Exciting news for the future of financial literacy, my friends: the Girl Scouts of America (GSA) is rolling out 136 new badges for its members and among them are several relating to areas of financial literacy. And here I was thinking the organization was great only because of Thin Mints.

Apparently, the overhaul is the first major revamp of the GSA’s merit badges in a quarter century and organizers got their ideas for new badges by polling current GSA members. I guess those young ladies in brown and green have been paying attention to dire economic news reports – or maybe it’s impossible to avoid the doom and gloom.

Either way, young women in the GSA will now have the opportunity to earn badges that address areas including maintaining good credit, managing money, budgeting and plotting a financial future.

Real-World Guidance

In order to earn the honorable (and decorative) badges, members are required to:

• Complete a five-step process designed to help members develop competency in the area addressed by the badge.
• Participate in real-world practice to apply the skills defined by the badge.
• Learn about and engage with actual problems or challenges they might face in their futures. High school scouts, for example, may be required to speak with a loan officer at a bank. Middle school scouts may have to determine what salary they would need to finance their dream life.

A Tradition of Financial Literacy

While many of the badges of yesteryear were geared toward mastering household tasks, insiders from GSA insist that financial literacy – in one form or another – has always been a central part of GSA’s mission. After all, they didn’t call it “home economics” for nothing.

And I guess it isn’t exactly easy to sell dozens of boxes of cookies and take care of all the organizational tasks that go along with that.

Take the Message to Your Home

Whether or not you (or your kids) are members of the GSA, the organization has some valuable lessons to teach:

• Learn from the times: There’s no denying our nation’s in a bit of financial turmoil right now. Rather than simply worrying about money, it’s smart to use the turmoil as a call to action to learn (or teach) as much as you can about matters of money and credit.
• Practice in real life: Kids can learn valuable money lessons at any age. Look online for tips about activities to do so your offspring start to get an idea of what goes into a household budget and what it takes to earn the money they spend.
• Reward progress: Even if your home isn’t on a badge system, you can set up rewards for when your kids demonstrate that they’ve mastered an important skill. Given the theme, why not offer to deposit money in a savings account or match their deposits?

The current drama in the NFL between the players’ union and owners has caused some commentators to bring up serious issues of money and health. One opinion piece published on CNBC.com examines the problems of financial management and bankruptcy as they apply to the NFL.

I think we can learn a few things from all this.

Budgeting: It Doesn’t Matter How Big the Pie Is

For those of us with normal jobs (i.e. non-superstar jobs), budgeting can be stressful. After all, it’s easy to fall into the trap of thinking that if only we had a little more money each month, our financial woes would be gone. But let’s learn from the NFL:

• Players get their salaries over a four-month period. The average salary in the NFL varies by position but hovers around a million dollars (!). But many players have financial trouble even during their active careers. Lesson 1: You’ll never have “enough” money. Learn to work with what you’ve got.
• The average career length is 3.5 years. So if you’re an average NFL player all around, you’ll make about 3.5 million from playing football. The problem is, while it’s coming in it can seem endless. Lesson 2: Crunch some numbers. Be realistic about your long- and short-term goals and needs. Closing your eyes and hoping for the best financially won’t do much for your long-term security.
• More than 80 percent of players go bankrupt after retiring. That’s an awfully high number, considering the incomes these guys command while they’re playing. Lesson 3: Resist lifestyle inflation. It’s easy to ratchet up your spending every time you get a raise, but assuming your income will rise indefinitely is as dangerous as assuming real estate values would never drop. Some financial advisers recommend taking a lifestyle upgrade on every other raise: instead of spending, save the rest of that money.
• NFL playing reduces players’ life expectancy. Those guys take some serious hits and are put through grueling workouts. Injuries and concussions can seriously cut short an otherwise ordinary life expectancy – and can also cost a lot of money. Lesson 4: think of your health as an investment. Sometimes it seems like junk food is cheaper than health food and that time spent working out will take away from time working (and earning). But in the long term, eating well and staying active can save you significant money in healthcare costs.

I know I’m always surprised and a little dismayed when I hear about a former professional athlete declaring bankruptcy, but considering the way the cards are stacked against many of them, I guess I shouldn’t be. After all, I’m lucky enough to never have been hit on the head as part of my career.

Famous people can go broke, too. From the modern day billionaire, Donald Trump, all the way back to former U.S. President Abraham Lincoln– filing for bankruptcy apparently has become an acceptable way to legally settle mountains of debt.

Artists, athletes and politicians all have looked at bankruptcy questions and decided it was the right move. Here are some of the most famous celebrities in history who had serious cash flow problems.

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Celebrity Bankruptcies

1542 – The first bankruptcy law was passed in England.

The law was meant to give creditors some remedies against the debtors who did not pay their debts. Under this law, the debtors were viewed as quasi-criminals and were called “offenders”.

1656 – Rembrandt Haremenszoon van Rijn

The famous Dutch painter accumulated so much debt that he filed for bankruptcy. Many of his paintings and his house were sold at an auction. After the bankruptcy, he continued to paint, but was not allowed to sell his works directly to customers. He was able to circumvent this law by having his son take over his business and sell his paintings.

1833 – Abraham Lincoln

The 16th president of the United States bought a general store in 1832 and began accruing debt because of its dismal sales. He then spent 17 years paying off the money that the borrowed from friends to start the business.

1894 – Mark Twain

The distinguished American author lost most of his money investing in a worthless machine called the Paige Compositor, an automatic typesetting machine. He filed for bankruptcy and discharged all his debts, but was determined to repay them anyway, so he spent the next four years in Europe lecturing in order to do so.

1901 – Henry Ford

The famous automobile manufacturer had two prior companies that failed. The first company filed for bankruptcy, and the second ended because of a disagreement with his business partner. In June, 1903, he created a third company, the Ford Motor Company, with a cash investment of $28,000 that quickly dwindled to $223.65 a month later. Soon after, Ford sold its first car, and the rest is history.

1920 – Walt Disney

The celebrated cartoon creator was forced to file for bankruptcy after his main client of his new business filed bankruptcy. In 1923 he formed a new company with a loan from his parents and his brother. In 1928 he created the much-loved icon “Mickey Mouse”.

1962 – Mickey Rooney

The famous movie actor blames alcohol and gambling for the financial problems he suffered in the early 1960s. He owed the Internal Revenue Service $1.75 million, so he filed for bankruptcy in 1962. After the bankruptcy he continued to act, and has had many roles in movies and television.

1978 – Larry King

The talk show host filed for bankruptcy in 1960 and then again in 1978. He said each time that he was deep in debt.

1988 – Jerry Lee Lewis

The famous rock ‘n roll star filed for bankruptcy because of huge tax debts. The IRS seized his cars, furniture, baby grand piano, and even showed up at his concerts to collect ticket sales. He has since recovered from bankruptcy and still performs at live concerts.

1991 – Johnny Unitas

The legendary Hall of Fame football quarterback was a great athlete, but a terrible businessman. Each of his business ventures, including bowling alleys, land deals, and restaurants, were unsuccessful. he filed for Chapter 11 bankruptcy in 1991.

1992 – Wayne Newton

The Las Vegas entertainer filed for Chapter 11 bankruptcy, listing more than $20 million in debt. A few years later he signed a new contract with Stardust Hotel, which reportedly pays him over $25 million per year for performing at the hotel 40 weeks out of the year.

1996 – Burt Reynolds

The movie actor filed for bankruptcy after his much publicized divorce from Loni Anderson. He was more than $10 million in debt. Since his bankruptcy, he has continued to act in movies and was awarded the Golden Globe for Best Supporting Actor in the film Boogie Nights.

2003 – Mike Tyson

The professional boxer fought his way to the top of the boxing world, becoming the youngest person to win and hold the title of Heavyweight Champion. It is estimated that he earned between $300 million and $400 million throughout his career, but he ended up filing for bankruptcy in 2003 as a result of poor money management.

2008 – Jose Canseco

The baseball star didn’t file bankruptcy, but he did walk away from his mansion in California, which went into foreclosure after he stopped paying the $2.5 million mortgage. Canseco was one of the first celebrities to admit being caught up in the foreclosure crisis.

2004 & 2009 – Donald Trump

Trump’s Atlantic City hotel and resort company filed Chapter 11 bankruptcy twice in a decade in order to reorganize debts related to construction. The second time around in 2009, Trump stepped down from the board. Trump has since reached a deal to reacquire the company.

If you’ve ever struggled with debt, you may have had the unpleasant experience of dealing with a debt collector over the phone – collection calls can be at best unpleasant and, at worst, harassing and demeaning.

But what happens if a debt collector contacts you about a debt owed by one of your family members or friends? It’s important to handle such a call correctly in order to minimize the hassle to you and your loved ones and to stay on the right side of the law.

Dealing with Debt Collectors (For Someone Else’s Debt)

According to a recent article from WalletPop.com, there are some important things to keep in mind when dealing with debt collectors.

• Contacting family might be legal: It is legal for a debt collector to contact a debtor’s family members or friends in order to get the debtor’s contact information; if the collector already has that information, though, no family contact should occur. (Note: you are not obligated to share any contact information.)
• Divulging details is not legal: Regardless of what kind of information a debt collector has for a debtor, he is not permitted to reveal any details of a debt to anyone but the debtor. In other words, if a debt collector discusses the amount of a debt, how late it is, or any other information to anyone besides the person who owes that debt, the collector is breaking the law. You may want to take note of the time and date of the phone call in case you have to take legal measures.
• Try to sort things out at the beginning: While your first instinct may be to hang up on a debt collector you think is calling you in error, resist. Take a moment to ask a few questions and attempt to sort out any misunderstandings. This could save you time and frustration down the road, if things should escalate.
• Be on the lookout for scams: The WalletPop.com article mentions that debt collection scams are on the rise in some areas of the country, which means it’s important for you to be careful what and how much you reveal over the phone. If you’re in doubt about the authenticity of a collector, you can and should ask for information about the debt in writing. Then you can double-check the company name and information with online resources like the Better Business Bureau.
• Review your consumer rights: No matter what role you play in a debt collection situation, remember that there are federal laws that protect consumers from belittling, harassing and demeaning treatment from debt collectors.

As you may already know, the Federal Trade Commission instituted new rules recently regulating how debt settlement companies must advertise their services and operate. The new rules were largely designed to cut down on abuses in that industry (including excessive fees, bad advice to consumers and little actual debt relief).

Unfortunately, according to a post from CreditBloggers.com, some debt settlement companies are getting around these rules with “creative” practices (sounds like the new credit card rules all over again to me).

Debt Settlement Rule-Avoidance Tricks

Here’s what to watch out for if you want to keep your money in your pocket and get actual debt relief.

• Text message debt relief offers: Because the FTC’s rules are connected to its Telemarketing Sales Rule, debt settlement companies are specifically prohibited from making claims about how much money they can save consumers when conversing with them over the phone. To get around this, it seems that some debt settlement firms are contacting consumers via text message with “survey” questions about their debt, then connecting potential customers with so-called “advocates” for debt settlement. If you find yourself in such a situation, back away.
• Online chat room offers for debt relief: Similarly, sources report that some debt settlement companies are making unrealistic promises to potential customers in online chat forums, where the telemarketing rules about debt settlement offers do not apply. As a general rule of thumb, avoid serious financial decisions that involve initial (or exclusive) online contact with a stranger.
• Offshore telephone debt relief promises: Another sneaky strategy that’s been reported is the use of call centers in other countries, which aren’t answerable to United States law.
• Pretending to be lawyers: One strategy to beware of is debt settlement companies that re-design themselves as law firms. Apparently, some firms have done this because lawyers are exempted from the new rules. However, even those companies that employ honest-to-goodness lawyers may not be shooting straight: most customers may not get a chance to speak with a lawyer (look for a diploma on the wall if you’re not sure) and, if they do, the lawyer may not be licensed to practice in that law in that state.

Avoid High Up-Front Fees for Paltry Service

So how can you avoid the debt trap of paying too much for a service that does little or nothing for your debt (except possibly make it worse)? Your best tool is knowledge. It’s important to be on the lookout for firms that offer results that seem too good to be true, and to understand that the only sweeping, totally legal way to eliminate your debt is to file for personal bankruptcy.

To learn more about your debt relief options, you may want to speak with a bankruptcy lawyer practicing in your state.

Thanks to the unfortunate state of the housing market and the real estate boom and bust cycle that caused our nation’s housing woes, most Americans are more familiar than they were ten years ago with the basics of foreclosure.

But, as a recent edition of the National Public Radio program Fresh Air illuminated, mortgage-related financial distress is not the only thing that can lead to mortgage foreclosure. Unpaid tax liens, which many families may not even realize they owe, can also lead an otherwise financially stable family to foreclosure. Here’s what you need to know.

Unpaid Tax Liens and Foreclosure

Here’s a look at how missing a few simple payments to the government (or even to a utility company) can cause you to lose a home you own free and clear.

• You miss some payments: The process begins when a family misses some sort of payment. This can be taxes, a utility bill, or even membership fees to a homeowners’ organization.
• Someone tries to collect: At first, the collection process may seem benign: the government or utility company might send you a collections letter or two. But if you still don’t pay the money (whether because you can’t afford the amount or because you don’t realize the importance of the payment), your creditor may choose to involve lawyers.
• Legal representation is hired: An original tax debt or water bill of a couple hundred dollars could easily grow into a several-thousand-dollar debt when lawyers’ fees are added into the mix. If a creditor tries to legally compel you to pay your debt, the legal process requires plenty of work from a professional and whatever costs the creditor incurs from its lawyers are generally passed on to the debtor.
• The debt can be sold: If even lawyers are unable to get the debtor to pay (or if the creditor chooses not to hire legal representation), a creditor can choose to sell the debt – or, in the case of the story featured on Fresh Air, the tax lien. What can happen, then, is that whoever chooses to buy the debt has an incentive to collect on it because nonpayment of a tax debt can, in some cases, legally mean that a homeowner surrenders his property.

What Does This Mean for My House and My Taxes?

The Fresh Air story is chilling for two major reasons.

• You could lose a home you own: Even if you own your house free and clear, unpaid bills or tax debts could lead to mortgage foreclosure if the collection process gets out of control. The best way to avoid such a tragic fate is to read your mail carefully and to stay on top of even those taxes that seem “less” important. If you aren’t sure about whether you have to pay something, consult a legal professional so you don’t risk your family’s home.
• The “tax lien buying” market is growing: The other scary thing about this phenomenon is that there are infomercials that advertise how to buy tax liens as a shortcut to buying actual real estate.

The bottom line is to stay vigilant with payments and to always call and ask about something if you aren’t sure what your financial obligations are!

The Texas Attorney General’s office has announced a court order against the now-bankrupt company Debt Relief USA. The order means that the company will have to pay about $3.7 million to customers it cheated out of debt settlement services.

Here’s a look at some of the details of the case.

• Company promised debt settlement services. During its prime, Debt Relief USA reportedly collected various fees and deposits from customers with the promise of settling their debts with their creditors. Some of the money collected was labeled “set-aside” money, and was apparently intended for creditor repayment. But sources note that much of that money might have been collected illegally.
• Debt Relief USA filed for bankruptcy. According to sources, the company entered bankruptcy protection in July of last year, which meant that thousands of its customers who had been making payments into their “set-aside” funds were unable to access their money.
• Texas AG took action. But, as sources report, the Texas Attorney General took on the case and secured a payment of $3.7 million to consumers wronged by the company, with an additional one million to follow once the bankruptcy concludes. (In other good news, victims will not have to apply for refunds, as records for all affected customers and the amount of money they set aside are included in the bankruptcy filing.)

How to Spot a Debt Settlement Scam

While there are reliable debt settlement firms out there, there are also plenty of less-than-trustworthy outfits. Here are some practices that signal a scam (many of which were in place at Debt Relief USA):

• Large up-front fees: Though recent legislation has outlawed the charging of hefty up-front fees, some companies may still try to get away with this. Or, they may disguise such fees as something else…
• Large administrative fees: Charges for “account maintenance,” “negotiation,” or similar services are signs of a scam, particularly if those charges seem overly burdensome.
• Advice to stop paying bills: It’s almost never a good idea to stop paying your bills without at least contacting your creditor and explaining your situation. Companies that advise you to do so could lead you to an unpleasant financial situation.
• Serious pressure to sign up: Some debt settlement scams pay their employees by how many customers they can sign on, so if you’re feeling overly pressured during your initial consultation, get up and walk away.
• A bad BBB rating: Many people don’t think to research companies with the Better Business Bureau, but the BBB’s web site is a great place to start when you’re looking for a place to do business.

Remember: you are the one who most fully be affected by your debt, so take some time to do your homework before you make any major financial decision. You owe it to yourself.

Educational debt has been mounting in recent years, as the cost of higher education escalates. And many students are finding that it’s much easier to get a loan than it is to repay it—especially considering the tough job market many are finding upon graduation.

Perhaps the scariest part of the student loan situation is that, in most cases, student loans cannot be discharged by filing bankruptcy—once you’ve taken on educational debt, you’ll likely be responsible for paying it back, no matter how hard it is for you to find a job.

Luckily, there are some strategies you can use to help ease your student debt burden. Consider some of these, adapted from this CreditBloggers.com article:

• Focus on principal: It’s a good idea to funnel extra money to student loan debt, but make sure you put that money toward the principal and not toward interest. Paying off principal before it has time to accrue interest is one of the most effective ways to minimize the total amount you pay.
• Don’t give up: Even if you’re only able to make your minimum monthly payments, keep them up. Because there are few cases where student debt can be excused, debt collectors can go to great lengths to get the money you owe them.
• Work with what you have: The government program Income-Based Repayment lets borrowers make payments based on how much money they make, which can help ease the monthly burden while keeping you current on your loan. Check out the web site to see if you might qualify.
• Work another job: If you don’t qualify for payment modifications, you can try to increase your income by working a second job. This can be anything from babysitting to tutoring to lawn care to home repairs. You can put the extra money toward your student loans and keep up the hard work until you’re debt-free.
• Consider public service: There’s another program that helps ease the student debt monster, the Public Service Loan Forgiveness program. Basically, this one works by forgiving a percentage of your debt after several years of work for the public good.
• Cut it short: If you can afford higher monthly payments than you’re currently paying, it may make sense to work with your lender to reduce the term of your loan (meaning that you’d owe more each month but would end up paying less in interest over the life of your loan). Alternately, you could simply pay more than the minimum each month and watch the principal shrink.
• Transfer the debt: This one is apparently difficult to do—you’ll have to have solid credit—but it can save you some money in interest. If you qualify, consider switching your student debt to a private loan with a lower interest rate. This will allow you to pay less in the long term and might even let you pay it off faster.

The latest numbers on unemployment show that growth in the service sector has slowed since last month. Further, as government stimulus spending slows and census workers finish their jobs, hiring has slowed in the public sector as well.

And the unemployment rate is still hovering near 10 percent. All this, it seems, is making retailers nervous—if people aren’t getting jobs, they’re not likely to go around spending money.

Retail Innovations to Prompt Spending

In hopes of combating Americans’ reluctance to spend, many retailers have developed non-traditional schemes for getting us in their stores and buying their goods, according to the New York Times. Here’s a look at what various companies are doing and how those plans might affect you.

• Cardholder discounts: Sources note that Target plans to offer five percent , beginning this fall. This could prove beneficial for back-to-school shopping and even grocery purchases.
• Savings programs: Toys-R-Us has introduced a savings program that lets customers sock away cash to use on Christmas season purchases. One bonus here is that the retailer is actually offering an interest rate of three percent on all accounts. The dollars must be spent in the store, but the program has the potential to save shoppers money on interest rates they would have paid on credit card purchases.
• Giveaways: Both Office Depot and Staples are reportedly looking to lure customers in the store during the back-to-school shopping season. Office Depot, sources note, will sell certain supplies for less than a dollar and actually give other items away. Similarly, Staples apparently plans to price several items at a penny or a nickel and, to people who buy backpacks, offer gift cards with a value equal to that of the backpack.
• Loans: Perhaps the most surprising move is being made by Sam’s Club, which, according to the Times, has initiated a program that extends loans worth between $5,000 and $25,000 to members as a way to encourage spending. It seems that some people may be able to get such a loan (backed by the Small Business Administration) from Sam’s when more traditional venues (like banks and credit unions) turn them down. But taking out such a loan without specific spending and repayment plans is probably not a great idea.

So if you’re in the market for toys, office supplies or anything sold at Target, you may be able to cash in on some of these promotions—just remember to stick to what you need to avoid canceling the savings with extra spending.

In studies examining the causes of personal bankruptcy filings, researchers have found that medical bills are often a factor contributing to financial distress. And, while many of us understand how expensive medical care can be, we aren’t all taking some of the basic precautions we should.

A recent post from GetRichSlowly.org outlines some basic safety measures everybody can take around the home to prevent costly injuries, illnesses or home repairs—and their prices range from nothing to a mere $40. Here’s a summary.

• Stay on your feet. The Home Safety Council estimates that 5.1 million injuries each year are the result of falls in and around people’s homes. To keep yourself from contributing to this number, consider putting nonslip mats in the bathtub; turning on lights near stairways when using them; climbing only on ladders (and not furniture); and keeping paths clear through your house.
• Avoid poison. Apparently, more than two million poisonings happen each year in this country. To keep yourself and your family safe, post the number for poison control near the phone (and consider putting it in your cell phone as well); lock away medicines, cleaning supplies, and poisons; keep toxic substances in their original bottles with warning labels (or buy non-toxic brands); install a carbon-monoxide detector; have your house checked for radon (which can cause lung cancer but has no smell or taste) every two years; avoid mixing household chemicals; and choose child-resistant containers for medicines.
• Don’t feel the burn. Sources note that as many as 90 percent of burn-related injuries occur at home, which means that fire prevention is a must. To keep your household safe: make sure all smoke detectors have working batteries; invest in a fire ladder for any upstairs windows; stay in the kitchen when using the stove (and consider putting a fire extinguisher in there); keep space heaters clear of flammables and turn them off before sleeping or leaving a room; smoke outside and rinse ashtrays before emptying them; lock away matches or lighters so children can’t reach them; set your water heater to 120 degrees or lower; and be sure to blow out candles before sleeping or leaving a room.
• Don’t get choked up. Apparently, the best way to avoid choking incidents is to require kids (and adults) to sit down while eating, which allows them to chew and swallow more easily. Additionally, cut children’s (and your own) food into small, chewable bites. To minimize other household choking hazards, loop and tie strings for window blinds out of children’s reach; read labels on any toys, paying attention to intended age; keep cribs clear of blankets, pillows and toys; keep small items (anything that can fit in a toilet paper tube) out of kids’ reach; and cut children’s food into small, manageable bites.

As with many areas of life, a little money spent on prevention can save a lot of money down the road.

With unemployment and competition for available jobs as high as they’ve been for decades, many Americans are finding interview situations more stressful than ever. Luckily, there are ways to maximize your chances of making a good impression when meeting with a potential boss. Here are some tips, culled from around the web.

What to Say

• You understand what the company does. Before going on an interview, it’s important to prepare, so spend some time researching the company. You may want to explicitly state that you’re familiar with how the company works, but it’s also a good idea to prepare some questions about recent business activity to demonstrate your preparation.
• You’re flexible. In the digital age, things can change pretty fast. Letting your employer know you’ll be able to adapt to changes and take on new challenges as they arise is key for demonstrating your commitment to what you want to do.
• You have energy and a positive outlook. Rather than stating this explicitly, show your positivity during the interview by demonstrating enthusiasm about work-related topics, praising people you’ve worked with and discussing “challenges” you’ve overcome. Upbeat people can have a positive impact on a work environment.
• You’re experienced. Elaborate on items in your résumé to show off specific ways you’ve improved conditions in previous jobs, discuss work-related classes you’ve attended and mention some of your strongest skills.
• You work well with others. Very few jobs in the world require people to work in isolation, so indicating your ability to act as part of a “team” is a boon to your overall profile.
• You’re motivated. An employee who wants to succeed is more valuable than one who has to be pushed to do so. Indicate your drive and you’ll paint yourself in a positive light.

What to Avoid Saying

For a stellar interview, highlighting the above attributes may not be enough, so be sure to shy away from these blunders.

• Negative comments about previous bosses or colleagues: Badmouthing others reflects poorly on you. Frame any discontentment in a positive light by asserting that you’re ready for new and different challenges.
• Questions about your likelihood of fitting in: Instead, ask what your interviewer likes about the workplace. You’ll get the same information, but without being too direct.
• Questions about vacation: This suggests you’re less focused on the job than time off. Even if you are, you don’t want to give that impression in an interview.
• Your financial past: Most employers are not allowed to ask if you have filed bankruptcy, and a bankruptcy on your credit report usually cannot be factored in to an employer’s decision to hire you. If a potential employer asks if you’ve ever filed bankruptcy, simply inform them that you do not have to answer that question. The exception is jobs in the federal government or military. In that case, it’s probably best to be honest.

There’s nothing quite like the feeling of getting a really good bargain—which means, of course, paying less for something than that item is worth to you. But, on the flip side, there’s nothing quite like feeling like you’ve been ripped off, either. Luckily, there are some techniques you can use to maximize the value of your money and help make sure you don’t spend more than you want to.

In a recent post, the blog PTMoney.com offers some helpful techniques for making sure you get the best price available no matter what you’re buying.

• Learn the sale cycle: A quick Internet search can help you determine what times of year certain items go on sale. For example, new cars tend to go on sale at the end of December (when dealers want to make year-end numbers) and from July to October, when new models hit the lots. But other household appliances go on sale at predictable times, too, and grocery stores and other retailers discount different items each week. Pay attention to ads and promotions so you can stock up on your favorites when they’re cheap. Also look for retailers who are reorganizing during bankruptcy, as they may be more likely to have large sales.
• Buy used: Sites like eBay.com, Amazon.com and Craigslist.org have made shopping for secondhand items easier than ever—and the variety offered by online shopping outlets is unprecedented. Keep in mind, though, that it’s important to check a seller’s feedback to minimize your chances of getting a rotten deal.
• Shop around: Again, the Internet can be your best friend when you want to compare prices. Comparison shopping sites like PriceGrabber.com, NexTag.com and CheapUncle.com sort multiple online vendors for you, so all you have to do is choose the one you like most.
• Learn to bargain: While you can read entire books on learning to negotiate price, keep in mind a few tips: use cash, shop during slow times, be friendly but assertive, and do your homework. When a seller sees that you’re serious, well informed and ready to pay cash, he or she is more likely to work with you.
• Get a group together: Anything from health insurance to sports tickets can be less expensive when you buy as part of a group. And many web sites offer group discount information.
• Ask around: In the age of digital social networks, it’s easy to get in touch with almost everyone you know with a few keystrokes. Consider sending an email or posting to an online social network a question about a purchase you’re considering. You may get great advice from people who have already been there (and whom you already trust!).

As you may have noticed, there’s not exactly a shortage of things to do with your free time or free dollars (or not-so-free dollars, as the case may be). So here are some evaluations of the various choices we have when it comes to spending those two precious commodities.

Your Time: Speak Your Mind

In a post from the New York Times Bucks Blog, the author explains why filling out hotel surveys can be worth the time it takes. Here’s why:

• It doesn’t take long: When you receive follow-up emails asking you to rate a transaction or experience you had, you can do so in only a few minutes.
• It can get you free stuff: The Times writer complained about a terrible experience and was offered a free upgrade by the hotel in question.
• It can help you vent: Even if you don’t get any financial reward for complaining (or praising) a company that did you wrong, you may benefit from getting concerns off your chest.

Another technique you might want to try if you have some time on your hands is to write a letter of praise or thanks to a favorite company or the manufacturer of a favorite food. Often, manufacturers send coupons or vouchers in the mail in response – it’s not a guarantee, but if you love a product anyway, it could pay off!

Your Money: Gambling Doesn’t Pay

While you probably know that playing the lotto or hitting a casino is not the best way to make money, you may not be aware of exactly how much such ventures might cost you. Luckily, WalletPop.com offers a numerical breakdown of just how costly such pastimes can be.

Before buying your next lottery ticket or sitting down for your next hand of poker, consider this:

• The lottery: Your odds of winning, according to estimates, are slightly worse than one in 1.35 billion – and they don’t improve if you buy a second ticket.
• Blackjack: While this betting game apparently has slightly better winning odds than most, it still favors the house: for every dollar you spend betting, you’ll lose between 0.5 and 1.5 cents, meaning, of course, you’ll stand to lose more the more you bet.
• Slot machines: Ever heard the saying about avoiding the path of least resistance? Whoever coined that phrase could have had slot machines in mind – the easier something is to do, in general, the less payoff it stands to have. Sources estimate that players lose up to 15 cents per dollar spent. Ouch.

Think it’s any surprise that so many lottery winners end up filing bankruptcy within a few years of striking it rich?

If you’ve ever used the Internet to make financial transactions, you’re probably aware of some of the warning signs that you’re being scammed:

• Phishing emails that ask for sensitive personal or banking information
• Hyperlinks that lead you away from a retailer’s website
• Paid advertisements that offer too-good-to-be-true promises or opportunities
• Poor grammar and other stylistic flaws that hint someone other than an expert is behind a document

But, according to Consumerist.com, some online scammers are taking their fraud to whole new levels of believability. This means that, if you want to hold on to your hard-earned money, you must be more vigilant than ever in protecting it.

The Story: Believable eBay Fraudsters

The story recounted involves a woman who was attempting to buy a used camera lens on eBay. Here’s what happened:

• She read reviews: Once she found the product she wanted, the woman checked the seller’s customer ratings. They were overwhelmingly positive, so she continued.
• She checked out the store: The seller was linked to a real shop, and the link to that store’s site suggested it was a good source for camera equipment.
• She saw the contact was an email address outside eBay: This was a first warning sign: the seller (who was a fraudster) asked to be contacted at an address not affiliated with the eBay account.
• The auction wasn’t ended: Though the seller responded to the woman’s query, he didn’t terminate the eBay auction when she agreed to buy, which made her suspicious.
• She was asked to pay through Western Union: This was a huge red flag. Making payments to someone you don’t know through Western Union or any money wiring service is never a good idea.
• She went to a customer service chat: This is perhaps the most disturbing part of the story: when the woman had questions about paying by money wire, the scammer directed her to an online customer chat room. The site apparently looked legitimate and the live person who helped her assured her nothing was amiss. However, it wasn’t legitimate.

The customer service chat told her that the auction came with eBay’s “Buyer Protection Program” and eBay would automatically refund her purchase if anything was wrong.

The buyer had also received an email that the listing had been pulled because the account was compromised—a clear sign that something was amiss. The customer service agent explained that this email was sent because the seller ending the auction early to accept her Buy It Now offer. All in all, the experience left her with more doubt.

Luckily, the woman in this story remained suspicious about the Western Union payment request, because eBay’s site specifically warns against paying by wire transfers. But it’s not hard to imagine that others will be fooled by such an in-depth, high-tech scam. In this case, a legitimate seller’s account has hacked by a scammer, giving them the perfect cover to prey on buyers.

When shopping or conducting any financial transactions online, go with your gut instinct: if something feels wrong, don’t follow through.  Being lured into a scam can lead to financial trouble, and even bankruptcy if the scammer get access to enough information.

A recent article from CNNMoney.com reports that those interested in working this summer would be wise to start the process of finding employment now. According to sources, a poll of hiring managers shows that nearly half are not planning to take on any new staff during summer months, meaning that finding a job this summer should be as tough as it was a year ago.

But, if you’re committed to getting on a career path and setting yourself up for financial independence and the future of your career, pursuing a summer job may be in your best interest. Here are some tips and online resources to guide you.

What to Keep in Mind

With million of Americans out of work and on the verge of bankruptcy, job competition is stiff. When looking for temporary work, there are a few key techniques experts recommend:

• Start early: Sources show that last year saw a record low 28 percent of 16-to-19-year-olds were able to find work last summer, and the economy is still hurting. So if you’re looking for work, begin the process as soon as possible (even if you’re not in that age group).
• Be flexible: Consider applying to as many positions as you can and don’t be too choosy if you’re offered a job that’s less than your ideal. Any job experience is better than none, and you never know what skills you’ll develop or connections you’ll make.
• Use your network: Don’t hesitate to ask friends and family members for help with your job search (and use both online and offline networks). Ask around about who’s hiring and what positions might be open – many employers prefer hiring someone they know (even a little) to taking a risk on a stranger.
• Adjust income expectations: Chances are, if you land a job for the summer, it won’t be a high-paying one. But remember that even low-paying gigs, volunteer work and internships can be excellent opportunities to make connections and learn skills that will benefit you down the road. And, in tight economic times, an internship in your dream field may be better than paid work you don’t enjoy.

More Online Resources

To get started looking for work during the summer months, the following sites might help:

• SnagAJob.com: This site offers loads of information about how to find jobs, how to put together a résumé, what jobs are available in your area and more.
• Indeed.com: This search engine lets you browse available positions.
• Internships.com: If you’re looking for unpaid work, this is a good place to get started.
• Jobs.Change.org: This site allows you to browse available positions at nonprofit groups.