Pennysaverblog – Page 182 – Smart Finance and Money Saving Tips

Debt

Down Payment Options For First Time Home Buyers

So, you are looking for a savvy way to put a down payment on a new home – where do you look first? Purchasing a home for the first time can be a big deal – a really big deal. Not only will this be the biggest purchase of your life, but it will also be the biggest decision of your life. If you have just gotten married, or you are thinking about starting a family, purchasing a home can be a great way to get some roots in the ground and start thinking about the future. When it comes to real estate, purchasing a home is a great place to put your money. However, if you don’ have the money for a down payment, there are a number of different options. Here are some down payment options for first-time home buyers.

One great place to start is with relatives. Chances are that if you just got married, your new extended family would be glad to chip in on a down payment for a new home. In fact, instead of setting up a wedding registry, you could set up a down payment fund that friends and family members can put money into. When it comes to getting the financing you need to purchase your new home, this can be a great way to get the starter home of your dreams.

Another place to look for loans is with tax refunds. If you work a steady job and have a decent annual salary, you could stand to make a pretty hefty tax refund at the end of the fiscal year. In fact, if your spouse makes the same amount of money, your combined tax refunds could be big enough to set yourselves up with a pretty handsome mortgage and your first home. Just make sure, though, that the down payment is big enough to make the monthly mortgage payments manageable.

October 24, 2013

Shopping

Top 5 Car Dealership Negotiation Tips

When it comes time to purchase a car, you need to have the negotiating power to take down the asking price and fit in a good compromise with the dealer if you need financing. The key is to not pay a big premium when it comes to the down payment and you need to push the APR down to near zero. When it comes down to it, a dealer will be getting your money regardless, but it is a question of how much. Do you want to drive away with the vehicle of your dreams or do you want to drive away with a sour feeling of regret. Here are the top five car dealership negotiation tips.

Have a solid budget all lined up. Having a budget in place will keep you within a certain price range. With a budget, you can reduce the risk of a car dealer pressuring you into a price range you can’t afford. Also, you want to have a budget on your monthly payments as well, because if you don’t consider interest, the car dealer could raise the APR to make up for any “deal” he or she gives you.

Make sure to do your research. The more research you have, the better equipped you will be to counter any false claims. Plus, it will give you a huge leg up when it comes to being able to argue or haggle down a price. Even when it comes to after market add-ons, you want to be able to show the dealer that you can simply go to In Sixth Gear (ISG) to get all the add-ons you need. That way you can get a more fully equipped vehicle for much less money.

October 23, 2013

Book Reviews

A Book Review – Forever Cash

It has been a long time since I have read a book about personal finance. I think I got jaded as it felt like I was reading the same old information over and over again. Every book promised a way to attain financial freedom; some even said you should only have to work a few hours a week. Well, I recently received an email with an electronic version of Jack Bosch’s book entitled “Forever Cash – Break the Earn-Spend Cycle, Take Charge of Your Life, Build Everlasting WEALTH”. Here are some thoughts on this book:

What is “Forever Cash”?

The book is well-written. It talks about how it is possible to find a way to make “forever cash” – which is the author’s term for making cash flow that is indefinite. To quote Jack: “Forever Cash is cash for which you work once and get paid again and again and again … forever.”

According to Jack, “This book is not about getting rich. It is about you taking your life into your own hands and doing what needs to be done to make sure you and your family are safe. It’s time to rise!” The book is definitely motivating and it makes you think, too. It’s a good read if you are looking for motivation and maybe some ideas as to how to get started.

October 22, 2013

General

Are You Feeding Your Soul Or Just Your Bank Account?

This may sound like a cheesy topic, but just bear with me for a minute, and maybe you will see where I am going with this.

How much of your day is taken up with earning money? I am not just talking about the time spent at work, but the time spent commuting to work, the time spent at home when you are thinking about work, and whatever else I failed to mention here. For most people, the answer is probably a lot higher than they realize.

So what can we all do about it? Well, for starters, we need to consciously take the time to feed our souls, too, and not just our bank accounts. One easy way is to pop in a CD of an artist you really enjoy while driving to work. Pick something that relaxes you, that moves you, and that puts you in a good mood. This simple thing is a way to feed your soul. And it doesn’t cost you anything.

October 19, 2013

Debt

Do You Want To Be A Slave?

Did you know that when you borrow money from a bank or from another person, you actually become a sort of “slave”? Yes, it’s true. And the more you borrow from someone, the longer it will take for you to be freed of that slavery. That’s why it’s really important that you take debt very seriously.

In our world today, people don’t think twice about buying big ticket items on their credit cards. But do they realize how much interest they will be paying to the credit card companies? The people who do this are slaves to the credit card companies for many weeks, months, and possibly even years, just for a single item they purchased in ignorance.

Credit cards are not the only forms of debt that can make you into a slave however. When you buy a home and get a mortgage, this can cause you to be enslaved if you end up buying a home that is too big for your budget.

One thing I want to make clear is that debt itself isn’t the culprit. It’s the people’s lack of knowledge that causes the biggest problem. Let me explain:

Although you will find blogs on the internet that talk about all debt being bad, I don’t believe that is the case. Why? Because most people that I know would never be able to buy a home if they had to pay for it with cash. Also, if I wanted to go make a big furniture purchase, I would far prefer to use my credit card rather than risk carrying large wads of cash with me.

October 16, 2013

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