How to Tell You’re Ready to Buy a House
Sometimes switching from renting to buying is a no-brainer. Maybe you live in a modern one-bedroom apartment in a chic part of town, but you have a baby on the way. If you want a place in a good school district, with more square footage and a yard, buying may well be your best bet.
Introducing Mom and Dad to Mobile Banking
If you’ve had to introduce Mom and Dad to one of your surlier significant others — you know, the one who just couldn’t drop politics at the door — then introducing them to mobile banking should be painless, right? Not necessarily.
What Immigrants Earn in Each State and How Much They Send Abroad
Immigrants across the U.S. went on a one-day strike last month to highlight their importance to the nation’s economy. As a group, immigrants contribute to the economy here and also in their native countries, with many sending part of their paychecks as remittances to relatives there.
Ditch This Phrase and Jump-Start Your Financial Plan
Moving on after financial mistakes is tough when you’re stuck in “I should have” mode. I should have started saving for retirement sooner. I should have cut up my credit cards years ago. I should have said no to my brother-in-law’s dumb investment idea. Acknowledging mistakes is one thing, but ruminating keeps you mired in mental muck.
Save more when back-to-school shopping online
Shopping for school supplies, electronics and clothing can be a chore — and an expensive one at that. Families with children in grades K-12 plan to spend an average of $687.72 on back-to-school shopping, about $14 more than last year’s average of $673.57, according to the National Retail Federation. College students and their families plan to spend an average of $969.88, or about $82 more than last year’s $887.71 average.
Debit Card Fraud Still Rising; Here’s How to Guard Your Cash
Fraud at the ATM can lead to money being drained from a bank account, and consumers have a new reminder to check for fraudulent charges. FICO reported today that the number of debit cards compromised at ATMs and merchant devices in the U.S. rose 10% in 2017 over the previous year. It’s a less extreme increase than the 70% jump in such fraud in 2016.
4 Tech Tasks to Keep Your Parents Safer Online
All of us are vulnerable to fraud. But the ways some older people use technology can put them at higher risk. That’s where you come in. When you’re home for the holidays, or the next time you visit your folks, offer to help with a few tasks that can keep your parents safer online.
Exercise Options Besides an Annual Gym Membership
Resolving to get healthier in 2019 is admirable. Elbowing through the mosh-pit gym crowds in January is impressive, if not pretty. Not using the gym at all by June, even after paying for a yearlong contract, is, well, disappointing. And it’s a waste of money, even if your intentions were good. After all, joining a gym seems like the answer to healthy resolutions, and maybe redemption for those fifth and sixth helpings of eggnog. Gyms are ready for this annual jolt of workout motivation — all you have to do is sign an annual contract.
Why You Should Get Preapproved for a Car Loan
Preapproval is a quick assessment of your ability to pay off a loan based on your credit history and current financial state. This is how it works: You visit a bank or credit union, in person or online, and provide proof of your identity — such as your driver’s license or Social Security number — your household income, and perhaps your housing costs. The lender will likely run a credit check. Then you’ll find out how much it would be willing to lend you and at what rate — sometimes on the spot.
What’s a Good Use for a HELOC?
When you take out a second mortgage, a name for a home equity line of credit, you’re offering your house as collateral to secure another loan. The upside: You can gain access to up to 85% of your home’s value, minus your current mortgage balance and adjusted based on your creditworthiness. The downside? If you can’t make your payments, you could lose where you live. Because the stakes are high, you want to make sure you use a HELOC for the right reasons. Here are a few.
Needs vs. Wants: How to distinguish and budget for both
Do you need that new jacket, or do you just want it really badly? Sure, you could say outerwear is essential for keeping warm in cold climates, but it’s much harder to argue that it needs to be a luxurious leather coat. Some things you need, and some you just want. But just because you don’t need something doesn’t mean you can’t buy it — as long as you manage your budget prudently. Here’s what you should know about balancing financial needs and wants.
7 Bad Financial Habits You Need to Break Right Now
Bad money habits are more difficult to steer out of than other automated behaviors like driving a car. Why? Financial peace of mind is a much more subtle reward than the satisfaction of navigating a half-ton piece of metal through city streets without death or injury.
Budgeting for New Parents: From Day Care to College
At some point between the pregnancy test and due date, you realize: Life will never be the same. Becoming a parent should bring mostly excitement and joy, but a little bit of panic is normal, particularly when you think about the family budget. Having a child can upend your household finances. Here is some of what you can expect and how to budget for baby and beyond.
3 Sneaky Ways Debt Can Change How You Think
or some people, debt leads to sleepless nights and anxiety about incessant collections calls. But for others, it causes quieter changes that still leave them drowning in bills without a clear way out. Understanding the ways in which your debt can affect the way you feel, think and act may give you perspective that’ll help you conquer it. Here are three subtle ways you may be responding to being in debt.
How Costly is Bad Credit? Many Don’t Know, Survey Shows
Good credit is important for many reasons beyond qualifying for the best loan rates. And the very first step in building it is knowing your starting point. But a NerdWallet survey finds that while more than a quarter of Americans (26%) check their credit scores monthly or more often, nearly 1 in 8 (12%) have never checked their scores.
5 Debt Questions You’re Afraid to Ask
Talking about debt can be awkward or embarrassing, leaving you to worry in silence about your own rising balances or a family member’s finances. Here are answers to some questions you might hesitate to ask.
Budgeting for New Homeowners: Plan for Additional Expenses
The stress and excitement of buying a house has come and gone — it’s time to hang a welcome sign and call it home. But a new journey in budgeting begins once you’ve paid the closing costs and tipped the movers. Now it’s time to learn to budget as a homeowner.
Eating Out Without Biting Into Your Budget
If you’re on a budget, money-saving advice tends to prescribe bagged lunches and dinners at home. But you don’t have to resign to a world of soggy peanut butter and jelly just because you want to save money. Here are some ways to eat out at your favorite restaurant for less.
6 Smart Ways to Travel Cheaply
Memorable vacations can come with a price tag you’d rather forget. But with proper planning, smart research and a flexible attitude, you can travel cheaply and still have an experience worth remembering. Here’s how.
5 Torture-Free Ways to Save up to $1,000 by the Holidays
Saving money for the holidays doesn’t have to be difficult, but you’ll want to start now to maximize your bank balance. Start with these simple steps today, and you could be as much as $1,000 richer before the end of the year.
Do’s and Don’ts When Using Shopping Apps
Retailers such as Target and Amazon are embracing mobile applications to help consumers save money and time with features like digital wallets and augmented reality. When used strategically, apps can streamline in-store trips and online purchases, but shoppers could also find that convenience comes with a risk: impulsive decisions and overspending.
How Grads Can Get Another Shot at Student Loan Forgiveness
The Trump administration is giving student loan borrowers who missed out on public service loan forgiveness a second chance, and they should move now to prepare. The recently passed $1.3 trillion federal spending plan sets aside $350 million to forgive student debts owed by borrowers who met all the conditions needed to qualify for the Public Service Loan Forgiveness program, but were mistakenly enrolled in the wrong repayment plan.
Quick — Can You Come Up With $400?
Life is expensive: Find yourself in need of an ambulance, tow truck or mechanic, and a hefty bill will likely follow. And many people just can’t pay. Forty-four percent of adults say they either couldn’t pay an emergency expense of $400 or would have to sell something or borrow money to cover the cost, according to a 2017 report from the Federal Reserve Board.
These 5 Gas-Saving ‘Tips’ Don’t Work
When gas prices spike, drivers love to swap gas-saving tips. The crazier the tip, the faster it seems to spread. The problem is, some such “tips” are more urban legend than fact. Others might have been true back in the day, but improved automotive technology has erased any real benefit.
What Would You Give Up to Be Debt-Free?
Looking to get out from under a mountain of credit card debt? You’ve likely come across an aspirational story or 12 while clicking around. They usually go like this: Penny-pinching Peter rid himself of an enormous amount of debt by cutting out small treats and giving up Netflix. But will abstaining from $12 avocado toast and missing out on the latest season of “Orange Is the New Black” do the trick for you?
Different Ways to Zap Your Debt: Which Is for You?
American consumer debt has rebounded to prerecession levels, and the category that includes credit cards hit a record $1.02 trillion this summer. Maybe your credit card debt has crept up too, setting your own personal record. It makes sense to pay particular attention to your credit cards, because their interest rates are typically higher than other types of debt, like student loans or a mortgage. Carrying balances on this more costly debt may derail goals such as building a retirement fund.
Derailed by Tax Debt? Use These Tips to Get Back on Track
Tax season — and tax refunds — can be a financial lifeline for many Americans. But the season can pose challenges for those who owe money to the IRS. Here are three tips to help you handle your tax debt to lessen penalties and properly resolve your obligation.
Don’t Let Friends Derail Your Finances
First, recognize that everyone has a unique “money mindset” that shapes financial decisions, says wealth psychology expert Kathleen Burns Kingsbury, author of the recent book “Breaking Money Silence.” Income and savings certainly play a part, but so do our upbringings, personalities, cultures and values. “What’s important to you and how you spend your money might be different than your friends,” Kingsbury says.
Planning a Wedding? Start With the Budget
“The last thing you want to do is begin your formal life together with a lot of debt because you were under pressure to have a certain type of event that you didn’t want and couldn’t afford,” says Marguerita Cheng, a certified financial planner at Blue Ocean Global Wealth in Gaithersburg, Maryland.
You’re Married, but Your Assets Don’t Have to Be
People who aren’t rich or famous typically don’t have prenuptial agreements, which are legal documents detailing who gets what in a divorce. Even ordinary folks without prenups, though, should think about how to protect their money if something goes wrong.
A College Education Isn’t Priceless
College-bound high school seniors of America: You are about to embark on one of the most formative periods of your life, full of new friendships, personal growth and overcaffeinated conversations on the nature of humanity. Keep “ruinous student debt” off the list.
Is It Safer to Bank by Phone or Computer? We Ask 3 Experts
Two-thirds of Americans use mobile or online banking as their main way to access their accounts. If you belong to that group, chances are you lean heavily on a smartphone or computer to pull up your bank information.
Scrub These Expenses From Your Budget in 2019
If removing all of these things from your budget sounds too painful, choose a few to see how much money you can add to your pocket each month in 2019. And pat yourself on the back if you weren’t spending on some of these to begin with. Regardless of which expenses you trim, now is a good time to hit reset on your budget.
Want to Clean Up? 3 Money-Saving Tips for Buying a Washer
With some models costing upwards of $1,000, purchasing a washer is no minor expense. That makes finding the right machine just as much a matter of saving money as it is about cleaning your clothes.
What Not to Buy for Your Vacation
Purchasing a bunch of unnecessary items and then overpacking for a trip won’t just annoy your traveling companions and give you a sore arm from lugging around a heavy suitcase. It can also blow your limited vacation money.
Credit Scores Are Rising — Is Yours, Too?
The average U.S. credit score hit 680 in 2018, up from 675 the year before, the report found. That’s the biggest one-year jump since 2008, but not quite back to the 685 average that year as the Great Recession deepened.
You Got the House! Now, How Do You Afford to Furnish It?
Furniture shopping may be the last thing you want to do, but it may be necessary if you moved into a bigger space or parted with unwanted goods in that process. Avoid overspending with these strategies.
7 Things College Freshmen Don’t Need — and 10 They Do
Freshmen really need just two things, says Heffernan, co-founder of the blog Grown and Flown: a good mattress topper and a laptop. Here are seven items you can skip:
A Simple ‘Recipe’ for Managing Your Credit Score
Following a simple recipe can help you build and maintain a good credit score: -Pay everything on time. -Use less than 30% of your available credit. -Keep an eye on everything else.
Back-to-School Shopping: Kids Influenced by Social Media Push Parents to Overspend
Peer and social media influences on children are not news unto themselves, but it turns out these factors are affecting how parents spend their back-to-school dollars, according to a new NerdWallet survey conducted online by The Harris Poll.
Congrats on Your Raise. Here’s How to Keep It
It doesn’t matter whether you make $25,000 or $100,000 a year — you’ll still feel like you don’t have enough money. The reason? Lifestyle creep. In between orders from Costco, Whole Foods, Imperfect Foods and more, I’ve noticed our virtual shopping habit is changing how we budget. We’re accounting for new grocery-related expenses. We’re also more deliberate about what we buy.
