1. Create a new budget. A new year calls for a new budget. Rolling over an existing budget might be easy, but making changes now is easier than dealing with debt in the future. Have you moved, switched insurance, or added a new family member (child or pet) in the last year? Take into account what changed in 2011 and what you’d like to change in 2012. A pay increase or bonus might leave you feeling carefree, but using that as an excuse to splurge can quickly destroy your old budget. Update your budget (or if you don’t have one, start one) with help from these top five budget sites.

2. Ditch credit card dependency. If you’ve already got your budget under control, then putting the credit cards away shouldn’t be too hard. We don’t usually budget cash for impulse buys, so without cash in hand we often turn to the credit card quick fix for items we want but don’t need or can’t currently afford. The easiest way to eliminate this debt inviting thinking is by leaving your credit card at home. Removing the temptation is one way to break free from credit card dependency.

3. Improve your credit score. Don’t let your credit score surprise you. A bad score can keep you from getting the best interest rates, force you to pay deposits for utilities, or even cost you a job. Check your score, and if it’s below 750 make a commitment to improve your score in the New Year. Check out these tips for how to beef up your credit score.

4. Cut spending on [insert budget category here]. This year make a vow to lower your grocery bill, entertainment bill, or clothing bill. Using coupons (not just cutting them out) and comparison shopping can save a lot more money than you’d think. Search a number of different websites or newspapers for the best deals available instead of buying something the first time you see it. Pricegrabber.com even does the comparison shopping for you. Even small changes like attending the cheaper daytime matinee instead of the pricey Friday night movie can add up to big savings.

5. Grow your savings. Cutting spending is a good goal, but a better goal is to grow the money you’ve saved. For example, that $3.50 you saved saying no to the office Starbucks run once a week is good start, but why not take that $3.50 and turn it into nearly $1,000 after just five years. By investing those saved costs in a savings account you can actually profit from your good behavior. Check out how to build long term wealth with more easy tips.

The so-called “flash sale” discount sites are particularly enticing. A designer bag or new tech tablet is offered in limited quantities, and a timer runs nearby telling you how much time is left. Thinking to yourself, “I’ll never get a better deal,” you quickly make the purchase.

Sounds great, right? Not so fast: Spending more than you normally would, or spending on an item you don’t need (even if it’s on sale) is NOT saving—it’s overspending.

Here are a few tips about how to avoid the temptation to spend on the latest, greatest “flash” sale:

1. How Good is That Deal?

With a limited number of items and a limited time to buy, retailers are capitalizing on our impulse to buy now rather than later. But the deal you’re getting might not even be that great. As the New York Times reports, don’t be surprised if you find those same “exclusive” items on a different site, for less money and without the pressure.

2. Money For Nothing…

In an age of credit card information that’s automatically on file and “one-click” online purchases, sometimes it seems like you aren’t even spending real money. Reality check! The credit card bill is going to come every month, and it’s up to you to keep track of each purchase so you don’t blow your budget. Un-checking that “save my information” box at your favorite online retailer might be just the thing you need for a more frugal New Year.

3. Keeping up with the Joneses

Retailers on these “exclusive” discount sites have taken “Keeping up with the Joneses” to another level—not only can you purchase the new bag that your favorite celebrity is sporting, but you can also use social media to let your friends know about it. The best way to avoid going into debt is to stop keeping up with the Joneses – especially considering that the rich and famous don’t have much of financial track record to speak of.

It’s exciting news, but it remains to be seen if consumers kept up these good habits on Black Friday. US retail sales hit $11.4 billion to kick off the holiday shopping season, which is exciting for retailers—but not exciting if it means people are spending beyond their means.

A recent study by the Western Union Co. shows the number one consumer worry this holiday season is overspending. To prevent holiday-induced debt, create a budget before you hit the mall (or click your mouse) and stick to it. Going cold turkey on using credit cards for the holiday season is another smart move to avoid debt.

Can’t break the credit card habit? Counting on only making the minimum payment each month on a holiday credit card bill? Think again. Only paying the minimum will cost you more in the long run. For instance, if you rack up a $3,000 shopping bill on a credit card with an 18 percent interest rate, it will take 10 years to pay it off if you’re just making the minimum payment. That includes $1,700 in extra interest payments!

Instead of racking up debt this holiday season make a list- check it twice, budget wisely, and when you find that perfect present for Mom or Uncle Mike, be nice to your budget and resist the urge to splurge on “just one more” for yourself. Check out this BetterBudgeting.com article for 63 great gift ideas under $10!

The retail cost of menu items for a classic Thanksgiving dinner including turkey, stuffing, cranberries, pumpkin pie and all the basic trimmings increased about 13 percent this year…the average cost of this year’s feast for 10 is $49.20.

Don’t fret too much: While the price for Thanksgiving may have gone up this year, it is still a bargain at only $5.00 per person. Additionally, you can follow the tips below to avoid breaking the bank on this year’s turkey feast:

Beware the “Organic” Label

If you plan to buy organic this Thanksgiving, it is going to cost you dearly. We found a prepared dinner at Whole Foods with an organic turkey for $189.99—nearly 4x the non-organic price! If you want to eat local on top of that, it’s going to cost you even more. A 16lb local organic turkey from localharvest.org will run you around $180 for just the bird!

Take a Pass on Your Favorite Brand

Those name brands we all know and love can cost more than you would think at the checkout line. Save money by opting for the store brand version which typically costs 30 percent less. Turkey is turkey, after all. Your taste buds won’t know the difference, but your wallet will!

Stick With Tradition

Steer clear of less traditional options like a boneless rib roast or a pork roast. They might be tempting, but these options are usually much more expensive than a classic turkey.

No matter what you plan to do this Thanksgiving, remember to stick to your pre-planned budget. Those discounted items can be tempting, but consider if the item is something you actually need or just another impulse buy only to be remembered after it expires.

Sulekha.com

Welcome to this week’s edition of our Tuesday Top 5, Econ4U’s weekly tips post to help you manage your money in five easy steps.

There are a million articles on how to save more money, but how many of them contain advice you can actually use? We distilled the best advice we’ve ever gotten into five simple and universal truths.

1. The best way to save money is not to spend it. Even if you’re getting something on sale or at a great price, you’re still spending money. So when shopping for anything — from groceries to a house — make sure you really need it before you pull the trigger.
2. Learn how to comparison shop. For airfare and hotels, check multiple airlines at once using aggregate data from sites like Kayak.com. Check what interest rates different banks are charging on mortgages and credit cards on Bankrate.com. And before filling up your tank, find the cheapest gas in your zip code on GasBuddy.com.
3. Knock out impulse purchases. If “I just want to treat myself” is in your vernacular, add up how much a $5 nail polish, $10 iTunes album download, or $4 magazine costs you on a monthly basis. That may be enough to make you speak a different language soon.
4. Know when to buy used. Certain things — like mattresses and medicine — should always be purchased new. (Just whispering the words “bed bugs” in New York will cause many people to run screaming from you.) But there are plenty of normally pricey items — from jewelry to musical instruments to home decor — that can save you a bundle on great-quality stuff when bought used. Know what they are and get friendly with Craigslist and Kijiji.
5. Ignore the Joneses. Keeping up appearances when you can’t afford to puts you on the fast track to debt and financial insolvency. That may mean limiting your contact with people who live a faster lifestyle than you do, but a friendship with a competitive undercurrent is not a friendship you will miss.

Flickr.com

Being a personal-finance aficionado, I always click on those articles that promise to help cut the fat from your budget. Most recently, I was intrigued by the idea of RealSimple.com’s “24 Hours of Savings” article for finding ways to trim your spending throughout the day.

However, it’s disappointing that the bulk of the advice seems to be to cut back on lattes, deli sandwiches, sweets, booze, and takeout. All told, the amount of money the article says you can save by slashing those edible expenditures amounts to at least $26 per day.

My first reaction? “If you’re spending $26 a day on takeout, that’s $9,490 a year — no wonder you have money problems.”

It’s an unfortunate habit for personal-finance articles to contain unhelpful, overly general advice you have probably already thought of yourself. (For your amusement, here’s another example.) And much of the time, it amounts to little more than pound-foolishness.

So let’s put the question to you: What’s the most simpleminded advice you’ve ever seen in a personal-finance publication? And what kinds of tips do you find the most helpful?

TheFreshXpress.com

Welcome to this week’s edition of our Tuesday Top 5, Econ4U’s weekly tips post to help you manage your money in five easy steps.

There’s a difference between dating cheap and being cheap — we’re not endorsing the latter, but there are many ways to show your crush a creatively good time without emptying your wallet. Here are a few of our tried-and-true methods for romance on a dime.

1. Go bowling. Few things take the awkwardness out of a first date faster than goofy shoes, victory dances, and sharing a plate of nachos. Expect to pay under $20 for at least an hour of fun (or check if your local alley offers all-you-can-bowl nights.)
2. Pack a picnic. Fall is the perfect time to pack up a picnic lunch and hit the trails or park to gaze at foliage. Homemade tomato/basil/mozzarella sandwiches, a couple of seasonal apples, and a bottle of wine will run well under $20 for a gourmet lunch.
3. Appreciate fine art for free. Many nonprofit institutions offer free admittance to museums, film festivals, and concert series. Browse FestivalNet for local listings of music and film festivals and fine-art fairs.
4. Get outside. Channel nervous energy into an adrenaline rush by partnering up for rock climbing, hiking, biking, or kayaking. If you’re less sporty, nature walks and zoos will provide you plenty of conversation starters without making you break a sweat.
5. Show off your cooking skills. We don’t recommend it for a first date, but serving up dinner at home is a surefire way to cozy up with a date. Hopeless in the kitchen? Epicurious.com offers free access to the recipe databases from the Bon Appetit and Gourmet magazine archives.

PerfectWeddingMag.com

If you’ve followed the conventional wisdom of making a budget to live within your means, you may think you can just kick back and reap the benefits, right? Not exactly.

There are a number of life changes that will require you to tweak or even completely redo your budget. Here are a few of the most important changes you can make to ensure your budget can adapt to major life events.

• You get a raise. You may be tempted to spend a chunk of that money on a bigger apartment or a fancy new car, but resist. If you allow your expenses to expand every time your income increases, you’re not any more secure financially than you were before the raise. Keep your monthly expenses the same, though, and your savings accounts will reap the benefits.
• You lose your job. When your paycheck evaporates, it’s time to tap into your nest egg. However, maintaining your previous lifestyle without an income is a fast way to deplete your emergency fund. What you need now is a [blank]-hit-the-fan budget. Strip down your spending to stay current on the essentials for survival (housing, utilities, food) and any debt obligations (student loans, minimum credit-card payments, and other loans) to keep your credit in good standing.
• You get married. When you legally become a two-income household, the IRS starts looking at your earnings in a new light. Sit down with your new spouse to make sure you’re paying the correct amount in taxes every payday to avoid an unhappy wedding gift from the taxman next April 15.
• You have a baby. Not a newsflash: Kids are hardly cheap. The Department of Agriculture calculates it costs $226,920 to raise a baby to adulthood. However, the early years need not be the most expensive. An infant doesn’t need dozens of toys, books, or expensive outfits (especially considering she will outgrow all of the above at record speed), and as long as it’s safe, he won’t care how much you spent on his nursery furniture. Resist the urge to splurge gratuitously on your new arrival. And here are some important other financial milestones to hit before Junior arrives.

GreenSherpa.com

Welcome to this week’s edition of our Tuesday Top 5, Econ4U’s weekly tips post to help you manage your money in five easy steps.

If you have a tablet or a smartphone, it’s easy to spend too much money every month on downloading new, fun apps to entertain you. But what if those apps could actually save you money? These five new and popular entries to the app market promise to do just that.

1. Simple Check (free) for the iPhone and iPad. If you’re prone to overdrawing your account, this free app is a godsend. If you’re about to write a check or make a debit card purchase, you can enter the amount into this app and it will instantly tell you whether your checking account has enough to cover the transaction. Consider it the 21st century version of balancing your checkbook.
2. EasyMoney ($6.99) for the Android. This Droid app has several useful features, like alerting you when bills are about to be overdue and the ability to take photos of receipts to log them in your budget.
3. Groupon (free) for the iPhone, Android, and BlackBerry. Instantly download valuable coupons using this free app. It makes choosing where to go for happy hour a snap.
4. Pageonce (free) for the iPhone, Android, and Blackberry. This asset-management app lets you see your entire financial picture on the go — great for when you need motivation to stick to your financial goals while out shopping.
5. Account Tracker ($2.99) for the iPhone and iPad. Check all your account balances — both for checking/savings accounts and what you owe on credit cards — at a glance with this easy-to-use app. (A note: Some banks are now offering free apps that perform a similar function. It never hurts to check!)

As National Financial Literacy Month draws to a close, it’s a good time to reflect on the lessons you want to re-commite yourself to for the rest of the year. After all, isn’t spring a good time to reflect on the New Year’s resolutions you may have let slide?

Here are a few tips to get you on the fast track to riches:

• Come up with a plan to tackle your consumer debt.
• Know how the rich and financially savvy truly act and follow their lead. You might be surprised: Being rich doesn’t mean driving a Mercedes Benz or having a closet full of $700 shoes.
• Revisit your regular monthly expenses to see if you can cut back anywhere to add up real savings. That might mean trading in your car for a more affordable used model to eliminate your car payment, refinancing, or talking to a tax professional to adjust your tax deductions.
• Think long term and give your money the opportunity to grow. When you contribute to retirement, don’t even think about touching that money again until you’re in your 60s.
• Don’t have a will? Take some time to draft one — with so many software products on the market today, you won’t even need a lawyer to get started.