A recent study published by Fidelity Investments finds that, though about two-thirds of parents report saving money for their children’s college expenses, fewer than ever are likely to have enough to cover the cost of higher education.

The numbers paint a vivid picture of how the cost of college has changed over the last few years:

• In 2007, when Fidelity first conducted its study, only 58 percent of parents noted that they had begun saving money for their children’s education.
• More than 50 percent of parents who have children younger than five are still repaying their own student loans.
• Almost half of parents with young children are forking over about $576 each month for education or daycare costs for their kids already.
• In 2007, only 27 percent of parents with very young children had started saving for college; today, that group has grown to 40 percent.
• Based on expected and average savings rates, the average family today will be able to afford a mere 16 percent of college costs for its children. In 2007, the average family could afford as much as 24 percent.
• Since 2007, the cost of college has ballooned by 26 percent.

So, to summarize: more parents are saving money than before, but that money won’t go as far as it did in the recent past, thanks to ever-rising college costs.

Affording College

College can present some major financial conundrums for a family of modest means. After all, the statistics about college educations seem to argue both in favor of and against getting an advanced degree:

• Earnings potential: Most studies find that, despite rising education costs, college graduates have the potential to earn more over a lifetime of working than those who skip college.
• Student debt: The average college grad these days hits the job market with close to $20,000 in student loans. Considering that those loans are not dischargeable in bankruptcy and that the unemployment rate is not coming down, that debt could mean big problems for recent grads.

Still, there are intangible benefits a college degree can offer. FiveCentNickel.com suggests some unconventional college payment strategies for parents trying their best to help their kids thrive:

• Seek small scholarships. Though offers for hundreds of dollars may seem paltry compared to the total tuition price tag, admissions counselors may smile on the extra help and offer more aid. Give your kid the job of seeking out and applying for these scholarships during high school.
• Consider Advanced Placement (AP) courses. Offered free at high schools (plus a small fee to take the final test), these are accepted as credit at many universities.
• Consider other credit options. Classes at a local college or community college during high school can help your kid get general education credits out of the way for less than they’d cost at a four-year university.
• Think about transferring. Living at home may not appeal to your child, but offer a compromise: live at home and attend a community college or state university for a year or two to save money, and then go away for the remainder to get the “full” college experience.
• Push jobs. Asking a child to work part-time to help with expenses is a great way to help him or her learn how to handle money.

The path out of debt can be long and bumpy. For some people, that path is also a bankruptcy-recovery road; for others, it’s a road designed to avert bankruptcy. Wherever you are with your debt, it’s always useful to take stock of what you’re doing and see what options you have for turbo-charging your savings and debt-repayment strategies.

Here’s a look at some Internet-culled tips for blasting through what you owe and stockpiling what you’ll own in the future.

Part One: Delay Gratification

In order to eliminate debt and set yourself up for strong finances in the long term, delayed gratification is a tool you’ve got to have. Get better at making smart financial moves by:

• Knowing your future self. Having specific dreams and goals for the you of five and 10 years in the future makes saving and debt repayment into a more concrete business. Saving money may be easier if you’re saving it for a specific goal.
• Distract yourself. Fixating on what you can’t have (or shouldn’t spend money on) might drive you crazy. Next time you’re dwelling on the impossible, walk away and immerse yourself in something (free) that you enjoy.
• Treat yourself. Excessively restrictive budgets wear people down. To maintain a budget in the long term, it has to have a little bit of flexibility. Make sure you spend a little money on something that pleases you on a regular basis.

Part Two: Pay Down Debt

Once you’re in the right mindset, the twin objectives of eliminating debt and saving money may seem more manageable. When focusing on debt:

• Write everything down. If you haven’t gotten into the habit of checking your credit report regularly (at AnnualCreditReport.com), now’s the time to get started. The only way you’ll have a truly realistic repayment plan is if you know exactly what accounts you have.
• Forget minimum payments. Paying only the minimum on debts each month will put you in a cycle of debt that’s very difficult to escape. Instead, consider a debt-blasting strategy like the snowball or the credit crunch.
• Find extra money. Whether it’s from a garage sale, an inheritance, freelance work, a raise at work or something else, use extra money wisely. That is, put it toward your debts.

Part Three: Save Money

The Internet abounds with tips and tricks for saving money. Still, the best and most inventive bear repeating. They include:

• Save at work: If your employer offers matching donations or pre-tax savings plans, take advantage of these, which essentially amount to extra income.
• Save when you shop. Leave credit cards at home, use a list, ask for a discount, haggle with vendors and use coupons. We all have items in our fridge that get thrown out and items in our closets that don’t get worn – try to eliminate those knee-jerk purchases!
• Save on gifts. Simply writing down gift-giving holidays on a calendar can help you plan and prepare for these occasions. Consider opting for no-gift holidays with some groups (this works well with older family members, especially those who have to travel to be together) or learning how to make homemade gifts.

Financial stability may be a destination, but it’s always a moving target. Establishing sustainable behaviors as you eliminate your debt will help you maintain financial health in your later life!

Anyone who has considered filing for personal bankruptcy as a way to eliminate debt should already understand the importance of budgeting. But even if you’ve never submitted a bankruptcy petition, there’s a chance you could benefit from brushing up on your budgeting skills.

So what more can possibly be said about budgets? Plenty, it seems. After all, millions of Americans are still overextended on credit cards, losing their homes to foreclosure and/or struggling to find enough work to sustain their families. Figuring out how to spend and save money is no small feat.

Find Your Budget Balance

Here are some tips to consider when you decide you’re ready to create and stick to a budget that will actually work.

• Simplify. Elizabeth Warren, head of the Consumer Financial Protection Bureau, has suggested a super-easy outline for personal budgets that consists of three tiers: needs, wants and savings. The “needs” category (which includes shelter, groceries, basic clothing, utilities, health expenses, transportation, etc.) should take up about 50 percent of a person’s income; the “wants” category (which includes things you don’t need to survive) should take up about 30 percent of income; the “savings” category (which includes paying down debt) should account for the other 20 percent.
• Personalize. Whether or not Warren’s method appeals to you is a matter of personal taste. If it doesn’t, spend some time browsing the web for other budget outlines – there are hundreds of them. Determining which one works for you is a matter of appraising your personality, spending habits and goals. But don’t be afraid to tweak whatever budget plan you choose: remember, this thing needs to work in your life.
• Rethink budgets. Rather than thinking of a budget as something that limits how much you spend, think if it as a roadmap for where you want your money to go. You should send some of it to your future self so you don’t have to work your whole life (we call this “saving”). Some of it you have to trade for necessities like water and housing. And the rest of it can be used to buy things and experiences that make you happy.
• Think long term. Some experts recommend making a budget based on your yearly needs to start and then breaking the numbers down for a month-by-month look. Why? This method takes into account infrequent expenses like taxes, holidays and vacations that might not show up in month-to-month plans.
• Think big. While you’ve got the big picture in mind, don’t forget to sweat the big stuff. While cutting out your daily latte might help you shave away at your expenses, planning ahead to get a good deal on a car or a house can help you save huge chunks of money.

Remember: balancing your budget is just one part of balancing your life. Think of managing your money as one step along the road to achieving overall calm and control in your world.

One of the most frustrating stumbling blocks for those of us working to eliminate debt or recover after a bankruptcy filing is when things break – that is, when we have to go out and buy something that just yesterday worked fine and dandy and didn’t cost any of our hard-earned money.

Luckily, small bumps in the road don’t have to ruin your budget or send you running to your emergency fund. Here are some tips I’ve learned for spending very little on essentials.

Buying Secondhand: When It Makes the Most Sense

Secondhand shopping is not a new strategy for saving money, but it’s more effective for some things than others. The following are some of the easiest (read: hours of your life won’t be wasted sorting through shelves) and most effective (read: you won’t have to go out and buy another one after the first breaks) things to buy used.

• Kitchen appliances: I bought a blender for two dollars a few years ago and have used it continuously without any glitches. It’s not fancy and it’s not shiny, but it blends a mean milkshake whenever I ask it to. And coffee makers? I’ve never been to the kitchen goods section of a secondhand store that didn’t have at least a dozen. This is good whether you need a new machine or just a replacement pot (yes, that glass can break easily).
• Kitchenware: While I wouldn’t buy baking sheets or Teflon pans secondhand because of health concerns, I love buying used dishes, cutlery and utensils. In gourmet kitchen supply stores, these things can cost serious cash, but go secondhand and you’ll pay pennies on the dollar. Bonus: outfitting your kitchen with the right tools might help you cook at home more (and thus save more money!).
• Kids’ and babies’ clothes: If you’ve got the time and stylistic inclinations to shop secondhand for yourself, too, I say go for it. But if you don’t, take advantage of the wealth of secondhand clothing for children and babies. You can see thrift shops as a source of primary attire or a way to supply your children with dress-up clothes, play clothes and anything they’ll outgrow quickly. The savings add up fast.
• If you must buy books (rather than borrow them from the library), always go used. In fact, browsing used bookstores doubles as free entertainment for book-lovers and may, dollar for dollar, be one of the cheapest thrills around.
• Accessories: In the era of Target, it’s all too easy to outfit yourself in the same (admittedly cute) stuff everyone else is wearing. Stretch your wings and check out consignment jewelry and accessories. Don’t be surprised if you start getting lots of compliments.

One effect the Great Recession has had on the United States is that being frugal has become fashionable again—which is just fine in my book. As part of my usual perusal of various frugality and personal finance resources, I have explored some familiar and less familiar ways of saving money on groceries in an effort to answer the question of whether or not a the elusive free lunch exists.

The Method: Extreme Couponing

• Time commitment: Pretty high, at least at first. In order to get the sort of extreme deals we all hear about on TV and online, you have to learn the coupon policies at various retailers, figure out sale cycles, sign up for circulars or newspapers, and actually clip coupons (in most cases).
• Savings potential: High—it’s not hard to find stories about people who get toiletries for free and giant tubs of pasta sauce for less than ten cents.
• Other considerations: If you have food allergies or an otherwise limited diet (e.g. if you’re vegetarian, vegan, on a low-sodium diet, etc.), coupons are often less useful, as the best deals tend to be on non-specialized foods.
• Free lunch? Maybe not. But free toilet paper, toothpaste and shampoo seem like a definite possibility.

The Method: Dumpster Diving

• Time commitment: Variable. Divers have to find dumpsters with viable food products, scout out times of day when “diving” is unlikely to disturb anyone, and possibly deal with objections from the owners of the establishments connected to the dumpsters.
• Savings potential: Very high—after all, what you pull out of the dumpster is completely free.
• Other considerations: The obvious ones jump to mind here: overall unpleasantness of looking for food among garbage, the potential to find spoiled goods, the moral dilemma many face when considering dumpster diving. In a country that wastes an estimated 40 percent of its food supply, some argue that it’s silly not to dumpster dive; however, the other side contends that those who can afford food should pay. Plus, all the same pickiness considerations listed above apply here.
• Free lunch? Possibly. But it may not be well-balanced or especially fresh.

The Method: Foraging

Our hunter-gatherer ancestors knew about this technique long before Sunday circulars came out with glossy sales from week to week. But can modern-day, city-dwelling humans get enough calories from wild foods alone?

• Time commitment: High. Foragers need to spend serious time studying plants in their area and then actually go out to look for the food. Plus, preparation is important, as some wild foods taste unfamiliar to our palates and must be cooked just so.
• Savings potential: Extremely high. This stuff is just growing and nobody’s asking for payment.
• Other considerations: On the plus side, foraging can be a fun outdoor activity that can double as exercise. On the minus, less-than-careful foragers risk eating poisonous foods and seriously injuring or killing themselves. See time commitment.
• Free lunch? Possibly. But you’ll have to spend some time gathering it and some more time cooking it.

The Method: Gardening

• Time commitment: Variable. Depends on the season and type of crops.
• Savings potential: Moderate. New gardens in particular take a little money to get started, but, if done right, most can let growers break even or go into the black.
• Other considerations: Again, the outdoor time can provide amusement and exercise. Plus, gardens can introduce new (healthy) flavors to your plate.
• Free lunch? Nope. But probably a delicious one.

Last time gas prices peeked above four dollars a gallon, people adjusted their driving habits so they’d use less gas and save more money. Now it seems that pricey gas is again a reality for most of the country. And, in case you’ve forgotten what it takes to keep your gas mileage as low as possible, here’s a crash course.

Drive Smart

I’ve found that one of the least satisfying things to spend money on is gas – you never really get to see it and you don’t have much choice about what kind to get. To minimize the pain caused by forking over cash for gas, the website FuelEconomy.gov outlines some tips to cut your total number of trips to the pump by maximizing your car’s efficiency. These include:

• Observe the speed limit: Driving the speed limit (and not exceeding 60 miles per hour in general) can save an estimated 27 to 87 cents per gallon, depending on your car.
• Drive sensibly: Don’t accelerate or brake more than you need to – speeding and slowing gradually are safer for you and other drivers and can save you between 19 cents and $1.25 per gallon.
• Keep it light: Extra weight in your car can end up costing between four and eight extra cents per gallon.
• Use your tools: Cruise control and overdrive gears can help maximize your fuel efficiency on the road, and refraining from idling your engine can prevent you from getting a disappointing zero miles per gallon.

Keep Your Car in Shape

Another way to save money on gas is to make sure your car doesn’t fall into disrepair. While taking the car in for work may seem like the last way you want to spend your money, staying ahead of problems (and addressing issues when they’re still small) can save serious money in the long run: bigger problems often cost bigger money to fix.

• Get the engine tuned: Depending on what’s wrong with your engine, you could stand to improve your fuel economy by up to 40 percent by getting it fixed, according to FuelEconomy.gov. But even minor engine problems can end up costing several cents per gallon in gas.
• Keep your tires inflated properly: Over- and under-inflated tires can be dangerous and inefficient. Next time you’re filling up at the pump, check your tires’ air pressure to see whether you need a change.
• Use the right stuff: Check your car’s owner’s manual for guidance when picking motor oil and gasoline to make sure you maximize the efficiency of your vehicle.

Even taking steps as small as planning and combining trips can help save money on gas (and on groceries – the less you shop, the less likely you are to spend). Better yet, try carpooling, biking or walking when possible.

We all know that making money is hard work, so when we have to spend it, we like to do it as smartly as possible. That is, we like to pay as little for something as we can so we can hang on to more of that hard-earned dough.

With that in mind, here are some spending and saving pointers from around the web to help you maximize your value-per-dollar in your everyday expenditures.

Silly Wastes of Money

A recent post from Moolanomy.com highlights some silly mistakes that end up costing money we don’t need to spend (and how to avoid them). They include:

• Paying full price: Between sales, coupons and bargaining, you shouldn’t often pay full price for what you buy. From credit card rates to medical bills to Internet costs to grocery items, there’s nothing immune to the power of discounts. Remember: if you ask for a discount, the worst anyone can say is “no.”
• Eating on the fly: If you aren’t planning meals in advance, you run the risk of turning to expensive restaurant or convenience foods, which can seriously dent a person’s budget. Even if you don’t have much experience (or time), you can find recipes online designed to help people prepare meals quickly and easily.
• Ignoring your finances: Debt will not go away if you ignore it, but your money might. Not knowing how much money you have in a checking account or not checking your credit report regularly could lead to high bank fees or interest rates when you take out loans. Set time aside to check your accounts regularly and you’ll likely find that you’re more careful when you spend.
• Paying anything when you could pay nothing: Places like libraries are great sources of free entertainment in the form of books and DVDs (and often, classes and entertainment series). Lots of restaurants and museums have free days for kids or times when menu items or admission is steeply discounted. Read up on what interests you and take advantage.
• Buying convenience items: Single candy bars and bottles of soda from vending machines cost far more than they would if bought in bulk at the grocery store. The same holds true for pretty much anything you can buy in a gas station or convenience store. To save even more, limit purchases of junk food items to rare treats.
• Paying interest: Interest can be a great money-maker – if you’re earning it instead of paying it. If you carry a balance on your credit cards, set a goal to get rid of it, because paying interest on long-ago purchases is one of the silliest ways to waste your money.

Those of us who have struggled with debt and are trying to build and maintain healthy finances know that there are thousands of tips and suggestions for saving our money and spending it more wisely – but, as many of us also know, not all of them work.

And furthermore, what works for some people won’t work for others. So what’s a well-intentioned would-be saver to do? For starters, here’s a look at some money-saving tips that have been cited as not-so-hot by Credit.com.

Ditch these Money-Saving Tips

• Don’t spend any money at all. Unless you live on a self-sustaining farm-and-woodlot and can make your own clothes out of miff-muffered-moof (to quote Dr. Seuss’s The Lorax), trying to spend zero dollars is a bad goal. Why? Because you won’t succeed – and not because you’re bad at saving. Just as expecting yourself to eat a completely fat- or carb-free diet will eventually lead to a binge of some sort, trying to spend nothing will likely lead to a spree. Instead, set a goal of spending less for specific things you overspend on (like alcohol, meals out, or designer coffee).
• Join a savings club to buy in bulk. Many of these clubs charge annual fees. And many tempt us to buy stuff we never would otherwise. Unless you’ve crunched the numbers and determined that you can save money on an annual basis by joining a savings club, stick to the regular stores.
• Take advantage of credit card transfers. If you’re looking to decrease interest payments by transferring credit card balances, you may be getting into a risky little game. Remember that most balance transfer offers come with limits on their low interest – if you can’t pay off the balance in that time, you may not save any money at all. A better deal? Devise a plan to snowball or crunch your credit card debt.
• Make your own clothes. This has so much potential to fail: startup costs (sewing machine and classes, anyone?), time costs (measuring, cutting, buying fabric, finding patterns, measuring, measuring, measuring…), and upkeep costs (for fabric, patterns, thread, and the machine) generally make this a bad money saving idea for non-experts. Instead, try shopping secondhand and learning to mend your own clothes, which can make old stuff last longer.
• Spend more on home comforts to save on going out. This argument can be made for cable subscriptions, a sound system, furniture or even home itself. But it’s too easy to use it to justify behavior you want to do regardless of its cost. As with any major money decision, make sure you do the math to figure out how much you will (or won’t) save before you take the plunge.

It’s been a while since I’ve posted a list of pure money-saving tips, so I figured now was the time to offer some refreshers. Every so often new frugality hacks crop up, and it’s fun to take stock of where you are and see what else you can do to keep your budget on track and your savings account well padded.

So, without further ado, here are some timely money-savers (in part culled from the Consumerist) for all sorts of folks.

• Cut your gas bill: With gas prices on the rise once again, this post about saving money on gas struck my fancy. Some of the highlights: don’t top off your tank, drive as smoothly as possible, don’t idle your engine and plan errands so you drive as little as possible.
• Grow your own veggies: I admit that I have never been the best gardener, but this tip for growing sprouts on the windowsill was so easy I hardly had any opportunity to mess it up. Sprouts are by no means the only food you can grow in your home, and growing even a few herbs or veggies can mean a significant reduction in your grocery bill.
• Learn to make some household necessity yourself: Whether it’s salad dressing, laundry detergent or bread, working from scratch will usually mean serious cost-cutting.
• Cook double portions: We all know eating at home is much cheaper than eating out, but it sure does take time. Next time you start chopping and mixing, double the recipe and put half in the freezer for later – that way you’ll save yourself time and money.
• Strike fear in the heart of your cable company: If you aren’t actually willing to trim your TV service, call your provider and say that you’re considering canceling your subscription on account of the high cost. See whether you can negotiate a lower rate.
• Get a roommate: In addition to cutting your rent in half, you’ll have twice as many books and DVDs to choose from when you need some cheap entertainment!
• Search for discounts: Never make an online purchase without scouring the web for coupon codes – often, you’ll be able to find free shipping at the least.
• Nose out some freebies (or at least discounts): Write thank-you notes to the makers of your favorite products and you’ll likely get some sort of “you’re welcome” present in the mail that could end up saving you money at the grocery store. Sound like a waste of time? It shouldn’t take much longer than sifting through coupons for the ones you need!
• Read customer reviews: It may sound like a no-brainer, but you can avoid a lot of buying mistakes by taking a moment to see what other buyers have to say before you finalize a purchase.

Have any other great tips to share? Leave them in the comments below!

Graduating from college and working your first “real” job can be an exciting time – for many young people, it’s their first experience with significant disposable income (and serious bills to pay). So if you’re a recent college grad or you have one in your life, consider passing on these financial tips to help make sure money troubles don’t come knocking at the door.

Strengthen Your Finances after School

Here’s a look at some common financial myths college graduates tend to fall for – myths that can set them up for money troubles (like debt, repossession and bankruptcy) down the road.

• Myth: There’s no need to save money if I have no concrete financial goals. Truth: Even if you don’t have specific goals, it’s important to have a savings cushion for emergencies (including car repairs, illness, injury, job loss, etc.). Many first-time earners fall into the trap of thinking that, because they’ll likely make more money as time passes, there’s no need to save now. But if the current employment atmosphere has taught us anything, it’s that guaranteed future earnings don’t really exist anymore, and the people who best handle down times are those who saved consistently when times were good.
• Myth: I can save money when I make more money. Truth: Saving money (just like eating well and cleaning the house regularly) is a habit that needs to be nurtured as early as possible. Think about how much more money you make now than you did at your first part-time job – back then, you probably thought you’d save more once you made as much as you do now. And your future self will likely not want to save any more than your present self does. Too confusing a mind game? The lesson is simple: start saving now, and you’ll stick with it.
• Myth: Time is money. Truth: Convenience is for the rich; the rest of us shouldn’t be paying for stuff we can do ourselves. I know someone who got into the habit of buying pre-hardboiled eggs at the supermarket, which cost 50 cents each. A dozen eggs can cost less than two dollars and boiling them only takes about 20 minutes – that’s a big price leap for some pretty minor convenience. Bonus: if you think you don’t have any money to save, try cutting out some of your conveniences, and kill two birds with one stone.
• Myth: I have no time for a side gig. Truth: If you’re single and childless, you’ll never have more time than you do now for a side gig. Track the time you spend on Facebook or watching television and you’ll see that, if you’re really interested in earning a second income, you could probably find ample hours to do it.
• Myth: Saving is something cheap people do. Truth: Saving is something smart people do. If you don’t like paying more for things than they’re worth, you should be saving money. Otherwise, you may end up having to charge things to your credit card and, with interest, you’ll eventually pay well above sticker price for whatever it is you purchased.

Have any tips to share? Leave them in the comments below!

One essential tool for anyone recovering from bankruptcy or trying to build stronger finances is a budget. It’s not a sexy word (though budgets have become slightly hipper since the recession spurred an upshot in prideful frugality), but it’s part of life (or should be) for anyone trying to dig out or stay out of debt.

But where can a person start to build a budget that can offer lasting financial guidance? Here are some options.

Go Digital with Your Budgeting Tools

• Automated online budgeting: Web sites like Mint.com offer a bevy of free online budgeting tools. In order to use them, you enter your bank and account information and the web site provides organization, categorization and tracking services. This may be a great tool for people who want their budgeting to be as easy and hands-free as possible.
• More interactive online budgeting: As this budget commentary from the New York Times points out, though, some consumers may be wary about entering so much personal information on a third party web site. After all, the more you spread your sensitive information, the more likely you are to have an identity thief steal them, right? If you’re interested in a less intrusive online tool, check out the new Doughhound.com, which does not require any account information to start an account. The downside of this system is that you have to enter transaction and sorting information yourself, which will take more time.
• Ordinary spreadsheets: Alternately, you can keep your budget information to yourself entirely by creating a spreadsheet on your personal computer. The disadvantage here is that you’d have to do all the setup work, but if you’re handy with Excel, you could create something to exactly suit your needs.

The Key of Successful Budgeting: Do It

Whatever your budgetary poison, though, the most important thing about creating and sticking with a budget is to actually do it. That means:

• Track your spending: For one month, figure out exactly what you spend.
• Know your income: If you’ve got multiple sources of income in your household, make sure you take them all into account when figuring out this side of the equation.
• Sort your expenses: Once you see what you spend, figure out where and why you spend it.
• Cut your expenses: The next step is to find places where you could drop less cash than you currently do (especially if your monthly expenditures outpace your income).
• Set some goals: Finally, make sure you include in your budget categories for savings and retirement accounts. Once you’ve got the basics, you can add other savings piles: for vacations, major purchases and other rewards.
• Don’t get lax. A budget, like a bankruptcy filing, is not a one-time fix. Both require you to continually renew your commitment to financial responsibility in order to meaningfully help you eliminate your debt in the long term.

Think it’s impossible to trim thousands of dollars from your budget? Think again. A recent video on WalletPop.com offers a variety of cost-cutting measures designed to help you save a whopping $4,000 in 2011.

The video’s suggestions are intriguing because they present specific behaviors to change and what making that change can save you – in dollars and cents.

Here’s a look at how you might be able to put aside a serious chunk of change this year.

• Give up bottled water. It’s expensive and it’s terrible for the planet – all that plastic! Instead, invest in a reusable water bottle and a pitcher to filter your tap water. These two may cost more initially than a single bottle of water, but the savings in the long-term is substantial. The video suggests that regular bottled water drinkers could cut more than $500 from their budgets by switching over.
• Cut the cord – to your cable subscription. This one surprised me with its high savings potential: The video suggests that, by eliminating your cable TV channels, you can save more than $800 per year – even if you start subscribing to NetFlix or a similar service to make up the entertainment gap.
• Find free (or cheaper) parking. On a recent trip to Chicago, I found that parking in the hotel’s lot would run about $100 per 24-hour stay – and if I stayed an extra hour or two, that price jumped significantly. Luckily, with a little online research, I found a much cheaper parking lot in easy walking distance and saved myself a pretty penny. You can do the same any time you hit a restaurant or other venue with valet parking – do some homework ahead of time and save yourself some serious cash, usually by adding only a small walk to your night.
• Cut your own vegetables! I know that those bags of ready-to-steam broccoli are much sexier than the large broccoli crowns a few feet away, but have you ever compared the prices? Pre-chopped or otherwise prepared food can cost twice or three times the amount of untouched stuff. And once you do a few practice chops, the process of slicing and dicing can go very quickly.
• Take care of your car – but not at the dealer. If your car needs work, be sure to get an estimate from at least two places before making an investment. While the sense of trust you can get from going to the dealer is hard to beat, the prices dealers charge are not. Take the time to look at reviews of local mechanics online and you can save yourself hundreds (or even thousands) of dollars.

While some of these tips may not apply to you, their underlying message still can: to save yourself money, avoid convenience whenever possible. The easiest option is usually more expensive than one that requires an extra step or two. But guess what? Doing a little work to save that money makes the savings that much sweeter!

If you’re among the millions of Americans who made a New Year’s resolution to eliminate or reduce your debt, you may be feeling overwhelmed by the amount of work involved in actually becoming debt free.

Luckily, for those of you serious about revamping your finances this year, there are plenty of online resources to help you get there. Here’s a look at some you might be able to use, no matter what your 2011 financial goals.

Eliminate Debt

A recent post from WalletPop.com offers ten pointers on eliminating debt in the new year. Some highlights:

• Ask your credit card issuers for a lower interest rate. According to the post, many new credit card customers are being offered lower interest rates than many current customers get, so go online, find out about current deals and ask for a new rate yourself.
• Take advantage of “debt math.” The new consumer protection laws passed in 2009 required a little box to be displayed on credit card bills that shows how long it would take to pay off your obligation by making only the minimum payment each month. Take advantage of those calculations to motivate yourself!
• Buddy up. Get your friends or family members on board with your financial revamping for added support.

Organize Your Finances Online (for Free)

You’re trying to stop spending your money, right? So why should you have to pay for financial advice? According to a recent post at 20somethingfinance.com, you don’t – plenty of online financial information is absolutely free, including:

• Personal finance software. A number of web sites are devoted exclusively to helping consumers organize their financial lives.
• Free tax software. Why hire an accountant when you can go online and get walked through the process of filing taxes free of charge?
• Free credit report. If you still haven’t visited this web site to check out your official credit reports (for free!), you’re missing out. Log on today to see what lenders see when they consider lending you money.

Save Money in Surprising, “Hard Core” Ways

If you’re in the game of getting out of debt, you’ve likely heard most of the typical money-saving tips over and over, but this post on cutting spending actually had some tips I’d never heard before. My favorites?

• Make your own reusable “paper” towels. The writer recommends buying a few yards of white flannel for less than ten dollars, cutting them into paper-towel-sized squares, loosely hemming the edges and using them over and over. I love that this is eco-friendly as well as good on the wallet.
• Don’t buy new. Unless you’re giving a gift, learn to shop used. It’s amazing how much you can save by being patient and shopping around.
• Leave your comfort zone. I ventured into my town’s international grocery for the first time this week, and found amazing savings on lots of my favorite foods. Of course, this store’s prices for other things were not as good as elsewhere, but for international-type ingredients, it can’t be beat. It’s my new favorite place to shop!

Now that the coziness of the holiday season is about over, many of us might need an extra boost to our home’s heating system to keep out the winter chill – and fortunately, there are ways you can keep yourself from freezing without cranking up the heat (and the heating bill).

Here’s a look at some familiar (and not-so-familiar) tips on staying warm without touching the thermostat or busting your budget (adapted from WiseBread.com).

• Mend the cracks: Check your windows and doors for gaps and find ways to close the space between the warm inside air and the cold stuff outside. This might involve caulking, sealing windows, or simply tucking old towels or rugs into gaps. Keeping the hot air in and the cold air out can head off temperature problems before they start.
• Pad the floors: There’s a reason linoleum often feels cool and refreshing in the summer (and bitter cold in the winter): it has less insulation than carpeted floor. If you don’t feel like springing for wall-to-wall carpet, try spreading some rugs around and wearing slippers with thick soles. Both can keep the cold from getting to your chilly bones.
• Put on layers: This may sound obvious, but it is one of the most effective ways to keep yourself toasty in cooler temperatures. I suggest at least one body-hugging layer underneath whatever else you wear, and I am not above wearing hats in the house (who’s going to see me, after all?).
• Move your body: This one can work as a double- or triple-whammy. Nothing gets a person warm like some good old-fashioned exercise, which you can get from dancing, cleaning vigorously, running up and down stairs for a few minutes, or doing a couple jumping jacks. You only need a few minutes of exercise to get the blood pumping, and the movement should be good for keeping you focused on whatever else you’re doing, too.
• Choose your foods & drinks wisely: Tea, oatmeal, soup, coffee – all of these are cheap, quick ways to keep yourself warm from the inside out.
• Get cooking: Spending some time in the kitchen has a number of heat-boosting rewards: you’re in motion chopping and stirring, you get to spend time near the hot oven or stove, and you get to eat whatever warm and delicious creation you end up with. Plus, cooking food at home is a great way to save money, since takeout and restaurant food come at an extreme markup.
• Make a cave: If you’re spending time in primarily one room of your home, consider getting a space heater for that area and blocking it off from other rooms. This allows you to keep one area pleasantly warm without spending the kind of money it would take to keep the entire house that way.

Winter may seem like a desolate and chilly time, but it’s also a great time to experiment with clever ways to cut costs. And just think what a warm, fuzzy feeling you’ll get when you open your heating bills!

I’d like to take this post to highlight some stellar financial tips I’ve seen around the web in the past week or so. At a time when holiday stress is beginning to ratchet up, I thought a light reminder of how to keep financially sane would be welcome. So here’s a look at a few tips and tricks to help bolster your finances.

Your Credit: Why It Keeps Mattering

Not to be a Grinch, but it can be easy during the holidays to give into the “holiday cheer” mentality of buying stuff we can’t afford (for others!) on credit, telling ourselves that we’re doing it in the spirit of the season.

But this recent post from WalletPop.com reminds us why it’s always important to keep your credit health in mind.

• Landlords like to check: Because it’s difficult to evict tenants (even those who don’t pay their rent), landlords may be less willing to rent to you if you have poor credit, which can make finding a good apartment tough.
• Utility companies might want more money: If you have a history of late or missed payments, utility companies may ask for a larger security deposit upfront (ouch).
• Car costs can skyrocket: Bad credit can make a car loan more expensive and cause you to pay extra for car insurance.

Keep this in mind as you cruise the mall this holiday season!

Credit Card Transfers: Could They Help Your Credit?

On a related note, another post from WalletPop.com explores the question of when and how a credit card balance transfer might help (or hurt) your credit score.

Here’s a brief overview – the full article is lengthy and very helpful:

• What is a balance transfer? It’s exactly what it sounds like: when you transfer the money you owe on one credit card onto another credit card.
• Why do people transfer balances? In a worst-case scenario, someone struggling with debt might transfer a balance from one card to another without being able to make significant progress in paying down the debt. In some cases, though, balance transfers can be used strategically to lower the total dollar amount a person pays and even (according to the post) to improve a credit score.
• Should I consider a balance transfer? Again, the best way to answer that question is to read the article linked to above. Keep in mind that you should be absolutely sure you understand your long-term plan for paying down the debt if you do choose to transfer a credit card balance.

Tips to Save Money Around the House

Last but not least, a post at Bargaineering.com offers some great tips for saving money around the house. If you’ve had enough of spending and donating (and who hasn’t at this time of year?), these might provide you with some welcome financial relief.

The tips aren’t groundbreaking, but they’re all pretty easy to enact, which means you stand to save some money without working too hard – and I think we can all agree that that sounds good.