by BlondieWrites on June 25, 2009
Are you sick and tired of not having enough money to pay your bills, not having enough money to buy food and medicine? Are you tired of running out of money before you get another paycheck? Are you living on one income when you previously lived on two? Did you recently get laid off your job and are having a hard time making ends meet? Saving Money Club is here to help!
The economic recession has caused many people to not only want to learn how to save money, but it’s forcing most people to do so. Saving money isn’t that difficult but it does take commitment and the desire to want to learn to live a more frugal life.
The goal of our Saving Money Club membership site and blog is to offer members money saving tips and ideas that will help not only save money right now, but to learn a new lifestyle when it comes to personal finance and money spending habits. With the economy in the shape it is, how many of us can afford not to live more frugal?
Saving Money Club isn’t the same old rehashed stuff you find all over the internet. Members will find informative money saving tips for everyday living, freebies and samples (who doesn’t love free stuff?), ways to cut costs, free and low cost ebooks about various topics, yummy frugal recipes, ways to get more for your money, dollar stretcher tips, tips on reducing credit card debt, and more.
Membership is available as a regular monthly recurring subscription. Sign up for the monthly subscription, and we take care of the rest. There’s no need to worry, because each month your subscripton is automatically renewed so that your access to Saving Money Club is never disrupted or stopped as long as you choose to keep your subscription active. You can cancel anytime, however, if you find Saving Money Club is not for you.
Saving Money Club will always offer new and interesting material for members, updated often so that you can always find more money saving advice and tips on various topics. New ebooks will always be available to members totally free or at a very substantially reduced low price. Our goal is to help you save money!
Saving Money Club offers members resources, information, and tips about saving money. Saving Money Club shows readers how to live better on less, how to stretch the dollar, and budget better. We provide members with frugal living tips and frugal advice, money saving tips, better budgeting ideas, freebies, coupons, coupon codes, bargains, discounts, and tips on ways to cut spending and get more for your money. Saving Money Club offers money saving advice on anything and everything about living… fashion and beauty, diet and weight loss, travel, family, house and home, gardening, shopping, crafts, cooking, parenting, babies, teens, entertainment, the economy and recession, credit and debt help, and more.
Popularity: 1% [?]
by BlondieWrites on May 20, 2009
by BlondieWrites on January 12, 2009
Free Tax Help
It’s that time of year again, tax time. With the economy in such a slump, we want to get back as much as we can for a tax refund, or pay in as little as possible. If you already owe back taxes, the last thing you want to do is have to pay in more, or more than you have to. You can get some free tax help by going here.
Popularity: 31% [?]
by BlondieWrites on January 1, 2009
With the current economic crisis on everyone’s mind, you may be wondering if you should withdraw money from your 401K. Experts recommend that you do not. They advise that contributions should continue based on the “buy low-sell high” theory.
What does this mean for you? Simply stated, right now most individuals may have incurred a severe loss in their 401K plans. But, considering that the stock market has dropped approximately 5000 points since the economic decline, your portfolio will no doubt increase with stocks, bonds, and mutual funds that can now be purchased at a very low rate.
If you withdraw funds from your 401K, the cumulative effect will result in your taking a double loss. First, by paying a penalty for early withdrawal - and second, by decreasing the amount of purchasing power you would have as a result of the stocks tumbling to their lowest rates.
You may withdraw funds from your 401K at age 59½. If you withdraw beforehand, however, you will incur a 10% penalty and pay tax on the amount distributed.
You do have another option. Since most economists believe we are headed for a recession, you can roll over your 401K into a Roth IRA or traditional IRA. If you decide to do so, here is some advice from the IRS:
Rollovers from your 401(k) plan. A rollover occurs when you receive a distribution of cash or other assets from one qualified retirement plan and contribute all or part of the distribution within 60 days to another qualified retirement plan or traditional IRA. This transaction is not taxable but it is reportable on Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. and your federal tax return. You can roll over most distributions except for:
* A distribution that is one of a series of payments based on life expectancy or paid over a period of ten years or more
* A required minimum distribution
* A corrective distribution
* A hardship distribution
* Dividends on employer securities
Any taxable amount that is not rolled over must be included in income in the year you receive it. If the distribution is paid to you, you have 60 days from the date you receive it to roll it over. Any taxable distribution paid to you is subject to mandatory withholding of 20%, even if you intend to roll the distribution over later. If the distribution is rolled over, and you want to defer tax on the entire taxable portion, you will have to add funds from other sources equal to the amount withheld. You can choose to have your 401(k) plan transfer a distribution directly to another eligible plan or to an IRA. Under this option, no taxes are withheld.
You may borrow up to 50% of your vested account balance up to a maximum of $50,000. The loan must be repaid within 5 years, unless the loan is used to buy your main home. The loan repayments must be made in substantially level payments, at least quarterly, over the life of the loan.
However, if you cannot afford to pay back the loan, it is considered a distribution if you default on three consecutive payments and the funds withdrawn will be taxed.
Popularity: 33% [?]
by BlondieWrites on January 1, 2009
In short, the answer is yes - absolutely. Here are the reasons why. Let’s assume you took a substantial hit to your 401K plan when the stock market plummeted approximately 5000 points.
The amount of stocks, bonds, mutual funds, and other holdings that your 401K provider continues to purchase at a very low price will eventually increase in price once the stock market rebounds. If you do not contribute, you will be losing out on the potential increase your overall portfolio will obtain.
The economic rule of thumb is to buy low and sell high. Now is therefore the best time to make substantial contributions to your 401K, especially if you are a young individual who has just entered the business world or if you are five to ten years from retirement. It’s a good idea to check with your 401K plan provider or employer to determine what the maximum contribution is and, if at all possible, whether you can meet that amount annually.
If you cannot afford to maximize your contributions, you can determine what percentage you can afford per paycheck so that at least you are contributing something to the plan. For example, let’s assume you can only contribute 5%. Take time to set a household budget and then determine how much you can afford to contribute to your 401K. Perhaps you can start with 5% and increase it by 1% each year, until you reach the maximum allowed.
A 401K is non-taxable except in an extreme case wherein you are financially strapped and need to withdraw all the money. In this case, you will be taxed for early distribution. There are other options available to you. If you need money for your child’s college tuition or to pay the mortgage, you can apply for a hardship distribution.
You can also apply for a loan of up to 50% of the total amount accumulated. However, it would have to be paid back in five years and if you default three consecutive months in a row, it will be considered a distribution and is therefore taxable.
While most economists estimate that the current economic crisis will last approximately 18 months or longer, it is advised that you seriously consider whether or not you want to utilize this money. Remember, the 401K provider will continue to increase the amount of equity in your plan now, and at a time when stocks are at their lowest, you can lose out in the long term if you stop contributing.
Having a 401K plan is an important of your financial future. Whether you stop contributing or not is up to you, but it is recommended that you contribute something every paycheck so that when the economy turns around, you will at least have some funds available to you in case of an emergency.
Popularity: 31% [?]
by BlondieWrites on January 1, 2009
If you have not yet received your stimulus check, you may want to check with the IRS to determine the reason why. According to the IRS, “if you missed the Oct. 15 deadline for filing an income tax return for an economic stimulus payment, don’t worry. You can receive a payment in 2009 by filing an income tax return when the filing season opens in January.”
Who is eligible for the stimulus check? The IRS states that you are eligible if:
1. You or your family has at least $3,000 in qualifying income from, or in combination with, Social Security benefits, Veterans Affairs benefits, Railroad Retirement benefits and earned income. Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment.”
2. You and any family members listed on your tax return have valid Social Security numbers.
3. You are not a dependent or eligible to be a dependent on someone else’s federal tax return. (The same must be true of any family members claimed on your return.)
If you meet the terms of eligibility, single individuals will receive between $300 and $600, joint filers will receive between $600 and $1200, and families with eligible children will receive an additional $300 for each child that qualifies.
Keep in mind that the amount you have received or intend to receive is based entirely on your tax return.
In addition, you have the check automatically transferred to your savings or checking account or, if you prefer, receive a check in the mail.
If you did not receive a stimulus check because you did not make at least $3000 in income, you can amend your tax return in 2009. According to the IRS, “The 2008 tax instructions will include a worksheet to help those who did not qualify for a payment or those who received a reduced amount to determine if they can obtain a benefit when they file their 2008 tax returns next year.”
Recently it was reported that there may be a second stimulus check. This, however, has not been voted on as yet. More information on this check will no doubt be forthcoming in the days and months to follow.
Popularity: 18% [?]
