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Happy Valentines Day Baby Girl.....Katy Lowery  Is So Dang Sexy! To a woman who continues to pick me up when I don't feel like going on.  To a friend who reminds me to eat when I don't want to, and pushes forward even when she doesn't want to.  Who has been there for me more times than I can count, and has changed so much of me that I would want to back.  Who gets more beautiful to me everyday, and I can't wait to share so many more Valentine's Days with you, and create more memories like these! Happy Valentines Day! #katylowery #katyloweryissodangsexy #happyvalentinesdaybabygirl

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Dealing with debt collectors can be a real drag, especially if they’re constantly hounding you to pay up. The Fair Debt Collection Practices Act (FDCPA) protects consumers against harassment from debt collectors but the industry still generates millions of complaints each year. Fortunately, the Consumer Financial Protection Bureau (CFPB) has proposed new guidelines that shield debtors from abusive debt collection efforts.

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The Proposed Rules

In July, the CFPB proposed a new set of rules aiming to completely revamp the debt collection market. The proposal is focused primarily on doing two things: limiting contact between debt collectors and consumers and making sure that collection agencies have accurate information before they try to collect on a debt.

The proposed rules are meant to alleviate some of the problems associated with the debt collection industry, which affects about 70 million Americans. Essentially, the CFPB wants to increase transparency and cut down on errors and inaccuracies. The agency’s proposed rules would require debt collectors to do the following:

Verify that they’re collecting the right debt. Debt collectors would need to make sure that they’re targeting the right person before trying to collect a debt. Specifically, they’d have to verify the debtor’s name, address, phone number, account number, date of default and the amount of debt that’s owed.

Limit how often they contact consumers. Instead of calling debtors repeatedly or flooding their mailboxes with letters, debt collectors would be limited to contacting them six times per week.

Simplify the dispute process. Consumers have the right to dispute a debt but the CFPB wants to take things one step further. Debt collectors would have to give as much information as possible about debts when sending out written collection notices. They’d have to include a form that consumers could mail in to dispute their debt.

Provide written verification. If a consumer mails in the form to dispute a debt, the debt collector would have to mail them a written debt report. The collection agency would be barred from pursuing the debt without sending out a report.

Review documentation of debts before trying to collect. Debt collectors wouldn’t be able to collect anything until they’ve reviewed the documents related to the debt. If a collector wanted to sue someone, they’d need sufficient evidence and documentation of the debt.

Notify other debt collectors of disputes. If a debt collector sells your debt to another collection agency after you’ve disputed it, the new collector wouldn’t be able to come after you before resolving the dispute.

Related Article: The Worst Ways to Deal With a Bill Collector

When Would the New Rules Go Into Effect?

The proposed rules need to be reviewed by small business leaders and industry experts before they can be implemented. But if the CFPB successfully pushes them through, they could go into effect in 2017. In the meantime, you’re still covered by the FDCPA.

In case you’re not sure what your rights are, here’s a quick rundown of what debt collectors can’t do:

They can’t make false statements. A debt collector can’t give out false information about the amount of debt you owe or say that you’ve broken the law by falling behind on debt payments.

They can’t use unfair practices to collect. Debt collectors can’t try to garnish certain assets in order to cover your debts. For example, they can’t take a portion of your Social Security benefits, your workers’ compensation benefits or your Supplemental Security Income.

They can’t harass you. Debt collectors can’t threaten you or be verbally abusive. They can’t use profane or obscene language or call you repeatedly just to annoy you.

Get your free credit score now.

Final Word

There is some opposition to the CFPB’s proposals. So we’ll have to wait and see what happens. In the meantime, if a debt collector has been hounding you or your feel that your rights have been violated, you can file a complaint with the Consumer Financial Protection Bureau.

Photo credit: Â©iStock.com/BrianAJackson, Â©iStock.com/Todd Keith, Â©iStock.com/mj0007

The post New Rules May Offer You More Protection Against Debt Collectors appeared first on SmartAsset Blog.

Source: smartasset.com

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If you’re the proud new parent of a 2020 baby, here’s some good news to get you through those sleepless nights: Your 2020 bundle of joy qualifies you for a sweet bundle of stimulus cash — $1,100 to be exact.

Why Do New Parents Get an Extra $1,100?

The first stimulus check gave parents an extra $500 for each child age 16 and younger on top of the $1,200 for most adults. The second stimulus check provided families with $600 for each adult and dependent child 16 or younger. So between the two checks, parents generally got $1,100 per kid.

Both checks were an advance on a 2020 tax credit that were processed using 2018 or 2019 returns. But the IRS won’t know about any of the babies welcomed into the world in 2020 until you file a tax return.

When you file your 2020 taxes, you can receive the $1,100 as a Rebate Recovery Credit. That just means you’ll get the extra money as a tax refund. That’s on top of the $2,000 child tax credit parents who are single filers with incomes under $200,000 or joint filers with incomes under $400,000 qualify for.

What Are the Income Limits?

For both stimulus checks, the income limits to receive the full stimulus payments were:

$75,000 for single filers

$112,500 for heads of households

$150,000 for married couples filing a joint return

Checks phased out at 5 cents on the dollar for every dollar of income above these thresholds. For a more detailed explanation of how the phaseout works for child credits, check out Question 7 of our child stimulus credit FAQ.

Do I Get $1,100 if I Adopted in 2020?

You should qualify for an $1,100 stimulus payment for your family’s new addition as long as the child you adopted was 16 or younger at the end of 2020. The same rules apply: File your tax return to get the money as a refund.

What if I’m Not Married to My Child’s Other Parent?

The parent who’s claiming the child as a dependent for tax purposes receives the money.

I Didn’t Get the Money for My 2019 Baby. What Gives?

A lot of parents were frustrated to discover that their stimulus checks didn’t include the child credits — particularly in the first round, when many payments were processed using 2018 returns. If the IRS used your 2018 tax information, you wouldn’t have received a payment for a child born in 2019.

The solution is the same, though: File a tax return. If you file taxes online and provide your direct deposit information, you can expect to get that $1,100 of stimulus money within about three weeks.

Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder. She writes the Dear Penny personal finance advice column. Send your tricky money questions to DearPenny@thepennyhoarder.com.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Source: thepennyhoarder.com

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In the age of paperless transactions, identify theft is something that virtually all of us are susceptible to. If your identity is stolen, the consequences can be severe, and in some cases, can take years to recover from. One way to be proactive against fraud and defend yourself from identity theft, is to freeze your credit report with each of the three major credit bureaus—Experian, TransUnion, and Equifax. 

Placing a credit freeze on your credit report will stop identity thieves from being able to open new accounts, lines of credit, or make any large purchases in your name, regardless of whether or not they have your Social Security number or any other sensitive information. 

What a credit freeze means

A credit freeze is a process that shuts off access to your credit reports at your request. Without your verified consent, your delicate information cannot be acquired. This means that if someone were to attempt to apply for credit in your name, your report would come up as “frozen,” and therefore the creditor would not be able to see the information needed for the application to be approved.

You can unfreeze your credit at any time by using a PIN or a password. 

Reasons to freeze your credit

It might be a good idea to freeze your credit if you’re experiencing any of the following situations:

Your data has been compromised in a data breach: It happens. If you’ve been a victim of a data breach and personal information related to your identity has been leaked or made vulnerable to cyber criminals, a credit freeze can offer you some extra protection. 

You have reason to think you’ve been a victim of identity theft: Perhaps you’ve checked your credit recently and noticed open accounts that you don’t recognize. Maybe you’ve been getting phone calls from collections agencies requesting payments from accounts you know you didn’t open. While a credit freeze won’t be able to stop them from using accounts a thief has already opened, it can stop them from opening any more. 

You want to protect your child from identity theft: According to the Economic Growth, Regulatory Relief and Consumer Protection Act, parents and legally guardians of children 16 years old and younger have the right to open a credit account for their child with the sole purpose of putting a freeze on it to protect them from identity theft. 

How to freeze your credit 

The process of freezing your credit is simple but does require a few steps. You will need to get in touch with each of the three major credit bureaus one by one and request a credit freeze:

Experian: Contact by phone at 800-349-9960 or go to their website.

Equifax: Contact by phone at 888-397-3742 or go to their website.

TransUnion: Contact by phone at 888-909-8872 or go to their website.  

The credit bureaus will ask you for your Social Security number, your date of birth and other information to verify your identity.

Once you freeze your credit, your file will be unattainable even if a thief has sensitive information such as your social security number or date of birth. If you need to use your credit file, you can unfreeze your credit report at any time. 

How to unfreeze your credit

Once you’ve frozen your credit file, it will be remain blocked until you decide that you would like to unfreeze it. You will need to unfreeze your credit report in order to open a new line of credit or make a major purchase. 

Unfreezing your credit file is simple. All you will need to do is go online to each credit bureau website and use the personal identification number (PIN) that you used to place the freeze on the account. If you don’t want to complete this task online, you can also unfreeze your credit file over the phone or through postal mail. 

When the unfreezing process is done online or by phone, it is completed within minutes of submitting the request. However, if you send your request via mail, it will take much longer. 

Keep in mind that you don’t necessarily need to unfreeze your credit through all three of the major credit bureaus if you don’t want to. For instance, let’s say you plan to apply for credit somewhere. You can ask the creditor which credit bureau it will go through to pull up your report, and only unfreeze that one credit bureau. 

You may also have the option to unfreeze for a specific amount of time. Once the time is up, your credit file will automatically freeze again. 

Credit freeze pros and cons

There are a few reasons why you might want to freeze your credit in this day and age, but just like with anything else, there are pros and cons to credit freezing. Here is a general breakdown of the benefits and downfalls of putting a freeze on your credit report:

Pros:

It prevents thieves from opening new lines of credit: With a credit freeze placed on your account, no one will be able to open a new line of credit or any other type of account requiring a credit check using your personal data. Anyone trying to commit fraud will be stopped in their tracks as soon as lenders notice that the report is frozen. 

It won’t affect your credit score: Freezing your credit report will not damage your credit score. Additionally, if you’ve been a victim of identity theft, freezing your credit report could actually protect your credit score from being damaged due to fraud. 

It’s free: It used to be the case that some credit freezes would cost a fee, but that is no longer the way it works. 

Cons

It requires some effort: Putting a credit freeze on your credit report takes some effort. You will need to get in touch with all three credit bureaus. 

You will need to remember your PINs: A PIN is required to lift or freeze your credit report. If you lose it, you will need to jump through extra hoops to create a new one.

It can’t stop thieves from accessing your existing accounts: Credit freezes can only stop fraudsters from opening new accounts using your information. If you’ve already been a victim of identity theft, a credit freeze can’t block thieves from committing fraud with your current accounts. This means that thieves can still make a purchase using a credit card they stole from you.

Freezing Your Credit is a post from Pocket Your Dollars.

Source: pocketyourdollars.com

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Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners.

If you have people you care about protecting, you know you need life insurance. But if you worry about how they would pay the bills if something were to happen to you, why haven’t you purchased a policy yet?

The answer may be because it’s a confusing and overwhelming process. And in the past, it was. There are so many different options from thousands of different companies — trying to figure out what’s best for you is flat-out frustrating. Some people take the first one they find just to get it over with.

But if you use a website called EverQuote, you’ll be able to see all of your life insurance options at once — meaning you can make the best choice for you, easily.

Get Up to $1M in Life Insurance Coverage

EverQuote is an online marketplace that helps people find life insurance. Do you need term, whole life or something else? EverQuote will walk you through the process to find the right amount of coverage for you.

Even if you think you don’t qualify for life insurance, EverQuote can help find a policy for you. They’ve already helped more than 5 million people figure it out.

You’ll need to fill out a pretty detailed form, but it’s all important information to make sure you get the most accurate quote. Do you smoke? Are you an avid sky-diver? Once you answer these questions, you’ll be connected to an independent agent, who will find the coverage that makes the most sense for you.

You can leave your family up to $1 million, and rates start as low as $7 a month*. So whether you need it for 10 years, 30 years or your whole life, EverQuote can find the right policy for you and your budget. Get started here — it just takes a few minutes.

Kari Faber is a staff writer at The Penny Hoarder.

*Rate is for a 30-year old non-smoking woman, 10-year, $100,000 term policy

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Source: thepennyhoarder.com

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I am not sure what to do…I went thru a debt consolidation company and completed in back in 2009..now 8 years later this collection agency is coming after me saying I owe 27,000 on an old debt. Mind you that I have not heard anything nothing notta from this company since 2009 now they are threatening to have a lien on our home..they drained my checking account and have tried 3 other banks to get money which were NOT my accounts they are grasping at straws and I don’t know if there is anything I can do this company will NOT work with me they want full 27,000 now..please help with any advice you may have thanks

Source: credit.com

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Learn how long to hold on to important paperwork, including credit card statements and tax documents, in this article from Lexington Law.

Source: lexingtonlaw.com

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There’s nothing worse than finding inaccurate information on your credit report, especially if it’s dragging your credit score down. Fortunately, you can challenge inaccurate items […]

Source: lexingtonlaw.com

The post What is a 609 Dispute Letter and Does it Work? appeared first on AMK Auto EG.

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Your credit score is a numerical reflection of your credit history. The score is given as a 3-digit number between 300 to 850 and is an indication of how creditworthy you are. You can get both your credit report and credit score from Annual Credit Report.Com. Generally, a higher credit score increases your credibility to […]

The post How Your Credit Score Impacts Your Financial Future appeared first on Credit Absolute.

Source: creditabsolute.com

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Frontier Airlines World Mastercard Overview The Frontier Airlines World Mastercard® isn’t likely to be the most rewarding credit card out there, but it does offer some potentially valuable perks for frequent Frontier flyers. That includes the ability to pool miles with members of your family, which can help you get more quickly to the point …

Source: thepointsguy.com

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At the virtual TPG office, there’s been a lot of discussion about wine recently — and not just because the first two months of the year have been, well, a lot. No, the real reason we’re talking about wine every morning is the spate of credit card offers for wine delivery. And now that it’s …

Source: thepointsguy.com

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Stainless steel is best known for its ability to resist rust and other corrosion, making it a prime choice for kitchens and bathrooms. However, it’s hardly ever free from fingerprints and other marks, so you can’t forget to clean it routinely. The good news is, there are plenty of easy and cheap ways to make your stainless steel look brand new again.

Stainless steel material

Before we dive in on ways to clean your stainless steel you must first understand the material. Just like wood and certain fabrics, stainless steel has a grain to it. These are faint striations you can see on its surface. As you wipe the material, make sure you go in the direction of the grain for optimal cleansing and shine.

Now that we’ve got that covered, check out these top 10 tips on how to clean stainless steel to gain back its sleek and flawless finish.

1. Dish soap and baby oil

The dish soap and baby oil duo is almost unbeatable when it comes to cleaning and polishing. The dish soap will clear the stainless steel of any oils, fingerprints and dust on your surface while the oil polishes and makes it shine. Simply moisten a cotton rag and put a little bit of dish soap on it and wipe along the grain of your stainless steel. Once you’re rid of any marks, dry the surface with a clean towel.

Next, dab a small amount (a couple of drops) of baby oil onto another rag. Wipe along the grain as you did in the cleansing process with the dish soap. This gives your stainless steel a properly polished finish as if it was brand new!

Best for: Stainless steel appliances, countertops, sink, pots and pans

2. Windex and microfiber cloth

People often complain about fingerprints left on stainless steel. However, using a glass cleaner like Windex will do the trick! Spray the cleaner on a dry cloth (preferably microfiber) and evenly apply in circular motions. It’s not recommended to spray directly onto your appliance, as this could result in more drip marks and residue. Repeat the process until there are no more fingerprints and then rinse thoroughly and dry with a towel.

Best for: Stainless steel appliances and countertops

3. White vinegar and olive oil

White vinegar and olive oil are also great for cleaning any grime while polishing your stainless steel appliances. Apply white vinegar to a microfiber cloth or spray it directly onto your surface and let it sit for a moment before wiping it away (with the grain). Repeat this process until there is no more grime left to remove. Finally, dab a clean towel in some olive oil and polish in the direction of the grain. If any olive oil remains, wipe away with a fresh cloth.

Best for: Stainless steel appliances and countertops

Does vinegar damage stainless steel?

If left on for too long, vinegar can cause damage to your stainless steel. It’s important to not let any stainless steel material soak in a vinegar solution, but it’s harmless if you make sure to wipe it away in a timely manner.

4. Club soda

Club soda surprisingly is a great cleaner as it cleanses away any fingerprints and food residue while simultaneously leaving a nice shine. Spray club soda directly onto your stainless steel surface and then wipe in the direction of the grain. Repeat as necessary.

Best for: Stainless steel appliances, countertops, sinks, pots, pans and jewelry

5. Warm water

Plain water seems so simple, but you’d be surprised how much cleaning some warm water and elbow grease can accomplish. It’s also the least risky option for cleaning stainless steel. Simply dampen a microfiber or special polishing cloth with some warm water and wipe your surface in the direction of the polish lines. Once you’ve ridden any unwanted smudges and residue, dry the material with a clean towel or cloth to prevent water spots.

Best for: Stainless steel appliances, countertops, sinks, pots and pans

6. WD-40

Have a leftover can of WD-40 from your squeaky door? Well lucky for you, WD-40 also cleans and protects surfaces including stainless steel. Spray some directly onto your appliance or into a clean rag and then wipe in the direction of the grain. For an added bonus, WD-40 provides a layer of protection to help prevent future smudges and pesky fingerprints. Keep in mind that this is a petroleum-based product, so it should be used with care around surfaces where you’ll be handling food. So make sure you clean thoroughly before proceeding as normal.

Best for: Stainless steel appliances

7. Lemon oil furniture polish

If you have some furniture polish laying around, that’ll also do the trick for cleaning your stainless steel. Apply the polish to a clean cloth and rub it evenly on your appliance. Don’t apply the polish directly onto your stainless steel surface, as it may leave you with too much uneven excess. Once it’s evenly applied, wipe it clean with a fresh cloth in the direction of the grain.

Best for: Stainless steel appliances

8. Flour

Not only is flour great for baking delicious cakes, but also for buffing and polishing your stainless steel. Flour isn’t great for cleansing away grime or grease, but is a great final touch that will make your surfaces shine! Simply sprinkle flour onto your dry stainless steel surface until it’s fully covered. Then use a soft cloth to buff in circular motions until your surface starts to shine like it’s brand new!

Best for: Stainless steel countertops, sinks, pot and pans

9. Baking soda

Baking soda is a magic worker when it comes to cleaning. You can use it for just about anything and it’s extremely easy and cheap to come by. Make a paste with baking soda and water and let it sit on a problem area for a few minutes. Wipe away using a rag dampened with white vinegar followed by a cloth dampened with water. Dry using a microfiber cloth. This process is best for more stubborn stains and heavy-duty messes.

Best for: Stainless steel countertops, sinks, pots and pans

10. Store-bought stainless steel cleaner

Of course, there are cleaners that are specifically designed to clean and polish stainless steel, but they are rather expensive. If your appliance or surface has major staining, scratching or just needs a thorough polishing, this is an excellent option that may just be worth the extra penny. Make sure you read the directions on the cleaner and do a test on a small spot on your stainless steel before fully diving in.

Best for: Stainless steel appliances and countertops

What should you not use on stainless steel?

Now that you know what can be used on stainless steel, it’s important to cover the major “don’ts” when it comes to proper cleaning of the material.

Do not use:

Chlorine-based products

Oven cleaners

Steel wool or harsh scratchers or sponges

Harsh tap water that could leave water spots and stains (best to use distilled or filtered water)

What is the best cleaner for stainless steel?

If you are looking for the absolute best solution to your stainless steel cleaning routine, a store-bought cleaner may be your best option. However, DIY cleaners come in a close second and are much cheaper and convenient so give those a try before opting for a commercial cleaner.

The post How To Clean Stainless Steel: 10 Affordable Methods For A Sleek Finish appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.

Source: apartmentguide.com

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Taking advantage of a 0% APR promotional balance transfer offer can make your financial life easier if you’re able to consolidate credit card debt at a lower rate.

While transferring a balance might seem simple enough, you could hit a snag when attempting to transfer amounts from one card to another at the same bank. Banks have rules for this process and these tips can shed some light on what you need to know when choosing your next balance transfer card.

See related: Best balance transfer credit cards

Balance transfers within the same bank: 5 things to know

Why banks don’t allow balance transfers at the same bank

There’s no exception for business credit cards

Shop around for other balance transfer offers

Balance transfer offers: options to consider

What to do when a balance transfer doesn’t work

Why banks don’t allow balance transfers at the same bank

When you transfer a balance, you’re moving the amount you owe on one card to another. The receiving card could be one you already have or a brand-new account that you open to take advantage of a low promotional rate.

Banks make money through a combination of interest and fees. For instance, you might pay a $95-plus annual fee for your card that the bank gets to collect each year. If you carry a balance at the regular APR, the bank also benefits from the interest you pay.

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Which is why, in a nutshell, banks typically don’t allow you to transfer balances between cards at the same financial institution.

“There’s no law preventing it; it simply isn’t beneficial to banks,” says Carey Zielke, personal finance expert at Realities and Dreams.

“Zero interest balance transfer offers are used to attract new customers,” says Zielke. “You’re already their customer and they’re already making money off interest on your existing credit card.”

That leaves the bank with little incentive to allow you to shift that balance over to another card where you’ll pay no interest on the balance through the promotional period.

John Pham, founder of The Money Ninja, says the balance transfer fees banks charge, which can range from 3% to 5%, typically aren’t enough to offset any lost interest by allowing you to switch to a card with a lower rate.

“It’s not so much a risk to the bank, but in their eyes, you’re likely not a profitable customer for them,” says Pham.

Ink Business Unlimited Credit Card, you wouldn’t be able to transfer that amount to another Chase card. But you could still transfer a business credit card balance to another business card at a different bank. You could also opt to transfer the balance to a personal card at another bank.

The caveat with transferring business debt to personal cards is that carrying a balance can affect your personal credit score since it changes your credit utilization ratio.

You could try working around the rules by transferring a balance to a card at a different bank, then transferring it back to your current bank. But the downside there is twofold: your credit score gets dinged with each new inquiry and you pay double the balance transfer fees.

See related: Multiple balance transfers: a difficult debt payoff strategy

Shop around for other balance transfer offers

It’s disappointing to come across a 0% balance transfer promotion that you can’t qualify for because it’s issued by your current bank. That’s when you have to look around to see what else is available.

Rick Orford, founder of finance blog Surplus Academy, says to consider the APR and fees first, then continue checking the fine print.

“The best balance transfer offer has no annual fee, a 0% APR and a 0% to 2% balance transfer fee,” says Orford. Though it’s important to note that these offers are currently less common than they used to be as many issuers pulled back these offers in light of the coronavirus pandemic.

Next, look at how long you’ll have to pay down your transferred balance with no interest. Zielke favors choosing the card with the longest promotional period.

“The longer you have with zero interest, the better to maximize your ability to pay it off before it ends,” he says.

When considering offers, look at how much you want to transfer. You need to be sure that the card you’re applying for can offer a high enough credit limit to accommodate the full transfer amount. Orford recommends trying to negotiate with the card issuer to get a higher credit limit if necessary.

Wells Fargo Platinum card

0% introductory APR for the first 18 billing cycles for balance transfers. After that, a regular variable APR of 16.49% to 24.49%. 3 balance transfer fee for the first 120 days, 5% after that. 0% annual fee. 0% introductory APR for the first 18 billing cycles on new purchases. BankAmericard® credit card 0% introductory APR for the first 12 billing cycles for balance transfers made within the first 60 days. After that, a regular variable APR of 12.99% to 22.99%. 3% balance transfer fee or $10, whichever is greater. $0 annual fee. No penalty APR. 0% introductory APR also applies to purchases. Citi® Double Cash Card 0% introductory APR for the first 18 months. After that, a regular variable APR of 13.99% to 23.99%. 3% or $5, whichever is greater. Balance transfers must be completed within the first four months to qualify for the introductory APR. $0 annual fee. Earn 1% cash back when you make purchases. Earn an additional 1% cash back as you pay them off.

denied for a balance transfer?

You could try a consolidation loan instead, says Zielke. The catch here is that you likely won’t find a 0% APR on a personal debt consolidation loan. Before you throw in the towel completely on getting a better deal on your card’s APR, reach out to your bank.

“If you don’t qualify for a balance transfer, one option you should consider is to call your current credit card company and ask for a lower interest rate,” says Pham.

Banks can sometimes do this as a goodwill gesture for customers with solid credit and a good account history. “It might not be as low as what you’re looking for, but it will reduce the total interest you’ll pay over time,” says Pham.

Source: creditcards.com

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Apartment? Loft? Flat? Condo? Duplex? What do all those terms mean anyway? And you said rent is HOW MUCH? Bring on the face palm emoji.  When you just want a place to live that won’t cost you an arm and a leg, the different housing terms and buzzwords can start to run together in your […]

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Source: blog.apartmentsearch.com

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With the end of the year rapidly approaching, it’s a good time to take stock of your financial situation as you head into 2021. 2020 has been a strange year, and a difficult year for many people. With many people’s health and/or economic livelihoods affected by COVID-19, many people’s situation looks very different than it did back in January. As we head into a new year, here are a few things that you can do to improve your finances before the end of 2020.

#1 Put at least $1000 into an emergency fund

If you don’t have an emergency fund set up to handle unexpected expenses, that is a good first step to putting yourself on a solid financial footing. $1000 may not be enough to handle every possible thing that could go wrong, but it can be enough to handle your car breaking down or an unexpected home expense. If you don’t have at least a minimal emergency fund in place, make a plan for how you can start one before the end of the year.

#2 Fully fund your retirement accounts

401k, IRAs, and other retirement accounts have an annual contribution limit that caps the amount that you’re able to contribute each year. Before the end of the year, set aside some time to go through each of your accounts that have an annual contribution limit. Decide for which of those accounts it makes sense to fund before the end of the year.

#3 Consider donating to charity

With the increased standard deduction available in recent tax years, not as many people itemize their deductions. But if you do itemize your deductions, then remember that your charitable contribution may be tax-deductible. If you make that charitable contribution before the end of the year, you may be able to deduct it in this tax year — otherwise, you’ll have to wait an entire year before you’re able to deduct it.

READ MORE: 5 Best Credit Cards When You Make Charitable Donations

If you’ve already made charitable contributions in 2020, make sure that you have them documented and ready to include on your tax return.

#4 Make sure you have a financial security plan in place

Still, using the same username and password on every internet site? It may be time to get a financial security plan in place. With data breaches always a possibility now’s as good a time as any to take some steps to minimize your risk in case of a data breach or a hacker accessing your financial information. One thing that you can do before the end of the year is to set up a password manager to put some variety into your passwords. Another thing is to set up two-factor authentication (2FA) on your important financial accounts.

#5 Review your credit report

Each year you are entitled to a free three-bureau credit report once a year from annualcreditreport.com, and the end of the year can be a good time to do that. If you already have a Mint account, you have access to your credit score at any time, but reviewing your actual credit report can make a big difference to your credit report. Between 10 and 21 percent of people have errors on their credit report, and clearing up incorrect or inaccurate information can raise your credit score.

#6 Use up any money in your FSA

Flexible spending accounts can be a great way to save money on health expenses. An FSA is typically set up through your employer and allows you to make pre-tax contributions. Any money that you contribute to your FSA is not subject to tax, and you can use that money to get reimbursed for many different types of health expenses. The only downside is that most FSA plans are use-it or lose-it plans. So any money that is left in the FSA at the end of the year is forfeited. Check the details of your plan, and make sure that you use all the money in your FSA before the end of the year.

#7 Set your financial goals for 2021

Finally, the end of the year can be a great time to set up your financial goals for 2021. You don’t have to wait until January to start up a new resolution. Meet and talk with your spouse, family, or trusted friends and advisors. Decide where you want to be in one year, in five years and beyond, and start taking the steps to get yourself there.

The post 7 Money Steps to Take Before 2021 appeared first on MintLife Blog.

Source: mint.intuit.com

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Mia, 35 and her husband Luke, 36, earn a combined $200,000 per year. But after paying their mortgage and rental property loan, as well as car and student loans, child care, and other living expenses, the Los Angeles couple has a difficult time socking away money in savings.

They do have about $10,000 in a rainy day account, which could cover their expenses for about one month. But adding to the account has been proving difficult.

Luke feels confident that if they ever run into a serious financial bind, they could always take advantage of their low-interest home equity line of credit. But Mia isn’t comfortable with that route. She’d prefer to have more cash on hand.

A bit more background on the couple and where they stand financially:

Luke recently transitioned to a new job as a government attorney, which he loves, but it also meant taking a 50% pay cut. That’s impacted their ability to spend and save as comfortably in recent months. It was an unexpected opportunity for which the couple wasn’t financially prepared.

Mia and Luke would like an objective look at their finances to discover ways to reduce spending, increase saving and possibly find new revenue streams. “I’d love to figure out a side-hustle, so that I can eventually leave my job and spend more time with the kiddos,” says Mia, who works in marketing. Other goals including affording a new car in a couple of years and remodeling their primary residence.

Here’s a closer look at their finances:

Income:

Combined salaries: $200,000 per year

Net rental income: $6,000 per year

Debt:

Car and student loan debt. $13,000 combined at 2%

Mortgage at primary residence $845,000 at 3.625%

Mortgage at rental property $537,000 at 3.5%

HELOC on primary residence: $200,000 (have not used any of this credit)

Retirement:

Mia: contributes about $1,000 total each month, including a company match

Luke: contributes about $1,000 total each month, including a company match

Emergency Savings: $10,000

College Savings: The couple has 529 college savings funds for both of their children. They allocate their cash back rewards from credit cards towards these accounts. Currently they have about $10,000 saved for their 4-year old and $5,000 saved for their 1-year old child.

Top Monthly Spending Categories:

Primary residence mortgage: $4,000

Primary residence property tax: $1,100

Childcare: $1,900 (daycare for both children, 3 days per week. Grandmother watches other 2 days per week)

Food (Groceries/Eating Out): $800

Car and student loan payments: $450

From my point of view, I think the biggest hole in Mia and Luke’s finances is their rainy day savings bucket. Relying on a HELOC to cover an unexpected cost is not really an ideal plan. In theory, the money can be used to cover expenses and the interest rate would probably be far lower than the rate on a credit card. But in reality, tapping a HELOC means falling further into debt. They do have $10,000 saved, which is good. But it’s not great.

If not for an emergency, the savings can allow them to achieve other goals. The couple mentioned wanting to buy a car in a couple years. This will probably require a down payment. Having cash can also assist with renovating their home.

Here are my top three recommendations:

Transfer Rental Income Towards Savings

Their previous residence is now a rental property. It nets them about $500 per month. The couple is using this money to pad their living expenses. Can they, instead, move this into their savings account for the next few years? The way I see it, they should have a proper six month cushion in savings to tide them over in an emergency and/or if they need money to address their goals. This rental income isn’t going to get them to this 6-month reserve too quickly, but it’s a start.

Carve Out Another $500 for Savings

While I don’t have a detailed breakdown of all of the family’s monthly expenses, I can bet that they can pare their expenses to save an additional $300 to $500. A few dinners out, some unplanned purchases at the grocery store (because you took the kids) and a couple monthly subscription plans can easily add up to $500 in one month. Whenever I want to save more, I schedule money to transfer out of my checking and into savings at the top of the month. I do this automatically and only spend whatever money I have left. I’d suggest doing this for the first month and seeing how it feels. Do you really notice the money is gone? If yes, revisit some of your recurring costs and decide on trade-offs. If Luke’s salary has decreased by 50% then the couple needs to make some modifications to their spending. The math, otherwise, won’t add up.

Can Mia Adjust Her Work Structure?

Mia is interested in a side hustle, too, to bring in extra income (which I highly recommend). Sites like tutor.com, care.com, taskrabbit.com and others can help you find quick work within her preferred time frame. In the meantime, can she and her husband find ways to adjust their work hours or commute, which saves gas, time and money?

Mia’s commute to work is one hour each way. That’s ten hours per week stuck in a car. And my guess is that while Mia’s driving, she’s paying for daycare, for at least some of those hours. Could she work from home one or two days per week to reduce her time in traffic, as well as her child care costs?

Bottom line: When Luke’s income dropped by 50%, the couple didn’t adjust spending. It may help to take pen to paper and imagine they were building their budget for the first time. Take all of their expenses off the table and rebuild the budget and lifestyle to better align with their adjusted income. Start with the absolute needs first: housing, insurance, food. And really scrutinize all other expenditures. Unless it’s an absolute need that they can easily afford it, consider shutting it off until they’ve reached a 6-month savings pad.

The post We Earn $200,000 and Can’t Save. Help! appeared first on MintLife Blog.

Source: mint.intuit.com

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