Free From Broke

A Personal Finance Blog for Regular Folks

Contributor

What About a Gift-Less Christmas?

Published or updated by

It’s quite possible, even though we are well into December, that you have not started your Holiday gift shopping.

You are probably wondering who should be getting a gift, what budgets you are expected to spend, and who should get what exactly.

What about the notion of not buying anything for anyone?

I’m sure the word ‘Scrooge’ comes to mind but bear with me here.

Christmas and the whole holiday season has become the season to consume, over-consumption is absolutely rampant and your nephews request for a new Wii controller may make you his worst aunt or uncle — but standing up to it all and bucking the system may well be the most refreshing move you ever make.

The symbols of celebratory holidays shouldn’t be $10 board game deals at Walmart or Target’s Christmas Eve sale.

The emphasis should be on the people we are supported and surrounded by and how much we appreciate each other.

Each year, and especially in this economic climate, families are guilt-tripped into loading up their credit cards and depleting savings to keep up with what the holiday season expects of them.
[Read more…] about What About a Gift-Less Christmas?

Four Simple Ways to Cut Household Expenses

Published or updated by 16 Comments

The following was written by none other than personal finance expert Jean Chatzky.  When I got word that she was interested in sharing an article with my readers I screamed (well typed) a big YES in response.

I recently wrote a short report — not quite an ebook, not quite a blog post — about how you can save money on household expenses. 

I did it to offer up the tips I use in my own home, and so far, the downloads have been off the charts.

This is clearly something we all care about.

When Glen asked me to guest post, I knew that pulling my favorite tips from this report would be a big hit.

In writing the document, I focused on the areas where we all seem to spend the most money — things like electricity, cable/satellite TV, and cell phone bills.  (I also talked extensively about lowering your heating bills — the report was released in February — but I’m hoping we’re over that hurdle at this point, so I’m not going to address it here.)

Below, a few of my favorite tips for cutting your monthly expenses.

[Read more…] about Four Simple Ways to Cut Household Expenses

To Itemize or Take the Standard Deduction, That is the Question

Published or updated by 5 Comments

When life becomes more complicated, so do your taxes.

As you claim dependents, purchase a home, or are involved in a major loss or theft you can claim specific items on your taxes that will reduce your tax burden.

Other reasons such as owning your own small business, earning money in more than one state, or if you have investments or property that can be claimed as a loss then your taxes become slightly more difficult to file.

Most single people will file a Form 1040-EZ, but if you have any type of deduction that is greater than the standard deduction it may be best to file using a Form 1040.

So when should you itemize on your taxes?  The following will provide some major reasons for itemizing.

[Read more…] about To Itemize or Take the Standard Deduction, That is the Question

How to Spend Less on Some of Your ‘Needs’

Published or updated by

How many times have your children said, “I need this?”

Or how many times has your spouse said it?  What about you?  How many times have you said it?

At the risk of dragging out the old, “I had to walk to school uphill both ways in the snow,” argument, what Americans consider a need today is much different from the past.

In addition, Americans have created a culture in which the concept of “need” is much different from anywhere else in the world.

Enough about historical comparisons and international economics.  Let’s look at a few examples of what Americans today consider needs and just how ridiculous (and expensive) they are.  While we’re at it, let’s consider some common sense alternatives.

How You Can Spend Less on These ‘Needs’

[Read more…] about How to Spend Less on Some of Your ‘Needs’

Do I Need Life Insurance In Retirement?

Published or updated by

You can save a boat load of money by re-evaluating your life insurance needs once you retire.

If you do, you’ll probably find that you need a whole lot less insurance after you retire than you needed while you were working.  In many cases, you’ll discover that you won’t need life insurance at all during retirement.

So Do I Need Life Insurance in Retirement?

The Purpose Of Life Insurance is the Key

Counter to what many life insurance agents tell you, life insurance isn’t an investment.

That’s one reason why term life is far better than whole life.  It’s also one of the reasons I question the need for life insurance on a non-working spouse.

Insurance is a financial tool and nothing more.
[Read more…] about Do I Need Life Insurance In Retirement?