When you purchase a vehicle, you have a couple of financing options available to you. You can pay cash for the car, or you can finance it. Most people don’t have a lump sum of money to pay for a car in full, so they are in the position of financing it. When financing your new vehicle, you can turn to a bank, or get financing from the dealership. You want to have all the information needed to decide whether a bank or dealership would be the better option. The information below will help you decide.
Bank Financing
Going with bank financing has a lot of benefits to it. Not only is it a very convenient way to finance your car, but it’s also fairly easy. You’ll have a loan officer who helps you through the entire process. Since this is the majority of what they do every day, they are very well versed on how to help you while keeping you informed of all your options and the terms of the loan. Before you go to purchase a car, you’ll want to go to the bank and apply for a loan. After looking at your financial situation, employment, credit history and other factors; you’ll be pre-approved for a certain amount. This way, you know what your budget is while your car shopping and helps you avoid an awkward situation when you try to purchase a car that’s more than you can be approved for.
Why it May be More Convenient
Your bank may be able to get you a lower interest rate, especially if you are a current customer of the bank you choose to get a loan from. A lower interest rate means smaller monthly payments or a shorter loan term. In the long run, this means you’ll be paying less for your car. If you obtain a car loan through your own bank, you can add the loan to your banking account, making it simple for you to pay on the loan each month by logging into your online account and paying directly on the loan.
Dealership Financing
Going with dealership financing allows you to obtain financing directly through the same dealership you’re buying the car from. When you obtain financing through a dealership, you need to exercise caution. A car dealership gets commission from loans they are able to sell to those buying cars from their dealership. This means you need to be sure you pay very close attention to all the terms of the loan and read all fine print for yourself before signing anything. Make sure you are familiar with the actual lender and don’t agree to a loan from an unknown lender. Going with an unknown lender can lead to problems with your loan later on.
Things to Be Aware Of
You also want to verify the interest rate and make sure you are well-aware of all the fees being included, as well as the final cost, monthly payments, etc. If you don’t have excellent credit, you may find yourself paying a much higher interest rate than you would have if you went through a bank. However, if you have good credit, you can get some good interest rates from a dealership, especially when they’re clearing out their inventory.
While each person will have to look into which option is the best for their own individual needs, banks offer pre-approved loans with the assistance of a qualified loan officer. There are generally no surprises and no worries over whether or not things are being glazed over in order to make a deal happen. For these reasons, a bank loan tends to be the best way to finance a car for many.
As several Ebola cases have hit the Untied States, many people have began to worry about being exposed to the scary disease and what actions they can take to avoid contracting it. Additionally, many kind-hearted people out there want to make a difference by donating to a charity that helps fund Ebola research or aid Ebola victims. Unfortunately, there are those who see this as a great business opportunity. The increasing Ebola cases in the United States has lead some con artists to start fake fundraisers in order to rip people with good intentions off. One article from USA Today points out that exposing yourself to some of these online Ebola scams can make you fall victim to hackers or identity thieves by handing out your personal information to these scammers. Here are five tips in order to avoid Ebola charity scams.
Donate to Trustworthy Charities
It is recommended that you donate to an Ebola aid charity that you know and trust. In order to do this you must find one that has a proven track record. This means avoiding charities that have seemingly been created overnight. You can check to make sure that the charity is legitimate by looking at give.org, which is the charity reporting website of the Better Business Bureau. Keep in mind that charities that have gotten the tax-exempt status give you more opportunities to verify that they are not a scam.
Be Skeptical
It’s better to be safe than sorry. This means being very skeptical about any charity that asks for you to donate money for the Ebola cause. It’s a savvy move to ask a caller of a charity if they are paid, what percent of the total donation is given to the actual charity and who exactly they work for. If you aren’t given a clear answer or the answer you get isn’t satisfactory then it’s recommended that you look elsewhere in order to make your donation.
Don’t Give Out Personal Information
Be very careful as to who you give your personal information to, as many times the fake Ebola charities are set up to steal your identity. This means making sure that the charity is legitimate before handing out your bank account or credit card number, name, address, etc.
Be Wary When Donating Online
You should never click on any open attachment or links in an email unless you know the charity that sent it is reputable, and you know what it contains. Opening any sort of attachment from an email can cause you to get malware on your computer. Make sure that you verify the origins of an email or even text message from a charity that is soliciting money to go towards Ebola aid efforts. It is also important that you don’t just assume that a charity that posts on social media is a legitimate establishment. Make sure that you research the charity yourself before proceeding to donate money.
How Does the Charity Use Your Money?
Decide on how exactly you want your donations to be used, and ensure that your chosen charity does those specific activities. For instance, do you want to give money to patient aid, support Ebola research, aid in a certain affected country, help orphans, or provide medical supplies to doctors? It’s important to know where exactly you want your money to go. If the charity that you choose donates to multiple Ebola causes then you should consider specifying where exactly you want your gift to go. By doing this you’ll ensure that your money is used as you intended.
When moving, one can spend a lot of money on doing so. The costs can add up quickly as a person will have to pay for supplies, a truck and the labor to make the move. When making a big move to another city or state, a person can often get help from his or her employer. However, for an employee who doesn’t get help, there are options. Here are four ways to pay for a move without a relocation allowance.
Selling Belongings
Before moving, it’s wise for a person to go through his or her house and find any items they won’t need. For example, if you are making a move from a larger to a much smaller home, you probably won’t need to take larger furniture items along. At the same time, a person who is relocating to a warmer climate may want to think about ditching some items such as heavy jackets and other warm weather clothing. Bringing things along you know you probably will never use, can be a big waste of money and time. Selling these items will make you some cash that can help furnish your new home or apartment or help you purchase a new wardrobe. Selling your unwanted items should be pretty easy to do in most major cities if a person is comfortable using Craigslist and other classifieds sites.
Get a Loan
When making a long-distance move, it can be very expensive and can run a mover thousands of dollars. To make the move and bring everything along, another option would be to consider a loan. By borrowing the money you need to move you can take every item with you, safely and securely. This will help a person save time and avoid the cost of storing items or the the cost of making multiple trips to retrieve items left behind. At the same time, when getting a loan, an individual can ensure that he or she hires the best services, gets insurance and finds a company that does things right the first time. Remember, with a small loan, you can receive the help you need when moving expensive and irreplaceable items that need to arrive on time and undamaged.
Utilize All Possible Sources
When moving to the new location, you should utilize every bit of space possible. Since some airlines allow two carry-on bags and two checked bags, one should put as much as possible in their luggage. Obviously, you can’t take heavy items or furniture, but, when utilizing as much space in your suitcases and carry-on bags, one can take most of your clothes and a lot of personal items. When bringing children or a spouse along, one should also take advantage of baggage limits and fill their suitcases to the brim. If you plan on driving to your new home, it is a good idea to stuff your entire car or truck full of items. This may allow you to use a smaller moving truck, which will save you some additional money.
Store Items with Family and Friends
If you have items that you absolutely can do without for awhile, for example, an additional couch or an extra bed, it can be a good idea to store some of these items with friends or family. This way you will have time to save some money to come back and retrieve your items at a later time. Another option would be to have friends or family members that come to visit you in the future to bring these items along if possible. This is a great way to keep your relocation expenses down and in control.
When moving for a new job, relocation assistance comes in very handy but is not always available. If you do not have that luxury it is still possible to move on your own and keep your cost down.
Selling things on eBay can be a great way to make some extra cash. If you want to make the most profit on the items your selling then make sure to use these few tips in order to see a great difference in the amount of money that you’re able to make. Here are five tips on selling your stuff on eBay.
End Your Auction on Sunday
It’s very important to follow this strategy, since ending your auction in the middle of the night on a Tuesday will likely only have extremely dedicated eBay users bidding for your item towards the end of your auction. Instead, Sunday evening is the best time to end your auction. This is due to the fact that many people are in their house relaxing, and not working. This means having your seven-day listing start on Sunday evening or using eBay’s scheduling tool to end on Sunday can greatly benefit your profits. In the evening at 9pm is a perfect time to start your auction, which will cause your auction to end at 6pm West Coast, which will have the entire country awake and potentially bidding on your auction.
Take Great Pictures
There are many auctions on eBay that only contain a single blurry photo of the item being sold. The title of this auction could say “new”, however no one will have any idea if this is the case because they can’t see the item. This can also make it appear like you’re trying to hide something about your item. Instead place the item that your selling on a solid background like a white sheet of paper and make sure to take quality photos of it.
Give Details
In order to make the most profit out of your item it’s essential that you write a great description. Make sure that you include important information such as colors, model number, etc. This will ensure that your potential buyers know exactly what they’re looking at. However, make sure to avoid too many details, as you can save that for the end of your auction. You should also include the reason that you’re selling the item in your description. This will make you more connected to your potential buyers, and will make them trust you more. Your buyers will rest assured knowing that you’re not just selling them a piece of junk and so will be willing to pay more for it.
Use a Bulk-Upload Tool
You can use a bulk-upload tool that you can download from the Internet for free in order to create several listings on your item at once. You usually are not permitted to save any draft listings without beginning your auction, however a bulk-upload tool will allow you to create auctions without submitting them. It will also allow you to save your auctions, which means you can create a description and then upload photos the following week. This tool was created by eBay itself, and will create auctions offline, as well as offer good deals on templates to create auctions that are more appeasing to the eye.
Go Global
By selling your item all around the world you can boost how many potential buyers you have. You can expand your market abroad in two ways. The first is to sell your items to oversea bidders though your country’s eBay and the other is to simply list your auctioned item on other country’s eBay website. If you believe that an item you’re trying to sell is more popular in a certain country then it could be worth your time to list it on that country’s eBay website, as doing this will make locals take your auction more seriously.
Closing unused and old credit card accounts may help you stay away from fees that aren’t necessary and guard yourself against identity theft. Yet, it can also make your credit score decrease if you aren’t careful. Because of this, you must be cautious when you cancel unused credit cards, as there are both pros and cons of doing so.
Why Unused Accounts Should Be Closed
You should definitely take into consideration closing your idle and unused credit accounts, as these accounts can charge you unnecessary annual fees. Additionally, having too many credit card accounts open at once can leave you vulnerable to identity theft. When deciding which credit cards to shut down you should first pick the accounts that have the highest interest rates and that have annual fees.
Look At Your Credit Report
When deciding whether or not to close a credit card account, it is beneficial to check your credit report in order to see what your accounts’ statuses are. Be on the look out for high balances and late payments, as well as any signs of identity theft. Checking your credit report can also save you time by giving you the necessary contact information for all of your creditors.
Active Balance Accounts
If you are not closing a certain credit card account due to the fact that it has an active balance then you should be aware that you could in fact cancel a credit card that has a balance. You may ask your creditor to shut down the account to any new charges while still paying down the credit card balance every month. This can be a good way for those credit card users who rely heavily on their cards to prevent any new spending while still working to reduce their current balances.
The Magic Number
You should keep a certain number of credit accounts open in order to keep your debt and credit score balances in healthy condition. This magic number is in between four to six accounts. Using credit cards responsibly as well as actively is viewed in a positive light by creditors.
Designate Your Cards
It is a good idea to designate one of your credit cards for everyday use, and try to pay down the balance in full every month. You should then reserve your other credit cards for emergencies in order to not be tempted to overspend.
Don’t Close Your Oldest Accounts
You should avoid closing your oldest account found on your credit report. This is due to the fact that your credit history will then appear shorter, which could negatively impact your credit score.
Go Through the Necessary Process
Don’t just throw away the credit cards you don’t want to use, and expect those accounts to simply close on their own. You must go through the due process of closing the accounts that you do not want. Typically the safest way to do this is to send in a certified letter to your credit card company. You should then receive a confirmation letter within the following ten days that your credit card has been closed.
Don’t Over-Consolidate Your Balance
You should avoid over-consolidating your credit balances all onto one card. Keep in mind that if your credit balance rises to more than 35% above your available limit, you will likely see your credit score drop.
Be Patient
You must typically wait between 30 to 60 days for your creditor to report that you account has in fact been closed and for the credit agencies to update all of your records. Know that the accounts that you close will remain on your credit report for at lease seven more years, however they’ll be reported as closed.
As a stay-at-home dad or mom, you may think you do not have to worry about retirement planning, however, this is far from the case. Even if you aren’t making a steady income this does not mean that you shouldn’t plan ahead for a secure retirement. It is important that as a stay-at-home parent you know your options. By law you are unable to contribute to an IRA if you are not working but if you are married than you can open up a spousal IRA as a stay-at-home mom or dad. This account has the same limit as a traditional IRA account. Whether you are preparing to stay out of the workforce forever or for a few years, by following these tips to effectively plan for your retirement as a stay-at-home parent you can ensure financial stability during your golden years.
Ensure That Both Parents are on the Same Page
Retirement planning is something that both parents need to discuss and understand. Having your partner’s support is crucial to a successful retirement. It is a good idea to take into consideration the financial implications of being a stay-at-home parent and what affect it will have on your retirement goals.
Look at Your Spending
It’s critical to know exactly where your family’s income is going every month. Nobody wants to have to budget, but as a stay-at-home parent it may be as important as ever to save money in order to have a secure retirement. Between debit card, credit card and bank statements you should figure out a realistic budget to stick to in order to have money left over in order to plan your retirement.
Fix Your Spending Habits
Being a stay-at-home parent means that you may have to make some sacrifices in order to save for retirement. If you need to adjust your spending in order to save then do it immediately. You can start with conveniences and luxury items. Look at cutting back on your premium TV or your regular Starbucks trips. Remember to put the money that you save on cutting back into a retirement fund.
Finding Money to Retire
If you find that you are making extremely difficult financial sacrifices in order to stay home with your children than you may want to consider looking for ways to earn money in order to contribute to your retirement fund. Also keep in mind that as your kids grow up, their expenses are going to increase as well so you may find it very tricky to save for retirement in the coming years without a secondary source of income. Just because you stay at home taking care of your kids does not mean that you can’t make money at the same time. If you are struggling to save money for your retirement then you may want to consider working at home. There are many ways to do this from being an independent contractor to operating your own business. In fact, in this day and age being a stay-at-home mom or dad is commonly synonymous with being a work-at-home mom or dad. Working from home will allow you to more effectively plan for your retirement. Being self-employed will allow you to qualify for plenty of retirement accounts such as the Solo 401(k) and the SEP IRA.
Don’t Forget About Your Spouse
As a stay-at-home parent you can ensure that your spouse is maximizing his or her contributions into a retirement fund. If they are not then it could make sense to up your deferrals so that both of you can save as much as you can for retirement.
It seems like there are an ever-increasing amount of stories about people having to deal with massive hospital bills. This can happen to anyone, especially if they do not have an adequate health insurance policy. The good news is that if you are hit with an unexpected hospital bill that you cannot afford to pay then you have some options. Here are some tips in order to help you negotiate high medical bills.
Be Organized
The second that you receive your first hospital bill, it is crucial that you are extremely organized about keeping track of each one that you receive. To do this, it is recommended that you use a spreadsheet. Keep in mind that you may be dealing with a bundle of hospital bills and not just one. This can come from a hospital, from various doctors, from the ambulance, from a lab, etc. Bills usually come from the particular medical service you used and not from the hospital itself.
Review Your Hospital Bills
It is highly recommended that you place a call to the hospital’s billing department in order to make sure that all of the charges are correct and to see if there are any charges from bill you have not yet received. It is surprisingly common for bills to contain overcharges and errors and so it is up to you to ensure that you are being charged the appropriate amount for the services you received. For example, if you bring medications that you received from an outside source with you to the hospital, it is not uncommon for them to be charged to your bill by mistake.
Don’t Be Afraid to Challenge Your Health Insurance
You should be keeping track of any hospital bills that your health insurers reject due to the drug or procedure not being covered by your health insurance policy. If you truly think that your health insurers should be paying a larger portion of your medical bill then you should not hesitate to attempt to appeal the decision. In fact, you’d be surprised by how often health insurers change their mind from a previous rejection.
Negotiate Medical Bills After Figuring Out How Much You Have to Spend Out of Pocket
If you need more time to pay your hospital bills then it is quite easy to speak with the business office staff or hospital in order to fix up a payment plan. On top of this, you could try to get a cash discount by paying the entire bill all at once.
Compare Rates
It may be useful to look online in order to see the rates for other competing hospitals. In this way you may discover that the hospital you used is charging you a way larger amount than they should. You can use this knowledge in order to attempt to get your expenses down.
Consider Hiring a Professional
Due to the fact that medical bills are extremely messy and complicated, it can be worth your while to hire a medical-billing or patient-billing advocate. This advocate will most likely charge you between 15%-30% of what you save by using them. This is similar to getting a CPA to complete your taxes. If you go with this option then ensure that you do not have to pay the professional any fees upfront. A good advocate will be willing to work for you, and only be paid if they win the case.
See If You Can Get Assistance
You could be eligible for some financial assistance from the hospital you used. Most hospitals have some sort of charity/assistance program with most having a certain criteria you have to meet such as uninsured or low income etc. Check with the hospital in order to see what you may qualify for.
There are many people who have to deal with a fluctuating income. For example, freelancers face the struggle of handling the ups and downs of an income that isn’t steady. The same thing goes for those whose salary is tied to a commission. When it comes to creating a budget, things can get a little tricky when you have to handle a fluctuating income, and it can certainly be a frustrating situation if you do not handle it properly. Here are a few tips to follow when it comes to following a budget with an irregular income.
Project Your Income
It is recommended that you base your budget on the average monthly salary that you’ve made of the past 3-12 months. If you are like many people who have a fluctuating income, you will find that your income has declined over the past several months due to the economy, and so if this is the case you may want to use your minimum monthly income and not your average.
Be Thrifty
It is important to establish a thrifty mindset from the beginning. One of the most important things when it comes to dealing with an unstable income is adopting a thrifty lifestyle. To do this, take some steps in order to cut your spending down to a reasonable level. Try finding alternatives to expensive things that you spend unnecessary amounts of money on. For example, try Hulu instead of paying for cable television.
Prioritize Your Spending
It is a good idea to create a list of important expenses that you must spend your money on. Try listing these expenses from most important to least important. While doing this understand the difference between importance and urgency. Once you get your paycheck begin at the start of the list and pay off your most important expenses. After this is done you can work towards paying off the less important ones.
Build a Savings Buffer
As someone with a fluctuating income, you should try to set aside money into a rainy day fund. In case your income drops below a certain point, you can use this emergency fund in order to provide you with a supplemental income. If you build up your rainy day fund enough you can use it in order to ride out any financial downfall. Keep in mind that when you have fluctuating income, the bigger the rainy day fund, the better.
Resist Inflation Due to Lifestyle
With a fluctuating income, you will generally have really good months where you make substantially more money than you usually do. During this time you should try not to increase your spending. Overspending during good months is one of the easiest things to do with a fluctuating income, as having a little extra wiggle room can tempt you into spending more than you should. Keep in mind that during a good month, you should protect yourself in preparation for a lean month.
Consider Living Off of One Income
If it’s possible and it works for your situation then you should consider living off of one income only. If your partner has a steady income and you have a fluctuating income then using only your partner’s money in order to meet the necessities may be a financially savvy move. This way you can use your irregular income for extras as well as put the rest into a savings account. Although this doesn’t work for everyone, if it works for you it can be a great means of budgeting your money. This is because it keeps your finances simple and sets an easy guideline to follow, which allows you to save the maximum amount of money.
Are you feeling like you need a vacation right about now? Before you start packing your bags, you need to plan and organize your trip. This means finding the best deals on your travels. One of the best ways to do this is to scour out travel discounts in order to save a significant amount of money on your trip. All you need to do is put a little time and effort in and you could save a significant amount of money on your travels just by using the discounts you find. Here are five tips in order to find the best travel discounts.
Shop Around
When it comes to your airfare, you should never purchase the first fare that comes up. Instead, begin your search by looking at a couple of major travel providers such as Travelocity.com or consolidation sites such as CheapTickets.com. Looking at sites like this will give you a good idea of what the going rates are, and how to spot a great rate. On top of this, make sure to check to see if any airlines have any discounts or promotions listed on their site for airfare, as this can often be the case.
Look at Deals on Twitter
In this day and age you can save a huge amount of money on your travels just by using Twitter. All you have to do is follow the right type of accounts and act fast when you see a great deal pop up. To start with, it’s a good idea to follow all of the hotels you often book and the airlines you usually use. Periodically, these airlines and hotels are known to tweet out a sweet deal that can save you money on your next trip. Also, if you know where you want to go then finding local twitter accounts for that destination can also snag you some great discounts for stores and hotels in that area.
Join Loyalty Reward Programs
Joining the loyalty reward programs of your favorite airlines and hotels is also a great way to receive discounts and promotions on a regular basis. Sometimes all it takes is for you to create an account with an airline or hotel in order for you to receive regular emails containing these types of deals. If you are part of a loyalty reward program don’t forget to go on Facebook and like the Facebook page of that particular program, as often times great deals are posted. For example, Hilton HHonors often posts great and exclusive rates to their members.
Check For Discounts with Groups Your Apart Of
If you are a member of AAA or AARP or are a member of a professional group such as the American Medical Association then you could be entitled to receive a major discount through these organizations. To see if any are available, simply call and ask about any discounts that they offer on hotel rates or airfare.
Find Discount Codes
If you know how to use a computer (which you likely do) then discount codes are everywhere. A simple search on the Internet is often enough to turn up a slew of different discounts for all of your travel needs. Try starting with discount code sites such as Hotels.com, Coupon Heaven, Orbitz.com and Retail Me Not, which will often do the heavy work for you and come up with plenty of different discount codes. It also doesn’t hurt to look for package deals on your travels, as these often save you a substantial amount of money. For example, booking a ticket with Virgin airlines and the Hilton can land you a discount for both.
In this economy the average rate for a CD is terrible. In fact, the majority of banks in the US are paying less than 1% for their savings account, and unfortunately this isn’t going to change any time soon. This low-interest environment has led retired citizens and other investors who depend on an income from an interest rate to try to squeeze as much extra interest as they possibly can. Here are a few alternative accounts that offer a better interest rate than a typical CD.
Long-Term CDs
The going rate for a five-year certificate of deposit is at 1.64% and you can find banks that’ll pay as high as 2.36%. This is significantly higher than the very low rates of a short-term CD. Keep in mind that 13% of banks in the US charge their investors a year’s interest if they cash their five-year CD out early. On top of this, some CD contracts allow banks to raise the penalties before it matures. This means that you should be prepared to mature a long-term CD.
Bump-up CDs
This is a type of long term CD that allows you to raise your rate before the CD fully matures if average rates increase. However, CDs that have a bump-up option also come with a lower starting rate than those CDs that don’t allow for bump-ups
I Bonds
Investors that purchase a Savings Bond that is adjusted for inflation (otherwise called an I Bond) can earn an interest rate of 4.6% for the next six months. Be aware that I Bonds are made of two components: an inflation rate that is adjusted every half-year and a fixed rate that remains consistent for the bond’s life. This means that the high interest return is only effective for six months.
Rewards Checking Accounts
The average rate for a rewards checking account comes in at 2.56%. This is significantly higher than the average rate of any type of CD. An added benefit of this type of savings account is that you are able to take out money any time that you please without a penalty. However, to earn this type of interest rate you have to be eligible and meet requirements that can be quite rigorous. The majority of credit unions and banks that offer this type of savings account mandate that you use your debit card a minimum of ten times per month. This means that if you use your debit card only 9 times your interest rate will sink substantially. Another drawback to this type of savings account is that the amount of money that can be used for rewards rates is limited.
Online Savings Accounts
Investors that are not able to gain access to a rewards checking account are still able to increase their interest rate by using their bank’s online system. The average rate for an online savings account is 5 times more than the rates for a traditional bank. For instance if you had $10,000 in your online bank you will get a .87% interest rate versus a .15% one from a brick and mortar traditional savings account. You will also not have to deal with any extra risk by using an online banking system. You are able to link your checking account from a traditional bank to an online savings account and can use the online account to make transactions whenever you please. This includes ATM withdrawals.
Unfortunately in this economy any interest rate that is higher than 1% is considered to be a great deal. This means that if you are an investor who depends on the income gained from a savings account you might be in a dire situation. The good news is that by looking at these alternative accounts that offer increased interest rates; you can make more money than a typical CD would offer.
