Pennysaverblog – Page 168 – Smart Finance and Money Saving Tips

Family

Your Mother Can Save You From Bankruptcy

Sometimes, Mother really does know best.

When you were younger, Mom nagged you to brush your teeth, eat your veggies, and clean your room.

You didn’t listen.

When you got a little older, she might have imparted more mature words of wisdom. You probably didn’t listen then, either.

Funny, but as you become more mature, your mother’s advice starts to make more sense, and you might realize that her advice wasn’t as dumb as you always thought it was.

For instance, she told you, “Money doesn’t grow on trees.” Amazingly enough, that is unfortunately true. Money has to be earned, and earning money is a lot more difficult than picking it off of trees. Earning money is WORK.

When you have to work for your money, you should be a little more conscious about how you spend it. After all, that new gizmo you want? It will take 45 hours, or more than a solid week, of work to pay for it. When you look at objects in terms of work required to purchase, it might help you to be more discriminating about what you really want.

Of course, there’s always a credit card. Banks are more than willing to lend you money to buy the things you want. And it’s easy enough to whip out the plastic when you want to buy something. But you need to consider the consequences of not paying that item off right away. Add another 10 hours to its real cost, because of the interest you will pay on the credit. Now, is that gizmo really worth 55 hours of your time?

April 26, 2014

Debt

6 Tips To Save Money On A Mortgage

Buying a home is one of the most expensive purchases of a lifetime. Most buyers opt to borrow money from lenders to purchase their properties, locking themselves into potentially 30 years of mortgage payments. Not only are homes costly, but loans are too. Interest is the price borrowers pay their lenders for advancing them money, and it’s due until the loan is entirely paid back. Even though interest rates recently declined benefitting borrowers, there are a few additional ways homebuyers can save money on their mortgages.

1. Make a Large Down Payment

Prospective homebuyers searching for affordable mortgages should start by evaluating their home budgets. With less expensive properties, buyers assume smaller loan sizes and cheaper monthly payments. Additionally, more affordable homes allow buyers to pay larger down payments. Down payments of at least 20 percent of the purchase price of the home save borrowers money over the long-term. When a borrower pays less than 20 percent toward the home purchase, the lender accepts more than 80 percent equity in the home. Lenders who assume that level of risk require borrowers to pay private mortgage insurance (PMI) to protect the lender’s investment. Some lenders require borrowers to pay PMI upfront, but generally, it’s rolled into monthly mortgage payments.

April 25, 2014

Family

Save Money While Traveling With Family

Your finances make for a crucial aspect of your trip planning process- no matter whether you’re traveling solo, with friends or with family. Your mode of transport, accommodation, and itinerary- almost everything will depend on your budget. However, as a frequent traveler you should not miss out on chances of making up the most of your vacation within your budget. It’s imperative that you keep track of the latest discounts or the holiday packages offered specifically on the destination of your choice. You may not be able to afford to stay at the best Boutique Hotel in new york, but you can have a great vacation no matter where you stay as long as you are with the people you love.

Here is a rundown on ways to save money while you’re traveling with your family.

Plan your trip wisely

One of the crucial steps to saving up substantially while traveling would be to travel during the shoulder season. This is the time when accommodation, flight tickets and hotel room rents are much less expensive. The trick would be to plan your trip between the peak and the completely off-peak (for instance, the hurricane) season. Choose a time that falls between these two seasons- shoulder season. For instance, if you’re traveling to Europe it would be advised that you do it either during April- May or from mid-August till October. The climate remains soothing and there’s no real rush of tourists as well. There are solo trippers who choose the school year as well but that would be a little difficult if you are traveling with family. Even after you have booked your resort or hotel, whether that’s a Luxury Hotel in Downtown Cleveland or something a little more modest, you can go back online in order to check if there are better deals available or are posted until the time you leave. If you can find something of that sort, do ask for those deals.

April 24, 2014

Household

5 Main Factors That Influence Home Renovation Costs

It’s practically impossible for most homebuyers to get everything they want in an existing structure, but most of us have a list of priorities and must-haves, and so long as most of them are met we suck it up and take the house that comes closest to fulfilling our dreams. Luckily, there is a way to get closer to the home you want without going through the hassle and expense of buying land and building your structure from the ground up.

When you opt to renovate you can turn an old layout into a modern, open floor plan. You can get a gourmet kitchen or a spa-like master bath. And you can transform any badly-planned or executed space into a beautiful and functional room that meets your every need. However, you need to be careful when you opt to renovate; if you don’t pay attention the costs can quickly skyrocket. Here are a few of the main factors that will influence your expenses when you renovate your home.

Scope of work. The size and type of job you do will have a major impact on the associated costs of the project. For example, completely gutting your kitchen; expanding the space, moving the plumbing, and replacing cabinets, counters, fixtures, and appliances; is going to cost a lot more than simply making cosmetic changes like refacing the cabinetry and installing a new backsplash. Since the average person knows very little about the costs involved in remodeling, your best bet to get an idea of the projected costs of your planned renovations is to get bids from several contractors and ask about alternative options to get what you want while lowering costs.

April 23, 2014

General

Renting An Apartment Rather Than Buying A Home: What Are The Benefits?

Many people are torn between the decision to continue renting or buy a home. While buying does present several benefits since it is an investment, for many people, renting is actually a better option and presents just as many potential benefits. Here are some of the best benefits to renting an apartment rather than taking the plunge and purchasing a home of your own.

Less commitment, more flexibility. Buying a home is a huge commitment. You are committing to staying in a specific location for at least a few years. If you aren’t ready to settle down, want to explore, or if work moves you around frequently, buying is likely not a good option for you. Renting provides you with flexibility to choose 6 month or year long leases. Some apartment complexes will even allow you to rent from month to month if you are uncertain about your living situation or where exactly you will end up. Short Term Rentals in Washington DC are an option if you plan to stay in the area only for a short time, for example.

Fewer unexpected costs for maintenance or repairs. As a renter, your landlord takes care of all maintenance, repairs and issues. You pay for a lot of this upfront when you pay rent each month. So, if your toilet is clogged, the roof is damaged, or a something breaks, you simply tell your landlord and they call the necessary people and pay them to correct the issue. As a homeowner, however, you become your own landlord, essentially! You would have to pay out of pocket for any repairs and call the necessary handy person to come to your home and fix the issue. This means more work for you and less predictability regarding your month to month home maintenance expenses.

April 19, 2014

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