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Do you feel like you are stuck in the debt cycle? Learn exactly how to finally escape the debt cycle so that you can live the life you want.

Do you feel like you are stuck in the debt cycle? Learn exactly how to finally escape the debt cycle so that you can live the life you want.Do you feel like you are stuck in a never-ending debt cycle?

Perhaps you keep getting out of debt, only to fall back into it shortly after. That is what a debt cycle is, and many people fall into this cycle and can’t seem to get out.

Falling into debt over and over again can lead to insane amounts of stress, unhappiness, sadness, and feelings of hopelessness. No one wants to experience these feelings.

But, I want to tell you that it IS possible to get out of the debt cycle.

Today, I will help you finally escape the debt cycle so that you can live the life you want.

Face your problem

Before we continue, you need to realize why you keep falling into a debt cycle. You should think about the answers to the questions below:

  • Do you feel like you deserve everything you buy?
  • Are you trying to keep up with the Joneses?
  • Do you have an emotional spending problem?
  • Are you afraid to face how much debt you have?
  • Do you feel like debt makes things seem more affordable?
  • Are you unprepared for emergencies?
  • Do you truly understand how debt and interest rates work?
  • Are you living paycheck to paycheck?
  • Do you live beyond your means?
  • Do you have credit card spending problems?

To get out of a debt cycle, you need to realize why you keep falling into debt. By understanding why you are falling into debt, you can begin to prevent yourself from falling back into a debt cycle.

However, until you dig deep and realize this, the debt cycle will never end.

Side note: I highly recommend that you check out Personal Capital if you are interested in gaining control of your financial situation. Personal Capital is very similar to Mint.com but 100 times better. Personal Capital allows you to aggregate your financial accounts so that you can 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 is FREE.

Add up your total debt

This is related to facing your problem, as adding up your total amount of debt will help you realize how to gain control of your debt. This will help you to truly understand how much debt you are dealing with.

Plus, most people have no idea how much debt they have. By adding it up, you will have a more realistic view of your debt problem.

Create a budget

Most people have student loans, credit card debt, a mortgage, car loans, and sometimes many 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 have a budget.

Budgeting can help you take control of your financial situation so that you can stop the revolving debt cycle.

Read more at The Complete Budgeting Guide: How To Create A Budget That Works.

Pay off debt

In order to get out of the debt cycle, you’ll have to pay off your debt!

No surprise there.

Paying off your debt can lessen your stress levels, allow you to have more money to put towards something else (such as retirement), stop paying interest fees, and more.

Read more at How To Eliminate Your Debt.

Create a vision board

Having your financial goal displayed in front of you can make it that much more real, plus it’s nice to have a constant reminder of what you’re working towards.

Various ways to make your financial goal visual include:

  • Create a graphic that demonstrates your financial goal. I did some research and found a blog post on A Cultivated Nest about many creative ways to do this.
  • Keep a picture of your goal on hand. You could even go all out and create a vision board on Pinterest, or you can create a poster board of all of the things that debt freedom will allow you to do.
  • Write down what debt free life will be like for you.

Start an emergency fund

An emergency fund is something that everyone should have. However, according to a report by Bankrate.com, 26% of Americans have no emergency fund whatsoever. This same report found that only 40% of families have enough in savings to cover three months of expenses, with an even lower percentage having the recommended six months worth of savings.

This is scary to me, as having an emergency fund can greatly help you get through hard and unexpected situations that may arise.

An emergency fund can help if you:

  • Lose your job
  • Have your hours cut back
  • When your car breaks down
  • If you have a medical expense, and so on.

Plus, an emergency fund can help you get out of the revolving debt cycle. This is because if an emergency does arise, you won’t be forced to rely on debt in order to solve your situation. Instead, you’ll have your emergency fund to bail you out!

Read more at Everything You Need To Know About Emergency Funds.

Spend less than you earn

Too many people live paycheck to paycheck. This can lead to credit card debt, high interest rates, and more.

You should always be spending less than you earn. If you aren’t, then you need to find ways to cut your budget and/or increase the amount of money you earn.

Save more money

Finding ways to save more money may allow you to pay off your debt a little faster, improve your financial habits, help you reach your dream sooner, and more.

Read more at 30+ Ways To Save Money Each Month.

Make extra money

I believe that earning extra income can completely change your life in a positive way. You can stop living paycheck to paycheck, pay off your debt, and more, all by earning extra money.

In fact, because of extra income and my blog, I was able to pay off $38,000 in student loans within 7 months, leave my day job in order to pursue my passion, travel full-time, and more!

Making extra money can do something similar for you as well. It can help you break out of the debt cycle as you’ll be able to put more money towards your debt, and you will be able to spend less than you earn.

Related articles:

Try using just cash

If your problem with debt is that you don’t know how to correctly use credit cards, or credit cards or too tempting for you, then you may want to get rid of your credit cards and try using cash.

A cash budget is when you pay for the majority of your purchases in cash. Of course, there are certain expenses, like a mortgage payment, that you may not be able to do that for or that you may not want to do that for. For the most part, any and almost all spending is done with cash when a person is taking part in a cash budget.

A cash budget can help because:

  • It forces you to think about where your money is going
  • It can prevent impulse shopping and clutter
  • Spending actual cash “hurts” more than spending money with a credit card

Don’t keep up with the Joneses

Whether you are a young child and want that new toy everyone is playing with, or if you are a parent and are feeling the need to upgrade your house, car, etc., everyone has experienced wanting to keep up with someone else.

The problem with this is that keeping up with the Joneses can make you broke and fall into a revolving debt cycle.

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 even buy things you don’t really care about. The problems can go on and on.

This can then lead to a lot of debt and potentially set your financial goals back years, if not decades.

You should stop caring about what other people are buying, and, instead, only do what makes you happy.

Are you stuck in the revolving debt cycle? What are you doing so that you can get out?

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Source: makingsenseofcents.com

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Mortgage rates are rising and the Federal Reserve is set to meet next week. Let’s get right into the latest news and cover our predictions in today’s Mortgage Monday update!

Rates Update

For the seventh week in a row, Freddie Mac reported mortgage rate increases in their weekly Primary Mortgage Market Survey. According to their report last Thursday, 30-year fixed-rate options were averaging at 5.11 percent; however, it’s important to remember that Freddie’s gathering of industry data is a bit behind what’s really happening. Mortgage rates may have been around 5.11 percent at the time, but since then they’ve increased even further. It’s no secret that mortgage rates are continuing to rise, but as of today they’re on track to hit 5.50 percent by the end of May – if not sooner…

This brings us to our next piece of news: the Fed’s strong hinting at even more interest rate increases in the months to come. More on this in the next section.

Federal Reserve to Meet May 4 – Will Rates Increase Again?

The Federal Reserve is focused on combating inflation, which has been sitting at record-high levels since early this year. A side effect of this has been higher mortgage rates across the board; and last week, Fed Chair Jerome Powell again pointed to more drastic interest rate increases through the rest of this year. When the Fed holds its next meeting on May 4, we could see rates increase by 50 basis points (0.50 percent) – twice as much as a “traditional” rate hike. If this happens, it could pave the way for even more dramatic rate increases in the future.

With that said, the window to refinance is closing rapidly and will likely get even smaller next week. According to the Mortgage Bankers Association (MBA), refi applications are already down to about 35 percent of recent market activity. This is expected (especially considering industry trends this year) and in the coming months, we’ll likely see refinancing become a less feasible option for most homeowners. Get in touch with us if you’re interested in exploring refi options before the opportunity passes.

In Closing

The biggest takeaways from last week are that mortgage rates are continuing to rise – mainly to fight back inflation – and that now is the time to refinance ahead of the Fed’s meeting next Wednesday.

Our predictions: the Fed will announce another interest rate increase on May 4. Refinance applications will likely decline further as a result, but rising rates could lower the level of market competition among prospective homebuyers.

If you have any questions, we’re here to help. Our team of dedicated mortgage bankers is available 24/7 to guide you through the process from start to finish – even in today’s volatile market. Apply now or find a mortgage banker to get started. And as always, enjoy the rest of your week!

Source: totalmortgage.com

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Mortgage rates increased this past week as the benchmark 10-year Treasury zoomed up to levels last reached in March, largely because of the fight over raising the U.S. debt ceiling.

Freddie Mac’s Primary Mortgage Market Survey increased 18 basis points to 6.57% as of May 25 from 6.39% the prior week and 5.1% for the same period last year.

The 15-year FRM rose 24 basis points on a week-to-week basis to 5.97% from 5.75%. One year ago it was at 4.31%.

NMN052523-Freddie Mac rates.png

“The U.S. economy is showing continued resilience which, combined with debt ceiling concerns, led to higher mortgage rates this week,” said Sam Khater, Freddie Mac’s chief economist, in a press release. “Dampened affordability remains an issue for interested homebuyers and homeowners seem unwilling to lose their low rate and put their home on the market.”

Zillow’s rate tracker as of Thursday morning for the 30-year FRM was at 6.68%, up from 6.37% one week ago.

The yields on the 10-year Treasury went to 3.78% at 11:30 a.m. on May 25 from 3.65% on May 18 as investors pulled back on fears a deal to raise the debt ceiling won’t be reached, said Orphe Divounguy, senior macroeconomist at Zillow Home Loans, in a statement issued Wednesday night.

“The unlikely event of debt default would lead to a credit crisis that could wreak havoc on the financial system and the economy,” said Divounguy. “A default is widely expected to result in a large income shock that pushes the U.S. economy in a recession.”

Meanwhile, the banking crisis has resulted in credit tightening, while at the same time some Federal Reserve officials are commenting that inflation is still running higher than they would like.

“Mortgage rate volatility will remain elevated as investors pay close attention to the debt ceiling negotiations and this week’s inflation reading from the [Personal Consumption Expeditures] price index,” said Divounguy.

Freddie Mac has switched to what it termed “a qualitative narrative outlook” for the mortgage market, versus the quantitative version it published quarterly in the past and which is still used on a monthly basis by Fannie Mae and the Mortgage Bankers Association.

Unlike the economists at those entities, Freddie Mac’s baseline case is for a slowing economy but not a recession, it said in a blog post.

“On the purchase side, low levels of home sales coupled with falling national house prices will likely keep home purchase originations flat this year,” the forecast said. “But, as home price growth turns positive and home sales gradually rise, purchase originations will resume modest growth in the second half of this year and into the next.”

Meanwhile refinance volume will remain low as many borrowers are out of the money because of the interest rate environment.

“But as rates ebb and flow, some opportunities will present themselves and a trickle of refinances will flow through,” Freddie Mac’s forecast said. “There also remains refinance demand for non-rate-related reasons, such as the cancellation of FHA mortgage insurance premiums by refinancing into a conventional loan and term extension.”

Source: nationalmortgagenews.com

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With the housing market so competitive, and properties often going above asking, getting a mortgage can be a little more stressful.

One major component of the mortgage approval process is determining the collateral value of the subject property, otherwise known as the appraised value.

A bank or lender generally won’t approve you for a home loan without getting an independent appraisal first, at your expense.

Simply put, they want to know that the property you’re buying or refinancing is actually worth what you or the seller think it’s worth.

Even if you’re a stellar borrower with an excellent credit score and tons of money in the bank, a valuation issue can sink your loan approval.

While this typically isn’t a problem, it can muddy the waters if the appraisal happens to come in low.

The good news is we’re in a rising real estate market, with home prices experiencing their best annual gains in decades. They’re also at new record highs.

This means even a bid over asking could easily come in at value when the appraisal is conducted.

But what if it doesn’t? Often, the home buyer would need to make some adjustments to their financing to “make it work.”

The most common tactic is to put more money down to keep the loan-to-value (LTV) ratio at its original level.

Unfortunately, this isn’t always an option if a buyer is light on cash, and home sellers (or at least their listing agents) know this.

This is why they favor cash buyers over those who need a home loan to get the job done, and may balk if you request an appraisal contingency.

Introducing the Better Appraisal Guarantee

  • Keep all your locked-in loan terms (interest rate, APR, cash to close, etc.) regardless of the appraised value
  • Must be a conforming purchase loan on a primary residence with a loan amount below $822,375 and a minimum 10% down payment
  • Buyer must use a Better Real Estate agent or partner agent and get their mortgage from Better
  • May also qualify for up to 1% of the purchase price in lender credits to offset closing costs

To level the playing field somewhat, Better Mortgage has launched their “Better Appraisal Guarantee.”

In short, they’ll honor the monthly payment, mortgage rate, APR, and cash to close reflected on your valid locked Loan Estimate (LE), regardless of what happens with your appraisal.

For example, if you offer $600,000 for a house and put down 10%, and the value comes back at $550,000, Better Mortgage will still honor your locked mortgage rate and all the details behind it.

In this scenario, the LTV would actually rise from 90% to about 98%, which would generally require you to bring in more money at closing.

If you didn’t, either the loan wouldn’t get approved or at minimum you’d now need to pay private mortgage insurance (PMI) and the mortgage rate would theoretically be higher to compensate for greater risk.

Aside from these buy-side advantages, the seller would also benefit because you wouldn’t need to retool your mortgage. And as such, could close without delay and no concessions on their end.

In a sense, this would align it somewhat with the certainty of a cash offer (minus the rest of the mortgage loan process), which could also give you an edge in a bidding war.

This is similar to other products out there like HomeLight Cash Offer and BoardRE (now known as Accept.inc).

The caveat is that this new feature is for Better Mortgage customers who also use a Better Real Estate Agent or a Better Real Estate Partner Agent.

Like other companies, Better is trying to control more of the home buying process than just the mortgage piece via their “Better Real Estate” division.

To sweeten the deal, Better is also offering up to 1% of the home sales price in lender credits if you use Better Mortgage and a Better real estate agent.

In order to qualify, it has to be a conforming purchase loan with an amount less than $822,375, with a down payment of at least 10% on a primary residence.

To sum things up, if you don’t already have a real estate agent and like Better as a mortgage lender, this could be a pretty exceptional value-add.

Of course, always put in the time to shop around with other lenders and real estate agents to ensure it’s the right fit.

Read more: Get Up to $6,000 in Amex Statement Credits If You Use Better Mortgage

Source: thetruthaboutmortgage.com

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Nestled within a chain of islands bordering both the Atlantic Ocean and the Caribbean Sea, Puerto Rico is a popular vacation spot. Plus, U.S. citizens don’t even need a passport when visiting although it can feel as if you’ve been transported to the ultimate far-flung tropical beach vacation.

Yes, sand and sea are a big part of the allure. But if you’re wondering what are some cool things to do in Puerto Rico, you’ll likely be happy to know that parks, museums, shopping, and historical sites are all waiting.

Read on to learn about top spots and attractions across the island, plus the best times of the year to go and other important details. With this advice, you’ll be ready to have an amazing getaway when visiting Puerto Rico.

Best Times to Go to Puerto Rico

If you’re looking for warm weather without the threat of hurricanes, plan your Puerto Rico trip for the winter or spring months. Temperatures average in the 80s all year long, but you’re more likely to avoid crowded beaches and other tourist spots if you focus on these milder months during the school year.

In fact, ending your holiday season with a trip to Puerto Rico lets you take advantage of festivals held throughout the island marking the epiphany in early January. Larger street parades are held in San Juan, but you can also find charming events in smaller towns as well.

Bad Times to Go to Puerto Rico

There are a couple of times of year that are less than ideal for a Puerto Rican vacation. Because a large portion of the local population is Catholic, crowds tend to swell around Easter. That could mean more lines and higher prices.

Another relatively bad time to visit: Hurricane season, which technically lasts from June through November. The most severe weather activity occurs between the middle of August through the middle of October. If you do travel to Puerto Rico during these months, consider purchasing travel insurance through an insurance provider or accessing credit card travel insurance.

Recommended: What Is an Airline Credit Card?

Average Cost of a Puerto Rico Vacation

Before you figure out where to keep your travel fund, calculate how much it will likely cost you. Flight costs vary depending on where you live and what time of year you plan to go.

Once you’re on the island, here are some estimated costs: Food costs can total $39 a day, and local transportation to be about $18. The average nightly hotel cost is $277 for a couple and $139 per person, though there are certainly ways to save money on hotels.

You’ll likely have other incidental costs as well, but here’s how much a week-long Puerto Rico vacation could cost once you’re there.

•   One Person Total: $1,524

•   Couple Total: $3,048

Recommended: Credit Card Miles vs. Cash Back

10 Fun Must-Dos in Puerto Rico

No matter where you plan to stay, there are fun things to do in Puerto Rico across the entire island. The list you find here gathered intel from top-rated attractions on online review sites. In addition, travelers who have explored the island shared their knowledge. As a result, you’ll find a diverse range of activities for people of all ages and all types of groups, whether you’re going on a friends trip, a romantic getaway, or a family adventure.

1. Explore Old San Juan

When visiting Puerto Rico, a must-see is Old San Juan, the historic district of Puerto Rico’s capital city. The streets are lined with colorful buildings featuring Spanish colonial facades. You can take a guided walking tour if you’d love to know all the best historical facts and stories, or you can stroll on your own at no cost.

Be sure to include Fortaleza Street on your itinerary of things to see in San Juan, Puerto Rico. It has beautiful buildings as well as frequent modern art installations. There are plenty of shops and restaurants to try out in the neighborhood, as well as attractions like La Casa Blanca — the former home of Spanish explorer Ponce de Leon. nps.gov/nr/travel/american_latino_heritage/old_san_juan.html

2. Trek Through El Yunque National Forest

The only tropical national forest in the U.S., El Yunque is packed with natural excursions just outside of San Juan. It’s considered one of the top things to do in Puerto Rico. There are plenty of hiking trails, ponds, and a lagoon (complete with a rope swing so you can tap into your inner child).

There are more than 28,000 acres in El Yunque, and trails span 25 miles. You can create a plan for any level of exertion. If you’re staying in the San Juan area, definitely put this on your list of unique things to do in Puerto Rico. Admission is only $2, but make sure you have an advance reservation before you go. Bonus: If you are traveling with a pet, the trails are dog-friendly, though only service animals are allowed inside buildings. recreation.gov/ticket/facility/300017

3. Immerse Yourself in Art

Back in the city, get a dose of world-class art at the Museo de Arte de Puerto Rico. Open Thursdays through Sundays, this museum features permanent collections displaying the work of Puerto Rican artists dating from the 17th century to today.

Explore over 1,000 pieces that include paintings, prints, sculptures, photographs, and more. The museum, which is typically closed on Mondays and Tuesdays, is located in the Santurce neighborhood, which is about a 10-minute drive from Old San Juan. Tickets are $6 (not including taxes) per exhibition for adults; $3 for children. mapr.org/en

4. Get Glowing

One of the best things to do in Puerto Rico is to explore one of three bioluminescent bays, which have an otherworldly glow, thanks to microscopic organisms that light up. Seeing these bodies of water can be an amazing and memorable experience.

Mosquito Bay in Vieques is considered the world’s brightest bioluminescent bay. However, you’ll need to take a short flight or boat ride from San Juan to get there.

Alternatively, you can explore Laguna Grande in Fajardo (which is the closest option to San Juan) or La Parguera in Lajas, which is closer to Rincón. La Perguera is also the only place where you can swim rather than take a boat tour or kayak. The best time to go for any bioluminescent bay tour is December through April when there isn’t a lot of rainfall to cloud the water.

Tours can range from about $50 to $75 per person. This can be a good time to swipe with plastic when paying to earn credit card rewards.

5. Tour a Grand Historical Home

Museo Castilla Serrallés is a great thing to do in Puerto Rico if you love history and architecture. It’s the former home of the Serrallés family (of DonQ Rum), who built the extravagant tile-roofed Spanish Revival castle in the 1930s. It takes just under an hour and a half to drive from San Juan to Ponce where the property is, so you may want to think about getting a rental car.

Today, you can explore the home’s interior, as well as beautiful gardens outside. Learn about the history of rum through immersive exhibits, then stroll through the butterfly garden and Japanese gardens. The property is typically open from Wednesday through Sunday, and tickets cost $15 for adults. museocastilloserralles.com/

6. Get Wet

Located on the northwest corner of Puerto Rico, Aguadilla is about a two-hour drive from San Juan. It’s home to the pristine Crash Boat Beach, which is a great place to indulge in almost any kind of water activity you like, including swimming, snorkeling, and surfing (which is ideal during the summer travel season).

Crash Boat Beach is public, so add it to your list of free things to do in Puerto Rico. It definitely has a lively atmosphere, full of music and food to enjoy when you’re not in the water.

7. Stroll Through El Parterre Park

When you need a break from the beach, check out El Parterre in downtown Aguadilla. This beautifully landscaped park offers the perfect spot to casually stroll under mature trees, and there are plenty of benches for resting, reading, or picnicking, just like a local would. It’s also a good sunset watching spot.

El Parterre contains a natural water spring that has quite a bit of historical significance throughout the centuries. It was used as a water source by explorer Sir Francis Drake in the late 16th century and also by Spanish soldiers in later years.

8. Wander Into River Caves

Just an hour west of San Juan, Arecibo is a coastal location with diverse natural wonders to explore. One of the best things to do in Puerto Rico’s Arecibo area is to visit the Camuy River Cave Park. It’s one of the largest cave networks in the entire world.

Recently reopened in early 2023, you’ll walk through immense caverns that are estimated to be over 45 million years old. One of the most breathtaking spots is a sinkhole that shines in sunlight from hundreds of feet above. Tickets are $18 for adults, $13 for kids ages 4 to 12, with younger children admitted for free (which can help families afford to travel).

9. Surf at Domes Beach

Is surfing on your list of fun things to do in Puerto Rico? If so, check out Domes Beach in Rincón, located on the West Coast of the island (a little south from Aguadillo). Even if you don’t surf, you might enjoy catching a professional surfing competition throughout the year.

Domes Beach is also a great place to enjoy a sunset over the water. If you need a break from the waves, check out the Punta Higuero Lighthouse, a historic landmark originally built in 1892.

10. Venture to Vieques Beaches

A smaller island just to the east of the main Puerto Rican island, Vieques can only be reached by a short flight or ferry ride. Because of this, however, the beaches in Vieques are extremely tranquil and secluded. If you want a beach experience without large crowds or noise, this is an incredible option.

Plus, you can take one of the world’s best bioluminescent bay tours while you’re there.

The Takeaway

It’s easy to find dozens of things to do in Puerto Rico, whether San Juan or elsewhere. The hardest part is simply narrowing down your list of options to fit your time there. Whether you want a relaxed beach or an outdoor adventure, a historical home or a top-notch museum, you’ll find it all in Puerto Rico.

FAQ

Is Puerto Rico cheap for tourists?

It depends on your point of comparison. You’ll probably find it cheaper than large coastal cities on the U.S. mainland, but it also tends to be more expensive than other Caribbean island destinations.

What food is Puerto Rico known for?

Exploring traditional Puerto Rican cuisine is one of the best parts of visiting. Definitely check out mofongo, a mashed fried plantain side dish, as well as pasteles — similar to tamales but made with green banana masa and many options for fillings.

What can’t you bring back from Puerto Rico?

You can’t bring back fresh fruits or vegetables from Puerto Rico to the U.S. mainland. Cactus and citrus plants are also prohibited.

Photo credit: iStock/benedek
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Replacing worn or outdated furniture and household items can be fun and uplifting. But many new mass-produced items, sometimes referred to as “fast furniture” sold at big-box chain stores, are usually made with cheaper composite materials or chemical stain repellants that will off-gas once they are in the home. Off-gassing is the airborne release of chemicals and volatile organic compounds, or VOCs (architecturaldigest.com/story/what-is-off-gassing).

Much like trendy “fast fashion” clothing, fast furniture isn’t made for durability. Once worn or broken, these items are typically destined for the landfills. The Environmental Protection Agency estimates that in 2018, the most recent data available, 9,680 tons of furniture was landfilled, up from 2.2 tons in 1960 (tinyurl.com/5xhk999p). Because new furniture is often manufactured overseas, it generates carbon emissions from being shipped across the globe.

For those that want to circumvent mass-produced furniture, home décor and kitchen items, buying used items from local thrift and resale stores is a good place to start. Habitat for Humanity ReStore, with locations in Franklin, Wauwatosa and Greenfield (milwaukeerestore.org), offers used furniture, lighting, building materials, home accessories and more. Proceeds from ReStore sales go toward Habitat for Humanity’s affordable home ownership programs.

Thrift stores such as Value Village, Goodwill and St. Vincent de Paul, each with multiple locations through Milwaukee, carry furniture and home décor. Milwaukee’s Bay View neighborhood is a haven for shops selling used furniture and home décor: Spectre Vintage (437 E. Stewart St.), Tip Top Atomic Shop (2343 S. Kinnickinnic Ave.), R Vintage N More (2653 S. Kinnickinnic Ave.), Ormson Supply (2866 S. Kinnickinnic Ave.), BC Modern (3116 S. Chase Ave.) and Good Land Antiques (3391 S. Kinnickinnic Ave.).

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Also on the South Side, Dupree’s Vintage (915 Milwaukee Ave., South Milwaukee) has furniture and home decor. Walker’s Point is home to several antique sellers such as Dime A Dance (1134 S. First St.) and Farm Girl Art & Antiques (803 S. Fifth St.). On the north and west sides of town, Dandy (5020 W. Vliet St.), D&R Affordable Used Furniture (5718 W. Center St.) and A-1 Furniture & Appliance (5601 W. National Ave.) offer used furniture. Out in the suburbs, there’s Antique 2 Modern Used Furniture (13819 W. National Ave., New Berlin).

Some resale stores are only open during select hours, so call ahead.

New Wares Made Sustainably

Sometimes resale and thrift stores don’t always have what we’re looking for. When seeking sustainably made new items, The Sustainable Furnishing Council recommends looking for seals of third-party certifiers, such as Forest Stewardship Council, to be sure wood used to produce the items is sourced in an environmentally sound manner. Look for furniture with little to no VOC finishes, and textiles made from natural fibers (sustainablefurnishings.org/content/questions-to-ask-answers-to-look-for).

Sustainably minded stores in the Milwaukee area that sell new furniture and home décor include La Lune Collection (930 E. Burleigh St.), founded by interior designer Mario Costantini. His collection of rustic wood seating, cabinetry, beds and more are crafted by hand in Wisconsin by skilled artisans. La Lune harvests only fast-growing and invasive wood species, and products are made as ordered.

Il Bosco (225 S. Second St.) offers environmentally conscious furniture and home goods, and repurposed or upcycled handmade stools, tables and shelves. Olsen House (4326 N. Oakland Ave.) features a curated collection of blankets and pillows, kitchenware, holiday items, vases and planters by artisans, and furniture designers with a focus on Scandinavian aesthetics.

For kitchenware and household décor, Ursa Milwaukee (2534 S. Kinnickinnic Ave.) and Sparrow Collective (2224 S. Kinnickinnic Ave.) has glassware, art, mugs and tea towels made by eco-conscious artists and small producers. Murray Hill Pottery Works (2458 N. Murray Ave.), a pottery studio with classes and workshops, has a small retail space with artists’ products like plates, mugs and home décor.

Green Life Trading Co. (1039 S. Fifth St., in the former Glass Pantry space), and natural foods grocers Beans & Barley (1901 E. North Ave.) and Outpost Natural Foods (multiple locations) carry kitchen items and gadgets made from recycled or responsibly sourced materials, and fairly traded items. Plowshare Fair Trade Marketplace & Education for Peace (219 W. Main St., Waukesha offers fair trade dish cloths and gifts.

Source: shepherdexpress.com

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By Steve Harper and Elizabeth Beasley, Apartment Guide contributor

Renting — while never really out of style — is trendy again!

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The National Association of Home Builders predicts that a preference for renting among young people is driving the building of many more new apartment buildings in the next couple of years. The state of the housing market, among other factors, seems to be leading more people to choose renting in the near future.

Are you ready for a reality check on the state of renting?

Urban upswing
Housing trends work hand-in-hand with renting trends, of course. As reported in Forbes, there should be more supply and demand for urban apartments this year. Trulia’s Chief Economist Jed Kolko indicates that, because families are starting to buy homes again, single-family rentals — typically suburban — will be less in demand, accompanied by a rise in rentals in the heart of a city. These urban rentals will be occupied mostly by young adults who are moving out of their parents’ homes, starting careers and renting apartments close to work downtown.

If you are looking for a place in the city, you might run into some competition — or a lot of new friends, depending on how you look at it!

High demand means lower affordability
The good news is that comfortable, convenient apartments in cities are on the rise. The bad news: these apartments are becoming more expensive.

Multifamily Executive cites a Harvard report pointing out that demand for rentals is increasing, allowing prices to go up. Downsized incomes are creating slimmer budget margins for many renters. Currently, the average renter is spending somewhere between 30 and 50 percent of his or her income on rent, the report indicates.

Staying aware of lesser affordability is a good thing, so you can make the most of your housing dollar. Aim for paying 30 percent, or less, of your paycheck, and you’ll be better able to stay in budget as rents increase over time.

Second-tier cities are tops
For years, the top rental markets were the cities that never sleep, like New York, San Francisco, and Washington, D.C. But 2014 real estate trends show that smaller, savvy cities are becoming popular with real estate developers and investors. Think Portland, Dallas, Austin, San Jose and Houston. Wherever you find startups and new industries thriving, you’ll likely find a second-tier rental market that’s booming.

Move over, Millennials
Here’s one of the more surprising projections. Baby Boomers will begin to surpass Millennials in the rental market.

Of course, young adults still account for a large chunk of the renting population. According to renting rates revealed by the 2013 Current Population Survey, 25-34-year-olds will likely make up 31 percent of rental growth over the next ten years. But did you know that renters aged 65 and older might well make up a whopping 52 percent of growth for the same time period?

To understand the findings of this research conducted by the National Multi Housing Council, consider that the sheer size of the Boom generation means that there are more people potentially making a life transition from home ownership to renting — many downsizing to seek an adventurous retirement in the city, rather than the suburbs. There are only slightly more Millennials than Baby Boomers in the U.S. today, but there will be more people over the age of 65 who may, if trends hold, become renters over the next ten years.

While it can be argued that living side by side is a great way for the two generations to grow wise and stay youthful together, this represents a potentially significant change in the rental landscape, nonetheless.

For more on renting trends, take a look at these topical posts:

Which Cities Will See the Greatest Rent Increase in 2014?

What’s the Most Expensive Town in the U.S.? The Answer May Surprise You

Americans on the Move: Latest Census Discoveries

Apartment Guide’s Top 9 Decor Trends for 2014

The Rent vs. Buy Debate: Gen Y Weighs In

5 Economic Factors that Favor the Perma-Renter

Photo credit: Shutterstock / arek_malang

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tips for buying a new car

tips for buying a new car

Looking to buy a new car? Here are 10 top tips for buying a new car so that you can learn how to save money with your next car purchase. Enjoy this new car buying guide!

I’ve recently heard a lot about people spending an exorbitant amount on their monthly car loan. Personally, I know several people who spend over $1,000 a month on their car loans while barely making enough to cover that and all of their other bills.

So today, I want to give you some tips for buying a new car so that you can save money on your next car purchase.

According to USA Today, the average new car price is around $37,000, with the average new car buyer paying around $550 a month with loan terms of 69 months. Many people are buying more expensive cars and taking out loans with high interest rates in order to “afford” them.

In fact, according to Edmunds, the current average annual interest rate on in 2019 is 6.19%. I’ve even seen car buyers with interest rates of 20% and higher.

And, people are extending their car loans for longer periods of time in order to get an even lower monthly car payment. While 72 months used to be a crazy long time to finance a car, terms of 84 months are even starting to become the norm.

Now, I’m not saying that you shouldn’t have a car loan or buy a new car. But, I do want people to be more mindful of their car spending and be more knowledgeable going into the car buying process.

Today’s post is all about the best tips for buying a new car so that you can save money when buying your next vehicle. And, many of these tips for buying a new car are also tips for buying a used car.

Not all car dealerships and car salesmen are bad. I know this for a fact because my husband used to be a new car salesman (and he was nice, I promise!). My husband knows all about the flack that salesmen get, and he even helped with some of the tips for buying a new car that I’m going to tell you about.

Despite the reputation car salesmen get, the car buying process itself can be really stressful for everyone.

Whether you are purchasing a new or used vehicle, there are several car buying tips and tricks you should know of so that you can walk away with the best deal possible. There are so many options and extras that come up when buying a car, which means there are many ways for you to end up leaving confused or paying more than you should be.

Whether you are buying a $500 car or a $50,000 one, you want to get the best deal available. To make sure you don’t walk away from a deal angry or regretful, it’s important to be as knowledgeable as possible.

Cars aren’t cheap, which can leave a lot of room for mistakes and overpayments. You can buy a car that doesn’t meet your needs, is too expensive, and more.

We’ve had a lot of vehicles in our life, from a really cheap $500 car that ran well (yes, you can find good vehicles for cheap), to expensive new vehicles. And, we’ve used all of the tips I’m going to share with you today.

Before I tell you the top tips for buying a new car, I want to tell you about several ways that car dealerships make their money. These are things to be mindful of:

  • Your trade-in vehicle. To make a profit on your used car, car dealerships will offer you less money than they can sell it for. Of course this is normal, but you want to be mindful of this so that you can get the most money out of your trade-in vehicle. Even though it takes a little more work, you can often make more money if you sell your car privately instead of selling it to a dealership.
  • Incentives and bonuses from the car manufacturer. This means that if you can buy a car when a dealership hasn’t reached their selling quota, you may be able to get a great deal on your car purchase (this is covered more in my list of tips for buying a new car). Many times car dealerships will take a loss on the vehicle if it means that they will be able to reach their quota.
  • Financing the vehicle. Dealerships make money when you finance vehicles through them.
  • Extra options. These are things like an extended warranty and upgrades.

Buying a new or used car can be fun and stressful at the same time. You don’t want to get tricked or duped, so here are tricks and tips for buying a new car before you start shopping!

Here are my best tips for buying a new car (or used one):

Think about the WHOLE COST of the car.

The most important of these tips for buying a new car that I can offer you is that you should think about more than just the monthly payment. This is the smartest way to buy a car.

You should only purchase what you can actually afford. Just because the monthly car payment looks affordable, it doesn’t mean that it actually is.

There are car payment terms that are as long as 96 months, which is just crazy to me. A car salesperson may stretch out the car payment so that it looks to be more affordable for you, but you should be aware of the whole cost, which includes things like interest and taxes.

Please, please, please, look at the whole cost and see if that’s actually an affordable amount for you to be paying every month.

Even if you aren’t buying a brand new car, used cars can still cost you more than you think in insurance and taxes, so always think about the total cost before you purchase your next vehicle.

Related: Jerry Insurance Review: How To Save Up To $800 A Year On Insurance

Shop around for your own car financing.

If you have to finance your car purchase, make sure you shop around before you agree to the dealer’s interest rate. Sometimes the first dealer you visit will have the lowest rate, but sometimes they won’t.

You may be able to save yourself hundreds (or even thousands) of dollars a year by simply shopping around. Plus, it’s extremely easy to shop around for the best interest rates – start with local credit unions and banks!

I’m in quite a few Facebook groups about personal finance, and this topic comes up over and over again: people who are excited about getting a car loan with an interest rate of over 20%. And sadly, many of these people are buying brand new cars, not realizing how much they are about to pay because they don’t know much about personal finance.

20% is not a good interest rate for a car loan – so please don’t be excited about that! I am saying this to help you, not to be mean in any way.

You should shop around and make sure you are getting the best possible rate. If you are getting a 20% interest rate on a car loan, then you should probably not be buying a brand new car. There are plenty of more affordable vehicles that are older but still quite reliable.

Visit more than one car dealership.

You can shop around car dealerships both online and offline.

I recommend shopping online before you go to a dealership, this way you can be prepared in advance with the costs, loan terms, extras, and more. While shopping around does take time, you won’t be wasting it on a dealership that can’t get down to the price you want.

Skip the extras at the end.

When you are about to purchase a car, you will be encouraged to buy many small options that you may not need. This may include extras such as:

  • Paint protection
  • Extended warranties
  • Upgrades

While you may believe that you need some of those options, you should make sure that you’re not just thinking about the monthly cost. The financing manager will offer you these extras in a way that makes it seem affordable. But, these extras only appear inexpensive because they are padded into your monthly cost, so don’t be fooled by how “affordable” they seem.

Yeah, $10 or $50 each month may not seem like much, but it can add up to a lot over a 5 year period!

Trust me, you are paying for these. Dealerships make money on these extras.

Related: 30+ Ways To Save Money Each Month

Figure out how much your trade-in is worth.

One of the best tips for buying a new car if you’ll be trading in your vehicle is to know how much it is worth before you step foot into a car dealership. This is important for car buying negotiating tips.

Kelley Blue Book is a great resource for researching what you’re old car is worth. While you may not get the exact amount that Kelley Blue Book claims you will get, it can be a good estimator or starting point when negotiating with the car dealership.

Know when to shop.

There are certain times of the month and year that are better for car shopping than others. If a dealership is trying to meet their sales quota, they are more likely to give you a deal than when they’ve already beat their quota or if it’s the beginning of their quota.

This is because car manufacturers will give bonuses and extra incentives to car dealerships who sell a certain amount of vehicles. This gives car dealerships extra motivation to give really good deals if they are close to their quota.

This is one of the best tips for buying a new car that my husband learned from selling cars.

To know the best time to shop for a new car, you may want to make friends with a car salesperson, find out when their end of month or end of quarter is, and so on. Or, you could just ask someone at the car dealership.

Don’t be afraid to negotiate.

Even if you get a discount, such as a car manufacturer discount, you should still negotiate. Many times, those friends and family discounts mean that you are not able to haggle at all, which can lead to you actually paying a higher price.

Cars sales are usually meant to be negotiated, whether it is a brand new vehicle or a used one. If you don’t haggle, you will most likely lose out on a lot of money.

Other aspects of the vehicle buying process can be negotiated on as well, this includes your trade-in vehicle, warranties, interest rates, add-ons, and more.

Learn more about negotiating at How To Rock At Negotiating On Everything.

Be nice.

No matter what, you should be a decent human being. This is one of my tips for buying a new car that applies to most other aspects in your life.

Being rude doesn’t get you anywhere. It won’t get you the best deal, and it may actually make the salesperson and the dealership not want to help you.

After you purchase a car you are asked to go through the car manufacturer to grade your car salesperson. If the salesperson knows that you might give them a bad grade (for no reason at all), they may not want your deal because it’s not worthwhile to them to have a bad score, which decreases their salary/income.

Plus, you should always be nice anyways. Salespeople are just doing their job and trying to make a living, and the majority of them are good people. If you’re nice to them, they may be willing to help you out a little more.

Miscellaneous tricks and tips for buying a new car.

Here are several other tips for buying a new car (or used one):

  • Never shop when you’re hungry or tired. You should always be well-rested and ready for an eventful day.
  • For the car dealership to beat their quota, sometimes they will buy a new car themselves and put it on the “used” car dealership side. The car is still brand new, but is now considered pre-owned. This can allow you to save a good deal of money. However, you do want to be mindful of the warranty, because the warranty has most likely started once the car was officially bought the first time, even if it was bought by the car dealership.
  • Purchase a car at the end of the car’s model year. Dealerships want to move out last year’s model to make room for the new ones, which can lead to a good discount.
  • Look into car insurance before you purchase. You should contact your car insurance agent so that you are not surprised by a high insurance rate after you make a purchase.
  • Figure out what you’ll need to pay in personal property taxes for your car, which varies state to state. You will need to add this into the total cost of your car.
  • Don’t tell the salesperson what your budget is for a monthly payment. You should always negotiate on price first. A dealership will try to get you into something that will just barely fit your monthly payment budget, which can cause you to spend a lot more money in the long run.
  • Be confident. When negotiating, you should always be confident in what you are saying, and do not be afraid to walk away. If it’s not meant to be, then it’s just not.

What other tips for buying a new car can you share? Leave them in the comments below!

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Source: makingsenseofcents.com