Thermometers aren’t the only things rising this summer. With the ever-increasing cost of daily essentials like gas and dairy products, Americans across the nation are looking to cut their summer spending habits. Check out these tips to keeping cash in your wallet.

Turn It Up

Investing in a programmable thermostat can equate to over $180 in savings per year. By bumping temperatures higher in summer and lower during the winter months, not only will your wallet thank you, but so will the environment! According to Energy Star, changing settings during a typical 10-hour workday to 8 degrees lower in the winter and 7 degrees higher in the summer can help save energy, lower your energy bill and maintain a comfortable temperature in your home at all times.

Bonus: If you tend to be more cold-blooded, layer up! Invest in thermal sweaters and blankets in case you’re chilly.

Cut the Caffeine

If you’re a caffeine junky, you probably find yourself running to the nearest Starbucks or local coffee joint once or twice a day “because you need it”. Look at your spending long-term. That tall caramel macchiato runs at $3.45 a pop and is packed with 120 calories. Over a typical 50-week year, that means $862 of your salary was spent on coffee alone, as well as 30,000 extra calories sipped.

Bonus: Can’t kick the habit? Purchase coffee for your office in bulk; add caramel drizzle for that extra sweet flavor.

Write it Down

Have you ever just “had to have” the adorable skirt or perfect shoe you hadn’t intended on buying? Don’t worry, most of us fall prey to wandering eyes while shopping; whether it’s the grocery store or the tres-chic shop around the corner, we’ve purchased things we don’t need. In order to beat temptation, write a list before you leave for the store. If your list is too long, try eliminating things you simply want, instead of need. Also, be sure to shop on a full stomach; shopping while hungry encourages more spontaneous purchases (candy bars, chips and other junk food items).

 

Bonus: If you’re still having trouble sticking to a list, try walking to the store; you’ll only be able to buy what you can carry and its good exercise.

Re-imagine Renovation

By now, you’re probably recycling your canned and paper goods, but have you ever considered saving what you’re ditching? Instead of buying a plastic shelving unit, old coffee tins make perfect storage units for all small garage parts. Plastic grocery bags make great make-shift trash bags and paint tray liners.

 

 

 

 

Bonus: Can’t keep all those plastic bags contained? Re-use tissue  boxes and store plastic bags in this convenient, portable box.

As the countdown narrows toward Election Day 2008, both Republican and Democratic presidential nominees are imparting what platform changes they'll institute upon entering the White House. Among their many proposals, both have discussed income tax percentages. For many unaware tax payers, they could be on the cusp of a potential tax increase by 20%, which is a significant increase compared to recent years.

So before the 2008 election day arrives, be sure to determine which tax bracket you are classified under. Tax brackets are determined based upon the amount of income earned annually, as well as your status as an individual (single, married filing jointly or qualified widower, married filing separately or head of household).

The 2008 tax bracket breakdown can be seen below:

*If you qualify as 'married filing separately or 'head of household', determine your income tax rates here.

The Candidates & Their Platforms

John McCain will maintain the highest income tax bracket at 35 percent. His platform goals reflect the importance of small business owners who offer a large proportion of job opportunities nationwide. Additionally, McCain plans to phase in an increase in those eligible for dependent exemption by two-thirds.

Presidential hopeful Barack Obama plans to institute a generous "Making Work Pay" tax policy that includes a credit of up to $500 per person, or $1,000 per working family. Also, senior citizens earning less than $50,000 per year would not be subjected to income tax. 

Find out more information on McCain's 'Reform, Prosperity, Peace' campaign and Obama's 'Change Our Country Needs' campaign.

Despite the plethora of financial troubles, some individuals are seeking to start building their credit this fall, namely students, recent graduates and those with low credit scores. With so many types of credit cards to choose from, it’s difficult to know which one is right for you.

Shop Around

Before signing the dotted line on any card, be sure to evaluate what you are looking for in a credit card. If you’re a frequent flyer or drive a gas-guzzler, using a rewards-based credit card might be best for you. For students or individuals looking to establish credit, find one with low rates and no annual fees. Prior to using, be sure you can pay the bill to zero for each and every purchase; this way, you’ll eliminate the risk of gradually slipping into debt.

Read, Then Sign

Agreement terms are written in fine print, encouraging confusion and a headache. Maybe your initial rates are a steal, but after a year, they could triple. It’s not uncommon for this hard-to-read section to detail changes within 6 months or a year after signing. If you have trouble deciphering the legal jargon, hire a lawyer to explain the agreement. Once you fully understand the terms of agreement, then and only then should you sign the dotted line.

With the government taking over lending giants Fannie Mae and Freddy Mac, many assume that mortgage rates will lower and the credit crunch will ease. Are homeowners celebrating prematurely?

According to an article on CNNMoney.com, Treasury official Henry Paulson believes that the much-needed financial relief will take longer than expected. Paulson states, “The primary mission of [Fannie Mae and Freddie Mac] now will be to proactively work to increase the availability of mortgage finance. Our economy and our markets will not recover until the bulk of this housing correction is behind us.”

Yet, Paulson encourages homeowners to remain hopeful. Because the government has taken over these lenders, mortgage rates are poised to drop. Additionally, the lower rates will potentially increase borrower applications, which are down 27% from August 2007.