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Even though we are in the midst of the worst economic crisis since the depression, life must go on. Balling out of control, making it rain, and days of splurging are a thing of the past – for now, and budgeting is a reality. With uncertain job security and your stock portfolio heading south faster than birds flying to Miami for the winter, it is wise to watch your bottom line.

“I remember the most important thing for me was if I can buy another $1,000 dollar Gucci bag to go with the collection of seven that I already have,” states Gina, a real estate agent from Atlanta. “Now I make sure I have enough to pay my mortgage and put money aside for any unexpected emergencies.”

Like Gina, many twenty and thirty something female professionals that was used to $100 spa treatments and $50 a plate lunch dates are tightening their belts while trying to enjoy the pleasures of life for less. This has created a new word to the lexicon – Recessionistas – “A person who is able to stick to a tight budget while still managing to dress and live stylishly.”

In today’s economy in which money is tight, you have to be creative with your budget. Here are some tips on living good for less:

Go to more free places like parks, museums, and libraries – Often overlooked during a good economy, these locations are free and you will be able to learn something while you are there.

Shop at outlets and buy in the off season – What used to be a fashion no no is now the true badge of honor for a recessionista. Every major designer has an outlet store in which they send their off season or overstocked clothes. You can buy clothing from your favorite designer for up to 80% off retail.

Before the off season clothes make it to the outlets, you can catch them at the clearance sales when the major department store makes room for the spring line and they have to get rid of the winter line, etc. Clearance sales can save you up to 70%, you just have to be patient and wait to buy that new blouse three months later than usual.

Use travel sites – Every recessionista still needs a vacation, especially when she is working more hours and making less. Log on to travel sites like Expedia, Orbitz, and Travelocity to take advantage of the deep discounts in hotel, air fare, and rental cars. They have negotiated rates with all of the air carriers and hotel chains to buy in bulk so they are able to pass the savings on to you, the consumer.

“This economy has showed me to place an importance on having fun with family and friends, and not to put so much on the material things.” Says Tahlia, a model from New York City.

Go out and enjoy life, you still deserve it.

Financial Editor Carl Agard is a Real Estate Broker and Author of three books on real estate www.carlagard.com

Image Courtesy of Mercedes-Benz

It may sound crazy for some but now is the best time to buy a home.  With the price of real estate plummeting and the rise in the number of foreclosed homes, the cost of a house is to point where the average Joe can actually pay his mortgage and still have money left over to go food shopping. Also, interest rates are still historically low at about 5.25% meaning it is still cheap to borrow money.

Many potential buyers are still scared to jump into the market, so President Barack Obama and the Federal Government created the American Recovery Act in 2009 to give incentives to individuals and families to purchase their first home.

The major part of the American Recovery Act is a first time homeowner tax credit that was extended into 2010 and unlike other previous tax credits; it doesn’t have to be repaid. Some details of the tax credit include:

-    First time homebuyer tax credit for $8,000 and $6,500 for repeat homebuyers. Anyone seeking to take advantage of the tax credits has to be in contract on the purchase of a home by April 30th and close by the end of June, so move fast!!

-    Buyers can claim the credit on their federal tax returns to reduce their tax liability, get a refund, or lower the amount of taxes owed.

-    The income limit for single taxpayer is $125,000; the limit for married taxpayers is $225,000. The home has to be used as the primary residence to qualify and must be equal to or less than $800,000.

FHA approved lenders, for first time homeowners, will allow you to use the credit towards your down payment now without you having to wait to next year to get the credit back in your taxes. So if you are in contract to purchase a home for $200,000 with an FHA loan, you have to put 3.5% down or $7,000. By using the tax credit, you can buy the home with no money down and walk away with $1,000!

“I feel that everyone should take advantage of the tax credit and the low prices in real estate and interest rates before they are gone,” states Elaine Stroman, a loan consultant from New York City. “You do not want to look back five years from now with regrets.”

Take the first step and get qualified by a mortgage professional, find a dream home to purchase and use the tax credit before you lose it. You are a tax paying citizen, why not?

By Carl Agard
Financial Editor Carl Agard is a Real Estate Broker and Author of three books on real estate www.carlagard.com


There’s no doubt that the financial crunch in America is effecting us all. Cut a little here, spending less there and trying to find true money saving bargains for your buck. If you style want to have a since of fashion and maintaining you bank account, I recommend these sites. Endless.com, giltgroupe.com, and manhattanvintage.com, and overstock.com are my favorites.

Overstock.com

Why: The $2.95 cost for shipping no matter what you buy. This is a steal. It’s not FREE but it sure is close. This is perfect for Men wanting to purchase items for the home, wardrobe and/or the family. This site is very user-friendly.

www.overstock.com | www.twitter.com/overstock

Endless.com

Why: FREE Overnight Shipping (24 hours – 365 days a year), FREE Retutn Shipping, and 100% Price Guarantee. They also specialize in hard to find shoe sizes. They cater to men, women and children. They also carry bags and accessories.

www.endless.com

www.twitter.com/endless_com

Manhattan Vintage

Why: No woman wants to be seen with the same outfit as another woman at any event. Vintage is always a good way to go if you know where to fit it. Manhattan Vintage in NYC is one of the best vintage spots in the U.S.A. These hard to find pieces are classic and most are one-of-a-kind. Make sure you signup for their mailing list.

There’s generally a cost for admission around $20. If you signup for mailing list, you will save $5.00. They have special events at certain times a year so make sure you are prepared when they email you notification about their next upcoming event. Manhattan Vintage will be your new BFF.

www.manhattanvintage.com

www.twitter.com/VintageThreadz

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Gilt Groupe

Why: High fashion at very low prices up to 70% off. The catch? You must be a member. Sign up for exclusive membership here. Once you signup, they will give you $25 per friend who signs up for a FREE membership. They provide clothing and accessories for women, men and children.

www.gilt.com

www.twitter.com/GILT_GROUPE

Merging Marriage and Credit

The wedding season is upon us and thousands of newlyweds will be tying the knot this summer. Starting a new family brings new responsibility. In this economy with such an emphasis on credit, whether buying your first home or buying another car, it is important to understand the dos and don’ts of your credit before you say “I do.”

There are many common myths about what happens to each spouses’ credit when you get married. Fortunately, many are not true.

• My spouse’s poor credit will affect my score – This is a very common concern among new couples. Many couples have at least one or both spouses with bad credit. However when you get married, your spouse’s poor credit does not affect your score or profile. Only when you open up joint accounts is when the negative reporting may impact your application, especially if you are buying a home together. A spouse’s negative credit history may lead to a denial or higher interest rate.
• When I change my last name, my credit history is erased – There is a common myth that a wife will get a new profile under their married name, and all information under the maiden name will be lost or removed. When you change your last name after your married, and I’m only talking to the ladies, the change will be updated on your credit profile as an alias. All other information previously reported will remain the same.
• I must become a joint user on my spouse’s account – You do not become a joint user automatically when you get married. The accounts that you have before, such as credit card accounts and car loans, will still be on that respective spouse’s credit history. You must add the spouse as an authorized user on the credit card accounts so they can have access as well. After that, the accounts will be reported on the other spouse’s credit report in the future. To add a spouse onto a loan like a mortgage or car loan will require refinancing.

Now that you know the facts and myths about uniting your credit, here are some tips to boost both of your scores.

• Order updated credit reports – Get a credit report from annualcreditreport.com or freecreditreport.com for each spouse. Evaluate any negative trade lines that need to be paid off or disputed. Improving each spouse’s credit score can save thousands in the long run. A high credit score can get you a low interest rate on a mortgage for a home, a car loan, and credit cards. You can also get a lower insurance quote for car and homeowner’s insurance with a high credit score of 700 or better.
• Learn how to budget – Now that you have two salaries as opposed to one, you will also have more debt. A bigger house, another car, and even furniture will increase your bills monthly. Let’s not forget the expenses from your beautiful wedding!! Create an income and expense sheet in which you write down how much money is coming in each week, and how much is going out. Writing down and evaluating your expenses will help you to cut down on unnecessary things and help you to put aside some saving for things in the future like kids!!

Talking about credit, finances, and budgeting is not the most exciting things for newlyweds, but they are the most common causes of marriage breakups. Get your finances in order from day one will keep you happy and prosperous for the long run.

By Carl Agard

Internet Radio Host Carl Agard is an author of four books on wealth building and finances. His latest book Getting the Real out of Improving your Credit is available now. www.carlagard.com