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Most families are spending more and more money each year (and not just because the cost of living rose) while also saving less and less. One reason is that few household managers spend much time reviewing expenses and expenditures to find ways they can save money. However almost every family has places where costs can be cut and pennies can be pinched — and if those freed up funds are then wont to pay down debt and save for the future it could have a dramatic impact on their quality of life.

Food is one big area where many families could be more thrifty. Families spend an average of $2,434 on food away from home, according to the Consumer Expenditure Survey from the U.S. Bureau of Labor Statistics. If you (and your spouse and your children) eat lunch out every day of the week then try brown-bagging at the least among those days. If just one of you does it you may save up to $400 a year and if you can double or triple that savings you could finance a family vacation with it.

Another major expense is your home. When was the last time you looked at refinancing? Can you find a lower rate of interest? Can you renegotiate to a shorter time frame? Even if you can’t change your mortgage payment you mayhap able to pay a bit extra every month which extra time will help pay down your mortgage faster. Also, don’t overlook your utilities. There are ways to save in that area as well including updating your insulation and weather stripping, keeping up-to-date with maintenance and cleaning of your furnace and air conditioning or using a programmable thermostat to take advantage of those times when your house is empty or the family is asleep. (more…)

Sometimes you need extra money for unexpected expenses like car repairs, unexpected bills, health expenses, school expenses, or a myriad of other reasons.  Where do you go to get money for these unplanned expenses?  Personal loans are available from many different companies and lenders for consumers today whether you’ve good or bad credit.

Your first place to try to get a personal loan is from a bank or credit union.  Many times, they can offer you a loan based on your credit record.  Personal loans from a bank or credit union usually don’t have collateral attached to them and they’re loans based on your name and credit record.  Banks and credit unions are a great place to go for a personal loan whenever you’ve relatively good credit. (more…)

Even though rates are on the rise, that doesn’t mean you shouldn’t refinance.

Practically everyone has refinanced or thought about it at one point in time. We’ve seen the dozens of commercials that urge us to do it. With rates at record lows over the past few years, refinancing has helped many borrowers lower their every month payments.

But rates are now on the rise. Refinancing applications have fallen slightly. Most people don’t think you should refinance when rates are going up. All the same, many refinancings are “cash-out” refinancing. That means that equity is delivered to the homeowner in return for a larger mortgage. Many people need that cash.

Some people are refinancing their homes for a “cash-out” because they’ve a significant home-equity personal line of credit balance. This personal line of credit has an adjustable-interest rate, which is going up on them. They refinance it in with their first mortgage at a fixed rate. They aren’t eliminating the debt, just fixing the rate of interest and monthly payment. Whenever you don’t need the revolving personal line of credit, you should probably take advantage of the fixed rate. (more…)

Credit Care for Teens and Young Adults

It’s great when parents are willing to help out with their kids’ futures, but be sure that you understand all of the implications before you help your kids build credit.

A credit card is a great way to start building credit as a teen or young adult, and many young people receive their first credit card from their parents. Before you hand your teen a credit card as they head off to the mall, think of whether it’s helping (or possibly hurting) their future credit.

Authorized Users vs. Co-Applicants

Oftentimes, a teen’s first introduction to credit is becoming an authorized user on a parent’s credit card. This is an easy way to get a credit card, but it’s not usually the best way. In almost every case, an authorized user doesn’t build positive credit of her own, but if the primary cardholder gets into default, it can be reflected on the authorized user’s credit report. Put differently, your child doesn’t stand to benefit from your good credit but could suffer if you fall under rough sledding*. (more…)

Summary: Did you know your minimum credit card payment is rising? Afresh government program working to get Americans out of credit card debt is pushing credit card issuers to raise minimum monthly payments. Will you be able to make the higher monthly payment? Here are some tips for getting by.

If you’re an American, your minimum monthly credit card payment may soon be doubling. If you’re only paying the minimums now, you’ll have to be careful to adjust your budgeting to pay more.

Who’s Raising Your Monthly Minimum Credit Card Payment?

Whose idea was it to increase credit card minimum monthly payments? The Office of the Comptroller of the Currency, a bureau of the U.S. Treasury Department that has become more and more involved with reigning in the abuses of credit card companies. Yes, this credit card minimum payment increase was thought up by people trying to help you. (more…)