Its all a game, they know how to manipulate the markets for big profits…

While you may not be able to control the price of oil or the prime rate, there are some simple things you can do to shore up your finances, safeguard your future and ride out whatever the economy throws at you.

Here’s a list of ideas that hopefully will help you get through any hard times, plus tips if the hard times have already hit your household.

1. Eliminate the nonessentials
2. Start a go-to fund for emergencies
3. Consider cutting back (rather than cutting out) for some expenses
4. Safeguard your current job
5. Be on the lookout for your next job
6. Keep your debt load light
7. Barring a complete personal financial meltdown, continue funding your retirement
8. Swap extraneous spending for smart long-term moves
9. Investigate refinancing
10. Re-examine your insurance
11. Adjust your withholding allowance
12. Reward yourself
13. Ask for an extension on your car loan
14. Get an extension on the mortgage
15. Talk to a mortgage counselor

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Bad news about the banking industry may have you wondering about the safety of your hard earned cash at your own bank.

In the past year there have been four bank failures.

And the chairman of the Federal Deposit Insurance Corp and banking industry experts foresee many bank failures down the road.

“Regulators are bracing for 100-200 bank failures over the next 12-24 months,” says Jaret Seiberg, an analyst with the financial services firm, the Stanford Group.

Traditional IRA

* Tax deductible contributions (depending on income level)
* Withdraws begin at age 59 1/2 and are mandatory by 70 1/2.
* Taxes are paid on earnings when withdrawn from the IRA
* Funds can be used to purchase a variety of investments (stocks, bonds, certificates of deposits, etc.)
* Available to everyone; no income restrictions
* All funds withdrawn (including principal contributions) before 59 1/2 are subject to a 10% penalty (subject to exception).

Roth IRA

* Contributions are not tax deductible
* No Mandatory Distribution Age
* All earnings and principal are 100% tax free if rules and regulations are followed
* Funds can be used to purchase a variety of investments (stocks, bonds, certificates of deposits, etc.)
* Available only to single-filers making up to $95,000 or married couples making a combined maximum of $150,000 annually.
* Principal contributions can be withdrawn any time without penalty (subject to some minimal conditions).

I came across this website today and I think its worth checking out. Learn about investing, savings and improving your overall financial situation with information from urban professionals.

Urban Money Online

There ought to be more emphasis put on finances while going through school. At least give the basics between 10th and 12th grades. A lot of young people don’t realize the impact debt and credit scores have on their futures. When I was 20 I had no idea that not paying my car note on time would affect me for years to come. I was under the impression that if they got paid eventually everything was cool. A few years later I wanted to get a new car and all of the dealerships would run my credit and deny me. Their line was always “Your credit report shows that you have been late consistently on your bills.” But… they got paid! Hmmm, so not only does it matter that I pay, they want me to pay ON TIME.

I got my act together and started paying on time. A year goes by and I head to the dealership again. DENIED! But… I’ve been paying my bills on time. Well, thats all good but you have 6 more years of paying on time before your past gets erased.

I told that story to stress the importance of paying your bills on time. You ever got mail from doctor’s office 8 months after you went for a checkup saying you owe them $10? Don’t just brush it off and say “Im not paying that!” Handle it. Call them and get the issue settled because IT WILL END UP ON YOUR CREDIT REPORT as a collection. Collections hurt your credit score also.