“Here’s what financial experts recommended to help get out of the revolving door of overspending:
“Face the spending music
“It’s not easy, but step one is to take a hard (and honest) look at all your spending.
“That means identifying everything you spent money on in the last few months: housing, food, gas, entertainment, clothes, drinks…everything.”
“Find a budget that works for you
“Once you know how much money you are taking in and where it’s going, it’s time to create a budget.” (“How to get out of the overspending trap”. Kathryn Vasel. CNN.com. http://money.cnn.com/2017/11/30/pf/credit-card-debt-pay-down-debt/index.html?iid=SF_LN)
Renters value homeownership but face affordability challenges when it comes to buying a home, C.A.R. survey finds.
Current renters value homeownership and want to buy a home, but many are encountering affordability and financial obstacles that prevent them from buying, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2016 Renter Survey. Making sense of the story:
Nearly half of renters (48 percent) plan to buy a home in the future, with 10 percent saying that they plan to buy within a year.
For those not planning to buy, an improvement in finances, lower housing prices, and saving enough for a down payment would motivate them to buy now.
Of the 28 percent of renters who don’t plan to buy in the future, 50 percent said they can’t afford to buy, 20 percent will not buy because they prefer to rent, 19 percent said they can’t qualify for a mortgage, and 15 percent lack a down payment.
Job uncertainty (9 percent), economic uncertainty (12 percent), and housing market uncertainty (6 percent) were among other reasons renters cited for not buying a home.
Homeownership remains important to renters, with nearly half (45 percent) rating it 8 or higher in importance on a scale of 1-10, with 10 being extremely important. The average was 6.8.
Nearly all renters (95 percent) see advantages to homeownership; freedom to do what you want with your home, building equity, and having permanence and stability were the top benefits mentioned by renters.
One of the surprising findings of this survey is that more than one in four millennial renters said they plan to purchase a home that will accommodate their parents, and about one in five millennials indicated they plan to pool funds with family members to buy a home.
In a Bankrate survey, half of Americans are saving 5% or less of their income, with only a quarter saving 10% or more.
That’s far below the recommended 15% savings that Bankrate recommends — only about 1 in 7 Americans are saving that much.
The middle class appears to be doing the most saving, with 35% of income earners of $50,000 to $74,999 annually saving more than 10%. Those in the $75,000+ annual wage bracket are a close second, with 32% saving 10% or more of their income.
It’s often cheaper to buy from bulk stores, but not always!
It may seem cost-effective to buy everything you can from a warehouse club like Costco or Sam’s Club. But according to MSN.com, there are still a few things to avoid buying from such places.
One thing, not surprisingly, is perishables. While meats and other freeze-able items are definitely a good buy, the things you can’t freeze should probably be avoided. These include that big case of lettuce, the multi-case of ketchup, or even the super-sized packs of sunscreen.
Another not-so-good buy includes the media and book section, whose prices are marked up compared to places like Amazon.com.
But there’s plenty of good buys from these warehouse clubs; stock up on freezeable perishables, medications and drugs, liquor and more — read some of the experts’ tips on what to buy in MSN’s article as well: “5 things NOT to buy at Costco and Sam’s Club”.