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

In the past we have talked about whether or to spend the money on organic foods. The debate stems from the old healthy versus thrifty argument. Organic foods are commonly more expensive than its processed counter parts but are the health benefits worth the extra cash, or is there another way to get the healthy stuff without having to toss up a bowl of freshly chopped dollar bills.

Well our friends over at Mint.com compiled a list of great organic saver tips for those who don’t want to sacrifice their health or cash. Here are some of our favorites:

“3. When shopping for deli meats, choose the store-baked meats (and don’t buy these from a place like Whole Foods; way too expensive). They typically have the least amount of preservatives and taste the best. No need to buy organic. Also get your deli meats fresh cut and not in prepackaged containers. You will save at least 50% by waiting in line with your little paper ticket.

10. You don’t need to buy organic frozen meals. All frozen meals are high in salt and that is typically the big offender for frozen meals. Regardless of whether or not they are organic, they will still have a high salt content. Limit your frozen meals, they aren’t really healthy.”

Would these tips push you off the processed ledge and into the organic crowd?

Sources: Mint.com
Photo by: Nathaliederain // CC 2.0

Looks like the government is getting their erasers out when it come to some peoples mortgage debts. A $14 billion plan has been announced that gives lenders incentives to give the unemployed slashed mortgage payments and to even erase some mortgage debt.

Reuters says:

“The new aid programs, funded from the $50 billion allocated to housing rescue under the Treasury Department’s Troubled Asset Relief Program, will also allow borrowers to erase mortgage debt down to a maximum of 115 percent of their home’s value by refinancing through the Federal Housing Administration.

The plan comes as President Barack Obama is under increasing political pressure to change his strategy for helping struggling homeowners and stem the tide of rising foreclosures and is the second major housing initiative announced in as many months.”

The plan is modeled after a plan announced by Bank of America earlier this week.

Check out the full article and let us know what you think about the government whipping out their debt erasers.

Photo by: Pinksherbet // CC 2.0
Source: Reuters

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

In your head, picture a house. What do you see? Four walls, some windows, and a front door is what most people see when they think of a home, but some have a different vision of a home. Some creative folks are starting to turn anything they can find into homes! Just take a look at these creative cats who found a home in an interesting way:

Trashy is classy: Usually garbage trucks are meant for hauling around garbage, but not anymore! UNICAT has made the TerraCross “Home on Wheels“ which is a garbage truck converted into a luxury home one wheels complete with office, beds, bathroom, kitchen, and storage space!

Burnin’ down the house: This creative home won’t have any problems calling the fire station in case of an emergency, because it IS the fire station! Get Rich Slowly featured this story about a young fellow who decided to heat things up a bit and convert a fire station into his home. He even saved up and bought his very own antique fire engine!

Shipping home: Everyone has seen cargo ships loaded to the brim with shipping containers destined for far off places, but those containers have some retired brethren back on the mainland that are used for chic homes. A little cramped you say? Check out these shipping container homes and you just might change your mind.

Bombs away: One man decided to get nuclear with his family when he decided to purchase an underground nuclear missile silo and turn it into his home! This 20,000 square foot military base serves as this families humble abode and was purchased for only $48,000!

Heavenly homes: One couple decided to get their own piece of heaven by converting an old church into their humble abode.

As you can see, a house doesn’t make a home. Sometimes a church, fire station, or missile silo makes a home.

What are some of the craziest houses you’ve heard of?

Photo by: Lucky // CC 2.0

Springtime is here and that means you can finally cure that cabin fever and get outside! Some will go biking, others will read in the park, but some will decide to spend their sunny days coloring their fingers, well thumbs to be exact.
A lot of people are excited to see the chilly weather go because now it’s time to put their green thumbs into action. As with any hobby, you can sink a lot of money into this botanical past time, but not with MoneyLounge by your side! Here are some great money saving tips to keep the green on your thumbs and in your wallet.

Tool time: No need to go out and purchase new watering cans, knee pads, or flower labels. A milk jug makes a great watering can and the best part is you most likely already have one! Grab some old towels to kneel on while tending your plants much cheaper than buying a new gardening pad. For the plant labels, pick up some popsicle sticks and use them as an inexpensive alternative to labels.

Feed me Seymour: Feeding those little green babies of your can be a costly endeavor but not if you cook from home. Dry out banana peels, grind them up and mix it in with the mulch. This is a great way to get nutrients to the plants. Save up your egg shells too because those can be added into the mix to add calcium and that’s great for your vegetables.

Quit bugging me: To get rid of those unwanted winged guests, don’t spend money on
harmful pesticides, mix black pepper with some flower, then sprinkle it around the plants. Plants being a bit sluggish? Make a slug trap by placing a plastic margarine tub in a small hole, fill it with beer or salted water, then place cut potatoes around the rim to attract them. Slugs check in, but they don’t check out!

Gardening is a great way to relax and enjoy the outdoors, so there’s no reason to stress about how much it costs!

What penny pinching secrets do you have in your garden?

Photo by: 22863752@N06 // 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

By this point we are all well aware of the housing situation this country is in. According to CNN, nearly 25% of all mortgages are deep underwater, meaning the borrower owes more than the house is worth. Some states have homes closer to Davey Jones’ Locker than others, such as Michigan who has 39% of all of its mortgaged properties underwater. As scary as that number is, it doesn’t even come close to Nevada’s 70% underwater rate!

With all these mortgages being higher than the home value, many people are deciding to walk away from the home and take a foreclosure hit. The sad thing is some of these people can afford the payments and are just doing it as a strategic financial move.

At the time this may seem like the best/only option, but when you step back and look at the situation, walking away from an underwater house is never a good decision.

You are going to have to live somewhere after you walk away from your home and foreclosing leaves a huge black spot on your credit score for seven years! If you think that you’ll just rent till it goes away, think again. Renters are now starting to check credit scores to see if their potential tenants will be able to handle paying their rent on time.

Strategically walking away from a home not only hurts your credit score but your integrity as well. When you sign a contract for a mortgage, you are giving your word that you will pay this money back to lender. So financially it may benefit you but you might have to compromise some morals to make it work.

There are your neighbors to think about in this underwater situation as well. When you walk away from a house, this decreases your neighbor’s home value. Just think how you would feel if your home dropped in value, all just because someone decided to make a financial move and foreclose on their home.

Sure your home might be stuck in the briny deep leaving you stuck paying more than what it’s worth, but have some faith in the future of housing and realize your home value will eventually start to increase.

What are your thoughts on walking away on an underwater home?

Source: CNN Money
Photo by: Davidbaker // 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

Well looks like spring has sprung, and unfortunately it sprung a few leaks in your house due to all that melted snow and ice. Water damage in a home is not a cheap fix and if undetected, it can destroy carpet, ceiling tiles, floors, walls, and cause harmful mold growth that could get you really sick. Now that the weather has turned for the better, take the time to follow this check list to make sure your home won’t turn into a fishbowl this spring.

Top to bottom: Make sure your home’s hair piece made it through the winter and check that roof for any leaks. Check out the attic to find any leaks that need to be fixed, just be careful for any unwanted guests that may have taken shelter in there over the winter!

Off the walls: Time to take in that spring air and get outside! Check the exterior of your home for any cracks or holes that need to be filled. Grab a tube of exterior caulk and patch those guys up. This not only saves you from potential water damage, but keeps out unwanted critters.

Interior investigation: Take a stroll around the inside of your home and take a look for water spots on the walls and ceiling. These give a great indication of where the leak is coming from and you can patch up from there.

Say no to crack: If you find there are cracks in the basement walls that water is seeping through, mix one part cement and two parts fine sand to make mortar to fill up the crack. Then follow these steps from ACE and you can say good bye to all your basement leaks.

The time it takes you to inspect your house every spring is defiantly worth it when it prevents all that melted snow from coming in. So leave the water for the fishbowl and keep your house nice and dry.

What do you do to prepare your house for the spring melt?

Photo by: 22287673@N05 // CC 2.0