In the current climate, one of the popular options for buying a home is to buy a foreclosure. Foreclosures can provide you with a great deal. They are often below market price for comparable homes, and you can buy one as your main residence, or as an investment property. Before you get too excited about purchasing a foreclosure, though, you need to carefully consider your what you are doing. Not all foreclosures offer the same…
One of the most important things you can do for your finances is to establish spending priorities. When you prioritize your spending, you make sure that the most important items in your budget are funded first. This means that the most important things in your life, such as making sure your housing payments are made, as well as ensuring that your children are properly fed, are taken care of first. Spending priorities are essential if…
A lot has changed since the financial crisis of 2008. And one of those things is the workforce. The last recession happened during a time when technology has advanced quite far, and there are higher costs associated with permanent workers. As a result, the workforce is changing — we may be on the verge of seeing a true decline in the full-time, full benefits workforce we have come to expect in the last few decades.…
One of the questions that many people ask when they are looking for insurance coverage is whether or not they need coverage for protection against uninsured drivers. Because many drivers are uninsured — in spite of laws that require car insurance — it can help in some cases to make sure that you get uninsured motorist coverage. What is Uninsured Motorist Coverage? This is coverage that helps pay for injuries you sustain if an uninsured…
Many of us have come to rely on debit cards. They are convenient methods of payment, working like credit cards — and accepted where credit cards are used. You can swipe your debit card quickly and easily, without worrying about paying interest; your money comes right out of your checking. And now, banks are betting on the fact that you will want to keep the convenience of debit cards. Wells Fargo is test out monthly…
I hate to admit it, but it’s been awhile since I’ve checked my credit report. Normally, I check my credit report three or four times a year. However, I’ve been a little lax recently. I don’t need new credit, and I’ve just not thought about it much. I’m about to rectify that, though. It’s important to check your credit report regularly. Here are 3 reasons to keep track of what’s in your credit file: 1.…
One of the things that has struck me as some gear up for what some believe will be the Rapture tomorrow, is that we really do want our assets cared for after we are gone. It’s why we get involved in estate planning. We write wills and form trusts in an effort to make sure that those we leave behind are cared for. As I’ve read stories of post-rapture services — especially pet care –…
One of the questions you need to ask yourself before you purchase something on sale, or take advantage of a “great bargain” is this: Am I really saving money? In so many instances, we think that we are saving money when what we are actually doing is spending it. If you really want to save money and build wealth, you have to get real about your spending and saving habits. Saving Money vs. Spending Less…
One of the products that some savers use in order to get higher yields on their CDs is brokerage CDs. For the most part, brokerage CDs are regular CDs. However, when you get them through a broker, sometimes you can find higher rates, since the broker might have access to a wider variety of offerings. In some cases, too, the brokerage will put a large amount of money into a CD, and you can get…
One of the consequences of the recently enacted Credit CARD Act is that many credit card issuers are changing some of the terms of their agreements. This can include providing you notice that they are changing the fee structure, as well as changing your interest rate. It’s true that credit card issuers aren’t supposed to raise interest rates on existing balances (except in a few cases), but they can up the interest rate on your…
When you are bargain hunting, it often seems to be just about the price. However, a true bargain is about more than just paying as little as possible. Sometimes even at a cheap price, you are paying more than you should. A true bargain is something that has long-lasting value. Even if you pay a little bit more for something, if it is of good value and likely to last longer, you could save money…
Tax season? Already? Even though tax season doesn’t really begin until the beginning of the year, you can reduce the stress related to tax season by getting ready now. If you haven’t been keeping track of your tax related information throughout the year, it is probably a good idea to start getting it organized now. You can get your documentation where you need it, and you can plan how to reduce your tax liability in…
Paper checks are in the process of disappearing from the financial landscape. And it’s no wonder: Plastic is much easier to carry around, and electronic payment options for bill pay are more convenient in many ways. The checks that you write for bills are not the only things disappearing. Many companies are moving away from issuing rebate checks in favor of issuing gift cards. The main issue that many have with the whole gift card…
It would be nice to think that the most recent recession was an aberration, but the truth is that it is not. Recessions come and go; it is part of the natural economic cycle. You can always expect there to be up cycles and down cycles. This means that once you get through this recession, it is a good idea to be ready for the next one. No, you do not have to stockpile gold…
We hear a lot about “passive income” when we discuss alternative income streams. For many, passive income is the Holy Grail of money making. The idea that you do nothing, and the income just comes to you is bewitching. However, is there really such a thing as passive income? I suppose that if you have some sort of inheritance that is managed on your behalf, that might qualify. However, much of the passive income that…
There has been a great deal of talk about the changes that many have made in response to the recent recession. Many have made financial changes, paying down credit card debt and building savings. A little more conscious spending is taking place. As a result, many people are now creating a better financial foundation, rather than overspending into a precarious situation. But will it last? It’s easy to make financial changes when you know that…
One of the subtle influences on your credit score is the type of credit account you have. For instance, while it doesn’t count that much, it makes a small difference whether you have a department store credit card or a major bank credit card. Normally, I fall firmly into the camp of not having a department store credit card. It seems pointless: The interest rates are often higher and there are rarely rewards programs. But…
In these economic times, many are looking for ways to save a little money. One of the ways to do this is to haggle for a lower price. Whether you are looking for a better price on a car, to get a discount on travel, or you want to save a little extra on a pair of pants, you can haggle the price down — even at a department store. Here are four tips that…
Retirement is one of those big milestones we mark in life. However, getting there is more of a journey than an event. On your way to retirement, it is a good idea to have small goals that can help you along to a successful retirement. While there are a number of mini-milestones you should attempt to reach on your way to retirement, here are 3 goals that can be especially helpful as you set up…
One of the ways that you can save for retirement is to open an IRA. An IRA is a tax-advantaged retirement account that allows you to build a nest egg through investments. There are any number of investments that can be held in an IRA, including Certificates of Deposit (CDs). When you have a CD in your IRA, the interest earned is either tax-deferred (Traditional IRA) or tax-free (Roth IRA). Many banks are starting to…