Sometimes life throws expensive surprises. To cover them, you’ll need to borrow. If you’re borrowing to finance one of these costly events, consider a personal loan. 1.) Weddings. When it’s time to get married, the wedding is on – there’s no waiting for funds! The average wedding costs over $30,000, too much for one credit card, and the interest would …
Free Checking Accounts
Q: Everyone seems to be offering “free checking” these days. How do I know who has the real deal? What questions should I be asking as I comparison shop and what should I be looking for? A: The federal Truth in Savings Act (TISA) mandates a no minimum balance requirement and no maintenance or activity fees in order for it …
Credit Cards Or Debit Cards – What’s The Smartest Swipe?
Most people own at least one debit card and at least one credit card. Although it may not seem like it, there are many differences between the two. Each time you use a credit card, you’re borrowing money. You’ll need to pay that money back to the credit union along with interest. A debit card, on the other hand, simply …
Keeping a Checkbook Register: 20th Century Solution To a 21st Century Problem
Thirty years ago, trying to spend more money than you had wasn’t just embarrassing; it was a scandal. Since checks didn’t process instantly, a shopkeeper would have no way of knowing until days after the purchase. Writing one bad check would cost you check-writing privileges at that establishment and possibly land your likeness on a “wall of shame.” Balancing your …
Don’t Sleep On Your Savings: Avoiding Dormant Accounts
The best things to do with a savings account is to forget about it and let it earn dividends. However, don’t forget about it so long that it becomes dormant. A dormant savings account is one with a low balance that has had no deposits in a while. Exact criteria varies by state. Generally, accounts with less than $50 that …
Time Is Money: How To Calculate Your Wage For Savings
Exchanging time for money is a basic economic activity. It underscores every transaction. You go to work and exchange your time and labor for a salary. You’re tired on the way home, so instead of cooking, you exchange money for the time and labor of a fast-food worker. You want to go out to dinner with your partner, so you …
Share Savings Certificates: How To Keep Your Money Spinning
Share Savings Certificates are an excellent savings option. They’re NCUA-insured, have a better dividend rate than a savings account and generally safer than the stock market. Before you lock your money up, though, answer these questions: 1.) What am I saving for? If you’re saving for a rainy day, you’ll need the flexibility to withdraw your money quickly. Consider a …
4 Home Improvement Projects With High Long-Term Return
When you’re making improvements to your home, you’re not just making your life better in the short term. You’re also making an investment in your future. Ideally, the increase in the value of your home will exceed the cost of the improvement projects. However, it seldom works out like that. The most efficient home improvements don’t pay for themselves immediately. When …
7 Ways To Stop Worrying About Debt And Love Your Mortgage
Every corner of the personal finance world seems to hammer home the same point: Debt is the wealth killer. Debt is the single greatest threat to your retirement planning, college savings and financial independence.Except, as it turns out, there is one kind of debt that defies all of these rules: mortgages. Money you owe on real property can, in fact, …
Which Is Right For Me: Adjustable Or Fixed-Rate Mortgage Loan?
The choice of which mortgage loan to go with starts with a simple question: fixed-rate or adjustable? There are many different terms, points and rates associated with each, but narrowing your search to a category can really simplify the process. Fixed-rate mortgages are the more traditional choice. You and a lender agree to a length of time (or term) and …