Every year you come up with a New Years resolution and inevitably every year it’s already broken by the end of the month. Perhaps you would have a better success rate if you realized that your new years resolution had a dual purpose. Namely, you’ll achieve your goal and save money while doing it. Let me give you a few examples on how changing a few of your bad habits can translate into big savings.

• Smoking. It seems like every year there’s a new tax added to cigarettes. You can pay up to 10 bucks per pack nowadays. How’s that for a cash incentive to stop smoking. Reduce your bad smoking habit to 1 less pack per week. You’ll save $520 ($10 x 52 weeks) per year.
  
• Alcohol. Water will cost you a few cents while alcohol costs 10 – 20 times as much. If you go out with friends and order $7 drinks every week, have one less than you would normally have. You’ll save $364 ($7 x 52 weeks) per year.
• Family time. If your resolution is to spend some more time with your family, you can do that at home watching movies together, playing video games or board games. Possible savings could be $240 ($20 x 12 months) per year.
• Coffee. Getting your caffeine fix doesn’t have to break the bank. Instead of going to Starbucks for a $3.50 cup of coffee choose to make it at home or get one at a fast food joint for a buck. You’ll save $400 ($2 x 200 cups per year) per year.
• Food. Learn to eat less. If you always get a large combo meal, go for the small. If you always get fries and a soda to go with your burger, just get the burger with no fries. You could save $200 ($1 x 200 meals) per year.

What kind of new years resolutions have you done that reduced costs in your life?

Tax time isn’t until April the 15th 2012, but you can begin planning for that date right now. There’s only a few days left to take advantage of these end of the year tax savings. So let’s get right to these tax saving tips for business owners.

Freelance Payments

If you work as an independent contractor / freelancer and bill people for your services, you can choose to send out invoices and get paid after the new year. Otherwise, if you get paid by the end of the year, it’s considered income in 2011 and you’ll have to pay taxes on that income in just a few months. What matters, as far as the tax man goes, is when you get paid, rather than when the work was actually done.

Quarterly Payments

If you’re a sole proprietor and pay your taxes four times a year, you know there are tax payments due in January, April, June and September. But did you know that if you make your January payment in December you can deduct it in this year’s taxes? Doing it this way would leave you with more money this year, but less money the next.

Business Expenses

By far the biggest tax deduction for small business owners are business expenses. Let’s say this year you have earned $250,000 but have spent $175,000. This leaves you with an income of $75,000. You will pay taxes on that amount. Let’s say you have made good money this year and you don’t expect to make as much next year. If that’s the case, you should try and make a lot of last minute business expenses before the year is over in order to decrease your tax liability. If you spend an extra $25,000 to finish off the month, you will now earn the same $250,000 but would have spent $200,000 total, leaving you with an income of $50,000. Don’t overspend foolishly though and only make business expenses you were going to make anyway. If you do advertising, for example, you can ask to prepay for the next several months.

Charitable Contributions

A good way to lower your tax burden late in the year is to give money to charity. Let’s say you have an extra $2,000. Do you want to keep it and give the IRS $700, leaving you with $1,300? Or would you rather give $2,000 to charity and lower your taxes by $700?

Every year around this time we have to dig into our savings or put holiday gifts on credit cards. It’s as if the holiday music puts us into a money spending mood. If you’re tight on cash this holiday season you can still buy presents without breaking the bank. Here’s how.

• Plan a gift exchange. Instead of buying 3-4 co-workers presents and 5-10 relatives presents, set up a gift exchange. Each person in the group draws a name from a jar and you have to buy a present for that person. In this system, everybody buys 1 present and receives 1 present. The benefits of this system are plenty. You’ll save money since you’re only buying 1 present instead of several. There are also no hurt feelings if you neglect to buy someone a present, since you all agreed to participate in the gift exchange.
  
• Buy gifts as a family. Team up with your spouse / sibling to buy a present for a mutual friend or another relative. When you buy gifts jointly as a group it can save you a pretty penny.
• Edible gifts. Get them something they can eat. Usually presents like video games, DVD”s, gift cards, etc are much more expensive than edible presents. What’s so good about a present you can eat is that the other person will not care nor think about the amount you spent on it. Plus you’ll be sure they won’t regift it.
• Homemade gifts. If a gift is all about the thought that went into it and not about the cost, then surely a homemade gift would suffice. To save even more time and money,  make multiples of whatever you create and give that as a gift to everyone on your list.

What tips do you have for reducing any spending during the holidays?

Asking for a discount isn’t tacky, it’s being financially savvy. You really have nothing to lose by asking for a discount. But in order to increase the chances of walking away with a better-than-advertised deal, follow these tips on how to negotiate a discount.

• Big ticket items. When buying big ticket items your odds of getting a discount are great. You can almost always negotiate the price of a house, a car, HDTV or a wedding dress. But you won’t get anywhere asking for a $2 discount on $8 sunglasses. So target the larger items to get big savings.
• Small stores. The smaller the store the better the chances of getting a discount. When you’re at a family owned business or some other small store, you’re likely going to be dealing with a decision maker. This person knows their profit margin and is more likely to give you the discount.
  
• Personal service. You can almost always negotiate the price of a personal service like a maid, gardener or personal trainer. For them, their rates are completely negotiable, if you just ask. For these kinds of recurring services, asking for a few dollar discount can result in big savings over time.
• Manager. Rarely will your average employee give you a discount on the spot. Sure you can ask them, but they’ll likely just go to the floor manager to ask them for permission. By speaking with the manager directly and using good negotiation tactics you’ll have a bigger chance of getting a good deal.
• Cash. After asking for your discount, if you are declined, let them know you plan on paying cash. When you pay with cash, the store gets the full amount. When you pay with a credit card, Visa/Mastercard charges the store a percentage of the transaction.
• Buy multiples. So you’re going to buy some furniture. This is a good location to get a discount. If they’re playing hardball, offer to buy another item. They’ll most likely give you the discount on the first item.

What techniques have you found to get a good discount?

Can you afford to take that job? Can you afford to keep the one you have? What are your alternatives? Few people look at the cost of going to work, instead looking only at the paycheck at the end of the week.

Evaluating your current or new job should be part of the decision making process when preparing to accept a position. Letting your excitement about a new job interfere with logical thinking can cost you more than you think. Reviewing your employment costs is a crucial first step.

Travel

Travel costs can be the single largest cost of employment. The cost goes beyond gas. Travel costs include tires, oil changes, car insurance, tolls and parking. Work outings and business travel often carry incidental costs incurred while traveling that may not be covered under your employer’s reimbursement policy.

Saving On Travel

Utilizing grocery store points for gas discounts can save 20-40 cents per gallon or more per week depending on the grocery store. Changing your own oil or shopping for discount tires online will help extend the travel budget. Shopping for best deals on gas can save over $100 a month plus another $100 a year doing your own
oil changes. Carpooling can cut vehicle expenses by half, saving as much as $300 a month depending
on your vehicle and commute.

Clothing

Clothing costs are another expenditure most employees forget to calculate. Maintaining an up-to-date wardrobe can diminish your paycheck by as much as 10% depending on your profession.

Saving On Clothing

Build a basic wardrobe that can be updated with one signature piece each season. Shopping at end of season sales for discounts as deep as 70% can save enough to buy one go-to trendy item, keeping your closet up to date.

For women choose the basics, perhaps seven slacks, ten blouses, four skirts and three dresses for a month long work wardrobe without repeating a combination. For men, choose three suits, two sport coats and four pairs of dress slacks, along with seven dress and casual shirts. All this plus seven coordinating ties will deliver a whole month of professional dressing.

Food

Grabbing a bite on the way to work and lunch or a light meal with colleagues at the end of the day can eat into your net paycheck. Additionally, team-building outings can cost you in a variety of ways including gas and food or drink.

Saving On Food

Work outings can ruin your savings. Drink soda during happy hour or limit yourself to one beer. Plan ahead when packing for business travel to avoid last minute airport purchases.

Dining out can add up. Brown bagging it doesn’t have to be a PB&J. Make an extra serving of dinner for a hot lunch the next day. Keep snacks purchased in bulk at the grocery store in your desk drawer to avoid vending machine mania.

You don’t have to limit your savings on just work related expenses. Combining car and home insurance and renegotiating credit card rates along with other money saving options can save you yet another $300 a year. All those little savings add up to over $7,500 a year and that equals a family vacation, a new car, or possibly taking a stay at home job. Savings can be found by combining homeowner’s or renter’s insurance with an auto policy. Shop around at the Money Supermarket for the best combined policies.

What kind of things do you do to help save you money and not let your job waste your wages?

In times of financial crisis, many consumers find it necessary to use more credit to make ends meet. With an increase in credit use, it’s to be expected that there will be more complaints. In an effort to help consumers with their mortgages, credit cards and other financial issues, enforce federal finance laws and encourage responsible control of personal finances, the Federal Reserve has formed the Consumer Financial Protection Bureau. The new agency is part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and designed to consolidate consumer protection powers that were previously scattered among many federal agencies under one entity.

Although the CFPB won’t be fully operational for several months, a system to receive consumer complaints about credit cards has been set up. Have a credit card problem that hasn’t been resolved through regular conflict resolution channels? If so, file your complaint with the easy to navigate feature on the CFPB website by providing all the pertinent details, including your desired outcome. Now let the bureau forward the issue to your credit card company; you will be notified within 10 business days of steps that should be taken. Each complaint will be issued a tracking number by the bureau for consumers to check on the status of the investigation. The toll-free number 1-855-411-CFPB (2372) will offer assistance in English, Spanish, and additional languages.

According to the bureau’s website, “ In a market that works, consumers should be able to make direct comparisons among products and no provider should be able to build, or feel pressure to build, a business model around unfair, deceptive, or abusive practices.” Educational resources include investments, credit scores, mortgages, loans and many more areas of concern for American consumers. Coming later in the year will be helpful information about debt collection, credit counseling and credit reporting.

To complain about debt collection practices, credit reporting agencies, credit repair companies or debt settlement services, the Federal Trade Commission (FTC) takes consumer complaints online and through its toll-free number: (800) FTC-HELP.

As a freelance writer for popular finance blogs and websites, Noreen Ruth provides readers with the most up-to-date information on credit cards and other financial issues. Her goal is to educate consumers about topic that may impact their ability to manage their credit/debt responsibly. Noreen shares tips on how to (compare and apply for credit card, understand credit card applications, manage credit card debt, apply for debt reduction help, etc.), in addition to reporting on the latest credit and debt news from government and other reputable sources.

Conflicts in the workplace arise often, but if ignored can negatively affect the team, department and even the overall organization and their goals. Anytime a diverse group of people come together in a work setting there is bound to be conflict. However, differing views between coworkers can often result when:

• Roles are left undefined
• Job duties or responsibilities are vague
• Rights are being violated
• Undue time pressure is placed on workers
  
• Staff don’t have the tools they require to do their jobs
• Personal agendas are at play
• Goals differ from those of the team or greater organization

The issues above are often at the root of workplace conflicts, and if the situation is a greater issue, such as a rights violation that’s being ignored by your boss, you may feel obligated to seek advice from an attorney. By the time the conflict intensifies to this magnitude, it can cause a company to lose staff talent, moral and focus on the company’s greater goals.

Apply the following dos and don’ts to help resolve conflicts in the workplace:

The 5 dos of conflict resolution in the workplace

1. Do examine the root of the conflict: Oftentimes conflicts between two people are based on miscommunication or misunderstanding. If there is a conflict between two people, start by sitting everyone down and making sure everyone has access to the same information and is on the same page.

2. Do be open to conflict resolution: Many conflicts increase due to stubbornness—either no person is willing to admit fault or no person is willing to be first to reach out an olive branch. No resolution will ever be solved unless both parties are willing to seek a solution, and if you’re uncooperative, you could be blamed for not being a team player.

3. Do seek an unbiased party for help: This could be your boss, human resources, management personnel, or just an unbiased third party—any individual who can shed some light on the root of the conflict and suggest solutions for resolution.

4. Do take everyone’s issues into consideration: Even if you completely disagree with a coworker, listen to what they have to say. Ask them how the situation is negatively affecting them, and ask them to provide some solutions. This way you will understand their point of view and come together to work towards a viable solution for everyone involved.

5. Do offer us solutions: Listen to everyone then offer up some ideas for resolution. This may bring you back together as a team if you are working to make everyone happy.

The 5 don’ts of conflict resolution in the workplace

1. Don’t be an instigator: If you aggressively seek out conflict you are bound to be labeled a trouble maker and company “problem”.

2. Don’t let things get out of control: Don’t let a conflict get so out of control that employees are overreacting, becoming hostile, or making threats in the heat of the moment. Instead, call a break and let everyone get away to clear their heads. Return to the discussion at a later date.

3. Don’t provoke an angry coworker: Direct confrontation and accusations will only embarrass a coworker and make it even harder to work together in the future or resolve the issue at hand.

4. Don’t be afraid to ask for help: Go to management, HR or a third party as a sign that you want to fix the situation. Just be sure to explain your position, but to keep it unbiased.

5. Don’t allow your rights to be violated: If you know that your rights in the workplace are being violated (e.g., a situation of workplace safety, bullying, sexual harassment or privacy), and your manager or HR department is ignoring the situation, contact a lawyer immediately to help resolve the workplace conflict.

Leslie worked as a legal secretary at a personal injury law firm for many years before making the transition to a full-time mom and wife. Leslie loves nature and uses it as a source of inspiration for her writing. She divides her time between her family and writing for attorneys in Louisiana. Leslie is currently looking for freelance work, and can be contacted at LeslieEKrick@gmail.com

People who are used to living paycheck to paycheck may have a hard time figuring out what to do with leftover cash once debts are finally paid. Instead of forking over $300 a month toward that auto loan, for example, you’re left with 300 extra dollars each month and are probably more tempted to blow it than save it.

Take time to congratulate yourself for paying off even one debt. Whether you use the excess money to pay down more debts or invest it in savings, feel good about your accomplishment.

Paying off any one debt can be a tremendous relief, but you shouldn’t feel like you can carelessly spend the extra cash you save from no longer having payments. Investing the extra cash flow doesn’t have to be complicated and you don’t even have to research how to be an investor.

Most Americans are too strapped for cash to build up an emergency savings fund. Once you begin to have a little extra money each month, start putting the amount you would have spent on making a payment into savings.

Check with your employer about direct deposit options that would allow you to funnel that extra $300 a month into savings. You can do this by breaking down the excess based on how much you get paid.

If you see a paycheck twice a month, have $150 deposited directly into savings automatically. Setting up this type of automatic savings ensures that you don’t even see the money, which allows you to save effortlessly. After only a year of doing this, you will have saved $3,600 in savings and that doesn’t even include interest.

Although interest rates for savings accounts have taken a hit with the economy, they still earn more interest than a checking account. If you plan on committing to this savings plan long-term, do your research and compare savings accounts first. Shop around for bank accounts to see which ones offer higher interest rates. You will probably find that online banks and credit unions offer slightly higher yields than most financial institutions.

Another option is to open a specialized saving account such as a money market account or CD. Money market accounts require a higher minimum balance, however, so you may need to save for a while in your regular savings account before opening a money market fund. CDs also have minimum balance requirements with the added restriction of a time commitment. Once you open a CD, you agree to keep your money in the account until its maturity.

Aside from investing, another great way to spend that excess money is to focus on paying down other debts. Take that extra $300 and put it toward your credit card, student loan debt or mortgage. Paying interest isn’t fun and it should be your goal to pay off your loans as soon as possible.

If you realize that it’s going to take longer than you’d like to pay down the remainder of your debts, consider refinancing your loan. Refinancing with online loans may lower your interest rates, which saves you money in the long run.

What have you been able to do with you extra cash?

The importance of maintaining a high credit score is the number one way to secure a healthy financial future. What many people may not be aware of are the negative impacts that innocent actions can have on their score.

Two common errors that are pretty obvious are missing or making a late payment and carrying an excessive amount of debt. But there are other mistakes that you may not be aware you’re doing that adversely affect your credit score.

Cutting Up Credit Cards

Logical as it may sound, avoiding or eliminating your credit cards and paying for everything with cash will not solve a credit score problem. In fact, it will do the opposite. The credit bureaus cannot make an honest assessment of your risk to lenders, if you have little or no credit history to base it on. Financial advisers suggest keeping several accounts minimally active by making a small purchase that can be immediately paid off.

Beware of Lenders of Last Resort

There is a tiered system to borrowing. Non-revolving, secured debt, like a mortgage or car loan, has more value than revolving debt, like a credit card. Farther down the line is a lower tier of debt that is considered lenders of last resort. These loans include local furniture and rent-to-own retailers. The negative reaction on your credit score is partly due to the appearance of a maxed out account that may occur, for example, if your limit is $500 and you use $450, you will have used 90% of your available credit – a bad sign for the credit bureaus.

Closing Unused Credit Cards

It may seem reasonable to close an account when you’ve successful paid off the balance, but don’t do it. The simple act of closing an active account can result in your credit score dropping substantially because the total amount of money you have available to borrow will drop, while you continue to maintain your current amount

of unpaid debt. Available funds compared to your outstanding credit card debt is called the credit utilization rate, which needs to be less than 25% to reap the rewards of an excellent credit score. By closing an account, you could throw off your credit utilization rate, inadvertently lowering your credit scores.

Another factor to consider before closing an unused account is the value of a long credit history, estimated to be 15% of your FICO score. This is another benefit for holding a credit account over many years, even if you don’t use it; closing an older account may be detrimental to your credit score. And while it’s true that a closed

account will continue to be used in the FICO score calculation for ten years, once they are dropped you won’t see the benefit of your credit longevity down the road.

Incorrectly Reported Credit Limit

It has been reported that nearly half of all consumers who use credit have incorrectly reported credit limits with the credit bureaus. This is not a small concern as it impacts the utilization rate by lowering the maximum amount of credit that can be charged, which skews the actual financial condition of the consumer.

While we don’t know all of the particulars that go into making up a credit score, common sense and responsible money management go a long way to secure an excellent one. It’s up to you to keep an eye on your own credit history and immediately report any errors you may find.

Opening A Store Credit Card

Having too many accounts that carry a balance have a negative impact, but more so when they include department store credit cards. Think twice before giving in to the temptation to open an account simply to get a discount on the purchase you’re making. While you may save a few bucks, when the retailer checks your credit report, a hard inquiry will be triggered on your report. Too many of these will put a ding in your credit score.

Depending on your current situation, a hard inquiry may drop your score by 5-35 points. In addition, with the high interest rate that is part of these so called special offers, you may find yourself vulnerable to the temptation of using all that available credit and substantially increasing your debt.

Using a Debit Card to Rent a Car

There are several reasons why renting a car with a debit card is a mistake. When you pay with a credit card, the transaction is covered by the bank and the car agency is confident of being paid. But a debit card payment will require a credit report inquiry, which may result in a drop in your credit score. In addition, you will forfeit any insurance benefits that are offered for credit card purchases when using a debit card, potentially losing valuable travel benefits.

Noreen Ruth writes for a credit card blog and several popular finance websites. She is interested in educating consumers about using credit responsibly and about legislative action that will affect their ability to borrow the money they need. She has contributed hundreds of articles to various sites that provide content to educate consumers on credit card offers, debt management services, loans and other finance related topics.

Life insurance can eliminate your worries by helping ensure that your family will have financial protection if you die. Once you decide to purchase life insurance, you must determine how much you need, so you can obtain life insurance quotes. What factors are essential when deciding the amount of life insurance you need?

First, you must decide on what you expect the insurance to cover. You will decide this by assessing your family situation and its needs. For example, a young couple with no children may only be worried about having sufficient coverage to pay off debts. However, a family with young children may require enough income to ensure that the surviving parent can stay home to care for
the children.

The quick answer is that you must determine the annual income that your family requires currently, assess your family’s future needs and subtract income that will be available from pensions, investments and other revenue sources to figure out the amount of coverage you need. When you die, your family must pay for many expenses. These costs can include your mortgage, current debts, education and childcare expenditures, your funeral and miscellaneous expenses.

Remember to limit your calculations to revenue that your family is certain to receive. Your survivors may not get anticipated gifts or an inheritance. Therefore, do not include money you do not have as income.

Divide the annual income that your family requires by the rate of withdrawal, which is dependent upon how many years your family needs it, to figure out how much life insurance you need to fund your family’s lifestyle. A higher rate of withdrawal will make your money last fewer years than a lower rate of withdrawal. The typical rate of withdrawal is between 4 and 6 percent.

Ensure the accuracy of life insurance quotes by providing details about your needs, expectations and financial situation. Evaluate your circumstances, so you can obtain life insurance quotes today.

This has been a guest post by Philip J Reed on behalf of Intelliquote.