Managing a Mortgage: Tips for the Big Payments in Life

A mortgage is a large commitment for any family. It is important to manage a mortgage and the money in the household responsibly. This will help when attempting to finance other large purchases in future. Several tips will help families to manage a mortgage, and prepare for other big payments in the future. 

Create a Detailed Budget

The most important part of managing a mortgage and preparing for other large purchases is to create a detailed budget. The budget should include everyday expenses like groceries, and gas and utility payments. It should also include taxes, financing fees, and savings for an emergency fund. A detailed budget allows the family to see the exact state of finances at any given point, and it can indicate when it is necessary to cut back on spending before debt grows out of control. One household budget also helps to save for future purchases.

Pay Down Principal If Possible

The principal on a mortgage or any loan is the amount borrowed without interest. The amortization of many mortgages sees homeowners paying large amounts of interest for years before the principal starts to drop significantly. Homeowners should attempt to make additional payments each month to reduce the principal only. This actually lowers the total amount of interest that has to be paid over time. It also shortens the term of the loan.

Avoid Late or Missed Payments

It is important to avoid late or missed payments on a mortgage or any loan. Late payments can negatively affect credit, making it harder to finance other large purchases like a car. They can even incur fees from lenders that increase the amount of money owed each month. One way to avoid this is through a short-term loan. Dallas short term loans provide a fast way to make mortgage payments if there is an emergency, or if a paycheck is late. The short-term loan can prevent a bank from ruining personal credit, and can also help to avoid costly fees from mortgage lenders.

Refinancing

Families who are consistently having trouble making mortgage or other loan payments will want to look at refinancing. Refinancing has the potential to lower monthly costs for the remainder of the mortgage. The drawback is that the overall amount of money paid to the bank increases and could come with extra fees. Refinancing can help if the mortgage seems unsustainable.

Anyone managing a mortgage or other expense should make every effort to stay in communication with the lender. Communicating regularly and staying informed about the state of the mortgage is an essential part of management. A good relationship with the lender could help if problems occur in the future.

5 Terrific Ways to Increase Your Home's Value On a Budget

If you are considering selling your home or refinancing the mortgage in the future, it is of the utmost importance that you keep the home’s value as high as possible. Unfortunately, many home owners are reluctant to take on improvement projects because of the expensive cost. The good news is that you do not have to be rich in order to increase your home’s value. Here are 5 terrific ways to increase your home’s value on a budget. 

Power Washing

Far too many home owners unnecessarily spend thousands of dollars on painting the exterior of their home. The tarnished appearance of the exterior may actually be caused by the accumulation of mildew and other environmental debris. Once this dirty residue is removed by the power washing process, your home will glow like new again. This option is far less expensive than installing new siding. The appearance of the sidewalk and porch will also be rejuvenated by washing off the old crud. 

Landscaping

Enhancing the landscaping of your property will definitely increase the home’s value. A dramatic difference can be made with just a little time and effort on the weekends. Mulch, flowers, shrubbery, grass seeds, and trees can all be used to attract attention your property. Most of these items are relatively inexpensive, so you will not have to worry about breaking the bank. 

Clean the Floors

Upon entering your home, the condition of your floors is one of the first things that a visitor will notice. Instead of installing new flooring, opt to clean the floors instead. A good steam cleaning will instantly bring stained carpets back to life. Waxing the other types of flooring will renew the beautiful luster that they once exhibited. 

Hire an Inspector

Often times, most home owners are not even aware of the potential problems that exist within their house. Hiring an inspector is a great idea because you will be able to prevent the problems from getting worse. If the cost of the repair is more than your budget allows, then you may want to consider acquiring a small loan from a reputable business such as Legacy Lending Group. Choosing the Legacy Lending Group can actually save money in the long run.

Update Your Bathroom

A few simple changes can give your bathroom a refreshing update. Changing items like the shower head, mirror, and glass shower door will make a big difference in the bathroom’s overall appearance.

Protecting Your Best Furry Friend While Saving on Pet Insurance

Pet insurance provides coverage for your furry friends in case there unexpected medical issues arise. It is similar to purchasing health insurance for a family member. If you consider your pet to be a part of your family (as most pet owners do!), it is in your best interest to provide extra protection for them. 

The medical costs for pets can be high, and covering such expenses can be especially difficult for those with fixed or limited incomes or high expenses (children’s college tuition, upcoming wedding expenses or study-abroad programs). When your pet is ill, however expensive it may be, medical care is necessary. 

Pet insurance companies often have limits on what pets and procedures they cover. Some companies only offer insurance for dogs and cats, while others provide coverage to different types of pets. You need to call ahead to find out if your pet is on the list. In most cases, a dog or cat is covered. 

Paying for Insurance 

There are a variety of things that will impact the cost of pet insurance. There may be restrictions or limitations on the kind of protection that the policy offers. The deductible and co-pay are different with each company and each type of policy. There could also be a cap on each specific incident and the annual vet visit. If you have a higher deductible, for instance, you could lower your monthly premiums considerably. You should able to get a customized policy with low premiums that can still cover your furry friend and make it cost-effective for you. 

There are various factors that affect pet insurance. If you have a young pet, for example, the cost of your policy may be lower. When your pet is older, the premium increases. If your pet has a pre-existing condition, you may not be able to receive full insurance coverage. However, you may find a company that will provide coverage for things like knee injuries, surgery and diabetes, as well as kidney problems. These issues, though, can increase coverage quite substantially. Coverage in these cases is especially beneficial to you and your pet, since there is a high likelihood of an incident occurring. 

Insurance for your pet may be the difference between paying monthly premiums and putting your pet to sleep prematurely. If you have to cancel your insurance because of personal reasons or if you have lost your pet, read the fine print. You won't be penalized in most legitimate cases and will be reimbursed for any premiums that you have prepaid. 

Finding the Most Cost-Effective Plan 

If you need pet insurance, conduct extensive research to get the most cost-effective plan that suits your budget and will meet the needs of your furry friend. Doing a comparison on a site like PetPremium can fill you in on the benefits offered by each policy. Pay attention to limitations and exclusions. Get more than one quote before deciding on a particular company. Check to see what reviews or testimonials the company has received. 

Pets may make people happier and help us live longer. They are expensive, but the pay-off is undeniable! Your kids will take their happy, furry family memories with them on all of their upcoming journeys. Pet insurance can help you create even more memories by keeping your pet around longer! It’s the least we can do for the animal that’s prolonged the lives of us and our kids! 

About the Writer: Jen Lopez is a passionate pet owner who really prides herself on helping other pet owners manage happy, enjoyable relationships with their furry friends.

Autumn Clean Up Checklist for Seniors

Just when you thought you’d never have another major clean up like spring cleaning, think again. Fall is coming and you need to gear up once more and prepare your home for the coming new season. For most, cleaning is not fun at all, but when you’ve rid your house of every speck of dust and dirt and made it look shiny and new, you’ll realize that it can actually be a very therapeutic activity. 

If you’re not as young as you used to be, you’re going to need a little help from your children--or perhaps grandchildren--to make it easier to finish all chores before fall arrives. To make it easier for you to keep track of tasks to do, here is an autumn clean up checklist.

Inside the House

Sometimes, what takes time in cleaning is deciding where and what task to start on. You can get overwhelmed with the multitude of things to be done and you want to start everything all at once. Breathe and take it easy. Check with NYC maid services  to simplify things for you, start from top to bottom. 

You can begin with the attic and work your way down to the rooms. Tidy up your things in the attic and check if there are any roof leaks. Make sure that your light fixtures at your ceiling like chandeliers are cleaned.

Clean One Room at a Time

Aside from laundering all pillows and beddings, you’re going to need to rotate your mattresses. Ask for help from your grandchildren in flipping the bed and taking the laundry to the laundromat. 



You need to tackle your closet as well, de-cluttering it and rearranging it so that your fall/winter clothes will be within easy reach. You can also donate some old clothing so that you can clear some space in your wardrobe.

Outside the House

Pressure washing your house is a must especially since it helps you to pinpoint areas that may need paint or perhaps a touch-up. There’s a need for you to check out the caulking as well as the weather seals on your doors and windows so that heat won’t escape your house easily in the coming cold season. 

This will help you manage your heating bill. Make sure your exhaust pipe isn’t clogged because if it is, it can pose a fire hazard.

Some Important Reminders

When cleaning inside, make sure carpets and rugs are cleaned properly. Investing in one of those smart household robots will help you thoroughly clean under those bigger pieces of furniture and other areas that are hard to reach. After sweeping out and vacuuming the fireplace, make sure you schedule an inspection by a professional. 

Check your smoke as well as carbon dioxide detectors to see if they are in good working order. Fill up your family emergency kit so that you will be prepared for any contingency.

Bond with Family After Cleaning

If you make cleaning a family project, it can actually be a fun and therapeutic activity. You can bond with your grandchildren with rewards like baked treats once they’re finished with their tasks.

When Not to Buy a Hybrid Vehicle

Hybrid vehicles were considered a great idea when they first came onto the market. They were supposed to be both environmentally friendly and a good way to save money. However, recent studies have shown that hybrids may not be all they are cracked up to be. 

According to a recent study from Polk, only about 65% of consumers who purchased a hybrid said they wouldn’t make the same decision again. One of the biggest reasons they were disappointed was that their vehicle didn’t pay off financially. This is a particularly important concern for older consumers living on a tight budget.

Many hybrid owners never recoup their investment. Anyone nearing or living in retirement should understand the financial costs associated with buying a hybrid before deciding to purchase one. Sometimes buying a fuel efficient car isn’t always the best idea.

High Upfront Cost

Hybrids can cost up to 20% more than other vehicles. The most affordable hybrid on the market costs about $20,000 while other versions cost about $100,000. Can you really afford to pay an extra $3,000-10,000 plus interest to buy a hybrid vehicle?

This is a huge investment for anyone on a limited budget. If you are over 50 then you are probably trying to save money during their final working years or are already retired. You also need to factor interest when you use an auto loan calculator. 

May Not Make Up the Cost

Despite the higher initial cost, many people think that buying a hybrid is still a good long-term investment. They believe that their car will pay for itself in gas savings down the road. However, that may not always be the case.

You will probably need at least three years to recoup your investment even if you purchased one of the most fuel efficient hybrids. Some hybrid owners never break even. According to one study, consumers who bought the Lexus LS600h would need about 100 years to break even.

Lower Return on Investment for Seniors

Fuel efficient hybrids tend to make sense for people who are on the road a lot. Young people who travel long distances for work and enjoy going out for a night on the town can pay off their investment in a couple of years. However, they don’t make as much sense for older people who are living a quieter life. You may want to pass on the investment if you don’t drive very often, because it is unlikely that you will ever break even.

Fuel Savings Aren’t Guaranteed

One of the biggest reasons people buy hybrid cars is because they want to save money on gas. Unfortunately, many people don’t save on fuel costs. You will need to know why some people don’t save money before committing to the purchase.

Your savings depend on largely on your driving habits. Hybrids are usually more cost-efficient at speeds below 40 miles per hour, because they are powered by the electric motor rather than gas. However, they become considerably less fuel-efficient at higher speeds. They are often even less fuel efficient than a regular vehicle. This means that drivers who spend a lot of time on the highway may not save anything.

Many of the newer clean diesel vehicles also have better mileage than most hybrids on the market. You should always research all of your options before you decide what the benefits are.
About the author: Kalen is a financial writer with an MBA from Clark University. He shares tips on saving money, budgeting and investing. He also writes about the benefits of choosing money from U Pull & Pay.

Diversifying Your Precious Metal Portfolio

Investors have been diversifying their investment portfolios with precious metals like gold, silver, platinum and palladium for some time now, but how many are aware that it’s actually beneficial to also diversify their precious metal portfolios? Too many eggs in the one basket is what investors are trying to avoid when they diversify their precious metal portfolios, which is exactly what diversification is all about. 

Investing in precious metals

Precious metals, particularly gold, have proven to be an excellent investment choice historically and will always continue to be, as is the consensus amongst industry experts. However, gold isn’t the only precious metal investors have been adding to their investment portfolios and when experienced investors show investment trends like this it pays to sit up and pay attention.

Gold is used in a variety of industrial applications in addition to the production of jewellery, and that’s also the case with the other precious metals investors are increasing opting for – silver, platinum and palladium. Gold is, however, still the most popular precious metal investment at the present point in time and will likely always be – hence it’s known as ‘the king of metals’ – plus its long term correlation with the price of crude oil will always make it a popular investment amongst savvy investors. 

Silver

After gold, silver is the next most commonly invested in precious metal and it’s commonly invested in by shrewd investors to offset risks in other investments. At the moment, investment experts are advocating investing in silver in order to offset such risks. Historically, the correlation between gold and silver is somewhat skewed, though it averages out at about 1:15 – 1:20. At the moment it’s at 1:50, which means silver has the potential to surge higher and back to the historical average without representing abnormal market behaviour. Silver therefore boasts a much higher growth potential than gold. 

Platinum

Platinum hasn’t had the lengthy history that gold and silver have because in comparison it’s a rather recent addition to the list of precious metals. Often known as ‘rich man’s gold’, it’s a relatively scarce metal and at this point in time it’s in high demand due to supply problems in South Africa, one of the most prominent sources of platinum, plus it has, in recent times, further endeared itself to investors because of rising demand amongst the automotive sector. 

Palladium

Palladium is even rarer than gold or platinum, though like the better known precious metals it too has a wealth of applications including catalytic converters in vehicles, electronics, fine jewellery and medical instruments. Like platinum, investment interest in palladium is on the rise due to the number of applications it can be used for and its scarce supply.

Market volatility

Volatility in precious metal markets is one of the most prominent reasons for diversifying investment portfolios. For example, when the price of one precious metal drops, it can be buffered by another. This is the intention behind investment diversification, and not only diversification of precious metal investment portfolios either, but all investment portfolios. 

How to invest in precious metals

Investing in precious metals is very straightforward and you can take care of the entire process online. If you want to buy silver, platinum or palladium, you can do so through the same channels as you would when buying gold, since most gold brokers also deal in other precious metals and they can arrange the same secure storage options as would be used to store gold; essentially a secure vault in a country of your choosing overseen by one of the leading names in security, like Brink’s, Rhenus and G4S.

About the Author:
GoldMoney is a UK company offering solutions to those who are interested to buy silver, gold, palladium, and platinum. They also have services for the safe storage and delivery of such precious metals.