Having kids isn’t an inexpensive endeavor. From the time they are born, you will find yourself spending on food, clothing, cribs, strollers and various gadgets and accessories to either keep them safe or entertained. It’s easy to overspend and the thought of all these expenses can be rather intimidating. But never fear. There are plenty of ideas to save money with a baby. Here are a few.

* Solicit hand-me-downs. Babies don’t stay in those tiny clothes for long, so by the time they outgrow them, they’re rarely worn out. If you have a friend or family member who has recently had a baby, ask if she has any clothes that you could take off her hands. And don’t stop with clothes. Those with older children might have cribs, strollers and other items that they’re no longer using and would love to get out of the way.

* Breastfeed. Not only is breastfeeding less expensive than buying formula, bottles and nipples, it’s also better for your baby. And for those middle-of-the-night feedings, it’s quicker and more convenient than warming up a bottle. You’ll need to take care to eat well so that the baby gets all of the nutrients he needs, but that’s something that’s important to do anyway.

* Keep your diaper costs as low as possible. Cloth diapers can save you a ton of money if you don’t mind washing them, and they’re better for the environment than disposables. If you can’t bring yourself to use cloth diapers, try generic disposables. They’re often just as good as the name brands, and they cost much less.

* Shop at second-hand stores. You can find great deals on gently used baby items at many such stores. Some will also accept trade-ins, so you can bring in items that your baby can no longer use and get credit toward things you need.

* Consider getting a baby sling to carry your little bundle of joy in. They make great substitutes for strollers, carriers, swings and bouncy seats, and you can get them cheaper than any of these. An added bonus: they keep baby feeling snug and secure, so there’s less crying and more bonding.

* Use soft baby washcloths and baby wash instead of disposable wipes. You can soak the cloths in a solution of baby wash and water, wring out the excess, and put them in a Ziploc bag to use when you’re out. Just keep another bag to put the dirty cloths in, wash them when you get home, and reuse.

There are lots of expenses associated with a new addition to the family. But if you’re diligent about finding good deals, you could save hundreds of dollars on baby needs by the time your little one is a toddler. So don’t be afraid to shop around, buy second-hand and make use of hand-me-downs!

First and formost, it’s important not to get so excited that you make a mistake. Not every property or deal is a good one, despite the general direction of the housing market. It’s important to carefully evaluate each property you’re considering just like you would in a less favorable market. Here are some things to consider.

* How much can you afford to spend? You’ll be making money when you rent the property out, but that might not happen for a few months. So you must be able to afford the payment in the meantime.

* Does the property have an established rental history? If it doesn’t, what are some possible reasons? If it’s in a bad neighborhood, there’s not much you can do about that. If it’s in poor repair, you’ll need to consider whether it’s worth the asking price and how much it will take to fix it up.

* Can you rent it out at a price that will cover your expenses and net you a profit? If the current owner is renting the property out, find out how much he is getting for it each month. If that won’t pay for your loan payment and other expenses, you may need to reconsider.

So where can you find the best deals on rental properties in a down market? Here are a few ideas.

* Seek out foreclosures. When the economy isn’t doing well, foreclosures happen frequently. That means that banks are often in a hurry to get rid of foreclosed properties because they have so many of them to deal with. You can take advantage of this tendency and get a great deal.

* Get a buyer’s agent. Realtors have access to MLS listings, but they may also be privy to homes that haven’t been listed. Tell your agent what you’re looking for, and there’s a good chance that she’ll be able to find it.

* Check the “for sale by owner” websites and publications. Some homeowners try to save a buck by attempting to sell their homes without the help of a realtor. If they’re really motivated, you might find some terrific deals through these types of listings.

Rental property is a smart investment. But if you’re not careful, you could end up with a lemon. By all means search for great deals, because there are plenty to be had in a down market. But be sure to look before you leap.

In many cases, foreclosure is avoidable. But most homeowners have little or no knowledge about how to save their homes. This causes them to make mistakes that put them in even greater danger. Here are some common mistakes to avoid at all costs:

* Don’t wait until the sheriff is knocking on your door to get help. The time to start looking for solutions is when you first start having trouble keeping up with your payments. Unless you’re absolutely sure that it’s a temporary situation and you’ll be back on track next month, contact your lender immediately and discuss your options. If you can get something worked out before the foreclosure process begins, you’ll be more likely to keep your home.

* Don’t waste a lot of energy placing blame. Whether you think the foreclosure is your own fault, your spouse’s or someone else’s, playing the blame game will get you nowhere fast. Try to forgive yourself or the other party and work toward a solution.

* Don’t run from your lender. It’s easy to toss letters in the trash and stop answering the phone, but avoiding your lender won’t help matters. You need to explain your situation and try to get the lender to work with you. And you can’t accomplish that by giving them the silent treatment.

* Don’t agree to a payment plan you can’t afford. Lenders often propose that homeowners who have missed payments make increased payments for a while until they catch up. But if you could make more than your regular payment, you probably wouldn’t be in such a situation to start with. Don’t agree to an unaffordable payment plan just to get them off your back. Keep negotiating until they come up with something that you can afford.

* Don’t give the lender too much information. It’s important to be honest when answering the lender’s questions, but don’t provide information that they do not ask for. If you do, it could hurt your chances of getting your loan modified in a way that is acceptable.

* When requesting a loan modification, don’t rush through the paperwork. Make sure you fill everything out completely and accurately. If you have questions, ask. This is something that you need to do right the first time, because if you mess up, it could cost you time that you don’t have.

It can be difficult to keep your head on straight when you’re facing foreclosure. But do your best to remain calm and rational and avoid these mistakes. If you play your cards right, you can often prevent foreclosure and get back on track with your payments.

Sticking with a debt relief plan is the hardest thing for many people to do. Part of the problem is that many debtors just aren’t good at managing their finances, and that is part of the reason they got in too much debt in the first place. Others had their debt under control until they lost a source of income, and they have trouble adjusting.

There are things we can do to help us stick to our debt relief plans. Here are some ideas:

* Eliminate the source of temptation. If you have trouble saying no to purchases when you have a credit card in your pocket, put all of the plastic away in a safe place. If just knowing where the credit cards are tempts you to use them, have your spouse or someone else you trust hide them.
* Write down all of your expenses. Many planners have budget pages you can use for this, but a notebook will work just fine as well. Writing down the exact amounts that we spend and what they were spent on holds us accountable, making us less likely to slip up.
* Close accounts when they are paid off. An account with a zero balance can be too much temptation for some people to withstand. If you think it will be too much for you, simply close the account and be done with it. Keeping only the account with the lowest interest or most favorable terms will allow you to obtain credit easily enough if you need it after you’re all caught up.
* Shred credit card and loan offers as soon as you get them in the mail. When you’re already in too much debt, the worst thing to do is to acquire the means to take on more.
* Don’t beat yourself up if you slip up. Just pick up where you left off and keep paying down that debt. Too often, debtors make mistakes and decide that it’s just too hard to pay their debts off, so they go back to their old habits. But one mistake is not the end of the world, and if you keep trying you will eventually eliminate your debt.

Coming up with an effective plan to pay off your debt is quite an accomplishment. Sticking with it can be difficult, but it is imperative if you want to get rid of your debt. By getting rid of temptation and holding ourselves accountable for our spending, we can greatly increase our chances of success. ]]> http://www.ourfamilybudget.com/tips-to-pay-off-debt.html/feed 0 http://www.ourfamilybudget.com/divorce-protecting-assets.html http://www.ourfamilybudget.com/divorce-protecting-assets.html#comments Fri, 08 Jan 2010 12:01:00 +0000 admin http://www.ourfamilybudget.com/?p=154 If you are in the middle of a divorce, protecting your assets can become a major issue. Things like houses, cars, furniture and the likes is often used to “get back” at the soon to be former spouse.

Responsible parents can often find a way to put their differences aside when it comes to deciding what’s best for the children. But with assets, it’s often a different story. Some couples are so bitter toward one another that they will fight tooth and nail over every single possession. In some cases, a spouse who feels that he or she has been wronged will try to keep important assets as a means of revenge. And then there are times when couples attempt to work things out amicably, but just can’t agree on who should get what.

If the divorcing couple can come to an agreement on the division of assets, the issue may not need to go to court. Otherwise, all assets must be reported to the judge and he must make a decision. The division of assets depends on several factors, and it is not always equal.

State law plays a role in deciding where assets go. Most states are equitable distribution states. This simply means that it is up to the court to decide on a fair and reasonable division of the assets. Contrary to popular belief, it does not mean that each party gets half of the assets. Each spouse could get anywhere between nothing and everything. The same applies to responsibility for debts.

Community property states do things a bit differently. The judge is required to split everything down the middle, but he has discretion in deciding which assets go to which former partner. But the laws on debts vary among community property states. In some it is also divided equally, while in others it is divided equitably.

It’s important to remember that these laws apply only to marital property. Marital property is property acquired by the couple during the marriage. It does not include property that each partner owned before getting married, nor does it include gifts that are specifically given to only one partner, or inheritances of one partner. For property that fits into these categories, the spouse that owns the property must prove that it qualifies as non-marital property.

When there are children involved, the distribution of assets is generally dependent on their best interests. The parent who gets custody will usually retain the family home, as well as any property that the judge believes is essential in caring for the children. But in some cases, the spouse that keeps the home will be ordered to buy out the other spouse’s equity.

There are many factors that could affect the distribution of assets. In some cases, assets must be sold and the proceeds divided between the spouses to carry out the court’s decision. Consulting a lawyer is strongly advised, even if you and your spouse agree on who should get what.

Why do Forex Trading?

The cash/spot FOREX markets have certain unique attributes that offer an unmatched potential for profitable trading in any market condition or any stage of the business cycle. It leaves one to wonder why bother in the first place? The answer to that is very simple. Forex trading offers people who trade:

A 24-hour market: A trader has the chance to take advantage of all of the profitable market conditions at any time; which means that there is no waiting for the start like the New York Stock exchange.

Highest liquidity Possible: The FOREX market is the most liquid market in the world. That means that a trader can enter or exit the market whenever they want during almost any market condition minimal execution barriers or risk and no daily trading limit.

High leverage: It has a leverage ratio of up to 400 is normal when compared to a leverage ratio of 2 in the equity markets. Of course, this makes trading in the cash/spot forex market awkward a swell because it makes the risk of the down side loss much higher in the same way that it makes the profit potential on the upside much prettier.

Low cost per transaction: The retail transaction cost is actually less than 0.1% under the normal market conditions. At larger dealers, the spread could be less than 5 pips, and may expand a great deal in fast moving markets.

Always a good market: A trade in the FOREX market means selling or buying one currency against another. In essence, a bull market or a bear market for a currency is defined in terms of the outlook for value against other currencies. If the outlook is positive, you get a bull market where a trader profits by buying the currency against other currencies.

Inter-bank market: The foundation of the FOREX market consists of a global network of dealers that communicate and trade with their clients through electronic networks and telephones. There are no organized exchanges like in futures that are there to serve as a central location to facilitate transactions the way the New York Stock Exchange serves the equity markets.

No one can corner the market: The FOREX market is so large and has so many participants that no single trader, even a central bank, can control the market price for an extended period of time.

It is not completely Unregulated: The FOREX market is seen as an unregulated market although the operations of major dealers like commercial banks in money centers are regulated under the banking laws.

For the average person who is willing to get into forex trading, this market is just a better bet. With it being so wide open like it is, you have a higher gross potential than with any other trade type.

Many families find themselves struggling to live within their means, either because they have too much debt, or because their spending habits/patterns are uncontrolled and they simply don’t know how to change.  Here are some quick tips on reining in that spending, and keeping yourself debt-free.

1.Don’t use credit cards.

If you have credit card debt and are carrying large payments at high interest that are crippling your budget, talk to a community credit debt counselor. There are many groups that offer this service for free.  They’ll help you to understand how the debt can be cut down faster, and whether a consolidation loan is a good idea.  Credit cards are a temptation to spend money you don’t have. If you must have one card, leave it in the care of the person most responsible for your family’s financial health, and never use it except for emergencies that can be paid off within a short time.

2.Budget your money and expenses.

Even a simple budget in a notebook will work, or you can go to a spreadsheet on the computer.  Gather all your bills, and calculate your monthly expenses, remembering to include a 1/12 portion of any annual expenses.  Then take your gross income and figure out how much has to be set aside per week for absolute essentials. Whatever remains, is what you have for optional spending like savings, education or retirement funds, and entertainment.

3.Before you buy, ask yourself if you really need it.

That could be anything from a new stereo system, to a new car.  Ask yourself if it’s worth going into debt for, or just how far it will stretch the family budget.  Remember that you need room in your family finances for emergencies, and stretching your discretionary dollars to the limit, is never a good idea.

Saving money on gas is not as hard as you may think it is. According to some recent statistics from the U.S. Department of Transportation, most Americans drive an average of 29 miles and spend somewhere around 55 minutes a day in their cars. If you add this to the fact that the national average for car fuel efficiency is somewhere around 24.4 miles per gallon. If you want to save money on gas, here are some great tips to help you.

1. Get a credit card for your gas purchases. Some credit cards offer you great gas savings when you use it. This works in much the same way that some credit card companies give you frequent flyer miles when you use their card for purchases.
2. Get a gas membership card. Some gas stations offer awesome money saving membership benefits. There are also department and grocery stores that give discounts that are good at the fuel pump when you use their store cards.
3. Give your car a tune up regularly. While giving your car a tune up won’t actually save you money at the pump, it will save you gas over the long run. Using less gas saves you money. You should also have the oil changed, and have a certified mechanic give your engine a quick look too.
4. Check the internet for good deals. Web sites let you find the best deals in your area without having to drive around looking for them which just costs you more gas money.
5. Invest in a hybrid car. Not only do hybrid cars give you fast and immediate savings at the pump, the U.S. government and your local state both are willing to offer tax breaks for people who use gas-saving cars. Federal income tax deductions for using gas-saving cars can be as high as $2000 per year. If you can’t afford any of the hybrid cars that are out there, you will have to consider getting a regular car that offers good MPG (miles per gallon), like the Toyota Echo.
6. Turn off the air conditioner. Running your car’s air conditioning puts extra strain on your car’s engine which costs you more money in gas. This actually makes it so that your car eats up more gas per every mile that it is driven. You have to use Use less gas, in order to save money. Depending on the car you drive, at highway speeds, the air conditioner might put less drag on the car than if all the windows are open instead. So, you might want to chill out a bit when you are on the highway.
7. Use the cheapest gas that you can. Most of today’s modern cars run just as well with the cheap gas regular unleaded; as they do with the more expensive or premium gas. In fact, engineers assume the car buyer is going to use the cheap gas, and because of this they actually design the car’s engine that way.

Despite the huge rise in fuel costs thanks to the war in Iraq and Hurricane Katrina, people still need and insist on keeping the versatility that they can get with sport utility vehicles (SUVs). Kids sometimes have to take the ferry to school and soccer practice, the dogs still insist on going to the vet or the groomers, and we still have to make our weekly trips to the grocery store just to stay alive and content. Minivans, although they are extremely useful, do not have the style of most SUVs, and sedans, even though they generally are more fuel-efficient. They just can’t duplicate the commanding view of the road that oyu can get form your SUV.

You can get an SUV in a hybrid make as well. Hybrid power trains, which are available in sedans and small cars for the past several years, will soon be widely available in SUVs as well. Ford was the first manufacturer to introduce such an awesome vehicle to the market, For example the Ford Escape Hybrid, but other manufacturers are running closely behind them.

The Choices that will eventually be available will include the Saturn VUE with BAS (Belt Alternator Starter Hybrid System), Toyota Highlander Hybrid, the Lexus RX 400h, a hybrid Mazda Tribute and we all know that everyone else will follow. While hybrid alternative vehicles can now offer a substantial jump in fuel economy, they also require a similar jump in price just to be able to cover the cost of developing this new technology. That’s something that you really need to think about when evaluating overall ownership costs.

In addition to hybrids, there are other cost effective SUVs on the market that can really help to make the high price of gas more tolerable, but as with everything else these days, there are certain concessions that have to be taken into consideration. The most economical vehicles tend to be smaller or midsize, with either front or two wheel drive and they feature the smaller engine that has less horsepower, four cylinders instead of six which also have standard as opposed to automatic transmissions. As the list of standard and optional items for the car gets bigger, fuel mileage will also decrease.

When you start using the most current EPA data, you can easily learn that there is a list of the most fuel-efficient SUVs that are on the market. If you also start considering base sticker price and cargo capacity you just get a good deal. If you want to make a quick comparison between the two of them, fuel mileage for all or four wheel drive is also provided. Your behavior while driving will also play a huge role in this as well. So do not think that these ideas are set in stone.

When it comes to saving money on your fuel, part of that is regular car maintenance. After all, a car that is suffering from major problems is going to cost you far more than just the cost of gas. For regular engine maintenance which can actually save you much cash on gas, many mechanics recommend that you begin using a quality fuel additive such as a fuel systems cleaner. The reason for this is that there are harsh impurities in gasoline that, if left on their own without treatment, can cause build-up and gum residue to form in the fuel system. These deposits can really cause a problem for the injectors, intake valves, and nearly every part of the fuel system as well.

Fuel systems cleaners are a strong product that can both clean up the deposits in the fuel system as well as prevent them from forming again in the future. If you have been running untreated gasoline though your car’s engine, there may already be residue building up on the inside of your car. If you do this by mixing 12 oz. or so of fuel systems cleaner with 12 gallons (full tank)of gas you should be able to remove any current deposits that have formed in your fuel lines or valves.

Fuel conditioners can also keep residue from forming in your car’s fuel system. Good fuel conditioners, or fuel stabilizers, will also help to prevent varnish or gum from building up in the engine, and remove any moisture that may have developed from condensation. This will defiantly help to make fuel stabilizers are a popular product for effectively winterizing your boat too.

There are many different manufactures of fuel systems cleaner available today. Online forums often have reviews of various fuel additives. Some of the most popular fuel cleaners out there are  those from Quaker state, Valvoline, and Mobile. These are some of the better ones. I often use STP in my car’s fuel system and I always add it when the car is filled with gas.

Fuel injector cleaners are a great way to help slow down your car’s gas guzzling. Some people will tell you that it does nothing, but experience tells me that they are wrong. It also helps to make your engine run more quietly too. Other additives to your fuel system can not just keep the gas tank clean from resin but it can also help to keep things like the engine itself clean as well. Some of these products run through your engine and help your pistons etc. I love modern mechanical ingenuity. It is all geared toward saving me time and money!