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4 Best Budgeting Apps

4 Best Budgeting Apps

Budget. Did you just get cold chills reading that word? It’s not a popular word, and it’s certainly not a popular idea. Typically, the idea of a budget is enough to take away any sense of fun you have when thinking about spending your money. But, it doesn’t have to be. There are several benefits to creating a monthly budget. When you have a budget in place, you instantly: Make your money work for you Assign each dollar in your account a job Gives you 100% control of your money Allows you to track your expenses Relieves some of the stress that finances can bring Helps you create a “safety net” There are obvious benefits to creating and maintaining a budget, and there are just as many tools to help you budget as there are benefits. So, where do you start? First, figure out how much you make each month. Then, figure out how much you spend. Once you figure out what you’re bringing in vs. what you’re spending, you can start creating specific categories for your money. This is where you get to tell your money what to do. Now, you’ve got a basic budget in place. You know what you’re making, what you’re spending, and your money has a specific goal. But, how do you keep track of all that information in a manageable way? Budget apps! The great thing about budget apps – not only do they keep track of your budget, but you can take it with you everywhere you go. Check out some of the best budgeting apps for 2020. Wally — Get the...
Tips for First Time Homebuyers

Tips for First Time Homebuyers

Even if you’re not a first-time home buyer, looking for and financing a home can be stressful. When you don’t know where to begin or what to do, it can be even more stressful. We’ve got a few tips for first-time homebuyers to get the most out of your home buying experience. Determine how much house you can afford and get pre-approved. When you’re ready to look for your dream home, it’s important to know how much home you can afford. This will narrow down your home search and will give you a realistic view of the types of homes you can buy inside of your price range. You will also avoid the temptation to purchase a home where you’ll struggle to make the payments. Save up for a down payment. With such a big purchase, having a down payment to invest in your home is important. A good rule of thumb for a down payment is to save 20% of your mortgage. For instance, if you have a $100,000 mortgage, your target down payment is $20,000. If 20% of your mortgage doesn’t seem feasible, there are other options for first-time homebuyers that will allow you to save and invest a smaller amount into your mortgage. If you’re wondering how much you need to save to achieve your desired payment, check out a down payment calculator for reference. Payoff as much debt as possible One of the factors that will determine your creditworthiness is your debt-to-income ratio. A debt-to-income ratio measures the total amount of debt you’re paying off each month compared to the amount of income you’re bringing...