Emily's list: State of the Union edition

On Jan. 27, 2010, President Obama delivered his first State of the Union address. In addition to discussing adding more jobs, reforming health care and making college more affordable, he announced major governmental spending cuts.

President Obama delivering his first State of the Union address January 27, 2010.

Starting next year, he said the United States government will undergo a spending freeze for three years for all discretionary spending. National security, Medicare, Medicaid and Social Security will not be affected. Obama said that around the country, Americans have been tightening their belts, so the government should, too. He also said, "Like any cash-strapped family, we will work with a budget to invest in what we need and sacrifice what we don't."

It's great to hear that the government understands our struggles and wants to keep a very close watch on where our country's money is going. Fingers crossed
that it really happens!

Are you keeping a close eye on your money and spending habits? Use the following roundup of some of the best blog posts from the personal finance world during the past week to learn how.

1. Enemy of Debt discusses how debt freedom and the new concept of lifestyle design are complementary.

2. WalletPop explains, with the help of a New York Times article, why some colleges are trying to recruit potential students with mass mailings that resemble credit card offers.

3. Sometimes the unexpected happens, and we need to be prepared. My Dollar Plan explains the importance of having a worst case scenario plan and reveals what her plan would be.

4. Living Almost Large rants about some news that several people who accumulated massive amounts of debt are now suing their debt collectors! Talk about gaming the system.

5. Bargaineering informs his readers about a handy new banking and credit card iPhone app from Citi.

6. A guest post on Ultimate Money Blog explains how credit cards can actually help you when it comes to organizing your finances, budgeting and saving money.

7. An infographic custom-made for Man Vs. Debt shows the staggering amount of personal debt and credit cards in the United States when compared with other countries.

8. Money Under 30 lists seven financial precepts we should all aim to live by if we want to achieve prosperity.

9. The new credit card act still baffles many of us. Studenomics explains how the new credit card regulations will affect both students and their parents.