Have you been considering a home purchase? Are you trying to time the market waiting for prices to bottom out? Do you know what your risks are?

If you’re in the market for a new home and are sitting back waiting for home prices to fall even further, you may be cutting off your nose to spite your face.  The risk that you take by waiting is that interest rates will rise one point or more wiping out whatever savings you may have realized by waiting for home prices to go down. In addition, higher interest rates, when they do arrive, will no doubt be with us for a long time.

If you are a first-time home buyer,  you may never have another chance to  rake in the windfall that Uncle Sam is so generously providing — the $8000 tax credit which, as of May 20, 2009 can be applied toward a down payment. You must buy, however, before January 1, 2010.

So, should you buy a home today or now, if your finances are in order and your debt under control, the answer is an unequivocal “YES!”

Bad Credit Home Equity Loans is another site that preys on the consumer with poor credit. These sites abound on the Internet because it’s so easy to sucker someone into a bad loan or mislead someone into a credit repair scam.

The site has very little useful information and appears to do nothing more than redirect a visitor to affiliate sites. Unfortunately, even the links to the affiliate sites are mostly broken.

Had the owner of the site put more effort into developing good content and steered clear of the pure profit motive that is the obvious intent of the site, the subject matter might have been truly appreciated in today’s economy.

As both a real estate broker and mortgage broker, I know the importance of good credit in securing any kind of financing, especially today. Lenders have pulled in their horns on most loans even for people with fairly good credit.

For people with bad credit, now is the time to sit back and determine what caused the credit problem and work over time to repair it — not through some scam credit repair service, but with good credit practices and time. For those who can’t manage their debt, Consumer Credit Counseling Service is a reputable organization that has been around for a very long time. They can’t improve your credit score, but they can help you get out of debt if you’re unable to do it by yourself.

Happy Savings,

Candee Lynn Wilson
The Saving Lady

With the credit crunch having hit hard, everyone is feeling the pinch. Prices for everything from living costs, to food and fuel are steadily rising and as a result, people are finding it increasingly difficult to make ends meet. However, there are a few things that you can do to ease the strain and make your money go that bit further.

First things first, you need to get your personal finances in order. This includes ascertaining exactly how much you bring in every month and balancing it against your outgoings. It is important here to prioritise your expenditure, so make sure you write down any bills that have to be paid, like your mortgage or debt repayments.

Indeed, it is vital that these are paid first, since neglecting to settle the mortgage or rent on time, for example, could see you lose your home.

The next step is to see what hidden extras you can cut out of your monthly outgoings, i.e. coffee on the way to work, buying lunch everyday or going out at the weekends. These types of activities can be considered luxuries, and it is far cheaper to make a packed lunch at home, or a flask of coffee. Equally, inviting friends over to your house is a much more cost-effective option than heading to a restaurant or going to the pub.

There are, however, certain things in life that you simply cannot prevent purchasing just because money is tight. This includes such items as car or home insurance, credit cards if you have existing debt on them, or gas and electricity; however, it is still possible to pay less for such items. Take your car insurance policy, for instance. When was the last time you actually reviewed your current package to see what exactly it is you are paying for?

The internet is a great tool for searching for such things such as online car insurance quotes. In fact, not only can you obtain a number of quotes but you can also save money by applying online.

So, by spending just a little bit of examining your finances, as well as conducting time for a bit of research, it is easy to take control of your cash.

About The Author
Victoria Cochrane writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.

Do your children nag you constantly…… “Mummy, buy me this!” “Daddy, buy me this!”
Many children imagine that money grows on trees or magically comes out of a wall. Parents need to plan ways to teach children about money at an early age. It’s one of the most important skills in life. Start inculcating values in them early at an early age. The average child starts to learn about the value of money from as small as four or five or even younger.

Some parents provide their children with pocket money to teach them its value, to be responsible and develop important skills such as learning to budget and save.

Teaching Children to Save

Teach your child to save part of their pocket money each week. For young children a piggy bank is a fun idea or for older ones, a bank account. Learning to save for purchases teaches the basics of life - the need to save for things.

Parent’s examples and decisions are also an excellent teaching aid. If you’re always spending, children will automatically to do the same.

Young children do not realise the financial commitments you have and these need to be explained. Shop with your children - let them know why you decided not to buy a certain item that tempted you. Explain that after considering having to pay for the groceries, rent or mortgage and petrol, there was not enough spare money left. You have taught them the valuable lesson of budgeting and delaying self gratification.

Talk with your children about advertisements on the TV and in the junk mail. Teach them the purpose of advertisements - to get you to spend money. Reason with them that they can’t always have everything they see.

How much Pocket Money?

Some psychologists suggest $1 per year of age but this is excessive for large families or low income earners unless you expect your child to pay for certain things.

Teenagers are often paid an allowance by parents but are expected to pay for their bus fares, clothes, toiletries, mobile phones and entertainment for example, teaching them financial skills. Their spending needs to be monitored by the parents and when they overspend let them know you’re not always going to bail them out - therefore teaching them very valuable lessons.

When your child is old enough, open a bank account and encourage goals to save up for something. Kids in their late teens may want to save for a car.

In a Nutshell

Many young people have no concept of money or very low financial skills with debt becoming more prevalent amongst them.

Ultimately it’s the parent’s responsibility to teach children the most important skills in life - the value of money.

About the Author
Jennifer Steenland is the Director & Manager of Savings Mart, a money savings tips website for Australia, providing Bargains, Discounts, Cheap Holidays in Australia, Eating Out in Australia, Affordable Accommodation and much more. Find out more at www.savings.mart.com.au

If you want to set your kids up for success, encourage them to budget. Say what? As my father shared with me repeatedly, Sam, nothing matters to me less than whether or not other parents are encouraging their kids to learn about money. All I am concerned about is doing everything in my power to help ensure the success of you, your brothers and your sister.”

Making a habit of budgeting money (and time) is a great idea because both are resources that are generally limited. As my father realized, it is prudent to carefully manage resources that are limited. Furthermore, it is wise to emulate winning strategies.

A budget is a success tool. It is also a money plan and a measuring tool. Ideally, it tells us where our money is coming from and when it is coming in. It also tells us where our money is going and when. Corporations use budgets. So do governments. And so do individuals who are serious about success. In fact, they all insist on using them.
  
Budgets are a part of a structure for success. Budgets help us achieve goals and dreams by informing us at any moment in time whether our chosen earning and allocation actions are moving us closer or further from our goals and dreams. Budgets also aid in anticipating, avoiding and eliminating problems and inefficiencies.
  
Budgets offer other benefits: (1) they encourage and focus thinking; (2) they give purpose to actions; and (3) they create organization and control.   
  
Budgeting is fun when we realize it helps us create and engineer success. Budgeting is fun when we realize it puts us in the drivers seat and creates control. And budgeting is really fun when we achieve a goal or a dream and gain confidence that we can duplicate that success.
  
The ability of everyone - regardless of income – to use a budget makes it a fantastic tool. Anyone who likes to win and is willing to pay the price to win can create a budget. All anyone needs to develop his or her budget is a pencil, paper and a desire to get what they want. Because most people do not use budgets, those who do create an advantage for themselves.
  
If the term budget turns your stomach, then think game plan, strategy, list or journal.
  
How do we teach kids to budget? (1) The absolute best way to encourage kids to budget is to budget yourself. There is no getting around it. Setting a strong example is an incalculable gift to children and speaks volumes about what we truly believe (as opposed to what we say). (2) Start with small steps. Begin by encouraging your children to develop either a daily or a weekly budget or spending journal. Using pencil and paper, an excel spreadsheet or specialized software have your kids list their sources of income and anticipated expenditures. (3) Review and discuss their entries with them. Be sure their expense entries include saving, investing, sharing and any specific goals they have in addition to regular expenses. Ideally, saving, investing, sharing and other personal goals should be at the top of their respective lists. This will help reinforce that these activities are priorities. (4) At the end of the day or week have your kids list their actual” income and expenditures. Compare and discuss the differences with them. (5) Repeat the process.
  
Like adults, kids love games and incentives. So periodically, consider giving your kids special rewards or matching bonuses for exceptional performance. The idea here is not to be overly rigid or stress perfection, but to introduce kids to a tool that will set them up for success.
  
Sam X Renick is the author of two financial books for children: Its a Habit, Sammy Rabbit! and Will Sammy Ride the Worlds First Space Coaster?; he also produced the music CD titled Get in the Habit!; and is the founder of The Its a Habit! Company, Inc., (www.itsahabit.com), a socially conscious corporation dedicated to providing parents and educators with wholesome, entertaining and educational tools that help them encourage children to develop good habits, especially saving money.