Consignment shops are stores where people can bring in their used items (typically clothing and accessories) and let the dealer (the store) sell them. The dealer (the consignment shop) will then price the items and put them in the store for buyers to browse and purchase. The longer the items remain in the store, the lower the price becomes.  After a certain amount of time, if the items are not purchased, they are returned to the original owner and no compensation is given.  If the item is sold, a percentage goes to the owner and a percentage goes to the consignment shop.

The difference between a Thrift Store and a Consignment shop is that in a thrift store, the items are donated to the store to sell to turn a profit; or the thrift store might purchase items at very low cost and then turn around to sell them at higher prices.

Benefits for Consignment Shops during a Recession

Consignment shops do great business when consumers are feeling the strains of a poor economy.  More people are watching their spending and will visit consignment shops before shopping more expensive stores.  Additionally, consignment shops don’t need to shell out money for inventory since people provide the items in hopes of receiving a percentage of the sales if their items are purchased by someone browsing the store.

Benefits for Sellers

Having yardsales and garage sales are time consuming.  Many people prefer to simply drop off their used and no longer needed items to a consignment store and let someone else deal with the actual sales transactions.  They don’t have to sit around and wait for people to come in, and hope that someone buys their items.  They can just drop it off and the store will take care of the rest.

Benefits for Buyers

When times are tight financially, people look for ways to reduce their expenses.  After you’ve turned out the lights you’re not using, replaced the ones you are with compact energy efficient lightbulbs and turned your heat down – where else can you save some money to help stretch your income?

Consignment stores give people a way to still get something new, but without breaking the bank or going outside of their budget. When you need something, many times you don’t necessarily need to buy it brand new so it makes sense to pay less money for the items you need at a consignment store.

When you open a qualifying new checking account by 4/24/09 with KeyBank, you can receive a free Garmin nuvi 205W GPS, or a Garmin nuvi 265WT GPS.

The Garmin nuvi 205W GPS promotional offer requires that you open a qualifying checking account by 4/24/09 and make one debit card transaction and 2 direct deposits or automated payments of at least $100 by 6/26/09. You can open the Express Free Checking to qualify if you meet the other requirements.

To receive the 265WT GPS (more expensive version) you must open either a Key Privilege, Key Privilege Select or business checking accounts by 4/24/09. You still need to make one debit card transaction and either 2 direct deposits or automated payments of $100 or more by 6/26/09. These accounts require fairly large minimum balances in order to avoid monthly fees.

If you meet the requirements of the KeyBank checking account promotion, you will receive a Garmin GPS within 90 days of meeting all requirements specified. Direct deposit transactions are classified as payroll, pension, government benefits or social security benefit deposits. An automated payment excludes Key Bill Pay, PayPal transactions, automated payments made with your debit card and account to account balance transfers – so be sure to understand what classifies as an automated payment.

If you have opened a KeyBank account within the last 12 months, you don’t qualify for this promotion. The value of whichever GPS unit you receive will be reported on a Form 1099-INT, in the amount of $166 for the 205W and $240 for the 265WT. Don’t close your account within 180 days of opening it or you’ll get charged a $25 early closure fee.

This is available in any area where there are physical KeyBank branches. You can open the account at any KeyBank branch, online at Key.com, or by calling 1-877-888-3658.

The Key Express Free Checking has a $50 minimum opening deposit, but no minimum balance requirements or monthly fees. You can use ACH transfers with this account. If you use a non-KeyBank Atm you’ll be hit with a $2 fee (in addition to the other ATM’s fee).

KeyBank uses the ChexSystem for application approvals. KeyBank is an FDIC insured institution, since 1956.

While many people will say that it is very important to have a savings account, not all will be able to answer the question as to why. A savings account, in some ways, seems to promote some sense of financial security. But while people continue to strive to put money away, few have a clear understanding of what the money in the savings account truly represents.

One of the important parts of dealing with your finances is to set goals for yourself and your money. Stating a savings account with specific goals can help you not only reach your intended financial goals by motivating your for all of the right reasons, it will also help you manage your money better. There are several goals you can set in conjunction with your savings account and here we will discuss some of those goals.

Emergency Funds
Collecting money towards any unexpected emergencies is a great idea to prevent having to use credit cards or suffer unneeded stress to take care of the emergency. Unexpected expenses can sometimes break you financially and having an emergency fund from which to draw needed funds is important to financial stability. This money should remain untouched and gather interest until needed. This money can add up nicely over time if no such emergencies arise and will provide comfort in the event something does spring up.

Short Term Savings
If your family is planning a vacation or a major purchase, you can add money into your savings account to save for these plans. You can save for one or more goals at the same time by dividing available funds and tracking the amounts on paper if you only have one account. By proper pre-planning and consistent deposits into your savings account, no financial goal is unattainable and will prevent you from having to bring in debt worries or credit card concerns to get what you want.

Long Term Savings
Many people are saving with bigger goals. If you want a down payment for a home or a car, you can plan to save more long term in order to reach your goals. This too takes pre-planning and consistency to accomplish but having the cash outright to make your dreams a reality is a sign of financial success.

Annual Expenses
There are several expenses that families will incur on an annual basis that can really cause havoc to your budget. For instance, car insurance and homeowner’s insurance premiums can be cheaper if you pay in one lump sum. Start saving some smaller amounts each month to tackle these bills in full and benefit from the added savings. Take the amount of your bills and divide them by the 12 months of the year. This total will likely be small and much easier to put away than one large amount at a time.

Not all parents are willing or financially able to help their children finance a college education. For students who want to pursue a higher education there are many options available beyond the standard student loan, scholarship or grants. The following cost saving tips can help get you in the university door and keep you there. 

Accelerated Programs

If you are willing to work hard and carry a heavier workload there are colleges that offer accelerated programs that can squeeze a four year degree in three years. The obvious savings offered by this option would be shaving an entire years worth of expenses off your college education.

Accumulate College Credits in Advance

Advance placement courses are less expensive than their college counterparts. Many students are able to accumulate an entire semester of credits before their high school graduation which not only impresses the admission committees but also save the cost of those credits at college rates.

Let The College Help You Pay

Top colleges and universities are interested in having a well rounded student body representing their institution. If you meet certain academic or cultural criteria some colleges may actually be looking for you. Perform a college search to find schools that offer courses you are interested in, if the school considers you a good candidate they may be willing to help find scholarships and financial aid that will aid you in paying your tuition.

Start Locally

A popular and money saving way to pay for college tuition is by going to your local community college for a year or two before transferring into a four year institution. You will undoubtedly spend less money your first two years giving you time to save money for the remainder of your education. If you are able to live at home those first few years you will save even more money on the cost of room and board.

Prepayment Discounts

Check to see if the college you are interested in attending offers a prepayment discount. Depending on the amount of money that can be saved it may benefit you to see if you qualify for a low interest loan to pay tuition in advance. You will have to weigh the money saved with the amount of money you will end up repaying on your loan to ensure you are actually saving money and not paying more in the long run.

Work Study Programs

You may qualify for the federal governments work study program. Wages earned from work study student can go directly toward tuition, room and board, books and a number of other expenses.

With the unsteady economy still plaguing millions of workers around the country, it is surprising that more people are not preparing for the possibility of unemployment long before the situation arises. Granted not everyone will end up without a job, but those that do will certainly benefit from being prepared. In this day and age, there is just no telling who is at risk for being let go from their job. Even if you don’t feel at risk, you are not harming anyone by tucking away a little cash for a rainy day.

While it may be difficult to put away money due to the increase in the cost of so many things, it should be a priority to budget ever last penny and look for ways to save enough to live well below what you are earning. That extra funding can be placed into a high interest savings account. In addition to the budgeting, cutting costs now while you are still making a regular paycheck can pay off in a big way. You will be able to learn better money management habit regardless of your financial situation. In the event you do suffer a job loss, a lifestyle change will be less transitional and the money in your savings will be there to back you up.

Not only is a job loss a reason for saving more money in a savings account. As many people are struggling to make ends meet, there may come a time when a total career overhaul is necessary.  Since many people are prevented from being able to make a job switch due to money, many will eventually find that in order to make more money or get better benefits, changing jobs or careers is their only solution. If you do not have a savings amount to fall back on while you search for new opportunities, you will likely give up the search quickly and continue to make less money than you deserve and less money than you need to be making to live comfortably.

Being financially prepared means being able to see the big picture and anticipate the unthinkable. If you are stocking away some cash now while you are doing well, imagine how much that money will mean to you when times get tough. No matter how much you can afford to save, savings should be a priority. If you have to give up your lunches out or your morning cup of Starbucks to find the extra cash to slip into savings.

Your wedding day should be one of the memorable days of your life. In an ideal world there would be no restrictions when it comes to planning this very important day. In reality your wedding day could easily become the single most expensive day of your life. What can you do if you have champagne taste on a beer budget? Don’t worry, there following tips will help you plan a great wedding without breaking the bank. 

• Set A Wedding Budget- Before you reserve the church or order your invitations you should sit down with your fiancé and determine how much money you are each comfortable budgeting for your wedding. Hopefully since the two of you have decided to tie the knot you have already had a conversation about finances, if this is not the case planning your wedding will be an exercise in how the two of you will handle future monetary issues. When money is the object it is important to know how much you have to spend  in advance to avoid problems as your wedding planning progresses.
• Trim Your Guest List- Many people originally start out thinking they are going to have a “small” wedding only to discover while making the guest list that it is easier said than done. You may quickly find out that there are many more people with whom you wish to share your special day, however by keeping your guest list small you will save money on all aspects of your wedding. For each name added to your list you will increase your costs for catering, centerpieces, favors, rental and invitations.  It may be easier to limit your list by setting restrictions such as, you will not invite someone you haven’t spoken to in three years or limit the guests to close family and friends with a defined idea of “close”. 
• Location- You probably know the the importance of location in terms of real estate costs but the same thing applies for your wedding day. You will likely pay top dollar for a church wedding and country club reception however you have many more options to consider that can save you money. The bride and groom should be comfortable with the location and everyone else will follow. This means you may be able to have the ceremony at your house, on the beach or at a park without spending tons of money on a “traditional” location.
• Feeding Your Guests- One of the biggest expenses when planning your wedding will include the food at the reception. You have many options for cutting costs in this area while still having a beautiful reception to celebrate your union. You many want to consider a buffet style mean versus a multi course meal sit down meal or cater the affair yourself (with the help of friends and family of course). 
• Entertainment- As a general rule a disc jokey will cost you less money than a live bank and you will have the benefit of having a master of ceremonies to keep things moving along. This is really a personal preference and if you feel strongly about having a band at your reception consider looking for a band that performs “part time”. There are many good musicians that have regular day jobs and perform on the side for fun. This type of band will cost you less money than “professional” musicians.

Remember this is your special day. The only opinions that really count are that of you and your future spouse. Don’t allow social pressures to influence your decisions when it comes to the cost and structure of your wedding. If you do so you may end up having a very long and stressful wedding day that you will take you months or even years to pay off.

In these tough economic times everyone is looking for ways to shave money off their daily expenses. As most people know the first place to save money is on your grocery bill and the best way to do that is by cutting and using coupons. Did you know however that cutting coupons is not the only way you can save money? Just as consumers are trying to save money businesses are also in the market to make money. In the process businesses have developed tactics to encourage consumers to spend more money. Once you are done cutting your coupons (which will save you money if you do it right) read the following tips to make sure you are getting the best bang for your buck the next time you hit the grocery aisles.

• Look beyond eye level. We are a society of convenience and this extends to our shopping habits. Many people buy products that are placed at eye level on the shelves. I wouldn’t say that people are too lazy to stoop down and look at the bottom shelf or reach higher for things on the top, however the fact remains stores place the highest priced items at eye level. Check out products on the entire shelf to find the best bargains.

• Buying in bulk. Often recommended as a way to save money, think twice before you buy in bulk. Do you really need five boxes of the same snack? Will you consume the product before it expires? If you have a large family that has a genuine need for that justifies buying in bulk than it can certainly be a money saver, however if you buy more than you need just for the “savings” and end up throwing it away, you really aren’t saving anything after all.

• Pay attention to “sale” items. If you do the grocery shopping in your house, you are familiar with the sale items that are showcased at the front of the store. Manufacturers are generally behind the placement of the products at the front of the store and you may be surprised to find that if you compare the brand to others in the same isle the “sale” price really isn’t your best buy.

• Brand name isn’t always best. If you are trying to save money and haven’t yet tried store brand than you really should give it a shot. When you are looking to save money and find you will be amazed at the difference in your bill upon checkout by simply swapping a few brand name items for store brand.

• Shop with a list. You are less likely to fall prey to manufacturers tactics if you know in advance what you need when you get to the store. Make a list (plan for at least a week) and stick to it to avoid making impulse buys.

A popular choice for today’s savings plan include using an online savings account. If you are looking for a flexible online savings account that allows access to your account and your money at any time,  you may be interested in the services of DollarSavingsDirect.com. The Dollar Savings Account is an FDIC insured, online baking option that offers a high annual percentage rate, currently at 2.25%. The APR is flexible and may change at anytime due to the conditions of the market.

Account Advantage
One of the advantages of the Dollar Savings Account is the fact that there are no charges or service fees incurred by account holders. For every penny you deposit into your Dollar Savings Account, you get to keep instead of paying back in fees. One of the account requirements is accounts must maintain a $1,000 minimum balance.

How to Apply
To open a Dollar Savings Account, you visit the website and click on the Open Now! Tab. Account holders must be at least 18 years of age, be able to provide a social security number, possess a legal address in the United States, and have a personal checking account in a US bank. Once the account has been opened and approved, you can either make your initial deposit by transferring funds from your checking account or by mailing in a paper check. Checks can only be used for initial deposit and all other transactions must be made electronically. Transferring of funds generally takes 2-4 business days to be complete. Transfers can be completed on a one-time basis or can be set up to happen on a reoccurring basis. Direct deposits are also accepted.

Account Convenience
The Dollar Savings Account is convenient and available online 24/7 so you can monitor your account whenever you want to. You can easily make deposits by automatically linking a checking account to your Dollar Savings Account. This also allows you to withdraw funds from the online account and have then deposited right into your checking account. Each account can be linked to a total of two checking accounts. Your account statement is available at any time online and are available for a period of up to 24 months. All account statements are issued every month.

If you are looking for a reliable online savings account with flexibility and no fees, check out and apply for an account at DollarSavingsDirect.com where you can earn higher than average interest rates on all of your deposits.

Standard advice during slow economic times calls for the tightening of purse strings and discourages making big purchases. The flip side to this scenario is the fact that many manufacturers are currently desperate to make a sale and you might find yourself missing out on the many great deals that are now available. If you want or need another vehicle and are in a position to afford the expense these handy tips for buying a new or used automobile.

• Read the fine print- As with any other contractual obligation, you should carefully read the fine print before signing on the dotted line. In many cases people get so caught up on the price, financing and monthly payment figure they fail to notice the question the many additional fees and charges that often appear in the fine print. Make sure you are aware of and in agreement with all charges and do not allow any blank spaces that may be filled in at a later date.
• Research the car and the car dealer- The stereotypical image of a car dealer is not favorable on the profession but there are reputable car dealers out there if you only take the time to do a little research. You can do a quick Internet search to see if you find any reviews either positive or negative from other consumers who have dealt with the dealership as well as checking out their record on the Better Business Bureau. If your dealer is local, ask around, you will likely be able to find someone who has done business with the company and they may be able to give you first hand details on their experience. If you have a specific make or model in mind you should research the vehicle in advance. This will give you a better idea of the going prices and leverage when you begin negotiations with the dealer.
• Check the history of used cars- Years ago you were at the mercy of the car dealer to disclose all the information about the history of a used vehicle and even then they were limited to what they knew about the car. Today that is not the case, if you are shopping for a used car you can find the history of the vehicle online using www.carfax.com. You will need the VIN number of the vehicle in question to request the vehicle history report. This is not a free service however the small fee you are required to pay for the vehicle history is a small investment to avoid purchasing a vehicle that will cost you more money down the road.

When it comes to saving money for a college education, too soon is not soon enough. Parents who start saving for college early, even as early as when the child is born, will likely benefit the most in the long term. Many parents will take for granted that since college is a long way off for their babes, they are making the mistake of not using time to their advantages.

There are also other common untruths that keep parents from saving for college as early as possible. Here are a few mistakes you need to avoid making when saving for your children’s college funds:

Easier to Pay With Loans
The reality is that student loans will only pay for so much through the four or more years of education. Many of the federal assistance students are eligible to receive will only cover so much of the costs a 4 year institution will charge. Additionally, the total cost of college, including board and supplies will be much higher in years to come. For families whose income is more than average, financial aid may not be easy to come by either. If your income by the time your children are ready for college is even higher, which is likely, than it is now, your chances to receive enough financial aid later will be diminished. Proper financial planning should involve paying for college without additional aid.

Putting Too Much Stock in Scholarships
Many parents will be expecting big money from private scholarships but in reality only areound 7% of students will receive one or more private scholarships. The average amount of such a scholarship is around $2,000. Once a student receives a scholarship, it is likely that any federal aid received will be reduced. The actual chances of receiving a private scholarship are 1 in 15 so parents and students alike need to maintain realistic expectations about scholarship paying for college.

Saving and planning for college is the only way to be fully prepared for when the time comes to further education. By saving now, you will have less of a need to borrow money and therefore, reduce the amount of long term debt you subject yourself and your children to down the road. Repaying student loans can really drain future finances and can make starting a new life and career for your child all the more difficult.