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, as this post from RedeemingRiches.com points out, 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.

Additional Resources

Charitable Contribution Deductions (2009) (PDF)

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

This 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).

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 (as this post) 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.

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.

Additional Resources

Home Buying Brochure

(PDF)

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, according to a recent post on FreeFromBroke.com.

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.

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.
• 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!

If you’re struggling with debt, or considering filing for bankruptcy, you’ve probably become aware of the ways you spend and save money. As it turns out, one of the best ways to make sure you stay afloat financially may be to pretend like you’re living in the past.

This post from GetRichSlowly.org tells the story that’s fairly common: a woman got a new job and a raise, thought she’d finally end her debt and… didn’t.

The reason? She succumbed to “lifestyle inflation.” Luckily, she fought back and offers some tips for other people looking to hang on to their hard-earned cash.

Ignore Your Raises

While it may be tempting to automatically adapt to the new, more luxurious lifestyle a raise allows you, bumping up your living standards right away can be a bad move financially. This doesn’t mean you should eat Ramen noodles your whole life, but consider living one pay raise behind:

• Use extra income to pay down debt
• Sock new money into a savings account (or a retirement plan)
• Put the money toward a specific future purchase (like a new car)

However you save your money, this strategy will keep you from spending your money as soon as you make it.

Focus on the Right Goals

In the post mentioned above, the writer notes that she accepted a higher-paying job but found herself missing her old one, which allowed her more creativity. Make sure you don’t get trapped into a higher-paying gig or a more expensive lifestyle simply because you can.

• Write down what you want. Having a concrete goal in mind for saving money (like paying off your credit cards, buying a house, etc.) will make the process easier and let you know whether you’re staying on track.
• Use money as a tool. Money alone isn’t much good to you—it’s what you can do with money that matters. So try to treat it like you would a hammer: only take it out when you really need it.
• Take time to reevaluate. If you feel out of control or too restricted financially, sit down and reevaluate your goals. Being willing to change the way you do things is key for adapting your finances.

Additional Resources

Savings Fitness: A Guide to Your Money and Your Financial Future (PDF)

Saving money on food by cooking at home is fairly simple in theory: instead of going out, you eat at home. But in practice, night after night of cooking (especially if you’re making the same meals again and again) can lead to a snap decision to mix things up by eating out—and that can throw an unexpected wrench in the budget.

Make Double (or Triple) Portions

When you cook a basic, versatile ingredient (like chicken), make more than you or your family can eat in one night. That way, you have the basic ingredient for several more meals. Many people already do this on Thanksgiving with turkey soup or sandwiches the next day, and it’s fairly easy to apply it to regular life. Encore meals you might consider:

• Soups and stews: These are particularly great because you can toss them on the stove and leave them alone until you’re ready to eat.
• Anything wrapped: Dumplings, sandwiches, fajitas, ravioli—there’s a reason many cultures have wrapped up staples. They’re a great way to revamp leftovers.
• Anything with sauce: Never underestimate the power of spices and sauces to transform a basic food. A simple sauce and new sides can turn leftovers into a whole new meal.
• Anything from the freezer: Okay, this one’s a bit different. Consider freezing an extra portion of a main meal and pulling it out in a week or so, when it doesn’t remind you of yesterday’s meal.

Make a Tradition

Rather than treating leftovers like something you have to eat, make a game out of them. This is particularly useful if you have kids. Reserve one night a week to clean out the fridge and let everyone eat exactly what she wants—as long as it’s a leftover.

This may lead to some pretty creative meals.

Take Turns

If your children are old enough to participate in food planning or preparation, make them part of the process. Even if they’re too young to wield knives, they may be able to help put grapes into a fruit salad, say, or develop a menu.

For example, you might outline the food groups you’d like to include in each meal, then have them pick their favorites. Again, you could end up with some pretty interesting combinations—but at least you won’t be bored!

Sometimes, the reality of personal finances can be tense and stressful. Sometimes, a quirky and helpful way of looking at and understanding personal finance goals can be motivation to see them through, as this post from GetRichSlowly.org shows. Basically, the writer argues, you can do a lot for your overall mental and financial health by recognizing and understanding your financial vices.

What is a Financial Vice?

Financial vices are those things that we spend money on that are very important to us—but may seem silly to other people. One person’s vice might be new books, while another’s might be collectible action figures.

The point is, vices are something you’re willing to splurge on. And, if you’re able to, you should. After all, adjusting our spending habits so that you have money for the things that really make you happy is the whole point of developing a budget.

Identifying Financial Vices

Keep in mind, though, that you can’t just claim every item you want is a vice and should be purchased. True vices should meet these criteria:

• Lasting: Is this something that is important to you every (or almost every) day? For example, a gym membership you use often and feel the benefits of constantly may qualify, but a daily donut may not (no matter how good it smells).
• Consistent with goals: Will this expense allow you to stay on track with your larger financial and life goals? For example, that gym membership may keep you better focused and motivated at work, while the donut purchase might just drain your food budget.
• Contained: Financial vices shouldn’t end up taking over your life or ruin your budget, so be wary of expenses that have an addictive quality (gambling, drugs/alcohol, elaborate video games, etc.).
• Acceptable to all involved parties: If you’re living the single life, this one doesn’t really apply to you, but if you’re in a relationship or family, it’s important. If you cannot convince a partner that your ,q>vice is worthwhile, you may need to reevaluate how much you need and want it in your life.

So take a look at your current spending habits and see if you can identify your true financial vices. Then you can commit yourself to making room in your spending plan for them.

As the effects of the recession continue to impact American’s where it hurts most (the pocketbook), we’re all looking for ways to save money. But being frugal means different things to different people, and, as one author suggests, means different things than it did a generation ago.

A recent interview with author Chris Farrell on the blog WiseBread.com explores the differences between what frugality meant a generation or so ago and what it means today, as Farrell suggests in his new book “The New Frugality”. The full interview is definitely worth a read, but here are some takeaway highlights for people working out of debt.

• “Frugal” does not equal “stingy”. The “old frugality,” the interview suggests, was about saving money at all costs, denying yourself pleasures being one of the most noticeable of these “costs”. Today, though, frugality means treating money as a tool: saving where you can so you can afford to indulge in things that are important to you.
• Frugality promotes sustainability. Though it’s often applied exclusively to the environmental movement, “sustainable” is an important word for anyone who’s working to stay out of debt. Are your borrowing habits sustainable? What about your shopping and entertainment habits? Part of being frugal is adopting a lifestyle that won’t come crashing down on you if you lose your job or get hit by an illness or some other emergency—which can often lead to filing bankruptcy. Plus, acting frugally is often great for the environment!
• Frugality promotes community interactions. In the old days, people were more likely to pass along baby clothes and other used items when they were finished because people often couldn’t afford to buy new ones. Now, frugal people are returning to that practice because it uses fewer resources and promotes friendship and support between community members. Oh, and it still saves money.
• Frugality can be fun. Making do with less can be fun for a number reasons. First, it often demands creativity, which can mean anything from getting together with friends to figure out a problem to hosting get-togethers at home to save on restaurant food. Second, it often means you need less money, which means you may be able to work fewer hours or retire sooner than you expected—and who doesn’t want a little extra free time?
• Frugality is flexible. If you don’t like the idea of eating cabbage and beans every day for the rest of your life, that’s okay. You can still be frugal. It’s all about figuring out what you do love (new clothes? movies? traveling?) and balancing your expenses so that those things take priority and you don’t cringe when paying your bills, since they’re for things you really wanted to do.

What do you think about being frugal? How are you finding ways to save money? Leave your thoughts in the comments section below!

The economic situation right now means that many families are leaning on each other for financial support, whether that means sharing living quarters, providing childcare or lending money.

And, if you’ve been in the position to either ask or be asked for a loan from a loved one, you’ve probably realized how sticky a situation it can be.

Luckily, loans between family members don’t have to be relationship-wreckers. Read on for some ideas about smart ways (some adapted from this post on WalletPop.com) to help your friends and family financially.

Act Like the Personal Loan Pros

When giving a loan to someone you like or love, take cues from professional lenders so that both parties are clear about the terms of a loan from the beginning. This could mean:

• Writing a contract for both parties to sign. Be sure to include interest rates, payment due dates and an expected repayment schedule.
• Making it official. The web site VirginMoneyUS.com provides an online venue where family members can document and keep track of loans.
• Eliminating “favorites.” If parents offer one child with a personal loan , other children may feel slighted. Keeping things formal can help diffuse uncomfortable situations.

Having official documentation makes it easier to collect – and repay – money without awkwardness. It may also prevent lenders from feeling pressured into going after “a few more bucks” here and there.

But Remember Everyone’s Family

One of the upsides of a family loan is that it can be much more flexible than one through a bank. If a borrower encounters unexpected financial difficulty, like a layoff or a major illness, lenders should not feel obligated to enforce a difficult payment schedule.

Naturally, excusing a loan is always a judgment call: if a borrower is responsible and works hard but genuinely meets unforeseen obstacles, forgiving all or part of a loan may make sense.

Don’t Play the Shame Game With Loans

Family loans – especially between parents and adult offspring – can be uncomfortable because they come with a certain stigma. Parents might worry that they didn’t guide their children to appropriate financial behavior, and children can feel guilty for not being able to make it on their own.

As long as parents aren’t enabling children to form bad debt habits and children aren’t turning to parents for easy money you shouldn’t feel excessively guilty about the situation. Use the unpleasant emotion as motivation to commit to increased financial responsibility in the future and move on.