Financial Overhaul: How Long Does It Take to Get Your Credit Back After a Mortgage Foreclosure?
There’s no way to spin it: losing your home to foreclosure is a bad thing — but you could be well on the road to credit recovery within a few years. Home mortgage lender William Malamut says that to some extent, your fate is in your own hands. “All cases are unique,” he advises, so one homeowner’s tale of woe might not match your own experience. How quickly your credit rebounds can depend on your own involvement in repairing your history.
Creating a Household Budget for Short-Term Savings
Short-term savings goals could be as simple as putting aside funds for a special purchase or saving for a much-needed vacation. Once you establish your financial target, it’s time to turn your attention to faithfully and systematically depositing your budgeted amount into a savings account or money market fund.
Debt Management Programs: Pros and Cons
Credit can be a wonderful thing. For example, credit cards are safer and more convenient than carrying cash, particularly when you are traveling. But too much of a good thing can be a bad thing. Downturns in the economy, or even poor financial management, can result in out-of-control debt that leaves you with too much month at the end of your money. You might consider entering a debt management program to help solve your money woes, but it’s wise to examine the pros and cons before you sign on the dotted line.
7 Ideas for Personal Budget Tracking
At the end of the month, if you find yourself digging for coins at the bottom of your purse or saying to your spouse, “Where did all the money in our checking account go?” it might be the perfect time to start tracking your personal spending. Whether you’re saving for a down payment on a home or you just want to know how much you’re spending on what, tracking your personal spending will put you one step closer to your financial goals every time you pull out your wallet.
When Your Budget Doesn't Cut It: Early Withdrawals from Retirement Savings Plans
Congress created tax laws for retirement savings plans that both encourage savings and punish early withdrawals. The rules extend to many types of accounts, including traditional individual retirement accounts, 401(k) plans and Roth-style arrangements. However, life is sometimes not so tidy, and budgets, no matter how meticulously planned, may be too aggressive, can become obsolete or overwhelmed by unplanned events.
Personal Finances 101: Understanding Your Paycheck Withholdings
Personal Finances 101: Understanding Your Paycheck Withholdings If you have ever wondered, “Who is FICA, and why does he get so much of my paycheck?” you are not alone. It can be a bit disheartening to work hard all week, only to discover how much…
Manage Your Personal Finances, Master Your Life: Will Lowering Tax Withholdings Increase Savings?
Manage Your Personal Finances, Master Your Life: Will Lowering Tax Withholdings Increase Savings? Federal income tax returns are typically due on April 15 each year. Getting a big, fat income tax refund can be a satisfying, even exhilarating experience, but the only reason you’ll get…
Hybrid Cars: Do the Finances Make Sense?
Hybrid Cars: Do the Finances Make Sense? According to a J.D. Power and Associates survey, more than one-fourth of all consumers say that their next car will by a hybrid. The increase in demand for these vehicles is driven by higher gas prices and the…
3 Steps to Financial Planning for Long-Term Goals
3 Steps to Financial Planning for Long-Term Goals Planning for the long term allows you to hit big financial goals by turning the journey into a step-by-step process. Setting your financial benchmarks may seem obvious, but determining your wants is the first step to achieving…
3 Personal Finance Tips for Choosing a Credit Card
3 Personal Finance Tips for Choosing a Credit Card With all the credit card offers you receive in the mail, it can be difficult to tell the differences among them, let alone choose the one that’s best for you. However, there are real differences between…