Congratulations, you’re having a baby or perhaps you just had your first child. You’re probably well-prepared, having decorated the nursery and bought diapers, bottles and clothes. You even picked a name. You’ve covered it all, right? Not quite. Even if you’re convinced that your child is the next Albert Einstein, don’t wait to find out with fingers crossed and no back-up plan. Start a college savings fund, because you will most likely need it when that time comes around. And it will be here before you know it.

Do Some Research

There are many college savings funds out there for parents to take advantage of. Get on the internet and read about them to find the best college savings fund to contribute your money. Of course, the earlier you start saving for college, the more time you have to save the amount of money likely to be needed when college acceptance letters start rolling in. The most popular is college savings fund is the 529, named for Section 529 of the Internal Revenue Code, and formed to help parents save for college with tax-deferred contributions.

What Is A 529 College Savings Fund?

Each state has its own version of a 529 college savings fund. It works either as a savings plan, similar to a 401K, or as a prepaid account. There are typically tax incentives for those participating in a 529 college savings fund, depending on what state it is supported by. You usually aren’t limited to in-state colleges, so saving for college with this plan won’t restrict your child’s choice.

Is A 529 College Savings Fund My Only Option?

There are as many ways to start saving for college as there are colors in the rainbow. You can start an Education Savings Account, or ESA, which operates much like a ROTH IRA. There are custodial trusts like the UGMA/UTMA, or more traditional IRAs and education savings bonds. What’s important is choosing the right one and getting it set up soon so your child can take advantage of a college education without you suffering a severe financial blow.

Talk About It

There are many options and many aspects of saving for college that can be confusing. If you are having trouble muddling through all the tax explanations and pros and cons for every college savings fund, swallow a pain killer (and your pride) and ask for help. Don’t put it aside and decide to revisit saving for college later, because you’ll wake up one morning and suddenly your child will be a senior in high school and you’ll realize that you never chose that college savings fund.

Get Professional Help

Ask your friends, family or co-workers to recommend a financial advisor if you don’t already have one. Then make an appointment to discuss in detail your goals for sending your child to college. Finding out the best way to prepare your family for this important, yet costly step, is vital and best done as soon as possible. Your advisor will help you wade through the various options and will help you save for college with a plan that fits into your budget.

If you’re reading this and your child is out of diapers and speaks in complete sentences, don’t panic. It’s only too late if you never start, so get online or call your financial advisor so you can start saving for college today.

In today’s economy, it might be tough to justify spending a large percentage of the income on the latest styles. However, there are ways to be a fashionista and a frugalista at the same time. With a bit of shopping savvy, a little legwork and some flexibility on the style front, you can build a trendy wardrobe filled with affordable fashion. Check out these money saving fashion tips that will teach you how to look great without breaking the bank.

Go for Quality

While most women firmly believe there is no such thing as too many shoes, quality will win out over quantity in affordable fashion any time. One of the best money saving fashion tips is to look for brand names you can trust, even if it means you will only get one well made garment instead of three or four. Check items for sturdy fabric, tight seams and buttons that are firmly attached. By sticking with a few basic quality pieces, you will fill your closet with affordable fashion that will withstand the test of time.

Buy Off Season

Most fashion divas are familiar with money saving fashion tips that recommend purchasing items off season. By using this method, you can find affordable fashion at some of the best prices of the year. In some cases, clearance racks may be filled with items 75-80% off original prices. While it may seem odd to be picking up a winter coat when the flowers are beginning to bloom, you will be happy to have that trendy piece you got for a song once the snow begins to fly again.

Check out all the Options

Many articles offering money saving fashion tips will recommend shopping at consignment stores or thrift shops for the best bargains for affordable fashion. However, these are not the only options. Discount stores are another good possibility, because they often offer designer labels for a much lower price. Online comparison sites will allow you to find the best prices on particular items with a simple click of the mouse. Even major department stores can offer money saving opportunities when clothing is purchased off season.

Know your Sales

Most stores will drop their prices for big sales a number of times each year. One of the best money saving fashion tips is to get friendly with a sales associate at your favorite store, so that she can let you know when the next big sale will take place. You can also find sales events by watching flyers or calling the store. Even thrift stores will have discount days to drop prices even further, bringing affordable fashion to a whole new level. Check with the store owner to find out what their policy might be on special sales events.

A trendy wardrobe does not have to break the bank. There are many money saving fashion tips that will allow you to fill your closet with affordable fashion every season of the year. By choosing quality over quantity, broadening your shopping choices and getting savvy to when the best sales take place, you can always look great for less.

We have all watched over the years at the soaring costs of health care. The average hospital cost is well over a thousand dollars a day and that is if you are not in a critical care unit. So, what can be done to save on health care expenses? Here are five ways to start saving:

Join a health savings plan:

Many employers offer health savings plan as part of their benefits plan for employees. The plan works something like this: you pay a percent into the plan and your employer may pay a percent as well. When you have medical expenses not covered by insurance, you can submit a claim for what you have paid in deductibles or cash payments and receive reimbursement through you health savings account. The key here is you must have the money already saved ahead of time. If the account is empty, then there are no funds.

Consider joining a health savings plan if your place of business offers one, but if not consider opening a savings account for just those expenses.  Deposit a monthly amount into this account, preferably automatically, and vow to keep this money for health expenses only. It may just come in handy for that emergency dental visit, an unplanned trip to the emergency room.

Negotiate:

Negotiate medical expenses with your provider upfront and before you need the service if possible. After an illness or injury, ask for an itemized bill. Don’t be afraid to negotiate with the providers if you feel you have been charged an unreasonable fee or a fee for services you did not receive. In the case of expensive treatments like chemotherapy, negotiate what your provider covers upfront. Other alternative treatments may be available if you investigate and question the final cost. The most expensive treatment is not always the best; it may just be the newest thing on the market. Don’t be afraid to ask and to be honest about your financial situation and disclose your personal budget.

Save on medications:

Save on medications by asking your physician to give you samples. If samples are not available, ask to have a generic form of the medication prescribed. You physician should be ready to give a good reason why not if he or she does not want to prescribe the generic form, and then by all means should offer free samples. Have your prescriptions filled at discount pharmacies if possible. Those discount pharmacies follow the same regulations and have the same medications as the expensive pharmacies but are often a few dollars cheaper.

Shop for the best health care insurance for the price:

Shop around for health insurance before you need it. If health insurance is provided by your employer, check out the benefits carefully. You may qualify for better rates if you are a non-smoker, do not suffer with obesity, and have no pre-existing conditions. If you are past child-bearing age, you may be able to reduce your premium by dropping the maternity clause in the premium. It pays to look into your benefits, and to pay for only those you may need.

Live a Healthy Lifestyle:

This is the most important piece of information that every person of every age needs to be aware of and the single most important thing that can be changed to decrease your health care costs.

Eating a healthy diet, getting rest, preventing health conditions on a long term basis like heart disease, hypertension, diabetes, and asthma and practicing wellness will decrease your need to seek medical care. Join free health clubs for exercise, free classes on nutrition, and other health related education at no cost or low cost to maintain a healthy lifestyle.

Practice good habits and consider giving up unhealthy habits like smoking, excessive alcohol intake, and high sugar and fat intake. Start an exercise routine, at least 30 minutes 3-4 times a week to increase circulation and cardiac health. Focus on wellness and health and it will decrease your need for expensive health care in the long run. And remember, it is never too late to live healthy and feel better.

During tough economic times, careful spending is the rule of survival. This does not mean that you cannot enjoy a nice vacation; it simply means you have to develop a reliable vacation budget.

Budgeting on vacation can ensure a fun, stress-free trip that the whole family can enjoy. With a little planning and a guarded approach to spending, it is possible to have a vacation that will not only provide relaxation and pleasure, but will prove financially painless. What follows are five great ways to help budget your next vacation.

1.      Decide what type of vacation you want to take. Do you want a simple family vacation or an all-inclusive trip? The family vacation is perhaps easier and less costly to plan because all you really need to do is select your hotel or campsite, rent a car, and plan for meals and entertainment. If you budget carefully, you can have a great trip. On the other hand, if you go for the all-inclusive trip, you pay more because you book hotel, transportation, restaurant service and day-trips all at once. However, despite the fact that you pay more, you know in advance exactly what to budget for.

2.      Plan early and save throughout the year. By deciding early on where you want to go and what kind of vacation you desire, you can set weekly and monthly savings goals to help you make your vacation dreams come true. A helpful device might be setting up your travel budget and categorizing expenses. Then, you decide how much you will spend on everything: food, entertainment, transportation, accommodations and save accordingly.

3.      Join an online travel service to help get discounts on hotels and airline reservations. There are a number of travel websites online now that can help you get great deals and stay on your vacation budget. Expedia.com provides options that allow you to key in your information regarding destination and travel times and will help you find the lowest prices available for your trip. Another website that is helpful is Hotels.com. You can find vacation packages on the site and get deep discounts on accommodations. The rule of thumb when using these online resources is to plan and book early.

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Many Americans have low credit scores, so you are not alone if you are searching for ways to improve your own. It is important to keep your credit score high (above 620), not only for the purpose of buying homes and getting credit cards, but also to get the best jobs available since most companies require a credit check as a pre-employment screen. If you need to improve your credit score, there are five ways you can do so.

1.      Pay your bills in a timely manner. Your payment history is the most important factor in determining your credit score, so paying your bills in a timely fashion is the best way to improve your score. Current and recent payments are more important than the payments you made ten years ago; therefore, paying bills on time is the quickest way to see an improvement in your credit score. Alternately, paying bills late or not at all can cause a huge drop in your score.

2.      Put a freeze on your credit card purchases and pay cash. Adopt an attitude that says: “If I cannot pay for it in cash, I cannot afford it right now.” As conservative as that may sound, it can help you (even on a short-term basis) to reduce your credit card debt and improve your credit score by not incurring more expenses you cannot afford.

3.      Apply for a small loan with a co-signer. If your credit score is low and you need to improve it quickly, ask a friend or family member to co-sign on a small personal loan (say of $1,000 or so) and pay it back in a timely manner. This will appear on your credit report and will show that your recent history indicates that you are paying off your debts.

4.      Avoid filing bankruptcy if at all possible. For many people in debt, bankruptcy seems like the only way out. But, bankruptcy has a lethal impact on your credit score. It is worse than collections or delinquencies to potential lenders and can easily take your credit score down by 200 points or more. Some lenders will make loans to people with bankruptcies, but few mainstream companies will do so. Remember, a bankruptcy can stay on your credit report for up to 10 years.

5.      Consider getting assistance from a credit-counseling service. If your credit card debt is so overwhelming that you cannot see the light of day, you should think about asking for help from a non-profit counseling service. There are several good ones, including Consumer Credit Counseling Service. The service will work with you and your creditors to reduce your credit card payments and interest rates and get extensions (all at no charge to you). According to experts, working with a credit counseling or debt management service will not necessarily hurt your credit score or the likelihood of your getting credit in the future. And, after you finish paying off your debts, there is no record of the debt management plan on your report.

By adopting a cautious approach to spending and utilizing some of the aforementioned ways of improving your score, you can get your credit report back up to speed sooner than you think.

One of the most effective and essential tools in determining personal budgeting strategies is the use of  personal budgeting strategies . These useful financial tools are as numerous as grains of sand on the internet, but not all are created equal. There are certain pros and cons to many of the calculators out there. Here are a few pointers when looking for and using one of the many virtual budgeting calculators .

• Choosing Personal Budgeting Calculators

Many banks, savings and loans, building societies and financial planning services offer budgeting calculators as a part of their no cost online tools to help you develop personal budgeting strategies. Unfortunately, this does not mean these tools are free from obligation. Many sites ask you to create a membership or register before using their tools. If you forget to read the fine print, chances are you will have a flood of advertising emails in your inbox or someone calling you at dinner time. Make sure to read the fine print and only give out personal information if you know what it will be used for.

Budgeting calculators are also widely available as software programs and may offer sound financial guidance. More often than not, though, there is a download fee. Such an investment can prove worthwhile, but make sure to read reviews and do some comparison shopping. Many reliable and free budgeting calculators are available no strings attached from governmental and state financial agencies.

• Using Budgeting Calculators

The purpose of budgeting calculators is to give the user a breakdown of all income, expenditures, and debt over a certain period of time as well as provide an overview of his/her current financial position. From there, personal budgeting strategies to deal with debt, increase savings, etc, can be effectively implemented.  Many figures can be entered as weekly, monthly, quarterly and even yearly into the calculator.  The user will be asked to enter specific amounts under certain categories like income, taxes, housing, utilities, communication, entertainment, childcare and health care to name a few.

When using such a calculator, be sure to have all your financial information from the last twelve months at your fingertips. This includes pay stubs, bank and credit card statements, bills, insurance policies, records of investment, etc.  Your miscellaneous spending is also important to consider when using budgeting calculator. In order to get an accurate picture of your current financial status, save receipts for every purchase over an entire month, organize them into categories and enter them into the calculator.

• What to Do Next

Once you have used one of the many available personal budgeting calculators , your next step is to evaluate your overall financial position and determine some personal budgeting strategies. If your outgoings are higher than your incomings, don’t panic. You are simply in debt and can now work your way back into the black. You can prioritize your debts with the help of consumer credit counseling or a debt consolidation service if you choose. Either way, a budgeting calculator is the first step to financial health and responsibility.

In lean economic times, we all must search for ways to reduce our spending, and gas expenses can be curtailed by following a few simple rules.  To save on gas, consider these options:

1.       Combine trips and cut down on gas usage. Instead of hopping in the car to make ten short trips a week to run errands, combine your trips and save gas. On the practical level, consider that each time you cold-start your car for a short trip, you use twice the gas you would use if you traveled an equal distance when the engine is already running warm. If you take fewer trips, your car actually uses less gas. Also, when you combine trips and do all your errands en route as you go to work or take the kids to school, you save gas.

2.       Carpool whenever possible. There is no shame in hitching a ride with a friend or neighbor to work, church, school or even to run errands. Whatever you lose in terms of convenience or independence, you make up for in gas savings. If you have a long daily commute and you need to find a carpooling partner, check out websites like eRideshare.com or RideSearch.com. There are also regional sites you can find online to help find carpooling partners.

3.       Get rid of unnecessary cargo. If you are carrying excess baggage in your trunk or in the back of your truck or SUV, you are actually using more gas to do so. By eliminating all unnecessary weight from your vehicle, you can save a bundle on gas. The smaller the car, the more this principle applies.

Other helpful tips to consider are:

• Buy your gas at night when the temperature drops lower. The pumps supposedly release more gasoline when at lower temperatures.
• Don’t drive on an empty tank. The lower the gas amount in the tank, the more your car has to use to operate.
• Get your gas on weekdays rather than weekends. Most service stations charge lower prices during the week.
• Avoid purchasing gas on the highway if possible. These service stations typically charge higher prices.
• Tighten your gas cap. This simple procedure will help prevent gas from escaping the tank and evaporating into thin air.
• Keep your air-conditioning usage to a minimum. The more you use it, the more fuel you need to operate the car.
• Shop around online at GasPriceWatch.com or CheapGas.com to find the best prices before you purchase your gas.

Though gas savings requires a bit of time and thought, this seems a small price to pay when the process will provide us with a little extra money in our pockets during these difficult economic times. By following some of the simple tips provided in this article, you can cut down considerably on your gas prices. Not only that, you will also help conserve crude oil and gasoline, as well as clean up our already polluted environment.

Teaching your children the value of a dollar takes place every day through the behavior you model as the parent. Be responsible for your family budget in order to set an example for your kids. But while actively teaching your children, incorporate fun and practical ways to budget which demonstrate financial responsibility to your children. Here are five tips how to make budgeting an enjoyable lesson for your kids:

• Teach Younger Kids Budgeting Basics

Once your child understands the concept of giving and receiving money (usually around 3 or 4), introduce a basic way to budget. One way to do this is to label three piggy banks or containers with ’save’, ‘give’, and ’spend’. Starting with three coins, encourage the child to put one in each container. Introduce the concept of a family budget (for example 50% savings, 40% spending, and 10% charitable contribution) percentages between ages 6 and 8. Introducing these concepts early on will familiarize them with the idea of a family budget.

• Don’t Just Give an Allowance , Give Guidance

Children need to learn that everyone has a job and money must to be earned. Designate a reasonable weekly allowance or payment for each child’s ‘job’ (i.e. playing, going to school, doing special chores). Remember to reinforce that not all chores are paid because many are done simply as a member of a household. When an allowance is paid out, use the basic ways to budget from the first tip and reinforce it with the goal setting tips below.

• Help Kids to Set Goals for Saving, Giving and Spending

The key in effectively teaching kids ways to budget, as with teaching any lesson, is consistency.  Carry over the previous lessons to help them set up budgeting goals. Regularly discuss with your kids what they are budgeting for. Help them find a charity or non-profit to contribute to with their ‘giving’ fund. Help them to calculate how much needs to be saved each week to purchase that big ticket item they want so badly. Finally, ask if they are spending the rest on a ‘need’ or a ‘want’ and encourage them to save for their wants rather than spend immediately.

• Take Your Budget on Vacation

Many experts suggest demonstrating the family budget during a getaway. Before the trip give the kids the total budget for the trip in play money. Designate various expenses like transportation, lodging and food. Then, ask the children to pay these. Discuss how any remaining funds could be used.

While on the trip, create a daily budget and do a daily budget summary using play money each evening. Ask the children questions such as: How much was spent and on what that day? Was the spending within budget? What can the family afford to do the following day? Involve the kids in deciding how the family budget for each day will be used. To experience real life budgeting, give each child souvenir money to budget and spend themselves during the trip.

• Use Other Resources

There is a wealth of information available to parents on teaching your children ways to budget.  There are hundreds of reputable websites and books packed with more ideas on how to educate children about the family budget. Many of these sources also include worksheets and game templates. Get your kids involved in budgeting with hands-on activities and games. But no matter which one you consult, remember to start early and be consistent.  Your kids’ later financial success depends on it!

With the uncertainty of our economy, starting the New Year off with a realistic and specific budget will allow for proper planning, and eliminating any unpleasant surprises.

Make a list of your household expenses

The first step in creating a New Years budget is to specifically list each of your expenses. Included in this list should be:

• Gas and car maintenance
• Food
• Utilities
• Property taxes (if you own a home)
• Insurance
• Medical check ups for yourself and your family
• Satellite or cable television
• Internet
• Cell phones

There may be others as well, but make sure a realistic dollar amount is assigned to each one. You will only be hurting yourself if you’re not honest.

Look for ways to cut back

Once a realistic account of all household expenses is created, another important New Years budgeting tip is to look for ways to cut your expenses.

• Cut back or eliminate going out to eat. Restaurants are becoming more and more expensive especially for a family. You will get a lot more bangs for your buck by eating at home. This also means bringing a lunch instead of ordering carryout. This will go a long way in trimming your New Year’s budget.

• Look for ways to lower your utility bills. The old fashioned method of turning off lights when you leave a room or turning off the television or computer when not in use is more effective than you might think.

• Make your trips to the store count. Make a list to ensure you get everything you need. Also are there other stores or errands that can be accomplished on the same outing? Those repeated trips to get the items you forgot use a lot more gas; be efficient.

• Get rid of the premium movie channels on your satellite or cable television subscription. They are a waste of money. Half the time the movies shown aren’t ones of interest, so usually the monthly fee is for only a few movies.

• Check your cell phone contract. See if you can get a better deal with shared minutes or some kind of family plan where the minutes are shared.

Buy only what you need

I know what you’re thinking, you need every item purchased. When setting up a New Years budget, separating what is a “need” from a “want” is a critical New Years budget tip. This concept dovetails with setting up a realistic budget. Not everything is a “need”. If a New Years budget is going to be effective an honest assessment is vital or setting up a budget is a waste of time.

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‘Tis the season for mistletoe, cookies, Santa and…credit card debt? Unfortunately, attached to the Christmas season is often buyer’s remorse and a lot of debt. If you find yourself among the millions receiving fat Christmas credit card bills, follow these tips for reducing your credit card debt, maintaining a credit card budget, and by next Christmas, you should have the tools to resist another holiday spending spree.

Consolidate

If you find yourself stuffing the family’s stockings with iPods this Christmas, chances are you will be on the receiving end of multiple credit card bills. If Christmas leaves you with credit card debt spread over several cards, consolidate. Often, you can find a card offering no interest rate either through a promotion on balance transfers or by calling your credit card company and asking them to work with you.

Create a Budget

If consolidating to one credit card won’t work, practice credit card budgeting. This means, attack the lowest balances first while paying minimum payments on larger balance cards. Once you pay off one card, consider canceling it. Then move on to the next until your credit card debt is a distant memory and you have pared down the number of credit cards in your wallet. Then, determine what amount you can pay off each month and don’t exceed it.

Return

If you have items that can be returned to the store for money, not store credit, then do it. Even if you only have a few small items, every little bit will help shave money off of your balance. The idea is to shrink your credit card debt, not increase it. This doesn’t mean that you should snatch the IPOD out of your daughter’s hand and return it. But there are probably several items that you bought for potential hostess gifts or just-in-case-gifts that don’t do you any good sitting in the closet waiting to be given out.

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