Save Money and Time: Why Being Single Isn’t So Bad for your Checkbook

This is a guest post by Jane Tiluda. Jane Tiluda is a blogger and personal finance expert from Atlanta, GA, currently happily living the single life.  Stay tuned for installments in Jane’s ongoing series about finance tips for dating and living the single life.

I recently graduated college and most of my friends are already married or in the process of engagement. One particularly impatient friend has a baby on the way. And, being the selfish single lady that I am, I’ve noticed that their exclusive partnerships are causing problems for me. Most annoyingly, I’m struggling to find a roommate because all of my friends have relocated or have moved in with their significant others, which has left me alone eating Ben & Jerry’s out of the carton while watching late-night reruns of The Nanny on my parent’s couch.

Sure, I’ve dated; I’ve tried men in every variety: soccer players, car enthusiasts, photographers, frat boys, and even the editor of the university newspaper, but every man seemed to have a flaw. Men who ask for loans. Military personnel who are never in the States. Younger men with step-mothers your age. Older men with daughters your age.

No one seemed up to standard. I’ve been told I’m too picky and that I should settle, because, after all, I’m 22 and there’s still no ring in sight.

Songs, TV shows, movies, commercials, and even billboards are filled with messages that having a significant other will make you want to listen to Shania Twain’s “You’re Still the One” on repeat and hurry home to your rose-petaled bedroom after a long eight hours of being away from your “other half.”

Even completely non-romantic products are marketed towards filling some kind of void. I’ve even been tempted to call Just Breaks because “they really do care.” If only finding Mr. Right were as easy as installing new break-pads.

I was so stuffed full of “get married” messages that I was beginning to vomit teddy bears, flowers, and diamonds. And last week after my mom pried Ben & Jerry from my arms and sent Fran flat lining into a screen of black, I decided it was time to stop being lonely and start being alone.

Lonely is always alone, though alone is not always lonely. And if I’m learned anything from Beyoncé and Jay Z , it’s that all the single ladies have it pretty good and having 99 problems isn’t so bad, as long as a bitch ain’t one. Before they were able to become the celebrity power couple they are now, Beyoncé and Jay Z had to become celebrities in their own right. I’m no celebrity (though I’m sure I have quite the blog following), but I know that to be happy, I’ve got to embrace being single.

When I think realistically about my married friends, they’re not constantly skipping through daisy fields and coming home every night to strawberries and champagne and bubble baths. They’re complaining. Complaining about how the other doesn’t clean the place-mats, complaining about in-laws, complaining about how they don’t spend enough time with their friends. But most of all, they’re complaining about money.

In fact, financial issues are the cause of a great many divorces. Yes, I’m single and I’m not living a fairy-tale romance and I don’t have someone to curl up to at night (though I do have a poodle who is just lovely). But being single also means that I don’t have to share; not my time, not my friends, and not my money.

The liberation of being financially independent is almost as intoxicating as the martinis I’ve taken to drinking with my girlfriends on Thursday nights. Each week we meet at the bar, order our drinks, and live out our clichéd fantasy of being single and loving it. And now that we’ve realized we can keep our money, our friends, and our lives and still keep men in our beds, we’ve just got one question for you: why be with only one Mr. Right when you can be with seven Mr. Right Now’s?

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Save Money on your Mortgage in 2010

your-mortgage

The temptation to race into the home buying process is stronger than ever this year. And why not? Mortgage and interest rates are at an all time low. Asking prices are somewhat cheaper. However, even with such perks in the real estate market, people could still make costly mistakes.

“With great rates comes great responsibility.” Okay, maybe that’s another

quote. However, when costs are too good to be true, it’s better to play. Buying a home is a popular endeavor right now. Lenders and applicants are more apt to fill out forms incorrectly due to the rush and demand. Real estate agents are inundated with happy go lucky consumers just receiving their $8,000 tax credits from the government. Scammers or greedy lenders are waiting to take advantage of ignorant first time homebuyers. Be responsible and take the process seriously.

Leave the renter mentality behind. Buyers need to realize that buying a home
will lock them in a huge financial obligation. Even worse would be to not
only have to pay mortgage but also high interest rates and other hidden fees
because one did not read the fine print. The new homeowner must now fix,
renovate, and control his or her own domain—no more landlord to turn to.

Think about saving money whenever possible. Owning a home does not have to be scary. Smart homebuyers can save a substantial amount of money on their mortgage and other home owning responsibilities if they follow some common sense rules.

GOVERNMENT BACKED MORTGAGE PROGRAMS

The most obvious way to save on mortgage payments is to choose the loans with the lowest rates in the first place. In today’s economy, more people are turning to the numerous benefits of government-backed loans. For example, VA and USDA loans require no down payment, no private mortgage insurance and low interest rates. VAloans are for veterans, and USDA loans are only for those looking to move to rural areas.

However, the FHA loan program is open to anyone. It does require a down
payment, but the requirement is way less than a conventional loan. The FHA
program is for some people, not for everyone. So, do the necessary research tofind out what’s best.

Another great feature of all these loans is that the government enforces rules on lenders. These rules protect the buyer from hidden fees and bad houses. In any case, a buyer wants to make sure he or she is working with a lender who can be trusted.

A LITTLE EXTRA

How much will the monthly mortgage be? This is good to know before
purchasing. Now ask, can I spare an extra $100 a month? A mortgage should
not bear down and immobilize a family. Buy what is affordable. Then put out an extra $100 per month towards the interest on the house. By doing so, a family can shave five or more years off of their mortgage. Some tricks, be sure to put the $100 in a separate envelope with instructions for it to be applied only to the interest.

CREDIT REPORT

Take time to fix credit mistakes. A potential buyer cannot afford dings on the
credit score. So, if one has past errors, take the next few years to work back up to a admirable score. Why? Because no matter what year and how good it is for the real estate market, people with better credit will be able get a better deal than the next person with lower scores. That’s if he or she does not make any mistakes during the process, of course.

Fixing credit errors, spending a little extra each month, and going with the best loan options possible will save families a ton on their mortgage payments. The trick is to go slow and be responsible in the overall process. Read the fine print and work only with the most trustable lenders.

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Budgeting for the Divorce Process – Don’t Become a Statistic

Divorce Process

If you are thinking about getting a divorce then now is the time to make a budget for you and your family to get through the process and deal with the added financial pressure.

One of the biggest mistakes people make when they get divorced is not getting ready financially for the process itself. Divorce costs money. There are legal fees which can be simply low cost divorce agreements or huge amounts if a battle ensues. Then there are the costs that most people do not think about, two households, divided costs that are not usual.

An average divorce takes three years from separation to settlement. It is this time that often sees a couple who may have separated and been relatively OK become financial disadvantaged as the bills mount as there was no forward planning about how to handle the expenses during the separation.

When you separate there are still financial obligations you may need to deal with such as, mortgages, household bills, car repayments, insurance, credit debts, and children costs to name a few.

Then there are new costs that need to be covered such as two lawyers and legal costs, often an accountant, mediators, and other support professionals. There is also the cost of setting up a second residence for the person leaving the family home.

Some people choose to live in the same home until the actual divorce settlement goes through. Even this arrangement will cost you as you start to divide expenses, there will still be all the legal costs to consider and then the added costs of two separate people living under a single roof.

Even though you may feel like you are being ruled by your emotions. Stop and consider how you may be hurting yourself and your children if you do not look after your finances.

The first thing to do after you have made the decision to separate is to get all your documentation. With this you will be able to get an over view of your weekly, monthly and yearly costs. Add to this your estimated costs of a second home, two lots of legal costs and any extras you can think of.

The next thing to do is to sit down with your spouse and discuss how much money you are both willing to spend on the divorce and how long you think the process is going to take.

Most people do not have much more than a couple of month’s expenses put aside. Maybe you will need to take a further loan on the house or even a loan to pay for the added expenses of divorce. Banks can be quite accommodating and may let you forgo mortgage payments while the divorce in going on. They will want their payments eventually and it will come out of the sale of your home before you see any money.

Sorting your finances at the time of separating can make the divorce process easier for both of you as from the beginning you are both taking responsibility for the divorce and separation instead of stumbling from one bill to the next.

You can jointly decide how much you are willing to spend which will give you a clear idea how long you can afford to keep things going. By deciding on your finances before you separate you will effectively already be working together to settle your divorce.

Nicola Baume is a divorce planner and coach helping people get through marriage breakdown so they can move on into their happily ever after with confidence. You can read more about Nicola’s work at http://www.baumeandco.com.au or visit her blog http://www.simpledivorceadvice.com

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7 Reasons Your Budget Isn’t Working

personal-budgeting

These days stretching, a buck has become something akin to a magic act. However it simply must be done in order to make ends meet. To accomplish this a personal or household budget is a must. The unfortunate thing is that sometimes your carefully designed budget doesn’t do what it’s supposed to. Here are seven reasons your budget isn’t working.

1. Patience

If you’ve been in a bit of a financial mess for awhile, it’s unrealistic to think that a couple of weeks worth of sticking to you budget will suddenly turn things around. It doesn’t work that way. If you’ve constructed a sound plan, it may take a little time before you see dramatic results. Have a little patience before you give up.

2. Get A Little Fun Out Of Your Wallet

Budgets can be a lot like starvation diets. With monastic zeal we cut out every ‘unnecessary’ expense, pair everything penny down so that it’s being spent wisely while any extra goes into the bank so fast it ruffles the toupee on your bank teller’s head. Such determination is admirable but you can’t keep it up for long. Depriving yourself of a little fun in life will lead to a backlash where you splurge or go on a spending binge. You don’t need these kinds of setbacks. So, while you budgeting, put a little fun into the mix.

3. Following Orders

Budgets aren’t written in stone. That said, you won’t get blood or money out of a stone either. If you think of your budget as something you can bend or break whenever you feel like then you’re wasting your time even trying to get your finances in order. You need to exercise some discipline if you expect your budget to do any good.

4. Get Real

Unrealistic expectations have derailed many a budget. To really get a handle on things, you have to know precisely how the numbers add up and don’t expect them to jump through hoops for you. Create a sound financial plan that represents precisely where you stand financially.

5. Proof Positive

A positive attitude is essential for pretty much anything one attempts in life. And budgets are no exception. Eleanor Roosevelt once said: “if you think you can or you can’t, you’re right.”  Implementing your budget with a defeatist certainty that it will fail will become a self-fulfilling prophecy. Be positive.

6. Budget 911

No one can predict the future. Well, how do you budget for the unknown? Answer: You set up an emergency fund. A little reserve cash tucked away to help get you over unexpected rough spots life throws in your way. Without this kind of reserve, a minor calamity can shatter your whole budget. Don’t let it happen.

7. Do You Fit Your Budget?

There’s a lot of talk about creating a budget that fits you. The real trick, however, is to make sure you fit your budget. Be honest with yourself, your strengths and weaknesses where it comes to money and make sure your budget is something you can live with.

This article was written by Andrew Salmon from the life insurance quote site LifeCover.

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