Tag Archives: financial

Money Monday: How to stop overspending

“Here’s what financial experts recommended to help get out of the revolving door of overspending:

Personal finance and money

“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)

Read more of this article at CNN.com here: “How to get out of the overspending trap”.

Money Monday: Financial changes to build wealth

January is the perfect time of the year to plan ahead; especially when it comes to finances.

Forbes has a whole list of financial resolutions to make; here are some of the best suggestions:

  • Make a budget and stick to it
  • Review your credit card/financial statements and see what you can cut out
  • Refinance your mortgage
  • Get a will or living trust
  • Start investing

Read all 27 of their suggestions here: “27 Financial New Year’s Resolutions To Build Wealth“.

Money Monday: New money resolutions for the New Year

New year, new money resolutions!

cashIf you’ve trying to tackle your finances for awhile, the new year is the perfect time for a fresh start. Here’s three smart money moves to try this year:

  1. Get rid of credit card debt
  2. Open an IRA and contribute to it
  3. Up your credit score

More on these three top financial moves via CNN Money’s article here: “3 smart money moves you should consider making in 2017.”

Money Monday: Renters have affordability challenges when buying a home

Renters value homeownership but face affordability challenges when it comes to buying a home, C.A.R. survey finds.

upside-downCurrent 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.

Read the full story from KPCC: www.scpr.org/news/2016/06/08/61459/homeownership-is-valued-but-remains-expensive-and/

Money Monday: Many Americans aren’t saving enough

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.

Read more about Bankrate’s findings in CNN’s article here: “Half of Americans are saving next to nothing”.

Do you need more Money Monday tips, so that you’re saving more of your money? View all of my posts on money here. Some related Money Monday topics: Common money mistakes, Frugal living rules, and Prioritize bills when you’re low on cash.

Money Monday: What not to buy at warehouse clubs

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.

warehouse club

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.

Read more from MSN’s “don’t buy” list here.

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”.

Money Monday: Myths about credit score

Don’t fall for these myths about your credit score!

  1. Your credit score drops whenever you look at it
  2. You need to close credit cards that you don’t use
  3. Paying off that negative account takes it off your record
  4. Cosigning on a loan doesn’t mean you’re responsible to pay it
  5. Making payments on time show up on your credit score
  6. Your payment behavior shows up on your report

6 Myths about Credit Scores

This infographic is from CAR.org.

Money Monday: New Year’s resolution: Start investing

Are you in the 1%? Congratulations! This article isn’t for you. For everyone else, make a New Year’s resolution to get into the 50% club.CheapFullCoverageAutoInsurance.com

“About half of Americans own stocks. They understand the secret to getting wealthy and financially healthy.

“The U.S. stock market has been on steroids. It’s gained about 200% since 2009. The rich (and many people in the middle class) have figured out that you can make money without getting off the couch.

“You can do it too.

“As many CNNMoney articles show, people can become millionaires by saving and investing. Here’s how to get started in 2016.”

1. Enroll in your 401k plan at work

2. Invest your ‘extra’ cash

3. Download an app (or two)

4. Talk about money with friends

This article and information is from Money.CNN.com; read the full article here: “New Year’s resolution: Start investing”.