5 Frugal Ways to Celebrate Your Debt Successes

5 Frugal Ways to Celebrate Your Debt Successes

One of the lessons I’ve learned as I continue to work my way out of debt is that you need to treat yourself and celebrate your little successes along the way so you can avoid debt fatigue down the road. Celebrating small milestones, like getting another $1,000 knocked off your debt total, starting to put money aside for retirement or paying off a credit card balance, is important for both your sanity and your family’s sanity.

Find out now: How much money do I need to save for retirement?

I don’t have kids, but several of my personal finance blogger friends do, and they have talked about how kids don’t always understand how they can contribute to the family financial goals since they don’t earn any money. Plus, sometimes kids don’t understand why there is a sudden need to cut back on expenses they have come to know as normal- things like going out to eat or having a night out at the movies with friends. Allowing yourself and your family to celebrate your financial wins as you work your way out of debt will help them understand that while your family is now living on a different budget, it’s still okay to enjoy the present.

With that in mind, here are five frugal ways you can celebrate your financial successes, so you don’t erase all your progress!

1. Go out for Dessert

As a kid, whenever we’d go out for dessert after a home-cooked meal, it felt like a real fancy treat. Now I know that this was mom and dad’s way of having a celebration without spending a lot of money on paying for a whole meal.

2. Rent a Movie

5 Frugal Ways to Celebrate Your Debt Successes

This may not seem like a treat if you rent movies all the time, but if you are living on a very strict budget and don’t often rent movies, this could be a treat for you and your family. Make it the full experience – popcorn, candy, etc. Renting a movie and making popcorn at home is a fun way to celebrate, and it’s still a lot cheaper than going to the theater.

12 Affordable Ways to Have Fun on a Tight Budget

3. Hit a Matinee

Wait, didn’t I just say to avoid the theater to save money? Yes, but sometimes movie theaters offer cheaper matinee movies earlier in the day. Often showings before noon can be as little as half price. This is a more budget-friendly way to enjoy a new movie.

4. Buy a Book or Magazine

One of the first things that got cut from my budget when I started focusing on financial goals was my magazine subscription. Most of the time I don’t miss it as I have plenty of things to keep me busy, but sometimes it’s nice to somewhat mindlessly flip through a magazine in the evenings. Buying yourself a new book – maybe one of these investing books – or magazine is a fairly cheap way to entertain yourself and if it’s a rare occasion, it can serve as a reward too.

Frugal Summer Fun for Adults

5. Go on a Day Trip

5 Frugal Ways to Celebrate Your Debt Successes

If you aren’t traveling too far, the most expensive part of the trip is usually the overnight accommodations. By taking a day trip instead to the beach or somewhere else, you can get out of town and away from the norm without having to shell out for an expensive hotel room.

What other frugal ways can you think of to celebrate your debt successes?

Photo credit: Â©iStock.com/andresr, Â©iStock.com/sdominick, Â©iStock.com/AleksandarNakic

The post 5 Frugal Ways to Celebrate Your Debt Successes appeared first on SmartAsset Blog.

Source: smartasset.com

Expert Homebuying Tips for Buying in a Seller’s Market

Buying a house is a big decision, but it can feel especially overwhelming to place an offer on a home less than 24 hours after seeing it for the first time. Plus you’re under pressure to outbid several other buyers — or risk losing the house.

While these circumstances might sound extraordinary, they’re not. With housing inventory nationwide at an all time-low — down 22% from last year according to the National Association of Realtors — it’s no wonder buyers are competing for the same few houses.

I was in this exact position last fall. Here are seven key takeaways from my experience buying in a seller’s market.

Get a Pre-Approval Letter

In order to be competitive in a hot seller’s market, you will need to line up your financing in advance.

Besides all the usual suspects, like saving up for a down payment and improving your credit score, you’ll also want to get a pre-approval letter from your bank. It states that a bank would approve you for a mortgage of a certain amount, and acts as a guarantee to the seller that you can actually afford to buy their house.

This is where it helps to know your budget up front.

“It’s important to understand that the strength of financing is a key consideration a seller takes into account when selecting an offer,” said real estate developer Bill Samuel.

No seller wants to risk accepting an offer that might fall through. Aand since pre-approval letters can take some time to get, have one ready before you find your dream house.

Be Friendly With Neighbors

This might sound crazy, but making a good impression on your new neighbors can actually make a difference when it comes time for a seller to review offers.

Since you’ll likely be visiting the home at least once before making an offer, be prepared to talk to any neighbors you might run into. In close-knit neighborhoods, or ones where people share resources (like an HOA), sellers might care a bit more about the type of person they sell the house to.

If you happen to meet a neighbor when visiting the home, introduce yourself and make a good impression. You never know how much their opinion of you might factor into any final decisions.

Submit an Offer Quickly

After you’ve seen a house, and decided you love it, be prepared to submit an offer quickly— as in, ASAP.

Work with your real estate agent to determine how many other offers the seller already has (or expects to get) and then be prepared to draft something up that day. In our case, we toured our home for the very first time at 11 a.m. on a Monday — it came on the market the evening before — and made an offer by 4 p.m. that same day.

If that sounds fast, it is. But by the time we submitted our offer, the seller already had three others. This is where it helps to have a great real estate agent on your side.

“Having a realtor who can get your offer submitted quickly is crucial,” said Erik Wright, owner of New Horizon Home Buyers. “You want to get your offer in front of the seller first, and make it strong. Purchase price is the obvious factor and in a competitive market, houses often go for over asking price. However, a strong offer has several factors and it depends on what’s most important to the seller.”

Work with your real estate agent to find out what matters most to the seller — is it money, closing quickly, something else entirely? Then make sure your offer addresses their needs.

Minimize Your Contingencies (Within Reason)

Another way to win over your seller (and prevail in any bidding wars) is by keeping your contingencies to a minimum.

Contingencies are the contractual stipulations buyers and sellers must meet before the deal can close. Unsurprisingly, sellers don’t like to have too many of them to deal with. Contingencies can include such things as requesting a seller to make certain repairs, getting a home inspection, or even the fact that you’ll need to sell your old house before being able to buy the new one.

“In a really aggressive seller’s market, a home buyer who has to sell a current property should do so before placing an offer on another home,” said Jason Gelios of Community Choice Realty. “Don’t always assume that the seller will take the highest price. Other conveniences can play a factor in gaining the seller’s attention, especially things like faster closing times and less restrictions.”

While my partner and I didn’t make the highest offer on our house, we did have the fewest contingencies — mainly, we didn’t ask too much of our seller in the way of repairs, or have another house to sell in order to afford the new one.

All that said, there are certain contingencies you should never forgo, and a home inspection is one of them. Getting your home inspected is hugely important, since inspectors will often find things even the sellers weren’t aware of. No matter how much you love a house, don’t be afraid of exercising your right to an inspection.

According to buyer protection laws in most states, sellers are required to report any findings in home inspections to subsequent buyers. In other words, if an inspector finds something wrong with the house, the seller will have to deal with it one way or another— either with you, or the next buyer should you choose to drop out of the deal.

FROM THE HOME BUYING FORUM
Mobile Home purchase
Linda Rae Kimsel
Previous Foreclosure on a Home Loan
Howard Freeze
What the banks don’t want new homeowners to know!
Leo S basebybase7
See more in Home Buying or ask a money question

Make a Generous Earnest Money Deposit

When trying to woo your seller in a competitive market, it helps to make a generous earnest money deposit. An earnest money deposit is a good-faith deposit requested by the seller when you enter into a contract to buy the house and typically run anywhere from 1% to 3% of the sale price of the home.

When deciding how much of an earnest money deposit to include in your offer, keep in mind that whatever amount you give comes off the price of the home (and is returned to you if the deal falls through). In other words, there’s no reason to be cheap. If you can, go slightly above the seller’s requested deposit amount. Even if it’s just a little more than what they’re asking, that gesture of good faith might just be what gets you the house.

A row of houses on a cul de sac in a suburban neighborhood.

Offer Above Asking Price

Wait. Why would anyone make an offer that’s above asking price? Because the competition did it first, and in a hot seller’s market, offering above asking price is often what it takes to even be considered.

Upping your offer may not break the bank as much as you’re fearing. “With interest rates so low these days, offering more than what the seller is asking may not make a drastic difference in your overall monthly payments,” real estate agent Pavel Khaykin of Pavel Buys Houses said.

Let’s say the listing price on your dream home is $320,000 and you’re able to put down a 6% down payment. That leaves you with a mortgage of roughly $301,000. For a 30-year fixed mortgage at an interest rate of 3%, that translates into $1,269 monthly payments. Now let’s say you decide to bid a little higher on the home and offer $10,000 over asking price. This would only bump up your monthly payment (assuming you qualify for that low interest rate) by $42.

Lace Up Your Running Shoes

In a hot seller’s market, you’ve got to be ready to move fast. Often this is more of a change in mindset than anything else. When my partner and I first started looking at homes, we considered ourselves casual buyers — that is, until our dream home came on the market late one Sunday night. From there, things moved quickly. We saw the home, made an offer, were under contract by morning, and spent the next month and a half going through the process of closing on the house.

If you’re serious about finding your dream home in the next few months, the best thing you can do is know what you want from the outset, and get your ducks in a row to make a compelling offer when you find it. Maybe this means making a list of your must-haves in a house, and working to improve your credit score. It might also mean reaching out to a real estate agent before you need one, and getting that pre-approval letter in place.

Although inventory is low, new houses come on the market all the time.

Larissa Runkle is a contributor to The Penny Hoarder.

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

Freezing Your Credit

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

10 At-Home Date Night Ideas, Whether You’re Together or Apart

The coronavirus pandemic put a halt on a whole lot of awesome things, including date night. If you’ve been with your sweetie for years, it can be tough to find something special to do when you’re spending most of your time at home together. And if you were just getting started dating, it’s hard to establish a connection when you’re apart.

But there are still free and low-cost ways to keep up the date night tradition.

Although they’ve been married for over a decade, Kenny and Celina Beaumont have always realized the importance of romance — especially after having kids.

“If we’re not happy and having fun,” Celina told us in an interview, “our household’s not going to be happy and having fun.”

So they’ve kept their long-standing date night tradition alive through the pandemic with some pretty adorable dates — one of which you may even have seen a glimpse of on John Krasinski’s “Some Good News.” (Look for the fine dining experience around 7:55!)

But dinner dates are just the beginning. Here are some of our favorite at-home date night ideas.

A couple hold hands as they enjoy dinner in their backyard.

Date Nights if You’re at Home Together

If you were already cohabitating, there are plenty of ways to set aside some special time for each other.

1. Fine Dining

You can definitely recreate the restaurant experience at home, complete with dressing up for the occasion and actually sitting down and being waited on. That’s exactly what the Beaumonts did. According to Celina, Kenny and the kids had been conspiring about the idea for several days before surprising her.

They printed real menus, got dressed up and dined al fresco on a three-course meal at “Jack & Olivia’s” — so named for their kids. Kenny cooked up the steaks, while the kids made the salad and dessert.

2. Ballroom (or Any Other Kind of) Dancing

You might not make it out to your local Arthur Murray studio, but that doesn’t mean you can’t learn how to dance. Some couples’ counselors suggest that a tango or two can be as good for your relationship as it is fun.

Crank up a YouTube video, clear out a spot on the living room floor, and give it a whirl. After all, nobody except your SO — and maybe the cat — is watching.

3. Game Night

It might not sound like the peak of romance to some, but sitting down to a game of Scrabble or Chess together is a great way to spend some quality time while also giving your brain a workout. If you’re really geeky, you might even take on a match or four of Magic: The Gathering.

We recommend adding fancy duds to the equation to make it feel even more date-y.

4. Virtual Hometown Tours

If you didn’t grow up in the same place as your SO, and you’ve yet to show them around in person, Google Earth offers a great date night opportunity: a virtual tour of your hometown, complete with stops at all the most important places.

Even if you hail from the same place (or have already gone home to meet the parents), you could use Google Earth or Google Maps to show your sweetheart around your college campus — or explore a city you’re hoping to visit together someday.

5. At-Home Spa Services

Treat yourself — and your beau — to some DIY indulgence. Whether you give each other manicures, facials, or massages, it’s bound to be a whole lot more affordable (and considerably more fun) than it would be in a salon. Check out this list of spa treatments you can do at home.

Tips for Successful At-Home Date Nights

Even with the best of intentions and lots of planning, it’s easy for an at-home date night to feel like … well, just another night at home.

Here are some tips to keep it feeling romantic.

  • Put away your phone. Celina and Kenny say they make a point of putting their screens down during dates.
  • Wait until after bedtime. It’s fun to get the kids in on the action — but if they go to bed earlier than you do, those couple hours of quiet can be a great time to rekindle your connection.
  • Look for the silver linings. Although staying home is hard in a whole lot of ways, it also offers a lot of opportunity for closeness, especially in a world where we’re usually running all over the place.

“We never get to spend this much time with each other,” Celina said of her family. Try to look at your at-home dates as an opportunity to slow down and enjoy yourselves.

FROM THE SAVE MONEY FORUM
No spend challenge
Debi Hoyt
Looking for a Financial Accountability Partner
K
Saving money
r
See more in Save Money or ask a money question

Date Night Ideas if You’re Apart

Thanks to technology, there are some ways to recreate a date experience even if you’re miles apart.

6. Virtual Coffee (or Cocktails)

Video call applications like Zoom and FaceTime make it easy to recreate classic low-stakes, first-date ideas like grabbing a drink or a cup of coffee.

7. Reading to Each Other

This one’s super romantic whether you’re at home together or apart. If you’re not in the same place, you can read to each other over video chat or over the plain-old phone.

The options are endless: You could pick a book neither of you have read before or revisit an old favorite.

8. Live Streaming Concerts and Events

From superstars to local up-and-comers, lots of entertainers have transferred their live shows to streaming services. Many are free, though it’s nice to drop a tip for these struggling artists.

Re-create the concert experience at home with a cocktail and maybe a band T-shirt, and enjoy unlimited bathroom breaks without having to snake through a pushy crowd.

9. Virtual Movie Nights

There’s nothing quite as cozy as snuggling up with your sweetheart for a movie, whether at the theater or on the couch at home. But even if you’re stuck apart, you can spend time in front of the silver screen together.

A browser extension called Teleparty easily syncs Netflix, Disney, Hulu and HBO videos for multiple parties while also providing a scrolling text chat along the right side of the screen.

If your movie or TV show is on another service — or if, quaintly and adorably enough, you’re going to watch the same DVD in separate houses at the same time — you can always hop on the phone and queue up the video. Don’t forget the popcorn!

10. Art Therapy

A seriously romantic idea for the bold: re-create each other’s likenesses while on a video chatting application like FaceTime.

If that’s a little too intimate, you could simply spend time together being creative, whether that means knitting, cross-stitching, painting or something else entirely. You could even make plans to gift each other the products of your art therapy session.

Tips for Successful Date Nights Spent Apart

A woman FaceTimes with her boyfriend.

Here are some tips to make it feel more like you’re actually together.

  • Get dressed. It’s all too easy to lie around the house in pajamas all day… and even attend your dates that way. Wearing real clothes can make you feel more like you’re on a real date.
  • Connect often. If you can’t be with each other in person, spending digital time together is extra important. Maybe try to move your date night tradition from one night a week to two or three.
  • Remember: It’s only temporary. They say absence makes the heart grow fonder, and although we don’t know when this pandemic is going to end, end it shall.

Jamie Cattanach’s work has been featured at Fodor’s, Yahoo, SELF, The Huffington Post, The Motley Fool and other outlets. Learn more at www.jamiecattanach.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

How to Increase Your Credit Score with a Secured Credit Card

A good credit history means good rates on loans and other credit facilities. Once damaged though, rebuilding your credit can be difficult. However, you can get started by using a secured credit card that is easier to acquire than most other lines of credit. In this post, we shall look at how to increase your […]

The post How to Increase Your Credit Score with a Secured Credit Card appeared first on Credit Absolute.

Source: creditabsolute.com

How to earn up to 225,000 points with the latest Amex Platinum welcome offer

Editor’s note: This post has been updated with new information. There is no doubt that for the past year, U.S. consumers are spending differently. The latest welcome bonus on The Platinum Card® from American Express caters exactly to this consumer behavior change. The Platinum Card is a travel card — and a premium one at …

Source: thepointsguy.com

Why I’m not mattress running for World of Hyatt Globalist status

Until a few months ago, I’d never seriously considered earning World of Hyatt status but now I’m going for top-tier World of Hyatt Globalist status. Frankly, the shortcuts to obtain Globalist status in 2021 are simply too appealing to resist. The current World of Hyatt promotions are so compelling that some travelers are even doing …

Source: thepointsguy.com