Holiday Shoppers Using Layaway Plans to Stay Debt Free

Layaway Now for Christmas (Photo credit: eric731)

The holiday shopping season is fast approaching. Shoppers wanting to stay debt free are using layaway plans.  Layaway allows a shopper to reserve an item and make interest-free payments toward the purchase of that item. The consumer receives the product when it is paid off.

"Layaway can be an option to survive Christmas shopping without going into credit card debt and paying high interest payments," says Bill Hardekopf of LowCards.com. "But consumers have to guard against impulse buys even on layaway purchases. You need to determine if you can make all the payments before the deadline. Don't use layaway if you can pay in cash."

When using layaway plans it's best to be aware of the many rules and fees associated with them. Layaway is not free, but retailer competition is forcing service fees to be decreased or even eliminated. Toys R Us waived its $5 service fee on layaway orders made by October 31. Walmart lowered its service fee from $15 to $5, but you can get this back as a gift card after your final payment. Sears is dropping the service fee--$5 for an eight-week contract and $10 for a 12-week contract--for orders placed through October 29 and from November 2 to December 3. Kmart's fee is similar to Sears' and it is being waived through November 15.

Be aware of the rules concerning layaway plans:

• Layaway plans aren't specifically regulated by federal law so consumers need to get the layaway terms of the store in writing before purchasing an item. 
• Know all of the details and conditions of the plan. Know when you have to pay off the item and the dates that each payment is due. Ask what happens if you are late or miss a payment, or if you no longer want the item after making a few payments. Know what occurs if the item goes on sale after you've started the layaway plan. 
• Be familiar with the refund and exchange policies for an item on that specific layaway plan.

Rules specific to stores:

Toy R Us - Toys R Us requires a deposit of at least 20% of the total price of your order plus all applicable taxes. 50% of the total price of your order must be paid within 45 days and the total price of your order must be paid within ninety days or by the "Holiday Cutoff", whichever is sooner. Your contract will be automatically cancelled and ordered merchandise will be returned to stock if you have not made payment of 50% of the total price of your order within 45 days or your balance is not paid in full within ninety days.

Sears - Sears layaway is available on purchases made September 29 through October 29 or November 2 through December 3. It requires a down payment and biweekly payments. Four payments of balance due are required after down payment for an eight-week contract and six payments of balance due are required for a twelve-week contract. All fees are nonrefundable.

Walmart - Walmart requires a $10 or 10% down payment. The minimum total purchase must be over $50 and individual items must be $15 or more. Layaway is available through December 14 and final payment and pick up must be made by that date. If your account is cancelled, the items will be returned to inventory and a $15 fee will not be refunded.

Best Buy - Best Buy layaway is available year-round with a 25% initial down payment plus a 5% nonrefundable layaway fee. The items must total $250 or more. Consumers must make a payment every two weeks until your balance is paid in full.

Target - Target does not offer layaway.

This year would be a good time to try layaway plans. It will help you stay within your budget and keep you from going into debt again this year.

What You Need in Order to Set up a High Interest Savings Account

 (Photo credit: Wikipedia)

In this day and age, where jobs are only safe today and incomes fluctuate wildly, saving is perhaps one’s best bet at securing a future and also making one or two long-held wishes come true along the way. The problem is that the practice and habit of savings is changing as the world around us changes, too, and technologies are updated. 

Another deciding factor in this respect is what to look for in such an account. An inexperienced banking service client can even end up making poor decisions in such a scenario. The ideal picture, when you’re looking to save money, is that you will also be making money out of your good idea and wise caution. How so? 

Essentially because you will be helping to make the bank more secure, by providing it with much-needed liquidities. As such, before signing on with any particular bank, it’s wise for you to look into several options, read up on current trends on http://business-cafe.org/ and decide for a quality product, such as a high interest savings account. In what follows, we will be telling you all you need to know before opening such an account. What do you need? What factors should you be taking into consideration? Read on to find out. 

Personal Identification Documents

As with setting up any type of account, be it a banking account or an online platform account, you will need to provide certain types of identification information. As per usual, banks require you to provide one form of identification with a picture, or, alternatively, a primary source of identification with a picture and one without. You will need to fill in forms with all your personal details. If you’re setting up an account which also allows for another holder, you will also be required to provide their details, too. The most valuable piece of information required in this stage is your tax file number, also known as the TFN, which will allow you to no longer pay the withholding tax on your new account. Also, if you plan on linking several accounts, you will have to provide information on all the other accounts, too. 

Setting up the Specifics

The main question you need to ask yourself before setting up the savings account is how much money you’re willing to set aside each week, and, respectively, how much money you want to see piling up in your account by the time your savings span is over. These two factors are interconnected and require some preliminary thought. You can’t jump in head first and hope everything is going to be all right when it comes to money—not even when it’s about saving money, instead of spending it. 

You need to know precisely what your monthly costs are, from bills to rent to what you spend on food and other current items. Once you’ve established your margins, you’ll be able to set yourself much more at ease with such an important decision. You will be able to focus exclusively on your high interest, which you need to remember is the main perk of such an account. Remember never to set up a savings account with a given bank if you believe a different institution could give you a better interest rate.

Related articles

• 4 Ways to Make Money with Certificates Of Deposit (50plusfinance.com)
• Ways Your House Can Earn You Money (50plusfinance.com)
• Saving Money With Online Tools (savealittlemoney.com)

Funding Your Floridian Dream Post Retirement Financial Strategies

Retirement doesn't automatically mean that you get to live off your savings and investments. Many people use post-retirement financial strategies to fund their Floridian dreams.

Invest in Gold

Via Wall Street Manna

The value of gold tends to increase as other areas of the economy decline. Stock market crashes and monetary inflation can cause the value of gold to skyrocket. Investing in gold, therefore, hedges you from other strategies that might fail. Plus, you can always exchange gold for money.

If you want to learn more about making money from gold investments, read The Gold Video articles often. The site can teach you about everything from spotting fake gold to finding great hiding places in your home so you can avoid bank fees.

Start a New Career as a Consultant

Via Bloomsburg Businessweek

You developed a lot of useful skills during your career. You can keep using those skills on an independent basis by working as a consultant. The amount that you earn will depend on what skills you have and how much you want to work. A senior business consultant could earn more than $100,000 a year.
Young businesses might not want to hire retirees as full-time workers, but many of them will spend good money to learn important lessons. As a consultant, you can offer that service. You even get to set your own hours so you can enjoy your retirement even while you work.

Become a Foster Parent

Via FamilyFormation.com

If you love children, then you should consider becoming a foster parent. Not only will you help the thousands of children who need foster care, but you can also make a little money. Foster parents typically get paid between $446 to $667 a month. They might get more if they take care of children with special needs.
The government provides this money to support the foster children, but it can also make your retirement lifestyle more affordable. Part of that money, after all, goes to housing expenses. You can use it to pay your mortgage or rent without feeling guilty.

Learn to Become an eBay Maven

Via Toy N Bee

As a retiree, you have at least one big advantage over everyone else: you have plenty of time. Many retirees have used their free time to become eBay mavens. They spend their afternoons visiting thrift stores for great deals, then they auction off the best items for a profit.

eBay claims that anyone can make $100 a week on their site. Don't feel intimidated by the technology. eBay has a rather simple user interface that works well for experienced and inexperienced computer users alike. If you feel anxious by the very thought of selling things online, contact your local library about computer education classes that can help you feel more comfortable.

You can make your Floridian dream a reality when you think creatively and use your best assets to make money well into your retirement.

Author bio: Natalie Bracco is a freelance writer and an amateur baker. When she's not busy in the kitchen, you can find her writing about technology, travel, food and finance. Follow her on Twitter @nataliebracco.

7 Tips on Income Security for the Over 50 Crowd

Over the past 25 years we have seen the slow and steady decline to government benefits and pension plans. As we reach the age we begin to think about retirement, is there such thing waiting for us?

Before allowing ourselves to feel victimized by the economy or misleading financial plans offered by employers, it might be a good idea to make a plan and take massive action now, even if retirement has already started. Protecting your personal finances in middle age and beyond is still within your power. When we stop relying on employers and banks to save for our retirement, we put the power in our own hands to make the smooth transition into retirement and have enough to keep our lives running.

Setting Up Your Personal Finance Plan

1 Count Your Money – Take a lined sheet of paper with four columns and list:

• All your sources of income.
• All Your Unchangeable expenses (bills)
• All your debts
• All your regular expenses (groceries, entertainments, gas…)

Don’t forget to include all your personal property, debts, credit card balances, mortgages, car payments, insurances, personal belongings, properties, withholdings, 401k’s, pension plans, savings and any other source of income, debt or savings you have currently.

2 Money Flow – Start with a number that is less than your current income and then deduct payments and expenses you cannot change such as car, home, insurance, and debts. Then, carry a note book around with you for a month and write down everything you buy from the coffee out to the toll ways. Don’t judge yourself; simply write down where your money goes, even if it is a gumball machine or your change jar.

3 Make a Budget – Sit down and figure out where your money is going after your month of note taking is up. Decide if you can pay yourself and your savings more first while reducing expenses elsewhere. Are there debts you could pay off too? The idea here is to start living on less so you have more to live on later. As for the portion you pay yourself, you don’t ever spend it, it is simply yours to keep and then invest in plans that make the money earn money for you.

4 Get Help – If you find yourself stressed over the idea of deep changes or can’t see where you can shift income around, then get a trusted friend or family member to help you. There is also great financial software out there to use. By simply inputting your notes into the program daily you can get detailed reports with charts to see where your money is going.

5 Seek Credit Help – One huge way we can start saving more money is by changing our credit card debt. Sit down with a financial advisor and have them help you look at that debt to see where you can consolidate loans and debt, even credit cards themselves. Can you move the debt to a lower interest plan? Can you consolidate? Would a second mortgage be cheaper than the debt and then use it to destroy your credit cards all together?

6 Lower Living Costs – Can you Move to a smaller home and reduce utility bills. Or how about turn in your car for one with cheaper payments and insurance?

7 Increase Income – Most people don’t stop to ask themselves if they are being paid their true worth for their expertise and experience. Get up the courage to ask for a raise or find a new job where your talents are paid for.

Now that you have worked on your income and re-situated where you money flows to and from, sit down and ask yourself what kind of lifestyle you want to live once you are retired. Set forth a plan, even if it includes a part time job or well-paid hobby, that covers the lifestyle you have saved for and want. Being realistic about where we are now and how we get where we are going can make us feel less like a victim of the economy and employers and more in control of our futures.

Author Byline:

Kelsey is the editor in chief for www.findananny.net/. She loves to write article and ideas that parents & nannies would be interested in hearing. She helps society on giving information about nannies through nanny services. She is a professional writer & loves writing on anything.

5 Facts on Life Insurance for Over 50's

Life insurance for those in their 20's, 30's, and 40's is very inexpensive. On average, you would pay less than $300 per year for coverage up to $250,000. The cost of term life insurance has really come down over the years benefiting many families. 

But as we get older the costs of insurance naturally rise because the likelihood of the insurance companies paying off rises. Here are a few facts to keep in mind when shopping for over 50 life insurance.

1. Life insurance for those over 50 is generally offered as a whole life policy. It will insure you until you pass away, as opposed to term coverage which will only cover you if you pass away within the time period that the policy is in force.

2. According to the statistics, life expectancies have increased, Americans, in general, live longer than they did ten years ago. As a result of the greater life spans, many leading insurers are lowering their rates. 

They offer insurance policies to older folks too. Where we may relate term insurance with young adults, it is not difficult for a pretty healthy 50 year old individual to get a 10, 20, or even 30 year term insurance policy!

3. Because people are living longer, insurance providers are more than happy to extend insurance coverage. While a 50 year old individual may have some difficulty finding a 30 year policy, they can certainly find 10 – 15 year term coverage. 

They can also look for permanent coverage like a whole life policy. This can be a significant part of your financial strategy. There are other purposes of policies for older individuals as well, such as Estate Planning, tax planning, etc.

4. Buying insurance coverage for individuals over 50 has been made simpler by online services in America. These days, choosing life insurance for your family is easy, thanks to how simple it is to get quotes from top insurance agencies in the United States.

The quotes cost nothing, and they can be seen within a few moments. In the past, getting insurance was complex and time-consuming. The whole process of attempting to search through rates and details from different firms was daunting and complex. 

Websites have made this process simpler. By answering a couple of questions, you are able to get free quotes from legitimate insurance providers.

5. One benefit of whole life insurance for over 50′s is that they have predetermined (fixed) premiums, so you don’t need to worry about the policy getting more costly as you get older. 

But this implies that policy benefit payment will not rise in accordance with inflation either, thus it could leave your loved ones with less purchasing power than you had anticipated.

As a general rule never go with your first over 50 life insurance quotes, always compare insurance company benefits and their life insurance premium before you make a decision in getting life insurance.

Related articles
Life Insurance & Its Role in Human Life (50plusfinance.com)
Do Baby Boomers Still Need Life Insurance? (50plusfinance.com)
Picking The Right Insurance Company (50plusfinance.com)
Adding Your Children Onto Your Insurance Policy: Pros and Cons (50plusfinance.com)

Call Center Communication Made Easy

The gas company serving this area brought their call center back to Phoenix from India last year after numerous customer complaints. What a difference now when you call them. Plus it also created 300 jobs. They were so bad that when India answered I couldn't even understand them or be understood. I'd simply ask to be transferred to a supervisor in the U.S. and they would comply. Now that I know it is the law - I will do it for sure anytime you call an 800 number for a credit card, banking, Verizon, health and other insurance, computer help desk, etc. 

If you find that you're talking to a foreign customer service representative and you do not understand the person you are talking to, please consider doing the following: 

After you connect and you realize that the customer service representative is not from the U.S.A. (you can always ask if you are not sure about the accent), please, very politely (this is not about trashing other cultures) say, “ I'd like to speak to a customer service representative in the United States of America.“ 

The rep might suggest talking to his/her manager, but, again, politely say, “Thank you, but I'd like to speak to a customer service representative in the U.S.A.“ You will be immediately connected to a rep in the U.S.A. That’s the rule and the law. It takes less than one minute to have your call redirected to the USA. Tonight when I got redirected to a U.S. rep, I asked again to make sure - and yes, she was from Fort Lauderdale. 

Imagine what would happen if every US citizen insisted on talking to only U.S. phone reps from this day on. Imagine how that would ultimately impact the number of U.S. jobs that would need to be created ASAP. If I tell all my friends to consider this and you tell all your friends to consider doing this - see what I mean... it becomes an exercise in viral marketing 101. 

Remember - the goal here is to restore jobs back here at home - not to be abrupt or rude to a foreign phone representative. You may even get correct answers, good advice. and solutions to your problem - in real English.

Related articles

• Top 10 Cases of Corporate Identity Theft (50plusfinance.com)