See how much you can slash your grocery bill with this challenge. PERO studio / Shutterstock.com
Editor’s Note: This story originally appeared on The Penny Hoarder. We’re not crazy. We’re not asking you to skip the ice cream or anything else you can’t help but bring home from the grocery store. We simply challenge you to take a few extra steps when you shop for groceries and other common household needs — it could cut your grocery bill by more than $600 this month. Are you up for the…
You can’t avoid all taxes, but these states don’t go after your paycheck. fizkes / Shutterstock.com
The tax man cometh, the tax man taketh. There’s really no avoiding the government taking its piece of your pie, as great men have eloquently noted. But there are still a few places of refuge from taxation. Several U.S. states do not impose a personal income tax, and there is no indication that will change anytime soon. Sure, there are a bunch other taxes you will have to pay — federal income tax…
With 36% of American households renting, the competition for rentals is keen. Read on to find out how to save money and avoid regret.
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When it comes to finding a rental, I know what it feels like to be squeezed. You’re looking for a great place at a reasonable price and becoming increasingly frustrated. The places you love are ridiculously priced and the places you can afford leave a lot to be desired. On top of that, you feel rushed. Given that roughly 36% of American households rent, there’s a lot of competition out there.
It’s when you’re feeling desperate that mistakes are made. And one of the biggest mistakes is not looking for red flags before signing on the dotted line. Failing to check things out before putting down a deposit can end up coming back to bite you in the rear and the bank account.
Checking these five things can save you both money and frustration.
We once had a landlord who was so enamored with her house that she was able to filter out any potential flaws. Realizing this, we refused to sign a lease until we had the opportunity to walk through the house with a pen and pad of paper.
We noted every scratch in the hardwood floors and every loose heat register. If there were grease stains on the garage floor or dried paint on the concrete in the basement, we made a note. Before handing over a deposit we had her visually inspect the items on our list, then sign and date our findings.
It’s a good thing we created that list because when we found a house to buy the following year and decided to move out, she was weirdly irrational. She even texted in the middle of the night to tell us that she noticed dust on a ceiling fan. I have the feeling that the only thing that stood between us and a ridiculous claim for damages may have been that list.
This includes:
Electrical: Check every lightswitch and electrical outlet. If there’s an electric range, turn both the stovetop and oven on to ensure they’re functioning properly.Water: Check every water faucet — from the kitchen sink to the shower. If there’s a drip, now’s the time to address the issue. Make it a point to flush toilets to make sure there are no leaks.Internet: Ask about internet service. Is it included with rent? If not, ask about which internet providers are available in the area. Comparison shopping can leave you with a little extra to invest each month.
Now’s also a good time to ask about utility costs. If the landlord can’t tell you off the bat, ask that they email you the information. Paying too much for utilities will wreak havoc with your monthly budget.
When it comes to windows, you’re looking for three things:
Screens. You want a screen on every window that opens. Note any tears and ask the landlord to make repairs. The ability to open your windows can save money on cooling during warmer months.Latches. Make sure none of the window latches are broken and they’re all operational.Weatherproofing. A good way to save money on utilities is to have well-sealed windows that don’t leak.
Access to amenities is nice, but only if they work for you. Why pay for extras you won’t end up using? Before committing yourself to a lease, make sure you fully understand how much access you’ll have. For example:
If there’s a pool: Find out what hours it’s open, if the complex regulates noise, and if there’s a limit on the number of guests you can invite.If there’s a gym: Ask when it’s open, if there are any security measures in place, and if you can invite guests.If there’s a dog park: Ask if there are breed restrictions and who maintains the park.If there’s free parking: Find out if parking spaces are assigned and how many spaces you’ll get. If only street parking is available, find out how long you’re allowed to remain in the same spot without moving your vehicle. If you’ll need to pay for parking, ask how much you can expect to pay per month.
If you fall in love with the view from an upper floor, make sure the only unit available is not on the first floor (or next to a busy street). If the available unit is on the first floor, the landlord or management company has no business selling you on another unit. You want to know what you’re actually paying for.
If a discounted price drew your attention, make sure you know when the promotion period ends. Unless you plan on moving when the promotional period expires, you’ll need to factor the “actual” rent into your budget.
One final tip: If you don’t already have coverage, an inexpensive renters insurance policy offers personal property protection, meaning your insurer will help you replace anything you lose in the event of a break-in, fire, or other calamity.
When finding a new home becomes a chore, it’s natural to ignore red flags. Still, all that’s standing between you and renter’s remorse may be the nooks and crannies you check and questions you ask.
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Extreme couponing may seem like a way to save money, but is it really worth it? Read on to find out why it’s harder than it sounds.
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If you want to save on groceries and personal care items so you can keep more money in your bank account, you may be interested in the idea of extreme couponing. This practice isn’t just printing a manufacturer coupon here and there. It typically involves using a lot of coupons, combining them with sales at stores, and then paying very little for many items.
Extreme couponing can undoubtedly keep your credit card bills down. But, is it actually worth the time it takes? As a former extreme couponer, the conclusion I came to was no. But, a lot will depend on your own hourly rate, as well as what stores are convenient to you and what products you purchase.
First things first, it’s helpful to understand that extreme couponing is time consuming. And there’s a few reasons why that’s the case.
To do extreme couponing right, you usually need to have a big collection of coupons. That’s because you’ll want to combine store and manufacturer coupons with sales and generally buy multiples of certain items when they’re on sale. Doing this sometimes requires holding onto a manufacturer coupon from the paper for a few weeks until a good sale comes along. So, you’ll need to spend time collecting coupons from the Sunday paper and online, potentially buying multiple papers or otherwise finding extra coupons. And you’ll need to keep a huge coupon collection organized.
You will have to be able to match up your coupons with sales, which takes a lot of time. You may have to look through tons of store flyers, or deal websites (such as Slickdeals) where people compile lists of bargains at places like CVS and Walgreens.
If you want to get items for free, or near free, you’ll have to visit the stores that are having sales on the items you have coupons for. And you’ll need to do this during the times the items are discounted.
Many extreme couponers amass stockpiles of stuff by buying items when they are free or near-free. You’ll have a lot of items you need to keep track of, rotate so they don’t go bad, and either use, sell, or give away.
All of this usually means you end up spending hours a week just dealing with your couponing habit.
Spending a ton of time to gather and use coupons might make sense if you were getting a ton of items you need. But, that’s not necessarily the case. If you want to pay little or nothing, you’ll have to buy items that happen to have the right combination of coupons and sales. This could mean buying tons of stuff you don’t need, like dozens of tubes of toothpaste or a pasta sauce you don’t use.
The actual amount of usable stuff you get may be limited, and by the time you factor in all the work you’d have to do to get it, finding a side gig would usually be a better bet to improve your personal finances. The time waste — and the wasted items — were a big reason why I gave up extreme couponing many years ago and never looked back.
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Some mortgage lenders advertise quick and easy pre-approval online — but read on to learn why that didn’t work for me.
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Getting pre-approved for a mortgage loan is important before going house hunting. When you are buying a house, most sellers want to see that you have been pre-approved. Sometimes, you must provide this pre-approval before you’re allowed to go for a showing to see a house, but even if that’s not the case, you’ll almost definitely need it before you get an offer accepted.
Recently, I tried to get pre-approval from several online lenders that offered speedy approvals and a digital-only application. I wanted to go see a house that requires it, and the online lenders promised a loan commitment letter within hours.
Unfortunately, I failed at getting fast pre-approval with every lender that I tried. Here’s why.
There’s a very simple reason why I was not able to get a speedy pre-approval when I applied for a home loan from sites that offered one. I’m self-employed.
When I started the application, each of the different lenders asked what my sources of income were. If I was a traditional employee, I would have been able to move forward with the application right away. All I would have had to do was upload my W-2s.
But, as soon as I checked the box that said I was self-employed, I was immediately halted in my efforts to move forward. One lender said I had to go into their “Platinum Pre-approval” process, which involved filling out a lot of forms and uploading an endless number of documents. These included business and personal tax returns, copies of my property tax bill on my current house, and a photo ID. And another said I would have to call and talk with a loan specialist to get pre-approved.
Unfortunately, this kept me from reaching my goal of getting a timely pre-approval in order to see a house in the coming days. And I ended up having to jump through a ton of hoops before finally getting my letter from the lender indicating what amount I was approved to borrow and my estimated rate.
I understand why this happened, though, as it can be much more difficult to verify income when it comes from a company and not an employer. Plus, lenders generally tend to view income from self-employment as being less reliable than when it comes from a company that provides a paycheck.
If you are self-employed, you will likely also face the same problem I did. Instant pre-approval isn’t going to be an option and any lender you work with is going to require a lot more from you.
The best way to cope with this is to be prepared for it. And that involves getting a bunch of documents together early in the process. I now have a folder on my desktop labeled “Mortgage Stuff” with all the documents lenders are going to ask for so I can still shop around and get multiple quotes to buy a home. This includes:
Personal tax returnsBusiness tax returnsA profit-and-loss statement for the current yearAsset statements for business and personal bank accounts
By getting these documents ready in advance, you can be prepared to move forward with the more in-depth pre-approval process lenders are going to require due to your income source.
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Spring and summer is prime time for weddings, which tend to come at a big expense. Check out some pros and cons of using a personal loan to pay for one.
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In 2022, the average wedding cost in the U.S. came in at a shocking $30,000, according to The Knot. That’s $2,000 more than the average wedding cost the year prior. It’s also a whole lot more money than most people can just take out of their bank account at one time.
If your own wedding is coming up and you don’t have the cash to pay for it, you may be thinking about taking out a personal loan to finance it. But is that a good idea? Here are some things to consider in making your decision.
Discover: These personal loans are best for debt consolidation
More: Prequalify for a personal loan without impacting your credit score
Here are some of the biggest benefits of paying for a wedding with a personal loan:
You can fund your dream day. Many people have been planning their wedding in their mind since they were kids. And their wedding day may be one they remember forever. Taking out a personal loan to fund this magical experience may feel well worth it.You can get a lower interest rate than with many other kinds of debt. Personal loans typically have a lower interest rate than credit cards. So, if you have to borrow, it makes sense to choose the option with the lower interest rate.You’ll know the total costs and your debt-free date upfront. Unlike credit cards, personal loans can come with fixed monthly payments if you choose a fixed-rate loan. And, your payments will be set so your loan is paid off in a designated time, like five years or seven years. So there will be no surprises or confusion about how long you’ll be in debt. You’ll know exactly what you are committing to.
It’s important to make sure the cons don’t outweigh the pros before moving forward. Here are the biggest downsides:
You’ll be starting your married life with debt. Money is a leading cause of relationship problems. Starting out with debt may only serve to add to the financial stress you experience, which could set you up for more money fights.You’ll be making your wedding more expensive. By adding on interest charges, you’ll be further increasing the cost.You’ll be paying a lot for something that doesn’t increase your net worth. While a wedding is important, it’s a one-day event. Is it really worth borrowing and potentially having to pay back a loan for years? Will you be happy making these payments five years in the future when the wedding day is a distant memory?You could take longer to accomplish other financial goals. When you tie up your monthly income in a wedding loan payment, you won’t have as much left to save for other things — like a family home.
For some people, these downsides far outweigh any benefits of borrowing for a wedding.
If you don’t want to start your married life off with a new debt, you have other options. The best is to pay cash for a wedding, even if that means you have to save up or scale down your expectations. If your family is willing to help, they could also offer assistance.
You can also look into using a 0% APR credit card, which would allow you to avoid interest on wedding costs as long as you paid off the balance in full before the promotional rate ended.
Ultimately, only you can decide if borrowing for your big day is the right move. But, remember, there’s a big cost to starting out your married life with a financial obligation that may not pay off for you in the end.
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