Tag Archives: savings

Money Monday: Top three financial priorities

“Emergency funds, retirement, debt payoff, college costs – overwhelming is an understatement when it comes to how we should prioritize our savings. We know we should be saving, but where and how much?”

personal finance

According to Forbes, saving for your kids’ college funds shouldn’t be in the top-three priorities. What are the three things you should tackle before other financial needs and wants?

  1. Emergency savings
  2. Putting away for retirement
  3. Paying off debt

Then, you can begin to focus on other financial things, such as college funds and early mortgage payoff.

Read up on all of Forbes’ suggestions here: “The Top Three Priorities For Savings.”

 

Money Monday: How to retire debt-free

Retiring already can put a strain on your budget; don’t exacerbate it by being deep in debt on top of it!

Picture from www.ccPixs.com

Here are a few ways to get and stay debt-free:

  1. Start and keep building up your savings — having at least an emergency savings stash is especially crucial.
  2. Spend less than you bring in — live below your means.
  3. Work on paying off your student loans early.
  4. Don’t overpay when buying your home — you need to get an affordable mortgage.
  5. Keep that credit card debt very low.

Read more on all five of these ideas on Money.CNN.com’s article: “5 steps to retire debt-free.”

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: 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: Top 10 tips for mortgage borrowers in 2016

Interest rates on mortgages hovered around 4% throughout 2015 but are expected to reach 4.5% by the end of 2016, according to the National Association of Realtors.

Bunch of kets in front of pile of cents

If you’re planning on capitalizing on these still-low interest rates by becoming a homeowner this year, consider these tips:

1. Improve your credit

2. Save up for a down payment

3. Get a mortgage preapproval

4. Look around for a lender

5. Consider loan types

6. Pick the home and location based on your lifestyle

7. Budget for all the other homeowner expenses

8. Ask for help from a professional (Call me if you don’t have a Realtor!)

9. Remember to have enough for closing costs

10. Save!

Read the full article and all of its advice on the Yahoo! finance site: finance.yahoo.com/news/top-10-tips-mortgage-borrowers-100000055

Money Monday: 5 money resolutions to make in 2016

With a new year comes a fresh opportunity to get your finances in order.

money“And thanks to Wall Street’s wild ride in 2015, more Americans plan to make financial resolutions, according to a recent Fidelity survey.

“While the top two resolutions of “save more” and “spend less” seem pretty straight forward, they’re easier said than done…

“Here are more money moves experts recommend adding to your resolution list:”

1. Pay off debt

2. Create an emergency fund

3. Increase your retirement savings

4. Assess your investment strategy

5. Review your insurance coverage

Read CNN Money’s article in full here: “5 money resolutions to make in 2016”.

How to Save for a House

Many people plan to buy a home in the future, but with lending requirements being stricter, bigger down payments being required, and the current real estate prices being where they are, purposeful saving is in order for most potential home buyers.

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There are many helpful resources and tips on saving available, but here are just a few of my suggestions; please call me for personalized real estate assistance! Continue reading