You’ve finally set a date for your wedding. When you begin planning, you realize how much a wedding can cost. If you plan ahead and do your research, you can save money on nearly all aspects of your big day. Here are some ideas of how to save money on wedding stationery.

Most brides-to-be realize how important their invitations or announcements are in setting the tone for their wedding. These are the first indication your friends and family may have of your impending nuptials, so you want to find wedding stationery that matches your personality.

You may be aware of formal invitations, but what do you do if you and your fiancé are far from formal people? Simple designs are often the least expensive because they don’t have ribbons, double envelopes, or multiple pieces of vellum – all of which adds to the price.

Buying software to design and print your own wedding stationery is another option you may want to consider. You can create a single invitation or you can create a number of designs and print them on your own printer at home. If you’re comfortable doing Calligraphy, you may want to order blank cards and hand write your stationery depending upon the number you plan to send out.

Local office supply stores may print your invitations for less than if you have them printed professionally. This may be a valid option if you’re not comfortable printing the invitations at home.

Check online to see if there are discount internet printers who may offer printing services in your budget range. Quite often you can save up to 50% compared with traditional printing shops. If you choose anything other than standard ink, you may have to pay extra. Take time to compare online printers to get the best price.

Depending upon what skills you have, you may be able to barter for the price of your wedding stationery. How would you do this? You may be able to offer tax advice to the printer if that’s your skill. If you’re experienced in marketing or advertising, you may be able to help them market their business in a more effective way. Think of what skills you have that you may be able to barter with and receive free printing.

Technology is another way in which you can save money on wedding stationery. Create your invitation and then send it via email. Digital invitations will work for those friends and family who have access to this type of media; however, you may still want to purchase some invitations to send through the mail for those who don’t. This will save on both printing and on postage.

Learning how to save money on wedding stationery is one of many ways to make your wedding more affordable. Remember, this is your wedding and you want your stationery to convey your personality as you’re letting friends and family know of your big day. You can have the wedding of your dreams without going broke.

Brought To You By:
Woody Alpern
CPA/PFS
www.yourwealth.com
woody@yourwealth.com

Stress-reduction techniques are often sought after when pressures mount. But when that pressure comes from financial difficulties, stress-reduction needs to be economical as well as effective. Thankfully, you really don’t need a lot of money to take advantage of some simple stress-relieving techniques. Here are some suggestions to get your body and mind relaxed.

1. Breathe deeply
You breathe all the time; how can doing more of it help you relax? Breathing to relax is not the same as the breathing you do every day. Specifically, deep breathing helps center your focus and delivers much-needed oxygen to every part of your body. Take in air slowly into your lungs, visualizing the air going all the way to the bottom of your lungs and body. Pause, and then exhale slowly through your mouth. Yoga, Tai Chi, and other Eastern disciplines use variations of this technique.

2. Exercise
Stress puts your body into “fight or flight” mode, which can exhaust your adrenal glands and cause a build-up of toxins in your system. Exercise reduces these toxins by increasing circulation. The increased blood flow helps relax tight muscles. Keep the exercise fairly gentle – injuries and muscle soreness are not what you are aiming for.

3. Herbal teas
Herbal teas are non-habit forming and affordable. Most grocery stores carry blends geared toward relaxation or relieving tension. You can also try a single herb tea – lemon balm and catnip are pleasant-tasting and known for their relaxing properties. Try to grab a quiet moment to sip your tea, and/or sip throughout the day. Of course, if you are pregnant or nursing, or taking any medications, check with your doctor before drinking any herbal teas.

4. Prayer or meditation
A big part of reducing stress is shifting focus. Getting your mind off of the situation and onto a higher power helps put your problems in perspective and helps relieve the mental burden.

5. Stretch/Massage
Muscles tighten up in response to tension. If continually tense, muscles can pull bones and joints out of alignment. Stretching relieves the tightness and lets the joints fall back into place. Yoga and other Eastern disciplines offer excellent stretching techniques.

You don’t have to pay for a class, although the social aspect can help a lot with relieving stress. There are books and online instructional videos to help you get started. While you are stretching, pray or meditate as noted above so that you don’t spend your entire session worrying about your finances. That defeats the purpose of stretching!

6. Eat light
The digestive system seems to bear the brunt of our stresses. Take care of your digestive system by consuming healthy, whole foods without preservatives and other additives. Be sure to eat foods with “good” bacteria in them, such as yogurt. It’s tempting to eat a lot of sugar or starch when you’re stressed, but indulging in these kinds of foods can actually increase your stress in the long run.

Many of us are feeling the economic pinch these days. But financial difficulty does not have to ruin your health or well-being.

Brought To You By:
Woody Alpern
CPA/PFS
www.yourwealth.com
woody@yourwealth.com

The current financial circumstances have many people nearing retirement age wondering if they’ll even be able to retire. They wonder if it might be best to continue working to make and save as much as they can until the economy improves. The following are strategies for retiring in bad times you may want to consider.

Most financial experts agree the first five years of retirement are the most important. The first five years may very well determine how much money a retiree has available to them, especially when economic times are questionable.

* Get help. If you don’t already have a financial advisor you trust, you may want to find one soon. There are so many variables to think about when considering retirement that you may not have all the information you need. A financial advisor will be able to help you understand your options and make decisions based upon what is best for your family.

* Leave your money where it is. You may be tempted to take your money out of the stock market, especially after watching it fall so dramatically. However, most financial experts feel the stock market will rebound. While you may have lost some money, you may still be able to regain those losses by leaving your money where it is.

* Consider postponing retirement for a time. By postponing your retirement until economic circumstances improve, you can possibly make more money to go toward your retirement if you follow the advice of financial planners. They will be able to guide you into wise investments you can make now, rather than retiring and using money from your already lowered retirement account.

* Get a part-time job. If you’re ready to retire from your current position but are unsure about your finances, you may want to get a part-time job to help you keep from spending your retirement funds. Even if you’re not making as much in a part-time job as you would in your current job, you may make enough to meet your regular financial needs. This would help you maintain your financial nest egg rather than depleting it.

Despite our country being in a recession, that doesn’t mean you have to put your retirement plans on hold. Talking with a professional financial advisor may help you to see your options and decide whether or not you’re fiscally ready to retire. An advisor can also give you ideas on how to stretch your retirement account to meet your needs for years to come.

These strategies for retiring in bad times are by no means the only ones. They may help you see that retirement doesn’t have to be postponed. They may also help you think of other things you can do that will allow you to retire sooner rather than later.

Brought To You By:
Woody Alpern
CPA/PFS
www.yourwealth.com
woody@yourwealth.com

The two general categories of loan are secured and unsecured. What are the differences, and which one is right for you?

* Secured Loans

To qualify for a secured loan, you must own something that will serve as collateral – that is, assets the lender can claim in case you fail to make payments on your loan. Usually, lenders require that prospective borrowers own real estate and/or a home. That means that the lender has something to fall back on should you default on your loan. If you own a home or other significant collateral, or if your credit history is less than perfect, a secured loan is an option.

Characteristics:

1. Larger loan amounts
Secured lenders are more willing to give big loans. If you need a significant amount, a secured loan will probably be the way to go.

2. Longer payment period
Many secured lenders provide long payback times. This, of course, will make your payments smaller. If you prefer to pay low monthly amounts for a fairly long period, you may consider a secured loan.

3. Lower interest rates
Because the lender has recourse in case of default, they are able to offer lower interest rates. Once again, this will make your payments lower and possibly make your payback time shorter.

* Unsecured Loans

An unsecured loan is established on mutual trust between you and the lender, usually based on your credit history. The logic behind an unsecured loan is: if you’ve made timely payments on loans in the past, you are likely to do so now. Such a loan carries more risk to the lender, who has no recourse should you go into default. (Credit cards are an example of an unsecured loan.) If you are a renter or otherwise do not own real estate, and you have a good credit history, an unsecured loan is a viable option.

Characteristics:

1. Smaller loan amounts
If you need a fairly small amount of money, an unsecured loan makes sense. The borrower has little to lose and the lender has much to lose, meaning the lender views an unsecured loan as one carrying less incentive to pay. Obviously, a smaller loan amount minimizes the risk to the lender.

2. Few payback options
The longer a borrower takes to pay back a loan, the greater the likelihood that the loan will go into default – thus a greater risk to the lender. This is why unsecured loans usually offer shorter payback periods, which will make your payments higher. If you foresee being able to repay your loan quickly, considering an unsecured loan is a possibility.

3. Higher interest rates
Lenders usually have higher rates on unsecured loans to provide some fiscal protection.

Some loans can be either secured or unsecured – that is, if you are applying for an unsecured loan of $15,000 and your credit rating is not up to par, the lender may consider giving you the same loan as a secured one if you have the collateral.

Brought To You By:
Woody Alpern
CPA/PFS
www.yourwealth.com
woody@yourwealth.com

Financial experts recommend saving up to six months’ worth of expenses so you’re prepared for emergencies. An emergency fund might cover expenses when you’ve lost a job, had unexpected medical bills, or you have to take a leave of absence from work to care for a loved one. If you don’t have money coming in, should you use your savings to pay off credit card bills?

Before you run to empty your savings account to pay off one or more credit card bills, there are some things you may want to consider.

If you have limited income, try to pay the minimum payment rather than paying the balance off each month. However, as soon as you’re back to work, it is important to start paying more than the minimum payment so you can get your balance back down to a reasonable level. Paying at least the minimum will keep your credit in good standing.

What do you do if you know you won’t have any income? Contact the credit card company and explain your situation. Let them know you’ll be laid off or whatever the problem may be that will keep you from making your payment. Try to see what arrangements can be worked out. They may be willing to lower your interest rate, postpone payments for a couple of months, or both. Do your best to abide by the agreement made.

Pros of using savings

If you have an emergency fund and won’t deplete it by paying off your credit cards, it might be worth doing so. This could be especially true if the cards have a high interest rate. The most interest you’ll probably earn for a traditional savings account is 5% and you’ll be lucky if you earn that. However, when you consider you could be spending as much as 19% or more interest on your credit cards, it’s easy to see how paying those off with savings could look like a good idea.

You could choose to leave your money in your savings account. However, if you choose this option, you may end up missing payments which could make your interest rate go up and ruin your credit. You may also be sued for the balance. Using your credit can help you avoid this possibility.

Cons of using savings

Since experts recommend having an emergency fund set aside for emergencies or the unexpected, using your savings account means you won’t have that fund. Sure, you can begin to build the balance in your savings account back up, but how long did it take to amass that balance the first time?

You may also feel that once you have the credit card paid off, it’s alright to use it again and drive the balance back up. When and if you use your credit card, be sure to pay the balance off each month to avoid paying interest on your purchases.

The choice of how to use your savings is entirely up to you, but it’s good to have others’ opinions on whether or not you should use your savings to pay off credit card bills. If you need further advice, be sure to speak with a qualified financial counselor to give you the best advice based on your own circumstances.

Brought To You By:
Woody Alpern
CPA/PFS
www.yourwealth.com
woody@yourwealth.com

If you are in your thirties, you’ll most likely retire when you’re quite a few years older and you may not really be thinking about retirement at all. But even at this age it’s important to think about your financial future.

Many people in their thirties are beginning to realize how reckless they may have been in their twenties when they thought they had the world by its tail. They are beginning to see how spending like there was no tomorrow was wrong; tomorrow is now here. They may also be thinking about buying their first home, and retirement is in the not-too-distant future.

Beginning to think about your financial future while in your thirties is a great idea. It really is a time when you can create your financial foundation and then build upon it as you age. Here are some financial things you may want to begin working on now rather than waiting until later.

Pay off your credit card debt rather than continuing to add to it. If you’ve been able to keep your payments up, call the credit card company and ask for a better interest rate. Having a good credit score may encourage them to reduce the rate so you can begin paying down principal instead of just interest.

Create a budget so you can work on paying off the remaining credit card debt you have. If you can get your monthly spending down to necessities, you can take the remaining income and use it to pay down debt. Start paying off the card with the lowest balance. Double up that payment and pay the minimum payment on any other debt. When you have paid off that card or loan, use that money to pay toward the next lowest balance. Before you know it, you’ll have your credit cards paid off. Pat yourself on the back; that’s a huge accomplishment.

Fund your retirement account. Don’t be like over one-third of employees in their thirties who don’t have a 401 (k) or other form of retirement account. Gone is the time you can expect to draw from Social Security when you retire, so it’s important to invest whatever you can in your own retirement while you’re young. Take some risks rather than being too conservative. You can’t expect a large payout if you’re afraid to take any risks.

If you can, buy your first home while you’re in this age bracket. Most mortgages are for at least 30 years. If you continually pay your mortgage payments, you should have your home paid off about the time you retire, which means you won’t have that payment to worry about come retirement time.

Along with paying off your debt, funding your retirement account, and buying your first home, you’ll also want to create an emergency fund. As much as you’d like to think you can stay at the same company until you retire, that simply isn’t how things work any longer. You also may have unexpected medical bills. Having an emergency fund of at least three to six months’ worth of expenses will give you enough to live on until you can return to work.

Speak with a professional financial advisor or planner to help you make decisions about retirement. This money advice won’t provide the information that speaking with a professional can. Remember to start thinking about retirement now and you’ll be prepared when you reach that age and can retire, knowing your financial future is taken care of.

Brought To You By:
Woody Alpern
CPA/PFS
www.yourwealth.com
woody@yourwealth.com

You may have seen the commercials on television with a famous actor suggesting senior citizens get a reverse mortgage to help with unexpected bills. While a reverse mortgage may be a good option for some people, it’s not for everyone. What are the pros and cons of reverse mortgages?

Cons

Many people like the idea of reverse mortgages because, according to the advertisements “your house pays you” instead of you having to pay for the house. Unfortunately, reverse mortgages can be very expensive. Reverse mortgages require all the fees to be added to the loan balance; depending upon how much your home is worth that could be quite a bit.

For senior homeowners needing to borrow a smaller amount or for only a short time, the fees associated with a reverse mortgage can make it a bad choice. There are other options you may want to consider instead. Talk with your local bank or financial advisor to see if they have suggestions that will enable you to get the money you need without having to pay such expensive fees.

Obtaining a reverse mortgage can also reduce the amount you’ll be leaving to your family as an inheritance. The major reason for this is that the loan must be paid in full from the proceeds of the sale of your home, which will leave less for your dependants.

Some seniors who obtain reverse mortgages live longer than the money they receive through the reverse mortgage. With the expressed concerns about Social Security solvency they may feel they don’t have a choice, however. Getting a reverse mortgage sooner rather than later can also reduce the amount they can obtain.

Be careful that your total loan receipt is not more than is allowable by Social Security. If you borrow more than you’re allowed, your Social Security benefits may be stopped completely.

Pros

Seniors 62 years of age and older can apply for a reverse mortgage if they own their home. The loan uses the equity of the home and allows homeowners to borrow that money to pay medical bills, pay off debt, or any number of other reasons. Some may see it as a way to supplement what they are earning through Social Security or pensions they may receive.

Rather than having to pay monthly payments as in the case of a traditional home equity loan, the reverse mortgage does not require you to pay back the loan while you are alive unless you move. Reverse mortgages also do not require a credit check. As long as the home you’re using as collateral for the reverse mortgage is your primary residence, you should qualify.

Reverse mortgages are tax free and the funds can be used for whatever you choose. As long as you have funds in your equity line of credit, that money is available to you. You and your heirs can never owe more than the property is worth, so if the value of the home decreases you and your family are covered.

There are many companies offering mortgages and they can be a good choice for some. However, look over the pros and cons of reverse mortgages and make the best decision for your own circumstances. You may also want to discuss the option with your family.

Brought To You By:
Woody Alpern
CPA/PFS
www.yourwealth.com
woody@yourwealth.com

Parents want their children to learn about money without having to make the same mistakes they made when they had less financial experience. When deciding how best to teach them, many consider getting their teens a credit card. Prepaid credit cards are a great way to teach your teenager about money.

Considering the trouble a teenager can get into related to money and credit cards, parents realize the importance of teaching their children about responsible money management. You may want to consider the relative safety of prepaid credit cards.

Reasons to avoid credit cards

Let’s face it; credit cards are notorious for letting people live beyond their means. People often feel that because they have a balance on their credit card they need to use it. Nothing could be further from the truth.

Credit card use can give people the “buy now, pay later” attitude. It can also cause an entitlement attitude where people think they deserve to have items they simply cannot afford. When anyone maxes out their credit card, they’ll have to pay interest on items they could possibly have paid cash for if they had saved for it.

Unfortunately, when credit cards are maxed out, especially when your teen doesn’t have a regular paycheck, they may make payments late or miss them entirely. Guess who will have to pick up your teen’s payment?

Some parents allow their teens to face the consequences of not making payments even though it can be a harsh and possibly costly lesson. The problem of allowing a teen to create a large debt and not paying for it is they will be entering their adult life with a financial black mark against them. And it won’t necessarily teach them to be more responsible with their money.

Reasons to use a prepaid credit card

There are many reasons for helping your teen obtain a prepaid credit card. Not only will they be unable to create debt they aren’t ready to deal with at this age, they will also learn how to budget their money.

Prepaid credit cards carry the same card identification as a regular credit card. This means the cards will be accepted wherever those credit cards are accepted. Prepaid cards are also refillable which means teens can add more money to their balance if they have a summer or after-school job.

They can learn how to use a check register to track their spending so they can see how their money is reduced with each item they purchase. Use this time as a way to teach them how to balance a checking account and budget the money they do have, since they can’t spend what they don’t have at their disposal.

Prepaid credit cards are a great way to teach your teenager about money. Any mistakes they make with a prepaid card will not affect their future credit rating. They’ll also learn how to budget the money they have so they can get what they want or need without asking you for it. And that might be the best lesson of all.

Brought To You By:
Woody Alpern
CPA/PFS
www.yourwealth.com
woody@yourwealth.com

Hosting Thanksgiving dinner each year can be physically and financially draining. To give everyone a chance to enjoy the get together, why not break from tradition. Having a pot-luck thanksgiving dinner can save you money if you’ve been the one doing the lion’s share of the work each year.

Rather than having one family being totally responsible for the meal, it makes sense to ask everyone to chip in – especially if you have many families getting together each year. The hosting family can be responsible for the turkey and the paper goods. A second family can plan to bring another meat, another can be in charge of potato dishes, another noodle dishes; hand off relish trays to another family, desserts to a couple of families, and everyone can bring a drink to share. Oh, and don’t forget dinner rolls! You get the idea; you have each family be responsible for bringing something so one family isn’t supplying everything.

You may think using paper goods is a waste of money, but think about it a minute. If a huge crowd is at your home and you don’t have enough dishes for everyone, that means you’ll either have to borrow, rent, or buy them. A stack of good quality disposable plates are cheap compared to the prospect of buying enough dishes for the whole crew!

Another benefit of using disposables is that clean-up will be much easier. Instead of having a couple miss out on visiting with others because they’re washing all the dishes, they’ll be able to put lids on things, clean up any spills, and then toss the rest. How easy is that?

Having other families chip in on the food also means that one family won’t have to bear the brunt of the cost. Instead of one family spending an entire paycheck for food to feed a whole bunch, the cost can be spread out among many families. In the long run, each family will end up spending less.

Plan your menu well in advance and let each family choose what they’re bringing. If you’re hosting the party, you may want to have some extra, easy-to-fix dishes available just in case one family can’t make it.

When planning your own part of the meal, begin purchasing items you’ll need several weeks before the holiday. This will enable you to buy things a little at a time, use coupons to save the most money, and provide enough time to ensure you have everything. Many grocery stores offer coupons for free turkeys when you spend a certain amount of money in the weeks leading up to Thanksgiving. Planning early means there’s no need for an emergency trip to the store to buy something you forgot.

Having a pot-luck Thanksgiving dinner can save you money, there’s no denying that. However, if you’ve never had one it might be an unusual thought for some. Discuss it early enough for everyone to feel comfortable with it. You may find, after giving it a try, that everyone is glad to be able to help provide something for the meal.

Brought To You By:
Woody Alpern
CPA/PFS
www.yourwealth.com
woody@yourwealth.com

When it comes to decorating your home, you may have a definite idea of how you’d like your house to look. You know what furniture you’d love to have, but it can be so expensive. Can online furniture shopping save you money? Here are the pros and cons of looking online to find the furniture you desire.

Before you go looking for new furniture, whether online or offline, it’s important to know what you need. Do you need a piece to fit in a specific spot? Take measurements so you’ll know what size it needs to be.

Another thing you’ll want to know ahead of time is how much money is in your budget. Know how much you have to spend and then stick to that amount. Obviously you want to stay within your budget, but you also don’t want to settle for something that isn’t well made and likely to stand up to use.

Pros for online furniture shopping include:

* Being able to shop from the comfort of your home at any time of the day or night.

* Avoiding pushy salespeople or rude customers.

* Saving on gas because you’re not driving from store to store trying to find the perfect piece of furniture.

* Having a larger variety of styles to choose from. If you don’t find exactly what you want, you can often select fabric with little or no additional cost.

* Being able to comparison shop between styles and even different manufacturers or furniture stores.

* Competing businesses may offer price matching to get you to choose them, so this could save you money.

* Consider the cost of shipping. Some businesses will offer free shipping; choosing one that offers this could well save you over $200.

* Safety when shopping online. Paying with a credit card online is actually safer than paying by check. You’ll have someone else on your side should there be a problem.

It is possible to find going out of business sales or companies that are selling overstock items. This is one way to save a good deal of money, but you’ll want to be careful. Take time to research the business and its rating with the Better Business Bureau. Find out what others think about their customer service.

Cons for shopping for furniture online include:

* Being unable to inspect the quality of the furniture you’re interested in buying. This means you’ll have to trust the supplier to provide an accurate description.

* Being charged more for shipping than the price of the item you’re purchasing.

* Receiving wood laminate furniture rather than the solid wood furniture you ordered. If this is the case, you’ll want to address the problem right away and either get your money back or get a replacement.

* Lack of customer service. Basically, if an online furniture business does not offer customer service after the sale, you probably don’t want to do business with them.

If you consider the pros and cons of buying online, you can see why so many people are doing it. Can online furniture save you money? You bet it can! Of course, with anything you do online, be careful who you give personal information to, especially financial information.

Brought To You By:
Woody Alpern
CPA/PFS
www.yourwealth.com
woody@yourwealth.com