Buying your first car is both exciting and a bit overwhelming. It’s a big decision that will impact your finances for the next several years. As a first-time buyer, you want to know you’re making the right choice and not being taken advantage of by the dealership.
If you have a parent or friend to help in the process, that’s great. If you’re going it alone, use the following guide to become familiar with the steps necessary for a fun and positive car-buying experience.
Identity theft is a serious crime that can have detrimental consequences on your finances and credit score. Unfortunately, most people don’t realize their personal information was stolen until weeks or months later. So, whether you fell prey to a scam or were a victim of a data breach, it’s crucial you act swiftly.
Use the following seven steps to get your finances back under your control and prevent further damage to your credit score.
Much of your twenties is spent figuring out who you are and where you’re going in life. As you progress into your thirties, more pieces of that puzzle begin to fall into place. Perhaps you’re planning to get married or start a family. Maybe specific career goals are on your mind. Regardless, it’s often a period of significant personal growth.
Achieving many of these milestones also takes preparation. And your financial situation will often play a critical role. Building a solid financial foundation should be a priority as it will pave the way for what’s next in life.
Use the following eight tips to strengthen your financial position and lay the groundwork for the goals you hope to achieve.
The housing market always goes through its ups and downs. During the pandemic, homeowners and homebuyers alike were able to benefit from record-low interest rates. Now, as inflation continues to soar and the Federal Reserve raises rates to offset the climb, the market is cooling down.
The combination of higher home prices and rising interest rates are forcing many would-be homebuyers out of the market. While conventional fixed-rate mortgages reign king during periods of low rates, other home loan options shine in uncertain markets. One of these loans is an adjustable-rate mortgage or ARM.
With the ability to lock in lower introductory rates, ARMs are making a comeback. Is an adjustable-rate mortgage the right solution for you?
Deciding to purchase a home is exciting and a bit nerve-racking. It’s a big decision that can impact your life and finances for years to come. But it also provides the opportunity to improve your home life and build equity in the property.
One of the most common questions prospective buyers ask is, how much cash is needed upfront? While a first mortgage will handle most of your financing needs, it’s these initial costs that keep homeownership at bay for so many.
The following guide outlines the upfront and ongoing costs prospective homeowners should prepare to cover as they progress through the homebuying process.
Receiving a tax refund is exciting and can give you a much-needed financial boost. However, it’s important to remember that this isn’t just free cash. Your tax refund is essentially money you lent to the government, which is now being returned to you. So, it’s in your best interest to use this money wisely.
How can you spend this money so that it helps improve your financial position? The answer to that question will largely depend on your age. The following suggestions explain how to effectively use your tax refund based on your current life stage.
It’s never too early to begin teaching kids about money. Responsible money management is a vital skill they will carry throughout their lives. However, the subject isn’t always the most entertaining, especially for younger children. Many find it dull or have difficulty understanding the concepts.
Fortunately, there are many fun and engaging ways to educate your child about money. All it takes is a little time and some creativity.
Interest rates across the board continue to rise. It’s a wonderful scenario for savers with Money Market Accounts and Certificates of Deposit. Higher saving yields provide greater earning potential.
However, it’s an entirely different story when loan rates are also increasing – especially if the interest rates on your loans are variable. Sudden jumps can derail your budget instantly if you’re not prepared.
Managing existing debt and finding ways to preserve cash in a rising rate environment is crucial. The best place to start is by understanding the different types of loan rates and how the economy can impact your outstanding balances.
As you scroll through the news headlines, predictions of a looming recession are becoming more frequent. If you were in the workforce during the Great Recession of ’08, you know the one word that usually follows “recession” is “layoffs.” Add in the rising interest rates caused by inflation, and many debt-heavy businesses are likely already looking at staff reductions.
Even if you feel secure in your job, crafting a strategy to deal with a hypothetical layoff never hurts. Doing so will help familiarize you with the steps to take, and you could assist friends and family members who aren’t so lucky.
The following guide will walk you through steps you should take if you face an unexpected job loss.
If you’re preparing to purchase your first home, you’re probably scratching your head more than you anticipated. Between the complex terminology and variety of home loan options, the home-buying process can become confusing rather quickly.
One area that first-time homebuyers struggle the most to understand is their monthly mortgage payment. Unlike a car loan, it’s not as clear-cut. And most real estate websites and financial calculators only focus on the principal and interest portion of your payment – which can be very misleading.
Before you get your hopes up and realize that the house you’ve been eyeing is out of your price range, take a moment to familiarize yourself with the components of a mortgage payment.
