You've made a budget and stuck to it.  You've clipped store coupons, purchased food in bulk, and bought store brands.  You feel a little squeezed, but overall, you are proud of the fact that you actually managed to put a few dollars into savings this month. 

Then the phone rings.  A loved one needs money. 
 
This loved one is the type that spends every dollar as soon as it comes in.  They call you foolish for passing up that new outfit in order to pay off your credit cards.  They refuse food in your home because it is not name brand.  Still, they want some of your money because they did not manage their own well enough. 

What do you do?

Sure, you could yell, scream, bang your head on the table, or visualize smacking them in the head.  Chances are however, you will write them a check, and start your savings account all over again. 
 
If any of this sounds familiar, here are some steps you can take when dealing with a loved one who cannot or will not manage their money.

If you are deep in debt and your phone is ringing all day with calls from debt collectors and collection agencies, you are not alone. 

Thanks to the gas crisis, the housing crisis, and constantly rising food costs, a lot of people are dealing with debt collectors on a daily basis. 
 
If you're looking for some debt collection help, including tips for dealing with debt collectors who are harassing you, I've got some advice.  You see, I have been through all of this myself, so I know how to deal with recovering from debt and dealing with debt collectors.

Been there, done that!

Once you're in debt, it's difficult to get out of debt -- especially while protecting your credit score at the same time.

I happen to believe that it's worth it to let your credit score suffer a bit in order to dig yourself from under the weight of oppressive debt. It's best to worry about your credit score later. 

Here's why...

Yesterday I saw a segment on NBC's Today Show which reminded me of my college days when I contemplated debt consolidation... or credit counseling... or even bankruptcy. 

This was Ivan's question for money expert Jean Chatzky:

I am a 21-year-old college student with a lot of debt. I owe $15,000 and the credit card companies don't stop harassing me because I can't even pay the minimums. My income barely covers those minimum payments. I attempted to consolidate my credit but backed out last minute due to all the articles I read. Someone told me my best bet was to file for bankruptcy. Any advice?"
 

Hearing Ivan's situation made me flash back to my own college days when I, too, was in debt up to my ears.

Jean Chatzky's recommendation for Ivan was basically to try credit counseling. Here's why, plus what to look for when you're trying to find a reputable credit counseling company...

I have seen an increased number of bankruptcy solicitations in my mailbox.  Actually, it has increased from nothing -- because I've never seen such solicitations before. It makes me wonder if someone knows something, I don't know about my financial status. 

My best guess for why I'm receiving all of these solicitations is because there may have been an increase in the number of bankruptcies filed in my area recently.  I know for a fact that there are 3 foreclosed homes in my subdivision. 

The death of a spouse is a traumatic experience that can set your head spinning and your heart reeling.  Few people are ever ready for this tragic event emotionally or even financially.

Unfortunately, adding to the inner turmoil that you are probably experiencing, are the financial matters that must be dealt with immediately.  Knowing what needs to be taken care of can be a tremendous help at this point, alleviating some of the stress and tension that is certainly swirling around you.

The surest way to waste money is to pay your bills late.  It's like burning your money!

While it might seem easier said than done to pay your bills on time, the honest truth is that late fees are brutal.  Most companies can charge anywhere from $5 to $20 per month for late payments.  Credit cards charge even more than that when you pay late. 

For a person in the habit of paying final notices on bills, this can increase your monthly bills by several hundred dollars.  That can amount to a month's worth of groceries, a car payment, or a generous clothing budget. 

Catching up on your bills may not be easy -- especially if you are chronically behind -- but with a few months of sacrifice, you could get your payments on track and increase the amount of money you can spend on yourself. 

Here are 3 tips you can use to start paying your bills on time...

Should I buy this?  Do I really need that?  Why can't I purchase anything just for fun? 

For many people, shopping for themselves can bring on feelings of guilt, anxiety, and doubt.  However, the process of deciding what to buy this month, and what can wait until next month does not have to be so hard. 

What follows are some helpful tactics for when times are hard and money is tight. (Bonus: They will also help when money is flowing, as it will allow you to make purchases guilt-free!)

While my advice won't make you giddy about a bad financial situation, it will help you to get into a state of mind where money does not haunt you. 

You see, the people who are most worried about money are the ones who are spending more than they are earning.  How can you help but worry when you do that? 

The plain fact is that you need to stop spending more than you are making in order to put your worries in check. If you make more than you spend (or spend less than you make), then you will finally be comfortable month-to-month. And you might even be happy about your finances for a change!

Here's how to become happy with your current financial situation and get a grip on your money...

The economists say there's no reason to panic just because the economy seems to be in a downturn. But if you are already in a panic, like many are right now, it can be hard to compose yourself and think rationally.

There some things you can do however to make your life more comfortable for the moment until the rough spot in the economy, or in your life, passes.

It's a really tough realization to face, but if you just can't afford all of your expenses and you are barely making ends meet, then the best thing you can do for yourself is to let something go.

Letting go can mean downsizing your home, moving into an apartment, or giving up a car.

Whether you are going from larger to smaller, or just eliminating the item and expense altogether, the transition will be painful, but in the end, it will also be freeing.

Your neighbor across the street has taken down their For Sale sign and avoided foreclosure because the bank has re-aged their loan after they lived mortgage-free for 5 months.

Your next door neighbor tells you that the bank is lowering their interest rate because they could not make the payment on their adjustable rate loan.

Meanwhile, you have struggled to make your house payment each and every month, and now can't help but feel jilted by your bank.

What recourse do the people who are paying their home loans on time have?...

After reading 2 articles published the same day:

• One about stealing from your own retirement;


• The other on starting a retirement plan while you are young.

...I have to wonder if Americans aren't being pushed to start saving too soon.

According to the Economic Stimulus Package, the U.S. Treasury will start sending out checks in May to 130 million families.

The purpose of sending out this money is to stimulate the economy.

Is saving money part of your New Year's resolution? Do you want to get your personal finances back on track this year?

I've listed 10 ways to take better care of your finances so that by the start of next year, you'll be in a better financial position.

Do you have a safety net savings account for that rainy day when your car breaks down and you come home to find out your heating and cooling system is out at home?

If you don't, you should!

In my opinion, the number one reason people do not achieve their financial goals is debt. If you do not have an emergency savings fund you will have to go into debt to finance the next curve ball life throws your way.

So how much should you save in your emergency fund?