Fast cash doesn’t come easy to people who make bad financial decisions. From 2007 to 2009, people were hit hard by the economic downturn, not to mention businesses and manufacturers. The three groups suffered as the recession took a hard hold on the market. The biggest problems with the recession were the soaring unemployment rate, the financial institution crash, and the car manufacturing failure. Put together, it made for a disastrous recessionary period.

The lesson consumers learned throughout the recession was that having a good financial reserve can be a financial savior. Although millions of Americans relied on credit cards to make ends meet, when the credit card lenders closed their doors, they were sorely lacking other options. Like older generations, the new ones learned that cash is king and saving is crucial.

Ways to waste money

Wasting money is the biggest mistake consumers today can make. The recession taught them the hard way that without a good amount of cash reserves, they are one financial disaster away from calamity. Here are some of the most common ways Americans waste money:

1. Convenience store buys. Sure convenience stores are just a few blocks away and it’s easy to double park and run in, but the prices are a huge cost. Consumers don’t think about how elevated the prices are, but a side-by-side comparison shows the huge disparity in pricing between them and large grocers. The reality is that convenience stores don’t purchase foods in bulk so they pay a high price. That higher cost is then turned back on the consumer.
2. Soda. Ask any movie theater manager and they will tell you how fountain soft drinks make up a huge portion of their vending revenues. Research shows that beverages have the highest markup of all restaurant items. There are huge savings for people who cut back on pop. For example, a family of four that goes out for dinner once a week can save $6 a week if they cut back on beverages. Over one year that comes out to about $312.
3. Cell phone costs. Anyone looking for fast cash needs to look at their cell phone bill. Over the past few years, cell phone costs have skyrocketed. It is always a good idea to periodically check and see if minutes-allotted in a plan is used. If they aren’t, downgrading can save a considerable amount of money. Remember that many phone companies offer “extras” at a hefty monthly fee. For example, Verizon offers unlimited mobile internet at a cost of $19.99 a month. There are, however, only a small group of consumers who need mobile internet. Most can wait until they get home or to the office for the latest emails and updates.
4. Credit card fees. Many credit card companies charge annual fees, but unless a consumer has bad credit, there is no reason they should be paying them. There are many options for credit cards that have no annual fee. Consumers should do a quick review of Visa, MasterCard and Discover cards that offer no annual fees. There should be a good number of them and if the applicant’s credit is moderate to good, they should have no problem getting them.

Saving money today

In today’s difficult market it’s still critical to find ways to save money. Everyone is looking for fast cash, but not everyone has looked at their monthly spending habits to find it. There are many ways consumers waste money and it’s crucial that they are proactive in finding them.

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Consumers who had to rely on personal loans to make ends meet throughout 2009 are making strict financial resolutions for 2010. Nancy Sycamore of Plainfield, Washington said, “We thought three month’s worth of savings would last us…that was the suggested savings amount by numerous experts. When we went down to a one-income house, our savings quickly diminished.” Saving more money is a high priority among Americans now that 2010 is here. The recession taught many consumers a few lessons when it comes to credit. First of all, credit isn’t the savior it was thought to be. Credit card companies were quick to shut their doors to even good clients, when the recession was at its most difficult. Secondly, good old-fashioned cash proved to be the most reliable form of funding in a tricky market.

Finding ways to save in 2010

Everyone knows that savings is a high priority, but what are some ways to save? The best thing about saving these days is that it can be done automatically. For example, directly depositing funds from a paycheck into an interest-bearing savings account can make saving effortless. June Schroeder, financial planner with Liberty Financial Group, said, “Any bonuses or raises should be carefully managed. A good rule of thumb is to put at least half of any extra money directly into savings.” Also, any rebate checks or coupon discounts should go to savings as well.

Ways to bulk up savings

There are a few ways to bulk up savings. For anyone who wants to commit to their New Year’s resolution of having bigger cash reserves, here are a few helpful hints:

• Research financial plans. It is never a good idea to become lax with where money is going, but for someone wanting to increase their savings, it’s crucial. Consumers should study their 401k and credit card accounts. They should know exactly how much their debt is costing and have a viable plan when it comes to minimizing it. They also should research insurance policies for any lapses in coverage and revamp the contract if necessary. Any personal loans should be studied to find out if credit rates can be renegotiated and if the loan is truly necessary. Many consumers do research on existing credit accounts and realize that they can get along relatively easily without them.
• Be aware of new credit card rules. In February of 2010, the second phase of the Credit Card Act begins. By law, the days payments are due have to occur the same time each month. This is great news for the millions of borrowers who struggle with paying their bills on time. The number one thing a consumer can do to better their credit is pay on time, every time. Bringing up credit scores can open the door for lower interest rates and that can save money.
• Research monthly budgets. It’s always a good idea to periodically study a budget. Financial Planner Mary Middleton said, “Things change. The markets change. A budget that worked a year ago may not be most efficient now.” A good rule of thumb is to look at the biggest expense areas in a budget and find ways to minimize them. For example, if a mortgage payment is the biggest bill, a consumer can try refinancing for a lower rate or if credit card payments are too high, consolidation may be an option.

Saving money

In today’s post-recessionary market it is more important than ever to save money. Older generations were right when they said: “Cash is king.” Millions of Americans are mired in debt from credit cards, personal loans, mortgage loans and automobile loans. With some careful planning and immediate action, the goal of saving money for 2010 can be achieved.

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Pay for college with a little help from these good ideas, thanks to your Personal Money Market.

According to the College Board (a non-profit college advocacy organization), the average cost of a year’s tuition at a public four-year college was $7,020 for the 2009-2010 school year. Private four-year colleges fell significantly higher on the financial scale, with costs averaging $26,273 per academic year. Multiply these costs over four years and add in fees for room, board, books and other supplies and you’re looking at a significant financial investment for a college education these days.
But don’t be alarmed if you don’t have hundreds of thousands of dollars in your bank account to cover college expenses. There are a number of different programs available to help cover some – or all – of these costs. Let’s look at some of the most common.

Need-Based Financial Aid

Once you commit to a college, they’ll review the “Estimated Family Contribution” number listed on your FAFSA (Free Application for Federal Student Aid) and compare this to the cost of their tuition. If the amount your family is expected to contribute is lower, the school may offer you a financial aid package containing some or all of the following options:

• Federal grants – Federal grants, like the Pell Grant or the Academic Competitiveness Grant, are gifts of money from the government that do not need to be repaid upon graduation. They range in size from a few hundred to several thousand dollars and are typically restricted to certain groups. The Pell Grant, for example, is only offered to undergraduate students in specific income brackets.
• Federal student loans – Federal student loans, on the other hand, must be paid back after college, although the interest rates on these loans are usually very reasonable. There are a number of different programs available, such as the Federal Stafford Loan and the Federal PLUS Loan, as well as federal loan programs for parents.
• College scholarships/grants – Most colleges administer a wide variety of scholarship and grant programs, including funding for specific demographic groups or a history of academic merit. You may be considered for some of these programs automatically, while you’ll need to apply for others – be sure to speak with a financial aid counselor to find out which scholarships or grants you may be eligible for.
• Work-Study funding – The Federal Work-Study program offers students part-time employment as a way to help with college expenses. Typically, you’re offered a specific dollar amount; it is then up to you to find a job and ensure that you don’t work more hours than your award will cover.

Private Funding Sources

If the aid package your college offers still isn’t enough, don’t worry. You still have several options for funding your college education.

• Private scholarships – There are many hundreds of private groups that offer college scholarships, from professional organizations to major companies to local and national charities. Your high school or college can help you determine which programs you might qualify for, and a little time spent searching the Web should turn up several more promising candidates.
• Private student loans – Private student loans are generally less desirable than federal loan programs as their interest rates are often substantially higher, but they can be used as a funding source of last resort if you aren’t able to come up with enough money from other programs.

One word of Caution

Student loans can’t be discharged in a bankruptcy, so you’ll be stuck paying them off no matter what. Take the time to calculate what your estimated post-college monthly payoff amount will be so that you don’t take out more money than you’ll be able to pay back later.

Hope they took out the life insurance instead of the accidental death insurance. Talk about debt relief… (Photo: flickr.com)

Debt relief is something many consumers are longing for in this difficult economy. The recession has brought many people’s finances into turmoil and they are left trying to make ends meet every month. Market research shows that some commonly purchased items are necessities, but research is showing that other items aren’t. Here are some items consumers can reasonably cut out of their budgets to save money without jeopardizing their future.

Oil Changes

There is the old saying, “Change your car’s oil every 3,000 miles.” Although this is a commonly accepted theory, there is no substantial evidence to prove it to be true for every car. The owner’s manual of every vehicle will detail the exact time when to change oil. Manufacturers state that oil changes every 5,000 to 7,000 miles is totally acceptable. Decreasing the two extra oil changes yearly can save anywhere from $50 to $90.

Extended Warranties

Many dealers push customers to buy extended warranties for their vehicles. This is an expense that easily can be cut out of a budget because it normally isn’t worth the cost. Car buyers can add an extended warranty to their vehicle when the existing warranty is just about to expire, saving a lot of money. The other good tip is when a consumer reaches the end of the standard warranty, they will have a good idea of how the car runs or if there are any potential problems. They will be better suited to understand type of coverage they need for the extended warranty.

Accidental Death Insurance

Another expense that can easily be stripped from a budget is accidental death insurance. Statistically, only five percent of deaths are classified as “accidental” and actually receive a payout. Consumers would be wiser to invest in a life insurance policy because these pay out regardless of cause.

Brand Name Medications vs. Generic

Purchasing brand-name prescriptions rather than generic can also be used to save extra money for debt relief. In general there is no difference between the quality and effectiveness of the two, yet the generic drugs cost considerably less. Dr. Theoman, a physician in Montgomery, Alabama agreed: “I always tell my patients to substitute… there are rare cases where options aren’t available or suggested, but for 90 percent of medications I give out, they can save a lot of money with generics.”

Buying Premium Gasoline

If the owner’s manual doesn’t specifically instruct owners to use premium gas, then there is no need to pay extra. Save the extra cash and use regular unleaded. In the end, using a higher quality gas may even hurt a car’s performance, because it’s harder to ignite and the higher-octane can make a car’s performance less smooth. Save the extra money and use it for savings or bills.

Ways to Save

These are just a few ways for consumers to save their money. As analyst Gary Brentman of The Economist stated, “There are many misconceptions out there that have been passed down over the years. Because of the difficult economy, many of them are quickly being debunked.” Consumers need to be wise and do research on small ways to save. Just because the media advocates a product or service, that doesn’t mean it is truly beneficial. Saving a few dollars here and there can do wonders for consumer debt relief.

In uncertainty, sometimes what we need is something like short term loans to hit us on the nose. (Photo: flickr.com)

Many people are turning to short term loans in order to get through unexpected expenses. The world is a very confusing place. It’s impossible to estimate exactly how much you will have to spend each month. There are all sorts of problems which could result in costing you more than you have budgeted. If your car breaks down, then a payday loan could help to tide you over until you actually get paid.

No Need for a Credit Check

Short term loans are provided as a form of cash advance. This means that you can get some of the money from your job before you actually get paid. Taking out one of these loans is very easy because it shouldn’t require the use of a credit check. Few people enjoy credit checks; they are horrible for everyone concerned. Being told that you can’t have something because your credit score is too low is terrible. As long as you or your partner is currently employed and has a regular monthly income, then it should be possible to take out a short term loan very easily.

Cash Flow

Most people will get paid monthly or sometimes weekly. This means that you will have a long time without any income. If there are any unexpected expenses during the time when you are not paid, then you may struggle to make your payments. Short term loans can provide you with some of the money from your paycheck before you actually get paid. Using a fast short term loan can ensure that you get the money you so desperately need as quickly as possible.

Make Ends Meet

Most people only make just enough money to survive each month. They are just managing to make ends meet and that’s why any unexpected expenses can quite easily push you over the edge. Quite often you will spend your entire salary very quickly and then wait the rest of your time for your next paycheck.

Secured or Unsecured

Most other types of loans are secured against something; this could be your car or property. Fast Payday loans are an example of an unsecured loan. This means that the lender assesses how much they can lend you by listening to the information you tell them. There is no need for property valuations to be carried out. Because the loans are unsecured, you will be limited to how much you can borrow. Once you have built up some goodwill with the lender, then it may be possible to borrow more.

Who Qualifies?

If you’re interested in short term loans, then you will want to know who qualifies. Most people qualify for these loans. Normally speaking, anyone who is employed or has a regular income can apply for these loans. You also need to be over 18 years old and have a bank account. Depending on the loan company, you might also need a check book to write a post dated check. You will simply write a check with the date when you get paid; this is how the lender will be repaid.

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