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      Rent rooms in your home to make extra money

      June 20, 2012 /

      If you have extra rooms in your house or apartment, you can make extra money by renting out rooms to travelers on either a nightly basis or for loner periods. In high demand areas like New York and South Florida this is becoming more common, but it can work anywhere.

      With sites like Airbnb.com It’s now also very easy and you have immediate access to tons of potential users. This site is getting all the buzz in this space and you can read much more about it on publications like Forbes and Fortune. It’s very easy to post rooms or places to rent and it’s equally easy to find what you’re looking for. The site is also loaded with photos and users are ranked with feedback so you have some idea of the kind of person you’re dealing with.

      It’s becoming very popular among younger people and business travelers as it can be much better than renting a hotel. This can be perfect for empty nesters as well who have extra space.

      Check out the site, read the articles and consider whether this might be a good option for you.

      Personal Finance

      5 Ways Debt is Better for Your Finances

      June 18, 2012 /

      Debt is feared by many consumers and investors, but what if you were told that not all debt is bad? Going into the red doesn’t necessarily mean you’re in a bad place financially and sometimes it can actually reinforce your credit and put you in good standing over time. That isn’t to say there aren’t a good number of mistakes that could damage your credit as well. In this article, you’ll learn about investments and borrowing that can help your credit.

      Higher Education

      Education has long been considered the best way to get a return on your investment. For one, you can get out of college, land a job, and earn more than you would have over the course of your lifetime. Though you may have to take on student loans, your ideal position after attending a form of higher education will plant you in a position that could help pay off your loans in a timely manner.

      On the downside of this, you risk a great deal of money if you don’t finish your education and still have outstanding loans. Although it would be a splendiferous undertaking to land a well paying job, most entry level positions won’t net you the kind of cash you’re hoping to receive. That’s not to say it won’t improve over time, but you’ll have to take into consideration the good and the bad when applying for college.

      Real Estate

      Since May 2006, investors in the housing market have seen a drop in the value of their assets numerous times. If you’re planning to settle down in a city or town, you should consider investing in a house and aim for receiving a higher return on your money a few decades later. Some experts are predicting the real estate market will bottom out by late 2012, hopefully triggering a rebound on a variety of homes.

      Prior to 2006, homeowners were optimistic in regards to the price of their home and its appreciation over time, though many consider it a money pit at the moment. Some may have learned their lesson and moved on, while others are currently sinking thousands into their houses by way of homeowners association fees, taxes, and the cost of upkeep. With every investment there is always a risk.

      Business Loans

      Building up debt to begin a business can be a valuable option, though it comes with its risks. If you borrow money to hire employees, purchase advertising or equipment for the office, you should do so with the intention of expanding your business and paying back the loan in a timely manner.

      Buying a car

      Purchasing a vehicle comes close to the gray area of debt, but here’s how you can avoid trouble. If you’re going to get a car financed, at least look for a low interest rate and buy the car used. Don’t buy a brand new car if you can’t pay it off in a reasonable amount of time. Keep in mind that as soon as you drive the car off the lot, its value depreciates and you could be paying for more than the car’s worth.

      Investing

      Short-term investing can help you generate additional income if you put your money in the correct places. Additionally, long-term investing can help you generate wealth over a long period of time. If you are considering investing, look into bonds, stocks, commodities, precious metals, futures and the many other options out there for investors.

      Conclusion

      For emergency cash needs, there are fast cash loans for your immediate needs, though these are not investments. Not all debt is terrible for your wallet or your credit if you use it responsibly. Remember that in order to build your credit, debt is necessary, though it shouldn’t turn into an excessive habit. Be smart when you borrow and always formulate a strategy for freeing yourself from the debt prior to taking out a loan.

      Personal Finance

      Don’t Allow A Vacation Scam To Drain Your Bank Account

      June 15, 2012 /

      On a day to day basis, you have to worry about keeping tabs on your bank account, juggling bills and budgeting all of your expenses. If you have a family, you can go ahead and increase this responsibility and scrutiny tenfold. Since a vacation isn’t a necessity, and is meant only to benefit you as a leisure expense, the last thing you want to do is drain your bank account with these trips unnecessarily.

      Unfortunately, vacations also typically aren’t cheap. For this reason, you’ll want to do your homework and make sure you aren’t getting scammed when you book your trip. Your bank account depends on it.


      Photo Courtesy of Geograph

      Above All, Shop Around

      There’s no excuse these days to not look for travel deals before paying full price, especially if money is tight. Check with the reputable travel clubs and discount sites to see what kinds of prices they’re offereing before booking that hotel or resort. If you’ve never shopped with a particulare site before, be sure to check out their travel club BBB ratings to make sure they’re legitimate and to see what complaints, if any, have been filed against them.

      Join a Travel Club

      A travel club is a promotional organization that requires a membership fee to join and gives its members access to discounts and vacation deals. If you’re a frequent traveler, this option definitely makes sense because it will save you some money in the long run. Since you’re giving them your hard earned money, you’ll want to make sure they’re reputable. Once again, look up their travel club BBB ratings before making a decision.

      See What Others Are Saying

      Whether you’re researching a travel club, discount site or the vacation itself, you’ll want to cover your bases because travel scams are prevalent. Go to travel review sites and see what travelers are saying about the hotel or resort. If they’re saying that it wasn’t worth the money or that the travel brochures are falsely advertising features, there’s a good chance the hotel may not be reputable. These are the same types of businesses that will overcharge you for things or worse, attach mysterious charges to your card. While such charges can always be disputed, it can be a time consuming, slow process if the scam occured in another country. Doing your research ahead of time will cut down on this potential heart break and save you some trouble.

      Budgeting

      Reducing your car insurance rates

      May 31, 2012 /

      In a time when we’re all looking to cut expenses, here’s an interesting story about how some people are cutting their car insurance rates.

      When Zshavina Meacher of Cleveland traded in her car for a new 2011 Chevy Malibu last summer, her insurance premium jumped to $510 every six months. Her insurer, Progressive Corp., asked her whether she wanted to cut her rate.

      If Meacher agreed to install a device in her car that monitors how safely she drives and the results were good, her rates would go down. If the results weren’t so good, her rates would stay the same. She agreed.

      During the first few weeks, the device told Meacher that she slammed on her brakes a lot. She stopped the hard braking.

      In February, the 23-year-old’s insurance bill dropped by $120 per six months, or 24 percent.
      Meacher is happy her rates went down. And Progressive is happy the risk of Meacher getting into an accident went down. Fewer claims will help keep Mayfield-based Progressive profitable.

      If you haven’t heard of telematics — a device that monitors your driving — then get ready. While Progressive started dabbling in telematics in the 1990s, it started pushing it in 2010 with its “Snapshot” program, and other insurers have stepped up interest in the last year.

      Telematics is changing car insurance, and who knows what else it might change. Of course this raises privacy issues, but for people who need to watch every penny, it can really be a helpful option to lower your car insurance costs.

      Frugality, Insurance, Saving

      Top Personal Finance Apps

      May 25, 2012 /

      Although now, in the early summer of 2012, the economy is starting to gain traction, many people, even those with jobs, are struggling to remain financially solvent. One of the main reasons people are struggling is a lack of financial awareness and information. Fortunately, in our modern world where the smart phone reigns supreme, There is, as they say, an app for that. Here are a few of the top personal finance apps.

      The Big Picture:

      For an excellent look at your big picture financial situation, Mint.com has a free app for iPhones and Androids, which can also be accessed from the Web. Simply hook it up to your various accounts (savings, checking, investments, credit cards ect), and it will give you a good idea of your overall financial health. Unfortunately, because it’s free there are advertisements, which can get slightly frustrating. However, the company does need to make money somehow and the advertisements allow them to offer an amazingly helpful service without it being too good to be true.


      (Photo credit: Wikipedia)

      Getting the True Price:

      Those with weighty credit card balances might want to check out an extremely useful app called “Debt Dog.” With this app you imput the price of the item, and the type of credit card you are using, and it will tell you the true price of purchasing that item when you don’t actually have the money on hand. Although not quite sophisticated enough to allow you to imput late fees, it will raise your awareness of how much credit card interest is costing you in the long run.

      Alternative Payment Method:

      Use PayPal whenever possible. Although you are probably already familiar with the Website, PayPal now has an app that may make debit cards obsolete. Let’s say you and four friends go out to dinner. You could either pay with five different credit cards and cause your waiter or waitress a great deal of unnecessary trouble, or you could just pay for it with your PayPal app and then have your friends send you their portion of the bill instantly. This service is fast, safe, secure, and (as a new feature) allows you to deposit checks by taking a picture of it with your phone!

      And All For Free?

      I believe I can guess what you’re thinking. You’re thinking, “that all sounds well and good, but aren’t smart phones expensive? and wouldn’t it be counter intuitive to spend a lot of money on a phone to get my spending under control?” Yes, it would if smart phones had to be expensive. Look into T-mobile free cell phones, many of which are smart phones, when you get a new contract with them. What’s even better about this is T-Mobile’s amazing 4G network, which will allow you to download, and use, your apps more quickly.

      Although getting your finances under control may be a daunting task, you can take the first steps with these amazing apps!

      Personal Finance

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