Sharing insights since 2007 on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom!
Winter set in fast and hard this year, with the last few weeks yielding particularly harsh conditions throughout most of the East Coast, Northwest, and even the balmy South. Many states are reaching record sub-zero temperatures and experiencing heavy snowfalls.
These conditions are blamed on a system of Arctic air from the north that’s known as the Polar Vortex. If you’re a Weather Channel junkie, all of this is extremely interesting and important to you — but for the average person, all you know is that it’s cold. Really cold. And it’s costing you.
Besides ensuring your pantry is well-stocked, make sure your budget isn’t suffering due to the extra cost of electricity, snow removal, and vehicle maintenance.
Living in the great state of Minnesota, winters sometimes seem endless. Arctic blasts like we had recently — where the daytime high was -22°F — make it almost unbearable.
For the past few years, our family’s taken a midwinter vacation to get a break from the winter blahs. There’s a tourist destination a few hours away that is known for hotels with huge indoor water parks. This provides us with a very summer-like environment during a very winter-like season.
Unfortunately, with the holiday season just coming to a close, we don’t have a whole lot of extra funds lying around for a vacation. However, where there’s a will, there’s a way; and we found several ways to bring down the cost of the vacation and make it fit within our budget.
Here are four ways to have an inexpensive midwinter vacation with your family: [ continue reading… ]
Now that a new year is underway, it’s time to reflect on what can make it great. While you want to set reasonable goals that are likely to stick, don’t forget to concentrate on what’s holding you back.
In some cases, improving your financial situation is less about trying to create resolutions you’ll actually keep — and more about getting rid of the excuses holding you back.
Before you try to set high-minded financial goals, you’ll need to figure out which excuses you’re using, and banish them from your vocabulary. Only then will you have the freedom to really improve your financial situation.
To get you started, here are three common excuses that everyone needs to stop using:
More and more people are doing their banking, shopping, and other financial business online because of one reason: it’s convenient.
Unfortunately, with the convenience comes a decidedly higher risk of exposing your sensitive personal information to hackers, con artists, and scammers. Phishing, the practice of drawing out personal information through emails posing as official communication, has continued to increase — in spite of advancements in website security.
The most common phishing scam is an email appearing to be from your bank or credit card company, which requests a verification of your password or account information.
The link included in the email will take you to a website created to look like your bank’s, and when you enter your account information, you reveal it to the scammer.
Phishing scams may otherwise include a link that downloads hacking software known as malware, which secretly collects all your passwords, usernames, and other personal information as you use the internet. Many types of malware are designed to send out fake messages from your email account, in hopes of luring even more people into the scam.
Phishing is no longer limited to just your email account, either.
The latest Fitbit accessory. The new PS4. The hottest styles. You’ve got it going on. No one can talk to you about upcoming trends in tech and fashion — because you already have them all.
But there’s no money in your savings account. You have exactly $0 put away in case of emergencies (because who has those, anyway?). So if you fell and broke your foot, that ER bill would be sitting on your head for a while.
You’re a Wreck
Right now, you’re a beautiful financial wreck. You need to get your dough in order if you want to enjoy your life later — instead of living from paycheck to paycheck for the next 60 years.
As much fun as it is to buy what you want, when you want it, it isn’t fun when it’s time to pay up. And whether you realize it or not, you make those unnecessary purchases to try and make yourself feel better about your debt.
Because you feel the financial pinch, but you’re lost and spiraling deeper into it. What better way to forget that pain than to buy that new PS4?
If you don’t check your financial behavior, the wreckage will be impossible to clean up later.
Since the housing market crash of 2008, analysts and lawmakers have been scrambling to diagnose what went wrong, as well as make provisions to avoid another economy-devastating event.
One of the most obvious downfalls of the market was a failure to follow strict screening policies for potential homeowners. Loans were frequently issued regardless of evidence of a person’s ability to repay, which, when coupled with dishonest lending practices, led to massive numbers of defaults and bankruptcy.
Introducing Dodd Frank
In answer to the need for reformation, lawmakers passed the Dodd Frank Wall Street Reform and Consumer Protection Act, which takes effect in mid-January.
This group of new mortgage laws will provide more protection for the housing market by requiring lenders to follow certain rules in order to receive legal protection. The laws also protect consumers by addressing questionable lending practices. This all leads to the assumption that the process to home ownership will become more secure, but it doesn’t guarantee that getting a loan will become any easier.
In fact, under the Dodd Frank laws, consumers’ allowable debt-to-income ratio has increased, and lenders’ terms are likely to become more difficult to account for increased expenses.
It’s nice to know your potential mortgage will be more fair and financially stable, but what if you don’t fall under the DTI ratio or can’t save enough for a down payment?
Thankfully, there are some ways to bridge the gap between your desire to own a home and your ability to make it happen — namely, home-buying credits at both the federal and state level.
Free signup to get a free ebook on How to Save Money on Everything! Constantly expanding, it will be the biggest money saving ebook available, and it's FREE! →
(I hate spam and promise that your information will never be shared.)
