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Don’t Miss These Tax Deductions!

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2015 is finally wrapping up, so that means it’s almost tax season. Now is the time to get organized, and start thinking of what deductions you can claim to make next April just a little smoother. Most people know the basics: being married, claiming dependents (kids), buying a house, and business expenses can all be deducted. However, there are also tons of other items out there that you can claim! Check out this post by Kiplinger at Popsugar for a list of tax deductions that most people miss:

-Out of pocket charitable contributions

-Student loan interest

-Military reservist’s travel expenses

-Childcare expenses

-Credits for energy-saving home upgrades

Photo Credit: Chris Potter 

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Budgeting When You’re Broke

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When you have a low income, reading some financial advice online can almost be laughable. Saving $1,000 for an emergency fund, 3-6 months of income, contributing for retirement, and balancing all your expenses at the same time can seem impossible. Especially when you’re living paycheck to paycheck. However, it is still possible to budget and save. Check out this post by Mark and Lauren Greutman at MarkandLaurenG for tips:

-Keep a positive mindset- stay focused on what you need to do to get you out of this situation.

-Recognize that your situation is temporary

-Cut, cut, cut- Cancel your cable. Stop getting your nails done. Create a meal plan and use coupons.

-Make more money- Sure, it’s easier said than done, but you still need to try. Try to pick up some odd jobs, or do some work from home. If you are extremely broke, government programs like unemployment, food stamps, etc, can help get you out of a temporary rough spot.

Photo Credit: Luz

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Things You Can Do Today To Improve Your Finances

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If you spend your money without having a budget, never check your credit score, never seem to have enough money for the things you want, and aren’t saving for the future, then your finances are probably in serious trouble! However, it is never too late to get your financial life together. These tips by Moneycrashers at the Levo blog will help set you on the right track today:

-Get organized- put together a filing system for bill statements, investments, tax documents, etc. Use it to put together a budget.

-Reduce monthly bills- go over everything you’re paying for. Is all of it necessary? Stomp out any hidden fees.

-Save money on groceries by clipping coupons, buying generic, and looking for sales.

-Save more for retirement- start participating in your company’s 401k program and put in as much as you can.

Photo Credit: frankieleon 

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Asking For A Raise This Season? Read This First

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If you’ve been working at your company for a while now and have gained significant experience, it may be time to ask for a raise. But, you have to make your employer see how valuable you are and how much you contribute to them. For tips on being prepared for that important meeting, read this post by Honey Smith at the Get Rich Slowly blog:

-Use your initial job interview to set the stage- Remember when they asked you where you wanted to be in five years? Time to go there.

-Document your successes in a quantifiable way- show them the numbers and how you’ve improved them!

-Keep your personal life out of it- the fact that you are saving for a home, raising a child, or going through a divorce should have nothing to do with you asking for a raise.

Photo Credit: Samuel Mann 

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Getting A Cheaper Mortgage

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Your housing payment is most likely going to be your biggest expense each month. Therefore, it makes the most sense to find the cheapest mortgage you possibly can. You’ll want to find one with a low interest rate, and not get one for more than you need. Check out this post by Betsalel Cohen at Bills.com for tips on getting an affordable mortgage:

-Check online and shop around for quotes. Be aware- rates can change daily

-Check your budget. Then check it again- make sure you KNOW how much you can afford each month.

-Assemble all the documents necessary- and then some- to show the lender that you can repay. A better credit score and a more responsible buyer = lower interest rates for you.

Photo Credit: Pictures of Money 

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It’s Cheaper At The Dollar Store

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I am totally addicted to the dollar store. I mean, how can you not be? Everything is only a dollar! You can find so many good deals there that you’d be crazy not to shop there– especially when it comes to these basic supplies that Karen from 365 Days of Crockpot has pointed out. They are WAY cheaper at the dollar store than they are at the supermarket, so always buy them there:

-Pregnancy tests- just as accurate as major brands, but MUCH cheaper

-Off brand Magic Erasers- again, they work just as well.

-Greeting cards- you can get them for $0.50, which is WAY better than supermarket prices. ($5 for a card?? Really??)

-Cleaning supplies

-Foil pans for cooking

Photo Credit: Karen T 

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Essential Mortgage Paperwork Explained

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They say to always read through an entire contract before signing anything, including the fine print. But, when you are obtaining a mortgage, there are hundreds and hundred of pages of legal jargon to read through if you are going to sign it. This is why it’s so important to have a Realtor representing you: they will explain the whole document, which saves you a big headache. It’s extremely crucial to know what you’re agreeing to before you sign. For starters, check out this article by Zillow at Yahoo Homes. It’s a list of the most important things you will sign:

-The Loan Estimate/Closing Disclosure- It details loan terms, projected payments over the life of your mortgage, and line item closing costs.

-The Promissory Note- The note is your loan contract, and contains the terms of your loan.

-The security instrument (aka “the mortgage” or “the deed of trust”)-Both a mortgage and a deed of trust pledge the property as security for the note.

Photo Credit: Jessica Spengler 

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