Is finding a roommate worth it? College students do it. Young single adults do it. Siblings do it. The best TV shows have even been based on it. Roommates can make a lot of things easier including making it easier to pay your monthly house payment! However, roommates aren't for everyone. Here are some things to think about before you try to find a roommate... … [Read more...]
Not long ago, Oprah Winfrey did a show on homelessness in the midst of the housing crisis. She showed many families who were either well off or middle class 1 year ago who are now living in sub-standard housing such as homeless shelters, tent cities, in their office space, etc. The show did end in a positive note with personal stories from people who found alternatives to being homeless. This is what I would like to address. While you may have to give up your house and life as you … [Read more...]
How much do you pay for car insurance? You may think that you're paying the lowest possible premium right now, but the truth is there are several contributing factors that you have more control over than you may realize. As a result, you may be able to make your payments even lower! Take this quiz to find out how to lower your car insurance rates and save some money... 1. What kind of car do you drive? a) Sports car b) High-end luxury vehicle c) A smaller car with a low … [Read more...]
My current car has been driven about 40,000 miles in the last 3 years. I never imagined I would keep a car past 50,000 miles. Normally, I would be looking to buy a new car very soon -- especially since I don't handle breakdowns well. However, now I want my car to last forever (or at least another 3 years). While I don't expect that my car will make it anywhere near the 300,000 miles that can sometimes be achieved with excellent maintenance, I do think that making it to 100,000 miles … [Read more...]
Do you visit the dentist twice each year?Make an annual visit to the optometrist?Maybe you fill the same prescriptions every quarter year after year or have a standing appointment with a specialist.In each of these cases, your medical expenses are probably consistent, predictable, and already a part of your monthly budget. So why not save money by not paying income tax on the money you spend on these and other medical expenses?You can do so by taking advantage of a Flexible Spending Account … [Read more...]
With the current economic conditions, the housing market is wide open for qualified buyers. Interest rates are at their lowest in decades. Combine that with all the government-sponsored incentives, and the time to buy your first home is right now! Of course qualifying for that 30-year fixed rate mortgage will require your credit rating to be higher than what was acceptable just a couple of years ago. Did you know that your credit rating score depends on more than just the fact that you've been … [Read more...]
Auto insurance is a necessary evil in many peoples' minds. In reality, you're betting that an accident is in your future, while the insurance company is placing their money on your good driving record. They're very happy to take your money year after year, hoping that you never need to collect from them after a wreck. Because of this sort of gambling aspect that's associated with the insurance game, prices for coverage vary dramatically from one company to another. One company may be … [Read more...]
According Ray Martin, the Early Show's financial guru, average home closing costs are between $2,500 and $3,500. Depending on the amount of your loan, your closing costs could be much higher. Typically, closing costs run between 3% and 5% of your loan amount, so if you're borrowing $100,000 you can expect closing costs of $3,000 to $5,000. If you're borrowing $200,000 you can expect closing costs of $6,000 to $10,000. Source As Martin points out in the above video, some closing costs … [Read more...]
Do you think you can truly afford the home that you're currently living in? According to Suze Orman, chances are you cannot. On the Oprah show, Orman said thousands of Americans are living a lie and outliving their income, while using credit cards to support the facade. When a family that was $90,000 in credit debt and living on a $2,000 deficit insisted an apartment would cost as much as their home, she nearly lost it. Orman quickly detailed house-related expenses like a $500 … [Read more...]
Experts tell us that the best way to stay out of financial trouble is to live within our means. Right? Unfortunately, the phrase “living within your means” can be difficult to understand. For example, there's "living within your means"... and then there's "living below your means." So, are you living within your means or below your means? Living within your means is defined by CNN Money as... ...Spending less than you earn, saving some of your income and … [Read more...]
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