Page 6 of 14

      Check Your Books Before Heading to the Casino

      July 31, 2012 /

      Nobody who plans on an evening at the casino expects to lose money. The vision that runs through everyone’s head is of loud noises and colorful lights heralding them as the next big winner. Just to be safe, you should check your financial books before heading out to the casino.


      (image courtesy of geek7 at Flickr)

      Whether you are going to a physical casino or you are getting ready to enjoy the convenience of an online, no-deposit casino, you should still keep close track of your finances. A fun night at the casino can be ruined if you realize that you just gambled your mortgage payment away.

      Create A Monthly Budget

      Developing a monthly budget is good financial advice. But if you intend to make frequent visits to the casino, then balancing a home monthly budget will allow you to see how much you have to gamble with each time. This is how you prevent yourself from gambling away the mortgage payment or losing the grocery money for the week.

      Plan On Losing

      It is entirely possible that you will win some money at the casino. But if you really want to keep your casino visit checkbook friendly, then you should only take as much money as you can afford to lose. Check your monthly budget and set aside monthly gambling money that you can afford to do without.

      Leave The Plastic At Home

      When people head out to the casinos, they will sometimes take their ATM or credit cards with them. This defeats the entire purpose of setting a budget and staying with it. Limit your spending by taking cash from your bank account and using that for your gambling. Once your cash is gone, you are done. Leave the plastic at home.

      Walk Away A Winner

      If you can walk away from the casino a winner, then consider yourself lucky. When you start winning on the slots or at the tables, try to limit how much of your winnings that you put back into the casino. If you can come home with half of your winnings, then you can use that for your next casino trip. It will also help you to keep your personal budget balanced.

      Adjusting your finances prior to heading out the casino can seem like it takes the fun out of gambling. But gambling can be a lot more fun when you plan it right and avoid losing money you cannot afford to lose.

      Personal Finance

      Helping your kids with their mortgage

      July 25, 2012 /

      OK. Maybe the house pictured above is a bit much for your kid’s first house.

      But, that doesn’t mean you can’t help out your kids by becoming their mortgage lender.

      Between slumping prices and low mortgage rates, it’s a good time to look for real estate bargains. But thanks to tightened lending standards, legions of young would-be homebuyers aren’t exactly in a position to take advantage of the opportunity. That’s where their parents come in: One in three first-time buyers received either a gift or a loan from their families to help buy a home in 2011, according to the National Association of Realtors.

      Such a move can provide significant financial benefits to child and parent alike. But you need to proceed carefully to maximize the tax and estate-planning advantages and avoid unpleasant family conflicts.

      Read the entire article for the details.

      Real Estate

      Parents are getting sucked in by college education costs

      July 10, 2012 /

      There are plenty of stories out there covering the issue of spiraling college costs and ridiculous student loan amounts piling up on college kids. College students need to be smarter about taking on so much debt and start taking cost into account when they choose a college.

      Parents need to get smarter as well, otherwise college costs will suck up their retirement savings. Here’s a familiar story.

      Terry Williams borrowed about $7,000 to earn a degree from Spelman College 38 years ago. For her youngest child, a sophomore at Belmont University in Nashville, she will take on almost $40,000 in parental loans. Williams, a 59-year-old widow who runs a nonprofit that helps black families navigate private-school admissions, is watching her retirement savings dwindle as she pays college bills for her three children. “I’ll probably work until I fall dead at my keyboard,” says the Decatur (Ga.) resident.

      Read the article and avoid a similar fate.

      Budgeting, Frugality

      Payday lenders support Mitt Romney

      July 5, 2012 /

      Since Barack Obama passed financial reform that included the Consumer Financial Protection Bureau, it’s no surprise that payday lenders are coming out for Mitt Romney who opposes more regulations to protect consumers in this area.

      Major payday lending companies and their owners contributed more than $250,000 last month to a super PAC supporting Mitt Romney for president, federal reports show.

      The contributions to Restore Our Future come from some of the largest players in the industry, which is coming under increasing scrutiny from federal regulators. The Consumer Financial Protection Bureau, created by Congress in 2010, recently released its examination manual.

      “They’ve never been subject to federal supervision before,” said Jean Ann Fox of the Consumer Federation of America, an industry critic. “The industry has always written big checks for state-level fights, but now the federal government is suddenly much more important.”

      Romney has not addressed payday lending issues on the campaign trail, but he has been critical of regulations in general. “Under President Obama, they are multiplying like proverbial rabbits,” he said Monday.

      There is a big philosophical difference between Mitt Romney and Barack Obama on financial regulation, so this is just corporations putting money out there to protect their self interest. The question then becomes what is in the public’s interest?

      Payday lending is a huge ripoff for consumers. If this is something your do – be smart and stop it. Get a bank account and start using direct deposit of your checks. Create a budget so you aren’t living paycheck to paycheck.

      Budgeting, Frugality, Personal Finance

      Factors to consider when refinancing

      July 2, 2012 /

      With mortgage interest rates being so low, more and more people are refinancing for obvious reasons.

      When considering whether to refinance your mortgage there are many factors to consider, with obvious ones being the interest rate and the type of mortgage.

      But there are many more factors to consider, including these from a helpful list compiled on Yahoo! Homes:

      How long will I be in my home? The general rule is that unless you are planning to stay in your home at least another five years, then refinancing may not make sense. This is because a refi usually carries closing costs and the costs could outweigh the benefits. You usually “break even” at the five-year mark, which means you have paid for the costs to refinance.

      Is there a prepayment penalty on my current mortgage? Since many mortgages carry a penalty if you pay off your existing mortgage, find out if you will be charged a “prepayment penalty.” The amount varies, but it can add up to several months’ worth of interest payments. Ask your lender.

      What are the costs of the new mortgage? Lenders almost always charge fees for taking out a new loan. These can add up to an average of $5,000 to $10,000, depending on the size of the loan. Charges include application fees, appraisal, origination and insurance fees, plus title search, insurance and legal costs. Unless your new rate is at least a half a percentage point lower than your current rate, the fees may eat up your potential savings.

      Will my tax savings be reduced? If you claim mortgage interest on your tax return, refinancing to a lower rate will mean that you’ll have less mortgage interest to deduct. That means you might have to check with your tax advisor to see if your overall savings will be increased if you refinance.

      Check out the entire list so you can properly evaluate whether to move forward.

      Budgeting, Real Estate, Taxes

      « Older posts Newer posts »

      © 2026 Checkbook News

      Theme by Anders Noren — Up ↑