Finance Archives - Page 2 of 25

How to Afford Your Next Family Trip to the Doctor’s

December 23, 2019 by Mandy

It’s stressful anytime your kid gets sick. But it can be downright scary when you can’t afford healthcare costs. If you’re worried your bank account can’t handle a trip to the doctor’s office, check in with these tips below.

Build Your Health Care into Your Household Budget

Budgeting is all about anticipating your needs, and your family’s health is one of them! Just as you make sure you have enough cash to cover rent and groceries, you should set aside a little bit of each paycheck for doctor’s visits and medication.

The first step is finding out how much you need for a typical checkup, eye test, and other important care. These costs tend to fluctuate between offices, so you’ll have to call around to find out a price.

Once you have a number, this is your savings goal. Cut out unnecessary spending that hogs too much of your cash and reroute it towards your health savings.

Get a Personal Line of Credit

We can’t always plan our trips to the doctor’s office around annual physicals. Sometimes, an emergency happens, and you’re suddenly rushing your child to the clinic for urgent care.

In times like these, a personal line of credit may be a way to cover essential doctor’s fees, medication, and even hospital parking.

Before you get a personal line of credit, it’s important to check your credit report. A peek at this file will help you understand what kinds of rates and terms you may expect with your credit score.

Speak with Your Healthcare Provider

It takes a lot of courage to admit you can’t afford to pay for your family’s healthcare. But once you fess up, you may be surprised by how good it feels getting it off your chest.

Once you get feelings of shame out of the way, you can have a constructive conversation with your doctor about billing. In some cases, your healthcare provider may waive some or all fees if you don’t have insurance.

You may also be able to arrange a payment plan that spreads out the cost of your next visit. Rather than coughing up all the cash right away, you’ll have some time to generate the money you need.

Visit a Free Clinic

While an appointment with an established family doctor may cost a lot of money, a visit to a free clinic may be as the name suggests — free!

Free clinics attempt to fill the gap in the U.S. healthcare system. These federally funded health centers offer regular and emergency health services to people for free or at a nominal cost.

To find a medical, health, or walk-in clinic in your area, visit Free Clinics and put in your zip code.

Bottom Line

Keeping your family happy and healthy isn’t always easy on a tight budget. But it’s not impossible. Check in with your budget and think carefully about how a personal line of credit fits into your healthcare. Between payment plans and free clinics, you’ll be able to find a way to give your family and your finances a clean bill of health.

Things to Consider Before Hiring a Contractor

December 16, 2019 by Mandy

If you’re looking to renovate your home, then you’ve got a lot of different options available to you. Renovating a home can improve the property’s value. If the property is updated, then people may be more motivated to buy it. You may also want to renovate your home to make it look more modern. There are many different designs you can use, and you may even be able to make movement through the home more efficient. Some people like to tear down a wall or add a new hallway. Adding an additional room may be beneficial, and you can make your home larger if you own enough land to do this.

Planning Tips

You should probably work with a contractor if it’s your first time renovating a home. Many people make a full-time living flipping properties, but one small mistake may be very expensive to fix. You’ll want to make sure your renovation plans fit into local code regulations. You’ll also need to ensure you have everything ready before you sign an agreement with the contractor. You don’t want to run out of money halfway through a renovation job. Sometimes you can add the extra costs onto your existing mortgage payment.

You’ll also need to have a safe place to store your furniture. If you’re looking for storage in Grand Prairie TX, then consider working with a reputable company that offers services that meet your specific needs. You shouldn’t rent a huge storage unit if you only need to store a few pieces of furniture. It may also be a good idea to consider buying additional fixtures. Adding lighting and shelving units can make a renovated home look truly beautiful.

Benefits of Working With a Contractor

You can often save money without utilizing the services of a contractor, but it’s usually a better idea if you’re new to renovation projects. Building a new wall or ceiling is a huge task, and those who have years of experience will likely know how to avoid potential pitfalls. Using a contractor is particularly important if you’re renovating a home because it was previously damaged. If you’re not sure about the specific course of action, then you may end up putting yourself or others at risk. If a wall is already damaged, then a contractor will inform you on the best options available. Sometimes it’s safer to simply tear down the wall and rebuild it because the structural damage is too severe.

Completing Projects on Your Own

If you’re confident that you can complete a project yourself, then you’ll need to make sure you have the necessary resources available. You might be great at installing bathroom tile, but a plumber will still be needed to insert the piping. It’s a great idea to do a full outline of the project to make sure you’ll be able to complete it in a realistic manner. Try to get an estimate from a contractor. Sometimes contractor costs will be cheaper because they already own the tools and bulk supplies needed to complete the job.

Questions to Ask a Contractor

You should make sure the contractor is licensed and insured. Ask to see some previous projects. A reputable contractor should have a full portfolio of completed assignments to show customers. If you have any additional concerns, then the contractor should be able to immediately address them. Transparency is extremely important. Ask about any guarantees before you sign an agreement. It’s also a good idea to find out how long a renovation job will take. Some renovation jobs take only a day. Others can take weeks or months.

You may want to ask about any specific style options available to you. Sometimes you have a few different materials to select from. If you’re building walls, then you’ll want to make sure the contractor knows about specific insulation requirements in Texas. These are obviously just a few examples of questions you should ask. You should ideally be able to ask a contractor any question that’s on your mind at the moment. The contractor should be reputable, trustworthy and reliable. Don’t hesitate to shop around if you think there are other companies that may provide better service. Do as much research as possible to make sure the work will be completed as described.

Learn more about debt consolidation loans

November 18, 2019 by Mandy

What is a debt consolidation loan? In this case, a lender issues a single personal loan to the borrower so that he could pay off other debts. The borrower then has to pay personal loan monthly payments for a fixed amount of time to the lender. Your credit profile is going to determine your interest rate.

Debt consolidation happens to be one of the many strategies you could opt to pay off debt. With too much debt on you or fixed spending issues, debt consolidation isn’t of any use to you. As far as the rates are concerned, they vary from lender to lender and base on your financial standing and credit history.

The Requirements of Debt Consolidation

All the reputable and best personal loan lenders require you to be 18 years or older as well as a legal U.S. resident to qualify for a loan with a verifiable bank account. Borrowers with low debt-to-income ratios and excellent credit can qualify for low-interest rates. Those with bad or fair credit score could get an unsecured personal loan based on a steady income.

Some of the best personal loan lenders state that they do not have minimum credit score requirements. This doesn’t imply that your credit score won’t be checked. It is important to know your credit profile. You can use online tools for credit report and credit score checking. Also, once you get that, use a personal loan calculator as well, so you know about your personal loan monthly payments.

Debt Consolidation vs. Balance Transfer Card

A balance transfer credit card is a sound alternative to a debt consolidation loan. They come with an introductory 0% interest rate that rises after a promotional period of no more than 21 months.

You can transfer up to $15,000 credit card debt. After the expiration of the introductory offer, the interest rate on the balance transfer card increases. It is higher than it is on a personal loan. Apart from paying off your balance before the increment in the interest rate, you would want to avoid making any more charges.

Personal loans allow you some benefit over balance transfer cards. The fixed personal loan monthly payments let you pay off your debt after a set period. The borrowing limits tend to be higher as well. Not only that, but personal loans also boost your credit score. If you use all or most of the available credit on the card, your credit score could take a hit.

The personal loan balance is titled as installment debt, which is treated differently in credit scoring formulas compared to revolving debt such as credit cards. And there are so many ways that personal loans can help you in meeting your expenses such as education, wedding, travel, and many more.

Extra measures to take for ensuring the sound financial health

If you have to pay off debt and that is the main reason for borrowing money, getting a personal loan is your best bet. Create a budget for yourself and start to save money. These baby steps could pave a path for your stronger financial future.

If you do not need cash for any immediate need, why not build a strong credit? It is the main factor that determines if you could qualify for a loan or not. You can qualify for more loan opportunities if you have a higher credit score and that, too, with lower interest rates and better loan terms in the long run when you need a loan in the future.

Important Note:

Here is something important that you should know about Annual Percentage Rates (APR). You must have strong knowledge about these things before getting a loan. The Annual Percentage Rates (APR), loan term, and personal loan monthly payments are calculated based on analyzing the information that you give, the information lenders provide, along with your publically available information.

Lenders give you loans with different ranges of APRs after analyzing borrower’s credit and other factors. You should know that only those borrowers having an excellent credit score can win the lowest interest rate. Your APR is determined on factors such as loan term, credit history, credit score, and requested loan amount you require for you needs.

Important Things to Know Before Requesting a Credit Line Increase

November 15, 2019 by Mandy

It is tempting to just give a call to your credit card company and request that they increase your limit especially if they are open to this. Such a move will have an impact on your credit score, and it is important to know how this will happen. The most prudent idea is to dig deeper into this subject. As surprising as it is, most credit card companies are willing to raise the limit especially if you have been using the credit card responsibly. Before you make this move, read the highlights below.

Understand Why You Want the Increase

It is unusual to just wake up and decide that you want a credit card limit increase. Such a decision is triggered by something in your life. Assess if it is indeed necessary to raise this limit. If you have been using the current credit card well within the recommended utilization ratio, you can avoid making any alterations.

You can only increase the limit if the balance is being repaid on time. An increased limit will lower the utilization to a safer level, which will in return boost your credit score. If this is the intended plan, then your decision to increase it is worth the effort.

Your Increase Request Is Likely to Be Approved

When you want to increase the limit, all that you need to do is contact your credit card issuer. In many cases, they approve such requests within a short time. One study found that over 80% of such requests were approved in America.

Although they screen your payment history and utilization ratio, many people are within the recommended ranges. Again, the issuer will not have a problem if you prove a stable source of income.

It Affects Your Credit Score

An increase in a credit card limit has an effect on your credit score in many ways. It could be positive or negative. Currently, the reporting agencies look at your repayment history and credit utilization ratio as some of the considerations for awarding points. But according to the boost credit website, the higher credit limit may tempt you to spend more. In return, you may strain to repay or improve the utilization ratio. Taking all of this into consideration is a great guide for making the right decision.

Your Current Credit Score Will Probably Be Used

Even though the issuer may not have a problem raising this limit, they will most likely review your current credit history and score. It is easy for them because they work closely with the credit bureaus. Their interest is in learning whether or not you have additional credit cards with other issuers and can handle a higher credit card limit.

Conclusion

The above pointers are very essential before making a request to increase your credit card limit. If you are convinced that it is necessary, taking these steps will have a benefit. But for those who are already straining financially while repaying a debt under a lower credit card limit, then the move is not good. Assess the situation carefully and make the right decision.

3 Money Tips for Renting a Property

November 8, 2019 by Mandy

Renting a property is a great option for those who want to avoid the lengthy process and excess fees that come with buying a new home, not to mention the need to have a substantial deposit saved up if you’re looking to buy a home. Renting is an easy option for those who are looking for a quick agreement, a short-term home, or would simply prefer to avoid the long-term commitment which comes with property investment.

Despite the considerable saving on fees that accompany a mortgage, there are still areas you need to be aware of when it comes to money and renting.

1. Prepare Your Deposit and At Least One Month’s Rent

The exact amount you’re expected to pay in terms of deposit and upfront rent will be dependent on the terms of the property you choose. As a general rule, most rental property agreements expect one month’s rent in advance, as well as a deposit amount (which is usually the same figure as a month’s rent). It’s therefore essential, once you’ve worked out your budget, to have these figures saved so that you’re ready to pay a deposit on the property you find.

Deposits are completely returnable to you at the point of you vacating the property permanently. To make it more likely to receive your full deposit, you need to ensure that the property is in the same good condition it was when you first moved in; therefore, you may want to consider the services of end of tenancy cleaners Hammersmith.

2. Work Out a Comfortable Monthly Budget

When you visit a mortgage broker, your mortgage allowance and monthly amount are worked out based on your income. When it comes to renting, how much you can comfortably afford every month in terms of rent is up to you to decide.

This means you should take the time to work out how much rent you can confidently afford on a monthly basis in order to then narrow down your search for a new property by filtering out those properties which are out of your budget.

It’s a good idea to work out both a comfortable amount and an absolute maximum amount in case you see the perfect property and want to decide whether you can stretch to it.

Anything under the amount you decide will be a bonus and a saving.

3. Have an Emergency Fund

Although the bonus of a rental property means that you are not expected to pay to fix issues within the property, such as structural problems or leaks, it’s still a good idea to have an emergency fund in place for any accidents which may occur that you are culpable for.

For instance, your landlord will be expected to fix any issues which occur naturally or through no fault of your own, but if you cause any damage to the property such as a stain on the carpet, a hole in the wall or broken kitchen cabinets, you will be expected to pay to have these fixed from your own pocket, so it’s a good idea to have an emergency fund to fall back on.