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It’s no small task to hire someone to work on your house.
Even if you have a starting point — say, a neighbor’s recommendation for a great electrician — you’ll still have to put in the time to fully vet the contractor before handing over the master key to your front door.
Hiring a pro is a big decision, so make sure your decision-making process is spot on the first time.
Here are the four stages of hiring the perfect pro to finish your home’s to-do list:
DIY or not.
Every homeowner has a decision to make: Do you try to go it alone, or do you call in a professional to do it right the first time?
So when something breaks in your house, evaluate the damage on a scale of DIY to Don’t.
Sure, a little Drano might take care of the clog in your shower, but do you feel the same level of proficiency for installing your recently purchased dishwasher? Or for fixing an outlet that produces an inconsistent current?
And there are other considerations as well: You might feel comfortable cleaning your own gutters, but what if you didn’t have the right size ladder?
Thinking through these details ensure that you’ll be confident in your decision to spend the money to bring a pro into your home.
Reputation: It matters.
No matter the scale of the work you need done in your house — be it a clogged sink or a full kitchen remodel — the contractor you choose will be in your most sacred of spaces: your home.
You need to hire someone you can trust. So before you put money down on any home-service pro, ask your neighbors if they’ve ever hired the pro you have in mind.
(It’s helpful to get your neighbors’ perspectives, as they might be able to recommend someone who’s done work on the other houses in the neighborhood.)
Double-check everything online; many pros with long service records will have the same on review sites, so you’ll be able to back up his or her work history with pictures and reviews from sites like Yelp.
Price shop.
Trying to get the best price on your home projects goes hand-in-hand with investigating the reputation of the pro you’re hiring to do the work.
Beware of any prices that sound too rock-bottom to be true. Pros who know their market and have the most experience in a certain specialty will charge you accordingly.
Aspiring contractors with little experience will seem like a comparative steal, but think about the long-term effects: You may end up investing more in the long term if you bring in someone at a lower price and an equally low level of experience.
On the flip side, though, a high price tag isn’t an acceptable substitute for knowing a pro’s experience, and you’re much more likely to feel price gouged if you don’t get a handful of quotes from nearby pros to get an idea of the high, low, and median for your project.
Negotiate and schedule.
Not the other way around.
Within these negotiations should be some guidelines set around the timing of your project — an easy thing to predict if you’ve got a small repair to make, but a much tougher thing to do if you’re staring down a remodel.
Cost and time are typically tied tightly to each other, and you’ll want to keep an eye on the time in order to lasso in the price tag for the project.
And the best way to do this? Get it in writing.
Have both your signature and the pro’s on a tidy document outlining the time frame of the work and the cost associated with the labor and materials.
Tip: A reputable pro won’t ask you for more than 15% of the cost up front, so be wary of any contractor who wants your payment before the work has begun.
The bottom line.
Sure, it’s a lot to consider, and the process of choosing one might take awhile, so it’s best to proactively work on projects before they become a hazard to your life.
But your home — arguably the largest investment you’ll ever make — is worth getting the right pro the first time.
This post was provided by RedBeacon, the best way to find trusted pros for your home. Find out how much home services cost using their free price estimator. Stop overpaying for home repairs today!
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I currently have a life insurance policy – could I get a better price elsewhere?
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The short answer is yes – it is possible to get a better price. The long answer is that it depends on quite a few factors, and there’s no guarantee that your price will drop with a second application.
One of the biggest things to keep in mind is your age. The older you are, the higher your chances of dying naturally, which will slowly increase the baseline price of a policy. Applying for a policy at 45 will be more expensive than applying at 35, all other things being equal.
When in doubt, work with a life insurance agency. They’ll be able to give you some insight into how much your price could drop if you switch to another carrier.
If my health has improved since I got my last policy, can I reapply for a better price?
Depending on how your health has improved and the amount of time that has passed since your previous application, you could see significant price drops.
For example, smoking is one of the priciest things that you can do with regard to a life insurance application, and typically, you need to have kicked the habit at least one year ago before life insurance carriers are willing to look past your tobacco history.
My last agent sold me a policy from the company he worked for. Can I get a better price if I shop around?
If your agent was captive, meaning they only represented one insurance company, the first thing that you should do is get a quote from an independent source that represents many. Because carriers jockey for position to undercut their competitors’ prices in certain situations, it’s possible that another carrier beats your current carrier in price.
Sometimes the difference in price will be pretty obvious from the get-go. If you can’t find a dramatic difference in price, it’s often wise to talk to an independent agent or online company and tell them the facts about your case. An experienced agency can help point you in the right direction by shopping your case around for preliminary price checks with various carriers.
Natasha Cornelius is the content manager and editor for Quotacy. She has worked in the life insurance industry since 2010 and has been making life insurance easier to understand with her writing since 2014. A long-time Mint user, Natasha lives in Bozeman, Montana where she loves to garden, DIY anything she can, and explore beautiful Big Sky country. Connect with her on LinkedIn.
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Mortgage rates rose this week, after five weeks of falling.
The 30-year fixed-rate mortgage averaged 6.39% in the week ending April 20, up from 6.27% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 5.11%.
“For the first time in over a month, mortgage rates moved up due to shifting market expectations,” said Sam Khater, Freddie Mac’s chief economist.
“Home prices have stabilized somewhat, but with supply tight and rates stuck above 6%, affordable housing continues to be a serious issue for many potential homebuyers,” he said. “Unless rates drop into the mid-5% range, demand will only modestly recover.”
Mortgage rates went higher than 5% for the first time since 2011 a year ago, and have remained over 5% for all but one week during the past year. Since then they have gone as high as 7.08%, last reached in November, and had been trending down since early March.
The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit.
Rates climbed up this week as 10-year Treasury yields climbed higher. As investors responded to economic indicators, bond yields ticked higher, taking mortgage rates with them.
“Mortgage rates are the product of the larger economic environment, including inflation and employment data as well as banking stability and the Federal Reserve’s actions,” said Hannah Jones, economic data analyst at Realtor.com. “Recent data points to a still-resilient, though cooling economy, leading many to believe the Fed will elect to raise the target rate at next month’s meeting.”
The Fed does not set the interest rates that borrowers pay on mortgages directly, but its actions influence them. Mortgage rates tend to track the yield on 10-year US Treasury bonds, which move based on a combination of anticipation about the Fed’s actions, what the Fed actually does and investors’ reactions. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow.
Home buyers remain very sensitive to weekly changes in mortgage rates.
“Last week’s jump in mortgage rates led to a pullback in mortgage applications, as homebuyers remain sensitive to rate movements,” said Bob Broeksmit, CEO of the Mortgage Bankers Association. “The lack of housing inventory this spring buying season is also keeping many prospective buyers on the sidelines.”
While MBA expects mortgage rates to fall to around 5.5% by the end of this year, more housing supply is needed to improve affordability and meet demand, he said.
Last year’s persistent mortgage rate climb, combined with inflation and home price growth, led many buyers to retreat from the housing market, said Jones.
“While spring is typically a season marked by a lively housing market, this year is proving to be less energetic than previous ones,” she said.
Nevertheless, Jones added, buyer demand shows signs of improvement with each gain in affordability.
As a result, she said, “housing demand remains largely stifled as many buyers wait on the sidelines until the cost of purchasing a home becomes more doable.”
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Earlier this month I had a major #fangirl moment. It was a full #fangirl evening, in fact, when I teamed up with New York Times bestselling author and Girlboss founder Sophia Amoroso to share in a very special money event.
In partnership with Mint, Sophia and I hosted a panel of four trailblazing entrepreneurs to have an “impolite” conversation about money. The audience heard from Mackenzie Barth, founder of Spoon University (which recently got acquired by Scripps Networks), Lisa Price creator of Carol’s Daughter, a multi-million dollar beauty brand, fashion entrepreneur Nina Faulhaber and Wing Yau, acclaimed jewelry designer.
The only rule for the evening was to be brutally honest. So, we went deep. We talked about our financial hang-ups, our money mantras, how we spend and save, as well as our money wins and losses.
While there were many takeaways, as moderator, I picked up on a few common threads – impolite “rules” – that ran through many of the stories shared. Here are my 5 favorites.
The panelists, a row full of successful entrepreneurs who seem to have a great handle on life and work, admitted that money can sometimes make them feel scared or anxious. In some cases it’s because, as business owners, they don’t always earn a consistent paycheck. In other cases they may not know the best way to save or invest. From time to time, they have doubts, insecurities and fears.
The room was full of nodding heads.
We all can get a little (or a lot) emotional over money, right? The topic triggers all sorts of feels, depending on our upbringing and life experiences. And that’s ok. Emotions provide context for how and why we the make decisions we do. On the panel, some grew up wealthier, while others remember living paycheck to paycheck. Each experience left them with a unique set of money emotions.
Rather than keep them bottled up, these women embraced their feelings. They shared them and through that discovered they weren’t alone and received acceptance and support.
To help us jump over our emotional hurdles, we need to arm ourselves with facts.
The panelists talked about how they continuously seek knowledge and answers to guide their decision-making. They need to make informed choices around saving money, using credit, taking on loans and building financially sound businesses. If they don’t know something, they’ll ask experts and advisors to find out. There’s no sense in guessing.
#3 You’re More Money Savvy Than You Think.
The voices in our head may be telling us that we’re not good enough or smart enough with numbers to manage our money well. Ignore the noise and realize it’s not that difficult. You may face a learning curve when it comes to budgeting, investing and expense tracking, but sometimes the only thing getting in the way is a bad mindset.
Panelist Wing Yau, the founder of WWake, is an artist first and businesswoman second. Like fellow artists, she admitted that she wasn’t exactly hard-wired to know how to analyze a profit and loss statement or manage the financials of her business. Money was an overwhelming topic, at times. But Wing insisted on learning how to manage her company’s books through research and seeking help, as well as trial and error. The process not only left her more educated. It gave her the confidence to fully tackle her business.
You can’t possibly know it all. And you shouldn’t go it alone. Each panelist credited friends, advisors and partners in giving them the support and feedback they need to make smart money moves, as well as business decisions.
Having an accountability partner, someone to keep you motivated and on track, was also critical.
For example, Nina Faulhaber, co-founder of ADAY, an active wear startup, recalls meeting with Sophia Amoruso prior to launching her fashion business to ask a laundry list of questions. Nina was coming from the finance world but knew very little about the fashion industry. Sophia was more than helpful, providing feedback and connecting her with other key people in the clothing world to offer guidance and mentorship.
So now that they’ve established successful businesses, are friends and family coming out of the woodwork asking for money or help? In some cases, yes, the panelists admitted.
But if there is one money rule Lisa Price, founder of the uber successful beauty line Carol’s Daughter, lives by, it is to never lend money. “Only give what you can gift,” she said. In other words, never give money to anyone with the expectation that it will be returned. Instead, offer it as a gift to avoid resentment or disappointment, since, as we know, many personal loans can go awry.
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Editor’s Note: Freddie Mac, which has tracked weekly average mortgage rates since 1971 and has periodically made changes to its Primary Mortgage Market Survey, changed the source of its data as of November 17, 2022. Instead of surveying lenders, the weekly results will be based on applications received by lenders that are submitted to Freddie Mac. Find more about Freddie Mac’s change here.
Mortgage rates dropped sharply last week following a series of economic reports that indicated inflation may finally be easing.
The 30-year fixed-rate mortgage averaged 6.61% in the week ending November 17, down from 7.08% the week before, according to Freddie Mac, the largest weekly drop since 1981. A year ago, the 30-year fixed rate stood at 3.10%.
Mortgage rates have risen throughout most of 2022, spurred by the Federal Reserve’s unprecedented campaign of hiking interest rates in order to tame soaring inflation.
In the last week, two key inflation reports – the Consumer Price Index and Producer Price Index – showed that prices rose at a slower pace than expected in October, suggesting inflation is inching in the right direction, and has perhaps even peaked.
“While the decline in mortgage rates is welcome news, there is still a long road ahead for the housing market,” said Sam Khater, Freddie Mac’s chief economist. “Inflation remains elevated, the Federal Reserve is likely to keep interest rates high and consumers will continue to feel the impact.”
The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey only includes borrowers who put 20% down and have excellent credit. But many buyers who put down less money upfront or have less than perfect credit will pay more than the average rate.
Inflation appears to be easing
Investors saw last week’s lower-than-expected CPI data as an indication that the Federal Reserve may make smaller interest rate hikes in the months ahead, said George Ratiu, Realtor.com’s manager of economic research.
While the Fed does not set the interest rates borrowers pay on mortgages directly, its actions influence them. Mortgage rates tend to track the yield on 10-year US Treasury bonds. As investors see or anticipate rate hikes, they make moves which send yields higher and mortgage rates rise.
“The 10-year Treasury dropped from 4.15% last Wednesday to 3.68%, as capital markets seemed to cheer the slowdown in inflation as a sign that the Federal Reserve’s monetary tightening is having its intended effect,” Ratiu said.
Even though inflation data is moving in the right direction, the Fed has said it does not expect to back off of raising rates until inflation gets closer to the desired target of 2%.
Still, the downshift in mortgage rates over the past week has brought a sliver of relief to buyers, said Ratiu.
A buyer purchasing the median-priced home with a 20% down payment at last week’s average rate of 7.08%, was facing a monthly payment of about $2,280, according to Realtor.com. At a rate of 6.61%, the same buyer would see their payment fall to $2,174. While the $100 in savings a month may not seem like much, over the course of a 30-year loan, the buyer would save close to $48,000 in interest.
Those savings spurred some home buyers to sweep in and lock in a lower mortgage rate.
Mortgage applications increased for the first time in seven weeks, according to the Mortgage Bankers Association, with both purchase and refinance applications up.
“Signs of slowing inflation pushed mortgage rates below 7% for the first time since mid-October, but with rates still relatively high and affordability correspondingly reduced, the average loan amount is now at its lowest level in nearly two years,” said Bob Broeksmit, president and CEO of the MBA.
Affordability challenges persist
Affording a home remains a challenge for many home buyers. Mortgage rates are expected to remain volatile for the rest of the year. And prices remain elevated in many areas, especially where there is a very limited inventory of available homes for sale.
Meanwhile, inflation and rising interest rates mean many would-be buyers are also facing tightened budgets.
“For consumers, quickly rising prices have added significant financial pressures, especially as inflation erodes any wage gains,” said Ratiu. “The Fed’s rate hikes are directly tied to higher interest rates for credit cards and car loans, which along with higher mortgage debt, adds additional burdens to household finances.”
More than 20% of listings have seen price cuts, as sellers adjust their strategy to meet buyers in a changing financial landscape, according to Realtor.com.
“On one hand, sellers have been coming to terms with the fact that homes priced for the housing market we experienced when rates were at 3% leave very few buyers able to manage the mortgage payments with today’s rates,” said Ratiu. “On the other hand, buyers may hesitate to move forward with transactions if they find the erratic nature of current mortgage rates disconcerting.”
The volatility in mortgage rates is not expected to let up in the near future, causing uncertainty for both buyers and sellers.
“With inflation still north of 7% and the Fed committed to keep increasing the funds rate over the next few months, the mortgage market is not out of the woods,” said Ratiu. “We may still see rates rebound back above 7% before the end of the year.”
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We live in an increasingly cash-free society. While cash is still king and accepted almost everywhere, more and more people are moving away from cash. From credit cards and contactless payments, different banks and credit issuers have an incentive to make sure that THEIR card is at the top of your wallet. That can lead to an opportunity for people with the financial savvy to earn a little extra by making the most out of their credit cards.
How many credit cards should you have?
The first question you might wonder in trying to make the most out of your credit cards is how many credit cards you should have. While there is no one right answer to that question, you should consider the possibility of signing up for a new credit card. The reason for that is that the most value you will ever get from your credit card is its welcome or signup bonus.
Normally, credit cards might give anywhere from 1-2 cents (or 1-2 airline miles or points) per dollar spent on most purchases. It’s really hard to get any appreciable amount of rewards only earning one or two cents per dollar. On the other hand, when you sign up for a new credit card, the credit card company will usually offer an initial signup bonus.
An example might be earning 50,000 airline miles for spending $2,000 in the first three months of having the card. So while you’re making that $2,000 of spending, you’re earning TWENTY-FIVE miles per dollar spent. An example like that can help illustrate the power of signing up for new credit cards — it’s just so much easier to get a healthy balance of rewards this way.
How signing up for credit cards affects your credit
Before you start signing up for every credit card you see, there are a few things that you’ll want to know. One of the most common credit card questions people ask is whether signing up for new credit cards hurts your credit score. For most people, signing up for a new credit card every couple of months will not have a material impact on their credit score. In fact, the increased credit limit can actually help your credit score.
Get organized
The one thing that CAN hurt your credit score is if you aren’t organized and start missing payments on your credit card. So if you do decide to open new credit cards, make sure that you have a system in place for organization. You want to make sure that you have the financial ability and discipline to pay your credit card statement, in full, every month. If you don’t, you risk hurting your credit score, and the interest and late fees can really put a dent into any rewards that you might earn.
Using the “right” credit card
When you only have one credit card, it’s pretty straightforward to decide which card that you should use with any given merchant. You just use the one credit card that you have, every time and everywhere. If you have multiple credit cards, it starts to get a bit more complicated. Some credit cards earn the same amount of rewards no matter where you use them, while others earn bonus points in certain categories.
There are a couple of ways that you can handle using the “right” credit card. Some people just try to remember what bonus categories each of their cards have and use the right one based on their memory. Another strategy is to tape a small note to each card in your wallet with where to use it — groceries, gas, restaurants, everywhere else, etc.
An important thing to remember is that the difference between using the “right” and “wrong” credit card on any one transaction is minimal. We’re talking less than a dollar’s worth of rewards per purchase. And while every bit adds up, it’s not something to lose a whole lot of sleep over.
Maximize your credit card rewards
Once you have earned a good stash of credit card rewards, it’s time to put them to their best use. If you’re wise, you can maximize your credit card rewards without hurting your credit. A good rule of thumb is that most travel rewards are best used with the program where you’ve earned them. Delta Skymiles are best used to travel on Delta; Hilton Honors points are best used to stay at Hilton hotels.
Flexible bank rewards points like American Express Membership Rewards, Citi ThankYou points, or Chase Ultimate Rewards are more valuable because they can effectively be used in multiple ways. You can use them to pay for travel, transfer them to hotel or airline travel partners or redeem them as statement credits to help pay yourself back. Having that flexibility is a good way to maximize the value of your rewards points.
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Dan Miller is a freelance writer and founder of PointsWithACrew.com, a site that helps families to travel for free / cheap. His home base is in Cincinnati, but he tries to travel the world as much as possible with his wife and 6 kids. More from Dan Miller
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We suggest reviewing your life insurance policy once per year to make sure you have enough coverage. Most importantly, you should review it anytime your life and circumstances change.
What should I look for during my policy review?
When reviewing your policy you should look for anything that may need updating. Examples include your name, address, phone number, billing information, and beneficiary.
When should I update my beneficiaries?
Make sure you keep your beneficiary designations up to date. There are certain circumstances that will warrant a beneficiary change. These include:
Marriage or divorce
The birth or adoption of a child
Your designated beneficiary passes away
You are now caring for your elderly parents
When should I apply for a new policy for more coverage?
Just as life is ever changing, so are your life insurance needs. You may have purchased a small insurance policy when you were fresh out of college to cover your student loans. A few years have passed and now your lifestyle has changed. Here are some common circumstances in which you may want to increase your life insurance coverage:
Starting (or adding to) your family
Purchasing a new home
Job promotion with higher income
Natasha Cornelius is the content manager and editor for Quotacy. She has worked in the life insurance industry since 2010 and has been making life insurance easier to understand with her writing since 2014. A long-time Mint user, Natasha lives in Bozeman, Montana where she loves to garden, DIY anything she can, and explore beautiful Big Sky country. Connect with her on LinkedIn.
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This Independence Day, as with each 4th of July, I’m reminded of the great leap of faith my parents took more than 37 years ago when they bought one-way tickets to the United States. Their move from their embattled Iran granted my brother and me a life of privilege and greater freedoms.
Their journey also encourages me to be a do-gooder and, as nerdy as it sounds, manage my money wisely. Because you can’t exactly say to your immigrant parents, “Hey, thanks for risking everything and moving here to give us a better life, but I have $80,000 in credit card debt and need to move back home.”
I want to be financially free, if for no other reason than to make them proud. That means living a debt-free life and supporting my family’s needs and wants both today and in the future. It means having my financial bases covered to avoid stressing over money. For me, personally, it also means have a little savings cushion for the day my parents might need my help for a change.
The term “financial freedom” signifies different things to different people. I was curious to learn more, so I took to the world of social media to crowd source the many definitions.
On Twitter, I ran a small, unscientific survey and discovered that one in three of us define financial freedom as never having to worry about money. I was surprised to learn that only 3% think making more and having more money is the exclusive path to financial freedom. A majority of us think that it’s a combination of being debt-free, having more money and never having to worry about dollars and cents.
On my Facebook page, feedback came from all over the country and overseas. Financial freedom is an aspiration for many of us, and we define it with terms like, “having choices,” “peace of mind” and “living in abundance.”
[URIS id=66812]
What’s your definition of financial freedom? Share it with us in the comments section below.
Have a question for Farnoosh? You can submit your questions via Twitter @Farnoosh, Facebook or email at [email protected] (please note “Mint Blog” in the subject line).
Farnoosh Torabi is America’s leading personal finance authority hooked on helping Americans live their richest, happiest lives. From her early days reporting for Money Magazine to now hosting a primetime series on CNBC and writing monthly for O, The Oprah Magazine, she’s become our favorite go-to money expert and friend.
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Everyone always wants their house to be pulled together for the holidays. I’m no different. But since I can’t make couches or rugs magically ship faster, I’m making progress wherever I can. Case in point: Our laundry room! I’d neglected to actually design the space before we moved into our new house. But now that the room is all dressed up nice, I can actually smile while doing my chores!
You may have caught the before pic of the space in this post. But in case you missed here it is again.
It was essentially nothing more than a tiny box with a giant washer & dryer in it! When it came to actually designing this space, I focused on 3 main goals.
Make it Functional: In the rush of the move, I didn’t put thought into the laundry room. I knew I wanted a front loading washer dryer for their easy loadability and capacity. But I got mine and just plopped them in there. I didn’t spend anytime thinking about how to optimize space, storage or really make the room work.
Add Storage: Now that I’m mom, I’m dealing with every kind of laundry dilemma under the sun. So the amount of stain boosters, whiteners and laundry pre-treaters have exploded. I needed to create space in our laundry room so there would be room for it all.
Make it Really Really Good Looking: Utility spaces can look just as good as any other room in the house. A few design tricks can make even highly functional spaces chic.
And if I do say so myself, I think I was able to achieve all three of my goals – though I’ll let you be the final judge.
Let’s talk function first. I selected the LG SideKick for my laundry room. I adore them, but they are a pretty big washer and dryer. They both sit on pedestals making them nice and tall. They are also rather deep. We nestled them into the wall as much as possible, but the room is relatively narrow. To get the storage I was craving, I had a custom shelf built that just fits over the two units. That shelf allows me to have everything I use daily – detergent and boosters like Clorox Control Bleach Packs at arms reach. I like that I don’t have to open any cupboards or move things in and out. Everything is right at my finger tips.
I was also able to capitalize on storage built into the LG Twinwash washer/dryer system itself. For one thing, the washer pedestal actually conceals an additional washer! That lets me do a quick small load, wash delicates or soak stained items in my favorite pre-treaters without needing an additional tub or bucket. Winning! The dryer pedestal is actually a storage drawer. That’s where I house all my laundry secret weapons like Clorox 2 Stain Remover, Clorox 2 Darks and Denim, Oxi Max Radiant White and the like. I love that it keeps all the packaged goods tucked away where I don’t have to stare at any labels. Again, winning!
The design elements of the room are where the form and function really come together. I started by installing beautiful Erica Tanov wallpaper to create a dramatic feature wall at the back of the room. I’m in love with the gold foil. It’s the perfect backdrop for my storage system. I worked with local organizing guru Bliss Haus to design a beautiful laundry storage set up. Everything is decanted into glass jars for a clean, uniform look. There are even jars to collect dryer lint and lost socks! The custom print labels are so cool. It really took the room to the next level. A modern white and wood metal Japanese basket holds spray bottles and scented room spray. Because sometimes laundry rooms just get funky.
I used jars with wooden lids from the Jenni Kayne to mix in a modern touch. To add even more texture, I added a vintage Moroccan dhurrie from St Frank to the floor. The golden tones warm up the room and tie in with the Erica Tanov wallpaper’s golden hue. My favorite design idea in the space might have to be the Meghan Shimek weaving I found at local San Francisco boutique The Podolls. I needed something to conceal our electric panel. The wall hanging does the job perfectly. A fiddle leaf fig and white textured planter from Flora Grubb adds life and a pop of rich color.
All these elements come together to create my dream laundry room. I can do loads and loads while loving my surroundings. One more room down. Many more to go!
Check out our entire archive of house updates and all the rooms completed to date HERE.
For more of my favorite house tours, CLICK HERE.
original photography for Apartment 34 by aubrie pick
This content was created is in partnership with Clorox.
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Aaron Hahn vividly remembers the moment he decided to crush his debt.
It happened in March, while visiting his retired aunt and uncle in Arizona.
Their home, with a lush, sprawling golf course as its backdrop, symbolized to him the power of hard work and consistent savings. Not to mention, this was their vacation home, a place where his “snowbird” aunt and uncle enjoyed visiting during the winter months.
“It was my ‘aha’ moment,” says Hahn, who, at the time, had about $42,000 in debt spread across student loans, a car loan and credit cards. “I was like, ‘O.M.G. I want this life.’ I want to do what they’re doing. I want to be financially independent.”
Hahn had also just celebrated his 34th birthday, which served as another wake-up call. “It was a confluence of events…I realized that I just wasn’t taking care of money like I should be, like a grown-ass man,” says Hahn. “I feel like there’s an awakening when you’re in your 30’s.”
His first plan of attack: Obliterate his $11,000 in credit card debt. For Hahn, credit was just a tool to for buying stuff when you didn’t have the cash. “The credit card debt was just something I was misusing,” he admits. “It became another part of my spending arsenal. I used credit for more spending power.”
Since March Hahn, who works in the Navy, has embarked on a diligent plan to reach debt zero across his four credit cards. Using a free personal loan calculator, he’s given himself 12 months to eliminate all balances and has, for the first time ever, begun budgeting. He’s using Mint to stay on track.
Will Hahn cross the finish line in time? I thought it would be interesting (and fun?) to check in from time to time to report on his progress and setbacks. He says he likes having me as an accountability partner.
Here’s how Hahn’s staying focused and handling some setbacks in the first few months.
“Budgeting is Like Yoga”
Hahn’s Mint budget is his first true budget. “It is a behavioral modification. It’s like doing yoga for the first time. There’s pain and discomfort,” he laughs.
To make room for the roughly $900 a month debt payments, he’s had to make some big trade-offs. The greatest challenge has been cutting back on restaurant meals and outings with his girlfriend. “I though you needed to go out and have dates in order for there to be a connection,” Hahn says. “Instead, we’re spending more time at home and realizing that it’s ok. I have her support in that.”
His girlfriend is also helpful in planning and cooking their meals at home. “She makes enough so I have lunch the next day.” This alone, saves him $70 per week, Hahn estimates.
The “Wall of Shame”
While Hahn has a total of $42,000 in debt, he’s zeroing in on the credit card balances first using the snowball method and attacking the card with the greatest interest rate first. All the while, he’s stopped using plastic and sticking to a cash-only diet.
For motivation, he uses visual reminders. “I’ve printed a list of all the individual balances on my fridge. It’s my ‘wall of shame’ and I’m looking forward to crossing them off,” says Hahn.
Simultaneously Saving
It’s been a slow process, but Hahn is also working towards a three to six-month emergency reserve. “That was what my credit cards had been.” So far he’s managed to tuck away $1,000. “I just love the idea that, for the first time in my adult life, I saved $1,000 and didn’t spend it. It’s such a good feeling.” Once the debt’s paid off, he plans to make savings a higher priority and add more to the account.
An “Actual” Emergency
It’s a good thing that he started saving because in May, Hahn emailed me to say that his debt payoff plan had suffered a minor setback. But it was for an important cause: healing his cat.
He wrote: “One of our emergency funds just came in handy. The day after I (quite literally) cut up my credit cards, our cat, Yasmin, became very sick over the weekend, requiring a visit to an emergency veterinary clinic. Between buying a new pet carrier and the vet expenses, this was $550 that neither of us had planned.
Fortunately, Andrea (my partner) has an emergency stash of her own, and between the two of us, we were able to handle this curveball with relative ease. Yasmin is okay (we have a follow-up appointment in two weeks), and we’ve used this event to reinforce just how crucial it is for both of us to set aside significant, liquid savings.
As for my debt repayment plan, this will weaken my attack for the month of May, as I want to stash an additional $500 into an emergency fund for when we run into another inevitable hurdle.”
Following that email, Hahn wrote about another surprise: A bigger car maintenance bill than anticipated.
All said, between the vet and car maintenance costs, he had to fork over $800 in unplanned expenses.
“This is definitely going to slow my debt repayment down by a month. Not very thrilled about this. Feel a bit defeated, honestly,” Hahn wrote.
Still, none of that $800 got charged to a credit card. So, in my book that’s #progress.
How will Hahn fare over the summer months? Will he find a way to get back on track?
Stay tuned to the Mint Blog for more updates on his debt payoff plan.
Have a question for Farnoosh? You can submit your questions via Twitter @Farnoosh, Facebook or email at [email protected] (please note “Mint Blog” in the subject line).
Farnoosh Torabi is America’s leading personal finance authority hooked on helping Americans live their richest, happiest lives. From her early days reporting for Money Magazine to now hosting a primetime series on CNBC and writing monthly for O, The Oprah Magazine, she’s become our favorite go-to money expert and friend.
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