer lending require written disclosure, up front, about the APR (cost of credit), lending terms, any fees, limits, and similar. It also states that reverse mortgages and adjustable rate mortgages also require specific disclosure.

The second is the Fair Credit Reporting Act (FCRA), which covers your rights to review and fix your credit report, as well as authorize others to use your credit report and score. The act outlines the processes to dispute and resolve issues, and this is also the act that gives you the right to a free credit report once a year, and your score (not always free) whenever you want it. Similarly, the third law for you to know about is the Fair Credit Billing Act (FCBA), which covers fair billing of credit card accounts, outlines how to dispute a charge, and the liability you as a cardholder have in case unauthorized charges are made.

The last is the Fair Debt Collection Practices Act (FDCPA), which outlines what debt collectors can and can’t do – such as means of contact (by phone or by mail, etc), hours they are allowed to contact you, and what constitutes harassment.

Being aware of these important laws and what they do and do not cover will leave you better equipped to manage your personal finances and face any credit problems you may have now or in future.

We all want to make more money. However, it isn’t quite as simply as walking into your boss’s office, having a sit, expressing your interest in a raise and shaking hands. While that would certainly be appealing to many employees across the globe, that just isn’t how it works. Knowledge is the key when seeking a raise from your employer. You will need to know what your job is actually worth and be prepared to approach your boss to discuss your current salary, job performance, and accomplishments.

In a survey conducted to ten ordinary employees all from separate companies 100% said that they would love to get a raise tomorrow. When asked why they would like a raise 8 made reference to a personal need, one said why not, and two said because they work hard and have done a great job. Do not ask for a raise because you need the extra money or can’t pay the cable bill this month. If you were the boss, would that be a factor in considering your employee’s raises?

Asking for a raise should focus on the company. What have you done for them since your employment with them? How has having you as a team member contributed to their success?

First look at your written job description. If you don’t have this visit your HR department and they will be able to provide one either from your file or a generic one. Think about your daily duties and jot down on a separate piece of paper the additional duties that you perform that are not considered a part of your job description.

If you company does evaluations, prepare those in a folder. If you have received awards, and/or recognition in the past, include those in the folder as well. Type out an organized list of your accomplishments and experts suggest that you relate a dollar amount to them if possible. For example, if you are the assistant responsible for ordering office supplies and requested bids from several office supply companies, and were able to save the company over 35% each month by switching to another vendor, include that, and possibly a few example of vendor invoices.

One of the most important pieces of information that you should have with you, is the average compensation for you job description. (this generally wouldn’t include the list of additional duties that you perform outside of your job description) Try to find comparable positions within the same part of the country that you are located.

Rule number one: discuss all financial aspects with your roommate before moving on to any other rules. Rule number two: make sure you have abided by rule number one.

The financial conversation should come up early on and should be thoroughly covered. Every aspect of the finances between you and your roommate should be discussed. If you do not abide by rule number one, then rest assured that there will be tension and problems will arise in the future.

First, start with the rent amount itself. If you have found a place that you both like you should know what each other are currently able to pay for rent. No embarrassment allowed. Do not look down at anyone because they make less of an income, or even because they have so much they don’t know what to do with it. Once you know who can afford what, you will know who can be given honest consideration for the larger bedroom, larger closet, or private bath.

Now that you know this, you will need to put a dollar amount to the bedrooms. Let’s take a simple two bedroom, two-roommate situation. The leasing office should be able to provide you with square footage of the room, or at least the dimensions of the room from which you can calculate the square footage. Janet and Chrissy move into a two bedroom apartment. One bedroom is 12×12 totaling 144 square feet and the other is significantly larger at 14×16 totaling 224 square feet. We’ll make it easy and say that rent is $1000. Based on the total square feet of available room space (144+224=368), the larger bedroom accounts for 60% of the available room space. (224 is approximately 60% of 368). Therefore if rent is $1000 per month, it would be fair to say that the person who gets the larger room should pay $600 while the other should pay $400. This is the most fair way to calculate amounts based on square footage.

Other options might include paying the same amount in rent, but allowing the person who gets the smaller bedroom to take two extra closets in the hall, and the dedicated parking space. Any agreement should be well talked through and make both parties happy.

Once an agreement is reached, they should be put into writing to avoid any issues that might arise. If an issue does arise in the future, this agreement can be referenced. I can also be amended throughout the roommate relationship with both parties consent.

Considering bills should be done in the same manor. If one person gets to have cable in their room, while the other must go to the living room to watch cable, the amount paid should reflect that. Everything, however, should be put into your written agreement and signed by both roommates.

Who would have thought that last nights high winds would have taken off the back patio roof… or dropped the windmill right on top of the new Mercedes? It happens. You don’t expect it – that’s why we call it preparing for the unexpected, but you can do just that: prepare for it. “Unexpected’s” can come in the form of a job layoff, a sudden illness, or even the mother-in-law showing up unannounced!

Think back to when your parents set a big jar on your dresser and made you put all your coins in there. It has really changed very little. Perhaps the overall dollar amount should vary from you coin jar. In fact, experts suggest that families should have saved up at least three to six months of living expenses for emergencies. The reason for this ideal number is for sudden changes in unemployment. If you have prepared for this scenario, then something as simple as the car windshield, or mother-in-law showing up should be a piece of cake.

Don’t expect to have three to six months stashed away by tomorrow. In fact, if you do, you will feel overwhelmed and lose sight of your goal. Look forward to having one month’s expenses saved up. That is usually an achievable goal when first starting out, and can also give you a sense of at ease knowing that you are covered and have accomplished this goal. From there your goal is to increase to three months expenses. If you put a twenty dollar bill in an envelope in between your mattress every pay period, before long, you won’t even realize that you are missing the twenty bucks.

Keeping your money in a coin jar, may not be the wisest idea since the amount we are saving has grown significantly. A savings account is the best place to start. Some individuals have a portion of their check automatically deposited into an interest bearing savings account every pay period and additionally saving at home in an envelope. Saving small amounts at home allows you to see results, but can also be a greater temptation to spend. Also consider money market accounts or certificate of deposits (CDs).

It isn’t a good idea to tie this money up in the stock market or mutual funds as it is uncertain what the market will do, and you end up losing money rather than saving it.

Death is so far inescapable. And since we have yet to figure out how to escape it, it is in our best interest to compose a will. A will is a written document directing how you want your property distributed after your death. You will also appoint a trusted person to be your executor in your will. This person, sometimes referred to as your personal representative, is responsible for distributing the property according to your instructions laid out in your will.

Anyone who has not composed a will shall have their property distributed according to the laws of that state. Unfortunately this isn’t always in line with your wishes. Most states leave one-third or one-half of your assets to your spouse and the remaining to your children. Writing a will would allow you to leave everything to just your wife, or just your children.

In some states if you do not have a will and have no children or surviving spouse, your property could be given to the state. A will also allows you to give property to a charitable organization or religious group. Without a will, you can not do this. Having a will resolves so many potential problems.

The executor is appointed by you in your will and is the person that you trust to distribute your property as laid out in the will. This should be someone that you trust, and can discuss this with them prior to appointing them as your executor. Choosing an executor is a very important step because if have not chosen one by the time of your death you may be appointed an attorney or bank to do this task.

One of the most common questions in creating a will is, do I need a lawyer. The simple and easy answer is yes. The actually answer is no. You are not required to have a lawyer involved in creating a will. However, if you do not seek the assistance of a lawyer, you may not compose the will correctly and the will may not be legal and stand true upon your death. Enlisting the assistance of a lawyer ensures that the will is legal and binding in your state. Your lawyer will also be able to answer many questions and explain any concerns that you may have prior to writing thing into your will. Lawyers can also assist with other more complicated aspects of the will such as appointing a guardian to minors that may be beneficiaries in your will, distributing property that you own outside of your state, making special provisions for a divorced spouse, charity, or disabled child, and establishing a trust.

Car buying is usually the first major purchase made when we are young adults. Some of us get lucky and have one handed over on our sixteenth birthday, but for the rest of us it involves a tremendous amount of hard work, savings, and exhaustive searching and test driving before we can finally lay back and relax… in the middle of rush our traffic.

There are a few places that people commonly go wrong in the car buying process. The first is not getting the car they need, but rather the one that they want. This give you the feel good feeling for a while, but when the new wears off, you are left with a car that doesn’t serve your needs. For example, if you carry band instruments, or rowdy football players, you don’t want a compact car. However, if you get an SUV and don’t truly need it, you’ll be wishing you made a wiser choice every time you are filling up at the gas station.

The second biggest mistake made by buyers is that we think we have to purchase a brand new car. While having a new car and being the first owner is quite exciting, driving off the lot and feeling your car depreciate as much as thirty percent immediately isn’t such a great feeling. By jumping over to the pre owned lot you can get a car that is as little as six months to a year older. It is basically the same car, in just a good condition, and boasts a much more feasible price tag. There is usually factory warranty still left on the vehicle, and almost all brand dealerships will offer an extended warranty.

Lastly, and this can be tied into the two mistakes above, do your research. With the availability of the internet now, there is no reason that you shouldn’t know as much if not more than the car salesmen breathing down your neck. You should have information on crash test ratings, highway verses stop and go miles per gallon, and engine specs. You should also know how the car you are considering stands up to other cars in its class. What features come with what brand? What brand is the highest recommended? Which brand gives you the most bang for it’s buck. Also you will want to research lemons. What brand has produced the most lemons? Finally know what the ideal price should be. There are several places online that you can find pricing information. You would be amazed how often you can walk onto a car lot and see a price shoe polished on a car that would make you bust out laughing.

About the most our children learn in school about money is how to make change in grammar school. In high school we may take a finance class, and math may touch on loans a little bit. Even economy may briefly touch on individual finance. Other than that, it’s up to us to teach our children the basics of money and finance.

Start your children early. Started the education of money and finance sooner could lead to the development of strong saving habits, learning how to make smart purchases, the true meaning of a investment vs. an expense, and even why we can’t have what we want right now! Perhaps by the time they reach college they’ll have a clear understanding of how they got here, how to manage the money they have while they’re here, and how they plan to make it after graduation.

Money doesn’t grow on trees. While this is probably what you heard as a child, it explains very little. A child sees that mom and dad have money. That’s it. Start the conversation early about where it comes from. Mom and dad have to work for the money. And when it’s gone, it’s gone. We may not always be able to have a happy meal when and just because we want one. Even children at a young age can understand that money is given to you by working, and it’s given to you on a schedule. Some parents tell their children when pay day is. When pay day comes around, the child sees that we can perhaps go out to eat. But we don’t go spend everything at once. Children can comprehend a pay schedule, and what happens in between the schedule. If you don’t stick to it however, confusion comes in to play and the whole lesson may be lost.

Allowances are a sticky subject. Experts do not agree that allowances should be given for daily household chores, because those chores will have to be done in life, and we don’t get paid to do them. Consider paying your child to help outdoors, washing the car, rearranging a room. Make a list of available chores he or she can do and how much the chore pays.

Now is when you want to start a piggy bank. When the child protests about the newest super water gun, inform him that the water gun probably isn’t going anywhere, and he might just be getting close to having that much money saved. He can always pick up some more odds and ends around the house to get money faster.

When there is enough for him to buy the guy and some left over, consider taking him to the bank to open his first savings account. Most banks have programs setup to make this a fun experience for kids.