This featured post is presented by Keeping the Kingdom First.

We’ve all seen it. Gas and grocery prices continue to climb. There are two things we can do to fight back: learn to maximize our savings in the kitchen (I’ll be tackling this topic in a new series this week) AND find creative ways to earn extra money from home.

Continue reading Earning Extra Money from Home at Keeping the Kingdom First.

This is a guest post by Elliot Majere relating to bankruptcy from a UK perspective.

Bankruptcy carries negative connotations and many people feel ashamed and embarrassed if they end up pursuing bankruptcy. But that can sometimes be the best option, if another debt management plan has failed. If your debts have
gotten so out of control that a debt management plan is not going to help, it can help you sort your debt problems and relieve some of the intense stress associated with debt.

In the UK, the process can be started by you or may be started by a creditor whom you owe more than £750 to. The process essentially involves an appointed Trustee selling assets and distributing the money to your creditors in order to allow them to receive as much of the debt owed as possible. Once your bankruptcy period is over, old creditors cannot legally chase you for any outstanding debt.

However bankruptcy is not an easy escape route. It brings certain restrictions and implications, unlike a debt management plan or debt consolidation. In certain professions your employment might be at risk, and the bankruptcy will appear on your credit record for a period of time. Today it is less common for bankruptcy to be advertised in the local media, but your details are placed on a bankruptcy register which is publicly available. Bankruptcy is a last resort; it is certainly not the easy option so make sure you have taken debt advice prior to pursuing it.

Debt advice may point you in a different direction than bankruptcy. Maybe a debt management plan would be more suitable, for example an informal arrangement may be arranged with your creditors to create an affordable payment plan instead. Make sure that any debt advice you take is from a reputable source and any debt management plan that is implemented is realistic and achievable.

This is a guest post from the NEFE, a nonprofit organization that’s dedicated to improving the financial literacy of Americans.

NEFE knows that to make your money resolutions stick, you have to begin by looking critically at your lifestyle and making a financial plan that works for you. Once you know how you’re spending, you can begin to understand how to control it.

1. Take the LifeValues Quiz. Understanding your values and attitudes about money bring clarity to the decision making process. Take NEFE’s LifeValues Quiz to help you identify your values and make resolutions based on those values.
2. Write down your resolutions. Clearly articulate why you think this resolution is a good idea. Indicate what steps you can take to reach your goal and what you hope to gain. Don’t forget to post this somewhere you can see every day!
3. Go public. Share your resolutions with family and friends. Having someone to hold you accountable means you’re more likely to keep your resolutions.
4. Gauge your progress regularly. If you’re trying to reduce debt, make sure you check your balances often. Set aside a couple of hours each week just to address your finances.
5. Vary goal intensity. Use short and medium term goals to get you to your long term goals. For example, give yourself a short term goal of organizing your home office. A long term goal could be setting up (and adding to) the emergency account you know you should have but didn’t get around to starting last year.
6. Address conflict logically. If you are finding yourself breaking a financial habit by reverting to old spending habits, identify what value might be causing you to stray and take the time to ask yourself if the decision is appropriate given your current financial situation.
7. Do it NOW! Many of us wait until we feel the time is right to begin these new behaviors. If we wait until after the big party to start watching our diets or until after that last big purchase to start saving money, the ideal time will never present itself. Do it now.

For more New Year’s tips, check out NEFE’s New Year’s page.

This featured post is presented by My Dollar Plan.

I saw a sign in a sandwich shop recently that said, “Honesty is not only right, it’s efficient.” When you’re anything but honest, it takes energy to come up with a new story and maintain that story over time. There’s no doubt that being honest is the easiest and right thing to do. But a commitment to honesty is also a good financial move. Here are 6 people you can’t afford to NOT be honest with.

Continue reading 6 People You Can’t Afford to Lie To at My Dollar Plan.

This featured post is presented by One Frugal Girl.

Around the holidays you may as well call my husband Santa. Ten years ago, (shortly after graduating from college), he thought nothing of spending thousands of dollars on electronics for the whole family. In the blink of an eye he opened his wallet and showered his loved with gifts.

Continue reading Holiday Budget: Yes, No, I Don’t Think So at One Frugal Girl.