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Top Ways To Boost Your Finances After Buying A Home

Top Ways To Boost Your Finances After Buying A Home

Top Ways To Boost Your Finances After Buying A Home

Owning a home is the dream scenario for millions of people around the world. However, with the average American property costing $241,700, it can be hard enough scraping together a sizeable deposit, let alone ensuring you’ve got enough put by to truly put your stamp on your new abode. So, when you’re preparing for a house move, be sure to take into consideration these top tips to enable you to boost your finances and your bank balance.

Take your time & plan

It goes without saying that you’ll be excited at the prospect of moving into your own property and will want to make changes as soon as possible so that it truly feels like it’s all yours. It is tempting to splash out on items before you’ve made a definitive plan, though, as you’ll likely end up throwing away money. Once you’re settled in your new place, take the time to sit down and decide what work needs doing and what changes you would like to make. This will give you a good starting point to work from and from here you can determine an order of priority.

Bills & expenses

When you move into a new home, it’s easy to forget to contact businesses such as your energy supplier and water provider to give them your details. It’s essential you make contact with them as soon as possible though to avoid falling into debt. This also gives you the perfect opportunity to ask for any special deals plans or discounts which will help keep your bank balance looking healthy. Now is also the time to seriously review your outgoings. Some top ways to cut your expenses is to opt for a cheaper cell phone contract, ditch the takeout coffees and walk instead of using public transport.

Make cash from your home

Your new property could be the perfect way to help boost your finances and build your personal wealth. If you’ve got a spare room, you could rent it out to a lodger or, for those conveniently located near to cities, towns and local businesses, renting out your driveway to commuters is a great way to bring in some additional cash. Another option is to rent out your home to TV and movie directors looking to film in lived in properties rather than fake sets.

Buying a home is a costly expense

Therefore, buyers should ensure they find ways to enhance their income and keep their finances healthy. It’s important to plan and budget for any projects before proceeding with them, take time to review all bills and expenses and consider using your new residency to make some cash.

Jenny Holt <jennyholtwriter@gmail.com>

Income Inequality, Wage Stagnation, Debt, and the American Dream

Income Inequality, Wage Stagnation, Debt, and the American Dream

Income Inequality, Wage Stagnation, Debt, and the American Dream

Approximately 60% of Americans think that the American dream is now more difficult to achieve. For many, the dream is to own a big house, a nice car, and to pay for monthly bills without running into money troubles. However, all of these depend on household income and its power to both see and seize the dream. Analysts blame this turn of events on income inequality and the fact that the income gap between the affluent and everyone else has been seeing a steady climb for some 30 years.

The Struggle of the Middle Class

Many households in the United States now spend more than they make. According to a CNBC report in July 2017, most Americans consider themselves as part of the middle class but that their six-figure income is barely enough to cover for transportation, healthcare, housing, and other needs. A Forbes report in 2016 also paints a similar picture. The report notes that 63% of Americans do not have enough money stashed away to cover for a $500 emergency.

The Debt Burden 

In May 2017, the Federal Reserve Bank of New York reported a new peak in household debt in the US. According to the report, the debt burden has grown to a whopping $12.7 trillion with student loans, housing payments, credit card debt, and auto loans being the major contributors. Although many assume that this is mainly due to careless spending, it is not true in most cases. Student loans are higher now because of soaring tuition costs, according to experts. Despite the fact that cost of living has gone down, for the most part, the United States has been experiencing a wage stagnation for years.

How to Get Back on Track

Achieving the American dream can mean tightening your belt for a number of years but with the average household debt at $137,063, getting back on track is easier said than done.The good news is, personal loans can help consolidate debt at favorable rates. While this is still a form of debt, a personal loan can help Americans pay off their debt sooner and still save a little money along the way. Personal loans have lower interest rates in general, and some lenders even offer rates as low as 5%.

Basic financial management techniques also help, according to experts. Apart from paying off all debts, it is important to find ways to decrease monthly expenses. Getting a cable and internet bundle, for example, is a good idea. For individuals who don’t really watch that much TV, it is advisable to get rid of the cable altogether. Even the little things count. Your daily caffeine fix at your favorite coffee shop can survive a downgrade by making your coffee at home. It is also a good idea to list your priorities and to remind yourself of these priorities every day. Sticking to paying for your needs first before spending your money anywhere else will make financial decisions easier for you. With enough discipline and drive, you still have the chance to live the American dream. 

Jenny Holt <jennyholtwriter@gmail.com>

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