Another book review and giveaway for “Living Well in a Down Economy for Dummies” by Tracy L. Barr.  To win the book, leave a comment and I’ll draw a winner next Wednesday 11/5 @ 10 pm.  I’ll announce it on Thursday 11/6.  So leave a comment for a chance to win.  The winner of last week’s book Frugal Living for Dummies is Erika. Please contact me at livingalmost at gmail dot com.  But onto the review.  The book is divided into six parts.

Part I: Facing off against a Recession

The first part focuses on determining your net worth.  The book has worksheets to discuss calculating your monthly spending and setting up a budget.  This is to start spending less than you make.  The second half of this part is to focus on destressing yourself.  It asks you to relaxation techniques and massages to destress.

Part II: Bumping up your Bring-Home

The first section focuses on getting a higher income. The book suggests keeping your resume up to date and polished.  Also the book gives tips and suggestions on how to practice interviews and stand out during interviews.  Also it gives you tips on video and phone interviews as well.  The next section talks about deciding what you want to do.  It asks the question should you change careers? If so, what are the steps necessary to take?  This section also talks about telecommuting and how to work it into your job.  Finally the next section discusses what it means to be self-employed.  The book discusses if you can deduct expenses like internet, phone, and mortgage payments.  Also it talks about recession proofing your business.  Basically this section is to help you focus on improving your income by getting a new job, changing careers, or starting your own business.

Part III: Putting your finances on firm footing

This section of the book looks at protecting your assets.  It starts out by talking about getting life auto, home, and health insurance.  It discusses examining your deductibles and shopping around for the best rates.  It then transfers to how to obtain health insurance if you leave your job.  Or what it means to have COBRA.  Next the book talks about investing in a 401k and the tax benefits associated with a 401k.  Finally the chapter looks at financing college.  It talks about obtaining scholarships and loans and working to pay for college, as well as negotiating financial aid from universities.

Part IV: Living a recession busting life

I would consider this the frugality chapter.  This chapter focuses on giving tips for living a frugal lifestyle.  The chapter talks about how to cook frugally and use coupons.  It also makes suggestions on making lunches at home.  The book also makes suggestions on how to expand your wardrobe from thrift stores, off season shopping, and sewing new outfits.  The second part of this section talks about getting great vacation deals, saving on utilities, and how repairing and maintaining your home yourself can save you MUCHO dollars.  It gives specific ways to weatherproof your house and save money.

Part V: Making the most of holidays and other special events

This is the smallest chapter in the book.  It discusses how to entertain on a shoe string budget by throwing wine parties, game night, or pot-luck dinners, rather than traditional meals at home.  The book also gives cheap decoration ideas for Easter, Halloween, Thanksgiving, and Christmas.  Finally the book gives tips for thrifty gift giving including personalized calender, family recipes (check with grandma first), coffee mug, gift basket, or donating time to a charity.

Part VI: Staying afloat if the boat starts to sink

This chapter of the book focuses on dealing with potential financial crisis.  It suggests being aware of your spending and credit score.  Review your credit reports in case of ID theft. Dispute inaccurate information on your reports and look to improve your credit score.  The book actually suggests doing this by decreasing your credit card debt!  Also pay all your debt on time like student loans and car loans.  The chapter also suggests using a credit counseling agency to help decrease your interest rates on credit cards and get out of debt faster.  I’m not sure this is the best way to get out of debt.  The book also suggests talking to creditors and explaining your situation.  I think this is the most effective method on dealing with your debt, than necessarily looking to outside help.  The book also cautions about debt settlement agreements and avoiding credit counseling scams.  Finally the chapter wraps up with talking about bankruptcy, explaining the two different types of bankruptcy, and what happens to your bills, which are wiped out and which are not.

Part VII: Parts of Tens

This is a wrap of the book. It gives you 10 ways to trim your expenses as well as 10 ways to handle financial emergencies.

I think this is a good book. It sort of mixes together ideas from the frugal and personal finance dummies book. If you haven’t won a book before, leave a comment for a chance to win!  Drawing will occur next Wednesday 11/5.