money

Do Couples Talk Enough About Money?

Written by adminJune 8, 2019

While you personally think you might have a good handle on money, marriage can complicate things a bit. What happens if your spouse has a completely different mindset towards money than you do? It can really spell disaster for your marriage. But most people don’t often see it as a challenge. They think having two incomes will make life easier. Not necessarily!

Elle from Couple Money, a finance blog she writes with her husband, also thought it would be a great thing for her finances. She learned a huge lesson very quickly. It turns out she was the big spender and her husband was a saver. It was a crash course for both of them to create a plan they could both get behind.

“Very quickly we discovered we had different ideas on money!” she says. “I came from a background where if you can afford the payments, you were good. My husband was much more conservative and cautious with money.”

Coming together to create a plan was ultimately in the best interest of their marriage. It even allowed them to save up a bit of money for a rainy-day fund. They actually took the time to communicate about their spending and work on a compromise. Sadly, many couples do not have that same level of communication when it comes to money.

Marriage and Money

There’s no doubt that two incomes are better than one, but that statistical advantage doesn’t matter if a couple can’t agree financially. 36% of couples say that their biggest stressor is money. This is according to a 2018 study from Ally Bank. Only 17% and 13% of people said health and family are their biggest stressors.

A lot of the problem, again, comes down to miscommunication. Engagements are a great time that involve a lot of planning. How many couples undergo financial counseling? Do they even talk about money or just make a bunch of assumptions about two incomes being better than one? It appears to be the later, as the number one cause of divorce in the U.S. is money.

According to another study from John Hancock, three-quarters of couples are actually confused and nervous about attempting to save money with their partner. 57% of people even try to avoid bringing up money on any time of monthly or weekly basis. They know it only leads to arguing and contention.

“Advance planning could provide a much-needed boost in financial security for those who unexpectedly end up alone at any phase of their lives,” says David Lynch, managing director for TD Ameritrade. “Considering divorce or the loss of a spouse is a smart addition to any long-term financial plan. It’s no different than planning for things like a major illness, disability or potential long-term care needs.”

Written by adminMay 7, 2019

Credit & Debt , Credit & Debt Settlement

These days, there are way too many people who graduate high school and college who have never sat down and learned how to balance a checkbook. Most schools use home economics as an elective, which is easily passed up by the guys especially.

The problem with this is, once those students become adults, they find their finances are way too complicated. It’s nothing but a big ball of stress, which leads to procrastination, then late fees. And don’t get me started on the burden that is tax time! (thank goodness for H&R Block, right?)

Many of these same people often spending hundreds or even thousands of dollars per year on overdraft fees or battle their paychecks week-to-week because they can’t get a grasp on what they’re doing financially. It becomes a vicious cycle that’s easily fixable by taking the time to learn how to budget.

By taking a few simple steps, not only can you reduce the stress forces you to procrastinate in getting your budget in order, but it can save you A LOT of money in the long run.

Here are several tips to making the process easier:

1) Get Realistic about Your Budget

Only you know the state of your finances, so you should sit down and make realistic goals about changes you need to get things in order. It’s not going to be an easy process at first, but once you get there, you won’t regret it!

Write out a plan of action. Gather all your financial paperwork. Have folders for each bill with receipts. This will make life so much easier for tax time. Plan out your expenses. Once you have a plan of action, the rest will fall into place.

2) Too Many Accounts?

If you’re like a lot of Americans, you have more than one account opened. Perhaps you have several investments, more than one bank account, or even retirement accounts from jobs you no longer work at. Of course, these accounts were opened for a good reason at the time, but what about now? How many accounts do you have open that you don’t need anymore?

A good step in simplifying your financial lifestyle is consolidating accounts and closing the ones you don’t need anymore. Each one you leave open is just more paperwork to keep track of and fees you’re paying flying out the window. There are aspects to this you should be watchful of.

For example, if you bank with the same place who holds your mortgage, you should have a free checking account with them. If you were recently married and the both of you have separate accounts, consider the benefits of merging into one bank account to save on fees and making budgeting easier.

3) Don’t Get Complacent with Your Insurance

One big mistake people make is choosing an insurance company and sticking with them. If they consistently offer the lowest rates and highest level of customer service, it’s completely understandable. But a lot of people don’t even bother to look around for cheaper rates after a year or more.

The truth is, a lot of people are paying a premium price for crappy insurance. As time goes on, it’s simpler to renew coverage with the same company rather than researching for better deals. Your expectations will change, and so should your insurance. If you rent, then it’s a smart idea to get renters insurance.

Rather than buying renters insurance with a different company, you can save money by bundling with your car insurance. After you have a decent record of paying your bills on time, you remain accident free, and even improve your credit score, the rate you have to pay may fall. But don’t leave it to your current insurer to lower your payments though.

If you want to save money and get the best rates, take the time to reevaluate your needs and shop around for the best coverage. It’s not an easy process, as you’ll have to get quotes from a variety of different insurance companies, but it can save you hundreds of dollars per month.

4) Take a Good Look at Your Credit Cards

Just like most people have multiple accounts open, they also have more than one credit card. Maybe you fell victim to the credit card booth when you were in college (the promise of free credit too hard to pass up), but you didn’t do that much research on what you were getting into. This can destroy your credit in the long run.

In fact, I know people today who got bit in college and are STILL paying back those debts now that they’re in their 40s. That’s why you need to pay special attention to your credit cards. Study each other, their reward programs, and determine their value in your life.

Getting a Best Buy credit card for the ‘extra points’ isn’t worth the extra interest. It really offers no value to you. A lot of cards have fancy names, but are either duds or are a drain to the consumer if they don’t know how to use the card correctly. Before you know it, you’ve racked up thousands in debt.

That’s why it’s important to know exactly what you need and cut out the rest. Yeah, maybe you like the idea of having 3 or more credit cards, but what’s the real advantage?

The idea is to simplify your life. There came a time when I sat down to budget everything out that I realized I wasted $100/month on subscriptions I barely use. Why pay for Hulu when I only use it once or twice? Write everything you spend down, create a budget, consolidate accounts, and check your insurance rates regularly.

It won’t be easy, but once you figure it out the first time and can better manage things, you’ll save time and money in the long run.

Written by adminMay 4, 2019

Life Style , Saving

Here at Financial Helpers, we talk a lot about finding ways to scrimp and save money. This is especially true if you have a lot of debt. Your focus should be paying that debt off and putting as much money into savings as possible. What a lot of people do instead is spend as much of is as possible. They spend it on things they don’t necessarily have to spend money on.

One way to save a few bucks each month is to get a membership at your local library. This is no joke! Libraries in the modern age are about more than just books. If you’re a big reader, going to a library itself is a major help to your budget instead of dropping $20+ on a new book you’ll probably only read once anyway.

Let’s take a look at the 6 ways your local library can help you save money.

1) You Can Borrow Movies

This is a major expense for a lot of Americans. We love our movies. We enjoy our downtime at the end of a long day. If you’re in a struggling pattern, shelling out bucks to rent a movie can add up. Usually these days, people hit the Redbox, order Pay-Per-View, or are subscribed to Netflix. This can easily add up each month.

Instead, why don’t you give your local library a shot? Yes, libraries lend out movies…for free! Most of the time they have and up-to-date variety of new releases as well as classics. The selections will vary, but it’s worth a shot to see if they have something you might want to see. This option can save you hundreds of dollars throughout the year.

2) They Do Lend Out Music

These days, not too many people still use CDs. For the most part, anything entertainment has hit the digital age quite a few years ago. But if you’re in a bind, libraries do have CDs you can borrow. They’re great for taking on long trips or listening to your favorite albums. They’ll get you through a tough time financially.

3) Internet Service is Provided

Yes, we get it! Internet is expensive these days! As more people decide to cut the cable cord to save money, you can do the same with internet! Mobile is becoming increasingly popular, so you’ll be able to stay connected with family and friends. Of course, you’d probably rather pay for your own Wifi, but this is an option if you need to save a few bucks. You’ll even have access to printers if you need to print, scan, or fax materials.

4) They Have Workshops and Classes

Libraries have all sorts of different activities to entice more people to enter their doors. The local library has a reputation of being old, stuffy places with just books. But in most cases, that’s not true anymore. You can find a lot of neighborhood activities for kids and adults alike.

For example, the library can have book readings for kids, workshops, yoga classes, guest speakers, courses on computer skills, resume building, and so much more. The New York Public Library alone has over 93,000 programs each year.

5) Read the Latest Books for Free

Reading is fun for a lot of people. We enjoy being transported into the author’s mind and taken on a ride. Digital books have changed the game quite a bit. There’s still something special about that book smell and feeling of accomplishment every time we open the cover. Digital books can never replace the nostalgia.

While you may enjoy collecting books you’ve read, most of the time, people only read them once before moving on to the next one. Sure, there are the few exceptions, but what’s the point of spending a lot of money on a new book just to read once? Instead, rent the book at your public library. It’s free and will save you a lot of money throughout the year.

6) Get Help with Research and Other Stuff

As #4 listed, the library is a great place to go for workshops and help. Among the other types of events they hold includes tax preparation, resume building, and even healthcare enrollment. If you have a need, they provide options. Librarians are great at helping people find the information they need.

The library is no longer a place to drive by on your way home from work. A lot of these places have been renovated and updated for the modern economy. Give it a look and use it to your advantage.

Photo Credit: Panda Gossips

Written by adminApril 16, 2019

Life Style

Financial literacy is a major part of life that is required if you want to be successful. It goes beyond just knowing the basics. Everyone can learn how to write a check. Frustratingly, many Americans were never taught how to balance their checkbook. They don’t understand how credit works. It’s that financial ignorance that gets them in trouble later in life.

Still, not having the proper financial literacy will lead to bad money management in adulthood. We’ve already covered the fact that the #1 cause of divorce is money problems. That extends from not having a solid understanding of money. In total, Americans hold as much as $13 trillion in overall debt. That’s a lot of wasted money that will probably never get paid back.

Call Now 844-332-2079

Equifax Poll on Financial Literacy

Equifax released a poll that asked people to grade themselves on their financial literacy. The sad news is, not very many people gave themselves a passing grade. Only 39% said they would grade their financial knowledge a ‘B’. 33% said they were a ‘C’. The Champlain College Center for Financial Literacy has a different idea.

According to their study, 27 U.S. states rank at a ‘C’ or below. Nine states would get a failing grade. When you look at a lot of things people are doing wrong, most of it revolve around saving. A majority of Americans say they could’ve saved over $1,200 last year. The problem is, they weren’t able to due to financial ignorance.

Teens and Financial Literacy

Teens today aren’t just falling behind other countries in science and math. They also fall behind on financial literacy. They simply can’t compete with the rest of the world’s teens when it comes to financial knowledge. When tested on basic money knowledge skills, Americans took the test twice. Sadly, they failed it both times.

https://financialhelpers.com/more-americans-are-saving-their-credit-cards-for-larger-purchases/

The story in all of this is that the United States is the richest country in the world. Therefore, we currently live in the largest economy the world has ever seen. Yet, our citizens are failing at understanding even basic financial terms. This is leading many people to call for financial literacy to be taught at the school level.

Start them Early

Start students off early learning the basics. In high school, it should be a requirement to learn about money and finances. They should be taught how credit works, how to save money, and so much more. This country would be in a lot better shape financially if younger generations knew the basics.

Written by adminAugust 2, 2018

Life Style

Summer going into fall is one of the worst times for a natural disaster in the United States. Hurricanes and other tropical storms can hit with a vengeance, but usually offer plenty of warning for people to be prepared.

Even if you don’t live near a tropical area, tornadoes and other severe storms can hit without warning at any time, and it’s best to stay 100% prepared at all times. Thankfully, technology is improving and weather prediction has increased accuracy as well.

Sadly, many Americans are not prepared for a big storm, earthquake, or other natural disaster to hit their area. Ipsos, a market research company, found that 51% of all Americans are ready for a major event, or the aftermath that comes after.

Of course, these numbers vary by state. Most Floridians, for example, are probably prepared for the inevitable. In fact, most natives who grew up in Florida hardly blink for anything below a Category 3 while anyone elsewhere would be shaking in their boots.

According to a Natural Disaster Survey

“Respondents generally feel most prepared for disasters more typical to their state,” Ipsos says. “California residents feel most prepared for earthquakes (62 percent) and wildfires (44 percent); Florida feels most prepared for hurricanes (89 percent), and Texas respondents feel most prepared for floods (57 percent).”

Another survey conducted by Esurance said 80% of Americans are worried about an increase in storms. But, only 25% are actually ready for it, which is a tough thing to reconcile. Only 17% of the country says they’re ‘well-prepared’.

Also: http://financialhelpers.com/not-going-to-make-the-tax-deadline-heres-what-you-should-know/

Most people who claim they are ready just have some additional food and candles, but haven’t invested in necessary tools, like generators or storm panels. If a disaster strikes, you could be without food or power for days or even weeks.

If you’re unsure about your preparedness level, we’re here to help. Here are 5 steps you can take right now to keep you and your family safe.

1) It’s a good idea to back up your records digitally or in the cloud.

If your house is destroyed, it’s possible your paper records will be too. Many keep their records locked up in a safe, but it’s still a good idea to scan everything you have, like birth certificates, marriage license, IDs, proof of ownership, and everything else you have to be safely stored where no storm can destroy it.

2) Take good pictures of your property and set up security footage.

Thanks to technology, a lot of people are setting up surveillance equipment around their home for cheap. Doing such a thing is a great idea so you can prove if a theft happens, or to see how your property looked before a storm to compare afterward. This will lower the chance your claim gets denied.

3) Use Wi-Fi

Most people don’t realize that one of the major structures that often get destroyed during a storm or natural disaster are cell phone towers. They can be out much longer than powerlines, and if you have a generator, as long as the cable lines (which are usually underground) are safe, you can still connect to the outside world.

4) Invest in smart technology.

Homes are getting smarter and you can get alerts to your phone that can save your life. Do your research on the various technologies and apps out there today.

5) Find a way to communicate with the outside world.

If a natural disaster hits your town, your family and friends will be worried sick about you. They may call law enforcement which would divert resources to find you when you’re safe. If you can contact family and friends and let them know you’re safe, it will help recovery efforts.

It will also pay to have radios, batteries, basic TV, and other things at the ready in the event of a disaster so you can keep up with everything going on, especially if you need to be evacuated.

Of course, these are only a few tips. Being prepared also includes having money saved. Leave if asked to evacuate. Have a safe route out of town. And teach kids about what to do during an emergency.

Written by adminJuly 30, 2018

Saving

It’s is super easy to get into debt. Life is chaotic and when someone is throwing around what appears to be ‘free money’. If you need (or really want) something hard enough, you can get the financing for it.

There are a number of Americans who stuck to their guns, followed intense programs, and got out of debt once and for all. The problem is, do they stay debt-free, or do they see themselves as having done it once, they can do it again?

It’s a truly liberating feeling to get out of debt, but a little less than half of the country spend more money than they have. A lot of it has to do with the cost of everything going up and wages staying low. If we can’t afford healthcare or to save money, then it’s quite easy to find ourselves pulling out the plastic to afford everyday costs.

In order to stop yourself from getting behind on payments, you have to be proactive with your spending. If you can’t afford something, don’t buy it. In the end, what is the point of eventually paying A LOT more money for something down the road just so you can have it today?

Here’s what you need to do in order to protect yourself.

1) Have a Savings Account

This might sound simple, but most Americans don’t have one! They don’t have one for emergencies, for saving up for vacation, or to pay for things down the line they might need or want. If they had such an account, it would save them wasting extra thousands of dollars down the line to pay for things.

If you have an unexpected bill, you have our emergency savings. If you decide to buy a house and need a down-payment, you have savings. If you break your arm and are out of work for a few weeks, you have savings. It’s better to save money now rather than something big happening later and having nothing at all.

2) Use Cash

This is a big one. Use cash to buy things. When you budget your money, stick the cash in an envelop to prevent overspending. For example, if you set aside $150 for groceries, put that amount of cash aside. When you go to the store, you won’t be tempted to overspend thinking you can just pull out the plastic.

If you want to prevent credit card debt, get rid of the credit cards.

3) Budget, Budget, Budget

This goes with point two, but staying strict means keeping on a budget. Know what you want to spend on things and keep it at that level. By budgeting everything, you will have a better chance at saving money to go into your emergency savings fun by not overspending.

It’s also easy to incur late payment or overdraft charges. If must have a credit card for when times are tough, don’t leave your balance hanging. Pay it off as soon as you can.

If you were able to overcome debt in the first place, these tips and strategies are things you already know work. It’s important to keep up with them to keep your financial freedom. Saving money will always be the preferred way to go over piling on more debt and getting deep once again.

Written by adminJuly 27, 2018

Saving

As the United States continues to move out of the Great Recession of the past decade, economic excitement is high. Jobs are up, unemployment is done, and optimism is through the roof. Tax cuts and promises of more tax cuts by the Trump administration has most Americans feeling pretty great about the future.

Despite this, recessions are a normal part of the economic cycle. Regardless of whether you’re prepared for it or not, the next recession WILL happen and it will come faster than you could ever imagine.

The majority of Americans who struggled during the last recession didn’t learn their lesson and kept pursuing the same behaviors that got them into so much trouble in the first place. They continued to add to their debt, refused to save money, and forced the government to spend trillions of dollars to keep the banks and other industries afloat.

There are a number of economic experts who believe the next recession is just over the horizon and say there’s a small chance it happens between the tail end of 2018 through 2020. In reality, the markets could tank in a matter of seconds and send this upward momentum into a tailspin.

If you want to be prepared so your family isn’t one of the millions who will suffer and struggle to get by during that time, there are steps you can take to make yourself recession-proof. Let’s look at several of them.

1) Create an Emergency Fund

It’s been previously reported that a majority of Americans don’t even have $400 saved in the event of an emergency. That’s bad news! If you lost your job tomorrow, how would you get by? Right now, you might not be without a job for long, as there are plenty of openings out there. But during a recession, work is often sparse.

$400 wouldn’t cut it. $1,000 is crumbs. What you need is at least six months saved in your account to help you for an extended period of time as needed. That’s good advice even during the good times, because companies still decide to close or move overseas no matter the economy. Be prepared for any emergency, big or small.

2) Reduce your Debt

If you have a bunch of debt, as most Americans do, it’s really to your detriment and makes life incredibly hard during a recession. In fact, high debt was one of the causes of the last recession, so when people stopped paying back what they owed, banks needed to be bailed out to survive.

You can consolidate and reduce your debt by calling Financial Helpers today. We can hook you up with various government programs designed to help Americans pay back student loans, reduce their debt payments, and so much more. Call us today to learn more at:

Call Now 1-844-332-2079

3) Balance Your Portfolio

A lot of investors pick a spot or two and throw all their investment into that, but it’s not a smart move. The market might be soaring today, but tomorrow could tank your whole investment. If you spread yourself out, you’re less likely to lose it all. There are a variety of recession-proof stocks and commodities that do fairly well even with everything else is dropping.

4) Improve Your Standing at Work

Most companies don’t shut down completely during a recession. Because so many customers are struggling, they lose money and end up cutting workers to save money. The more valuable a person is to their employer, the less likely they’ll be cut when bad news hits. The company will operate with reduced numbers until the turnaround happens.

5) Cut Costs

Paying off your debt will significantly make things a lot cheaper. If you have a car you’re no longer making payments on, and the house is yours, and the student debt is gone, you’re not making payments on those things. Cutting costs during the recession will be necessary, but cutting costs today to save money and pay debts TODAY is essential to survive.

In order to get through tomorrow’s recession, you must prepare today. Don’t wait until the last minute to decide you’ve been living above your means.

Written by adminJune 28, 2018

Saving

We’re all guilty of impulse spending at times. We make a quick run into the store to buy a gallon of milk and come out with a cart full of goodies we weren’t expecting to buy, and probably shouldn’t have bought, but we saw it and tossed it in without a second thought.

Impulse spending can be fun at times, but it often leads to buyer’s remorse later on. This is especially true if your budget isn’t quite in great shape. The best way to decide if you have a problem with impulse spending can be to add up how much money you spend on frivolous things you really could go without.

The truth is, you were set up to fail before you even set foot in the store. There’s a concept called “The Power of Perimeter” that the vast majority of stores follow, which was designed to get you to impulse buy.

For example, there’s a very good reason why they put milk at the very back of the store. They know most people buy gallons of milk on a regular basis, so if you’re making that quick stop, you’ll have to trek through multiple aisles to get to what you really came for.

If you’re really hungry, they hope your eyes will spot the Little Debbie’s snack cakes on your way to the back. In fact, they put all the essential items people buy regularly (bread, dairy, meats), on the outside perimeter of the store, forcing you to walk by/through most of the store just to get the essentials. It’s not just supermarkets, but retail who does this also.

If you’re on a tight budget and you’re trying to save money, this can be dangerous ground for you to walk on. There are seven ways you can combat this and it involves you being fully prepared and ready for war before you walk in.

1) Write a list. The goal of most stores is to get you to spend as much money as possible and they hope you show up unprepared. But, if you write a list and are determined to stick ONLY to that list, you’ll have a lot more success.

2) Put a limit on the number of visits to the store you make. Plan your shopping trips around your pay schedule and buy everything you need for the week at one time. If you’re proactive and plan ahead, you’ll have much more success preventing impulse buying than the person who runs into the store every other day.

Calculate how much milk your family drinks in a week. Buy two gallons if you need to to stop yourself from going mid-week.

3) Use store apps. One of the latest tech trends that are super convenient for shoppers are store apps where you can shop online. Kroger, Meijer, Walmart, and most other major stores have this option. They will do the shopping for you and you just pick it up curbside. It completely takes impulse buying out of the equation.

4) Don’t shop while hungry. This is a big one. Most people who make a quick trip to the store do so right after work or midday on the weekend. If you’re hungry, your stomach might make all the buying decisions for you, and you’ll overspend based on what you’re feeling at that moment. Instead, eat before you shop.

5) Avoid window shopping, especially when you’re bored. A lot of people get bored and decide they’re going to go window shopping or even worse, hit the mall. But these stores are designed to peak your attention and get you to want to walk in and buy something. It’s like going to the grocery store hungry. If you’re on a tight budget, find something else to do!

6) Rationalize your spending. Before making a purchase, there are a series of questions you can ask yourself. Do you really need that item? Can you afford it? Can you wait to buy it? Do you have other bills or debts that are more important? Will this item go on sale (there are a lot of apps out there that will let you see the history of prices for various items)?

7) Set a budget. You should know what you can afford to spend each month. Set aside a portion for food and other necessities. If you know you will need new clothes that month, decide what you’re willing to spend ahead of time and stick to that budget.

Overspending is easy when they design stores to trigger you into impulse buying mode. By taking your time and planning ahead of time, you can save more money and keep your budget intact.

Written by adminMay 25, 2018

Saving

The secret to saving money is knowing how to spend it wisely. If you want to have a few extra bucks saved in your account for rainy days, for that family vacation you deserve, or for anything else you might need, then you have to be practical about how you spend.

Here are 5 easy ways to save money throughout the year.

1) Pay your bills early and on time.

I get it. You hate to pay bills. It’s a part of being an adult we all loathe. But, if we want things, then we need to pay for them. If you want cable and high-speed internet, it’s going to cost you a good chunk of change. The phone bill for you and the family will require a blood sacrifice and your first born.

We’re not saying you should get rid of that stuff, but if you’re going to have it, then make sure the bill is paid on time every month. Most of these accounts require commitments and if you miss a payment, you’ll be racked with late charges, penalties, and your credit score can take a hit. The last thing you need to do is shell out even more money for services.

2) Have an emergency fund.

You might think this is a waste of time and money. A lot of people don’t bother to save, either because they don’t think they can afford it, or they don’t anticipate something happening. In realty, that’s not a smart choice to make. Things WILL go wrong at some point in your life.

A recent survey said that a majority of Americans don’t even have access to $400 if something were to happen. If you got into an accident tomorrow, and you couldn’t work for a while, how tough of a situation would you be? If you’re living paycheck-to-paycheck and have nothing saved in the bank, you’d really be hurting.

The best advice is to have about 6-9 months saved up in the bank, which is the average time it takes to find a new job or get back on your feet after an accident.

3) Learn how to say no to impulse desires.

One of the biggest financial blunders Americans make is taking on more debt when they can’t even afford the debt they have. They see something they want, really can’t afford it, but mindlessly swipe the credit card and magically believe it will take care of itself later.

Monthly payments will eventually catch up to you, you’ll get late, have fees and penalties added on, it will wreck your credit score, and before you know it, you’re drowning. It happens to millions of Americans every year.

As I stated in the previous point, things happen all the time. It’s better to not have that shiny new toy and put the money in the bank for a rainy day, then to barely eek out every month. Do yourself a favor and just say no.

4) Refinance your student loans and get help paying them off.

We’ve covered this topic a lot on this blog. Student loans are a burden on so many people. They are preventing former students from getting a house and even from being able to work their dream job…the whole reason why they went to college in the first place. A lot of states will revoke your license to work if you have unpaid student loans.

If this is you, there is help out there! Government programs, refinancing loans into one payment so you’re working with a smaller interest rate, and so much more is available to you. To learn more, feel free to give us a call!

5) Don’t borrow from your retirement.

One misstep plenty of people take is borrowing from their retirement whenever they need a few bucks, but that approach is like robbing your future self of the retirement you deserve. Not only is it a risky move, you can be charged extra for pulling money out early. The big question remains: what will you do in retirement if you can’t replenish the fund?

Getting involved in this vicious cycle of poor money habits won’t offer you an ounce of financial freedom. It might make you feel good for a few days being able to buy what you want, but after some time, that joy becomes stale as you (and millions of others) regret the decision. Be smart, learn to say no, and save as much as you can. You’ll be happier for it.

Written by adminMay 23, 2018

Saving

Right now, you might be thinking it’s a precarious time to buy a vehicle, but it’s time for an upgrade. What should you do?

With auto loan rates rising, it can scare a lot of people from shopping as they sit back and wait for things to settle a bit.

That doesn’t mean you still can’t get a great deal on a car or truck that both fits your needs and is at a price you can afford. To do that though, you should do your shopping in the used car lot.

“If you really had to have a certain make and model, look at a used car. It can help with affordability, and you get a lot of the same benefits,” says Joe Pendergast, VP of lending at Navy Federal Credit Union.

It’s all about supply and demand. Over the past few years, people choosing to lease vehicles has reached an all-time high. That means when the leases are up, there’s always a flood of ‘gently used’ cars that make their way to the dealership. That bodes well for anyone hoping to get a good deal.

Vehicle prices have already seen a drop. According to the U.S. Labor Department, the cost has already started to drop, falling nearly 2% in April. Analysts expect that number will only go down as we enter the summer months.

Of course, most people want something brand new, as it offers the best of everything, from top-notch warranties to the latest technology to hit the market. Used vehicles aren’t that far off from buying brand new, but at a steep discount.

Most used vehicles are only a few years older, low mileage, and with the same great technology you’ll find in a new model. In short: you’re pretty much buying the same vehicle at a huge discount.

Trucks and SUVs often top the list as the most popular vehicles in the country to buy right now. Experts don’t believe that higher gas prices this summer will dent SUV sales too much. Navy Federal Credit Union says that the F-150 is the most popular vehicle their members get.

These types of vehicles are often higher in price, making it not uncommon to see buyers taking out 6-year loans. It’s always suggested that buyers stay on top of what they can afford and know their credit score before investing.

“Whether you’re buying new or used, don’t take the first deal you see. Be able to know that you can afford your car payment, as well as gas and maintenance,” said Pendergrast.

Equifax Poll on Financial Literacy

Teens and Financial Literacy

Start them Early

According to a Natural Disaster Survey

1) It’s a good idea to back up your records digitally or in the cloud.

2) Take good pictures of your property and set up security footage.

3) Use Wi-Fi

4) Invest in smart technology.

5) Find a way to communicate with the outside world.

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