Monthly Archives: June 2018

The Federal Reserve is expected to raise interest rates next week. This means that consumers will pay more for mortgage and car loans, home equity lines of credit, and credit cards. Experts project a 2.2 billion dollar hike in credit card interest rate charges. Pay down credit cards and pay them off if at all possible. Savers with bank savings accounts and CD’s will win when interest rates rise and will get a greater return on their money. It will become more expensive to borrow money and will require consumers to be more diligent in finding the lowest interest rate possible. The larger the loan and the longer the repayment schedule means you may may thousands more in higher interest rates. Be an educated consumer and shop around to get the best interest rate possible. You’ll be glad you did!   https://amp.usatoday.com/amp/693886002

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It is possible to buy a reliable used car if you are willing to do your homework. Similar to a new car you must arm yourself with information before you make your purchase. A used car has a history, previous owners, and a maintenance record. If you can gather this info with is usually public record you can be a successful owner of a used car. Similar to the purchase of a home, where your bank requires a home inspection – it is imperative to get a mechanic to evaluate the overall condition of the car. Here are steps to follow to get the best deal on a reliable used car:

1.Order the title history

2. Watch our for rentals

3. Ask for a service history

4. Inspect the outside

5. Kick the tires

6. Check the fluids

7. Ask a mechanic

https://www.moneytalksnews.com/7-steps-to-buying-a-reliable-used-car/

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In a recent article, Marilyn Lewis talks about living paycheck to paycheck. It’s more common than we want to admit. Besides being extremely stressful, living paycheck to paycheck does not allow you to plan ahead, prepare for emergencies like car repairs, or relying on costly loans to get you out of a jam. There are (8) things you can do to move towards financial independence.

1. Know where you money goes – budgeting is a must
2. Making saving painless – set aside either $10, $20, or $50 every payday
3. Live on less than you earn – even if you can avoid the purchase – SAVE, SAVE, SAVE!
4. Get comfortable saying “no” to the kids –  and others
5. Cut your housing costs –
6. Drive a used car – You will save a bundle
7. Learn to cook – leftovers can be tasty too!
8. Forge an independent spirit – don’t try to keep up with the Jones’

http://www.moneytalksnews.com/slideshows/8-step-to-quit-living-paycheck-to-paycheck/

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A long-term financial plan is a must for everybody. It’s folly to avoid making a plan for your financial life. Half of all Americans do not have a long-term financial plan for several reasons. You can make a difference for yourself and loved ones. Without a plan it is difficult to make your money work for you to accomplish important life goals. Just like a GPS system if you have a plan you know where you are going. Without a map you may go drift unable to accomplish your lifelong financial goals.

https://www.fool.com/investing/2018/06/10/half-of-americans-lack-a-long-term-financial-plan.aspx

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It’s unfortunate that money is a leading cause of divorce. Money management is important to reduce conflicts about money. There are five things that can give couples guidance about money management. Developing great money habits is the key. Here are a few ideas from a recent study.

1. Couples make money their priority
2. They sync up on financial goals
3. They stick to spending limits
4. They open joint bank accounts
5. They share the burden of retirement planning and investing

https://www.fool.com/amp/retirement/2018/06/11/5-money-habits-happy-couples-get-into.aspx

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What is a financial cheat day? Similar to a diet cheat day, you select one day out of the week where you allow yourself some leeway. A financial cheat day can mean a meal at a restaurant. Be careful no to overdo it. Overdoing it can be a setback if not planned properly. When that day is over, you must be disciplined to return to the task at hand and be as frugal as usual. This is the financial reward for doing a great job, being diligent and living a little. I recommend a financial cheat day after you have accomplished at least (3) financial goals, paid of a debt, or restructured your bills. Planning is always key. A financial cheat day works best after you received a bonus, income tax check or a raise. So go out and splurge on yourself! Just don’t go overboard!

https://twocents.lifehacker.com/have-a-fanancial-cheat-day-1826567046/amp

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The May 2018 issue of Financial Workshop Newsletter reported that every day 20,000 calls are placed to domestic hotlines. An average of 20 people per minute are physically abused by an intimate partner in the U.S., which equals to more that 10 million women each year. But abuse is not only physical. It appears that 94-99% of domestic violence survivors also experience economic abuse. Economic abuse is a term that describes a situation when finances are restricted and withdrawn as a means to control another person. The elderly may also experience economic abuse. At times, economic abuse is coupled with physical, psychological, or emotional abuse. Forms of abuse include:

• Preventing a victim from going to work
• Sabotaging the victim’s time so their job is threatened
• Forcing the victim to take on credit or loans
• Limiting the victim’s access to cash or other assets
• Demanding that mortgage or lease assets be placed in the abuser’s name

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These words depict our personal financial life and goals. Can you add others?

money     savings    checking accounts    bills    auto loans    credit cards     mortgage loans   401k     Roth-IRA   FICO score   debt    budget   payday loans    credit report    creditor    balance    investment   interest rates       minimum balance    credit union     insurance     premium   penalty   lending   bonds   stocks   bitcoin      personal loan     student loan     vested     retirement     social security    autonomy   salary     bonus    earnings       equity      finance       underwater loan    value      joint account     heirs      wills    paid-in-full    business loan     calculated      mutual funds     annunity     planning     yield     goals      income     capital gains   IRA  employer-defined benefit   compound interest    taxes    portfolio diversify         

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You need to know that Renae Merle of the Washington Post reported…federal regulators voted to approve a broad proposal easing financial crisis-era regulations on risky trading, delivering Wall Street one of the biggest victories in recent years. Profits reached $56 billion during the first three months of the year. The previous regulations protected taxpayers from another bailout. Banking consumers need to be aware of new banking regulations and how it affects their deposits. Remember credit unions are more careful in risky investments. Be aware of how these new banking regulations affect you and your family.

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Do you have a saying about money? Here are a few sayings you may have heard before…

• “It’s not your salary that make you rich it is your spending habits”…
• “If it sounds to good to be true it probably is”…
• “Money doesn’t grow on trees”…
• “You have to spend money to make money”…
• “The best things in life are free”…
• “A penny saved is a penny earned”…
• “You can’t take it with you”…
• “Money can’t buy a piece of mind’…
• “Early to bed and early to rise makes a person healthy, wealthy, and wise”…

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