My Mint Story Archives - Hanover Mortgages

Apache is functioning normally

May 30, 2023 by Brett Tams

Save more, spend smarter, and make your money go further

As the credits rolled on Adam Baker’s I’m Fine, Thanks documentary, tears streamed down my face. I had watched his TED Talk earlier that day about getting rid of your crap, paying off your debt, and doing what you love. I yearned to have the “freedom” he talked about in both videos. That’s when I looked at my husband and said, “I don’t want to live like this anymore. I want to pay off your student loan debt!”

The first tool that came to mind was Mint.com. I had heard of the site from friends who mentioned using the app. I never realized where all of the money we earned was going. We were living in Austin, Texas and working through a tough economy making roughly $12/hour each. Luckily, we had two old cars that were paid off (including my first car from when I was 15), so we didn’t have the burden of car loans or credit card debt.

The student loans were weighing heavy on us. Fortunately, a family gift of $5,000 helped us lower the loan from $24,000 to $19,000, but it was still a huge burden. I immediately logged on to Mint.com that same night after we finished Adam Baker’s inspiring videos and pulled in three months of history from our bank accounts. As I began categorizing every transaction and budget, I began to see a pattern of bad habits.

Read: How to Pay Off Student Loan Debt

What was my husband buying at the convenience store every two days for $7.43? Did I really need to purchase those clothes from Goodwill last Tuesday night? Why were we eating out four times a week? OK, I’ll admit, my food budget is still being reworked two years later! As the transactions poured into our Mint.com account, they sparked a conversation between my husband and me. We committed to spend less on ‘wants’ and focus on the necessities and paying down the student debt.

We failed miserably the first months and still do in certain categories from time to time, but we adjusted the budget and aimed for more goals the next month. Our minimum payments for the student loans were $184 a month. There was no way we’d be able to make big progress by only paying the minimum, so we upped our payments little by little.

The first month, we paid $300 on the student loans. We didn’t feel too much of a pinch. At this point, I was watching our account with a microscope, and every single transaction was up for discussion. The next month, we paid $500. Still no pinch. I said, “Let’s be crazy and go for $1,000!” We met that goal and continued to pay upwards of $1,200 each month until the balance dwindled down to nothing. Even after moving cities and switching careers, we were able to pay off the student debt in full before my 27^th birthday.

That feeling was amazing, and now we’re onto the next goals: saving for a house and preparing for our first baby due next year.

About the Author

Kelsey is the self-proclaimed financial guru of her household living in Houston, Texas, spreading the word about the benefits of paying down debt. She’s also a minimalist enthusiast, and founder of The Little Red Journal.

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Apache is functioning normally

May 24, 2023 by Brett Tams

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Swiping your magnetic-stripe credit card will soon become a thing of the past.

In the wake of widespread consumer data breaches like those at Target and Home Depot – plus increasing rates of counterfeit fraud – credit card companies nationwide are issuing new smart chip-enabled cards to improve payment security and provide consumers with greater protection against fraud.

Have you received your new chip-equipped credit cards in the mail yet? If not, you will soon: October 2015 is the “liability shift” deadline between banks and merchants. If a business doesn’t offer chip-enabled transactions after October, the liability for any resulting credit card fraud will fall to the business-owner and no longer the bank.

Here’s the scoop on what you need to know about chip-enabled cards, or as they are more formally known, EMV cards:

What’s EMV?

EMV cards – named after its original developers Europay, MasterCard, and Visa – are nearly identical to the typical American credit card, but they are encrypted with a small computer chip rather than a magnetic stripe. You will notice a small gold or silver metallic square on the front of your card. While this square contains the same information as magnetic stripe cards, such as name, card number, and expiration date, each transaction generates unique, dynamic data. This is the game changing technology that makes it difficult for anyone but the rightful owner to use the card, and it protects against the creation of counterfeit cards.

EMV cards have been the standard around the world for decades, but America is finally catching up: half of the world’s credit card fraud occurs in the US!

How Do EMV Cards Work?

Instead of swiping your card, you’ll insert your card into a terminal slot. This action is called “dipping”! The data then flows between the card chip and the issuing financial institution to verify the card’s legitimacy. Because these cards are read in this new, different way, you should know that the transaction is not as quick as a basic swipe; expect a slightly longer time at the point of sale. Though most of the world operates on a “chip and pin” system, Americans will still sign credit card receipts for the time being.

Keep in mind, your card will still have an magnetic stripe, too. Not all businesses will support “dipping” by October. In fact, a recent Intuit survey found that 42% of small businesses haven’t heard about the deadline yet!

Can I Still be a Victim of Fraud?

Though this new technology should give you greater peace of mind, smart-chips do not entirely eliminate credit card fraud. You will still need to monitor your credit card accounts and credit score diligently – at least once a month. That’s the best way to detect fraud in the early stages and keep your identify safe.

– Vera Gibbons, Mint Contributor and Personal Finance expert

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Apache is functioning normally

May 22, 2023 by Brett Tams

Save more, spend smarter, and make your money go further

Mothers tend to have an opinion about everything, and the older we get, the more we realize just how right they are! This is especially true when it comes to being smart with money. So the next time your mom offers up some wisdom, consider her advice as a gift to you this Mother’s Day!

Stick to a budget

A recent survey shows that 60% of Americans do not have a budget! You can’t possibly manage your finances without one. An app like Mint will help you create a budget, track your spending and set financial goals. Plus, when you sync all financial accounts to the app, everything is in one place. Budgets lead to a better financial future. Mom wants that.

Monitor your bank balance

While it’s easier than ever to check a balance here or pay a bill there, you may think you don’t need to maintain your own records. You do! You may think your mom is a bit old-school for balancing a ledger, but it’s important to check your account monthly. Cross-reference your spending with your checking account to see if your balance is higher or lower than it should be. Look over receipts, payments and cancelled checks and double check the amounts. If there are any inaccuracies, report them immediately.

Secure your future

While 401(k)s may be going the way of mom jeans, many companies still offer them. If you are lucky enough to work for a company that offers one of them, max it out. You can contribute up to $18,000 this year. It’s the best way to build wealth for your future, and minimize the tax bite – a worker in the 25% tax bracket who contributes the maximum this year will save $4,500 on his 2015 tax bill. If your employer matches contributions (50 cents on the dollar up to a maximum of 6% is common), this will help grow your retirement account balance even faster. For a worker earning $60,000 per year, this employer match – aka “free money” – could be worth as much as an additional $1,800 toward that retirement account. Mom will be so proud!

Save before you spend

Saving before spending is one of the easiest ways to boost wealth and meet your long-term goals. If you are paying yourself last, chances are there may not be much left to save after you’ve covered your housing costs, groceries, and utilities. You may have heard your mother say “pay yourself first”: set aside a certain portion of your income the day you get paid before you spend any discretionary income. Direct deposit is an easy way to save automatically.

Homemade gifts are the best

A large portion of the $173 we are expecting to spend on mom this year will be at restaurants, according to the National Retail Federation. If mom taught you how to cook, avoid the crowds and make her brunch at home. You will be putting the lessons she taught you to work while saving money and showing her how much she’s appreciated in the most personal way!

– Vera Gibbons, Mint Contributor and Personal Finance expert

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Apache is functioning normally

May 19, 2023 by Brett Tams

Save more, spend smarter, and make your money go further

A couple of months ago, a friend asked me for help choosing investments in her 401(k). Unfortunately, the investment options were a collection of expensive, actively managed mutual funds, some with sales charges. The only silver lining was her employer’s matching contribution, which is always a fantastic offering.

The price you pay for your investments is very important, yet many people aren’t aware of their retirement account fee structure. Expensive funds can cost a person tens of thousands of dollars (or more!) in fees and expenses over a career. I advised my friend to contribute enough to get the full match, contribute more to an IRA, and ask her employer’s benefits administrator to add some low-cost index funds to her plan.

Tibble v. Edison

Luckily, having low-cost funds at your disposal just got much easier. A recent unanimous Supreme Court decision found that retirement plans that offer expensive investments when cheaper, comparable ones are available are violating Federal law. So what did this mean for you?

The court’s decision was relatively narrow. The plan under scrutiny in this case was offering retail-priced funds when institutional-priced funds were available. In other words, they were forcing employees to buy an expensive product when the exact same product was available at a lower price (kind of like a name brand prescription drug vs. a generic brand.)

That’s illegal, because a 401(k) plan administrator is a fiduciary. A fiduciary means they’re required by law to make decisions in the best financial interests of the employees who keep their retirement savings in the plan. They’re not allowed to use the plan to enrich their employers or themselves. The court didn’t weigh in on how much is too much for a plan to charge, or whether a plan is required to offer index funds. But they offered a glimmer of hope and legal muscle to anyone saddled with a less than ideal 401(k).

How do you know if your 401(k) has lousy investment options? Names and numbers. A good plan will offer a variety of index funds (usually with “index” in the name), with an expense ratio of 0.2% or less. The expense ratio tells you how much the fund charges you per year, as a percentage of the money you keep in that fund. Since the cheapest funds charge under 0.1%, anything over 1% is more than ten times as expensive — and sadly common. The plan is required to disclose the expense ratio of each fund, but it’s not always in the same place. It might be found as a column in the list of investment options on your online benefits site, or you might have to click through to the specific fund.

Even if you find your plan is overpriced, you should still take advantage of your 401(k) to save for the future, especially if there’s an employer match. But it’s worth your time to send a note to the benefits office and ask for index funds. It could make a huge difference to your retirement stash down the road when you’re ready to use your money.

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Apache is functioning normally

May 18, 2023 by Brett Tams

Save more, spend smarter, and make your money go further

Last month’s average temperatures nationwide were the second highest ever recorded, and July is showing no signs of relief. The hot weather paired with many large utilities already raising customer rates means that Minters could see their highest utility bills ever this year.

Luckily, there are steps you can take now to reduce the cost of cooling your home. So sit back, pour yourself a cold drink and take advantage of these tips to keep your utility bill from heating up.

Replace Your Air Filters

You should be replacing your air filters once a month, especially during the summer. Dirty filters restrict airflow, which means the air conditioner runs longer and uses more energy. Replacing a clogged filter will reduce your energy consumption by up to 15%! Buy several filters at once and create a recurring calendar reminder on your phone.

Cool Down Your Bed, Not The Room

Feeling hot when you try to fall asleep is uncomfortable at best, but running the air conditioning all night is the quickest way to a steep energy bill. Instead of turning down the temperature on your thermostat, consider purchasing a bed fan or cooling mat. Bed fans are special bed-height units that send cool air between your bed sheets, using much less energy than central air or a wall unit. Cooling mats use no energy at all! Just pop it in the refrigerator during the day, and place in your bed when you’re ready to turn in for the night.

Consider a Smart Thermostat

Your thermostat controls half of your energy bill, so any cost savings strategy deserves a long look at that tiny box on your wall. Thermostat innovator Nest reports that a correctly programmed thermostat – ones that make adjustments based on your activity – can save about 20% on your heating and cooling bill. In fact, average annual savings with the Nest Learning Thermostat is $173/year – with units costing around $250, you’ll see a return on your investment in your second year.

You can use Nest’s online tool to calculate how much money you can save based on your location, home size and system specifications. Even if you don’t have a smart thermostat, don’t forget: adjusting your temperature just one degree can cut your energy use up to 5%.

Get an Estimate for Radiant Barriers

If you live in a region with prolonged hot temperatures, updating your home’s insulation is a great option for reducing cooling costs for good. Radiant barriers – also known as reflective insulation – reflect heat away from the home.

Heat travels in three ways: conduction, convection, and radiation. Traditional insulation materials slow conductive and convective heat flow, but do not account for radiant heat that travels through your roof and into your house. Radiant barriers are easiest to install in new construction, but can be installed in your existing house, especially if it has an open attic. Studies show that radiant barriers can reduce cooling costs 5% to 10% when used in a warm, sunny climate.

What are some tips and tricks you use to keep things cool around your house? Share with us in the Comments or on Twitter with #MyMintTips.

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Apache is functioning normally

May 15, 2023 by Brett Tams

Save more, spend smarter, and make your money go further

If you’ve paid off debt, congratulations! Paying down debt is the top goal for many Minters when they start monitoring their finances. Getting out of the red takes focus and discipline, and luckily, there are many free resources to help you. But what happens after you’ve paid off debt and freed yourself from that burden?

Check out these steps to ensure you stay on the right financial path even after your circumstances have changed for the better.

Understand Your Debt Triggers

Staying debt free can be as difficult as getting into debt. So before you make any changes to your financial behavior, it’s important to assess and understand how you fell into debt in the first place. The answer might be as easy as student loans; however, for most people the answer is not so obvious. First, take a moment to think about how you approach your finances and how people and experiences influence your attitude towards money. Then, identify the behaviors and choices that led to your prior financial situation. You’ll likely identify some patterns. A deeper understanding of how you think about money will help keep you out of debt.

Re-establish Your Budget

A monthly budget is now more important than ever. Having a plan for where to spend and save your new discretionary cash flow will help you from falling back into old habits – especially when newly available funds may tempt you into spending on unnecessary extravagances. You used to pay creditors first; now you can pay yourself first. Consider saving 20 percet of your disposable income. Even though you are no longer in debt, make saving non-negotiable.

Set New Goals

Once you establish your new commitment to saving, you must determine what you are you saving for! Here are the first two goals you should considering setting:

Emergency Fund: Most people don’t have an emergency fund, which can protect you in case of sudden unemployment, a medical emergency or other unexpected expenses. This fund should be the equivalent of 3 to 6 months of your net income, which gives you enough to live on without taking out loans. However, don’t discount the cost of risk. Make sure you can pay off your credit card bills so that you don’t pay unnecessary interest that could otherwise be going to your emergency fund.

Retirement Fund: When it comes to retirement, the sooner you start saving, the better. A good place to start is with your company’s 401(k) plan which is free money! In most cases, you can have deductions from your paycheck automated and put into your 401(k) account. This simplifies the process and many companies will even match your contributions to your 401(k) account.

If you are self-employed or a full-time parent, consider opening an IRA account. This can be done at a discount brokerage firm such as Charles Schwab. Discuss whether a Roth or Traditional IRA is best for you, then set up a monthly automatic draft payment system. Similar to the 401(k), automate your savings by specifying an amount to be automatically withdrawn from your checking account each month. Be aware that the government limits how much money you can put tax-free into retirement savings annually.

Once you hit the maximum, it is time to move on to your next savings goal: perhaps buying a home or a well deserved vacation.

What’s your life after debt story? Share with us at @mint on Twitter!

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Get Organized to Get Out Of Debt

February 16, 2023 by Brett Tams

The best time to plant a tree was 20 years ago. The second best time is today. The same is true for debt: the sooner you start making progress to pay it off or down, the easier and less costly it will be. The trouble for most is taking that first step. Itâs an overwhelming

The post Get Organized to Get Out Of Debt appeared first on MintLife Blog.

My Mint Tips: How to Save When Dining Out

January 29, 2023 by Brett Tams

The weekend is here! Time to enjoy a meal out with friends or hit your favorite restaurant, because after a long week you are just too tired to cook. In fact, Americans spent more than $50 billion at restaurants in January alone. We recently asked Minters on Twitter how they save money when dining out.

The post My Mint Tips: How to Save When Dining Out appeared first on MintLife Blog.

My Mint Story: Managing Less Money for More Family

April 6, 2021 by Brett Tams

For the majority of our marriage, my husband and I have moved to three cities, traveled internationally, and delivered a resounding âyes!â to most social invitations. We have thoroughly enjoyed the perks of sharing a checking account, most notably the…

Full Story

The post My Mint Story: Managing Less Money for More Family appeared first on MintLife Blog.

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