But for those hanging on to a faint glimmer of financial hope, the opportunity provided by payday loans has brought a sort of refuge, albeit a risky one. It’s a fact that Americans are increasingly turning to payday loans for a financial quick fix in the tough economy, which can either be a saving grace or a money trap. Read on to find out why.

What is a payday loan?

Basically, a payday loan is an advance on your paycheck. If you’re in a bind and you need money before your next paycheck gets cut, payday lenders will give you cash up to the amount of your total check. The benefit for them doing so is because they can charge you a hefty interest rate and because they demand repayment within a short time period – sometimes as little as two weeks.

These loans tend to be used most by people in the low to middle income brackets. Many folks in these groups consider payday loans to be an enormous benefit. Payday loans also offer ready access to cash for individuals with low credit scores who can’t qualify for any other type of loan. You can walk out with cash – sometimes hundreds of dollars worth – in as little as fifteen minutes.

Payday lending is a HUGE industry

Believe it or not, payday lending stores in the United States outnumber Starbucks and McDonald’s stores combined. In total, there are approximately 23,000 payday lending stores scattered across the country. Put together, they make up a $59 billion per year industry.

Who uses payday loans?

On average, 19 million American households take advantage of payday loan services annually. The typical customer will take out eight payday loans in a given year. Payday loan customers also tend to have existing debt, no savings, and little education.

What to watch for

Because of the risks payday loans can pose, it’s important to know how to differentiate a reputable lender from a slimy one. For starters, look for places that are upfront about their terms. You also want a lender who requires you to look through and read all paperwork before signing anything.

If you need to take out a payday loan, watch out for “incentives.”  Some lenders will offer different types of deals, such as giving you a bonus free loan if you take out three full loans.

This may sound like a good deal initially – especially in our culture of bargains and discounts – but the reality is that it’ll cost you a lot more in the long run. Think three times the interest for the single loan you initially wanted to take out.

Can a payday loan be a trap?

It’s a simple as this:  payday loans pose a trap for people who aren’t able to pay off the initial loans they take out. Just as credit cards can trap consumers in a constant cycle of spending and owing, so do payday loans “trap” people who aren’t able to pay the terms of the loan.

Say for example you sign on for a $500 payday loan (so a $500 advance on your paycheck). You’ll then owe the lender $500 plus interest, likely due within a short time frame – anywhere from four days to two weeks.

Let’s say then that you pay off your loan once you get your next paycheck, but because you owed interest on the loan you have to take out a little more from your paycheck. This leaves you short on basic living expenses, so you sign on for another payday loan.

Scores of people find themselves in this type of bind, though most fail to realize that it’s largely self-inflicted. To be sure, payday lenders offer an easy avenue to money when you’re short, but you have to agree to their terms in order to qualify for the loan.

The real problem:  lack of awareness

The thing about payday loans is that they’re actually very transparent. You won’t find hidden fees or surprise charges. Everything the customer is expected to pay is listed in the loan documents signed by the customer.

Unfortunately, most customers don’t take the time to read the fine print of the loans they’re signing. Those who do read the terms don’t always understand the details and usually fail to ask for clarification.

What to look for

Payday loans and lenders have increasing amounts of regulation in the interest of consumer protection. Some states now cap the interest rate payday lenders can charges while others are extending the repayment period.

Before signing on for any payday loan, be aware of the regulations present in your state. When you approach a lender, ask whether they adhere to the regulations. If they don’t know what you’re talking about, you should tuck tail and run.

Alternative options

If you find yourself short on cash, know that payday loans aren’t you’re only option – even if you do have bad credit. Consider borrowing from family or friends, or rework your budget to cut out unnecessary expenses. Sell unneeded items to a pawn shop or seek credit counseling services.

If all these options fail to get you the cash you need, visit a payday lender with your eyes wide open. Be aware of the terms you’re signing on to and pay your loan back on time. Above all, limit yourself to the single instance of needing a payday loan to prevent getting trapped in an unfortunate lending and paying cycle.

Fortunately, it doesn’t stop there. All kinds of cheap, quick-fix beauty secrets are out there – you just have to know the insider tips. Read on to learn about all the cheap beauty tips you can enjoy without having to pay those high department store prices. Better yet, most of these beauty tricks can be realized using the contents of your own cupboard.

Cheap beauty tips for your face

Face mask:  Ever think about rubbing kitty litter on your face?  It’s actually not such a bad idea. Kitty litter makes a terrific face mask because of its detoxifying qualities. On top of that, it’s dirt cheap. You can buy it at the grocery store for a couple of bucks. Look for a brand that says 100% clay.

Makeup remover:  Speaking of rubbing things on your face, you should also keep a bit of vegetable shortening on hand. Use it to remove your makeup and save money by not splurging on pricey consumer makeup removers. Believe it or not, several of the top makeup artists in Hollywood refuse to use anything but vegetable shortening for makeup removal.

Antioxidant cream:  Here’s a bonus tip:  Add a vitamin E capsule to your vegetable shortening and you’ve got a great antioxidant cream. Just squeeze out the contents of the capsule and blend with the shortening. Doing so will save you as much as $50 to $60 at the department store.

Exfoliating scrub:  Basic granulated table sugar works as a stellar exfoliating scrub, and it can be had for pennies. Because sugar contains glycolic acid, all you have to do is mix it with water for a cleanser comparable to beauty store brands. If you have dry skin, mix it with olive oil.

Toner:  There’s nothing like a fresh lemon to bring the pH balance of your skin back to normal. Cut a lemon in half and rub the fleshy side against your face. Do this before you apply your makeup and you’ll keep your skin fresh and radiant throughout the day.

Eye mask:  Remember the teething rings you gave to your kids when they were babies?  Put those teething rings in the freezer for an hour, then take them out and place them over your eyes. They make a soothing eye mask that helps reduce puffiness. If you’re in a hurry, simply run the teethers under cold water. You’ll get close to the same effect.

Pimple reducer:  Grab that eye redness reliever the next time you have a pimple. Just as it gets the red out of your eyes, it’ll also remove the red from your pimple (and will thankfully make it less noticeable!).

Cheap beauty tips for your skin

Detoxifying mud bath:  Break out that kitty litter again. If you add kitty litter to your bath water, you’ll enjoy a lovely detoxifying bath that leaves you silky and soft.

Aromatherapy mud bath:  Remember the lemons you rubbed on your face?  Once you’re done using them for a toner, throw the remaining halves in the bathtub for inexpensive aromatherapy. The remaining juices in the fruit will also help toner your skin while you soak.

Thigh cream:  Plenty of women use lotions and potions on their thighs and other cellulite-prone areas, but that can add up to quite a bit. Skip the name brand cream and instead go for the roasted bean – the coffee bean, that is. Take the grounds of regular ground coffee and rub it over cellulite areas. The caffeine helps “activate” the fat, smoothing it out so it doesn’t look curdled. Espresso is the best quick fix for this purpose.

Cheap beauty tips for your hair

Anti-frizz cure:  If you’re prone to frizzy hair, simply carry a fabric softener sheet with you wherever you go. Run it down the side of your hair when the frizz starts to creep up and you’ll tame the wildest of hairs. As a bonus, you’ll save tons on fancy shampoos and anti-frizz sprays. (Bonus tip:  If you have static cling, take that sheet of fabric softener and run it under your skirt. Your static problem will be solved without having to visit the pricey dry cleaners!)

Oily hair cure:  Dig that old corn starch out of your cupboard and sprinkle a little through your hair. Comb it out and you’ll find that you no longer have oily hair. If you don’t have corn starch, use talcum powder.

Dandruff cure:  Grab an aspirin and dissolve it in a teaspoon of cheap shampoo for a stellar dandruff cure. You’ll find this trick works as well or better than any of the expensive dandruff shampoos on the market.

Clearly, we need a change. And like most changes, it’s wise to start from the bottom up – meaning we need to teach our kids about money management.

World-class investor and humanitarian agrees that kids need to learn good financial habits early. He's playing himself in a new cartoon to teach kids about investing, called the Secret Millionaire's Club.

Read on for best tips on how to help your kids become money-savvy.

Recognize that money is a cultural thing

In American culture, money is a very personal thing. It’s generally considered rude to ask someone how much money they make or how much they pay on their monthly mortgage. Because of that, parents tend to not talk about money, especially with their kids.

Right off, as a parent you’ve got to flip this practice on its head. Talk to your kids about money. Explain from an early age that money comes into your house as payment for work done. Then explain how that money is used to buy the things you need to live – food, shelter, and clothing.

Let your kids ask questions about money. Answer those questions thoroughly. If you’re uncomfortable sharing your salary or expense numbers with your kids, use ballpark ranges or describe hypothetical situations.

Teach your kids to make good choices

Learning how to make good choices early on provides the foundation for wise money management. Start when your kids are as young as two years old and let them make their own choices whenever possible – even if it’s something as simple as deciding what color shirt they want to wear.

As your child grows, transition from making simple choices to more complex decisions. For instance, plan a family fun day and ask your child if he or she would rather go to the zoo or the aquarium. Teach your child to weigh the pros and cons of all the options you present.

Above all, make sure your kids stick to the decisions they make. Teach them that there may not always be a single, clear choice, but that once they make a decision they have to live with it. This will show them that even when the best choice isn’t always obvious, there may be one that has more benefits than others.

Set limits on money and explain why

It’s tough to teach kids money management when we live in a culture of instant gratification. Kids are targeted by ads everywhere they look. Most of those ads let them know that they need whatever’s being sold to be happy or successful or popular.

Don’t buy into it. Explain to your kids that life will go on if they don’t have the latest edition of a video game or toy. Come up with unique ways to spend time together to prove to them that fun can be had without purchasing the latest gizmo or gadget.

For those things your kids do want to purchase (or for purchases you’d like to make yourself for your kids), be sure to set limits. Teach your kids to save their allowance so they’ll be able to make purchases themselves – and resist the urge to make up any difference between what they’ve saved and what they need.

Get other family members on board

It’s tough to teach your kids to avoid excess spending if they’re getting “spoiled” from other sources. Ask well-meaning friends and family members to limit their purchases when it comes to buying your child gifts. Tell them one or two well-thought out holiday gifts will mean a lot more to your child than a slew of presents that represent excess.

For those family members intent on spending money on your child, ask them to put their good intentions into a cash savings bond or college education fund for your kid. Not only will such a move help establish an appreciation for saving and giving for your child, it will also produce a huge payoff in the long run.

Don’t rely on school systems to teach your kids about money

Believe it or not, financial education classes are only required in six states. This means chances are good your child won’t get money-savvy by way of school.

Instead, set a priority to teach your kids about money management on a regular basis. Make it a weekly thing, or spend one day a month dedicating your discussions to money issues.

Even better, approach your school district about incorporating money lessons into the classroom. Plenty of programs exist with the goal of teaching kids to save money – take advantage of them and bring them to your neighborhood.

Make money knowledge a life-long commitment

It’s easy to get fired up over teaching your kids to be money savvy when times are tight and the necessity of the lesson is obvious. Just be sure to keep that fire burning. When the economy improves and money isn’t so tight, it will be easy to forget why all this money knowledge is essential. Don’t let that be you.  Make a life-long commitment to teaching your kids financial independence. You can be sure they’ll thank you when they grow up with the confidence to wisely manage their own funds!

Fair?  Of course not. In fact, women can pay as much as 48% more than men for the same individual insurance policy. Considering women only earn 78 cents for every dollar a man earns, this disparity becomes even more troubling.

The bare bone (depressing) facts

Along with health insurance being more expensive for women, it often doesn't cover some of the most basic health needs a woman might have.

In fact, there are insurance policies that won’t cover illness or injury that result from domestic violence. Other policies don’t cover complications that result from pregnancy, such as complications resulting from a caesarean section. Still others don’t cover oral contraception or other forms of reproductive care.

When it comes to coverage for preventive care, insurers also come up lacking. For example, most insurers cover mammograms for women over age 50, but that’s largely because in 47 states they’re mandated to do so by law. For mammograms for women over 40, only 20 states mandate coverage. Few insurers voluntarily offer this coverage, yet early detection of illness such as breast cancer can dramatically reduce the overall cost of care.

This discrepancy affects nearly all women

Women who buy their health care coverage directly from insurance companies pay the highest price for these cost discrepancies. In a lot of cases, the high premiums charged to women make health care flat-out unaffordable to a large proportion of the female population.

Even women with group coverage received through their employers may still be paying a higher price. Research shows that group plans in some states allow insurers to assign higher premiums to companies that have a large percentage of female workers.

One finding by the National Women’s Law Center shows that 60% of the time, 40-year-old females who are non-smokers actually pay more for coverage than 40-year-old male smokers. Not only does this cut a sizeable chunk into a woman’s budget, it also provides little incentive to practice healthy behavior.

The explanation…

When approached for an explanation, many insurers point out that the higher costs offset the expense of covering a woman who is pregnant or seeking well-baby care.

They also state that women are more likely to use medical care when they’re between 19 and 55 years of age than men are, and therefore require more overall health expense. What they can’t explain is why women still pay more for health insurance that does not cover maternity-related care.

Unfortunately, the gist of this explanation boils down to punishing women with higher charges for health insurance simply because they are women.

Help on the way for women seeking health insurance

Fortunately, the National Women’s Law Center is taking this unfair health insurance issue public. Just yesterday they launched a public awareness campaign called “Being a Woman is Not a Pre-Existing Condition.”

The goal of the campaign is to educate women about the many disparities that exist when it comes to health care. This will allow them to make better decisions in choosing health insurance. Ideally it will also get them fired up enough to unite and spark some change.

Tips so YOU don’t get hit as hard with health premiums

If you have to buy individual health insurance, be choosy. Shop around between several vendors and compare rate prices. Many online rate comparison programs are also available to help you navigate the scores of insurers out there.

In addition, take good care of your health. The healthier you are, the less frequently you’ll need to visit the doctor. In general, women are better at noticing symptoms of illness early on so they can tackle sickness before it settles. Bear in mind that this practice may both keep you from getting sick and help you save money.

Finally, bundle up. Try to find a health insurer that offers other forms of coverage, such as auto or life insurance. Find out whether purchasing multiple policies will allow you to save money in the long run.

Until Congress mandates some sort of change in the industry that doesn't penalize women when it comes to the price of health insurance, it's up to you to take action and make the best of what is currently a sour situation.

How micro-lending works

In countries where access to banking is virtually non-existent, socially conscious organizations are stepping in to function like banks and make loans to the poor. These organizations take the money invested by individuals in developed countries (which may only be a few hundred dollars at a time) and turn that money into microloans to help the poor. Better yet, investors like you can make interest on those initial investments.

Let’s say you have $1,000 you’d like to invest. If you invest your money through a socially conscious microloan website, that money will be wired to an impoverished country in need of loans. In some cases, you can even pick the country and the type of recipient (e.g., women, artisans, farmers, etc.).

Your money is then split up into small loans for the group of your choice. If you picked farmers in Peru, then chances are three different farmers will each get a loan of about $330. In most impoverished countries, a few hundred dollars is more than enough to supply the necessary tools, supplies, or labor to launch a successful enterprise.

While the farmers who received loans thanks to your investment work on paying back what they owe, your investment earns interest. Most microloan site interest rates are compatible with the 2%-6% rate offered by banks. After a year, your $1,000 investment may have earned as much as $60 in interest.

On top of all that, your investment is relatively liquid. Though it depends on the company managing your investment, in most cases you’ll be able to withdraw your money with little or no notice.

Why micro-lending works

Most successful businesses we buy from got their start from a loan. Generally speaking, that means either a bank was involved in the transaction or a wealthy investor had a finger in the pot.

But in impoverished countries, it’s a different story. Entrepreneurial ideas and spirit are present just as in developed countries, but access to money is virtually non-existent. Without startup cash, would-be business owners are unable to get their ideas off the ground.

Enter microloans (also known as microfinance). Microloans are a way to empower individuals to lift themselves up out of poverty. As one popular microfinance website, MicroPlace.com (www.microplace.com) puts it, “Microfinance is a hand-up, not a hand-out.”  Money given to sites like these is not simply doled out through charity. It actually assists in the alleviation of poverty by allowing poor individuals a way to build a sustainable future.

How to make a socially conscious investment

Once you choose a socially consious investment site, you can begin by investing as little as $20. Most companies let you open up an investment account just as you would with any broker. After that, you choose where your money will be invested.

Options for investment at MicroPlace.com include green business, rural area loans, loans with a special focus on women, or fair trade investments. You’re also able to pick the level of poverty your money will be directed at – from extremely poor to very poor to simply poor.

On top of that, you can choose the geographic area where your money will be rewarded – anywhere from Africa to Latin America to Southeast Asia, the Middle East, and beyond.

You can choose your level of financial return and the timeframe in which you’d like to receive your return on investment. You’re also able to decide whether your money will go to a single institution or individual or whether it’ll be split up between multiple institutions or individuals.

Most payments are made via credit card, but you can also pay with a PayPal account. In turn, you can receive interest payments as a deposit back into your PayPal account or directly into your bank account.

Why microloans are a safe investment

In many cases, repayment on microloans averages as high as 97%. To understand this, you have to consider that participants in the process have a huge incentive to pay back on their loans. Staying in good standing with their lenders means they will have access to further expand and build their businesses, and it’s also their coveted ticket to a life out of poverty.

Make your own socially conscious investment

At a time when purse strings are tight, the process of micro-lending offers an admirable opportunity. If you’re like the many Americans who don’t have loads of money to donate to good causes but want to build up an investment portfolio so you’ll have a safety net, microloans present a great option. They let you help out a good cause along with building your income. What could be better?

Our culture of clutter

Look at the remaining tribal cultures in this world who live in huts and till out a simple existence and you might wonder at how they survive without our “necessities” – things like running water, electricity, motorized vehicles, and…credit cards.

Credit cards?

That’s right. Ask any American walking down the street and the majority of the time you’ll be told credit cards are essential to our way of life. …Which is probably how we got into this mess in the first place.

The stats will tell you that most consumers carry upwards of $8,000 in credit card debt. Few people have savings accounts of any substantial amount. Bankruptcies for individuals have been on the rise for years. Flat out, people are swimming in debt, yet most of them still continue to shop.

That very fact has given way to our current culture of clutter. Far too many parents complain that they can’t walk in their child’s bedroom because dozens of toys are strewn about. A shocking number of people can’t use their own garages because of the backup of clutter. We’ve got stacks of magazines, drawers of old electronics, and piles of out-of-fashion clothes cluttering up our lives.

The “Stop Shopping” movement

The “Stop Shopping” movement is a grassroots response to our twin cultures of debt and clutter. Advocates encourage consumers to stop shopping and start living. They operate on the premise that debt sucks substantial quality from your life, as does having too much “stuff.”

This movement is simple. To join, simply stop shopping. Stop shopping for things you don’t absolutely need (which pretty much means you’ve got to do the work of distinguishing between what you want and what you need).

When you do need something, like food or basic clothing, shop locally. Not only will this boost your local economy, it’ll also mean you’re ultimately using fewer fossil fuels since you won’t be sitting for hours in traffic waiting to buy something made far away in a factory.

Start by reigning in your credit card use

If credit cards have gotten you into this widespread financial mess, then they’re the key to getting you out. Start by checking the annual percentage rate (APR) assigned to each of your cards. Contact your card issuer and ask whether your interest rate can be lowered.

Next, consolidate your balances to your card or cards with the lowest interest rate. Pay more than the minimum payment each month and always pay on time.

Finally, resist the impulse to charge more to your cards. The only way to get rid of your debt is to pay it down without adding to it.

If you’ve got it, use it

Stopping shopping doesn’t mean you have to stop giving. Look around your house and decide what you no longer use or need. Donate it to charity or box it up to give to a friend who could really benefit from it.

The advantage to giving what you’ve got is triple-fold:  You’re not spending money so you don’t add to your debt, you’re getting rid of something that previously cluttered up your house, and you’re supplying someone with something that will be useful or of real value to them.

Your wise shopping makes a widespread difference

Making the effort to stop spending big and start shopping locally will have far-reaching effects. By supporting local merchants, you’ll help build up the local economy of your city. In addition, trimming down your own debt will mean you can leverage the dollars you have to make safe and sound purchases.

Make the effort and reap the benefits

Ultimately, your wise shopping decisions will produce positive ripples throughout the nation – starting right there in your own home. You’ve simply got to steel yourself to the idea and then stick with it. Once you do, you’ll marvel at how easy it is to get the hang of resisting our culture of want. And in the end when your debt load has shrunk and you feel like a wise consumer, it will all have been worth the effort.

But what if hacking were legal? 

Better yet, what if it could save you money?

That’s the case when it comes to hacking your cell phone to increase its functionality. Learn how to do it, why you’d want to do it, and ways it’ll save you money.

The ruling that made hacking possible

In 2006, the United States Register of Copyrights made room for some exemptions to the Digital Millennium Copyright Act (basically an act that restricts unlawful use and reproduction of copyrighted digital information).

What this meant is that you, as a cell phone owner and user, gained the right to unlock any cell phone you paid for.

Why you’d want to unlock your cell phone

The reason for unlocking your cell phone (aka, hacking into your cell phone), is to increase your user options so you can use your product to its fullest.

See, most phones are manufactured with the hardware to work on any network. Lots of phones also have the functionality to download and play music or to access the Internet.

But when you buy a phone from a wireless company, they disable a lot of these nifty features. They tell you the features are only accessible if you pay a fee to them or if you enter into certain contracts.

Not true, because the original phone software had those features enabled. This means your phone itself is capable of quite a bit.

For example:

• Many phones can use third party software to access the Internet, but many wireless carriers will tell you Internet access is only available for a monthly fee and an extended contract through them.
• Lots of phones are able to play MP3 files, but certain wireless carriers restrict you from downloading these files unless you subscribe to their music service.
• Most phones can work anywhere in the world through any local wireless service, but your cell phone provider won’t tell you this. Instead, they’ll charge you a boatload in roaming fees as you travel the world.

Save money and get the most out of your cell phone

If you want a phone that doesn’t come with any added restrictions, buy directly from the manufacturer. You may also consider buying your phone abroad where you won’t find nearly as many restrictions.

Most phones these days are global and are designed to work all over the world. As long as the hardware is the same, hackers can make the software from another region of the world work on your phone.

For instance, if you travel a lot you can have a hacker unlock your phone so you can switch out the SIM card. Once you’ve done this, you’re free to put a SIM card into your phone that’s local to the country you’re in. This means you can use a local mobile network with a local phone number, saving you literally hundreds in roaming charges.

If you’re into ringtones, have your browser unlocked so you can visit a third party website to download music. Similarly, you can use a memory card and a reader to transfer music onto your phone that you already own on a CD.

How to get what you need out of your cell phone

Legal “hacking” companies can put software on your phone that opens up the applications locked by phone companies. The price for having your phone unlocked varies by phone complexity, but it can be as little as $30.

Similarly, SIM cards that allow you to use the mobile networks in other countries are very affordable. Depending on how much you travel, you may even benefit from SIM card deals where you pay $100 for a card that works in 100 different countries.

Hackers can also add language capability to your phone, which comes in handy if you communicate with others who speak a different language. For instance, by adding Greek language capability to your phone you can access Greek characters and type out text messages in Greek. You can also change your menus and web browser to read in Greek.

Make the most of your cell phone purchase

In essence, hackers make it possible for you to use all the capabilities your phone was designed to have. This means you circumvent your carrier’s ability to charge extra for these services, but more importantly it means you can save money while enjoying your cell phone to its fullest.

As consumers grow more aware of what phones can do and what they can legally access, there’s bound to be a shift in the way carriers restrict privileges. Be on the front of this approaching change and start saving money by hacking into the features you already have the right to use.

In with the new, out with the old

Before we get into the top four ways to save on your wedding, consider one major change from the get go:  your approach. One of the reasons weddings cost so much is because so many brides (and grooms sometimes, too) get caught up in tradition.

Wanting to adhere to old-fashioned principles may seem romantic, but it’s actually quite costly. Consider that the way things were done years ago was because that was the only way they could be done, not because there was any special significance to the process (case in point: see Tip #1).

One of the major advantages you have to planning a wedding nowadays is the Internet. It streamlines things, makes discount shopping easy, and opens up new possibilities you never before would have dreamed of (for example, Tip #3).

So when you dive into your wedding planning, look at everything with a fresh perspective. Embrace the resources available to you today (like you’ll find in Tip #4). Not only will you be able to enjoy the super-elegant wedding you’ve always dreamed of, you’ll also do it at a fraction of the cost.

Wedding savings tip #1:  Skip the inner envelope

When it comes to formal invitations, tradition dictates a second envelope be placed inside the main mailing envelope. Sometimes you’ll even find blotter paper tucked inside the second envelope and against the invitation.

This double-envelope habit came about when ink required time to dry – in other words, before the modern pen or printing process. People wanted pristine envelopes, and so came up with this bulky way to mail formal invitations.

The simple solution?  Just don’t do it. Not only does a second envelope with blotter paper make the process of preparing your invites tedious, it also makes it more expensive. Heavier envelopes cost more to mail and if you have a long guest list, those stamps will add up.

Wedding savings tip #2:  Save on stamps

Instead of including a pre-stamped reply card with your invitations, ask guests to RSVP over the Internet. You can set up a nice looking wedding website for free from various site hosts. Add some pictures of you and your fiancé and make it a nice place for guests to visit when they log on to let you know they’re coming.

Wedding savings tip #3:  Rent your cake

Yes, really!  An elegant, six-tier wedding cake can run upwards of $2,000. For something that’s just going to be eaten, that’s a hefty price tag.

Instead of shelling out dough for cake, rent a foam cake. Various Internet vendors offer elegant foam wedding cakes for rent for less than $200. None of your guests will suspect it’s a fake cake as it sits on display during your wedding reception. When it’s time to eat real cake, the fake cake simply gets wheeled away and then slices of real cake get brought out on plates.

Best of all, these cakes come with a small piece cut out in the back of the cake where you can place a real slice of cake – that way you and your new spouse can still have the photo-op where you cut the first slice of your wedding cake from the elegant (and fake) creation on display.

Wedding savings tip #4:  Rent your (Vera Wang!) dress

We’re not talking about renting from your town’s formal store where dresses are outdated and worn down. Nope – we’re talking wedding rentals over the Internet. The good old World Wide Web makes fashion and couture attainable for the average working girl. In other words, you can rent a Vera Wang dress for a fraction of the price it would cost you to own one.

Many high-fashion dresses rent for less than $1,000 and even allow for minor alterations so the bride will look sharp on the big day. It’s a great way to look grand without the cost. And besides, wedding dresses rarely get worn more than once, so why pay the price to own one for a lifetime?

While you’re at it, you can rent fine jewelry as well. Jewels that would cost tens of thousands to buy only cost a couple hundred to rent (just be sure to make sure your homeowners policy or other policy covers the possibility of a loss – you never know what will go flying when you’re out on the dance floor).

Go in for the long haul

Open yourself up to a little creativity in the money department and you’ll be astounded at the money you save while still pulling off your dream wedding. Above all, your efforts will be worth it in the end when you’re able to start your new marriage without a load of new debt.

If you wanna be a billionaire though, it’s likely gonna take a little more than that. You can lust after the billionaire lifestyle, but you’ve got to have drive, ambition, smarts, and a few other things going for you – according to a recent analysis conducted by Forbes Magazine, that is.

A close-up view

In a recent article on Billionaire Clusters, Forbes acknowledged it frequently fields questions about achieving extreme wealth – how it’s done, when it’s done, etc. With curiosity aptly sparked, the company took it upon itself to look into the matter and analyzed as many details as they could find relating to their database of self-made billionaires.

What Forbes found

First off, Forbes admits the study is unscientific. Despite that, the findings are intriguing and beg a few obvious conclusions.

• High aptitude for math – A significant proportion of billionaires seem to have a high aptitude for math. Even more interesting is the fact that most of them had parents with a high aptitude for math. While it’s possible billionaires are just all-around smart people (after all, they all achieved ten-figure incomes on their own), it’s also possible that to be a billionaire you’ve got to have parents who are good with numbers. After all, math skills – according to some – are genetic.

• Born in September – Of all the birth months for the self-made American billionaires in the study, September ranked highest. This may not be anything considering September is one of the highest birth months for the general population. Still, you can assume that if you want to be a billionaire, it’s good to have a September birthday.
• College dropouts – For all the talk these days about going to college and nabbing that degree, it’s surprising to find out just how many self-made billionaires are actually college drop-outs. Several of them didn’t even go to school in the first place. From that, you can assume a variety of things:  a) these billionaires were simply too smart for college, b) billionaires tend to be those who “go against the grain” and therefore don’t thrive in institutional settings, or c) a billion dollar fortune is not made based on book smarts…at least, not always (see next bullet!)
• MBA’s – in stark contrast to the college dropout theory, it turns out over half the list of self-made billionaires in the analysis actually hold graduate degrees. More interestingly still is the fact that almost 90% of these billionaires got their master’s degrees from Columbia, Harvard, or the University of Pennsylvania. You might conclude then that as far as college goes, it’s either all or nothing:  either you go all the way and hit the books hard until you make it through a leading business school…or you just don’t do the college thing at all.
• Techies – Lots of self-made billionaires established their careers in the tech industries. For example, you’ve got Bill Gates (Microsoft), Steve Jobs (Apple), Michael Dell (Dell Computers), Theodore Waitt (Gateway), and Larry Ellison (Oracle). On the other hand, this trend may be more a sign of the times – much in the way fortunes in the first half of the twentieth century were mostly made from the auto industry.
• Worked for Goldman Sachs – Goldman’s investment banking firm seems to be an unusually popular place for billionaires to get their start. Of those billionaires who made their fortunes in finance, a fair proportion started their careers at Goldman Sachs. Read:  if you get a job there early in your career, you might just have it made!
• Skull and Bones members – Another interesting similarity is found in the number of billionaires who were both Yale graduates and members of the secret society, Skull and Bones. This one makes it seem like it’s all about who you know…  All the same, to boost your own chances of a ten-figure income you’d better strive to attend Yale (that is, if you’re gonna go to college at all), and then do whatever you can to be inducted into this club.
  

It’s probably fair to say, at this point, that although self-made billionaires do seem to have a lot in common, the bulk of billionaire luck sure sounds like it has a lot to do with working hard, showing the world what you’ve got, and not swaying in the face of failures. After all, the one true trend across the board for all the self-made billionaires is that they took an idea and pushed it as hard and far as they could, despite any obstacles that came along. Whether you’re pushing for billionaire status or you’d be content with a simple million, this isn’t a bad goal to strive for at all.

Ironically, if you find yourself gaining weight and straying away from that picture of perfect health, you’re bound to spend even more. To find out how your expenses are growing along with your waistline, read on.

The cost of information to stay fit

You may not shell out money to a nutritionist or diet-plan company, but that doesn’t mean you’re not paying for information on how best to stay fit. If you subscribe to any of the dozens of magazines focused on attaining or maintaining a swimsuit-ready body, then you’re essentially paying to diet.

Such magazine subscriptions range in price from $12 to $25 a year. Subscribe to more than one and your expenses shoot right up. Similarly, if you watch any of the reality TV shows focused on making people thin, you’re likely falling victim to whatever advertising gimmicks you end up spending your money on.

Books are another pricey health point. Even if you buy books geared more toward staying healthy than losing weight, you’re still shelling out roughly $25 and up for your copy of those wholesome pages.

Basically, over the course of a year all those small charges you make for health-oriented information add up super-quickly.

Gym memberships as wallet drains

Kudos to the few people who use their gym memberships multiple times a week, every week. They are by far the exception. The truth is that millions of Americans pay yearly gym membership fees and either rarely or never set foot in the gym.

Depending on how posh of a gym you choose to belong to, those fees can run upwards of $1200 a year. Throw in the cost of a personal trainer or a fee-driven group class and you have quite the wallet drain.

Fitness clothing – a non-necessary evil

As greater emphasis falls on being fit in our culture, greater attention is being paid to the fashion of getting fit. If you plan to exercise for your health, chances are you want to look halfway decent doing it. If that’s the case, dozens of companies are more than happy to outfit you in trendy sportswear – but looking good comes with a steep price tag.

Basic running pants can run you well over $100, often because they’re touted to have “unique, moisture-wicking fabric.”  Sporting shoes fall into the hundred-dollar-range as well and only climb upwards from there – especially if you want your shoes specialized for a particular type of athletic activity.

Paying for vices is a total payout

If you’re guilty of bad habits like smoking or downing multiple soft drinks every day, you’re likely paying a premium for your bad habit. Many states tax such unhealthful acts in the hopes of discouraging widespread use. If you’re a diehard addict, you simply wind up paying more for your vice – a lot more.

Health insurance won’t solve everything

Another sign of expenses growing with your waistline might be the rising cost of your health insurance. There seems to be a trend where people take out more comprehensive policies as they gain weight. Because they feel they are unhealthy, they try to eliminate their growing risks.

Here’s the wake-up call:  health insurance is not a cure-all. You can’t simply expand your policy in an effort to achieve wellness. You certainly can wind up paying some big bucks, however.

The bottom line on the price tag of health

At the end of the day, it all comes down to sorting out priorities. Your health should absolutely be a top priority, but how you achieve it is up to you – and it doesn’t have to break your bank. Make careful decisions over when and where to cut back and when to splurge.

For example, do you need a gym membership or can you run and bike just as easily for free outside?  (If you live up north where it’s winter nine months of the year, a gym membership might be worth it!)  And if you’re really short on exercise clothes, try shopping for some at a discount retailer like Target or WalMart instead of a fitness specialty shop.

The same principles apply to other health-related purchases. For health information, read library books or check out magazine displays at bookstores. Use the information you find from reading them to plan a fitness routine, rather than paying for a personal trainer.

When it comes to fitness shoes though, it may be time to splurge. They’ll last you a long time and you risk serious damage to your feet if you wear improperly fitted shoes while exercising. And health insurance is absolutely important to have - just be wary of opting for the most expensive policy possible.

The bottom line is this:  do what you can on your end to achieve your health goals and you’re sure to be better equipped to handle unforeseen health problems.

Before filling out any mortgage agreement, take the time to figure out how much house you can afford. Not only will you save yourself the fear and embarrassment of potentially losing your home down the road, you’ll also be well-equipped to make a wise investment that could catapult your financial future into the safe zone.

Start with an awareness of the market

Knowledge is power, plain and simple. It’s no different when it comes to the housing market. Before you make any decision to buy, read up on the basics of home ownership. Make sure you’re familiar with the terms that are used and cultivate an awareness for the market in your area.

Here are just a handful of inexpensive ways to improve your knowledge when it comes to buying a house:

• Check out free books from your local library or talk to someone who recently purchased a home.
• Sit down with a real estate agent and pump him or her for knowledge.
• Pay attention to local news reports and newspaper articles regarding home ownership in your area.
• Check the classifieds to see where home ownership values are rising, staying steady, or falling.

Be aware of purchasing guidelines

In the past, the guidelines for how much house to purchase were pretty straightforward. The rule was to buy a house that totaled out at about three times your annual income, causing your monthly payments to fall between 25% and 33% of your monthly salary.

Those same purchasing guidelines still hold true today, but the difference is that lenders have become stricter about making sure you stick to them (in years’ past they frequently “looked the other way” when consumers wanted to exceed these guidelines).

Get ready to delve into details

Buying a house is not an easy process. It’s complicated in part because of its financial weigh, particularly so now that lenders want to make sure you are legit as a buyer. In most cases, you’ll be required to produce a down payment (roughly 20% of your home’s purchase price is average) along with documentation of several items. These could include all income, assets, and credit history.

Figure out your possible payments ahead of time

Take advantage of online calculators to figure out what your monthly payments will be – don’t wait for your lender to tell you after you’ve signed all the paperwork. Online calculators can give you a rough estimate of what you can afford, based on your income and debt. Be wary of the estimate you get though – use it as a baseline.  If anything, pace yourself and look for something slightly below that figure.

It’s essential to make sure you won’t be overcome with payment obligations once you move into your new home. You have to remember that home ownership is a pricey investment. Even after the initial large purchase is said and done, you’ll still be responsible for quite a few expenses. Consider the steady drain of utilities, home improvements, and home upkeep costs.

Look at your lifestyle

Too many people make it a habit to buy at the upper level of their resources. In other words, they figure out a range of what they can afford and end up buying something that falls in the top level of that range. Remember that just because your calculations say you can afford it doesn’t mean you actually can.

You must take your lifestyle into consideration to make a fully educated decision about home ownership. Do you use your disposable income to buy clothes, see pricey shows, or travel quite a bit?  Or for other top-dollar purchases?  Consider that if you max out your house payment, your lifestyle habits may take a hit.

Basic questions to consider before buying a house:

1. Will you be starting or expanding your family?  This could dictate where you purchase your house (i.e., you might want to look for good school districts) and how large of a house you need.
2. Do you have money saved up for a down payment?  Not only will a sizeable down payment get you a better interest rate on your mortgage, it’ll also buy you automatic equity in your house.
3. Are you staying in one place for the next few years?  It’s a good idea to remain in a home purchased under your name for at least three years – better if it’s five. If you know you’ll be relocating any time sooner than that, it might be too early to buy a house.

Don’t rush

The bottom line with home buying, as it should be with any major purchase, is not to rush. Go into the process calmly and make sure you understand everything about the transaction. This will enable you to make sure you get a house you can both afford and enjoy.

Before filling out any mortgage agreement, take the time to figure out how much house you can afford. Not only will you save yourself the fear and embarrassment of potentially losing your home down the road, you’ll also be well-equipped to make a wise investment that could catapult your financial future into the safe zone.

Start with an awareness of the market

Knowledge is power, plain and simple. It’s no different when it comes to the housing market. Before you make any decision to buy, read up on the basics of home ownership. Make sure you’re familiar with the terms that are used and cultivate an awareness for the market in your area.

Here are just a handful of inexpensive ways to improve your knowledge when it comes to buying a house:

• Check out free books from your local library or talk to someone who recently purchased a home.
• Sit down with a real estate agent and pump him or her for knowledge.
• Pay attention to local news reports and newspaper articles regarding home ownership in your area.
• Check the classifieds to see where home ownership values are rising, staying steady, or falling.
  

Be aware of purchasing guidelines

In the past, the guidelines for how much house to purchase were pretty straightforward. The rule was to buy a house that totaled out at about three times your annual income, causing your monthly payments to fall between 25% and 33% of your monthly salary.

Those same purchasing guidelines still hold true today, but the difference is that lenders have become stricter about making sure you stick to them (in years’ past they frequently “looked the other way” when consumers wanted to exceed these guidelines).

Get ready to delve into details

Buying a house is not an easy process. It’s complicated in part because of its financial weigh, particularly so now that lenders want to make sure you are legit as a buyer. In most cases, you’ll be required to produce a down payment (roughly 20% of your home’s purchase price is average) along with documentation of several items. These could include all income, assets, and credit history.

Figure out your possible payments ahead of time

Take advantage of online calculators to figure out what your monthly payments will be – don’t wait for your lender to tell you after you’ve signed all the paperwork. Online calculators can give you a rough estimate of what you can afford, based on your income and debt. Be wary of the estimate you get though – use it as a baseline.  If anything, pace yourself and look for something slightly below that figure.

It’s essential to make sure you won’t be overcome with payment obligations once you move into your new home. You have to remember that home ownership is a pricey investment. Even after the initial large purchase is said and done, you’ll still be responsible for quite a few expenses. Consider the steady drain of utilities, home improvements, and home upkeep costs.

Look at your lifestyle

Too many people make it a habit to buy at the upper level of their resources. In other words, they figure out a range of what they can afford and end up buying something that falls in the top level of that range. Remember that just because your calculations say you can afford it doesn’t mean you actually can.

You must take your lifestyle into consideration to make a fully educated decision about home ownership. Do you use your disposable income to buy clothes, see pricey shows, or travel quite a bit?  Or for other top-dollar purchases?  Consider that if you max out your house payment, your lifestyle habits may take a hit.

Basic questions to consider before buying a house:

1. Will you be starting or expanding your family?  This could dictate where you purchase your house (i.e., you might want to look for good school districts) and how large of a house you need.
2. Do you have money saved up for a down payment?  Not only will a sizeable down payment get you a better interest rate on your mortgage, it’ll also buy you automatic equity in your house.
3. Are you staying in one place for the next few years?  It’s a good idea to remain in a home purchased under your name for at least three years – better if it’s five. If you know you’ll be relocating any time sooner than that, it might be too early to buy a house.

Don’t rush

The bottom line with home buying, as it should be with any major purchase, is not to rush. Go into the process calmly and make sure you understand everything about the transaction. This will enable you to make sure you get a house you can both afford and enjoy.

Even though Wall Street, banks, and other authorities captained this mess, the American people shoulder a lot of blame. It’s no small secret that we’re not a nation of savers and that a fair proportion of us have racked up inappropriate amounts of debt.

Given all that, what better time than now to clean up your financial habits?  While the regulators in the banking industry strive to fix the “system,” those of us who are facing our own debt crises have an opportunity to change for the better.

Below you’ll find tips on how to fix your top five debt woes – both easily and effectively.

Debt Woe #1:  Credit card debt (the black plague of debt)

The problem with credit card debt, besides the fact that it is debt, is that it puts you at the mercy of the credit card companies. They unfortunately have the power to raise your interest rates, tack on fees, or slash your credit line on a whim.

That said, you’ve simply got to kill your credit card debt. To get started, try this:

• Pay attention to what you buy. Cut costs. Look for sales. Find out what you can do without.
• Be direct and ask your credit card companies for better rates. It never hurts to try, and without a decent interest rate you may never be able to claw your way out of debt.
• Don’t be afraid to look for help from credit counselors or financial advisors – just make sure they’re legit (so check up on their education, background, and affiliations).
  

Debt Woe #2:  No emergency fund

Too few Americans have any savings, much less an emergency fund. Surely the current trends of job loss and credit problems are enough of an example to show you the importance of having your own emergency fund to rely on.

Aim to save about three to six months’ worth of expenses. Start small by setting aside a few bucks here and there, and then work your way up. Also, don’t forget about saving for your future retirement needs.

Debt Woe #3:  Bad credit scores

Your credit score is your ticket to access in this country, plain and simple. Even with lenders tightening their purse strings for all types of credit, those with high FICO scores (750 or above) still qualify for great rates.

If you’re a little rusty on the purpose of credit scores, look at it this way:  It’s your financial report card. It’s basically a way lenders and credit companies decide whether it’s a huge risk to loan you money or not.

Your credit score is calculated based on a number of things, but the bulk of the figure comes down to how much debt you carry in relation to how much credit you can access, whether you pay your bills on time, and whether you’ve ever defaulted on any loans.

It’s a good rule of thumb to be aware of your credit score so you can either work to improve it or make sure it remains above a certain level. Several companies and banks offer access to credit scores for a small fee (you’ll have to shell out around $15 per score from each of the three credit bureaus).

Along with being aware of where your financial score falls on the responsibility spectrum, here are some things you can do to boost your numbers:

• Always pay your bills on time. Always. It’s far too easy these days to pay bills, what with electronic payments and auto-deposits, so you really don’t have any reason to ever be late with a payment.
• If you have a financial dispute, resolve it right away. Don’t let it go to a collection agency.
• Use your oldest credit cards. The longer you can keep your accounts open and in good standing, the better effect it will have on your score.
• Stay on top of the info collected in your credit reports. Periodically check your credit report at each credit bureau to make sure your financial information is being reported correctly. If you come across any errors, move quickly to have them resolved.
• Keep your balances low. It’s not good to have a lot of debt in general, but as far as your credit score is concerned it’s a good idea to use only about 30% of the credit you have access to.
  

Debt Woe #4:  Being over-mortgaged

Even if you’re good about keeping credit card debt down and your credit score up, you may still be over-leveraged with either a house or a car that’s too expensive. This one is easy to resolve:  For the car issue, either trade it in for something used or for anything that significantly lowers your payments, and for the house problem – move.

Alternately, for either problem you can try to refinance at a lower interest rate.

Debt Woe #5:  Not being aware

Financial woes ultimately begin with a lack of knowledge. Take the time to educate yourself about financial basics and always be aware of whom or what you’re dealing with when it comes to your money. Check out the credentials of any financial advisors you plan to trust, look into the track record of investments you’re considering, and so on. Knowledge is the key to keeping yourself out of serious financial trouble.

If you’re in the market for any kind of new electronic device you should do yourself a favor by getting a jump on availability dates. If all goes well, some of the new products will be so good they’ll sell out faster than stores can stock them.

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Here's a sneak preview of some holiday electronics:

• Peek – Pocket-sized handheld device with the single purpose of allowing people to get their email when away from a computer. It’s similar to a smart phone but without the phone capabilities. A peek costs roughly $100 and requires a $20 service fee for email access.
• Slot music players – these teensy devices play MP3 songs recorded onto microSD chips. They start at $20.
• Slot music chips – pre-recorded albums from popular artists can be purchased on these fingerprint sized chips, usually for around $15. The chips plug directly into many cell phones, MP3 players, and slot music readers.
• Giant Twist Freedom DX – this electric motor assists in pedaling for those who like to commute via bicycle but have long treks. At a cost of $2,000, the Twist parallels the convenience of an electrically motored bike but without the heft of a large motor.
• Kodak ZI6 – makes it easy to take digital videos when you’re on the go, thanks to its pocket-sized HD video camera. It even comes with software that lets you upload your video to the web. Retail price is $170.
• Wowwee Rovio – this $300 robot comes with a video camera that’s Wi-Fi enabled. It lets you control and watch the robot’s movements via the Internet.

And here’s a glimpse at what some of the tech giants have in store for this holiday season:

Apple –

This techno giant is expected to issue exciting new techie announcements this week, getting a jumpstart on the competition for the holiday season. One of the company’s soon-to-be-unveiled projects is touted to be a new iPod Touch, recently enhanced in an effort to spark further iPod frenzy.

Apple will also be revealing plans behind a new classic iPod and new nanos. The newer models are expected to feature high-quality cameras – a big deal for those consumers who have waited long and patiently for camera iPods.

One of the perks to an Apple announcement is the company’s habit of making new products available as soon as they’re announced. This comes in fine contrast to other companies who announce new techie gadgets to the public and then make them wait for months before they can enjoy said gadgets.

It’s also widely expected that Apple will make some new announcements regarding pricing – as in, they might finally be ready to lower the prices on some of their higher end gadgets. If they do, it’ll likely spark a frenzy of holiday shopping by consumers who are looking for a bargain and have long had their eyes on some of Apple's finest tech toys.

Verizon –

Verizon is pleasing its followers across the board with rumors that release dates for a new line of phones have been moved up to fall before the holiday season.

Among the new devices expected to hit store shelves are the Motorola Sholes, a touchscreen Android device with an estimated $230 price tag.

An enhanced LG Chocolate Touch should also be hitting store shelves soon – some say as early as October. This version will also fall into the $230 price range.

Other handhelds expected to be unveiled soon include an HTC Razzle and a Samsung Intensity – the latter of which should come in at $130 and is likely to be available in September.

But the announcement most Verizon fans have been waiting for is about the BlackBerry Storm 2. This hefty upgraded smart phone should be launched in October. The price hasn’t yet been unveiled, but experts expect it to land at around $199. Also on its way is the BlackBerry Curve 2, expected in November at an undisclosed price that ought to fall somewhere in the $50 - $100 range.

Plan your purchases

Some experts believe the price points for several of the coming gadgets are below where companies would normally target consumers – a move undoubtedly inspired by the persistent uncertainty of the economy. To consumers, this means the prices are lower than they normally would be so you should get in while the getting’s good.

If you find a great deal on a fancy new tech gadget, we’d love to hear about it. Let us know how you came across your bargain and how the new tech toy is working out for you.

What is layaway, exactly?

Basically, layaway makes it possible for you to buy things without having to pay the full price all at once. The catch is that you don’t get to take the item home until you’ve finished paying for it. This is in direct contrast to buying things on credit, where you take an item home with you right away and then repay the debt according to a regular schedule (along with paying fees set by your credit interest rate).

In a lot of cases you have to pay a fee to put something on layaway. Most of the time the fee is 10% of the purchase price of the item. This fee is generally referred to as a service fee – basically, it buys you the convenience of putting the item on layaway.

Depending on the store policy, you typically make fixed payments according to a regular schedule for a layaway item. Alternately, some stores let you decide your own monthly payment amount as long as you meet certain minimums.

Layaway fees

Along with the service fee for using a store’s layaway program, you also generally pay a cancellation fee if you end up deciding against the purchase. In the case of a cancelled purchase, you get refunded any money you put down, minus the service fee and cancellation fee. Cancellation fees usually range between $25 and $35.

How layaway started

Layaway programs got their start back during the Great Depression. At the time, few people could afford purchasing much of anything, let alone big items. Layaway programs made it possible for them to put things they wanted or needed on hold until they scrounged up enough money to bring the items home.

By the 50s and 60s, layaway was a popular way to make big purchases, but as the years wore on it declined substantially in use.

The credit factor

The major reason for the decline of layaway had to do with the rise of credit cards. Given the option, consumers preferred taking possession of their purchases right away rather than biding their time as they made payments.

By the 1980s, so many people were charging up a storm and relying on credit cards that it no longer became cost effective for stores to offer layaway plans. Only a few stores kept their layaway programs running through the following decades, though most of them ended up curbing those programs as well. Retail giant Wal-Mart was one of the last to go, announcing an end to their layaway program in 2006.

The recession factor

Fast forward to the present decade where money’s tight and consumers are wary and you once again have the makings for popular layaway programs.

On top of the tough economy comes the fact that most credit card companies now charge higher penalties and assign higher interest rates to credit accounts. This is contributing to a hefty decline in credit card use and a similarly hefty spike in use of layaway programs.

Present day layaway

Now that layaway has made a comeback, many stores are working to capitalize on the opportunity. Sears, Marshalls, and Kmart in particular are actually marketing their layaway programs to purchase-wary consumers. Their efforts are paying off, as each retailer now stores rows and rows of items put on layaway by shoppers.

Even more notable is the fact that consumers aren’t just putting large items on layaway. Many of them are using layaway programs to buy basics such as school supplies and clothing.

Online layaway

One new twist to the famed old layaway program is the popular use of online retailers who now offer layaway plans. At sites like e-Layaway.com, you register to shop on the site by selecting a payment plan. When you find something you want to purchase, it goes in your cyberspace “basket” and stays there till paid for.

To pay at online layaway sites you can either have money auto-deducted from your checking account or you can send a money order to the company.

Other online layaway sites include laymeaway.com and lay-away.com. The major benefit to sites like these is that they make it possible to shop online without the use of credit.

Take a shot at an old standby

Just like the poor economy has sparked old-fashioned ways to make a little go a long way, layaway programs are making it possible for consumers to stretch their dollars further. With layaway back in fashion, those without ready cash can grab goods at decent prices without having to worry about exhausting their resources or dipping into credit coffers.

If you’re a credit junkie or have a lot of debt you’re working to pay down, try your hand at layaway. It may be just the thing you need to help you learn the habit of saving up before bringing home a purchase – a lesson most Americans could really use.

Myth:  Universal health care systems are better than the U.S.

Countries such as Canada that offer a universal care system works to some respect, but just like anything these types of health care systems have limitations. One example is that the universal health care system in Canada will not pay for bypass surgery on a patient that is over the age of 70. This makes universal health care different from the U.S. health care system. For example, if you happen to be a Canadian age 70 or older and need bypass surgery, the government won't pay for it.

You could compare the U.S. Medicare system to that of the universal health care system that Canada offers, at least when it comes to those age 65 and older. We see how that’s working out because Medicare is on the verge of going bankrupt.

Myth:  Employer-sponsored health insurance plans are cheaper

Many employees are drawn in by the fact that an employer offers a group health plan because they think this is a less expensive way to obtain insurance. This isn’t necessarily true. Group plans probably have more coverage than you need, which means you’re probably paying for types of coverage that you may never use. For example, a male employee wouldn’t have a need to see an obstetrician but a group policy is still paying for this type of coverage. Employer-sponsored plans typically have a decrease in the amount that an employer covers, especially as the annual premiums on the policy increases.

If you buy an individual health plan, you may be saving money over an employer sponsored plan because you only have the carry the coverage you need.

Myth:  Large employers always offer health insurance

This is 100 percent false. Statistics provided by the Kaiser Family Foundation shows that one out of every five workers does not have health insurance. And these are employees of companies that employ more than 500 people, but still do not offer health insurance as a benefit to its employees.

Myth:  Health insurance is expensive because of insurance companies

People believe that health insurance companies are driving up the cost of the health care and insurance in order to increase its profits. It’s actually the cost of prescription drugs and government insurance program (such as Medicare) that causes the cost of health insurance to skyrocket. The cost of government insured patients are covered by those that have health insurance, so in order to cover these costs, people with their own insurance or those with employer-sponsored plans pay higher premiums.

Myth:  Young and healthy people don't need health insurance

Younger Americans have the misconception that they are young and healthy, so they don’t have a need for health insurance. This is a huge misconception for two reasons. First, emergencies happen that can quickly turn injuries from a car accident or a broken leg from a fall into a $100,000 bill if you don’t have insurance. That can quickly make paying for a health insurance policy seem like a slam dunk because its costs isn’t going to even touch $100,000 in annual premiums and out-of-pocket expenses.

Second, young and healthy people turn into older and sometimes not so healthy people. It’s much less expensive to obtain a health insurance policy when you’re young and healthy than it is when you’re older and have pre-existing conditions.

Myth:  The highest age group of the uninsured is under age 25

In contrast, the largest and fastest-growing group of uninsured Americans is those over the age of 50. Nineteen million Americans between the age of 50 and 64 either do not have any insurance or do not have enough insurance. This is also the age group that has the most types of health conditions that require them to see a doctor more often. As they age and acquire these various conditions, it makes it harder for older Americans to obtain affordable health insurance coverage.

This problem will get even bigger as more and more baby boomers move into this age group, which will tax the health care and Medicare system even more than it already is.

Hopefully now you have a better and more truthful view of health insurance. Understanding health insurance is one of the key factors of being able to keep your health care costs affordable and making sure that you have enough coverage to meet your needs. When you need to know the truth, organizations such as the Life and Health Insurance Foundation for Education are available to clear up the myths and misconceptions and make sure you understand the reality of health insurance in America.

It’s fine to think of your home as an asset, but for those who are relying on it to get them through their retirement years rather than creating a financial plan for the future may be sadly disappointed, not to mention broke, when their retirement years roll around.

The market value of real estate fluctuates, so what the housing market is up to when you purchase and again when you sell your home is what truly determines how much of a profit you can really make when you sell. Nobody knows this better than the residents of Florida, Michigan and California who watched their property values plummet in late 2007 and into 2008 and 2009. Some of these homeowners ended up owing more on their mortgages than their homes were even worth.

Any of these residents who were relying on their homes to provide for them during retirement are now struggling to even be able to make their mortgage payments. Many residents in their retirement years have had to delay retirement or go back to work in order to continue to bring in income so that they don’t outlive their retirement nest eggs.

This is a true lesson of why you never put all of your eggs in one basket.

Then you have to take into consideration that it does cost you money to pay for the mortgage of the home and to maintain the upkeep of the home. When you add up all of these costs, even after the tax benefits (usually you can deduct the interest portion you pay on your mortgage), you’re still in the hole. When you look at owning a home from this point of view, it starts to look less like an asset and more like a liability.

Then there are the people that use (or did use) their home like an ATM. When housing values increased, these homeowners took advantage of this opportunity to establish equity lines and pull cash out of their properties. They went on vacation, remodeled the house, and went on spending sprees for depreciating assets like cars and boats. Then, something happened that they weren’t expecting. The housing market tanked, the values of their homes decreased and now they can’t even sell them home for enough money to cover what they owe on it, let alone walk away from the sale with a profit.

If all of this doesn’t convince not to rely solely on your home as an asset to cover your retirement, then it’s hard to say what will open your eyes to the fact that you have to diversify your retirement planning to include more than your home.

While a home can bring you a return, keep in mind that in normal real estate markets, real estate only appreciates at a rate of approximately two percent. While two percent is better than zero or a negative number, it certainly isn’t going to cover your cost of living for the 20 or so years you sail through retirement.

Also, the standard rate of return on other investments such as stocks, bonds, mutual funds, annuities and other financial investments tend to bring a great return on your investment than the two percent a house does. You may be shaking your head based on how the stock market has performed over the past few years during the so-called recession. Investment strategies for retirement planning should be focused on a long-term investment strategy. When you look at the long-term returns on these types of investments, you’ll see that the majority of these options are in the high single digits or the double digits.

You can look at owning a home from a couple of different viewpoints. While it can be declared an asset, you also have to think about the financial liability a home can have. This liability factor is one of the primary reasons why you shouldn’t rely on it as the sole means to provide you income when you retire. Create a financial plan for retirement that includes a diversified portfolio of investments to make sure that you reach your retirement goal when it’s time to retire. Don’t be left holding the bag because your home is your only asset because more than likely the bag will be empty. And then how are you supposed to live?

The first thing you need to do is request a copy of your credit report from each of the three credit reporting agencies—TransUnion (www.transunion.com), Experian (www.experian.com) and Equifax (www.equifax.com). You need to know what credit accounts and negative items are showing on your credit reports before you can take the steps necessary to improve your credit. It’s important that you pull all three reports because each agency handles its own reporting so items may vary by report.

Once you receive have all three credit reports in hand, take the time to go through each. Thoroughly review all of the information and make note of any inaccurate items—highlight with a marker or mark it somehow. Then with a different color highlighter or a different symbol, mark negative items that you need to address. This may include late payments, collection accounts, bankruptcies and more.

For any items that are inaccurate on your credit report, file the instructions that each agency provides for disputing items on your credit report. You can usually file a dispute by mail, online or by phone. Once an investigation is done by each agency, the items that are proven to be inaccurate are removed from your credit report. If the inaccuracies involved negative items such as late payments, collection accounts, etc., your credit score will slowly improve.

Handle accurate negative items

If there are negative but accurate items showing on your credit report, it’s time to start clearing these up as well. For any accounts that are unpaid or in collections, contact the creditor or the collection agency. Tell them that you want to make payment arrangements to clear up your debt. Once you negotiate repayment terms with the creditors, obtain a copy of the agreement in writing and make sure that you stick to your end of the deal. This means make your payments as agreed upon and always make the payments on time. As these accounts go back into good standing your credit score will increase.

About one-third of your credit score is calculated based on the amount of debt you have. This is why it’s important to keep your debt at manageable amounts. If you have credit cards or lines that have balances of more than ten percent of the total line amount available, pay these balances down. As your debt ratio decreases, your credit score will increase.

People think that by closing long standing credit accounts that they no longer need or use that it will help to increase their credit score. The opposite is actually true. A portion of your credit score is calculated on the length of your credit history. This means the longer your credit history is with a creditor, the more it pumps up your credit score. You can pay down your debt or even pay it off, but keep the account open for emergencies. It can benefit your credit score in the long run.

Another portion of your credit score calculation is what types of credit you have. Creditors like to see that you have a mixture of credit accounts—mortgages, auto loans, personal loans, and credit cards (revolving credit). Having the right mixture of credit illustrates that you are able to manage different types of credit. It doesn’t mean you should run out and start opening a bunch of new credit accounts, but as the opportunity arises take it. Instead of paying cash or putting a furniture purchase on your credit card, take advantage of the zero percent interest for a year by opening a furniture credit account. Make sure you pay your balance off before the year is up, but adding credit accounts like this can be beneficial to your score.

The most important element of your credit score calculation is that you pay your bills on time. This one was not left for last by accident and it may seem like the most obvious, but it is imperative to pay all of your bills and to always pay your bills on time. This is the number one and fastest way to increase your credit score.

While none of these steps will increase your credit score overnight, over time abiding by all of these rules will help to bump your credit score up. With credit being more important these days than ever before, increasing your credit score may mean the difference between living the American dream and just getting by.

It seems though that Sony is giving the Kindle and Amazon a run for its money. Sony’s eBook Readers that offer a wireless capability were introduced slightly earlier than its original debut date in September. Maybe this was done intentionally to surpass the sales of Kindles because it seems that the Sony Readers have a lot of benefits the Kindle doesn’t have.

Sony Has it, but the Kindle Doesn’t

Pocket model. The Sony eBook reader is small enough to fit in a pocket. The Kindle, on the other hand, is similar to the size of a book. So while the Kindle can fit in a purse or briefcase, the Sony Readers have a portability advantage over the Kindle.

Touch screen. The Sony e-book Readers also offer a touch screen. Think iPhone or iPod Touch and how its popularity grew because of this feature. It’s a popular feature that is doing the same for the Sony eBook Readers of which 400,000 units have sold as compared to the 600,000 Kindle units sold. While Sony hasn’t surpassed the Kindle yet, it’s certainly closing in on it.

Popular formats. Sony has focused in on offering the more common eBook formats such as ePub and PDF. This makes it easier for Sony eBook readers to open and read the books of their choice. The Kindle does support different formats, but the marketing of the Kindle doesn’t highlight this—probably because its parent company—Amazon—is interested in cornering the publishing marketplace.

Global. The Sony Reader products are also available on a global basis, while the Kindle is only available to the U.S. market. This may be precisely why Sony has been a solid competitor for the Kindle.

Wireless. Sony has also teamed up with AT&T to offer its eBook reader to its customers through smart phones such as the iPhone. As of yet, in order to utilize the Kindle you have to buy, well, the Kindle. With Sony, AT&T customers can use one device as their phone, Internet, email and now as their e-book reader.

Educational market. Sony and its reader products are also more in line (more compatible) with the educational institutions, which means not only can teachers use Sony Readers in the classroom, but Sony is also staking claim to future consumers at an early age.

Competitive pricing. Not only do the Sony Readers and its more common formats allow for more competitive pricing when a customer downloads an eBook to read, but Sony has also teamed up with libraries across the country. This means that Sony Readers allow for free downloads of the popular ebook formats—all with the use of a library card.

Expanding to the European market. Sony also has plans to introduce, sell and market its Readers products to the European market. At this time, Kindle has not announced the same intentions. This means that if Sony hits this market before Kindle and then provides all of these added benefits over the Kindle, it may just corner the market in Europe before the Kindle even has a chance to compete.

Whether or not Sony has the intention of taking over the eBook market from the Kindle is irrelevant. At the moment though, all of the benefits that the Sony Readers offer customers over Amazon’s Kindle sure does make it look like the Sony Readers’ sales will soon catch up with, if not surpass, that of the Kindle. Sony is giving the impression that it is interested in getting customers to read, no matter what format they wish to read it in or whether or not they want to pay for books or download them for free from the library. Amazon and Kindle, however, are simply making it seem like they want customers to read as long as the customers buy the books from them first.

While Amazon’s plan with the Kindle may have been innovative, its acting like an eBook monopoly may be working against its success rate. That’s what happens when a company that is even more innovative, such as Sony, comes along and introduces an even more customer friendly version of the same thing.