By Amanda Beals | MainStreet.com

Most folks on Main Street America are addicted to debt.

That grim diagnosis comes from I.O.U.S.A. [trailer above] author and film producer Addison Wiggin. According to Wiggin, Main Street America manages credit limits and not savings. So while the media covers on the every minute of bailout package’s debate, Americans need to know about their money, Wall Street and the government’s role in the economy, now more than ever.

Wiggin, who spoke to MainStreet.com exclusively, breaks down the economic crisis into four deficits.

THE BUDGET DEFICIT:
“The budget deficit is the difference between what the federal government spends and what it takes in revenues annually. At present, the federal budget is running a deficit. To compensate the difference in spending and revenues, the federal government uses Social Security surpluses to offset the bills the government racks up.

A looming issue? “Baby boomers are beginning to retire.”

The problem is that by 2017, Social Security will “start paying out more than it garners in revenues.” And, according to Wiggin, the government cannot pay the bills now.

THE TRADE DEFICIT:
“Today, America’s debt is purchased by banks and foreign lenders. We consume goods from abroad but do not export nearly enough. For example, China has $262 billion of the U.S. debt. Though in the short term, foreign ownership of U.S. debt is not a problem, it is part of the free economy; the long term is more worrisome. If China should threaten to dump its treasury holdings, the U.S. dollar would be eviscerated.”

THE SAVINGS DEFICIT:
“Very simply, American’s do not save their money. They manage credit lines, not their savings accounts.”

THE LEADERSHIP DEFICIT:
“Americans need to hold their politicians accountable. Americans should expect that the government will cut back on programs.”

To read more of this exclusive Q&A with Wiggin, check back later this week.

Does sentiment drive the market, or silliness? A practical explanation of how the markets work, with a dash of humor from George Parr.

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Before this summer, I was never one for saving my coins. I would carry tons of coins around in my wallet until they got on my nerves and then I would find a way to get rid of them. But this summer while on vacation in Acapulco I invested in a piggy bank that has proven to be a huge help with my saving!

Think you are too old for a piggy bank? Think again! Saving your coins in a piggy bank or even just a jar is a great way to save and provide yourself with a little extra something later on down the road. Think of it as a rainy day fund. When the jar or bank is full, take yourself out and buy something that you have been wanting but haven’t found that little bit of extra money for yet.

There are several things you can do with your coins:

Roll Them – This is obviously your best bet, but can be extremely time consuming as well. First you have to pick up the rolls from the bank, then roll the coins, and then take them back to the bank. I know a lot of people who find this really beneficial, I think I am just someone that enjoys instant gratification and find that rolling the coins just takes me too long.

CoinStar – CoinStar is a machine that is located at many grocery stores and other retail locations. It is the green machine that you may often see right when you walk through the door. There are 3 things that you can do at a CoinStar machine:

Donate – All of your coins can be donated to a charity through the machine. You just have to choose donate before you start putting your coins in and the machine will do it for you! The machine will also give you a tax deductible receipt for when you file your taxes. Some of the non-profit organizations that CoinStar works with include The American Red Cross, The March of Dimes, The World Wildlife Fund, etc.

Cash Out – This is simple as well, just pour your coins in, print the voucher, and take it to the customer service desk to get your cash. The catch is that CoinStar will take out 8 cents per dollar that you put in. Although it is taking money away, you are paying for the easy convenience of the machine.

Gift Cards – This is a great option through the machine. If you don’t want any money taken away from you, put your money into one of the gift cards offered instead. Some of the gift cards offered includes Amazon.com, Starbucks, Old Navy, etc.

I saved in my piggy bank all summer and just cashed out this past weekend. I wanted to do a gift card, but the CoinStar machine nearest me did not offer this option. Instead I cashed out and was still happy to realize that I had saved about $55.00 (this was a big surprise to me). I decided that this was money I had already forgotten about and treated myself to a pair of shoes for work.

Another way to save your money without using a piggy bank? Bank of America offers a ‘Keep the Change’ option that many of my friends have recommended to me. Every time you make a purchase on your Bank of America debit card, they will transfer the left over change from that purchase into your savings account. For example, if I bought something a CVS that cost me $9.25, Bank of America would transfer $0.75 into my savings account automatically.

For the first 3 months, Bank of America will also match your savings 100%! After these 3 months, they will match 5% per year for up to $250 per year! These savings could really add up for you. Make sure to check out the Geeezo Marketplace for other great accounts that can help you save your money!

As you can see, there are many ways to save that are simple for you and take none of your time! In the long run you could have some money for a rainy day, or reach some of your Geezeo goals just by saving some of your extra change.

Photo Courtesy of Michael Connors

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Do you think Wall Street mega-executives should have their paychecks regulated? Here’s what some people have to say on the matter.

By Farnoosh Torabi | MainStreet.com

You’re freaked out about money. Food prices are up, your home’s value has depreciated and your job is on the line. While there’s not much we can do to reduce the cost of fixed expenses like a mortgage and taxes, there’s a great deal of miscellaneous savings staring us right in the face.

Here are some quick cash fixes that can save you at least $100 a week.

Limit Visits to the ATM
ATM transactions, on average, charge about $3 in fees. Take out cash from ATM machines that belong to your bank to limit fees, or ask for cash back (no fee) when you use your debit card at stores like Whole Foods (STOCK QUOTE: WFMI), Staples (STOCK QUOTE: SPLS) and Best Buy (STOCK QUOTE: BBY). Visit the ATM once a week – perhaps every Sunday afternoon before the work week kicks in - take out as much money you’ll need for the next seven days and use that cash for your everyday expenses from gas to coffee, lunch and that must-have sweater that’s on sale at J.Crew (STOCK QUOTE: JCG). Sticking to that cash with help you better budget and avoid the ATM during the week.
Weekly Savings: At least $3 to $10

Get Rid Of Your Landline
Use your cell phone plan exclusively and save at least $25 a month. If you need to make international calls, encourage your overseas friends and family to join you in signing up for Skype.com, which offers free VOIP (voice-over-internet-protocol) services.
Weekly Savings: At least $8-$15

Buy Generic Grocery Brands
Buying generic pharmaceuticals and filling your grocery cart with store-brand products instead of upscale labels can help save up to 50% on everyday goods. While the quality may not be identical, it’s pretty hard to tell the difference between most products. Considering the average two-person household spends $200 a month on groceries, a single person could save a quick $50 just opting for basic brands. Want to cut another $30 to $50 a month? Reduce your eating out habits in half, since families spend more than 40% of their food budget on dining out, according to Consumer Reports.
Weekly Savings: At least $30

Self-Mani/Pedi
Beauty specialists suggest pampering your hand and toe nails about twice a month. That’s at least $30 a visit, more if at a fancy spa. Instead by some white nail polish to give your French manicure tips your own touch-up, or go two weeks without a professional manicure – no one will think less of you. There’s a much cheaper home remedy solution involving a nail file ($1) and nail polish ($6).
Weekly Savings: At least $15

Get a Library Card
It’s free! From books to DVDs and WiFi, the library is a cheapskate’s mecca, and makes Blockbuster (STOCK QUOTE: BBI) and Netflix (STOCK QUOTE: NFLX) look like highway robbers.
Weekly Savings: $5

Pre-Game
The markup on alcohol at a restaurant or bar is easily 100% more than the retail price at a liquor store. Next Saturday night when you plan on going out, first have a little cocktail party at your house to help limit how much you spend at the bars. And of course, drink responsibly.
Weekly Savings: At least $25

Nix the Gym
A UC Berkeley/Stanford University study found that average gym members visited their fitness clubs just four times a month – or once a week. That’s hardly enough times to satisfy a $60 to $100 monthly membership. If you’re not using your gym, lose it. Go for a run in the park, instead.
Weekly Savings: At least $15

Related:
The Real Secrets of Saving Money
The 10% Rule
Geezeo Savings Groups

Congratulations to everyone who sent Geezeo expert Farnoosh Torabi a question. Each one will receive a copy of her book, “You’re So Money: Live Rich, Even When You’re Not”.

The winners are:

Angie Campbell | Jeff and Diana Cullimore | Ryan Currie | Javier Martinez | Riley Porter | David Robinson

Didn’t win anything? No problem. There are more giveaways coming up. Here’s one for a Money Makeover, which includes a chance to win a cash prize.

Keep sending in your questions… you never know… if Farnoosh answers yours we may still send out a few more winning copies of “You’re So Money”!

Ever wondered how you’re doing in this economy compared to some others? Look no further than this article in The New York Times.

The article profiles six New Yorkers, all of whom are struggling in some way. Here’s a brief snapshot of each, and, a social group they might find helpful here at Geezeo. Where do you fit in?

Rescalla Cury, 22, an aspiring musician Photo: The New York Times.

Rescalla Cury, 22, an aspiring musician - Rescalla tends bar to support his musical aspirations. But with fewer people going out and spending less he’s feeling the pinch. As he states in the article,

“I’m making less money because less people are going out. And when they go out, they spend less than what they used to. I’ve been doing the same, I’ve been having friends together in my house, to drink bottles of wine, instead of going out to bars. It’s kind of like a chain. I make less money, and I stop going out too.”

Someone like Rescalla could benefit from the social support of people in any of these Geezeo groups: Starving Musicians, Broke Photographers, Graphic designers with negative money, or even in Thrift Store Treasures.

Betty Jones, 79, a retired social work administrator - Betty lives on a fixed income. It’s a combination of Social Security, a pension, and money from her deceased husband. And it’s still not enough to cover all of her expenses.

Betty could start a group for others in similar situations in the Golden Years section. Want to try and avoid being in Betty’s situation? Head over to the Retirement Planning section.

Rico Lumaban, 49, got into trouble with his mortgage. Rico, you aren’t alone.

Rico could find people in similar situations in our Foreclosure section.

Jennifer Manthei, 40, is a stay-at-home mother. Her marketable skills might not be enough to get a competitive job if it became necessary.

People like Jennifer would benefit from groups like Financially Frugal Families and Couples and Money.

Stanley Richards, 47, works for a non-profit. With fewer people giving money to support the non-profit there are fewer resources for everyone. Someone like Stanley would find similarly compassionate people in the Kiva Lenders Change the World group.

Tricialee Riley, 34, is an entrepreneur — who is expanding her business. In order to secure a loan for her second retail location she had to turn to a microlender. That was a surprise because Tricialee had developed a strong savings habit and secured her loan by having almost the equivalent available in savings.

Someone like Tricialee could share her experiences learning to build good savings habits with others here at Geezeo. Or, she might enjoy discussion in any of our entrepreneur groups: Wellness Professionals, Entrepreneur’s Post Exist Plan, or Self-Funded Entrepreneurs.

All of these New Yorkers (and people like them) should consider our Money Makeover Contest — be sure to check it out.

Find out where you belong at Geezeo by signing up here.

Are you among those who have committed financial infidelity?  Don’t know what it is?  I’ll define:

Basically, financial infidelity is where you are less than truthful about your financial situation, or your  purchases, no matter how large or small, with your spouse or partner. To clarify further, “less than truthful” means purposely not telling them about how you’re handling money.

Diane McCurdy, author of How Much Is Enough?  Balancing Todays Needs with Tomorow’s Retirement Goals,  says that “Lies erode trust, compromise the tellers integrity - and can make the person who’s lied to feel really bad.”

You and your spouse fit one of two catagories:

• A natural saver, seeing your freer-spending spouse as childish and irresponsible
• A spender spouse, viewing the saver as a miser and a kill-joy

Either way, both you and your spouse need to work hard to see the others perspective on things.  It may be that there needs to be new comprimises.  Let the spender learn to curb their shopping adventures some, while the saver loosens up the purse strings a bit.

Much can be done to help you and your spose get back on the same page, but do not expect this to happen over night.  It could be good to seek help from a professional counselor.  However, if you don’t think that you two need to go this far quite yet, then it may be beneficial to get the book “Financial Infidelity : Seven Steps to Conquering the #1 Relationshop Wrecker“, written by Dr. Bonnie Eaker.

If you want more advice on how other couples are managing their finances, check out the groups Couples & Money and DINKS - Dual Income, No Kids.  Have a confession regarding your own financial infidelity?  Post here - don’t worry, you can keep it anonymous!

Also, you can check out Clever Dude’s take on this book, as well as his own experiences with his financial life.

Photo Courtesy of : biewoef / stock.xchng

Let’s be honest, clothes can cost a TON of money, especially when you are shopping for work clothes. Depending on where you work it can range from casual, to business casual, to business professional…or a mixture of all of these depending on what you are doing or whether you have meeting/are seeing clients.

After spending the summer at an internship where the company chose to be “summer casual” I really got to thinking about what is appropriate for work and what is really inappropriate. You would think that when people look in the mirror they should realize if they are pushing the limits of summer casual, but as I went into work every day, there was always someone that surprised me with their choice of outfit.

The employer that I work for was once business professional but after this summer has chosen to switch to business casual with casual Fridays (like many other companies have done). Companies often chose this option to enhance workplace attitudes among employees. When people feel more comfortable at work, it is believed that people will also feel more comfortable expressing ideas and getting their work done.

But, even business casual has its limits. Everyone must learn what is acceptable and what is not.

However, it is not just the clothes in the companies that have changed to business casual. Relationships throughout the company have also gone more casual…no longer using Mr. and Mrs., but everyone is on a first name basis with each other.

According to CNN.com, your words, behavior, and appearance are all factors that you should test to see if you have become too casual at work.

Words – This is extremely important. You do not want to use words or say things that may either be (1) taken out of context or (2) sound extremely unprofessional in a business setting. This means no swears and leave stories that do not belong at work out of the atmosphere completely.

Behavior – Don’t let your “friendships” with your co-workers effect how you are performing at work. Yes, you may start friendships at work, but make sure that you are discussing last weekend’s events instead of focusing on an important meeting.

Appearance – This includes both grooming and what you wear. You want to look professional at all times even if it is a casual Friday. Jeans should not be ripped or too baggy for work. Also, don’t wear shirts that are too revealing, tight, or something you would wear to a club on the weekend. If you have clients in your building, how you look influences their overall view of the company.

Yes, stores often sell work clothes for extremely high prices, but that doesn’t mean that you can’t also find them for cheap. I bought a pair of $75 Express dress pants at TJMaxx for $15. That is a huge difference, but there is nothing wrong with the pants so why not spend $15 instead of $75? Nobody can even tell the difference!

Don’t let the “business casual” title effect how you are performing or dressing for work. Remember, there is always someone watching you and it is especially easy to see when you are wearing a dress that is too short or jeans that are too scruffy looking for the workplace. Just think, if your company opted to go business professional because they though employees were not taking responsibility for themselves, you would be paying much larger bills at the dry cleaners and looking for new work clothes anyway. Be responsible for yourself. Set an example and maybe others will follow! Your company could lose their reputation if others (including clients) get the wrong idea and you could be paying a lot more towards your wardrobe!

Photo: Mohammad Hosni Alhasan

Related Articles:
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How Much Should You Spend on Clothes?
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Are you ready to kick it up a gear? Gain some serious insights and learn from some of the best financial minds. Join us IN PERSON at the 2009 Money Making Strategies Investment Conference.

Here’s what’s happening:

….and your friends here at Geezeo will be there, too!

It happens Saturday, October 25 at Pier Sixty, Chelsea Piers, NYC. Click here to get more information and register.

Here’s a great opportunity to mingle with some of the best financial minds. Rev up your finances for ‘09!