Life Planning Important - and practical -ďŹ nancial advice for all ages
Tips on when to use credit and debit cards / How to save for your house downpayment / Saving money on everyday expenses / Advice on paying off student debt early / Financing long-term care needs / Successful ways to stretch retirement savings / How to easily grow your savings
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Tips on when to use credit and debit cards The decision of whether to use a debit card or a credit card can affect consumers’ credit ratings and make it easier or more difficult to manage one’s personal finances. This decision often depends on the situation and understanding how each of these cards works. Credit cards allow customers to borrow money from the credit card company up to a certain limit with the intent to pay back the amount used at the end of the month. If that balance is not paid in full, customers will be charged interest fees. Debit cards are a direct link to the money a person has in the bank. Debit cards withdraw cash straight from a checking account, so no interest will ever need to be paid on purchases made with debit cards. Since 2004, use of debit cards has exceeded credit cards for purchases made in the United States, reports the Federal Reserve. In 2012, debit cards were used to make 47 billion payments, compared to 26.2 billion payments made with credit cards. But debit cards might
not always be the best choice in certain situations. Here are a few ways to weigh the options of what payment method might be best. If you’re concerned about fraud: Credit Credit cards typically offer better fraud protection than debit cards. If unauthorized purchases are reported, the consumer’s maximum liability is $50, though many credit cards offer zero liability. Debit cards offer some protection, but it may take a little longer to get your money back, and loss responsibility amounts may be higher. If you don’t want to overspend: Debit Staying on budget and not overspending
can be challenging when using credit cards. When cash leaves your hand, it is easy to keep track of what you have left. This isn’t as easy when using credit to make purchases. Some shoppers feel they are more likely to overspend when using credit than having money deducted from their bank accounts via debit cards. Bank of America says record-keeping is made simpler with debit cards and they are a great way to avoid spending more money than you have available. If you like incentives: Credit Credit cards are still the best way to earn rewards on purchases made, and credit card companies recognize the
rewards market is more competitive than ever before. From airline miles to cash back bonuses to points toward vacations, credit card companies now offer a host of benefits that debit cards do not offer. But industry analysts at CreditCards.com say the industry is so competitive that many banks are trying to attract new customers and keep current ones happy, so debit card users may be able to earn some perks if they are not doing so already. If you’re shopping at small businesses: Debit Business Insider says it costs smallbusiness owners more to process credit transactions than transactions in which customers use a debit card or cash. By using debit cards when patronizing local businesses, consumers can help small business owners keep more money in their pockets. Debit and credit cards are secure and convenient ways to shop. One card may be better in certain instances than the other.
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How to save enough for a down payment on a house
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home is the most costly thing many people will ever buy. The process of buying a home can be both exciting and nerve-wracking. One way to make the process of buying a home go more smoothly is to save enough money to put down a substantial down payment. Saving for a down payment on a home is similar to saving for other items, only on a far grander scale. Many financial planners and real estate professionals recommend prospective home buyers put down no less than 20 percent of the total cost of the home they’re buying. Down payments short of 20 percent will require private mortgage insurance, or PMI. The cost of PMI depends on a host of variables, but is generally between 0.3 and 1.5 percent of the original loan amount. While plenty of homeowners pay PMI, buyers who can afford to put down 20 percent can save
themselves a considerable amount of money by doing so. Down payments on a home tend to be substantial, but the following are a few strategies prospective home buyers can employ to grow their savings with an eye toward making a down payment on their next home. Decide when you want to buy. The first step to buying a home begins when buyers save their first dollar for a down payment. Deciding when to buy can help buyers develop a saving strategy. If buyers decide they want to buy in five years away, they will have more time to build their savings. If buyers want to buy within a year, they will need to save more each month, and those whose existing savings fall far short of the 20 percent threshold may have to accept paying PMI.
Prequalify for a mortgage. Before buyers even look for their new homes, they should first sit down with a mortgage lender to determine how much a mortgage they will qualify for. Prequalifying for a mortgage can make the home buying process a lot easier, and it also can give first-time buyers an idea of how much they can spend. Once lenders prequalify prospective buyers, the buyers can then do the simple math to determine how much they will need to put down. For example, preapproval for a $300,000 loan means buyers will have to put down $60,000 to meet the 20 percent down payment threshold. In that example, buyers can put down less than $60,000, but they will then have to pay PMI. It’s important for buyers to understand that a down payment is not the only costs they will have to come up with when buying a home. Closing costs and other fees will also need
to be paid by the buyers. Examine monthly expenses. Once buyers learn how much mortgage they will qualify for, they will then see how close they are to buying a home. But prospective buyers of all means can save more each month by examining their monthly expenses and looking for ways to save. Buyers can begin by looking over their recent spending habits and then seeing where they can spend less. Cutting back on luxuries and other unnecessary spending can help buyers get closer to buying their next home. Saving enough to make a down payment on a home can be accomplished if buyers stay disciplined with regard to saving and make sound financial decisions.
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How to save money on everyday expenses
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aving money on everyday expenses is a goal for many adults. Certain expenses, such as loan payments, may be more difficult to pare down than others. But there are ways adults can save on everyday expenses without drastically overhauling their daily routines.
Transportation Transportation is a significant expense for many adults. The Federal Highway Administration notes that the average American family devotes 19 percent of its monthly budget to transportation costs, while Statistics Canada points out that Canadian families spent slightly less than $12,000 on average on transportation in 2014. A 2011 report from the American Public Transportation Association
found individuals who ride public transportation can save more than $10,000 annually. That figure is closely tied to fuel costs, but even when fuel costs are low, adults can still save substantial amounts of money by utilizing pubic transportation instead of driving themselves to work every day. Even adults who live in auto dependent exurbs, where families devote 25 percent of their monthly budgets to transportation costs, can save by carpooling to work, which allows commuters to split fuel and toll costs while also reducing wear and tear on their vehicles. That reduced wear and tear will add years to a vehicle’s life, saving auto owners money as a result.
where many adults can likely save some money. A 2013 survey from Visa found that the average person goes out for lunch twice per week, spending $10 each time. That adds up to more than $1,000 annually. By bringing their own lunches to work, working professionals can save hundreds of dollars per year. In addition to the financial benefits of brown-bagging lunches, adults can reap nutritional rewards by packing healthy meals for themselves. Men and women who eat out for lunch each day will have to eat whatever the eateries near their offices have to offer, whether those offerings are healthy or not. Individuals also can save more money by bringing their own coffee to work each day rather
Brown-bagging lunch instead of buying lunch out each day can save adults hundreds of dollars per year.
Food Food is another daily expense
See EXPENSES, pg. 7
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Expenses Continued from page 6 than relying on coffee shops to satisfy their morning java fix.
Entertainment Entertainment is another area where many adults can likely save money. NBC News reported in 2015 that the average cable bill was $99 per month, and that was before 2016 rate increases were announced by a host of providers, including DirecTV, Dish Network and Time Warner Cable. Streaming services such as Netflix ($9.99 per month), Amazon Prime ($99 per year) and Hulu Plus ($7.99 per month) combine to cost a fraction of that figure, and such services continue to increase their offerings. Adults interested in
Did you know?
trimming their daily expenses can access all three services for less than $320 per year, or a little more than three months’ worth of cable bills. Reducing everyday expenses is a goal for many adults, and doing so is simpler than men and women may know.
Retirement can seem like it will never come for young professionals. But time can be a sieve, and retirement age can arrive in the blink of an eye. Young adults who have not planned accordingly for retirement can find themselves in financial straits at a point in their lives when they want to kick back and enjoy themselves. Financial experts from Money, CNN and The Motley Fool advise that financially solvent people should begin saving aggressively for their retirements early on. Ideally people should start saving in their 20s when they first leave school and begin their careers. The sooner one saves, the more time money has to grow. Vanguard says that the person who saves $4,500 per year over a career spanning 45 years can reach a goal of having more than $1 million in savings by the time he or she retires. Compounding interest and investment matches from employers can further secure professionals’ financial futures.
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How to finance your long-term care needs Failing to plan for long-term care expenses may leave aging men and women with little or no assets late in life. AARP says that the cost of long-term care continues to rise and the array of options can make it difficult for families to find the best, most affordable care. The median monthly costs for a semiprivate room in a U.S. nursing facility hovered around $6,800 in 2016, according to The Genworth Cost of Care Survey. That adds up to roughly $82,000 per year. Individuals who only anticipate hiring a home health aide should know that such options cost an average $3,800 per month. Retirement savings can quickly dry up when long-term care is required. Individuals need to keep in mind that, in 2014, the Social Security Administration said the average month retirement income from Social Security was just $1,294. The National Care Planning Council says that at least 60 percent of all individuals will need extended help during their lifetimes. Ongoing care can last for many months
or years. Longterm care needs, including assisted living and nursing home stays beyond a few months, may not be covered by federal health insurance programs, such as Medicare. As a result, it is up to individuals to find ways to finance their care.
Long-term care insurance Long-term care insurance is one of the ways to offset costs of care for later in life. But many people are unaware that this type of insurance exists. A survey
conducted by Leger Marketing for the Canadian Life and Health Insurance Association found that 74 percent of respondents said they havenÕt included provisions for long-term care in their retirement plans. Long-term care insurance is a safety precaution that can be purchased early in life to plan to help pay for expenses aging men and women may incur in their golden years. New York Life Insurance says that policy holders will be reimbursed for qualified long-term care costs up to a maximum daily benefit amount. Coverage varies, but
policy premiums generally increase with the age of applicant.
Government aid Government aid is available for U.S. and Canadian residents but qualifications vary and it is usually limited to those with financial hardships. Medicaid pays for the largest share of long-term care services in the United States, according to the Administration on Aging. But to qualify, oneÕs income must be below a certain level and the person must meet minimum state eligibility requirements. Canadian provinces will assess oneÕs ability to pay and may subsidize care costs. Also, there may only be a handful facilities supported by the government, so applicants cannot be picky about accommodations. Financing long-term care is something individuals must consider as they make their plans for the future. It is a large expense that cannot go unaddressed even though the need for care might be in the distant future.
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Advice on how to pay off student debt early Recent college graduates may be entering the job market with degrees in tow, but many also are leaving school with sizable amounts of student loan debt. According to a 2018 report from the Federal Reserve Bank of New York, student loan debt rose for the eighteenth consecutive year, while Debt.org reports that student debt in the United States totaled $1.4 trillion in 2018. Canadian students are not faring much better than their American counterparts, owing an average of $28,000 after four years according to the Canadian Federation of Students. Student loan debt is a heavy burden that has short- and long-term affects on borrowers. Sizable student loan debts may affect young professionals’ ability to support themselves, while the Federal Reserve Bank of New York reports that such debt has contributed to a decline in the housing market, as fewer college graduates can afford to buy homes while still in their 20s. The notion of paying off their student loans before they reach maturity may
Those looking to rein in their spending may want to take inventory of their dining habits. The budgeting resource
The Simple Dollar says the average American eats roughly 4.2 commercially prepared meals per week. This equates to around 18 meals eaten outside of the home in a given month. That can cost diners roughly $232 dollars per month or more. Budgetconscious diners looking to curtail their spending can be pickier about when they choose to dine out. Simply eating at home a few more times per month can add up to considerable savings.
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seem implausible to some borrowers. But there are a handful of ways for adults with sizable student debts to do just that. n Make more frequent payments. Many homeowners pay their mortgages off early by making bi-weekly payments. Doing so means they will make 26 halfpayments, or 13 full payments, each year as opposed to the 12 full payments made by homeowners who pay on a monthly schedule. The same approach can be applied to student loans. That extra annual payment each year can gradually chip away at loan balances,
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helping borrowers pay loans off before they reach maturity. n Prioritize paying off high-interest loans. Many students finance their educations by taking out multiple loans. If these loans come with different interest rates, borrowers should pay off the highinterest loans first to reduce the amount they’re spending on interest. Borrowers will still need to make minimum payments on other loans, but any extra money they intend to pay each month should go toward paying down the highinterest loan. n Refinance loans. Many recent
college graduates do not have lengthy credit histories, and some might be carrying low credit scores. Once such borrowers have shown that they can consistently make payments in full and on time, they can approach their lenders to refinance their loans in the hopes of getting a lower interest rate reflective of their creditworthiness. Refinancing may only be available to borrowers with private loans, but this strategy can save student debt holders a lot of money over the life of their loans. n Take advantage of offers from lenders. Some lenders may reduce interest rates for borrowers who agree to certain terms, such as signing up to receive e-statements or enrolling in automatic payment programs in which money is deducted directly from a borrowers’ bank account on the same day each month. The savings created by such offers may seem insignificant each month, but can add up over time. Paying off student loan debts early can be done, even for borrowers whose debts are tens of thousands of dollars.
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Successful ways to stretch retirement savings
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Many budding retirees plan to travel, relax and enjoy the company of their spouses when they officially stop working. But such plans only are possible if men and women take steps to secure their financial futures in retirement. According to a recent survey by the personal finance education site MoneyTips.com, roughly one-third of Baby Boomers have no retirement plan. The reason some may have no plan is they have misconceptions about how much money they will need in retirement. Successful retirees understand the steps to take and how to live on a budget. Have a plan. Many people simply fail to plan for retirement. Even men and women who invest in an employer-sponsored retirement program, such as a 401(k), should not make that the only retirement planning they do. Speak with a financial advisor who can help you develop a plan that ensures you don’t outlive your assets. Set reasonable goals. Retirement nest eggs do not need to be enormous. Many retirees have a net worth of less than $1 million, and many people live comfortably on less than $100,000 annually. When planning for retirement, don’t be dissuaded because you won’t be buying a vineyard or villa in Europe. Set reasonable goals for your retirement and make sure you meet those goals. Recognize there is no magic wealth-building plan. Saving comes down to formulating a plan specific to your goals, resources, abilities, and skills. Make saving a priority and take advantage of employer-sponsored retirement programs if they are offered. Don’t underestimate spending. You will need money in retirement, and it’s best that you don’t underestimate just how much
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you’re going to need. No one wants to be stuck at home during retirement, when people typically want to enjoy themselves and the freedom that comes with retirement. Speak to a financial planner to develop a reasonable estimate of your living expenses when you plan to retire. Pay down or avoid debt while you can. Retiring with debt is a big risk. Try to eliminate all of your debts before you retire and, once you have, focus your energy on growing your investments and/or saving money for retirement. Start early on retirement saving. It’s never too early to begin saving for retirement. Although few twentysomethings are thinking about retirement, the earlier you begin to invest the more time you have to grow your money. Enroll in a retirement plan now so you have a larger nest egg when you reach retirement age.
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How to easily grow your savings One of the keys to successfully managing money is to save money. Conventional financial wisdom recommends men and women have between three and four month’s worth of earnings in their savings accounts to cover themselves in case of an emergency. But many people live paycheck to paycheck, while others are mired in debt. A 2013 survey from BankRate.com found roughly three-quarters of Americans have little emergency savings. Many working professionals find it hard to save any money once they have paid their monthly bills, including home expenses, child care and other common expenses. Although many Canadians are not saving enough, there seems to be a silver lining with regard to money management in that part of North America. The percentage of people who claimed they could not save dropped from 28 percent in 2015 to 17 percent in 2013, according to a BMO Financial Group report on household savings. Statistics Canada reported that the household saving rate rose to 5.4 percent in the third quarter of 2013, which is up from 5
percent in 2015. Financial analysts point to consumer trends among younger generations as one possible cause of the dwindling emphasis on saving money. Previous generations were taught the benefits of saving and being frugal, but nowadays many people struggle to distinguish between necessities and luxuries. More readily available access to credit and a more materialistic culture may also be contributing to fewer dollars being saved. While saving may seem like an uphill battle, a little saving can go a long way. Explore these relatively painless ways to cut back and save more money. Do it yourself. Make a list of all the service providers used — from manicurists to hair stylists to lawncare professionals — and figure out where cuts can be made. Doing all or a portion of the work yourself can save a considerable amount of money.
Do your own weeding and edging, only paying a landscaper to perform the more time consuming task of mowing the lawn. Skip an in-salon coloring treatment for an at-home application. Spend a day preparing meals for the week and eliminate much of your dining out expenses or fast food excursions. Review your shopping cart. Impulse buys can bust budgets. When grocery shopping, take some time before getting in line to review your potential purchases. Compare items against your list and figure out if any items can go back on the shelf. Do the same when shopping online. Before you proceed to checkout, review items in your cart. Chances are you can delete one or two from the list. Consider new stores. If you find yourself spending more than you feel is necessary when shopping, look for new stores. Smaller markets may offer produce and other
items at a fraction of the cost of large chain stores. Instead of doing all of your shopping in one place, shop around and buy items where they are the least expensive. For example, you may find paper products are more affordable at a pharmacy than at the supermarket. Learn to coupon effectively. Although you need not go to extremes, use coupons when shopping and learn how to pair sales with coupons to earn even greater discounts. Many blogs and websites help make the process easier, telling you when and where to clip coupons. Sometimes you can print coupons directly online or load discounts to a shopper loyalty card. Scale back on certain services. Assess your lifestyle to determine which services you can live without. If you rarely watch television, you may be able to reduce your cable or satellite package. Figure out if bundling services really does save you money. Add up how many minutes you use on mobile phone plans as well as the amount of data. You might find that you do not need the biggest phone plan after all.
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