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Apache is functioning normally

June 4, 2023 by Brett Tams

Today, I have a post from a new blog friend of mine. As you all know, I’m all about being as positive as you can be, especially when it comes to your financial situation. Thinking about the negatives just holds you back and wastes your time. It’s much better to move forward, create a game plan to eliminate your debt, and stay as positive as you can. Read more in my post Why I Believe Being Positive Can Change Your Financial Situation And Your Life.

The majority of us have some sort of debt that we’re dealing with.

Whether it’s a small amount or a large amount it can still be a stressor in our lives.

Maybe it’s a mortgage, a car loan, student loans, credit cards or any combination of these. It’s a stress factor that many of us are letting take a hold of our lives.

I had a scholarship to a state university but turned it down to attend DeVry University. I had some small scholarships to help out, but I still accumulated student loans. After finishing my bachelor’s in Computer Information Systems, I went on to receive my MBA and then shortly after another Master’s Degree. So, I’ve accumulated quite a bit of student loans myself.

I’ve also owned a house since I graduated college and now have two rental properties. It was just easier to rent them out versus trying to sell them in a buyer’s market when I had to move due to my job. This led to my credit card debt that I accumulated over a decade ago. I finally managed to pay most of these off awhile back, but it was a struggle! Being on my own for the first time and having poor money management skills led to my financial stress. Thing about it is, once you realize and acknowledge that you have a problem, the better you can find a solution and learn from your mistakes.

We also have car loans just like most people. Both my husband and I have to have our own vehicles. Me, because I have to drive to work. Him, so that he can have a means of transportation in case he needs to take the kids somewhere. Side note: he has the luxury to be a stay-at-home daddy.

Being that he’s a stay-at-home daddy can be challenging, though. We don’t have that extra income like some families do. But, it’s important to us that at least one parent stays home with the kids until they’re all in school. The working parent had to be me due to where I was in my career compared to him. Therefore, we have been creative with our budgeting skills.

So, been there, done that. I lived the stress. I wore the stress.

I learned from the stress.

Do you feel like you just keep making payments, maybe even using your tax return to help out, but still feel as though you’re not even making a dent? You give up and start believing that debt is just a part of life. You learn to accept it. Maybe you make a budget. But you continue living paycheck to paycheck. It’s what you know. It’s stressful but it’s normal.

Financial stress is like any other stress.

It has the same effects on your mind and body as any other type of stress. Don’t think it’s different.

Stress can make you lose sleep. Losing sleep causes sleep deprivation. Sleep deprivation can cause hallucinations, memory instability, impact your social life and so much more. Don’t lose sleep over financial stress – it’s not worth it!

Stress can make you sick. Stress puts a huge damper on your immune system. Lack of immunity leads to an increase chance of getting sick.

Stress can cause high blood pressure. High blood pressure causes heart problems. It can lead to heart disease, heart attacks, abnormal heart beats. Heart problems can lead to things much worse than debt. Don’t let it!

Stress can cause depression. Depression also affects your health. It also messes with your hippocampus, the gateway to your memory.

Stress can cause heartburn. Heartburn can be extremely uncomfortable. The only experience I have with heartburn was when I was pregnant. I hated it. I felt like I needed to eat all the time to try to make it feel better. If this is you, then it could cause you to overeat.

Which leads me to, stress can cause weight gain. It can also cause weight loss depending on how you handle stress personally.

Stress also cause skin problems, like acne. So not only do you experience personal effects of stress, but now you’re showing it off to the world around you.

It’s time to make a change.

Debt doesn’t have to be a stress factor in your life. I’m not saying we should embrace debt. But, instead of focusing on the negative aspect of debt, focus on the positives. Alleviate the stress and concentrate on managing your finances to reach your end goal.

In honor of Positivity, My Word of the Year, let’s analyze this situation to find the negatives to uncover the positives.

The Negatives:

  • Mortgage Debt
  • Car Loan Debt
  • Student Loan Debt
  • Credit Card Debt

Now let’s take each of these negative points and find something positive.

Mortgage Debt: You are able to have a roof over your head. There are others out there who cannot. Be appreciative of the fact that you have a safe haven to take comfort in. Instead of stressing over your mortgage debt, be thankful for that roof over your head and feel safe, comforted in the walls protecting you and your family.

Car Loan Debt: You have transportation. A means to drive you to and from work. A vehicle to drive your children to the doctor when they are sick. There are others out there who do not have this luxury. You can choose to trade it in for a more affordable car to help with the stress or even go carless, if this debt is not worthwhile to you.

Student Loan Debt: You have an education. You have proof of what you know and it may have helped you land a job, a job that is helping you pay off that debt. There are others out there without a degree. Instead of lingering on the stress of having student loans, use the experience and knowledge you paid for.

Credit Card Debt: Realize that when you pay off your credit card debt, what your credit history will show. So don’t stress out over it. Just keep your focus on the end goal.

Author bio: Kimberly Farrally is the Co-Writer for Sweet Discord, an inspirational + lifestyle blog, and owner of Farrally Paperie, LLC, an invitation and party decor handmade shop. Learn more about converting the negatives in your life into positive opportunities. Together we can find inspiration for your lifestyle.

Do you find it hard to stay positive when paying off debt?

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Apache is functioning normally

June 4, 2023 by Brett Tams

Are you interested in creating a budget?

68% of households in the U.S. do not prepare a budget. Here are my tips on how to make a budget, so that you can start creating a budget that works.

68% of households in the U.S. do not prepare a budget. Here are my tips on how to make a budget, so that you can start creating a budget that works.The average family carries a lot of financial stress. Most people have student loans, credit card debt, a mortgage, car loans, and sometimes even other forms of debt.

However, not many people have a budget.

According to a survey done by Gallup, 68% of households in the U.S. do not prepare a budget.

I believe budgets are extremely important and nearly everyone should have one. Rich, poor, middle-class, whatever you are, a budget will likely help improve your financial situation.

Some people think budgets are only for people living paycheck to paycheck, or those with no money.

WRONG!

Budgets are for everyone.

Yes, that means no matter how much money you make, you should probably have a budget. I recently read something that said couples who make $50,000 a month, on average, only save 4% of their income. FOUR PERCENT on a $50,000 monthly income? The majority of that monthly income went towards clothing, food, cars, and homes. I can’t even imagine how someone could blow through so much money each month.

This just proves my point, more people need a budget.

Budgeting may not be the most fun thing in the world, but it needs to be done. Budgeting can help you take control of your financial life, which can help reduce stress and let you reach your dreams.

Other budgeting-related articles you need to read:

Below are my tips on how to make a budget and creating a budget.

The positives of creating a budget.

Budgets help people manage their money better. It’s that simple.

Budgets are great, because they keep you mindful of your income and expenses. With a monthly budget, you will know exactly how much you can spend in a category each month, how much you have to work with, what spending areas need to be evaluated, among other things.

Budgets have helped people reach their goals, pay off debt, make more money, retire, and more.

Should a budget be electronic or on a piece of paper?

Everyone has a preference, so this depends on what will work best for you.

Pencil and paper can be great, but an electronic version (such as a spreadsheet, Mint, or Personal Capital) can help you easily make changes.

I suggest choosing whatever you are most comfortable with. It doesn’t matter how you keep your budget; it’s just important that you stick to it.

Side note: I recommend you check out Personal Capital. Personal Capital is similar to Mint.com, but much better. Personal Capital allows you to aggregate your financial accounts to easily see your financial situation. You can connect accounts; such as, your mortgage, bank accounts, credit card accounts, investment accounts, retirement accounts, and more. And it’s FREE.

You MUST track your income and spending.

What you want is to create a realistic budget. To show you where your money is coming from and where it is going, you need to gather all of your receipts, bank and credit card transactions, and so on.

Or, you could even take it a step further by tracking everything for the next month or two, this way you know you’re not missing any expenses. This means recording every single transaction with a note that tells you exactly what you bought (if a receipt is not itemized). Then, at the end of the month, you can evaluate your spending.

After one month of closely tracking your spending, I’m sure you’ll be shocked by your results. This is the best way to create a realistic budget, as you will truly see where your money is going, and this will help show you how much should be dedicated towards each category in your budget.

Plus, the shock from seeing exactly where your money is going will encourage you to be wiser with your spending.

Budget category: Income.

For the income part of your budget, it can be from varying sources. You can include income from your day job, rental properties, side jobs, passive income sources, and so on.

One common mistake is that many don’t realize their income can drastically fluctuate from month to month, even when you work the same hours every month or if you are paid salary. Due to this, you will want to be mindful of whether you are paid twice a month, every two weeks, once a week, etc. The difference of when you are paid can change the amount you make each month. Budgeting with a fluctuating income can be difficult, and in a future blog post I will go over it in more detail.

Also, I don’t think bonuses should be included in a person’s budget. Including them in your budget is not usually the best thing to do unless you are 100% certain you are receiving the bonus. I have heard of far too many people who have counted on bonuses only to be let down when it was less than anticipated. Your budget should be realistic, not a fairytale.

Related:

Budget category: Expenses.

Have you ever truly totaled your expenses?

When making a budget, many people only estimate their expenses. However, you actually should be taking your realistic expenses and putting them in your budget as your estimations may be way off.

Here are expenses you may include when creating a budget:

  • Home – House payment, rent, maintenance, utilities, insurance, property taxes, etc.
  • Car – This includes all car expenses such as your monthly car payment, gas, maintenance, insurance, license plate fees, and so on.
  • Television, cable, Netflix, Hulu, etc.
  • Cell phone.
  • Internet.
  • Food – This includes all groceries, eating out, snacks, etc. Seriously, sit down one day and add up your food expenses for the month before.
  • Clothing.
  • Entertainment – Entertainment can include many things, such as going to the movies, going out for drinks, concert tickets, sports, and so on.
  • Charity – If you regularly donate to charity, then this should be an area you budget for.
  • Savings funds – This can be for your retirement fund, wedding, travel, etc.
  • Taxes – If you are self-employed, then taxes will make up a  large part of your budget.
  • Health insurance.
  • Miscellaneous – Pet expenses, fees, childcare, school, gifts, etc.

Related posts on creating a budget:

Keep your loved ones involved when creating a budget.

Even if only one person manages the family’s finances, the other person in the relationship should, at least, have somewhat of a clue. Conducting regular family money meetings is crucial to having a successful budget and meeting financial goals.

A budget doesn’t work if the other person doesn’t even know it exists!

Make changes when/if needed when creating a budget.

I recommend going over your budget on a regular basis. This may mean once a week, once a month, or something else. Do what feels right for you and what you think your situation calls for.

Many things can change in your budget. Your income may change, your expenses may change, or your goals may change. When something changes, you should adjust your budget to reflect that.

You may have noticed a recurring theme in this budget post, that you should be realistic about everything. Be realistic about what you make, what you spend, and if things need to be changed.

Do you believe in the power of creating a budget? Why or why not?

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Apache is functioning normally

June 3, 2023 by Brett Tams

INSIDE: Need help knowing how to budget? This step-by-step guide will help you create a budget that actually works. Includes free printable budget spreadsheet template!

This post may contain affiliate links. That means if you click and buy, we may receive a small commission. Please see our full disclosure policy for details.

When you’re trying to pay off credit card debt or save money, you’ll hear it time and again: “You need a budget.” But if you’ve never created a budget, the mere thought may make you want to run and hide. Making a spending plan that works is not hard, however, if you have someone to help you.

create a budget that works

create a budget that works

If you’re ready, I can help. Below you’ll find step-by-step instructions to follow to create your budget, whether you’re a beginner or have budgeted in the past.

You can use a pen and paper with our printable form or software for online budgeting.

Improving your money management skills doesn’t just mean spending less. It also means learning about your spending habits and making changes.

A few tweaks may help you pay off your debt and reach long term goals, such as saving for retirement.

MY BUDGET JOURNEY

I know it can be terrifying to really look at how you spend your money. Trust me, I’ve been in your shoes. But I’ve learned that the things that were the most challenging in my life have led to the biggest rewards.

Declaring bankruptcy was a low point for me. But it also taught me many valuable lessons about personal finance. Most importantly, I learned why I must have a budget.

My husband and I used to have a “bare bones budget.” Except it wasn’t, really. Rather, it was a piece of paper where I’d write down who I had to pay every month, so I didn’t forget.

When we began our journey to become debt-free, we had to look at all aspects of our finances. One thing we did was sit down together to create a budget.

Seeing our expenses and income in writing for the first time still sticks with me. I remember being in tears. It was shocking to see that we had not been in better control of our money.

Creating a budget made us acknowledge where we were, and we realized that we didn’t like what we saw. It instantly provided us with a goal: We wanted to make positive changes and get out of debt. It took time, but we did achieve our goal (and that was one of the best moments of my life).

I am going to be blunt here. Creating your first budget and managing your money with it will bring significant challenges your way.

But I can guarantee that it will be worth it in the end. Just wait until you can finally control where your money goes instead of the other way around. It is liberating.

Before we begin, you can download our free budget form by clicking on the pink box below.

If you want something more high-tech, I recommend You Need A Budget (YNAB) or EveryDollar. These are apps I’ve tested and reviewed. Both work very well, so I’m confident recommending them to you.

WHAT IS A BUDGET?

A budget is a plan that lists your estimated income and expenses for a specific period of time. Most people use a monthly budget period. Budgets are helpful for everyone, no matter what your financial situation is.

Tracking your spending in the past helps you predict your future cash flow so you can start saving more.

WHAT SHOULD BE INCLUDED IN A BUDGET?

It’s important to include every dollar you earn and spend when making a budget. Tracking your income is easy, but your budget should also include spending categories. Some you need to remember to use include:

Your list may include more categories or fewer. Our budget template includes categories that will cover just about anyone.

Read more: The categories you need to include in your budget

HOW TO CREATE YOUR BUDGET

Now that you have your categories, it’s time to start filling in the numbers. Follow these instructions to prepare your budget.

Step 1: Gather Necessary Papers

Before you begin, be sure you have all the things you’ll need. These include (but are not limited to):

  • Bank statements, including debit card payments
  • Pay stubs
  • Credit card statements
  • Utility bills
  • Monthly bills from various stores
  • Personal/vehicle loan information

Step 2: Calculate Your Income

Next, look at your pay stub(s). Your budget should reflect your monthly income. If your paychecks come more frequently than once a month, some simple calculations are necessary to come up with an accurate monthly income.

Here are some formulas to help you:

  • If you’re paid biweekly (i.e., every other Friday), add four pay stubs and divide by two to get your average monthly income.
  • For monthly pay, you can use the income you see if the amount listed for each pay period is the same. Otherwise, add three or four months’ worth of income and divide by the same number of months.
  • If you’re paid weekly, take the total of four income periods.
  • When you’re paid hourly or on commission (i.e., your income fluctuates), add your last four months of salary and divide by four to reach an average. If your income varies frequently, you’ll need to adjust your budget more often than someone with a regular income. You may also want to follow our tips for creating a budget with irregular income.

Step 3: Determine Fixed Expenses

You must make certain payments, such as your mortgage or rent, insurance premiums and car payments, on a regular basis. These recurring expenses are usually a fixed amount.

If your bill varies slightly each month (for instance, if your utilities aren’t on a budget billing system), take the past three months’ worth of statements and average them to get your estimated payment.

You can use a spending form to figure out the exact amounts to include in your budget. For example, say your October gas bill is $45.79, your November bill is $52.95, and your December bill is $49.22.

Add those three numbers and divide by three to reach your average (in this case, $49.32). I recommend you look at the months when your utility bills are the highest. For instance, you may use more gas or oil in the winter, so use those months as the basis for your budget.

One of the most important rules of personal finance is to pay yourself first. Do this by adding categories for saving. You need to save for a rainy day as well as for long term goals, such as college or retirement.

You can set up automatic transfers each month from your checking account to a savings account for your emergency fund (aim to build up at least three months’ worth of living expenses). If you have a retirement plan at work, such as a 401(k), your money is automatically withdrawn from each paycheck before you get it.

Step 4: Calculate Discretionary Expenses

Your discretionary expenses include those that vary more, such as food, gasoline and clothes. Treat them the same way you treated the gas bills described in step 3. Make sure you take the average of three months’ spending to get the figures to add to your budget.

Be sure to include occasional expenses, such as car repairs and maintenance. The goal is to pay these bills with your regular income instead of running up credit card bills.

Step 5: Fill in the Numbers

Transfer the figures you’ve calculated above to the appropriate spots on the budget form or spreadsheet. Put your monthly income at the top, followed by the amounts for each expense category.

The categories listed on our form are a guide for tracking your spending. You can add categories that aren’t included or ignore the categories you don’t need.

Add all your income and all your expenses. Then subtract your expenses from your income. The result should be zero. If it’s not, then figure out the changes you need to make.

  • If your total is a negative number: You’re spending more than you earn. Reduce your spending until the total reaches zero.
  • If your total is a positive number: You haven’t spent everything you make. Either increase your debt payments or your savings.

FINE-TUNE YOUR BUDGET

After you complete your budget for the first time, you may feel discouraged. As mentioned above, it happened to us. But once we started to rework the numbers, I began to feel better. I began to feel like I could live with a budget. It was tough, but nothing in life worth having is easy!

To balance your budget, first look at your fixed expenses. One I always like to mention is cable. We found out we were paying way too much and found a way to cut the expense in half. (As much as we would like to cut the cord entirely, we’re not yet there.)

Perhaps you could do the same and sign up for a lower-cost cable plan to free up some income. There are many other ways to reduce your monthly expenses, such as reshopping your insurance or refinancing your mortgage.

Once you’ve cut back your fixed expenses, it’s time to look at your discretionary spending. Perhaps you’re eating out a bit too much, so your budget takes a hit. You may even be overspending on shoes. These are areas where you might need to scale back to balance your budget.

Making these decisions isn’t fun, but consider what is more important: paying off debt or buying a bigger television. These are choices only you can make. But if you’re willing to scale back now and pay off debt, it will be worth it when you can buy that new TV or those new shoes without guilt!

If you’ve scaled back on everything you can and your budget still doesn’t balance, make some calls to your debtors. Ask for a reduced interest rate or a lower minimum payment on your credit cards. You never know what they will accept until you make those phone calls.

My husband and I wanted to get out of debt, so we decided that we wouldn’t eat out as often. For more than two years, we ate dinner out no more than 10 to 20 times a year. We saved a lot of money, which we used to pay off debt. It was challenging, but the result was well worth the temporary sacrifice.

WHAT TO DO ONCE YOU HAVE A BUDGET

First of all – congrats! You now have a budget you can use. You should revisit and update your budget at the end of each month.

After a few months, you probably won’t need to make any changes. But if you get a raise, have an added expense or finally pay off your car, that will require a shift in your budget numbers. Remember that your budget must always end in zero!

Creating a budget isn’t easy, but once you have one set up and continue to refer to it, it will pay off. You’ll find it helps because you are now telling your money where you want it to go rather than it telling you where it is going each month. Financial control is a fantastic feeling.

how to budget for beginners

how to budget for beginners

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Apache is functioning normally

June 2, 2023 by Brett Tams

According to the Motley Fool, the average American family has $7,630 in credit card debt, $11,244 in student loans, $8,163 in car loans, and $70,322 on a mortgage.

However, before you think the above amounts seem low, these figures include those who don’t have any debt. So, for example, when you only factor in those who actually have a credit card balance, the average amount shoots up to over $15,000.

All of the above shows that the average family has a lot of debt.

You’re different, though. If you’re reading this post, you are either close to paying off your debt or already have.

Paying off your debt, whether it be from credit cards, student loans, a mortgage, or something else, is an exciting time. A person works extremely hard and sacrifices many things in order to beat the “norm.”

But, what’s next?

Many don’t think about what to do after they pay off their debt. This can be a mistake and may even lead to someone falling back into debt.

As everyone probably knows, debt is easy to fall into, and that’s the last thing anyone wants after they have worked so hard to pay it all off. Here are my tips for life, after paying off your debt.

Carefully celebrate your debt-free life.

I recently heard about someone who paid off their debt and then threw a HUGE party to celebrate. This person bought drinks for everyone, had a caterer, and more.

I can only imagine how much this newly debt-free person had to pay for this kind of celebration and whether or not it put them back into debt. For some, this may be a fun way to celebrate, but it’s definitely not for everyone.

There are plenty of ways to commemorate your new, debt-free life. You don’t need to spend a ton of cash, or go back into debt to celebrate.

Here are several examples of how you can celebrate your new, debt-free life:

  • Throw a frugal potluck. Just as much fun as a catered party!
  • Have a nice family dinner at your favorite restaurant.
  • Pay for a fun experience with cash that you’ve saved up, such as a vacation, skydiving, a visit to a theme park, or something else.
  • Do a debt-free dance.
  • Scream “I’M DEBT-FREE!”

Think about getting rid of your credit card.

If you fell into credit card debt but still have a credit card, you may want to think about getting rid of your credit card completely.

While there are many benefits of having a credit card, there are negatives as well. For some, credit cards can easily lead to racking up more debt.

You should carefully examine your credit card behaviors and decide if having one causes you to spend more money. You may not truly need one.

The last thing you want right now is to fall back into your old spending habits and go back into debt!

Start an emergency fund.

Only 40% of families have enough in savings to cover three months of expenses, and even fewer families have the usually recommended six months worth of savings.

The percentage of people who have emergency funds while in debt is even lower. Many of those paying off debt don’t have emergency funds whatsoever, or they just have very small ones.

Well, now that you don’t have debt, you should focus on building an emergency fund.

These are just a few of the many reasons why.

  • An emergency fund is there to ensure you don’t fall back into debt due to unexpected expenses.
  • It can help you if you lose your job.
  • It is wise to have one if you have a high-deductible health insurance plan.
  • It is a good idea to have an emergency fund if you have a car. Your car may need a repair, get totaled, or some other unpredictable expense may occur.
  • It is necessary if you own a home. We all know, one of the lucky things homeowners often get to deal with are unexpected home repairs.

Emergency funds are always helpful to have, because they offer peace of mind if anything costly was to happen in your life. Instead of building onto your stress, you will know you can afford to pay your bills and focus on more important things.

Related: Everything You Need To Know About Emergency Funds

Keep your budget.

After you pay off your debt, you may want to get rid of your budget, as you probably have a little extra cash. However, right now is the perfect time to keep budgeting.

This wiggle room may have you tempted to spend all of this extra cash, but now is the time to be smart and think of something useful to do with it.

I recommend putting this extra cash towards a new financial goal of yours, such as one listed below.

Work towards a new financial goal.

Just because you’ve paid off your debt doesn’t mean you are done with your finances. Right now is the ideal time to start a new financial goal, because you are likely very motivated after finishing your debt payoff goal.

If you haven’t already, there are many other financial goals you may want to start working towards. These include possibly saving for:

  • Retirement.
  • An emergency fund.
  • Travel.
  • Starting a family.
  • Buying a home.
  • Buying a car.

Have you ever fallen back into debt? What happened? How much debt do you currently have?

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Apache is functioning normally

June 1, 2023 by Brett Tams

As unemployment numbers continue to rise, many employees are stressed about whether they’ll have a job next week or not.  Some have already, some have already lost their jobs and are scrambling to find new employment.   In this time financial planning is crucial.  This is a time when people are feeling and are desperately in need of guidance.  If you think that you are about to encounter a layoff,  you need to be focusing your attention on what can be controlled:  cutting expenditures, figuring out emergency funds, evaluating how to replace lost benefits, and making a game plan for the job search.

1. Save Emergency Cash

For those that are still employed but the future of their job is uncertain, I would encourage them to have at least 12 months of savings in cash.  Unfortunately many will not have enough.  But if they’re still employed and the emergency funds are not there, tapping into their 401(k) might be a viable option.  I know what you’re thinking.  Tapping into your 401k usually goes against all that I stand for.  And with this dismal market,  it might be a dangerous move, but;  if they become unemployed that option might now be available to them.

Typically if you’re still employed you’re allowed borrow up to half of your 401(k) balance, up to a maximum of $50,000.  Running these numbers you can guesstimate the period of how long you think it will take you to find a new job and then how much you would need to borrow to get you by until the new job is made.  If you borrow from your 401k while you are still employed then you avoid the 10% withdrawal penalty.  Sure there is some speculation in this move, but if you’re in a high demand field you may be able to use this move to your advantage.

Warning: If you do this, be sure to double check with your employer when you are due to pay it back.  It tends to vary from employer, but it could be due back immediately, within 60 days or some period greater.

2. Don’t Pay Off Debt

Another common misconception of after being laid-off is that most people want to take their savings or take their retirement savings and pay off debt, such as credit cards or even the 401(k) debt.  But in this type of market, paying off debt should not be the priority especially if you are unemployed.  The priority is to keep get your savings intact and making sure that you have plenty of cash on hand.  Sure credit card debt is bad, but just focus on making the minimum payment until you get your job situation in check.

3. Focus On Crisis Budgeting

If you’re used to going to shopping every weekend or eating out every other night at fancy restaurants, then most likely those changes are just around the corner. You need to sit down and seriously hammer out a budget of things that you need and things that you don’t need.

You may even consider working out two budgets, one for while you’re working and one for when you’re not working, so that way you can truly see how much you’re spending per month. And then, you can contemplate whether you can go on a cheaper cell phone plan, or cut your cable bill services. Sometimes adding that extra payment per month might not seem like a big deal, but $50 here and $50 there will surely add up, especially on a limited budget. Also, too, knowing which expenses you absolutely must be covered will help you realistically search for your future job.

4. Replace Lost Benefits

In the aftermath of a job loss, people should take stock of what benefits have been lost, which ones you are entitled to by law, and which ones may be portable.  how to continue health care coverage, especially if there are dependents.

Typically, employees are eligible to keep the same coverage through COBRA for at least 18 months. But, they may have to pay 102% of the cost of their insurance premium. If there premium have been subsidized by their employer, then that cost will be a rude shock.  COBRA can often be a good bridge choice, but it ends up being a health benefit. Families paying $200 a month for insurance under COBRA, it could be $1,000.  Luckily, the government just passed new law concerning COBRA benefits that qualifying period will be only responsible to pay for 35% of the benefit.  This comes at a time that should be very helpful to many that are facing layoffs ahead.

Many employers offer life insurance, long-term care insurance, disability policies and they may be portable as well. For another person or one who is not in good health, ability to take over the payments on existing $100,000 life insurance policy may save the worry of having to find another carrier. It’s better to keep it for a few months, although make sure they don’t need it, and drop it later.

5. Consider a Career Transition

Many people will be forced by an unforeseen job layoff to reassess what they want in their lives and what is meaningful to them. They may have to craft resumes, cover letters for the first time in years, and feel at a loss especially if they are switching to a new career path, which is an unfamiliar field.

If you haven’t jumped on the social media bandwagon, it’s time.  Consider Facebook, LinkedIn, Twitter and other social media sites to reconnect with old networks and also create new ones.  The more people that know your situation the better.   Also, consider starting a blog to showcase your talents. Need a good blog for inspiration?  Guess what, you’re already here.

by Steve Rhodes

Source: goodfinancialcents.com

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Apache is functioning normally

June 1, 2023 by Brett Tams

Imagine a situation where you could transform your mortgage into a more favorable and empowering financial tool. Picture the possibilities of accessing the equity in your property or securing lower interest rates. Welcome to the world of mortgage refinancing. Refinancing your mortgage is like hitting the reset button on your home loan, allowing you to replace your current mortgage with one that better aligns with your financial goals. The general rule of thumb is that you’ll pay between 2% and 6% of the refinance value. Here’s how it breaks down.

For help figuring out how to refinance your mortgage in a way that works for you, consider working with a financial advisor.

Mortgage Refinances Basics

A mortgage refinance refers to the process of replacing an existing mortgage with a new one, typically to take advantage of more favorable terms or to access equity in a property. Refinancing means receiving a new loan to pay off your current loan and obtaining a lower interest rate, longer loan duration, or a different type of mortgage. For instance, you might refinance your fixed-rate mortgage to a 5/1 adjustable-rate mortgage (ARM) for a lower interest rate.

Remember, although mortgage refinancing can provide a more favorable loan, it involves closing costs and fees. As a result, it’s essential to calculate whether the potential savings or benefits outweigh the expenses over the long term.

Average Cost to Refinance a Mortgage

Refinancing a mortgage means paying for the loan servicing required for your original mortgage. While the average refinance costs 2% to 6% of your loan amount, costs vary depending on your circumstances. In addition, interest rates have risen in the last two years, making borrowing more expensive.

Here’s a breakdown of refinancing costs:

  • Application fee: $0-$500
  • Attorney fees: $500-$1,000
  • Credit report fee: $10-$100
  • Discount points: 0%-3%
  • Document preparation fee: $50-$600
  • Flood certification: $15-$25
  • Home appraisal: $300-$700
  • Home inspection: $300-$500
  • Origination fees: 0.5%-2%
  • Recording fees: $25-$250
  • Reconveyance fee: $50-$65
  • Tax service: Varies
  • Title insurance and search: $400-$900

Factors Affecting Refinance Costs

Refinancing your mortgage can save you a significant amount of money. However, it’s critical to note that, similar to acquiring a new home loan, a refinance entails closing costs that can impact your immediate and long-term financial situation. Compared to closing on a comparable purchase loan, the closing costs for a refinance are generally lower. The precise amount you’ll be required to pay depends on various factors, such as:

Your Loan Size

As mentioned above, lenders base mortgage insurance and other costs on your total loan amount. Therefore, the larger your loan, the higher the refinance cost.

Your Lender

Each lender has its own fee structure. For example, some lenders may waive your credit report or application fee. As a result, it’s wise to shop around for lenders and ask for a summary of fees before committing to a specific lender. This way, you can compare the offers available.

Your Location

Costs of home inspections, recording fees, taxes and more depend on your location. Therefore, where you live can change your refinance costs by hundreds or thousands of dollars.

Your Credit Score

Your credit score and history demonstrate your consistency and reliability as a borrower. As a result, your lender charges lower interest rates to customers with higher credit scores because they present less risk. On the other hand, a low credit score means you’ll pay more interest, increasing your refinancing costs.

Your Home Equity

Similarly, home equity can also impact the interest rates available when refinancing. Generally, lenders offer better rates to borrowers with higher levels of equity. With more equity in your home, you represent less risk to the lender, which can result in more favorable interest rate options.

In addition, the loan-to-value ratio (LTV) is a crucial factor lenders consider when evaluating a refinance application. You can calculate it by dividing the loan amount by the property’s appraised value. Lenders typically have maximum LTV ratios they are willing to accept. For example, if a lender has a maximum LTV of 80%, they will only refinance up to 80% of the home’s appraised value. So, if your original mortgage required private mortgage insurance (PMI) because you had a low down payment or a higher LTV ratio, refinancing can help you eliminate PMI. Building equity to achieve an LTV ratio of 80% or less can eliminate PMI, reducing your monthly payment.

Your Loan Duration

Refinancing means receiving new terms for your loan. For example, you might extend your loan by five years or more through a refinance. Although doing so can lower your monthly payment, it usually increases the amount of interest you pay over time. On the other hand, shortening your loan duration means paying it off more quickly, reducing paid interest.

Your Type of Mortgage (Fixed-Rate or Adjustable-Rate)

With a fixed-rate mortgage, the interest rate remains constant throughout the entire loan term. The rate you agree upon at the beginning of the loan remains unchanged over the life of the mortgage, whether over 15, 20, or 30 years. This stability allows you to have predictable monthly mortgage payments, making budgeting easier. The downside is your interest rate is permanent, even if market trends in the future produce lower interest rates.

In contrast to fixed-rate mortgages, adjustable-rate mortgages (ARMs) have an interest rate that can change periodically. Typically, an ARM has an initial fixed-rate period, such as 5, 7, or 10 years, during which the interest rate remains stable. This rate is usually lower than fixed-rate mortgages. Then, after the initial period, the interest rate can adjust periodically based on an index, such as the U.S. Treasury rate. Therefore, the interest rate can fluctuate over time, potentially resulting in higher or lower monthly payments. If interest rates rise, your payments may increase, but if rates fall, your payments could decrease.

Your Specific Mortgage Program

In addition, you’ll pay different amounts for mortgage insurance depending on the loan type. For instance, mortgage insurance for conventional loans costs 0.15% to 1.95% of the loan amount every year. For FHA loans, you’ll pay a 1.75% premium upon closing and 0.15% to 0.75% of the loan amount every year. VA loans have a funding fee at closing of 0.5% to 3.6%. Lastly, USDA loans have a 1% upfront fee and a 0.35% annual fee.

Your Type of Property

The type of property you own can impact the refinancing process. Lenders may consider different factors and have specific guidelines based on the property type. Here are a few ways the property type can affect a refinance:

  1. Primary Residence: Refinancing a primary residence typically offers the most favorable terms and options. Lenders may provide lower interest rates and more flexible terms for primary residences because borrowers prioritize them over other real estate and assets.
  2. Investment Property: Refinancing an investment property, such as a rental property or vacation home, often comes with slightly higher interest rates and stricter eligibility requirements. Lenders may impose stricter debt-to-income ratios, require larger down payments and assess the property’s rental income potential to determine the feasibility of the refinance.
  3. Condominiums: Refinancing a condominium may have specific requirements. Lenders may assess the financial health of the condominium association, including factors such as the percentage of owner-occupied units, insurance coverage and reserve funds. Additionally, lenders may have stricter appraisal requirements for condos to ensure the property’s value and marketability.
  4. Multi-Unit Properties: Refinancing a multi-unit property, such as a duplex, triplex, or apartment building, may involve different considerations. Lenders typically evaluate the property’s rental income potential, occupancy rates and the borrower’s experience as a landlord. The appraisal process may focus on the property’s income-generating capabilities.
  5. Manufactured or Mobile Homes: Refinancing a manufactured or mobile home may have specific requirements and considerations. Lenders may have stricter criteria for these types of properties due to their unique characteristics. They may require specific certifications, consider the property’s foundation and location and have limitations on the loan-to-value ratio.

Typical Cost Breakdown

Here’s an example of how these numbers work. According to a recent report by Freddie Mac, the average rate refinance is about $273,500. So, here’s how the costs look at percentages of the loan balance on average using the dollar figures introduced earlier:

  • Application fee: 0%-0.18%
  • Attorney fees: 0.18%-0.36%
  • Credit report: 0.003%-0.03%
  • Discount points: 0%-3%
  • Document preparation fee: 0.018%-0.2%
  • Home appraisal: 0.11%-0.25%
  • Home inspection: 0.11%-0.18%
  • Origination fees: 0.5%-2%
  • Recording fees: 0.009%-0.09%
  • Reconveyance fee: 0.018%-0.023%
  • Title insurance and search: 0.14%-0.33%

Additional Considerations

Here are several other aspects of refinancing a mortgage to contemplate before taking action:

Interest Rates Variations 

Interest is the foundation for how lenders make money on loans. As a result, it’s one of the primary expenses for refinanced mortgages. The rate is a percentage of your principal balance, and your monthly payment goes toward interest first, then the principal. As a result, a higher interest rate means you’re paying more for the cost of the loan and less on the loan itself, increasing the cost and requiring more time for repayment.

Choosing Between Fixed-Rate and Adjustable-Rate Mortgages

Remember, a fixed-rate mortgage offers an interest rate that doesn’t change throughout the loan. This feature offers predictability for monthly payments until you repay the loan. On the other hand, adjustable-rate mortgages (ARMs) have interest rates that shift according to market trends after the initial fixed period. The advantage of ARMs is that your initial rate is usually lower than fixed-rate mortgages, and the adjustable rate afterward could also remain lower, increasing your savings.

Potential Savings Over the Long Term

How long you plan to live in your home is another crucial factor regarding refinancing. The refinancing process entails paying closing costs, which can outweigh the savings the interest rate reduction provides. Therefore, it’s best to estimate how long you plan to stay in your home to determine if you can break even or save money through refinancing. One method is to calculate the break-even point by dividing the total cost of the refinance by your monthly savings.

For example, say you save $100 per month, and the closing costs amount to $5,000. In this case, it would take approximately 50 months (or over four years) before you experience savings on your refinance. If you intend to stay in your home for longer than that, refinancing is worthwhile.

Loan-To-Value Ratio (LTV)

The eligibility of your mortgage for refinancing is influenced by the current value of your home compared to the loan amount. During the refinancing process, an independent party appraises your home to determine its market value. The appraised value is critical since the LTV usually can’t exceed 80%. If your home’s value has declined since you purchased it, you might lack sufficient equity to refinance, or you may need to bring additional funds to cover the difference between the home’s value and the loan amount.

Income Stability and Debt-To-Income Ratio

Other debts besides your mortgage, such as car loans or credit card debt, can impact your ability to refinance or the interest rate you receive. Lenders evaluate your debt-to-income ratio when you apply for a refinance. To calculate this ratio, divide your monthly debt payments by your gross monthly income. Generally, a debt-to-income ratio below 43% is desirable for mortgage or refinance qualification.

In addition, your current income and employment status, will influence the refinancing application. Specifically, changes in your income or employment can affect your refinancing eligibility. For instance, you may qualify for a better rate or more favorable terms if your income recently increased.

Conversely, suppose your income has decreased or you recently changed jobs. In that case, the refinancing process may be more challenging, depending on the duration of your current job or the extent of the income reduction. If you’ve recently started a new job, giving your situation several months to stabilize before attempting to refinance can help you qualify for a loan.

Cash-Out Refinance

Freddie Mac’s most recent report shows that 41.9% of refinances in 2021 were cash-out refinances. A cash-out refinance means liquidating a portion of your equity, putting thousands of dollars in your pocket. Homeowners cash out their equity for numerous purposes, such as improving the home, paying off debt, or starting a business. As a result, this refinance enlarges your mortgage, and you get a lump sum in return.

Strategies to Minimize Refinance Costs

Because refinancing can be expensive, it’s recommended to reduce costs as much as possible. This way, excessive fees won’t ruin the benefits of the refinance. These strategies can help you do so:

Shopping Around for Lenders

The whole lending market is open to you when refinancing. Although refinancing with your current lender might be convenient, you could find better rates and terms by getting quotes from several lenders and comparing the offers. This way, you’ll get the best deal available and save money on fees and interest.

Negotiating Fees and Closing Costs

Negotiating fees and closing costs with the lender is also an option. Many fees have wiggle room on the price, so asking lenders about discounts and waivers can be fruitful. In addition, a preexisting relationship with a lender, such as having a bank account or loan beforehand, allows you to access special deals.

Utilizing Mortgage Points

Lastly, you can purchase mortgage points to reduce your interest rate. Typically, they cost 1% of the loan amount per point. As a result, you can cut your interest rate down by paying several thousand dollars up front, reducing interest payments over time. It’s crucial to calculate when you break even if you do so. For example, say you spend $1,500 to lower your interest rate by 1%, lowering your monthly payment by $50. In this scenario, it will take 30 months to break even.

Hidden Costs to Be Aware Of

In addition, some refinancing costs are less apparent when shopping lenders. Here’s what to keep an eye out for:

  • Loan duration and its impact on costs: Generally, the longer the repayment schedule, the more expensive the loan. Your loan duration affects how long the interest rate builds upon the principal. So, repaying the loan faster means fewer compounding periods, which equates to less interest accrual.
  • Tax implications: Both original and refinanced mortgages provide a tax deduction for paid interest. In addition, purchasing points for a refinance loan creates another tax deduction. Specifically, you’ll divide what you paid over the number of years for the loan. So, paying $1,000 for a mortgage point for a 10-year loan results in a $100 deduction every year.
  • Costs associated with mortgage insurance: Refinancing with a conventional loan can incur mortgage insurance costs if you have less than 20% equity in your home. Specifically, private mortgage insurance (PMI) charges a percentage of your loan amount. These charges can occur at closing and each month as part of your loan payment.

The Bottom Line

Mortgage refinancing can benefit homeowners by allowing them to take advantage of more favorable terms and access equity in their property. However, it’s vital to carefully consider the costs involved in the refinancing process and determine whether the potential savings or benefits outweigh these expenses in the long term. As a result, it’s necessary to understand how numerous factors, including the loan amount, origination fees and discount points, can impact the overall cost of refinancing and evaluate the potential savings. Other considerations include the option of a cash-out refinance, which allows homeowners to access their equity, and using strategies to minimize refinance costs.

Tips for Refinancing a Mortgage

  • It’s a good idea for homeowners to analyze their financial situation and goals before refinancing their mortgage. Fortunately, you can consult with a financial advisor to evaluate your circumstances and make informed decisions that align with your long-term plan. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
  • The real estate market fluctuates daily, making it challenging to understand when refinancing is beneficial. You can get an interest rate estimation using SmartAsset’s rate comparison tool to see if the market conditions suit you.

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Apache is functioning normally

June 1, 2023 by Brett Tams

Buying things and adding debt to your life won't make you happy. Instead, you should do what makes YOU happy and think carefully about your spending.

Buying things and adding debt to your life won't make you happy. Instead, you should do what makes YOU happy and think carefully about your spending.Some people buy things because they think it will make them happier. They may buy a new pair of shoes to feel better about themselves or a new car to impress someone.

Well, I want to tell you something: Buying things won’t make you a happier person. Instead, you should focus on what makes YOU happy.

However, that doesn’t stop some people from spending much more than they have, especially because it’s easy to think that buying things will make them a happier person.

Considering that 68% of people live paycheck to paycheck, 26% have no savings whatsoever, the median amount saved for retirement is less than $60,000, and the average household has $7,283 in credit card debt- I’m going to assume that the average person is feeling more stress than happiness due to the things that they buy.

Sure, you may get a little bit of excitement as you purchase that new pair of shoes or new car (occasionally), but for the most part, you won’t still have that same feeling years later.

You probably won’t even be happy with that purchase just a month later!

Usually, you’ll regret it or feel some other negative feeling, and in today’s post we’ll talk about why that spending won’t make you happy.

Now, I’m not saying that all spending is bad. Spending is fine, as long as it’s budgeted for, you can afford it, and it actually makes you happy! In this blog post, I’m referring to the opposite type of spending- the type where you’re trying to impress someone, emotional spending, and so on.

Related:

Buying things won’t make you happy for many reasons. Continue reading below to learn more.

Your stuff doesn’t define who you are.

Having more stuff doesn’t make you happier and your stuff doesn’t define who you are.

You’re not that pair of pants…

You’re not your car…

You should only purchase things that you want and/or need, and not if you are trying to pretend to be someone else. You should only own something if you truly want it. Who cares about what everyone else has!

Your emotions can lead to spending disasters.

Some people spend money and buy things because they believe that it will make them happy. This is known as emotional spending.

According to NerdWallet, the average U.S. household (who has debt) has an average credit card debt of $15,611, and I’m sure some of that is due to emotional spending.

Emotional spending occurs for many different reasons. You may have had a bad day at work, a fight with your loved one, and so on. You might even be spending because you are stressed out about the amount of spending you have done.

However, emotional spending usually just leads to more problems and most often, never cures anything.

To end your emotional spending habit, I recommend:

  • Figuring out how much debt you have. You’ll most likely be shocked, and hopefully this will persuade you to change your spending habits and the way you deal with stress.
  • Understanding why you spend when you’re stressed. In order to stop stress spending, you need to really think about why you have this problem. Without understanding your problem, you may continue to fall into the same cycle over and over again.
  • Thinking about your financial goals, so that you can stay motivated.
  • Finding different ways to deal with stress.
  • Sticking to a budget.

Buying things can prevent you from reaching your goal.

You may be preventing yourself from reaching a financial goal by purchasing more and more. This can lead to additional stress, sadness, a feeling of defeat, and more.

The next time you are going to purchase something that is just a “want,” you may want to think about whether or not it will hold you back from your goal.

More stuff means more to maintain.

With every item you add to your life, there will be more and more that you’ll have to spend extra time and money to maintain. Things may get broken, lost, stolen, dirty, etc. They may need to be repaired or even replaced.

Who wants all of that stress?

That purchase may cost you more in the long run.

To build on the previous point, the initial cost of purchasing an item may not be the only cost. You may also need to pay to store the item, organize it, interest charges, and so on.

This can lead to more stress, more time spent on the item, and so on.

There’s always something else to buy.

I know people who are always buying the latest and greatest items. Every year they will buy the newest iPhone, they’ll upgrade their laptop, and more. Most of these people are in debt and live a paycheck to paycheck lifestyle.

Are these people happy?

I don’t know, but I don’t see how upgrading every single year could make you a happier person if you can’t afford it.

The thing is, there will always be something newer to buy. If you want the latest and greatest thing, you may be disappointed because there will always be something else.

What makes one person happy won’t necessarily be the same for you.

I’m sure almost everyone, at one point in their life, has felt the need to keep up with someone else.

You may want the same car, the same house, the same designer clothing, and so on.

The problem with this is that it can make you broke.

When trying to keep up with someone else, you might spend money you do not have. You might put expenses on credit cards to (in a pretend world) “afford” things. You might buy things that you do not care about. The problems can go on and on.

This can lead to a significant amount of debt.

Trying to the same things as someone else is not worth it because:

  • You will never be happy, no matter how much money you spend.
  • You will constantly compare yourself to everyone.
  • You will go into debt because that’s the only way you feel like you can keep up.
  • You will have a loan payment for everything because that’s the only way you can “afford” things.
  • You won’t have any money leftover for retirement, an emergency fund, etc. because you’re spending it all on things you do not need.

Instead, you should figure out why you want to keep up with someone else, think about your own life and your own goals, realize that jealousy won’t get you anywhere, and try your best to live within your means.

You’re not impressing anyone.

If you’re purchasing things just to impress others, well- you will be disappointed. For the most part, no one cares or will even know that you bought something new.

You should do what makes you happy and only buy things for yourself- not to impress anyone else.

Money problems may lead to stress and other problems.

If you buy things that you cannot afford, this can lead to significant amounts of stress and other financial problems.

You may find yourself with more credit card debt than you can handle, personal loans, high interest charges, stuck in a paycheck to paycheck lifestyle, and more.

Who wants all of that?

Do you think that buying things makes you happy? Why or why not?

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Source: makingsenseofcents.com

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Apache is functioning normally

June 1, 2023 by Brett Tams

Bad money habits can lead to debt, living paycheck to paycheck, unhappiness, and more. Here are several bad money habits that may be making you broke.

Bad money habits can lead to debt, living paycheck to paycheck, unhappiness, and more. Here are several bad money habits that may be making you broke.There has probably been at least one point in everyone’s life when they have engaged in a bad money habit. However, it’s best to realize your bad money habit now rather than later!

I believe it’s much better to realize your problem as soon as you can so that you can take action towards changing for the better. Doing so can help you improve your financial situation for years to come.

Understanding your bad money habits and making a change can help you stop living paycheck to paycheck, eliminate debt, pursue your passion, save for your goals, reach retirement, and more.

Here are several bad money habits that may be making you broke.

Keeping up with the Joneses – what a bad money habit!

I’m sure almost everyone, at one point in their life, has felt the need to keep up with the Joneses.

Whether you are five years old and want that new toy everyone is playing with, or if you are 40 years old and are feeling the need to upgrade your house, car, etc., everyone has experienced it.

The problem with this is that keeping up with the Joneses can make you broke.

VERY broke.

When trying to keep up with the Joneses, you might spend money you do not have. You might put expenses on credit cards to (in a pretend world) “afford” things. You might buy things that you do not care about. The problems can go on and on.

This can lead to a significant amount of debt.

Keeping up with the Joneses is not worth it because:

  • You will never be happy, no matter how much money you spend.
  • You will constantly compare yourself to EVERYONE.
  • You will go into debt because that’s the only way you feel like you can keep up.
  • You will have a loan payment for everything because that’s the only way you can “afford” everything.
  • You won’t have any money leftover for retirement, an emergency fund, etc. because you’re spending it all on things you do not need.

Instead, you should figure out why you want to keep up with the Joneses, think about your own life and your own goals, realize that jealousy won’t get you anywhere, and try your best to live within your means.

Related:

Letting your emotions take control of your spending.

Emotional spending is a bad money habit that many people take part in. It’s one you should stop, because it doesn’t cure any problems.

According to NerdWallet, the average US household (who has debt) has an average credit card debt of $15,611, and I’m sure some of that is due to emotional spending.

Emotional spending occurs for many different reasons. You may have had a bad day at work, a fight with your loved one, and so on. You might even be spending because you are so stressed out about the amount of spending you have done.

To end your emotion spending habit, I recommend:

  • Figuring out the amount of debt you have. You’ll most likely be shocked, and hopefully this will persuade you to change your spending habits and the way you deal with stress.
  • Understanding why you spend when you’re stressed. In order to stop stress spending, you need to really think about why you have this problem. Without understanding your problem, you might just keep falling into the same cycle over and over again.
  • Thinking about your financial goals, so that you can stay motivated.
  • Finding different ways to deal with stress.
  • Sticking to a budget.

Not facing your debt.

Too many people never face their debt and don’t even know how much debt they have.

By not thinking about your total debt figure, it may seem less real and a way to run away from it. However, that will catch up to you in many ways, such as high interest charges, a bad credit score, numerous phone calls from debt collectors, possible paycheck garnishments, and more.

The first step to paying off your debt is to face it. You should add up your total debt, learn more about the debt you have, and create a plan to eliminate it.

Ignoring the importance of financial education.

Many people do not fully understand how credit cards work, how to improve their credit score, and more. However, if more people were educated on financial issues, this could lead to less debt, better managed budgets, and more.

I recommend diving into a good personal finance book, bookmarking your favorite financial blogs, staying up-to-date on the latest things going on in personal finance, and more.

Thinking you don’t need a budget.

Too many people go without a budget, because they believe they don’t need one. Sadly, many people believe that budgets are only for “poor” people, people who are horrible with money, and so on.

But, that just isn’t the case, at all. Nearly everyone needs some form of budget, even if that means just comparing your income and your expenses each month.

Budgets are great, because they keep you mindful of your income and expenses. With a budget, you will know exactly how much you can spend in a category each month, how much you have to work with, what spending areas need to be evaluated, among other things.

Budgets have helped people reach their goals, pay off debt, make more money, retire, and more.

Believing you’re invincible.

While I always try to stay positive and am a firm believer in the power of positive thinking, I do believe that everyone should have an emergency fund. However, many people have no emergency fund whatsoever, and this is a bad money habit.

There are many reasons to have an emergency fund:

  • An emergency fund can help you if you lose your job. No matter how stable you think your job is, there is always a chance that something could happen.
  • An emergency fund is wise if you do not have great health insurance or have a large annual deductible.
  • An emergency fund is a good idea if you have a car and need repairs.
  • An emergency fund is a need if you own a home. One of the lucky things that homeowners often get to deal with is an unexpected home repair. Having an emergency fund can help you if your basement floods, if a hole forms in your roof, and more.

Emergency funds are always good to have, because they give you peace of mind when something costly happens in your life. Instead of building onto your stress, you will know you can still afford to pay your bills and worry about more important things.

Being afraid of investing.

One of the biggest bad money habits is that far too many people are afraid of investing and never start.

Here are some reason to invest:

  • You can retire one day.
  • You never know what may happen in the future, so preparing now is important.
  • You can allow your money to grow over time.

I always say, the first thing you need to do if you want to start investing is to just jump in. You’ll never learn unless you make an attempt.

Read more at The 6 Steps To Take To Invest Your First Dollar – Yes, It’s Really This Easy!

If you are new to my blog, I am all about finding ways to make and save more money. Here are some of my favorite sites and products that may help you out:

  • Start a blog. Blogging is how I make a living and just a few years ago I never thought it would be possible. I earn over $70,000 a month online through my blog and you can read more about this in my monthly online income reports. You can create your own blog here with my easy-to-use tutorial. You can start your blog for as low as $3.49 per month plus you get a free domain if you sign-up through my tutorial.
  • Sign up for a website like Ebates where you can earn CASH BACK for just spending like how you normally would online. The service is free too! Plus, when you sign up through my link, you also receive a free $10 gift card bonus to Macys, Walmart, Target, or Kohls!
  • Answer surveys. Survey companies I recommend include Survey Junkie, Swagbucks, Pinecone Research, and Harris Poll Online. They’re free to join and free to use! You get paid to answer surveys and to test products. It’s best to sign up for as many as you can as that way you can receive the most surveys and make the most money.
  • Save money on food. I recently joined $5 Meal Plan in order to help me eat at home more and cut my food spending. It’s only $5 a month (the first two weeks are free too) and you get meal plans sent straight to you along with the exact shopping list you need in order to create the meals. Each meal costs around $2 per person or less. This allows you to save time because you won’t have to meal plan anymore, and it will save you money as well!
  • I highly recommend Credible for student loan refinancing. You can lower the interest rate on your student loans significantly by using Credible which may help you shave thousands off your student loan bill over time.
  • Cut your TV bill. Cut your cable, satellite, etc. Even go as far to go without Netflix or Hulu as well. Buy a digital antenna (this is the one we have) and enjoy free TV for life.
  • Try InboxDollars. InboxDollars is an online rewards website I recommend. You can earn cash by taking surveys, playing games, shopping online, searching the web, redeeming grocery coupons, and more. Also, by signing up through my link, you will receive $5.00 for free just for signing up!
  • Find a part-time job. There are many part-time jobs that you may be able to find. You can find a job on sites such as Snagajob, Craigslist (yes, I’ve found a legitimate job through there before), Monster, and so on.
  • Lower your cell phone bill. Instead of paying the $150 or more that you spend on your cell phone bill, there are companies out there like Republic Wireless that offer cell phone service starting at $10. YES, I SAID $10! If you use my Republic Wireless affiliate link, you can change your life and start saving thousands of dollars a year on your cell phone service. I created a full review on Republic Wireless as well if you are interested in hearing more. I’ve been using them for over a year and they are great.

What bad money habits are making you broke?

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Source: makingsenseofcents.com

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Apache is functioning normally

May 31, 2023 by Brett Tams

This is a guest post from Kyle Sellers, College of Business student from SIU-Carbondale.   Kyle was my intern this past semester and asked me to speak to his business fraternity.   You may also want to check out my post on when I went to visit the local high school.  I’ll let Kyle take it over from here….

I know what you are thinking. Who wants to hear more about why us youngsters think we should invest?

Last year Mr. Rose (man that makes him sound old), was asked to be a guest speaker at a local high school.

This time Mr. Rose was asked by Alpha Kappa Psi, a professional business fraternity at Southern Illinois University-Carbondale, to share his insight and advice about financial planning.

At the end of the meeting, Mr. Rose asked us our top 6 reasons why we think we should invest.

6 Reasons Why College Students Think You Should Invest

Reasons Why You Should Invest

1.  Be your own Financial Manager

Now I know not everyone is an expert in finance, investing, and the stock market, but you should still be very conscious of your financial situation, especially in this day in age.

For starters, you could keep track of all your earnings and expenses so you know where your paycheck is going each week.  Also, you could start paying off all of your outstanding credit card debt.  Or you could start an emergency fund…

2.  Emergency Fund

You want your emergency fund for, just that, times of emergency. After all, how many of us have the psychic ability to predict our cars breaking down, or an appliance going ca-put?

Thus, this fund should be liquid (an asset that can be easily converted into cash).  Having enough cash on hand will save you from digging deeper into debt.  Some good places to put your money would be checking or savings accounts, CDs, or some short term bonds.

If you happen upon not knowing what to do with 1000 dollars one day, beginning an emergency fund for yourself or your family is a great way to start.

3.  Inflation

You don’t necessarily notice this every day but the rate of inflation is constantly decreasing the value of your assets and increasing the cost of living.  If you don’t invest, the value of your money will sit around and be corroded down to nothing.  Remember when you could get a cheeseburger, fries and a drink for 15 cents?  Me neither but it’s true.

College tuition is rising along with your favorite meals (in Fall 2008-Spring 2009 the cost of attendance was about $18,700 for SIUC).  According to www.finaid.org the average tuition inflation rate is double the general inflation rate.

So if we use the estimated annual tuition inflation rate of 7%, then the cost of tuition in 10 years would be about $36,800.  If we waited for 20 years it would cost almost $73,000 per year or roughly $321,000 for a four year degree!  Even if you happen to have one of the highest paying college degrees, inflation will still find a way to get you.

4.  Retirement

Here’s one that high school students and college students agreed on.  Although none of us students can understand the feeling of wanting to retire early, we can still understand that after working everyday for 40 years, an endless vacation doesn’t sound too bad.

Saving for retirement early on is your best bet.  If you are 21 years old and you started investing $2,000 a year at 8%, it would be worth over $773,000 in 45 years.  If you didn’t start saving until you were 40 (26 years of investing) you would need to put almost $10,000 per year to get the same amount.

5.  Family Security

Keeping your kids safe from the boogieman is a plus.  But will you have enough saved for their college tuition?  Do you have insurance coverage for any unpredictable emergencies?

Get life insurance so that your family can make it if something bad happens to you.  This also ties back in with being your own financial manager as well as building an emergency fund.

6.  Grandma, you owe me rent!

We couldn’t be serious the whole time.  I think I can speak for a lot of people by saying that I don’t want to be living on my grandkid’s couch when I retire.  Wouldn’t you rather be lying on a beach sipping on your favorite beverage?  That makes two of us.

*I would personally like to thank Mr. Rose for taking the time to share your knowledge with us.  And thank you to my fellow brothers in Alpha Kappa Psi.

Source: goodfinancialcents.com

Posted in: Money Basics Tagged: 2, About, advice, age, All, asset, assets, average, beach, best, bonds, building, business, ca, cars, CDs, cents, College, college students, cost, Cost of Living, couch, Credit, credit card, Credit Card Debt, Debt, double, earnings, Emergency, Emergency Fund, expenses, Fall, Family, Finance, Financial Planning, Financial Wize, FinancialWize, fund, General, good, great, guest, guest post, Illinois, in, Inflation, inflation rate, Insurance, insurance coverage, Invest, Investing, kids, Life, life insurance, Living, Local, Make, man, market, money, More, one day, or, paycheck, Planning, rate, Rent, retire early, retirement, rose, safe, save, Saving, Saving for Retirement, savings, Savings Accounts, School, sellers, short, short term, short term bonds, Spring, Start Saving, stock, stock market, student, students, The Stock Market, time, tuition, vacation, value, wants, will, working

Apache is functioning normally

May 31, 2023 by Brett Tams

Your debt-to-income ratio—the total of all your monthly expenses divided by your gross monthly income—is one of several factors that impact your mortgage rate, our experts say. Your debt-to-income ratio (DTI) determines the loans you can get and a higher DTI generally means you won’t get access to loans with lower mortgage rates.

“The better programs have thresholds with lower debt-to-income ratios. And better programs translate into better rates,” says Kevin Leibowitz, a mortgage broker at Grayton Mortgage.

Impact of DTI on buying choices

In New York City, co-op boards have their own DTI requirements for buyers, usually 22 to 24 percent. “Co-ops are usually stricter than banks when looking at DTI,” says Deanna Kory, a leading agent at Corcoran. 

Of course lenders are also assessing your financial viability. “Every bank has guidelines with regard to the maximum debt-to-income they allow in order to approve a loan,” says Melissa Cohn, regional vice president at William Raveis Mortgage.

When you’re shopping for a mortgage, a loan officer or mortgage broker will offer you a rate based on your borrowing profile. This includes your credit score, your down payment, whether you’re buying a condo, second home, or investment property, and whether the mortgage is a cash-out refinance. “All these factors are layered on top of each other and it becomes a decision-tree matrix,” Leibowitz says. 

Many lenders will allow for DTI ratios up to 50 percent but the terms available for the loans with a higher DTI are typically worse than those with lower DTI ratios. “Many adjustable and most jumbo lenders cap the maximum DTI at 43 percent in order to qualify,” Cohn says. If you are financing more than 80 percent and applying for private mortgage insurance (PMI), Cohn says the cost of the PMI increases with a higher DTI. 

Put another way—if you have a small down payment, a low credit score, and a high DTI, Leibowitz says, “either the programs are going to disappear or the programs that are available come with worse terms.”

For example, let’s say a condo buyer has a low credit score and a high DTI and they are putting 50 percent down on a $500,000 apartment. That’s not necessarily a bad loan for a lender, Leibowitz says. A buyer is unlikely to default on $250,000 of equity or cash they’ve just put down.

However a higher DTI might rule out access to a loan with a better rate, Leibowitz says. 

How to improve your DTI

One of the best ways to improve your DTI ratio is to limit or pay down any consumer-related debt. This might mean paying off your credit card debt, delaying a big purchase, holding off on a leasing arrangement for a new car, or setting up a loan repayment program for any student debt.

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Source: brickunderground.com

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