If you’re recently married or a parent to-be, congratulations! You have an exciting future ahead of you. To always keep your family financially secure, watch out for some of these common money mistakes:
Thinking only about short-term expenses
It’s easy to get caught up in all the little costs that hit you every week. But don’t forget the long-term expenses for your family. If you want to buy a home some day or send your kids to college, you’ll need to start planning now.
What would happen if you didn't get paid for two weeks? A month? Would you immediately have to dip into savings or rack up credit card debt?
Many people who have moderate or even substantial incomes may be closer to living paycheck-to-paycheck than they think. Several factors may mask how quickly the money would run out if you missed a paycheck or two.
One of the biggest mistakes people make when vehicle shopping is basing their decision on the monthly payment. This seems like a logical place to begin as you contemplate your vehicle choices and financial terms, but a vehicle purchase involves much more than simply the monthly payment.
Buying a car is exciting. If you’re ready to shop, you’re probably thinking about size, gas mileage and that new car smell. But before you get too caught up in the details of your future ride, make sure you can afford it. A new car is rarely cheap, but if you make a realistic financial plan, you’ll be able to drive away happy.
Did you know that initial award packages of financial aid may be negotiable?
That means you might be able to get more money from your child’s first-choice college. In fact, your preferred school may increase an award, even after you've sent in your deposit indicating your child's intent to attend.
The journey to home ownership is intense. The search, the offer, the negotiations and the paperwork. It might be tempting to skip out on the home inspection, but that would be a major misstep on your part.
When Collis Robinson attended Berea College in Kentucky, he worked typical campus jobs — cleaning restrooms and setting up events. But he also worked jobs students don’t usually do, including comptroller for the campus activities board and, as a senior, student director of the board.
Certificates of deposit, or CDs, are not the most exciting investments, but they are among the safest. They make perfect sense for the risk-averse or for people just looking to park some cash over a specific period of time.
If you’re a homeowner, there will come a time when you will want to refresh your home. Sometimes a few new throw pillows and a fresh coat of paint will do. In other instances, you might be considering big changes, like a remodel or renovation.
The dollars can add up in either situation, but here are a few key things to consider as you decide how to update your home.
If you’re looking to save for a specific short-term goal, you may want to consider opening a dedicated savings account. Many financial institutions offer these accounts, also known as club savings accounts, for major spending events such as holiday shopping, vacations and even taxes.