The New Year is a time for powerful new beginnings. It also presents an opportunity to look at our everyday habits – whether those habits relate to our health and fitness or our money habits as we manage any financial challenges.
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As real estate markets re-open across the country, current historically-low mortgage rates may make it seem like the perfect time to purchase your first home.
For many, owning a home is a big part of the American Dream. There’s a sense of pride and accomplishment in ownership. It can give you greater freedom and privacy, while also adding to your financial security.
However, purchasing a home is also a substantial responsibility and commitment—not to mention one of the largest (if not the largest) purchases you’ll make in your life.
One of the biggest mistakes first-time homeowners make is spending more than they can afford by overlooking the “true” cost of home ownership.
When budgeting for your first home, here are seven often overlooked costs that can have a big impact on your bottom line:
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Topics: mortgage, home ownership
The coronavirus (COVID-19) pandemic has had a financial impact on millions of Americans. Thankfully, some relief is on the way.
Lawmakers recently passed a stimulus package to combat the economic impact of COVID-19. As part of the bill, people are expected to receive payments of up to $1,200 for each adult and $500 for every child.
If you are expecting a stimulus check, you may be unsure how to best use the money you receive. This will depend on your unique situation. But in general, here are five areas to prioritize:
#1: Start with the essentials
Prioritize your essentials (the stuff you can’t live without) first: things like medication,
food, utilities, and housing. Taking care of your immediate needs so you can stay
healthy is crucial!
Once you’ve taken care of yourself and your family’s immediate needs, you can
look at other areas to allocate the money.
#2: Emergency Savings
Consider putting at least part of the money toward emergency savings, whether it’s
an existing emergency fund or one you’re starting from scratch. Setting aside as
much as you can and knowing it’s available if you need it can provide you with peace
of mind.
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The dawn of a new decade is a time for powerful new beginnings. Are you ready for
a powerful New Year’s resolution?
Eliminating debt, learning new spending habits, or building savings are choices that can change your life. They can affect your entire well-being– from stress levels, to physical and mental health. The new year and new decade is a great time to commit to your financial health.
1. Make a Road Map: Set a Goal (and Write It Down)
Goal setting gives you direction. You can decide on your destination and make a plan
to get there. This might seem small, but it’s not. Not only is goal setting found to be
linked to higher achievement and self-confidence, but writing down your goal can
also make you 42% more likely to succeed.
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Topics: Saving, money, simplifiy life, finances, budget, money mistakes
Self-care goes beyond our physical, emotional, social and spiritual needs—it includes our financial needs, too.
Financial self-care means taking the time to focus on your finances and create healthier money habits that lead to greater financial health and overall wellbeing. It’s time to make a commitment to show yourself some love and give your financial wellness the attention it deserves. Get started with these four steps for achieving greater financial health and overall well-being:
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If credit card payments make up a big portion of your expenses, paying off debt might be one of the first ways you can save money. High-interest credit card debt is expensive to keep around. That’s probably why more than 30% of New Year’s resolutions are related to getting out of debt and saving money. Here are some tips on how you can make a successful resolution to get out of debt.
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Developing healthy financial habits can do wonders for helping us achieve our goals, and the earlier you start, the better! Here are three habits to start today:
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As we move deeper into 2018, the magic of the holiday may have worn off, and many of our New Year’s resolutions are becoming faded memories. With tax season upon us and the pace of our working lives becoming more and more accelerated, stress can start to take its toll on us emotionally.
HOW STRESS IMPACTS SPENDING
According to a joint study out of Rutgers and the University of Miami, stress causes people to use their resources to regain a sense of control. In many ways, stress is a response to a loss of control in a particular situation, and one way we cope with that is by spending.
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It can be tough to stick to healthy financial habits, especially the ones that relate to long-term goals. The great news is that we can make some relatively small changes that “nudge” us along in the direction of financial wellness.
In behavioral economics, the study of how people make choices, small changes that alter our default behavior are called “default nudges.” Automation enables us to enforce our intentions and priorities, and creates a barrier for spending decisions that fall outside those priorities.
Here are three ways to automate your financial life:
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