We could sit paralyzed watching the bleak news headlines scroll across the television screen. Or we can be proactive in this current economic climate. It takes more than luck or a gamble to maximize our resources and stay ahead of the tumult. More and more, we are all looking for ways to use our cash wisely while trying to add to the personal and monetary values of our home.

In this series of articles, we hope to address some of these topics by informing you of potential ways to save in this housing market, possible credits you may able to take advantage of, and budget smart ways to transform your space into a home. We will also include a major tip and statistics with each blog (see below). Please feel free to comment and let us know what you would like to hear more about.

First time Home Buyers – You are Entitled to a Tax Credit up to $8,000.

Are you a First time Home Buyer? Being a First time Home Buyer can be exciting and scary all at the same time and sometimes even overwhelming. For many, this is The Big Investment. If you are a First time Home Buyer, there is a tax credit that you may be eligible to receive. If you purchased a home between January 1, 2009 and December 1, 2009, you could be eligible for a tax credit up to $8,000 authorized by the American Recovery and Reinvestment Act of 2009. You can claim the credit on either your 2008 or 2009 tax return. Even if you have owned a home in the past, you may still be eligible for this credit. A first time home buyer is defined as a buyer who has not owned a principal residence during the three-year period prior to the purchase. April 15 is your income tax return deadline.

You do not have to repay this tax credit. The fact that it does not have to be repaid is one of the main differences from the tax credit that Congress enacted in July 2008. However, you do have to use the residence as your principal residence for at least three years. 

We would be mighty pleased if you come back to visit our series, Budget Smart, as we continue to bring you more information on ways that you can save through credits, rebates, repairs and smart shopping.

Tip of the Entry

Before you purchase on the web, Google the website name for coupons. It never hurts to ask and take advantage of referral programs. Websites usually offer coupons indirectly to customers through outside referral websites and programs.

Statistics:

The National Association of Realtors reported March 24th, 2009, that Existing Home Sales rose 5.1%. Of that number, 2.6% were First time Home-buyers.

Very helpful links & resources

For complete information on the First time Home Buyer Tax Credit, please visit the IRS website orFederal Housing Tax Credit Website. To view the 2008-2009 Tax Calendar, click here to go to the MSN.com’s Money Central.

About the Author: Kristina is the brilliant and hard-working marketing and business analyst for 1STOPlighting. She is also a devoted mother to her young son.
About the Series Editor: Akemi Hong is Kristina's young protege. She was the editor-in-chief and contributor to The Tramp, John Muir College's environmental newsletter.

Undercabinet Lights:

Undercabinet lighting is great for tasks around the kitchen like slicing vegetables on a cutting board or reading a cookbook.  It illuminates your counter top area.  In comparison, centrally located ceiling fixtures create shadows when the light hits the upper cabinet level or your body.  Undercabinet lighting come in a variety of styles: florescent, halogen, and incandescent. 

Track Lighting:

Track lighting provides you with many benefits.  Track lighting allows you to direct general, task and accent lighting where you need it.  This one light option gives many different options for your lighting needs.  You can use highly focused units for task lighting and others for general lighting.  Many track systems also allow you add pendant lights.  Once you decide what fixtures will work best for you, you can than position the lights for your needs and change your mind later. 

Recessed lighting:

There are several options when it comes to recessed lighting.  A standard recessed light will probably light up walls, floors, cabinet fronts or the top of your head.  However, there is a good option for kitchen recessed lighting which is adjustable recessed lights.  Adjustable recessed lights allow you to direct light where it is needed.

Dimmers:

You may think that you need to add several different types of lights in order to meet all your needs but sometimes just adding a dimmer can help one type of light meet all of your needs for light in the kitchen.  By adding a dimmer, your light source can meet your needs for general lighting, task lighting, or accent lighting. Many fixtures especially undercabinet lights already have an internal dimmer. Check your product details to review its dimming capabilities.

Having the right light for your needs in the kitchen – will make what ever you decide to do in the kitchen easier. 

About the Author: Kristina works as a marketing and business analyst for 1STOPlighting and spends her remaining time with her son.   

Parents love decorating children’s rooms.  It is a place they can feel lighter and their kids can feel safe, free and peaceful. You can decorate with color, animals, cars, princesses, balls, and anything that might spark your interest.  If you want, you can even provide your child with a bed that is shaped like a fire truck. Children’s rooms are different from almost any other room in the house.  It is important to consider lighting for children – there are several things you should think about.

One big difference between children and adults is the amount of time children spend on the floor.  They play on the floor, do homework, or just hang out on the floor a lot more than an adult would. In addition to that, infants tend to be on their backs for most of the time.  Whether they are in a crib looking at their mobile, cuddling in their parent’s arms, or getting a diaper changed, infants spend a majority of their time on their backs.  Surface mounted or recessed lighting would be uncomfortable for infants.  In order to have a light that was more comfortable for an infant, you would want to consider a light fixture that bounced off the ceiling, adding more indirect light.  A good source of indirect light would be a torchiere lamp or even a wall sconce. Consider using wall sconces or ceiling mounted fixtures with an opaque or semi-opaque diffusion. 

A couple of safety things to consider when using a torchiere lamp in a child’s room:  a torcheire lamp is not the perfect choice for a toddler as they tend grab onto things. The light could fall. So install it beyond their reach. Also ensure that the torchiere lamp has a cover on top to keep children from tossing items into the lamp.

One favorite light source for a child’s room is a night light.  Night lights come in all sorts of shapes and sizes. Night lights not only look great in the child’s room but they can provide a source of light at night that will allow the child to feel safe and make it easier for you to get up at night without tripping. 

The great news is lighting can be as much fun as the rest of the room.  There are children’s ceiling fans with colorful blades, children’s light fixtures  with fun designs, and even fun boy table lamps or girl table lamps. Enjoy making your child’s room as fun as you can imagine. 

About the Author: Kristina works as a marketing and business analyst for 1STOPlighting and spends her remaining time with her son.