Showing posts with label saving money. Show all posts
Showing posts with label saving money. Show all posts
Tuesday, December 12, 2017
Tighten that belt and save for a down payment
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| Tighten that belt and save for a down payment |
RECBL - Real Estate News
One of the biggest obstacles for first-time homebuyers is saving for a down payment - it's a nut that seems insurmountable to many. The first mistake new homebuyers make is believing that they must have 20 percent to put down on a home, when (depending on your credit and the loan terms) you can usually put down much less.
The second mistake is believing you'll never be able to save enough money. Here are 10 things you can stop spending money on right now. Collect what you would have spent on these items at the end of the week and put it into a savings account for your home-to-be. It will add up faster than you think!
Books. Get your library card renewed or (gasp!) get one for the first time, and start reading books for free.
Coffee. Treat yourself to a nice travel mug then fill up at home and skip the pricey coffee shop on the way to work.
Gas. Of course, this isn't always possible, but when you can, opt to walk or ride your bike instead of hopping in the car. Carpooling is another great option.
Lunch. Not only is brown bagging it cheaper, it's usually much healthier as well. Just be sure not to eat at your desk. Hit up the break room or a local park (bring your library book!).
Designer clothes. If you're a style hound, don't despair. Instead of shopping in pricey stores, check out your local outlet mall, online tag sales or high-end thrift shops. You'll be surprised at what you can find.
Restaurants. If going out to dinner is one of your favorite social activities, don't give up the act of dining with friends, just do it at home instead. Host a backyard cookout or an intimate dinner party with candles and fine china. Or, save money and time and make it a potluck affair.
Bottled water. Get yourself a filtered pitcher and a portable container and stop the bottled water insanity. Your wallet and the environment will thank you.
Expensive gifts. Believe it or not, it really is the thought that counts. Instead of wasting money on gifts that may or may not be used by the recipient, go the homemade route. Try baked goods, a photo collage, a collection of flowers from your garden tied in a pretty ribbon, or a home-cooked meal.
All those cable channels. Take a good look at your cable bill and decide whether or not you really need all those channels you're paying for.
Your gym membership. If you're not using your gym membership regularly, let it go. Stay healthy with online workouts you can do at home and venture into the great outdoors for walking, hiking and running or your favorite sports.
Do you have any additional tips on how to save money for a down payment, we want to hear about them. Contact us at marketing@cashbuyerslists.com.
CashBuyersLists.com Please like, comment and share. Thank you.
Friday, September 15, 2017
10 Worst Money Mistakes You Can Make
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| 10 Worst Money Mistakes You Can Make |
RECBL - Real Estate News
Successful money managers share a simple strategy: spend less than you make over a long period of time and invest the difference.
The author of ESI Money, an online blog written by a reclusive "50-something retiree who has amassed a sizable net worth," suggests a list of the 10 worst things you can do to sabotage your financial independence:
1. Not Having an Emergency Fund - Emergencies arise in every life, and not being prepared to cover them can throw you into debt. A rule of thumb is to sock away six months of living expenses.
2. Not Having a Will - Money Magazine reports 57 percent of Americans don’t have a will, including 69 percent of parents with kids under 18. But without a will, the state decides what happens with your finances. Make a will and update it regularly as your life situation changes.
3. Not Having Enough Insurance - Like an emergency fund, insurance can protect or replace your assets in the event of almost any misfortune. In addition to life insurance, you should have health, auto, homeowners or renters, long-term disability, and, arguably, long-term care insurance.
4. Marrying the Wrong Person - Spouses should have similar financial goals and habits. If one is a spendthrift, you’re in trouble. It’s a good idea to discuss your financial objectives before you tie the knot.
5. Not Saving - Putting money aside is essential if you are going to be able to invest. Experts suggest saving 10 percent of your salary.
6. Buying Too Much House - It’s well-known that Warren Buffet lives in the same modest home he purchased many years ago. Don’t buy a home that requires a mortgage that is more than twice your households annual realized income.
7. Waiting to Invest - The factors that determine how well your investments turn out are the amount you invest, the return rate, and how long you are invested. The longer you wait to invest, the more you are costing yourself.
8. Being in Debt - Paying interest on debt can cost you big time over the years. Avoid it like the plague.
9. Not Maximizing Your Career - Develop and execute a plan to make the most of your working life. Your earning potential is dependent on your good health and initiative.
10. Overspending - It’s tempting to splurge, but develop a budget and stick with it.
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