Stealth Savings: Little Moves that Equal Big Money
So, you’ve banned takeout, swapped all venti fat-free lattes for the trusty Mr. Coffee at home, staged the yard sale, cut the cable, dropped the landline, raised your insurance deductibles, brown bagged every single lunch for months, and plan to limit the A/C all sweatin’-summer long.
But you still need to build your emergency fund. What can you do?
Having the “Money Talk” with your parents can be very uncomfortable. However, it is necessary to have now, before it becomes a problem in the future. People tend to not like talking about money or death, so when you combine the two it can cause some discomfort. Another reason for avoiding the conversation is that maybe your parents could be embarrassed because they didn’t handle their money well. Also, as the child you don’t want to come off as greedy or nosy.
Whatever the reason, we’re going to outline some steps you can take now to avoid some serious problems down the road.
Closing the Gap Between your Financial Reality and Goals
Most of us are failing miserably with our finances. Personal savings rates are at an all time low, retirements savings are non-existent, and overall net worth is diminishing.
Nobody wants to be terrible with their finances, so why are we failing? We’ll take a look at some of the reasons and some small steps you can take to get back in financial shape. It’s never too late to be Smart With Your Money.
Your financial freedom is just around the corner. You just have to choose the path that doesn’t hold you back. While money can certainly buy you plenty of things, it can offer you something far more valuable than material things. The more money you acquire and properly pour into channels that can support you now and into the future. When you do this the more freedom you have to make choices based on desire and not financial obligation or necessity.
Paying interest is really painful. It can be difficult to take the wisdom from the generations that lived through their life lessons. When it comes to analyzing your parents credit it just may help you understand what not to do or what to do.
Here are some lessons we wish our parents had shared:
When was the last time you really looked at your bank account? It is easy to miss small amounts of money every month until you get declined or a check bounces. When this happens it creates awareness around your money situation.
Here are a few ways that you can plug the leaking:
First: Are you working with a TRUE Mortgage Professional?
The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way. But how can you tell?If your shopping just rates you may want to consider who your lender is going to be to handle your transaction.
Here are FOUR SIMPLE QUESTIONS YOUR LENDER ABSOLUTELY MUST BE ABLE TO ANSWER CORRECTLY. IF THEY DO NOT KNOW THE ANSWERS… RUN… DON’T WALK… RUN… TO A LENDER THAT DOES! To help narrow your search Doug Haldeman is that lender!Continue reading Shopping Around For a Mortgage?→
Getting a pre-approval is one step of the mortgage approval process. Having a smooth loan process depends partially on you. As a potential homeowner you must remain responsible throughout the process. In the end only you can determine your future. Here are some tips to help you stay connected to your end goals.
DO continue making your mortgage or rent payments
DO stay current on all existing accounts
DO keep working at your current employer
DO keep your same insurance company
DO continue living at your current residence
DO call us if you have any questions
DON’T make a major purchase (car, boat, fur, jewelry, etc.)
DON’T apply for new credit (even if you seem pre-approved)
DON’T open a new credit card
DON’T transfer any balances from one account to another
DON’T deposit money into the bank that you can’t explain
DON’T pay off charge offs without a discussion with us first
DON’T pay off collections without a discussions with us first
DON’T buy any furniture
DON’T close any credit card accounts
DON’T change bank accounts
DON’T max out or over charge on you credit card accounts
DON’T consolidate your debt onto 1 or 2 credit cards
DON’T take out a new loan
DON’T start any home improvement projects
DON’T finance any elective medical procedure
DON’T open a new cellular phone account
DON’T join a new fitness club
DON’T pay off any loans or credit cards without discussing it with us
If you encounter a special situation, it is best to mention it to us right
away so we can help you determine the best way to achieve your goals.