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Choosing whether to buy a new or used car is one of the most common debates in the personal finance world. Although I usually tend to argue for buying a used car, I understand where some of the people in the new-car camp are coming from: they desire a car with dependability, a warranty, and of course that new car smell.

Fortunately, even if you've decided that a new car is right for you, that car doesn't have to break the bank. Many new cars, without a doubt, are incredibly expensive and all will depreciate the minute you take them off the lot. However, given the always-predictable holiday sales, not to mention your forthcoming stimulus check from the government, there are some good reasons to consider a new car.

Bankrate compiled a list of new sedans that all cost under $15,000. Here is their list:

If you look for these same cars on the used market, you might be able to find some great deals. For example, a used Toyota Corolla will probably cost you under $10,000, and it's also one of the most dependable cars out there.

The Bankrate article also offers some great advice that you should definitely read before starting your car search.

"The bottom line here is that for the foreseeable future, it is a buyer's market
for smart car shoppers. Buy only as much car or truck as you need, set a target
price and stick to it. Such intelligent shopping can help you do well in these tough times."

Buy only as much car as you need – don't go overboard with fancy options that aren't important. Having a target price will help you keep yourself from spending too much. For smart financing alternatives, check out Lending Club’s low-interest person-to-person loans. Even if you do go with the dealer’s financing, you can take out a loan from Lending Club for the down payment.

Happy hunting!

What's the financial dream of most people? I bet, for many, the answer is to be a millionaire. Having a million dollars is a serious goal, but it isn't impossible. What does it take? The willingness and ability to invest consistently, and the knowledge of what you need to do.

If you're looking for a rule of thumb, check out this great article from Kiplinger.com. The article offers good starting points, depending on your age, for how much you need to invest monthly to reach your goal. The numbers are based on investments at 8% interest. If you are 25 with no savings, for example, you would need to save $286 per month to reach one million by age 65.

The article also provides strategies for each age group to help meet your goals, including recommendations for 401(k) funding and asset allocation, plus other advice regarding emergency funds, credit card usage, etc.

The most important thing is to start early and stay the course to achieve your financial goals. Invest often, and try p2p lending on Lending Club, where the average lending portfolio exceeds 12%.

Remember the enveloping system? As I wrote in that article, "By putting all your money, broken down by specific categories, into different envelopes at the beginning of the month, you can easily account for your budget and make sure you don’t overspend."

I tried creating categories such as “Work,” “Car,” “Going Out,” etc., and I put money at the beginning of each month into each category's envelope. I eventually failed, but I also realized I never needed the enveloping system because I'm not an overspender. The enveloping system is designed to help people who always spend too much money and need to restrain themselves. For me, that was never an issue, but for many others, it is.

The Simple Dollar wrote an article about how an all-cash lifestyle can help you beat the habit of spending too much. In it, he mentions that a cash-based system is like a set of training wheels--it is useful to help you curb your desire to use a credit card, but you won't be able to use it forever. It becomes too difficult to maintain. Using cash only is a small step that you can use to rehabilitate yourself from spending too much, but you probably will need to use credit cards again in the future, just as a matter of necessity.

Enveloping is a great tool for you if you have three qualities:

1. You consistently overspend - If you always spend too much, an enveloping system can help you curb your spending by making you limit yourself to a specific amount each month.

2. You can force yourself to not cheat - You can't cheat even a little bit, or else enveloping won't help you---you'll still overspend and be in the habit of overspending. You have to be willing to force yourself to beat the habit of overspending.

3. You are willing to take notes on what you are spending - Taking notes and knowing exactly where your money goes is important because it will help you detect where your mistakes are made. If you take notes, you will begin to see patterns that you can correct to help solve your problem.

If you see these three qualities in yourself, consider enveloping as a way to curb your overspending habit. But when you do return to using credit cards, be sure to stay within your means. If you have some specific purchases you need to make, you might also want to check on your other options for obtaining financing or consolidating debt. If you have good credit and a healthy financial situation, you may be eligible for a person-to-person loan on Lending Club with a lower interest rate than you’re getting with your credit card.

Have you ever been deep in debt? Debt can be taxing and unhealthy, but for many Americans it is a way of life. If you're at this site, you probably are interested in making sure that you don't have any bad debt.

Getting out of debt is difficult. Still, even once you are out of debt, protecting yourself from falling back into old habits isn't easy. If you are recently out of debt, you are especially at risk for falling back in, so it is important to be careful and not backslide.

So what can you do?

1) Look back at your previous failures and see what went wrong
Most people go into debt for a specific reason. For example, you might have spent too much money using your credit cards, or you might have really loved to spend money while going out with friends. Regardless of the reason, look at your past failures. These are the things that are most likely to get you into trouble. If you used to spend a lot with your credit card, be careful to make purchases only when you have enough money to afford them. If you have a big expense you need to cover, find a smart alternative to credit cards such as a P2P loan on Lending Club.

2) Continue setting goals
You achieved your first goal: get out of debt! Now you need to make more. Why? Because without goals, you have no idea what you really want. Setting goals makes achieving your dreams more possible. Do you want to set up an emergency fund? Do you want to start investing? Write down a list of goals and actionable steps to achieve them.

3) Check your progress
Set a date every week or month to see how well you are doing towards achieving your goals. Have you slipped at all? Make sure you know exactly what is happening with your expenses.

By following these steps, you can prevent yourself from getting back into debt. We at Lending Club want you to live a debt-free life!

Have you ever tried to break a habit? Think back to when you last tried to break a bad habit (eating when you weren't hungry, for instance). What was the hardest part about breaking it?

When your social scene revolves around the item you were trying to get away from, it is incredibly hard to break the habit.

For example, I have a friend who hung out with his buddies who smoked cigarettes when he was trying to quit. What happened? Of course, every time he tried to quit, he would break down and smoke a cigarette when hanging out with his friends.

Breaking a habit is not an easy thing, but it's especially hard if you put yourself around other people who have the same vice. The same goes with personal finance. Are you trying to cut down on spending? Don't be around your friends that go out and spend a lot of money on drinks, because you will probably do the same. Don't go shopping with your friends if they usually spend a lot of money. You have to isolate yourself from the situation.

When trying to cut down on junk food, you have to throw all of it out of the house. Any temptation will lead to failure. Similarly, any temptation to spend too much can make you fail. I'm not saying you need to cut these friends out of your life---just don't participate in the expensive activities that could make you fail. Once you reach the point where you can go shopping with friends and come home empty-handed, you’ll know you’ve made a lot of progress.

Be careful of overspending, spend time with supportive friends, and take advantage of good opportunities to reduce your debt such as a P2P loan on Lending Club. We at Lending Club want you to succeed in breaking debt and spending habits.