It is important to know and understand your checking account – as it is not just a place to store and receive your money as you wish.  A checking account is part of your bank and it should work for you, not the opposite.

Look into banks that offer free checking accounts; these may be particular to students.  Make sure to know the policies and abide by them. Watch out for fees that you may be charged when you have too many ATM withdrawals, too many checks written, or use a funds transfer. As well, it is definitely helpful to have a checking account that you can access anytime (via online an online account and with many ATM machines in any and all areas you made need them). Free online banking, bill pay and management, without attached fees, are not uncommon – it is necessary among any checking account. 

Most checking accounts that work for you may offer free checks that the bank offers in the maximum amount they allow, such as 50 or 100 checks.  Take the initial free checks and do not order any (especially for a fee, until you need them down the line). If you need more, you  can simply go online and order more, but leftover checks are more typical than not, especially with online bill pay options becoming more commonplace. Extra checks become nothing more than wasted paper and wasted dollars.

It is important to keep track of your bank/checking accounts all of the time.  It can be costly not to keep your financial records in place and accurately accounted for.  All banks will charge you some type of fee for overdraft fees. Your debit card can easily get you into the red if you don’t know what’s in your checking account. Make sure to stick to ATM’s that belong to your bank. Banks tend to charge their own additional fees for withdrawing money from other bank’s ATM machines, plus the ATM fees when you withdraw money, causing you to lose between $2 and $5 for each withdrawal unless it is within your own bank. 

As well, checking accounts and savings account can work together, for a small or no fee, that offer assistance in transfer funds if you accidentally overdraft one or the other. There may be a fee that is charged, but much less if you are signed up for the overdraft transfer assistance program. 

College tuition is rising – a lot.  Each year, college tuition is rising an average of about 6%, or about $700, for public universities.  However, despite rising tuition, financial aid programs have been reducing the amount of money they are distributing to students in need.  For example, Pell grants, the nation’s biggest need-based financial-aid program, reduced financial aid by an average of $120 per student. The nation's saved taxpayers $900 million by trimming its average award to $2,474. Colleges also reduced the percentage of financial aid they dedicated solely to needy students and increased the percentage for scholarships for students with good grades or test scores, the College Board reported.

Not only do the rising costs of college outpace financial aid, but also wages and inflation rates. The sticker price for an academic year at a typical public university is $16,400: $5,836 for tuition and fees, almost $7,000 for room and board, and an additional $3,500 or so for books, travel, and entertainment, the College Board estimated. About half of students get scholarships or tax breaks to reduce their out-of-pocket costs, however, bringing the average net price paid to about $13,000.

It is suggested that if the prices of college keep rising as they are, students who don't receive any grants will most likely pay more than $115,000 to reach graduation day. Those who do receive scholarships or other assistance (which are of a decreasing number) will most likely pay about $87,000. Thirty years ago, when the total sticker price of a year at a public university ran less than $3,000 and students took less time to graduate, the total cost of a degree was closer to $12,000.

The best bet for finding affordable higher education may be found in local community colleges and two-year schools.  In California and other such states with high numbers of community colleges, community college tuition actually dropped. On average, tuition at the nation's commuter schools rose an average of only 4.1% this year, to $2,300. That means even students who don't receive any financial aid but live at home and attend a community college could finish their freshman and sophomore years for as little as $8,000, including textbooks and transportation to and from classes, estimated the College Board.

The state protects consumers from old debts known as "time-barred" debts by applying a statute of limitations typically between 3 and 10 years, depending on the state. Federal law protects consumers from being sued by creditors after the statute of limitations expires under the Fair Debt Collection Practices Act (FDCPA). While these debt collectors can still attempt to collect what you owe, they cannot threaten to sue you because the lawsuit would be immediately dismissed as "time-barred" debt. You can stop debt collectors from contacting you at all about time-barred debt by simply sending them a letter telling them to stop contacting you. Once they receive this letter, they are not allowed to contact you again except to say there will be no more further contact or to let you know they intend to take some specific action.

Often times these time-barred debts are purchased by scavenger debt collectors who buy uncollectible, written-off, time-barred debt hoping to pressure you into paying it back even though it could be years expired. They usually call themselves litigation firms to scare people and use very aggressive collection techniques that often violate the provisions of the FDCPA. It is important to remember that you can take two simple steps to prevent these problems: (1) determine if your debt is time-barred, and if so, (2) write them a letter telling them not to contact you anymore. Any other word from them afterwards is now illegal.

Property taxes are sometimes put on the backburner as many home values are over-assessed and could afford to pay less than they do now. If you want to reduce your property taxes, you can simply contest the assessment of your home value. Suprisingly, less than half of all homeowners do this despite the fact that it is a legal and fairly easy process. Moreover, statistics show that most homeowners who do appeal succeed in getting their property taxes reduced. It is not uncommon for homeowners to save anywhere between $100 in smaller homes to $1,000 in larger houses.

You can get started on the process by garthering evidence that your property is overvalued by the taxing authority. If your local district appraiser has a website, you mgith be able to research the property values of your neighbor's homes. If not, you may have to visit the district appraiser in person. If you find that your house has a higher value than that of your neighbor's, check into why this is the case. Similar houses in size should have relatively similar assessed values. Also look into whether homes have sold for less than their appraised value in your neighborhood. If so, you could be entitled to a lower appraisal value. Any of these factors can be used to make an easy argument to get your bills reduced - why not try it today?

Whether it be the fact that retirement is getting far more expensive or that healthcare costs are rising, senior citizens are suffering from greater credit card debt than before. The National Consumer Law Center reported that the average credit card debt for consumers between 65 and 69 years old now totals almost $6,000.  The report states that nearly one-third of retirees describe credit card debt as a "hardship."

It is important that senior citizens learn the current processes of credit cards and of their finances. It is crucial for them to pay special attention to the Schumer Box provided with each credit card application, which includes information such as the card's default Annual Percentage Rate, credit limit, and late fees.

As well, it may be a good idea to consider hiring a financial advisor to help plan for your retirement. Only use a fee-only financial planner, who you are able to pay by the hour, or get the financial planner to approve the plan you create on your own.  Your plan will determine factors such as the age at which you can retire.  It also must contain a budget for living within your means, allowing you to figure out how much discretionary income you will be left with after paying for expenses. It is important to account for additional, and greater, expenses to come in the future with age and time – such as health costs.

Last, it is a good idea to consider postponing social security as much as possible for older Americans. Credit card debt, and other forms of debt, is largely due to seniors' growing expenses while they experience fixed incomes.  By delaying the start of Social Security for as long as they can, seniors will get an increased monthly payment when they do begin the program.  It may be necessary to work a few more years to cause for this delay, but more years of work will allow for the assets to continue to grow.

This tax season, the average federal tax refund that taxpayers will receive is $2,548.  That’s $2500 of money you have to choose to use it wisely.  It is not extra money that you get as a gift from the government; it is your money you’ve had to hide away all year.  Well, it’s back, and it’s yours – not to waste!

There are a few different things that would be best put to use with your extra earnings. For starters, consider your overall financial status – do you owe a lot of debt, or are you interest in making some wise investments?

If you owe debt, the best practice would be to put your money into paying off as much of your [credit card] debt as possible before considering anything else. Reducing or eliminating your credit card debt sooner than try to make money off of investments will save you the most money in the end.  

From there, if you have extra money or do not have debt to pay off, consider investing in an IRA, a 529 fund (tax-deductible college savings fund), or a CD. Currently, CD’s are averaging 5.4% interest rate, which is about double the rate of inflation.  Whether you have a Roth or a traditional IRA, you're allowed to make up to a $4,000 contribution ($5,000 if you're 50 or older) for tax year 2006 through April 17 this year. Or, if you can't make that deadline, you can make your 2007 contribution with it.

If you don’t want to make any investments at the moment and don’t have any debt to pay off, considering simply putting the money into your current emergency savings fund.  The best place to house your emergency fund is through a high-yield savings account. High-yield savings accounts work slightly different than money market accounts in that they typically don't offer check-writing capabilities, just as they don't limit your number of transactions as money market accounts can.
 
If you want to put your refund to use in more than one way, the IRS is now offering a split-refund option, which lets you designate up to three accounts at financial institutions into which you want the IRS to direct deposit portions of your refund.

Many people are aware the the market for subprime mortgages has essentially collapsed due to an increasing number of defaults by those who have adjustable rate (ARM) mortgages with poor credit, but what does all of this mean for the average person? Unfortunately, the consequences of this collapse may be felt by individuals in more than one way. First of all, several companies that deal in subprime mortgages are publicly traded and experienced sharp declines. This, combined with other concerns, caused a strong sell off in the stock market a few days ago that may have alarmed some of those holding mutual funds or other retirement funds. Secondly, the collapse is expected to expand into the larger home market, which may cause housing values to fall further this year. However, many economists believe that the US will be able to avoid a recession and even a significant rise in unemployment.

The reason so many people are concerned is because when housing values decline, people are unable to borrow as much against the home. This leads to decreased consumer spending which eventually leads to a slower economy. The subprime market collapsed because when these housing values decreased and people were unable to loan as much, they defaulted on other payments and were ultimately unable to pay their bills. Consequently, they defaulted on their mortgages. Many people also expect the government to step in and institute new credit rules that are more strict than the current set of rules that contributed to the collapse. While the effects of all of this are not yet realized, it is definitely an important situation for all homeowners to track - especially those with poor credit and subprime ARM mortgages.

The best way to protect yourself from overnight hikes in your credit card’s interest rate is to, first and foremost, avoid credit cards with the universal default clause. Not all of credit cards practice this clause, only about 40%, so be sure to look carefully into your credit card’s fine lines and policies.

If your credit card does practice the universal default clause, be sure to check into your current credit card policies. If you are unsure of anything in relation to the policies of your card(s), do not hesitate to contact your credit card issuer to verify the facts. If you are currently using a credit card with the clause, consider transferring your balance of that card to one of your cards that doesn't practice the clause. However, do not rush to cancel the card altogether, because it could have a negative effect on your credit score.

The easiest way to avoid higher interest rates with a current universal default clause credit card is to simply pay your bills on time – all of your bills (even those not part of your credit card).  If you are struggling to pay your bills on time, such as car loan and mortgage payments, contact your lender to try to create a manageable payment plan.
 
Currently, there are amendments to the Truth in Lending Act that, if passed, would prohibit many unfair practices within the credit card industry, including the universal default clause. Until there is more justice among the practices of credit card companies, it is up to you to maintain a good record with your bills by paying them on time and understanding your credit cards and credit score. 

We all know that credit card companies are out to get as much money as they can from us, where late fees, over-limit fees, and transfer fees are just a few of their tricks. It is also possible that not only do you have to pay these additional fees, but it is possible and legal that the credit card company may raise your interest rate - overnight.  Surprisingly, they can raise your interest rate if you've made a late payment on any of your other cards, including those issued by other companies.

As for late payments on car loans, mortgages, and even phone bills, the numbers are even more astounding. If your credit card issuer is one of the 40% of companies that partake in raising interest rates, they may raise your interest rate up to 30% or more.  And it’s entirely legal. If you look ever so closely within the fine print of your credit card agreement, the universal default clause explains it all.

A universal default clause states that a creditor reserves the right to penalize you with an increased interest rate if you're late, whether to them or whether you’re in default of a payment to any other creditor. The universal default clause is justified in part due to the fact that if you pay any of your creditors late, you pose a greater credit risk and are less likely to pay your debt.

Your creditors also have the right to routinely monitor your credit file. So a creditor with a universal default clause will be watching -- and waiting. If your credit card is a carrier to the universal default clause, such as a specific Visa card you have, any late payment  (whether it's on your utility bill, home equity loan, or Macy's credit card)  acts as a "default trigger" allowing the bank that issued the Visa card to double or even triple your interest rate. At the end of all of your worries, your credit score will also be hurt.

The top triggers to watch for to protect your current interest rate from dramatically rising are a decline in your credit score, a late mortgage payment, and a late car loan payment. Under the universal default clause, your interest rates can also be increased for several other reasons, including exceeding your credit limit, bouncing a check, having too much debt, having too much credit, getting a new credit card, applying for a car loan, and applying for a mortgage loan.

CD’s (Certificates of Deposit) are a way for you to make some money while doing nothing. A CD is very much like a savings account where you can earn money by earning interest with money that you set aside to sit.  CD’s generally have a higher APY (Annual Percentage Yield) than normal savings accounts. As well, CD’s are easy to get. All it takes is a few minutes and a quick form to fill out at the bank of your choice. Your bank, in turn, pays you money through interest for letting them borrow your money. They can use your money while it sits in their bank to either make their own investments or to lend out to other customers. When your time comes for the CD to expire, you have the choice to either take it out (with accrued interest for your own benefit) or you can reinvest it again to continue to earn more money.

When you buy a CD, the bank promises to pay you a fixed rate of interest for a given term. In other words, they promise to pay you 5% for one year. After the year is over (at maturity), you decide what to do with your cash. CD’s with longer maturities (time periods) pay higher rates than those with shorter maturities, due to the fact that you’re promising to leave the money with the bank for more time. It is important to remember that the general outcome of the economy influences the CD interest rates, just as each financial institution offers different interest rates for CD’s and you must always shop around to compare rates.  

When your CD matures (maturity is the date your CD is set to expire), you can take your cash and run with it, or you can reinvest it again. When the CD maturity date arrives, you generally have 10 to 15 days to decide what to do with your next step in regards to your money. If you do not inform the bank of what to do with your money, they may automatically reinvest it in another CD. It is important to know the policies of your bank and CD.

If you do choose to reinvest in another CD, the bank can “renew” your old CD with the previous terms. However, not all terms of renewal may remain the same as CD interest rate may have changed since you first bought the CD.

CD’s are the safest form of investment, free of risk. 

It should be considered a treat to go out to eat. Each person in each place will have different preferences for going out to eat: how expensive the restaurants they prefer are, how often they go out to eat, and if they even have a set budget for their dining-out habits.
 
The best advice to give in regards to dining out is to set some ground rules, varied upon each person. Set a weekly limit to how often you go out. It is easiest to set specific days to dine out (such as Saturday nights, Tuesday lunches, etc.). If you have a regular routine to follow, it will be less likely to break the routines and go out more than planned for. 

Budgeting your costs is also crucial to dining out.  Go with a set amount of money, preferably cash, so you do not overspend while caught in the moment of dining out. If there are two of you on a date, or if there are five of you in afamily, set a specific amount (whether per person or for the collective group) and make sure you do not exceed that amount during the meal.

Search out restaurants that offer daily specials (such as lunch specials or early bird dinner specials, etc.). Also search for coupons to various restaurants. Coupons such as “buy one entree, get one free” are always a good sell; these coupons can be found in local newspapers and in coupon books.

When you are not treating yourself by dining out, it is a good idea to pack a lunch for work and to cook a good and inexpensive home-cooked meal for the evenings.  Maintaining a set schedule and limit for how often you dine out and how much you spend will save you plenty in the long run. 

Car repairs can be brutally expensive at times, especially when those times come on suddenly. To best prepare yourself for the high costs of car repairs, it is important to maintain your car well on a regular basis. Regular check-up’s are the best trick to maintaining your car and saving money on costly repairs down the road.  Whether you bring your car in for a regular check-up every three or six months, it is good to know that it is in good condition/care than to find out while you are stranded on the side of a highway with a broken transmission.

Yes, you may have to pay to have the car continuously checked on and cared for, but the cost will be far less than if you do not maintain it and wait for it to act out against your neglect.

Sudden, unexpected repairs will cost far more than catching them before hand.  Preventive care is the best source of medicine, even for automobiles. Plus, you’ll kick yourself just after seeing the towing bill alone, none the less the bill for an unknown repair shop in the middle of nowhere. 

Consumers lose billions of dollars each year on unneeded or poorly done car repairs. Do your best to avoid being part of this statistic. With any type of auto repair, make sure you find a certified and well-established mechanic and repair shop. It is best to keep going back to the same shop and mechanic over time once you have found one that works well for you and your car. The better you trust the mechanic and know that they know your car, the better the repairs will continue to be.  As well, always communicate the costs of repairs prior to settling for just any pricey repair.