Life never slows down. Whether you’re enjoying a new opportunity or living in the middle of a pandemic, there is always something going on. One thing you may be experiencing is moving. Maybe you are moving due to financial reasons, or you are just trying to live differently. Either way, moving can be a stressful experience, both physically and financially. Just the thought of moving makes you think of hundreds of different decisions that need to be made – do you do it yourself or hire someone, if you do it yourself - do you have to buy moving equipment, and so on. It’s easy to get overwhelmed before you even pack your first box. Fortunately, we are going to share some tips to help make your move as smooth as it can be financially. Here are 6 ways to reduce stress and save money when you move.   Sell Your Stuff             It doesn’t matter how long you’ve lived in your current house – when you move, you always figure out how much stuff you lived with (and wonder how you had any space, to begin with). Before you begin to move, the first way you can save money is by making some money. There are tons of apps out there like Facebook Marketplace, Letgo, and Decluttr where you can sell your stuff and make a quick buck. You’ll be able to make some money, have less stuff to move, and feel good that your unwanted stuff is benefitting someone else.   Change Your Address Before You Move             On USPS.com, once you sign up for a new address and mail-forwarding, you’ll receive lots of coupons in the mail. They could be anywhere from discounts on moving services to stores you may need to buy new stuff from. You’ll most likely use the services you get coupons for anyway, so why not save some money in the process?   Don’t Buy Boxes             Boxes are critical to an easy move, but they can be pricey to purchase. Instead of buying boxes – check around your local area for any unwanted boxes. Maybe you can ask your neighborhood or social media for any unwanted moving boxes (there is always someone around who just got done moving and has a lot of boxes they don’t need). Ask your local stores (liquor, department, or grocery stores are safe bets) if they have any to use or use an app like Freecycle to locate unwanted boxes for free. As we mentioned before – you will be shocked at how much stuff you’ll need to move, so using free boxes is a great way to save money.   Try the Move Yourself (or Make the Process Easier)             Moving services can save you time and energy, but they aren’t cheap. If you’re able, move everything yourself (with some help [...]

Your wedding day will be one of – if not, the – most important and memorable days of your life. Perhaps you’ve been dreaming about it since you were small, or now that you’ve found “The One,” it’s all you have been thinking about. Either way, or something else, now that you’ve decided to get hitched, it is time to plan for the big day. If money were no object, your every wedding wish would be doable. You’d have all details done to perfection…no matter the price tag. It would be television-worthy, and your guests would be wowed. Can you still have such a special affair if you’re on a budget? Of course, it is possible, especially when you spend strategically without feeling like you’ve skimped. I love a good deal as much as a lavish wedding. That’s why these four ideas are the perfect combination for any couple who’d rather save their dough for down the road rather than go broke on the “I dos.”   On-Point Attire             Brides and grooms tend to go overboard on wedding attire. But there is no need for designer dresses and Oscars-style tuxes. There are plenty of options out there that are far less expensive and still look like a million bucks. Seek out samples rather than a brand new item. The discounts are dramatic, and you’ll get the look you’ve been after. Consider wearing family heirlooms (i.e., perhaps your mother’s wedding gown) which not only save money but have an emotional component too. Shop off-season and seek out sales, and think of stores that aren’t necessarily tailored for weddings exclusively. You can find wedding-appropriate attire online, at the mall, or even on Etsy. * You can also rent your wedding dress, tux, and even bridesmaid/groomsmen attire. You’ll be able to choose something outside your budget because the rental fee will be far less than purchasing a new piece to own. See more money-saving rental ideas below. With a little searching, you’ll find something classy that you’ll feel comfortable in. You don’t have to break the bank to be beautiful.   DIY Décor             Couples spend a fortune on invitations, flowers, centerpieces, place cards, take-home gifts, and so on. Things add up in a snap, and before long, you’ve blown your budget…and then some. The crafty types can do projects to prep for the wedding, with their own artistry and personal touches. Get supplies at the store and make it a hands-on experience. It’s a nice way to see how well you work alongside your soon-to-be spouse too. If you’re not particularly talented in this area, check out instructional YouTube videos or find some friends and family members willing to help out. You can work this angle for food too, making your wedding a homemade feast. Prepare large portions at home to heat up at the venue. Make it buffet-style so everyone can sample each DIY dish. [...]

Did you know the age for retirement is 67 years old? Can you imagine working until you’re 67 years old? Of course, you may have a job you love and want to work at until you physically (or mentally) are not able to. Maybe you just love staying busy, so you see yourself working at a job, any job, for as long as you can. Maybe you just don’t plan that far ahead, so you’re not worried about it. What if you could start habits now that would give you a chance to retire earlier than when you are 67 years old? We’re not talking retire at 64 or 63 – we are talking about retiring when you’re in your 50s, and maybe earlier. The thought of being able to retire early, where you are living comfortably without having to work, is exciting. More important, it is possible, if you start doing these things now.   Think About Your Future Self             People are notoriously bad at planning for retirement. It is difficult to imagine yourself so far into the future because there is so much going on in the present. Before you start doing anything, you must understand that who you are 20 years from now is just the present you x 7,300 days. How many times have you said, “I wish I would have done this earlier?” You need to set your future self up for success, and that means making every decision with that in mind. You don’t need to go too extreme and struggle now just for the sake of it, but you must evaluate how the money you have now is going to help you in the future.   Set Your Goals Now and Work Backwards             After you’ve changed your thinking to keep the “future you” in mind, the next thing is to create a goal for when you want to retire. Once you decide whatever that age is, you can work backward and determine how much you need to be saving to reach that goal.   Start Today with Saving Automatically             Start saving money immediately. Don’t save too much (you still need money to live today) but automate a percentage of your paycheck to go into a savings account. It could be 10%, it could be 20% - whatever you can live without for right now and still live comfortably. Once you automate the process (where it goes into your savings without you having to manually do it), you’ll get used to not relying on that money, and it will teach you to manage the money you have and let the savings build up. This could be done whether you are in a job that has a 401(k) or not.   Contribute the Max to Your 401(k)             If you’re in a job that has a 401(k), [...]

In 2019, CNBC reported that 137 million Americans were struggling with medical debt. Whether it is due to an unexpected injury, a recurring illness, or simply dealing with healthcare costs as we live longer and experience more problems, medical debt is a common struggle we face as a society. And these numbers don’t include any COVID-19 statistics. With so many people struggling to pay medical bills they either can barely afford or not afford at all, the need for relief and options to handle this challenge can be felt everywhere. We want to share 5 tools to help you deal with medical debt you face so you can work towards a healthy future, both physically and financially.   Make Sure the Charges Are Accurate             Medical practice and billing are important parts of care, but each is managed by humans, and humans can make mistakes. Incorrect medical coding can lead people to be stuck with charges that were either entered by mistake or stuck with charges for services they did not receive at all. Whenever you or a loved one receives medical treatment, you need to ensure you are being billed properly for the services provided. After the care has ended (surgery, hospital stay, etc.) – request an itemized bill detailing a breakdown of every charge with the reason and exact fee. Since so many people are in and out of care every day, medical billing errors can happen. Review every medical bill you receive to make sure it is accurate and contact the medical billing department for that provider (hospital, doctor’s office, etc.) and dispute any incorrect charges. Disputing any incorrect charges can alter your bill either by a small or large amount, but anything will be helpful. If you don’t find any errors, at least you know you what amount you owe and can now focus on paying it off.   Ask for Discounts             Medical billing is notorious for being delayed/backed up due to so many bills being processed at one time, and the medical facilities want to get their bills completed quickly. Ask the provider (don’t say “if” – assume you can get a discount regardless) what kind of discount you can get if you pay everything off within a certain amount of time (like 30 or 45 days). Some providers will offer discounts if you agree to get it paid off quickly (sometimes 10% or more). It never hurts to ask. If you don’t feel comfortable negotiating with the provider, there are professionals you can hire to review your medical bills and negotiate with the provider on your behalf. Keep in mind, this is a service that costs money as well.   Create a Payment Plan             Seeing the amount, you owe as one large number can be overwhelming and stressful. Just like a large project at work or home – don’t think about the [...]

Financial spring cleaning is an important part of being fiscally fit, but don’t limit yourself to clearing the financial clutter during a specific season: Financial spring cleaning should always be in season, keeping you focused on your short-term and long-term money goals.   Less Paperwork, Less Stress Letting paperwork pile up can lead to clutter and stress. Consider cleaning out the clutter. When possible, move to paperless financial statements and store digital versions of your statements in an encrypted folder, which makes them easy to search in the future. Set up a filing system that allows you to store your papers as they come in. That way, you won’t have to sort through them all later. Create a folder for tax receipts and other important documents. Irreplaceable documents should be placed in a fireproof document safe. Once you have a system in place, it’s also less stressful to manage your documents and your finances. You’ll spend less time with paperwork, and feel better for it.   Stay on Top of Things Periodically review your statements and documents to keep track of your financial picture. Review your latest policy papers and note changes in coverage, and make sure beneficiary information is up to date. Stay connected to your situation. If you need to change beneficiaries, or if you need additional coverage, you can take care of matters before it’s too late.   Protect Against Offline and Online Theft Regularly review your account statements to protect against offline and online theft. Because you are more organized, it’s a simple matter to compare your records with your account statements. If you notice something out of place — a fraudulent charge or an account that isn’t yours — you can report it early and limit the damage. At least once a quarter, review your important papers and take stock of your valuable items. Checking these items can help you make sure nothing has been stolen. If you work with a money manager, periodic reviews help you ensure you aren’t being taken advantage of. You can also double-check your insurance policies to ensure adequate coverage. If you’ve made some valuable purchases for your home, or if you have upgraded your car, you want to make sure that those increases in value are covered under your insurance policies, just in case those items are stolen.   Identify Holes in Your Insurance Coverage In addition to your homeowners and car insurance, periodically review your other insurance policies to ensure you are adequately covered. Insurance is meant to protect your assets. Holes in your coverage can be costly when the unexpected happens. From health insurance to disability protection to liability coverage, make sure you are prepared for any potential costs. You also can protect your family’s financial future by reviewing your life insurance coverage. When you receive a raise, consider increasing your life insurance to cover the increase in your salary.   Monitor Your Credit Because your credit is basically your financial reputation, [...]

Wouldn’t it be great if you could have two full-time jobs, purely for the benefit of having two full-time salaries? Unfortunately, we only have 24 hours in the day, and it would be nice to sleep at least some of those hours. Even though working around the clock is not an option, it would be great to somehow get a passive/side income (also known as “residual income”). It would give us a reason to not spend so much time watching T.V. or doing other unproductive activities. While there are hundreds of ways you can build residual income, we want to focus on ways that require the least amount of effort and knowledge to get started. We understand you probably have enough going on without trying to create a whole second career for yourself. Here are 6 ways to build residual income in your spare time.   Sell Your Stuff               As we mentioned before it is easier than ever to sell your stuff. You can take it to a physical store or sell it online - there are many options for getting rid of your stuff and getting paid at the same time. Clothes, unused (but still good) electronics, or random housewares you never got around to using – there is a market for everything for stuff that you don’t want (but someone else could benefit from).   Start a YouTube Channel             Gone are the days that you need a high-tech setup to shoot video and put it out there for the world to see. Now, anyone with a camera (even if it’s just on their phone) can shoot a video and post it on the internet for the world to see. A YouTube channel can generate income for you by getting sponsorship deals and advertising revenue (depending on how popular your channel is). One quick tip for building a successful YouTube Channel – solve problems for other people based on your experience and skills. It could be giving recruiting advice for jobseekers or tips on how to run a small business effectively. The internet is full of people searching for ways to solve their problems, so start solving your problems so you can build your brand and your income.   Invest in Rental Properties             This method involves considerably more effort and knowledge than the first two, but it can also pay a lot more consistently. Buying a rental property is now easier than ever. Sites like RealtyMogul allow you to commit an initial sum of money towards the property, and when the property is fully funded, you become an official owner and can start earning a profit on the rental amount. Sites like RealtyMogul make it easy to get started. Owning real estate used to involve lots of effort and required lots of knowledge to do well. Now, these sites set you up for success so [...]

Do you know what your credit score is? More importantly, do you know how you can raise your credit score? Your credit score is a quick indicator to lenders (banks, credit card companies, etc.) that shows how you have managed your money in the past – if you’ve paid your bills on time, if you’ve maxed out your allowed budget, and so on. Previously, we shared what a credit score is and all the factors that determine how high or low it can be for you. Now that you know what a credit score is and why it is important, the next step is understanding how you can increase your credit score to improve the overall health of your finances (and your reputation to potential lenders). In today’s challenging times, many people are having trouble managing money. Maybe your job was furloughed, maybe you took a pay cut, or maybe you lost your job entirely. Stress and uncertainty have become the norm, but that doesn’t mean that you cannot build towards a positive future. In this article, we want to share 4 tips on how to raise your credit score and get to a better place mentally and financially.   Ask for A Credit Increase             The quickest and simplest way to improve your credit score is by asking your credit card company for an increase in your credit limit. This is because one factor that goes into calculating credit scores is credit utilization (how much you owe vs. how much you have left in your limit). For Example: If a credit card has a limit of $5,000, and you owe $2,500, then your credit utilization is 50% (2,500 is 50% of 5,000). If you raise your credit limit to, say, $9,000, then your credit utilization changes from 50% to 28%. This means you are using less of the credit you have available to you, which makes your financial health look better to potential lenders. The important thing to remember is that, just because you increase your limit, that doesn’t mean you can spend more. Keeping your credit utilization low will raise your credit score because it shows you are not maxing out all the credit available to you, which can create a negative perception of you to others.   Keep Old Credit Cards Open             Whenever you think about trying to raise your credit score, one of the first thoughts is to close any credit cards you don’t use anymore and don’t owe anything on. This is a mistake because those open credit cards are helping you. Even though you don’t owe anything on them, they count towards your total credit utilization (like what we discussed in the previous section). If you have a credit card that has a $0 balance and a $3,000 limit, then that $3,000 counts towards your total credit utilization. These cards can also be an “easy win” because you [...]

To most people, explaining a credit score would be like explaining how our lungs work… We know the basic idea We know there are good and bad things that can affect it And that’s about it There are some experts out there that could explain all the ins-and-outs of each, but most of us couldn’t really explain them if we tried. Credit scores are an important part of our lives, but unless you work in Finance, you probably haven’t spent too much time learning the intricate details behind what affects your credit score. Since finances are difficult to discuss and conceptualize, we wanted to break down what a credit score is, how credit scores are calculated, and what factors into establishing your credit score. You don’t need to be an expert in finance to follow this article – this is information everyone needs to be aware of.   What is a Credit Score? A credit score is defined by Investopedia.com as “a number between 300 – 850 that depicts a consumer’s creditworthiness.” Just like in most sports, a higher score is better, because the higher your score is, the better you look to potential lenders. Think about opening a credit card or trying to get a loan for a business or house – your credit score tells the company how likely you are to pay back the money you have borrowed in the past. Low credit scores tell companies that you are a risk for repaying the money you borrow, so they could either deny your loan or charge you a higher interest rate for paying it back. In general, a good credit score is between 670 – 739, and a score of 800 or above is considered as “Excellent.” Now that we’ve covered what a credit score is – let’s talk about what factors affect your credit score. Credit scores are sometimes referred to as FICO Scores because it is a tool and formula created by the data analytics company FICO. The factors are listed in the order of how much they impact your credit score (35% of your credit score depends on #1, and 10% of your credit score depends on #5).   Payment History             Paying bills on time is one of the main factors in either increasing or decreasing your credit score. Making late payments on accounts shows lenders a potential pattern for not paying back the money you have borrowed.  This will make them hesitant in giving you a good deal (or even working with you at all).   How Much You Owe             This factor is based on the amount you owe vs. how much credit you have available. For example, if I have a credit card with a $5,000 limit, and I owe $4,500 on it, then it looks unfavorable to lenders. If you are close to maxed out on the credit you have available, then lenders will [...]

Are you facing challenges right now? These financial challenges could be any kind – whether you are working on a reduced salary or you’ve completely lost your job. This pandemic has caused chaos in every area of life, but none more so than in our financial lives. What was once an area of general safety is now an area of stress, anxiety, and fear. These times have made us shift our priorities and how we approach our finances. But what if it isn’t enough? You may have already made sacrifices to save money. You may have cut unnecessary spending in all areas of your life. You may have started budgeting in an extremely strict way to help save money and you can.   You could have done everything possible to stay financially healthy, but it may be getting to be too much. Now, one of the biggest and most important expenses – your mortgage – is at risk. You are struggling to make payments every month. Some are easier than others, but every month is a challenge. Fortunately, you have options to help stay afloat in these challenging times. I want to share 6 tips for anyone who is in a difficult place financially and is struggling to make their mortgage payments every month.   Decide if you want to keep your home             Before going through any program or process, you must evaluate your house situation – do you want to keep it, or sell it? If the amount you owe is less than what the home is currently worth, the best option for you may be to sell the house. This can be mentally and emotionally challenging for a lot of people, so it is important to have an honest discussion and decide the best thing for you. If you want to keep your house, then you have other options to help with your mortgage payments.   Consider Asking for “Forbearance”             If you are struggling with your finances, you can ask your lender (whoever owns your mortgage, like a bank) for “forbearance.” “Forbearance” is when your lender might reduce your monthly mortgage amount or put a hold on it (where you would not have to pay anything). This solution is only temporary and does not mean you don’t have to pay anything back – it just means you can resume paying the normal amount once your financial situation improves. Another option like forbearance is a Loan Modification Plan. Loan Modifications change the terms of the loan you currently have to make it more manageable based on your current situation.   Consider a Debt Settlement             A debt settlement is where the lender agrees to take less than the amount owed. While this may seem like a good option, debt settlements will lower your credit score and affect any future financial decisions made by companies you want to [...]