Eating out will always be more expensive than preparing food at home, but the reality of most of our lives is that going to restaurants is an enjoyable social event—and, as long as you don’t make a habit of eating out, you can enjoy yourself without completely blowing your budget.

The internet is full of detailed strategies for frugal folks interested in saving money on restaurant tips. Here’s a summary of some of those tricks:

• Check your cards. Many credit cards with rewards programs offer incentives for eating at restaurants, but not all are good deals—make sure you know where to get updated lists of what vendors count toward your points and where you can redeem them. And remember: unless you pay your balance in full each month, using a card for its rewards is not a good idea.
• Invest in coupons. Many schools sell Entertainment books as fundraisers. To make the most of these, visit the book’s web site (entertainment.com) to see what offers are available, and then decide whether to buy. If you like the restaurants listed, you can likely save the purchase price in two meals. (The books are also available for purchase online.)
• Go online. Sites like Groupon.com and LivingSocial.com allow you to sign up for free daily coupon offers to restaurants in your area. These are often very valuable (some get you more than 50 percent off), but you have to be patient to get one that interests you. The site Restaurant.com allows you to buy restaurant vouchers at steep discounts (for example, you’d pay $10 for a $25 voucher). There are some rules, though, so be sure to make sure you understand how they work before purchasing. Also, GrubHub.com lets you not only order food from your computer but browse by locations that have coupons available. (Keep in mind the services offered by these sites may not be available in all areas.)
• Look at the Calendar. Many cities in the U.S. have regular Restaurant Weeks, during which fancy restaurant offer prix fixe menus for lunch or dinner, generally at a significant savings of what a normal meal would cost. This is a great way to try food you might not otherwise be able to afford. Many restaurants also offer specials during the week, often on traditionally “slow” nights like Tuesday and Wednesday.

The Bottom Line: Don’t Lose Your Head

Keep in mind that these are all good ways to save money at restaurants, but only if you would have eaten out anyway, and only if you maintain your normal level of frugality while dining. If you’re struggling with debt or recovering from bankruptcy, it may be best to stick with beans and rice. Splurging on fancier food (and more of it) because you have a discount can quickly cancel any savings.

As gift cards have become both more popular and more convenient in recent years, many of us have found ourselves in the oddly frustrating situation of having a tiny and/or unknown balance left on a card that we don’t know how to use but don’t want to waste.

An informative post from WiseBread.com offers a number of interesting and helpful suggestions for putting the final balances to good use. Here’s an overview.

Step One: Know Your Balance

Before you can spend your remaining balances on anything, you should need to know what they are. Try pasting small paper labels to each gift card you get (or use post-its) and update the remaining balance every time you make a purchase. That way you’ll never worry about tossing still-valid cards. By knowing the true value of a gift card, you can work it into your budget and help stretch your dollar after a bankruptcy filing.

Step Two: Know Your Options

So, what exactly can a person do with meager gift card balances? Probably more than you’d think.

• Try Amazon. Some gift cards (notably credit card branded ones) may let you buy Amazon gift cards for values of $5.00 or greater. But the process is a bit complex: do some research to figure out whether your card will work.
• Donate to charity. Local homeless or women’s shelters may be grateful for a gift card in any amount – but remember that if you do decide to donate one to disclose its current value and any restrictions, fees or expiration information you have.
• Turn it to cash. Some banks (Chase has reportedly done this) will convert gift card balances under $10 into cash—which is a lot more flexible and convenient.
• Tip it. This works well particularly if you get a card for a store that’s not in your area or whose products you don’t particularly like. Next time you’re at a restaurant, leave the gift card in addition to your server’s tip. Just make sure you explain what you’re doing and the amount it’s worth, if it isn’t printed on the card.
• Exchange it. The Internet offers a wealth of options for those interested in exchanges or selling gift cards—check out sites like GiftCardRescue.com, PlasticJungle.com and SwapGift.com to trade with others who didn’t like what they got. Or, if you don’t mind the extra legwork, try selling it on Ebay.

Remember that scene in The Wizard of Oz when Dorothy is shocked to learn that Glinda is a witch because she thought all witches were ugly? Well, if you’re recovering from bankruptcy or just working to become debt-free, you may have a similar notion, but about debt.

The truth is, debt is like witches: some of it is, indeed, harmful, but other types are healthy.

Debt & Our Credit Profiles

To understand the difference between good and bad debt, it’s important to understand the role debt plays in our lives as consumers:

• Your credit report: As you may know, your credit report is a compilation of information about your spending, borrowing and payment habits from a variety of sources—banks, credit card companies, utility companies, mortgage holders, etc. It provides a snapshot of how you handle money and credit.
• Your credit score: This is a number derived from a specific formula, based largely on the information in your credit report. Factors that influence your score include age of accounts, diversity of accounts, currency of account payments and percentage of available credit being used.

When you attempt to borrow money, most lenders will determine whether to lend to you—and at what rate—based on your credit score.

Good Debt

Naturally, if you use no form of credit, your credit report will be blank. Lenders will have no way to assess your risk as a borrower and will be unlikely to offer you a loan (even if you’ve paid your bills on time for years).

Good debt, then, includes:

• Debt with a goal: Student loans can be considered “good” because they might lead you to a better-paying job. An affordable mortgage leads you to a time when you don’t have to pay to live somewhere.
• Diverse sources: Even having a credit card you rarely use can be considered “good” debt, because it provides diversity to your borrowing portfolio and expands your total credit available.

Bad Debt

The kind of debt that would terrorize munchkins and young girls is the kind that doesn’t really get you anywhere and doesn’t provide anything you need. Credit card debt is often “bad,” because credit cards are easy to use for non-essential purchases.

As a general rule of thumb, before taking on new debt, determine whether you’re getting something you truly need in exchange. If not, it’s likely going to be “wicked” debt.

We’ve all heard the expression “knowledge is power” enough times that it may have lost its meaning for many of us. But, as an article from the Huffington Post points out, there is perhaps no tool more important to managing your finances that plain old knowhow.

What We Don’t Know, by the Numbers

It’s not a secret that Americans don’t have a great track record in recent years when it comes to handling money—millions of us are facing foreclosure, filing for bankruptcy or in serious credit card debt.

And, considering these sobering figures, it’s no wonder:

• Early debt: Sources note that an average college senior who owns at least one credit card has $4,138 in debt, an increase from $2,169 six years ago. Note that that number is in addition to student loans.
• Women & money: While almost all of us are under-informed about financial matters, women may be more likely to suffer ill effects: studies show that 67 percent of single women have no retirement account, 70 percent have so much debt it negatively affects their lives and only one percent would give themselves an “A” on financial literacy matters.
• Little help from schools: Polls suggest that as many as 90 percent of Americans think financial literacy should be a part of education, but 10 states have no financial literacy programs, and only three states require financial literacy courses to earn a high school degree.

How to Educate Yourself

Because we all make financial decisions every day (some major, some minor, all important), it’s crucial to start learning how to improve our finances now. Taking control of your money can help you:

• Plan for the future: Whether that includes marriage, children, homeownership, college, retirement, travel or something else, you’ll probably need money for it.
• Stay out of bad debt: Debt itself can negatively affect your credit score and ability to function financially, but it can also cause serious stress and otherwise negatively impact your life.
• Achieve your goals: When you’re not worrying about bills all the time, you’ll have the brain space and time to pursue goals that will truly make you happy.

Luckily, the Internet has a variety of resources to help you achieve financial literacy:

• An overview of important personal finance topics at TotalBankruptcy.com
• Financial literacy information, news and tutorials at Learnvest.com
• Free online money management from Mint.com
• A government site offering general financial literacy information for all ages at Consumer.gov

Let the journey toward financial stability begin!

Working toward financial stability can be a grueling task. Luckily, the Internet provides us with myriad opportunities to make the daily grind of trying to live financially responsible a bit easier – and it also offers us ways to reward ourselves for our hard work (without breaking the bank).

Here’s a look at two sites to help you work and play for a bargain.

Organize Your Groceries with ZipList.com

At the free Web site ZipList.com you can take a few minutes to type in the items you need at the grocery store before you leave the house. But these zip lists aren’t your typical shopping lists. The differences:

• Organization: Once you type in an item you need, like “Oatmeal”, the site plops it into a category. By the end, you’ll have a list sorted by grocery section, minimizing your chances of having to double back for end-of-the-list items.
• Simplicity: If you’re shopping for specific recipes, you can add online recipes to your list and the site will automatically put all needed ingredients on your list and sort them.
• Transportability: The list is easily printable and has satisfying checkboxes beside each item. Or, if you have a smart phone, you can have your list sent to your email account or download a ZipList app.
• Memory: You can save lists, so if you’re doing the usual weekly shop and just need the basics, you can pull up your standard list. Or you can create lists with specific purposes (e.g. “Sleepover Party List”).
• Diversity: The site also has a function that lets you choose which nearby store you plan to hit for each purchase. It will then sort your list into mini-lists by store.

The downside is that this site does not currently offer cross-references with coupon sites, but if you’re not a coupon clipper to begin with, that’s probably no major loss. You may see real savings right away on your watch, as streamlining these regular tasks can help you cut down on wasted time. And since time is money, this can help you stay out of debt and avoidbankruptcy.

Now Reward Yourself

When you’re finished responsibly planning your menus for the week, check out this ways to save on your favorite day of the year – your birthday. There are various freebies companies nationwide offer for birthdays – they range from food to travel to discounts on activities, but the variety means that most people should be able to find a bonus or two to sign up for.

Okay, most people aren’t just giving away money for free to the first person willing to take it. But with a little research, persuasion or investment, you may be able to take advantage of generous offers and boost your wealth.

While there may not be many legitimate offers our there for you to get something (worthwhile) for nothing, there are a few places where you can earn money with very little effort—and you may be missing out on more “free” money than you realized.

Here’s a look at some common sources of extra income that you should take advantage of (if you’re not already):

• Employer matches: If your company has a retirement savings program, your employer may offer to match a certain percentage of your income. If you put in, say four percent of your pay each month, your employer may do the same. This is money your employer is giving you in addition to your salary, so not taking advantage of it would be silly—sock away at least that much to get the full benefit!
• Product rebates: Sometimes, we’re swayed to buy a certain product because of the promise of a mail-in money rebate—but then fail to follow up. The National Consumer League apparently estimates that a scant two or three percent of people actually take advantage of cash rebates.
• Rewards or loyalty programs: Many grocery stores, gas stations, airlines and credit card companies offer rewards programs to incentivize purchases. While credit card debt can lead be problematic if mishandled, many of these options are excellent ways to earn something extra at places you’re already spending money. Make sure you’re signed up for points programs at your local haunts.
• Storing money incorrectly: If you keep money in a jar on top of the refrigerator, you’re not earning any interest—and the same goes if you keep your funds in a checking account. Consider opening high-interest CDs or linking a checking and savings account so you can easily transfer direct deposits into an interest-earning place.
• Ignoring charitable deductions: The government allows you to deduct charitable donations on your taxes, so why not take advantage of that? If it’s merely a matter of poor record-keeping on your part, take the initiative to put together a filing system that will help you save some green at tax time.

Bottom line: None of these “free” money options requires a lot of legwork, but all of them require a little. Challenge yourself to make the small changes necessary to introduce big savings into your finances. But avoid risky “deals” that avoid an upfront monetary commitment. Often, these are scams, and can derail your plans to get out of debt or rebuild after bankruptcy.

Spring is finally here (in Chicago at least), which means an end to high heating bills and the beginning of decent weather. But it also means that summer’s heat is only a few short months away.

While we all like to be comfortable (warm in the winter, cool in the summer), altering the temperature of our houses can be a costly enterprise. Here’s a look at how you can save money and not melt away this summer by flipping off your air conditioner.

Of course, if you have any medical conditions that require you to remain cool or if you’re among groups who are especially sensitive to heat (the elderly, the very young, those with asthma, etc.), check with your doctor about what kinds of temperatures you should aim for.

A Hotter State of Mind

A post from WiseBread.com suggests some techniques for coping with the hotter temperatures that come with nixing the AC, which include:

• Accepting the heat: Summer weather is hot weather. Once you accept that you may be warmer than is pleasant, the rest is relatively easy. When you’re around the house, you can adapt by wearing temperature-appropriate clothing—and going without artificial cooling has some advantages.
• Enjoying storms and wind: Summer rainstorms are never so wonderful as when you’re not using air conditioning. And the temporary coolness of an overcast day might be lost on those who strictly regulate their house temperature. Going without AC is a great way to get in touch with (and appreciate) the fluctuations in summer weather.

Alternative Ways to Stay Cool

Once you’ve committed to cutting out AC (and receiving much lower bills from your power company!), you’ll want to adopt a few strategies to keep yourself from wilting away:

• Leave the heat: During the hottest hours of the day, try finding an air-conditioned or otherwise cool place to chill out (office buildings, libraries, cafés, movie theatres and water bodies are all excellent). This will help you feel fresh.
• Love water: Sip cold water or iced tea to stay cool. If you’re really struggling, try a chilly shower or a jaunt in the sprinkler.
• Work your windows: At night, open the windows wide for maximum airflow during the cool hours. In the morning, you can close the windows and lower shades to trap cool air inside.
• Move the air, not your body: A ceiling fan can do wonders for making a hot room feel bearable, but engaging in serious exercise or strenuous activity is a bad idea during the heat of the day. If possible, reserve all significant activity for early morning or late evening hours.
• Think ahead: If you’re planning to move soon, be sure to investigate your future home’s track record with keeping cool (and keeping warm).

Cooling bills got you heated up? The first electric bill after summer kicks in can be a shocker if you aren’t careful. If you end up owing more than you bargained for, call the utility company and see if you can work out a payment option. You also may want to set up a flat billing cycle to make your bills more predictable. As a last resort, utility bills can usually be discharged in bankruptcy, along with credit card bills and medical debts.

One of the main reasons the economy has been sluggish in recovering is that the U.S. housing market, where the Great Recession started, still hasn’t bounced back from its crash. And, with millions of Americans underwater on their mortgages, a full recovery may be a long way off.

The upside here is that we can all learn something from the unfortunate mistakes these people made a few years ago to protect ourselves financially in the years ahead.

Big Mistake: No Down Payment

One popular method for buying homes during the housing boom was to do so with no money down – in other words, by borrowing the house’s entire value. This often means one of two things:

• A second mortgage: Often, this loan would cover the 20 percent down payment and come with a high interest rate. Over time, second mortgages can cost borrowers enormous amounts in interest.
• Private mortgage insurance: This product requires borrowers to pay a certain amount per month per $100,000 borrowed to offset losses in case they default on their loans. Costs can be in the thousands of dollars per year.

Both of these options are expensive and illustrate the problem of no-down-payment home loans: they’re risky and are priced to compensate for that.

Nowadays, with credit much tighter than a few years ago, few lenders will agree to a mortgage without a down payment. Take a cue from them and save up – if you can’t afford the down payment, you can’t afford the house. Many homeowners who got lured into unaffordable mortgages have foreclosure or bankruptcy on their credit report, if not both.

Big Mistake: Selling for Less than You Bought

Once upon a time, real estate was considered an almost magical investment whose value would consistently increase over time. But, as the bubble-bust cycle showed us, that’s not always true. To avoid losing serious money by selling at the wrong time, consider that:

• Panicking doesn’t help. When markets bottom out, many people sell their stocks or homes, despite the fact that they’re taking a loss. This irrational behavior is often prompted by a desire to get out before losing any more money, but that is often counterproductive.
• Patience will help. If you stick with your investments though tough times, there’s a good chance things will turn around and you’ll end up recovering some (if not all) of your losses.
• You have some control. While you may not be in charge of how the market behaves on any grand scale, you can take charge of certain factors. Upping your mortgage principal payments, for example, will help you eliminate your mortgage debt sooner and thus save money on interest.

Some traits may be common to people who tend to feel broke often or have a less-than-healthy relationship with saving, budgeting and money in general.

Here’s a look at a list of symptoms and what it might mean if you have many (or all) of them. (Note that these are just symptoms of a problem—if your finances are in top shape and you meet some of these criteria, don’t sweat.)

• Lots of TV: Owning flat screen TVs, premium cable packages, the newest DVR equipment, elaborate sounds systems, TVs in every room or the like often signals that a person is spending a lot of money on in-home entertainment. If this is a unique expense, it may not be a big deal, but how much use can the average person get out of hundreds of channels and multiple televisions?
• Frequent meals out: This one’s a no-brainer. Eating in restaurants or getting carryout is far more expensive than preparing your own food. If you’re guilty of picking up your dinner or lunch regularly, try saving your receipts for a week—those six- or seven-dollar meals add up pretty fast.
• New gadgets: This can mean cell phones, computers, GPS navigators, MP3 players, cars—anything somewhat costly that gets frequent makeovers from its manufacturer. Often, the older, less-sexy versions of these devices last well beyond the release date of the latest update, and people who go for the latest model often discard functional gadgets.
• No budget: People who don’t have an idea of their monthly budget or expenses tend to have less control over their finances than those who make conscious, regular assessments of their financial situation. Keeping yourself in the dark about the money coming in and going out of your wallet can be a great setup for a financial meltdown down the road.

The irony here is that many of these traits seem to be those of wealthy people—and maybe that’s part of the problem. Credit cards have made it easy for us to trick ourselves into an illusion of wealth while actually depleting our personal net worth at an alarming rate.

If you recognize some of these symptoms in yourself, take some time to assess whether or not you might benefit from a serious reassessment of your finances—or else you may find yourself on the brink of bankruptcy.

Is Gleaning Right for You?

Looking for ways to trim your costs gets difficult after a certain point: once you’ve cut out the extras like fancy television channels and deluxe cell phone plans, you may think you’ve gone as far as you can go without freezing or starving.

If you’re buried under debt or rebuilding your finances following a bankruptcy, But you may have an alternative to dropping considerable sums at the grocery checkout each week. Enter gleaning.

What is Gleaning?

If you’ve read the biblical book of Ruth, you may have heard of gleaning. In ancient times, it involved following harvesters in the field and picking up any produce that fell to the ground. By gleaning fields, many poor people were able to eat.

Today, though, gleaning works a little differently. Modern gleaning works more like this:

• You find a gleaning group: A little online research should help you figure out whether a gleaning group already exists in your area. If not, you may be able to print a notice in a local paper or online to see if anyone is interested in starting one.
• You pay a slight fee: Some groups may have a nominal fee (the writer mentioned above pays $30 per year) to help the group with costs associated with gleaning.
• You pitch in: Every day, one member of the group is responsible for visiting the grocers and bakers that agreed to participate in the gleaning. The group member picks up (for free) any food that can no longer be sold because of freshness requirements but is still perfectly edible.
• You divvy up: Once the food is collected, the members of the cooperative each take a share. In this way, everyone gets some food every day.

The Positives

The positives here are pretty obvious:

• You get free food.
• You prevent food from going to waste.
• You get to know members of your community.
• You get a chance to try things you may never have bought.

The Negatives

But gleaning isn’t right for everyone. Consider the drawbacks:

• You can’t choose what you get, so if you have people in your household with allergies or restrictive diets, it may not work.
• You may get lots of perishables, like fruits and vegetables. This isn’t a problem if you can, preserve or can share with neighbors, but could otherwise lead to waste.
• You need to commit some time. The writer noted above estimates that the endeavor consumes about three to five hours of time every week.

Done right, gleaning can be one opportunity for you to cut back on costs and make some spare room in your budget. Have you tried gleaning? What are your thoughts on the process? Leave a comment below and let me know!

Whether the Great Recession has hit you like a bus or a tap on the shoulder, you’re probably feeling some ramifications from the nation’s largest economic downturn in decades, with foreclosure, bankruptcy and unemployment everywhere you turn. The good news is that people are getting creative about saving money and you can benefit from some of these excellent tips to cut expenses around the house.

1. Extend your printer’s ink. It’s no secret that ink is expensive (it costs more than human blood, according to this chart). Luckily, you can make it last longer: first download Ecofont (available at ecofont.com) to cut down on your ink usage by 25 percent. Then, when you “run out” of ink, take out the cartridge and loosen the drops in there with a hairdryer. This could add up to three months to your cartridge’s life.
2. Stretch your sponges. At a certain point, kitchen sponges get gross, but you can keep them chugging by wetting them and zapping them in the microwave for a minute or two to sterilize them. When they’ve really had it, shift them to bathroom or car-wash duty.
3. Take care of your vacuum cleaner. Save money by treating it like a vehicle (that is, maintaining it well). Check to make sure hair hasn’t clogged it (and remove any that has), replace the belt if necessary (check your manual) and clean the filter when you remove dirt buildup. Just soak it in soapy water, rinse it and let it air dry.
4. Cut your water usage. Lots of sites offer tips for how to seriously reduce your water usage (and thus lower your bills and your environmental impact). Search for tips on showerheads, leaky faucets, thirsty lawns and more.
5. Keep your mattress young. Vacuum your mattress regularly to eliminate bacteria and mites, and flip it if you start to feel it sagging. If it’s getting really loose, consider putting some wooden planks on the frame to offer extra support.
6. Save on your shave. Be sure to dry your razor blades after using them, which prevents rusting and keeps your blades sharp longer.
7. Prolong your laptop battery’s life. Besides turning off and unplugging your computer at night (and other times you aren’t using it), you can save on electricity and keep your computer battery happy by running only programs you need, dimming the screen light, muting sounds when you’re not using them, and choosing sleep mode when you’ll be away for any significant period of time.

CNNMoney.com recently published an article that lists 20 financial web sites it considers tops. The sites vary in their focus, but each offers useful tools for people interested in better understanding and managing their finances.

Here’s an overview of the ground covered in the sites.

• Retirement savings: How much should you save for retirement? Are you on the right track? What will your future expenses look like? Luckily, there are online tools to help you answer these difficult questions and an online write-up to help you navigate the site these tools are found.
• Stocks and investing: From questions of portfolio diversity to risk levels to choosing what stocks to buy, the web has options for you. No matter where you are in your investing career, you can likely find helpful strategies and pointers at some of the sites mentioned.
• Spending and credit: Looking to trim your costs? Trying to figure out which credit cards you should keep and which ones you could get rid of? Look no further than the CNN list. The sites provided cover a variety of topics, including understanding your credit card (and the laws regulating it) and how to shift your saving/spending balance. Also know that you may be able to get credit card debt wiped out by filing Chapter 7 bankruptcy.
• Questions of home ownership: Whether you’re looking for a neighborhood that suits you, trying to determine whether you should hire a contractor or otherwise streamline your homeownership, there are sites to help you along. These can save you legwork, as many of them have information from around the country.
• Your health: Not sure who to see for a particular ailment? Looking for the best nearby hospital for a specific procedure? The money-management sites have tools for you.
• Employment: In this economy, many of us are either looking for work, looking for extra work or trying to stay sharp so our employers don’t let us go. Luckily, you don’t need to bend over backwards to find ways to keep on your toes: online resources can help you find work or better prepare yourself for it.
• Major purchases: Whether you’re in the market for a car, a stereo or airfare, there are web sites devoted to helping you find the best price.
• Minor purchases: Looking for coupons and discounts for less significant, everyday purchases? You’re in luck. Online directories also have you covered on this front.
• Charitable giving: Ever worried that the money you mean to give to a good cause will end up in the hands of a rascally scammer? Worry no more. A site for navigating charities rounds out the list of online resources to help you spend and save smarter.

Bottom line: Check out the list and see what online tools you can start using today!