18 Ways to Reduce Your Mortgage Loan

1. Skip the introductory rate (Honeymoon)

Beware of lenders bearing gifts! Introductory or honeymoon rates have long been an important marketing tool for lenders. You are initially offered a cheap rate on your loan to get you in the door but once the honeymoon period is over, the lender will switch you to a higher variable rate of interest. An example of this is an Adjustable Rate Mortgage (ARM).

There are two problems with this scenario. First, the variable rate is often higher than some of the lower basic loans available so you could end up paying more. Second, you need to clearly understand that a honeymoon rate applies only for the first year or two of the loan and is a minor consideration compared to the actual variable rate that will determine your repayments over the next 20 or so years.

You may also be hit with fairly steep exit penalties if you want to refinance in the first two or three years to a cheaper loan. So make sure you fully understand what you are letting yourself in before setting off on a "honeymoon" with your lender.

2. Pay it off quickly

Time is money. There are all sorts of strategies for paying less interest on your loan, but most of them boil down to one thing: Pay your loan off as fast as you can. For example, if take out a loan of 0,000 at 6.5 per cent for 30 years, your repayment will be about be about ,896. This equates to a total repayment of 2,632 over the term of your loan.

If you pay the loan out over 15 years rather than 30, your monthly payment will be ,613 a month (ouch!). But the total amount you will repay over the term of the loan will be only 0,397 - saving you a whopping 2,235

· Make repayments at a higher rate

A good way to get ahead of your mortgage commitments is to pay it off as if you have a higher rate of interest. Get a loan at the lowest interest rate you can and add 2 or 3 points to your repayment amount. So if you have a loan at about 6.5 percent and pay it off at 10 per cent, you won't even notice if rates go up. Best of all, you'll be paying off your loan quicker and saving yourself a packet.

· Make more frequent payments

The simple things in life are often the best. One of the simplest and best strategies for reducing the term and cost of your loan (and thus your exposure should interest rates rise) is to make your repayment on a fortnightly (bi-weekly) rather than monthly basis. How can this make a difference I hear you ask? It works like this:

Split your monthly payment in two and pay every fortnight. You'll hardly feel the difference in terms of your disposable income, but it could make thousands of dollars and years difference over the term of your loan. The reason for this is that there are 26 fortnights in a year, but only 12 months. Paying fortnightly (bi-weekly) means that you will be effectively making 13 monthly payments every year. And this can make a big difference.

Using our example from above, by paying monthly, you will end uprepaying 2,632 over the term of your loan. But, by paying fortnightly (bi-weekly), you will save ,254 in interest and 5.8 years off the loan. Zero pain to you, major benefit to your pocket.

· Hit the principal early

Over the first few years of your mortgage, it may seem that you are only paying interest and the principal isn't reducing at all. Unfortunately, you're probably right, as this is one of the unfortunate effects of compound interest. So you need to try everything you can to get some of the principal repaid early and you'll notice the difference.

Every dollar you put into your mortgage above your repayment amount attacks the capital, which means down the track you'll be paying interest on a smaller amount. Extra lump sums or regular additional repayments will help you cut many years off the term of your loan.

· Forego those minor luxuries

This is the bit you don't want to read. Once you have a mortgage, your life is likely to be luxury-free (or at least pretty close to it). Think of all the weight you will lose by giving up your favourite indulgent snack. For the sake of your health you should quit smoking and drink less anyway. Take your lunch from home and save on bad fast food. Trust me, your body will thank you for it.

If you're still not convinced consider the following example. A typical day may include a pack of cigarettes (), a coffee and donut (), lunch () and a couple of beers after work (). That's a day or 5 a week or 0 a month or ,100 a year.

Assuming a mortgage of 0,000 at 6.5 per cent over 30 years, by making 0 in extra repayments each month, you'd save more than 6,000 in interest and be mortgage free in just over 14.5 years.

No one is saying you should live a convict existence but just cutting down a little on your expenses will see you reap huge financial benefits.

3. Get a package

Speak to your lender about the financial packages they have on offer. Common inclusions are discounted home insurance, fee-free credit cards, a free consultation with a financial adviser or even a fee-free transaction account. While these things may seem small beer compared to what you are paying on your home loan, every little bit counts and so you can use the little savings on other financial services to turn them into big savings on your home loan.

There are also "professional" packages on offer for amounts over a certain limit, which can be as little as 0,000. Some lenders offer discounts to specific professional groups or members of professional organizations. Ask your lender if your occupation qualifies you for any discount. You might be pleasantly surprised. There are all sorts of discounts and reductions attached to these packages so make sure you ask your lender about them.

4. Consolidate your debts

One of the best ways of ensuring you continue to pay off your loan quickly is to protect yourself against interest rate rises. If your home loan rate starts to rise, you can be absolutely positive about one thing - your personal loan rate will rise and so will your credit card rate and any hire purchase rate you may happen to have.

This is not a good thing as the interest rates on your credit cards and personal loans are much higher than the interest rate on your home loan. Many lenders will allow you to consolidate - re-finance - all of your debt under the umbrella of your home loan. This means that instead of paying 15 to 20 per cent on your credit card or personal loan, you can transfer these debts to your home loan and pay it off at 7.32 per cent.

As always, any extra repayments or lump sums will benefit you in the long run.

5. Split your loan

Many borrowers worry about interest rates and whether they will go up but don't want to be tied down by a fixed loan. A good compromise is a split loan, or combination loan as they are often known, which allows you to take part of your loan as fixed and part as variable. Essentially this allows you to hedge your bets as to whether interest rates are going to rise and by how much.

If interest rates rise you will have the security of knowing part of your loan is safely fixed and won't move. However, if interest rates don't go up (or if they rise only slightly or slowly) then you can use the flexibility of the variable portion of your loan and pay that part off more quickly.

6. Make your mortgage your key financial product

Mortgage products known as all-in-one loans, revolving line-of-credit or 100 percent offset loans allow you to use your mortgage as your key financial product. This means you have one account into which you can pay all of your income and draw from for your living expenses by using a credit card, EFTPOS or a checkbook, as well as making your mortgage repayments..

These types of accounts can make a huge difference to the speed at which you pay off your loan. Because your whole pay goes into your mortgage account you are reducing the principal on which interest is charged. Sure, you might take a couple of steps back as you withdraw living expenses but careful use of this sort of product can get you thousands of dollars ahead of where you'd be with a "plain vanilla, pay once a month" home loan.

These loans work well when you are able to make additional payments towards the loan. If you are only able to make the equivalent of the minimum repayment on your loan (and not put in any extra) you may be better off with a cheaper standard variable or basic variable loan. However, it's not unusual for dedicated borrowers using these types of loans to cut the term of a 30 year-old loan to less than ten.

7. Use your equity

If you have already paid off some of your home, you are said to have equity. Equity is the difference between the current value of your property and the amount you owe the lender. For example, if you have a property worth 0,000 on which you owe 0,000, you are said to have home equity of 0,000, which you can re-borrow without having to go through the approval process by accessing it through your existing loan.

Many lenders will allow you to borrow using your equity as collateral. Most lenders will allow you to borrow up to about 80 per cent of the loan-to-value ratio (LVR) of your available equity. If you are careful, you can use this equity to your advantage and help to pay off your home loan sooner.

Using an equity loan to improve your property could be a good way to ensure that your home increases in value over time. But larger expenses such as cars and holidays that would have been paid by credit card are more affordable on the lower rate of your home loan.

8. Switch to a lender with a lower rate (But do your sums)

It may sound like a simple idea but switching out of your current loan and taking out a loan at a lower rate can mean the difference of years and thousands of dollars. If you have a loan that is tricked up with all the features, or even if you have a standard variable loan, you might find that you could get a no frills rate that is as much as a percentage point cheaper than your current loan.

However, before you jump the gun, check out what it will cost you to switch loans. For example, there may be exit fees payable on your old loan and establishment fees and stamp duty on your new loan. Work it all out and if it makes sense, go for it.

9. Stay informed - don't forget about your mortgage
Visit Mortgage Loan Hints.com

With any long-term commitment, there is always the temptation to let your mortgage roll along, make your repayments as they fall due and think as little about it as possible. As long as you keep up the repayments, there's not much else you need to do, right?

This attitude can be a big mistake. Keep yourself up to date with what's happening in the marketplace. You might find that there's an opportunity to put yourself well ahead of the game. Rates change, new products and changes in the market itself may allow you to seize an opportunity or negotiate a better deal.

Stay informed and stay ahead of the game.

10. Get a cheap rate and invest the difference

When interest rates are low, like now, it is usually safe to say that inflation is also low. Thus, bricks and mortar may not be the best place to invest. Try getting the cheapest home loan you can find and make the minimum repayment. This allows you to use the extra cash to invest in other, more profitable areas.

You may find that the return you get on shares or some other type of investment means that you have created a nice little nest egg which you can use to pay off a bigger chunk of your home loan than you might otherwise have been able to do.

But beware - high returns often mean high risks. Before undertaking any investment, invest in a consultation with a qualified financial adviser.

11. Run an offset account

Instead of earning interest, any money you have in your offset account works to offset the interest you are paying on your home loan. For example you may have a mortgage of 0,000 at 6.5 percent and an offset account with ,000 in it earning 3 percent.

This means that 0,000 of your loan is accruing interest at 6.5 percent but the rest is accruing interest at just over 3.5 percent (6.5 percent on your loan less the 3 percent the ,000 in your offset account is earning). Imagine how much you can save!

Of course, the best sort of offset account pays the same rate as your loan (100 per cent offset).

12. Pay all your mortgage fees and charges up front

Some lenders allow you to add to the amount you borrow instead of coming up with cash for your upfront costs. While this can seem a blessing try to avoid doing this. Consider the following example:

Borrower A borrows 0,000 over 30 years at 6.5 percent. Her upfront costs are ,000 but she has enough cash to make sure she can cover these. Her total repayment over 30 years will be 2,632

Borrower B takes out the same loan but doesn't have enough cash to cover the upfront costs. So he borrows 1,000, at the same rate. Her total repayment over 30 years will be 4,907.

Two thousand odd-dollars might not sound like a huge amount but what could you buy with it if it stayed in your pocket?

13. Pay your first instalment before it's due

With most new loans, the first instalment may not become due for a month after settlement. If you can manage it (and your lender will let you), pay the first instalment on the settlement date. If you do this, you will be one step ahead of the lender for the term of your loan. Every little bit counts.

14. Shop around and make sure your lender knows it

One of the most powerful tools you can have in the search for the best home loan is information. Make sure you have rung half a dozen lenders and brokers (as well done some internet research) before you start talking to your preferred lender about getting a new loan or refinancing your existing loan.

Make sure you know what rates and features are offered by each of your lender's competitors on comparable products. Be ready to tell the lender what you are looking for and don't be afraid to ask for extras. If they want your business, and know you know what you are talking about, they may be prepared to work that little bit harder to get your business.

Don't be afraid to walk out if you aren't getting the best possible deal you can.

15. Make sure your loan is portable

If there is any chance that you will move house during the course of your loan (and let's face it, there is a strong chance), make sure that your lender will allow you to transfer your loan to a new property and that it won't charge you the earth for the privilege.

Be careful. If you sell up and buy a new house, you could find yourself down thousands in discharge costs on your old loan and establishment fees on your new one.

16. Avoid bridging finance

Someone once said bridging finance is so called because it allows you to "pylon" the debt. The joke's appalling, but so is bridging finance. Unless you get your timing right you could find yourself with two home loans at the same time - with the bridging finance element costing you an extra couple of percent premium on the standard variable rate.

Consider using a deposit bond or selling before you buy, as it will be much more cost effective for you than another loan.

17. Choose the loan that suits your needs

Choosing a loan is about knowing what you want. Draw up a table of potential home loans and rank them. Make a list of all the features that are important to you and rank them according to importance. Give each feature a score out of 5 - one for unimportant right through to 5 for indispensable.

Use this technique for ranking the loans on offer and pretty soon you'll see the one that's right for you. Remember, different loans have different purposes so you need to match a loan to your need. Taking out an interest only loan suitable for investors if you are planning to live in the house is just foolish.

Ditching the features you don't need can save you up to 1 per cent on the interest rate of your loan. Over 30 years that's a whole lot of money you've just saved yourself.

18. Don't be afraid of smaller lenders with cheap rates

Since the advent of the mortgage managers over the past five or six years there's been a lot of talk about smaller and "non-traditional lenders" and how they have forced interest rates down. With the property boom, plenty of opportunities sprang up for smart lenders with low fees willing to take on traditional lenders and many have done very well indeed.

Some borrowers worry about what might happen if their lender gets into financial trouble. Keep in mind that you've got their money - so don't worry too much. There are some smaller lenders whose names might not be readily familiar but whose rates might be enough reason to get in touch.

Be wary, however. Some of these smaller lenders can have huge hidden fees and charges. It is true that the interest rate might be much lower, but in many cases, they exit (or penalty) fees can be very high if you refinance or pay off your mortgage in the first couple of years. Of course, if you're planning on staying with that lender for some time, then these fees will not impact your pocket at all.

Payday Loan Without a Bank Account - How to Get One

Do you need instant cash to clear urgent bills? If you do, all you need is a no fax payday loan to meet all your financial emergencies. You can pay back the borrowed amount on your next payday. Payday loans or short term cash advances that can be availed instantly, without going through a time consuming loan approval process.

The borrower has a wide range of choices available, with a large number of lending companies offering such loans. Faxless payday advances are usually borrowed against the security that the borrower has a salaried job. The application process for obtaining payday loan does not require faxing of documents or records. All you need to do is fill an online application form, or apply for the loan over the phone. The approval procedure for faxless payday loan is not lengthy either. Moreover, the applicant does not require a good credit history to get the cash advance. Once the payday loan is approved, the cash advance is transferred into the applicant's checking account overnight.

Without Bank Account

If the borrower has no bank account and still wish to borrow a payday loan, then facilities like payday advance without direct deposit are available. However, the borrower, getting a loan without direct deposit feature needs to keep a track of the payback date and ensure a timely repayment.

Sometimes, the borrower needs to do a lot of research to get a payday advance without having a bank account facility. This is due to fact that payday loans without a direct deposit feature generally have a higher rate of interest. The check taken for loan from the lending company providing also may take a longer time to get cashed. Usually, it takes about 3 days to get the check cashed.

Pros and Cons

In case the loan taken is a payday loan, no faxing of documents is required. The cash after loan approval gets transferred into the borrower's bank account. However, before you consider taking a faxless loan, you need to bear in mind the following facts:

o High Cost - Although getting a loan without a bank account and without getting into tedious faxing process is easy and quick, but the cost of borrowing money this way is high. The rate of interest on such loans is very high, which can eventually double or triple the loan amount borrowed. Faxless loan must not be taken as a long term loan.
o Dangers - If you cannot verify the authenticity of the lending company, then proceed with caution. Anybody can access your personal information by setting up a fake website impersonating as a faxless payday loan lender.

Using Your Money Wisely

Recession in economies has forced people to invest their money wisely. People who use their money smartly can achieve their financial goals in short time. Good investment also gives you peace of mind because you know that your money is working for you. Here are a few tips that will help you in investing your money wisely:

a) You can get returns on your investment if you pay a higher amount towards your mortgage and other loans. There are many people who pay 36 to 40 per cent interest on their credit card outstanding. These people can reduce their interest outgo by paying their dues on time. Also, if you make extra payment towards your mortgage, you can get risk free returns on the excess payment as you have to pay lower interest on your mortgage.

b) If you are planning to take a vacation, it is a good idea to start a vacation fund. Your contribution towards vacation fund must be from your earnings. Also, take a vacation to place that is close to your home. You can also check travel websites that offer cheap packages to exotic locations.

c) If you are planning home improvements, it is important that you don't overspend. Ask your architect for an estimate of the expenses that you will incur for making the required changes. This will give you an idea of the expenses that you will incur for making the changes. There are many people who get high-interest loans to pay for their home improvement expenses. Also when making changes in your home, don't try to imitate what your friend or relative have done to their home. Instead, make changes that improve the value of your home and not your ego.

The Easy Way to Balance Your Checkbook

Yes, you can balance your checkbook every month to the penny with a minimum amount of time and effort. It is very important to do so in today's world to prevent yourself from becoming a victim of fraud and identity theft.

There are a few points to keep in mind when balancing your checkbook. First, the ending balance in your checkbook and the ending balance on the bank statement will not match due to timing. You are balancing your checkbook currently, the bank statement has a closing date which is usually printed at the top of the statement. Second, the only differences that occur between your bank statement and your checkbook are deposits in transit, deposits not recorded, outstanding checks, transfers, and adjustments. And, finally, remember that the bank is always right.

When you receive your bank statement, take your checkbook register and place them side by side. Begin with the ending balance on the bank statement. The bank statement will then list all the deposits made to your account during the time period you are reconciling for. Match the deposits on the bank statement against what you have recorded in your checkbook register. A deposit in transit is an amount that you have in your checkbook but is not listed on the bank statement due to the statement date. Add these amounts, if any, to the ending balance on the bank statement. A deposit that is not recorded is an amount that the bank shows but is not in your checkbook register. Add these amounts, if, any, to your checkbook register. This section is usually the easiest to balance since magical amounts of money don't appear into your account. These amounts result from actual money you take to the bank, deposit transfers between accounts or payroll direct deposits.

Next, you will want to see what checks cleared the bank that you wrote from your account. These are listed on your bank statement in numerical order. Follow this order and place a checkmark next to the check listed in your checkbook register that cleared the bank. Those checks in your register that do not have marks next to them, otherwise known as outstanding checks, should be subtracted from the bank statement balance. Be alert because the check can clear for a different amount than what it was written for. Either the writing on the check was unclear or the numbers were transposed.

Other withdrawals that can occur during the statement period are debit card purchases, automatic debit payment and ATM withdrawals. Make sure that all reductions on your bank statement are entered in your check register. It is important to check this section on your bank statement and make sure it matches your checkbook since this is the area where fraud is widespread. If you know where you shopped and utilized your debit card or when and where you stopped and made an ATM withdrawal, then those transactions are the only ones that should appear on your bank statement. If other withdrawals appear on your statement that you cannot justify, contact your bank immediately!

There can be adjustments to your account such as interest, service fees and the occasional bank adjustment. Yes, I realize that I stated that the bank is always right. Well, it is. Each and every employee of a bank that comes in contact with money must balance at the end of the day. Trust me, they will find their mistake. And, they often find your mistakes too! Remember to subtract your fees and add the interest to your checkbook register.

The ending balance of your statement should now match the ending balance in your checkbook register. If the amounts are not the same, I find it is usually in the withdrawals. Specifically go over the cleared checks and the amounts they cleared for.

You work hard for your money! By following these easy directions, you can have less frustration and a better understanding of where that money goes and you can protect yourself from the many occurrences of fraud in today's society.

Women's Wallets - Different Styles for Different Lifestyles

When a woman changes handbags the first thing she does is grab the wallet out of the first one and put it in the second. It's important that a wallet be roomy, compact, versatile and organized. Fortunately there are many types of women's wallets and each woman can choose the ones that will work best for her and her lifestyle. Or if you're thinking about a gift for your mom, sister, significant other or even a friend, consider their personality before making your selection.

Credit Card Wallet: Some women don't like to carry cash or a checkbook. They buy everything using credit cards. All they need is someplace to keep the cards safe and organized. Or some women find it practical to have one wallet for cards and a separate one for cash and/or a checkbook. She can carry them both in a purse or just take one depending on the occasion.

Checkbook Wallets: While most of the world has become increasingly card-centered, some women still need to have a checkbook handy. The best way to carry a checkbook is in a checkbook wallet. A good one will have a compartment where the checkbook will be protected as well as slots for credit cards and a drivers license. There might also be a space for a pen as well so you don't have to rummage around or ask to borrow one when it's time to write a check.

Fabric Wallets: A fabric wallet is fun. You can get them in all sorts of colors and patterns. They can coordinate with your purse, your outfit, or your mood. Fabric wallets tend not to last as long as old fashioned leather wallets but some people don't want things to last forever. While some women will carry the same wallet for years, others enjoy a change. Moving the credit cards and ID's to a new wallet might seem like a reasonable thing to do on birthdays, holidays and major sale days. It can be a pleasure if the destination is an exciting new wallet in the latest designer fabric.

Travel Wallets: A travel wallet has a lot of work to do. A woman who travels internationally is going to need her passport, plane tickets and boarding passes within easy reach. A good travel wallet will provide designated spaces for each of these as well as for a drivers license and credit cards. A nice touch is two or more separate compartments for different currencies.

Clutch Wallets: A pretty clutch wallet can carry all the essentials. It can be tucked into a purse during the day and can be used as a clutch purse for an evening on the town. A clutch wallet is designed to be seen.

Coin Wallets: Coins can add immeasurably to the clutter in purses and pocket. Unless coins are kept someplace secure they have an unfortunate tendency to fall out of things and scatter and roll around. A coin wallet with a good snap enclosure that coins can't slip past is good. A zipper is even better.

A wallet is not just a practical essential - it is often seen as a fashion accessory. There are so many types of women's wallets so each woman can find one that is large enough or small enough, with more cash or card space, made of leather or fabric. Choose the one that's right for you. Or buy one as a gift for someone special.

How to Remove a Bank of America Collection Account

If you have viewed your free credit report recently and noticed that you have a Bank of America debt in collections and you are wondering how to remove that account. Then this article is for you. In fact, I will discuss how to remove a Bank of America collection account from your credit report; in addition I will cover some basic tips on how to do credit repair on your own.

Bank of America loans money in the hope that they will get paid back. When you don't pay your bill on your credit card to Bank of America they want to collect on that debt. That is your obligation to pay and they will do all that they can to collect on that debt listed on your credit report. Take action to help prevent damage to your credit score (FICO score) right away.

First, contact Bank of America to let them know that you want to work with the collection account to pay it off. Simply by letting them you want to remove your collection account, Bank of America will work with you. They may be willing to settle your debts with you depending on how late the payment is, and how much money you are willing to pay down.

Repairing your collection accounts with Bank of America may simply be the first step to reparing your credit overall. In fact, a credit restoration play or a credit repair plan does not have to be difficult. Improving your credit score does take some education though, you have to know how your credit score is calculated and the steps that you need to take to improve upon your credit score. We invite you to attend our Free Credit Repair course which takes simply seven day to learn the credit repair secrets that you need to know.

Affordable Hearing Aids - Sounds Terrific!

Yes, it is possible to find affordable hearing aids. Though, it is a fact that some models are way beyond what some can afford, there are quality hearing aids that will allow you to hear clearly without busting your checkbook. It is only a matter of knowing where to look and what to look for in a good but affordable hearing aid. In this article, we will tell you what to do to get a cheap, affordable hearing aid.

Choosing the Best for You

Advanced technology in the production of hearing aids has made it possible to have a wide variety to choose from. Digital hearing aids are, of course, the best ones nowadays. You can also choose from different types like behind the ear or in the canal (ITC) hearing aids. As to capability, some models suppress echo and bring background noise to a minimum level, giving you the next best thing to the real thing.

However, before proceeding to buy a hearing aid, you will have to visit your doctor for a hearing consultation first. He should be able to guide you as to the best one to work for you.

Browse the internet for a wide variety of choices of affordable hearing aids. It is wise to compare the quality, design and prices of the available models to be able to pick the best. There are many comparison websites online nowadays that makes this easy and uncomplicated for everyone.

Some Likely Candidates

Cost should not be a deterrent from letting you hear again. Some popular affordable hearing aids are the Digi Ear D1, Digi Ear D2 and Digi Ear DS. These come with rotating nozzles to fit in both left and right ear. Hey are specially designed to fit into the ear canal.

The Digi Ear D1 has outstanding features considering its price. It is an all-digital, 2-channel aid that has an adjustable on/off volume control and a universal fit. The Digi Ear D2 comes with the features of D1 but also has intuitive feedback reduction and a quiet speech amplifier. Meanwhile, the Digi Ear DS functions just like Digi Ear D2 but it comes with echo cancellation capability.

There are other affordable hearing aids in the market today like the Sound Device Series. Sound Device 001c is for those looking for mild to moderate levels of amplification. Sound Device 002 comes with an added feature of volume control. It also has a wax guard tip that protects the electronics. It also swivels for easy cleaning. Sound Device 003 is even more sophisticated with an echo cancellation feature much like Digi Ear DS.

Surf the net for other choices. Prices and description of capabilities are available so it should not be a problem choosing the best to get value for your money. Although price is one of the major considerations, do not sacrifice price for quality. Make sure that you get a hearing aid that you are comfortable with.

The Best Selling Clutch Wallets of 2010

Thousands of different clutch wallet designs are made every year, but just very few end up becoming mass sellers. We have browsed through the biggest online stores to determine which have been the best sellers so far in 2010:

1. Hobo International Rachel: This vintage wallet made of leather features antique brass tone hardware. It has eleven card slots plus an additional clear ID window. You will love the convenient kick lock closure, and many women around the world consider this to be their favorite accessory. You can use it as a clutch or toss it in to your purse as a wallet, and it will be in perfect condition even after a few years of wear and tear.

2. Big Buddha Meredith: A much cheaper alternative, any fashionista would love to compliment her look with this utterly feminine little bag made of synthetic leather. It can hold your keys, cell phone, lip gloss and a small wallet. Alternatively, you can try to fit in your phone, camera, mirror, ID card, and chap stick, but even after that you might still have some room left over.

3. Fossil Weekender Checkbook Clutch: If you want to reward yourself for all your hard work, then consider this adorable checkbook clutch made of fabric with leather trim. It will not only help hold your credit card, currency, and identification, but is also a great way to carry other cards, receipts, change, and whatever else you can think of. Being relatively affordable, you may also want to consider getting several different colors.

We hope you have enjoyed this overview of the most popular clutch wallets of 2010. With so many women out there pleased to have purchased these products, hopefully this will give you some peace of mind if you are still uncertain about which product to get.

Raising an Independent Teenager

I remember posting on a message board about opening a checking account for my 16 year old. She and I had picked a date, gone to the bank, brought all of the paperwork and opened her account. She and I both were both excited.

I was truly amazed at the large number of moms who thought I was crazy. They each had different reasons, for thinking I was nuts. They did not feel their own children could handle the responsibility of having a checking account, or they did not feel their own children would understand that having more checks did not mean they had money, or they did not believe a 16 year old should have their own checking account. Many women said they did not believe the part time babysitting job their child had, gave the child enough money to justify opening an account.

In just two years all of these kids will be 18. Many will be leaving home. If they have not been taught money management, have not been taught how to balance a checkbook and have not been taught how to use a check book register while at home, how will they know when they leave home?

Having worked in a college bookstore, I can share numerous stories of 18-20 year olds who had no idea how to write a check, how to record a check or how to balance a checkbook. A few students were not even sure where to sign their checks. Others, when asked to please print their local address on the check, put it on the bottom under the routing numbers. They did not realize that this was not ok.

If as a parent you truly believe your 16 year old is not ready for the responsibility of a checkbook, then consider an Excel spreadsheet. When my daughter was about 13, we created two spreadsheets. One was for clothing and one was for school lunches. We looked at how much money I spent in an entire year on her clothing. This was her beginning balance. Each time we bought shoes, pants, earrings etc, she had to record the purchase. Excel does the math, so she was able to see her total balance go down as she made purchases. She also could look at her total left and make choices of what was more important, the very expensive pair of shoes, or a few new sweatshirts for winter. She knew when the money was gone, there was no more. If her choice was the shoes and she had no warm clothes, she'd have to wear last years, or wear mine. What teen wants to wear mom's clothes?

Her lunch allowance was a running total. She began each week with . If she did not spend it in week one, then at the beginning of week two she had . Again, Excel did the math, but she needed to add the each Monday and then deduct what she spent each day. If she did not record purchases, she was not given the following Monday.

These spread sheets taught her how to add money in and subtract money out while recording where the money went.

The other area where I believe we can help our kids become independent is shopping for food and cooking. A 16 year old is plenty old enough to prepare one meal a week. If their schedule does not allow one meal a week, then try one meal per month. If you don't help your child learn to choose ingredients, read a recipe and cook a meal, how will they know how to do this when they no longer live with you? My older daughter has a friend getting married next week. Right now, this gal eats McDonalds twice a day. She doesn't cook. Not only is this expensive, but it is so unhealthy. We make awesome burgers at home. We load on BBQ sauce and onion rings, or teriyaki sauce with pineapple rings, or many other toppings. So, we do eat burgers, but we make them ourselves. Both of my kids can make great burgers.

Both of my kids have always gone to the market with me. They know how to read labels, check ingredients in products and pick out fresh fruits and vegetables. Again, if they don't do this with you, how will they know how to do this when they leave your home? My kids also know how to shop for store sales. They know how to read the store labels and determine how much they are paying per unit or per ounce so they can compare sizes and brands.

These are just two areas we can help our teens to feel more independent, and prepare them for adulthood.

What You Should Do If Your Checks are Lost or Stolen

Checks have lost their popularity. There are a number of reasons for this:

- Debit cards and credit cards are much more convenient to use than checks.

- Most people use credit cards to avail of the attractive incentive programs that credit card companies offer to encourage the use of credit cards.

- Electronic fund transfers are preferred more by many because they are a fast and convenient way to pay bills.

- Checks tend to incur bank fees because they have to be manually processed.

- Checks may also cause fees and taxes not carried over from the past, but not applied to current payment agreements.

- Compared to other payment methods, checks are less secure.

- Checks may take awhile to clear.

Despite these, though, checks are still used quite often. Many people use checks as a backup means for paying.

An identity thief, if given possession of or access to your checkbook and one other form of your identification, is prepared to go on a shopping spree at your expense. It takes very little practice to duplicate a signature and the fact that signatures on the back of credit cards fade easily only makes it easier for the identity thief to pass his signature as your own. If the identity thief draws no suspicion toward himself and he uses your check book, he can deplete your bank account in a short amount of time.

Cancelling your credit card will insure that the identity thief will not be able to use it for fraudulent purchases. However, an identity thief may still be able to use your credit card as a form of identification. In most cases, if a credit card is only being used as a form of identification, the retailer will simply note the card number and verify the signature on it. A credit card including your photo will, of course, make this more difficult for the identity thief.

Usually, identity thieves will not take entire checkbooks. They will simply tear out a few checks. It is unlikely that you will even notice the missing checks unless you keep secure records of your checking history. If there are other things missing from your wallet, you are more likely to take precautions such as canceling credit cards, but you may see the checkbook still there and assume it's in tact. The identity thief may also be very patient, waiting a month or two before even deciding to use a stolen check.

To make it even more difficult to acknowledge the missing checks, an identity thief may only write checks in small amounts and at lengthy intervals. If you have any suspicion that your checks may have been lost or stolen, take precautions immediately. You can put a stop on the checks, but it is possible that you will also incur fees in the process to insure the safety of your account.