Tax preparation season is well underway. If you have recently had your taxes prepared and found out you owe money and have no means to pay, what should you do? This is a question many people are faced with every year. First, don’t panic. There are some steps you can take that will help you pay back what you owe.

The most important thing you can do is to still file your taxes by the deadline. When you file your taxes you should include a check for whatever you can pay. Even if you can’t pay one cent however, you still need to file on time to avoid a steep penalty fee for late filing.

After you have filed, in approximately 45 days you will receive a bill from the IRS with calculated interest for the balance of what you owe. For some people this 45 days in enough time for them to come up with the money. Some people just need a few extra pay checks and if that is you, waiting for the bill is an ok option. If you know you will still not have the money in 45 days you will need to determine how you will be able to pay off your balance.

First, determine if you have any means to get the money. Some people will use resources that they normally would not like to. Can you take a loan out of your retirement, cash in sick or paid time off at work, cash in a mutual fund or take a line of equity out on your home? If you truly do not have a resource to get the money, your next best bet is to file an online payment agreement on the IRS website.

According to the IRS website, if you owe $25,000 or less in combined tax, penalties and interest you can apply for an installment payment agreement. Most people can file right on line and will receive information on approval in about 10 days. Sometimes you will need to call the IRS directly to get approved. When you fill out the application you will have two options to apply for. The first is for a 120 day extension. You should use this option if you know that within 120 days you will be able to pay in full.

If you know you will not be able to pay in full within 120 days then you should apply for the second option. The second option will set you up with a monthly payment plan and money can be taken right out of your checking account. There are some fees involved with this option and they do vary by income.

If your situation is dire, you may also be able to qualify for an offer in compromise. These are rarely given, but do allow a tax payer to settle their amount owed for a lesser sum. You will have to show true hardship and the IRS will only accept such a plan if they believe there is no other means for you to pay back what is owed.

Are you trying to save money, but just can’t seem to figure out how? Believe it or not there are some simple things that you can do that will get you saving. Follow these tips to save $100.00 or even more every month.

Your first step to monthly saving is to look at all of your household bills. Are there services you are receiving that you just don’t need? Most of us have several that we really could do without. Simply downgrading your cable package or eliminating extra channels you pay for like HBO can help to start the savings. Could you bundle your phone, cable and internet together to save money. Many people do. You may also want to consider eliminating your land line altogether. Most people have cell phones and find they don’t use their land line enough to warrant keeping it.

You should also look at other bills like your insurance premiums for example. Many times just with a few phone calls you can find a rate that is more favorable than your current one.

Next, look at what you spend on food each month. Do you grab your coffee to go and what about lunch when you are working? Do you pick up take out or head out to dinner frequently? If so, stop. Make your coffee at home and pack your lunch. Plan your meals ahead and save take out and dinners out for special occasions. Fixing it your self can be a fraction of the cost you spend out every day.

How about your grocery bill? Do you buy items that you really don’t need? Most of us do. Make a list before you head to the store of the items you really need and then stick to it. Don’t be tempted to add extras to your cart. You can also clip coupons and plan you meals around store specials that week for additional savings.

Finally, look at what you spend on entertainment. While we all need to have fun, there are ways to still do so and save money at the same time. If you rent movies a lot or purchase books, check out your local library instead. You might be surprised at the selection of items waiting for you that won’t cost a thing. Check your local paper for free or low cost events in your area. There is usually plenty available for people on a budget.

As a final piece of advice, keep in mind that it is only a savings if you save the money and don’t spend it elsewhere during the month. Often people will work hard to lower costs and save the money only to turn around and spend it foolishly somewhere else.

Comparison shopping is when you look at a product that you plan to purchase and compare the price of the same or similar product at different stores or locations. You then purchase the product where you can get the best bargain. You can price compare just about everything from your groceries to a new vehicle, children’s toys to finding a hotel for you next vacation. Avid bargain hunters know just where to look to find the best deals. Here are some tips to get started:

One quick and easy way to comparison shop is to look at the store’s specials. For example ,you can look at several different advertisements for grocery stores in your area before you head out to do your shopping. You can then choose the store that has the best bargains on the items you plan to buy. Many bargain hunters will even stop at multiple locations, picking up the items they need that are on special in each store.

Looking at advertisements is another great way to begin to price compare for bigger ticket items. If you are looking to buy a television set, a washer or lawn mower for example, you will want to seek out ads for the stores that typically carry these products. You can check out the items that are on sale that week, comparing cost to the product features. Many times, with these types of items, it is also a good idea to visit the stores to take a look. Some stores will even haggle with you on the price. As an added tip check to see if there are any other bargains to be had. Sometimes if you open up a store charge account you can get an additional discount.

Purchasing a new vehicle is another place that bargain hunters price compare. In this case it is usually best to visit different dealerships to look at the vehicles, decide on features and price compare. Once you have decided on a particular make and model to purchase you can then make the sale at the dealership that will offer you the best bargain.

Price comparing for vacations is also a great way to find a deal. If you are planning a trip, whether you are looking for a hotel room, a luxury resort or even a cabin on a cruise ship, bargain shopping can save you money. It is very easy to compare prices on the internet for these services and many travel websites compare prices for you.

Bottom line, you don’t need to pay full price. With a little bit of time and effort you can learn to bargain shop and save a bundle.

Regardless of how you feel about the economy, credit card industry or finances in general, we all have one thing in common- we all need money to survive. There is no escaping the fact that you will either need cold hard cash, checks or credit cards to make necessary purchases each day.

Many of these purchases involve transactions that go through your checking account. Unlike in days gone by, writing a check is no longer the only method of making a payment from your bank account. In fact with so many options available today from debit cards to electronic payments it is very easy to lose track of transactions that can result in overdrawing your account. Banks charge customers who do not have enough funds to cover transactions overdraft or insufficient fund fees. These fees can quickly add up to hundreds of dollars making it imperative you stay on top of your finances and manage your account with precision.

The Difference Between Overdraft and Insufficient Fund Fees.

The main difference between the two fees is actually the action your bank takes in response to a transaction that hits your account that is not covered. If your bank offers some form of overdraft protection in most cases they will honor the transaction and charge you a service fee for covering the check or debit to your account. Without overdraft protection, your bank will deny the transaction and return the check or debit to the vendor noting the reason being “insufficient funds”. In 9 out of 10 cases, you will not only face an insufficient fee charge from your bank but also a fee from the vendor for having the transaction denied.

Tips To Avoid These Costly Fees.

It seems that there are fees attached to just about anything these days, some of which are unavoidable. That is not the case with overdraft or insufficient fund fees. Avoiding these fees are completely within your control. Here is how you can make sure you are not losing money paying unnecessary fees.

• Organization is key to avoid situations that could lead to overdrafts on your checking account. You will have to be diligent in keeping track of all transactions such as checks, ATM withdrawals, electronic debits, automated payments and debit card purchases. Missing just one receipt or check payment can have expensive consequences if it causes your account to become overdrawn.
• Most banks offer online services. After creating an account you can log on as frequently as you like to check your account balance. This makes is possible to spot errors before they result in an overdraft or deal with overdrafts quickly to correct your account. If your bank doesn’t offer this, consider opening a new account and get a free checking account bonus for doing so.
• Consider overdraft services that offer real protection, such as linking your checking account to a savings account. In the event your account becomes overdrawn, the bank can draw from the linked account.
• There are many free online management tools that help consumers track the best savings accounts. Consider signing up for one of these accounts which will give you one more tool to keep track of transactions posting to your checking account.

Now that you know what these fees are and how to avoid them, you are in a better position to prevent paying that extra expense.

You do not have to spend a lot of money to have a fun filled day or evening with your family. In fact there are countless activities that you and your family can do together that are free or cost very little. Let’s take a look.

• Visit a local park or playground if you have young children.Let the kids have fun on the playground equipment. Take along a soccer ball, basketball or other sporting equipment to keep you entertained.
• Find a nature area or preserve and take a family hike together.Bring along a picnic lunch and enjoy all that nature has to offer.
• Dig out everyone’s bicycles and head out for a bike ride. Most areas have bike paths that are great to ride on.
• Check out local area beaches. Sometimes there is a small fee for entry. Make it a full fun beach day.
• If it is winter time and there is snow on the ground, pull out the sleds and find a park in your area with a hill. If you have young kids even a small hill will be loads of fun.
• Head out in the snow together as a family and make snow angels and snowmen. After the outside fun head back inside and make hot chocolate together.
• Have a camp out in your back yard.
• Have a family game night. Pull out the games from your game closet, dust them off and take turns choosing which one to play. Your family can have hours of fun playing your favorite games together.
• Head to your local library and check out books to read and movies to watch together. Most libraries carry a nice selection of family movies. Head home, pop some popcorn and watch a movie together.
• Pull out family photos to look at together or take out the home videos. It is always entertaining to take a trip down memory lane.
• Have a family pajama party.
• Take time to make a fun meal together. One idea is to make homemade pizza. It is pretty easy to make and fun to eat.
• Do a jigsaw puzzle together.
• Call your local museums and see what programs they offer. Many times local museums offer free or low cost family programs.
• Keep an eye on your local papers for fun festivals, area events or other family fun activities that may be free of charge.

Many consumers using social media networks are unaware of the potential danger lurking within. Social media networking has grown in popularity in recent years with consumers and businesses alike logging on to share information with others. Facebook, Twitter, MySpace and Linkedin are just a few of the networks popular with people today. Connecting millions of people every day, these networks make it possible to share thoughts, opinions, daily activities and just about any bit of information a person is willing to publish. What many people don’t realize when publishing personal data is the potential damage this information can have on your personal finances. Here we look at three ways social media can cost you.

• Debt collectors- The great thing about social media networks is the ability to connect with people throughout the world. You can catch up with childhood friends or find long lost relatives. This technology can backfire for individuals who are in debt however as debt collectors can also search for delinquent account holders through social media as well. While no one is suggesting a person hide from debt collectors, you certainly don’t want a collection agency viewing your day-to-day activities via a social media network. The Fair Debt Collection Practices Act prevents debt collectors from sharing your financial situation with a third party, but that doesn’t mean all agencies play by the rules.
• Hackers and scams- Criminal looking for an easy mark need to look no further than social media sites. The number of users who accept virtual strangers as “friends” is astounding despite the increased awareness of identity theft. Consider this- many people publish their full name, email address, date of birth and other personal information which opens the door to identity theft. Scams are rampant in social media networks where many users let their guard down in the company of friends.
• Career opportunities- Whether you are currently employed or seeking employment understand that employers can and do search for information about employees on the Internet. Consider the consequences should your boss or potential employer view public information that would have been better left private. If you are harvesting your crops on Farmville when you should be working, your employer might not appreciate your dedication to your plants. Having a bad day and need to vent about your job or worse your boss…think twice before tweeting about it. Inappropriate pictures or documenting less than savory behavior for the world to see can cost you your job and future employment opportunities.

Social media networks can be a great way for people to stay connected. Businesses use social media networking to advertise and connect with consumers. The benefits are clear despite the negative consequences that have come to light. You don’t have to stop networking in order to protect your finances but you will have to take a second look at the information you provide about yourself. The best way to prevent having the wrong person view your profile is simply adjusting your privacy settings to friends only. This of course only works if you accept only friends you actually know, but it is a first step. Avoid publishing personal information that can be used in identity theft. A little caution and discretion can go a long way when using social media networks. Last but not least please remember some things are better left private.

If one of your New Year’s resolutions for 2010 is to cut your spending habit, here are some tips to get you on your way.

Switch to Cash

Leave your credit cards at home and switch to spending only cash. When you can only spend cash you are limited to what you have on hand, helping you to keep your spending under control. When you rely on plastic, it is very easy to add extras to the cart knowing that what you spend can be virtually unlimited. After all you can spend today and not worry about it till later. This can be a deadly habit.

Learn the Difference Between Needs and Wants

Before making purchases stop and determine whether or not what you are going to purchase is a need or a want. Think it through. By all means if it is a necessity and you have the cash, make the purchase. If however, it is just a want weigh the pros and cons. Before making the purchase decide whether or not you can truly afford it and what purpose the item will serve you. It is also a great idea to sleep on any purchases that are not necessities. Sometimes when you have given yourself a chance to think about it, you realize you really can live without the item.

Make a List and Check it Twice

Never shop without making a list first. It is so easy to randomly throw objects into your cart as you go through a store. Before you know it you could have dozens of items that just aren’t necessary. Before heading out to shop, especially for groceries, determine what you need and write it down. Once you are in the store, stick to purchasing only what is on your list.

Keep Better Track of Finances

Keep a Debt Diary. Write down every dollar that you spend. This way you can see where your money is going. Then total it. It can be amazing to see how easy it is to spend hundreds of dollars each month on needless purchases like coffee to go or lunches on the run. When you see it in black and white it is much less tempting to make those purchases.

Don’t Skip Entertainment

Finally, give yourself some play money. Each week or month make a dollar allotment that you can spend how you see fit. Whether it is $10.00 or several hundred, depending on your means, you can blow that money any way you like. Just know that once the money is gone you are done for that time period. Knowing you have this fund will help you to stay away from extra spending.

As the cost of everything on the planet increases, people are finding it difficult to stay afloat financially. Saving money has become increasingly important in most households. Here are some easy methods that you can use to reduce your grocery bill and your utility bill.

Saving Money at the Grocery Store

You can potentially save hundreds of dollars per year by using grocery store coupons. It’s possible that you’ve been stuck at the checkout line of the grocery store behind someone who is fumbling with a stack of coupons. However, you can potentially save hundreds of dollars per year by using grocery store coupons.

Purchase generic products instead of name brand products. Many times people can’t even tell the difference between a store brand and a name brand product. The only major difference is the price tag.

Make a grocery list and stick to it. Many people often go to the grocery store not knowing what they want to buy, and they end up purchasing items that they don’t really need. Making a definitive list will ensure that you don’t end up impulse-buying.

Saving Money on Utilities

If you have traditional incandescent light bulbs, you might want to replace them with fluorescent bulbs. The fluorescent bulbs use 75% less energy, and lasts up to ten times longer than incandescent bulbs.

Water heating is the third largest household energy expense. Lowering the temperature on your hot water heater can shave dollars off your utility bill. If you have plans to go on vacation, reduce the water heater temperature to the lowest setting. Washing clothes in cold water instead of hot or warm water will contribute to a lower utility bill as well.

Chances are you have appliances around your house that remain plugged in at all times. Some of these items soak up electricity, and you might not even know it. Unplugging appliances that have clocks like microwaves and coffee makers will help save electricity as well as a few dollars every month.

A clothes dryer is one of the most energy-consuming appliances in your household. A cheaper alternative to drying your clothes is to invest in a clothesline and start hanging your laundry out to dry. Sure, it’ll take more time, but your lower utility bill might be worth it. If weather does not permit, you can still hang your clothes to dry inside your home. Dry racks can be purchased at any department store.

Your paycheck can quickly dry up courtesy of inflating utility and grocery costs. Using some of these common sense ideas-coupled with a little sacrificing of certain luxuries-can help absorb the ever-growing price increases.

We have all found ourselves stuck with a few gifts that we just can’t find a home for after we celebrate our birthday or during a gift-giving holiday but many times we don’t know what to do with them. Guilt sometimes interfers with financial sense. We don’t want to give it up but what else can we do?  Generally the first thought is to return these gifts for cash, store credit or an exchange.  A consumer report poll reports that one in five Americans will return a gift following the Christmas holiday.

If you are one of the many consumers returning gifts you’ve recieved, there are a few things to keep in mind when doing so.Retailers do not operate like they use to, namely because consumers have discovered and used many loopholes and the ease of returns to their unethical advantage.

In an attempt to fight return fraud, some stores have very strict return policies.  

•  What’s the policy? Before you spend a lot of time driving from store to store to return unwanted items spend a few minutes to research the stores return policy. 

• Don’t expect to get cash back if you don’t have the receipt.  Exchanges or store credit may be given for gifts that do not have the receipts.  If the item is on sale when you return it without the receipt you may get the sale price back rather than the full amount. 

• Restocking fees may apply if you don’t return the gift in its original packaging.  You may have opened a gift thrown out the box and decided that you no longer choose to keep it and attempt to return it.  Unless you have the original packaging the cost for restocking may eat up most of the reimbursement for the return if it’s not in its package.  Decide if it’s worth it to return the gift or find a use for it.

• Make sure your tags are intact.  If the tags from clothing are removed it’s likely that retail stores will not accept the return.  Attempting to return items without tags can be viewed as fraudulent.  Many retailers have policies that prohibit them from taking back or exchanging items without the tag.  Some stores are even adjusting the location of tags on clothing to make them more visible.  This tactic is thought to reduce the practice of people hiding the tag wearing the item and then returning it after having worn it.

• On-line returns can be costly.  Online returns often ask for a return authorization number and packing slip with on-line returns.  Shipping and handling charges can be expensive.  You may also have to pay for the charge to reship the item you are returning.

Paying for prescription medication is expensive even for those with health insurance plans that help off set the cost. As more and more Americans struggle with unemployment and depleted savings accounts, paying for high cost prescriptions is becoming more difficult. Unfortunately many people with health conditions have taken dangerous risks by skipping doses, not filling their prescription or cutting their pills in an effort to save money. If you or someone you know has trouble paying for prescription medicine there is good news out there. The following tips can help you save money buying prescription medication to ensure everyone has a chance to get the medicine they need.

Don’t Discount Generic Brands- One of the single easiest ways to save money is by switching to generic drugs. In fact savings could reach up to 80% per prescription. For many years consumers have been leery of buying generic brands because they believed lower cost meant lower quality, however this is not necessarily the case with medication. In fact manufacturers of generic drugs must prove to the FDA that their medication has the same ingredients and effects of the brand name drug.

Talk To Your Doctor- Don’t be embarrassed or ashamed to speak to your doctor about your ability to pay for medication. Many doctors are simply unaware of the fact that some of their patients cannot easily afford their medicine which makes it all the more important for you to bring it to their attention. To avoid undue embarrassment you can simply say, “Are there other options that will cost me less?” or “Is there a generic equivalent available?” could do the trick. Most doctors are willing to help find an affordable solution to ensure you get the medication you need.

Prescription Assistance Programs- Pharmaceutical companies have developed programs to help qualified consumers who do not have health insurance or prescription coverage pay for their medication. Eligibility is based on income levels and your specific medical needs. To learn more about prescription assistance programs you can talk to your doctor, pharmacist or visit The Partnership for Prescription Assistance for more information.

Shop Around- A common misconception regarding the cost of medicine is that the price remains the same regardless of where you fill the prescription. Consumer Reports found that in some cases the price for the same medicine can vary by as much as $100. Keep in mind just because one prescription is cheaper at a particular store doesn’t mean all your prescriptions will be cheaper. Finding the best price may require a bit of research and legwork on your part however the benefits are worth it if you see significant savings.

Get Healthy- Obviously there are some conditions that require medical treatment and no amount of lifestyle adjustments will change that. There are of course other factors that can reduce your medical expenses in the short and long term scheme of things. If you smoke cigarettes, drink alcohol or have other unhealthy habits, seek help to quit. Not only will you feel better but your wallet will thank you as well.