Someone Owe You Money? How To Get It Back Without Ruining the Relationship
.Someone Owe You Money? How To Get It Back Without Ruining the Relationship
By Laura Woods July 9, 2021
You lent money to a friend or family member and they haven’t paid you back. Since you thought this was a short-term arrangement — and definitely not a gift — you feel like it’s time to ask for repayment, but you’re stressed about it. This is a person you care about, so you don’t want to strain your relationship. However, you need your money back, so you’re willing to initiate this uncomfortable conversation, but you want to do it the right way.
“On many occasions the way we ask for the money to be paid back can be truly detrimental,” said Maryanne Parker, founder of Manor of Manners etiquette consulting. She said the best way to ask depends on your relationship with the other person, the amount of money owed and the situation.
Someone Owe You Money? How To Get It Back Without Ruining the Relationship
By Laura Woods July 9, 2021
You lent money to a friend or family member and they haven’t paid you back. Since you thought this was a short-term arrangement — and definitely not a gift — you feel like it’s time to ask for repayment, but you’re stressed about it. This is a person you care about, so you don’t want to strain your relationship. However, you need your money back, so you’re willing to initiate this uncomfortable conversation, but you want to do it the right way.
“On many occasions the way we ask for the money to be paid back can be truly detrimental,” said Maryanne Parker, founder of Manor of Manners etiquette consulting. She said the best way to ask depends on your relationship with the other person, the amount of money owed and the situation.
“If you are lending money to your brother or a sister, you definitely won’t feel uncomfortable asking for the money back — especially if it is an ongoing family situation,” she said. “If we are lending money to someone else, then we can use different techniques without ruining the relationships.”
Having proper communication from the beginning is a must, Parker said. This includes making it clear you’re lending them the money — not giving it to them — and want to be repaid within a specific timeframe.
“On some occasions people get confused or misunderstand the situation — especially if there is known ‘financial superiority,’ when one of the parties is doing better financially because [they have] a better job, career, business and so on,” she said.
She said it’s also important to be understanding because it’s possible the other person is very aware they owe you money but is in a difficult financial situation.
“They might even feel much more uncomfortable than us, just because they are in need,” she said. “Owing money to someone puts us in a very vulnerable situation and if we want to keep the relationships going, we should be understanding.”
To continue reading, please go to the original article here:
23 Money Mantras to Live Your Life By
.23 Money Mantras to Live Your Life By
Start living a richer life today.
By Barri Segal
Achieving financial freedom is no easy task. If you're tired of living paycheck to paycheck, relying on coupons and dodging bill collectors, you might be in desperate need of some solid money advice to help improve your financial situation.
With that in mind, GOBankingRates asked America's top money experts to share their money mantras. Consider these quotes the next time you need to make any money decision -- big or small. Even better, you could use their words of wisdom to grow your wealth.
Click through to see the experts' motivational money mantras. With advice ranging from how to take control of your finances to becoming a better investor, these money tips can help you get rich.
23 Money Mantras to Live Your Life By
Start living a richer life today.
By Barri Segal
Achieving financial freedom is no easy task. If you're tired of living paycheck to paycheck, relying on coupons and dodging bill collectors, you might be in desperate need of some solid money advice to help improve your financial situation.
With that in mind, GOBankingRates asked America's top money experts to share their money mantras. Consider these quotes the next time you need to make any money decision -- big or small. Even better, you could use their words of wisdom to grow your wealth.
Click through to see the experts' motivational money mantras. With advice ranging from how to take control of your finances to becoming a better investor, these money tips can help you get rich.
I Can Become a Money Master
"Stop being the chess piece, and start being the chess player. It's time to master the game of money once and for all." -- Tony Robbins
If you want to finally secure financial freedom and get rich, use Robbins' best money tips.
How to Follow This Mantra
A New York Times No. 1 best-selling author and the author of "Money: Master the Game," Tony Robbins is certainly a money master. And you can be one too. It starts with taking control of your money.
Robbins has plenty of advice that you can apply to every aspect of your life.
I Am a Money Magnet
"'I am a money magnet' -- I say it anytime I receive money in my life, a penny on the street or a five-figure paycheck." -- Stefanie O'Connell
Find out how to become a money magnet.
How to Follow This Mantra
Author and millennial money expert Stefanie O'Connell's money mantra reiterates the power of positive thinking. If you want to make more money, you have to believe that you can become a money magnet.
I Need to Sustain Wealth — Not Just Make Money
"Don't make money, create wealth. Making money is easy. Being able to create and sustain wealth is what will set you apart from the rest." -- John Rampton
How to Follow This Mantra
To continue reading, please go to the original article here:
https://www.gobankingrates.com/money/wealth/money-maxims-to-live-by/#6
Here’s How Much Emergency Cash You Need Stashed If an Emergency Happens
.Here’s How Much Emergency Cash You Need Stashed If an Emergency Happens
Are you financially prepared for a national emergency?
By Jaime Catmull June 9, 2021
You've probably heard time and again that it's important to have a rainy-day fund set up "just in case" something unexpected were to happen. But we're now at a time when having an emergency fund is more vital than ever.
The coronavirus pandemic has already had devastating effects on the economy at large and, on an individual level, it has led to job loss and reduction of hours for many workers around the world. Even if the coronavirus' financial impacts haven't hit you personally, here's how to be prepared in case it does -- plus how to set up a fund for unexpected future national emergencies.
Here’s How Much Emergency Cash You Need Stashed If an Emergency Happens
Are you financially prepared for a national emergency?
By Jaime Catmull June 9, 2021
You've probably heard time and again that it's important to have a rainy-day fund set up "just in case" something unexpected were to happen. But we're now at a time when having an emergency fund is more vital than ever.
The coronavirus pandemic has already had devastating effects on the economy at large and, on an individual level, it has led to job loss and reduction of hours for many workers around the world. Even if the coronavirus' financial impacts haven't hit you personally, here's how to be prepared in case it does -- plus how to set up a fund for unexpected future national emergencies.
Why You Need a National Emergency Fund
Part of being prepared for any contingency, big or small, is having a reserve of emergency cash at your disposal at all times. When you can't rely on accessing your funds electronically, you'll need some legal tender to buy food, gas or other necessities.
"Whether it's Mother Nature or some other disaster out of your control, you always want to be prepared by having some emergency cash on hand," said Annalee Leonard, an investment advisor representative and president of Mainstay Financial Group. "Banks and ATMs may not be up and running for days after a strong storm. I recommend my clients have three to five days' worth of spending money, just in case."
How To Decide How Much To Save
To decide how much to save for an emergency fund, you'll need to ask yourself a couple of questions:
How much will I need for an extreme catastrophic event?
How much can I afford to save?
"It's wise to have a small amount of physical cash at home for the truest of emergencies when banks are not operating," said Priyanka Prakash, managing editor at Fit Small Business, a company that finds the best small-business software, services and financing options.
Aim To Save $2,000
"Individuals should be prepared to pay for essential or non-discretionary expenses out-of-pocket," said Brett Tharp, CFP and financial planning education consultant at eMoney Advisor. "Temporary lodging or shelter, fuel, food, water and necessary medications fall into this category. This will differ for each person depending on their level of preparedness or perception of how likely a catastrophic event might be."
Two-thousand dollars should cover those costs.
"The rule of thumb I advise my clients is to keep $1,000 to $2,000 in cash in case banking operations are shut down due to a national emergency or catastrophe," said Gregory Brinkman, president of Brinkman Financial in Tulsa, Oklahoma.
There's No 'Magic Number' for How Much To Save in Your Emergency Fund
To continue reading, please go to the original article here:
7 Steps To Take for Financial Wellness in 2021
.7 Steps To Take for Financial Wellness in 2021
Nicole Spector Thu, July 8, 2021
At the start of 2021, you may have vowed to pay down debt, boost your credit score or build an emergency fund. Perhaps you're still going strong with these financial goals, or perhaps you’re starting to lose your momentum. Maybe you've surrendered altogether.
If you’re in any of these boats, rest assured that you’re not alone. According to a study by researchers at Scranton University, only 19% of people keep their resolutions, and most give up by mid-January. There are a lot of reasons why we fail at our resolutions, and usually, it has nothing to do with our willpower or lack thereof. One common reason we’re unsuccessful is that we don’t give ourselves clear paths to achieve the lofty goals we’ve set. Sometimes, all you need to triumph is to simply reframe your approach.
We consulted financial experts to learn common money goals that are harder to stick to than they might seem, and what you can do to make them easier to follow through on.
7 Steps To Take for Financial Wellness in 2021
Nicole Spector Thu, July 8, 2021
At the start of 2021, you may have vowed to pay down debt, boost your credit score or build an emergency fund. Perhaps you're still going strong with these financial goals, or perhaps you’re starting to lose your momentum. Maybe you've surrendered altogether.
If you’re in any of these boats, rest assured that you’re not alone. According to a study by researchers at Scranton University, only 19% of people keep their resolutions, and most give up by mid-January. There are a lot of reasons why we fail at our resolutions, and usually, it has nothing to do with our willpower or lack thereof. One common reason we’re unsuccessful is that we don’t give ourselves clear paths to achieve the lofty goals we’ve set. Sometimes, all you need to triumph is to simply reframe your approach.
We consulted financial experts to learn common money goals that are harder to stick to than they might seem, and what you can do to make them easier to follow through on.
1. Goal: Pay Down Debt
Why it's hard to do: “Debt can be overwhelming, and many people don't even know how much debt they have so tallying it up and organizing all your bills can feel insurmountable,” said Steffa Mantilla, certified financial education instructor, Money Tamer. “Then once you do know how much debt you have, there are conflicting thoughts on debt payoff strategies and whether you should even pay your debt off or keep it.”
How to do it better: “Commit to taking an hour listing all your debts in a spreadsheet, then list them from the smallest debt to the largest debt,” Mantilla said. “By focusing first on paying off the smallest debt, you'll get to a 'win' faster. You'll likely be able to pay off a few small debts before getting to the larger more daunting amounts. These smaller wins will give you the motivation to propel you through the larger debt payoff amounts.”
2. Goal: Stick To a Budget
Why it’s hard to do: “As we’ve seen this past year, life is unpredictable and creating a budget can help safeguard you from some of the uncertainty,” said April Schneider, head of consumer and small business products at Bank of America. “But, if you set a rigid budget and never change it, it may not remain relevant from one month to the next as your income and expenses fluctuate. Even more so, when it is safer to travel and dine out without restrictions, your spending habits may look different and you may find yourself spending more than anticipated in certain categories.”
How to do it better: “I recommend routinely adjusting your budget to maintain its effectiveness and using a rewards credit card that matches your spending habits to help you stay on track with your financial goals.”
Christopher Stroup, a financial advisor working for Abacus Wealth Partners, suggests handing some of the chores of budgeting over to software to see better success. “Some of our favorite resources, such as Mint or You Need a Budget, allow users to link all of their accounts into a central financial hub,” Stroup said.
“From there, the software can suggest a budget given your historical spending. One of my favorite tricks is to teach the software to recognize certain expenses and put them in the proper budget category I have created. Moving forward, this saves me a tremendous amount of time as I no longer have to itemize my expenses by placing them in the appropriate spending bucket. The software does this for me, which gives me more time to understand where I met (or missed) my budget goal for the month.”
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/7-steps-financial-wellness-2021-120041798.html
14 Key Signs You Will Run Out of Money in Retirement
.14 Key Signs You Will Run Out of Money in Retirement
An accurate budget is the foundation for a happy retirement.
Cameron Huddleston Life and Money Columnist Jul 10, 2021
You don't want to go broke in retirement. Despite all your preparation, however, you might discover that your retirement is going to cost more than you planned. First and foremost, you need to become aware of the reasons that the budget you have in mind could be smaller than it needs to be. If you're worried about having enough money, check out the signs that you might not be saving enough for retirement.
You could quickly run out of money in retirement if you need long-term care but didn't have a plan to pay for it. More than half of adults turning 65 today will need long-term care and about 1 in 7 will need care for more than five years, according to the Department of Health and Human Services.
14 Key Signs You Will Run Out of Money in Retirement
An accurate budget is the foundation for a happy retirement.
Cameron Huddleston Life and Money Columnist Jul 10, 2021
You don't want to go broke in retirement. Despite all your preparation, however, you might discover that your retirement is going to cost more than you planned. First and foremost, you need to become aware of the reasons that the budget you have in mind could be smaller than it needs to be. If you're worried about having enough money, check out the signs that you might not be saving enough for retirement.
You could quickly run out of money in retirement if you need long-term care but didn't have a plan to pay for it. More than half of adults turning 65 today will need long-term care and about 1 in 7 will need care for more than five years, according to the Department of Health and Human Services.
If you receive care in an assisted living facility or nursing home, you'll have to shell out big bucks. The average annual cost of care in an assisted living facility was $48,612 in 2019, according to the Genworth Cost of Care Survey. The annual cost of a private room in a nursing home is over $102,000.
"Even the wealthiest people are at risk if they have a lot of long-term care expenses," said Dave Littell, professor emeritus of taxation at The American College.
What To Do
You can use several strategies to be financially prepared for long-term care, Littell said. Options include getting a long-term-care insurance policy or hybrid life insurance policy that will pay out if you have a long-term-care event. Another option is a longevity annuity, Littell said.
This is an insurance product that requires a lump-sum investment and will provide a steady stream of retirement income. But, you have to wait several years or until a certain age to start receiving your payout. As a result, "you can't time it exactly with a long-term care need," Littell said. Ideally, you should meet with a financial planner who specializes in long-term care planning to help you devise a strategy, he said.
You Underestimated Your Life Expectancy
Your retirement could easily be more expensive than you thought if you live a lot longer than you expected you would. About 1 in 4 65-year-olds today will live to age 90, according to the Social Security Administration.
If you saved enough to cover expenses for 20 years in retirement but end up living for 30 years in retirement, you'll have to find a way to stretch your savings for another 10 years.
What To Do
Littell recommended using the life expectancy calculator at Livingto100.com to get an estimate of how long you will live based on your health and family history. To reduce the risk of outliving your savings, you shouldn't rely on just one source of income in retirement.
To continue reading, please go to the original article here:
https://www.gobankingrates.com/retirement/planning/signs-retirement-is-going-to-be-more-expensive/
Here’s How Much Emergency Cash You Need Stashed I f an Emergency Happens
.Here’s How Much Emergency Cash You Need Stashed If an Emergency Happens
Are you financially prepared for a national emergency?
By Jaime Catmull June 9, 2021
You've probably heard time and again that it's important to have a rainy-day fund set up "just in case" something unexpected were to happen. But we're now at a time when having an emergency fund is more vital than ever.
The coronavirus pandemic has already had devastating effects on the economy at large and, on an individual level, it has led to job loss and reduction of hours for many workers around the world. Even if the coronavirus' financial impacts haven't hit you personally, here's how to be prepared in case it does -- plus how to set up a fund for unexpected future national emergencies.
Here’s How Much Emergency Cash You Need Stashed If an Emergency Happens
Are you financially prepared for a national emergency?
By Jaime Catmull June 9, 2021
You've probably heard time and again that it's important to have a rainy-day fund set up "just in case" something unexpected were to happen. But we're now at a time when having an emergency fund is more vital than ever.
The coronavirus pandemic has already had devastating effects on the economy at large and, on an individual level, it has led to job loss and reduction of hours for many workers around the world. Even if the coronavirus' financial impacts haven't hit you personally, here's how to be prepared in case it does -- plus how to set up a fund for unexpected future national emergencies.
Why You Need a National Emergency Fund
Part of being prepared for any contingency, big or small, is having a reserve of emergency cash at your disposal at all times. When you can't rely on accessing your funds electronically, you'll need some legal tender to buy food, gas or other necessities.
"Whether it's Mother Nature or some other disaster out of your control, you always want to be prepared by having some emergency cash on hand," said Annalee Leonard, an investment advisor representative and president of Mainstay Financial Group. "Banks and ATMs may not be up and running for days after a strong storm. I recommend my clients have three to five days' worth of spending money, just in case."
How To Decide How Much To Save
To decide how much to save for an emergency fund, you'll need to ask yourself a couple of questions:
How much will I need for an extreme catastrophic event?
How much can I afford to save?
"It's wise to have a small amount of physical cash at home for the truest of emergencies when banks are not operating," said Priyanka Prakash, managing editor at Fit Small Business, a company that finds the best small-business software, services and financing options.
Aim To Save $2,000
"Individuals should be prepared to pay for essential or non-discretionary expenses out-of-pocket," said Brett Tharp, CFP and financial planning education consultant at eMoney Advisor. "Temporary lodging or shelter, fuel, food, water and necessary medications fall into this category. This will differ for each person depending on their level of preparedness or perception of how likely a catastrophic event might be."
Two-thousand dollars should cover those costs.
"The rule of thumb I advise my clients is to keep $1,000 to $2,000 in cash in case banking operations are shut down due to a national emergency or catastrophe," said Gregory Brinkman, president of Brinkman Financial in Tulsa, Oklahoma.
There's No 'Magic Number' for How Much To Save in Your Emergency Fund
To continue reading, please go to the original article here:
Savings Tricks From Regular People Who Are Sitting on Millions
.Savings Tricks From Regular People Who Are Sitting on Millions
Saving $1 million is possible with good financial habits.
By Joel Anderson
One million dollars is a major milestone for almost anyone. It's the sort of nest egg that can fund a generous lifestyle in retirement or even build your dream home. However, for many, it's also a pipe dream. Understanding how to make a million dollars is a question for the wealthy, not the average American.
However, in many ways, that's a dangerous misconception. In fact, building up your savings to $1 million certainly isn't easy, but a lottery ticket or huge business deals aren't the only paths available. For plenty of people, smart budgeting, strategic investments and just good old-fashioned horse sense can combine to create the sort of habits that will put $1 million well within reach, even if you're living a relatively modest life.
Savings Tricks From Regular People Who Are Sitting on Millions
Saving $1 million is possible with good financial habits.
By Joel Anderson
One million dollars is a major milestone for almost anyone. It's the sort of nest egg that can fund a generous lifestyle in retirement or even build your dream home. However, for many, it's also a pipe dream. Understanding how to make a million dollars is a question for the wealthy, not the average American.
However, in many ways, that's a dangerous misconception. In fact, building up your savings to $1 million certainly isn't easy, but a lottery ticket or huge business deals aren't the only paths available. For plenty of people, smart budgeting, strategic investments and just good old-fashioned horse sense can combine to create the sort of habits that will put $1 million well within reach, even if you're living a relatively modest life.
If that seems implausible to you, it shouldn't -- especially after reading these real stories from a few normal people who have hit that $1 million goal. You'll probably notice an absence of lofty advice about sparking a huge windfall or a series of get-rich-quick schemes.
Instead, these people stress that the answer to the question of how to save a million dollars involves core financial habits, which are as valuable when you have $1 to your name as they are for those who have $1 million.
Carl Jensen, Blogger at 1500 Days to Freedom
Carl Jensen, the writer behind the blog 1500 Days to Freedom, has a net worth that is the source of considerable consternation for many of his neighbors who note his modest home and thrifty ways. However, Jensen puts his net worth at about $2.3 million, including approximately $1.8 million in investments.
"The best story about our situation is that a neighbor once told another neighbor that she thought we were poor because she saw me working on my car," Jensen said.
So how has Jensen managed to save that much money? He Made a Conscious Choice To Downsize
One big decision that Jensen cites as playing a crucial role was opting for a more modest home despite that it was significantly less impressive than where he had been living.
"We sold our $400,000, 4,500-square-foot home and moved to a Fannie Mae foreclosure that set us back $176,000," said Jensen. "Our family thought we were a bit crazy. The first home had four bedrooms and four bathrooms and was beautiful. The foreclosure had two bedrooms and one bathroom and was neglected and infested with ants. However, we went from a $250,000 mortgage and $3,500 in property taxes to a $136,000 mortgage and under $1,500 in taxes. We took our time fixing up the foreclosure and in the meantime invested all of the extra money."
Jensen also found that sticking with his 2003 Honda Element has been a major factor. It might have 200,000 miles on it, but it's completely paid off.
He Built Good Habits Into a Thrifty Lifestyle
To continue reading, please go to the original article here:
23 Tips To Build Your Emergency Fund
.23 Tips To Build Your Emergency Fund
Prepare For Uncertain Times With 23 Tips To Build Your Emergency Fund
Cameron Huddleston Mon, July 12, 2021,
A shocking 69% of Americans have under $1,000 in savings, according to a 2019 GOBankingRates survey. That lack of emergency funds leaves people ill-prepared for financial emergencies.
Right now, many people are experiencing tremendous income insecurity because the coronavirus pandemic was declared a worldwide pandemic in March 2020. Many people have lost jobs, been furloughed or taken pay cuts as a result.
To make sure you’re financially covered in situations as extreme as this or for even less extreme situations like if you need to make a home repair, it’s a good idea to have a comfortable savings account that’s earmarked for emergencies. To help you reach this goal, follow this step-by-step guide to create an emergency fund.
23 Tips To Build Your Emergency Fund
Prepare For Uncertain Times With 23 Tips To Build Your Emergency Fund
Cameron Huddleston Mon, July 12, 2021,
A shocking 69% of Americans have under $1,000 in savings, according to a 2019 GOBankingRates survey. That lack of emergency funds leaves people ill-prepared for financial emergencies.
Right now, many people are experiencing tremendous income insecurity because the coronavirus pandemic was declared a worldwide pandemic in March 2020. Many people have lost jobs, been furloughed or taken pay cuts as a result.
To make sure you’re financially covered in situations as extreme as this or for even less extreme situations like if you need to make a home repair, it’s a good idea to have a comfortable savings account that’s earmarked for emergencies. To help you reach this goal, follow this step-by-step guide to create an emergency fund.
Plan For 3 to 6 Months of Savings
Whether you’re just starting to save money now or you’ve been saving for some time, consider setting a minimum goal of three to six months’ worth of emergency funds to cover as many expenses as possible. From mortgage or rent to food and utilities, your monthly expenses add up, and it takes time to build up that extra cash.
Assess Your Spending
You can’t start saving until you know how much money you spend and, more importantly, what you spend it on. Write down your monthly income, then list everything on which you spend money during the month. Include essential recurring expenses like your mortgage or rent payment and child care.
Don’t forget the fun stuff — like how much goes toward eating out, catching the latest movie or keeping up with the latest fashion trend. Optional items and impulse buys are prime spots from which you can divert money into your rainy day fund.
Use an Interest- or Dividend-Bearing Account for Your Savings
Emergency cash should be liquid in case you need to access it. Don’t put the money at risk because the possibility of losing it negates the purpose of building up a reliable emergency money source.
You won’t want to put your emergency savings in the stock market, but instead, put the money in a high-yield, interest- or dividend-bearing account, and watch your money grow safely.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/prepare-uncertain-times-23-tips-220000057.html
Don’t Buy a Lemon — Ask the Used Car Dealer These Questions
.Don’t Buy a Lemon — Ask the Used Car Dealer These Questions
Here's how to buy a used car that won't let you down.
By Gabrielle Olya October 8, 2019
Used cars come with baggage from their previous owners. A used car might need a total engine rebuild or it might need nothing more than a new set of tires. Before you drive a used car off the lot, make sure you know exactly what happened in its history, what's been done to fix any issues and how protected you'll be from future problems.
GOBankingRates spoke to auto experts about the questions you should ask the dealer before buying a used car so that you don't make any car-buying mistakes and end up with a lemon.
What To Do Before You Go To the Dealer
Before you even set foot in the dealership, it's important to do some research first.
"As consumers, the more time you can spend researching before you get there, the more comfortable you are making choices and sticking to principles that you’ve laid out," said Alain Nana-Sinkam, vice president of strategic initiatives at TrueCar. "Figure out what your game plan is, what your budget is and your criteria, so that when you go out, you can be more measured in the way that you approach things."
Don’t Buy a Lemon — Ask the Used Car Dealer These Questions
Here's how to buy a used car that won't let you down.
By Gabrielle Olya October 8, 2019
Used cars come with baggage from their previous owners. A used car might need a total engine rebuild or it might need nothing more than a new set of tires. Before you drive a used car off the lot, make sure you know exactly what happened in its history, what's been done to fix any issues and how protected you'll be from future problems.
GOBankingRates spoke to auto experts about the questions you should ask the dealer before buying a used car so that you don't make any car-buying mistakes and end up with a lemon.
What To Do Before You Go To the Dealer
Before you even set foot in the dealership, it's important to do some research first.
"As consumers, the more time you can spend researching before you get there, the more comfortable you are making choices and sticking to principles that you’ve laid out," said Alain Nana-Sinkam, vice president of strategic initiatives at TrueCar. "Figure out what your game plan is, what your budget is and your criteria, so that when you go out, you can be more measured in the way that you approach things."
Once you have a good idea of what you want and what a reasonable price is, it's time to go to the dealer to get your specific questions answered. Here's what you need to ask.
What’s the Vehicle History?
Before you buy a used car, you should know its history. And a dealer should be willing to provide reports on the used cars they're selling.
"CARFAX and AutoCheck are two of the major ones," said Nana-Sinkam. "Those vehicle history reports are going to tell you whether a car has been in a major accident, if it has flood damage, hail damage, if it’s been totaled and put back together, [or] if it used to be a taxi. Things that would be critical to understand, not necessarily to completely disqualify it, but things that you need to know to determine if you want to own this car and what you want to pay for it."
Does It Have a Branded Title?
Before you settle on a used set of wheels, check its title. If the title is branded, you'll want to get more information.
"A branded title means that a car was totaled and then put back together," said Nana-Sinkam. "With that type of vehicle, you need to be mindful of if the weld was well done. That might give you pause."
This shouldn't necessarily disqualify a car, but it's something you should definitely take note of.
What Do You Know About the Items Noted in the Vehicle History?
Any insight the dealer can provide into the items noted in the car's history report can help you make a more informed decision about the purchase. However, the dealer might not have all the answers.
To continue reading, please go to the original article here:
https://www.gobankingrates.com/saving-money/car/questions-to-ask-used-car-dealers/
25 Things You Should Always Do Before Buying a Used Car
.25 Things You Should Always Do Before Buying a Used Car
Know how to handle finances and inspections to avoid regrets.
By Andrew Lisa May 18, 2021
If you’re in the market for a new set of wheels, you can save big money buying used because, after all, the original owner or lessee already paid the bulk of the depreciation. If you don’t know how to buy a used car, however, you can leave money in the dealer’s cash register that should be in your bank account or, even worse, drive home with a lemon. Do your research, think before you sign and follow these tips for buying a used car.
Determine Your Budget
Step No. 1, when buying a used car, is the same as the starting point for buying a new car (or buying anything, for that matter) — find out what you can afford. That includes the cost of the car itself, title, taxes, fees, insurance and the principal and interest that constitute your monthly payments if you’re financing. Auto sites such as Edmunds offer budget calculators and other tools to walk you through the process.
25 Things You Should Always Do Before Buying a Used Car
Know how to handle finances and inspections to avoid regrets.
By Andrew Lisa May 18, 2021
If you’re in the market for a new set of wheels, you can save big money buying used because, after all, the original owner or lessee already paid the bulk of the depreciation. If you don’t know how to buy a used car, however, you can leave money in the dealer’s cash register that should be in your bank account or, even worse, drive home with a lemon. Do your research, think before you sign and follow these tips for buying a used car.
Determine Your Budget
Step No. 1, when buying a used car, is the same as the starting point for buying a new car (or buying anything, for that matter) — find out what you can afford. That includes the cost of the car itself, title, taxes, fees, insurance and the principal and interest that constitute your monthly payments if you’re financing. Auto sites such as Edmunds offer budget calculators and other tools to walk you through the process.
Factor In Long-Term Costs
When setting your budget, it’s important to understand the long-term cost of ownership. The cost of insuring a car can vary considerably from one type of car, model or even color to the next. Fuel economy can make a difference of hundreds of dollars a year and thousands over a few years. Then there’s the likelihood of unscheduled repairs and their average annual cost. Sites such as RepairPal offer tools and calculators to help you gauge these costs for all major brands and most models.
Check Your Credit Score
If you’re planning on financing, the process for buying a used car continues the same way it does for buying one that’s brand spanking new, and that's checking your credit score. Your score — and the financial history it represents — is what lenders use to assess the risk associated with lending you money. Free credit reports from the three major bureaus still don’t come with scores, but you usually can get your score from your bank or credit card company. If not, a free scoring service such as Credit Karma will give you a good idea of what your lender will see when judging your creditworthiness.
Get Preapproved
When you’re ready to buy a used car, it’s always a good idea to get preapproved for financing before you walk into the dealership. That allows you to negotiate from a position of strength. Preapproval lets you compare any offers from the dealer’s financing division against that of your financial institution so you can walk away knowing you got the best deal no matter which option you choose. As with some of these other steps, this principle applies when you finance a used or new car.
Never Fall For the Patriot Act Scam
It’s always advantageous for the seller to know your true creditworthiness. Unless you’re financing through the dealership or one of its affiliate lenders, however, you are under no legal obligation to submit to a credit check by a dealer. Consumer watchdogs warn that some unscrupulous car dealers — of both new and used vehicles — will claim the Patriot Act requires them to run every buyer’s credit. There is no such law, and any dealer who tries to trick you into thinking otherwise is almost always a shady broker who is attempting to undercut the financing you have in hand.
To continue reading, please go to the original article here:
https://www.gobankingrates.com/saving-money/car/things-should-always-do-before-buying-used-car/
8 Tactics To Defend Your Family Finances From Whatever Comes Next
.8 Tactics To Defend Your Family Finances From Whatever Comes Next
Ethan Rotberg Mon, July 12, 2021
A family budget is a delicate thing to balance, even without a pandemic crashing in and jumbling your finances.
In uncertain times like these — with the country dealing with an uneven economic recovery, rising inflation, stubbornly high unemployment and worrisome COVID variants — you need to keep yourself armed with extra financial tools to protect your household from potential money troubles.
Here's an eight-point battle plan to harden your family’s financial defenses, starting today.
8 Tactics To Defend Your Family Finances From Whatever Comes Next
Ethan Rotberg Mon, July 12, 2021
A family budget is a delicate thing to balance, even without a pandemic crashing in and jumbling your finances.
In uncertain times like these — with the country dealing with an uneven economic recovery, rising inflation, stubbornly high unemployment and worrisome COVID variants — you need to keep yourself armed with extra financial tools to protect your household from potential money troubles.
Here's an eight-point battle plan to harden your family’s financial defenses, starting today.
1. Clear as much debt as you can
Paying down debt may be the most effective way to protect your household's finances — especially if high-interest debts like credit cards are draining more of your cash each month.
So long as your credit score is in decent shape, you should consider rolling your various high-cost balances into a single debt consolidation loan with a lower interest rate.
That will make your debt more affordable and help you clear it more quickly — to give your budget some breathing room.
You can quickly compare loan offers from multiple lenders online, to find the best interest rate possible.
2. Stop up the leaks in your budget
The pandemic forced many of us to cut back, whether we wanted to or not. But you may still be leaking money out of your family budget if you're ignoring basic ways to save.
Plug those holes by looking for the better deals that are out there.
You can save money every time you shop online if you download a free browser extension that instantly searches for lower prices and coupon codes.
With a little comparison shopping, homeowners may be able to cut the cost of home insurance by hundreds of dollars a year. And, shop around for your car insurance each time your policy comes up for renewal, because you might easily be overpaying.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/8-tactics-defend-family-finances-223500026.html