A few weeks ago, I wrote a blog post discussing the reasons why bills should be spoken about openly in your family. This is particularly important if one spouse becomes ill or even if the family wants to try to keep a monthly budget.
Unfortunately, according to a 2010 survey by CESI Debt Solutions, as reported on Yahoo, approximately 80% of all married people surveyed hide some purchases from their spouses. The most common reason that was listed was to avoid conflict or criticism from their partner. The survey also showed that men were somewhat more likely to do so more often then women. Even though the majority of those surveyed admitted to ...
Read More...
10 Horrible Habits That Will Make a Mess of Your Finances
Many people that find themselves in debt seem to make some common financial mistakes that contribute to their debt problems. According to an article on MSN.com, there are ten bad financial habits that can lead to financial disaster:
Misuse of balance transfers - If you aren’t going to stop charging on your cards, transferring balances to lower interest cards won’t get you out of debt in the long run.
Disregarding your credit report because you think you can’t change it anyway - It is essential that you frequently check your credit report. Small errors made by your creditors could raise your interest rates, lower your credit score and ...
Read More...
The College Debt Bubble is Ready to Explode
For the first time ever, student loan debt has surpassed credit card debt. Over the last decade, young people have eagerly received hundreds of thousands of dollars from private lenders working with financial aid offices to earn bachelor’s degrees. According to Yahoo, thanks to easy credit, declining grants and growing tuitions, more than two-thirds of students graduated with debt in 2008, up from 45% fifteen years ago. Outstanding student loan debt ballooned, it grew roughly four-fold in the last decade to $833 billion, with the average debt load being $24,000 according to the Project on Student Debt.
If that wasn’t bad enough, defaults ...
Read More...
Renter? 10 Things You Won’t Hear From Your Landlord
Whether because of the bad housing market or a negative balance in their savings account, many are stuck renting an apartment. With the many positives like no yard-work, come many negatives. According to Smart Money, there are ten things your landlord will never say to you. Here is a quick summary:
“This building is in foreclosure." - Congress passed the Protecting Tenants at Foreclosure Act, which gives tenants at least 90 days from the foreclosure sale to move out (up from 30 days previously.) Provided the owner
“You should complain more.” - Most states require landlords to keep the property in good repair, with home systems and ...
Read More...
7 Tips to Help You to Modify Your Mortgage
Many homeowners are getting burned by reputable loan modification agencies and are being forced to file Chapter 13 bankruptcy to try and save their home from foreclosure. South Carolina attorney Dana Wilkinson gives seven tips to avoid this predicament when you are in the loan modification process in her recent article on BankruptcyLawNetwork.com. Here is a brief summary:
Keep a copy of EVERYTHING – Keep a separate file for any correspondence between you and your mortgage lender. If possible, keep notes of every conversation.
If it’s Not in Writing, Assume it isn’t True – Borrowers must have any important information regarding their loan ...
Read More...
5 Tips on Saving for a Down Payment on a Home
With tighter lending requirements the new standard, most new home purchases now require a 20% down payment. With an average home on Long Island costing $395,000*, a homebuyer would need to come up with a $79,000 down payment to secure a mortgage.
Find small ways to cut your expenses: Look for ways to cut your monthly expenditures and save the difference. Start clipping coupons for your food or lower your cell phone minutes if you don’t use them. Turn off all the lights when you aren’t using them. Start bringing lunch to work every day instead of eating out. Use coupon codes when shopping online. You’ll find these little things will add ...
Read More...
Will Generations X & Y Ever Retire?
Young working adults are facing a tough financial future. According to Yahoo.com, an early or even on-time retirement is not looking realistic for today’s youth. According to the article, 10% of 2008 college alumni graduated with $40,000 or more in student debt. In addition, the median income for 25-to-34 year olds in 2009 was $50,199, which is 7.6% lower compared to 10 years prior and adjusting for inflation. As of right now, there are three challenges facing Generations X & Y in retirement:
Pension, What’s that? - Many employers are not offering sponsored defined benefit plans to employees anymore, which would guarantee an income to ...
Read More...
Why Your Bills Should be a ‘Family Affair’
Do you take care of the family’s bills with your spouse? If you don’t, you may want to start. According to the NY Times, many spouses are being kept out of the family’s financial loop and this can often lead to marital problems down the road. It can also be problematic if the person handling the bills dies, becomes disabled or divorces. The remaining excluded spouse could be left managing the family’s money with no idea what kind of financial situation they are in, during an already difficult time.
Even if one spouse is writing a check for a bill, the other should certainly know how much that bill is costing the family each month. This is ...
Read More...