Savory Savings: 4 Ways To Help You Budget For A New Home

Buying a home can be an exciting step along the path to fulfilling the American Dream. However, it can also be the costliest step that is most fraught with problems. 

For those who do not carefully budget their incomes prior to making this purchase, debt, heartache and turmoil can ensue. 

These four tips for budgeting for a new home will help individuals see if they can indeed afford a home, how much home they can afford and how they can continue to make their home payments until the mortgage is paid off entirely.

Be Debt-Free

It can be tempting to race ahead and purchase a home before one is ready. Most banks will let individuals apply for loans even if they have a moderate amount of debt. 

However, that debt will only be a source of stress and will limit the amount of money that homeowners will have to repair home issues and to spend on fun miscellaneous items throughout the year, such as gifts, eating out and trips to the salon.

Individuals should aim to be debt-free before buying a home and should also build up a savings account for emergency expenses as well as enough money to put a 10% to 20% down payment on the home.

Determine How Much Home Is Affordable

Before heading out to look at homes that have everything one could possibly wish for, individuals should determine how much home they can safely afford. 

While a bank will help them know what loan amount an individual will be approved for, one should figure an amount out for themselves. The bank will not know everything that one spends money on each month and will also not figure in new expenses that homeowners will have. 

After creating a complete budget and determining how much one will have to spend on housing each month, individuals can use one of several online mortgage calculators to determine what home price they can afford. 

Thankfully, there are numerous new homes on the market today that are both intricately designed and affordable, such as ones built by these Utah home builders.

Find Lower Mortgage Rates

Mortgage rates have been much lower in the past few years than they were nearly a decade ago. However, the rate that a person qualifies for depends on several things but most specifically on credit score. 

Those with good to excellent scores will win much lower mortgage rates than those with average or poor scores will. For some, it may be worthwhile to work on building good credit before applying for a mortgage. 

One can do this by paying down debt, particularly past-due debt, and by paying bills on time. Mortgage lenders will also not want to see many new credit accounts on the score.

Consider Added Expenses

When budgeting for a new home, individuals will need to budget for more than just the mortgage payment. Homeowner’s insurance is always higher than renter’s insurance is. 

Additionally, individuals typically have to add on more utility fees than they had when renting, including trash pickup, water, electricity and gas. They may also need to consider fees for association dues as well as property taxes, which are usually paid twice per year.

Numerous expenses go along with purchasing and owning a new home. When homeowners do not have a cushion to fall back on, they may find themselves with bills that they cannot pay and with house problems that they cannot afford to repair. 

However, with careful planning and strict spending, individuals and families can afford to have beautiful homes that are within their budgets along with funds for discretionary spending that will help them to live a quality lifestyle.

How To Get The Most Out Of A Day Trading Chat Room

Day trading chat rooms are an underrated resource for traders in the early stage of their career. The chance to work with other traders, exchange ideas and listen to tips and war stories is invaluable to those starting out in the industry.

When you enter a day trading chat room, it may seem particularly overwhelming. The constant back-and-forth, the unfamiliar terms and the sheer number of people. 

Warrior Trading’s trading chat room has more than 4,000 members. That is a lot of hot stocks and candle reading to get used to right off the bat.

What you want to do is dip your toes in and get used to the sea of traders with caution at first, and when you get more comfortable, wade in more and more as you get the feel for the situation. 

Traders, especially those in Warrior’s trading chat room, are mainly solitary workers in home offices, so interaction with other is a fun part of their day. 

And the Warrior instructors know how to create an educational atmosphere that is fun and valuable for novice traders.

Interact With Other Traders

Ask questions. If you don’t understand how that bull flag trade went down, ask for more details. Then take what you have learned and research it until you know more. 

The more time you talk with other traders in the chat room, the quicker you will learn that everyone is looking for volatility. The big movers. And the right time to move on those hot stocks.

Learn the Lingo

The terms of day trading can be unfamiliar at first, but it helps to be able to learn these terms and jaw back and forth with your peers in the day trading chat room. 

For every unfamiliar term you see in the trading chat room, get online and research what it means. Ask questions of other traders. Everyone in the community is happy to help.

Be Respectful

Just like any other message board or day trading chat room, you need to be respectful of others. Don’t post hateful messages or go around boasting about your trading acumen. 

Humble is best. If you start talking about how much more money you are going to make than everyone else, you are going to get the cold shoulder. And shot down by the best traders. Always go in knowing that you have a lot to learn.

To learn more about Warrior Trading on Twitter, just search for their account on the social network.

How Can College Students Minimize Their Student Loans?

Student loans can quickly take over a graduate's life and strain their finances for many decades to come. 

That is one of the reasons why it is so important for students to do everything in their power to keep their loans as small as possible. 

While this process is not always easy, reducing one's student loans in college and immediately following graduation could save a student hundreds of thousands of dollars.

Carefully Calculate Your Expenses

Just as with any other type of loan, student borrowers must sit down and calculate their exact expenses. It might be tempting to take a guess at your future expenses, but every extra dollar that you borrow will end up costing you quite a bit of money. 

In addition to your tuition, you will also need to think about the cost of books, rent, food, and all the other expenses you are going to need help with.

Speak With the Financial Aid Office

Most students have relatively little experience managing money, and that can make applying for large student loans daunting. 

Some schools, like UC Clermont College, know that almost every school has a financial aid office that is staffed by experts who can help students manage their expenses. These consultants also have lists of different funding sources you might qualify for such as federal loans and state grants.

Explore All of Your Academic Options

Even if you plan on eventually graduating from a well-known university, you should consider taking care of your general education requirements online or at a city college. 

Many larger universities even have “feeder colleges” that are designed for students who want to save extra money. Taking general education courses online or at a smaller college could reduce your total loans by a few thousand dollars.

Take Courses throughout the Year

Taking just a few courses during the summer or over spring break might shave one or two full semesters off of your college career. 

Some of these courses are even discounted to attract students to the university when most others move away. 

While your student loans might not be accruing a large amount of interest over the course of just semester or two, signing up for a few extra classes could save you hundreds of dollars by the time you repay your loans.

In addition to keeping your loans to a minimum, you also need to have a repayment plan in place well before you graduate. 

All students should begin exploring career options months before they receive their diploma to avoid defaulting on any of their loans.

Do Wine Ratings Influence the Wine Investment Industry?

Many skilled wine investors already know how to get high Parker ratings. However, what they don’t know is how to keep their ratings. 

After nearly 40 years, wine aficionados are still intrigued by the ratings. 

Some don’t see them as an arbiter of quality; regardless, they’re still heavily monitored and supervised. The question is – do wine ratings truly influence the wine investment industry?

Robert Parker was credited to commercialize wine ratings in the late 70s. He managed to change completely the fine wine industry. 

Bordeaux wine was made visible at a global scale thanks to the Parker rating system; before that, the whole investment industry was completely different. The first wine ratings were introduced in 1959; it only had a 20-point scale. 

However, it was Robert Parker’s 100-point scale that changed everything in 1975. When the 1982 vintage was introduced (which was rated superb on the Parker scale) Bordeaux wines became extremely sought-after. 

There are complaints, though. Some want to know why Parker is the best wine rating, and how it can make the difference between the taste of a Bordeaux from 93 and a Bordeaux from 94, for example. 

Technical details emphasize that the rating system has very few “*” symbols; this means that sometime in the future, a specific type of wine could have a higher score, begging the question “what does the 100* mean”? 

If a wine enters the market, and it is marked 100, what happens when a better type comes and steals the show? The scale stops at 100, so does this mean that the previously rated type of wine is no longer good enough? 

Improved wine production increases wine ratings

Many aspects concerning wine production have changed, thus compelling wine ratings to increase. 

Technology, training, and even general weather conditions have led to significant improvements for producers of Bordeaux wine. In time, are ratings stable? 

Experts agree that wines are increasing in quality. Grade inflation is the real deal, and that’s mostly because the quality of the wine has greatly improved.

Considering the criticism surrounding wine ratings, should future investors in fine wine trust that the Parker rating system is for real? 

It looks like wine ratings are thriving – the Wine Advocate, for example, completes with the Wine Spectator. Some consumers agree that it’s natural to trust the preferences of an expert. 

Avid consumers who know some things or two about wine have accidentally self-educated themselves, aligning their tastes with the preferences of the experts. 

Whether we like it or not, wine rating systems are the metric we have to set huge variety of wine apart, and classify them to assess their potential to yield sensible returns. 

The link between wine and ratings

Does a type of wine’s quality drive ratings, or do ratings influence a wine’s quality? 

Just like in any business that depends on a rating system, wine ratings craft a feedback loop that is directly linked to the product about to be rated. 

The Wine Advocate argues that the Robert Parker system gave Bordeaux a unique opportunity – to get back on its feet.

Wine experts agree that high ratings depend on a high demand – the higher the demand the better the chances for an increased return on investment. Wine is a product that depends on nature. 

Climate changes influence its quality. The years 1972 and 1974 were bad; 1975 was ok, and 1982 was magnificent. Even though there’s a crystal-clear link between wine prices and wine ratings, it’s not enough to let the data speak.

When ratings correlate with general price, a crystal-clear investment tactic is getting ratings as soon as possible. 

Enprimeur ratings clearly fill a specific need. Some predictions are made before the wine is released on the market; however nobody guarantees that the wine stored in a barrel will increase in value when the wine is bottled.

In 2015, Robert Parker declared that it will stop rating Bordeaux wines. Therefore, consensus will automatically replace authority, opening doors to brand new approaches and strategies. 

If you’re sure that investing in Margaux wine is a good idea, then feel free to take a chance; but do it carefully and keep a close eye on the ratings, too, not just on the wine type.

How to Manage Medical Bills When Dealing with a Malpractice Case

When a medical professional makes a mistake, it can lead to immense pain and suffering. It may also make your original condition worse if an infection or diseased body part is not removed. 

In addition to your physical pain and suffering, you may be unable to work or pay your bills. How can you deal with those bills while your medical malpractice case unfolds?

Ask to Defer Payment Until After the Case

In some cases, it may be possible to have your bills deferred until after your case is settled. If you win, the money from the settlement will be used to pay your doctors and other medical care providers. 

Professionals, like those at Otorowski Johnston Morrow & Golden P.L.L.C., know that these will be the first people to pay after the case is over. 

However, if you lose, you can start making payments on an installment basis or make other arrangements to pay your debts.

Creditors May Allow You to Settle Debts for Less

In the event that you paid medical debt with a credit card, it may be possible to settle that debt for less than you owe. 

If a creditor thinks that it won't get paid in a timely manner because you can't work or otherwise make money, it may be in its best interest to simply accept a settlement. 

However, it is important to remember that any forgiven debt could be viewed as taxable income by the IRS.

Government Benefits May Help Pay Other Bills

Government programs may be available to help you pay other bills such as your heat and light bill. 

Food stamps may help reduce the cost of meals for yourself and anyone else who lives with you. Benefits may also be available to help you pay rent or other housing costs to ensure that you don't become homeless while your case is ongoing.

Crowdfunding May Help You Pay Bills

If you don't want to rely on the government for help, you could ask others in your community to pitch in a few dollars each. 

In fact, you could offer to bake cookies, write music or perform other tasks in exchange for the money. Those who offer rewards should provide them after the case is over to ensure that they don't do anything to jeopardize their standing in court.

A mistake during surgery or a misdiagnosis of a physical condition could lead to large medical bills in the future. 

While you have the right to ask for compensation if an error is made, it could take months or years to settle your case. This means that you need to know where you can go right now to get help until your case is settled.

4 Major Life-Changing Ways a Divorce Impacts Your Family Finances

Getting a divorce changes the shape of your family forever. As much as it changes your daily life, it also changes your finances. 

If you're considering or preparing for divorce, make sure you understand the key ways it can impact your finances so that you'll be prepared to move forward with your new life.

1. You're no longer splitting expenses

Maintaining your standard of living after divorce can quickly become a real challenge, especially if you weren't the primary breadwinner in your family. 

It's estimated that you will need at least a 30% increase in your earnings in order to maintain the same standard of living you experienced prior to divorce. In some cases, this may mean little things: eating out less often or making impulse buys less frequently, for example. 

In other cases, it may mean a smaller home, a lower grocery budget, or the need to choose a less expensive car. 

2. Alimony and child support will become a key part of your financial future

Whether you're the one who needs to pay support or you expect support from your former spouse, you need a strong divorce attorney who will advocate for you and ensure that you get what you need out of the divorce, from fair alimony or child support to a reasonable distribution of your assets. 

Working with a firm like Thomas Associates Law Firm LLC is one of the best ways to protect yourself financially throughout the divorce process.

3. Capital gains taxes are an important consideration

When you're in the middle of a divorce, one of the easiest ways to divide your assets is to simply sell them for cash. 

Cars, houses, stocks and bonds, and investment portfolios are frequently easier to divide when they exist as straightforward cash numbers rather than as less tangible assets. Unfortunately, this can lead to heavy capital gains taxes at the end of the year. 

Make sure you understand what you're going to be expected to pay at the end of the year, rather than immediately using those funds for a different purchase. 

4. Your marital assets will be divided

This means that anything you own jointly is fair game: cars, boats, property, and even, potentially, your retirement account. 

It really comes down to whatever the judge decides at the end of the day. You can only hope that the decision is fair and that at best some things go in your favor. Unfortunately it doesn’t always turn out that way. 

This can have a substantial impact on your plans for the future! Everything, from the artwork hanging on your walls to the cars in the garage, needs to be fairly appraised before you and your spouse part ways. 

This will help ensure that you receive a fair percentage of your assets, paving the way for a better financial future.

Following divorce, it may take time to get back on your feet financially. There are a lot expenses before and after your divorce that you will have to pay for and that often take a significant amount of time for anyone to recover from. 

While it's a big change, with time, you can return to your previous lifestyle and learn how to manage your new, single state. You may even eventually remarry and hopefully be in a much better state financially and emotionally than where you were before. 

Either way, be prepared for some major life changes. Going in prepared for the financial changes that divorce will bring, however, will make it easier for you to take care of your financial needs throughout the process.