Money Etiquette Archives - Hanover Mortgages

February 28, 2021

Cheap Thrills: 5 Ways to Save Money at Amusement Parks

Discounted tickets, packed lunches and three other tips for enjoying your next amusement park trip on a budget.

It’s 90+ degrees outside. Your children are on summer vacation, desperate for distractions. The days are long. It may seem like the perfect time to fill those hours with a visit to an amusement park. Think about it: Catching your heart in your throat on extreme roller coasters, cooling off on splash-fest water rides, chatting up your children’s favorite cartoon characters and even visiting with exotic animals before washing it all down with treats like hot dogs and ice cream. Sounds pretty ideal.

Not so ideal? The stress that can come with the often high price tag associated with amusement park fun. But how do you save money at amusement parks? It just takes proper planning and a strategy for how to manage your time within the park.

Before you pack up for your next amusement park adventure, consider these five tips for saving money at amusement parks:

1. Search for discounts on tickets

According to the Los Angeles Times, the price of theme park tickets has risen faster since the Great Recession than the cost of other entertainment options. Without advanced planning, tickets can be especially pricey.

“Buying tickets to an amusement park at the gate is almost always a guaranteed way to overspend,” says Eric Anthony, managing editor for personal finance blog Houston On The Cheap, focused on entertainment in the area.

With more than 400 amusement parks and attractions in the U.S. vying for your money, you are likely to find enticing ticket deals. If you look beyond the front gate.

“Most local grocery stores offer tickets to theme parks in the area at a discounted rate,” Anthony says. “You can also search online for coupon codes and other deals on tickets.” Checking to see if you have any membership perks that might get you discounted tickets to a specific venue is another tip for saving money at amusement parks.

Searching for online coupons and discount codes for tickets is one of the ways to save money at amusement parks.

If you plan to be a frequent park visitor, season or annual passes can be an economical option, says Jeff Proctor, owner of personal finance blog DollarSprout. Many such passes come with discounts and special promotions.

Another way to save money at amusement parks is to be flexible with your dates and buy tickets for slower days or off-peak periods, like the middle of the week or during the fall season.

“If you’re willing to go on off-peak periods, you can save a bundle,” Proctor says. Bonus: Booking an off-peak trip could also mean fewer crowds and an easier time hitting all of your favorite attractions. Buying your tickets well in advance of your trip is also a common way to save money at amusement parks.

2. Stay at a vacation rental

If you’re planning to turn your amusement park visit into a longer getaway, the biggest advantage of staying at an on-site property is convenience. You can hop on a shuttle bus or even walk to the park. But if how to save money at amusement parks is the focus of your trip, you might want to consider alternate accommodations such as off-site hotels, vacation rentals or the home of a friend or relative.

Finding a vacation rental off-site is a way to save money at amusement parks.

Anthony finds that a vacation rental near an amusement park is like a home away from home for his family and one of the easiest ways to save money at amusement parks. He says there’s more space to relax and unwind, cook in a fully-equipped kitchen and avoid noisy crowds when his family wants some downtime.

If you’re worried that staying farther away from the park’s venue to travel on a budget could hike up your transportation costs, look into ride sharing services or public transit as a tip for saving money at amusement parks.

3. Pack a lunch

If you’re looking for ways to save money at amusement parks, know that food can take a big bite out of your budget if you buy at park restaurants and concession stands.

“I find you end up spending a lot of money on food when you’re not prepared,” Anthony says. “You didn’t pack your lunch, the kids are crying, so you end up going to some restaurant and dropping a hundred bucks.”

According to USA Today, the cost of various dining plans at major theme parks can be as high as $40 for children and $117 for adults per day. Before you embark on your trip, find out how to save money at amusement parks by going online and checking out the policy for bringing outside food, beverages and coolers into a particular venue. Many allow small snacks and meals that do not require heating, and if picnic areas are available, you can comfortably enjoy your own grub on park grounds.

“Just packing simple lunches for your family could easily save you $50 to $100 during one visit,” Anthony says.

Proctor also recommends packing an insulated cooler full of goodies and leaving it in your car as a money-saving tip for families. “When you get hungry, simply go out to your car for a short break,” he says. “Most amusement parks allow same-day re-entry, so this isn’t a problem at all.”

Having your own reusable water bottle is another way to save money at amusement parks. Not only will this help you conserve money as you refill at water fountains throughout the park, but it will also keep you hydrated while you’re on the go.

If packing your own meals doesn’t sound appealing or you’re a frugal foodie wanting to check out amusement park cuisine, order food a la carte as a tip for saving money at amusement parks. Skip fancy beverages and stick with water to avoid extra costs.

4. Save on souvenirs

Some people have a sentimental attachment to a particular theme park and insist on buying souvenirs, children may spot something during a visit they simply cannot live without and others may want a keepsake to remember a fun family vacation. But if you want to learn how to save money at amusement parks, you may need to stay clear of on-site gift shops.

Anthony says you can find less expensive souvenirs at local retail locations outside of the park or shop online from the comfort of your own home. T-shirts inspired by amusement parks can even be found at drugstore chains and discount retailers. Souvenir cups, a way to save money at amusement parks and still bring home a theme park memory, can typically be purchased at dining locations throughout a venue and can often save you money with free refills.

Anthony suggests you take a pass on souvenir photos shot while you’re enjoying the rides and have a friend or family member capture the moment instead. You also have the option of photographing your child posing with a favorite theme park character as a way to have fun without spending money instead of using a park’s official photographer for a fee.

If you're looking for tips for saving money at amusement parks, don't spring for pricey souvenirs.

5. Bring the essentials

Whether you’re staying for a few hours or a few days, one of the most important tips for saving money at amusement parks is planning ahead and bringing what you might need to make your experience more comfortable.

“One of the easiest ways to blow money at an amusement park is on essentials like a camera, sunscreen or a cap,” Anthony says.

If you’re focused on how to save money at amusement parks, pack your own sunscreen and consider bringing a portable umbrella and ponchos if the forecast calls for rain. Carry a water-resistant case or plastic bag with a zip-top closure to protect your phone or camera from rain and splashes on a water ride.

Since a blister or headache can ruin the day, make sure you carry a few basic first aid supplies such as bandages, blister patches and pain relievers.

Enjoy amusement parks on a budget

Before you head off for a whirlwind trip of roller coaster rides and carnival-style games, be sure to review these tips for saving money at amusement parks to ensure that your visit is as cost-effective as it is fun. Then you’ll be able to walk through the front gate with confidence that you can enjoy all that the park has to offer and keep your budget on track.

Source: discover.com

February 11, 2021

Asking for a Promotion in an Unsteady Market

As an employee, it’s natural to worry about the financial health of your organization. If the company you work for is doing well, there will likely be more opportunities for everyone to get what they deserve. If the company you work for isn’t doing well – say, because of a global pandemic and ensuing economic recession – asking for what you deserve becomes a little more complicated.

Even if you’re long overdue for a raise or promotion, it can be awkward to ask for more money when business is bad. A struggling economy also gives your employer a ready-made excuse to deny your request. But even if the timing isn’t perfect, you have every right to ask for what you deserve. It just might take a little more finesse to get your employer on board, which is why we’ve put together this guide to help you make the strongest argument possible.

How to Ask for a Raise During a Recession

Negotiating a higher salary during a recession is still acceptable, especially if you’re being underpaid or providing much more value than expected. Many companies have continued to grow and be profitable during the recession, so you shouldn’t feel bad asking for more money.

Here are the best steps to take when negotiating:

Collect Relevant Data

Before going into the negotiation, you need to figure out what you can realistically expect. Use data from sites like Glassdoor, Salary.com, and Payscale. Most of these sites let you filter salaries based on location, education, and experience, allowing you to find a custom number.

For example, if you live in Columbus, Ohio, you should try to find salaries from similarly sized Midwestern cities. Higher cost-of-living cities like New York or Los Angeles could skew the data. If you’re having trouble finding salary information, reach out to your local network and ask for opinions on a fair salary for someone in your position.

Proceed carefully if you’re asking for more money because your coworkers make more than you. If there are only one or two other people in a similar role, it could be easy for them to be outed as the ones who shared their salary information. This could make it uncomfortable for them. In any case, you would still need objective data to back up your request.

If there are dozens of people in your company in similar roles, then you can be honest and say that you discovered you’re being underpaid.

Prove Your Value

Tori Dunlap of Her First $100K teaches negotiation workshops and courses. She has helped women ask for $400,000 more in salary and benefits over the course of her career. She said the key to a successful negotiation is proving your value with exact figures. Did you make the company more money? Go above and beyond your job description? Did you save the company money? Take on responsibilities from a coworker who left?

When Dunlap worked as a social media manager, she advocated for a raise by showing how much money in ad sales she saved by driving organic traffic to her employer’s website.

Take some time to brainstorm ways you’ve contributed to the company. Ask a coworker familiar with your work if they have any suggestions. Better understanding your value will also help you feel confident in your request because you’ll know you’re worth it.

Change Your Mindset

It’s easy to think of a negotiation as an old-fashioned stand-off between two opponents, but you don’t have to see your supervisor as an adversary. Instead, think of it as a conversation between two people trying to solve a problem.

“Anytime you’re approaching a negotiation, approach it with grace and gratitude,” Dunlap said.

This attitude is especially crucial during a recession when so many companies are being forced to cut jobs. Before launching into your request, mention how much you like working there.

Ask for the Right Number

A basic rule of negotiating is to ask for more money than you actually want, like asking for $60,000 when you’d be happy with $50,000. Most employers are going to negotiate down, so it’s crucial to start with a higher figure.

Instead of asking for a specific number, Dunlap says it’s better to provide a range. This makes the employer feel like they have more of a choice. For example, instead of asking for $75,000, ask for somewhere between $72,000 and $77,000. Salary data you find online is often provided as a range, so framing your request this way makes sense.

How to Handle Rejection

If you’re denied a raise, try to negotiate for more perks like extra paid vacation days. Dunlap said one of her favorite benefits to ask for is an educational stipend to pay for classes, conferences, and workshops. This helps you learn more skills that you can add to your resume without taking on extra expenses. You can also try to negotiate for a more prestigious title, which can make it easier to land your next job. For example, if you’re currently a junior accountant, ask if your title can be staff accountant instead.

If your employer says that now is not a good time for a raise, ask if you can set some metrics that would guarantee a raise in six months if met. For example, if you can reach a certain sales target in six months, you’ll be eligible for a $10,000 raise.

There’s also the possibility that your employer won’t be receptive to any kind of negotiation, even if you’re a highly-productive employee who is significantly underpaid. This kind of negative, definitive response is a major red flag. “If they’re not willing to talk to you, they’re not going to see your value for the rest of your time there,” Dunlap said. “So it might be time to look for another job.”

When you get your next offer, remember to negotiate your starting salary and benefits using some of the tips mentioned above.

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Source: mint.intuit.com

January 23, 2021

How to Write a Check (Step by Step Guide to Filling Out a Check)

Writing a check. It’s one of those things you always wanted to know how to do right but were probably too afraid to ask. Well, fear no longer: in this guide, we’ll walk you through the basics of check-writing, from how to fill out the lines you need, to knowing when it’s best to use a check — and when it’s not. We’ve also included a printable practice check at the bottom of the article so you can give it a shot before filling out a real one.

In this article, we’ll cover everything from how to write a check to the best situations to use one. Read through if you want to know everything you need to about writing a check, or click on a link below to jump straight to the section you’re most interested in.

Before we get into the details of learning how to fill out a check, let’s start with the basics.

What Is a Check?

A check is basically a statement in writing that you agree to pay some amount of money to whomever you’re making the check out to. It lets the bank know that they can withdraw those funds from your financial accounts and direct deposit it into the payee’s account (that’s the person who you’re paying). If you’re unsure about how much to keep in checking for checks you may be writing, check out our post on that for a brief explanation.

When to use a check

Checks are useful in a variety of situations. You can use a check to:

Pay your monthly rent
Make a large purchase without a card
Send money as a gift
Pay for groceries
Pay for hired work like a housekeeper or gardener

Basically, they’re good for situations where you’re paying large sums of money that wouldn’t be convenient to pay for in cash, and where you’d rather not use a credit or debit card.

Where can I get a checkbook?

You can usually get a checkbook straight from your bank for free or a small fee, and they’re also available from retailers like Costco and Walmart. Custom checks are also available online from sites like Checks.com, but be careful where you order from, as some sites may not be secure — or could even be a scam.

Before you get started making payments with checks, however, you’ll need to know how to fill one out.

How Do You Fill Out a Check?

Knowing how to write a check is pretty easy once you get the hang of it. First, take a look at this graphic that shows the way that all the necessary fields of a check should be filled out.

filling in a check

Next, we’ll walk through each step to make sure you know what goes into filling out each line. We get it — it’s a little nerve racking signing over money to someone on a little piece of paper. Knowing how to fill it out correctly will give you more confidence the next time you have to send a check.

Start with the payee, the person who you’re sending money to. There’s usually text that reads “pay to the order of” beside a line that you’ll fill in. On that line, simply write the first and last name of the person who you’re paying, or the name of the company you’re paying if it’s not an individual person. Be sure that you spell everything correctly, as misspelling a name could result in the check not going through.
Fill in the amount in words that you are paying your payee. This part is a little weird, since you usually write numbers out in numerals, but it’s an important security step. The dollar amount should be written in words, and any cents can be written as a fraction out of 100. For example, if you were paying your landlord $925.50 for rent and utilities, you’d write out “Nine hundred twenty five dollars and 50/100.”
Fill in the amount in numbers in the box on the top right of the check. This is a bit easier. In the case of the example above, you’d just write out $925.50. Often, the dollar sign is already written on the check, so you just have to make sure that the numerals are written out correctly. Important note: be sure that you double-check that the amount you wrote in words matches the amount you wrote in numerals.
The optional memo line is located on the bottom left of the check. Though leaving this blank won’t invalidate the check, it’s usually smart to include a brief description so that your payee knows what the money is for. For example, in the rent check example, including “September rent” on the memo line is a good way for you and your landlord to keep track of your rent payments.
The date is on the top right of the check. Fill in the date of the day you fill out the check — this ensures that you and your recipient can keep track of when the payment occurred.
Sign your check on the line on the bottom right. This line shows that you have officially agreed to pay the listed amount. Be sure that the name you sign matches the one on file with your bank or the check may not be valid. It’s also a good idea to have a consistent signature, that way there’s little doubt you’ve authorized the check.

That’s it! That’s all it takes to know how to fill out a check. If you need a little practice filling out a check before you’re ready to send one, try out our printable practice check.

Note: In addition to the parts that you’ll fill in, a check includes the routing number and account number for the bank account that it’s withdrawing from. You don’t need to worry about those when you learn how to write a check, but when you receive your checkbook, be sure to double check that the number match your bank. You want to know which bank account your check will be drawing from when it’s cashed.

What Do I Do After Writing a Check?

Once you’ve written the check, make sure to note in a check register the amount that you’ve paid. Check registers are often included in the backs of checkbooks, but you can also keep a separate one if that is more convenient for you.

Whether you use a paper register or a digital one, it’s important to record how much you’ve paid because, until your payee cashes the check and it’s processed at your bank, your account will still list those funds as available. Recording the amount that you’ve paid gives you a more accurate picture of the amount that is in your checking account, and will be necessary when it’s time to balance your checkbook.

Note: Making sure to track cash and checks is always an important way to stay on your budget. While you will likely be able to see your credit card purchases online as soon as they happen, checks and cash don’t leave as easy a trail. Maintaining a written log and using an app like Mint are helpful ways to keep an eye on the full picture of your spending as you wait for checks to clear.

Check Writing Security Tips

Because checks are physical pieces of paper, they aren’t password protected and aren’t as easy to track as electronic payments (more on that in the next section). So, there are some security risks that you should keep in mind if you plan on using your checkbook.

Check writing security basics

That said, checks are generally a secure way of paying for things if they’re filled out carefully and properly. Check out these tips before filling out your check to ensure that you aren’t scammed or defrauded.

Never leave a check blank. There’s a reason signing your check was the last step listed above. If you sign a check and hand it over without a dollar amount specified, your payee can simply enter whatever quantity they wish and withdraw that from your bank account. The same goes for the payee line. If you had a signed check made out for $500 without a payee, and it slipped out of your bag, anyone could pick it up, enter their name, and pay themselves. Be sure that you always wait until you know the dollar amount and payee before you sign your check.
Use a pen. For the same reasons you wouldn’t want to hand anyone a blank check, it’s a good idea to use pen when filling it out. A check written in pencil could be easily tampered with, so be sure your writing is clear and permanent to avoid check fraud.
Try out the line method. Following the same reasoning, you wouldn’t want someone to turn your check for $500 into a check for $5500. You can prevent this by drawing a line from the edge of the space where you’ve written the amount to the start of your first letter. Follow this up by filling the entire numerical quantity box with the numerals for your amount.
Keep a record. Whether you opt for a checkbook that makes carbon copies of every check you write, or simply record all your transactions in a check register, keeping a handy list of all your paid checks is a good way to make sure you notice if something goes wrong. It’s also just helpful when you’re trying to sort out how much money you’ve spent and what you’ve spent it on.

Checks are generally a secure way to pay for things, but they might not be your best option for every situation.

Alternatives to writing a check

Alternatives to Writing a Check

Writing a check might be a useful way to make a payment in some situations, but in today’s world of tech, card payments and online banking, there’s often an easier and more secure alternative to pay or transfer funds.

Check alternatives

Here are some situations where you might use a check along with some alternatives that could be a better option.

Paying rent. There are plenty of landlords who keep things old school and only accept checks. However, many contemporary apartment complexes or apartments owned by property management companies will invest in an online payment portal for their residents. If you have the option to set up a payment portal, this is a much safer way of paying rent — plus, it eliminates the cost and hassle of mailing a check.
Making a large purchase. Credit cards are scary, but they often are a much better way of making large purchases. This is because many credit cards offer perks like cash back or airline miles, and consistently paying off your balance can seriously boost your credit. Plus, credit cards have stronger fraud protection than checks.
Buying groceries. Credit cards are also a great option here. Many grocery stores, or retailers that also sell groceries, offer credit cards themselves. These can be used to gain points or discounts, lowering your grocery bill monthly.

Wrapping up

Knowing how to write a check can be a handy and secure way to pay for something if you do it correctly. The guidelines in this post should help you start writing checks safely and carefully, and if you need a little extra practice, try out our printable practice check below. It’s a good way to feel confident before you put your pen (never pencil!) on the next check you write.

Blank check

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Source: mint.intuit.com

January 23, 2021

What Happens to Mortgage Rates When the Fed Cuts Rates?

Your guide to understanding how a Fed rate cut could impact your mortgage as a homeowner or prospective buyer.*

Just about everybody with a wallet is impacted by the Federal Reserve. That means you—homeowners and prospective buyers. Whether you’re already nestled in to the house of your dreams or still looking to find it, you’ll probably want to track what happens to mortgage rates when the Fed cuts rates. When the Fed (as it’s commonly referred to) cuts its federal funds rate—the rate banks charge each other to lend funds overnight—the move could impact your mortgage costs.

The Fed’s overall goal when it cuts the federal funds rate is to stimulate the economy by spurring consumers to spend and borrow. This is good news if you are carrying debt because borrowing tends to become less expensive following a Fed rate cut (think: lower credit card APRs). But in the case of homeownership, what happens to mortgage rates when the Fed cuts rates can be a double-edged sword.

What happens to mortgage rates when the Fed cuts rates depends on many factors.

The connection between a Fed rate cut and mortgage rates isn’t so crystal clear because the federal funds rate doesn’t directly influence the rate on every type of home loan.

“Mortgage rates are formed by global market forces, and the Federal Reserve participates in those market forces but isn’t always the most important factor,” says Holden Lewis, who’s been covering the mortgage industry for nearly 20 years and is also a regular contributor to NerdWallet.

To understand which side of the sword you’re on, you’ll need an answer to the question, “How does a Fed rate cut affect mortgage rates?” Read on to find out if you stand to potentially gain on your mortgage in a low-rate environment:

How a fixed-rate mortgage moves—or doesn’t

A fixed-rate mortgage has an interest rate that remains the same for the entire length of the loan. If the Fed cuts rates, what happens to mortgage rates if you are an existing homeowner with a fixed-rate mortgage? Nothing should happen to your monthly payments following a Fed rate cut because your rate has already been locked in.

“For current homeowners with a fixed-rate mortgage set at a previous higher level, the existing mortgage rate stays put,” Lewis says.

If you’re a prospective homebuyer shopping around for a fixed-rate mortgage, the news of what happens to mortgage rates when the Fed cuts rates may be different.

For prospective homebuyers: If the Fed cuts its interest rate and the 10-year Treasury yield is similarly tracking, the rates on fixed-rate mortgages could drop, “and you could lock in interest at a lower fixed rate than before.”

– Holden Lewis, mortgage expert and NerdWallet contributor

The federal funds rate does not directly impact the rates on this type of home loan, so a Fed rate cut doesn’t guarantee that lenders will start offering lower mortgage rates. However, the 10-year Treasury yield does tend to influence fixed-rate mortgages, and this yield often moves in the same direction as the federal funds rate.

If the Fed cuts its interest rate and the 10-year Treasury yield is similarly tracking, the rates on fixed-rate mortgages could drop, “and you could lock in interest at a lower fixed rate than before,” Lewis says. It’s also possible that rates on fixed mortgages will not fall following a Fed rate cut.

How an adjustable-rate mortgage follows the Fed

An adjustable-rate mortgage (commonly referred to as an ARM) is a home loan with an interest rate that can fluctuate periodically—also known as variable rate. There is often a fixed period of time during which the initial rate stays the same, and then it adjusts on a regular interval. (For instance, with a 5/1 ARM, the initial rate stays locked in for five years and then adjusts each year thereafter.)

So back to the burning question: If the Fed cuts rates, what happens to mortgage rates? The rates on an ARM typically track with the index that the loan uses, e.g., the prime rate, which is in turn influenced by the federal funds rate.

If the Fed cuts rates, what happens to mortgage rates? If you have an adjustable-rate mortgage, you may see your rate change.

“If the Fed drops its rate during the adjustment period, you could see your interest rate go down and, in turn, see lower monthly payments,” says Emily Stroud, financial advisor and founder of Stroud Financial Management.

Since ARMs are often adjusted annually after the fixed period, you may not feel the impact of the Fed rate cut until your ARM’s next annual loan adjustment. For instance, if there is one (or more) rate cuts during the course of a year, the savings from the rate reduction(s) would hit all at once at the time of your reset.

If the Fed cuts rates, what happens to mortgage rates for prospective homebuyers considering an ARM? An even lower rate could be in your future—at least for a specific period of time.

“If you’re looking for a shorter-term mortgage, say a 5/1 ARM, you could save considerably on interest,” Stroud says. That’s because the introductory rate of an ARM is usually lower than the rate of a fixed-rate mortgage, Stroud explains. Add that benefit to lower rates fueled by a Fed rate cut and an ARM could be enticing if it supports your financial goals and plans.

“If the Fed drops its rate during the adjustment period, you could see your interest rate go down and, in turn, see lower monthly payments.”

– Emily Stroud, financial advisor and founder of Stroud Financial Management

Benefits of other variable-rate loans following a rate cut

If you have a Fed rate cut and mortgage rates on your mind and are a borrower with other types of variable-rate loans, you could be impacted following a Fed rate cut. Borrowers with variable-rate home equity lines of credit (HELOCs) and adjustable-rate Federal Housing Administration loans (FHA ARMs), for example, may end up ahead of the curve when the Fed cuts its rate, according to Lewis:

A HELOC is typically a “second mortgage” that provides you access to cash for goals like debt consolidation or home improvement and is a revolving line of credit, using your home as collateral. A Fed rate cut could result in lower rates for variable-rate HELOCs that track with the prime rate. If you are an existing homeowner with a HELOC, you could see your monthly payments drop following a Fed rate cut.

An FHA ARM is an ARM insured by the federal government. If you’re wondering about a Fed rate cut and mortgage rates, know that this type of mortgage behaves much like a conventional variable-rate loan when the Fed cuts it rate, Lewis says. Existing homeowners with an FHA ARM could see a rate drop, and prospective homebuyers could also benefit from lower rates following a Fed rate cut.

When it comes to a Fed rate cut and mortgage rates, refinancing to a lower rate could be an option for existing homeowners.

Refinancing: A silver lining for fixed rates

When it comes to a Fed rate cut and mortgage rates, refinancing to a lower rate could be an option if you have an existing fixed-rate loan. The process of refinancing replaces an existing loan with a new one that pays off your old loan’s debt. You then make payments on your new loan, so the goal is to refinance at a time when you can get better terms.

“If someone buys a home one year and a Fed rate cut results in a mortgage rate reduction, for example, it presents a real refinance opportunity for homeowners,” Lewis says. “Just a small percentage point reduction could possibly trim a few hundred bucks from your monthly payments.”

Before a refinancing decision is made based on a Fed rate cut and mortgage rates, you should consider any upfront costs and fees associated with refinancing to ensure they don’t offset any potential savings.

Managing your finances as a homeowner

You might be expecting some savings in your future now that you’re armed with information on what happens to mortgage rates when the Fed cuts rates. Whether you’re a homebuyer and financing your new home is going to cost you less with a lower interest rate, or you’re an existing homeowner with an ARM that may come with lower monthly payments, Stroud suggests to use any uncovered savings wisely.

“Invest that cash back into your property, pay down your home equity debt or borrow with it,” she says.

Understanding the connection between the Fed rate cut and mortgage rates can help you better manage your finances as a homeowner.

While news of a Fed rate cut may entice you to analyze how your mortgage will be impacted, remember there are many factors that help to determine your mortgage rate, including your credit score, home price, loan amount and down payment. The Fed’s actions are only one piece of a larger equation.

Even though the Fed’s rate decisions may dominate headlines immediately following a rate cut, your home is a long-term investment and one you’ll likely maintain for years. To best prepare for what happens to mortgage rates when the Fed cuts rates is to always manage your home finances responsibly and be sure to make choices that will lead you down the right path based on your financial goals.

*This should not be considered tax or investment advice. Please consult a financial planner or tax advisor if you have questions.

NMLS ID 684042

Source: discover.com

January 22, 2021

How to Have the Money Talk When Youâre Dating (+ Printable Games!)

If you’re dating someone you see a future with, talking about money is an important step in your relationship. While most couples try to avoid the topic of money altogether, especially in the beginning stages of a relationship, having the money talk early (and often) can help ensure you and your partner are on the same page — or at least heading in the same direction.

After all, you wouldn’t want to get engaged without knowing whether your partner has a budget in place or an outstanding debt that could become your own.

The money conversation gets a bad reputation for being awkward, but it doesn’t have to be. Addressing money early on is one great way to keep you and your partner feeling comfortable in your relationship trajectory. Use the printables below to turn your money talk into a chance to get to know your partner better through fun games and conversation starters.

Turn Money Talk into a Date Night

While having the money talk is essential, you don’t want to spring it on your partner out of nowhere. You also don’t want to wait until a fight around money arises. Instead, consider scheduling a date night for you and your partner to talk about money. Let them know that you’ll be discussing finances, and ask them to come with any questions or concerns of their own.

You’ll want to schedule the date somewhere where you and your partner can have an open and honest conversation. Staying in is a great option, but if you do decide to venture out, pick somewhere quiet and intimate.

You can kick off your money date with this game of Never Have I Ever, which is a lighthearted and honest way to talk about past financial situations you and your partner may have been involved in.

Never Have I Ever Mockup

Download Never Have I Ever

Ease Into the Conversation

When talking about money, remember to tread lightly — especially at first. Most people have firm beliefs about finances, and you and your partner will probably have different views during certain money talk discussions. It’s also important to remember that you don’t have to come up with a plan or solution for every potential financial problem right away.

You’ll want to consider where you are in your relationship before you tackle certain sticky situations. After all, you may not want to dive right into prenuptial agreements or retirement savings when you’ve only been seeing each other for a few months.

These conversation starters will let you ease into the conversation without heightened tensions. We’ve categorized these by relationship stage so you and your partner can easily decide what you feel comfortable discussing, and when.

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Learn More About Your Partner’s Wants

People have different desires and expectations for what their life will look like in the future. While some people are determined to reach the peak of professional success, others prioritize family time and fun.

Understanding your partner’s preferences allows you to evaluate and manage expectations in your relationship early on. Would you be upset if your partner turned down a promotion in order to spend time at home? Conversely, would you be okay if your family took fewer vacations in order to afford a more expensive mortgage?

You can learn more about your partner’s preferences with this game of Would You Rather. Print out the sheet below for a fun and revealing activity about your partner’s wants.

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Set Future Goals Together

Understanding your partner’s future plans is just as essential as learning about their financial past. This vision board craft will let you and your partner articulate your dreams and the steps needed to achieve them. While not every life goal is directly tied to growing your assets, almost every dream requires some sacrifice and money spent.

You and your partner should each fill out a vision board with two to three goals you hope to achieve over the next five years. Feel free to use colored pencils or markers to get more creative! Once you’ve both completed your sheets, share them with each other. Remember to ask your partner specific questions about their goals so they know you’re actively listening.

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Acknowledge and Appreciate Your Differences

As you have the money talk with your partner, you’ll probably notice some differences in your attitudes towards finances. You’ll also likely have different priorities when it comes to spending and saving.

For example, you may not see the value in buying expensive workout equipment for the garage, and your partner may not agree with you spending a few hundred dollars on clothes every month.

These differences don’t mean there’s trouble in paradise: everyone has a different relationship with money and you don’t have to match up to your partner on everything. In fact, even big disagreements can be worked through with communication and compromise.

You may be a spender and your partner may be a saver, and that’s okay. Rather than tearing your partner down for their financial opinions, celebrate your differences with these appreciation cards. Write down things like “I love how you invest time, money, and energy into your health and body” to let your partner know you respect their goals and passions.

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Make a Monthly Budget Tracker

If you and your partner are gearing up to take things to the next level, whether that be moving in together, getting engaged, or another relationship milestone, consider setting aside time during your money talk to prepare a monthly budget.

Our free budget tool lets you create a budget and then track your spending each month to see if you’re meeting your financial goals. You can also stay on top of shared bills and receive personalized tips and advice.

Remember that a budget isn’t written in permanent ink: you and your partner can learn and grow together and make adjustments when needed. Even if you aren’t combining finances yet, you can use this monthly budget as a mockup plan for the future.

While sometimes it may seem easier to avoid the money talk altogether, the best way to prevent future arguments over finances is to discuss money early and often. Remember that keeping conversations casual and positive as you learn about your partner’s relationship with money is key.

As your relationship progresses, so will your conversations around finances and how to work together to achieve your individual and shared goals. Check out our list of money talk dos and don’ts, and remember to celebrate financial victories big and small with your partner as you go.

Sources: Investopedia

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January 22, 2021

What Is Budget Billing and Is It Right for You?

If you want to keep utility costs consistent month to month, budget billing may be for you.

Your utility bills likely make up a significant part of your monthly budget, so it’s important to keep a close eye on them. But while your rent or mortgage stays the same month to month, your utilities don’t.

Sweltering summer days and icy winter nights can lead to budget-blowing spikes in your utility bills, and no matter how hard you try to budget and plan, you can’t predict the total each month. Or can you?

Budget billing may offer the consistency you crave. Here, personal finance experts describe how budget billing works and explain who may benefit from it, empowering you to answer this question for yourself: Does budget billing save money?

What is budget billing? It's a service that averages your monthly utility charges to determine a set amount to pay each month.

What is budget billing and how does it work?

As you consider this option, your first question might be: What is budget billing? Budget billing is a service offered by some utility companies that provides a set monthly bill for services like gas or electricity.

How does budget billing work? To calculate your monthly budget billing amount, a utility company will look at your past usage, typically over the last year, and average it to determine your monthly charge, says Sara Rathner, financial author and credit cards expert at NerdWallet. This will give you a predictable bill to pay each month, rather than one that fluctuates.

Keep in mind that if you recently moved into your home, the charges used to calculate your budget billing amount may be based on the previous owners’ or renters’ usage, says Rathner. Your actual usage may end up being more or less than theirs.

Another point to remember on how budget billing works: While budget billing gives you a steady amount to pay each month, this amount can, and likely will, change over time. Some providers update bill amounts quarterly, some annually. There’s no universal timeline for these updates, so be sure to ask your utility provider about its specific process, says Lance Cothern, CPA and founder of personal finance blog Money Manifesto.

How does budget billing work? Utility companies determine the monthly charge by averaging your usage over the past year.

These changes are made to capture your actual usage, whether that usage has decreased (a mild summer allowed you to keep the AC off more often) or increased (a brutally cold winter forced you to blast the heat). Typically, you will be notified in advance of the change.

Now that you know how budget billing works, you may be wondering: Could it save me cash?

Does budget billing save money?

Not exactly.

“Budget billing won’t save you money; it just evens your bill out over time,” Cothern says.

How does budget billing work if you end up using less energy and overpay? You may be reimbursed for the amount you paid above your actual energy usage, or the amount overpaid will be applied to next year.

How does budget billing work if you underpay? You’ll have to pay the extra amount to make up the difference. These payments or credits happen in addition to any adjustments your provider makes to your monthly bill if your usage changes over time, Cothern says.

What are the benefits of budget billing?

Overall, there’s a fairly straightforward answer to what budget billing is, and the benefits are clear, too. While it doesn’t save you money per se, it may allow you to more easily manage your monthly budget.

For example, if you know your monthly electricity bill will be $100, you can account for this expense in your budget and more precisely allocate funds into other expenses or savings.

“Anyone who sticks to a strict, detailed monthly budget may prefer the predictability of budget billing,” Rathner says. “You know exactly how much your utility bill will be each month and can plan your other spending around it.”

Combine budget billing with autopay and you can set and forget your utility bills, ensuring they’re paid on time and in full, making money management a lot simpler. This could also help you deal with financial stress.

What are the downsides of budget billing?

While budget billing has its pros, it also comes with cons. Does budget billing save you money? To help answer that question, consider the following:

You may face extra fees. Some utility companies charge a fee for budget billing. In Cothern’s view, this negates the benefit since there’s no reason to pay tacked-on fees for this service. It’s important to find out whether there are fees before signing up when you’re researching how budget billing works.
You may ignore your utility usage. Budget billing puts your monthly utility charges, as well as your actual usage, out of sight and out of mind. Without the threat of a higher bill or the reward of a lower one based on your energy habits, some people get complacent, Rathner says. They leave lights on or turn up the heat instead of grabbing a blanket. If this sounds like you, budget billing may actually cost you money in the long run.

“Always keep an eye on your monthly bill even though you pay a level amount for months at a time,” Cothern says. Most utility companies provide your usage information right on your bill.

If you're wondering "Does budget billing save money?" remember that you may be charged extra fees for the service.

If you can financially handle the seasonal swings of each bill, budget billing may not be much of a benefit for you, Cothern says. Paying the full amount also means you’re paying attention to the full amount, he says, which may motivate you to reduce your energy consumption. And that’s where the real opportunity to save money lies.

By considering potential fees and the impact on your energy usage, you’ll have a good sense of whether budget billing saves you money in the long run.

Make the most of how budget billing works with this hack

After scrutinizing how budget billing works, the potential downsides have led some financial pros, Cothern among them, to develop a new hack for paying utility bills.

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Instead of signing up for budget billing, open a savings account online specifically for utilities, Cothern suggests. You’ll also want to sign up for a rewards credit card, if you don’t have one already.

Next, grab your last 12 months of utility bills, total them up and divide by 12 to get your monthly average. You’ll then want to set up an automatic transfer of that amount from your checking account into the utility savings account each month.

When the utility bill comes, pay it with your rewards credit card and then pay that bill with the money in your savings. You reap the benefits of maintaining a consistent amount coming out of your budget, as well as credit card rewards and any interest earned on that money from your savings account.

Do your homework before signing up for budget billing

After weighing your options and considering your personal budgeting style, you may decide that budget billing is right for you.

Still asking, "How does budget billing work?" Read your utility company's program rules in detail to help answer any questions.

If that’s the case, it’s important to read your utility’s program rules in detail. Yes, that means digging into the fine print to understand how budget billing works at the specific company, Cothern says, because budget billing is a general term for a wide variety of utility company programs. Budget billing may be called something else, like flat billing or balanced billing, and it may carry different nuances and terms.

Before signing up for budget billing, Rathner suggests calling your provider and asking the following questions:

Are there startup or maintenance fees?
How is the monthly amount calculated? How often is it updated?
What happens if you overpay or underpay?
What happens when you move or end service?

With the answers to these questions, you’ll have a better idea of how budget billing works for your provider. Armed with that info, you can determine whether budget billing saves you money and make the call on whether enrolling is right for you.

Whether you opt for budget billing or not, small adjustments to your home can result in major savings on your energy bills. For starters, check out these four ways to save energy by going green.

Articles may contain information from third-parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third-party or information.

Source: discover.com

January 22, 2021

Holiday Spending Statistics for 2021

Rather than shopping in department stores and visiting Santa at the mall, this year’s holiday season is going to look a little different. You’ll likely be spending more time with your closest loved ones and exchanging gifts you ordered online. With the events of 2020, many have experienced unexpected changes in employment, income, and even health so the holiday budget is top of mind. To figure out what gifting budgets may look like this year, we ran our own holiday survey and collected 26 holiday spending statistics.

In 2019, roughly 729 billion dollars was spent during the holidays. This topped the charts, making it the biggest holiday season. This number may come as no surprise when you account for everyone on your shopping list. From your coworkers to family, holiday budgets can stretch thin to accommodate for everyone.

Wondering what others are spending on holiday gifts? Keep reading for our holiday spending statistics roundup, or jump to our infographic for our budget-friendly gifting etiquette for the workplace.

Average Christmas Spending

The average American planned to spend $942 on holiday gifts in 2019. (Gallup)
Last year, Americans spent $227.26 on non-holiday gift purchases such as decorations. (Alliant Credit Union)
Americans decide their holiday gift spending based on how close they are to the gift recipient (58 percent) and whether or not they’re family (28 percent). (Mint 2020 Holiday Survey)
Over 50 percent of holiday spending goes towards clothing and accessories. (Avant)
In 2019, holiday retail sales soared past $700 billion, making it the biggest holiday shopping season. (Statista)

Holiday Spending Statistics and Trends

Americans were holiday shopping early in 2019, with 43 percent starting in November. (Black Friday)
On average, 64 percent of holiday shoppers waited for a sale before making a purchase in 2019. (American Research Group)
In 2019, 59 percent of wish lists included gift cards. (National Retail Federation)
More than half of Americans would rather have cash over a gift. (Mint)
In 2019, 67 percent of shoppers were spending the most on holiday gifts for their children. (Black Friday)
Pet lovers are also big shoppers. In 2019, 77 percent of pet owners planned for their pets to be part of their holiday festivities. (The Dog People)

Holiday Spending 2019 vs. 2020

Fifty-one percent of Americans plan to spend the same on holiday gifts in 2020 as they did in 2019. (Mint 2020 Holiday Survey)
Roughly 40 percent of holiday shoppers plan to spend less this year, and 8 percent plan to spend more. (Mint 2020 Holiday Survey)
Over half of consumers are opting out of retail shopping due to health risks. (Accenture)
Seventy-four percent of people agree that events will only include a small get-together. (Morning Consult)
In addition, 47 percent of adults agree that holiday events will be canceled. (Morning Consult)

Holiday Retail Sales

In 2019, 38 percent of shoppers planned to browse in-store displays for inspiration. (Black Friday)
In 2019, holiday ecommerce sales increased by 13 percent with roughly $142 billion dollars spent. (Adobe)
Cyber Monday, a special day for holiday ecommerce discounts, totaled $7.4 billion spent in 2019. (Adobe)
Sixty-one percent of holiday shoppers in 2019 used a smartphone to complete an online order. (Thinking With Google)
On Black Friday in 2019, more than two-thirds of holiday shoppers made impulse purchases. (Bluecore)

Holiday Budget Statistics

Ten percent of Americans budget for gifts based on how much the gift receiver spends on them. (Mint: Holiday Survey 2020)
Eighteen percent of Americans are trying to pay down debt this holiday season. (Morning Consult)
Twenty-one percent of customers say they will be giving out fewer gifts this holiday. (Morning Consult)
Thirty-three percent of adults are trying to spend less and save more due to COVID-19. (Morning Consult)
People’s 2019 holiday budgets fluctuated based on where they lived. Urban shoppers planned to spend roughly $200 more than rural shoppers last year. (NPD)

Whether you’re planning to spend more or less this holiday season, check in on your budget as you go. Using our app, you can set a specific budget and get notifications when you go over. You can also check in on your financial goals each week using our weekly summary updates.

Planning to shop for your coworkers this season? Check out our visual guide on office gift-giving etiquette below.

Download Gift-Giving Etiquette Guide

Sources: GlobeSmart

Methodology: This study was conducted for Mint using Google Surveys. The sample consisted of no fewer than 1,500 completed responses per question. Post-stratification weighting has been applied to ensure an accurate and reliable representation of the total population. Responses were collected October 23 – 27, 2020.

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When you’re thinking about taking the plunge into homeownership, timing the market may not be as important as taking stock of your personal finances and lifestyle.

So you’re at the point in your life where buying a home is not a question of if, but when. You’re scrimping. You’re saving. You’re dreaming of walking through the front door of your very own home.

But as the decision draws near, you start questioning everything. Is now a good time to buy a house? Or is this the worst time? Is it more financially responsible to buy a house right now or wait? And what if you mistime the market, buying too soon or too late, and miss out on lower home prices?

Ultimately, the experts say the answer is less about economies, markets and pandemics and more about you.

So, how do you think through this decision? You’ll want to take time to thoroughly review your personal financial situation and life goals. At the same time, you’ll need to gain some understanding of the market dynamics that impact home costs.

External factors can make buying a house right now intimidating, but your personal finances are an important factor.

This process will take some time, but it’s well worth the effort. With a firm grasp on your personal situation and some context on the housing market, you’ll be able to confidently go forth knowing you’re making a fiscally informed decision about whether to buy a house right now.

Honestly assess these aspects of your finances

Financial security is always important if you’re trying to determine when you’re ready to buy a home. To decide if now is a good time to buy a house, ask yourself the following questions about your finances:

How secure is your income?

Job or income stability is an important factor if you are buying a home in a rocky economy, such as the one triggered by the coronavirus pandemic, says real estate economist Gay Cororaton. Even in a robust economy, your income security should be top of mind when you’re thinking of buying a house right now.

If you have any inkling that your position may be eliminated or that you’ll be making a career change, you may want to delay buying a home. Even a recent break in employment that caused you to draw down some of your savings may raise a red flag with lenders, says Kate Ziegler, a real estate agent with Arborview Realty in the Boston area.

Do you have enough money saved?

After income stability, savings is the next-most-important financial factor you’ll want to consider to determine if now is a good time to buy a house, Ziegler says. The old rule of thumb was to save 20% of the price of the home for your down payment. While that is ideal, it’s not necessary—far from it, Ziegler says. In fact, it has become more common for first-time buyers to put down much less than 20%.

How much house can you afford?

The down payment is one side of the affordability coin. Your monthly mortgage payment is the other side. You need to know how much you can spend on both to determine if you can afford to buy a house right now, says Jeff Tucker, a senior economist at Zillow. Aim for a monthly mortgage payment that doesn’t stretch you too thin—experts typically put this at around 28% of your monthly gross income, according to Bankrate.

With those guidelines, you can determine what you can afford. For example, if you make $4,000 a month, you should typically spend no more than $1,120 on your monthly mortgage payment in total.

How much house that buys you depends on multiple factors: mortgage rates, property tax rates, homeowners insurance and—if you don’t have the savings to put down 20%—primary mortgage insurance, or PMI. To get a rough estimate, plug your income details into an online calculator. For a more specific figure, talk to a local lender and get pre-approved for a mortgage, Ziegler says.

If you're buying a house right now, aim for mortgage payments around 28% of your monthly gross income.

Once you know your price range, you can determine how much savings you need in the bank to buy a house right now. You’ll also need to have money saved for closing costs, which vary but typically run 2% to 5% of the loan amount, according to Bankrate.

Again, Ziegler recommends talking to a lender to really understand what your individual down payment and closing costs would be. Finally, be sure to add a line item in your budget for home maintenance that will inevitably pop up after you move in. Whether it’s a dishwasher on the fritz or a leaky roof, you don’t want to be caught off guard, so be sure to save money for emergency home repairs.

How is your credit?

Your credit profile is also important to lenders, and it will likely be a factor in what interest rate you’re offered. Given that, you should be checking your credit report and know your credit score before investing in a home. If you’re considering buying a house right now, you should avoid opening any new lines of credit right before purchasing a home, Tucker says.

What is your debt-to-income ratio?

Another factor lenders check is your debt-to-income ratio, or DTI, Tucker says. This is the percentage of your gross monthly income that goes to paying monthly debt payments, plus your new mortgage. Lenders typically require this ratio to be 45% or less but prefer it even lower—in the 33% to 36% range.

Have you considered the opportunity cost?

Another financial consideration when deciding if now is a good time to buy a house is the opportunity cost of delaying a home purchase, Ziegler says. If you’re renting in a market where the rent is higher than your would-be monthly mortgage payment, you may be spending a lot more money each month than if you were to purchase a home. And of course, with a mortgage, your monthly payment increases your equity.

After taking a clear-eyed look at your income, savings and these other financial factors, you will have a better sense of when you’re ready to buy a home and whether now’s the time for you to dip into the market.

Consider key market factors

Next, take a look at factors that are outside of your control, but still influence your purchase: prices, interest rates and national employment trends.

Where are housing prices?

As you’re looking at the market, one of the biggest considerations when you are ready to buy a home will be housing prices and availability. Research your local market by talking to real estate agents who work specifically in the area where you want to buy and asking them about market trends, Ziegler says.

Track current listings and recently sold prices to get a sense of how prices look today. Generally, the tighter the inventory—meaning the fewer houses available—the higher prices will be, Tucker says.

If you're trying to determine when you are ready to buy a home, track current listings to get a sense of how prices look today.

What’s going on with interest rates?

When you’re ready to buy a home could also depend on another major economic factor: interest rates. When interest rates are low, your housing budget is effectively supercharged, Tucker says, and you can afford a more expensive house because you’re spending less on interest. When they are high, the opposite is true.

This is what compels people to buy when interest rates are low—you get more for your money. If you get a 30- or 15-year fixed-rate mortgage, you lock in that rate for the entire life of the loan, which could save you money now and into the future, Tucker says.

How does employment look nationally?

Finally, if you want to get a general idea of where the housing market may be headed—if prices will drop or rise soon—check out the national employment trends, Cororaton says. Low unemployment means prices will generally trend upward because more people can afford houses, boosting competition and prices, she says.

But if unemployment is inching up, then people are losing jobs and will be more likely to remain in their current homes. As a result, there tends to be less competition for them, lowering prices.

You don’t need to be an expert in the market to determine if now is a good time to buy a house, but a baseline understanding of these big-picture forces can give you the confidence you need to embark on your home-buying journey.

So when are you ready to buy a home? Paying attention to big-picture economic forces can help you decide.

Think about your future plans

After reviewing your savings and income and assessing the market conditions, take a step back and think about your life plans over the next few years. Your lifestyle and goals will help determine whether now is a good time to buy a house.

“For buyers who are not certain whether they will still be living in the same place in three or five years, I would caution against locking themselves into a certain location,” Ziegler says. “If they’re just not sure what the future holds, it may be better to have that flexibility.”

It’s unlikely in many markets that you will see substantial financial gain from homeownership if you move within five years, Ziegler says. Your equity gains will likely be offset by the transaction costs of buying and selling your home.

That goes for remote workers, too. Are you working from a home office these days? While widespread remote work may allow buyers to consider homes farther from their offices, ask yourself: Is my company going to permanently allow employees to work from home? Do I think there will be other remote opportunities in the future?

Is now a good time to buy a house? That depends on your lifestyle and long-term goals.

While you’re thinking about the next three to five years of your career, also consider the next three to five years of your personal life. Will you have a family? Will that family grow?

These can be weighty topics, so be sure to think them through on your own schedule. Buying a house is a big decision, and it’s not one to be rushed. By taking the time to assess your life, from your job security to your financial health to your lifestyle, and considering the impact of market factors, you’ll have a clearer sense of when you are ready to buy a home.

If you’ve decided that buying a house right now is the best decision for you, it’s time to learn more about how it will impact your budget. Get started by reading up on these eight unexpected expenses when buying a home.

Source: discover.com

Category: Money Etiquette

Cheap Thrills: 5 Ways to Save Money at Amusement Parks

1. Search for discounts on tickets

2. Stay at a vacation rental

3. Pack a lunch

4. Save on souvenirs

5. Bring the essentials

Enjoy amusement parks on a budget

What Happens to Mortgage Rates When the Fed Cuts Rates?

How a fixed-rate mortgage moves—or doesn’t

How an adjustable-rate mortgage follows the Fed

Benefits of other variable-rate loans following a rate cut

Refinancing: A silver lining for fixed rates

Managing your finances as a homeowner

What Is Budget Billing and Is It Right for You?

What is budget billing and how does it work?

Does budget billing save money?

What are the benefits of budget billing?

What are the downsides of budget billing?

Make the most of how budget billing works with this hack

Do your homework before signing up for budget billing

Is Now a Good Time to Buy a House?