Financial Tips Blog Carnival #2

Welome to our June Financial Tips Blog Carnival!

Madeleine Begun Kane presents Cautionary Verse posted at Mad Kane’s Humor Blog.

Tip Diva presents Top Ten Tips - Protecting Your Wallet posted at Tip Diva, saying, “Losing or getting a wallet stolen is a very stressful experience, especially if someone takes your money, gets access to your accounts or even steals your identity. But there are ways to prevent or mitigate the damage caused by a lost wallet”

Nadege presents Learn why allocating your paycheck is the key to becoming wealthy posted at fabulous finances.

Robert D Flach presents EVERYBODY OUGHT TO HAVE A WILL posted at ANYTHING BUT TAXES!.

Mag Herrera presents What I like about Credit Cards posted at Life. Money. Development., saying, “A balanced review of credit cards’ nature and usage.”

Jeremy Zongker presents How to Stop Debt Collector Harrassment posted at Destroy Debt.

Jeremy Zongker presents What NOT to do when a bill collector calls (by a former bill collector) posted at Thoughts from a Former Bill Collector.

Sean Reynolds presents Creativity posted at Creativity.

KCLau presents When should you rewrite your Will? posted at KCLau’s Money Tips, saying, “On what you should look out for when considering rewriting your will”

Budget Tips

R.Pettinger presents Ten Tips To Get A Better Credit Rating Score posted at Mortgage Blog, saying, “Ten Tips To Get A Better Credit Rating Score”

Trevor McKay presents Top Ten Most Misunderstood Auto Insurance Terms posted at All About Auto Insurance.

Brice Hogan presents 6 Ways To Keep Your Food Bill Down posted at Financialzip.com, saying, “Because of the rise in food and energy cost I thought it appropriate to give 6 good tips to help you save money on your grocery bill.”

Heather Johnson presents 10 Free Things To Do When You’re Bored This Summer posted at Fiscal Musings.

Richard McLaughlin presents Shopping@UK.Shopping.com posted at Oh, the Places You’ll Go, saying, “I ran into a pretty cool site today for We Europeans, Shopping.com in the UK Searches a range of goods from computers, garden products, furniture, lingerie, jewelery & clothing - pretty much anything that you could want to buy, and they include product reviews both for the products reviewed and for the stores selling the product.”

Debt Tips

William Blake presents Getting Help Paying Off Student Debt posted at Becoming Debt Free.

Michael Geoffrey presents How to Get Out Of Debt posted at Debt Smackdown.

Jimson Lee presents 7 Common Sense Tips to Eliminate Credit Card Debt posted at No Debt Anymore .org, saying, “5 common and 2 not so common tips to Eliminate Credit Card Debt now!”

Hanna Kassis presents Employers Check Your Credit Too! posted at College Finance 101, saying, “Visit our site.”

Stephan Grindley presents Debt Consolidation: The Scare Tactics posted at The Debt Consolidation Advisor.

Christopher Johnson presents Smart Personal Finances posted at christopheraaronjohnson.net.

Michael Geoffrey presents Some Simple Debt Solutions For Getting Out Of Debt Faster posted at Debt Smackdown.

Jimson Lee presents Complete Guide to Credit Repair - Part 1 posted at No Debt Anymore .org, saying, “A detailed 5 part complete guide to Credit Repair”

Brice Hogan presents Micropayments Make Cents posted at Financialzip.com, saying, “Make a huge debt by making some small payments.”

Michael Bass presents Tell Debt Settlement Co’s to Kiss Your Ass posted at Debt Prison, saying, “(THE big rules of these companies is that you can not talk to the creditors or the collection agencies) like they told me not too, so now I have no idea what these companies are doing. They could be working towards a judgment against me or my husband as we speak.”

Christopher Johnson presents Four Steps To Surviving Debt posted at christopheraaronjohnson.net, saying, “Steps to avoid banruptcy”

Gratitude presents Apr 6, Be Debt Free posted at Gratitude’s Personal Development Blog, saying, “Get rid of debt and live an abundant life.”

Frugal Tips

FIRE Getters presents Top 5 Ways To Trim Our Grocery Bills! posted at FIRE Finance.

Helen Anderson presents 7 Secrets to Personal Finance Success at Best CD (Certificate of Deposit) Rates, Money Market Rates, High Interest Accounts posted at Bankaholic.

David presents The 10 Best Advices on Becoming a Millionaire posted at Worldwide Success.

Leaving The Folks presents Building a Good Credit History posted at Real World Advice, saying, “Good credit is vital in even the smallest financial transactions today.”

Income Tips

James& Miel at Dual Income No Kids presents Our Top Nine Ways to Make Extra Money posted at Dual Income No Kids, saying, “Hi Guys,

This posting has been pretty popular. The title isn’t the most descriptive, but it does have some good ideas so I think its appropriate for the carnival. Hope you can fit us in!

Thanks,

James”

Christopher Johnson presents Making Money Online posted at christopheraaronjohnson.net.

Investment Tips

Abdulrasool Sumar presents Trade Off Between Closing Costs & Mortgage Interest Rates posted at Mortgage Loan Calculator, saying, “You might be surprised to find out that your neighbour next door has a lower interest rate on his mortgage than you do, even though you bought your properties at about the same time. This has happened to thousands of Americans countrywide but we’ll tell you why that is the case. Being so competitive, the mortgage market always has a tradeoff between loan closing costs & interest rates charged. Your neighbour who got the lower interest rate may have paid a lot more in closing costs than you did, and that’s why he has a lower interest rate. What’s more, a large portion of those closing costs may have been added to the loan balance, making it seem like he got a really good deal (because he did not have to pay cash for closing costs). So how can you balance the tradeoff between closing costs & interest rates making sure to pay the least in closing costs and getting the lowest interest rate possible? We will show you how to shop for mortgages and compare their real costs of borrowing.”

Trevor McKay presents What Kind of Mortgages are Available? posted at All About Mortgage Calculators.

Trevor McKay presents Does Anniuty Fraud Exist? posted at The Annuity Professor.

Ken presents Stock Investment Resource: Stock Market Investing Tips - Growth vs. Value Investing posted at Stock Investing, saying, “The pros and cons of investing in growth vs value stocks.”

Barb A. Ryan presents 10 - Independent Investment Counselors and Financial Advisors posted at Pasadena Financial Planner.

Investing Angel presents Some Thoughts On Google (GOOG) » Free Stock Market Investing Tips posted at Stock Tips, saying, “A few thoughts about the google stock”

Investing Angel presents Why Most Investors Buy High And Sell Low » Free Stock Market Investing Tips posted at Stock Tips, saying, “Most investors buy stocks when they are overvalued since they give into herd mentality.”

Mark Runta presents 20 Trading Tips & Techniques posted at Smart Investing & Money Management.

Leon Gettler presents Investor crystal ball gazing posted at Sox First, saying, “With the credit squeeze and soaring energy prices, it’s worth asking whether investors can see that far ahead. How do investors read trends and make the right calls?”

Brice Hogan presents Use Investors Business Daily posted at Financialzip.com.

kozen presents Why you should go short in Oil - I do! posted at Market Thoughts for Profitable Investment.

Jim presents Remember Certificates of Deposit During Fed Rate Cuts posted at Blueprint for Financial Prosperity.

Investing Angel presents Investment Mistakes To Avoid » Free Stock Market Investing Tips posted at Stock Tips, saying, “Some investment mistakes that you need to avoid to make a lot of money.”

Value Seeker presents Are Mutual Funds For You? posted at Stock Investing, saying, “Figure out if mutual funds are the right thing for you to invest in.”

Savings Tips

KCLau presents Don’t be stupid! Keep paying. posted at KCLau’s Money Tips, saying, “About why paying premiums for existing policies can be the best savings you can have.”

GP presents The 10 Commandments of Fiscal Fitness « Innstyle Montana- Your Home on the Range posted at Innstyle Montana- Come on Inn, saying, “The 10 Commandments of Fiscal Fitness”

Chris presents 9 Surefire Strategies NOT to Retire Early posted at nomad4ever.

Larry Russell presents The Top 25 Low Cost Best US Money Market Funds posted at THE SKILLED INVESTOR Blog.

Christopher Johnson presents Financial Planning For Retirement - A Must posted at christopheraaronjohnson.net.

Kevin Heath presents Gas Saving Tips posted at More4kids, saying, “Families everywhere are really getting severly pinched or hurt with the price of gas these days, and there is no end in sight. Here are some tips to help and save money…”

Spending Tips

Christopher Johnson presents Tax Rebates, Economic Stimulus, And Annual Bonuses posted at christopheraaronjohnson.net.

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Knowing how to create a budget is important, even essential, for financial success. However, it’s not often taught in high school or even college. Many people begin married life with no concept of balancing the budget, or sticking to a spending plan.

How to Make a Budget presents the basic steps involved in budgeting your money. Rather than repeat the whole article, I’ll simply summarize the steps:

1. Create a list of all set expenses and estimates for groceries, gas and personal.

2. Tally your income, from all sources.

3. Compare the two numbers. If you earn more than you have listed under expenses, allocate the “extra” for savings, investing, and charity. If you have more expenses than income, trim your expenses (or increase income–fast!)

4. Hold a weekly budget meeting with yourself (or your spouse if married) and stay accountable to your spending plan.

As the saying goes … if you fail to plan, you plan to fail. Cliche? Maybe, but with finances as with many other things, it’s true.

Our premier edition of the Financial Tips Blog Carnival, with the theme “Ready for Recession” has arrived. If you’re included in this carnival, please provide a timely link back to this post.

The theme “Ready for Recession?” was not meant to merely be a statement of my personal opinion concerning the economic climate; however, it is a popular topic and many in the personal finance blog world have touched on it in some manner over the past few months, some quite regularly.

First up is Michael at Debt Prison’s post, “Why Americans Can’t Afford Credit.” After taxes (including hidden taxes in your phone bill, property taxes and sales tax), inflation and mandatory insurances, there is not much left to spend. Don’t miss this article.

Grandpa and the Great Depression, submitted by Bryce, was one of my personal favorites. It’s a first-person account of a man born in 1915 and gives a glimpse of what life was like during the Depression.

Aaron’s lengthy article on “17 Economists on recessions, stimulation plans, and what they might mean to you” is chock full of links and resources. He contends that many economists don’t think the government interference will be effective, and will likely do more harm than good. I think he’s right.

In case you’re wondering how we got into this mess, Lisa presents an extensive answer in When People Go Bad: A History of the Subprime Mess. Hint: It didn’t happen overnight.

Christine describes in detail Eating in France on 10 Euro per Day for 2 People at her blog. Given the weakness of the dollar against European currencies, this is a timely subject.

Spending less and repaying debt more quickly can help you weather a recession, and to that end Brice shares with us 3 Steps to a Lower Interest Rate on his blog.

Frugal shopping is taken to a new level with Erica’s post on “Secret” eBay and Craigslist Hacks That Will Save You Thousands of Dollars Online. Check it out–I had no idea you could get an RSS feed for Craigslist searches you save. I’m not in the market for $400 purses, but maybe it will help me snag a hard-to-find Ergo baby carrier I want.

FIRE Finance suggests Riding the Recession with Awareness, Planning and Investment.

Michael isn’t investing in Apple anymore, and explains Why I Sold My Apple Shares Today to the curious.

Steve answers What is the Mortgage Foreclosure Process? in a very detailed, informative post on his blog. Unfortunately, this process may become familiar to many in the coming months and years.

With bad credit and tougher lending standards, you might find yourself unable to get a loan. Finance Tips explains The Pros And Cons Of Personal Loans.

But then, asks Sarah, Are you Ready to buy a House? Considering the damage done by banks and borrowers who rushed the process, many would do well to consider her post.

I’ve written about growing a Depression Garden to help save on groceries, but Eric takes it a step further and suggests growing money.

If you couldn’t decide by yourself, you can read about How to Spend Stimulus Checks and Tax Refunds in 2008.

In case things get drastic, check out How to Survive Total Economic Collapse. Yikes.

Not everyone was impressed by my theme. One submitter sent a link to a blog post completely unrelated to the topic at hand, stating “Nope nothing like that! I don’t believe in recessions!”

If only it were so easy.

Preparation is important. And nobody really knows what’s next for our economy. If a recession, or depression, looms, let’s do what we can to minimize its effects on our families. Are you ready for a recession?

Carnival photo by Craig Jewell

This very handy set of 20 Mortgage Calculators allows you to find out how much home loan you can afford, whether it makes sense to refinance your loan and how much income you need in order to qualify for different loan amounts. You can also see how much sooner your loans will be paid off if you pay extra each month.

Included in this fun widget are the following:

Should I pay points to lower my interest rates?
Should I use HELOC to lower my debt payments?
How can I pay off my credit card debt sooner?
Which loan is better?

And many more!

Play around with it, and I think you’ll find this mortgage calculator is very helpful. Is there anything missing that you’d like to be able to calculate quickly online?

Economic Stimulus — Will it Work?

A huge thank-you to Cindy for recording my podcast! Here is the text if you can’t listen to the audio:

Hi, Welcome to Financial-Tip.com’s premier podcast, “Economic Stimulus: Will it Work?”

As of this week, economic stimulus checks from the government are hitting bank accounts and mailboxes across the nation.

Those who e-filed their taxes on time will be the first to receive checks, paper filers are next in line, and those who have not yet filed won’t see anything until they complete their returns.

The question many have is, will the economic stimulus package passed by congress have enough of an impact on the economy?

The answer is debated among financial experts, but the consensus is that these measures may check the economic slowdown we’re facing, but not necessarily prevent it entirely.

Some economic outlooks tell us to expect a prolonged recession, stemming from the real estate meltdown, banking crisis, the costly war in Iraq and flawed monetary policy.

It’s important to realize that underneath all of these bubbles is an even bigger problem: the debt-based monetary system facilitated by the Federal Reserve.

The Federal Reserve is a White Elephant in the room that most politicians won’t touch, even as they wax eloquent about the bipartisan economic stimulus effort.

But what nobody’s talking about is that the stimulus checks are backed by debt. And this is on top of our national debt of $9 trillion, with $1.4 billion added daily.

Not to mention the astounding amount of U.S. Consumer and business debt, also in the trillions collectively.

My analysis?

A few hundred dollars sent to each taxpayer isn’t going to save our economy. The money is simply increasing our debt as a nation.

People will use the checks to make up the shortfall in their budgets caused by soaring gasoline and grocery prices, perhaps pay off a little debt or add a few dollars to their savings, if they have any.

If you want to make a real difference to our economy, support and vote for candidates who discuss the Federal Reserve and who will work to abolish its detrimental policies.

That kind of economic stimulus might actually work.

This podcast was written by Maria at Financial-Tip.com, and recorded by Cindy, of Her-hairstyle-blog.com.

Keep checking back at Financial Tip for a weekly podcast on current financial topics.

We’re famous! Well, maybe not quite, but we were included in three blog carnivals this week.

The blogmaster at Can I Get Rich on a Salary weaved the Debt Free Stories post into the Carnival of Money Stories #56—Once Upon A Time blog carnival. This one was very creative, involving a character named Jack and his financial adventures.

Frugal Grocery Shopping Tips managed to hop aboard the Carnival of Twenty Something Finances for April 21, 2008. There are some excellent resources in this carnival so give it a peek.

Don’t be scared off by the ghoulish pictures in the Money Hackers Carnival #9 - Scream Edition — if you scroll down far enough, you’ll find a link to our frugal grocery shopping tips.

What are your favorite blog posts of the week? Share your comments below and let us know….