Susan Paige

Buying a new home is a pretty substantial milestone, and is a place you can easily spend years—even decades—in! This is why such a decision should not be taken lightly, and you should ultimately find a house that you love and can realistically afford. Keep in mind that buying a house doesn’t have to be a shotgun decision either, and that it is often encouraged you take your time during this process while accumulating the funds necessary to get the house you want. Let’s say you want to buy a house in Miami, or a beach home by the water in San Diego, or a nice penthouse in Manhattan. If that’s what you want, save up for it! And even beyond that, try to cut as much money off the top as possible. Here’s a few good tips to keep in mind for those frugal people out there that want to save as much as possible.

Increase your credit score

Typically, the higher your credit score, the cheaper your loan will end up being. Lender fees and interest rates are often directly tied to your rating, and the degree of leniency, the monthly payments, and other associated terms will often look nicer with a better score.

However, boosting your credit score won’t happen overnight. Rather, credit scores take into account years of past behavior, and not just the actions in your present. But, we have a few tips for working on getting your score in tip-top shape by the time you want to buy a house.

• Keep your credit card balances in check. Credit card utilization, the percentage of the credit limit across all your cards that you’re using, is one of the most crucial factors in determining credit score. A high utilization rate could indicate that you struggle to pay bills on time, whereas a lower utilization rate would perhaps indicate good faith in handling debts. It’s typically a good habit to only spend money you have, and pay back any balances in a timely manner.  
• Build a strong credit age. The age of your credit history refers to the length of time you’ve been using credit. Typically, credit scoring models such as FICO® and VantageScore®, look at the age of your oldest and newest accounts and the average age of all of your accounts to determine the impact that age of credit history will have on your account. Often, the more established your credit history, the more accurate lenders can be in determining the level of risk they take when lending to you.
• Clear up any collection accounts. Many accounts will often send your account to a debt collector if left unpaid for several months. Even though a collection’s effect on your credit score will lessen with time, it will still remain on your report for seven years for future lenders to scrutinize. If you owe money, it’s better to pay it off as soon as possible, rather than repeatedly transfer it to new accounts or ignore it.
• Limit credit applications. Even though that 10% off of your Amazon Prime order after applying for a store card there seems all too enticing, stop and think about it! Your credit card will take a hit for applying, whether you’re approved or not, known as a hard inquiry. A hard inquiry will impact your credit score for a full year, though your score will start improving again after you apply. Even though the hit is small (usually around three to five points), if you’re between an okay, and a good credit score, this difference is significant!

Get multiple quotes from multiple lenders

Interest rates and terms will typically vary from lender to lender, so it’s recommended to accumulate a healthy collection of different mortgage companies so that you can scope out the cheapest option. Fortunately, there’s no limit to the number of mortgage quotes you can get, with the general rule of thumb being that you should try to get at least four quotes, in addition to a quote from your own bank or broker. There are several benefits from getting multiple quotes:

• Save money on closing costs.
• Negotiate to get a lower rate from your preferred lender.
• Gather plenty of information to determine that your lender of choice has good reviews and a clean reputation.

Zoning in on the first bullet point for a second, it’s somewhat surprising how much can you save (or lose!) while shopping through various lenders. To put things into perspective, consider the CFPB report for a $200,000 loan: “Getting an interest rate of 4.0% instead of 4.5% translates into approximately $60 in savings a month. Over the first five years you would save about $3,500 in mortgage payments. In addition, the lower interest rates mean you’d pay off $1,400 in principal in the first five years, even while making lower payments.” A $4,000 difference over just the five years is definitely nothing to blink at, and if your 30-year fixed-rate mortgage runs its term, that’s 360 months. Meaning, if you’re saving $60 a month for that time span, that amounts to be roughly $21,600!  

Get the right type of mortgage loan

Depending on your situation, there are some mortgage programs that rank better than others. For instance, if you’re a veteran or are moving into a house with a veteran, they can qualify for a VA Loan and not have to put any money down or pay mortgage insurance.

Additionally, if you don’t plan on living in the city, then you may qualify for the USDA loan. This loan was created by The Department of Agriculture to help low to median income buyers who want to become homeowners in the rural part of the country. These loans are great because they usually do not require a down payment and mortgage insurance is much lower than other types of loans at just 0.35% of the amount. This can save you hundreds, if not thousands of dollars, every year!

There’s no denying how popular online casinos have become in recent years. Not only do they boast a wider variety of different games than their brick-and-mortar counterparts, but the electronic platforms on which they can be played makes them much more easily accessible. As convenient as this has made the recreational activity, however, it is still gambling at the end of the day. But the good news is that there are a few ways that you can keep expenditure at a minimum and even increase your odds of winning. To this end, here are a few habits to follow when playing games through online casinos.

1. Always stick to your allotted budget

It’s not hard to get carried away when playing your favourite games at an online casino. However, they can be as costly as they are entertaining if left unchecked. As such, it’s crucial not only to have an allotted budget for the recreational activity but to stick to it as well. As simple as this might be, you’ll be surprised at how difficult it is to stay within your limits. It’s a task that is undoubtedly easier said than done, but the benefits of saving much more of your hard-earned money make it well worth pursuing.

      2. Keep your eyes open for bonuses

As is this case with many highly competitive industries, plenty of online casinos offer plenty of delectable rewards to reel new players into the fold. Apart from the ease and convenience of accessibility, this is one of the main advantages of choosing the platform over more traditional gaming dens and establishments. By keeping your eyes peeled for these bonuses when you play at Bingo.com and other online casinos, you’ll be able to reduce your expenditure even more while giving yourself more play time with the games than you would have otherwise.

     3. Familiarise yourself with the games before you play

As much as we may hate to admit it, many tend to immediately start playing without reading up on the rules and systems of the games. While this may not necessarily be a bad thing for those who are well-versed with the games, it’s always good standard practice to take the time and become familiar with them first. In fact, you may even learn certain techniques that will better increase your chances of winning too. While it might sound tedious, it’s worth the investment of time especially for those who have no more than a meagre budget to work with.

As fun as it might be to play online casino games like blackjack and poker, it’s important not to get carried away. After all, money doesn’t exactly fall off trees, and very few of us have the luxury of having plenty of resources to work with. By investing the time to adopt the habits as mentioned above, you will be able to limit the money that you spend without sacrificing the fun and enjoyment that these games of chance offer.

Image: Pixabay.com

Struggling with credit card debt can feel like a dark cloud looming overhead all the time. And with over $830 billion in combined debt in the U.S. alone, that’s a cloud that hangs over millions of us.

But with a new year comes a new outlook! Let 2019 be the year you finally get rid of credit card debt for good.

Let’s look at several steps you can take to get out from under that debt cloud and let 2019 shine.

Know Where You Stand

Before you tackle your credit card debt head-on, you’ve got to know what you’re up against. This means getting real about what you owe. (So long with living in denial!)

Sit down and pull out all of your credit card statements. Write down the amount you owe for each, along with the interest rate you are being charged.

It’s also a good idea to write down what the minimum payment is on each card. That way you know what amount to pay above and beyond!

Once that is done, you will have a brutally honest dollar amount of your debt. And with that, you’re able to make a real plan of your debt attack.

Make a Budget

Now that you know what your end goal is, it’s time to make a plan. And a budget is the best way to keep you on the path toward a debt-free life!

Look at what you’re spending every month, or even every paycheck, on expenses. This includes all your bills, eating out, clothing, gas for your car – absolutely everything.

Then find areas you can cut back on. This creates more money you can pay towards your credit debt.

Can you cut out morning trips to the coffee shop and make it at home instead? What about cooking more at home versus eating out? And do you truly need cable or can you cut the cord entirely?

Every little bit will add up. Getting out of credit card debt will take some sacrifices, but the end result is oh so worth it.

Making a budget that allocates a weekly or bi-weekly schedule will help you stay on track. Just make sure you are paying more than the minimum payments on your cards!

The more you pay toward your debt, the faster you’ll be free of it.

Start with One Card at a Time

Now, go back to the list you created showing your debt and interest rates. Look and see which card you’re paying the highest interest rate on.

That should be the credit card debt you start with first! Target all extra funds to paying that one card off.

By focusing on one card, you’ll make the process much simpler on yourself. Even though you’ll be paying the minimum payments on any other cards, paying down your highest interest rate card will save you money in the long run.

Then once you pay that card off, start in on the next highest interest rate card. And go down the list until your debt is finally where it should be – gone for good.

Look at Transferring Balances

One big way to save money while paying down your debt is to look into transferring your balances to a low interest (or better yet – a zero interest!) credit card. By paying as little in interest as possible, you’ll have more money going towards making you debt-free rather than empty fees.

There is one catch you should be aware of. That is to make sure you’re ready to pay that debt off in the time frame of the introductory interest rate.

Most low-interest balance transfer offers are only for a limited time. They can range from 12 to 24 months, depending on the offer.

After that introductory period is over, any balance you have left over will get hit with their regular rate, which is usually high!

Be sure to read all the fine print and keep track of when the offer expires. The last thing you want is any unpleasant financial surprises.

Improve Your Existing Rates

Another good way to lower the amount of interest you’re paying is to call your credit card companies and try to negotiate a better rate.

If you have a good credit score and have been a long-time loyal customer, they may be happy to help out. Even shaving off a few interest percentage points will save you money.

One good way to help your case is if you’ve received a good offer from a competitor card. Mention it to them and see if they are willing to match the rate.

Look at Getting a Loan

If getting a better interest rate on your credit cards is not an option, look into getting a personal loan. It’s a way to consolidate all your credit card debt into one payment, and usually at a much lower interest rate than a credit card will offer.

And while having a good credit score is ideal in getting the best loan rate offer, it’s not the end of the world if your score isn’t perfect. Talk to direct lenders for installment loans to see what they can do for you.

Having a monthly payment you’re comfortable with at a reasonable rate can take a huge debt weight off your shoulders.

Increase Your Income and Stop Using Your Credit Cards

It’s no secret that making more money means more you can pay your credit card debt down even faster. And that doesn’t mean you have to go out and find a whole new job to get it.

Look at getting a side hustle. That could be a part-time job elsewhere for finding something you can do from home. There are lots of opportunities that you can do on your time, without it causing much disruption to your everyday life.

And by all means, stop using your credit cards! You’re not doing yourself any favors if you’re trying to pay it off at the same time you’re adding to the debt.

Get Rid of Credit Card Debt in 2019

You deserve to start the new year on the right foot. With a bit of planning, you can get rid of credit card debt and free yourself of that worry forever.

Want to learn even more ways to gain control of your finances? Check out these 10 habits to follow for financial success!

Given that the average vacancy rate of hotel rooms on any given night of the week is only about 30%, most of the world’s hotel rooms stay rented. If you’re considering hotel financing as a way to make some money this year, you’re in for a treat. The hotel industry is booming and there are lots of great opportunities to get a piece of the pie.

Here are five things to consider before you put your money down.

1. Is It Ready To Open?

When you’re considering what hotel to finance, you need to consider whether or not it’s ready to open. While investing in a project still under construction isn’t a bad idea, you don’t have any way to test how well it’s set to do. When you invest in a hotel that’s on track and set to open soon, you know that you won’t be sitting around waiting for your investment to turn around.

A construction investment is a tricky business. Investing in a project under construction provides necessary capital for making sure everyone gets the return they’re looking for. When you invest in a project under construction, you typically get a strong share and a high rate of return for taking a risk.

However, you need to remember that you’re taking a risk. It’s hard to invest in something with only theoretical proof of a return.

If you’re worried about making your money back, consider another type of investment. Otherwise, remember that it takes time to see a return on a hotel financing investment.

2. How Involved Do You Want To Be?

There are all types of investors out there. There are investors who like to have control over their investments, get a seat at the table, and who enjoy the process of managing things. There are other types of investors who want to put down a stack of money and return when it’s time to collect their earnings.

If you’re looking to take a hands-off approach, you get this when you invest in an established hotel franchise. When you invest in a new hotel that’s completely unvetted as a business, you don’t know how much you’ll be earning. Hotel franchises have proven business plans based on past experience and the years they’ve spent building their reputation.

If you want to be involved, invest in a hotel early so that you can be in on the ground floor. You’ll get the chance to talk to other investors and get consulted when changes are made to the plan. You’ll have the opportunity to invest more as the project demands and to take a bigger share of the profits later on.

3. Who are the Other Investors?

If you don’t know who you’re getting into bed with, you may be in for a surprise. Investing alongside veteran investors of projects like this allows you some sense of comfort and security. You’ll know how committed investors are from day one and get a chance to talk to them directly.

If you’re left in the dark about who has invested, watch out for this investment. It could be a scam put together by people seeking out suckers to invest in their project that never comes together.

You deserve the right to know who you’re doing business with and who you’re sharing this project with. It gives you a chance to learn about how likely the project will succeed and what kind of investment you’re making. If the people who are also invested have a long history of making smart investments, you’ll be in for a great future of making money together.

4. How Much is Your Buy-In?

Different projects require different buy-ins. If a project is sure to succeed, the hotel builders and management company are likely to demand a high buy-in to weed out small investors who are skittish about it. They don’t have time to deal with people who are going to back out when they’re aiming to get a project up and running in a hurry.

If you’re dealing with a new project built by an up and coming hotel company, you might be able to get a piece of the action for a small buy-in. If this is the case, you can spread your investments out and build a relationship without risking too much of your time and money.

When you get to set your own buy-in, you get the chance to invest at a comfort level that you’re happy with. Having some control over your investment and buy-in price give you the opportunity to manage your own anxiety about investing. When you get control, you’ll feel more comfortable as the project progresses.

5. How Long Until You Profit?

If you’re hovering over your investment waiting for it to turn a profit, you’re going to be frustrated. A watched pot never boils and a watched investment never grows. You need to be able to put your money down and walk away for a while.

If you don’t have the kind of money to handle this kind of investment, turn somewhere else to make money.

Wondering how long it’ll take until you get a profit means that you’re too invested in how this investment leads to your next investment. Hotel construction financing is a great way to return a profit but it doesn’t happen without patience. If you want to ensure that your investment returns a profit, do your research up front.

Hovering over your investment only makes everyone anxious.

Hotel Financing Is Usually a Sure Thing

If you’ve researched the market and know what you’re doing, hotel financing is a smart way to make money. So long as the project is completed on time and has a market waiting for it, you’re sure to get your money back and then some in no time.

If you’re considering more ways to invest your money, check out our guide for finding the best app out there.

Whether you have just purchased a home or have owned your house for a number of years, the language of cost savings is something that everyone can understand. Unfortunately, we do not all yet speak it fluently. There are a number of steps that you can take to help you to save more money for that island vacation or for those future college tuitions. In this article, we will explore some not so well known ways to conserve water and save energy that will lead to more money in your pocket.

Energy Saving Tips

Ultimately, saving energy leads to saving money. Utilizing these energy saving tactics can save you hundreds, if not thousands of dollars on your energy bills per year.

• Unplug Your electronics: Even when electronics are not being used, they use energy if plugged in. Light bulbs, rarely used lamps, televisions, fans, etc. should be unplugged when not in use.
• Purchase a Programmable Thermostat: Though we may have plans to turn our thermostats down everyday, there will be times that we forget. In addition, a programmable thermostat will be able to turn on and off based on the most energy efficient times throughout the day.
• Plug those Drafts: Whether is be from ajar windows or doors or cracks. Ensure that your home is sealed. Unwanted drafts can raise your energy bill by hundreds of dollars per year alone.
• Washable Air Filter: A clogged air filter will not only cause unwanted health issues, it will force your A/C unit to use more energy to achieve optimal airflow. Filter King offers some of the best washable air filters in the industry.

Tips to Conserve Water

High water bills have plagued just about every homeowner at some point or another. However, there are some lesser known tips and tricks to help you to curb the impact of your monthly utility bills.

• Glass Jar Filled With Water in Your Toilet Tank: This may sound a bit wacky, but when you place a glass jar filled with water inside of your toilet tank it will cause your toilet to need less water to fill up. Flush after this flush, this can save a tremendous amount of money over time.
• Turn Off Water When Brushing Your Teeth: Ever leave the water running while you brush your teeth? This is a bad idea if your goal is to save money by conserving water. Ensure that you turn the water off while you brush.
• Use Excess Water: Catch the water that comes out of your shower head when you are waiting for the water to turn hot. In turn, use the excess to water plants or in mop buckets.

How to Avoid Unnecessary Costs

Avoiding unnecessary energy cost can be as simple as following these simple tricks. In addition, schedule regular maintenance on your  heating and cooling systems including your air filters. Also, check your windows for drafts, faucets for leaks and unplug anything that you are not regularly using. After a few weeks you will notice a decrease in your utility bills and a few more dollars in your bank account each month.