Credit cards can be helpful in many ways. They allow us to buy now and pay later, making it possible to buy things we couldn’t otherwise afford. They eliminate the need to carry large amounts of cash, and if they’re stolen the holder is responsible for little or none of the amount of unauthorized charges. And they make it easy to make purchases online or over the phone.

But credit cards can also get us in trouble. If we don’t pay the balance in full each month, we must pay interest charges until it’s all paid. It’s also too easy to keep building up a higher and higher balance, paying only the minimum payment until we’re in debt over our heads. And if we are late with a payment or go over our credit limit, we could be subjected to fees and interest rate increases.

Some consumers apply for store credit cards in an effort to avoid some of these problems. Store credit cards usually have a lower limit than regular credit cards, so you can’t run up an insanely high balance with them. And in most cases, they may only be used at one store or chain of stores, so there is less temptation to use them to buy anything and everything.

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Owning a home is one of the things that is most often associated with the so-called “American Dream.” Those who are chasing that dream often go to great lengths to get a home of their own. And it’s rarely just any home – sometimes it seems as though we’re all in some sort of contest to see who can buy the biggest or fanciest home.

Large houses offer certain advantages. They come with extra bedrooms so that we can easily accommodate overnight guests. They offer lots of storage space. And they’re impressive to look at. But they’re certainly not inexpensive.

Depending on just how large the home is, it can set you back a few hundred thousand dollars or more. Monthly payments can be in the thousands. If you’re independently wealthy, that’s no big deal. But if you’re the average working person, it can make the budget rather shaky. And if you’re living paycheck to paycheck, it’s a disaster waiting to happen.

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Most of us are no stranger to debt. We borrow money to buy homes, cars, stereo systems and even meals at restaurants. If we pay it off quickly, it doesn’t have a negative impact on our lives. But all too often, we let debt keep piling up until it buries us.

When debt gets out of hand, we have some options. But most of those options are not particularly pleasant. Ignoring debt collectors’ phone calls and letters might seem like a solution, but it just makes our lives miserable. And if the debt is secured, repossession is always looming on the horizon. Filing bankruptcy is a possibility, but we may lose some of our property or be required to repay a portion of our debts anyway.

Situations like these often call for rather desperate measures. If you own a car, you might consider selling it and using the proceeds to pay off debts. That is certainly an option, but it’s one that should not be taken lightly. Here are some of the pros and cons of selling your vehicle to settle debt.

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Being self-employed has numerous benefits. It allows you to have more control over your time than you would working for someone else. It makes it possible for you to make a living doing something you enjoy. And it offers unlimited income potential. But when it comes time to pay taxes, self-employment might seem slightly less attractive.

When you work for an employer, you pay half of your Social Security and Medicare tax, and the employer pays the other half. But the self-employed must pay both the employer and the employee contribution. So in effect, being self-employed doubles the amount of tax you must pay out of the money you bring home to about 30% of your income.

Especially in the first few years of self-employment, it can be difficult to estimate how much you will owe in taxes. Your income may fluctuate from month to month, and it may be hard to even come up with an average monthly or annual income to go by. Many self-employed individuals remedy this by putting money away for taxes as they go.

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It seems like kids outgrow their room décor almost as quickly as they outgrow their clothes. They like a certain theme or cartoon character, so you decorate their room with it. Then in a few months, their interests have changed and they’re ready for something new.

Changing your child’s bedroom décor can put a huge dent in the budget. Bedspreads, curtains and other items that feature favorite characters cost a pretty penny due to licensing costs. Even if your child agrees to a more generic theme, buying all new items isn’t cheap.

But if you’re creative enough, it is entirely possible to redecorate your child’s room without spending a ridiculous amount of money. In fact, you can often do it for next to nothing. Here are some tips for creating a room your child will love without breaking the bank.

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College isn’t something that most kids start thinking about until their high school years. But for parents, it’s never too early to start planning for higher education. College costs aren’t getting any lower, and it would be a shame to be unable to send a child who is eager to learn to a good school due to lack of financial preparation.

Saving for college isn’t something that most parents understand very well. It’s not as if we learn about it in school. Here are some tips to help you get started.

* Get an early start. It might seem a bit silly to start saving for college when your child is just a baby, but that’s a very good time to do so. Starting early allows you to put away less money each month and still have a healthy college fund by the time your child is ready to use it.

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