Move fast — The Great Geezeo Bailout is almost over!

As a reminder, here are the great prizes you could win if you enter before midnight EST tonight:

$6,000 cash-money: use it to pay off your debts, invest, or do something wild!

$1,000 funded investment account from Trade Monster

$250 funded investment account from Trade Monster

$500 funded lending account from Lending Club

$50 funded lending account from Lending Club

12 months of Identity Guard Protection from Identity Guard (value: $215)

…or a copy of Geezeo Expert Farnoosh Torabi’s book, “You’re So Money: How to Live Rich, Even if You Aren’t”.

All it takes is for you to register as a new Geezeo user, or, log in and enter as a returning user before midnight tonight. Good luck!

With the economy as weak as it is right now, many people are finding it difficult to relax and ride out the recession. And with people losing jobs left and right it is extremely easy to understand why. However, there are a few ways that you may be able to make the weakened economy work in your favor.

Purchasing a New Car – The difference between the cost of a new car vs. a used car is not as great as it used to be. You may even be able to find a brand new 2009 car for less than you would a used car. Not only that, but dealerships are practically giving cars away and will over any type of deal you may be looking for. Try out your luck to see what you can get. Make sure you do research at all different types of dealerships in order to get the best deals when you decide on the car you want.

Purchasing a Home – There are a ton of houses on the market. Because people need to sell in order to move they will continue to take a hit on the price of their home in order to get it sold and off the market. This will definitely work in your favor if you are looking to purchase a new home or even your first home. Shopping around for a house is just as important as shopping for a car. Make sure to do your research and even search for homes that have been foreclosed upon. Although you never wish it upon someone else that they lose their home or have to give it up, there are definitely some deals out there.

Price of Shares – Shares are definitely at a low price right now. Although there is always a risk when investing in the stock market, you may be able to find some great prices for shares. However, you must make sure you choose a strong company to invest in because you do not want the company you choose to go out of business if the economy continues to worsen. When the economy eventually turns around and the stock market shoots back up, you will be making money since you purchased your share for a much lower price.

Power of Negotiation – The consumer power of negotiation is stronger than ever. You can practically negotiate a price or deal for anything that you have done your research on. For instance, when it comes to landscaping your yard this summer, make sure you compare prices and then choose the company you really want to work for you. Once you have chosen the company, make sure to negotiate your price down. Everyone needs to work or sales even if it means they need to bring their prices down in order to get it.

Some of these things can definitely help you get through this weak economy. If you have some extra money to spare or have been waiting for the right time to purchase a home or car now is the time to do it. Although you may not be willing to take a risk, it may benefit you in the long run to do so now before the economy picks itself back up! Although now is a buyer’s market and the time to spend, make sure you avoid spending more than you can afford.

Photo by: Darren Hester

By Jeffrey Strain | MainStreet.com

When times are tough, people typically rein in their budgets. While most people cut everyday extravagances like gourmet coffee or premium cable channels, others take frugality to the extreme. Here are some unusual ways people are trying to save money:

Toilet training your cat: Buying kitty litter will put a dent in your wallet. Cleaning up the box is another pain. The ultra-frugal are addressing the issue by toilet training their cats. If that seems like too much work (or Lord Fluffington proves uncooperative), you could try making your own kitty litter instead.

Reusing toilet cloths: Some penny-pinching consumers have switched from toilet paper to cloth napkins, which have the added benefit of helping the environment. The same principle applies to paper towels, though with less of the ick factor.

Green-minded savers say that wiping with cloth in the bathroom is similar to using cloth diapers on babies instead of disposable ones. Wallypop, a family business in Des Moines, Iowa, sells colorful wipes in a variety of fabrics. The reusable towels are machine washable.

Picking up plants from funeral homes: Fresh flowers can brighten up a home, but they can be expensive. The obvious solution is to grow your own, but that’s messy and takes time. Some people have tried calling local funeral homes to see if they can take plants left over from funerals. Mourners seldom take home all their flowers, and funeral directors might be happy to unload the bouquets.

Turning pet hair into clothing: Knitting can be a wonderfully frugal way to outfit your family. If you’re an extreme saver, there’s a way to avoid buying yarn. Kendall Crolius tells readers how to turn extraneous pet hair into yarn in her book Knitting With Dog Hair. The book’s tagline says it all: “Better a sweater from a dog you know and love than from a sheep you’ll never meet.”

Baking cookies in cars: If you have a sweet tooth and live in a warm climate, you could cut the cost of your treats by making them in a solar oven. These metal rigs use the sun’s rays to cook food for free.

The Baking Bites blog takes this idea a step further by showing you how to bake cookies in your car on hot summer days. The process might leave your vehicle smelling of chocolate chip cookies for the rest of the week, which some people might consider a good thing.

Although it’s wise to cut expenses when the economy spirals, some things shouldn’t be discounted. But it’s up to you to make that distinction.

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Follow these thrifty tips and save $400 a month without breaking a sweat.

By Kathryn Hawkins | Razoo.com

Home foreclosures, which are occurring all too frequently in this economy, are a sad circumstance for any family—but thanks to a new volunteer group called Take Back the Land, foreclosures are no longer bad news for everyone.

The group’s leader, Miami activist Max Rameau, figured that there was no reason that the houses should simply sit there empty when there were so many people who had no place to live. So he decided to play matchmaker of sorts, between bank- and government-owned houses and local homeless families, who simply needed a place to stay temporarily. He has since provided free temporary homes to seven local families.”We are trying to give people some dignified options,” Rameau told Ode Magazine. “Several families have been able to save money and move on to other places.”

Rameau’s actions aren’t exactly legal, but Miami officials are willing to look the other way as long as the homes’ owners don’t complain. So far, they haven’t had any problems, but there are risks involved: families are liable to be charged with burglary, and illegal immigrants may be putting themselves at greater risk of deportation by drawing attention to themselves in this manner. Rameau makes sure that each homeless family clearly understands the possible repercussions of their actions, but the families have simply been so eager for a place to stay that they are willing to overlook the dangers.

“We just explained the levels on which you can get hit and the only real question they had was, ‘Do you have any four-bedrooms?’ said Rameau. “This really speaks to how desperate people are.”

However, the times may be changing: in cities like Atlanta, homeless families are actually being paid to stay in vacant homes to keep out burglars. Cleveland is also considering a plan to allow homeless people to live in the city’s abandoned homes if they are willing and able to renovate them during their stays.

“The crisis is so bad that it’s forcing people to think about their relationship to land a little bit differently,” said Rameau. “It’s very important that what comes out as a result of this clash is better, not worse, than where we are right now.”

How you can help: While Take Back the Land and similar initiatives may provide a temporary solution for homeless families, many nonprofit organizations are focused on providing long-term shelter, support, and professional opportunities to dispossessed individuals. Consider making a donation to a group like Habitat for Humanity, which is dedicated to building low-cost homes for low-income families and the formerly homeless.

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When should you use your credit card, and when should you use your debit card?

This question is more complicated than it first appears. For example, some people exclusively use their credit card to pay for expenses. They feel this is more secure. Plus, in some instances this means they collect cash back or other incentive points. But this strategy requires a lot of diligence so that the balance can be paid in full at the end of the month. Otherwise you can seriously harm your credit score thanks to a growing debt balance.

By contrast, using a debit card means that you can only spend what is available in your checking account. Or at least, this is how it used to work…. A few years ago your debit card would be declined if you did not have the balance to cover a purchase. Now, banks are quick to cover your balance and charge you $35 or more for the favor. If you overspend you won’t be stopped at the counter. Instead, you can keep shopping and quickly rack up fees.

Still, there remain some general rule of thumb when to use credit versus debit. Here they are:

Use Debit Cards When….

You Want to Buy Something Inexpensive or Consumable.
It’s hot, you’re thirsty, and you want a soda. If you don’t have cash (first choice!), whip out your debit card. Some merchants have minimal purchase requirements before they will let you use a debit card. Do not put inexpensive purchases or consumable purchases on credit because you’ll end up paying much more for it over time.

You Want to Avoid Lingering Interest Charges.
The quick pain of $35+ might be worth it instead of adding to a growing credit card balance. (If making this choice is your dilemma, consider it a red flag.)

You Need Fast Cash
If you’re in a hurry for cash use your debit card. Preferably use your card at your home bank to avoid ridiculous ATM fees. Taking a cash advance from your credit card will incur a much higher interest rate and could even trigger an interest rate hike on your credit card. Not fun.

Use Credit Cards When…

You Shop Online.
Credit cards offer greater fraud-protection coverage.

You Buy Something Big
Some credit cards offer additional warranty protection beyond the manufacturer. Also, you might be eligible for promotions or additional incentive accumulation offer by the card.

To Establish Credit History
You need to establish solid credit history if you’re just starting out… or starting over. Do so by purchasing an item on the credit card and paying it off entirely at the end of the month or by meeting minimal payment requirements. Note: minimal payments will greatly extend the cost of whatever you’ve purchased.

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Learn from your grandparents in the Great Depression. Here are 6 ways to save money and weather this recession.

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Fair enough: being “knee deep in debt” does not typically include “kicking up your heels” with glee. Who can be happy with the weight of debt on their shoulders? How can you have fun on a strict budget?

It turns out that the Federal Trade Commission has a consumer report titled “Knee Deep in Debt”. It’s got a lot of great tips so you can start kicking up your heels again.

We found it thanks to blogger Mary Bell of Millennial Financial Coaching [warning: turn down the sound, cube dwellers!]. Here are some of Mary’s helpful additions to the FTC report:

1. Be Very Careful When It Comes to Debt Repayment Companies or Organizations

Mary lists three helpful agencies, below.

InCharge Institute

National Foundation for Credit Counseling – To find an NFCC counselor click here

Consumer Credit Counseling Services – To start credit counseling online click here

2. Know Which Type of Service You’re Getting

Mary breaks it down into “good”…

Debt Management Plans = These are plans where the company works to help you negotiate lower interest rates but repay the debt over a feasible time frame that works for you. The purpose of these plans is negotiate a feasible payment to pay the debt that you incurred.

…versus “bad”, or just plain evil:

Debt Settlement Plans = NEVER recommended. Let me repeat, NEVER recommended. Debt settlement companies have a very aggressive marketing campaign and continue to grow (many mortgage brokers who went bust in the housing fallout have now found a “new” career in the debt settlement arena).

How it works: A debt settlement company sounds fabulous because they promise to pay pennies on the dollar for the debt you have incurred. What they do is have you pay them instead of your creditors. They keep the money, minus their generous cut, in a bank account in your name (which is why it is “guaranteed”). After a year of two of not paying the creditors, which means your credit is wrecked, the debt settlement company “negotiates” with the creditor and tells them they will pay pennies on the dollar for the debt that is owed. Sometimes the creditors accept and the debt is repaid at a fraction of the cost. But when the creditor will not accept the terms, you are still liable and can end up in bankruptcy court. Oh and by the way, telling the judge that you hired a debt settlement company to take care of the debts doesn’t stand up in court. The debt settlement company has taken their cut of the money and fled the scene. You are left in a worse situation than before: You still owe the debt, you’ve lost the money that the company took, and your credit is even more wrecked than before.

We’d like to add that there are four legal ways to clear your credit card debt. Make sure you take Mary’s thoughts into account, too, as you work your way out of knee-deep debt so you can eventually kick up your heels.

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