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.

The Federal Open Market Committee (FOMC) – a bunch of smartypants from the Federal Reserve Board and Federal Reserve Bank – meet eight times a year to talk about money issues, one of them being the federal, or “fed,” funds rate.

The fed funds rate is the rate at which banks lend money to one another and may affect the interest rates on your credit cards, savings and short-term loans like adjustable rate mortgages (ARMs).

Here’s how it works:

Credit Cards If you have a credit card, chances are it’s tied to the prime rate. Prime is simply three percentage points greater than the fed funds rate. So, for example, if the fed funds rate is 1%, then prime rate is 4% (1% + 3% = 4%). A lower fed funds rate means a lower prime rate and a happier credit card holder.

Short-Term Loans The fed funds rate also affects short-term interest rates such as those on adjustable rate mortgages. As is the case with your credit cards, a lower fed funds rate means lower short-term rates and happier homeowners.

Savings So we’re always crossing our fingers for a lower fed funds rate, right? Not quite. The fed funds rate also affects the interest rates on savings accounts, money market accounts and CDs. The lower the fed funds rate, the lower the savings rate, which makes for an unhappy saver since you’re making less on your money.

Long-Term Loans It’s a common misconception that the fed funds rate directly affects long-term interest rates, like what you might pay on a 30-year fixed rate mortgage. Long-term interest rates are actually determined by the people who buy and sell bonds in the bond market everyday. And bond yields are affected by the health of the economy and inflation. So while the fed funds rate may indirectly impact long-term interest rates, it’s not a as strong of a relationship as some might think.

In sum, when the fed funds rate is low, that’s good news for your credit cards and short-term loans, but bad news for your savings.

At Quizzle, we’re all about awesome freebies – especially ones that could help get you on the right financial path! Duh…Quizzle is free and full of freebies, right?

So, here is a very cool freebie from TV Queen Oprah and her favorite finance expert, Suze Orman. From now until Thursday (January 15), you can download Suze’s new book, the “2009 Action Plan,” for free! It’s  over 200 pages and goes over everything from credit to real estate to 401k to saving for college.  Pretty awesome!

But you do have to hurry – it won’t be available after Thursday. So get over to Oprah.com and download it! Heck, with your free credit report in Quizzle and Suze’s advice, you can totally get yourself on the right financial path in 2009!

Worried about the economy? Been hoarding all your pennies lately? You’re not alone. Heck, even the US federal budget is looking a little hefty these days and might topple the scales at nearly $1.2 trillion next year.

If you’re not sure where to start, Quizzle has you covered. Take a deep breath and we’ll make this as simple as possible. We’ll assess, act & automate. I’ll be your financial fitness trainer.

1. Assess.  Oh hey, Quizzle fits beautifully in here, doesn’t it?

Free credit report comparing all your debts, rainy day funds, budget tool…yes, we need all that. Clear your dining room table; pull out all your bills.  Pinpoint all your “problem areas.” Are there just nagging issues there that you’ve been meaning to do something about, just “haven’t had the time”? Time is money – and you’re wasting it.

2. Act. Let’s do something about those issues, yes?

If you have credit card debt, ask yourself why. That list on your credit card statement….was each one of those card swipes necessary? If they were, consider consolidating. Call your current credit card company and tell them you want a lower rate. You’d be surprised what you can get by just asking. If they won’t budge, find a 0% introductory offer somewhere else and start shedding the wallet weight.

Mortgage an issue? Like I’ve said before, you’d be nuts to not consider refinancing right now. If you haven’t talked to a banker yet….well, let’s just say I’m going to make you run an extra lap for that one. Do it. Mortgage rates are at 37-year lows. It does not hurt to check and it could potentially save you hundreds of dollars.

What else? You probably know a thousand ways to save a little cash, don’t you? You just might not do them yet. You might not need to cut coupons (hey, everybody is doing that, too), but how often are you buying lunch on the fly? A little planning ahead in this department can not only save you some dough, but you could enjoy healthier cooking and eating with your family.

Need motivation? Check out more than 25 Ways to Save from the Frugal for Life blog. Easy stuff. These are like the push-ups…we all know how to do a push-up and we know they’ll put us in better shape, but how often are you nose-to-ground? Drop and give me 20!

3)    Automate. Ah yes. Back to cruise control, but now we’re traveling at a safe speed.

Here you are at Quizzle, so I know you have the Internet. No hiding. Is your internet/cable/gas/electric/rent/mortgage/insurance payment automatically deducted? No? Well, come on – nearly all service providers allow automatic deductions from your bank account. Sign up! Not only will you never have to suffer a late payment (Ouch! Credit! Ouch!), but your life could become significantly less stressful. No hunting for stamps (ooh! Saved $.42!) and no midnight “Did I pay that?!?” panics.

What about the money you get to keep? Is your paycheck direct deposited? Are you contributing to a retirement fund? What about overdraft protection on your checking account? Ask your bank about linking your checking and savings so you never have to pay an overdraft fee again. It’s your money and no one is going to do this stuff for you. Driving by the gym does not equal pounds lost, right?

As you can see, the key here is automating. Once you begin to automate, you’ll have much less to worry about. And really, with these lovely online inventions like Quizzle or Quicken Online that are totally FREE, you have no excuses. We all know technology is a great thing – start utilizing it for your finances and you’ll be surprised how much easier your life can be. If you follow these easy rules, the only pounds you should gain are a few extra in your wallet.

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?