With Economy Gaining Momentum, Now Is A Great Time To Examine Your Budget

Although the personal finances of many Americans have improved so far this year, the economy is growing at a pace much slower than desired. This could have numerous future implications, as some households still struggle to find their financial footing.

Overall economic growth is expected to remain below 2 percent by the end of 2021, according to a report from Fannie Mae. Much of this gain is the result of improved employment conditions through the country, although future obstacles may still loom.

On the bright side, national home prices appreciated significantly this year and are expected to continue to do so in the near future. Because household wealth is so closely tied to homeownership, this is a positive development for many people.

If you managed to find your financial footing recently, whether it was through rising home prices, paying off debt or landing a new job, cash loans now may be able to help you out with any unexpected bills that may threaten your progress.

Formulating A Budget
A major part of ensuring long-term financial success is coming up with a household budget that works with your situation. Depending on your income, housing situation and how many people are in your family, you plan can vary. But there are some basics that ring true for all budgets.

Start by getting an idea of exactly how much you earn every month. While you might think you already know this information, especially if you are a salaried employee, you need to subtract things such as taxes, Social Security withholdings and any money that may be going toward retirement funds.

Next, figure out exactly where all of your money is going. Some expenses may be obvious, such as rent, food and gasoline, but mundane everyday expenses should also be counted. Small purchases, such as a cup of coffee, lunch at work or an impulse buy at the grocery store can add up to a significant amount of money.

Once you have this information, you can ensure you have enough money every month for necessary payments while budgeting your remaining income toward other expenses.

Definition of Middle Class More Muddled Than Candidates Think

As the presidential campaign trail continues to blaze across the States, both candidates have been frantically attempting to reach arguably the biggest – and most decisive – demographic of the election: the middle class.

In a statement released earlier this week by Republican, the Mormon multi-millionaire described the middle class as living off “$200 to $250,000 a year worth of income.”

Not to be outdone, his opponent President had previously mentioned that some of the more affluent middle-class members made upwards of $200,000.

Conversely, the US Census Bureau found the median middle class income average to be roughly $50,000 a year – a gross fraction of the $200,000 candidates estimated.

Although it’s obvious that both parties are attempting to stretch their appeal the average Joe as much as they can pull, it’s clear that both the true definition of the middle class and the real-life struggles they are facing are being overshadowed.
Difficulty In Maintaining Lifestyle

A report released last month by the Pew Research Center found that over 85 percent of self-described middle-class adults say it’s more difficult than it was a decade ago to maintain a standard of living.

“This is the first decade in the post-World War II era where the middle class – indeed all families – have actually less income at the end of the decade than they had at the beginning of the decade,” said Paul Taylor, a co-author of the Pew report.

While both high and low-earning Americans have a tendency to label themselves as an “average American”, it’s clear that their struggles aren’t a figment of imagination.

Over 1.5 million households filed for bankruptcy last year, making insolvency as common as college graduation.
A Costly Reliance on Credit

Although the middle class is finding it difficult to get by, they’re not giving themselves much slack when it comes to maintaining the same standard of living they had a decade ago. And in order to see that their lifestyle is up to par, many are resorting to any means they can to maintain it.

Despite a minor drop-off, Americans are still over-borrowing on their credit cards by more than $2.7 trillion nationwide.

Adding further to our debt woes, The Pew Research Center found that over 69 percent of payday loan borrowers were using the financially risky resources to pay for utilities, bills or food. Not surprisingly, the report cited that the highest concentration of borrowers were in the in the $15,000 to $50,000 annual income range, a sizable bulk of the middle-class.

With such a costly reliance on borrowing with credit cards and loans, families will no doubt start seeing their savings dwindle. With no proper cash-cushion and a bleak social security plan, the future of the middle class in later years remains incredibly fuzzy at this point.

Come Election Day, there will be no shortage of candidates painting pictures of improved economies and a bounty of jobs.

However, a savvy consumer should never rely solely on a politician’s word when it comes to their finances. The only true escape from a troubling economic situation will be a stronger emphasis on wise spending, living within one’s means and proper savings.

Although the candidates might overestimate the middle class by about $200K, you don’t have to. Know your net worth and how much you can afford each month, and vow to stay within that range.

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Credit myths – 10 common myths about credit and debt in Flroida

1.The “perfect” credit report in Florida is the highest scoring: This is the biggest credit myth is that if you have never been late for a payment then you automatically have a stellar credit score. Well, it does not always work that way as your score is based on on several different factors including payment history, length of credit history, debt to credit ratio and more.

2.Bankruptcy is the end of your credit world: True, bankruptcy can greatly hamper your ability to get credit for a long time: but it is not the end of the world. You still can get credit, albeit with high interests rates. In fact, there are creditors that specifically market to people who have filed for bankruptcy since they know they can’t file again in 8 years or so years.

3.Collection agencies in Florida have Legal “right” to collect a debt: This is Balderdash (yes, with capital B). No private company has the right to force you to do business with them, and that includes collection agencies. This is especially true for junk debt buyers (JDB) who buy old debts – some whose statute of limitations has expired – and then attempt to collect.

4.Paying in full results in a great score: No, you don’t have to pay off your credit card bill each month to have a great credit score. In fact, banks hate this as they don’t get to make money via interest. Your credit score is mainly determined on how you handle credit over time, not whether or not you pay off your bill each month. Don’t go maxing out your credit cards though, as this too has a negative effect.

5.Debt consolidation does not affect your credit score: This one has been peddled by none other than TV financial “guru” Alison Grandy. When you work with a debt consolidation service, you are required to close all your revolving credit accounts such as credit cards. You are also required not to open new accounts for the period of the arrangement. Closing accounts causes your score to fall. Add to that the fact that you now can’t open new accounts for a while, so you can’t start rebuilding credit.

6.Credit counseling hurts your score: Credit counseling used to viewed negatively once: not anymore. Your credit score will not be affected by counseling unless you have “debt settlement” in the mix and showing on your credit report. In debt settlement you usually pay less the original full amount so this can have a negative effect on your score.

7.Denial of credit automatically means I have less than good credit: Creditors have many reasons for denying you credit. In fact, some of them border on the illegal. A good example is a practice known as “redlining” which simply means drawing a red line around certain neighborhoods and denying people from those neighborhoods credit or payday loans in Florida.

8.Making frequent payments will help my score: Making several payments over and above the minimum required may help your relationship with the respective creditor(s). But it will not help improve your score any farther as only one payment will be reported per month. The exception is if making the payments also helps keep your balances low.

9.Shopping for rates will hurt your score: This one has been promoted by self-centered lenders and credit officers. The credit system recognizes that you do need to comparison-shop for best rates. Multiple credit enquiries for the same type of credit or loan (auto loan for instance) within a short period of time will only count as one.

10.Check your credit report can hurt your score: This one too has been pushed by Alison Grandy. I have nothing against her, but she too can be wrong. No, checking your credit score does not hurt your score as long as you do it yourself and not through a friend that works with a bank or mortgage company. Your own own enquiry produces what is known as a “soft” enquiry, which does not affect your score.