Most people want to help their children excel in life – but for many of us, it’s tough to teach our children about managing money when we’re struggling ourselves.

Here are some key lessons to instill in your young ones to make sure they get started on the right financial foot:

1. Delaying Gratification: Help your children learn to resist impulse buying by giving them a regular allowance. If they spend all their money and want something else, don’t help them out. They’ll learn to save after not being able to go to the movies with everyone else.
2. Making Tradeoffs: For kids, this lesson usually takes the form of trading satisfaction now (from buying sweets) for satisfaction later (from buying a new pair of sneakers). Limiting your kids’ allowance is a great way to help them learn to save for things they really want.
3. Analyzing Choices: Encourage your children to hang onto their receipts so they can look at them at the end of the month. They’ll be able to see how quickly little purchases add up – and how fleeting some pleasures are.
4. Balancing the Checkbook: This is especially important for older teens, who are likely going to receive credit and debit card offers soon. Let them watch and help you balance your checkbook so they aren’t intimidated when their time comes.
5. Budgeting: Elicit your children’s input on grocery, back-to-school and party lists. Set a monetary limit and help them figure out how much things might cost, what items are necessities and what items are extras.
6. Borrowing Money: If your children really want an advance on allowance, consider giving it to them – with interest. Help your kids calculate how much they’ll end up paying back, and whether or not the immediate happiness is worth the long-term cost.

Don’t Make Money a Taboo Topic

Many parents shy away from discussing money with their children, but open, honest conversation can help your children immensely.

You don’t want to let your kids in on every detail of your finances, but letting them contribute to the family’s budget decisions helps them develop the problem-solving skills they’ll need when they begin earning money of their own.

And, if your children ask any questions you can’t answer, be honest. Tell them you don’t know, and help them find the answers from the resources available.

Want to learn more about teaching kids about money? Kids and Money.

Are you struggling and thinking about filing bankruptcy? Check out www.TotalBankruptcy.com

Make some money and start your Spring cleaning early.

Dig through those closets and basements and “get your garage sale on”.

Organize

The first step is to get things organized & put prices on the items you’re selling. Don’t be too aggressive with the prices–usually you’ll end up making more if you sell things on the lower end because people will buy more.

Once you pick a date for your sale (Saturdays are usually best sale days), be sure to promote it the week before on sites like craigslist.com or in your local paper.

Promote

It’s also a good idea to put postings up at local grocery stores, gas stations and churches.

Make little paper “hangies” on the flyers so people can rip off tags that list your address.

Get your kids involved by having them go through their closets and collecting items they can live without and can sell.

Jump the Gun

Start early and you’ll be the first on your block to have a garage sale once the weather gets warm.

Side note: For more expensive/larger items, it’s probably best to list them on free sites like craigslist.

Last year I put an ad for my elliptical machine on there and I got a ton of responses. All I had to do was let people come over to try it out–the best part was that they arranged the moving of it.

Having your taxes prepared? Make sure you the dangers of “refund anticipation” offers – they can end up costing you big time!

What’s a Refund Anticipation Loan?

A RAL is a short-term cash advance that some tax preparers offer.

It’s similar in function to a payday loan.

If you’re in a position to receive a refund from the government, your tax preparer may offer you the money early through a RAL.

How Does an RAL Work?

Once your tax preparer has determined what refund you can expect, they may offer you a check within a couple days.

This check comes from a bank – the preparer acts as an intermediary between the bank and you.

Why are RALs so Costly?

Naturally, for the service of getting your money to you earlier than the government would, the tax preparer charges you a fee, which often depends on the size of the return you expect to receive.

If you want your money right away, you’re usually charged additional fees.

What Happens When I Don’t Choose an RAL?

If you decline the refund anticipation loan and have your taxes filed electronically, any refund you’re set to receive should be deposited into your account within about two to three weeks.

How Much do Refund Anticipation Loans Cost Americans?

In 2007, RALs cost American taxpayers an estimated $833 million in fees and interest.

The Bottom Line

It’s this simple: If you opt for such a loan, you essentially pay to get your own money.

Holding out for the IRS to deliver your check means more money in your pocket.

Going Broke from a RAL or Payday Loan Gone Bad?

If you’re trying to make payments on a RAL or payday loan, but you just can’t catch up, filing bankruptcy may be an option for you.

“Until one has loved an animal, a part of one’s soul remains unawakened.”

-Anatole France

Pets are family and we’d do anything to keep them happy, but they don’t have to bend our pocketbooks.

Here’s some tips on how to cut back on pet expenses, while keeping your furry friend healthy and happy:

• Maintain Regular Vet Visits. Keep up with regular exams. Nip potential health problems in the bud before they turn into health (and wallet) calamities.
• Clip Coupons. Search the Web for pet supply coupons before you shop. www.CoolSavings.com has a good section for pet coupons.
• Don’t Buy Cat Litter. Save hundreds of dollars by ditching cat litter and using ripped up newspaper (1 inch strips). Add baking soda to avoid smell.
• Buy Food in Bulk. It may be easier to carry the smaller dog food bag rather than the gigantic bulk bag, but it’s costing you.

Pooch Pantries

Times are tough and many pet owners have had to make the heartbreaking decision of turning their best friends into shelters because they can no longer afford to provide for them.

But there may be help available. A new trend are “pooch pantries”, where folks donate food and supplies to pet owners in need.

If you’re struggling to provide for your pet, contact your local animal shelter or pet store and ask if they know whether there are any pet pantries in your area.

When Cutting Back Isn’t Enough…

Have you tried everything to cut back, but you’re still feeling the heat?

Are you feeling like you’re so in the hole you’re not sure you can get out?

Filing bankruptcy may be an answer.

So how do you know it’s time to consult with a bankruptcy lawyer about your financial future?

If you’re tired of worrying about debt, harassment from creditors, overdue bills, meeting your daily expenses, you may benefit from filing bankruptcy.

If you’re in danger of losing your home to foreclosure, unable to catch up on long-term debt or have been blindsided by an unexpected financial setback, you may also benefit from filing bankruptcy.

Before Filing Bankruptcy

If you’re considering filing bankruptcy, here’s what to keep in mind:

1. Find a bankruptcy lawyer near you. Because of recent changes to bankruptcy law, filing a case (whether it’s Chapter 13 or Chapter 7) can be more complicated. When you work with a bankruptcy attorney, you can focus on your life and let a lawyer focus on legal regulations.
2. Don’t make any major financial maneuvers. Some people make the mistake of transferring property, giving away valuables or charging large purchases before filing for bankruptcy. But actions like these are often viewed by the court as bankruptcy fraud and can cause your case to be dismissed immediately.
3. Complete your credit counseling briefing. Before a bankruptcy court will accept certain bankruptcy petitions, your must file a certificate of completion of the credit counseling briefing, which verifies that bankruptcy is your only viable option for eliminating debt.
4. Get ready to make a commitment. Bankruptcy may provide you with a fresh financial start in life, but it’s up to you to follow through and maintain financial health after bankruptcy.

Talk to one of our sponsoring bankruptcy lawyers today.

Times are tough and it seems like people and companies are filing bankruptcy left and right–but is bankruptcy right for you?

I’ve teamed up with a Total Bankruptcy contributor to bring you some facts about filing bankruptcy.

What Happens to My Credit After Filing Bankruptcy?

Most people considering bankruptcy wonder how filing for bankruptcy will affect their credit. Before you make a major financial decision, make sure you do your research:

1. Bankruptcy and Your Credit Report:

A bankruptcy filing will stay on your credit report for 10 years. This may seem like a long time, but consider this: as time passes (and you develop healthy credit habits), the effect of bankruptcy on your overall credit rating often diminishes greatly.

2. Borrowing After Filing Bankruptcy:

You may fear that filing for bankruptcy will ruin your chances of ever borrowing money again, but when you think about it, how easy has it been getting new loans when creditors see you are delinquent on your current payments?

Most lenders will review your credit history, but recent credit action tends to matter more than old credit action. In other words, staying out of unnecessary debt after your bankruptcy can have a positive impact on how lenders view you.

3. Loans After Bankruptcy:

It’s certainly possible to obtain loans after you file for bankruptcy. Total Bankruptcy has nationwide online relationships with lenders who are friendly to bankruptcy filers.

4. Credit Cards After Filing Bankruptcy:

You may think that you’ll never want another credit card again, but the truth is, you’ll likely need a credit card after bankruptcy to help establish a strong credit history. Find out how to avoid credit cards that cost too much – and find ones that will help you stay on your feet.

Learn more about filing bankruptcy.

If you’re like most Americans, you’re feeling the pinch of the sluggish economy—if not just downright panicked by bills.

Whether you’re looking to save a few extra dollars or you’re battling serious debt, these cash-saving strategies may help you:

1. Go generic. At the grocery store, resist the fancy name brands – store brands are typically much cheaper and are often made at the same factory!
2. Clip coupons. News flash: coupons are not just for grandmas anymore. Don’t hesitate to tear good ones out of newspapers or magazines, or surf the Internet for web sites that offer discounts.
3. Carpool. Commuting alone? Save gas money (and give yourself some extra free time) by finding a driving buddy. Sites like carpoolconnect.com and others let you match up with drivers in your area.
4. Brew your own coffee. Still dropping cash every morning for your caffeine fix? Over the course of a month, this “small” daily purchase can add up to a hundred dollars, depending how many javas you down. Home-brewed costs much less – and you won’t have to wait in a line of thirsty workers.
5. Brown bag your lunch. Like coffee, daily lunch purchases add up over time. Whether you pack all your lunches on Sunday or make a fresh sandwich every night, you can save yourself serious green by bringing snacks form home.
6. Put on a sweater (or have some lemonade). Heating and cooling costs aren’t cheap – but you may be paying more than you need to. Before leaping to the thermostat every time your temp needs adjusting, try to heat up or cool off with clothing changes or hot/cold beverages.
7. Change your light bulbs. Energy-efficient bulbs cost a bit more up front, but you’ll more than make up the difference in savings on electricity bills. Plus, you’ll be doing Mother Earth a favor.
8. Ditch the gym. Be honest: do you have a gym membership you almost never use? Consider dropping it and hitting the sidewalk for a walk or run instead.
9. Swap it out. Tired of your old clothes but too broke to spring for new ones? Host a swap meet with your friends – have everyone bring over clothes and accessories they’re tired of wearing and exchange. Everybody wins and nobody pays!
10. Make it a game. Compete with friends or a loved one to see who can plan the best evening on a limited budget. This forces you to be creative and may open you up to brand new experiences.

Remember, saving money doesn’t have to be a drag.

Feel free to comment on this post on ways you’ve begun to save money these days.

–Has debt got y ou down and you can’t see the light at the end of the tunnel is? Find out whether filing bankruptcy could help you get out of debt.

Check out some of these ideas for cheap (but, nonetheless lovely) dates:

Picnic: Pack a picnic with a big blanket, some sandwiches, veggies and inexpensive wine and camp out under a moonlit night. Bring some outdoor candles, a board game, playing cards or just your conversation and you’re set for the night. Too cold for a picnic? A living-room picnic (no TV!) is also fun.

Museum Trip: Talk about getting a bang for your buck—museums are usually free (or close to free) and they offer hours of entertainment and culture. Show off a bit and research some of the current exhibits—she’ll be shocked when you rattle off the items that were buried with King Tut’s remains.

Local Bar Concert/Comedy Show: Is that Rolling Stones’ concert a little too pricey? Check out your local pubs for shows for local bands. You’ll have fun even if the bands stinks and it just costs a few dollars at the door.

Also, search your local pubs for comedy nights. They’re usually cheap and the laughs last for hours.

Free Wine Tasting: Many wine shops have free wine tasting nights where you can learn about the different tones. Some even will offer free cheese and breads with the wine. And you get to learn about the art of wine.

Some Other Ways to Save Money on Your Dates

• movie marathon
• free outdoor festival
• candlelight dinner at home
• trip to the beach
• hitting baseball/playing basketball in the park
• coffee & poetry readings

Don’t let debt destroy your dating life. Learn about filing bankruptcy…

If you’re like millions of Americans, you may have some serious (and growing) debt.

When debt begins to get out of control, it  can dominate your thoughts and cause plenty of worry and stress.

The good news is that there are ways to manage your debt. Below are some popular debt-relief options.

• Credit Counseling – Talk to a credit counselor at an accredited credit counseling agency

• Debt Settlement and Debt Consolidation - Some agencies may offer debt settlement and consolidation plans as a debt relief option. The difficulty with these programs is in determining the reputation of the agency, as many can be ineffective or are outright scams. The idea behind debt settlement is that a debt settlement firm negotiates reduced settlement amounts with your creditors to resolve your debts. In most cases, when debts are consolidated, one loan is taken out to cover all of the debts and you make one monthly payment.

• Chapter 7 Bankruptcy - With Chapter 7 bankruptcy, you may be able to have unsecured debts, such as medical bills, credit cards and payday loans discharged. To be eligible to Chapter 7 bankruptcy, debtors must pass a means test. This is oftentimes an attractive option for those who don’t own a lot of property.

• Chapter 13 Bankruptcy - In Chapter 13 bankruptcy, debts are reorganized with a three to five year payment plan. This option can allow debtors with a regular income to recover from a serious financial setback and get back on track while keeping their property.

• Budgeting Wisely - Making a budget and sticking to it, while tracking where your money is spent may help you get a jump-start on resolving your debts.

• Tax Relief - If you owe the IRS money, this debt cannot be ignored. If you are having trouble paying your tax debts and meet certain criteria, you may be eligible for tax relief.

• Payday Loans - Payday loans are usually a poor choice. These loans carry an extremely high interest rate, sometimes in excess of 300 percent, and can trap the borrower into an endless loop of debt. Credit unions and traditional bank loans are oftentimes much more manageable options. Even cash advances from credit cards, while expensive, are usually a better option than payday loans.

Discuss Debt-Relief Options with a Bankruptcy Lawyer
If your debts have become unmanageable, you may find relief in speaking with a local bankruptcy lawyer who can also answer your questions about filing bankruptcy.