Tag Archives: Money Monday

Money Monday: Mortgage rates decline for the third week

mortgage ratesMortgage rates dropped for the third week in a row after rising significantly after President-elect Donald Trump won the election, however, the 10-year Treasury did see an increase.

“After trending down for most of the week, the 10-year Treasury yield rose following the release of the CPI report,” Freddie Mac Chief Economist Sean Becketti said.

The 30-year fixed-rate mortgage decreased yet again to 4.09 percent for the week ending Jan. 19, 2017. This is down from last week’s 4.12 percent but still up from last year’s 3.81 percent.
The 15-year FRM decreased from last week’s 3.37 percent to 3.34 percent this week. This is still up from last year’s 3.1 percent.

Read the full story: www.housingwire.com/articles/38992-freddie-mac-mortgage-rates-hit-third-straight-week-ofdeclines

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: Emergency cash is lacking for many Americans

You never know what might come up, which makes savings for a rainy day important.

Emergencies come up. “But a lot of Americans aren’t ready for them financially, according to new research from the New York Federal Reserve.

savings

“The average American age 40 or under says there’s nearly a 50% chance they would not be able come up with $2,000 next month if there were an emergency.”

“Overall, Americans said in October there was a 34% chance they couldn’t come up with that amount of money if they had to. That’s down from a 42% chance in 2013 when the New York Fed first started asking the question in its Survey of Consumer Expectations. But it’s still up from 32% in February.” (Gillespie, Patrick. “Many Americans Don’t Have Enough Emergency Cash. CNNMoney. Cable News Network, 7 Dec. 2016. Web. 12 Dec. 2016.)

Read more at CNNMoney here.

Money Monday: How to spend less during the holiday season

Over-spending during the Christmas season is common, but put a cap on spending by laying out a game plan.

holiday spending

Image by taxcredits.net

  1. Make a list of who to buy gifts for and a cap for each person
  2. Figure out a budget based on an income percentage
  3. Talk to your family and come up with a spending plan together

Read more tips at Forbes: “8 Ways To Keep A Leash On Holiday Spending.”

Money Monday: Cyber Monday tips

Cyber Monday is renown for all the good deals you can find on electronics, but you can be even more financially sensible when you follow some tips.

  1. cashCompare prices
  2. Compare historical prices
  3. Use Slice to monitor price drops after your purchase
  4. Shop the right categories
  5. Clear browser history to keep prices even lower

Read up on all the details and tips at ABC.com: “Shoppers Look to Score More Deals on Cyber Monday”.

Money Monday: Homeowners are twice as house rich as five years ago

After hitting bottom in 2012, home prices took off dramatically before leveling off a bit in mid-2014. In the last two months, though, they turned higher again. The amount of equity homeowners now have — the value outside their mortgage debt — has doubled in the last five years, according to CoreLogic.

money houseSeptember home prices showed a 6.3 percent annual gain, slightly more than in August and a clear sign that prices are heating up again after cooling through much of spring and summer. CoreLogic’s chief economist said that home equity wealth has doubled during the last five years to $13 trillion, large because of the recovery in home prices.

While homeowners today show more wealth on paper, they are not extracting it at nearly the rate they did during the last housing boom. Near-record-low mortgage rates have certainly prompted thousands of borrowers to refinance and lower their monthly payments, but a very small share have extracted cash in these refinances and home equity lines of credit (HELOC).

Full story: www.cnbc.com/2016/11/01/homeowners-twice-as-house-rich-as-five-years-ago

Money Monday: Save by using more cash

Need or want to spend less? Many financial advisers (such as the famous Dave Ramsey program) propose that you should use cash for just about everything. But that can be difficult to implement, so here’s an alternative.

cash“…A new study by the Urban Institute and D2D Fund offers a middle ground that consumers might find more realistic: Use cash for anything under $20.”

 

 

 

Why focus only on small purchases? CNN has several good points, among these reasons:

  • Impulse buys are often small.
  • We’re more likely to ignore the small purchases.
  • It’s risky to carry around wads of cash.

 

 

“…So while “cash only” sounds good in theory, “cash only for the small things” might be much more useful in practice. It offers the best of both worlds: more budgetary control, plus the benefits and protections plastic can provide. So back away from the scissors and put the credit card back in your wallet. Just make sure to dust off that ATM card, too.”

Read the article in full here: “One simple rule that can change bad credit card behavior.”