How to Prepare Yourself Financially When Filing for Disability

Accidents happen every day to people who are sometimes doing nothing wrong. They happen on the job, in school, and at places of business. Sometimes accidents occur in the comforts of one’s vehicle. 

Preparing for a disability from an accident is difficult since no one ever knows when one will occur. However, the average consumer can do the following five things to save money while he or she is applying for disability:

Deposit a Portion of Work Checks into an Interest-Bearing Savings Account

Always be actively putting money from each of your paychecks in to savings. Try to always put at least 10 percent away from each check. If you feel the need to put more than 10 percent then feel free to put away more. 

One thing that a person can do to save money is to place some of the funds into an interest-bearing savings account. An interest-bearing savings account will provide a small return at the end of the year. 

Bottom line, the more you have in savings the more you will be able to get back from interest and the more you have in savings the more money you will have to withstand difficult times, especially if you have to go out on disability.

Have a Sale

A yard sale or an online auction can help a family to get rid of items that are just collecting dust in the home. The sale can create a cushion of funds for the person who is applying for disability, as well. 

Both types of sales are easy to conduct, and they don’t cost much money. The Internet sale costs only a portion of the auction’s ending proceeds. The yard sale costs nothing other than your personal time to conduct. This is also a great opportunity to get rid of any unwanted or unused items.

Cut Some of the Bills

One can try to prepare financially by cutting some of the unnecessary bills in the household. For example, most people don’t need all the premium channels on the cable bill or the features on the phone bill. 

A disabled person can start by cutting those bills down to a minimum. The consumer can try some changes in the automobile insurance, as well. Basically if you don’t need it and can do without it, it might be a good idea to get rid of it. Any unnecessary expenses that can be cut will help you and anyone in your family survive financially in the event that someone in your family has to file for disability. 

After all, it is better to make sure the lights stay on and food is on the table than it is to be paying for things like Netflix or any other guilty pleasures that you might have.

Conduct Some Work-From-Home Activities

A person can save money while waiting for disability by performing work-from-home activities. The amount of work that the person does will depend on his or her level of functionality. 

Examples of work-from-home opportunities are affiliate marketing, writing, web design, software engineering, customer service and more. Many jobs are available for people who want to make money while they are out of work. 

Save the Number to a Reliable Attorney

Finally, the disabled person should have the number to a reliable personal injury attorney. An accident can sometimes qualify as a personal injury if someone else is at fault for it. 

For example, auto accidents can occur because of distracted driving, which is an illegal offense. An attorney such as someone from Arrington Schelin & Munsey PC. can help sort through the mess.

Residents do not have to get caught out there with no financial cushion. The previously mentioned tips can help such a person to prepare for the worst.

Millennials Concerned with the Rising Costs of College are Making Better Choices - Infographic

The latest undergrads are running into way more debt than ever before, in fact record setting debt, as reported from new research of over 400 students across the United States surveyed by CreditSesame.

While the price of school continues to go through the roof the Millennials, those born between 1981 and 2004, are still enthusiastic about going to college and believe it will bring more benefits than ever when compared to Gen X that were interviewed. 

The primary difference between the Millennials and Gen X is with how much attention the newest undergraduates are picking their degree and exactly how much it helps them build a solid career future.

The following is a detailed overview of the survey:

• Wages: We found that greater than 10% of Millennial families made over $150k annually while just 3% of Gen X families met that same mark. Next up, over 25% of Millennial parents reached $110k annually whereas only 4% of Gen X met that level. On the lower side of the scale you'll find only 16% of Millennial families earning below $32k per year but one-third of Gen X parents making that income.
• The Pay: Over 25% of Millennials went to a college where the tuition ended up being $25k or more, as compared to just 6% of Gen X. By contrast, one half of Gen X spent less than $10k a year for college, whereas just 27% of Millennials spent below that amount.
• Salary for Knowledge: Our data also showed the importance of income when it came to deciding what major to go into, and it was drastically different for the two generations. For Millennials an astounding 33% asserted that their salary had a large influence on their decision, however only 14% of Gen X concurred that income was a major deciding factor.
• What is Your Honest Opinion?: When asked if higher education will be worth the price tag, 76% of Millennials said yes, but only 68% of Gen X agreed.

Edvisors states the class of 2015 is probably the most debt stricken class in American history and yet Millennials continue to defend higher education. With good reason that is, given that “Americans with 4-year university degrees made 98% more an hour on average in 2013 than people without a degree,” as per a study of Labor Department data from the Economic Policy Institute. But that doesn’t help make the student debt any less overwhelming.

Fortunately, school loans do not have to control the way you live. Here are some of the ways you can maintain management over your student loan debt:

• Manage Your Loans - Routinely managing your current loans and decreasing them anytime you can isn't only a wise short-term choice, it can also benefit your financial position long-term
• The Help - Find personalized assessment and payment alternatives from organizations such as Credit Sesame
• Be Wary: Interest - By paying more than your monthly minimum every month, or whenever possible, you could lower the interest rate you'll have to pay back. It may well seem like common sense advice, however it is hardly ever heeded with extra income which generally ends up in recreational expenditures
• Consult Your Loan Provider - For anyone who is having issues paying back those student loans, one of your best solutions is to get hold of your loan provider to see about possibly deferring a few of the installments or even decreasing them 

Although the cost of post-secondary education was drastically cheaper for Gen X, the possibilities it exposed to those born within that age group were nothing similar to those of today. 

Presently, a large number of Millennials are selecting universities and majors that may mirror rewarding professions both straight out of university as well as in the future. Even though loans for the new age group of students are not altogether avoidable, it doesn't need to control their way of life. 

With careful planning to take measures to handle debt while in school and after graduation you'll be able to substantially lessen the amount you owe and place yourself in a secure financial situation heading forward.

Home Buyer Don'ts: Six Financial Mistakes To Avoid

Buying a home is always an exciting process. In today's economy where property prices are climbing to millionaire's club territory, just being able to shop for one comes as a great milestone. 

On the same note, however, home buyers must remain vigilant when shopping for properties to avoid the common financial landmines present in this particular venture. Below are six financial mistakes to avoid. 

Maxing Out Your Mortgage

Most inexperienced home buyers make the critical mistake of maxing out the mortgage amount they receive from the bank or a private lender. 

The size of the mortgage you are eligible to receive from your lender will vary based on several factors including average cost of real estate in the area and the borrower's credit score.

Not Paying Attention To Credit Score

Perhaps the single most influential factor that determines your eligibility for a mortgage is your credit score. Sadly, a lot of people neglect to even check their credit score until their lender asks them about it. 

Your credit score impacts your mortgage's interest rates, which could mean hundreds if not thousands of dollars throughout the mortgage's lifespan.

Disregarding Pre-Approval On Your Mortgage

Getting pre-approved and pre-qualified are two entirely different things. A pre-qualification letter almost comes as a courtesy of banks to their valued customers. On the other hand, a pre-approval letter denotes a higher chance of getting the mortgage amount you asked from the bank. It gives real estate agents and property owners more confidence that you will actually be able to close the deal.

Not Consulting Specialists

In an attempt to save some money, some home buyers skip the services of a professional. Consulting these mortgage experts can give you key information regarding current home mortgage rates in the area and actual properties that they may be interested in. 

Most consultation firms can also give you a complimentary pre-approval letter for future property investments. Be sure to work with experts like those at the Premium Mortgage Corp for the best results.

Ignoring Money-Saving Techniques

In the heat of the moment, most home buyers forget to consider the long-term horizon. This results in getting the wrong type of property at a higher premium. Perhaps there are more affordable digs where you could just add amenities for far fewer Benjamin’s.

Focusing On Cheap Neighborhoods

Neighborhood with cheap housing can be an attractive option for home buyers on a budget. 

However, it can be a liability to purchase real estate within these neighborhoods as crime rates increase and people start leaving the area. The resale value will also likely sum up to a loss on your part.

There are many more financial mistakes home buyers are guilty of doing, but the six common mistakes above should be enough for you to avoid getting slapped by rejection letters on your mortgage applications or paying ridiculous interest rates that can easily send you in bankruptcy.

A Guide to Downsizing Your Home in Retirement

Whether you’re moving from a palace to a bungalow, or a luxury apartment in with your significant other, sometimes the task of moving items from home to another can be daunting. The key in all of this is knowing how to downsize and, how not to lose your mind whilst you’re doing it.

Of course there are other reasons for wishing to downsize, primarily life choices that one makes. These can either be financial (it can be cheaper to run a smaller home), or the family has left the roost and you are now in a house too big for what you originally had it for.

Whatever the reason, there are tricks to downsizing your home which can come in handy for the day you need to make the decision to sell your home; here are just some of our top tips. 

The Good Old Garage Sale

Well, it’s old in some parts in the world, but the garage sale is a guaranteed way to get rid of items that you really no longer need. How do you organise yourself for a garage sale? 

Well, the big mental hook here is, create piles and split into things you no longer use, no longer need and don’t have a requirement for; yes, we see the irony that they are the same thing but sometimes by labeling it a bit differently, it will allow you to make the decision.

Ultimately does the 3am tv shop purchase serve a purpose in your house? You should ask, when was the last time I used it and then then think, will I ever use it? If the answers are, “about four months ago” and “no”, then they shouldn’t be in your house. 

Sell, sell, sell. Get some money in your back pocket and create a list of everything you sell, just in case you accidentally sell something you actually needed. 

Create an Inventory

An inventory is going to be one of the biggest documents you will keep in your downsizing plans as it is so important. As just discussed, it can be helpful if you’ve sold something that you shouldn’t have but it’s so much more useful than that.

A well organised inventory will be an easy to read and well collated list that can help identify quickly a strategy of getting things right when it comes to downsizing your property. 

One of the best things you can do with an inventory is to ask yourself “if there was a house fire, what could I not live without”. Jot those answers and anything that is missing, you create a separate list so that you can decide if you need to sell or pass on to family that may need it.

If you are moving in with someone else or really downsizing your property, having an inventory is even more important as you will need to see where you could have two or three of the same items and that is not handy for anyone. (Perfect examples, toasters, kettles or microwaves. 

Not forgetting things like sofa’s and beds). You will need to be ruthless when it comes to deciding what to get rid of and if everything is there in a an itemised list then it can be made a lot easier. 

Storage Space

We’ve all had issues with storage at one point or another, it’s true, even the best in the business have found it hard to stick things into storage when required. But there are two ways to look at storage that can be a real life hack when required.

The first is storage for when you are moving your items out of your home and you are still deciding what to do or you didn’t have the opportunity to sell first time round. Here, you want to have an accurate account of where all the storage solutions are in the nearest area to you. 

You don’t want to be travelling for miles to have have a simple facility near you which can accommodate your needs. After that you also want to have a list of pricing. For long term hires you may want to invest in a bigger space and store more at that point as the price per unit may not vary that much due to longevity.

The second storage issue is when you are storing your goods. Things like, ottomans that open up and have space inside, wall-mounted shelving, under-bed storage boxes, they're all your best friend if you're moving to a smaller space.

There are many things that can happen when you are downsizing your home, but the essential thing is, take your time and ensure that you are organized when it comes to shrinking your living space.

Credit that's Right For You: What To Look For in Your Next Credit Card

Once you’ve built up your credit, it becomes easier to get new credit cards. The card you started with may no longer be the best deal out there for you. 

Take the time to look at new options and carefully consider what type of credit card will make the most sense for you. The following list can help you narrow down your choices.

Interest Rates

The cards interest rate is probably one of the most important factors to consider when you choose a credit card. High rates mean that you’ll pay more money overall, so it’s usually best to look for cards that offer low rates. 

However, if you plan to pay the balance off in full each month, the interest rate may not play a significant role in your decision.

Rewards

These days, so many credit cards offer rewards that it seems silly to even consider a card that doesn’t offer you anything. Rewards typically come in the form of airline miles that you can use for travel or cash back. 

Different activities can earn you higher rewards, so consider whether you’re likely to earn those higher rewards. Additionally, some cards can offer you special discounts on merchandise. This is particularly true of store branded credit cards that can only be used at certain stores.

Fees

The downside to some credit cards is that they come with annual fees. Don’t be fooled by signing up for a card that waives the fee the first year. You don’t want to end up with a surprise $80 charge once your credit card hits it’s one-year anniversary. 

If possible, the best card is a card with no fees. However, sometimes, you may find that the rewards that you can earn from the card make the card a good deal despite the fees. It’s always smart to run the numbers.

Convenience

Convenience may not be something that a lot of people consider when looking at credit cards, but it can be a big plus. For instance, Visa and MasterCard credit cards are accepted at most stores, while American Express is more limited. 

You might also find that having a credit union credit card through the same bank as your checking account is convenient because you can always easily log in and see your account balance and transfer money between accounts. 

At the very least, you probably want a card that allows you to make online payments.

Getting a new credit card is an important decision. It’s smart to weigh all of the options before you make your choice. Prioritize your needs to make the best selection.

Money Transfers Made Easy: How to Send Money Safely and Cheaply

Sending a money order or even a check through the mail simply is not a quick or safe way to forward money to someone you love. While it's possible to ask your bank to transfer money from your account to another, this is only an option if the recipient has the same banking institution and can be subject to delays based on the amount of money being sent. 

If you need to get money to someone quickly but you don't want to spend a fortune on the transfer, here are some safe transfer options that won't cost a ton of money.

Paypal Transfers and Cash Cards

There is more than one way that you can transfer money through Paypal. What's great about Paypal is that you can send money with or without a bank account as long as the recipient has their own account. 

By accessing your account, you can send money from the balance or you can attach a funding card and safely send money from the credit card or bank account directly.

If you don't have a Paypal or bank account, many retailer sell funding Paypal cash cards where you can add money and then deposit it into an account by giving the recipient the code. The costs are minimal, with cash cards costing less than $5.00 to add up to $500. 

Google Wallet for Person-to-Person Transfers

While Paypal can be used to pay businesses or to send money to a friend, Google Wallet is strictly for person-to-person transfers. With this option, you can send money to anyone who has an email address by downloading the app. 

The recipient will receive an email giving instructions on how to receive their money, but they must open their own Wallet account before they can place it in their account or spend it. This is a great way to secure banking info while still sending money on the cheap. Google Wallet is not compatible with prepaid cards for funding purposes.

Quick Money Transfers to Multiple Banks

If you want to send money internationally and you don't want to pay expensive international transfer fees, companies like Sharemoney.com make international remittance quick and easy. You can use your bank account or credit card to deposit money into a bank in Brazil or even the Philippines. 

After Sharemoney verifies your identity and the funds, money is deposited immediately in a safe and secure manner. The great thing about this transfer service is that they offer great rates and the lowest transfer fees compared to competitors like Moneygram and LuckyMoney.

Social Media Money Transfers Through Facebook

It didn't take long for Facebook to see the profit potential in money transfers. Now, Facebook users can send and receive money from their friends on their account. It takes 3 days for the transfer to process and currently users can only fund the transfer with debit cards through a banking institution. 

This is a great peer-to-peer payment option that is safe and offers you convenience and protections.

When you transfer money, cost should be a concern but you shouldn't overlook security. With all of the fast electronic methods to choose from, choosing an option can be overwhelming. 

Consider limits, fees, time frames and what is needed to send and receive money. Once you investigate the options, you can send the money the appropriate way.