If you’ve heard it once, you’ve heard it a thousand times: older Americans overwhelmingly support aging in place in their own homes, with some recent survey data indicating at or over 90% of seniors supporting retirement living in their own homes.
But sometimes the cost of renovations can exceed the amount of cash that a retiree has access to, particularly for the majority of older Americans living on fixed incomes and relying on benefit programs like Social Security.
To that end, a recent column published in U.S. News & World Report asked a number of seniors aging in place and experts about the best and most effective renovations they can make to meet their goals for remaining in their own homes.
Dak Kopec, a professor at the University of Nevada, Las Vegas explained that the age of the property itself is a big determinant of the costs associated with aging in place renovations.
“Widening doorways, enlarging bathrooms and installing stair lifts in an older home can quickly become expensive,” the column said based on his input, but there are still less expensive options that can go a long way. Some of the least expensive additions to support aging in place include grab bars and support railings that are available from major home improvement stores.
While some may be turned off by cheaper additions since they can draw attention to the concept that the occupant of a home is getting older, making targeted changes can help, and it’s not always a given that certain things must be changed in a home. Stairs are often targets of scrutiny, but it also depends on the person, Kopec said.
“Don’t automatically think you have to do away with stairs,” the column said based on Kopec’s input. “In his experience, older adults who continue to use stairs maintain their knee and leg strength longer.”
Home remodeling site Fixr told the outlet that the national average cost of aging-in-place renovations can run the gamut between $3,000 and $15,000, depending on the work performed. More drastic renovations can double or even triple that figure. But a group of retirees were consistent in targeting one room of the home in particular: the bathroom.
Those with limited mobility face challenges to their safety and physical well-being when adding water on slick surfaces into the mix, and investing in accessibility fixes there can have a big impact on both safety and mental outlook.
“It was terrifying to get into the shower by myself,” said a 67-year old retiree interviewed for the piece.
Another senior, interior designer Nancy Bean, described the challenges for her older husband — afflicted with Parkinson’s disease — who is afraid of falling in or out of the bathtub due to issues with his balance.
“Low-entry or curbless showers are game-changers for those with limited mobility. But it’s also crucial to have the proper tiling or mats on the floor to avoid slips and falls,” according to input from Bean.
Earlier this year, a story published by the Associated Press (AP) detailed the pivot that some major home improvement retailers were making toward aging-in-place. Some of the chains reporting increased renovation and modification activity include The Home Depot and Lowe’s, two of the largest home improvement retailers in the U.S.
The Home Depot is refreshing an in-house brand with accessibility in mind for things like grab bars and easier-to-use faucets. Meanwhile, in 2021, Lowe’s established a single stop for items including wheelchair ramps and shower benches, the story explained.
Oklahoma is a state that beautifully blends Native American heritage, cowboy culture, and modern urban attractions. From the bustling streets of Oklahoma City to the tranquil beauty of the Wichita Mountains, Oklahoma offers a unique mix of experiences. But what else is Oklahoma known for? Whether you’re considering renting a home in Tulsa, looking to settle into an apartment in Norman, or just planning a visit, you’ll soon find that Oklahoma has much more to offer than meets the eye. In this article, we’ll explore what makes Oklahoma special and why so many are proud to call it home. Let’s dive in.
1. The Oklahoma State Fair
The Oklahoma State Fair, held annually in Oklahoma City every September, is a cherished event in the state. The fair spans over eleven days and attracts thousands of visitors with its array of attractions and activities. The fairgrounds provide attendees with thrilling amusement rides, from classic Ferris wheels to high-adrenaline roller coasters. Additionally, food is a major highlight, from corn dogs and funnel cakes to unique creations such as deep-fried Oreos and bacon-wrapped turkey legs. Beyond that, the fair has an impressive lineup of live entertainment including live concerts, stunt performances, and magic acts.
2. National Cowboy & Western Heritage Museum
The National Cowboy & Western Heritage Museum in Oklahoma City is a must-visit for anyone interested in the American West. The museum boasts an extensive collection of Western art, artifacts, and exhibits that celebrate cowboy culture. Visitors can see impressive sculptures, paintings, and even life-sized dioramas depicting scenes from the Old West. This museum offers a fun and educational experience, making it a top attraction in the state.
3. Chicken fried steak
Oklahoma’s culinary scene is highlighted by the beloved dish, chicken fried steak. This comfort food classic consists of a breaded and fried beef steak, typically served with creamy gravy and mashed potatoes. It’s a staple at many local diners and restaurants, such as Kendall’s Restaurant in Noble. Praised for its hearty portions and delicious flavor, chicken fried steak represents Oklahoma’s tradition of Southern cooking.
4. Lake Texoma
Lake Texoma is one of the largest reservoirs in the United States. Straddling the Oklahoma-Texas border, this lake offers a wide range of activities such as boating, fishing, and camping. Additionally, Lake Texoma is known for its excellent striper fishing, making it a prime spot for anglers looking to catch trophy-sized fish. The scenic beauty and recreational opportunities make it a favorite spot for locals and adventure seekers alike.
5. Philbrook Museum of Art
The Philbrook Museum of Art in Tulsa showcases an impressive collection of art from around the world. Housed in a stunning Italian Renaissance-style villa, the museum features works by renowned artists such as Pablo Picasso and Georgia O’Keeffe. Also, the beautiful gardens surrounding the museum provide a serene setting for visitors to enjoy.
6. Woody Guthrie Center
If you enjoy folk music, you should visit the Woody Guthrie Center in Tulsa. The museum is dedicated to the life and legacy of folk music legend Woody Guthrie. The center features interactive exhibits, rare recordings, and personal artifacts that tell the story of Guthrie’s impact on American music and culture. Patrons can learn about his famous songs, such as “This Land is Your Land,” and explore his contributions to the folk music movement. The center also hosts live performances and educational events, keeping Guthrie’s spirit alive.
7. Route 66
Often referred to as the “Main Street of America,” Route 66 runs through Oklahoma, making it a key landmark in the state. Travelers can explore charming small towns, quirky roadside attractions, and historic sites along this iconic highway. If you plan on driving Route 66, be sure to check out notable stops including the Round Barn in Arcadia and the Blue Whale in Catoosa. This historic route attracts road trip enthusiasts from around the world, eager to experience a piece of Americana.
Fun facts Oklahoma is famous for
Birthplace of the shopping cart: The states holds the achievement of being the birthplace of the shopping cart. Sylvan Goldman introduced it in 1937 at his Humpty Dumpty supermarket chain in Oklahoma City.
The Sooner State: Oklahoma is known as “The Sooner State” because of the early settlers who entered the territory before the official start of the Land Rush of 1889.
Man-made lakes: With over 200 man-made lakes, this state has more of these lakes than other state in the U.S.
8. Tahlequah and Cherokee Heritage
Tahlequah, the capital of the Cherokee Nation, is rich with Native American history and culture. Visitors can explore the Cherokee Heritage Center, which offers exhibits on the Trail of Tears and traditional Cherokee life. The center also hosts events and demonstrations of traditional crafts, such as pottery and basket weaving. Tahlequah provides a unique opportunity to learn about the Cherokee people’s past and present, making it a culturally significant destination in Oklahoma.
College football is a major part of Oklahoma’s identity, with the University of Oklahoma Sooners and Oklahoma State University Cowboys boasting passionate fan bases. The Bedlam Series, the annual rivalry game between these two teams, is a highly anticipated event that highlights the state’s deep-rooted love for the sport. Both programs have produced numerous NFL stars and Heisman Trophy winners, cementing Oklahoma’s reputation as a powerhouse in college football.
10. Pioneer Woman Mercantile
Owned by celebrity chef Ree Drummond, the Pioneer Woman Mercantile in Pawhuska has become a culinary and shopping hotspot. The mercantile features a bakery, deli, and retail store offering Drummond’s signature recipes and products. Visitors can savor hearty meals, delicious pastries, and browse through a variety of kitchenware and home goods. Because of the charming ambiance and friendly service, the mercantile is a popular destination for fans of Drummond’s cooking show and blog.
11. Beavers Bend State Park
Beavers Bend State Park, located in the southeastern part of the state, is a top destination for nature lovers. This scenic park offers hiking trails, fishing spots, and opportunities for kayaking on the Mountain Fork River. The park is also home to cozy cabins and campsites, providing a perfect getaway for social gatherings and outdoor enthusiasts. With its stunning landscapes and variety of recreational activities, Beavers Bend State Park is a great way to experience the natural beauty of Oklahoma.
12. Oil and energy industry
Oklahoma is widely recognized for its significant contributions to the oil and energy industry. The state is home to major energy companies like Devon Energy and Chesapeake Energy, which play a crucial role in the national economy. Oklahoma’s landscape is dotted with oil rigs and natural gas wells, reflecting its deep history in fossil fuel production. The annual Oklahoma Oil & Gas Expo in Oklahoma City highlights the latest advancements and innovations in the field, attracting professionals and industry leaders from across the country.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
By now you’ve heard the news. President Biden dropped out of the 2024 presidential race and paved the way for current VP Kamala Harris to run in his place.
That was big news that shook up the election overnight, and now there is a renewed focus on Harris, including her financial disclosures.
The WSJ ran a story today about how she manages her money, pointing out her penchant for index funds and her ultra-low rate 2.625% mortgage.
I dug a little deeper to see what kind of mortgage she had, along with when and where she got it.
And it turns out it’s an adjustable-rate mortgage, which we all know aren’t for the faint of heart.
Kamala Seems to Really Love the 7-Year ARM
With regard to that 2.625% mortgage Kamala Harris holds, it turns out it’s a 7-year adjustable-rate mortgage (ARM).
This is a popular type of ARM these days because it provides 84 months of interest rate stability before the first adjustment.
In that respect, homeowners can take one out and not worry about their rate increasing for many years.
And in the meantime, either sell their property or refinance the mortgage if need be.
Harris obtained her latest mortgage in 2020 and was able to get a very low interest rate set at 2.625% until the year 2027.
It’s unclear what the exact loan amount is, but it was revealed to be somewhere between $1,000,000 and $5,000,000.
We also know that the lender in question is Wells Fargo, which has had its share of controversies over the past decade, including improper mortgage lock fees.
What’s even more interesting is this isn’t Harris’ first 7-year ARM. A prior financial disclosure revealed that she took out the same type of loan in 2016 as well.
It featured the same exact mortgage rate, 2.625%. And you guessed it, also came from San Francisco-based bank Wells Fargo.
But wait, there’s more! If we go back to 2012, she took out another 7/1 ARM set at an even lower 2.5%.
In total, that’s three 7-year ARMs in a row dating back about 12 years. Based on that timing, you’d expect a fourth around now, but mortgage rates are no longer cheap.
Unfortunately, a typical 7-year ARM might now go for closer to 5% or higher, making it a pretty terrible deal. So until rates improve, she’ll likely be holding onto the 2020 loan.
She’s Got Another Three Years to Figure Out Her Next Move
It’s not uncommon for homeowners to take out ARMs and refinance them over and over into new ARMs.
The logic is that an ARM is typically cheaper than a fixed-rate mortgage, and if you refinance it before it becomes adjustable, you get the upside (lower rate) without any of the downside (higher rate adjustment).
The one caveat is the closing costs each time you refinance, though a no cost refinance can work if rates remain cheap.
There’s also the time aspect, as it can take about a month to get a mortgage, and it can be a pain to go through the process.
But if you don’t mind all that, you can get a cheaper mortgage and allocate the savings elsewhere, such as an index fund.
You also get a smaller payment over time if you refinance into a new 30-year loan term since the loan amount will be smaller thanks to several years of paying it down.
Anyway, it seems Harris employed this strategy for the past decade while mortgage rates hit record lows and it worked out favorably.
However, it appears her next move won’t be as easy now that mortgage rates have more than doubled in the past few years.
Her Mortgage Rate Could Jump to 4.625% in 2027
Come 2027, her 7-year ARM will see its first adjustment, and that means it’ll likely rise from 2.625% to 4.625%.
There are typically caps in place that limit initial movement by 2%, and subsequent adjustments by 2%, with a lifetime cap that can’t be exceeded.
So beyond that first adjustment, it could go even higher than 4.625%, perhaps to 6.625% if the associated mortgage index is still inflated at that time.
Assuming that happens, she’d want out of the loan and into something cheaper.
But if mortgage rates are still high then, it might remain her best option, despite being more expensive than her original loan.
This is the big risk of taking out an ARM vs. a fixed-rate loan. With the latter, you never have to worry about a rate adjustment, though you do pay a premium for that assurance.
If all else fails, there’s always the option to sell the property, which solves the adjustable-rate problem.
And if she’s living in the White House, that might work out just fine.
Read on: Are adjustable-rate mortgages finally a good deal again?
(photo: Gage Skidmore)
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 18 years ago to help prospective (and existing) home buyers better navigate the home loan process.
Friend of the blog Matt sent in a great question this week:
Hi Jesse – do you have any recommendations when it comes to life insurance? I know Term is the way to go, but that’s about all I got…
I scanned your blog posts and didn’t see anything too specific with it but if you have any guidelines for pricing or coverage recommendations, please let me know!
Matt
Matt’s Right. We Want Term!
Matt’s right. Term life insurance is the best option in 99.99% of cases.
Other types of life insurance (Whole, Variable, Universal, etc.) are bloated products that are “pushed” and “sold” far more often than they’re genuinely sought after. These products try to combine investing with insurance and end up being overpriced versions of each.
Some things aren’t worth combining!
The smarter option is to buy insurance that only acts as insurance and then use your remaining money to invest in pure investments. Term life insurance is just that life insurance product. All it does is provide money to your beneficiaries if you die. If you don’t die, it doesn’t pay. It’s simple.
But Do We Need Life Insurance?
How do we determine if someone needs life insurance?
I use the same framework I would use for anyinsurance question (home, boat, pet llama insurance, etc.).
Are you exposed to a financial risk that you could not comfortably recover from using your current asset base?
Let’s say your house burns down. Does that present a financial risk you could recover from using your current assets (cash, investments, etc)? If you answer no, then you need home insurance. (If you have a mortgage, your lender likely mandates you have insurance so they’recovered should the house burn down).
If your wedding ring got stolen, does it present a financial risk you could recover from? Personally, I wear a ~$200 tungsten carbide wedding ring. If my finger got stuck in a tragic 3-ring binder accident while compiling someone’s financial plan, I could replace that $200 ring without issue. I do not need ring insurance. Granted, the cosmetic costs of finger reconstruction might make me wish I had better health insurance…
Back to the point: that’s the framework to use! Does the downside risk present an insurmountable financial burden to you (or your beneficiaries?)
The answer for many younger readers with dependents (spouses, children) is a screaming YES. As in, “If I died and the family lost my income, it would be very financially uncomfortable for many years!”
But how much coverage do you need?
My Preferred Methods: Income Replacement and “DIME”
The two methods I prefer (and suggested to reader Matt) are the Income Replacement method and the DIME method.
Income replacement suggests you replace your income for a certain number of years, typically until your children reach a particular age or until your spouse reaches retirement age.
In my personal case, I wanted to replace my income until my youngest child (who is still technically hypothetical) is out of the house. I chose a 30-year term policy equivalent to ~20 years of my income (with a small discount rate for future years). No matter when I get hit by that proverbial bus, 20 years of income should cover my youngest child until they’re out of the house.
The DIME method adds up any outstanding debts, add in your income for a certain number of years, then adds your remaining mortgage, and finally adds on future expected education costs. Debts, income, mortgage, education.
The DIME method double-counts a few things. For example, I’m using my income to pay my debts and mortgage. I shouldn’t need to double-count them. Nevertheless, I like the idea of itemizing the biggest future expenses (college costs, mortgage payoff, etc.) and ensuring your life insurance policy can cover them.
The Best of the Rest
Other strategies I’ve seen for sizing life insurance policies include:
The Human Life Value (HLV) method. It asks an individual to consider their annual income for each year until their retirement, add in other benefits and bonuses, subtract the income used for their personal consumption, and then discount future income to today’s value.
Done correctly, this method should provide the beneficiaries with a lump sum of the resources you would have expected to provide to them over the remainder of your working life. It’s just a bit too complicated and mathematical for most people to get right.
The Budget-Based method simply multiplies your household’s monthly expenses by the number of months you expect those expenses to be maintained. It’s similar to Income Replacement, but looks at expenses rather than income.
Lastly, the “Rule of Thumb” (which I think is a poor name!) suggests you multiply your income by 10. Very much “one size fits all,” which is why I don’t like it.
Granted, one detail to note is that most life insurance sizing strategies are intentionally conservative, leading to policy sizes that are large enough during the highest-risk years but end up being too large as time goes on.
For example: a young family might need a $2M, 25-year policy on each parents. But by the time the kids are in college, that $4M of total coverage is surely too much.
Thanks for the question, Matt!
And to all of you: term life insurance is a smart financial planning move. But I hope none of you ever need to collect!
Thank you for reading! If you enjoyed this article, join 8500+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week. You can read past newsletters before signing up.
-Jesse
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Your home is your sanctuary, a reflection of your personality, preferences, and lifestyle. “Discovering your ideal interior design style is a personal journey that can significantly enhance your living environment,” shares Deziner Tonie of Decorating Den Interiors. “By understanding different styles, navigating trends wisely, and identifying timeless pieces, you can create a home that is not only beautiful but also uniquely yours. Let your preferences guide you, and don’t be afraid to mix and match elements to reflect your individuality.”
Whether you’re drawn to the cozy charm of a cottage-style apartment in Montauk, NY, the breezy vibes of a coastal décor house for rent in Portland, Maine, the classic elegance of a traditionally designed house in San Antonio, TX, or the clean lines of minimalism, finding the style that resonates with you is key to creating a space you’ll love. This Rent. guide will teach you how to find your decorating style through expert tips, suggestions, and recommendations.
1. Understanding popular interior design styles
Before diving into the discovery process, it’s helpful to familiarize yourself with some popular interior design styles:
Traditional: This style is timeless and elegant, featuring classic furniture, rich wood tones, and sophisticated textiles like silk and velvet. Traditional design often includes ornate details, such as crown molding, and a color palette of deep, warm hues. Furniture is often arranged symmetrically, creating a balanced and harmonious look.
Minimalism: Focused on simplicity and functionality, minimalism embraces clean lines, neutral color schemes, and a clutter-free environment. The mantra “less is more” is central to this style, with a focus on quality over quantity. Minimalist spaces often use a monochromatic palette and emphasize open, light-filled spaces.
Modern: Modern design is characterized by clean lines, sleek surfaces, and a neutral color palette with bold accent colors. It emphasizes function and avoids excessive ornamentation. Modern spaces often feature materials like glass, steel, and concrete, and furniture pieces that are both stylish and practical.
Industrial: Drawing inspiration from warehouses and urban lofts, industrial style features raw, unfinished elements like exposed brick, metal beams, and concrete floors. The color palette is typically neutral, with shades of gray, black, and brown. Furniture and décor often have a rugged, utilitarian feel, and vintage or repurposed items are common.
Bohemian: Also known as “boho,” this style is eclectic and free-spirited, characterized by a mix of colors, patterns, and textures. Bohemian spaces often include items from around the world, such as textiles, rugs, and furniture with a handmade or artisanal feel. Plants, macramé, and a variety of throw pillows and blankets add to the layered, cozy aesthetic.
Scandinavian: Originating from Nordic countries, Scandinavian design is known for its simplicity, functionality, and connection to nature. It features light, airy spaces with a predominantly white color palette, accented by natural materials like wood and leather. Clean lines, minimal ornamentation, and an emphasis on natural light are key aspects of this style.
Mid-century modern: This style, which originated in the mid-20th century, is characterized by clean lines, organic curves, and a focus on functionality. Furniture pieces often feature tapered legs and a mix of traditional and non-traditional materials. The color palette includes earthy tones and bold, saturated hues.
Modern Western: “Modern Western decor blends the rustic charm of traditional Western style with sleek, contemporary design elements,” Teri James with Teri James Photography shares. “This aesthetic often features natural materials like wood and leather, combined with more contemporary accents. Western wall decor, such as framed prints or canvas artworks of vast landscapes, horses, or cowboy-themed art, plays a crucial role in bringing the theme to life,” James shares. Key pieces might include a statement leather sofa, a reclaimed wood coffee table, and wall art inspired by the rugged people, animals, and landscapes of the West. By combining old and new, modern Western decor creates a warm, inviting space that feels both timeless and fresh.
Farmhouse: Farmhouse style combines rustic charm with modern comforts. It features distressed wood, shiplap walls, and vintage accessories. The color palette is often neutral, with whites, creams, and soft pastels. Chrissy Evancheck, with Countryside Home Decor, recommends decorating uniquely in this style. “Mix vintage with modern by blending rustic farmhouse pieces with contemporary decor for a cozy vibe,” Evancheck suggests. “Soften your decor with plush pillows and blankets in neutral tones. Have fun exploring and trying out these simple tips for adding a little farmhouse decor to your favorite spaces.”
Art Deco: Originating in the 1920s and ’30s, Art Deco is known for its bold geometric patterns, luxurious materials, and rich colors. This style often includes elements like mirrored surfaces, chrome accents, and exotic woods. Art Deco spaces are glamorous and sophisticated, with a strong sense of drama and opulence.
Eclectic: Eclectic style is all about mixing and matching different styles, periods, and influences to create a unique, personalized space. It allows for a high degree of creativity and self-expression, combining various colors, patterns, and textures in a harmonious way. The key is to balance diverse elements to avoid a chaotic look.
Understanding these popular interior design styles provides a foundation for discovering which elements resonate with you. As you explore, you’ll find that you might be drawn to a single style or prefer a combination of several, creating a space that truly reflects your individuality.
2. Reduce limitations by avoiding overthinking
“Consider your space style, which is influenced by location, culture, and lifestyle,” notes Dundee Deco. “Five styles to think about are rustic (farmhouse-inspired), French/European, Asian (including Japandi and minimalism), coastal (beach-inspired), and chic (feminine, usually amplified to glam). Choose what fits your lifestyle, mood, or personality.” Using this as a guideline, you can easily mix and match styles. “Combine your time and space styles to create unique blends like modern farmhouse or rustic vintage. Space styles can mix too, resulting in designs like coastal chic or Asian glam,” Dundee Deco suggests.
Starting with a blank canvas is a good place to begin if you’re overthinking what style suits you. “Create a neutral canvas, allowing you to explore bold colors, vintage finds, or minimalist touches – the choice is yours,” recommends Mouna Menebhi of The Boho Lab. “You can explore and personalize your space without sacrificing the environment, by ethically sourcing handmade furniture while adding character and story to your space.”
3. Don’t be afraid to mix styles
Discovering your design style with Katherine Mueller Design is all about embracing your uniqueness. “Katherine loves to mix styles because she believes every client is unique, and their spaces should reflect that individuality,” Bridget Caldaza with Katherine Mueller Design shares. “Start by identifying what you love — colors, patterns, textures — and how they make you feel. Experiment with different design elements to see what resonates with you and makes your space feel like home. Ultimately, your design style should be a reflection of who you are.”
Spouse-ly echoes this sentiment, encouraging following your preferences.”When it comes to discovering your design style, don’t limit yourself,” shares Spouse-ly. “Combine 2-3 traditional styles to create your own unique look. For example, have you heard of the style coastal luxe or transitional farmhouse? Probably not too often because they are inspired by different colors, decor, and textures that make up their own vibe. Don’t forget to add pops of handmade decor to truly make your space one-of-a-kind.” Mixing and matching styles is a great way to expand your design horizons while determining what your preferences are.”
4. Reflect on your personality and preferences
Consider your lifestyle, interests, and daily routines. Are you someone who thrives in a structured environment, or do you prefer a more relaxed, carefree atmosphere? Do you enjoy being surrounded by keepsakes and mementos, or do you feel more at peace in a space free of excess items?
“Discovering your interior design style begins with exploring your preferences and inspirations. Start by collecting images, colors, and textures that catch your eye, creating a mood board for visual reference,” Dawn Bremer of The Bremer Team shares. “Pay attention to your lifestyle needs, ensuring the design is both functional and aesthetically pleasing. Experiment with different styles and elements in small areas of your home to see what resonates,” Bremer shares. Reflecting on these questions can help you identify the elements of a design style that align with your personality.
Alex Solonsky, Founder of Artificial Paintings recommends considering spaces that make you feel at home in your decorating process. “To find your design style, start by reflecting on your favorite spaces — be it a cozy cottage, a sleek modern loft, or a charming coastal retreat, Pay attention to what elements make you feel at home,” Solonsky recommends. “Don’t be afraid to incorporate unique pieces that tell your personal story. Trends come and go, but a space that resonates with your personality will always feel timeless,” Solonsky adds.
4. Explore inspiration
Gather inspiration from various sources to see what resonates with you. “In order to identify your interior design style, thoughtfully consider what you’re drawn to in movies, TV shows, and magazines — vintage or modern, eclectic or classic,” Connie Strazzeri, Digital Marketing Manager for Vogt, shares. “From Architectural Digest house tours to Nancy Meyers movies, aesthetic inspiration abounds online, and you can hone in on your specific taste by Pinteresting images that correspond with your source of inspiration.”
Magazines and books: Design magazines and books are treasure troves of ideas and visuals. Tear out or bookmark pages that catch your eye.
Online platforms: Websites like Pinterest, Instagram, and Houzz are excellent for discovering and saving design ideas. Create boards or collections of spaces that you love.
Moodboard: “To find your design style, start by creating a mood board with images, colors, and textures that you naturally gravitate towards,” Sandy with Home By Keira recommends. “Experiment with different styles by incorporating elements you love into your space and see what resonates with you and not ‘trends’. Trust your instincts — your personal style should reflect who you are and what makes you feel at home,” Sandy concludes.”Once you’ve created a mood board, it’s helpful to turn to the experts, like our in-house team at Vogt, to help you bring your vision to life,” Strazzeri recommends.
Showrooms and stores: Visiting furniture showrooms and home décor stores can give you a tangible sense of different styles. Pay attention to what draws you in and feels right.
Your closet: “Finding your unique decorating style is important so that you can create a home that reflects you. I like to recommend that you start by looking into your closet and taking note of what clothes and accessories you usually would wear,” suggests Rachel Beeman. “By doing this, you can get a good hint from your wearable style and translate that into what you might like in your home. For instance, love wearing bold and colorful? Then chances are you might love that style in your home as well.”
5. Identify timeless pieces
While trends can be fun to incorporate, timeless pieces form the foundation of a lasting interior design. “Rather than following trends, buy items you love and then find a place for them,” Pamela Wingard suggests. “Then use them, whether eating dinner on your wedding china or displaying your favorite collection on a bookshelf. Then donate items in your home that you don’t really love or pass them along to a family member (That’s probably how you got them anyway),” Wingard notes. “Curating what you already have will give you a fresh perspective on what you really like and help you determine your design style.”
Your style, your sanctuary
Discovering your interior design style is a rewarding process that allows you to create a space that truly feels like home. “Choosing your own interior style is all about experimenting until your home feels uniquely yours — a place where you can relax and thrive,” Teresa with Mindful Cements reminds us. “Go for elements that you gravitate towards and bring extra uniqueness to your space, such as geometric prints, furry rugs, or warm-cherry wooden furniture. Creating your own space should reflect your personality and lifestyle, so experiment with colors, textures, and scents until it feels just right,” Teresa concludes.
By exploring different styles, reflecting on your personality and preferences, and incorporating timeless pieces and personal touches, you can design a space that not only looks great but also feels uniquely yours. Happy decorating!
Wesley Masters works on Redfin’s stellar Content Marketing team as a content writing specialist. She has been with Rent. since 2023 and her previous experiences include non-profit communications, graphic design, and content creation. Wesley lives in Atlanta, GA, and loves outdoor walks, hanging out with her loved ones, and finding new recipes to try on Pinterest. Her ideal home is a brownstone with contemporary interiors.
Despite the prevalence of TikTok videos and recent articles detailing stories of individual college graduates struggling to find good jobs, the data tells a different story.
After all, the overall labor market is stronger than it’s been in decades. And Zoomers who recently graduated from college are certainly better off, in most respects, than previous generations of new grads.
“If you’re a recent college grad, right now things aren’t booming with opportunities like they were a couple years ago,” says Nick Bunker, economic research director for North America at Indeed Hiring Lab. “But it’s still really a relatively solid labor market. And hopefully, fingers crossed, the market stays strong for a couple years. And that gives you more opportunity to find a job as opposed to hanging your hat for the first six months after you graduate.”
When you compare the labor markets faced by Zoomers with previous generations, recent college grads now are better off than their older counterparts: Zoomer grads are earning much higher salaries today than Gen X did in the mid-1990s. Inflation may eat away at Gen Z’s high wages, but it doesn’t touch the stagflation of the 1970s and 1980s that baby boomer college graduates encountered.
The short recession that Gen Z experienced at the start of the pandemic is certainly no Great Recession, which technically lasted less than two years, but was followed by several years of tepid economic growth. That period stymied recent millennial graduates during crucial early employment years and is likely to negatively impact their lifetime earnings.
“It’s not just the year that you graduate,” says Bunker. “Your first years out probably make the most difference because that’s when you’re getting your foot on the career ladder.”
Gen Z bounced back fast
Despite the fact that the oldest cohort of Zoomers — 2020 grads — entered a job market with the highest unemployment rate in the modern era, that recession lasted just two months. And what followed was one of the strongest economic bounce backs ever.
The nation’s unemployment rate has hovered between 3.4% and 4% since December 2021. The current rate, 4.1%, remains among the lowest in 50 years, which means Zoomer college graduates have strong prospects for getting jobs right out of school and moving up the career ladder.
Bunker says the job market has cooled compared with two years ago. There is far less competition among employers than in 2022, which means fewer opportunities, according to Bunker. But it’s not all that dramatic in the broader context.
“If we wind the clock a little bit more and compare to what we saw pre-pandemic, it’s around those levels,” Bunker says. He adds that when compared with previous cohorts of graduates, job opportunities are roughly in line with those enjoyed by millennials who completed college in the early 2000s.
Gen Z’s unemployment outlier
Even with all of the positive aspects of the current labor market, there’s still a unique trend among recent Gen Z graduates that earlier generations haven’t faced: an unemployment rate that’s higher than overall unemployment.
It’s a particular quirk seen when you parse unemployment data among recent graduates over the past 30 years. The unemployment rate as of March 2024 for recent graduates was 4.7% — a full percentage point higher than the overall unemployment rate at that time, 3.7%.
This is an unusual development. Before 2018, the unemployment rate among recent grads was almost always lower than overall unemployment, due to strong employer demand for highly educated workers.
The reversal is likely because there’s been a surge in demand for non-college-educated service workers since the pandemic.
Underemployment is still high among recent grads
Labor data shows that underemployment — the rate of those with college degrees who are working jobs that don’t require degrees — has always been higher among recent graduates compared with all bachelor’s degree holders.
“They go ahead and get that college degree and then they can’t get on a career track that uses that education,” says Elise Gould, senior economist at the Economic Policy Institute (EPI), a nonpartisan think tank.
It doesn’t help that certain job sectors have become more crowded. Majoring in computer science, for example, doesn’t guarantee a job anymore as tech companies pull back from hiring.
Underemployment among computer science majors is higher than those who study health-related programs, education or engineering, according to a February 2024 report by The Burning Glass Institute, a labor market analytics firm, and Strada Education Foundation. But fewer computer science majors are underemployed when compared with those who study social sciences, psychology, humanities and business management.
As of March 2024, some 40% of recent graduates are working in jobs that don’t require a degree versus 33% of all college graduates, according to data from the Federal Reserve Bank of New York.
Salaries for recent grads have spiked
Gen Z college graduates can expect higher-than-ever salaries when they enter the job market: The typical recent college graduate with a four-year degree can anticipate a salary of around $62,609, according to an analysis of employer job postings and third-party data sources by ZipRecruiter, a job posting site. That roughly matches the Federal Reserve Bank of New York’s finding of $60,000 as the median annual wage for a recent graduate with a bachelor’s degree.
As the chart below shows, current median salaries are above those held by earlier generations of newly minted graduates when adjusted for inflation.
Even though salaries are at a peak for recent grads, the latest cohort might not be earning what they expect: A survey released by Real Estate Witch, a housing market research and review site, found 2023 graduates expected to make around $85,000 at their first job and the minimum salary they said they would accept is around $73,000. However, Real Estate Witch found that the average starting salary for a recent grad is about $56,000.
“If you’re a young person graduating now, maybe the differential between what you expected and what reality is, is quite large,” says Bunker.
It’s also possible that wage growth for young new hires may have plateaued as the momentum in the overall labor market that was pushing wages higher has now slowed, says Liv Wang, senior data scientist at ADP Research Institute, which measures workforce data. “If we look at ages from 23 to 26 — that includes a lot of recent grads — and the median hourly base pay for them is like $17, and that per-hour has been little changed since June 2022,” says Wang, citing recent ADP data.
Still, as Gould points out, young workers are disproportionately lower-wage workers — even if they have a college degree.
Jobs for New Grads: How Does Gen Z Stack Up Against X and Y?
Find out what the overall labor market was like when cohorts from Generation X and Generation Y (aka millennials) entered the workforce after college compared with today’s graduates. Read more.
Gen Z grads do face economic and employment uncertainty
Today’s college graduates heading into the workforce aren’t free from economic challenges. They’re dealing with elevated inflation that eats away at their wages. And when you earn less — as most young workers do — higher costs take a bigger bite. In recent years, the cost of housing has skyrocketed, especially for renters, while health insurance and car ownership have both grown more expensive. And, Gould says, like generations before, young workers fresh out of college who have student loan debt will carry an additional burden.
Salaries, overall, may be higher than ever, but it varies based on your degree. And there are still persistent gender and racial inequities to earnings, Gould points out.
But once again, the data shows it is still a pretty good time to be a college graduate and, in general, to have a degree.
It still pays to get a college degree
Those with college degrees remain more likely to be employed than workers in the same age group, ages 22 to 27, according to an analysis of U.S. Census Bureau data from the Federal Reserve Bank of New York. Even an associate degree or professional certificate can give young workers a leg up, as many areas of the country are facing a shortage of middle-skills labor.
In March 2024 the unemployment rate for recent college grads — those ages 22 to 27 — was 4.7% compared with 6.2% for all young workers in the same age group.
(Photo by Nic Antaya/Getty Images News via Getty Images)
When comparing RMI data on industry performance between June 2023 and June 2024, it’s easy to discern a decline in industry activity. One year ago, American Advisors Group (AAG) was the top lender with 8,085 HECM loans in the 12 months ending June 30, 2023. One year later, Finance of America (FOA) — which acquired AAG — held that position but with roughly 500 fewer endorsements recorded in the prior 12 months.
John Lunde, president of Reverse Market Insight, a reverse mortgage analytics company.
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John Lunde
” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/01/johnlunde_rmi.jpg?w=200″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/01/johnlunde_rmi.jpg?w=682″ src=”https://www.housingwire.com/wp-content/uploads/2024/01/johnlunde_rmi.jpg?w=682″ alt=”John Lunde, president of Reverse Market Insight, a reverse mortgage analytics company.” class=”wp-image-434915″ srcset=”https://www.housingwire.com/wp-content/uploads/2024/01/johnlunde_rmi.jpg 682w, https://www.housingwire.com/wp-content/uploads/2024/01/johnlunde_rmi.jpg?resize=100,150 100w, https://www.housingwire.com/wp-content/uploads/2024/01/johnlunde_rmi.jpg?resize=200,300 200w” sizes=”(max-width: 682px) 100vw, 682px”>John Lunde
The leading geographic region in the industry, the Pacific/Hawaii region, posted 700 closed loans in June 2023, a figure that dropped to 594 loans one year later. Additionally, June 2023 had an increase of 18 in the number of active lenders. One year later, there was no increase in active lenders. Competition and endorsements grew in 2023, while both metrics fell in 2024.
These numbers represent “the truth of where we’re at,” Lunde said, but assessing context for these movements is both necessary and interesting, he explained.
“I think there’s always interesting context around how the numbers get there,” he said. “Regarding some of those data points you brought up, such as the AAG-FOA combination, it would have been a no-brainer at the time of the acquisition to say that they’re combining the largest wholesale lender with a strong retail presence with, for the last many years, the strongest retail lender by volume. Putting those two together would seem to create an industry colossus, but that really hasn’t played out.”
Positive performers are present
The industry likely would have hoped for more from such a combination, Lunde said, but on the other hand, there are also success stories to be found. Mutual of Omaha Mortgage, for instance, has emerged as the No. 2 lender in the reverse mortgage space. Between June 2023 and 2024, it grew its overall number of HECM endorsements.
“They entered the industry quite a few years ago, with some obvious advantages like a great brand name, long history, and a large customer base outside of reverse,” Lunde said. “We’re seeing what those advantages can do even in a challenging interest rate environment.”
Assessing the companies that have managed to perform well in the current environment boils down to some common elements, Lunde said. A company entering or acquiring an existing reverse mortgage team can leverage its advantages outside of the industry and apply them to their reverse operations, for instance.
“We’ve seen similar things in other places, like Guild Mortgage acquiring Cherry Creek Mortgage, Lunde said, “or Harlan Accola and his team did a lot of good work at several companies, and now he’s over at Movement Mortgage, where we’re starting to see some activity and growth.”
This has been an “important part” of the industry’s dynamics over the past year and has served as an avenue to growth. “Frankly, I think that’s one of the main future sources of growth for the industry,” Lunde said.
Every player has a story
There are also players in the space that emerged with a focus on reverse and have also managed to maintain positive momentum, he added.
“You see others like Longbridge Financial, which started many years ago and took a reverse-centric approach,” Lunde said. “They brought together a good team of veterans in the industry with great experience. Even without leveraging a huge team of forward loan officers, or an existing brand name or client base outside of reverse, they’ve been able to do impressive things.”
Lunde and RMI recognize that there are wildly different stories that have unfolded across the industry. This is particularly true when it comes to the way they have approached various challenges since the late 2000s’ financial crisis — including the COVID-19 pandemic — and other realities such as the HECM program changes handed down by FHA.
“There are multiple paths for growth for the industry, and each name on our lenders’ report has a specific story,” Lunde said. “From my perspective, they fit into certain categories or segments of the approach they’re taking. From an outside perspective, I admire what some of these companies have done.”
Long-term mortgage rates fell for the fifth time in six weeks on Thursday.
Freddie Mac reported 6.89% as the average on a 30-year mortgage, down six basis points from last week.
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“Following June’s jobs report, which showed a cooling labor market, the 10-year Treasury yield decreased this week and mortgage rates followed suit,” said Sam Khater, Freddie Mac’s Chief Economist. We’re also seeing more inventory on the market, including a fair number of listings with price cuts, which is an encouraging sign for prospective buyers.”
The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.
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This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_rates_tick_down/22505.
Inside: These are the absolute best life hacks to saving money. This list of frugal living tips with a big impact with greatly improve your budget and finances.
There are many ways to save money. Today, we are going to focus on frugal living tips with a big impact.
Those money saving tips that will save you the most money in the shortest amount of time.
These are the big impact ones of the all of the frugal living tips out there.
If you are a frugal living beginner or desire to save money, this is what you need to start with.
For many households, you are busy and want to find the life hacks that will make the biggest impact in the shortest amount of time. Saving money is important to you. You have bigger and better aspirations in life.
For us personally, we choose to implement these frugal living tips with a big impact because we want to increase our savings percentage each and every year. We have financial independence – all thanks to the Money Bliss Steps to Financial Freedom.
You should check them out. You might be surprised how your perspective will change.
For now, we are going to stick with the frugal living tips that will save you the most money with the least amount of work. Does that sound like a good deal? You want real life hacks – not just clickbait titles. Right?
I thought so… Let’s dig in to the frugal living tips with a BIG impact!
How to Stay Frugal
The better question is why do you want to stay frugal? What are your personal reasons for being frugal?
In this particular case, we are talking about saving money.
In all honesty, staying frugal means that you are constantly wanting to save more money. You have bigger plans in your life and don’t want to be a slave to your money. You desire to make a plan for your money and that is of utmost importance for your household.
Learning how to stay frugal will turn into a frugal lifestyle. Then, for many, it will morph into a thrifty lifestyle.
It is easy to learn how to stay frugal when you have dreams and plans in your life.
In order to fund those dreams, you need to stop living paycheck to paycheck and begin to give purpose to how you spend and save your money.
If you don’t believe me, then check out this case on why being frugal leads to a millionaire’s success story.
Top 10 Frugal Living Tips with a Big Impact
Like it was stated before, there are hundreds of frugal living tips that you can implement right now to start saving money.
However, for too many people, the list is too long and they want to see immediate progress right now.
These are the TOP 10 frugal living tips that will change how you think about money, spend money, and ultimately save money.
If you want to enjoy life and money (and maybe one day reach financial freedom), this is where you want to start. With this list. Right now. Make these easy lifestyle changes and begin a new relationship with money.
1. Wait 24 Hours to Buy
This is the simplest tip to help improve your money management.
Wait at least 24 hours before you buy something.
During that time, you will figure out whether or not you actually want or need the item. If you still want it, then you can purchase it. However, many times you realize that you didn’t need it or it wasn’t exactly what you wanted. So, you end up saving some money.
Obviously, the wait 24-hour rule applies to anything outside the realms of housing, food, gas, and utilities.
One of the smallest wins is to save $50 a week using this rule because over a year, you will save $2600!
Say what!?!?
That is a big chunk of cash that you probably even didn’t realize you were spending. Now, you are one step closer to reaching financial independence.
2. Make a Plan for Your Money
How do you want to spend your money? Have you ever considered where you want to spend your money before you spend it? Don’t worry if you said no. Most people don’t make a plan for their money.
What does it look like to make a plan for your money?
Before you are paid, you decide how and where you plan to save and spend your money. Did you catch the first part? It is the biggest hint I have for you – decide where you plan to save money first. Then second, how you plan to spend the rest.
Many people call this a budget.
The key is knowing where your priorities lie before putting in all of your variable expenses. You must plan to reach your money goals first. Then, figure out how to live on the rest.
That is called making a plan for your money.
3. Say No to Debt
There is nothing frugal about taking out debt.
Around here, we call debt – the cash flow killer.
It is extremely hard to move forward when debt (specifically the debt payment) is holding you back. It is like taking two steps forward only to be taken back a step now and three steps back in the future.
How to get around not going into debt?
You save up for big purchases, and then, you can pay in cash.
Side note… For this discussion, we are not talking about mortgage debt. In many cases, mortgage debt can be considered a “better” debt because purchasing a home may have a lower mortgage payment than current rents in the area.
4. Understand Where You want to Spend Money
Spending money isn’t a bad thing… IF you are spending money in areas that are important to you.
However, too many times we are blindly spending money and not realizing where our money went at the end of the month.
Is that what you set off to do?
Probably not, but for now, you feel like you are a slave to your bills and not being able to enjoy the fruits of your labor. The time is now to figure out where your priorities lie and the area you want to spend money.
To make this process simpler, it is easier to decide where you don’t want to spend money. For us, a no spend challenge helped us visually see where we wanted to spend money and where we actually spent money. The experience was eye-opening and very valuable.
Now, we know where we want to spend money and that has made a big impact for our finances. What could it do for you?
Just to Note… There are times where you want to spend money isn’t possible because you are barely managing to pay your basic bills. This frugal living tips with a big impact is to help you understand where your goals to spend money lie and what is unnecessary spending.
5. Know Your Reason to Live Frugally
Let’s be honest… living frugally doesn’t come with a lot of materialistic perks. You are sacrificing spending money in order to save money. It is hard to watch people mismanage their money only to get bailed out again and again.
To stick with frugal living and a desire to implement saving money hacks, then you must know your reason to live frugally.
Your answer will vary from everyone else’s answer. That is okay because we all have different money goals.
Have you thought about your reason for living frugally?
Our reason to live frugally is to travel. We don’t want to wait until we retire and the kids are grown to travel. We want to travel now and explore as much as possible while we can. Over time, that has morphed into our desire to reach financial freedom and not be a slave to our jobs. (Don’t worry… I love what I do here and don’t plan to change anything.)
What is your reason to live frugally?
6. Keep your Grocery Budget Trim
This is one of the biggest frugal living areas that will have the most immense impact – how you eat food.
Food is one of the basic expenses that you need to survive. However, how you choose to fuel your body will make a difference in your budget as well as how you choose to shop.
By becoming cognizant of grocery spending, you will learn to save money on groceries, which will make a huge impact over time.
Let’s take this example… You can save $200 a month on your grocery spending. That equates to $2,400 in one year. Almost $5000 in two years. At the end of 10 years, you saved $24,000!!
That is no small chunk of change. While spending an extra $200 a month doesn’t seem like much, over time it adds up to a greater amount. That is when you realize that implementing grocery money saving tips will have a bigger impact than you realized.
Overcoming your grocery budget is a learned trait; here are the best items on your grocery budget list.
7. DIY First
I’ll be the first to admit that making something yourself can be overwhelming when you don’t have a clue where to start.
Thankfully, there are plenty of tutorials to get you started with a simple Google search.
Frugal living tips with a big impact is knowing how to do it yourself first.
Here is one that has saved us over $10,000 in the past 10 years… I learned how to cut everyone’s hair in the house. The reason we started cutting our hair was because we were looking for ways to get out of debt faster.
The worst case scenario with DIY… if it doesn’t work out how you expected then you can always call for professional help. The best case is you just saved yourself a lot of money.
Especially if you own a home, you must learn to DIY first. Many of the skills that you would hire a handyman to do used to be taught by the generation before. Too bad that this isn’t still the case. However, thanks to YouTube, you have plenty of opportunities to learn how to do it yourself.
Another option is to trade services with a friend.
8. Find a Cheaper Alternative
One of the traits of a frugal person is searching for cheaper alternatives. This is a simple money saving hack.
This could be as simple as searching for a better price online and price matching. Or even waiting for a sale or clearance.
Finding cheaper alternatives is a great way to save money. Some options include:
Buying in bulk
Buying generic
Buy less items
Finding items that have dual purposes over single use. (like instant pot / air fryer combo)
You need to open up your eyes to finding cheaper versions or figuring out how to buy what you need at a lower price.
Another alternative is to buy used. This especially holds true for new cars since they lose most of their value within the first 5 years.
Just to Note: A cheaper alternative doesn’t always mean the quality is the same. A thrifty person would want an item that will last longer than the knockoffs.
9. Choose FREE First
Oh my! This hack is one of the best frugal living tips with a big impact.
Why choose FREE first?
Then, you don’t have to spend your hard-earned income on something that is used for a short period of time.
This could be for everything you spend money on.
Find free things to do with no money.
Source items you need in Buy Nothing Facebook groups or Nextdoor.
Choose the library over buying the actual books.
Ultimately, you’re looking at how to get things and do things for free first. This doesn’t make you cheap at all. It makes you frugal. Plus it gives you the chance to spend that money on something else that aligns with your reason to be frugal.
10. Think Long Term
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Too many times, we are so focused on living paycheck to paycheck that we don’t stop to make plans on what we want the next year to be like. Or the next 3 years? 5 years? Even 20 years away?
If you are ready to make a big impact in your life today, start by dreaming and thinking long term financial goals for all of your spending and saving.
Frugal Family Tips
Really quick, we are going to spend a little time discussing frugal family tips for your household.
Why?
Well, kids are expensive and it can be hard not to want the best for your family. And it can be easy to spend money to make that happen.
But first, why should you implement frugal family tips for your household?
Hint: so you can raise financially savvy children who make smart and wise decisions with money as adults. More is caught than today.
Kids learn by example.
So, why not be the best example for your kids with money?
The above list of the top frugal living tips with a big impact is solid money management tips that will build a solid foundation of success.
There isn’t a specific list of frugal family tips. It is taking the above life hacks and talking with your family about why you are making these money decisions. Have conversations about spending money and saving money.
In the long term, teaching frugal family tips will open the door to many opportunities.
That right there, my dear friend, is the gift that will keep on giving.
Tips for Living with Very Little Money
Typically, there are two types of people who are living with very little money and they are on opposite ends of the spectrum.
First of all, don’t compare yourself to others. That slippery slope of comparison is a trap; one which will cause you great harm, stress, and financial strain.
You are looking for tips for living with very little money.
If you are struggling living paycheck to paycheck, then you are in a tough spot right now. Remember, I said right now. You can always change your financial situation. It starts with your money mindset first.
The other person is that extremely frugal person who is consciously choosing to live with very little money. That means you are prioritizing the saving percentage you save each month.
In addition to all of the tips above, you must become EXTREMELY cognizant of your plans to spend money.
You know how and where you plan to spend every single penny that you earn before the money is in your hands.
Consistently, you are finding ways to spend less money and save more money.
A no spend challenge becomes a normal way of living for you. The key is you can’t hold a grudge on your choice of extreme frugality.
Just remember, you can lead a fabulous life with very little money. Money won’t buy your happiness. Finding contentment with your life is the target.
Which Frugal Living Tips with a Big Impact will You Try First?
Okay, so in all honesty, most of these frugal living tips are great money management tips that will completely turn your life in a completely different direction.
You are here because you want to save money with simple life hacks.
This list of the top 10 frugal living tips with a big impact will flip your life upside down for the better.
You need to make a big impact on your finances. Now, you need to embrace these saving money tips and have them become natural habits.
Regardless of income, you are capable of saving your first $10k, then saving $100,000 and ultimately being a millionaire. All it takes is thinking long-term and deciding what is most important for your family and your household.
You hold the keys to a brighter financial future. Grab them and begin to open up doors to more opportunities.
In case you want more frugality in your household, in this post, we outline over 175 + of the best frugal living tips, which are great once you master the money saving tips that will have a longer lasting impact.
For now, what frugal living tips with a big impact will you try first? Comment below and let us know!
You can become the next millionaire with no money!
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
If we took the worst levels of the spreads from 2023 and incorporated those today, mortgage rates would be 0.48% higher right now. While we are far from being average with the spreads, the fact that we have seen this improvement is a plus this year.
10-year yield and mortgage rates
Last week, inflation data and testimony from Federal Reserve President Jerome Powell were a plus for mortgage rates as the 10-year yield fell to the critical level of 4.20%. This has been a stubborn place to break lower, so the key for this week is to get follow-through bond buying after we close below 4.20%. If this doesn’t happen soon, we will need to wait for more economic data or a Fed talking point to push the 10-year yield lower.
Purchase application data
The last time we saw 12 weeks of positive trending purchase app growth was when mortgage rates reached 6%. Purchase apps have been positive for four out of the last five weeks and mortgage rates aren’t even near 6%. Now, context is critical because we are working from the lowest bar ever, so it doesn’t take much to move the needle higher with purchase apps, as the last five weeks have shown.
However, let’s keep an eye out on this story over the next six months because of what late 2022 and 2023 data has shown us: if the mortgage rates fall and we can get at least two to three months’ worth of positive data, it will show up in the future existing home sales report. Remember, purchase apps look out 30-90 days, so that data will hit the sales report later on.
Since mortgage rates started to fall in November 2023, we’ve seen 16 positive prints, 14 negative prints and two flat prints in the week-to-week data. However, as mortgage rates began to rise earlier this year, we observed a decline in demand. The year-to-date data for 2024 is still unfavorable, with 10 positive prints,14 negative prints and twoflat prints.
Weekly housing inventory data
This week’s data was hit with the July 4th bug. Especially if July 4th is on a Thursday or Friday, people tend to take a more extended vacation. So, I will not make any statements about the decline in inventory week to week, except that it’s been affected by the holiday and we should get back on trend next week.
Weekly inventory change (July 5-12): Inventory fell from 652,573 to 651,453
The same week last year (July 7-14): Inventory rose from 466,534 to 471,603
The all-time inventory bottom was in 2022 at 240,497
The yearly inventory peak for 2024 was 652,573
For some context, active listings for this week in 2015 were 1,197,439
New listings data
New listings data saw a much sharper decline than I had anticipated this week, but it was July 4th weekend so that I won’t make anything of it. However, I will keep an eye out here in the future weeks. The seasonal decline period is starting soon, so we should get accustomed to seeing a decline in new listing data as the year heads toward its end.
It is a bit shocking to me that new listings this week are lower than even last year: This is the lowest new listing week ever recorded. Here are the new listings for last week over the last several years:
2024: 56,638
2023: 57,304
2022: 71,790
Price-cut percentage
In an average year, one-third of all homes take a price cut — this is standard housing activity. As rates have stayed elevated, the price-cut percentage is higher than in the last two years, and certain pockets of the U.S. have higher inventory data than the national data.
A few weeks ago, on the HousingWire Daily podcast, I discussed that the price-growth data will cool down in the year’s second half. Here are the price-cut percentages for last week over the previous few years:
2024: 38%
2023: 33%
2022: 33%
Pending sales
Below is the Altos Research weekly pending contract data year-over-year to show real-time demand. With more sellers who are buyers, we have a tad more demand this year. These are live weekly contracts, compared to the purchase application data, which looks out to 30-90 days. And our weekly pending sales data accounts for contracts.
2024: 419,576
2023: 377,650
2022: 419,524
The week ahead: Powell talks again, plus retail sales and housing starts
Powell will speak again on Monday and a few Fed presidents will speak this week as well. I want to see if we get more dovish statements from other Fed presidents this week. Retail sales are on Tuesday and housing starts are on Wednesday. The big focus for housing starts data is if single-family permits keep falling, which isn’t bullish for construction labor going out. Also, we have the all-important jobless claims data on Thursday.