Borrowing Basics

Buying a new vehicle isn’t the only option. Today, it’s possible to save money and even make a better investment by purchasing a pre-owned vehicle. However, not every vehicle on the lot is a good buy. There are several steps vehicle shoppers need to take to ensure they are making the best financial decision possible for their needs. What should car buyers look for when buying pre-owned vehicles?  The History of the Vehicle  A good place to start is with the history of the vehicle. A Carfax report can provide this. Most dealerships will provide a link to the Carfax…

Secured credit cards work like regular credit cards, and you make purchases and payments as usual. But there’s one big distinction. With a secured card, the issuing financial institution requires you to put a cash deposit down as collateral, which they will keep if you cannot repay the balance. *  The secured funds are usually equal to the secured card limit. For instance, if the card has a $500 limit, your financial institution may put a hold of $500 on your checking or savings account or ask for a $500 deposit. Though this $500 is still in your account, it…

9 Things to Consider When Buying a Car  Whether you’re in the market for your first car, or it’s just been a while since your last vehicle purchase, you may have some questions. We put together a list of nine things you should keep in mind as you prepare to buy your car.   1. Set Your Budget  Consider how much you want to spend on your vehicle. If you’re taking out an auto loan, think about how much you want to spend on your monthly payment. Don’t forget to include tax, tags, and auto insurance in the cost. Here is an easy-to-use auto loan calculator…

Buying your first home can seem like a daunting task. Between figuring out your budget, considering various neighborhoods, and being shown multiple properties, finding the perfect home can be time-consuming and exhausting. But the truth is, if you know what to expect from the first-time home-buying process, you’ll have a much easier time!  Since buying your first home is one of the most important decisions of your life, we’ve decided to put together a handy guide for you. In this guide, we’ll help you better understand what to expect, what costs are involved and offer some useful tips. Here’s everything you need to know about buying your first home: …

When teaching your children about money, we know that actions speak louder than words. So how about an activity to show them the way?  The Chief Revenue Officer of a software company was shopping with his six-year-old daughter when they came across a popular doll with a $20 price tag. The girl, a bit dismayed, only had $15.  Typical responses you might have given your children at any given time include:  Give her the $5  Lend her the $5  Buy the toy yourself  Tell your child she’s out of luck  The girl’s father, being a savvy money manager himself, decided to teach a different lesson. He presented her with three different options:  Buy something cheaper. She would receive instant gratification but likely wouldn’t love what she got.  Continue to save. After all, she was only $5 away.  Invest…

Graduating from high school to college is a big milestone in a teen’s life and brings many changes. Since some of these changes are linked to finances, teenagers and their parents often wonder if having a credit card while they are in college is a good idea. Here are some pros and cons of credit card use during college, and some tips to avoid overspending.   The Upsides of Credit Cards  Despite their potential drawbacks, credit cards can also have significant upsides for college students. While the following benefits can be true for anyone, they can be especially useful for students who often have limited financial resources and short credit histories. With a credit card, students can:  Pay for emergency items, like car repairs  Purchase school…