How to teach your kids to save

By Aaron Crowe

As any parent who has used a variation of "Do what I say, not what I do" knows, it's hard to teach your kids a lesson if you're not following your own advice. If you're not a saver and your children don't see you putting money away each month in the best high yield savings account you can find, then they're less likely to learn that habit.

Parents, you don't have to go over every monthly bill with your children, but it's a good idea to show them how you put money aside every month for emergencies, as savings for a rainy day, to save for a vacation or other large purchase, or to invest for the future, such as college. Learning how to set and meet a long-term goal is an important lesson for everyone...

By Angela Spires

Join the "Extreme Couponing" TweetChat on Wed. Oct. 26 at 7 p.m. Eastern / 4 p.m. Pacific. Hosted by GetRichSlowly.org. #moolah

With tough economic times, the rise of the electronic coupon has now become viral and is spreading through the Internet at an unprecedented rate. According to eMarketer.com, 88.2 million U.S. consumers plan on using online coupons in 2011. From groceries to gifts to vacations, electronic coupons are just a click away to putting more money in your online savings account and more products in your hands.

My sister had always wanted flying lessons, which often run $200 to $300. Last year on Groupon I found a first flight lesson for $100, saving me $150 off the regular price and giving my sister a memory that she will have for life.

Today, having Internet access means having the ability to cut your grocery bills down, buy holiday gifts at half price, and save money on vacations for your family...

By Angela Spires

Vices--habits we would like to break, but just don't. Mine was an addiction to Dr. Pepper, but once I looked at not only the health benefit of lowering my soda intake, but also the financial impact--about $250 per year in soda alone--I knew it was time to make a change. By cutting back to one can per day, I was saving more than $150 a year.

According to the Bureau of Labor Statistics Consumer Expenditure Survey, in 2010, Americans spent between $5,800 and $7,100 per person on media, alcohol, and dining out--three of the top five vices for Americans.

Giving up a vice isn't always the easiest thing to do, but you may be more inclined if you know what else you could be doing with that money. Imagine what you could do with these savings in your personal savings accounts or savings account alternatives.

1. From Dining out to Disneyland

A Disneyland family package, including airfare, runs about $5,000. Wonder where you can come up with the money for a week of family fun?

By Kathryn Hawkins

When you sign up with a bank, you may think you're protecting your money--but in many cases, financial institutions implement fees and other charges that can chip away at your hard-earned savings.

Here are 7 ways to beat the banks and manage your financial life to save as much as possible:

1. Plan a budget based on your monthly income. Take note of how much you bring in each month and your various expenses, such as rent or mortgage, food, car payments, and entertainment. Then set up a chart to determine the maximum amount that you should spend on each expense category based on how much you make.
   
   If you find yourself going into overdraft or relying on credit cards to make payments, modify your spending habits so that you can live within your budget, whether that means getting a roommate or brown-bagging your lunch a few days a week.


2. Pay yourself first. Automatically transfer money from your checking to your savings account immediately after you deposit your paycheck. If you have extra cash, don't just let it sit there in your checking account--move it to a savings account, where it can accrue interest. Many savings accounts will gain over 1 percent per year--so if you have a balance of $5,000, you could make an extra $50 a year just for moving your money into one of the best high-yield savings accounts.


3. Sign up for minimum balance alerts. Many banks offer free services unless your account balance goes below a certain limit--in many cases, around...

By Richard Barrington

Overdraft protection.

The words sound almost comforting--like an extra layer of security around your checking account--or perhaps a safety net to catch any mistake you might make in your account records.

Under certain circumstances, overdraft protection can be those things, but to many bank customers, overdraft protection is an exorbitant expense that just makes overdrafts worse.

Since one of the things you'll be asked to do any time you open a checking account is whether to have overdraft protection for your account, you need to know how overdraft protection works, and whether it is likely to work for you or against you.

Overdraft protection--how it works

An overdraft occurs when you use more money than you have available in your checking account. If you have overdraft protection, the bank will temporarily make funds available to you to cover the purchase--think of this as a short-term loan. This way, you are able to complete your transaction without having a check bounce or your debit card declined.

By helping you out in this way, overdraft protection can save you from inconvenience and embarrassment. However, there is a hefty cost for this service. According to economic research firm Moebs $ervices, the average overdraft fee is currently $27.50. These fees are charged per overdraft transaction, so if you use your debit card four times while your account is overdrafted, you would incur four overdraft fees.

Trends in overdraft protection

Over the years, overdraft fees

By Jim Sloan

Plan a beautiful Valentine's Day this year but with a difference Read the full article »