The times, they are a’changing. In the midst of a rough economy, credit crunch and disappointing home values, spending trends have moved away from “spend, spend, spend,” and are now going into belt-tightening mode.

Real people can get real creative when times are tough. Take these examples of how to pinch pennies from The Digerati Life blog:

• Prioritize your money. What’s most important to you? A new pair of shoes or a solid meal? It can be tough to give up luxuries, but a little frugality can go a long ways when times are tough. (Need help sorting out your expenses? Quizzle gives you a big-picture budget for just this sort of tracking.)
• Buy cheaper.There are all sorts of retailers ready to meet your needs — from the Costcos of the world to TJ Maxx. Auction sites like eBay may also offer a way to get something for less.
• Revisit your grocery list. Instead of red meat, substitute turkey, advises Mary Gregory of Cleveland. It’s cheaper and frankly, healthier. Consider off-brand products and purchase items in bulk when you can.
• Do it yourself. Buy unfinished and don’t be afraid to get your hands dirty. If you’re nervous about trying your hand at the handy, check out sites like DIY Network for the how-to on various projects.
• Go green and save green. Consider better insulation and make sure to close all the cracks and gaps in your home to cut heating and cooling costs. Get long-lasting environmentally-friendly light bulbs – help the earth and your pocketbook in one fell swoop.
• If you must travel, try off-peak hours. Tickets are typically cheaper. Many travel sites also offer last-minute travel deals and alerts.

Don’t forget about the little things either. For me, I save money everyday by making my own coffee in the morning instead of opting for Starbucks. I’ve also slashed my lunchtime spending in half by choosing to buy yummy, prepared foods at my local grocery store deli instead of going for the quick restaurant or fast-food meal (and the prepared foods are usually better for me, to boot).

Looking for more tips to save some dough? Here are a few articles I found helpful on a variety of saving techniques:

• How to drive without burning money, from CNN
• How to Save Money on Your Groceries, from Frugal Mummy
• 12 Ways to Save Money without Scrimping, from The Consumerist
• Eight Ways to Slash Travel Costs, from Yahoo Finance
• 10 Ways to Save $500 or More, from Bankrate

What are your personal money-saving tricks?

Tags: quizzle, frugal living, saving money, cutting spending, digerati life, cnn, frugal mummy, the consumerist, yahoo finance, bankrate, tips and tricks

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The following is an official press release from the Federal Reserve (Fed) regarding its decision today, and a translation (for the rest of us) of all the financial jargon by Bob Walters, Chief Economist for Quicken Loans:

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FEDERAL RESERVE press release
Release Date: April 30, 2008

Fed: For immediate release

Bob: Now

Fed: The Federal Open Market Committee decided today to lower its target for the federal funds rate 25 basis points to 2 percent.

Bob: The Federal Reserve (Uncle Sam’s Bank) decided to lower short term rates (the rate at which banks use to borrow and lend to each other) by ¼% to 2.0% (the lowest it’s been since 2004).

Fed: Recent information indicates that economic activity remains weak. Household and business spending has been subdued and labor markets have softened further. Financial markets remain under considerable stress, and tight credit conditions and the deepening housing contraction are likely to weigh on economic growth over the next few quarters.

Bob: The Fed’s reports show that the economy is feeling a bit under the weather.  People are spending less and it’s tougher to get a job.  It’s also tougher for individuals and businesses to borrow money because lenders’ arms got a little bit shorter in recent months and their arms no longer reach all the way into their pockets…  Also, the Fed tells us that falling house prices will also hurt the economy over the next six months.

Fed: Although readings on core inflation have improved somewhat, energy and other commodity prices have increased, and some indicators of inflation expectations have risen in recent months. The Committee expects inflation to moderate in coming quarters, reflecting a projected leveling-out of energy and other commodity prices and an easing of pressures on resource utilization. Still, uncertainty about the inflation outlook remains high. It will be necessary to continue to monitor inflation developments carefully.

Bob: “Core inflation” means the prices of everything EXCEPT food and gasoline.  The Fed says that prices of everything EXCEPT food and gasoline aren’t rising much.  But – the prices of food and gasoline HAVE risen. The Fed thinks, though, that the prices of stuff (inflation) will not rise as much in the next six months because they believe gasoline and food prices will level off.  The interest rate markets will like this statement.

Fed: The substantial easing of monetary policy to date, combined with ongoing measures to foster market liquidity, should help to promote moderate growth over time and to mitigate risks to economic activity. The Committee will continue to monitor economic and financial developments and will act as needed to promote sustainable economic growth and price stability.

Bob: “Easing of monetary policy” = the lowering of short term rates.  The Fed is saying that the economy will start to show signs of benefiting from the lower short term interest rates and that will help offset the problems the economy is feeling right now.

Fed: Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Steve Peters; Donald L. Kohn; Randall S. Kroszner; Frederic S. Mishkin; Sandra Pianalto; Gary H. Stern; and Kevin M. Warsh. Voting against were Richard W. Fisher and Charles I. Plosser, who preferred no change in the target for the federal funds rate at this meeting.

Bob: All did NOT agree! Rich Fisher and Chuck Plosser felt that short term rates should not be lowered.

Tags: quizzle, federal reserve, fed, fed statement, interest rates, short-term rates, fed funds rate, prime rate, credit cards, adjustable rate mortgage, ARM, savings, bob walters, chief economist, quicken loans, financial markets

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The Federal Reserve (Fed) lowered the Fed Funds Rate today by 1/4 point to 2 percent, in an effort to ease continued concerns over a soft economy. This marks the seventh consecutive rate cut and what many analysts believe to be the last cut for awhile, perhaps the rest of the year.

Stay tuned for a translation of the Fed meeting notes… 

Tags: quizzle, federal reserve, fed, interest rates, short-term rates, fed funds rate, prime rate, credit cards, adjustable rate mortgage, ARM, savings

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For the second week in a row, Quizzle was highlighted in a story in The Wall Street Journal about free online credit scores. In a nutshell, the article, by Jane Kim, lets folks know that Quizzle.com will give you a FREE Experian credit report and score every six months.

While the story focuses on “a catch,” there really isn’t one. We won’t bombard you with ads — in fact, there are no ads at all inside the site — and we will not call you just because you signed up (unless of course, you ask us to). We also don’t require your Social Security number, credit card number or phone number.

What’s more is that in addition to a free credit report and score, you’ll also get a free home value estimate, free personalized mortgage recommendations, a free custom budget and some other great tools that will help you improve your home and money know-how. If you don’t already have one, create an account now — it only takes a few minutes.

Tags: quizzle, wall street journal, free credit report, free credit score, Experian

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Eli Boyer is the Marketing Coordinator and Dedicated Blogger for Quizzle’s sister company, In-House Realty.  In-House Realty specializes in matching home buyers and sellers with trusted real estate agents in all 50 states, for free!

Starting Your Home Search on the Web

As a “professional” who spends most of my workday in front of a LCD monitor on my desk, it made sense to utilize my web-savvy by initiating my own home search with the help of the World Wide Web.  After all, it’s the most convenient, non-committal, and information-rich means by which to begin what will likely be the biggest purchase of my young life.

Don’t get me wrong, if I do eventually move forward with a purchase, I plan on working with a trusted real estate agent.  However, there are a ton of websites that can at least help a guy narrow down his search.  In-House Realty’s website aside, here are a few good options that I’ve come across, with a brief review on each.

1. Craigslist.org

Everyone’s favorite “find anything here” website is hands-down my favorite site for browsing real estate listings.  It’s barebones, incredibly simple, and does without all the clutter of most real estate sites.  There are no articles, no advertisements, and generally no fluff.  It’s totally guilt-free browsing, and I’m all about it.

2. Trulia

A true real estate search engine, Trulia presents listings, trends and other info at the local level in a bright and user-friendly format.  They offer a hybrid list/map view when you narrow down your preferences and they even enable you to hone your search by neighborhood!  Their newest feature, however, is their best.  Trulia has teamed up with Google and their “Street View” map feature to let you virtually walk through the town of your preference.

3. Hotpads.com

A dark horse candidate in the real estate website sweepstakes, hotpads.com makes up for it’s anonymity with one of the smoothest operating map features on the web.  Hotpads.com’s focus is condo listings and apartment rentals in urban areas, and they get it right.  They even feature a foreclosure heat map to assist users looking for an investment property or overall great deal.

Honorable Mentions

Realtor.com – The most comprehensive search on the web, but the current format is cluttered.

Zillow.com – It’s great for home values, but the search feature is a little bit slow and confusing.

Roost.com – Simple, clear and user friendly, but it isn’t tapped into enough markets.

Tags: quizzle, in-house realty, real estate listings, real estate web sites, search for homes, craigslist, trulia, hotpads.com, realtor.com, zillow, roost

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