You don’t have to worry about hitting the ATM before your next visit to your favorite “cash only” corner deli. Thank Read more…

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Graduating from college and getting your first job comes with a sense of financial independence. However, financial independence comes with financial responsibility. As a college graduate living on your own you will probably have  rent payments, credit card payments and student loan payments among other financial obligations. So how do you balance building your savings with paying down your debt?

Without a doubt you should be making at least your minimum loan payments every month, but if you have extra money in your budget should you use it to further eliminate your debt? That depends. It is responsible for a financially independent person to have about six months of expenses saved up. This way if you loose your job or come into extreme financial hardship you have something to fall back on until you can get on your feet.

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In order to encourage donations to Haiti, the U.S. Government recently announced that you are able to deduct taxes on cash donations to a list of approved IRS charitable organizations for the 2009 tax calendar year in addition to the 2010 tax calendar year (you usually can only deduct in the year that you donate).

IRS Haiti Donation Tax Law

Here are the details on deducting donations to Haiti:

• Only cash contributions made to these charities after Jan. 11, 2010, and before March 1, 2010, are eligible. This includes contributions made by text message, check, credit card or debit card.
• The contributions must be made specifically for the relief of victims in areas affected by the Jan.

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If you’re drowning in debt, you may feel as though there’s no way out and nowhere to turn. However, that is not the case. There is lots of help out there and a number of options which can help you regain control of your finances. The best solution will depend on your circumstances.

We take a look at the options and explain the pros and cons of each.

Debt management plan

For many people, a debt management plan (DMP) is the best path out of debt. You approach a debt management company and it negotiates on your behalf with the businesses you owe money to in order to arrange an affordable monthly payment.

This path out of debt is only suitable if you have enough disposable income after all your bills to make monthly payments.

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There are many ideas for saving money. Clipping coupons, shopping for sales, and just plain old common sense are ways in which consumers can stick to a budget and free up more cash to eliminate debts. But there are many comfort zones in which we can be trapped without even realizing it. If you are not tracking your daily spending down to the penny, you may not realize the amount of money being wasted when there are alternatives that make sense.

Here are 4 common items we buy into that can blow our budgets (read how to create a budget first if you don’t already have one):

Credit Card Fees

The rules for credit cards are ever-changing and credit is also getting more expensive as the mean old credit card companies try and recoup their lost profits (don’t take it lying down, fight back!). There are many fees associated with credit card usage that can be avoided completely if you pay attention. Pay

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