It’s that time again where everybody is looking over their shoulder and being just a tad skeptical of anything thing they read, hear, or see. April 1st marks yet another April Fool’s Day and many people have wondered just where this day of trickery came from.

There is no definitive theory of where this day came from but one story suggests that it began in the 1500’s at the time where the Julian calendar switched over to the Gregorian. Anyone who forgot about the change and tried to celebrate New Year’s on April 1st instead of the new date of January 1st was heckled by being called an “April Fool”.

Another theory states that during the reign of Constantine, a few court jesters thought they could run the empire better than him! Constantine decided to give them a chance and named the jester Kugel king for one day. Kugel decried that the day be filled with absurdity and the custom seemed to have stuck!

Nobody is really sure how the tradition started but you better believe the tradition is still alive today. Every year, TechCrunch.com compiles a list of the day’s online goofs for all to see. Here are some of our favorites:

“Wikipedia: Check out Wikipedia’s main page. Featured article is one on “wife-selling.” “Excerpt: “Along with other English customs, wife selling was exported to England’s American colonies, where one man sold his wife for “two dollars and half [a] dozen bowls of grogg.’”

Google: Techcrunch reports that Google is getting serious about nuclear research, and is building a uranium enrichment plant. Some experts say it’s for energy, other say it’s a nuclear deterrent against the China threat.”

So whether you are making prank phone calls, uploading your keys to the internet, or ruling the Roman Empire for a day, have some fun but just be careful before you end up the fool!

What kind of pranks did you pull today?

Sources: Infoplease.com // Techcrunch.com
Picture by: Carbonnyc // CC 2.0

Bummed out that you didn’t take advantage of the energy star tax credit that originally expired in 2007? Well guess what, it’s back, and bigger than before! Instead of only being able to take advantage of $500, you can now claim up to $1,500!

To get the tax credit you have to purchase energy efficient:

• Windows
• Skylights
• Central air conditioners
• Electric heat pumps
• Water heaters
• Exterior doors
• Insulation
• Natural gas, propane or oil furnaces
• Natural gas, propane or oil hot water boilers
• Biomass fuel stove
• Main air circulating fans
• Pigmented metal and reflective asphalt roofs

You can also check out the Energy Star website for a full list of qualified products.

Something you should note is that the product must be purchased for your primary residence and again you only get a $1,500 maximum credit.

Green with envy because you already got $500 from the last credit? Good news! The credit resets for 2009/2010 and you get to receive the full $1,500.

The best part of this credit is that not only do you save money in the long run by purchasing energy efficient products but you get that sweet $1,500 credit on your taxes! All you have to do is remember to save your receipts and submit a few forms with your taxes and you are ready to roll!

Did you take advantage of the renewed energy star tax credit yet?

Sources: Energystar.gov
Photo by: Hammer51012 // CC 2.0

Knowledge is power! So when you don’t keep yourself in the know, then how can you expect to be on top of your money saving game?

Here at MoneyLounge we understand that you may not have the time to research all those finical odds and ends, so we have decided to bring them all to one station, the Education Station. We are gearing up to fuel your brain various financial, mortgage, and investing terms that you may hear all the time but just might not know all about.

The first stop on this financial brain fueling journey is with a term that is being thrown around these days like rice at a wedding:

Short Sale

“…sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower.”

As you are all obviously aware, housing prices have plummeted. The prices have gone so low, that they are much much much lower than the original purchase price. Good news for the buyer, terrible news for the seller, and even worse news for the struggling home owner.

If you have taken out a mortgage before housing prices started their cliff dive, then you could be stuck owing more than what your home is currently worth. This is a huge problem when trying to sell your home because if you mortgaged your home for $250,000 and you can only sell it for $200,000 then you will still owe the lender $50,000!

You have now entered short sale territory. This is not a good place for you or the lender because everybody loses.

Unfortunately, bad things happen to good people and you might be one of those good people. Having unexpected high medical expenses or losing a job could cause you to be unable to keep up with the mortgage payments and make you eligible for a short sale. Short sales must be approved by your lender and since there is no standard approval process, the steps and requirements will vary from lender to lender. It is solely up to the lender if they want to do a short sale because remember the house is worth much less than what you owe on it; and depending on the lender, you might not even have to have a buyer to do a short sale.

Hopefully you will never have to be in this situation where you are in extreme hardship, but if you are; your lender might consider a short sale.

Watch out for more Education Stations every week, and get ready to fill up on knowledge to keep you on top of your financial game!

Sources: Wikipedia.org // PhoenixRealEstateGuy.com
Photo by: 87913776@N00 // CC 2.0

Pinching pennies all the time can take a lot out of you! If you’re careful the stress of money management can really get you down over time. A great way to forget about the stress of clamping down on bank accounts is to surround yourself with friends and loved ones. That’s, right…ITS PARTY TIME!!!!!

Wait a minute! How can I afford a party if I’m worried about keeping the vice clamped down on my budget?

Well that’s easy! Follow these frugal party tips and only thing you will be worrying about is where the limbo stick is.

E-vatations: Why waste money with stamps, envelopes, and invitations, and your time stamping, stuffing, and sending them, when you can get all those things for free and at a fraction of the time. There are tones of E-invitation websites like Evite or MyPunchBowl that will let you create your own invitations then send them to all your friends email addresses for FREE!

Lucky you: Party food can cost an arm and a leg but not when you get a little help from your friends! Tell guests that the party is pot luck and they should bring a food or drink item to share. If they don’t happen to be culinary inclined, say monetary donations are welcome instead. This is a great way to save a ton of money on food and your taste buds and palate get to experience a plethora of different food creations from your friends.

Dispose of disposal:One time use plates and cutlery are easy on clean up but not your wallet. So pass on the paper party products and let your guest eat in style. Bring out the regular dishware, who knows, maybe a few friends might stick around for the clean up!

If you don’t have enough reusable dishware for everyone, it’s ok to spend a few bucks and pick up some plasticware. Keep in mind you can put plastic cutlery in the dishwasher, on the top rack so it doesn’t melt, and reuse it for another time (the paper dishes will most likely have to be tossed out).

Crank up the stereo and force your monetary worries to step aside in order to make room for great food, friends, and fun! It’s penny pincher party time!!!!

Have you ever thrown a penny pincher party?

Lucy_baxter // CC 2.0

In a previous article, Incoming Income, we talked about how to break the constraints of your income to start bringing in more cash each month. Some people don’t feel comfortable renting out a room or might not have the time to turn a crafty hobby into cash but that shouldn’t get in your way of increasing your income.

If you want to truly control your income it is essential that you get hungry. Hungry for knowledge. No matter what career path you have, it should be a priority to stay current in your field and to constantly seek out new information about your career. This ensures you are ahead of the game in whatever industry you are in and that kind of head start is the type of thing that gets people promotions, new sales leads, or increased customer base.

Take night courses at a local community college to keep up with current trends in your field because after all if you let your knowledge become obsolete, so do you. For the working professional, night classes might be out of the question but most colleges have online courses that give you access to new exciting information about your field that will give you’re the professional edge. Who knows, you might take enough classes and before you realize, it could add up to a Masters Degree on your resume (perfect for promotions).

Look for training courses put on by different companies that specialize in your field. Let’s say you are a mortgage professional, Training Pro has courses all over the country that will prepare you to take different certification courses that will keep you on top of your game and ready to make more money.

Get certified by accredited programs, this shows employers and customers that you have taken the steps necessary to learn all you can about your field. Certifications are an excellent way to become next in line for that supervisor position.

Be the master of your domain and learn all you can about your field to make yourself a commodity. When you are the only expert around, employers will go out of their way to keep you at the company and this usually means higher compensation.

Open a book, take a class, or get that certification, whatever you do, make sure you keep feeding that brain so you can feed your wallet in turn!

Photo by:M00by // CC 2.0

Here at MoneyLounge we appreciate our readers, and to show our appreciation we are going to give you an insider tip that could earn you an easy $3,000 to pay those housing bills.

Starting April 1st, Shore Mortgage is launching a special contest that will award 3 winners $3,000 each and 1 winner $1,000 to pay housing expenses!

Want in?

All you have to do is stay tuned to MoneyLounge in the next two weeks and we will give you insider information about the contest a full week BEFORE it’s released to the public! Just our way of saying thanks for staying tuned.

So keep your eyes open and get ready to win big!

Photo by:Atanski // CC 2.0

Wake up. Hit the snooze button. Wake up. Hit the snooze button. Kids wake you up. No snooze button on kids. Get them dressed, fed, and to the school bus. Shower. Get dressed. Run out the door. Run back in for the car keys. Sit in traffic. Arrive at work right on time.

Sounds fun, huh? Well for most people this is a Monday through Friday routine. However, it seems as though something is missing. This on the go lifestyle doesn’t really seem to have space for the most important part of the morning, YOUR breakfast. Sure you can grab a cup of coffee on the way out the door but this is not the most nourishing morning meal and there isn’t any time to sit down to eat anyway. Oh there is plenty of time when you turn your car into a mobile breakfast nook.

Take some time to prepare breakfast ahead of time so you can grab and go in the morning. Make packs of dried fruit and nuts so you can get something other than coffee in your system before lunch. If fruit and nuts don’t tantalize your taste buds, make some baggies of cereal and snack on that on the ride to work.
Looking for a bit more variety for your pallet? Buy a bulk container of yogurt and split it up in to smaller portable containers, then mix in some crushed up cereal and some fruit slices. This makes a tasty on the go parfait that you can eat without eating up your precious time.

Small snacks are great to curb hunger till lunch, but if you’re like the staff at MoneyLounge, you get quite a mighty rumbling in your stomach and need something more. Set a Sunday night aside to precook scrambled eggs, bacon, shredded cheese, and diced tomatoes. Put these cooked ingredients in tortilla wraps and freeze them. Pop one in the microwave as your pushing the little ones out to the bus and by the time you run out the door, that delicious breakfast burrito will be piping hot and ready to be feasted upon.

You have to get energy for the day from somewhere, don’t make it from caffeine. Prepare in bulk, get creative, and fill that belly up!

What is your favorite on the go breakfast?

Photo by:An-and // CC 2.0

By now everybody has heard of the First Time Home Buyer tax credit, and to take advantage of the $8,000, you have to meet the April 30th deadline. What the government is now saying that your second time is almost as good as the first!

Now anyone who has owned a principal residence home for five consecutive years is eligible for a $6,500 tax credit!

The same rules apply to the Repeat Home Buyers tax credit that apply to the First Time Home Buyers, meaning you must have a household income no more than $75,000 for singles, and no more than $150,000 for married couples filing a joint return.

Just to be clear, the government is considers the following to be acceptable principal residences:

• Single-Family Detached Homes
• Townhouses
• Condominiums
• Manufactured/Mobile Homes
• Houseboats

The tax credit will only be 10% of the purchase price of the home, to a maximum of $6,500. If you meet the requirements to get the tax credit, it’s a great way to help you get your first home! You better hurry though because the April 30th deadline is quickly approaching.

Good luck house hunting and enjoy that $8,000 or $6,500 tax credit!

Source: Federal Housing Tax Credit
Photo by: Spaunsglo // CC 2.0

So you have been a good little saver and planning for your retirement early and opened up a Roth IRA. This is fantastic but just to be clear, there are a few rules to follow for your contributions:

Are you still eligible?

Check your household income against these numbers to make sure you can still contribute:

Single or Head of Household: $105,000 – $120,00
Married Filing Jointly: $166,000 – $176,000
Married Filing Separately: $0 – $10,000

How much can you contribute?
This is an easy one! If you are still eligible to contribute based on your income, you are allowed to contribute up to $5,000 in 2010.

“Hey! I’m over fifty. How much can I contribute?” That’s an easy one! If you are over fifty years old, you are allowed to contribute $6,000.

What other restrictions do I have in 2010?

Not much to say here, because there are no new restrictions to Roth IRAs in 2010! Just make sure you are in an eligible income bracket and don’t contribute over $5,000 ($6,000 if you’re over fifty) total for the year and you are good to go get your save on.

Happy nest egg building!

Photo by: Shyb // CC 2.0

It’s something that we all unfortunately have to do. As much as we don’t want to, one day instead of surfing the web, we’ll be surfing the clouds with wings, halo, and the whole white robe getup. It’s just a matter of time before each and every one of us winds up to kick the bucket. Before people get to the wind up, they make what is called a bucket list. This is a list of things they want to do before its time to head “upstairs”.

It’s great to write down all the things you want to do so you can start crossing them off, but why be so morbid about it? With a bucket list you have one deadline (pun intended), so make it a point to create a new list, with less of a depressing end date.

Take that main bucket list and start sectioning it off to set a goal date for each item. So instead of going sky diving before you croak, make it a point to do it in the next two years. This way you won’t risk kicking the bucket in the process of crossing things off your bucket list.

Don’t use this list for things like painting the house or paying bills on time (that should be a given anyway), this should be a list that challenge you to do things you normally would be afraid to do. Go sky diving, audition for a play, or reconnect with a relative you lost touch with. Whatever the goal may be, put some thought into it and set a tangible deadline so you can realistically get it crossed off.

Make a specific date, so if it approaches and you didn’t do one of the items, take the day and do it! You only have a short time on this rock so take the time to make it worthwhile. There should not be one MoneyLounge reader who utters the phrase “I wish I could have when I was younger”.

There is no need to wait until you are 124 years old to do the things you always wanted to do. Start crossing things off now so when it comes time to go down the river Styx (not the band), you won’t have any “I wish I would have”s.

What are some of the things on your new bucket list?

Photo by: Woo-hoo // CC 2.0