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8 Ways to Save Money on Date Night

Whether you’re cozying up on the couch together with a bottle of wine or headed out to the trendy restaurant everyone’s talking about, date night is an essential part of most relationships.

“Date nights are important because they give new couples a chance to get to know each other and established couples a chance to have fun or blow off some steam after a rough week,” says Holly Shaftel, a relationship expert and certified dating coach. “Penciling in a regular date can ensure that you make time for each other when your jobs and other aspects of your life might keep you busy.”

Finding ways to spend less on date night can be easy if you're willing to be creative.

There’s just one small snag. Or, maybe it’s a big one. Date nights can get expensive. According to financial news website 24/7 Wall St., the cost of an average date consisting of two dinners, a bottle of wine and two movie tickets is about $102.

When you’re focused on improving your finances as a couple, finding ways to spend less on date night is a no-brainer. But you may be wondering: How can we save money on date night and still get that much-needed break from the daily grind?

There are plenty of ways to save money on date night by bringing just a little creativity into the mix. Here are eight suggestions to try:

1. Share common interests on the cheap

When Shaftel and her boyfriend were in the early stages of their relationship, they learned they were both active in sports. They were able to plan their date nights around low-cost (and sometimes free) sports activities, like hitting the driving range or playing tennis at their local park.

One way to save money on date night is to explore outdoor activities.

If you’re trying to find ways to spend less on date night, you can plan your own free or low-cost date nights around your and your partner’s shared interests. If you’re both avid readers, for example, even a simple afternoon browsing your local library’s shelves or a cool independent bookstore can make for a memorable time. If you’re both adventurous, check into your local sporting goods stores for organized hikes, stargazing outings or mountaineering workshops. They often post a schedule of events that are free, low-cost or discounted for members.

2. Create a low-budget date night bucket list

Dustyn Ferguson, a personal finance blogger at Dime Will Tell, suggests using the “bucket list” approach to find the best ways to save money on date night. To gather ideas, make it a game. At your next group gathering, ask guests to write down a fun, low-budget date night idea. The host then gets to read and keep all of the suggestions. When Ferguson and his girlfriend did this at a friend’s party, they submitted camping on the beach, which didn’t cost a dime.

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The cost of an average date consisting of two dinners, a bottle of wine and two movie tickets is about $102.

– Financial news website 24/7 Wall St.

To make your own date night bucket list with the best ways to save money on date night, sit down with your partner and come up with free or cheap activities that you normally wouldn’t think to do. Spur ideas by making it a challenge—for instance, who can come up with the most ideas of dates you can do from the couch? According to the blog Marriage Laboratory, these “couch dates” are no-cost, low-energy things you can do together after a busy week (besides watching TV). A few good ones to get your list started: utilize fun apps (apps for lip sync battles are a real thing), grab a pencil or watercolors for an artistic endeavor or work on a puzzle. If you’re looking for even more ways to spend less on date night, take the question to social media and see what turns up.

3. Alternate paid date nights with free ones

If you’re looking for ways to spend less on date night, don’t focus on cutting costs on every single date. Instead, make half of your dates spending-free. “Go out for a nice dinner one week, and the next, go for a drive and bring a picnic,” says Bethany Palmer, a financial advisor who authors the finance blog The Money Couple, along with her husband Scott.

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4. Have a date—and get stuff done

Getting stuff done around the house or yard may not sound all that romantic, but it can be one of the best ways to save money on date night when you’re trying to be budget-conscious. And, tackling your to-do list—like cleaning out the garage or raking leaves—can be much more enjoyable when you and your partner take it on together.

5. Search for off-the-wall spots

If dinner and a movie is your status quo, mix it up with some new ideas for low-cost ways to save money on date night. That might include fun things to do without spending money, like heading to your local farmer’s market, checking out free festivals or concerts in your area, geocaching—outdoor treasure hunting—around your hometown, heading to a free wine tasting or taking a free DIY class at your neighborhood arts and crafts store.

“Staying creative allows you to remain flexible and not bound to simply doing the same thing over and over,” Ferguson says.

6. Leverage coupons and deals

When researching the best ways to save money on date night, don’t overlook coupon and discount sites, where you can get deals on everything from food, retail and travel. These can be a great resource for finding deep discounts on activities you may not try otherwise. That’s how Palmer and her husband ended up on a date night where they played a game that combined lacrosse and bumper cars.

Turn to coupons and money-saving apps for fun ways to save money on date night.

There are also a ton of apps on the market that can help you find ways to save money on date night. For instance, you can find apps that offer discounts at restaurants, apps that let you purchase movie theater gift cards at a reduced price and apps that help you earn cash rewards when shopping for wine or groceries if you’re planning a date night at home.

7. Join restaurant loyalty programs

If you’re a frugal foodie and have a favorite bar or restaurant where you like to spend date nights, sign up for its rewards program and newsletter as a way to spend less on date night. You could earn points toward free drinks and food through the rewards program and get access to coupons or other discounts through your inbox. Have new restaurants on your bucket list? Sign up for their rewards programs and newsletters, too. If you’re able to score a deal, it might be time to move that date up. Pronto.

8. Make a date night out of budgeting for date night

When the well runs dry, one of the best ways to save money on date night may not be the most exciting—but it is the easiest: Devote one of your dates to a budgeting session and brainstorm ideas. Make sure to set an overall budget for what you want to spend on your dates, either weekly or monthly. Having a number and concrete plan will help you stick to your date night budget.

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“Staying creative allows you to remain flexible and not bound to simply doing the same thing over and over.”

– Dustyn Ferguson, personal finance blogger at Dime Will Tell

Ferguson says he and his girlfriend use two different numbers to create their date night budget: how much disposable income they have left after paying their monthly expenses and the number of date nights they want to have each month.

“You can decide how much money you can spend per date by dividing the total amount you can allocate to dates by the amount of dates you plan to go on,” Ferguson says. You may also decide you want to allot more to special occasions and less to regular get-togethers.

Put your date night savings toward shared goals

Once you’ve put these creative ways to save money on date night into practice, think about what you want to do with the cash you’re saving. Consider putting the money in a special savings account for a joint purpose you both agree on, such as planning a dream vacation, paying down debt or buying a home. Working as a team toward a common objective can get you excited about the future and make these budget-friendly date nights feel even more rewarding.

The post 8 Ways to Save Money on Date Night appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

How to Escape Debt in 2016

How to Escape Debt in 2016

The new year is right around the corner and if you’re like most people, you’ve probably got a running list of resolutions to achieve and milestones to reach. If getting out of debt ranks near the top, now’s the time to starting thinking about how you’re going to hit your goal. Developing a clear-cut action plan can get you that much closer to debt-free status in 2016.

1. Add up Your Debt

You can’t start attacking your debt until you know exactly how much you owe. The first step to paying down your debt is sitting down with all of your statements and adding up every penny that’s still outstanding. Once you know how deep in debt you are, you can move on to the next step.

2. Review Your Budget

A budget is a plan that sets limits on how you spend your money. If you don’t have one, it’s a good idea to put a budget together as soon as possible. If you do have a budget, you can go over it line by line to find costs you can cut out. By eliminating fees and unnecessary expenses like cable subscriptions, you’ll be able to use the money you save to pay off your debt.

3. Set Your Goals

How to Escape Debt in 2016

At this point in the process, you should have two numbers: the total amount of money you owe and the amount you can put toward your debt payments each month. Using those two figures, you should be able determine how long it’s going to take you to pay off your mortgage, student loans, personal loans and credit card debt.

Let’s say you owe your credit card issuer $25,000. If you have $500 in your budget that you can use to pay off that debt each month, you’ll be able to knock $6,000 off your card balance in a year. Keep in mind, however, that you’ll still need to factor in interest to get an accurate idea of how the balance will shrink from one year to the next.

4. Lower Your Interest Rates

Interest is a major obstacle when you’re trying to get out of debt. If you want to speed up the payment process, you can look for ways to shave down your rates. If you have high-interest credit card debt, for instance, transferring the balances to a card with a 0% promotional period can save you some money and reduce the amount of time it’ll take to get rid of your debt.

Refinancing might be worth considering if you have student loans, car loans or a mortgage. Just remember that completing a balance transfer or refinancing your debt isn’t necessarily free. Credit card companies typically charge a 3% fee for balance transfers and if you’re taking out a refinance loan, you might be on the hook for origination fees and other closing costs.

5. Increase Your Income

How to Escape Debt in 2016

Keeping a tight rein on your budget can go a long way. But that’s not the only way to escape debt. Pumping up your paycheck in the new year can also help you pay off your loans and increase your disposable income.

Asking your boss for a raise will directly increase your earnings, but there’s no guarantee that your supervisor will agree to your request. If you’re paid by the hour, you can always take on more hours at your current job. And if all else fails, you can start a side gig to bring in more money.

Hold Yourself Accountable

Having a plan to get out of debt in the new year won’t get you very far if you’re not 100% committed. Checking your progress regularly is a must, as is reviewing your budget and goals to make sure you’re staying on track.

Photo credit: Â©iStock.com/BsWei, ©iStock.com/marekuliasz, ©iStock.com/DragonImages

The post How to Escape Debt in 2016 appeared first on SmartAsset Blog.

Source: smartasset.com

How To Balance Working And Going To College

5 Tips For Working Students In CollegeMore and more are choosing to attend college and work at the same time.

Whether you are working a part-time or a full-time job, it can be tough to balance both. There are many working students in college who are able to manage both, but there are also many who aren’t able to.

If you don’t balance them both correctly, it may lead to stress, lower grades, low-quality work being produced, and more.

No one wants that and I’m sure you don’t either.

Related: 21 Ways You Can Learn How To Save Money In College

This is supposed to be the time of your life where you are growing and changing, not feeling like you are drowning in everything that is going on around you.

There are ways to get around it and manage both successfully at the same time, though.

I took a full course load each and every semester, worked full-time, and took part in extracurricular activities. It was definitely hard and I won’t lie about that. However, sometimes a person doesn’t have a choice and has to do everything at once or maybe you are choosing to multi-task and you are wanting to better manage your time.

Related post: How I Graduated From College In 2.5 Years With 2 Degrees AND Saved $37,500

Whatever your reason may be, below are my tips for working college students. The tips below are what helped save me!

 

Carefully plan your class and work schedule.

My first tip for working college students is to carefully plan your class and work schedule.

Some students just choose whatever classes are offered. However, it is much wiser to carefully craft your school and work schedule so that everything flows together efficiently with minimal time wasted.

You can do this by researching into what classes are offered when and trying to eliminate any gap that may be in-between each class. Having an hour or two break between each class can quickly add up. Also, if you happen to have time off between classes, then using this time to do your homework and/or study can be a great use of time as well.

Related post: How I’m a Work-Life Balancing Master

 

Eliminate any time that may be wasted.

There are many time sucks that you may encounter each day. A minute here and a minute there may add up to a few hours wasted each day.

The time you save could be used towards earning more money at your job, studying, socializing, or whatever else it is that you need or want to do. For working college students, every minute is important.

There are many ways to eliminate any time wasters including:

  • Cut down on your commute time. If you can find a job near your college campus then you can eliminate a lot of traveling time.
  • Prep your meals ahead of time. If you can bulk make your meals instead of individually making each one, you will be able to save a lot of time.
  • Be aware of how much time you spend on social media and TV. The average person wastes many, many hours on social media and watching TV. Cutting back on this may save you hours each day without you even realizing it.

Related post: 75 Ways To Make Extra Money

 

Separate yourself from distractions.

Working college students experience a lot of distractions.

Noise in the background, such as with a TV that is on or a party your roommate may be throwing, can distract you from what you need to be doing. If you are trying to study or do homework then you should try to find a quiet place to get work done.

You may want to close your bedroom door, hide the remote from yourself (trust me, this works!), go to the library, or something else.

Related: 16 Best Online Jobs For College Students

 

Have a to-do list and a set schedule.

Having a to-do list is extremely helpful for working students in college because you will know exactly what has to be done and by when. You will then have your responsibilities sitting there right in your face so that you will have to face reality.

Plus, I know that when I am stressed it can be easy to forget things, so having a to-do list eliminates any valuable minutes I may waste debating about whether I forgot to do something.

 

Working students in college need to be realistic.

While one person may be able to work like crazy and attend college at the same time, not everyone can do that.

If your grades are dropping, then you may want to analyze whether you should drop your hours at work or school. What is more important to you at this time and for your future?

With the tips above for working students in college, you’ll be able to rock both your job and your college classes at the same time. Don’t forget to fit in time for fun as well. Good luck!

Are you one of the many working college students out there? Why or why not?

 

The post How To Balance Working And Going To College appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

How to Prepare for the End of Your Unemployment Benefits

Before the coronavirus reached the U.S., unemployment was low and few could have anticipated a global pandemic. However, as the pandemic and ensuing recession took hold, a record-breaking number of people filed for unemployment benefits to stay financially afloat.

“COVID-19 led to an incredible number of American workers being without work,” says Julia Simon-Mishel, an unemployment compensation attorney. “And it’s caused a huge need for individuals to file for unemployment insurance.”

Unemployment insurance, or unemployment benefits, can offer an essential lifeline. But if you’ve never accessed these benefits before, you may have questions about how they work. You might also be asking: What do I do when my unemployment benefits run out and I’m still unemployed?

This article1 offers tips about what you need to know about filing an unemployment claim. It also addresses the following questions:

  • How do you prepare for the end of unemployment benefits?
  • Can your unemployment benefits be extended?
  • What can you do when unemployment runs out?
  • Can you refile for unemployment after it runs out?

A record number of people have filed for unemployment, and many are wondering what to do when unemployment runs out.

If you’re just getting ready to file or need a refresher on the basics of unemployment benefits, read on to have your questions answered.

If you’re already collecting benefits and want to know what happens once you reach the end of the benefit period, skip ahead to “Steps to take before your unemployment benefits run out.”

Common questions about unemployment benefits

Experiencing a job loss is challenging no matter what. Keep in mind that you’re not alone, and remember that unemployment benefits were created to help you.

As you consider how to prepare for the end of unemployment benefits, remember that you're not alone.

While they’re designed to provide financial relief, unemployment benefits are not always easy to navigate. Here’s what you need to know to understand how unemployment benefits work:

What are unemployment benefits?

Unemployment insurance provides people who have lost their job with temporary income while they search for and land another job. The amount provided and time period the benefits last may vary by state. Generally, most states offer up to half of a person’s previous wages in unemployment benefits for 26 weeks or until you land another full-time job, whichever comes first. Requirements and eligibility may vary, so be sure to check your state’s unemployment agency for guidance.

How do you apply for unemployment benefits?

Depending on where you live, claims may be filed in person, by phone or online. Check your state government’s website for details.

Who can file an unemployment claim?

This also may vary from state to state, but eligibility typically requires that you lost your job or were furloughed through no fault of your own, in addition to meeting work and wage requirements. During the coronavirus pandemic, the government loosened restrictions, extending unemployment benefits to gig workers and the self-employed.

When should you apply for unemployment benefits?

Short answer: As soon as possible after you lose your job. “If you are someone who has had steady W2 work, it’s important that you file for unemployment the moment you lose work,” Simon-Mishel says. The longer you wait to file, the longer you’re likely to wait to get paid.

When do you receive unemployment benefits?

Generally, if you are eligible, you can expect to receive your first benefit check two to three weeks after you file your claim. Of course, this may differ based on your state or if there’s a surge of people filing claims.

Can unemployment benefits be extended? Check your state’s unemployment insurance program page for updates.

2020 enhancements to unemployment benefits for freelance and contract workers

In early 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act. In addition to other benefits, the CARES Act created a new program called Pandemic Unemployment Assistance. This program provides unemployment benefits to independent contractors and other workers who were typically ineligible. That means that if you don’t have steady W2 income—for instance, freelance and contract workers, those who file 1099s, farmers and the self-employed—you still may qualify for unemployment benefits.

“That program is a retroactive payout,” Simon-Mishel says. “If you’re just finding out about that program several months after losing your job, you should be able to file and get benefits going back to when you lost work.”

Because legislation affecting unemployment benefits continues to evolve, it’s important that you keep an eye out for any additional stimulus programs that can extend unemployment benefits. Be sure to regularly check your state’s unemployment insurance program page for updates.

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“It’s really important to keep on top of all the information out there right now and be aware of what benefits are available to you.”

– Julia Simon-Mishel, unemployment compensation attorney

Steps to take before your unemployment benefits run out

In a perfect world, your job leads would become offers long before you reached the end of your unemployment benefits. But in reality, that’s not always the case.

If you’re still unemployed but haven’t yet exhausted your benefits and extensions, you may want to prepare for the end of your unemployment benefits as early as possible so you don’t become financially overwhelmed. Here are four tips to help you get through this time:

Talk to service providers

Reaching out to your utility service providers like your gas, electric or water company is one of the first steps John Schmoll, creator of personal finance blog Frugal Rules, suggests taking if you’re preparing for the end of unemployment benefits.

“A lot of times, either out of shame or just not knowing, people don’t contact service providers and let them know what their situation is,” Schmoll says. “[Contact them to] see what programs they have in place to help you reduce your spending, and basically save as much of that as possible to help stretch your budget even further.”

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Save what you can

To help prepare for the end of your unemployment benefits, a few months before your benefits end, Schmoll suggests cutting back spending as much as possible, focusing only on necessities.

“If you can try and save something out of the benefits that you’re receiving while you’re receiving them—it doesn’t matter if it’s $10 or $20—that’s going to help provide some cushion,” Schmoll says. Keep those funds in a separate account if you can, so you’re not tempted to spend them. That way you’re more prepared in case of an emergency.

If you hunkered down during your period of unemployment and were able to save, try to resist the urge to splurge on things that aren’t necessary.

“There might be temptation to overspend, but curtail that and focus on true necessities,” Schmoll says. “That way when [or if] you receive an extension on your benefits, you now have that extra money saved.”

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Saving money can be a good way to prepare for the end of your unemployment benefits.

Saving money can be a good way to prepare for the end of your unemployment benefits.

Seek additional financial aid

If you find that your savings and benefits aren’t covering your expenses, and you’re reaching a point where you no longer qualify for benefits, look into other new benefit programs or features designed to help during times of crisis.

For example, there are programs across the country to assist people with rent or mortgages, Simon-Mishel says. Those programs are generally designed to keep those facing financial hardship from losing their home or apartment. You may need to show that you are within the programs’ income limits to qualify, or demonstrate that your rent is more than 30 percent of your income. These programs vary widely at the state and even city level, so check your local government website to see what might be available to you.

As you prepare for the end of your unemployment benefits, explore which government benefits or government agency may be best suited for your needs.

Keep up with the news

During economic downturns, government programs and funds often change to keep up with evolving demand.

“It’s really important to keep on top of all the information out there right now and be aware of what benefits are available to you,” says Simon-Mishel. “You should closely pay attention to the social media of your state unemployment agency and local news about other extension programs that might be added and that you might be eligible for.”

Pay attention to social media and local news as you prepare for the end of your unemployment benefits.

Options for extending your unemployment benefits

If you’re currently receiving benefits, but they’ll be ending soon, you’re likely wondering what to do when your unemployment runs out and asking if your unemployment benefits can be extended. Start by confirming when you first filed your claim because that will determine your benefit end date.

If you’re wondering, “Can you refile for unemployment after it runs out?” the answer is yes, but you’ll have to wait until your current “benefit year” expires. Note that a benefit year is 12 months from when you file a claim. If you filed at the beginning of June, for example, you generally can’t file again until the beginning of the following June.

You may get 26 weeks of unemployment benefits, depending on your state’s rules at the time. Most states extended the payout period to 39 weeks in the wake of the COVID-19 crisis. Check your state’s website for the particulars on what to do when your unemployment runs out.

If your claim is still active but you’ll be in need of additional financial relief after your unemployment benefits run out, here are your options:

File for an unemployment extension

During extraordinary economic times, such as the coronavirus pandemic, the federal government may use legislation like the CARES Act to offer people more benefits for a longer period of time, helping many people concerned about whether unemployment benefits can be extended.

Can you refile for unemployment after it runs out? It can vary by state, so reach out to your unemployment office.

For example, in 2020, for most workers who exhaust, or receive all of, their unemployment benefits, a 13-week extension should automatically kick in, Simon-Mishel says. This would bring you up to 39 weeks total. However, if more than a year has passed since you originally filed and you need the extension, you will likely need to file a short application provided by the government. Details vary by state.

As you’re determining what to do when your unemployment runs out, reach out to your unemployment office. It’s important to do this before your benefits expire so you can avoid a missed payment. You can also confirm you’re eligible and that you can refile for unemployment after it runs out.

Ask about the Extended Benefits program in your state

Can unemployment benefits be extended beyond that? In periods of high unemployment, you may qualify for a second extension, depending on your state.

“After those [first] 13 weeks, many states have added a new program called Extended Benefits that can provide another 13 to 20 weeks of unemployment when a state is experiencing high unemployment,” Simon-Mishel adds. This means you may be able to receive a total of up to 59 weeks of unemployment benefits, including extensions. The total number of weeks of unemployment you may receive varies based on your state and the economic climate.

It’s hard enough keeping up with everything as you prepare for the end of unemployment benefits, so don’t worry if you don’t have your state’s benefits program memorized. Visit your state’s unemployment insurance program page to learn more about what benefits are available to you.

For anyone considering what to do when unemployment runs out, it's important to take things one day at a time.

Beyond unemployment benefits

While life and your finances may seem rocky now, know that you’re not alone. Remember that there are resources available to help support you, and try to take things one day at a time, Schmoll says.

“Realize that at some point your current situation will improve.”

If you find that your benefits aren’t covering all of your expenses, now may be the time to dip into your cash reserve. Explore these tips to determine when it’s time to use your emergency fund.

1 This article is not legal advice and should not be construed as such. Eligibility for unemployment benefits may be impacted by variations in state programs, changes in programs, and your circumstances. If you have questions, you should consider consulting with your legal counsel, at your expense, or seek free assistance from your local legal aid organization.

Articles may contain information from third-parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third-party or information.

The post How to Prepare for the End of Your Unemployment Benefits appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

‘I Lost My Job—and My Dream House’: How This First-Time Home Buyer Bounced Back

houseKaterina Rieckel

Imagine finding your dream home, then, a week before closing the deal, losing your job—and the house. House hunting during the coronavirus pandemic is no picnic.

COVID-19 has caused seismic changes not only to real estate markets, but also to the lives of home buyers hit with layoffs, furloughs, and other financial challenges. Just ask Katerina Rieckel, a digital strategist, knitwear designer, and first-time home buyer who, with her husband, was set to close on a glorious farmhouse in upstate New York in March.

But about a week before sealing the deal, Rieckel was laid off, which meant that she and her husband, a claims adjuster, could no longer afford the place.

As a part of our new series, “First-Time Home Buyer Confessions,” we asked Rieckel to share her story, and the hard-won lessons she wants to share with other first-timers.

Let her experiences show that even unemployment doesn’t need to spell the end of a house hunt—although it may require you to dust yourself off after a loss and try, try again.

home
Katerina Rieckel’s farmhouse in upstate New York

Katerina Rieckel

Location: Troy, NY
House specs: 1,544 square feet, 3 bedrooms, 2 bathrooms
List price: $249,900
Price paid: $245,500

2020 has been a wild one. How did you end up buying a home in the middle of a pandemic?

We started looking for a house a year ago, about halfway through the summer. At the time, both my husband and I had recently got new jobs, so the first issue we ran into was getting pre-qualified for the mortgage without a long track record at those companies. We also both felt pressure, as our jobs were very new.

What were you looking for in a house, and what was your budget?

We were looking for a house in the country that was move-in ready, private with at least 5 acres. We started off with a small budget, max $200,000, which made our choices more narrow.

Our search continued well into the winter, and around January 2020, we finally saw a house that was all we ever dreamed of and more. It was over our budget, at $229,000, but it had been listed for over a year, so we felt there was a good chance we could get it for less than the asking price.

What did you love about this house?

It was a beautiful, slate-blue farmhouse sitting on top of a hill, surrounded by woods. The house was warm and inviting, with chickens running around, as well as a big diving pool, and a workshop in the basement connected with a two-car garage. We got along with the owners really well, and we were going to keep the chickens. Everything went very smoothly, until just over a week before closing.

house
Rieckel and her husband almost bought this house, but it wasn’t in the cards.

Global MLS

So what went wrong?

It was March, and COVID-19 hit hard. The digital marketing agency I worked for had clients pause their work for unknown time. I was laid off, which meant we couldn’t afford the house anymore, and had to back out of the deal.

I was crushed. We didn’t know what was going to happen, and the country was under a lockdown. We had plans for my parents to come visit us in our new house, but instead, I ended up with no job, no house, and I couldn’t see my family, since they live in Europe.

In the summer, I was very fortunate to get my job back. So we resumed our house hunt and began to search for a new contender.

When you started the search again, how had COVID-19 changed the market?

The housing market in upstate New York got totally crazy. I heard there were houses being sold within hours. The market was just incredibly competitive, and not many houses were being listed, as a lot of people didn’t want to let strangers in their house during the pandemic.

We saw about seven to 10 houses in person, but they usually ended up disappointing us, with some strange arrangements. For example, one house had around 25 acres, but half of that acreage was on the other side of the road, behind other people’s houses, which made it almost impossible to use.

home
The couple’s pet cat has settled into their new digs, too.

Katerina Rieckel

With such a competitive market, how did you end up finding the right house?

Finally, around halfway through the summer, I saw a house listed that I hadn’t noticed before. I called on it right away and set up a showing that evening.

The real estate agent told me we were really fast, as he had just relisted this house. Someone had been buying it, but backed out of the process because of personal reasons.

porch
Their house has tons of privacy and a great view.

Katarina Rieckel

How did you know this house was the one?

The house had over 10 acres, it was in the country, and about 35 minutes to Troy. It was move-in ready, but definitely needed upgrades, as it looked like it got stuck in the ’80s.

Even though we didn’t like the style that much, we felt instantly comfortable and decided to put in an offer that same evening. It was partly due to the pressure of the market, but in the end, we are really happy we made this decision.

house
This house was totally 1980s, but Rieckel has been slowly updating it.

Katerina Rieckel

What surprised you most about the home-buying process?

Nothing prepares you for the amount of aggravation you have to go through. Buying a house is like getting a second job for about three months.

living room
After a little work, Rieckel’s home looks lovely.

Katerina Rieckel

What’s your advice for aspiring first-time home buyers?

Don’t trust the photos! The photos got me a few times. For example, a lot of times, the photos of the house are taken so that you can’t see the neighboring houses.

You think, “Wow, that looks so private!” Then you drive there, and you realize there’s a house sitting right next to it. Since privacy was very important to us, we got disappointed a few times by this. We started doing drive-bys first, before going in with a real estate agent, whenever possible.

Christmas decorations
Rieckel moved in in time to enjoy her new home for the holidays.

Katerina Rieckel

Anything else home buyers should look out for?

Call the real estate agent and ask a lot of questions before you even go see the house, like what the property and school taxes are—very important around here.

You also want to know what kind of heating the house has, as electric bills can really add up over the winter.

The driveway can also be a huge issue, which is why I think the first house we were buying was for sale for such a long time. It had a pretty steep driveway, which was definitely an all-wheel drive kind of thing in the winter.

We also changed who we were financing with while we were going through closing. We needed someone well-informed about the economy, who knew what they were doing and was ready to act fast.

Our first mortgage broker didn’t tell us as soon as interest rates started to go up—and basically sat on the information for a while. This is when we stopped trusting this person and went to work with a bank instead.

Maybe the best advice is not to fall in love with a house too quickly, since there can be so many setbacks that you will not see coming.

Katerina Rieckel
It took a little longer than expected, but this family is finally happy in their new home.

Katerina Rieckel

The post ‘I Lost My Job—and My Dream House’: How This First-Time Home Buyer Bounced Back appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

Home Buyer’s Guide: How to Purchase a Property, From Start to Finish [Free Download]

Purchasing a home is both exciting and a major milestone in your life, so you’ll want to be prepared for what to expect to avoid a stressful process. Having an in-depth look at the buyer’s journey can help you make informed and confident decisions.

From finding a real estate agent, negotiating offers to getting your keys on closing day, we’ve outlined all the steps of a home buyer’s journey in our free Buyer’s Guide, which you can download here.

The Buyer’s Guide will cover the buyer’s timeline from meeting an agent to preparing for closing day. We’ve outlined the 8 steps in a home buyer’s journey below.

1. Working With An Agent

Every city is filled with thousands of agents, but not all are equal. We believe it is important to choose an agent that you feel confident with. Before you commit to working with an agent, make sure you have a good understanding of the knowledge and experience they offer. It’s important that you ask your questions before making the decision to work with them.

2. Financing Your Purchase

Before you set a budget and start looking for a home, you’ll have to understand what costs to expect when purchasing a home. Here are some of the major costs involved:

  • Deposits
  • Down payments
  • Mortgage insurance
  • Closing costs

You’ll also want to calculate a rough estimate of the down payment that you will be expected to pay. Depending on the price of your home, your minimum down payment can range from 5% to 20%. If you’re interested in learning more about how to finance your home, you can get our free Financing Your Purchase guide here.

3. Searching For A Home

An important part of searching for a home is understanding how the home will fit with your needs and your lifestyle. You’ll want to consider home ownership as well as different types of properties and features. 

Types of Home Ownership

  • Freehold Ownership
    • You purchase the home and directly own the lot of land it sits on
  • Condominium Ownership
    • For condos, you own specific parts of one building: titled ownership of your unit, along with shared ownership in the condo corporation that owns the common spaces and amenities
  • Co-Op Ownership
    • You own an exact portion of the building as a whole and also have exclusive use of your unit

Types of Properties

  • Detached houses
  • Semi-detached houses
  • Attached houses
  • Condos and apartments
  • Multi-unit

Tip: Depending on your budget and desired location, you may need to be flexible to find a home that meets your needs. By being willing to trade some features for others, you’ll have more options to choose from.

4. Negotiating An Offer

When you are making an offer to purchase a home, the purchase agreement should include the essential components listed below. Your agent can help put together an offer that is compelling, while safeguarding your interests and puts you in a competitive position to secure your new home.

You’ll also have the opportunity to choose the conditions that you’ll want in your offer. Some of these may include a home inspection or a status certificate review.

5. Financial Due Diligence

Whenever you make an offer on a house, you need to provide a deposit to secure the offer. The deposit is in the form of a certified cheque, bank draft, or wire transfer; it’s held in trust by the selling brokerage and is applied towards your down payment if your offer is successful.

There are two types of deposits:

  • Upon acceptance
    • The deposit is provided within 24 hours of the seller choosing your offer
  • Herewith
    • The deposit is provided when the offer is made

6. Property Due Diligence

To firm up a deal or educate yourself more on the state of the property, you’ll likely want to have a home inspection if you’re purchasing a house. If you’re purchasing a condo, then your lawyer will review the building’s status certificate.

Home Inspection

A home inspector will assess elements of the home such as the walls, windows, plumbing, heating and roof to judge the condition of the home. This process is non-invasive and is essential to help provide buyers with a good idea of the home’s current condition and the confidence of putting in an offer. 

Tip: The home inspector will provide a summary of suggested work along with a minimum budget estimate for the repairs needed. 

Status Certificates

If you’re purchasing a condominium, you’ll need to obtain a status certificate from the condo board or management for your lawyer’s review. This document will include valuable information about the condo’s budget, legal issues, reserve fund, maintenance fees and future fees increases – and the lawyer can help identify potential red flags

7. Preparing For Closing

Before the big day, you’ll want to keep a checklist of what to do ahead of time. Some of these include:

  • Review your contract
  • Complete a final walkthrough of the home
  • Purchase home insurance
  • Meet with your lawyer
  • Know how much cash you’ll need
  • Secure cash required for closing

8. Closing Day

Closing Day is when you’ll finally get the keys to your new home! In addition to bringing the cash required for closing, you’ll have to sign a few more documents which will include:

  • Mortgage loan
  • Title transfer
  • Statement of adjustments
  • Tax certificates

For the full details on the home buyer’s journey including examples, advice, pictures and sample calculations, download a copy of our free Buyer’s Guide here.

The post Home Buyer’s Guide: How to Purchase a Property, From Start to Finish [Free Download] appeared first on Zoocasa Blog.

Source: zoocasa.com

How to Still Pay Your Bills During a Layoff or When You Miss A Check

The post How to Still Pay Your Bills During a Layoff or When You Miss A Check appeared first on Penny Pinchin' Mom.

More than 800,000 Americans are currently affected by the government shut down. And, while it would make sense to force our congressmen and senators to also not get paid during that time, it just won’t happen.

survive a layoff

Even though you may not be working and getting a paycheck, it doesn’t mean the bills stop.  You still need to feed your family and take care of yourself.

The truth is that a layoff or furlough can happen to anyone at any time. And, if you already struggle to live paycheck to paycheck, not getting paid will certainly increase your stress level.

WHAT DO DO IF YOU MISS A PAYCHECK

First off, if you aren’t getting paid, you need to take a deep breath. I know it is stressful and you are struggling, but it is all going to be OK.

Your first instinct may be to go take out a second mortgage or unsecured loan.  You might be tempted to get some additional credit cards.  And, that retirement account may be calling your name.

Don’t do that.

All you are doing is adding more stress by increasing your debt or tax liability.  Then, when you do start having paychecks again, you end up with more bills to pay.

It may be a short term fix, with long-term consequences.  Just don’t do it.

Go ahead and have a good cry.  Then, wipe your tears and create a plan.

 

1. MAKE SURE YOU HAVE A BUDGET

If you don’t have a budget, there is no time like the present to make one.  A budget is not going to restrict you from spending money.  In fact, it is the opposite.

Your budget shows you where you spend your money.  And, more importantly, where you might be able to cut back. It could mean stopping your gym membership and not dining out.  It could even mean canceling your cable service.

A traditional budget will show the income you bring in.  But, if you don’t have any regular paychecks, how do you do this?  You make your budget with the money you do have.

Don’t include the amount you normally make, but rather, just the amount currently coming in.  If there is no money at all, then create your budget with the money you have on hand.  You need to get everything out of every penny you make.

Your budget is crucial to surviving a layoff, furlough or government shut down.

 

2. COVER YOUR NEEDS

If you look at your budget, there are wants and needs.  A want is cable.  A need is housing.  When there is no money coming in (or less than usual), you must cover your needs.   This means making sure you pay for:

Housing
Food
Clothing
Transportation

Look at your budget and cover these expenses first.  Don’t pay your cable bill if you can’t put food on the table.  Cable is not important right now, but you must feed your family.

Once you cover your basic needs pay other bills in order of importance.  Don’t worry about the credit card bills right now – but pay your utilities.

You can’t pay everyone.  There is no getting around that.  Pay those you need to in order to protect your family.

 

3. SELL THINGS

A simple way to generate some quick cash is to find things you do not need and sell them.  The added bonus is that you get a chance to clean out the basement or the garage.

Use sites such as LetGo or Craigslist to sell big items.  If you have clothing check out ThredUp or Poshmark.  There is always someone who needs something.

 

4. STOP PAYING OFF DEBT

If you are in the midst of getting out of debt, you’ll have to stop — for now.  Getting out of debt can’t be your priority at this time.  You have to make sure you are taking care of your family.

Once your income returns to normal levels, you can pick up your debt snowball right where you left off.  And, if that means the balance had to increase in the short term, so be it.

 

5.  CUT BACK

When you struggle financially, it’s time for some big changes.  The first thing to do is look at your food bill.  See what you can cut from your spending.  Do some searches on Pinterest for very cheap family meals that you can make.

You may also want to check out different grocery stores.  For example, if you live near an ALDI, make a trip there to shop.  You’ll find almost everything you need, at very low prices.  You aren’t sacrificing quality.  You are just making the most of every dollar you spend.

Take a deep look at your budget and get rid of things such as monthly subscriptions like Hulu, gyms, etc.  You can always start these up again when you increase your income.  Once your income returns, you get to add these back in.  These are temporary cut backs just to help you survive this time.

 

6.  MAKE SOME CALLS

It is important to reach out to all of your providers and lenders to let them know you are part of the government shut down, or in the midst of a layoff.  You don’t want to risk getting service shut down due to lack of payment.

While many of them may not be able to make any concessions, they might be able to give you an additional month to pay or not charge a late fee.  But, you will never know unless you ask.  What’s the worst thing that will happen?

Note that during the winter months, utility companies are not allowed to discontinue services, but they can during other times of the year.

 

7. GET A SIDE HUSTLE OR TEMPORARY JOB

When there is no money coming in, you’ve got to find a way to change that.  It may be time to add a side-hustle. It could mean working fast food or getting a job at Walmart.  You just have to find a way to bring in money during this short period of time.

If your layoff or furlough is temporary, you may not be able to get another job. It could be part of the terms of your employment, so it is not an option.  That means you need to try a side-hustle.  It might mean you are an Uber driver or even tutor kids.

 

8.  ASK FOR HELP

Check your local food pantry or church to ask for help.  These organization can provide food and even money to help cover your bills.   You may also have family members who are willing to help by paying for your groceries or covering your electric bill.  But, you have to ask.

You have a family to provide for, so you can’t let your pride get in the way of getting them what they need.

 

WHAT DO WHEN YOU START GETTING PAID AGAIN

Once you are back at work and your income is back to what it was previously, don’t just go back to your spending like before.  You don’t want to struggle again should you find yourself in this same situation.

The most important thing to do is to work on building your emergency fund.  The idea is to build it up to have at least 3 – 6 months worth of living expenses covered.  I know it sounds like a lot.  And, it probably is.

You won’t build it up all at once.  It will take time.  But, you can do things such as sell more items or get a second job.  Even if you start saving just $10 a week, you’ll have saved more than $500 in a year.

surviving a layoff

The post How to Still Pay Your Bills During a Layoff or When You Miss A Check appeared first on Penny Pinchin' Mom.

Source: pennypinchinmom.com

Do College Rankings Matter?

student at college campus mobile

All articles about college rankings should perhaps be read with a grain of salt and primarily through a lens of what matters most to individuals about the college experience and what they’re hoping it will be an investment toward.

Prominent publications and people have conveyed a variety of views about whether college rankings matter:

The editor-in-chief of the Science Family of Journals said no in May 2020. “To any logical scientific observer, the fine distinctions of where schools show up on this (U.S. News & World Report Best Colleges) list are statistically meaningless—but try telling that to a roomful of alumni or parents,” H. Holden Thorp wrote.

Ian Bogost, distinguished chair at Georgia Tech, wrote in The Atlantic in June 2020: “The absurdity of a numerical ranking mechanism for colleges becomes apparent the moment you look at how U.S. News calculates it. The methodology reads like a Dungeons and Dragons character sheet: 8% for class size; 10% for high-school-class standing; 4.4% for first-to-second-year student retention, and so on.”

But just because the consensus leans toward “no” doesn’t mean it should be the last word on anyone’s ultimate decision about where to go to school.

Even U.S. News & World Report says on its best-colleges website: “The rankings provide a good starting point for students trying to compare schools. … The best school for each student, experts say, is one that will most completely meet his or her needs, which go beyond academics.”

What Are the College Rankings?

There is no single, ultimate, etched-in-stone set of college rankings. All over the world, there are entities using a wide array of criteria to appraise universities.

Rather than expecting a “yes” or “no” to the question of whether college rankings matter, it would be more beneficial to understand why “It depends” could be more appropriate.

If you’re aiming for an education from a prestigious school, and money is no object—well, first of all, congratulations and good luck.

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How to Plan a Budget If Your Home Is a Fixer Upper

When your home is a fixer-upper, it can be difficult to even know where to start with a renovation. The list can be overwhelming—fix the patio, change out the mustard yellow carpet, buy furniture, paint the house. With a never-ending to-do list, planning a budget can seem virtually impossible.

By sorting through your list of wants and needs and focusing on essentials, you can outline a budget that won’t keep you up at night. Here are some tips on how to plan a budget for turning your fixer-upper into your first dream home.

How to Plan a Budget If Your Home is a Fixer Upper

1. Sort through the “wants” and “needs.”

Where do you even start with a renovation budget? With a limited fixer-upper budget, it’s essential to make functionality the first priority. When the roof is leaking and your fridge is dead, this is where the budget begins. First, determine what infrastructure items require repair or an essential upgrade, as these are typically big-ticket items. Next, focus on beautifying projects that will reap benefits in the long run, like bathrooms and kitchens. Hold off on budgeting fancy appliance upgrades and expensive decor if you already have working items—these can come at a later time after you take care of all the essentials.

How to Plan a Budget If Your Home is a Fixer Upper

2. Consider purchasing used over new.

Give your budget more flexibility by going for used over new with certain big-ticket items. Used appliances, for instance, can be found in great condition from other remodels or homeowners upgrading to the latest technology. Used furniture is also a fantastic way to keep your fixer-upper budget low. Don’t forget—sofas, vintage chairs, tables and more can be easily reupholstered and refinished. They’ll look brand new for just a fraction of the cost. 

How to Plan a Budget If Your Home is a Fixer Upper

3. Be ready to DIY with a gift card.

As a first-time buyer, there’s a 99 percent chance you’ll be diving into the realm of DIY. Learning one or many DIY skills will not only come in handy with home repairs in the future, but it’s a fantastic way to keep labor costs low. If you’re worried your DIY supply budget will get out of hand, however, shop with a gift card to your local hardware store. That way, you’ll always be working with a fixed amount of money and won’t be tempted to add on any expensive extras. It’s a guaranteed way to keep your budget in check.

How to Plan a Budget If Your Home is a Fixer Upper

4. Get creative.

Fixer-uppers are great hands-on projects, and creative solutions are key for keeping your budget in line. For items like cabinetry that may be in good condition but out of style, get creative with refinishes to bring new life into your space. Give your kitchen a fresh take by painting cabinets in a modern shade, or reface them for a whole new look without the added cost of all-new cabinetry. Replace hardware on cabinetry, furniture and built-ins to make your pieces feel brand new. Even outdated fireplaces, doors, furniture and windows can go a long way with a fresh coat of paint and new hardware. Consider this cheap alternative to help save room in your budget for the fun stuff.

How to Plan a Budget If Your Home is a Fixer Upper

5. Let the professionals help.

Whether you’re starting with the kitchen or diving into a full-scale remodel, don’t be afraid to seek professional help. No matter what your budget, a professional’s advice can help ensure that your renovation has as few hiccups as possible. City codes, minute details and hidden elements can wreak havoc on projects, so let a master guide you through those hurdles instead of trying to blindly tackle them yourself. Don’t let the potential price tag deter you from investing in having expert guidance—many architects and designers have options for paying an hourly rate. This is a great option, especially for fixer-upper and DIY projects, as it allows your plans to be looked over by professionals without the price tag of a full design scope. 

What are your must haves for your fixer-upper?
 
 
Kerrie Kelly is a California interior designer who has helped many young couples choose their “first-home-together” decor. Kerrie writes on her design experiences for The Home Depot, offering homeowners ways to save money without compromising design.
 

Source: quickanddirtytips.com