Here are some tips on saving money on insurance:

1. Shop around for insurance. Check out the rates of competing companies before renewing your policy each year. Your state's website may have a good starting point for this search. Lower annual premiums could save you several hundred dollars per year.
   
2. Raise your deductibles. If you are willing to pay $500 or $1,000 on a claim rather than only $100 to $250, you can reduce your annual premiums by several hundred dollars. However, before you make these changes, be sure that you can afford to pay the higher claims if an accident does occur.
   
3. Assess your need for life insurance. You may not need as much life insurance protection if your spouse works and your children are out of the house on their own. Lowering your life insurance amounts can save you hundreds of dollars per year depending on your medical conditions.
   
4. Drop credit insurance coverage on installment loans. Many consumers do not need credit insurance because they have enough assets to protect themselves in the event of a death, disability or unemployment. Terminating this coverage reduces your financing costs by three percentage points, which can save you $1,000 on a four year $20,000 loan.

Here are a few tips to help you save money on your housing costs:

1. Don't pay for space you don't need. American's have large houses and apartments compared to the rest of the civilized world. How much do you really need? Consider using space you have more efficiently or purchasing/renting an area with less square footage.
   
2. Live near where you work. It is not always possible to find a place near where you work, but the closer the better. Driving 5,000 miles less per year can lower you transportation costs by more than $1,000. And gas prices are always on the rise!
   
3. Refinance your mortgage to a lower rate. Refinancing your mortgage can save you a lot of money. A 15-year $100,000 fixed-rate mortgage that is lowered from 7% to 6.5% can save you more than $5,000 in interest charges over the life of the loan. More, for every $100,000 you borrow at 7%, you will pay over $75,000 less in interest on a 15-year versus a 30-year mortgage.
   
4. Carefully select your contractors. Contractors who have successfully performed work for you or your friends/relatives in the past are the best ones to use. Insist on a written, fixed-price bid before any work is started and don't make full payment until the work is done satisfactory and on time.

Here are four critical tips to saving:

1. Save your loose change. Even fifty cents a day put in a jar over a year will give you around $200 that you could use as an emergency or vacation fund.
   
   
2. Track your spending. Use your credit cards, checking and other records to review what you've purchased at least once a month. Then ask yourself if these purchases were all necessary or if some of this spending could be saved or invested.
   
   
3. Never impulse-buy expensive items. Hold off on making any big purchases for at least 24 hours and you can save yourself much regret about impulse purchases (and not to mention save yourself substantial sums of money).
   
   
4. Use a debit card instead of a credit card. Debit cards can never be used to spend money you don't have (unless you have a limited overdraft). Using a debit card can prevent you from incurring credit card interest and having the desire to spend more than you can afford.

US colleges and universities are doing a bad job of teaching students of the dangers of consumer debt. Some are even helping credit card companies get access to students while they are most vulnerable. Credit card companies routinely setup shop with the consent of schools in return for payments and other benefits for the institution. Many universities also provide credit card companies with mailing lists of students, who then get bombarded with campus and home junkmail.

Colleges receive a small kickback, but is it really worth the average $20,000 in student loan debt? 56 percent of students reported gettin gtheir first credit card at age 18 in their freshman year. When they reach their senior year, the number of credit cards increases to four on average for this same 56 percent. The fact is that most college students are not able to manage their debt effectively. They lack the financial discipline to postpone purchases they cannot afford and credit cards make this activity even easier. Perhaps its time that universities give up the kickbacks and credit card sponsorships.

Roth IRAs were created for middle-income tax payers who are active participants in employee-sponsored retirement plans along iwth younger taxpayers in lower brackets that prefer tax-free withdrawals over current tax savings. Basically, contributions to Roth IRAs are not tax-deductible but earnings grow tax deferred and can be withdrawn tax-free in retirement or put towards certain other assets at an earlier age. One major limit of the Roth IRA is that it adds a maximum income level while joint filers may contibute the lesser of $2,000 or 100% of their compensation (earned income) as long as their combined annual income is below $150,000. Allowable contributions above that are phased-out completely at $160,000. And for individuals, the $2,000 maximum allowable contribution begins to be phased-out at $95,000 and reaches zero at $110,000.

Debt collectors are professionals that are very skilled at the art of negotiation. Follow these tips and you may be able to come out ahead:

1. Learn your rights. Debt collectors are required to abide by the Fair Debt Collection Act put forth by the Federal Trade Commission. People that know their rights make debt collectors less likely to resort to aggressive tactics. You can get a free brochure online or by calling 617-542-9595.
   
   
2. Offer less than you can afford. Do not commit to anything that you cannot afford or do anything dangerous. Also, avoid sending postdated checks to a debt collector or agreeing to electronic payments that come directly out of your checking account. Assuming that debt collectors are good people is a mistake.
   
   
3. Keep your information private. Do not tell a debt collector personal information like where you work, where you bank, or your account numbers. Keep the conversation at a minimum and tell them only the information that they absolutely need to hear.
   
   
4. Tape any calls. Taping a phone call is the best way to keep debt collectors in line because they know they cannot use any aggressive tactics. To be on the safe side, tell the debt collectors that the call is being recorded.
   
   
5. Get it in writing. Everything you agree to should be available in writing - especially payment agreements. Send a letter to the debt collector outlining the payment agreement via certified mail and you'll receive a receipt when the letter is delivered. Also, write "Cashing this check constitutes payment in full" on each check that you send.

Promotions for cheap loans and easy credit are continuing strong despite a weak mortgage market and a horrible subprime meltdown. The difference is that lenders have moved on from the "Bad credit? No problem!" pitch and onto targeting those who have good credit and plenty of home equity. Since fewer homes are being sold, mortgage firms are now targeting those looking for a refinance. However, these pitches can be riddled with problems...

The typical pitch is that making refinancing a flexible tool that can reduce your bills by lowing interest rates and stretching out payments. The problem is that these low interest rates are often temporary and result in a vastly larger home mortgage to be paid off in the future. In fact, the move prompted The FTC to send warning letters to 200 lenders last month warning them that their ads were considered misleading. The other pitch is for those wishing to turn their home equity into cash. Using your home as an ATM can quickly become a problem when housing values declinem which makes it very difficult in the future to sell or refinance down the road.

And just how bad is it for lenders? Well, Countrywide reported that it made 44% fewer loans last month than it did in September 2006. The largest mortgage provider also had to lay off 12,000 people - or about 20% of its staff. In the end, these companies will likely do what they have to to make profit expectations so customers should continue to be wary.

Students are facing mounting problems with students loans and credit card debt, according to a state Public Interest Research Group. The research study found that 37 percent of public college graduates and 55 percent of private graduates face an "unmanageable debt burden" if they were to enter the field of social work. Meanwhile, 29 percent would have "unmanageable debt burden" that would keep them out of eaching with 47 percent of private graduates kept out. Rising tuitions are keeping students out of socially valuable careers.

Contrary to many public beliefs, education may end up costing more than its worth. The perception is that loan debt is good as long as it is going towards education because that trumps everything. The ends does not justify the means, however, when your earnings potential when you graduate is a mere $20,000 when you graduate with $100,000 in student loans. Worse, there is nothing that can be done once you have already graduated and have made this realization. The problem gets much worse as students begin rolling their credit card spending into student loans and starting over. In the end, it is important for everyone to consider what is really important before acting.

One of the best ways to save more money each month is to distinguish between wants and needs. Needs are simple to identify - they are items that you need to live such as shelter, food, clothing, and transportation. Wants are those things that enhance or improve life, but are not necessary to survive. Distinguishing between these two can be difficult sometimes. A car may be a need, but a $50,000 SUV is definitely a want. And is a designer label really worth an extra $30 for a shirt? Believing that a want is a need is the most basic recipe for financial diseaster.

The fact is that the more money we make, the more money we want to spend. This addictive cycle of materialism has led many people to this confusion between needs and wants. Another contributing factor is the fact that marketers are taught that success comes from selling to wants instead of needs. One tip that helps a lot of people is to not buy anything the first time they want it - instead see if the urge dies down the next day - meaning you really don't need it. If you still have the desire to buy it, then it might be a need.

Here are ten tips to save money:

1. Avoid Late Fees - Paying bills on time can save you a ton of money. Collecting late fees funds a variety of businesses, including credit card companies and movie rental companies. Give yourself a weekly allowance in cash in order to pay off your bills and stick with it - when you have no more money simply do not spend.
2. Go Out for Breakfast or Lunch - Dinner is the most expensive meal of the day and you can save a lot of money by going out for breakfast or lunch with friends instead.
3. Check for Old Models - When making major purchases, always ask the store clerk if they have last years model avialable or on sale. Often times, stores are trying to quickly move inventory and you can take advantage of the savings.
4. Quit Smoking - Smoking is a $1500 annual habit that is very hard to stop - but it definitely can be done. Think of not only how much it is costing you in terms of dollars but also in years of your life.
5. Cancel Your Mortgage Insurance - If you hvae 20% or more equity in your home and you are still paying private mortgage insurance (PMI), then call your mortgage company and cancel it. That alone will save you $40 a month!
6. Refinance Auto Payments - If you have an auto loan outstanding for more than a year, look into refinancing it and you could get it for much less.
7. Stop Drinking Soda - Soda is not only bad for you, but it is also a very costly habit to get into.
8. Buy Online - Buying products online on eBay or Amazon is often much cheaper than buying it in the stores - even if it takes a few extra days to get there.
9. Ask for Discounts - Even if you do not have a coupon for a certain service or product, ask for a discount and see if they will give it to you. It only takes one time to make this strategy pay off and it will happen more often than you think!
10. Use Less Detergent - Using only 2/3 of the usual scoop of detergent is often all that is needed for clothes and dishes. This can save you a lot of money in the long run.

The Federal Reserve is widely expected to cut interest rates again during its next meeting, but what does this mean for the average American? The move may end up helping people who owe money by easing interest rates on variable-rate credit cards and adjustable-rate mortgages. Those facing an ARM reset should still expected higher payments, but not as high as they may have been otherwise. Consumer loans and financing will also be somewhat cheaper - that is, those looking to finance credit card debt or take out home equity loans will be able to do so at lower costs.

Rate cuts are good for the economy because it makes debt much cheaper for companies. And companies able to borrow more are able to leverage themselves to better take advantage of growth opportunities. This sometimes equates to more investment and more hiring and therefore lower unemployment numbers.

So, why doesn't the government keep reducing rates if it's so good for everyone? Well, there is one downside to rate cuts: inflation. Essentially, higher inflation results in reduced purchasing power for those on fixed income; wages being insufficient for purchasing power; and problems with import/export businesses due to more expensive prices relative to the rest of the world.