Nothing good really can come by having a separate bank account than your spouse.  Why?  Well, here are some great reasons not to separate your money:

1. It gives you an place to hide money from one another.
2. It disables you from truly bringing your money together in order to efficiently set a budget.
3. It never really creates a sense of one, which is what marriage should be. 
   
4. It makes you think that if your spouse is in financial trouble, then that is his/her problem.
5. It creates a sense of resentment if one of you has to bail out the other in hard financial times.

You should have your paychecks and other income deposited into the same account and then you should set down together and figure out how to best spend your money collectively.  It doesn't matter if one of you has a higher income than the other, the fact still remains that the money still belongs to both of you.  Act like it.  it will increase your trust in one another and it will also make your money last longer for both of you in the long run.  

That is a quote from a friend of mine that recently filed.  He is moving out of his house which will be foreclosed, and his car was taken not too long ago.  I would never mention names as I have many friends and others that I know that have recently filed.  I'm sure you know someone, too.  However I told him not to be ashamed, but to just look at this as a new opportunity. 

Yes, bankruptcy is bad and it takes a while to recover, but if you are going through it, you can either be negative about it, or change your attitude and make something positive out of it.  Heck, if nothing else, hopefully you've learned your lesson to buy with cash only, and shred up those poisonous credit cards.  

Start living a life today that you deserve, and vow to NEVER enslave yourself to debt again!  Write it down and look at that vow daily.  You will be better mentally, physically, emotionally and financially for the rest of your life.   

Do you have papers and documents scattered around your home.  Or, perhaps you are one of the organized few and actually have all your important documents filed neatly into a filing cabinet.  What about all those important family photos.  Do you have your favorite ones backed up? 

Well, there is actually a better way to store everything and that is to implement some kind of electronic backup service.  Yes, you could buy another hard drive and scan and back up your documents from your computer to that hard drive, just in case your computer crashes.  That is a great idea, but what happens if you have a natural disaster or a house fire.  Everything is lost.

You should backup all your important files and photos, like wills, taxes, mortgage papers, vehicle loan documentation, marriage and birth certificates, social security information, and pretty much all that important stuff online.  There are some great services to do this, but I prefer a service called MUJ.  This service allows you to upload photos, backup documents, and make journal entries or comments on everything.  It is simple to use too!  So check out http://www.MyUnionJournal.com/.

For those of you who have student loan debt, or know someone who does, then it certainly can be overwhelming at times.  I really try to view student loans as one of those debts that is not as bad as other types of debt, such as student credit cards.  Students should NEVER accept those credit card offers from vendors on campuses all over the world.  I will blog more on this later. 

The best way to relieve student loan debt is to pay it.  However, at some point you may find yourself in a bind after school and cannot repay the loan.  In this case, if you have government sponsored student loan, you can request a "hardship deferment".  Go to http://www.dl.ed.gov/ to find out more on this and other ways that the lender will work with you to pay off the loans. 

You have six months after graduation before you have to begin paying off your student loans, and this is one debt that you must pay, or the government can and will garnish your wages if necessary.  Also, If you die and still have student loans, then typically your loans will be completely wiped off the books and your family will not have to pay them back. 

So, in a nutshell, student loans typically carry low interest rates, you often times can defer them if you are in a legitimate financial bind, and you should pay them off as quickly as possible, just as you do any other debt.  There is really no clear cut relief from student loan debt but certainly look on your lender's website to learn about the programs that are offered.

There is something known as the national debt clock, and it is actually a pretty amazing number to see how the American national debt has risen over the years.  Unfortunately, there is not much we as the general population can do about how our government spends our money, so today I want to talk about your personal debt clock. 

Basically, every day that passes, you are either progressively making improvements and paying off your debt, or you are just putting it off until another day.  I have heard people say, well I'll start paying off my debt next year, or when I am a certain age.  Why not start now?  You may simply have no extra money, but I have a few tips that may enlighten you on where to find a little extra cash.  Even $50 or $100 extra per month can go a long way.

Part time job ideas for earning extra cash:

- wait tables in the evening and on weekends (tips can be great).
- mow lawns (maybe you live in a neighborhood, just go door to door - I did this one year and picked up 13 lawns).
- clean houses (nobody likes cleaning, so if you do a good job, you could easily clean 2 or 3 houses per weekend and make $150 or more).
- deliver food (pizza, chinese, whatever delivery service is in your area).
- do handy man services or grocery pickup services for elderly people (please do not take advantage of them).

Extra cash ideas without having to take that extra job:

- Save your change (I once bought my wife a $600 laptop by saving change for 1 year).
- Stop eating out so much (you know you do).
- Start coupon clipping and comparison grocery shopping (it takes time, but can save you lots of money).
- Recycle your soda cans and anything you can convert to cash (I sold our cans to the recycling center the other day for $0.78 per pound and I took a check for $47.00 to the bank).
- Have a yard sale (the average household has $2,200 worth of stuff just lying around and not being used).
- GET ON A BUDGET (spend your money on paper before you actually spend it and you will know exactly where to find extra cash, just from your current income).

So, remember your personal debt clock is ticking right now, so get started today finding that extra money to pay debt. 

My PeskyDebt dot net guide offers some great direction on what to do with your extra money once you have it, (like paying off debt and building wealth over time) so check it out below.

Paying off debt is absolutely essential to being a financially successful person.  I believe that whole heartedly.  However, sometimes cirmustances arise and you should really have a small cushion set aside as "just in case" money.  Some call it an emergency fund, some call it a rainy day fund, so you just call it whatever you want.  Let me share with you a brief, but true story that just happened to me last week.

I was standing in line at the bank waiting to deposit a check.  There was a lady in front of me and she told the teller that she needed to make a withdrawal.  The teller said, "how much"?  And the lady replied, "how much do I have"?  "$700", Said the teller.  "I'll take $300" the lady replied.  Then, the lady went on to explain to the teller that she had just been laid off from her job and that her daughter, too, had been laid off a week prior.  She had this $700 in the bank, and she said that she hopes the layoff is only temporary.  Keep in mind that this lady is about 60 years old. 

It was obvious that she was in some hard financial times, and I felt bad for her, but at least she had stashed away $700 in case of emergency.  You should set up a fund that you do not touch of at least $500 to $1,000 if possible before you begin attacking you debt.  You never know what may come up (i.e. emergency hospital visit, car repair, etc.).  

We all love to watch fireworks, and if you are like me, you live in a state where it is legal to purchase fireworks.  Since I was a kid, I have thoroughly enjoyed the 4th of July; mainly because I was able to shoot off fireworks, eat grilled hot dogs and stay up late.  Well, that is pretty much why I still enjoy the 4th, however, now I am responsible for purchasing my own fireworks. 

Remember, the 4th of July and any other holiday requires almost everyone to stretch their budget a little bit further.  And, if you are on a pretty tight budget, this can be difficult.  You certainly do not want to put bottle rockets and hot dog buns on your credit card and still be paying them off next year at this time.  So, here are some quick tips on how to keep the 4th fun without going into debt for it. 

1.  Take the family to a public fireworks display.  These are always much bigger and better than the backyard fireworks. 

2.  However, if the kids, or if you are a big kid like me, and have to have your own fireworks, just buy a few of the small ones, and get together with some friends and tell everyone to bring their own fireworks.  This will cut down on the expense for everyone, and if there are 5 families, each bringing $40 or $50 worth of fireworks, that is plenty.

3.  Shop around.  Kids love to look at every fireworks tent or stand, and the entrepreneur at those tents love to make a deal. 

4.  Purchase fireworks the day after the 4th of July.  For example, you may have taken your family to a large local fireworks display on the 4th and decided to have your family "get together" the day following.  Prices for fireworks are drastically reduced after the 4th.  Also, if you are really organized this is a good way to purchase fireworks each year in advance.

5.  As for food, just have everyone bring a dish to a family gathering, and don't find yourself in a position of buying everything, even if you are host.  There is no shame in asking friends and family to bring certain items. 

Remember, keep your 4th of July safe, have an absolute "BLAST" with your family and friends, and don't let a small thing like money worries hinder your holiday.  Happy 4th of July, and God Bless!

So, you may be deep in debt with no real clear picture of how to get out, and of course to you, and many of those who are around you the obvious solution is to file bankruptcy, right? NO NO NO NO NO!  I cannot say it enough, bankruptcy should be your absolute last resort.  I live in Tennessee and I just recently hear that Tennessee is the the number one state for bankruptcy filings lately.  And, I can actually see it around me in several examples, and it is quite sad because I know that there are so many things you should do before even considering bankruptcy.  So, here are some quick suggestions of things to do before considering bankruptcy.

1.  Call or visit your creditors and try to negotiate reduced payoff amounts.  For example, if you have massive amounts of medical bills, the hospital will often settle for much less.  You just have to go ask.  And by all means, GET IT IN WRITING!  Credit card companies will often times settle for pennies on the dollar.  For them, it is better to get something then for you to file bankruptcy and they get nothing. 

2.  Get a second or third job, just to make some extra cash to clean up your debt. 

3.  You likely have an expensive car.  SELL IT!  Buy a cheaper car while you clean this mess up.  Even if you are "upside down" on the car, just try to work with your bank to finance the difference and explain to them that you will be better off selling the $20,000 car, for $17,000, financing the $3,000 upside down amount in with a $3,000 car (total $6,000) and actually being able to make the payment as opposed to defaulting on the $20,000 loan and then they have to repo the car and take a big loss. 

4. Prioritize your most important debts and expenses from top to bottom and pay the most important ones first.  Of course, your first course of action is to keep your family fed and sheltered.  So, do not lose your house, put that as priority.  If I found myself at risk for bankruptcy, here is exactly what I would pay first to last (this is just a quick list, but you get the idea):

-Food
-Shelter
-Water
-Electricity & gas
-Car payment - we have to get to work (don't forget insurance)
-Student Loans (or other debts that your funds can be garnished directly from your wages / but remember with student loans, you can request a "hardship deferral" if you are in tough financial times and that can put off your payments for a while)
-Credit cards and other pesky loans from which the creditors cannot garnish wages directly from your account (NEVER, EVER GIVE THE CREDIT CARD COMPANIES ACCESS TO YOUR BANKING ACCOUNT INFORMATION).

IMPORTANT TIP 1:  Remember that bankruptcy stays on your record for years, so please consider your future and know that it may seem like to easiest solution today, but what about 5, 7 or even 10 years from now when you want to buy a house and can't because you filed bankruptcy once upon a time. 

IMPORTANt TIP 2:  Turn off stuff you don't need.  For example, you can live without cable or satelite TV for a while, you may be able to live without all those cell phones in your household.  Or, perhaps you never use your home phone, so turn it off.  Set down and make a list of all the stuff you pay for on a regular basis, and simply elimate the expenses you don't need right now.  Do it today!