The Credit Card Accountability, Responsibility and Disclosure Act (commonly referred to as the Credit CARD Act) passed in 2009 has been lauded as a big step forward for consumer rights. After all, the law took aim at many unsavory practices that had become common on the part of credit card issuers.

But, despite the lawmakers’ best intentions, some of the law’s provisions haven’t been explained with complete clarity in the media. Here’s a look at some important legal loopholes that might affect your next credit card statement.

Balance Increase Notices

Before the passage of the Credit CARD Act, issuers were, in many cases, allowed to increase interest rates arbitrarily and apply the increased rate to all balances on a user’s account. Rate increases can make a small amount of debt snowball and led many a consumer to the bankruptcy court.

The CARD Act changed that – sort of. Now, credit card issuers must issue notice of rate increases 45 days before that change takes effect. BUT:

• The 45-day rule applies to payments: In other words, a credit card issuer must give a consumer notice of a rate increase 45 days before the consumer is required to make the first payment at the new rate.
• Increases applied to purchases start sooner: The law actually permits credit card issuers to begin applying the increased rate to purchases made as soon as 14 days (two weeks!) after the postage date on the notification about the rate increase.

In other words, a consumer has a two-week window after a notice of increase of rate is mailed before purchases on the credit card start coming with an amped-up interest rate. In many explanations of the law’s provisions, this is ignored or misrepresented.

Retroactive Rate Increases

Another much-applauded change the CARD Act introduced was the outlawing of retroactive interest rate increases (that is, of an issuer applying a raised interest rate to balances accumulated before the rate changed).

But in reality, the new law only prohibits retroactive hikes in certain situations. Some exceptions to the rule allow rate hikes for existing purchases.

• Late payments: If a rate increase is triggered by a payment that is 60 or more days late, the card issuer can apply the increased rate to all balances on a consumer’s card.
• Other increases: For the most part, other retroactive increases are prohibited. However, if you’re worried about rate increases, be sure to read any mail regarding your credit card carefully.

Credit Cards & Bankruptcy

It’s no secret that many bankruptcy filers need the court’s protection because they’re overextended on credit. And credit cards are an easy way to take on more debt than you can afford to pay back.

Bottom line: Read your credit card agreements carefully. If there’s any language you’re unclear about, call your bank and ask for an explanation.

If you’re like me, you’ve learned some good money habits over the years. Or maybe you’re hoping to learn them after filing for bankruptcy or realizing you had more debt than you could handle. But sometimes I (and I imagine others) forget to reevaluate my situation. You know, take stock of where I’ve gotten and what I need to be doing.

So here’s a guide to doing just that.

A Snapshot of Your Financial Life

1. Income. Remind yourself what’s coming in each month. Keep that number in your mind.
2. Expenses. This includes utilities, loans, food, entertainment, gym memberships, everything. Break this out into categories, budget -style.
3. Debts. It may not be pleasant, but remind yourself what you’re paying to whom and when you’ll be finished with it.
4. Goals. Do you still want the same things you did when you started your budget? Or maybe you don’t have any specific goals yet. Either way, make sure you know what you’re working toward; otherwise, it’s a lot harder to manage money.

Once you’ve got an idea of where things stand, you can start looking for areas to spend less, save more or earn more money. Here are some pointers I found useful:

• Cut utility bills. I’ve read a lot online about how much electricity some appliances use just by being plugged in. Cut your electricity bill by using power strips that have an off switch or unplugging stuff you aren’t using. There are also tons of tips online about weatherizing your home to save on heating and cooling costs.
• Cut your rent. If your lease is up soon, consider moving to a cheaper apartment (if possible). In some cities, rents vary greatly by neighborhood. But do research: consider the cost of moving, proximity to necessities and whether you’ll have to pay for parking, laundry and other extras.
• Get more credit. Every six months, call your credit card issuer and ask them to raise your credit limit. Keep in mind: the goal is not to max out your credit card at increasingly high levels, but to improve your credit score by having more and more credit available. This may only work if you have a positive payment history with the card.
• Reevaluate your “extras.” Be honest about how much you use the things you pay for. Shop around for better deals on Internet, cable, gym memberships and anything else you spend on. If you find a better deal, call and ask your current provider to match it. If they won’t, consider switching. If you’re feeling really brave, eliminate extra expenses altogether.
• Earn more. Got some spare time? Look online for paying gigs or part-time work opportunities that require skills you have. Making a little extra money each month can help you reach all your goals faster.

Since the collapse of the housing market, it seems like every week brings us a new wave of foreclosure news, much of it shocking or upsetting. Last week, news outlets reported on Bank of America’s improper foreclosure of a couple that had never actually had a mortgage with the bank – they’d paid cash for their home.

Luckily, the situation got sorted out with help from the couple’s lawyer, but it made me wonder: how many other people are facing improper foreclosures without legal help? Turns out, it could be more than you’d expect.

When A Lawyer Is a Good Idea

Consider these foreclosure nuggets I dug up:

• Foreclosures that involve fraudulent or absent paperwork have become more common. Remember the robo-signing scandal of last fall? It seems that careless paperwork for mortgage loans was fairly common during the housing boom. Now, sources note that many foreclosure cases are proceeding without banks providing the necessary documents to back themselves up.
• Judges are getting frustrated. In some states (especially New York, Ohio and Massachusetts), judges overseeing foreclosure cases have reportedly taken to punishing careless banks. Some reports show that judges have even declared that ownership of a property went to the borrower free and clear.
• Homeowners are suffering. Without legal guidance on how to respond to banks’ foreclosure attempts, many homeowners are losing their houses – often without realizing that the banks’ actions may not be legal.

So how can a lawyer help if you’re facing foreclosure? In some cases (like the one involving the attempted foreclosure of the property that never had a mortgage), a lawyer can help a family cut through foreclosure’s red tape.

In other cases, a lawyer may be able to discover a bank’s improper handling of a foreclosure and challenge the proceedings in court. While such action may not always actually stop the foreclosure, it could buy the homeowners some time, during which they could save up money for their next home.

And, of course, a lawyer can help you determine whether or not filing for Chapter 13 bankruptcy might help you keep your home or give you a shot at getting back on track with your mortgage payments.

Life after Foreclosure

Like bankruptcy, foreclosure can leave a serious ding on a person’s credit report. But rebuilding efforts are similar for the two: pay bills on time, take on a little credit when you can and repay it on time, and generally keep the long view in sight.

Foreclosure can be stressful and traumatic, but it’s not the end of the world – in fact, after reestablishing themselves in affordable living quarters, some people find that they’re less financially stressed after they lose their homes than before.

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.

There’s plenty of advice out there about what to do to build healthy finances, but sometimes it’s useful to hear what sort of behavior to avoid. With that in mind, here’s a look at some financial moves that can wreak havoc on a person’s finances.

• Ditch insurance: Is flooding common in your area? What about forest fires? Snow? In addition to natural disasters that can cause serious damage to your home, there’s always the risk that you could be burglarized or caught unawares by a visitor who gets hurt and decides to sue (probably a visitor who won’t be invited back, to be sure). Rather than hope for the best, do some research about what kind of insurance you’re likely to need most where you live – and sign yourself up.
• Break the law: Even a small infraction like speeding can cost you major cash if you get a ticket or your insurance goes up. And bigger crimes can hold you back from getting hired at attractive jobs. And I won’t even mention what it costs to get bailed out of jail.
• Don’t worry about kids: If you don’t have kids yet and haven’t much thought about whether you will, a great way to ruin your finances is to play roulette and see what happens. Not only are kids expensive, but child support payments are strictly enforced by the court. In bankruptcy, for example, child support debts cannot be discharged, meaning that anyone who owes it must eventually pay.
• Take on a lot of debt: While some debt may be necessary to get through life (and is even beneficial in small doses to help build credit), taking on too much debt can cost far more than it’s worth. Some particularly bad debt moves include: carrying a balance on and/or maxing out credit cards, taking on a mortgage that you can just barely afford and buying a new car with payments you struggle to make. A lot of advice focuses on how to pay down debt, but if you aren’t too overextended right now, look at it from the front end: avoid excess debt before it starts to bog you down.
• Slack off at work: Being an unpleasant, lazy, dishonest or just plain incompetent employee can do wonders for limiting your earning potential. People who aren’t on their best behavior around the office may miss out on opportunities for raises, promotions and bonuses that could significantly increase their wealth. Plus, future earnings might be hindered by behavior that would lead a boss to write a not-so-hot recommendation.
• Spend all your money: This is another variety of going into debt, but refusing to save can have negative effects as well. Emergencies and unforeseen events can lead a non-saver to taking on more debt or filing bankruptcy. Savers, of course, simply dip into their cash reserves.

These tips may not exactly be earth shattering, but they provide a useful reminder of the various facets of earning and keeping wealth.

Most of us could easily rattle off a list of the traits that we find dreamy in a romantic partner, but I bet far fewer people could identify what makes a credit card swoon-worthy. Finding the right card, though, can make a huge difference in how much you end up paying in interest, how strong your credit rating is and how likely you are to get loans in the future.

So allow me to introduce a list of attributes every debtress (or debtor) should consider when looking for a piece of plastic to let into her (or his) wallet.

• Who’s the lender? If you’re trying to establish or re-establish credit, you may want to choose either a large, national bank or a local credit union. These types of card issuers (as opposed to local lending outfits) tend to be viewed positively by potential lenders and thus can strengthen your credit score.
• Do you have to apply for approval? Those with weak or limited credit histories may be better off choosing a pre-approved card their first time out. Why? Because applying for and being denied a line of credit shows up as a negative action on the credit report and can further damage weak credit.
• What kind of fees (if any) come with the card? Some credit cards charge activation fees, account maintenance fees, annual fees and more. Though the Credit CARD Act banned certain fee types, many lenders have simply renamed their old fees and continued charging them. The point is that the dreamiest cards have no fees at all (unless you incur them at some point after getting the card). If your credit is very weak, you may have to settle for a card with some fees, but shop around to find the best deal possible.
• Will the lender report your credit use? In order for your credit card use to improve your credit score, it must be reported to the big three credit reporting bureaus, Equifax, Experian and Trans Union. Be sure to ask about this.
• What are the limit rules? Many credit cards permit limit increases every six months, though you often have to request them. To maximize your odds of getting an increase, use your card regularly and pay the balance in full each month. Sadly, credit cards are like potential mates in this way: you have to act like you don’t need them in order to get one. (On a side note: it is important to request limit increases even if you don’t plan to max out your card. One part of the credit score formula is the credit-to-debt ratio, and the more credit you have available, the better.)

Bottom line: It’s not the picture of your cat on the front of a credit card that makes it valuable. Any time you’re thinking of applying for new plastic, make sure you know what you want and how you can get it.

In 2009, the passage of the Credit Card Accountability Responsibility and Disclosure Act (Credit CARD Act) introduced a bevy of new protections for consumer credit cards. But, as many news outlets are noting now, the bill did not provide the same protections for all credit cards.

Specifically, business cards do not enjoy some of the protections that consumer-designated cards do. Here’s why that might be a problem.

Business Credit Cards Owned by Individuals

• Individuals with small business credit cards: Sources note that many business credit cards are marketed to individuals and families and that many American households have business credit cards in their lineup.
• Business cards not covered by CARD Act: Because business transactions are not subject to the Truth in Lending Act, regulators did not include business credit cards under the umbrella of the CARD Act’s protections. The reasoning here was that businesses are generally better able to judge borrowing risks than individuals and so don’t need the same regulations in place.
• Millions of non-business offers: In the last five years, sources indicate that business card issuers have bombarded 12 million American households with as many as 44 million business card offers per month. Just to clarify, that’s households, not business addresses. Some of these addresses could be for individuals who work from home and/or have businesses based in their houses; others may not fit that bill.

Protections Business Cards Don’t Have

The Credit CARD Act limited the following exclusively for individual (not business) credit cards:

• Retroactive interest rate increases: This practice, while no longer allowed for typical consumer credit cards, is still permitted for business cards, which could leave unprepared borrowers on the hook for more money than they were initially responsible for paying. This practice can make a reasonable debt into a difficult mountain to climb.
• Over-limit fees: These fees hit card users when they charge more than their card’s limit. While individual cards might simply deny the transaction, business cards can still permit the purchase but charge a hefty fee.
• Other cost-changing practices: The other protections put in place by the Credit CARD Act (like advance notice of term changes, “summary boxes” of debt and payment terms and others) are not guaranteed on business cards.

Considerations if You Have a Business Card

If you have a business credit card, it’s probably a good idea to take a look at the contract you signed to make sure you’re aware of the terms and conditions. You may also want to apply for a non-business card to use as your primary tool of transaction (though it may benefit your credit score to keep the business card open).

Part of the financial overhaul legislation that went into effect last year was the introduction of a new government agency, the Consumer Financial Protection Bureau. The CFPB is designed to act as a watchdog for the finance industry and financial institutions, acting in the best interest of American consumers.

While the CFPB will not officially begin its work until July of this year, framers appointed by President Obama, including former Harvard bankruptcy professor Elizabeth Warren, have been developing and planning the bureau for some time. But now, it seems, Republican lawmakers are making noise about the Bureau and are attempting to limit the CFPB’s powers of oversight. Here’s why.

What the CFPB Is Designed to Do

The CFPB was created in response to the economic fallout linked to the questionable lending practices that touched off the Great Recession. Its stated goals include:

• Regulate consumer financial products and services: Making sure lenders, banks and other parts of the financial industry adhere to laws and rules is one major responsibility of the CFPB.
• Report to various committees: Twice a year, the CFPB must make a report to committees concerned with financial services and products in the House and Senate.
• Track consumer complaints: The CFPB will offer a toll-free hotline for consumer complaints once it’s up and running later this year.
• Conduct research: In order to better serve the public, the CFPB will study what areas are proving problematic for American consumers and investigate possible solutions.
• Promote financial literacy: Generally speaking, the CFPB will undertake the task of improving knowledge and understanding of financial products and services among American consumers.

Why Some Lawmakers Want to Limit the CFPB’s Power

Most of the jobs identified for the CFPB sound pretty innocuous if not downright helpful to the average consumer and/or consumer advocate. But Republican lawmakers in the House have proposed the following changes to the organization:

• Replace the CFPB’s head with a board of directors. Supporters claim that this move would decrease the chance of politicization of the bureau, but opponents suggest that a board would be more likely to be swayed by outside influence. Further, a group of people may be unable to reach consensus to implement strong reform.
• Require the CFPB to follow the appropriations process. This reform is allegedly meant to make sure money isn’t spent wastefully.
• Give greater power to federal bank regulators. This move would, according to supporters, keep the CFBP’s rules from “causing” a bank failure.

The reason these proposed changes have caused uproar from the media is that the financial crisis we’re still dealing with demonstrated a clear need for the CFBP; these changes could seriously limit its power to enact any significant change. And as a kicker, some sources note that the lawmakers behind these proposals are largely responding to money spent by the financial industry to undermine the CFPB’s effectiveness.

It’s graduation season and that means one thing for most college seniors: the real world starts. But if results from recent financial literacy polls show us anything it’s that most Americans (college graduates included) aren’t quite as well informed as they should be about matters of the wallet.

So for any grads out there, here are some important financial management strategies that can make life in the real world smoother.

• Face your student loans. Most grads today enter the working world with at least some debt from student loans (the average amount currently sits around $20,000). It’s important to understand that these loans must be repaid and cannot usually be discharged in bankruptcy. Your payment record of student loans will effect your credit score. Take time to review all paperwork associated with your loans, consider consolidation and be sure to contact your lender if you anticipate having difficulty making a payment.
• Start working. Even in a difficult economy, you can start your career on the right path. If companies aren’t hiring, offer your services as an unpaid intern so you can learn as much as possible, gain experience and possibly make yourself indispensible to a company (which could lead to a full-time job). All of these are long-term investments in your career. You might also want to turn a period of unemployment into one of self-employment by offering skills you have to those in need.
• Start saving. It is never too early to begin saving money. Emergencies can happen at any time, and having some money set aside can mean the difference between being okay and ending up in serious debt. As a new grad, you can save money by living at home, living with roommates, having funds automatically deducted from your paycheck and establishing a budget right away.
• Think long-term. It may seem too early to start saving for retirement, but it isn’t. Financial experts agree that the time to start thinking about retirement is when you land your first full-time job – after all, the earlier you start saving, the less you have to save per year to reach your financial goals.
• Be realistic about credit cards. Credit cards can be a great way to build your credit history, but they can also lead to tremendous debt for those who aren’t careful. Shop around for a credit card that suits your needs and make a habit of paying your balance in full each month.
• Think about what you want. Managing your life is no small task, but remember: the goal of developing a financial plan is to get to a place of financial stability where you’re free to pursue your dreams, whatever those may be. It’s a good idea to spend some time determining what specific things you want to have and/or do so you know how you need to be handling money to get them.

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 taking time off can be a serious boost for our mental health and can let us come back to our normal lives refreshed and recharged. But it’s also common knowledge that vacations can be expensive, and running up more debt while you’re trying to unwind can have a seriously negative impact on your finances and your stress levels.

So what’s a stressed-out debtress to do? Consider following these tips for a no-debt vacation (adapted from this article at USNews.com):

• Planning is king. Whatever your intended destination, thinking ahead can save you serious dough. If you book well in advance, you may be able to take advantage of steeply discounted offers and even offers that include perks you wouldn’t otherwise be able to afford. When possible, reserve travel and lodging accommodations ahead of time to get the best prices.
• Consider all your options: The size of your posse will in part determine where you can stay, but don’t restrict yourself to hotels or motels when you travel. Lots of popular destinations offer houses that rent by the week and even apartments that individuals or families rent for certain periods of the year. If you’re really adventurous, try arranging a housing swap or sharing a rental house with another family.
• Make a schedule: While sticking to a rigid plan may ruin a good session of relaxation, knowing your options ahead of time can eliminate the stress of last-minute decision making. Research your destination and figure out what activities you’re interested in. Then, find out what weekdays are cheapest or least crowded. Search local Chamber of Commerce sites for coupons or deals, or simply call and ask individual vendors what sorts of discounts they offer. When you have your options mapped out, choosing your entertainment can be fun and exciting.
• Talk to the locals: Even if you don’t know anyone who lives in the area you’re visiting, talking to shop owners and other residents can give you an insider’s scoop about what’s going on in town (and where the best and/or best priced activities and restaurants are).
• Make a budget: Take the stress out of spontaneous purchasing decisions by mapping out a budget for your trip before you leave. Part of planning for your vacation should be saving money for specific expenses you’ll encounter. If you have children, let them know they have a set amount of money to spend and after that, the parent bank is closed.
• Have an emergency plan: One of the easiest ways to spend more than you plan to on vacation is for something to go wrong. So pack a First Aid kit, read up on local resources (like poison control, the fire department, and the hospital) and make sure you have a credit card in case of unexpected (necessary) expenses.

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.