Why Not Rent Something Out to Pay For It?

Many of us have wanted to purchase something, but couldnt bring ourselves to justify paying the high-ticket price for it. One thing you could consider is trying to rent it out. By renting your dirt bike, four-wheeler, flatbed, camper, or even your cottage or a spare room in your home, you can pay off your investment in less time than you first anticipated!

The process of renting something out is simple. You can put ads in the paper, online and on local bulletin and college boards. People interested in what you have for rent will call you if they want further information. Once you have ads placed in all of the key places, renting your ‘toy’ out will be easy. After a while, you could be answering customer calls every day!

Once your investment has been paid off, you may want to consider the same process of renting out another item you own. And we arent just talking about heavy equipment either. What about a spare room in your home, or your summer home in the off-season? You can potentially be making enough money from any number of rental items to pay off credit cards, bank notes and even making double mortgage payments.

Lets look at an example. Lets say you rented out your dirt bike. Of course, the purchase prices for these depend on many factors, so we are simply going to use an imaginary bracket here. You decide to rent it out for $50 a day, for a minimum of two days at a time. It gets rented twice a month, giving you $300 in rental fees. Over a year, this brings in an extra $3600 which you can use to pay off the dirt bike. Once that dirt bike is paid off you have an extra $300 dollars in your pocket for renting out something you also get to enjoy!

For an example which could be more lucrative to you, lets consider renting out your cottage in the off-season, or when you arent using it. Well say you rent it out for a week at a time, for $250 per week. When you consider you are only there with your family for approximately eight weeks of the year, you are left with 44 weeks you can rent it out. If you were to rent it out for each of those 44 weeks, by the end of the year you have earned $11,000 to put towards the mortgage on the summer home! And this is just in the period of a year.

For our final example, lets consider the possibility of renting a room in your home. If you have one (or more) free room in your home, you could consider renting it out to a student attending the local community college or university. Housing around campus can be quite expensive, and many of these students just simply cant afford it. You could rent a room in your home which will not only help out this student trying to make ends meet but also make extra money for yourself. You could charge the student enough to cover your utility bills, or to pay a portion of your mortgage.

The opportunities are endless once you take the time to sit down and think them through. There are definitely ways to give you that financial boost you need. Just one final note: You may want to verify your insurance policy before you embark on this money-making adventure.

Walking Away from Your Home?

Becoming a homeowner is one of the happiest events in many peoples lives. But when times get tough, it can be difficult to scrape up the money to pay mortgage payments each month. If youve accumulated enough equity, you can sell your home at a profit and get on with your life. But what happens if you owe more on your home than its worth?

Many homeowners face the heart-wrenching decisions associated with these problems. Some choose to negotiate with their lenders, hoping for a solution that will allow them to catch up on payments and keep them in their homes. Others feel hopeless, believing that there is no chance that they will be able to keep up payments even with help. Those who fall into this category often choose to walk away from their homes.

Losing your home brings forth a deluge of emotions. Its a sad event, and it may also make one feel angry or ashamed. Its certainly not ideal, yet desperate homeowners often feel that they have no other alternative. But in most cases, there is help available.

Talking to your lender could be more fruitful than you might imagine. With the abundance of foreclosures going on today, many are willing to go to great lengths to help homeowners stay in their homes and meet their obligations. Paying extra each month to catch up on payments is one option, but it may not be the only one offered. The lender may be agreeable to bringing a homeowner back to current status and accepting lower payments for a longer period of time, or even lowering interest rates to reduce payments and the amount owed.

If your lender isnt helpful, there are non-profit organizations that can help. They employ trained negotiators that know what it takes to persuade lenders to work with borrowers. They can also inform you of your legal rights, which is something that lenders may hesitate to do. These organizations usually charge nothing for their services.

The Consequences of Walking Away

If you do end up walking away from your home, there are certain consequences that you should be aware of. One of the most significant is a foreclosures effects on your credit record. You can expect your credit score to drop by a few hundred points, seriously harming your chances of getting any kind of credit for several years. In most cases, the foreclosure itself remains on your credit report for 10 years.

Theres also the chance that you could be held liable for the difference between the profit the lender makes from your homes sale and the balance of your mortgage. Lenders often sell homes to the highest bidder, and if that bid doesnt satisfy the mortgage amount, they will want to recover the rest. In some cases a lender may agree not to pursue payment if the borrower agrees to a deed-in-lieu of foreclosure or a short sale, but they are under no legal obligation to do so.

Sometimes, walking away from your home is unavoidable. But in most cases, there are alternatives available. If you find that youre in danger of losing your home, talk to your lender or a professional immediately. You might find that your chances are better than you thought.

Use Pharmacy Coupons and Save Money

Its about time that pharmacies have joined the coupon bandwagon. For years, grocery stores have offered cents off coupons to attract customers. They buy a particular item, use a coupon, and the customer saves a little bit of money. The grocery store then turns those in and is reimbursed. Its actually a win-win situation that many pharmacies have been neglecting.

Larger chain pharmacies such as Walgreens and CVS have started printing their own coupon books to entice customers to come to their stores. Quite often the coupons can include buy-one-get-one-free items. Customers to these stores, if they shop wisely, can save a good deal of money.

Pharmacies under the Rite Aid banner have a sign-up page on their website where you can sign up and immediately receive $50 worth of coupons, as well as special product offers and other services you may find useful. You can even receive $50 if you transfer two prescriptions over to Rite Aid.

Pick up coupons at the pharmacy as you are walking up and down the aisles while waiting for your prescriptions to be prepared. If there is a coupon for the same brand of deodorant your husband uses, even if he doesnt need any today, you can still start your frugal pharmacy routine now instead of putting it off. Simply go up and down the aisles and see if there are coupons available for any of your regularly used products, and check the expiry date. If you have a few weeks or even months before the expiration date, it never hurts to pick them up now while you have them on your mind.

Visit the websites of your favorite manufacturers, such as Robitussin or Johnson & Johnson. Even those sites of your preferred vitamin brand, hair care products or facial cleansers could have offers available on their sites, potentially allowing for extra discounts if your particular pharmacy allows for doubling up on coupons.

Finding those wonderful two-for-one coupons work great, especially if they are for your usual brand of shampoo or conditioner and you pharmacy allows for doubling up on coupons. You could potentially end up paying a dollar or less for two bottles of brand name articles. It may not seem like a lot saving 30 cents here or a dollar there, but if done wisely, people could potentially save $100 or more in the course of a year with the proper use of coupons.

Dont forget to ask your doctor or health care professional if they happen to have any samples or coupons which they could pass out to you. When different pharmaceutical companies their offices deal with put a new product on the market, they either receive sample sizes, coupons or both. They are so busy most of the time they forget to mention them, but if you ask, they usually have one or the other. Maybe even both.

Its the same situation at pharmacies. They dont always remember they have particular rebate or mail-in rebate coupons, especially on high-ticket items such as glucose monitors or blood pressure monitors. By watching for coupons online or at the pharmacy itself, if you are prescribed one of these monitors you are usually able to get one free, with the coupon along with the purchase of any lancets in the case of the glucose meters. This can become a considerable savings to you, as these monitors arent cheap.

So before heading to the pharmacy, dont forget to check online for any coupons you could use, as well as what is available at the pharmacy itself while youre waiting for your prescriptions to be filled. What better pastime is there than saving money?

Top Savings Accounts for Your Nest Eggs

Savings should be a part of everyones financial plans. We all need some money put back for a rainy day. Saving for our childrens college education is also important. And having a retirement fund is a must.

Putting our savings under a mattress isnt a very good strategy. Not only could it be stolen or burned up in a fire, but it doesnt earn interest. Putting our savings in the bank keeps it safe and allows it to earn interest, allowing us to come out ahead. But how far you come out ahead depends on the bank and the account you choose.

When it comes to general purpose savings, most people opt for a regular savings account. Such accounts earn rather low interest, but they give us quick and easy access to our money. Some banks allow us to link them to a checking account for quick deposits and withdrawals, and some even provide debit cards.

In order to earn higher interest rates, we must usually deposit larger amounts of money. Some accounts pay varying interest rates depending on the balance. Others have a minimum balance that must be met to avoid fees, but pay higher interest no matter what the balance. And then there are money market accounts and certificates of deposit, which are best suited to those who plan to leave a significant amount of money in the bank for several months or years.

For retirement savings, a 401K is usually the best option. These plans are made available through employers and allow employees to make pre-tax contributions from their earnings, and interest earned is not taxable. The employer may even match the contribution up to a certain amount. If a 401K is not an option, an IRA can be opened at a bank. Contributions are made with after-tax dollars, but the interest earned is not taxed.

There are a few options for college savings. A 529 plan is similar to an IRA, but is used for college expenses instead of retirement. The Coverdell ESA is often used in conjunction with a 529 plan, but there are some differences such as contribution and age limits.

When planning to open a savings account of any kind, its important to do some research. High interest rates are a definite advantage. But you also need an account that gives you the level of access to your money that you want. Fees should also be taken into consideration, as they can cancel out your interest earnings.

Credit unions are one of the best places to start your search for a savings account. These member-owned institutions usually offer competitive rates and many other benefits. Membership is usually restricted to those who live in certain areas or work for certain companies.

Online banks have been giving traditional banks a run for their money when it comes to savings accounts. They tend to offer more competitive rates, and may offer features that you cant get from your local bank. But some local banks are more competitive than others, and they offer something that online banks cannot: face-to-face service.

Finding the right savings account can help you get the most out of your money. But its important to consider your needs carefully before you choose. The best account for your neighbor, sister or friend could be completely wrong for you.

Lost or Stolen Credit Card?

When it comes to finances, few things are as unnerving as losing a credit card or having it stolen. By the time you realize its gone, someone could be living the good life and charging it to you. But by taking action quickly, you can avoid most, if not all, liability for unauthorized charges.

When their cards go missing, cardholders are protected by the Fair Credit Billing Act (FCBA). This law mandates that as long as you report your card missing or stolen in a timely manner, you can be held liable for no more than $50 in unauthorized charges. And if you report it before the card is used, you cant be held responsible for any charges made.

If you find that one or more of your cards are missing, heres what you need to do:

1. Report the missing card to the issuer immediately. If you dont know the phone number to call, it should be printed on your credit card statements. Reporting the theft or loss as quickly as possible is crucial, so its best to keep a list of your card numbers and the fraud reporting phone numbers in a safe place for easy access.

2. Write a letter to each credit card issuer summarizing the details of your phone conversation. Include your name, card number, when you noticed your card missing and when you reported it. Also include the name of the representative you spoke to. Make a copy for your records, and send the letter via certified mail or with a return receipt request.

3. Keep a close eye on your credit card statements for several months. If you notice any charges you didnt make, contact the issuer immediately. You should not have to pay any charges made if you have already reported your card lost or stolen.

Minimizing Your Risk

Anyone can have his credit card stolen. But there are a few things you can do to minimize your risk. These include:

* Leave your credit cards at home when you dont plan to use them. Youre much more likely to have them stolen from your wallet or purse than from your home, especially if you keep them locked up.

* Do not carry your PIN number with you. If you do, a thief can easily use your card to obtain cash advances.

* Carefully check your credit card statements as soon as you receive them. Thieves do not have to have the actual card to make charges to your account. They can often make purchases online, by phone or by mail with only your name, card number and expiration date. These can be obtained by stealing records from stores youve done business with in the past.

* Be careful when using your credit card. Only buy online from websites you trust, and be aware of suspicious activity when using your card in person. Thieves have been known to snap pictures of credit cards with cell phone cameras and use devices to read cards as they are swiped.

No matter how careful we are, having our credit card or card number stolen is a possibility. By keeping an eye on account activity and taking action quickly if a card is lost or stolen, you can prevent a thief from benefiting from his crime and avoid having to foot the bill.