School is almost back in session and although it’s an exciting time of year, it’s also an expensive one. How can you make sure your children are prepared to hit the books without draining your family’s resources? Here are some helpful tips to make sure everybody wins:

-Once you receive your child’s supply list, take a look around your house. You may be surprised how many of the needed items you already own.

-Grab the store flyers out of your Sunday paper and check for super sales. Many stores offer price matching as well, so make sure you bring the flyers with you when you shop… you may be able to get all the great prices from one store if you play your cards right!

-If you are buying supplies online, be sure to search for coupons. CouponMom.com and CoolSavings.com are a couple sites to check out.

-Instead of purchasing expensive supplies with characters and designs already on them, let your children decorate inexpensive supplies with markers and stickers. This is also a great way to get their creativity flowing!

-Stick to the list! Many schools do not require nearly as many items as parents wind up buying. Resisting those extra indulgences at the store can be tough, so talk to your child about this at home beforehand. If you want to keep them excited about the start of school, tell them they can pick out one item that is not on the list (set a price limit!) and stick to this rule. This will make the item they pick much more special while also teaching them the importance of choosing wisely.

As the cost of cable TV continues to rise and cable companies ignore calls for pay-per-channel packages, a growing number of consumers are dropping their cable providers in favor of these cheaper online alternatives:

Network Freebies
Major television networks are making their programming available for free once a show has aired. Visit ABC, NBC, CBS, and Fox online to view your favorite shows.

Cable Company Cave-ins
Some cable companies, including Comcast, are posting TV shows and other video clips online for their customers in an effort to maintain business.

Streaming Video Sites
For more variety, check out Hulu.com or Joost.com for free TV shows, movies, music videos, and more.

Webisodes
There are a number of high-quality TV shows produced only for the web. They are created by both independent and major TV studios. You can even find web-only episodes of hit shows like The Office, Monk, and Battlestar Galactica. Just enter “webisodes” in Google to see what’s available.

Most newer TVs can be easily connected to a computer to make your internet television experience more enjoyable.

Here is another good reason to keep your tax records on file and in a safe place.

Housing Counseling agencies that are providing foreclosure prevention usually need to see your most recent tax return and will keep a copy on file for reporting purposes or to prove your income to your lender . If you are in this situation and unable to find your last 1040 tax return, it may interfere with your Housing Counselor’s ability to provide you with assistance.

Here are some ways to fix the problem:

The IRS suggests keeping copies of all basic tax records for up to 7 years. If your tax records have been lost or destroyed, or if you’ve never kept the originals, there is a way to obtain copies.

Submit Form 4506-T for a transcript of your tax filings. This is only a summary showing most line items from your original tax returns.

Form 4506 will get you a copy of your tax return, including copies of all documents submitted with your 1040.

Visit IRS.gov or call 1-800-829-1040 to obtain these forms. For more detailed information about keeping tax records, print or request a copy of Publication 552.

When storing tax records, keep them in a secure, fireproof box such as a safe or filing cabinet. It would also be wise to keep electronic copies. Scan and save your documents as PDFs or jpegs and keep them on your computer’s hard-drive or on a flash drive. Electronic documents are easy to find and print, and they allow you to keep your paper copies in storage.

Federal regulators have decided to step in and stop some of things credit card companies are able to do when it comes raising interest rates and changing your accounts’ conditions. The new regulations will make it much easier to understand the terms and conditions of your account and formulate finance charges that are more reasonable and fair.

Here’s what we may expect:

• The fine print on credit card applications and statements will finally be large enough to read (and even bolded in some cases)!
• Creditors will be forbidden to increase the interest rate on current credit card balances (without reason) and must allow the consumer to pay off that balance over a reasonable period of time. Consumers must also be given a 45-day notice before interest rates are adjusted for future payments.
• Creditors will not be able to apply payments made greater than the minimum in a way that maximizes finance charges.
• Promotional interest rates on credit cards will be more beneficial to consumers as creditors will be made to apply payments made higher than the minimum to any higher-rate balances first, and to give a grace period for purchases where the consumer is eligible.
• The deceptive practice of imposing finance charges called the two-cycle method will be banned. This method computes interest on balances on days in billing cycles before the most recent billing cycle causing the consumer to pay more interest.
• Furthermore, creditors will be required to provide consumers a more reasonable amount of time to make payments.

These new rules will take place in July 2010. If you are currently having trouble with your credit card debt or need advice, contact a certified credit counselor.

It was about 5 months ago that oil prices set a record $147 per barrel. Today, they’re less than $45, thanks to reduced demand. Meanwhile, gas prices fell from a painful $4 a gallon to around $1.66 in the U.S. (And some analysts think they’re heading to one dollar per gallon.) Credit Counselors advise that energy prices should boost the economy in 2009 as opposed to crippling it in 2008. JPMorgan Chase economist James Glassman estimates that the drop in oil prices represents “a boost equivalent to a $350 billion stimulus.”

Falling faster than gas prices are mortgage rates. Rates for a 30-year, fixed-rate mortgage fell to an extremely low 5.19. That should help housing affordability and the ability of current homeowners to refinance their mortgages. Before refinancing your home, it is a good idea to pull your credit report to make sure there are no mistakes on it. And even more good news could be on the way if you don’t mind Uncle Sam borrowing billions more for yet another bailout: The Treasury Department is reportedly considering a plan to push mortgage rates as low as 4.5% for new homebuyers and, perhaps, even for current homeowners who want to refinance. Maybe there is some light to the end of this long, dark tunnel.

Credit Counselors urge you to take charge of your holiday spending plan! By planning ahead, you can celebrate the season in style without ending up in credit card debt. Here are ways to limit spending and stay on track.
• First, make a holiday spending plan. Make sure you include all holiday spending like extra postage, decorations, children’s holiday outfits, entertainment costs and family photos.
• Next, list everyone you want to buy presents for. It helps to write down any ideas you may have for gifts while creating this list.
• The earlier you start shopping, the better. Take care of everyone on that you have to ship to first so you can get those presents out early. Shipping rates increase as the holidays approach so the sooner you ship, the more you will save.
• Shop online. The internet makes it easy to shop around. It also makes it harder to buy on impulse. Since most retailers have inventory on their websites, you can decide exactly what you want to buy before going to the mall. This does not mean charge everything! Credit Counselors advise you to use a debit card with a major card label on it in place of a credit card.
• Combine gifts. If you and your sibling never know what to get your parents, combine your resources and get them one nice item together.
• Get the family together and draw names from a hat. This is helpful because each person is only in charge of one present.
• Have your children list one to three items they want. A good rule to follow is one gift they really need, one gift they really want and one educational gift like interactive computer games or books. They will probably receive plenty of other gifts from friends and family so don’t worry about them not getting enough.
• Shop the sales all though the year. You will find great bargains in your major wholesale retailer’s clearance aisle (especially on electronics).
• Be creative. It doesn’t cost much to make up coupons for things like a free foot rub, an offer to do the dishes for a week, a special movie night, or an offer to paint or rearrange the furniture. You could even make a coupon book, one for each month.
• Get ready for after Christmas sales. The stores are anxious to sell and will discount decorations, wrap, gifts, toys, trees and other holiday items at huge savings. You can stock up on dishes, napkins, food items and even clothing at up to 90% discounts. You can often find gifts for other holidays as well, like birthdays, Mother’s Day, and even Valentine’s Day.
Always remember that you should only spend what you have set aside for the holidays. If you ever find yourself thinking about using a credit card or taking money out of savings to purchase a Christmas gift because you do not have the money remember to stop, think and save. If you consistently find yourself up to your eyeballs in debt after the holidays, you may want to speak to a Certified Credit Counselor for some free educational materials or budgeting advice. Spend wisely this holiday season and have a merry Christmas!

During these unsettling times, many of us watch everyday as the stock markets fall (seeing all time record losses in some cases) and while we may not all be stock brokers, it seems simple enough to understand that some of our investments may not be looking their best right now. But what should we be doing about it right now? Should we all sell, sell, sell, before it is too late and our investments are worth nothing, or should we stick it out and hope for the best? The best thing to do is to “not panic”, according to Michael McAuliffe president of Family Credit Management Services.

Here’s what to remember:

Don’t panic about your retirement plan, especially if you are younger and have a long career ahead of you. There will be plenty of time for your stocks to regrow and if your company matches a portion of your retirement contribution, you are already getting a return right away (especially if your company matches 50-100%). If you are further along in your career and don’t have that much longer to go before retirement, now is the time to take a look and make sure you have safe investment in things like CDs and bonds. Credit Counselors also warn you to make sure that you are diversified and don’t have all your eggs in one basket, regardless of age.

Your bank account should be safe too. Even if your bank fails, the government will insure up to $250,000.00 of your money. If your mortgage lender goes under and is bought out by another entity, they cannot change the terms of your mortgage.

According to Credit Counselors, Americans get more and more in debt each year due to bad spending habits. It is hard enough just paying for the necessities these days but that is not where the true struggle is. We have fallen into the habit of wasting money. Most of it we do not need, but just want. Here are some tips to stop the urge to splurge and start saving.
1. Make a list and stick to it. While shopping, buy only what is on your list!
2. Limit your trips to wholesale stores. Don’t buy in bulk unless you have a secret hiding place for stuff, because buying more will only make your family use more of the stuff you buy. For example, if you buy a case of cookies, your kids will just eat more cookies.
3. Don’t use credit cards irresponsibly. They should not be used if you can’t pay off the balance right away.
4. Avoid home shopping channels, buying online and catalogs. All of these increase the temptation to spend carelessly.
5. Don’t go window shopping when you are bored or sad. You may end up buying more than the window!
6. Set limits. If you are going to buy a car, electronics or an appliance, set a dollar limit and stick to it!
7. Say no to the extended warranty. These rarely pay off and the manufacturer’s warranty is usually good enough.
8. Buy generic and clip coupons.
9. Sometimes buying name brand is good, because you get the quality, like tennis shoes or tools, but again, set a limit. If there is a $50 pair of Nikes or Adidas and a $100 pair, settle for the $50 pair.
10. Cook large amounts of food at a time from scratch, as well as several different meals. Prepackaged stuff costs a lot more and it’s not as healthy. Freeze portions for meals later, during the week or when things in the pantry are scarce. This will also save time, and energy.
11. Grow your own veggies! Make a garden! Not only is it fun for the whole family, you can save a lot buy not purchasing them at an expensive grocer.
12. Avoid shopping with your wealthy friends or friends who shop like they are loaded! You might end up shopping the same way and end up buying expensive things you don’t really need.
13. Don’t bring your kids shopping. Kids can be distracting and may be able to talk you into buying them something they don’t need.
14. Always think practical whenever you are shopping and ask yourself if you really need it or not.
15. Make a budget and stick to it! Putting the numbers down on paper will show you just where all your money is going! Credit counselors say that a lot their clients are surprised when they see how much they are overspending on entertainment. Another common mistake when making a budget is forgetting to figure in emergency money, such as a trip to the doctor or car repairs and annual or seasonal expenses. The bottom line… plan ahead! For tips on budgeting click here.

Many seniors are struggling today due to the rising costs of food and medical supplies. Furthermore, people are living longer which means they have to stretch their retirement savings even further. Thankfully, some public benefits may be able to help.

Area Agencies on Aging (AAA)

Each state has made information available to the public for “area agencies on aging.” Such agencies can offer information on (or assistance with) transportation, in-home care, legal protection services, education and recreation. You can find local agency contact information at www.eldercare.gov. Credit Counselors have found this resource very helpful in meeting the needs of seniors.

Supplemental Income

According to credit counselors, many people who qualify for Supplemental Security Income (SSI) are not receiving it. This program provides monthly cash payments to low-income individuals aged 65 or older. In order to qualify for this program, an individual must have less than $2,000.00 ($3, 00.00 for a couple) in savings. To find out if you or a loved one qualify for SSI, visit their website at www.ssa.gov.

Health Care Costs

There are also programs available to seniors that can help with medical expenses. You can search for the latest information on “Medicaid” and “Medicare prescription drug coverage” at www.aarp.org.

Property tax relief

Most states have more than one property tax relief program for senior homeowners. In most cases, seniors can find more information on tax relief by contacting the local agency in which they pay their taxes.

Credit Counseling Agencies

Most non-profit Credit Counseling Agencies offer free budget counseling and educational resources. If you or someone you know is struggling, a Credit Counselor may be able to provide you with the information or resources you need regardless of age.

You may know a late payment or high outstanding balance can hurt your credit. However, what about shopping at a massage parlor, retreading a tire or visiting a marriage counselor? Credit Counselors warn (according to a lawsuit filed by the Federal Trade Commission against card issuer CompuCredit) such activities can count.

The lawsuit against CompuCredit for using supposedly deceptive marketing practices gives us a very rare look inside the unclear business of credit scoring. It exposes formulas that higher authorities like politicians have long suspected exist (that buying habits, not just payment history, matters).

Mostly, the allegations are focused on CompuCredit’s Aspire Visa (a credit card for risky borrowers with a high interest rate). The FTC claims that CompuCredit didn’t disclose that it monitored buying habits and lowered credit limits if customers used their cards at certain places. Among these places are: tire and retreading shops, massage parlors, bars, billiard halls and marriage counseling offices.

According to the FTC, CompuCredit originally told their cardholders that they could use their credit cards anywhere and is seeking $200 million for the deceptive practice. CompuCredit has also been penalized in the past by the New York Attorney General and Credit Counselors suggest that consumers stay away from this subprime credit card.

CompuCredit defends its practices. “Every time a consumer accesses their credit, a new decision to extend a loan is being made,” says CompuCredit’s general counsel. “These scoring models are commonplace across the industry.” Credit Counselors suggest that with more and more companies following similar practices, it may be wise to use more discretion as to where you are using your credit cards.