Monthly Archives: June 2018
The 4th of July summer sales are a few days away. Consider purchasing summer clothes, lawn furniture, or other summer items that may be discounted at 50% or higher. Try to focus on the items that you need most for your home without over spending. Summer is also a great time to have a neighborhood yard sale to eliminate the items you no longer need. Set prices to sell quickly to get rid of them. Summer is a great time to clear items in your garage by selling them or donating the items. Donations can give you a great tax write-off that will reduce your taxable income next year. Considering taking the money from your yard sale to build your emergency savings account.
Six things you need to stop buying to save real money. Small savings goes a long way. You may save a few hundred dollars each month. Here are a few items to stop buying:
- Alcohol
- Subscriptions
- Gym membership
- Phone plans
- Beauty products
- Casual meals out
Do you have enough or too much insurance coverage? Contact your insurance carrier to have an assessment of your current insurance needs. Also, you can get price quotes from several insurance companies to compare coverage and prices. Comparing prices every few years can help you save money and make the necessary adjustments. If you have a new addition to the family, or a new expense such as a teen driver that needs to be added to your policy a price quote is beneficial. Today, there is insurance for almost everything you can think of and often families are under insured. Let your insurer know if you have a college student who will be driving out of state or driving someone else’s vehicle. Know what your liability is if your student driver drives someone else’s vehicle (car or motorcycle). Recent weather storms have shed light on flood insurance, which can only be purchased through the federal government. Stay informed. You can gain basic knowledge on the internet. More specific information should come from your insurance company.
A recent study says, that younger expect to receive an inheritance from parent, grandparents, or another family member. If the family has discussed this a fact, do not rely on your inheritance as a means to living well since you may not receive the amount the you were promised for a variety of reasons. If you do receive an inheritance, consider focusing on building your retirement and emergency savings accounts. This would be the best way to ensure the funds last longer. Avoid needlessly spending your inheritance that will place your spending habits into a downward spiral Whether you earn the money or someone else does, spending wisely is always the best approach. Consider spending one third, saving one third, and paying a debt with one third. Plan ahead to make sure your have examined all options for the inheritance you will receive and be prepared if you receive less than you planned.
Some couples may be happier in their marriages if they maintain a level of independence – including separate bank accounts. It is practical to have a house account for household expenses and a personal account for personal expenses. Otherwise, conflicts may arise when there is personal need for an expense. A certain level of personal freedom and independence is a way to save and spend for personal needs. This is especially important since most couples include both a spender and a saver. Anxiety is reduced if each person has their own funds. Most debates regarding money should primarily involve the joint house account. Less so, of the individual accounts, unless someone has to dip into the household account for an expense. This is where conflict may arise. Communicate in advance about the needs of the household, and the individuals to determine what is the best approach to financial freedom, common financial goals, and financial independence.
The maximum Pell grant for 2018-2019 is $6,095, but you’ll get less money of you drop from full-time status to part-time status. If you drop below half-time status, you will need to start repaying your loans. Failure to maintain at least a ‘C’ average and complete a minimum number of credits could jeopardize your financial aid. When your employer agrees to reimburse you for college courses, your reimbursement varies dependent on whether you get an A, B, or C. Furthermore, many companies may not reimburse your tuition unless you receive an ‘A’ or ‘B’ letter grade. Be diligent about getting the best grades, tutors etc. to reach your educational goals. Unless you do so you may pay financially and limit your ability to get promotions or a higher salaries. Education matters and future employers may request your colleges transcripts in filling new positions. In every case, you want to be able to show your best side or have an honest reason for not being able to do so.
Feeling overwhelmed with debt is a terrible space to be in and difficult to alleviate. Begin with only paying the basics, which are your costs for housing, utilities, insurance of all types, and food. Other bills such as credit cards, loans, childcare can often be negotiated before you get into arrears. When large debts exist, negotiate what you can pay prior to going into default. At times, the debt collector my want something in return especially if you let them you you are considering bankruptcy. In the case of bankruptcy, the debt collector may not get all or anything at all. Be as transparent as you can when discussing your debt. Never agree to pay an amount you cannot pay. If you do not prefer bankruptcy, agree to pay smaller amounts at regular intervals even if it is a small as $5, 10, 0r $20. Debt collectors are more pleased to receive a small payment than none at all. When you receive your income tax return, then you can pay off some of the smaller debt you may have.
https://finance.yahoo.com/news/fix-finances-m-overwhelmed-debt-dont-know-180651587.html
There are some banks and credit unions that have designed resources for their account holders. Many do not. However, if they hear from consumers that their is a need, this may change. Offering classes, online information such as podcasts about reducing debt, purchasing a car or a home etc may help you avoid common mistakes that can be financially costly. Think about areas that you may need additional assistance and contact your bank for more information. We need to change the paradigm and let our need for financial information be known to our banking institutions.Banks and credit unions are not just a place to conduct our financial transactions, but should provide resources that are useful.
The Washington Post recently reported that someone making minimum wage would be unable to afford a two-bedroom apartment anywhere in the U.S. This is shocking news for those who desire to leave their parents home or starting over again after a job loss. The report suggests that one must earn $17.90 an hour and work at least forty hours per week to afford a modest one-bedroom apartment. Or $22.10 for a two-bedroom apartment. This is difficult news for many who desire to live on their own with a family to support, not to mention other necessities such as health insurance, life insurance, car insurance or saving for emergencies. Making minimum wage used to considered a livable wage, but that is no longer the case and is a red flag to those who must improve their earning power to live well.
This is GREAT NEWS! Discover Card is boosting the financial assistance it offers to call-center workers who want a college degree. Discover is becoming the latest company to enhance education benefits for employees who desire a bachelor degree. It appears seventy percent of 7,000+ call-center employees lack a four-year degree. Walmart will heavily subsidize college degrees and Lowe’s will contribute up to $2,500 to get an education in the skilled trades. Also, Lyft started offering education discounts to its drivers. This is especially significant in the midst of the student debt crisis, where the average college graduate will approximately owe just under $29,000. In addition, most corporations will assist the upper echelon in achieving an MBA and overlook the educational needs of lower-level employees.
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