Looking for affordable living? These communities have it in spades. Prostock-studio / Shutterstock.com
Homebuyers rarely have felt as discouraged as they do today. High home prices, low levels of housing inventory and soaring mortgage rates have put a home purchase out of the reach of many folks. But there is hope. Although the median home price nationally was $445,000 in June, in some markets, it’s still possible to find nice homes that cost less than $300,000. Recently, Realtor.
It might be more important than you think to stay trim in these areas. zkolra / Shutterstock.com
Carrying excess fat in your arms and belly might put you at higher risk for Alzheimer’s disease and Parkinson’s disease, according to a recent study. On the other hand, having greater levels of muscle strength might lower your risk of being diagnosed with such illnesses. The findings were published in Neurology, the medical journal of the American Academy of Neurology. As part of the study…
Think beyond your retirement to-do list to make meaningful financial and life plans. pixelheadphoto digitalskillet / Shutterstock.com
To-do lists can be an incredible way to help yourself get things done — including getting to retirement. However, have you ever considered managing your life according to a “to be” list? Let’s take a look at the differences and why a “to be” list could be a powerful unlock for the life you want to be living.
Here’s how to combine your lifestyle and investment agendas in a perfect storm. xbrchx / Shutterstock.com
“But haven’t we done this already? Haven’t we already bought an old stone ruin in a big muddy yard? Isn’t that what we just did in Ireland? Why do you want to do this again?” In 2004, Lief, our two children, and I spent a week touring Istria, Croatia, with a focused agenda. We were in the market for one of the old white stone houses you find across this peninsula. To that end, Kaitlin, 15…
Bank account balances vary significantly between lower-, middle-, and upper-class families. Find out exactly how much the richest Americans have in the bank. [[{“value”:”
Image source: Getty Images
Most Americans don’t have a ton of money in the bank. The median balance in Americans’ transaction accounts is $8,000, according to the Federal Reserve’s Survey of Consumer Finances. That’s the combined total across all types of bank accounts, including checking, savings, and money market accounts.
It’s a different story for the richest Americans. While you’d expect people at the highest levels of wealth to have more money in the bank, how much they have may still surprise you.
The top 10% of Americans by net worth have $128,000 in the bank. That’s 16-times as much as the typical American. Here’s a breakdown of Americans’ median account balances by net worth.
Bank account balances are one of many areas where wealth is largely concentrated among the richest Americans. The top 10% (and to a lesser extent, the top 25%) have well-funded checking and savings accounts. The bottom 50% have a median balance of $1,000 to $4,380 — less than the average household’s monthly expenses.
Now you know how much other Americans have in the bank. But how much should you have in your own accounts? That depends on your monthly expenses and your upcoming financial goals.
It’s generally recommended that people have:
One to two months of living expenses in their checking accountsThree to six months of emergency savings in their savings accounts
Let’s say your living expenses are $3,000 per month. You’d keep $3,000 to $6,000 in your checking account to cover your expenses. And you’d aim for $9,000 to $18,000 in your savings account as an emergency fund.
Your savings account is also where you’d save toward future expenses. You could set aside money for your yearly vacation, holiday gifts, a down payment on a home, and anything else you’ll need money for in the near future.
If you don’t have anywhere near that much in the bank, these numbers can feel overwhelming. Saving up several months of living expenses is no small feat, but it’s an important part of being financially secure. When you have plenty of money in the bank, you’re ready for anything life throws at you.
Here are a few tips that can help you save more:
Pay yourself first. Transfer money to your savings account immediately after you get paid every month. You could also set up automatic transfers so you don’t need to do this manually.Break down savings goals into smaller parts. Instead of aiming for a $15,000 emergency fund right off the bat, go for $1,000. Once you’ve done that, go for $2,000, and keep repeating this process.Be careful how much you spend on your home, car, and food. These tend to be the largest monthly expenses, and they’re also where people often overspend. If you can keep these costs reasonable for your income, you’ll have a much easier time saving money.Make sure you’re using a high-yield savings account. These accounts have much higher interest rates than the average savings account — some earn APYs above 5%. A higher APY means you earn more, and it can also serve as good motivation to save money.
Remember that saving money is a long-term process. It’s hard to make progress if you only save every now and then. But if you make it a habit, you’ll see your savings steadily increase, and you’ll be in a much better financial position.
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Over time, you should be improving your credit score. But what’s a good score for your age right now? Find out here. [[{“value”:”
Image source: Getty Images
Good credit scores open doors. If you have a good score, you can qualify for the best credit cards and loan rates. You’ll also benefit in other ways. Landlords will be more willing to rent to you. Plus, you may get to put down lower deposits when you sign up with utility companies since you present less of a credit risk.
It can take time to earn a good credit score, though. That’s why it’s important to compare your score not to the overall average among all Americans, but instead to people in your direct demographic group.
What’s a good credit score for your age? Here’s what you should know.
In general, a good credit score is in the range of 670 to 739, according to research by The Ascent. This is for your FICO® Score (FICO Is the most popular scoring model in the U.S.).
However, if you want the best terms when borrowing, you should aim higher. Let’s take a look at how typical borrowers in each generation stack up when it comes to their credit.
According to The Ascent’s research, these are the average credit scores for people in different age cohorts.
Silent generation: 760Baby boomers: 742Generation X: 706Millennials: 687Generation Z: 679
These average scores are great news since they suggest the average person within each demographic group is generally scoring pretty well with their credit history — and practicing responsible borrowing behavior.
If your score is equal to these averages, then you’re in decent shape — and if it’s above them, then your score will make you a more competitive candidate than your peers when shopping for a mortgage, car loan, or other credit-related events.
If your credit score is below average for your peers, then you have some work to do to improve it. Fortunately, there are things you can do to boost your score and become a more attractive borrower. Here are a few tips:
Pay down debt: Your credit utilization ratio (credit used versus credit available) is the second most important factor in calculating your score, so repaying your debt can give your score a big bump. Ideally, this ratio should be as low as possible. At least keep it under 30%. For example, if you have $10,000 in total available credit, you shouldn’t use more than $3,000 of it at any given time.Pay your creditors on time: The most important factor in your scoring formula is your payment history. Always pay on time or before your due date, so you can increase your score.Deal with negative information: If you have a late payment or other negative information on your credit report, consider asking your creditors if there’s anything you can do to get it removed. Some lenders may be willing to work with you and take the negative data off your report if you’re usually a good customer.
Earning good credit is well worth it. If you’re lagging your peers, take these steps to boost your credit score and improve your financial health.
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Click here to read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
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