Caring for Senior Parents Posted by: Lisa Nichols | May 28,2008

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As kids get older, caring for senior parents becomes a very real concern. The cost to provide senior home care can be prohibitive but for many people, it’s a very worthwhile experience. Caring for senior parents is a choice that almost everyone will be faced with at some point. Learn more about the decisions you’ll have to make and what sort of changes you’ll have to make to your home to provide in-home care for your senior parents.

 

Senior Home Care Options to Consider

 

Deciding whether to provide senior home care is a decision that the whole family should make together. But sometimes, the cost to place an elderly parent or parents in a retirement community is so costly that in-home care may be the only option. There are a number of benefits to providing senior home care. Your children can learn a lot from experiencing multi-generational influences in their home. Caring for senior parents may also help bring you and your parents closer together. If you have a full time job, you will probably have to consider in-home care for your parents while you are at work. The people who provide this service range from licensed nurses to senior home care providers without any healthcare experience. Check references carefully and ask to speak to past employers before entrusting anyone to care for your parents.

 

Home Remodeling Costs Associated with In-Home Care

 

Home remodeling costs that are associated with in-home care of elderly parents can be expensive. Depending upon the needs of the parents, a number of modifications may need to be made to a house to accommodate their needs. Home remodeling costs might include adding a chair lift or an elevator, widening hallways for wheelchairs and reconfiguring a kitchen, bathroom or guest room to accommodate senior home care needs. If you’re thinking about making some changes to make in-home care easier on your folks, a rewards credit card or a cash back credit card can help reduce expenses. These credit cards provide rebates, rewards, gift certificates and cash back just for using the cards for new purchases. Using a rewards credit card for big purchases related to home remodeling can mean a big savings that will come in handy when setting up in-home care for your elderly parents. 

More Ways to Save Money: Go Green Posted by: Lisa Nichols | May 27,2008

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You can go green and find new ways to save money at the same time. Many people believe that green living means a lot of additional expense. Not so. Many of the most popular sustainable living tips offer you ways to save money on household bills. Go green this year by making simple changes to reduce your energy bills and to cut back on your food expenses.

 

Sustainable Living Tips Offer You More Ways to Save Money

 

Many sustainable living tips that provide you with ways to save money on your energy bills are easy to do. Using compact fluorescent light bulbs in your home can make a real difference in your energy bills. The light bulbs use 75% less energy than traditional light bulbs and can last up to 7 years. Sustainable living tips also include unplugging appliances when they are not in use to reduce your energy bills. Appliances that are turned off but still plugged in drain energy. Power strips make it easier to go green and can also help to protect appliances from power surges overnight or when you’re at work.

 

Green Living Tips Help You Start Living an Eco-Friendly Lifestyle

 

Another way to save money and to start living an eco-friendly lifestyle is to re-think your eating habits. Shopping at co-ops and farmer’s markets helps support locally owned businesses. The fruits and vegetables at a farmer’s market are often a much higher quality than you’ll find at the supermarket and they’re less expensive, too. Start your own fruits and vegetables garden for another great way to save money and to support your eco-friendly lifestyle. Growing healthy foods for the dinner table is less expensive than buying them at the store and a great way to teach kids about how to go green. 

 

Before you shop at the local co-op, get a rewards credit card or a cash back credit card. These credit cards provide you with rebates and cash back on your purchases and many of them provide bonus rewards or double points when you use them to shop for groceries. 

Consumers Choosing Credit Cards Over Loans Posted by: Henry Baum | May 27,2008

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  There has been ample evidence that banks it is getting tougher and tougher for consumers to secure personal loans. Well, the word’s out and now fewer borrowers look to personal loans in favor of credit cards. A new survey conducted by Citibank indicates consumers are not even bothering to apply for personal loans and instead go straight for credit card applications.
 
Citibank surveyed 1,000 people and their answers were quite surprising. When asked if they’d purchase an item $3,000 or more, 33 percent said they’d make the purchase on a credit card, as opposed to only 10 percent for a personal loan. The majority said they would make the purchase with savings –- 38 percent –- but still, the willingness of using a credit card over a loan is fairly striking.

Familiarity With Credit Cards

In the survey, consumers chose credit cards over personal loans for a number of reasons. The primary cause may just be a factor of familiarity. Consumers are accustomed to using plastic, whether a credit card or debit card. There is also evidence that people consider a personal loan a greater risk than a credit card, even if it has a lower interest rate.
 
Part of preference for credit cards over personal loans has to do with misinformation. About 20 percent of the respondents believe a personal loan carries a higher interest rate than a credit card. Actually, the opposite is true. However, there may be a perception that defaulting on a personal loan can be far more damaging to one's credit than a late payment on a credit card.

How Loans Affect a Credit Rating

To some extent, personal loans have more impact on your credit score. Defaulting on a large loan like a mortgage or other loan can have a deleterious affect on a credit rating. On the other side, paying off a large loan or mortgage can repair a credit rating much faster than paying off an unsecured credit card. So, the respondents in the survey feel that a personal loan is a greater responsibility.
 
At the end of the day, this is about convenience. It’s easy to apply for and use a credit card. With so much news about the credit crisis and the availability of loans, many borrowers have been looking to the most familiar source. If you do intend on making a large purchase, it is important to weigh your options between, credit, loan and savings before making a final decision.

Feeling Stressed about Money? You’re Not Alone. Posted by: Lisa Nichols | May 26,2008

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For many Americans, a terrible side effect accompanies the pain of the recession- feeling an additional amount of stress related to money. If you’re feeling worried about your financial situation, you’re not alone. Many people are feeling the stress of money concerns and worries that they have no way to save money during the recession. Feeling money stress is a common problem. Understanding more about the effects of money-related stress on your physical health, talking to friends and family and learning some money saving tips can help.

 

Money Stress Common among Americans

 

Feeling stressed about money is common among Americans. Many people are feeling the debt pinch during the ongoing recession. Rising gas prices, job lay-offs and the housing slump have all contributed to a number of stresses for many people. Stress about money is related to a number of physical problems, including trouble sleeping, obesity, smoking and drinking, say experts. An important step to relieving money stresses is to talk to friends and family and to let them know about your financial concerns. Chances are, they’ve been through something similar, and they can help provide input and ideas on ways to save money.

 

Money Saving Tips Help Ease Financial Worries

 

Taking the initiative to implement some money saving tips can help ease financial concerns. There are ways to save money that won’t affect your day to day lifestyle and can help if money suddenly becomes tight. Setting up a personal budget, where money is set aside each month for emergency savings is a favorite tip from financial experts. Finding ways to combine services, like purchasing internet, cable and phone service from one provider or eliminating unnecessary expenses like cable and land lines can also help you save money.

 

Ways to Save Money on Credit Cards Right Now

 

If interest rates on credit cards are too high, ask the issuing bank if they will reduce your interest rates as a way to help you save money. Transferring high interest balances to a low interest credit card or a balance transfer credit card is another great way to save money. The interest alone on a credit card bill can quickly spiral if bills are paid late or if you go over your credit limits. If you’re close to your credit card limits or think you might be late paying a bill, contact your credit card company to see if they can offer you some flexibility by increasing your limits or allowing you to pay late this month.

 

Learn more money saving tips in the Credit blog.