Your Home Sweet Home (Repair) Fund

We all know (or should) that an emergency fund is a vital part of any savings plan. Having three to six months worth of non-discretionary monthly expenses to continue paying the mortgage, vehicle payments, and other bills can be such a blessing in the event of a financial catastrophe. However, that isn’t all you should be saving when it comes to protecting the roof over your head.

A housing maintenance fund should also be established to help cover those inevitable expense that creep up. Here’s why…

Saving Money On College Expenses

Whether you are at the beginning of your scholastic journey, or a new parent planning for the future, having an educational savings plan in place is vital to your budget.

What are the costs?

According to College Date, the average price tag for tuition and fees for the 2016-2017 school year runs $33,480 at a private college, $9,650 for state residents to attend a public college, and $24,930 for out-of-state residents to attend public universities. This amount doesn’t cover the costs for books, housing, transportation and meals, which can eat away at you college savings account rather quickly.

How To Protect Your Finances When Leaving An Abusive Relationship

What unique financial hurdles does someone face when they are in an abusive relationship?

Unless you have personally been a victim, it is truly hard to understand the reasons one stays in an unhealthy relationship. More often than not, the abuser has made the victim feel as if they are dependent upon the abuser. That without the help of the abuser, the victim could not survive financially in the world, and it is only by the grace of the abuser that the victim has a roof over their head, and food on the table.

Bring children into that equation, and the hold one has over another can significantly multiply. The fear of breaking up a family, uprooting kids from their home, and denying them from seeing both parents every day can be too much for one to handle.

The Baby Boomer Boomeranger: Adult Children Returning Home

Jeopardizing Your Retirement By Financially Helping Adult Children

As parents, we want to give our children more than what we were given growing up. Whether it’s the latest technology, the newest clothing trends, or the most memorable vacations. That’s human nature, and there’s nothing wrong with that. But at what point is it time to cut the financial umbilical cord?

The Boomeranger

One-third of baby boomers are still helping their adult kids in their 20’s and 30’s financially. Actually it appears many of these baby boomers gave birth to boomerangers…adult children returning home to live with their parents. Not only are these parents stuck covering the cost of a roof overhead, but at times also a cell phone, car payment, car insurance, and health insurance.

At what cost do these extra expenses have on the parents? More often than not, a hit to their retirement savings. Whether it’s less being put back, or funds being borrowed or disbursed, not as much is getting holed away.

Getting Schooled On Student Loans

A few days before leaving on my trip to Germany, we received a call at the office from a local news station wanting to do an interview regarding student loans. Since Gary was out of town, and I'm a Certified Credit Counselor, I thought it only right to step up to the plate and help out.

Prior to the interview, I asked what the interviewer might want to know in case any specific details would be needed. One of the questions was fairly simple: Why are graduates having to live paycheck to paycheck upon finishing school?

The question sounds simple enough, right? The answer, however, is a bit more complicated. 

How much can you afford

I used the example of purchasing a vehicle. Before shopping around, someone has (or should) a pretty good idea of the monthly payment they can afford. Secondly, there are many financial calculators online that allow you to plug in that monthly payment amount, interest rate, and term to discover what purchase amount will fit into your budget.

So once you have the amount of car you can afford in mind, you can begin the car shopping experience. If your budget is in the $18,000 range, obviously you wouldn't want to begin that journey at the Mercedes dealership, but something a little more conservative. 

Give Yourself A Raise, You Deserve It!

After watching a few episodes of Extreme Cheapskates I realized a few things:

•  You probably won't see me at the park picking weeds for a salad;
• I will opt for Quilted Northern in my bathrooms rather than cut up old pieces of cloth;
• I will not ask other diners if they are finished with their meals, and if I can have their leftovers;
• I will not boil a goat head for dinner simply because I could snag if for $1.17.