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

Most people never think they’ll need an offshore savings account, but you may want to know how to open one nonetheless. Who knows, you may become rich and need an offshore account for doing business or to earn higher interest than you can in the United States. Just in case you do want to know, here’s how to open an offshore bank savings account.

Before attempting to open an offshore account of any kind, you’ll need the following documents:

* Passport or another form of acceptable identification. Rarely can you use a driver’s license to open an offshore account.
* Legal address. You can use an electric, water, or other utility bill to verify your legal residence.
* Background documentation such as a copy of your employment contract.

Familiarize yourself with the guidelines set forth by the US Department of Treasury (USDT). You may be limited in which countries to choose from when opening an account, how much you’re legally allowed to maintain in your account, and minimum deposits you’re allowed to make. The Office of Foreign Assets Control (OFAC) at the US Department of Treasury can provide these guidelines to you.

The steps to opening an offshore bank savings account are as follows:

1. Choose one of fifty countries allowed by the USDT. Organizations such as Delta Quest and Maritime International can give you advice about staying in compliance as well as which country will offer the best investment opportunities for your hard-earned money.

2. Choose the bank you want to open the account with. Will you be able to access your account through the internet? How much are the fees to open the account? What are the services they offer to bank customers?

3. Find out what the minimum deposit amount is and what fees you’ll be charged if you fall below that amount.

4. Research to find the bank in your chosen country with the best interest rates.

5. Ask for an application and fill it out including all information to prove residency, identification, and a reference letter from your current bank.

6. Make your deposit, based on their minimum allowable amount or more, and keep in mind that the account could take up to seven days to become active once the deposit is received. The minimum can be as little as $1,000 for countries like Belize and Antigua but as much as $15,000 for countries like Switzerland or Austria.

If the offshore bank you’ve chosen offers a branch in the US, they can help you open your offshore bank savings account. They can also advise you if you need further information. Stateside branches also help you to maintain communication with your offshore bank to make deposits or check on your balance.

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

Holidays are a common time for people to travel to visit family and friends. Unfortunately, some people don’t plan ahead and scramble around looking for money-saving last minute hotel deals. Luckily the last minute deals are out there, but it helps to know where to look.

Start by deciding what you want. Do you need one hotel room for multiple people or would you prefer more than one room situated together? Are you willing to drive a little to your final destination in order to save money or do you want a hotel as close as possible to the friends or family you’re visiting? Having these questions answered can help you when you start your search.

Know what you’re willing to spend on hotel accommodations. This information will help you determine if you’re getting a good deal or not.

Go online and search for hotel deals with websites like Priceline, Hotwire, Hotel.com or similar websites. You may also want to go directly to the hotel websites to see if they have any specials listed and to check for vacancies.

Create a spreadsheet or at least write down information as you gather it so you can compare prices. Include the name of the hotel, price, and dates the rooms are available. Don’t be pressured into taking the first deal that comes along; there are others out there if you take the time to look.

Expect to get the best deals for weekends. Staying from Thursday until Monday, or Friday until Tuesday will often help you save the most money.

Maybe you don’t plan to visit family during Thanksgiving. You may be looking for an escape from your regular schedule. During Thanksgiving, some locations have very few guests and can offer great deals for those willing to spend their holiday away from family.

Call and talk with the hotel personnel where you would like to stay. You may actually find they have unadvertised deal or can offer you additional discounts. It doesn’t hurt to ask for a lower rate; the worst they can do is tell you there are none available. You may be surprised when they tell you there are other savings available.

When you arrive, don’t forget to ask if there are any other discounts you may qualify for. Do you have an AAA membership or are you in the military? These discounts can be added to the rate you’ve already been given which could bring the price of the room down even further.

If you’re visiting family for Thanksgiving Day, why not take advantage of some of the money-saving last minute hotel deals available? Checking in on Thursday night will allow you to save money because you’re considered a weekend guest which normally has a reduced rate. Enjoy your stay!

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

Even though most people don’t retire in their forties, most of them are beginning to seriously think about whether they’re saving enough for retirement. Money advice in your forties may be similar to what you received in your thirties; however, you probably have fewer years to be planning and saving.

Many people first entering the work force don’t think about retirement, especially if they’re in their late teens or early twenties. They seem to have their whole life ahead of them. Unfortunately time passes all too quickly, and before you know it you’re in your forties and haven’t seriously considered what you’ll do when you’re ready to retire.

If you haven’t begun planning for retirement, there’s no time to waste unless you’re already independently wealthy. You may have 25 years to work and save, but will you be able to save enough?

Start by speaking with a qualified financial advisor. They will be able to show you how much you’re likely to need to live on after retirement. They can also give you advice on how to invest to make the most return on your investment. Of course, with the recent economic downturn the country has had, they will probably suggest investing in something less risky than the stock market until the economy recovers more.

Decide where you would like to see your finances 20-25 years in the future. Do you want to have your own money to live off of or will you be content to live on Social Security, if it is still a viable option? Most people would prefer to live off their own money rather than what the government provides, but many never plan accordingly.

Reduce debt as much as possible. Obviously you’ll need a place to live, something to get around in, and the basic necessities of life. However, do you need a vacation home, three cars, a boat, etc.? If you can sell big ticket items you rarely use but are still paying for, your financial situation will look much better. You can use the money from selling those items to invest in your future.

Consider refinancing your home mortgage if the payments are difficult to maintain. It’s better to refinance while interest rates are down, so be aware of your current interest rate and those currently offered. If you can shave at least two whole interest points off your mortgage, refinancing may be a good choice now rather than later.

Save as much as you can. You want to grow your nest egg as much as possible. You can choose to live below your means, use any bonuses or income tax refunds to add to your portfolio, as well as be frugal in your spending. There are many ways to save money; consider things you can do now to give you more money to save.

If you currently have a retirement fund through your employer, resist withdrawing from it. You will have tax penalties for withdrawing funds before you’re 59 1/2 and you’ll have to pay income taxes on whatever you withdraw. Knowing these penalties may help you resist.

Financial experts have determined that most people will need at least 70% of their current income to be able to live comfortably. Following this money advice for those in their forties may help you make wise choices so you’re financially ready to retire when the time comes.

There are more and more things that can be done using a cellphone these days. It’s not just for personal and business communication anymore; cellphones take and store pictures, email, text, and do many of the tasks that a desktop computer with an internet connection can do. Now, you can also use your cellphone to do your banking.

Once you sign up with your bank’s online banking service, you should be able to get a mobile account. Usually, you use the same username and password with your mobile account as you do with your regular online account.

Some of the pros to online banking with your cellphone are:

- Convenience
It can’t be argued that banking from your cellphone is convenient. You can do your banking almost anywhere, any time.

- Checking your balance
Especially helpful for debit card users, being able to check your balance immediately before and after a purchase is an attractive feature of mobile banking.

- No more late fees
Paying your bills online is convenient, but paying by mobile phone takes it a step further. What if you are on your way out of town and remember a bill that will be late if you wait to pay it when you get back? You can pay your bill via cellphone in minutes.

- Save gas
How often do you have to go out of your way to stop at the bank, or drive around looking for an ATM? Some mobile financial software, such as TextHog, will direct you to the nearest ATM.

There are also some negative aspects to consider with mobile banking.

– Cell signals are not everywhere
There are definitely areas where there is no cellphone signal, which can be quite frustrating if you need to get a transaction done right away.

- Small size
Trying to read tiny words and press tiny buttons can be difficult. The iPhone has an all-screen design that makes it the largest known cellphone screen to date. Other companies may pattern their designs after the iPhone, and this will become less of a problem.

- Security
There is some concern that mobile bankers’ information is not secure as it goes from customer to bank, and cellphones are often lost or stolen.

If security is a concern, or if you like a more hands-on approach to tracking your finances, you might consider using TextHog. This software allows you to tag, organize and track your finances manually, not unlike a paper checkbook. You can also generate spending reports with TextHog. Since you will not have financial institutions updating your finances automatically, you don’t need to give out as much information.

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

Whether it’s for your business or personal finances, there’s very little point in having a budget if it is not tailored to meet your needs. If you are trying to make or stick to a budget and having no luck, it may be that you need to make some changes. Here are some things you can try to help your budget work for you.

1. Be flexible
It’s important to understand the significant trial-and-error aspect of making your budget. If you are new at budgeting or trying a new type of budget, be patient with yourself and give yourself time to learn. Be willing to try one thing if another does not work, and to consider making changes in equipment or lifestyle in order to make the numbers add up.

For example, if you find your electric bill is consistently higher than anticipated, you can adjust the numbers or the amount of electricity you use, or invest in more energy-efficient business equipment.

2. Communicate with your family
An important aspect of an effective budget is to include your family. Every family member brings something to the budget process that is important; your budget will work for you far better if you have considered everyone’s income, spending, and input. And be patient with your family’s learning curve. They are probably new at this, too.

3. Err on the side of expenses
In the beginning, there will be some guesswork – over-estimate your spending rather than your income if you need round numbers. It’s always better to discover you have more than you thought rather than less!

4. Don’t ignore your budget
It’s all well and good to prepare a working budget, but if you don’t refer to it monthly it is not much use. In fact, you may want to refer to it weekly or even daily at first, in order to keep track of expenditures (especially cash) that you may not have considered. It’s better to tweak your budget often than experience shock at the end of the month.

5. Remember, it’s *your* budget
When making a budget is no time to try and “keep up with the Joneses.” It’s your budget, not a wish list, and what works for your family or business may not be the same as what works for another.

6. Save, save, save
Yes, you’ve heard this all your life – but when you’re budgeting it’s time to put it into action! Saving should be a part of any budget – life happens, and in an emergency a cash reserve can be a life-saver.

7. Set goals
Remembering why you are doing a budget in the first place is important. Making a bigger profit or streamlining your business? Getting a handle on debt or utility payments? Whatever the reason, knowing why will help you know where you need to cut or increase your spending or income, and will motivate you to keep within your budget.

A budget is a healthy financial tool that everyone can create to fit his or her needs.

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

Many people have either bad or expensive habits they want to give up. It seems obvious, but giving up expensive habits can save you money. And giving up bad habits can possibly save your life, but that’s another article.

What are some expensive habits you’d like to give up? Here is a list of habits to forgo in order to save money.

* Smoking. This habit is both expensive and unhealthy but millions of people do it every day. Some estimates indicate a carton of cigarettes costs nearly $60 and a single pack costs approximately $6. Depending upon how much you smoke, this could be an expensive habit indeed. Imagine if someone smoked two cartons a month, which would add up to over $1,400 a year! Think of what you could do with that much extra income.

* Tanning. Sun tanning can be harmful to your health, but if you’re using a tanning bed it can also be expensive. You could easily pay between $8 and $22 per visit. You might be able to save money in the long run by purchasing your own ($900-$3,000 each) but tanning can lead to developing melanoma. You’ll then need medical treatment which isn’t exactly cheap.

* Drug abuse. Most people who abuse drugs never thought they would get hooked. They thought they could enjoy a “little high” and be able to stop whenever they wanted. Unfortunately, that’s not always the case. Those developing a habit often empty their family’s bank accounts and end up in rehab to recover.

* Starbucks coffee. With the average cost of a cup of Starbuck’s coffee being nearly $3, you could easily spend $15 a week, $60 a month, or $720 a year. If you drink more than one cup a day, you could spend considerably more. Drinking too much coffee can also affect your digestion, dental health, and make it difficult to rest.

* Eating out. Everyone likes to eat out on occasion. However, a regular diet of fast food or dining out can quickly add up. Experts have shown that eating out, particularly fast food, can increase your chances of developing heart issues, raise cholesterol, and more. Add to the cost and health problems, the cost of medical treatment makes the cost of eating out even higher.

* Credit cards. Some people use their credit cards to pay for everything from groceries to their automobile or mortgage payments. When you realize you have to pay back those charges with interest, often more than conventional loans, the price tag continues to go up. If you must use your credit card, be sure to pay off the balance at the end of each month rather than carrying forward a balance.

Obviously there are other expensive habits anyone could have. These, however, are common habits you might expect. Seeing this list shows how giving up expensive habits can save you lots. And not just money – giving them up could actually save your life.

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

For college students who live on campus in a dorm, life may be relatively easy. However, many students choose to live off campus and this often increases expenses considerably. Wherever you live, here are some great tips to live frugally and still have fun:

* Living off campus means you need a way to get to class. Find a good, reliable used car. It will cost less initially and you may be able to purchase it outright. If that’s the case, you can get by with paying for insurance, maintenance, and fuel. If you choose to live on campus, you may not need transportation at all.

* Use the public library rather than purchasing books you’d like to read. This can easily save you hundreds of dollars a year, particularly if you’re a voracious reader. Many libraries also offer movies on DVD, which means you can save on movie rental charges.

* Share an off-campus apartment with friends. This will cut down on the total amount you’ll each pay when you split the cost evenly. The more people you can have comfortably living in one apartment, the less each of you will pay.

* Eating on campus is going to be cheaper than nearly anything else you can do. This is also going to be true for non-residents and non-students alike. If you’re tired of cafeteria fare, buy food at a grocery store rather than eating out. Sure, it may take you longer to get your food when you have to cook it yourself but there are so many things you can make that cost less than at a restaurant.

* If you do go out to eat, choose water rather than getting a soft drink. You can often save $1.50 or more per meal by drinking water. If you eat out four times a month, that’s $6.00 you’ll have saved, which may be enough for another meal.

* Buy and make your own coffee rather than stopping at a pricey coffee shop. Maybe your coffee won’t be as fancy, but it won’t cost $8.00 for a single cup either.

* Clothing is a necessity no matter where you live when attending college. Go to consignment stores or swap clothes with friends. Finally, be sure to either hang items of clothing you’re going to wear again or place them in a basket to be laundered. Leaving clothes on the floor could damage them which means you’ll have to replace them sooner.

* Hit sales as much as possible. This can be for food, clothing, furnishings, or whatever. If you can get it on sale you can use the money you saved for something else.

* Go to the matinee showing of the movie you want to see rather than going when you’ll pay regular price.

* Use your student ID where they offer student discounts. You may be able to save 10% or more for items you need, so why not take advantage of it?

* Purchase used text books rather than brand new ones. This could save you considerably when you add all the books you’ll need together.

Remember, when thinking of ways for college students to live frugally and still have fun, it’s a trade off. Decide what’s most important to you and then budget your money accordingly. You don’t have to forgo having a night out with friends if you save up for it by cutting back on money spent elsewhere.

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

It’s the same story every year around the holidays. You make a list of the items you’d like to give to each person on your list. Unfortunately those items don’t all cost the same amount, and in an effort to be “fair” you end up spending more than you planned. This year, consider giving gift cards; it’s a great way to stick to your budget for gift giving.

If your family is like most, every member of the family has their own interests. Purchasing a gift card for each person can save you a lot of time, traveling, and headache finding just the perfect gift. Giving a gift card will also allow each person to purchase exactly what they want rather than being faced with returning a gift that wasn’t right.

You’ll still want to make a list of items each person would like as gifts. Instead of planning to purchase the items, however, you can compare lists and determine what is a fair amount for everyone’s gift cards.

Most likely you won’t spend the same amount on a small child as you would a teenager because their interests are so different. Let’s face it; a child is going to want toys for the holiday, and they don’t cost anywhere near as much as a new mp3 player. Of course, you can give children a gift card for the same amount of money, but they honestly won’t know the difference unless someone explains it to them.

Another benefit of buying gift cards for holiday giving is that you can spread the cost out over a period of time. Depending upon how many people you have to buy for, start a month or so in advance and get a gift card a week.

Be careful, however, as some gift cards will expire in a specific period of time. Those cards will be the ones you purchase last. You can also set aside a certain amount of money each week to purchase gift cards closer to the holiday.

Gift cards are also a good idea because the person receiving the card can get more for the same amount of money if they hit the after Christmas sales. They may have to wait for a day or so after the holiday to get the item they want, but if they receive more than one gift card they can combine them to purchase a higher-priced item.

Finally, the recipient isn’t limited to shopping at a local store. Most, if not all, gift cards can be used for online shopping. They can look at the retailer’s website to see if the item they want is on sale and save enough they can purchase more than one item.

Financial times are tough all over, so you may be thinking about how to cut back on your holiday spending. Gift cards can help you in this regard. Consider giving gift cards; they are a great way to stick to your budget for holiday spending.

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

Let’s face it, it can cost an arm and a leg to get a professional interior designer to come to your home and make it look great. When you’re on a budget, you want frugal interior decorating ideas. The following are ideas you can use to change the look of your home and stick to a budget.

Start by deciding which room is most in need of an interior decorating facelift. What things about that room can remain and what would you like to change? Can you keep certain elements or do you want an overall new look?

Next, come up with a budget. Decide how much you can spend and then begin researching to see what you can do yourself and what will require a professional. Two areas you definitely want an expert involved in are plumbing and electricity unless you’re a licensed professional. And once you have your budget squared away, stick to it!

Painting is one way to change the look of a room dramatically without having to get all new furniture and accessories. Don’t be afraid to create a bold, new look by using darker colors. Find a darker shade than the curtains or furniture and create a focal wall. Add a new mirror or wall art to give your room a new look.

Rearrange your current furniture. Pull items from other rooms of the house to be repurposed elsewhere. This is a great way to bring new life to a room without spending any money at all.

Find wallpaper borders to match any style or décor. With a new coat of paint and a new border, you can totally change the look of any room. Bring in a few accessories to complete the room.

Borders can also be used down in the center of the wall to create a chair rail. Paint a darker shade below the border, possibly using glaze and texturing to give the appearance of leather, faux wood, or even marble. Luckily, many of the faux painting techniques can be done as do-it-yourself projects.

If your bathroom is in need of an update, why not refinish your bathtub and sink rather than replacing them? This project may seem difficult, but the fact is anyone who has ever painted with a paint roller can do a bang-up job and make a huge difference in their bathroom. Add new curtains, corresponding towels, and your bathroom will look great without breaking the bank!

Do you have a friend that is gifted with interior decorating? Barter with them by offering to help them in an area where you excel. This could be cooking lessons, babysitting, or whatever you can do that will be comparable in value. Bartering is an age-old way of getting what you want; it can be a win-win proposition for both parties.

Set up a decorating swap meet. Ask friends and family to pull together items they’d like to change and have everyone meet at a central location. Trade those items with one another rather than tossing them or selling them at a yard sale. If the items are still in good shape, this could be a great way to give them new life in a new location.

These ideas aren’t the only ones available, but they can get you started toward creating a new look for your home without breaking your budget. Decide how much you can spend, find frugal ways to make the changes you want, and soon your home will have a new appearance you’ll be proud of.