Debtors Relief

Top 5 Ways to Get Some Extra Cash

DebtorsRelief.com Editor — Mon, 04 May 2009 19:03:18 GMT

There are many jobs available to those willing to put their dormant skills to good use. From personal tutoring to babysitting, there are some jobs that will always be in demand, whether the economy is doing good or bad. Here are our top five ways to earn some extra cash:

Private Tutoring – Many parents are looking for private tutors for their children, so putting a simple ad in the newspaper can result in some great extra work. From math to science, it’s not hard to teach those young children some critical skills.
Walking Dogs – Most people can walk pretty easily, but some people just don’t have the time. As a result, walking dogs can be a lucrative way to make extra money, particularly in wealthy neighborhoods where people are willing to pay a premium.
Babysitting – Even parents that are strapped for cash need to get out sometimes, which creates an opportunity to watch over children. While this has been typically reserved for the teenager next door, there’s no harm to putting an ad out if you’re an adult.
Sell What you Don’t Need – Selling your junk online can result in some extra cash in your pocket. Often times, one persons garbage can be another person’s treasure, and marketing to millions of people on eBay increases the odds you’ll find someone that treasures your extra belongings.
Adjust Your Taxes – Tax withholdings can be a huge waste of money if not done properly. Those that overpay the IRS are basically giving the government an interest-free loan for the year, so adjusting your withholdings can help put that money in your pocket earning interest or buying goods or services you need.

The Year for Big Purchases is 2009

DebtorsRelief.com Editor — Mon, 06 Apr 2009 19:54:28 GMT

Many experts believe that now may be the best time to purchase a home. Home prices are down 25% in the fourth quarter of 2008 compared to the same period in 2006. Meanwhile, the new economic stimulus bill passed in February includes an $8,000 credit for first-time home buyers. Mortgage interest rates are also making housing affordable, with the rate for a 30-year fixed rate mortgage moving below 5%, according to BankRate.com.

Many experts also believe that now is a great time to buy a car, as automakers are desperate to clear their lots for next year’s models. Auto demand is down by about 33% since October and dealers have a ton of excess inventory and bills coming due soon. Meanwhile, incentives from manufacturers have never been as strong as they are today with 0% financing, cash rebates, and even a no-hassle return policy if you lose your job at some companies!

Don’t Rely on Just Your 401(k)

DebtorsRelief.com Editor — Mon, 30 Mar 2009 17:57:33 GMT

Tax-protected retirement accounts, including 401(k)’s and Roth IRA’s, should be just one of three parts of a retirement plan. Personal savings and Social Security represent the other two elements of a good retirement plan. A survey from ING Direct found that one in five Americans are relying exclusively on Social Security, while the national savings rate has been negative for many years.

For better or worse, the economic recession has been a day of reckoning for many Americans. The national savings rate has increased sharply as spending has pulled back, but many continue to pull money out of the stock market at a time when prices are low. Combined, this is bad news for the retirement prospects for many Americans.

A recent study showed that consumers cut their spending for a sixth month in a row, while the personal savings rate rose to its highest level in the last six years. This is good news considering that 401(k) contributions may now be at risk. Another survey found that 29% of employers intend to reduce or eliminate 401(k)/matches, and another 12% plan to do so in the next 12 months.

In the end, conscientious consumers may want to continue their savings habits well after the recession lists and wages increase. With many employers cutting 401(k) plans at a very inopportune time, they may find that savings is one of the best ways to save for retirement.