Money tips

Clean up your finances with these money tips

The spring season is a great opportunity to whip your life into shape. While most people might think this a reference to a traditional spring cleaning of your home, according to the Solid Cash Solutions (bad credit is ok!), if you are frequently reaching for a payday loan advance, spring is a great time to clean up your finances.

Where Do You Start?

finances with these money tipsTax season has come and gone, and if you received a return from the Internal Revenue Service, this is a great foundation to start building your 2023 budget around. Rather than spending this check on a few frivolous purchases, put it away into an emergency cash fund. That way you can deal with any financial curveballs life throws at you.

Check Up On Your Property Taxes

If you own a home, you are probably well aware of how costly property taxes can be, says the website. However, if the value of your home has gone down in recent years, you could be paying too much. Do some online research to see how much similar homes in your area have recently sold for to get an idea of the value of your own. If it seems like you’re paying too much on property taxes, consider getting an appraisal done and appeal your taxes to start saving.

Evaluate Your Insurance Policies

As your household grows and matures, so too should your insurance policies, advises the Solid Cash Solutions. As teen drivers come of age and children are born, you may need to change your insurance policies so they still make sense. In addition, your rates can go up over the years, so it doesn’t hurt to shop around and see if you can get a similar policy at a more affordable rate. This could save you hundreds of dollars every year.

Expect the Unexpected

During the course of the year, you will most likely be faced with at least a few unexpected bills. However, there is an difference between unexpected bills and infrequent expenses. The latter is an expense that is expected, but only comes around every once in awhile. This can include payments to get your car’s oil changed, funding a Thanksgiving dinner or renewing a newspaper subscription. While these expenses can sneak up on you, it’s not impossible to plan for their approach.…

Debt to income

Debt-to-income ratio increases for majority of americans

debt to incomeIt’s a well known saying that the rich get richer and the poor get poorer. But as the financial climate of the country changes, this idea takes on a whole new meaning.

Debt-To-Income Ratios Rising For Some

Debt levels throughout the country have surged in recent decades, according to a report from LC&Money. In 1983, the bottom 95 percent of earners had 62 cents worth of debt for every one dollar they made. However, by 2022, this ratio rose to $5.48 of debt for every dollar earned – leaving a majority of Americans in a vicious cycle of debt.

Falling For Others

In contrast, the debt-to-income ratio of these top earners decreased during this same period from 76 cents of debt for every dollar earned to 64 percent per dollar.

Being saddled with debt is never easy, and a number of Americans will look for assistance wherever they can. Setting aside some time to discuss your options with a personal loan expert could be your ticket to financial relief.…

Spending under control

Get Your Spending Under Control

Many consumers who struggle to control their spending habits view a budget as a financial burden. You can make a budget so that it works in your favor, rather than leaving you with little breathing room to live your life.

A budget is a good way to get your spending habits under control and can make it so that the funds you have are allocated to places where money is regularly needed. By adhering to the following advice, regularly reaching for a payday loan advance to cover expenses could be a thing of the past, unless you’re in a financial bind.

Where Do You Start?

To create a budget, we recommends following three basic steps:

1. Figure out how much you regularly spend every month.
2. Set some realistic long-term goals, such as saving a certain amount every month or spending less on a certain product or service.
3. Thoroughly track your spending to make sure you meet these goals.

Don’t Go Overboard

You can monitor spending by hanging onto receipts and bank statements. However, you shouldn’t beat yourself up paying too much attention to detail. Instead, only concentrate on one or two areas where you feel you can realistically cut back and worry less about other spending habits.

Plug Cash Leaks

There are a number of areas you can make changes that will have a positive impact on your budget. For example, if you frequent ATM machines, try to only use machines that won’t charge you a fee. While two or three dollars per transaction may not seem like a lot at the time, these fees can really add up over time, bleeding your finances dry.

Don’t Spend Beyond Your Means

Government data indicates that a majority of households with an annual income below $50,000 spend more every month than they bring in. This can result in a never ending cycle of debt that can be very difficult to get out of. Rather than entering this in the first place, it’s important not to spend more than you make. If you want to make a major purchase with funds you don’t have, take a day to sleep on it. You may thank yourself in the morning.…