I am personally convinced -- despite this financial rollercoaster we're all riding -- that the money I am investing right now is going to be my salvation in terms of college for my kids and for my own retirement.
Kate in Arlington, Va., writes: Why do stores change the due date of your bill? My credit card bill has always been due the 18th of the month, but last month it changed to the 11th of the month.
Kate, it's not just that they're changing the due date of your bill; they're shrinking your grace period. This has been happening pretty steadily over the past few years. Card companies that used to give you 30 days to pay your bill trimmed that back to 25 and now some are going to 20 days.
It's very important to pay attention to this for several reasons. One, paying late can result in late fees racking up. They can be as high as $39 -- pay late every month and you're looking at nearly $500 a year. Two, paying late can negatively affect your credit score -- particularly if it's chronic. And third, paying late can result in your interest rates on this card, as well as the others in your wallet, being hiked sky high. The new credit card bill of rights will change some of these practices. Unfortunately, it doesn't go into effect until 2010.
One thing you may want to do: Ask the card company to change your whole billing cycle. This won't change the shortened grace period, but you could potentially ask to receive the bills closer to the time you receive your paychecks.
Chelsea in Brooklyn, N.Y., asks: Where do young families struggling with home mortgage payments go for help when their current lenders tell them there is nothing they can do for them? How do they access some of this "bailout" money?
Chelsea, I wish I had a dollar for every time someone has asked me in recent weeks, "Where's my bailout?" Unfortunately, that's not the way it seems to be working. What you need to do is the following:
A) Call your lender. Even if you've already been told that nothing can happen, call again.
B) The second thing to do is call your other creditors. Your credit card companies can tell when you're having trouble paying your mortgage. They also know that you will pay the mortgage before you pay them, so they may be willing to make a deal. Over the past month or so, we have noticed a greater willingness in card companies to negotiate.
C) Track your money. If you haven't gone through the basics of figuring out where your money is going, figure out what you can sell or where you can cut to find extra income. That's something you should do ASAP!