1. Baking Your Own Bread: There are thousands of recipes for breads that take just a few minutes to mix up. Even when you add in the cost of running your oven long enough to bake a loaf of bread, you can make your own bread for just cents a batch, compared to the rising prices of bread at the supermarket. It isn’t even a time consuming project: you’ll probably want to stick around while you actually have the oven on, but you can still do other things in the meanwhile.
2. Repairing Your Own Appliances: Even basic repairs to dishwashers, refrigerators and other appliances come with big price tags if you need to bring in a technician. There are literally thousands of websites where people list basic problems and easy repairs — just Google the issue, along with the appliance model. Of course, you do have to be comfortable making those repairs yourself.
3. Make Your Own Cleaning Supplies: You can clean just about anything in your home with some combination of baking soda, vinegar, liquid detergent and washing soda. You get the added benefit of avoiding some of the harsher chemicals that you probably don’t want in your kitchen and can even avoid many allergies. You can find a whole list of recipes for cleaning supplies at Care2.
4. Going Green: There are tons of ways to make your home more energy efficient (and save some extra dough), and you definitely don’t need a specialist to tell you how. Just browsing online can help you build a list long enough to keep you busy for weeks to come: replacing weatherstripping, installing programmable thermostats and many other projects that will cut energy consumption and keep money in your wallet.
5. Cleaning Your Carpet: Hiring carpet cleaners can be expensive, but you can actually rent the equipment to do the job yourself. Be careful, though — when renting a carpet cleaner, the recommended cleaning solution is always expensive. There are a wide variety of alternatives, however — including cleaning mixtures you can put together yourself. You’ll want to run a search to see what type of cleaning solution works well with the carpet cleaning equipment you’re using.

These projects make sense most of the time — but not for every person. That’s because different people place different values on their time. If you can make $50 in an hour, saving a few cents by spending that hour on a DIY project makes less sense. You’ll have to run the numbers for your own situation to see just how much sense a particular project makes — but you’ve already got a few starting points right here.

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5 DIY Projects That Make Financial Sense

1. Just what is the life of the product you want to buy?
   Manufacturers tend to have a good idea of the life time of the products they sell: a cell phone has an expected life of about two years. After two years, manufacturers expect a cell phone owner to be interested in changing contracts, upgrading his phone and taking other steps to get a new model. On the other hand, books have life times lasting years, making them a great used purchase. Before you go shopping for any used items, it’s important to know how long a life such a product has. That allows you to quickly determine if the price difference between your used option and a brand new item actually affords you savings. Many products, like clothing, can last much longer than is necessary to save on the difference between used and new prices. But some electronics don’t.
2. How has the previous owner cared for the item you want to buy?
   There is a lot of variation between the value and usefulness of used products, simply because previous owners put varying levels of wear and tear on their individual possessions. Even a visual comparison can tell you whether one used item is worth the same product with a different previous owner. Cars can be a very good example of this question: if someone takes great care of his car, it can be in perfect running order after ten years. But when someone doesn’t make those recommended oil changes or remember to do maintenance, a ten-year-old car can be an absolute mess. You can’t take the previous owner’s word that he falls into the first category. Check it out for yourself.
3. Have there been any recalls or other problems with this product line?
   While retailers with new products have an obligation to make sure that recalled products are off the market, it’s not uncommon for a used product to be sold with no such precautions. It’s up to buyers to do a little research to make sure that there aren’t any problems with a product line. It’s relatively easy to check for recalls: the U.S. government maintains Recalls.gov, where you can search for recalls for particular products.

Buying used can be a great way to save money, especially when you’re looking at products that can serve their purpose long after they’re actually new. But it is important to exercise a little due diligence when shopping for used items. The time you spend now can save you money down the road.

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3 Steps to Take When Buying Used

The Benefit of Local Bucks

For local businesses, using a currency like a Detroit Cheer is an easy way to keep money in the local community. It’s rare that a big chain store or restaurant will accept anything but nationally-backed currency — that’s an American dollar to you and me. The big benefit of a local currency is the fact that when locals don’t have the ability to earn money in amounts similar to national levels. It keeps prices at a level that locals can keep buying, keeping businesses going.

Detroit isn’t the only city experimenting with a local currency right now. Michael Shuman, the author of The Small-Mart Revolution: How Local Businesses Are Beating the Global Competition, estimated that about 75 local currencies are in use around the country.

Should You Use Local Currency?

If you’ve got the option of using a local currency, it can be pretty useful at those businesses which have already agreed to accept it — but a major hassle everywhere else. In general, the idea behind a local currency — like bolstering the local economy — is a good one. But it’s important that you can easily trade between your local currency and the national one. If you can’t get your money converted to something you can spend, it isn’t worth the paper it’s printed on. Detroit Cheers has a temporary fix for that problem — if you bring your currency to one of the three founders of the Detroit currency, they’ll convert it — but if a currency is widely adopted, finding that one person able to convert money can be impractical.

Another crucial concern is how that local currency is backed. Detroit Cheers are backed by $3,000, which has been placed in escrow. If something happened to the currency, at least a few people should be able to convert their money back into national currency — but it’ll depend on how many Cheers are actually in circulation.

There’s nothing wrong with using local currency, as long as your comfortable with it, though. Local currencies are legal tender, as long as they aren’t made to look like the national currency. Some business may even offer a discount if you use a local currency, especially if they’re working to encourage adoption of the new currency. You can also get a good feeling: by dealing in the local currency, you’re doing your part to encourage business to stay in your local economy — which may just pay off with more jobs and money available in your area. It’s a real trickle down effect.

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Local Currencies: What’s In It For You?

More than COBRA Basics

The idea behind COBRA is fairly well known. The federal government passed a law that requires insurance companies give employees the ability to continue health insurance coverage after they leave a job. The exact amount of time a person can hang on to COBRA coverage after leaving a job varies and coverage can be expensive — but under the American Recovery and Reinvestment Act of 2009, it’s possible to get a subsidy towards COBRA coverage.

But understanding your access to COBRA coverage requires a little more knowledge than the basics. Even signing up for COBRA can be difficult — and if you need the new subsidy, it’s even more complicated. The first step is making sure that you can qualify for both COBRA and the subsidy: both are administered through your former employer and that company’s health insurance plan. If you qualify for another insurance plan, like Medicare, a plan with your spouse’s employer or another group healthcare plan, you are ineligible for the subsidy.

Alternatives to COBRA

Continuing your health insurance under COBRA can be extremely expensive. While you’re employed, your employer covers the largest portion of your costs, but when you’re covered under COBRA, you’re responsible for the full premium amount. It’s expected that the subsidy, which will cover up to 65 percent of your premium for 9 months, will help significantly, but you’ll still be stuck with a pretty significant cost.

There are alternatives to using COBRA coverage, including purchasing private coverage for yourself and your business. In order to answer your questions about how COBRA and private health insurance stack up, eHealthInsurance has set up a website offering extensive information about both COBRA and individual plans at www.cobralearning.com. Most importantly, the site offers a checklist of when to choose COBRA and when to get a plan of your own.

Consider COBRA if:

• You are pregnant or plan to become pregnant within the COBRA coverage period
• You have a pre-existing medical condition
• You are taking prescription medications, need to undergo a medical procedure in the near future, or need extensive medical care
• You have recently been declined for private health insurance

Consider purchasing an individual and family plan if:

• You are in relatively good health
• The COBRA option is too expensive
• You are seeking health insurance coverage beyond the COBRA term (typically 18 months)
• You are seeking a low-cost short-term plan, such as a 90-day individual health plan

The site also offers calculators to help you determine the subsidy you might receive towards COBRA coverage, as well as premiums for private plans. Equally important is the information on switching between COBRA coverage and a more long-term solution — if you decide not to move back into a job that offers health insurance as a benefit, you may need to purchase a private plan.

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Where to Start With COBRA

But the fact of the matter is that estate planning is just as important to the young and the less-than-wealthy as anyone else. For one thing, estate planning these days can include the documents that state how you want your medical and financial affairs handled if you’re incapacitated. For another thing, estate planning is just as useful as an insurance policy: it gives you a way to make sure that your family is taken care of in a worst case scenario.

Incapacitation and Powers of Attorney

A ‘power of attorney’ is a document that appoints someone to make decisions in circumstances where you can’t. It can be for relatively simple situations: if you’ll be undergoing anesthesia for surgery, it’s common practice to have sign a power of attorney allowing a relative or friend to make medical decisions for you while you’re under. If you plan out your power of attorney in advance, though, you’ve got more options on how you can limit or divide your power of attorney. In case of accidents, you can also make sure that the person you want making decisions for you will be in charge — rather than the person who legally gets the responsibility (typically a spouse or parent) if you don’t have a signed power of attorney already in affect.

With estate planning, you can also set out directives about how you want to be cared for if you become ill. Living wills and advance directives can help you make sure that you get the type of care you want, no matter what. However, the laws regarding advance directives can vary significantly by state, so you’ll want to be aware of your options in your home state.

Planning Around Children

If you have children, especially young ones, it’s crucial to put at least some sort of estate planning into place. At a bare minimum you can state which friend or relative you want to care for your children in the event you cannot. Depending on who you expect to care for your children, you may also want to set up your estate so that money will be available to cover your children’s needs.

Tools like trusts can make a major difference in how much of your estate may go to taxes, as well as how safe the money you leave to minor children. However, it’s important to consult with a lawyer who can help you through the specifics. If you expect any trouble in how you plan to set up your estate, or you have a blended family, it can be doubly important to work out problems with your estate — long before you can’t make decisions on the matter.

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Estate Planning: It’s For Young People, Too

The Problem With Overdraft Fees

If it could be days before a bank found out that an account holder had written more checks thank his account could cover, and even longer before the account holder could be made aware of the situation, overdraft fees could be a blessing in disguise. As long as a person was able to cover both the overdrafts and the fees, a short-term loan from a bank could be worth the money.

But the fact of the matter is that these days, overdraft fees have a certain resemblance to predatory loans. Assuming that you rely on your debit card, rather than paper checks, your bank can tell you when a purchase would trigger an overdraft. At an ATM or a business where you swipe your card, the transaction typically goes through immediately — if you were informed that completing a transaction would drop you to a negative balance, you could avoid any overdraft fees.

It doesn’t help that, according to the Center for Responsible Lending, most overdrafts are small: “Most debit point-of-sale overdrafts are small, averaging less than half this $34 fee, meaning that these overdraft loans cost nearly $2 for every dollar advanced to cover the shortfall.” In terms of loans, that makes overdraft fees incredibly expensive.

Talking To Your Bank About Overdraft Fees

Most banks automatically enroll their customers in an overdraft protection program. The typical program includes automatically approving transactions that trigger overdrafts for a fee — on average, $34 but as high as $75 at some banks. But you aren’t actually required to take whatever overdraft options your bank offers at face value. You have several options:

• You can choose to make the switch to a bank or credit union that does not automatically approve transactions that will put you in the hole. As long as you use a debit card, the bank will block transactions that would cause you trouble.
• Link your checking account to your savings account or line of credit. Rather than using the bank as a lender, you’ll just fall back on an already-established (and cheaper) line of credit or use your own money.
• Create alerts for yourself through budgeting programs like Mint that notify you when you’re getting too close to overdrafting.
• Check with your bank for alternatives to your current overdraft protection.

These solutions may not be ideal, but they’re the main options available. The Center for Responsible Lending is working to limit abusive overdraft practices — but not all banks are too interested in losing their lucrative fee schemes.

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The Extreme of Overdraft Fees

1. The IRS is on the phone: There are a wide variety of scams that use the IRS’s name to get your personal information (like your Social Security number) over the phone or via email. While the exact reason the caller purportedly wants the information varies, scams like a claim that the IRS needs the information to send your tax refund or a stimulus check are common. Scammers use the information they collect through these phone calls and email to steal identities.
2. Landing government grants: The Better Business Bureau reported a scam this month that involves companies offering free advice on getting large government grants. The grants are claimed to be part of the stimulus package, although no such grants actually exist. The scammer typically offers to send a free CD to any requester, but those requesters are required to submit their credit or debit card number in order to receive it. Credit cards are then charged with reoccuring fees indefinitely — in many cases, the fees only stopped when the victim canceled his or her credit card. Many victims of the scam also report that they never received the CD. Some variations on the scam ask you to pay a small initial fee, around a dollar or so, in order to get your credit card account information.
3. Your stimulus check is in danger: Another scam connected with stimulus payments has been popping up in email accounts. You may receive an email from the IRS or other government agency, with a warning that you’re in danger of forfeiting your stimulus check if you do not respond immediately with your bank account information. The emails may ask for PINs, passwords and other secret access information — as well as taking you to fake websites where the same information can be stolen. That information is all a scammer needs to gain access to a bank account and empty it out. It can also be used in identity theft.

It seems like scammers come out in force when there are economic problems: the know that many people are desperate and they take advantage of that fact. To make matters worse, there are new scams (and variations on old ones) every day. Just because you’re familiar with the existing scams doesn’t mean that you can easily realized the next one out there. All you can do is investigate any situation that seems to good to be true, even if that means being suspicious of the emails and phone calls you receive.

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Watch Out For Scams: 3 Big Ones

Long-term care insurance is meant to cover any extended illnesses or disabilities. It’s meant to cover all the assistance you need, whether you’re at home, in an assisted living facility or in a nursing home. Those last two may convince you that long-term care insurance is meant just for senior citizens, but it can be important no matter what age you are. While illnesses may be less of a concern if you’re young, what happens if you’re in an accident and need care beyond a short hospital stay? If you don’t have someone who can help you out at home, if you need extended physical therapy or other care, long-term care insurance can really save your bacon. According to the U.S. Government Accountability Office, 40 percent of people receiving long-term care services in the U.S. are between the ages of 18 and 64.

Where Can You Get Long-Term Care Insurance?

Unfortunately, long-term care insurance isn’t as available as one might hope. It isn’t covered by Medicare or Medicaid in most cases and even Medicare supplement insurance won’t usually help. Some employers have started offering long-term care insurance in benefits packages as more insurance companies offer it. Those companies offering this type of insurance also offer it to individuals.

The costs can vary significantly for long-term care insurance — but the younger you are, the better the deal you can get. Many companies charge $7,572 for insuring a 79-year-old for $150,000 — but that amount drops to $564 for a 50-year-old. That amount is a yearly premium: your premium will typically stay the same as the day you purchase your policy, so the younger you are when you purchase long-term care insurance, the less you’ll pay during the life of the policy. You can get even cheaper policies if you’re willing to cover more initial expenses: most plans have a deductible or elimination period during which you must cover out of pocket before the insurance kicks in. That period can be anywhere between 20 days and 100 days. A policy with a 100 day elimination period is certainly less expensive up front — but you’ll have to pay for more than three months of care out of pocket before your insurance becomes effective.

Uninsured Issues

The type of care covered by long-term care insurance is the stuff that uninsured horror stories are made of. Any kind of extended illness or injury can easily wipe out a person’s savings — even if they’re doing pretty well beforehand. That concern can make long-term care insurance very attractive. After all, it isn’t impossible to cover basic health care out of pocket — why not focus on a policy that covers the stuff a person really can’t pay for even if they have solid savings?

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Long-Term Care Insurance: An Introduction

In order to make sure you get that money, the IRS has released new tables to show taxpayers just how much of their paychecks will be withheld when that tax credit goes into affect. Your withholding should amount to only a few dollars less per week — remember that the credit is spread out over a full year — but you shouldn’t need to do anything to receive it. Employers should be receiving the new withholding tables and put them into affect by April 1, 2009. Depending on how on-the-ball your employer is, you could start getting a little extra in your paycheck immediately.

The actual amount you can expect varies. It’s the equivalent of 6.2 percent of your earned income for the year, up to a total of $400 per person. You can qualify for up $800 if you’re married — even if only you (or only your spouse) is employed. Your annual income can also affect the credit — taxpayers passing a certain income do not receive it. If you are single, the credit phases out between $75,000 and $95,000. If you are married, it phases out between $150,000 and $190,000.

The credit is also available to self-employed individuals: they can claim it by reducing their estimated quarterly tax payments or claiming it when they file their 2009 tax returns. You can also get the credit even if you don’t earn enough to owe federal income tax: you will have to wait for it, if withholding isn’t taken out of your pay check though. Instead, you’ll be able to get the credit when you file your 2009 tax return. However, you do need to have a job in order to get the credit — and you cannot be claimed as a dependent on someone else’s taxes. That means that if you’re a student working part time, you’ll probably miss out on this particular tax credit.

It’s worth making sure that you do qualify for the tax credit: employers will just automatically start using the new withholding tables. If your spouse’s salary makes it impossible for you to claim the Making Work Pay Tax Credit, for instance, it’s up to you to make sure your paperwork reflects that fact. If you don’t qualify for the tax credit, but your withholding still decreases, you’ll owe the IRS money come April 2009. It may be significantly easier just to fill out a new W-4 and increase your withholding on line 6.

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After the Stimulus: How Much is in Your Paycheck?

Problems Hiding Under The Table

But while getting money under the table may sound like a good deal, it can work out as a pretty poor option. First off is the obvious problem: if the IRS finds out that you haven’t been reporting all of your income, you can face all sorts of penalties and problems.

Even worse, though, you can lose money even if you aren’t caught. Consider how the government is planning to provide money to individuals for the stimulus package: quite a bit of it is through tax credits. If you aren’t filing a tax return, you’re missing out on that money. You’re also ineligible for unemployment benefits if you don’t have income on the books — and a lack of income can affect just what kind of Social Security benefits you will be eligible for down the road.

Coming Clean at Tax Time

Announcing to the IRS on April 15 that you made a whole bunch of money that you didn’t previously tell them about can be problematic: that particular government agency is going to want a share. It’s worth noting, though, that the amount may not be as bad as you think. Just how much you made is a factor, of course, but there are plenty of deductions and credits that can help drop the taxes you might owe.

You might want to talk to your employer before declaring income, of course: they may be happy to hear that they can actually write off your salary as a business expense once you’re out from under the table. However, it will mean some paperwork on their part.

The Other Option

There are plenty of people who work under the table indefinitely. It certainly is an option, albeit frowned on by the IRS. It can cause some problems in completing paperwork in other areas, of course. If, for instance, you want to set up a retirement account, you can be sure that sooner or later that the government is going to ask you where your deposits came from. It’s worth remembering, though, that there are plenty of government budget shortfalls right now. Especially on the state level, tax agencies have been told to make unreported income a priority in the coming year.

While you can probably still get away with not reporting a few side projects, it’s certainly going to get harder to avoid telling the IRS about your main job. It’s worth considering whether the risk of penalties are really worth keeping that portion of your paycheck that would otherwise go to the government.

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Money Under The Table: Your Options

Priorities That Match Your Budget

While you may have a few ideas on where you would want to put a few extra dollars each month, you’ll want to start with setting priorities for your budget. There are plenty of people for whom the ability to eat out on a regular basis is a priority: everyone’s priorities are different and you have to take a few minutes to think them through.

There are certain priorities that have become almost stereotypical. Everyone’s expected to pay for a nice place, a good car and so on. But, when you’re planning your budget, it’s worth examining such expenses and deciding what you really think. Maybe you’re living in an apartment or house that really isn’t a priority for you — sure, you need a place to live, but there’s a big difference between a nicely habitable apartment and a show place.

Even cable television is a priority worth considering: are you purchasing it because watching certain shows, games and so forth is important to you? Think about it — and explore the alternatives, before deciding for sure.

Introducing New Priorities

If you take a look at where your money is going right now, you may notice that you’d like to add a new expense to your budget. You may even want to make such an expense a priority — maybe you’ve been meaning to add a hundred bucks to your savings account each month.

Whether or not your budget can easily accommodate such an expense, it can take a shift of your habits to make it a priority. The easiest way to handle it is to make that expense (or savings) automatic. If you don’t have to think about moving your money around, your budget will flow more smoothly. If, for some reason, an automatic transfer isn’t an option for a new priority, you’ll have to work hard to remember to take care of it — to make it a habit. Make an appointment with yourself once a month to cut a check, arrange for reminders or take whatever other steps you can to ensure that you take care of any priorities that are not yet habit.

Over time, the new priorities you set for your budget can become second nature. It’s worth revisiting your budgetary decisions, though. Your priorities can change surprisingly quickly. Even something as small as taking a new route to work each morning can affect your financial priorities.

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Deciding On Your Budget Priorities

1. Many workers will receive a $400 tax credit in the form of an extra $13 in their weekly paychecks. The credit would go into affect in June.
2. The $1,000 child tax credit would be extended to many families who don’t earn enough to pay income taxes (which means they’ll actually be getting money back).
3. Low-income families with three or more children will receive an expanded Earned Income Tax Credit.
4. Middle and upper-income taxpayers will be shielded from the Alternative Minimum Tax.
5. If you are a first-time homebuyer purchasing a home before Dec. 1, you can receive an $8,000 tax credit — which you don’t have to pay back.
6. If you buy a new car before the end of the year, you can write off the sales tax.
7. Homeowners making their homes more energy efficient are eligible for a tax credit to cover up to 30 percent of the costs, for a total of $1,500.
8. College students can receive a tax credit of up to $2,500 to help pay tuition and other education expenses. Parents helping their children with such costs can also be eligible.
9. If you receive unemployment benefits in 2009, you won’t have to pay federal income taxes on the first $2,400 you receive. 
10. The government will cover up to 65 percent of your COBRA premiums during the first 9 months of COBRA coverage to make sure you can still receive health insurance even if you lose your job.
11. Pell Grants, which help low-income students with college expenses will increase to $5,350 (they’re currently set at $4,731).
12. The tuition tax credit will be 40 percent refundable, which means that families who don’t pay enough income tax to take the full credit will receive extra money back.
13. Computer expenses can now be claimed as allowable expenses for 529 college savings plans.
14. Individuals receiving food stamps will get a bump in their aid, as well those drawing unemployment checks.
15. Anyone receiving Supllemental Security Income will receive a one-time payment of $250.

In addition to these direct benefits to taxpayers, the federal government is handing a lot of money to state governments. The goal is to reduce budget cuts and job losses on the state level in such areas as education and Medicaid. The federal government will also be sending a lot of money to building infrastructure (repaving roads, updating buildings and so forth) and to research in an effort to create jobs.

Most of the benefits above involve your taxes. You may need to consult a tax professional to see how the package actually affects you, and learn how to actually claim benefits.

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What Does the Economic Stimulus Plan Mean For You?

1. Keep a minimum balance: Depending on the type of checking account you have, your bank may expect you to keep a minimum balance. If you slip below that  balance — even for a minute — you’ll get hit with a fee. There are banks that offer free checking accounts but don’t require a minimum balance. You can make the switch to such a bank, but it’s still worth your while to keep a minimum balance in your account at all times. It will keep you from accidentally overdrafting — and facing much larger fees than slipping below a minimum balance.
2. Limit ATM withdrawals: If you aren’t actually going to your own bank to make withdrawals, you’re probably getting hit with ATM fees every time. Just limiting your trips to the ATM to once a week — or even once a month — can keep fees to a minimum. An alternative is making a point to only use ATMs affiliated with your bank.
3. Ask your bank to waive fees: If something happens and you get hit with an unexpected fee, like for an overdraft, ask your bank to waive it. Many banks are willing to consider waiving at least some fees for good customers.
4. Open each envelope your bank sends you: Once you’ve opened an account, your bank is obligated to inform you by mail of any changes to your account. That includes setting new fees. Your bank also has an obligation to let you change accounts if it changes the terms of your current accounts, with no penalty. Changing accounts can include moving your account to another bank. If you do make the decision to move banks, let your current financial institution know why — if your bank wants to keep you as a customer, it may offer to waive certain fees.
5. Monitor your account: If you don’t know what fees you’re regularly incurring, how will you know how to avoid them? Make a point to go over your statement each month, as well as regularly looking over your account online. It’s up to you to catch any incorrect fees charged to your account — banks won’t look for problems in an individual account unless you tell them it’s there.

Even if you’re content with the fees your current bank is charging you, don’t forget to take a look around at the other banks in your area on a regular basis. There are always deals to be found for bank accounts — and which bank has the best deal can vary from month to month.

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5 Ways to Avoid Bank Fees

1. The Simple Dollar
   One of my two absolute favorite personal finance blogs, The Simple Dollar provides great posts about personal finance in terms of how people actually live their lives. No outrageous advice from a guru who hasn’t lived it here. I particularly like The Simple Dollar’s book reviews: I’ve managed to both find new books that have helped me significantly and avoid books that really have no relevance for me.
2. Get Rich Slowly
   Get Rich Slowly is my other favorite read. Another case of a blogger talking about real life personal finance, this is a blog full of practical advice. It breaks down the actual value of a lot of frugal projects: for instance, J.D, the blogger behind Get Rich Slowly, tracked the expenses and benefits of his garden this summer and made it clear just how much a good garden can save you.
3. I Will Teach You to be Rich
   Among personal finance blogs, I think that I Will Teach You to be Rich truly stands out. Most personal finance blogs focus on topics like eliminating debt or becoming more frugal. But this blog puts a heavy emphasis on building wealth, from investing to earning more. It’s full of strategies and techniques that can be used in daily life to build up your finances.
4. Yielding Wealth
   While Yielding Wealth does cover some standard personal finance material, it also covers a lot of personal finance news. Not sure how things like Congress’ economic stimulus bill is actually going to affect you? Stop in at Yielding Wealth and you can get a good idea. It’s not just government news, either: there’s plenty about businesses and the other organizations that can affect your personal finances.
5. The Frugal Duchess
   The blog of a columnist for the Miami Herald on saving money, The Frugal Duchess covers personal finance with a little more of a woman’s touch than some of the other blogs out there. While you might say that personal finance isn’t any different for men and women, I think that certain types of frugality definitely are affected by gender. The Frugal Duchess’ information on topics like home spa day treatments will definitely interest women.
6. Five Cent Nickel
   At Five Cent Nickel, you can find good solid information about a variety of personal finance topics, but what keeps me coming back are the posts about credit cards and banking. Those posts have a certain attention to detail that a lot of blogs don’t offer — and there’s some truly solid information that you’ll quickly finding yourself using to make decisions.

While I hope you find reading WealthJunkies very helpful, there are so many personal finance topics out there that I think it’s worth at least keeping up with two or three different blogs to make sure that you’re really getting the big picture of both your finances in particular and money in general.

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6 Personal Finance Blogs Worth Reading

Just What Is A Notary Public Anyway?

A notary is the person that we take important documents to — most of the time we don’t think further. But it’s worth considering just what you’re getting when a notary public signs off on your deed, power-of-attorney or will.

By law, a notary is a public officer. He or she is usually appointed: in countries other than the U.S, the number of notaries are far more limited and they are often required to have some form of higher education. As a result, a U.S. notary public’s powers are limited in comparison to other countries. There are exceptions within the U.S — Louisiana and Puerto Rico’s laws are significantly different from the rest of the country’s.

Even so, a notary public’s function is still quite crucial. Notaries serve as impartial witnesses, usually providing proof that a certain person signed a particular document. They can also be responsible for taking acknowledgments and oaths: they can witness affidavits and a number of court proceedings. Many court reporters are also notary publics, allowing them to swear in witnesses during depositions.

From state to state, a notary public’s exact duties can vary. In Maine, Florida and South Carolina, a notary public can officiate at a civil marriage. In Maine, a public can witness third-party absentee ballot. In South Carolina, a notary can witness the renunciation of inheritance. A notary public’s duties in the state of Louisiana are significantly greater than those in other states. Essentially, a notary public in Louisiana can prepare many legal documents that a lawyer would normally handle. You may not need to rush out and learn every single power your local notary has, but you may be surprised how helpful knowing a notary public can be.

Why Do You Care?

Knowing about just what you can expect a notary public can come in handy. Going beyond just knowing what you’re spending your money on, you know when you might have to hunt down that notary again: if there’s ever a court case disputing any legal document that you had notarized, calling in your notary public can address such issues in a hurry. It’s also worth considering that a notary public can provide some services that you might otherwise need a lawyer for, especially when you travel outside of the U.S.

And if you’re looking for a part time career and you pass the requirements to become a notary public in your state, becoming a notary public yourself can be worthwhile. Check your state government’s website for more information about the requirements and duties for a notary public where you live if you have an interest in becoming a notary public.

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Just What Is A Notary Public Anyway?

1. Know your mailing options: Media mail is the cheapest way to ship books and other media, but many post offices won’t offer you that option unless you specifically ask about it. There are other options for other items, so you should take the time to take a look at the U.S. Post Office’s services. 
2. If you have any question about condition, ask!: While most sites expect users to describe the condition of whatever they’re trading, many users just leave on the default condition setting. It’s worthwhile to ask questions about anything where condition could be an issue — after all, this isn’t a situation where you can make returns.
3. Share info about previous environments: With all the allergies out there, it’s just common sense to share information about whether you have pets in your home or it’s a smoking environment. You should also ask for the same courtesy in return, especially if your allergies are a concern.
4. Keep a look out for things to give: You can declutter your own home with the idea of putting up items for trade, but you can also find other sources of stuff to put up — especially if you’re after something particular. Helping someone else declutter can often provide a great source.
5. Ship on a regular basis: If you trade something online, you probably aren’t in an absolute rush to get the item in question. That means that you don’t necessarily have to go to the post office to ship stuff out immediately after you get a request. Rather, one trip to the post office a week is probably reasonable — or you can find another way to schedule your trips.

Trading your stuff can be a great way to eliminate clutter from your home, pick up some new stuff and entirely avoid laying out any cash beyond postage. If you’re a heavy reader, for instance, trading books through sites like BookMooch means that your getting books for the cost of mailing them out — about $2 for the average paperback. That’s actually cheaper than most used bookstores these days — and far less expensive than buying new. It’s just a matter of finding a site that will accept the stuff you have and offers the stuff you want.

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5 Tips for Trading What You’ve Got

But even if you can afford an apartment or house without a struggle, sharing housing with a roommate can be a good idea. Dropping housing expenses can make it much easier to save money and — no matter whether you’re romantically involved with your prospective roommate, two can live cheaper than one. When your household is made up of more than just you, you can save money on food, utilities and more.

Getting Used to the Idea

Most people like the benefits of having a roommate — it’s putting the situation into practice that’s harder. First, you have to find a roommate that you’re comfortable living with. Then, if you don’t have to go looking for a place, you have to rearrange all of your stuff to make room for the new resident of your spare room (or wherever else you plan to put your roommate). And that’s just logistics!

There’s definitely an emotional component to adjusting to a new roommate, no matter how little or how much of a personal relationship you already have with your roommate. You’ll both have to find new boundaries and find a way to live together comfortably. In some cases, it may be a relatively easy adjustment: you agree on certain boundaries and get on with your life. In other cases, you may find yourself or your roommate testing boundaries or struggling to come to terms. While all of this may sound like a drawback to living with a roommate, it’s just the simple facts of sharing space with another person. You probably went through the same scenario with your parents; you may even have to go through the same process in the office.

The Financial Boundaries

If you can set out the terms of your agreement with your roommate on paper, you’ll likely have fewer problems down the road. It may not always be an option — like if your new roommate is also your significant other — but try to set down the numbers for rent, utilities and even food if you’re willing to share costs. You may also want to make mention of any other boundaries you might want to set: expected quiet time, how long of notice each person is expected to give if they plan on moving out.

Unfortunately, not every roommate will be perfect. But if you’re both clear on the terms of the agreement most potential roommates will be reasonable. If you find yourself in a position where you have to end your agreement with a roommate — no matter why — you’ll be on firmer ground if you have some clear expectations in place. And if you find yourself needing to enforce your agreement, you’ll have some clear grounds to do so.

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Adding In a Roommate

1. Check if the business will continue to honor returns, exchanges and gift cards and other customer programs. If a company has gone into bankruptcy proceedings, it needs permission from the court to continue such programs. In general, the court will typically approve such requests but it can depend on the specifics of the situation. Furthermore, during bankruptcy proceedings, customers aren’t always a priority — creditors usually take precedence.
2. Wind up any existing business as soon as possible. If you’ve been sitting on a credit, it’s generally advisable to spend that early. Otherwise you may wind up in a position where you’re hoping a store will honor its obligations but you don’t have a guarantee.
3. Use a credit card for any new purchases. If a company can’t deliver on merchandise, you can dispute the charge with your credit card company. You also generally have a little more latitude when it comes to returns. Cash, check and debit cards have none of the consumer protection offered by a credit card. You may also want to limit new purchases from a company in bankruptcy. You definitely want to avoid purchasing such a company’s gift cards or warranties.
4. Verify your warranties. Check into whether your warranties for products bought through the bankrupt business are actually from the business or from a third-party warranty issuer. No matter which, check to make sure that the warranty is still in effect. Don’t be surprised if it isn’t, though: it’s not uncommon for warranties to be ignored if a business runs into trouble.
5. Find another supplier. Even if the company can find a way to reorganize and stay in business, there are likely to be delays in fulfilling orders and conducting other business. It’s unfortunate but if you need to guarantee that you get your products, you should start hunting for a new supplier now.
6. File a claim with the bankruptcy court. If the business in question can’t make good what it owes you, you may have no other recourse than to file a Proof of Claim form with the court overseeing the bankruptcy proceedings. Unfortunately, if a company is in a poor enough position to declare bankruptcy in the first place, it may take years to resolve — and other creditors may be ahead of you to get paid.

If you aren’t sure if a company that you do business with has actually entered bankruptcy proceedings, you can usually find out by searching the American Bankruptcy Institute’s website. The ABI reports on bankruptcy news on a regular basis. If you’re dealing with a small, local company, however, you may find more information by contacting your local Better Business Bureau or a local consumer protection agency. Even if such organizations don’t have specifics on bankruptcies, they can at least inform you of problems other shoppers are having.

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Dealing With Bankrupt Businesses: 6 Tips to Get You Through

What makes the situation particularly awkward is even though a renter may be in good financial standing, he or she may still wind up being penalized. Even worse, landlords often continue to find new tenants for vacant properties even after foreclosure proceedings have begun in some kind of effort to repair their finances. If you’re the tenant in that sort of situation, you’re likely to be evicted soon after moving in. You may have a chance of getting your deposit back if your willing to take your landlord to small claims court, but there is little guarantee that you’ll get any money in a timely fashion — after all, your landlord is already in foreclosure.

How Can You Protect Yourself?

There just aren’t that many options when it comes to figuring out either the status of your current landlord or checking out a prospective rental. While foreclosures are generally open information, most of the ways to check out whether a property is in foreclosure are based on the assumption that you’re looking for properties to buy. There is one website in particular that has created tools to check foreclosures for renters.

RentalForeclosure.com provides a simple search tool that allows you to check particular addresses — the site will tell you whether it has any information on a foreclosure at a given address. It doesn’t promise that there isn’t a foreclosure if its records don’t show one, of course, but if you have reason to be concerned you can contact RentalForeclosure.com. The site will then try to find more current information on a particular location. You can also request that the site emails you automatically if a foreclosure is listed for a particular address.

The site has gone a step further for tenants looking for a new rental: it offers a list of rentals already screened for foreclosures. The list is, so far, pretty sparse — but it’s faster than checking every address you might consider renting through RentalForeclosure.com’s database. It is a brand new feature for the site, so there may be more listings in the future.

Know Your Rights

If you do find yourself facing eviction because your landlord is losing his property in foreclosure, you should contract your local county or city housing agency. Your rights vary greatly between states — and you may still have some obligations to your landlord, at least until the foreclosure is finalized. The time you have to move may also be affected by your local rights.

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An Easy Way to Check for Rental Foreclosures

What Does It Mean For Me?

The fact that Obama has an economic recovery plan that he wants to pass once he’s elected is a great concept. However, it’s a little harder to translate a plan into what most people can actually expect in terms of tax cuts and other help.

• Tax Credit for Workers: Obama’s plan calls for a tax credit for 95% of workers — $500 for individuals and $1,000 for families. Pretty much anyone making less than $200,000 would qualify — including those individuals who don’t actually make enough to pay federal income taxes. Obama’s team is hoping to make the credit retroactive, meaning that it would apply to your 2008 tax return.
• Tax Credit for Employers: Obama also wants to create a $3,000 tax credit for each new job created by existing businesses. There will also be some incentives for employers who manage to avoid cutting jobs. The idea is that there will be more jobs available, reducing unemployment. The two tax credits account for approximately half the estimated cost of Obama’s recovery plan.
• Improving Infrastructure: In order to keep in-progress and fast-tracked infrastructure projects on time, Obama plans to make $25 billion available to schools and other infrastructure projects. The money is intended to make sure that key repairs can be made, as well as helping keep workers needed for those projects employed. According to Obama’s plan, this move will preserve up to 1 million jobs.
• Extended Unemployment: Obama advocates extending unemployment benefits an additional 13 weeks in order to help workers who have already lost their jobs. Additionally, his plan allows for suspending taxes on unemployment insurance benefits, at least temporarily.
• Retirement Hardship Withdrawals: As it stands, there are huge penalties for withdrawing money from your 401(k) or IRA before you reach retirement age. Obama is in favor of allowing ‘hardship withdrawals’ — letting families withdraw up to $10,000 from their retirement accounts.
• Create Mortgage Restructuring Options: In order to help homeowners who have made good faith efforts to pay off their mortgages, Obama plans to allow the Secretaries of the Treasury and Housing and Urban Development to modify the terms of mortgages, as well as reforming the bankruptcy code to allow for more mortgage restructuring.
• Preventing Property Tax Increases: Obama wants to offer $25 billion to local governments to provide the money that they would otherwise have to be raised by increasing property taxes or cutting vital services.

There is far more to Barack Obama’s economic recovery plan, but it’s important to remember that the whole plan remains in flux. While Obama can send a bill outlining his plan to Congress as soon as he is sworn into office, Congress must still pass it before any part of the plan goes into action. And while the Democrats in both the House and Senate will do everything they can to pass the plan as is, there will probably be quite a bit of negotiating before the final product passes.

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What Does Obama’s Economic Recovery Plan Mean For You?