If you lost your job today, would you be okay financially? If you’re like millions of other Americans, you’re probably not financially equipped well enough to handle the sudden loss of income. I recently discovered that a friend of mine recently quit her job due to high stress and overwhelming hours. She quit without having any other opportunities to fall back on. However, she is fortunate enough that her husband still brings in the bulk of the household income so she is in no hurry to find another job. Many other Americans who have recently lost their jobs can not say the same thing about their situation. Sadly to say, they need to adjust to the new circumstances.

Things To Expect After Loss of Income

Cut Expenses. Money will probably tight if you’re in this predicament, so you will need to cut down on the some of the things that came at a leisure. Cable tv might be one of them. If you have internet and cable, that can run you almost $100 every month. By canceling both, the savings will add up over the months. For free internet, you can go to internet cafes which are becoming more widespread these days. Also, public libraries now offer free internet to visitors.

Be Productive. Work on your resume and submit them to job sites every day. One friend who lost his job last year spent hours in the library, researching and submitting resumes. He just seemed busy all the time, every day. I was impressed that he was very so diligent and active in his job search.

Find Temp Jobs. Keeping yourself busy and occupied is very important. Many hiring managers actually do not like to see any gaps between jobs in resumes. They want to see that you have been active and productive even during the times of unemployment. Working part-time or as a temp can fill that void and also bring in some income while you need it.

Protect Yourself From Job Loss Now

Emergency Fund. You can create a fund for emergencies. Whether it’s for unexpected car repairs or health-related costs, having a fund for emergency purposes can really bail you out of a tough financial spot. Losing your job definitely fits in this category as well. Calculate what your normal monthly expenses are and try to maintain about 8-10 months of savings in the emergency fund. That way, you will have 8 months to find a new job if you were to become laid off. Although unemployment rate has been decreasing as of late, the average unemployment length is still around 8 months.

Gather Contacts. I’ve collected so many business cards over the years working professionally. I still have contacts from my first job 10 years ago. If I were to lose my job tomorrow, I can always use some of these contacts to inquire about any job openings. Save those business cards and keep them safe.

Diversify Income. If you only have one source of income, then you’re not taking advantage of all the resources that are available to us. There are so many ways and methods to earn a few dollars using the internet. So you can start an online business such as a blog. MoneyGreenLife.com has been a nice supplemental income for my household over the past couple years of its existence. Also, my wife will finish school in May, 2012 and will start working soon after. The secondary income from her will also help.

Have you been in this tough spot lately? How did you handle it? What lessons did you learn?

photo: morguefile.com

I have 10 vacation days that I carried over to this year from last year. If I don’t take any vacation days this year, I will accrue a total of 25 days by the end of the year. That’s a lot of days. Now, the question is, should I use it or save it? And chances are that you probably didn’t use all your vacation days either in 2011. According to a recent poll, 50% of the people did not use up all their vacation days in 2010. Last year, this number climbed to a whopping 70%! When asked, the number one reason was they were afraid of losing their jobs if they took too much vacation. Is this true? I did a quick Google search on the topic and was not able to confirm these figures, but the bottom line remains; Americans are not using all their vacation days!

But can you really get fired from your job by taking too many vacation days? How can we be penalized for using something that was given for to be used up? Sounds like an oxymoron to me. Perhaps the underlying reason is that employees believed that they needed to show that they’re working hard by working longer hours and taking less vacation so they don’t end up on the top of the list to get axed. Did you feel this way this past year? After all, unemployment rate reached record numbers last year. It’s understandable that people are scared of losing their jobs if they don’t show that they’re working hard enough.

With that said, what are you going to do with your vacation days this year? Will you use it all up or use just a little bit and have some cushion for future years? I don’t plan on using up all 25 days of vacation in 2012, but I do plan on using at least half. My wife and I are currently planning a vacation in Hawaii this summer. It’ll be good to take a break from our daily routines and tasks demanded by our jobs. We need to get away and get some refresh air and relax our mind and body, so when we come back, we’re all refreshed and ready to work hard again. Studies have shown that it’s necessary to take breaks to become even more productive when we come back.  If companies are smart, they should make it mandatory to take personal days or implement a “use it or lose it” plan. My friend’s company actually had mandatory paid leave for the entire company for the last week of the year. How awesome is that?

photo: Charles, sunset over the Mediterranean Sea

There are two super easy ways to save money on a date.  First, make your date pay for the date.  That’s an easy one.  Second, don’t tip the waiter.  Now, if you do this, the universe will pay you back and your car will most likely get towed at work for a week straight!  But in all seriousness, it is possible to save money on a date without being cheap.

The Homecooked Meal
This is probably one of the most underrated dates.  If you have children, make sure they are sent off to the sitter.  Now, this date can roll a few ways.  First, you can create an incredibly romantic atmosphere and do the cooking yourself.  Even if you are not a chef, your mate will most likely love the effort and it will be fun.  The other option is to create the meal together.  This can be lots of fun.  If you decide to create the meal together, make sure to make it interesting and consider a dish you’ve never attempted before. If weather conditions are favorable and you have a decent backyard, a candlelit dinner under the stars, even if it’s in your boring backyard, can actually be quite incredible.  And, of course, don’t forget the bottle of wine.

The Dollar Theater
Movie tickets are expensive.  But the Dollar Theater isn’t!  Nearly every decent sized city in America has some type of discount movie theater.  This is an easy way to save $20.  If you have been applying for a small business loan for bad credit, and need to boost your savings, this is a great way to do it.

Nature Anything
There are two fantastic characteristics of nature—it’s beautiful beyond description and its free!  That is great combination for an excellent date.  All you need is a little creative thought and you can come up with scores of nature dates.  Hiking, swimming, mountain biking, jogging, rock climbing, sight-seeing, etc.  It’s fun, beautiful, romantic, and free.

Kid Swap
If you are married and the budget is tight, date nights can be neglected and left in the corner like a red-headed step-child.  But they shouldn’t!  You just need to adopt a frugal, but not cheap, attitude toward dates.  One of the most expensive aspects of dating once you have children in the picture is the babysitter.  Babysitters today seem to make what engineers and accountant made per hour just a few decades ago!  A decent babysitting can easily run you $12 per hour.  If you go out from 6-12pm, that is $72.  That’s not exactly chump change.  A great workaround is to set up a neighborhood co-op, where you swap kids a few times a month.  This takes your babysitting costs from $72 to $0!

A small business loan for bad credit can be expensive and you should always conduct due diligence before making your decisions.  All it takes to create a great date night is a little creative thought and energy and you can significantly cut down your dating costs but still keep the romance.

Note: This post was submitted by smallbusinessloansdirect.com representative.

My wife is in the midst of her second to last semester in her respiratory therapy program. In a couple weeks, she’ll be in the midst of semester finals. I’m encouraging her to study hard with the following tips:

1. Study in Increments: When I was in school, I was taught to study in short increments. My favorite method was to study 50 minutes for every hour, with 10 minute break. I repeat the process until I’m done with studying. Taking a short break accomplishes two things. First, it allows you to take a break so you don’t over-exert yourself and become brain-dead. Studies have shown that memory is the most effective during early stages and later stages with worst performance during the middle stage. So, if you minimize the middle stages, then memory recall can be maximized.

2. Study in Advance: When you spread out your study schedule, your brain will retain more information. So if you start studying sooner, the less you will need to cram at the last minute. During my college years, I was one of the worst procrastinators and often waited til the very last day to begin studying for my exams, often with very bad results.

3. Don’t Pull an All-Niter: When you pull an all-niter, you’re spending all night to study, without any rest or sleep. If you are relying on an all-niter and expect to have excellent memory recall, you’re probably reaching insanity. You can not expect your memory to be in top condition after an all-niter. Most likely, there’s a higher probability of memory lapse than memory recall. Study in advance and don’t pull and all-niter.

4. Study Old Previous Exams: Sometimes, older previous exams are available for purchase. If something like that is available in your school, take advantage of it. If you have friends who took the same class previously, ask them if they still have a copy of their exams. If the professor or instructor is same, there’s a good chance that they will use similarly styled questions in your exam as well.

5. Get a Jolt: Grab a coffee, a soda, and energy drink. Whatever you need to help you stimulate your brain activity should only help you. Studies have shown that cinnamon helps increase brain activity and thus helps with memory recall. So, drink coffee and chew a cinnamon gum during the exam.

One thing I regret now as a professional is not studying harder during my college years. I took it for granted I feel like things could be much different had I performed better with my overall grades. So, take advantage of these tips and best of luck with all your exams.

There was an article that was released today by CNN reporting that people who are older than 65 years of age are now 47 times more wealthier than those who are younger than 35 years of age. It completely makes sense that older people are have higher net worth and thus wealthier since they had more years to accumulate wealth. That’s not the interesting part. The interesting part is that the wealth between the two age gaps have increased dramatically over the past 25 years. You can read the full article here.

The poll was conducted by Pew Research Center and they took the median household net worth for each age group. According to the study, households that were headed by people aged 35 or younger went from around $11,500 net worth in 1984 to a mere $3,600 in 2009. The 65 year old counterpart went from $120,000 to over $170,000 within the same time span. The study explains how the housing crisis and rising tuition costs are part of the blame for the widening gap in wealth. Although the living conditions and lifestyles have changed dramatically over the years, there are many things that us younger generation can do to improve our wealth.

1. Don’t buy expensive cars – a friend of mine bought a new car. He loves it like nothing else and he has no regrets [yet]. Although it brought him some happiness for the time being, his monthly payment plus insurance on the car is more than 50% of his home mortgage. To compare, the monthly payment for both my wife’s and my car combined is less than 40% of my monthly mortgage payment. I think a monthly auto and insurance payment of 25% of your mortgage is a reasonable amount to aim for.

2. Don’t go to school more than you need to – I have friends who are in their 30s and are still in school. They have yet to have a regular full-time job. It’s kind of ridiculous. Instead of earning a salary, they’re going backwards by accumulating more school loans By the time they’re all done with learning, they’ll have a monthly school loan payment that will be similar to a monthly mortgage payment.

3. Live with your folks as long as you can – I lived with my parents until I was 28. I saved up a boat load of money during that time. I had no mortgage to pay, no rent to pay, and no other bills and costs associated with maintaining a home. Basically, the only payments I was making were my monthly credit card bills and car payments. Other than that, everything else pretty much went into savings.

4. Live with roomies – When you finally move out from your folks’ place to a place of your own, living with roommates can really save you a lot of money. When I bought my house, I lived with roommates for 5 years before finally getting married. During that time, I received over $30,000 in rent money.

5. Invest early – If your employer offers 401k benefit with employer match, participate as soon as you become eligible. If not, open your own retirement account, known as an IRA. Whether it’s Traditional IRA or Roth IRA, it doesn’t matter. Just open one. Consider the following scenario: At age 25, if you contribute a mere $100 a month to your IRA and earn an average of 10% in investments every year, you’ll have $531,000 in your account at your retirement by the age of 65. If you start contributing at age 30 and everything else is same, you’ll only have $325,000 by age 65. That’s a difference of more than $200,000 simply by investing 5 years later. Don’t waste time and start right away.

So, if we young people can make these changes, I’m sure things will turn around for us in no time. What do you think?

The following tips are not just for winter or for those struggling with higher energy costs. In fact, every home can benefit by these simple tips and save money and energy throughout the year.

1. Don’t place heat-generating appliances such as televisions or computers near thermostats. The thermostat is tricked in to thinking the home is warmer than it actually is throughout the rest of the home. This might not seem like a big deal and you might be thinking there isn’t a problem but the rest of the house will just be a little cooler. The problem is not as much of a concern in winter when the extra heat fools the thermostat, thereby reducing the heating cycle. However, many homeowners turn the thermostat up to increase heating in the balance of the home and fail to reduce it once the heat generating appliance is turned off, therefore heating at the increased level remains throughout the sleeping hours of the family. Conversely, cooling systems will be tricked into responding to the increased heat by over cooling the balance of the home. The homeowner will often not realize the heat generated by a computer or television is affecting their heating bill. There is a simple no-cost answer and that is to move the heat source to another location, which is a minimum of 15 feet from the thermostat. This tip, combined with the cheapest gas and electricity you can find will save you money.

2. Rinse all laundry in cold water. The temperature of the rinse water does not influence the cleanliness of the laundry. Wash only those clothes that absolutely require hot or warm water for cleaning. Hot water washing should be reserved for diapers, towels, sheets and occasionally socks. One family simply disconnected the hot water tap to the washer to eliminate all hot water washing. After one year the savings from this one act alone totaled in excess of $475 based on an average of two hot water loads per week. Brightness of whites was not affected and the cost of the bleach already in use did not affect the whiteness of socks or cloth diapers.

3. Use a humidifier during the winter months. Higher humidity levels make you feel warmer. It’s not the heat but the humidity. Residents and visitors in dryer climates such as Arizona claim that 100 degrees in the shade isn’t that bad, but ask a resident of Florida or Maryland about 100 degrees in the shade and they will tell you, 100 degrees is too hot for human tolerance. The higher the humidity level remains in the home the warmer the home feels. Whole house humidifiers are not cheap, but can pay for themselves in less than one heating season. If possible, purchase a combination unit that will put moisture back into the air in winter and remove it in the summer, thereby reducing cooling costs.

4. Install thermal window coverings. One afternoon of time and approximately $20 per average sized window can save as much as $30 per month on an average 1,500 square foot, three-bedroom home. Over the course of a year the new window coverings will pay for themselves as much as four times. Thermal window coverings not only reduce heat loss in winter, but also reduce heat intrusion in the hot summer months.

5. Install ceiling fans. For houses equipped with radiant heat sources such as wood stoves, baseboard or old style radiators, ceiling fans are invaluable. Turning ceiling fans on in reverse to force warm air down toward the floor will make rooms feel warmer. Heat rises, therefore the ceilings are always warmer. Moving the warm air down will force circulation. The reduced heating costs are outweighed by the limited energy consumed by ceiling fans.

Note: This article was submitted by a representative of uswitch.com

People are always looking for ways to save money. Putting every additional dollar into our savings accounts seems to be everyone’s primary goal – especially in this economy. However, most people are living so frugally that they have forgotten how to enjoy life. Living cheaply doesn’t mean that all fun has to go out the window. In fact, there are several easy ways to cut costs enjoyably including:

DIY is Not a Four Letter Word
One of the biggest expenses that many of us encounter on a day-to-day basis is labor. We pay someone else to mow our lawns, change our oil, and even cook for us – and all of these add up quickly into hundreds dollars annually that we could have saved had we just learned to do it ourselves. While not everyone likes the idea of yardwork or has the time to figure out how to change their own oil, learning how to do a few things on your own will keep money in your pocket and will give you a greater sense of accomplishment. There really is nothing like being able to take a step back and say, “Yep, I did that.”

Go Prepaid
Gone are the days of inefficient and unsightly prepaid cell phones. Now you can buy a prepaid phone without having to worry about a long-term contract.  For a nominal charge you are able to enjoy some of the newer phones on the market and some of the best service plans. If you are tired of high monthly cell phone bills, go prepaid.

Cancel the Cable
While this may sound counterintuitive to enjoyment, canceling the cable service is a great way to save month and still enjoy yourself. Instead of paying a high monthly premium for cable, get a subscription to Hulu or Netflix instead. Even with all the controversy surrounding Netflix, for $15 a month they still offer a great entertainment service, especially for those who don’t watch much T.V. If there is a big T.V. event that you can’t miss, such as a big game or T.V series, consider going to a bar or a friend’s house. Even with the price of a bar tab, you’ll still be saving money, and heading elsewhere will give you a great excuse to get out of the house and socialize.

Being frugal doesn’t mean that you are required to sit alone in the dark 24/7. Life can still just be as equally enjoyed when you cut a few corners. Skipping things like cable or trying to do something yourself can also lead you to come across other interest that you otherwise would have never found. And there is nothing wrong with enjoying life and learning something new about yourself all while saving a few bucks.

Note: This post was submitted by a guest.

Whenever I think about saving for the future, I’m reminded of a simple story I learned as a growing kid. It’s a story about a grasshopper and an ant. The grasshopper typically makes a living day to day, fulfilling each day to the maximum with no regards for tomorrow. He spends everything he has today and starts all over from scratch the next day. He is a spendthrift and enjoys his life to the fullest each and every day. The ant on the other hand lives for tomorrow. He saves everything he has worked for today so he can live better tomorrow. He is a saver and the future is his top priority.

Are you the Ant or the Grasshopper? If you have a full time job and is already enrolled in your company’s 401k program, then you could say that you have some characteristics of the ant. By contributing to your 401k, you are preparing yourself for your future, namely your retirement so you don’t have to work as hard when it becomes physically harder to work for money. If don’t have a 401k account, you can opt to open an individual retirement account (IRA). The traditional IRA is like a 401k account without the employer match. The contributions will be pre-tax so you won’t need to pay tax on the money you contribute to this account. This is one of the main attractions of a traditional IRA account. However, there are rules and limitations with such retirement accounts.

1. Tax deductible contributions – Up to $5,000 per calendar year for ages 49 and under; $6,000 for 50 and over.
2. Must have taxable income to become eligible for contribution. You must have income greater than or equal to the contributed amount.
3. Penalty-free withdraws begin at age 59 1/2 and are mandatory by 70 1/2.
4. Taxes are paid on earnings from contributions when withdrawn.
5. Contributed funds can be used to invest in a variety of investments including stocks, bonds, and mutual funds.
6. All pre-matured funds withdrawn before 59 1/2 are subject to a 10% penalty.

This summer, UK unemployment rates have been on the rise. They are up by 38,000 in the three months to June. With 2.49 million already out of a job, the figure looks likely to go up even further as employers seek to cut costs in a time of ongoing economic hardship. All of us, whether we’re in danger of losing our income or not, should make sure we’re getting the best deal possible on our credit cards. In these tough times, there’s simply no reason to pay more interest than you absolutely need to on the debt you have on credit cards.

Many people are facing the threat of losing their job, even those working in the public sector, which until recent times had always been considered safe in comparison to the private sector. So, we all have to face up to the fact that the unthinkable might happen to us. If and when it does, all is not lost as there are certain payments and benefits you may be entitled to. If you’re made redundant, your employer is obliged to allow you to work out your notice, or continue to pay you even if, by agreement, you don’t come into work during this time. This is often referred to as ‘gardening leave’.

Alternatively, you could get pay in lieu of notice. The amount of notice you’re entitled to will be set down in your contract of employment. If you’ve been working on a fixed term contract and this isn’t renewed, you may also be entitled to some compensation for redundancy. Whatever your circumstances, your employer must explain in writing why they are making you redundant and they must meet with you to discuss what’s happening. You’re entitled to have a representative at the meeting, for example a colleague or someone from your trade union. You will also be eligible for redundancy pay, as long as you have worked for the company for a minimum of two years.

Most firms will give at least two weeks’ salary for every complete year of service and many will give more than this. You may need to be prepared to negotiate. However, statutory redundancy pay, which is the minimum companies must pay by law is considerably less. It also depends on your age and weekly pay. Smaller companies are more likely to pay only the minimum they are legally required to. For example, someone under 22 years old will only get half a week’s pay for each year of service, whilst if you’re over 41, the rate is one week plus a half week’s pay for each year of service.

There’s more bad news. With statutory redundancy payments, there’s a limit to how much pay is taken into account. Anything you earn weekly above £400 won’t be included in the calculation. Once you have been made redundant, you will usually be entitled to receive one or more state benefits. Jobseeker’s Allowance is paid to those over 18, but below State Pension age, who are ‘available for, capable of and actively seeking work’. Currently, it is paid at a weekly rate of £67.50 for those aged 25 and over and £53.45 for those 24 and under.

There are other state benefits to which you may be entitled, such as Council Tax Benefit and help with your mortgage interest payments. You can get help and advice at your local Job Centre. If you have taken out an income insurance policy, now is the time to consult your insurers. This could provide you with a valuable extra financial cushion if you lose your job. It may, however, only last for a limited period, typically 12 months. Also, you may have taken out Payment Protection Insurance in conjunction with one or more credit cards or loan agreements. If you lose your job, you could well be able to claim against this to help you continue making payments on your credit cards or other loans.

Note: This post was submitted by moneysupermarket.com representative.

There are many ways to add value to your property, most of which include making home improvements to your home. Sometimes taking out a small personal loan with low interest to complete improvements can add ten times the value of the loan onto your home.

Here are some of the ways that you can make improvements and add value to your home:

Increase Living Space
By extending into the loft of your home you could potentially increase the value of your property by 20 percent. This is the most cost-effective way to gain extra living space, in turn making the property more attractive to potential buyers. You should be able to carry out the work if your home was built before 1975 or if your loft area has headroom of 2.3m or over. Creating a double bedroom with en suite is the most popular option. Adding a conservatory can also raise your house’s value and is a relatively simple way to increase the amount of space in your home. Again you should check with your local planning department to see if you need permission to build.

Increase Square Footage
Adding a single-story extension can increase your property’s value by up to 12 percent. When considering an extension you should always consult your local planning authority. You should also remember that the balance between the size of your garden and the size of your house is important as potential buyers can be put off by a large house with no garden.

Remodel Kitchen
A new kitchen will make your property more appealing to buyers and can add as much as 4% to its value. But try to balance the property with the amount you spend on the kitchen, a bespoke kitchen will have little impact on a terrace house’s value.

Add a Bathroom
A new en suite or second bathroom can add 5% to your home’s value, but try to keep the larger bedrooms as they attract potential buyers. Simply renewing a bathroom suite will also make your home more appealing.

Go Green
Several companies believe that in the future eco-friendly homes will sell for more than standard ones. Many of these eco improvements, like adding insulation and fitting solar-panel heating, will also save you money on your energy bills.

Note: This guest post was submitted by HSBC representative.