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

An electronic oscillator creates a repetitive electronic signal. A portmanteau holds your clothes on vacation. A parasol keeps you dry. Now does anyone know what a freezer does?

No it’s not a trick question. A freezer keeps things frozen. Easy, right? What most people don’t realize is a freezer can be used for more than making ice, keeping steaks cold, and exploding pop cans.

Lights on: If you’re one to use candles, store them in the freezer when you’re not using them. This makes the candle burn slower and the candle last longer!

Power up: Keep your batteries juiced up longer by tossing them in the ice box. NiMH and NiCd batteries lose a few percent of power a day when not in use, but storing them in the freezer will allow them to retain 90% of their unused charge for over a month! Unfortunately this trick doesn’t work as well with alkaline batteries.

Dry time: Ever spill water on a stack of papers? Throw them in the freezer for minutes then pull them apart. This saves the paper from being destroyed when you separate them.

0110100001100100: Some people have found that if your computer hard drive fails, you can put it in a zip lock bag in the freezer and it just may give you enough time to boot up and recover the information.

Bonus freezer saver tip: Your freezer works hard all day, so why not give it a break. Fill some milk jugs with 75% water and leave them in the freezer. This helps your freezer not have to work so hard and keeps it at a level temperature.

Even though it’s pretty obvious what a freezer does, that doesn’t mean you have to use it for just that.

What other uses do you have for your contained frozen tundra?

Photo by:Thelugash // 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

If you are reading this article, it’s a safe assumption that you own a computer. So until the MoneyLounge book comes out, if you want a hard copy of these unbelievably insightful articles you are going to have to rely on your trusty ink printer.

Only problem is in order to get those articles on paper you are going to need some ink, and that black gold costs anywhere from 30-60 bucks a cartridge. So if you’re looking for some ways to stretch the life of that precious liquid, you’ve come to the right place!

Set it up: Before you print, go into the settings and change the print quality from “normal” to “draft”. The color will not be as strong but this little trick can double the life of your cartridge.

Leave it out: When there is only a certain area of text on a web page you need printed, copy the text, then paste it into your word processor. This way you can still get the information you need but without using up ink on graphics and banner ads that are on the web page.

Shrink ray: The bigger the text, the more ink you need to print it. Shrink that text down to a size that doesn’t take up the whole page.

Out of style: That’s right, black is out of style! Change the font color to a medium gray tone. You will still be able to read the text and it saves on ink.

Ignore it: Many printers have a warning light that comes on when your ink is out. Don’t throw it away when this happens, just relax and keep on printing. Most of the time, you will be able to print for another few weeks on that “empty” cartridge.

Don’t do it:If you are really crunching on ink, why print at all? If you need something small like directions or a short recipe, take the time to write it down the old fashioned way, with a pencil.

If you are sick of paying more money for ink than you did for the printer itself, keep these tips in mind next time you decide to tap “Ctrl + P” on your keyboard

What are you favorite ways on saving that black gold?

Photo by:Angelune // CC 2.0

End of the month just passed. You probably already paid off your monthly bills like water, electricity, gas, and car insurance. That’s too bad. Well, not that you paid your bills on time, but that you paid WAY too much for one of them.

The fact of the matter is most people could be saving a ton of money on their car insurance, and not by switching to any lizard/caveman auto insurance provider (although it doesn’t hurt to shop around). Here are some great bill slashing tips that most people don’t know about:

Get testy: Most states have a defensive drivers test you can take and many providers will lower your rates if you pass. Check with your state and insurance provider for specifics.

Lock it up: If you live in a city where most people park on the street, you might be able to get a discount if you park your car in a garage at night.

Up in smoke: Smoking is considered a driving hazard to some providers so they offer discounts for people who quit the habit.

Increase your discount: Time to reduce your monthly payments by increasing your deductable to the maximum amount. Sure you may have to pay a bit more if you get in an accident, but if you have been following MoneyLounge, you won’t have to pay it at all when you fix your own car!

Safety town: If you feel safe in your area, you could reduce your coverage to only cover the bare minimum and drop the collision and theft coverage. It’s a bit risky if you own a new car, but it’s great for the all clunkers out there.

Bundle up: Lots of providers insure more than just cars, so look into saving money by insuring your home, car, and life with the same company. This way you can save a ton on a bundle package.

Making the grade: Calling all scholars! When you have a grade point average over a certain amount, most providers will reward you by cutting your rates.
A little creativity goes along way when looking for deals, so call your provider and see what you are eligible for.

What is the most unique way you saved on car insurance?

Photo by:Dittaeva // CC by 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