Unexpected money is always exciting. Of course most of us expect the bonuses that have become such a traditional part of the holidays. While a nice big turkey may have been enough for the Cratchets’ for Christmas I would like something a bit more substantial.

What should you do if your bonus comes through like it did for a number of families in Illinois (the bonus were based on the number of years of employment and came from the owners’ sale out to new owners).

It is tempting to spend any “found” money from raises to bonuses to tax refunds but there are so many better ways to enjoy the fruit of your labor.

1. Pay off revolving credit and debts so you don’t have to stress over those payments.

2. Put some of it in an emergency savings account (be working towards three to six months worth of expenses).

3. Set aside about 1/3 for any additional taxes that may come from the bonus especially when it is unusually large.

4. Indulge with around 10 to 25% of the bonus so you don’t feel like you are deprived and become overwhelmed with the urge to spend it all out of spite.

There is nothing wrong with spending part of the bonus that you receive but you may want to reserve the largest portion for savings and debt reduction to give you a long term peace of mind.

Not everyone is comfortable living life with out guarantees. Having to worry about where the next paycheck might come from pushes some people to the breaking point. But some others choose this life and actually find it is the perfect way to live.

No clocking in - when you make a living without a job then you are only accountable to you.

Do what you enjoy - there is no push for a paycheck so you work at things that you love (which isn’t actually work).

Forget the holidays (or the weekends for that matter) - everyday is a peaceful break from the traditional grind that others are forced to face.

It is not a wise decision to jump into this life with out a plan. It is a lot like jumping from a plan without a parachute. Not much good can come from it. Before you begin your life of ease and comfort you will need to take a few steps to head you in that direction.

1. Create a budget that you can (and do) stick to.
2. Eliminate all debt.
3. Start doing what you are passionate about before you walk away from your secured employment (and figure out a way to get paid to do it).
4. Talk to the family because you will not be in this alone.
5. Create a savings that is able to pay your budgeted expenses for three to six months.

Anyone can step out into a life of retirement type living today with just a little planning and a lot of faith.

The end of the year is closing in. That means it will be tax time before you know it. Here are just a few deductions that you may not have thought about but don’t want to miss.

1. Safety Deposit Box - when it is used to store your tax papers then it can usually be deducted from your income taxes.

2. Office Space for Self Employed - if you have an office in your home then you can deduct a percentage of your home expenses (mortgage interest, utilities, house cleaning, maintenance, water, supplies). Bring all of your receipts (preferably totaled up in categories) to your accountant so that the exact amounts can be figured up. You will also need the square footage of you office space and also the square footage of your home.

3. Gambling losses - you are able to deduct the amount that you lost up to the amount that you won. This at least balances out your winnings and keeps them from pushing your income limit up a tax bracket.

4. Moving expenses - when you have to move more than 50 miles for your job you are able to deduct the expenses involved with the move.

There are so many opportunities for tax deductions today. Just take a little time to talk over options with your accountant and even do a little research of your own so that you don’t miss out on any of the opportunities available to you.

Accountants can not work miracles. They can only take the information that you have provided and do the most with it. The end of the year is closing in and now is the right time to start thinking about the information you will need to put together your tax returns.

1. Receipts - go through your receipts and pull out the ones that can be used for your taxes. You might even go ahead and break them down by categories and then add up the titles.

2. Medical expenses - bring a list of all the bills that you paid for medical purposes (and any receipts as well). This includes any doctors, eye exam or other visit.

3. Mileage - if you are self employed then make your work a part of every errand run so that you can use that mileage on your taxes. Remember that now milage for tips to the doctor can also be deducted.

4. Household bills - if you are working from home and have a designated spot where you work (a guest room, a closet or a corner of the kitchen). Deductions are allowed for what ever percentage of the entire home is compared to the percentage of your work space.

5. Neatness counts - when things are kept in order then it is easy to follow through. Keep your accounts in order so that you can still give what you need regardless of the consequences.

There are plenty of things that you can start doing now that will help you create a budget that works for your savings and future financial benefit.

The holidays are the perfect time to rethink your dishes and use leftovers to create new and exciting meals. It is just one more way to stretch your grocery dollar to its fullest extent.

1. Mashed potatoes - who knew they could be such a delight on the second day. Add some sour cream, garlic and onion powder, chives and shredded cheese to your mashed potatoes. Put them in a casserole dish and heat at 325 degrees F for about 30 minutes. Now you have loaded baked mashed potatoes.

2. Baked Mashed potatoes - take the leftovers the next day, add a couple of cups of milk and heat in a pot. Wisk until some what smooth. Now you have potato soup.

3. Turkey - everything you have ever made with chicken (chicken salad, chicken and dumplings and chicken noodle soup) can be recreated with the left over turkey. Freeze it quart bags for easy use in meals in the future.

4. Ham - roll out a sheet up puff pastry dough, spread some finely chopped ham to about and inch or two from the edges. Sprinkle with shredded cheese. Roll up the puff pastry dough and bake in the over at about 350 degrees until the puff pastry turns a golden brown. Now you have a nice ham and cheese straddle that is great for any meal of the day.

Using leftovers from your holiday meals does not have to be boring or exhausting. Getting a little creative with the items you have left (and freezing what you can freeze) will help you stretch your grocery budget over the next few weeks - depending on the amount of leftovers available to use.

Many people pass on vacations after the family starts to grow because the expenses get so high. With just a little planning and some tips to follow you can make a great family vacation fit into any budget.

1. Trade homes with a friend or family member (or complete stranger if you are really brave). Accommodations are top on the list of expenses for a vacation. This is just one way to cut that cost out completely.

2. Get back to nature. Camping out is another great way to cut accommodation expenses. Many state and national parks allow campers to stay for free or for just a few dollars per night.

3. Skip the peak season. The costs for everything in a hot tourist spot tend to cool off after the tourists go home. Visiting the beach in September or October will still allow you the fun in the water (because the water temperatures will still be up) but it will cost a fraction of a peak season getaway.

4. Use your own backyard. There are plenty of exciting attractions within driving distance of your home. Make your vacation one that celebrates the special features of where you live.

Finding ways to cut accommodation expenses is the quickest way to save big bucks on your next vacation.

The holidays are expensive and letâ’s skip the gifts, decorations and wrapping. The holiday food can end up costing an arm and a leg. Cooking this recent Thanksgiving meal I thought about buying a ham until I read on the label that it cost almost $60. Add in all the time it costs to prepare the meals and it is no wonder that it takes the whole family to be able to feed the whole family. There has to be a better way. Fortunately there is.

1. Shop for Christmas right now. You can find some pretty good after Thanksgiving sales at the grocery store.

2. Pick your own. Find a neighbor that has pecan or walnut trees and ask if you can pick some up. You might even offer to pick up enough for the both of you (or to prepare an extra dish with your find).

3. Watch the churches. Now is the time that many church groups are doing their fund raisers for the year. Purchase desserts at a bake sale or let the church groups smoke your turkey or meat for the main course. It might cost a few extra dollars to purchase the items but the money will go to a good cause and it will save you untold hours in the kitchen.

4. Use coupons. Check the internet and the papers for coupons. When you combine those with the holiday sales you can end up getting your items for almost free.

Don’t let the holiday season break your bank. Buy items now for your next holiday feast and use coupons to save money. Get creative with where you find your ingredients and let others do the cooking for you. Saving time and money during the holidays can make the time more enjoyable and less stressful for you.

Planning for retirement is not easy. It requires a crystal ball and a magic wand. There is no way to guarantee that the money set aside for tomorrow will be enough for tomorrow, but there are a few things that can help you feel a little more secure about the future of your finances.

1. Plan for taxes. It will be a great world if there are no taxes in the future, but I’m not holding my breath. You need to plan for about ¼ of all that you set aside for your future going to the government.

2. Dump the debt. The less you have to spend then the more likely you are to be able to live off your interest (from investments) and leave the principle in tact.

3. Keep working. Find something that you love to do and get someone to pay you for it. It’s not work if you are having fun and the extra money you make could be enough to keep you living the life you dreamed of all through your retirement days.

There is no guarantee for the future. Making a plan that will keep your finances simple and flowing is the best way to prepare for whatever tomorrow might have in store for you.

Christmas is just around the corner and many kids spend all their waking hours listing the items that they hope to find under the tree. I tried to the trick of giving my children some catalogs and letting them go through and circle what was interesting, but they decided it would be more fun to help their dad split the firewood. They knew it was something that I had been asking for AND they knew they would get to build a fire.

Kids don’t need (and most don’t really want) more stuff. Attention is the thing that is craved. In reality it is craved by all of us. The gadgets and items may seem nice, but they are no replacement for an act of kindness or words of adoration.

This year spend time with the kids instead of getting lost in the wrapping and mistletoe. Make some Christmas traditions that will far outlast any item that could even be put under a tree.

1. Make a day of looking for a Christmas tree. Go out into the woods (if you have permission) and cut your own or go to a Christmas tree farm. Decorate the tree as a family - have eggnog and cookies with music in the back ground (no television).

2. Make Christmas cards (or thank you notes for after Christmas) to send out to family and friends. Get out the paints, stamps and any other craft items you have around the house and use card stock to create cards that are more of a gift than just a card.

3. Set aside a few nights to do Christmas lights. Find displays in your community that are free (or inexpensive) and make an outing for your family to visit the displays.


4. Make one day in the holidays an official ‘Kids Day’ and let the kids decide what to eat, where to go and what to do. Help them plan the event by researching activities and even recipes together. Let them get their hands dirty -“ so to speak in the kitchen when creating the recipes.

Time is something that money can’t buy and that most of us hunger for from those that we love. Kids may be screaming for the latest gadget, but what they want more than anything is time with the family. Make that the biggest gift you put under the tree this year.

The times may be tight, but that doesn’t mean they have to be tight for you. Finding ways to save just a little money here and there will give you the opportunity to pay off your mortgage or other debts in record time. Just making two extra payments on your mortgage each year will allow you to cut your term by 1/3.

1. Tax Refunds - instead of spending your refund on something frivolous, put that money to work. Use it to make that extra payment (or two) on your mortgage.

2. Groceries - Keep a close record of what you are spending on groceries and work out a plan (using coupons and other techniques) to allow you to cut out $50 a month from your budget. Use your savings to make an extra payment on your mortgage.

3. Luxuries - pass on the manicures, expensive hair cuts or other special treats for just one full year. Use these savings to make a dent in your mortgage term.

4. Entertainment - utilize free and discount opportunities for family fun. Put aside the money that WOULD have been spent eating out, going to the movies and other things and use it to make an extra couple of payments on your mortgage or debt.

The money adds up quickly and the more you pay on your debt the faster it vanishes. The best part is that once the debt is gone then the savings will be available to spend in other (usually more enjoyable) directions.