With a little elbow grease and a quick workshop at your local home improvement center, you can save an average of $1,400 (and in some cases, much more) this summer with a wide variety of Do-It-Yourself home improvement projects.

Many home improvement projects require very little prior knowledge or skill to accomplish. Eliminating the need to pay costly carpenters or installers offers you the chance to save sizeable amounts of money, or complete multiple projects for the same amount you would pay a specialist to do a single job.

The majority of homeowners today find themselves within easy driving distance to home improvement centers such as Home Depot and Lowes. These retailers offer not only all the tools and equipment needed to complete most projects, but also provide many types of free weekend workshops designed to help the first time renovator add a little more sparkle to their home. Similar workshops are also available at most local and neighborhood hardware stores.

See below for a sampling of Do-It-Yourself home improvement projects to work on this summer:

•  Freshen Up The Walls: A new coat of paint can be a cheap and easy way to brighten up your home’s interior. Requiring little skill and only a few simple tools, such as brushes, buckets, painter’s tape, and drop cloths, fresh paint (particularly a neutral color) is also a great way to position a home for the real estate market. Also check for free workshops in your area to learn more advanced painting techniques for a truly unique look.
• Replace Fixtures: Switch plates, outlet covers, curtain rods, light fixtures and doorknobs are often overlooked when it comes to home improvement. But with little more than a screwdriver and a few hours of your time, replacing fixtures can completely change the look of your home’s interior; from modern, to country or antique, and anything in between.
• Reveal and Restore Hardwood Floors: In many older homes, beautiful hardwood floors are hidden beneath layers of old carpet or linoleum. If you suspect your home has hidden hardwood flooring, peel up an inconspicuous corner of the carpet or floor covering to check. Although many of these older hardwood floors require refinishing, the job is not as daunting as you would think. Most home improvement centers and local hardware stores offer tool rentals on large industrial floor sanders which speed up the process considerably. They can also offer professional pointers and advice for a high-quality finish.
• Fix Up The Bathroom: Installing tile floors, shower surrounds, updated vanities, light fixtures, and toilets is a surprisingly painless task. Although proper tiling requires some degree of skill and a few specialized tools, just about anyone can learn to do it quickly. Use the money you save by doing it yourself to purchase higher end products and give your new bathroom that true “spa” feel.
• Reface Your Kitchen Cabinets: At a fraction of the cost of new cabinets, cabinet refacing involves using pre-cut vinyl or wood veneers in conjunction with new doors and hardware to alter the look of your existing cabinets. This quick and easy process can drastically change the look of any kitchen in as little as two hours.

Effectively managing outstanding debt is the first step on the road to financial freedom. You’ve set yourself a budget, you’ve stuck with the plan, and you’ll soon be debt free. Now what? Take what you’ve learned and begin working towards a richer future.

Follow these six steps and you will soon be well on your way to easy street:

1.  Know Your Situation: Take the time to understand exactly where you are at financially. What is your total income? What are your debts? How much is left over after you pay bills? Using a spreadsheet or other type of software tool to map these numbers out in a “Personal Finance Sheet” makes it much simpler to identify how much you need for monthly expenses, and how much you can afford to put away for future investments or savings.
2. Set Goals for Your Future: Clearly define both your short- and long-term goals. Want to pay buy a $25,000 car in the next two years? How about retiring by 55 with $1 million in savings? The key here is to capture your goals somewhere and refer back to them periodically. Keep in mind that any goals you set should be realistic, specific, measurable, set within a certain timeframe, and actionable.
3. Explore Alternatives: No one is saying you need to continue down the financial path you are currently on, so what’s the harm in taking a look at alternative routes? When exploring your options you can choose to do one of four different things; stay the course, expand your strategy, modify your strategy, or adopt an entirely new strategy.
4. Evaluate: Now that you’ve identified the alternative strategies, evaluate the feasibility of each one and how it fits into your personal finance plan. The important thing here is to identify which options you can believe in and work towards.
5. Act: Now that you have your strategy mapped out it’s time to act. Begin by implementing the first actions identified in your goals, and go from there. If you find you cannot act on your chosen strategy for financial or other reasons, it may be time to take a step back and reevaluate the situation.
6. Measure: In order to know where you are at with your goals and to make projections for the future, you need to know how your financial strategy is working. Failure to measure your results frequently can cause you to lose sight of the goals you set up at the beginning of your planning.

Keeping a keen eye to the future through the use of these six steps will ultimately lead you to greater financial security. With a little work on your part, you can soon be living the good life — golf clubs and Cadillacs.

This article is for informational and educational purposes only.  It is not intended to provide legal, tax or financial analysis.  Please consult your attorney, accountant or tax advisor if you have legal, financial planning, or tax related questions.

Now that you have your financial problems well in hand and are nearly to the point of being debt free, it is a good time to begin thinking about your financial future. You have made sacrifices, changed your lifestyle, and allotted a significant portion of your monthly income to settling your outstanding credit card debts. With the lessons you have learned, and your new ability to budget and save on a monthly basis, you can begin structuring a retirement plan to guarantee financial independence into your golden years.

One great way to begin saving towards retirement is to set up a Roth IRA personal retirement account. Roth IRAs (or Individual Retirement Accounts) allow you to set aside after-tax income up to a specified amount each year. Earnings on the account are tax-free, and tax-free withdrawals may be made after age 59 and a half. Funds are used in much the same way as traditional investment programs, and can either be managed by your selected investment manager, or managed personally, whichever suits your individual needs.

 Setting up a Roth IRA account is fairly simple and straightforward. The first step in the process is to identify exactly where you should open your account. Many financial institutions offer IRAs, each with its own strengths and weaknesses. It’s important to search for a company that suits your needs. Questions to keep in mind when researching IRA offerings include the following:

•  Is there a minimum initial investment? Minimum contributions?
• What sorts of fees are assessed to the account?
• Does the company offer automatic contributions?
• What investment options are available? Can you invest in stocks? Mutual funds? Real estate?
• How reputable is the provider?

 If you already work with a financial advisor, they can assist you in selecting an appropriate financial institution to work with. A good starting point is the three leading American investment institutions — T. Rowe Price, Fidelity, and Vanguard. These large investment firms have more investment options than smaller institutions, and can support both aggressive and conservative investment plans.

 Actually setting up the Roth IRA account involves little more than filling out a detailed application (similar to a credit card application). You will need your social security number, banking information, and funds to cover an enrollment fee and initial investment into the account. Automatic fund transfers can also be selected to automatically transfer funds from your bank accounts into the Roth IRA each month, making investment that much easier.

 The only thing to do now is to sit back and watch your investment grow.  

 This article is for informational and educational purposes only.  It is not intended to provide legal, tax or financial analysis.  Please consult your attorney, accountant or tax advisor if you have legal, financial planning, or tax related questions.

Now that the holiday season is over, we can forget about all the mayhem and expenses that accompany our yearly festivities, right? Not so fast. Planning ahead and thinking about next year is a great way to minimize the crunch holiday gift giving puts on your bank account and credit cards. By opening a special “Christmas Club” savings account this January you can spread the holiday expenses over the course of the year, making them much easier to manage.

We’ve all been there. Holiday shopping for friends and family ends with considerable credit card expenses and the associated interest rates that accompany them. We don’t want to skimp on gifts for our loved ones, so we place ourselves in a financial bind to make sure the Christmas tree is overflowing with brightly wrapped packages. But you can eliminate the use of credit cards and the huge blow to your checking or savings account if you put aside a certain amount each month of the year for use towards holiday gifts.

Special purpose savings accounts are available through many reputable online banking institutions, such as ING Direct. Automated fund transfers can be set up to automatically transfer a specified amount of your paycheck into these accounts. Place your planned holiday purchases into a budget. Divide the lump sum by 12 to determine the monthly savings amount needed to reach your goal. For instance, if you plan on spending $1,800 on next December’s gifts, your monthly allocation will be $150, a much easier sum to swallow a little at a time.

Responsible financial management doesn’t mean that you have cut gift giving out of your yearly budget. With a dash of planning and a pinch of foresight, you can build a recipe for a great holiday season.

Save money by shopping. Sound crazy? Not if you can wait to buy until after Christmas it isn’t. Post-Christmas shopping is a great way to save significant amounts of money on large, big-ticket items to satisfy long-term needs. Retailers use these post-Christmas sales to sell off overstocked items and to make way for the arrival of the new year models, a practice which can benefit the smart consumer.

Most people are familiar with department stores’ post-holiday clearance sales. J.C. Penny’s famous 5:30 a.m. December 26^th “Door Buster” sales are a perfect example of this. Although this can be a great opportunity to save money on the latest fashions and house wares, many other retailers offer similar post-holiday sales where the educated consumer can score huge savings on everything from home electronics to appliances – even home heating systems.

Let’s say you are interested in purchasing a new refrigerator. The gigantic metal beast that has been sitting in your kitchen for 25 years may be on its last legs, or you would like something that’s more energy efficient. In order to take advantage of post-holiday bargains, there are a few steps you should take prior to rushing off to the store in response to an ad in the local paper:

1. Know What You Want: Rather than making a large impulse purchase that you may regret a year down the road, take some time to think about what it is you want or need. A side-by-side unit? Bottom-side freezer? Stainless steel? Water and ice dispensers? Energy Star approved? Make a list of the features the item needs to have, and keep a separate list of what you want the item to have. This will make comparing items at the store more efficient. Also don’t forget to think about the space the item will go in. Is there enough clearance? What size product would be appropriate? Will the item still be suitable if we remodel in a few years? Answering these questions up front will guarantee that you make the right long-term purchase.
2. Educate Yourself: Now that you have established the size, features, and other characteristics you want in your new product, it’s time to see what’s out there. Research comparable products that meet your criteria to find an average price range for each product. Now you can look at that newspaper ad. Does the product meet your needs list? Does it also have a few items from your wants list? Is the product considerably less than the going average for similar products? If the answer to these questions is yes, great! But you aren’t done yet. Research the model number of the product on sale. Look for information on its reliability and value. Have other consumers commented on the product? Are they happy with their purchase? Websites such as www.epinions.com and www.ratings.net can help you evaluate the quality and reliability of the product.
3. Visit the Store: Visit the store and take a look at the actual product. Make sure it is not a shelf or display model, or that the product’s packaging is intact. Display models often have been operated for long periods of time already, and may not be the best value. Display models do, however, present an opportunity to negotiate with the salesperson for the possibility of additional savings. Packaging that has been opened or damaged may indicate an existing problem with the product and should be avoided, but again, perhaps there is opportunity for negotiation here.

A consumer that knows what they want, educates themselves on comparable products and prices, and evaluates a product prior to purchase stands a much greater chance of making a wise post-holiday purchase that will save money in the long run.

This article is for informational and educational purposes only.  It is not intended to provide legal, tax or financial analysis.  Please consult your attorney, accountant or tax advisor if you have legal, financial planning, or tax related questions.