2. Eat out less. Cooking at home can save a tremendous amount of money.
3. Pay your bills on time. Just one late bill payment can dig you deeper and hurt your credit rating.
4. Don’t dig the whole deeper. Don’t charge things that you could pay cash for and don’t take loans for non-essential items.
5. Pay more than the minimum balance. Even if it’s an extra $10, this can greatly reduce the time it takes to pay off a bill or a loan.
6. Prioritize your debts. Pay off high-interest debt first and work your way down to the low-interest debts you have.
7. Trade in your high interest personal or small business credit cards for lower rates. You can start your research with the current bank that you use for your checking account.
8. Just use cell phones plans. Do you really need your landline? Get rid of your landline to save $30 – $40 per month.
9. Don’t get an SUV or a gas hog. With gas prices soaring, look into hybrid cars and cars that get great gas mileage.
10. Sell unused items on eBay or Amazon for extra money.
Many of us (me included) don’t even have our 2009 income taxes completed and filed (you can still e-file for free). But it’s time to think ahead to next year’s taxes! If you have been thinking about buying or building a new home, now is the best time to do it with the new 2010 Home Buyers Tax Credits announced.
As part of Obama’s Real Estate Stimulus package, the first time home buyers federal income tax credit that was due to expire November 30th, 2009 has been extended and income caps have been raised. It has also been expanded to include homeowners who have lived in their current property for over five years. Written binding contracts to purchase must be signed and in effect by April 30th, 2010, and then the property must be closed on by June 30th, 2010.
For First-Time Home Buyers
Income Limits: $125,000 if single, $225,000 if married
Eligibility: May not have had an interest in a principal residence for 3 years prior to purchase
Limitation on Cost of Home Purchased: $800,000
Tax Credit Available $8,000 ($4,000 married filing separate)
For Current Qualifying Home Owners
Income Limits: $125,000 if single, $225,000 if married
Eligibility: Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
Limitation on Cost of Home Purchased: $800,000
Tax Credit Available: $6,500 ($3,250 married filing separate)
Unfortunately I don’t qualify as my new house is only three years old, but if I did, I’d definitely consider building again! My brother and his girlfriend are taking advantage of the tax credits and are currently in the process of building a new home in Kansas City!
This post is sponsored by Coldwell Banker. All opinions are mine.
