If you’re in the market for a new house or recently unemployed, some good news hit home this week. The Senate voted Wednesday on measures to extend the first-time home buyers tax credit as well as unemployment benefits; the bill passed by a vote of 98 to 0. On Thursday, the House of Representative passed the bill by a vote of 403-12. The bills are now making their way to President Barack Obama to sign. President Obama has made it very clear that he WILL sign them into law. So how does this work for you?

Not Just a First-Time Home Buyers Tax Credit

So do you want to buy a house but you’re not ready to buy one this year? If so, I have some good news! According to Fox Business the Senate voted unanimously Wednesday to extend the $8000 first-time home buyer’s tax credit.  The current tax credit will be extended to April 30, 2010. This means that you as a first-time buyer can take advantage of the credit as long as you have a contract in place by April 30, 2010 and close on the mortgage before July 1, 2010.

Have you owned a house for at least five years out of the past eight years and are looking to move into something bigger? If so, I have good news for you too! In addition to the extension of the original credit, the Senate has also introduced a new home buyer’s tax credit for those who already own a home and are looking to move. Those who have owned a home for at least five years out of the past eight years would also be eligible for a tax credit of $6500 if they move.

The tax credit for first-time home buyers currently allows first-time home buyers to claim a tax credit equal to 10 percent of the home’s purchase price up to the maximum of $8,000. The credit, which is set to expire on November 30, 2009, has allowed the housing market to come back from its recent fall. Many bankers, financial analysts, and realtors feel that the housing market could decline once more if the tax credit is not extended. Many have spoken and the Senate listened. However, the Senate has assured consumers that the tax credit will NOT be extended beyond April 30, 2010.

In addition to introduction of the new tax credit, the Senate has also raised the maximum income earnings that qualify an individual for the tax credit. Currently any single buyer who earns over $75,000 or a couple who earns over $150,000 a year is not eligible for the current credit. However, under the new law, a single buyer can earn up to $125,000 and a couple up to $225,000 a year and still be eligible for the tax credit.

When you’re ready to purchase a house, check out Quizzle to calculate how much home you can afford.

Unemployment Benefits Don’t Have to End Now

Currently unemployment stands at 9.8% and is expected to rise another .10% when the latest figures are released November 6, 2009.  Even though some analysts feel that the economy is slowly rising, many of those unemployed still can’t find work. If your unemployment benefits are coming to an end there is no need to worry, as your benefits will be extended up to an additional 20 weeks.

The Senate has passed a bill that will extend unemployment benefits for an additional 20 weeks in states that have an unemployment rate of 8.5% or higher, while all other states will receive a 14 week extension. To see how many weeks you may qualify for check out the Bureau of Labor Statistics.

Here at Quizzle we want to keep you posted with the latest news. Check back often to find out the latest scoop on the two major economic bills.

Hi! My name is Angela and I am the Web Project Manager intern here at Quizzle.

This next year is going to be a big one for me. Not only do I graduate from college, but I am also hoping to buy a house in June and am getting married in October.

In addition to saving for the wedding, my fiancé and I have begun to save for a down payment on our first house. We would like to put down at least 10% (~$10,000). In saving for such a big purchase, we’ve learned a few things that work and a few that don’t. Here are our six best tips for saving money for a down payment:

1. Check your credit report

The first step to buying a house is to understand what other expenses you will incur in addition to the down payment, for example, closing costs.

Check your credit report (you can get a free credit report at Quizzle.com) when you first decide that you are ready for a house, as well as periodically throughout the process.

Get an understanding of what is on your credit report and make a list of the items, if any, that must be taken care of to ensure you will be approved for a home loan. Knowing what items are on your credit report ahead of time can help you manage your money,  know what debt you need to pay off and ultimately, save for that down payment.

2. Know your income schedule

Check which weeks of the month have more bills than others so you know when you are able to put money aside for the down payment. Some weeks of the month may not have any bills allowing you to set aside an entire week’s pay.  If you get paid on a weekly basis, keep in mind that some months will have 5 paychecks as opposed to 4 paychecks. In these months you can set aside that entire paycheck as most budgets are based on 4 paychecks a month.

3. Create a budget and set goals

Creating a budget will show you how much money you have coming in on a monthly basis compared to how much money you are spending on debt and living expenses. You can create a simple budget using free personal budgeting software from sites like Quizzle.com.

Once your budget is created, look for areas in which you can cut down expenses. For example, my credit cards add an extra $500 to my expenses each month simply because I am carrying balances on them.  If I can spend a few months paying off those balances, in the long run I can save $500 a month. Imagine what kind of house you can afford if you have an extra $500 each month for a monthly payment!

Set new goals each month to eliminate certain expenses so you have room in your budget to save for your down payment and later on for our home loan payment. I’ve found that it helps to make a game out of it to see how many expenses I can eliminate each month.

4. Only carry cash

I know it’s sometimes tough to make time to stop at the ATM to get cash, but include it on your way to other errands such as getting gas. If you happen to use your bank card, use it as a debit card and get cash back when you are making other purchases.

By only carrying cash you are less inclined to use your credit cards, allowing you to pay down your debt even faster because you’re not constantly adding to your balance. Set a weekly budget amount – I like to call it my “Miscellaneous Fund” – and take out that much from the ATM each week.  If you budget yourself, say, $40 each week and only carry the $40 and no credit/debit cards, you will be more likely to stick within those limits. Any money that I have left over, I add it into the next week’s miscellaneous fund. Some weeks you might have enough money for extras, like going out for dinner.

5. Avoid going out for lunch and dinner

Even though it is really tempting to go out for lunch, it can become costly. Consider this: If you eat out each day at work, 5 days a week, you may be spending an average of $50 a week just on lunch! By simply bringing your lunch, you might only spend $10 each week.

Buy items in bulk such as snacks and water that will last you the entire month. If you always have that urge to eat out, then make it a once a week thing. Treat yourself to a Monday “get the week going” lunch or a Friday “we made it through the week” lunch. This lunch should come out of your miscellaneous fund that I talked about above.

I know that some restaurants are just too good to give up. I love eating out myself and some days I just don’t feel like cooking. But by eating out for dinner, you are more than likely to spend more than you’ve budgeted.  What you think might be a $25 dinner, will turn into a $40 dinner after an appetizer and dessert.

By eating dinner at home, the average household can save about $400 per month. If you must eat out then nix an appetizer, order water because it’s FREE, and eat dessert at home.

6. Cut out late night shopping trips

I’ll admit that when I am bored I love to go shopping. It’s probably one of my worst habits. By simply not going to the store unless you need too and skipping the mall all together, you’re less inclined to spend your hard earned dollars. If there is something that you must have, take a look at the budget and see what can be eliminated to help you make your purchase. See shopping as a reward if you eliminate something from your budget; reward yourself for meeting your ultimate goal.

Bonus Tip:

7. Use one bank account

If you are living with your significant other or married, you may want to consider using only one bank account. I have always said that I would never combine my money with my partner, however it just makes sense to do so. My fiancé and I only use one bank account; he has his paychecks direct deposited into my account and we pay all of the bills from my account. Because he is limited to spending what money I give him and I am less inclined to spend money that isn’t really mine, we have seen our money grow faster together than it would have separately. By using one account, it is easier to pay your bills and keep track of your budget.

Budgeting for a down payment isn’t that easy. I know there are times when you must spend that $30 to get your oil changed or $25 on a birthday present; those are occasional purchases. Even if you occasionally spend money you can still watch your bank account grow with the tips listed. I personally don’t see a reason to budget everything I buy, just as long as I keep those occasional purchases to… “occasional.”

Keep in mind these are just 6 tips of many that I have for budgeting and saving. There are a lot of other ways to save money, whether it be for a down payment on a home or some other goal. The key is to always remember your end goal. If you constantly remind yourself of what you are trying to accomplish, you will save money faster than you ever have before.

Hello Quizzlers! My name is Kristina and I just became an intern here at Quizzle.com. I graduated from college in May, so I am learning a thing or two about the importance of post-graduation money management.

Being a college student can mean a lot of things, but along with all of the fun comes new responsibilities.

It is the first time you learn how to do things on your own, including personal budgeting.  Keeping track of the money going in and out of your pocket can seem tedious at times, but it is necessary to prevent getting into serious problems like debt.

Here are a few money saving tips to help while you’re away from home:

1. Take advantage of campus activities

Your school wants you to enjoy yourself while you are there, so most campuses will host events that are free for students to attend.  Anything from sporting events to stand-up comedian performances could fall under this category of school-sponsored events. Student groups and organizations are a good place to start to look for a list of upcoming events. You might be surprised to find out how much you can save on the weekend by going to a few free things every once in a while.

2. Use student discounts

Going along with finding out what kind of deals your school offers, check out the local restaurants and stores in your college town to see if any of them give special discounts to students. This could be a cheaper ticket to the movies, a free drink with your meal, or even a percentage off your purchase at your favorite retail clothing store. Who knew that having a student ID could be like having a reusable coupon to all your favorite places?!

3. Buy used

It is just a fact—sometimes things aren’t taken the best care of in a college house or apartment. In contrast, why should students not be able to have nice furniture?  That’s where buying used could come in handy. Look in on-line classifieds for used furniture. There is probably a site specifically for students at your school. There is a good chance you will find some great deals, especially if you look for people who are having moving sales.

Since you aren’t buying something new you don’t have to make a long-term commitment to a color or style. You can also use the practice of buying used products when it comes to books and other class requirements. And then at the end of the year, you can sell your books and furniture before leaving campus to make some extra cash for the summer.

4. Host group events

Something my friends and I realized while away at school is that we missed home-cooked dinners with the family. So we decided to recreate that atmosphere at our college apartment. Once every two weeks (you can do this more or less frequently depending on everyone’s schedules) we would have a group meal together.

There are a lot of times that buying and cooking for one can be tricky, so buying for a group can be cheaper (food isn’t going to waste) and cooking is easier (since most recipes aren’t written for only one serving). Rotate who cooks and who hosts, but every time divide the grocery bill amongst everyone that comes—it usually ends up only being a few dollars per person, so it is a great alternative to eating out with friends all the time.

5. Look for other alternatives

Love having coffee in the morning while you’re in your first class? Make it at home instead of buying an overpriced cup’o’joe at a coffee shop. Pack a lunch or a snack rather than going out to eat in between classes.  Other luxury expenses can really add up, so if you can figure out a way to tweak your expensive habits and save a little (or a lot) of money, you will definitely appreciate it in the long-run.

6. Watch sales

Keep an eye out for sales on items you purchase regularly. Paying a sale price for the things that you use on a daily basis will save you money in the long run. Shop around at different grocery markets and drug stores for the best price on these staple products. One great thing about comparing prices is that competing stores could be offering discounts on different products each week.

7. Walk, bike, carpool, or ride the bus

With the ever-increasing gas prices, driving a car around campus can get pretty costly. Instead, bring a bike with you to campus or walk to class when you can (weather permitting). Also, look into the public transportation system at your school. A monthly or semester bus pass could save you money on gas for those trips that are too far for your bike. If you have no alternative to driving yourself to class, find neighbors or classmates that want to carpool. You’ll all save money on gas and parking!

8. Cut back on utilities

There are some little changes you can make in your daily routine that could save you money on your utility bills.  Simply unplugging your cell phone charger when it’s not being used or opening windows instead of using a fan or the air conditioning can save on electricity costs. Also try using natural light during the day and turning off all unnecessary lights. Taking timed showers and only doing full loads of laundry (whenever possible) can save money on the water bill. On top of saving money you are also being more environmentally-friendly!

In my experience, these ideas can help minimize a few of the most common financial burdens.  This way you can spend your time worrying about other important things, like what’s for dinner or what to be for Halloween.

Photo credit: http://www.flickr.com/photos/stuartpilbrow / CC BY-SA 2.0

Whether you’re strapped for cash or feeling comfortable, we could all stand to make a few tweaks to our personal budgets. Save more, save faster and save smarter with these money saving ideas:

55 Ways to Save Money

1. Pay yourself first. Save money without thinking about it. Set up direct deposit into a savings account and watch your nest egg grow.

2. Brew it at home. If you grab even the cheapest of javas on the go, say a $2 cup every week day, you’re shelling out $520 a year. Try the big tubs of coffee instead. They’ll last and you’ll save.

3. Unplug. Lots of gadgets, electronics and appliances draw power even when you’re not using them. Pull the plug on items that you only use occasionally and for bonus points, unplug your chargers (cell, PDA and the like) when not in use.

4. Stay in with friends. This one’s easy. Going out with pals almost always costs more than staying in. Resist the urge to splurge and invite friends over for cocktails, a potluck, board games or a movie.

5. Buy in bulk. Sam’s Club and Costco are your best friends.

6. Brown bag it. If you prefer the grab and go, you could easily spend $1300 a year just on lunches ($5/lunch/week day). Pack your lunch instead – you’ll save some dineros and the food will likely be more nutritious anyway.

7. Team up. A great way to involve kids in the saving process is to pick a fun family item that you all want – maybe a new TV, an Xbox or a trip to the amusement park – and agree to toss your spare change in a bottle in the kitchen. It’s a good lesson in saving for what you want and teaming up will bring the family together.

8. Cut the cable (at least a little). There’s often lots of room in the cable bill to cut costs. Cancel the channels you don’t watch, ask for the latest promotions and cut out luxury features (i.e. DVR, Pay-Per-View).

9. Ditch the dry cleaner’s. There are products widely available now that allow you to do your dry cleaning at home and with ease.

10. Build a budget. Find out how much is coming in and maybe more importantly, how much is going out each month, with free online budgeting software. Then, look at each and every bill for opportunities to make cuts and make them.

11. Get your news online. Instead of paying for costly subscriptions, log on and read online.

12. Turn off the tube. Click the “off” button on your TV and not only will you save energy, you’ll also shelter yourself from ads that may tempt you to take out your wallet.

13. Quit a vice. We all have ‘em and they’re the worst offenders in the wasteful spending department. Consider cutting back or quitting altogether. Smokers, consider this: If you smoke a pack a day, you could save $2,555 a year (at $7 a pop) by quitting.

14. Download coupons. Thanks to sites like ShortCuts and P&G eSaver, you can put the scissors away and click your way to coupon heaven. Just select the coupons you want, download them to your grocery savings card and save money at checkout.

15. Borrow instead of buy. Remember that place you went to as a kid? You know, the one with all the books? At your local library, you can borrow books, CDs and DVDs and it will always beat Amazon’s best deal.

16. Create a “slush fund.” Deposit any random checks you get – like rebate, rewards or reimbursement checks – into this fund. You can use it for any purpose, but if you’re in a position to enjoy some of your savings now, make the goal something fun like a vacation.

17. Opt for H2O. Swap out the soda, wine or cocktail for water, especially when out at a restaurant. It’s free and better for you.

18. Forget the meat. Try veggies in place of a meat dish once a week and the dollars will add up.

19. Buy store brands. Ditch the brand names and you could save $1,200 per year.

20. Manage your credit. A good credit score will open up doors to the best interest rates and terms on credit cards and student, personal, auto and home loans. To manage your credit, first find out what your credit situation is with a free credit report and score. Then, improve it if it’s bad and monitor it if it’s good (to make sure it stays that way).

21. Check coupon codes before checking out. Before you buy anything online, make it a habit to check for coupon codes from sites like RetailMeNot first.

22. Bike it. If your destination is nearby, jump on your bike to get there instead of wasting expensive gas. (It’s a great workout too!)

23. Auto-pay your student loans. Many student loan servicers offer a discounted rate if you opt to have your monthly payment automatically withdrawn from your bank account. Stop worrying about missing a payment and save a few bucks.

24. Carpool. Split the driving duties and the gas costs.

25. Grow your own veggies. Produce is expensive! Save some green by indulging your green thumb.

26. Give your windows some TLC – Cold edition. When it’s cold out, cover your windows with plastic and shrink-wrap them by using a hairdryer to heat the plastic at its edges. Winterizing older or cheaper windows could save you cash on your heating bill.

27. Give your windows some TLC – Hot edition. When it’s hot out, skip the air conditioner. Instead, open your windows and use a box fan to suck warm air out.

28. Attack your closet. Put aside all the clothes you don’t wear and give them to charity. Make sure to document everything and consult this handy online valuation guide so you can claim a generous deduction on your tax return next year.

29. Get the Entertainment book. These books are chock full of coupons and will pay for themselves after just a couple of uses.

30. Refinance your home loan. You may be shelling out extra dollars for your monthly home loan payment when you don’t have to. Give your trusted mortgage banker a call to find out if you can reduce your mortgage rate and payment by refinancing. Or set up a free Rate & Payment alert that will let you know via email when a home loan program becomes available at the interest rate or payment “sweet spot” you’re interested in.

31. Follow up on rebates. They can be a pain, but the return on your effort is worth it. Fill out the forms and snail mail them in.

32. Opt out of escrow. It may be a smart choice to opt out of having an escrow account on your home loan because it’s non-interest-bearing. Instead, make the same payment via payroll deductions into a money market or high-yield savings account. In this market, your money may not earn much, but even 1% is better than 0%.

33. Reduce your rate. It never hurts to ask. Call up your credit card company and ask for a lower interest rate on your card. If you carry balances, an interest rate reduction can save you big time.

34. Buy food for multiple meals. Maybe the veggies you’re adding to your pasta sauce could also be served up in a veggie pita. Buying flexible menu items will ensure you get the most bang for your buck by getting multiple uses out of your food.

35. Never grocery shop hungry. Growling stomach = Stop sign.

36. Take advantage of points. Do some research and find out if you can earn points with your debit card or credit card. Then, use those points to buy things you’d have to buy anyway, like gifts for teachers, new electronics or school shopping.

37. Love your leftovers. Food in a doggy bag is like a free meal ticket. Suck it up and take advantage.

38. Pass on the ply. If your bum can handle it, go for single ply toilet paper. We’re talking cents here in terms of savings, but if you really need to tighten the budget, you need to consider everything.

39. Print online. Things like business cards are a fraction of the cost online compared to the local printer.

40. Be prepared for a rainy day. Set your sights on saving 4 to 6 months worth of expenses in case of emergency. If a little rain falls in your life, like losing your job, having a money cushion could help you stay out of debt and avoid high interest rates. Keep tabs on your progress with free online savings tools.

41. Make gifts with your own two hands. Homemade gifts are the most thoughtful gifts one can give. Use sentimental items like pictures and souvenirs to put together a memorable present for a friend or family member.

42. Go grocery store, not corner store. If you’re buying basics like milk and toilet paper at the pharmacy, corner store or gas station, you’re probably paying more for each item than you would at the grocery store or supercenter.

43. Split the babysitting duties. Ask your neighbors and close friends if they’d be willing to babysit your kids sometime and in return, you’ll look after theirs another time.

44. Split the babysitting costs. Coordinate nights out with your neighbors and close friends and go halfsies on the babysitter bill.

45. Bar hop with a brain. If you frequent the bar already, opt for happy hour or eat before you go.

46. Nix the car lease. Buy used or “new used” and drive the car as long as you can. If you’ve picked wisely, you can save big over the long-term.

47. Wait for the deal. Particularly on big ticket items, monitor sites like Slick Deals, Deal News and Fat Wallet, for the best deals. Then take advantage.

48. Do your own simple home repairs. With all the home improvement shows out there, the “I don’t know how” excuse no longer works. Google it, look it up on DIY or HGTV, or ask the folks at the hardware or home improvement store, and get to work.

49. Help yourself to the highest yield savings. Move your money from your checking account to a high-yield savings account. Even a percentage point difference in interest rate can make your savings grow faster.

50. Comparison shop [dot] com. Websites like Shopzilla do the work for you. Just type in what you’re looking for, press the button and voila! A list of prices and stores that carry your item so you can easily find the best deal in town.

51. Host a clothes swap. You know what they say, one man’s trash is another man’s treasure. Get a bunch of friends together, have everyone bring clothes that no longer fit or they’re not interested in, and go to town!

52. Reel in a roommate. Splitting housing costs could save you hundreds, even thousands of dollars a month. It’s a different lifestyle, but if you need to make big changes in your budget (ahem, spend less), this tip will get you there quicker than most.

53. Buy used. Whether it’s clothing, books or iPods, buying used and refurbished items can save you a pretty penny off the sticker price.

54. Plan before you shop. Wandering around a grocery store often leads to overspending. Plan your meal(s) before you shop and stick with your list.

55. Stick to the 10% rule. Follow the age-old rule of saving 10% of everything you make or are gifted. And start ‘em young! If you have children, open up a savings account for each of them and have them follow this rule as well.

Did your best money saving tip make the list? If not, share with us in the comments.

[Photo credits: http://www.flickr.com/photos/tsmall/ / CC BY-SA 2.0]

If you’re familiar with Woot, the website that offers one sweet deal daily, you’ll love Target’s new “Daily Deals.” I stumbled across this feature while reading WalletPop and was pleasantly surprised by the development.

Every day, for one day only, Target picks up to five fabulous products and offers a special deal on it, free shipping and all. The deal only lasts until midnight (PST) and then it’s gone, to be replaced by another awesome deal.

Target’s Daily Deals are exclusive to the 24 hour period and are not available at Target online or in-store afterward. There’s also a limit – no more than five of each item per customer.

The Daily Deals concept isn’t new. But who needs originality when you’re getting great deals everyday?!

Thanks for the money saving tip WalletPop!