Category: Manage Your Finances

Buying a new home is often a scary and exciting time in a person’s life. It is a big step up from renting, but it is typically a much better financial decision than continuing to sink your money into rent. Homeownership is ideal and a much smarter use of money, and it can even help you reach your financial goals. 

Still, there are many financial factors to consider when buying a home. You’ve likely given due thought to things like down payments, interest rates, closing costs, etc. But what about the lesser-known financial impacts?

While most homeowners factor in the usual costs listed above, they don’t tend to think about the off-the-wall or more unusual factors that can ultimately play a part in how much money you spend monthly or annually on living expenses. 

This article will review some of the more uncommon or less-considered situations that should factor into your home buying process, and how they can impact your finances. 

College is all about learning, meeting new people, and finding a career path that will lead you to a life you love. It’s a great time, full of wonderful adventures, but at the back of every college student’s mind is a common anxiety: finances.

If you’re a college student who has been forced to take out a loan, you might be wondering how on earth you’re supposed to pay them back.

All this worrying about fees and costs of living is guaranteed to cause you some stress and may leave you feeling as though you have no control over the chaos of college bills. However, by taking control of your finances and planning for the future, you can alleviate some of that anxiety and put yourself in a better financial position post-graduation. 

How many times have we scrolled down our timelines on Facebook just to see a celebrity pop up? Those rich people seem to have it all, don’t they? What are some ways to get into a wealthy mindset?

At times, it almost seems like they’re throwing their nice clothes, cars, and homes right in the faces of us simpler folk who have to struggle to make ends meet. Instead of loathing or envying these people, who says we can’t be wealthy like they are?

Money can’t buy happiness. According to the Beatles, it can’t even buy love. And, while you don’t need a small fortune to maintain your well-being, financial health is more impactful to your physical and mental health than many people realize. 

Financial stress, for example, is different from “regular” stress. It can cause a slew of negative emotions and manifest itself in different negative ways. Unfortunately, many of those manifestations can become chronic. 

Unfortunately, many Americans struggle with their financial health. According to Debt.org, American household debt hit a record high of $14.6 trillion last year. Whether you’re dealing with student loan debt, medical bills, or a mortgage that sometimes feels suffocating, financial worries can cause big problems when it comes to your overall health. 

So, what can you do? 

Ideally, you have an emergency fund sitting around waiting for a rainy day. But what exactly constitutes a rainy day? How do you know when an emergency is truly an emergency, warranting the spending of your hard-won savings?

Emergencies are some of the most devastating events in our lives and financial planning efforts. A sudden accident or loss can create expenses that throw out our carefully crafted budgets and in some cases can even lead to bankruptcy. To build the optimal financial emergency plan, you have to be prepared to recognize what is truly an emergency and position your money accordingly. 

Here, we’ll demonstrate the kinds of questions you can ask and preparedness strategies you can employ to come away from an emergency financially intact.