Debt - How to Get Out of It

Have you ever thought that if you could just find a way to make more money it would solve all your financial problems? The problem is, those who are bad at managing money will always be in debt regardless of how much they make.

Here are a few tips to help you budget to get out of debt.

Tip #1 - Stop Wasting Your Money

If you're not saving at least 10% of your income, then you're wasting your money. If you are saving 10% or more of your income and all you do is put it in a very low interest savings account, then you are not allowing your money to work for you. Even safe investments like Certificate's of Deposit and Money Market accounts earn more than a regular savings account. Save money and let it work for you and you will find yourself in a better situation sooner.

Tip #2 - Track Your Spending

If you know you're a spender and an impulse buyer, then it's time for your wake up call of seeing how much money you spend on certain things. Keep a reciept for every purchase you make, whether it cost you $1 or $1,000, for one full month. You'll be surprised how things add up and that $3.50 latte each morning turns out to cost you over $70 for the month.

Tip #3 - Stop Going Out For Dinner

One of the biggest problems in America is, we love to eat out. Not only is this very costly, but it also effects our health as well. Restaurant food is rarely healthy and most likely processed so you will be spending money on the food, then on the doctor bills later on when you have a heart attack or have high cholesteral.

Tip #4 - Budget Correctly

When budgeting to get out of debt, or just budgeting in general, most people forget a lot of expenses. You should be budgeting each month for your car registration, license fees, oil changes, haircuts, and other expenses you don't pay each month. This will keep these expenses from sneaking up on you and making it very difficult for you when they have to be paid for.

Know of any other budgeting tips? Tell us about yours. Leave a comment by clicking the comment link below this article. You might just have a tip that could help another reader of this site. We'd love to hear from you.

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Going Green - Myths Busted

There are a lot of misconceptions about environmentally friendly ways to save money, and Money Editor Stacy Johnson busts some of those myths in this short video (runs 1:24)…

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Home Sales Up, Prices Down

Sales of existing homes rose in September, but prices continued to drop, according to the latest reading on the battered housing market by the National Association of Realtors. The report shows sales by homeowners jumped in September to an annual pace of 5.18 million, up 1.4% from a year ago. It was the first time that sales rose compared to a year earlier since November 2005.

Sales got a boost last month because prices continued to fall. The median price of a single-family home fell 8.6% from a year ago to $190,600. The median price of all homes sold during the month - including single-family homes, townhomes, condominiums and co-ops - fell to $191,600, down 8.8% from $210,500 a year ago. Before the start of the current housing slump, it had been 11 years since prices fell compared to a year earlier. Experts say foreclosed properties are driving this sales jump.

The report offered some encouraging news, with the excess supply of homes on the market falling in September. Realtors estimated that there are now 4.3 million homes available for sale, which represents a 9.9 month supply. That is down from the 10.6-month supply in August. But that number could rise back above 11 months if sales begin to sink again and foreclosures continue to escalate.

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Real Estate News - November 2008

Our November 2008  Newsletter is now up…

From the right Nav Menu, Find "PAGES AND NEWSLETTERS" and Select "November 2008 below "Our Monthly Newsletters".

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Foreclosures Rise Again

U.S. foreclosure activity in September rose 21 percent from a year earlier but fell by double-digits from the prior month as some state laws slowed the foreclosure process.

Foreclosure filings—default notices, auction sale notices and bank repossessions—fell by 12 percent from August to 265,968 in September, according to a monthly report by research firm RealtyTrac, which records property in various stages of foreclosure.

That means one in every 475 U.S. households received a foreclosure filing in September.

We want to know what you think about the current foreclosure situation in this country. Would you buy a foreclosure? Do you know of someone who has lost (or is in the process of losing) their home to foreclosure? Do you think lenders are more responsible for the skyrocketing foreclosure problem nationwide? Click the comment link below this article and just tell us what you think.. we'd love to hear from you.

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