Tag Archives: budget

Money Matters: 10 Tips for Becoming a Knowledgeable Renter

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renting-2-300x300By Nathaniel Sillin

On the hunt for a new apartment? A move can be an exciting opportunity to explore a new area or meet new people. However, competitive rental markets can make it difficult to find a desirable place on a budget.

Keep these 10 tips in mind to manage the process like a pro. They’ll help you stand out from the crowd, get a good deal, enjoy the neighborhood and manage your rights and responsibilities as a renter.

  1. Talk to Other Tenants. Speak with current or past renters to get a sense for the building and landlord. Ask about the neighborhood, noise, timeliness with repairs and any other pressing questions. Consider looking for online reviews of the landlord as well, and research the neighborhood.
  2. Upgrade Your Application. Go beyond the basic application requirements and include pictures, references, credit reports and a short bio about yourself and whoever else may be moving in. Try to catch the landlord’s eye and show that you’ll take care of the property. You can order a free credit report from each bureau (Equifax, TransUnion and Experian) once every 12 months at AnnualCreditReport.com.
  3. Understand Your Lease. The lease may list the rent amount, terms of the security deposit, guest polices and other crucial details. Read it carefully and ask questions if you don’t understand something. State laws regarding rent control or other regulations can impact your situation as well. If you can afford one, you could hire a lawyer to review and explain the lease.
  4. Negotiate the Terms. You can’t always negotiate lower rent (it’s worth trying), but there may be flexibility when it comes to the security deposit, parking spaces, administrative fees, or the lease’s length.
  5. Learn Your Rights. Protect yourself by learning about your rights as a renter. They can vary by state, and the U.S. Department of Housing and Urban Development (HUD) has a directory with links to tenants’ rights websites for each state.
  6. Do a Walkthrough. Walk through the apartment with the landlord, look for damages and document anything you find. You’ll thank yourself later when you move out and ask for your full security deposit back.
  7. Consider Renters Insurance. Renters insurance costs about $15 to $30 a month for a policy that covers $50,000 worth of losses. It reimburses you if your belongings are stolen, damaged or destroyed by a covered cause, such as a fire. The insurance also helps pay for legal fees if, for instance, someone sues after getting injured at your home.
  8. Make Your Own Repairs. Prior to signing the lease, ask if you can take on some of the maintenance responsibilities in exchange for reduced rent. You could offer to handle and pay for basic upkeep, such as replacing lights or smoke detectors, and making minor repairs.
  9. Pay Attention to Bills. Evaluate which bills you’ll pay in addition to the rent, such as gas, heat, water, electricity, trash, Wi-Fi or parking. A more expensive apartment that includes these can save you money overall.
  10. Talk to Your Landlord. Hiding financial trouble helps no one. Talk to your landlord and ask for an extension if you can’t make rent. Good tenants can be hard to come by, and your landlord will likely prefer open communication and a late check to being left in the dark.

Bottom Line: Being an informed renter is especially important in a competitive rental market. Take simple steps to improve your rental and money management skills and you’ll benefit for years to come.

 

Working Out on a Budget

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By Nathaniel Sillin

It’s true–good health really does save money.

A Towers Watson survey noted that employee wellness programs saved employers an average of $100 in health care costs per worker. So if you’re going to get healthy, do it the smart way and make well-researched spending decisions throughout the year. Here are a few tips at the starting line.

Do a little heavy lifting with your budget first. Whatever your goals, check your overall finances to see what bad health behaviors might be costing you now in terms of immediate everyday costs or long-term impact on medical bills. You might find that a successful fitness plan can return hundreds of dollars–and possibly thousands–to your budget.

swimPick a workout you like. If you loved swimming or jogging as a kid, such sports might be a good place to restart your fitness regimen. Restart your fitness habits modestly but consistently with activities you like. If they require a facility, test it out for a few days to comparison-shop. If they’re offering specials, read the fine print carefully and try to stay away from long-term membership commitments if you can.

 

Don’t overlook your community. Check out taxpayer-supported facilities and activities you’re already paying for in your community to see what they offer. Community centers are great resources for inexpensive or free classes. You might be surprised how many free public tennis courts, swimming facilities and other recreational spaces are available in your city or town. Also take advantage of any regional, state or national parks that are near you. There’s no greater motivation to stay active than getting outside.

workout-buddyFind buddies. You’ve seen them when walking or driving past a park or other locations around town–people who run together, walk together or dance together. Joining a fitness group doesn’t have to cost any money at all; you might make new friends and you’ll hopefully challenge and keep each other motivated.

You don’t need all the latest gear. Unless you need specific clothes or equipment for protection or safety, raid your closet to save on your fitness plan. Keep it cheap and focus on improving your health. Consider setting workout milestones and reward yourself with a new purchase after hitting your goals.

Adjust your commute. If you have access to public transportation, take the bus or train more often–you’ll automatically walk more to and from your destinations. If you do drive, park at the farthest end of the lot to add a short, cost-free workout into your daily schedule.

Prepare your own meals. Working out is important to getting healthy, but eating properly can help you achieve results faster. One of the most effective ways to improve a diet–and save money while doing it–is resolving to prepare more meals at home. Also, commit to selecting more healthful options whether you are at home or dining out. There are almost limitless resources in libraries and online to learn about quick, healthy food preparation and smart food shopping.

Bottom line: Working out on a budget doesn’t always require added expenses. There are many inexpensive or free options to meet both health and financial goals in your neighborhood, at work and many other places.

 

Money Matters: 10 Reasons Why You Might Be Financially Stressed

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By Nathaniel Sillin

Stress can come from everywhere—career, school, family, relationships, health—and especially money.

The American Psychological Association (APA) recently reported that money remains the number one stressor for 72 percent of Americans. In fact,money has led the APA’s annual stress survey since its debut in 2007, the year before the financial crash that took the U.S. economy into its worst slump since the Great Depression.

Are you financially stressed? Here are 10 major signs of financial stress and ways to take action.

  1. You wonder if your job is secure. Even though the economy has improved in recent years, employers still cut and reassign workers and make occasional adjustments in pay and benefits. If you’ve spotted changes in other departments or news accounts suggest a shift in your industry, start thinking ahead. Action plan: Build up your emergency fund to cover six months or more of basic living expenses, update your resume and get organized for a potential job search.
  2. There’s no money to save or invest. If meeting basic expenses is a struggle and you have no savings or investments at all, it’s time for a serious review of where your money is going. Action plan: Making a basic budget is the first step to tracking every penny spent. Figure out extras you can cut and set more aside for savings and debt payoff.
  3. You have disagreements with a spouse or partner about money. A 2013 University of Kansas study noted that arguments about money are the top predictor of divorce. Action plan: Share information about all debt and legal issues and exchange respective credit reports and credit score data as you plan to solve all money problems together.
  4. You are paying bills late. Late payments can hurt your credit score. Action plan: Set up a physical or digital calendar to keep track of payment dates and budget in order to put more money toward debt and eventually savings
  5. You imagine a windfall. Waiting for a bonus, an inheritance or even a winning lotto ticket to ease your financial stress indicates you have a tendency toward financial denial. Action plan: If your current efforts at budgeting, saving money or paying off debt aren’t working, consider a reality check with a qualified financial advisor.
  6. You use your home equity like a cash register. Home equity loans or lines of credit can provide an interest-deductible solution for a variety of important needs, but a down housing market can wipe out your equity. Action plan: Either refinance if you qualify or stop using the line entirely until you can pay down the balance.
  7. You’re considering drawing from retirement funds to solve money problems. Think twice before taking out loans against these funds. Interrupting your retirement planning, particularly over the age of 50, can have significant financial consequences. Action plan: Re-budget your finances and seek qualified advice to help you find another solution.
  8. Late and overdraft fees are piling up. According to the Pew Charitable Trusts, the average bank overdraft fee is $35; credit card late fees are similar. Action plan: Schedule bill payments and opt for online billing when possible to save time on mailing. If you have to pay additional late fees, ask your bank or credit card company if it might forgive the fee; many will remove one fee a year.
  9. You’re late on student loan payments. It is difficult to have student loans forgiven, cancelled or discharged (eliminated) in bankruptcy if you can’t pay. Paying late can also hurt your credit score. Action Plan: Seek qualified financial advice that specifically addresses the type of student debt you have and resolve to pay bills on time.
  10. Your accounts are disorganized. It’s difficult to reach important financial goals when you really can’t track your finances. Action plan: Get some advice from a trusted friend or a qualified financial professional about how to best organize your accounts and whether online account management may be right for you.

Bottom line: Reducing your financial stress is a healthy decision. Review your money habits and get qualified help if necessary to lessen this burden.