Boost curb appeal to help sell home

The home buyer tax credit has expired and home prices are expected to fall--leading to even more seller competition in today's housing market (USAToday.com May 12).

If you're trying to sell your house, boosting its curb appeal can help make--or break--a sale. Tackling outdoor projects may seem daunting, but starting with these tasks can help make your yard look fresh and inviting, according to CNNMoney.com.

Mulch. A fresh layer of mulch provides visual contrast and makes foliage and flowers more eye-catching. Mulch also keeps water in the soil and provides nutrients as it breaks down, keeping your plants healthier all year long.

For a large project, you'll need more than a few bags of mulch from your neighborhood home center. Consider having a local landscape supply company deliver mulch to your home instead. Since this mulch will be local, there will be less chance that it will introduce invasive diseases or insects into your garden. Bagged mulch often comes from hundreds of miles away.

Using a garden spade, cut a clean edge around your beds then use a wheelbarrow, pitch fork, and rake to lay at least a two-inch thick mulch bed.

Seal decks and fences. All outdoor woodwork needs protection from elements. Seal with stain. Paint requires first scraping and sanding every time you need to refresh the area. Invest in premium oil-based stain--it will soak into the wood and minimize prep work for your next coat. Purchase stain that contains UV (ultraviolet) blockers to prevent sun damage to the wood.

Before staining, use a wood cleaner and a soft-bristled brush to remove dirt and mildew, or use a power washer, which you can rent for about $50 to $100 per day.

Touch up paint. Peeling paint makes your house look neglected and lets UV light damage wood siding--making more paint come off and leading to a more extensive, expensive project.

It's tempting to skimp and buy cheaper paint ($15 to $20 a gallon). Instead, splurge and purchase a more expensive paint ($30 to $45 a gallon). The high-quality pigments and binders in top-of-the-line paint make it last five or more years longer than economy products. Use water-based paint--it's easier to use and more environmentally friendly than oil-based products. But purchase oil-based primer to make the paint stick better.

If your house exterior has more than just a few spots that need touching up, you probably need a full-blown paint job. House painters typically won't do touchups unless they're fixing a previous paint job of their own. A handyman can help with touch-up painting.

Doing these jobs yourself can save money. If working outdoors isn't your forte, find a handyman to do these jobs at a reasonable cost.

Once you complete the bigger projects, make sure to mow and edge the lawn on a regular basis, trim hedges, and plant flowers. If your yard doesn't look well-maintained, buyers will assume your home isn't either and drive on by.

Base school decisions on your teen's career plan

After 12 years, most high school graduates could be excused for hoping they've seen the last of compulsory education. But, with changes in the global demand for skilled labor, young adults are feeling forced to look beyond secondary education.

During the 12-month recessionary period starting July 2008, when overall employment declined by 5.3%, the number of jobs for workers with advanced degrees actually grew by 1.5% (WANTED Technologies March).

But, of course, post-secondary education is not compulsory, or in some cases even desirable. The Credit Union National Association's (CUNA) Center for Personal Finance editors offer these planning steps to help your teenager find the best path to a career:

* Self assess. Taking a good, hard look at personal interests and strengths is essential to making the right educational and career choices. Barbara Cooke, M.A., author of "Parent's Guide to College and Careers: How to Help, Not Hover," encourages parents to help their teenagers examine their skills, values, and personality preferences by asking: Where are my skills used in the economy? What additional education or work experience would I need to get the job I really want? The federal government's online Occupational Outlook Handbook can be an excellent resource for this step.

* Consider all options. Perhaps a four-year college education followed by a graduate degree is not the way to go for your child. There are plenty of other roads to fulfilling and financially rewarding careers, including military service, technical schools, and apprenticeships.

* "Try out" a profession. One way is through an entry-level internship, such as the one Rachel described for CUNA's online youth magazine Googolplex. Her internship gave her an overview of the entire graphic design field. "I learned much more about what goes on in the design world," she said, "from how clients are handled and the making of proposals to the actual design work and programs used. It's good to know what you want to do, but I think it is even more important to know and understand all of your options."

* Delay a decision. For some, the best decision a high school graduate can make is to put off a commitment for a while. A "gap year" after high school can be a time of maturation, reflection and growth that eases the transition to college and the world of work. Many students use a gap year to clarify interests and establish focus before going on to school.

"You're building a resume before you hit college," Holly Bull, president of The Center for Interim Programs, LLC, a New Jersey-based consulting firm, told CUNA's Home & Family Finance magazine. "I've had students who have taught in schools, acquired language fluency, got experience in business...this is a very practical accrual of skills and recommendations and references that can actually help them get jobs down the line."

Getting insight and experience can be just as useful as academic knowledge. Said Cooke, "Even though the word on the street is that a master's degree is the new bachelor's degree, most young people need to figure out an initial career path and get some entry-level work experience before signing on for more student loan debt."

Find Help Managing Recession Finances

Two personal finance Web sites have been developed in response to the recession and tough economy.

• ftc.gov/moneymatters. The Federal Trade Commission's Money Matters site has ideas for dealing with debt, coping with layoffs, wise use of credit cards, and avoiding foreclosure.

• debtadvice.org. The National Foundation for Credit Counseling's Debt Advice site has interactive budget and mortgage calculators, video tips, and quizzes. You'll be able to find local, certified credit and housing counselors, as well as information about bankruptcy counseling, foreclosure prevention, and identify theft.

MyMoney

Manage your finances right from your Facebook profile, simply and securely! MyMoney is an online home banking application that interacts with a variety of financial institutions, so you can view your account balances, transfer money between accounts, review histories, and much more.

Interested in security? MyMoney uses multiple layers of security to ensure that you, and only you, can access your account. First, you have the standard privacy features offered by Facebook. Next, we’ve added a built-in two-way security system with photo and phrase ID that lets your financial institution know it’s truly you accessing your account – and confirms that you’re connected to the right financial institution. Finally, MyMoney fully encrypts all data before it’s sent, using a 128 bit data encryption over a secure socket layer (SSL). So, your confidential information stays that way.

With MyMoney, you know instantly how much you have to spend on gifts, go shopping at the marketplace, and more! To get started, just click the “Add Application” button and search for LifeWay Credit Union. If you need assistance setting up your MyMoney account, call us or visit www.lifewaycu.org for an instruction sheet.

Flood assistance loans

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* credit approval qualifications apply

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Reduce your taxable income

In this tough economy, you may think tax shelters are of little use to you. But as President Barack Obama's fiscal reform commission considers raising taxes in its war on debt, methods of reducing taxable income are more important than ever (The Hill Apr. 13).

This is especially true for retirement plans such as 401(k)s and individual retirement accounts (IRA). Here's why:

• Tax shelters are off-limits for creditors. Unfortunately for many debtors, this will be important. Money in a tax shelter strengthens your hand if you have to negotiate with lenders and is protected if you end up in bankruptcy.
• Federal deficits mean your taxes probably will be higher in the future. Tax shelters are more valuable as your tax rate goes up. By the way, this is also a reason to own a Roth IRA. By paying the tax upfront, assuming you're 59 1/2 or older and the money's been in the Roth at least five years, you don't owe taxes when you take money out.
• Keeping bonds in a tax shelter increases returns. Recent stock market volatility has reminded investors to keep some money in bonds. But bonds, except for municipals, don't get favorable tax treatment--unless they're in a tax shelter. This is especially important if you hold Treasury inflation-protected securities (TIPS) bonds; always try to hold TIPS bonds in a tax shelter. Why? The value of TIPS bonds is adjusted twice a year for inflation and counts as taxable income.
• You'll be expected to contribute less if your children apply for financial aid for college. Money in tax shelters like an IRA or a 401(k) doesn't count against you in the federal formula for financial aid. Money in a regular investment account does.
• The less money you have in retirement, the more your tax shelter will pay you. That's because income tax rates are progressive--you'll get to keep more of your money.

When you move investments into a tax shelter, your gains aren't taxed each year, but you make a trade. When you withdraw the money in retirement, except for a Roth IRA, the withdrawal is taxed as ordinary income. If that worries you, keep in mind that you are subject to the top 35% marginal tax rate only if you're earning $370,000 a year in retirement, in which case you likely don't have too much to worry about.

If your situation is more like that of the average married couple in retirement, according to the U.S. Census you'll live on about $31,000 a year. That would put you in the 15% income tax bracket. You'll get to keep most of the money you withdraw from your tax shelters.