Tag: advice

Should You Refinance Your Home?

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With the pandemic, interest rates have hit all-time lows. So, the big question going around lately is should you refinance your home? Personally, I’m strongly considering taking advantage of this opportunity. I purchased my home a little over a year ago (first-time home buyer) and didn’t get a terrible rate, but didn’t get an awesome rate either. So, I’ve been doing a lot of research and due diligence to determine if now is the time to refinance. Below are the 3 main questions I asked myself to make the best decisions for refinancing.

What is your goal for refinancing?

First, you should think about what is your end-goal. Are you trying to lower your mortgage payment, lower your interest rate, get cash out of your mortgage, or remove mortgage insurance? Deciding what your end-goal is for refinancing is the first and most important step to starting the process. Knowing what you are trying to accomplish will help you to determine if it’s worth it in the long run. I have decided my main goals for refinancing are to lower my interest rate, remove the mortgage insurance I had to get when initially buying my home, and ultimately lower my mortgage payment. I found this article by Investopedia very helpful in determining the pros and cons of refinancing.

If you’re looking to take cash-out, check out this calculator to help determine if it’s worth it in the long-run.

Should you buy points?

Do not buy points or roll them up into your mortgage. Points may seem attractive to get a lower rate, but ultimately raise your mortgage balance and interest you’ll pay over time. If you are planning on staying in your home for a long time then buying points for a lower interest rate might be a good move, but if you plan on selling in the next 1-3 years it might not be worth the extra $$. I would say if you are staying in your home for a long time and you can pay for the points cash versus rolling them up into your mortgage then it might be worth it in the long run on interest. You can determine if buying points is the right move for you by using this calculator. As my mother (who is a Realtor Broker and Insurance Agent) always says, “Never add to your mortgage balance!”

Should you roll-up closing costs?

This question is a tough one, as I know I don’t have an extra $3-6k laying around for closing costs. However, it’s in your best interest to not roll-up closing costs into your mortgage balance even though mortgage brokers will strongly encourage you to do so. Ultimately, if you do this you will end up paying interest on those closing costs, as well as, increase your mortgage payment. It may not seem like a lot of extra money for a single month (usually less than $10 extra dollars), but over time those extra dollars add up. If you are able to save up to pay for the closing costs out of pocket, it’s the best way to go!

Good luck and get multiple offers. I was able to get my interest rate down by 2.5% without buying points, removed my mortgage insurance, and my closing costs ended up being only $3000! I’m very happy with the results of my refinance.

 

Sources Used:

https://www.knowyouroptions.com/refinance-overview?_ga=2.124189642.1796332860.1614652949-665058774.1613152446

https://www.mortgagecalculators.info/calc-cash-out-refi.php

https://www.mortgagecalculators.info/calc-recoup.php

https://www.mortgagecalculators.info/calc-discount.php

https://www.investopedia.com/mortgage/refinance/when-and-when-not-to-refinance-mortgage/

Photo Credits:

https://unsplash.com/photos/1ddol8rgUH8?utm_source=unsplash&utm_medium=referral&utm_content=creditShareLink

https://unsplash.com/photos/uJ7NOEbTd80?utm_source=unsplash&utm_medium=referral&utm_content=creditShareLink

https://unsplash.com/photos/NpTbVOkkom8?utm_source=unsplash&utm_medium=referral&utm_content=creditShareLink

How to Save Money During the COVID19 Pandemic!

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With businesses closing and people out of work, now is the most important time to save money and make the most out of your limited income or savings.  Whether you were one of the lucky ones still receiving your paycheck while on stay-at-home orders, filing for unemployment, or completely left without work we all need to think about how to save money.  There are many ways to cut your expenses, make your money go further, and even save more money for future expenses.  Here are just 4 ways you can stretch your dollars further while on lockdown.

1. Buy generic products. 

You may think that brand names are better but that is pretty much always not the case.  Most generic products have the exact same ingredients as the more pricey brand name product.  You can save quite a bit by selecting your local store brand versus the brand you saw on TV.  You can find out exactly how much you can save by switching to generic with this handy calculator I found online: https://calculator.me/savings/brand.php

This calculator will show you how much money you’ll save over the course of your lifetime when permanently switching from a high priced brand name product to its functional, less expensive equivalent (generic or store-brand). Plus, it will also show you how much interest you could earn if you were to invest all or part of those savings as you realized them. As you’re about to see, “a penny saved” can REALLY ADD UP!

2. Use coupons and cashback apps.

It may seem like a lot of work to gather coupons prior to going to the store, but it’s actually not as difficult as it may seem.  There are a lot of new apps available that make it fast and easy to get cashback and save some extra $$ on your everyday purchases online and instore.

Prior to going to the store, make a list of the items you need then use a coupon matchup site to find if there are available coupons for that product.  Some coupons may be printable online or available digitally.

3. Stop buying unnecessary items.

I know, I know…I’m addicted to shopping as well!  It’s hard to pass up that item in the store that looks cute or is on sale even though you really don’t need it.  In times like these, however, now more than ever we need to stick to the essentials.  If you could add up all the little purchases you make every year, you’d be surprised at how much money you could actually be saving.  You can find out exactly how much with this handy calculator: https://calculator.me/savings/periodic-opportunity-cost.php

4. Sell items you no longer need.

Like the saying goes, “One man’s trash is another man’s treasure.” Did you know that you could potentially earn a full-time income by selling your gently used goods or new unwanted items on resell apps?!?  And most make it super easy to ship directly from home without even paying for postage or having to go to the post office.  It’s simple, list your item on one of the sites listed here and then request a free USPS pick-up at your house! BAM! More money in your pocket.

Piggy Bank Photo by Fabian Blank on Unsplash

Sell Your Stuff for Extra Cash without leaving your house!

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Like the saying goes, “One man’s trash is another man’s treasure.”  You can make quite a bit of extra money by selling your unwanted, gently used household, clothing, or other miscellaneous items on numerous different reselling websites and apps.  Plus, you can use the free pick-up service from USPS so you don’t even have to leave your house!

Best reselling apps and websites:

  1. Poshmark – Listing fees are included shipping! Use promo code LIZZYLADY03 for $10 FREE to use on Poshmark!

  2. OfferUp

  3. LetGo

  4. Craigslist

  5. Facebook Marketplace

  6. Ebay

How to Plan the Perfect Going Away Party

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Know someone moving away or are you planning on moving soon?  You might need to know just how to plan the perfect going-away party…

Goodbyes are never easy.  Even in these wonderfully technologically advanced days, where a connection with another person is just a couple of clicks away, watching someone you care about moving away can be painful!  A great way to curb that pain, and turn it into joy and fun, is to throw a going-away party for the person leaving. If you’re throwing the party for yourself, then you’re losing a lot more than just one person, and you must enjoy yourself as well.

Here are some tips for throwing the best going away party ever:

1. Don’t Party In The Soon-To-Be Vacant Home

It might seem cute to throw the party in the house the person is leaving behind, to celebrate it as well, but this is the biggest mistake you can make.  If a person is renting, a last-second party might lose them their deposit in repair fees. If they’re selling their home, the last thing you want to do is complicate things between them and the future buyers looking for that real estate in Calgary based on how it looked before the party.

Not to mention this puts a lot of the cleanup and work on the person getting celebrated!

The best options for where to party are at a different friend’s home- where people will help clean, or a venue that charges for cleaning.  Don’t complicate things for the person who’s about to move out!

2. Guests Can Be Complicated

Everyone who knows, and likes, the person will want to say goodbye.  Unfortunately, not every venue or home has room for the hundreds of people the person leaving knows in the area.  You’ll have to pare it down to people they want to see most. If it’s a surprise party, do a little internet sleuthing and figure out which people they cherish.

If it’s not a surprise party, ask!  Surprise parties can be stressful, and it’s better to have more than everyone they want at the party than for them to miss someone important.

3. Timing Is Everything

Don’t throw the party the night before your friend leaves the city.  It’ll tire them out for moving, and might make them late if they stay up and miss their alarms.  In that same line of thought, please don’t throw the going-away party six months early because then when it’s time to say goodbye, they’ll feel like they didn’t get to tie off every loose end.

Best rule of thumb is to do it around a week before they leave.  Give your friend time to enjoy themself and celebrate, this also allows for wiggle room after for them to say goodbye personally to people.  If you’re unsure about timing, or schedules, ask the person leaving what would make them happy!

The most critical thing to remember is that you should take this time to make memories.  Even if you can still be friends online, this will always change so many things. The person leaving impacted the lives of everyone around them, so celebrate them and make sure they’re excited about taking this next big step in life.


Photo by Samantha Gades on Unsplash
Photo by Priscilla Du Preez on Unsplash

22 Unusual Ways to Save Money

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22 Ways You Can Switch to a Frugal Lifestyle and Save Money

Not all of us are crazy rich Americans. Some of us have paychecks that don’t allow us to save. This brings forth the need to live frugally and save as much money as possible. Saving helps you prepare for the future and any obstacles it might bring along.

Talking about frugal living, the first step to it is to not care too much about what other people think. The second step is to not compare yourself to anyone else. The third step is to get to it and make some major lifestyle changes. Not sure where to start?

The 22 tips below will help you save money and lead a cost-efficient lifestyle.

  1. Make the most of samples

Whether it is sample makeup, fragrances, meals, spices or any other products, treat the samples that you are able to collect as if they are all you’ve got. You can also collect samples by calling some stores.

  1. Use jam jars for storing spices

You don’t have to invest in new storage containers for your spices when you can simply keep them in old jam jars. You can also store the spices in the sachets they come by wrapping a rubber-band around them.

  1. Don’t throw the plastic packaging of takeout meals

Enjoyed a home-delivered meal? Great, now don’t throw any plastic packaging away. Look for what is good enough to continue using after a proper wash. You’ll be able to save several cups and containers. 

  1. Marry someone who lives frugally

It helps to save money when your partner is in on the action. That’s why it is a good idea to tie the knot with someone who understands your money-saving approach.

  1. DIY everything that you can

Wash and iron your clothes yourself, don’t join the gym by working out at home, cut your hair yourself, etc. There are several things you can DIY rather than having to pay for them.

  1. Don’t invest in tissue paper boxes

Rather than purchasing tissue paper boxes, simply collect the tissues that you can from eating out. Always request extra tissues. Use these tissues when you have a runny nose otherwise towels and toilet paper can work.

  1. Save on Clothing

Instead of spending a big chunk of your salary on branded outfits, try to keep a steady hand.  If your wardrobe is in need of an update, go for a cheaper option. For instance, ClothingRIC is a website that lets you get fashionable items on amazing discounts. Utilize every available opportunity to save money on clothing.

  1. Be mindful of electricity usage

Keep the bills low by not switching on too many lights. Switch off all electronics when they are not in use. Switch off the refrigerator when it’s too cold outside and the heater once the room is hot enough in winters. It helps to save money on electricity as soaring bills can be detrimental to your financial health.  You can also get paid to save energy, up to $300 per year, if you live in California through OhmConnect.

  1. Live clean and uncluttered

The fewer items you have sitting around in your house, the less mess. Make minimal living into a habit, so you wouldn’t even be inclined to shop big. This will also allow you to clean better.  You know, Marie Kondo it! 😉

  1. Walk when you can

Don’t waste money on car fuel when you can simply walk a mile to the store nearby. Walking is also great for health.

  1. Cancel your phone contract

There is simply no use of phone contracts in a world that is powered by the internet. Wi-Fi is publicly available, so you can use WhatsApp for texting and calling. You can also get a free sim card that grants you a Pay as You Go provider.

  1. Cut the cable

You don’t need the cable to go by anymore. You can cut the connection and subscribe to Amazon Prime, Netflix, Hulu, etc. instead. With the evolution of coupon, you will also get the chance to save money on online subscriptions as well.

  1. Don’t buy the newspaper

You also don’t need the daily paper when you can read all the news on your phone. If can’t live without doing the crosswords, try convincing your neighbors to pass on their newspaper once they are done reading for the day. Newspaper often comes with coupons; ask if your neighbor doesn’t need them so you may utilize them on your own.  Learn some coupon statistics on the internet to see how you can properly use them.

  1. Shop off-season

You can buy your clothes when the season is off. Clearance sales can help you avail several amazing items at great prices. In the same way, several other things can be bought when their season is off.  My favorite stores for purchasing off-season clothes at an extreme discount include TJMaxx, Marshalls, and Nordstrom Rack!

  1. Buy second-hand

Purchase used furniture and electronics. The prices would be a lot more favorable than if you buy brand-new. Since the market is big, you will be able to pick from several options.

  1. Quit alcohol and smoking

Not only are these two bad for your health but also your wallet. If you just simply ditch them, you are able to save a lot.

  1. Learn to negotiate

Specialize in negotiation and then use this skill to bargain with small shop owners, your insurance providers and wherever you can without making a fool out of yourself. Good negotiation skills help save money on a daily basis.

  1. Spend out of your wallet

Don’t pay with your credit card. In fact, hide your credit card someplace safe. Instead, pay your bills from what’s available in your wallet. You don’t want any loans to pile up.

  1. Collect coupons

Couponing can help you save a big chunk of your money. You can collect coupons by visiting coupon shops online, using mobile coupons or looking out for coupons live. Some of the blogs will tell you everything you need to know about coupons. Learn this craft and it will help you cut down your expenses by a great margin.

  1. Make your gifts

Instead of purchasing gifts for others, prepare them yourself. You can also add a small handwritten note. Gifting won’t cost much this way.

  1. Don’t enter expensive places

Don’t even enter expensive boutiques otherwise the urge to buy things might kick in. Similarly, avoid the mall. Everything is way more expensive there. Shopping at lower-end stores will help you save money as you won’t be enticed by luxurious items.

  1. Compare prices to stick to your budget

You can compare the prices and go for whichever is cheaper. This way, you will be able to spend only as much as you can afford to.

Key takeaway

Stretching your arm further than your sleeve is not a good idea. It always makes you end up in a bad place. With the simple ways we have shared above, you can cut down your costs of living on several levels. Do you have any other ideas in mind? Share with us in the comments!

Attracting Millennials to Buy Your Home

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 Despite all the doom and gloom coming from market analysts, millennials are becoming the largest segment of home buyers. These younger homeowners are entering the market with a limited budget, but big ideas. Such ideas are ones that have specific tastes.  Seeing that I am a millennial and just bought my first home, I might have some advice for you…

     Millennials are ignoring homes that were built between 1970 and 1999. The homes they’re in the market for aren’t totally opulent or modern. Most of them are classical homes that are simple enough to care for. Some fall into the “hobby home” category that home makeover shows tend to set their sights on. Beyond the type of home, there are some inherent qualities that millennials look for, especially in that picturesque Miami real estate for sale. Listed below are just a few of them that should help you, wherever you live.

Soft Colors

     Interior color schemes play a major factor in making the buyer feel at home. Millennial buyers prefer earthy tones and accents to their surroundings. This can provide one reason for why wallpaper is suddenly popular again.

     Owners want to avoid sterile, artificial accents in favor of an all-natural look. Carpeting is used sparingly for floors which are often marble, hardwood, bamboo, or cork. Houseplants-faux or real-are another trend that aims to bring the outdoors inside.

2018 Home Trends Halverson Living Room

Media Room

     Entertainment is serious business for millennials. Unlike an apartment or condo, a house can budget enough space to appease any multimedia activity. Large living rooms are perfect for a big couch and a wide flat screen.

     Younger house buyers don’t care about landlines and cable hook-ups. They want a home that’s Wi-Fi friendly. This way they can stream movies and shows without having to worry about frequent buffering.

 

Energy Efficiency

     Even with all those electronics running, millennials are conscious about energy consumption. When people buy a home nowadays, they want it to be energy efficient. If not, then they’ll have to spend extra money to make it so after the sale.

     Some features millennials will look for include double-paned windows, Energy Star appliances, and solar panels. Others will ask about the insulation levels. The Nest smart thermostat is a common add-on for worry-free indoor climate control.

Photo Credit: Forbes
Must Have Smart Home Gadgets

Low Maintenance

     Considering the emphasis on efficiency, it’s no surprise that most millennials favor a “disposable” home environment. One that’s not time consuming from all the hours of household chores. Attitudes like this were no doubt brought on by helping their parents with said chores.

     Younger buyers are won over by hardwood floors because they’re easier to clean with a Swiffer (or Roomba). Granite countertops are also low maintenance and attractive to look at. Vessel sinks of various shapes and sizes look stylish while reducing splash.

Workspace

     Over 13 million homeowners are self-employed or work from home. While they’re shopping for a home, they’re budgeting workspace. Realtors today may likely single out which rooms are suitable for home offices.

     Bedroom spaces are considered optimal for converting into an office, or use as both. This allows for some flexibility when designating activity spaces. The room must be big enough to allow for office furnishings with the intimacy of a personal sanctuary.

Photo Credit: OhSheGlows Blog
Home Office