By: Jim Sloan, MoneyRates.com

The recent hubbub about debit card fees could have a big impact on you and your credit card.

In case you missed it, Bank of America proposed a $5-a-month fee on use of its debit cards, which it planned to roll out in 2012. But after much public outcry, Bank of America backtracked on these plans. Other banks had proposed similar debit card monthly fees, which were also rescinded.

Bank of America and other banks that had announced this fee did so in the wake of new regulations on debit card transaction fees, which were cut an average of 44 cents per swipe to 21 cents. That regulatory change is costing banks an estimated $8 billion annually, so the debit fee was one way to recoup the loss.

How banks may replace lost debit card fee revenue

While consumers won this round with the banks when Bank of America and other banks cancelled their debit card fee plans, the banks’ desire to replace that $8 billion in revenue hasn’t gone away.

Banks may lie low for a while to let consumers cool off. But before long they will be back with a new round of revenue raising possibilities. According to CNNMoney.com, banks will likely focus on stealthily increasing the fees we’re already used to, including:

• Checking account fees
• Foreign exchange fees
• Paper statement fees
• Higher late fees, such as for a car loan payment

Credit cards may be new source of fees

In addition, banks may be looking at your credit card to help replace lost revenue:

• Banks are expected to encourage their customers to use prepaid and credit cards instead of debit cards. This idea was floated around a recent industry conference. For instance, your bank may waive a monthly maintenance fee on your checking account if you make a certain number of purchases each month on your credit card.
• Look for combination debit/credit cards, a hybrid piece of plastic designed to skirt the new debit card swipe fee limits.
• Key an eye out for higher credit card interest rates. Although credit card regulations implemented in 2009 prevent banks from raising interest rates at any time, for any reason, they can still do so (in most cases, with written notice).

With many credit card holders in the U.S. making more late payments and putting more debt on their credit cards, higher late fees and interest rates could help banks – even while they put more customers deeper in debt.

Original Article: How the debt card fee brouhaha may affect your credit card

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• Will debit fees drive credit card spending?

How the Debit Card Fee Brouhaha May Affect Your Credit Card was originally featured on Quizzle Wire

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By: Jessica Ackerman

Improving your home is the most logical first step toward maximizing its financial value, since keeping things up-to-date is the only way your home gains short-term value. The key is keeping the house in a position of maximum value to potential buyers, regardless of whether you are considering selling now or in the future. To optimize your investment, review these five home upgrades that can increase the value of your home:

1. Keep the kitchen modernized as much as possible.

This does not indicate that you should rush out and buy every new appliance and gadget that becomes available, but rather keep up-to-date with modern technologies. Homes without a dishwasher, for instance, often sell for less than homes with this great modern amenity. Stainless steel appliances are costly, but the return on investment is high because they are very durable and aesthetically pleasing.

2. Follow the same rule in the bathroom.

The bathroom is another room that should be kept modern, especially where fixtures are concerned. A tub is a good idea in the guest bathroom, such as a traditional tub and shower combination, but in the master bathroom trends are leaning toward showers that offer space to move, or tubs that are large enough to be focal points in the space. Water-saving features are among the more recent additions to this space, and the money you save with them usually pays for them within the first year or two, depending on your average bill.

3. Improve the home’s curb appeal.

You can achieve this goal by keeping your lawn manicured and being aware of the view from the street. For instance, stand in front of your house and look at it closely to determine whether it needs to be cleaned or painted, from the front porch outward, whether windows are modern and energy-efficient, and whether the plants are appropriate. Aim high to maximize your investment in your home.

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Nothing devalues a home like wasted space, since it indicates that you have no idea what to do with the rooms in your home, such as an unfinished basement, sunroom space, added rooms, or storage rooms. When you are indecisive, it reflects in your home and can really limit the value of it, so be sure to think creativity to keep things looking great from this important standpoint especially. Make the most of each room in your home, even if you simply turn an unused space into a formal dining area, home office, walk-in closet, home gym, media room, or guest space.

5. Add a master bathroom or walk-in closet space.

These are very important upgrades that can add a tremendous amount of value to your home, especially if the home does not currently have one, the other, or both. The master bath is most important, but a large closet can also be a huge factor if you are considering selling the house. Upgrades like these have a huge return on investment, often more than what you pay to complete them even.

Professional designer Jessica Ackerman, writes for WallDecorandHomeAccents.com, and specializes in decorating with tree of life wall art and large modern wall art.

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5 Upgrades that Can Increase the Value of Your Home was originally featured on Quizzle Wire

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By: Anna Platz

Hoping to take advantage of the distressed real estate market and get a great deal on a new home? In many parts of the country, there are more homes for sale than there are potential buyers, putting you squarely in the driver’s seat when looking to purchase a house. There is no precise definition of a “lowball” offer, but it is generally understood to mean a price that is substantially below the asking price or even market value.

To help you find your dream home at a discount, consider the following tips for making a lowball offer:

Take a look at the length of time on the market.

A seller who has just listed their home isn’t likely to consider drastically cutting their price. Less obvious though is the house that has been on the market seemingly forever. This property also might not be a good candidate for a lowball offer as the owners might not be serious about selling, or willing to come down much in price.

If the sellers have bounced around from listing agent to listing agent, this is also a red flag that they aren’t willing to do what it takes to get the home sold and may turn up their nose at your below-asking-price offer.

Don’t get too attached.

If your goal is to get a great real estate bargain, you need to try as hard as you can to remove your emotions from the equation. You might need to make several offers before one is accepted, and even then there are plenty of things that can derail the transaction before closing.

Don’t imagine your children running through the backyard or start picking out paint colors until it’s a done deal. Otherwise it will be much tougher to walk away if the numbers don’t work in your favor. If you’re truly after a deal, remind yourself that it’s a buyer’s market and there are many other properties you could be happy in.

Work with a real estate agent who isn’t afraid to submit a low offer.

Some real estate agents will enjoy helping you hunt down the bargain and using their negotiating skills to close the deal. Others will object to submitting an offer that is more than a certain amount below the asking price (for one agent that number could be 5 percent, for another, 10 percent) out of fear of insulting the seller and getting into an uncomfortable situation with another agent.

Have some reasoning behind your offer price.

Don’t just pick a number because it’s way below asking, or because it’s what you feel like paying – spend some time with your real estate agent researching the market, and what similar houses in the area have sold for recently. You can also look at how long properties have been staying on the market on average. Then come up with an aggressive, but reasonable price to offer. Your agent may even want to include some of the data you used to come up with the number to support the offer.

Look for motivated sellers.

Sometimes the words “motivated seller” will be right there in the listing description. Other times your agent might be able to get some background from the listing agent, like for example that the seller has already bought a new home and is anxious to get the property off their hands. A vacant home is also a good indication that the owner has moved on and may be hoping to sell quickly.

Don’t take “no” personally.

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Save some money for repairs.

If you agree to a rock bottom price, the sellers may not have a lot of wiggle room when it comes time to negotiate any necessary repairs that are identified in the home inspection report. If something major is uncovered that alters the value of the property, it might be a game changer, but if the suggested repairs are only minor, you may be better off handling them yourself than pushing the seller to the point where they may walk away from your offer.

Make the rest of your offer very attractive.

The sales price is only one piece of the offer to purchase a home. Increase your chances of having a low offer accepted by making the other aspects favorable to the seller. Include a letter from your mortgage lender showing you are pre-approved for financing, offer a substantial earnest money deposit, and don’t ask for lots of concessions or contingencies beyond what is typical.

Anna Platz is a home financing expert based in Wilmington, North Carolina. She works as an Editor for ForTheBestRate.com, a website where consumers can research mortgage rates and mortgage programs such as investment property loans, condo financing, and FHA mortgages.

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8 Tips For Making a Lowball Offer on a House was originally featured on Quizzle Wire

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By: Tal Baron

The stock market is looking fairly bleak. Some investors are beginning to panic and seeking other avenues for investment opportunities. Although the housing market does not appear to be rebounding as quickly as anticipated, real estate is still one of the soundest investments that can be made today.

We are experiencing historic lows for interest rates on nearly all mortgage options and these rates will not last forever. Interest rates and home prices are expected to hit bottom this year and begin to rebound. For first-time investors or even the avid investor, it is a great time to take advantage of low rates. Below are some factors to consider when deciding whether or not to invest in real estate:

Discover Your Options

As an investor, it is important to know the variety of real estate options. All investment properties and opportunities are not the same. One of the most popular options for investing in real estate is becoming a landlord and renting out your property. The other is to buy a property, restore it, and resell it for a profit (also referred to as “flipping” houses). For first-time investors, it is often recommended to start with residential real estate because commercial and land development areas still facing very difficult market conditions.

Appeal to a Large Audience

Just as the experts always say, it is all about one thing: location, location, location! If you are seeking to become a landlord, finding a property to rent out will be most heavily dependent on the location. Finding homes in highly populated areas are ideal places for investors to purchase. It is wise to avoid rural areas with low population, as there will be a smaller pool of potential renters.

Also finding homes with more than one bedroom and bathroom is recommended, as it will appeal to more potential renters. If the target pool of renters is families with children, being within a good school district will often be one of the top priorities. Properties near shopping malls, public transportation, or other amenities are highly attractive qualities when it comes to potential renters or buyers, if selling is an option down the road.

Make Sure You Can Weather the Ups and Downs

Consider speaking to potential lenders about how to handle the ups and downs of investing. Make sure that you have the funds available to handle any repairs or terms of vacancy. If the home sits vacant for any period of time, the mortgage will still need to be paid. It is recommended to have at least six months’ worth of mortgage payments saved up. Likewise if selling the home is an option, mortgage payments will need to be paid until the house closes.

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Investing in real estate is not a niche for everyone, but for those looking for a secure investment it can be a solid option in today’s economy. Whether looking to become a landlord or buying to restore and re-sell is the intent, there are options out there for nearly all investors.

Have you ever invested in real estate? What was your experience like? Would you recommend it to others looking for a high-return investment?

Tal Baron writes for Currensee, a FOREX trading social network where investors can potentially earn a high return on investments through currency investing.

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Investing in Real Estate: How to Decide if it’s the Right Move for You was originally featured on Quizzle Wire

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By: Kyle Taylor

When I left home for college a few years ago, I left with a small savings account for emergencies. I had built the fund up with years of birthday money, graduation presents and extra money from my high school job. However, after six short months in college, I soon realized just how frequent “emergencies” can happen. During that time, my car’s transmission died, a roommate skipped out on an electric bill and I was charged for a doctor’s visit after coming down with pneumonia.

Thankfully, I was able to handle those expenses, but afterward, my emergency fund needed a serious boost. If you find yourself in the same position, here are six weird ways you might not have thought of to boost your emergency fund:

1. Audit a Liquor Store

Liquor stores are constantly looking for adults, under the age of 30, to go undercover and audit their stores. The job requires that you attempt to buy beer and note whether the cashier asks you for your ID.

Liquor stores do not hire directly for this position, but instead go through auditing companies like TrendSource and Corporate Research. You can sign up as independent contractor and then choose the locations that you want to audit. Once you’ve finished, you are required to submit a receipt and a short report on your interaction with the cashier.

Potential Boost: $50 to $250 for auditing five locations.

2. Sell Your Moving Boxes

After moving into and unpacking my first apartment, my living room looked like a cardboard box graveyard. Most folks throw away their moving boxes, but you should save them because you can sell them to other movers on sites like BoxQuest.com and BoxCycle.com.

Potential Boost: $15 to $60 for 30 boxes.

3. Attend a Movie Premiere

I’ve always enjoyed going to the movies so the first time I got hired to attend one, my face lit up with glee. Often times advertisers will want to verify that previews or commercials they’ve paid for are being shown on premiere night. The verification is done by independent contractors hired to attend movie premieres and make a note of the previews shown.

You can score a job as a preview watcher with companies like Certified Field Associates, that will pay for your ticket and pay you for completing a short report on what you observed.

Potential Boost: $50 to $100 for attending five showtimes.

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4. Go Used Book Hunting

If you like going to garage sales and flea markets, you should give used book hunting a try. Book hunting involves looking through the sales bin for cheap books and then reselling them to online book buy-back companies. There is a great iPhone App called “Book Scouter” that allows you to scan the book while you’re at the garage sale and get an instant quote from more than 20 online book buyers.

For example, last weekend I was at a library sale and bought an Ina Garten cookbook for $1. A few days later, I resold it to Moola4Books.com for nearly $8. Woot!

Potential Boost: $100 or more per day.

5. Sell Your Trash

Americans throw away more than 266 million tons of trash every year. Even more startling is the fact that a lot of this trash can be resold for extra cash – things like used golf balls, cooking oil, ink cartridges and wine bottles can be resold on sites like eBay and Craigslist for a profit. To get some ideas of the kinds of trash you can sell, check out my list of “7 Wacky Things in Your Trash Worth Cash.”

Potential Boost: Depends on how much trash you have, but $20 to $50 per month is not out of the ordinary.

6. Open a 2nd Checking Account

Keep your eye out for bank bonuses that will reward you with cash for opening a checking account at their branch. It only takes a few minutes to open the account and once you’ve received your bonus, it is up to you whether to keep the account open or continue to use it. Personally I like having an account at a separate institution for my savings and travel fund, because I’m less likely to spend it.

Potential Boost: $50 to $100.

Kyle Taylor is a personal finance blogger that blogs about weird ways to make money at The Penny Hoarder. Join the TPH newsletter and get his “5 Wackiest Ways to Make Extra Money.”

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6 Weird Ways to Boost Your Emergency Fund was originally featured on Quizzle Wire

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By: Constance Gustke, HSH.com

Considering paying cash for your dream home? So are more and more people.

The number of all-cash deals has risen 25 percent from a year ago, making up 30 percent of May 2011 home sales, according to the National Association of Realtors. These all-cash buyers are typically either trading down for retirement, investors or wealthy folks.

All-cash deals aren’t for everyone

The key to deciding whether an all-cash home purchase is for you, is to weigh the pros and cons. Also, you should view your mortgage as an investment like any other with liquidity, risk and return. These days, the pros of an all-cash purchase are quite compelling: stronger negotiating power, waving goodbye to monthly payments and bypassing the lengthy, maddening mortgage-approval process.

However, certain drawbacks also exist, including forgoing mortgage interest deductions, depleting savings and losing out on future–perhaps more profitable–investment opportunities. “Generally, it makes more sense to invest that mortgage money rather than paying cash,” says Bob Williams, a financial advisor at Delta Trust Investments in Little Rock, Arkansas.

For starters, nail down your finances first, though. Six months of savings, a healthy stock portfolio and retirement account funding–especially 401ks–are the baseline, say experts.

That said, here’s a rundown of the pros and cons.

PROS

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Lastly, you’ll have more leverage when selling your home. Why? Without a mortgage, you can carry the next buyer’s mortgage and speed along the sale.

No monthly payments. You shouldn’t underestimate the comfort level of owning your own home–especially as foreclosures mount up. “You can sleep better at night,” says Williams, “and people don’t understand these psychological benefits.”

Consider other more tangible benefits too, such as foregoing title insurance or private mortgage insurance.

By passing the grueling mortgage-approval processes. Credit score requirements for getting a mortgage these days average 760, compared to 720 just a few years ago. If your scores are low, you can still buy a home with cash and without fear of rejection. According to the Federal Reserve, 25 percent of mortgage applicants are turned down.

In addition to higher credit score and down payment requirements, loads more paperwork is required from borrowers these days, including income documentation, asset statements, tax returns, and more. Most sellers are concerned that potential homeowners can’t finance a mortgage, says Tyson.

CONS

Losing out on the mortgage interest deduction. This deduction is one of the few remaining, says Williams. Those who can best benefit are in at least the 28 percent tax bracket, he adds.

And this deduction adds up. Let’s say you’re in the 28 percent tax bracket and have a 4.5 percent mortgage rate. After taking your deduction, the effective rate drops to 3.24 percent. That’s the benchmark to shoot for when scouting out other investments, he adds.

Lost investment opportunity. With mortgage rates at 4.59 percent for a 30-year mortgage, borrowing is still dirt-cheap. And paying cash for a home ties up that money. Over time, home sale price returns are paltry too–averaging only 5.4 percent between 1968 and 2010, according to the NAR.

The upshot: much better options exist. Stock market returns usually outperform other investments. And even some bonds make sense. For example, a Tennessee Valley Authority bond rated AAA yields 4.62 percent and comes due in 2039. And a 30-year Treasury bond yields over 4 percent.”

Or what about other attractive investment opportunities,” says Tyson, “like investing in a small business?”

Depleting your savings. It takes years to replenish savings at low interest rates. And tying up all your money in a home also reduces your overall liquidity.

For example, say you pay cash for a home and begin replenishing your savings account at $1,000 per month at a 4.6 percent interest rate. It will take you 17 to 20 years to recoup your all-cash payment. “You can save faster, but there’s more risk,” says Williams.

Homes are fairly illiquid investments. These days, it takes 9.3 months to sell a home versus the usual six months, according to RealtyTrac. Conversely, most other investments like bonds or stocks are easily sold on an exchange.

What happens if you pay cash and later need the money? You can always get a home equity loan or reverse mortgage, counsels Williams.

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Pros and Cons of Paying Cash for a Home was originally featured on Quizzle Wire

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By: Michael Dolen

We all know Benjamin Franklin’s famous quote, “A penny saved is a penny earned.” It’s actually a misquote, but that’s neither here nor there. The bottom line is that the spirit of this lesson is a cornerstone for good personal finance… or at least it used to be.

Contrary to popular belief, ol’ Ben’s quote no longer holds true. Why? Because back in his day, there was no IRS, no FICA tax, nor any of those other pesky things that shrink your paycheck. In the 18th century, a penny saved truly was a penny earned. However in the 21st century, a penny saved is much more than a penny earned.

Today: A Penny Saved = Two Pennies Earned?

Let’s say Joe is a self-employed handyman who lives in San Diego and his adjusted gross income is $55,000 per year. He happens to be unmarried, which means he is in the 25 percent federal tax bracket. He would owe up to this much in taxes:

• 25 percent for federal income taxes. Income between $34,500 but not over $83,600 is taxed at 25 percent. The amounts below or above that bracket are of course taxed at different rates. With Joe’s income, that would mean $20.5k of his earnings are taxed at 25 percent ($55,000 minus $34,500 equals $20,500).
• 15.3 percent for self-employment taxes. When you’re self-employed, you have to pay 100 percent of the Social Security and Medicare taxes yourself. If you work for someone else, the same 15.3 percent is paid but the difference is that 50 percent is paid by the employee and 50 percent by the employer.
• 9.55 percent for state income tax. For the portion of Joe’s income above $46,766, he owes 9.55 percent to the State of California (in addition to the tax owed on the lower brackets).

Now you can’t just add all three together and say Joe is paying 49.85 percent, because that would be ignoring the fact that his state tax is deductible for federal calculations, as well as half of his self-employed taxes. Not to mention, tax credits and the portion of his income that falls in the lower brackets is taxed at lower percentages (at least for the federal and state).

However, instead of making this demonstration messy and going through all of those calculations, let’s just agree on the fact that Joe is paying a lot of taxes, especially on the upper brackets of his income!

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When Joe goes to mall and whips out that platinum credit card to pay for a $100 coat, he should not think of it as costing $100. Instead, he needs to base the price on how much he has to earn (pre-tax) in order to have $100 to spend.

If all of his taxes combined equally, say 30 percent of his income, then here’s a more accurate way for Joe to look at how much his purchases cost him:

Step One: Subtract the 30 percent paid in taxes from his entire income (100 percent) and he is left with 70 percent for spending. In other words, 70 cents out of every $1 earned.

Step Two: Next, divide that $1 by 70 percent (0.70) and the result is $1.43.

Step Three: To find out how much he must earn to pay for a purchase, he can multiply the purchase price by 1.43. For example, that $100 coat would require $143 in earnings.

My Experience Using this Mindset

For the past two to three years, I have been using this approach. I can’t even begin to tell you how much smarter it has made me with spending. I totally disregard sticker prices and instead, recalculate the price of an item based on how much income I actually have to earn in order to pay for it. The result? I find myself spending much less! It really helps to put things into perspective and prioritize your financial life.

Here are some circumstances to demonstrate how this mindset can help:

• A car costing $20,000 may sound reasonable to you. However when you look at it as costing $30,000 to $35,000 of your earnings ($20k times whatever your multiplier is), I bet there’s a good chance you will want the car that much less.
• Credit card interest hasn’t been tax deductible for decades. So, of course, that means every $1 you pay in interest is more than $1 worth of your earnings. This mindset can serve as yet another motivating factor to pay down credit card debt more quickly and improve your credit.
• You’re at the mall debating whether you should buy something. If you’re like how I used to be, you may try rationalizing the purchase by telling yourself something like “I make $20/hour and this item costs $100, so I can afford it since it’s only 5 hours of work.” But with the recalculation, you realize how many hours you really will have to work for it.

Now it’s time to get out a pen, paper and calculator and crunch away your own numbers to find out how much things are really costing you!

This post was written by Michael Dolen, the founder of CreditCardForum. From how to increase your credit limit to a list of the top 10 credit cards, Michael blogs about every topic you can think of related to credit cards.

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Are You Looking at Spending the Wrong Way? was originally featured on Quizzle Wire

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By: Daniela Baker

You already know that maintaining your car by changing the oil when you should, checking tire pressure regularly, and getting an engine tune-up once in a while is a great way to save money by preventing further expensive repairs down the road.

However, you may not think about similar things you can do in your home that can help you save money in the long run. Making a list of basic home maintenance tasks that are often overlooked will help you remember to do them on a regular basis and will allow you to prioritize appropriately. Here are just a few of the essential tasks you should do on a monthly basis:

1. Change heating and air conditioning filters.

Changing the filters can make your heating and air conditioning systems more effective, which means you save money on cooling and heating your home. When you change the filters, vacuum out the ducts immediately around them, too, which can prevent the next filters from getting clogged as easily and can keep excess dust particles from floating around in the air.

2. Clean out the lint from the clothes dryer.

Every time you dry a load of laundry, you should be cleaning out the lint screen. However, you also want to pull the dryer away from the wall and clean out the actual hose once a month. Also, check the outside vent to make sure it’s clear, too. This can save you money by keeping the dryer from heating up your home excessively, and it can also cut down on your risk of having a house fire, since a clogged dryer vent is the number one cause of fires in the home.

3. Check out your windows, walls, and doorjambs.

It’s in these locations that you’ll find cracks and other signs of a problem with the foundation. The earlier you catch this type of problem, the better off you’ll be, so make it a habit to visually and manually check these areas once a month.

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Check for mildew in places where it might build up easily, like around the bathtub, in the kitchen, and in other damp areas, like the basement. Take care of mold with a bleach solution as soon as possible. If there’s mold on the drywall that’s dark or prevalent, it may be a good idea to call in a mold remediation expert. It’s an expense you’ll have to pay now, but it can keep you from having to replace entire rooms of drywall (and maybe more) later.

5. Clean the refrigerator coils.

These coils can get a build up of dust on them, which makes them run less efficiently. When you clean the coils, you can save money on your monthly electric bills!

6. Clean the carpets.

Invest in a steam carpet cleaner that doesn’t necessarily require chemicals for cleaning the carpets. You can avoid using harsh chemicals that actually attract more dirt by filling the steam cleaner with a solution of water and vinegar. Deep cleaning your carpets regularly can keep them from wearing out as quickly, so you have to replace your carpet less often.

Just make sure you get a carpet cleaner that has optional spinning motion on the brushes. If you’re cleaning once a month or so, it’s a good idea to turn off the spinning motion so you’re just extracting dirt from the carpet and not wearing on the actual fibers.

This is just a quick list of things you can do monthly to keep your house in ship shape and to save you money on overall home maintenance tasks in the long run. Try adding one or two of these tasks to your weekly to-do list so that you spread them out throughout the month, which makes getting them done practically effortless.

Daniela Baker is a Social Media Advocate with CreditDonkey, a website that helps you find the best credit card for your lifestyle.

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Important Home Maintenance Tasks that Will Save You Money was originally featured on Quizzle Wire

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By: David Bakke

With the end of the recession nowhere in sight, you may have pushed those home improvements and renovations you’ve been wanting to make to the bottom of your priority list.

However, now might actually be the best time to invest money in your home. With cheaper loan rates, contractors, and building materials, there are plenty of ways to save money on your home improvement projects by taking advantage of the current market.

Here are five reasons why you should start tackling your home improvements today, way before you even think about selling.

1. Low Home Equity Loan Rates

You’ve probably heard this phrase a lot lately: “Rates are historically low right now.” But it really is true, especially when it comes to home equity loans. Contact your lender to find out the rate you’re eligible for and ask if you qualify for a “relationship discount” (i.e. for loyal customers who have account balances totaling a certain amount).

2. Reduced Energy Expenses

When you spend money on making your home more energy efficient – like adding insulation, double-paned windows, programmable thermostats, and Energy Star appliances – you’ll earn the money back, and then some, in your energy bill savings over the years. You may also be eligible for green energy tax credits, further bringing down the costs involved.

When planning these improvements, make sure to ask for any available discounts. I recently had a sliding door replaced in my home and I worked out an agreement where the cost of the project was interest-free, spread out over three years. So, rather than having to pay $1,400 out-of-pocket up front, I now have a $55 monthly payment for the next 36 months.

3. Cheaper Contractors

Even though the housing market has recovered to an extent, many contractors are still desperate for work. This means that you can get reduced pricing and enjoy some big savings, especially if you let several contractors compete for your job. Shop your job to many different contractors and check reviews on sites like Angie’s List to get the best quality at the lowest price.

4. Enjoy the Improvements

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In the past, I always had a list of projects to complete “before I sell my home.” Where is the sense in that? Replace that carpet and remodel your bathroom now. That way, you can enjoy the new look while it’s available to you.

5. Prepare for Future Potential Buyers

Before I bought the home I currently live in, I had a home inspection done. It was probably the best investment I ever made. After the initial walk through with my home inspector, we found at least $2,000 in repairs that needed to be done before I would agree to buy it.

Looking forward, I wonder why anyone would want to put themselves in this situation. When you go to sell your home, there are going to be many things that you need to take care of. Why complicate the process by adding an extensive list of repairs and upgrades that you need to perform before your potential buyer will agree to the sale? Work these things into your budget now, and you’ll save yourself a few headaches once you do get ready to sell.

Final Thoughts

When money is tight, it may seem like the worst time to consider home improvements. However, taking on these projects now can actually save you money in the long run. In fact, there might not be a better time to get great mortgage rates, and the cost of the improvement itself can be relatively inexpensive as well. If you can find the money and the time, invest in your home now.

Have you recently invested in any home improvement projects? What was the overall experience like and how much did it all cost you?

David Bakke is a personal finance writer who shares his best tips and insights on saving money, real estate, and home improvement as part of the Money Crashers team. Money Crashers is a personal finance blog that covers a variety of different financial topics – from online bank reviews to bathroom design and remodeling ideas.

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5 Reasons to Invest in Home Improvement Now was originally featured on Quizzle Wire

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By: Jessica Drew

If you’re expecting a baby or have a young child, and have very little extra money, you’re not alone. Many young couples have children while they are trying to establish themselves financially.

At the same time, perhaps you or your spouse, close friends or family are suffering from private student loan debt. Many young professionals have variable rate, private student loans that they can barely afford, or cannot afford, to make monthly payments on. You certainly do not want your children to start their professional lives out this way.

Even though you may have very little money, you can start a college fund for your kids with a little planning and a few good ideas, like these:

1. Start early.

The earlier you start, the better. Time is on your side this way. If you begin putting $10 a week away on your child’s first birthday, by the time he or she is ready to graduate high school and go to college, you’ll have almost a $10,000 nest egg! This strategy will not work nearly as effectively as more years pass. Plus, $10 a week only adds up to about eating out once a month, which you can easily forego.

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Take advantage of all holidays, birthdays and other special occasions. Set up a fund that family and friends can contribute money to in place of a gift. If you have kids and are reading this, then you already know that family and friends will give you way more toys than you could ever want and most will be broken or forgotten about within a month’s time. A contribution to a college fund would go much further than the latest and greatest toy ever will.

3. Put your money somewhere it will grow and be safe.

Although the stock market can yield high returns, this investment arena is far too risky for your child’s college fund. Choose a high interest bearing savings account or better yet a 529 Plan. Each state offers a 529 Plan, and as long as you use the money for educational purposes, you will not be taxed on your college savings. This can add up to thousands of dollars!

4. Get out of debt.

Make a plan to get out of debt yourself by the time your child enters college. This of course includes credit card debt, but also your home loan. Think about how much extra money you’d have every month if you were able to pay off your house by the time your child goes to college. If you have a traditional 30-year mortgage, you could actually pay it off in 18 years just by putting a hundred dollars extra each month or so to the principle amount owed, but only if you start now.

5. Don’t touch the college fund.

As tempting as it may be when you need money for that car repair, do everything else possible before tapping into your child’s college fund. It’s easy to do, but will set you way back in regard to your savings’ goals.

Jessica Drew is a freelance writer and editor who blogs about a variety of money making and finance topics such as private student loans.

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5 Ways to Save for Your Kid’s College without a Lot of Money was originally featured on Quizzle Wire

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