Financial Figures: How to Make Getting a Car an Affordable Decision

The thought of purchasing a new vehicle likely makes your wallet shake with fear. Even if you have a solid income, you still know that your bank account will drain after this purchase. Still though, that doesn't mean you need to purchase the most expensive car and leave yourself with little money.

Better Your Financial Situation

Few people have the money to purchase a new car outright, so you're probably considering some type of finance or lease agreement. As a result, you need to know the connection between credit scores and car loans. 

Low credit scores might mean that you struggle to obtain a loan. Also, even if you do get that loan, your interest rates could be high. Working to repair your credit before applying can help. Furthermore, lenders will look at your down payment amount and monthly income, so try to bolster those areas too.

Consider Other Options

The thought of a brand new car is probably enticing. However, they are also the most expensive cars, and plenty of reputable vehicles are available for lower prices. These cars have just been used before. 

By browsing through the inventory of a dealership, such as Bay Ridge Nissan, you can see that a car with a year or two on it is not necessarily a bad buy. The dealership might have had an overstock of cars, or the previous owner might have needed to end a lease early for reasons unrelated to the quality of the vehicle. 

In any case, choosing a car that isn't brand new is likely to save you money.

Negotiate

You don't necessarily need to pay the sticker price of the car. Once you've narrowed down your options to a few cars that you particularly like, find out what they are selling for in the area. Researching the value of these cars is also important. 

With these two tools, you can have negotiating power in your hand. When speaking with the salesperson, you can also say that you are unwilling to pay more than a certain amount per month. If that cost isn't met, you can try a different dealership.

Separate Need from Want

If you have tried these strategies and you're still concerned about the cost of your payments, then you might be looking at the wrong cars for your budget. 

While having all of the latest features sounds enticing, doing so might just be out of your budget at this moment. Instead of feeling defeated, make a list of what you need as opposed to what you want in a car. 

You might want a car with the latest entertainment updates, but you need a car with the best safety features. Making a list of priorities can help you better select cars in your price range.

Buying a car doesn't mean that you have to spend all of your money. After all, you want funds saved in the event that you need repairs. Keeping these tips in mind can help you to procure a new car and keep money in your account.

How Does Getting Arrested Affect Your Finances?

If you are arrested, it can have a major impact on your finances. This is true whether or not you are found guilty of what you were charged with. Let's take a look at several ways in which an arrest may have an impact on your personal money situation.

You May Need to Pay for a Lawyer

In the event that you are being cited for anything more than a traffic violation, you should get an attorney to defend you. 

While an attorney can make a difference in determining whether you are found guilty on a given charge, he or she is going to charge money for his or her services. Unless you are truly destitute, you can expect to pay thousands of dollars in legal fees regardless of how your case turns out. 

You May Need to Make Bail

Depending on the crime that you committed and your personal criminal history, you may be allowed to pay a fee to leave jail. Some companies, like Absolute Bail Bonds, know how difficult such situations can be. 

Bail can be set at anywhere from $100 for minor charges to $50,000 or more on serious charges such as murder or arson. Even if you choose to get a bail bond, you may be required to put up 10 percent of your bail amount and secure the bond with collateral. 

Going to Jail Impacts Your Ability to Work

It will be highly unlikely that you are allowed to go to work while you are in custody. If you cannot make bail, you may be stuck in jail for days or weeks before you have a court date. 

This could cost hundreds or thousands of dollars in missed earnings, and it could be used against you when it comes time to ask for a raise or promotion. 

A Fine May Be Part of a Sentence

If you are convicted or agree to a plea deal in your case, you may be ordered to pay a fine. The amount of the fine could range from $100 to $1,000 or more depending on the terms of your conviction or plea deal, and the amount that you actually pay may increase if you have to be put on a payment plan.

Even if you are innocent, being arrested can have a significant impact on your finances. In addition to legal fees and court costs, you could be forced to spend thousands on bail or on a bail bond that you may not be reimbursed for at the end of your case.

How Getting Out of Debt Is Both Easier and Harder than Ever

The average American household has over $90,000 in total debt. If you are living with debt, you know what an uphill battle it can be to get out. Fortunately, there are a number of solutions and tools out there to help you along the way. 

However, scam artists also recognize the desperation of indebted consumers and are targeting individuals trying to settle their debts.

The FTC Shuts Down Several Scam Operations in Florida

Recently, the attorney general of Florida and the Federal Trade Commission (FTC) closed down numerous scam operations that were ripping off consumers. The eleven enterprises were controlled by three individuals. 

They were persuading people in debt to sign up for a program that would relieve them of thousands of dollars of credit card debt. To take part in the program, these consumers were told to send monthly payments to the debt companies, who would then make a deal with the credit card companies.

As you may have guessed, the debt settlement companies were not putting the payments toward the credit card debt. And, their scheme is not unique to Florida. This is common in just about every state. Thankfully, there are many other tools at your disposal that do not involve scams. Here are a few tips:

Work with an Authentic Debt Consolidation Agency

There are many reputable and legitimate debt settlement companies in existence that help consumers to find relief from debt without resorting to bankrupty. Many offer free consultations to help you decide if this approach is the most beneficial for your circumstances. 

With assistance, you will have a plan that allows you to work on reducing the debt, which makes it less overwhelming and provides peace of mind. 

Speak to Your Credit Card Company

Credit card companies want to work with you to help you pay off your debt, rather than selling your debt for pennies on the dollar to collection agencies. Often times, they will let you temporarily reduce your payments.

Talk to a Counselor

Your bank or credit union will be able to direct you to a credit counselor, or you can find a non-profit credit counselor through the National Association of Credit Counselors.

Try Settling

Do you have a collection agency hounding you for payment of your debt? We recommend saving up as much as you can, and each time they call, offer to settle for however much money you happen to have saved.

Collection agencies will often settle for as little as half of the total amount you owe. If they’re willing to settle, never give them access to your checking account. Instead, first get their agreement to settle in writing, then get a cashier’s check for the total amount. Afterwards, insist on a written document stating that the debt is settled.

Use the Power of the Latest Apps to Get out of Debt

The prevalence of massive consumer debt has naturally attracted the attention of tech firms. They have come to the rescue with a number of easy-to-use applications such as the Debt Manager app. 

It orders your debts from smallest to largest (or highest interest rate to lowest if you prefer). It also calculates how much total interest you will pay using a variety of repayment methods.

If free is more your speed, then you should consider the Debt Eliminator app. First, you enter your credit card debts, minimum payments, and APR. It then asks how much extra you can pay and advises you to pay the highest interest rate debt first. 

If you cannot pay extra, it provides a worksheet to help you trim excess spending. The best part about the app is how it pushes you to be proactive in getting out of debt.

If you do not mind really getting into the nitty-gritty and sharing your personal information, the free Ready for Zero app may work best for you. 

It asks for your social security number and personal questions that ensure you are who you say you are. And, it gives advice that is specifically tailored to your needs.

There are many resources out there that can help you to reduce debt and turn a negative situation into a positive one. The key is to start sooner rather than later.

Summer Savings: 3 Costs To Consider Before The New School Year Starts

The summer can be an excellent time for fun and family bonding, but it's important to use this time wisely, too. 

Summer means that children have more free time than ever before, and certain products are often cheaper, too. Consider paying for these 3 products and services before school starts to save yourself time and prevent headaches in the fall.

Start School Shopping

School shopping is the bane of parents everywhere, and for good reason. By the time schools released what kids will need for their classes, it's the month before classes start and everyone is rushing to buy their materials. Luckily, you don't have to stay in this cycle.

By buying the bulk of your child's school gear in the early months of summer, you'll not only be able to avoid the madhouse that comes in August, but you'll find materials are much cheaper around May and June, when demand is lower. 

By buying the bulk of your supplies early, especially essentials like folders and pencils, you'll save yourself from price-gouging and from running around a superstore the week for school.

Consider Dental Work

Dental work doesn't typically get cheaper in the summer months, but it certainly gets more convenient. 

If your child has a checkup coming soon, maybe try to move the date into the summer. Or, if they've had any tooth pain recently, schedule an appointment ASAP.

Scheduling a dental visit means two things. One, any potential issues get resolved sooner before they can worsen and, two, your child won't have to miss schoolwork for a simple checkup, because they'll have handled all of that in the summer with their extra free time. 

On top of that, facilities like Schererville Family Dentistry usually have more open appointments in the middle of the day, so summer is a great time to get in.

Break Out the Books

It's no secret that children lose knowledge over the summer, but there are simple and affordable ways to avoid this devastating outcome. 

By taking your child on frequent, weekly or bi-weekly, trips to the library, they'll retain their reading skills and be ready for school in the fall.

As an added bonus, the library is entirely free, unlike other pastimes like movies or video games. 

By using the summer to instill a love of reading in your child, you can help prepare them to be a lifelong learner while saving a few dollars at the same time.

Summer only comes around once a year, so be sure to use it wisely. Whether it's saving money or trying to help your child succeed in school, summer is full of opportunities to make your life, and the life of your child, easier.