New Year’s resolutions tend to look something like this: Lose 10 pounds, start working out four days a week, stop drinking coffee like it’s water or make the bed each morning. For the most part, financial changes are nowhere on that list . In fact, 80% of Americans say they didn’t focus on financial planning when making resolutions this year, according to a survey by Allianz Life, and even when they are, those resolutions tend to focus on the same old stuff. Of the people who make financial resolutions, 46% want to “save more,” 21% want to “spend less” and 19% want to “pay off debt,” a recent survey by Fidelity found.

Sure, those resolutions are great. We should all be trying to pay off debt, save more for retirement, build up six months of income in our “emergency fund” and stop wasting money on stuff we don’t need. But let’s face it: Those are resolutions most of us already know to do and many of us are already doing.

So, Mint.com asked experts to tell us about some of the less-considered, and potentially lucrative, resolutions that Americans should make this year. Hey, who says you can’t make resolutions in February!

Get new insurance policies

“People have a policy, and they often just keep it,” says Greg McBride, senior financial analyst at Bankrate.com. “But you could save hundreds of dollars a year by shopping around for auto, life, home and liability insurance.” (If you don’t have a health plan through your employer, shop around for that, too.) “One place to start is NetQuote.com,” says McBride. “As it gives you free insurance quotes for a variety of types of insurance.”

Of course, don’t just buy your policy based on rates alone — look at the coverage as well. “For homeowners insurance, for example, you should make sure your policy covers the “replacement costs” rather than just the “market value” of your home and its contents, even if this is a little more expensive,” McBride advises.  This is important considering the current housing market downturn, which has lowered home values, and the fact that “market value” of your stuff often won’t provide you with enough money to replace the items since it factors in depreciation.

Earn extra cash

OK, so your company isn’t exactly giving out raises right now. It might even feel more like more work for the same pay. There are ways to earn more cash in your spare time, which is a great way to help with that “get out of debt” goal. “Create your own job,” says Willie Jolly, the best-selling author of “Turn Setbacks into Greenbacks.” In fact, “The income created from another job or business can make a world of a difference in your day-to-day lifestyle,” says Andrew Schrage, the editor of MoneyCrashers.com. So whether you’re good at organizing, pet-sitting, catering or cleaning, advertise your services on Facebook or via fliers in local coffee shops, churches or other local establishments. If that doesn’t garner any leads, try a site like TaskRabbit.com, where you can get paid to help local people do anything from handyman work to shopping to event assistance.

Refinance your mortgage

“Now is the time to look into refinancing,” says McBride.  The reason: “Not only are mortgage rates hovering at around just 4% for a 30-year fixed-rate loan, this year, more people will be able to refinance due to recent enhancements to HARP (aka the “Home Affordable Refinance Program”), which helps underwater borrowers refinance their mortgages),” he says. Whereas once if you were 25% or more underwater on your mortgage, you couldn’t refinance under this program, now the rules are more relaxed. “Refinancing can save you thousands of dollars over the years,” he says.

“The general rule of thumb is that if you can cut your rate by ¾ of a point, it’s worth looking into,” McBride says. Of course, you also have to consider the costs of refinancing, which include things like application, appraisal and inspection fees. “Though there are a number of no-fee refinance offers out there these days,” says McBride. Check out current rates to see if refinancing makes sense for you.

Switch credit cards

“If getting out of debt is one of your New Year’s resolutions, you can probably do this much more cost-effectively by switching credit cards in the new year,” McBride says. “Consumers with good credit can now get single-digit interest rate cards and 0% balance transfer offers,” he says.  ”And even those who don’t carry a balance should check out the latest crop of rewards cards,” he adds , “as you can earn 2% or more cash back with some.” So, for example, “If you spend a lot on gas, you should check out a gas rewards card,” says Schrage. Use Mint.com’s credit card tool to find the best card for you.

“4 Resolutions You Forgot to Make” was written by Cheap Chic.

Every New Year seems to begin with a new commitment to change health or money habits, and marketing experts know it. Nearly every advertisement I have seen this year is pitching their product or idea as the answer to fulfilling a New Year’s resolution.  Even the financial websites have piled on with New Year budget and debt suggestions. This article is not full of quick fix suggestions because parents know that teaching their kids about money is an every year resolution.

Bill Cosby had a knack for using parenting moments to entertain us. One of my favorite clips is this one. As you can see, Cosby was his classic self, although it was Theo that nailed the scene. Theo’s humorous depiction of money ignorance is not uncommon for a teenager, yet most schools send kids into the working world without a course that teaches them how to manage their money. As you can read here, I have a real problem with that. Regardless of whether or not your children’s school is committed to financial literacy, you are responsible for providing a lifetime of money lessons for your children.

Education Week recently highlighted some very important lessons from neuroscientists. The takeaway from the article for educators and parents is that the neural pathways needed for learning are like a new path in the woods. The more frequently that a neural pathway is traveled, the fewer the obstacles, the greater its capacity, and the smoother and faster it becomes. In other words, parents cannot rely solely on one high school personal finance class to prepare their children for managing their own money, just as schools cannot count on parents to do it by themselves. It has to be a collective effort, and age appropriate content needs to be introduced and re-visited over a number of years.

My goal is to arm every parent in the country with the tools and teaching tips they need to prepare their children to manage their money wisely. To do so, I just began to co-author a book with my favorite financial education author. In the meantime, here are three teaching tips I suggest incorporating in money lessons with your kids.

Teaching Tip #1: Kids learn by doing.

When you are talking and they are listening, they might be learning. When they are experiencing and you are guiding their choices, they probably are learning. Meaningful conversations between a parent and child are typically triggered by meaningful events and experiences. Create these events and experiences by empowering them with an allowance, banking tools they need to manage their own money, and the freedom to choose how they will spend it. Take advantage of the questions they ask you when you do this. A kid’s curiosity about money peaks when the money they have to manage is their own.

Teaching Tip #2: Be up-front about the hardest part.

Most people want more then they can afford. A lot of people (and governments) spend more than they have. Do not hide this from your kids; be up-front about it. They need to understand why it is so hard to save. Children need to understand that the tools needed to manage money are not always found at the bank or in a classroom. The most important tools, coping skills and perseverance, are found within us. Teach your children how to use them.

Teaching Tip #3: Use good resources.

One of the first things I picked up on as an educator was that kids love to learn through simulations and games. This triggered the creation of my financial education game and hundreds, if not thousands, of hours researching financial education tools for my students and my own children. My kids are younger so I use MoneyTrail as their virtual online bank for their allowance and I have my students use BudgetChallenge. My wife and I both felt that MoneyTrail would allow for a smooth transition to online banking and Mint.com. I recently fell in love with the FinLitTV product. I believe they are going to revolutionize the culture of financial literacy for older children and young adults through social media. With that said, there are plenty of great resources out there.

Let this year’s resolution be an every year resolution of the determination to provide your children with the financial tools and education they need to manage their money consistently with their own values and goals.

Brian Page (@FinEdChat) is Ohio’s recipient of the 2011 Milken National Educator Award. He co-created the national financial education tabletop game of the year, Awesome Island Game and teaches Personal Finance with Reading Community City Schools.

Larry Swedroe is the opposite of your kooky relative who is always giving you unsolicited stock tips. Instead, Swedroe, who blogs for CBS Moneywatch and writes the Wise Investing series of books, consistently offers up calm, reassuring, and avuncular advice.

Swedroe’s new book, Investment Mistakes Even Smart Investors Make (cowritten with RC Balaban) is among his very best. It offers 77(!) dos and don’ts for every investor. The chapters are short but not too breezy, and you can read the book straight through or flip it open and learn a quick lesson. (In fact, it would make a great desk calendar.)

So, I decided to use the book to put together my 2012 personal finance resolutions. Admittedly, some of the items on the list are things I’m already doing, but aren’t those the best kind of resolutions– the ones you can actually keep?

I will not confuse skill and luck (Chapter 7).

Last February, I bought a 30-year US treasury bond for $987. That bond is now worth $1377, a 39.5% gain in less than a year. As much as it pains me to admit it, this is not because I’m a hotshot bond trader. It was pure dumb luck. If I go out and buy more bonds, expecting to sell them for a profit before they mature, the market will laugh and happily take my money.

I will admit my mistakes (Chapter 9).

Because I write about personal finance for a living, I feel extra stupid when I make a dumb money mistake. I haven’t made any serious investing mistakes recently, but I have plenty of time to make them the future. When I do, I hope I can man up and admit my mistake promptly and fix it before it gets worse. (You know, unlike a politician accused of some entertaining lapse of judgment.)

I will not project recent trends indefinitely into the future (Chapter 2).

This has been a good year for me as a writer. But you know those steady-paycheck jobs your grandparents fondly remember from their working years? Freelance writing has never been one of them. I’m tempted to assume that next year will be even better, but it could be much, much worse. So, I’m stepping up my retirement saving and I’m not making any major new purchases or new plans. My current lifestyle is more than adequate.

I will not consider investments in isolation (Chapter 58).

I’ve used this same tired analogy before, but stocks and bonds are chocolate and peanut butter. They work better together. The same goes for US stocks and international stocks. When I buy an investment, I’ll think about how it fits into my whole portfolio, not just how it’s likely to perform on its own.

I will not spend too much time managing my portfolio (Chapter 54).

Okay, I plead guilty to this one. “Investing was never meant to be exciting,” writes Swedroe, “despite what Wall Street and the financial press want you to believe.” (Take that, financial press! Er, wait a minute.) Look, I practice good investment hygiene: I use low-cost, diversified index funds. I also like to play “what-if?” with my asset allocation spreadsheet and I like to check the day’s stock and bond market reports. These are bad habits! The more I look, the more likely I am to get despondent over a few days of bad performance or elated over a roaring bull market, even though this is all money I don’t intend to touch before, say, 2037.

I will remember that stocks are risky, no matter how long you hold them(Chapter 40).

One of the most pernicious myths of investing is the idea that stocks are only risky if you hold onto them for a short time. “Investors know that stocks are always risky,” writes Swedroe. “Long-term investors in the Egyptian, Argentinian, and Japanese stock markets haven’t enjoyed excellent profits,” he points out, “they’ve been ruined.” I own stocks—as diversified as humanly possible—in my portfolio, and I expect they will outperform bonds over the time I hold them. (If I didn’t expect that, I wouldn’t hold any stocks!) However, I’m not putting more money at risk than I can afford to lose and I am prepared (financially and, I hope, emotionally) for the possibility that my stocks will underperform. Which brings me to…

I will have a Plan B (Chapter 76).

Every year after we do our taxes, my wife and I sit down for a financial meeting. We talk about crazy-exciting things like wills and 529 plans. One thing we haven’t done in a while is hold what’s often called a “financial fire drill.” For example, let’s say one of us loses our job or we have a major unexpected expense. Where would the money come from? Where would we cut back? How long could we survive on our savings before having to take more drastic steps? This is the very definition of “no fun,” but having the conversation during an actual financial emergency, as most families do, would be infinitely less fun.

With the U.S. economic recovery still uncertain, one would think that brides across the country are now spending less on their wedding dresses than they have in recent years. Not so, according to BRIDES magazine’s 2011 American Wedding Study. In fact, the average wedding dress in the U.S. cost $1,289 this year, up 20% from 2009. When you factor in the additional $581 that brides are spending on wedding day accessories, you start to realize how much of your wedding day budget is actually going towards your wedding day look.

So, before you say yes to the dress, here are my top five tips on what every bride should consider before buying the most expensive piece of clothing you may ever own.

Stick to Your Budget

Whether it’s a couple of hundred dollars or several thousand, know how much you want to spend — and stick to it. According to the BRIDES survey, brides are spending almost five percent of their wedding budget on their dress this year, up from less than four percent two years ago. Still, you don’t have to be Kim Kardashian to look fantastic on your wedding day. (Kardashian’s bias-cut, v-neck strapless Vera Wang gown, one of three that she wore at her nuptials earlier this year to mark her short-lived marriage to Kris Humphries, reportedly cost $25,000.)Make sure you also factor in the cost of alterations. Almost every dress needs to be altered, the price of which is rarely, if ever, included with the dress.

Shop the Unexpected

Unique spots like The Bridal Garden in New York offer one-of-a-kind designer and couture dresses at up to 75% off retail prices. Located on the fringe of the city’s garment district, the salon features hundreds of dresses, most of which are donated by internationally recognized designers, such as Angel Sanchez and Ulla Maija. Proceeds of all sales are directed to the benefit of area school children.

“Off the Rack”

While half the brides surveyed are buying gowns at independent, local bridal salons, doing so doesn’t have to equate to high prices. If you fall in love with a dress you try on at the salon, ask if you can have that particular dress, as opposed to placing an order for a new gown from the designer. Yes, others will have tried on the dress before you, and in addition to alternations, you will have to pay for cleaning. Still, choosing to buy “off the rack” will save you at least 50 percent off retail prices.

Second Time Around

Sales of previously worn gowns have exploded on the Internet, and shopping online has never been easier. Consider this: 1 in 10 brides this year will sell their dress, give it to another bride, or remodel it into another style so that it can be worn again, according to the BRIDES survey. Sites like Recycled Bride, Pre-Owned Wedding Dresses, and Once Wed offer thousands of dresses from designers such as Carolina Herrera and Monique Lhuillier for as much as 90 percent of retail prices. The sites, all of which are free to buyers (Pre-Owned Wedding Dresses charges sellers a one-time $25 listing fee), are a place for buyers and sellers to connect. It’s a similar concept to ebay or craigslist, only it’s specific to bridal dresses. While prices vary, you can reasonably expect to pay 50 percent of today’s retail price for a dress in good condition that has been worn once in the past two-and-a-half years. Terms of the sale, such as shipping, insurance, and returns are set by the seller, but can be negotiated by the buyer.

When It’s All Over

The honeymoon is over- now what? Almost half the brides surveyed said they will pay a specialty cleaner such as Hallak Cleaners to preserve their dress in a museum-quality box. Depending on where you live, however, this service can cost $500 or more. My favorite idea?  Refashioning your wedding dress into beautiful outfits for your children yet to come.

Heather Bandur is a New York City-based weddings expert. A former financial journalist, she is the founder of Heather Bandur Events, an event planning and design company that specializes in helping busy brides create beautiful, well-orchestrated events – and stick to a budget. Connect with her by email.

Lots of bad habits lead to overspending, but you already knew that. Countless blog posts and finance articles provide ways that you can cut back on your expenses. The problem with most of this content is that the one simple truth to overspending is never addressed. That simple truth? To stop overspending, you have to realize that you are overspending to begin with.

Most people who buy small items every day aren’t aware of how quickly these small purchases add up. Until you make the decision to take a close look at your expenses, the money that you spend daily may go unnoticed.

Sit back for a moment and think about those things that you buy every day. You know, those small “necessary” items. Now, think about how much those items cost you on a daily basis. Multiply this number by 365, and the realization that you are overspending will slowly seep in.

Now that you’re aware of your overspending habits, you can put the following money-saving tips and tricks to good use. Let’s start with that beloved morning coffee.

1. Your Coffee Habit: Whether you stop at the closest $2 drip coffee joint or you fork over $5+ for a special latte drink, your coffee habit can break you. Just multiply $2 by 7 to result in $14. Then, take that $14 and multiply it by 52(weeks), and you’ll find that you’re spending over $700 per year on coffee — and that’s the conservative drip coffee price.

2. Your Electric Bill: Do you keep your air conditioner or heater running while you are away from home all day? Not only is this bad for the environment, it’s also bad for your wallet. By setting timers (these can be purchased at any hardware store), you can control your heat and air conditioning system to turn on and off according to your schedule. You can save up to $30 per month on your electricity bill by timing your heat and air (that’s $360 per year).

3. Dining Out: Sure, it’s nice to kick back with a slice of pizza on a Friday night, and that’s just fine. However, if you turn that once-per-week ritual into a three-times-per-week ritual, you’ll be spending more than you bargained for. You can save at least $100 per week if you learn to cook. Can’t cook? Spending some of that take-out money on a basic cooking course is a wise investment (your body will thank you too!).

4. A Little Lavishness: Do you love to shop for the latest electronic device or for the one fashion item that all the magazines say you “must have?” Instead of going on a spending spree once or twice per month, put your money aside to save up for something that you really want. You’ll spend less money, and chances are you’ll get something great in the long run.

5. Where the Cell Phones Roam: Shutting off your smartphone is a hard habit to break, but there’s no need to check your email or update your Facebook status when you are in roaming country. If you find yourself putting a lot of money toward a high cell phone bill each month, activate airplane mode when you roam out of town. 

Realizing that you have an overspending habit is more than half the battle. Taking the steps to cut back will help you win that overspending fight. You don’t have to give up your way of life, but you do have to step back and ask yourself “do I really need to purchase this?” Before you know it, your bank account will be back to its former glory.

Do you want some extra money in your pocket each month? Walk through this five step program to find financial freedom.

Harriette blogs via Contently.com.

Graduate students (or prospectives) beware: Beginning July 1, 2012, new federal graduate school loans will no longer be subsidized. But what does this mean for the price of your education — and how does the new regulation impact your wallet? It depends on whether you’ve graduated, are currently in graduate school, or plan on going to graduate school after 2012.

Subsidized Versus Unsubsidized Loans

Subsidized loans are interest-free while you are an in-school or otherwise have a deferment (authorized break from payments). As an example, let’s say you spent four continuous years in college, plus two years in graduate school. You have a subsidized loan from your first semester for $1,000 with a 5.3% interest rate. After completing your schooling, you would only owe the original $1,000, thanks to the subsidized nature of the loan. If your loan was unsubsidized, you’d owe your loan balance plus any interest occurred totaling $1,318.

Past Loans

Rules aren’t changing for subsidized loans you’ve borrowed in the past. If you qualify for a deferment for reasons such as going back to school to get your PhD, you will still not get charged interest for the specified time period. If you borrow federal student loan money after July 1, 2012, new loans won’t be subsidized for graduate school and beyond.

Borrowing Limits

If you’re starting or continuing a graduate degree program effective July 1, 2012 or later, borrowing limits won’t change. The total you’re allowed to borrow in the 2012-2013 school year from Federal Stafford Loans is still a maximum of $20,500 per year. The difference is all of your new loans will be unsubsidized. If you qualify for Federal PLUS Loans, you can borrow additional funds. However, these loans are unsubsidized, too.

While limits aren’t changing, always estimate your future payments by utilizing calculator links on the resources page of http://graduationdebt.org/articles/ before you decide how much of your student loan award you need. $23,000 per year for 6 years totals $138,000 (and over a $1,000 per month on a 10-year repayment plan, regardless of your interest rate).

Consolidation

If you have consolidated your federal student loans or intend to consolidate after graduation, your subsidized loans will not be affected. Even though you pay via a single check or electronic payment, your unsubsidized and subsidized loans are separated in consolidation in case of future deferments.

Income-Based Payments

If your income qualifies and you choose to utilize an income-based repayment plan, your total federal student loan debt will still be considered for calculating your payment. While both unsubsidized and subsidized loans are part of your payment, your loans are separated when if you request and receive a deferment. For instance, let’s asssume you decide to return to school after five years to complete another graduate degree or get your Phd. You’re currently on an income-based repayment plan. You have $20,000 worth of subsidized loans and $40,000 of unsubsidized loans at 6.8%. Your subsidized loans won’t acquire a dime of interest, while yoru unsubsidized loans ccumulate $2,720 each year you’re in deferment.

In conclusion, eliminating future subsidized federal graduate school lending increases the cost of your future education, but it won’t impact past loans in any way.

Reyna Gobel is a freelance journalist who specializes in financial fitness. She is also the author of Graduation Debt: How To Manage Student Loans and Live Your Life.

The Financial Pros of Getting Married

In addition to commitment and a beautiful ceremony, marriage carries economic incentives as well. Major benefits of marriage include:

• Joint health insurance: If one of you has a great health insurance policy through an employer and the other doesn’t, getting married might be the easiest way to ensure both of you are covered. Not all employers allow adding a domestic partner to your health insurance policy.
• A bigger home: Assuming both you and your future spouse are employed, applying for a mortgage together will increase your chance of getting approved for a larger amount (and, consequently, enable you to buy a bigger home). Of course, bigger won’t necessarily be better if you overextend yourselves. The same applies to renting a home: your landlord will take both incomes into consideration, but make sure you’re not spending more than you can afford.
• Death benefits: The IRS generally does not tax spousal inheritance, except in the case of the very wealthy. Further, you might receive benefits such as Social Security and pension, which are generally not available to unmarried couples.

The Financial Cons of Getting Married

Some potentially serious financial problems arise when you walk down the aisle. Considering the ramifications before you get married is essential for planning the best financial future for you and your spouse.

• Money management: If partner has trouble managing money wisely, trouble can ensue for both.
• The marriage penalty: Simply put, because one spouse’s income will be tacked on top of the other for tax purposes, their whole income will fall within higher tax brackets compared with each of you filing single. However, higher deduction limits largely offset the marriage penalty, so it shouldn’t be a major concern. If in doubt, you can always discuss the details with an accountant or run joint vs single filing scenarios through your tax preparation software.
• Liability: Financial judgments on joint accounts affect both spouses. If your partner goes bankrupt or doesn’t pay bills on joint accounts, you can be held financially liable.

The Financial Pros of Staying Single

Other than being able to go out every night without answering to anyone, staying single has financial benefits, just like getting married.

• Control: While married couples don’t have to merge their finances, many do – and then regret it, should the marriage turn into a divorce statistic. Single individuals, or even couples who live together without being married, generally have and retain full control of their financial and credit lives.
• Career focus: When you get married, the marriage becomes the primary focus of your life – especially once children come into the picture. Staying single, even when you’re dating seriously or cohabitating, allows you a little more leeway to concentrate on your professional life.

The Financial Cons of Staying Single

The final thing to consider when thinking about the financial side of getting married are the financial problems related to staying on your own.

• Retirement planning: Forbes.com reports that single individuals generally put off retirement planning into their 40s. Married couples tend to start saving earlier, making retirement easier and potentially more lucrative.
• Higher per-person cost of living: To state the obvious, single individuals (who live alone) pay a higher percentage of their income for basic necessities, including food, phones and cable television.
• The marriage penalty: The marriage penalty cuts both ways. Single filers pay, on average, 35% of their income to the IRS, as opposed to just 29% for married couples. (Keep in mind, those averages include couples where only one spouse works, which may explain the lower average tax rate.)

Making Married Life Financially Sound

All told, though, have you ever heard of anyone who decided to not get married because it’s financially imprudent? Hardly.

When it comes to love and finances, it’s less about knowing the cons of being married and more about finding the best way to handle your finances as a married couple. Some ways to ensure a sound financial and romantic union include:

• Put all your financial information — good and bad — on the table. This allows for a frank, in-depth discussion of the issues raised above.
• Create a budget together. This allows you and your future spouse to compare income with expenditures and plan for your financial future.
• Create a plan to pay off outstanding bills and get out of debt.

It might be the last thing on your mind when you’re planning your wedding, but trust us: at the end of the day, examining the financial consequences of marriage are more important than finding the right color linens for your bed.

The Marriage Decision Matrix was provided by CreditSesame.com.

Layaway is back! At least it is according to a recent New York Times article reporting that Walmart is resurrecting the payment method. Putting expensive items on layaway was commonplace during most of the 20th century, but once credit cards became de rigueur, many places phased out layaway options. Well, times have changed yet again. From October 17 through December 16, Walmart customers can put 20 percent down toward electronic items or toys that cost more than $15 apiece. According to its layaway plan, customers will have to fork over an additional $5 service fee, but that beats a 15 percent APR (or higher) that credit cards charge.

And Walmart isn’t alone in the layaway trend. Sears reinstated the policy in 2008 and Toys R Us jumped on the bandwagon in 2009. Now, clothing hounds can put items on layaway at Burlington Coat Factory, Marshalls, T.J. Maxx and several others.

With layaway, you can furnish your house, get a new TV or stereo system, dress your kids for back to school and buy toys for the kids during the holidays—all without going into debt.

Get surround sound from Walmart: Vizio’s Surround Sound Home Theater with Wireless Subwoofer is a pretty penny at $348.98. But with a layaway plan, the system can sit in your living room after five $63 monthly payments. Besides having a slick design, the system is wireless, which means no messy entangled cables.

Get that winter jacket from Burlington Coat Factory: Yes, it’s still October. But winter will be here sooner than you think. Forking over money for a leather parka might not sound particularly appealing right now, but if you start with small payments, both you and your bank account won’t be frozen come December. To get the men’s Sergio Benini Leather Parka ($149.99), you’d need to put down a 20 percent deposit ($30), a $5 service fee, another $30 in two weeks and finish paying off the entire coat in 60 days—just in time for the air to turn crisp!

Splurge on the big toy for the holidays without going broke: At Toys R Us and Babies R Us, you can load up your cart with battery-powered mini-cars, bikes and play sets for the yard. The 12 Volt Mercedes Benz ($359.99) comes with a price tag worthy of the high-end brand. But with an actual radio and speakers (which can connect to MP3 players or iPods), it’s not skimping on those fancy details. To get the car on layaway, you’ll need to plunk 20 percent down ($67 plus taxes), and you’ll have to pay 50 percent of the balance within 45 days. The best part is that if you change your mind, you’ll get your money back and will only be charged a cancellation fee of $5 (you’ll also have to wave goodbye to the $10 service fee required of all layaway purchases).

Go on a fall shopping spree at T.J. Maxx: This discount retailer has a smashing selection of fashionable clothes that can refresh your entire wardrobe: a Tignanello purse ($39), Lanvin Patent Leather Oxford Pumps ($40), Marc by Marc Jacobs Logo Drop Earrings ($29.99), a BCBG dress ($20) and much more. If you’ve got $200 worth of items, but you only have $100 now, never fear. The T.J. Maxx layaway plan gives you all month to pay it off. Just put down 10 percent of the purchase, pay the $5 service fee and you’ll have a new look in just a month.

Update that old sofa at Sears: The Sears layaway plan is flexible and isn’t limited to specific departments. You can update your kitchen and living room, get a new mattress or spring for a diamond necklace. But layaway is most handy with larger, more expensive items, such as the Country Living Espresso Leather Sofa ($499.99). This couch costs a bigger chunk of change than most Americans are able to part with in one fell swoop. But Sears’ online plan provides steps that make this purchase simple. You pay $20 or 20 percent down—whichever is greater—a $5 service fee and four simple payments. If you buy in-store, you have up to 12 weeks to pay off your bill, though the terms change; the service fee is $10, but the single payments are just 16 percent of the balance due.

Get a state-of-the-art digital camera from Kmart: In the modern layaway game, Kmart was an early adopter. The national retailer allows you to put all types of products on layaway, including expensive digital cameras, such as the full-featured Canon EOS Rebel ($599.99), which is only a notch down from a professional grade SLR camera. But with a hefty price, and the economy at a standstill, the cost is easier to swallow if you pay a bit at a time. Like the others, Kmart provides a formulaic layaway plan complete with a $5 service fee and an eight-week payment schedule. But Kmart only requires 10 percent down. That’s a winning formula for consumers!

 Come Layaway was provided by RetailMeNot.com and authored by Tricia Romano.

Many homeowners with a 30-year mortgage don’t realize how much they are paying in interest. This is the problem. The solution for many is to accelerate the payment, either by paying more principal each month or by entering into a shorter repayment contract. The best-known among these is the 15-year term.

An example: If your mortgage balance starts out at $100,000 and your loan is written at 5% interest, the 30-year term requires a monthly payment of $536.83. Over 30 years, the total of all payments adds up to just under $193,259. That’s a 93% premium in interest payments – on top of the mortgage balance.

It gets worse. It takes more than 20 years to pay off  half of the debt. The other half is paid over the last 10 years. In fact, a 30-year term amortizes so slowly that after five years (60 payments), you still owe 92% of the original balance. When you consider that the average first-time buyer keeps that home less than five years, this further makes the case that a 30-year mortgage is too expensive.

The Advantages of a 15-Year Mortgage

Now think about a 15-year term. That $100,000 mortgage at 5% repaid over 15 years costs $790.80 per month, which is $253.97 more than the 30-year term. So, you have to be able to make that higher payment. For many, though, the comparison between house payments and rent makes this higher payment easier to bear. This is especially true when you also take into account the federal and state tax benefits of deducting interest. If your combined federal and state tax rates add up to 32% percent, for example, your after-tax cost for the 15-year mortgage is reduced to $538. This is about the same as the 30-year payment and comparable to a $538 rental each month with no tax benefits.

Over 15 years, the total of your payments on a $100,000 mortgage comes out to $142,344 – or about $50,900 lower than the cost of a 30-year mortgage. And the acceleration is much better as well. After five years, you will have paid off about one-fourth of the debt, compared to only about 8% with the 30-year term.

Another advantage is that lenders often will offer a lower interest rate on the 15-year than on the 30-year contract. A one-quarter percent reduction is worth about $14 per month. Over 15 years, that equals $2,500. However, the faster payoff has to be practical. If you cannot afford the higher payments even after tax benefits, it will not make sense for you to agree to the shorter term. But as long as that is affordable, it makes sense and saves money.

If you cannot afford to go as low as 15 years, you can enter a 30-year mortgage and add extra payments based on what you can afford. For example, adding $48 per month to the 30-year payment reduces your repayment term five years. It also saves about $18,000 in interest expense. If you increase the 30-year payment by $123 per month, you cut 10 years off the repayment and save nearly $35,000 in interest.

Michael C. Thomsett is author of over 60 books, including Annual Reports 101 (Amacom Books Press), Trading with Candlesticks (FT Press) and the recently released new book, Getting Started in Stock Investing and Trading (John Wiley and Sons).  He lives in Nashville, Tennessee and writes full time.

Forget scary movies -– have you dared to look at your 401k statements lately?

The financial headlines keep getting more frightening, and the numbers on your retirement accounts are probably more red than green these days. Sometimes it’s enough to make you want to throw in the towel on your savings goals.

But financial experts say that’s the last thing you should do when times get tough. Instead, refocus your efforts and revise your goals if you must -– but don’t abandon savings altogether. Here are some key things to keep in mind when you’re tempted to take your money and run:

Use the economic slump as an excuse to re-focus your goals

When your financial situation takes a hit — that’s the time to investigate where your money is going. Determine whether there are areas where you can cut back before you consider revising your savings goals, said Andrew Schrage, editor of Money Crashers.

“Every dollar that you do not save is a missed opportunity that puts you even further behind in your ultimate financial goals,” he said. “For example, if your employer matches your 401k contributions, make sure you are saving as much as your maximum 401k contribution limits will allow; otherwise, you are missing out on free money from your employer and the money that will be made on the investment.”

Use the power of dollar cost averaging to your advantage

Long-term investors, who are at least a decade or more away from retirement, can actually benefit from a downturn in the stock market thanks to dollar cost averaging.

Rather than investing a chunk of money all at one time in the stock market, the key is to regularly invest the same amount of money every month –- automatically if possible, such as through your employer-sponsored 401k retirement plan.

When the market goes down, that money will buy more shares in the stocks that have lost value. And when the market eventually rises again, the stock values -– and your total investment -– will grow. So rather than agonizing over those red numbers, just tell yourself, “Now I’m able to buy more shares!”

If you are a casual investor primarily investing for your retirement, you really don’t need to over-think this process – just make sure your money is automatically deducted in a balanced portfolio that makes sense for your expected retirement age. Then let your investments do the work for you.

Learn more by trying Suze Orman’s Dollar-Cost Average Calculator.

Every little bit counts

A thinner wallet doesn’t mean you should necessarily ease up on savings. If paying for the necessities in life becomes a challenge, you might need to scale back temporarily, but never give up on savings altogether.

For example, you might need to prioritize your rainy day savings account over “luxury” savings goals (a vacation or a new house). Having even a small amount saved up will give you peace of mind and can help in case of an emergency, which can pop up at any time.

“If you stop saving and lose sight of your goals, you’ll lose momentum and it’ll be difficult to get started again once the times improve,” said Schrage. “Your perseverance will pay off in the end because not only will you have saved money, you’ll have experienced character-building by resisting the easier path.”

Saving money actually helps the economy

In an economic downturn, some people argue that spending money — rather than saving it — is the key to stimulating the economy. In other words, you can look at that shopping spree at Macy’s as doing your patriotic duty to keep the financial engines humming.

But in fact, saving your money at a bank also keeps the economy on track, as that money stays in the marketplace and is lent out to people and businesses and reinvested in your community many times over.

But no matter how bad things seem, there’s one thing you should never, ever do: hoard money under your mattress. That’s one place where your dollars aren’t helping anyone or anything, including a good night’s rest.

Cynthia J. Drake is a personal finance writer who lives in Michigan. Cynthia J. blogs via Contently.com.