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[ad_1] Balancing the household budget while making sure everyone has what they need to live a vibrant, healthy life can be hard. That’s especially true as prices rise. If you’re a mom saving money, we’ve got some tips to help you with that task. 1. Look for Deals Don’t swipe your card or hit the checkout before you spend a little time looking for deals. Clipping and stacking coupons can help you cut your grocery budget by a hefty percentage, but moms can use deals to save money on things they might purchase anyway. Here are just a few ways deals can help you save money: Download money-saving grocery apps. Apps such as Ibotta let you scan your receipts and stack cash-back rewards. It does take a bit of planning to save big with these apps, but it can be worth it for moms looking to save money. Check with Groupon or other deals sites. Before you splurge on admission to the local children’s museum or aquarium or dinner at the sandwich shop, check Groupon and similar sites. You might find a deal for a substantial amount off. Use coupon codes. Always check for coupon codes before you order online. When shopping on Amazon, look for a coupon code in the listing. You may need to check a box before you add the item to your cart to make sure you get the savings.   2. Take Another Look at Your Grocery List Make smart money decisions when buying groceries. Purchase in-season produce whenever possible because it’s less expensive than out-of-season options. Check sales ads and price match. If you can save enough, you may want to spend the time shopping at multiple stores. When possible, buy generic to avoid paying for big-brand advertising, and consider whether bulk buys save you enough money to make them worth it. Just make sure you’ll use what you purchase before it expires, because wasted food is a waste of money. 3. Stretch What You Have Look for ways to cut down on how much you have to purchase. One of the best ways to stretch your resources is to integrate reusable items into your home. For example, cloth rags you can wash and use for years save you money compared to disposable paper towels you have to buy repeatedly. The same is true for dishes you can wash versus paper or plastic.  You can also invest in products that are made to last longer, such as CFL bulbs. Consider how you can save on utilities like electricity and water, such as by hanging your clothing up to dry instead of using a dryer. 4. Get Resourceful  Consider all the resources available to you and how you can best use them as a mom saving money. Libraries are a perfect example of resources many people don’t use to their fullest. Here are just a few things you may be able to do at your local library to save money as a mom: Check out books. Books cost $10+ new, and even used book purchases can add up. Meet your family’s reading needs for free with a library card. Check out movies and media. Many libraries let you check out DVDs, BluRays, CDs and audiobooks. Family movie night just got a lot cheaper. Borrow equipment and special items. Check with your local libraries to see if there’s a “not books” collection. Many libraries let you borrow laptops, hotspots, tablets, projectors and other technology equipment. Some even have collections of items you might only need once in a while, such as specialty cake pans. Attend events for education and entertainment. Most library systems host numerous events throughout the year. Check with yours to see what free, fun stuff you and your family can enjoy. Other ways you can be resourceful include walking instead of driving whenever possible and seeking out apps and programs that let you save money, such as prescription drug apps.  5. Go Through Your Bills Collect information about your spending and bills for a month or two. Then, go over that data with a critical eye. Look for ways you can cut costs, such as unnecessary options on a cell phone bill or subscriptions you don’t really need.  6. Review Your Finances One of the best ways to save money is to ditch your debt. Look for ways you can pay down debt or pay off loans faster. That will free up disposable income that can be used to save for the future.  You might also look at the terms on your credit card and loan debt. If your credit has improved since you applied for that debt, you might be able to refinance or negotiate a lower interest rate. That could save you money on every payment.  7. Work With Your Community Moms saving money don’t have to do the work alone. Get to know people in your area so you can swap babysitting and other services with people you like and trust. Join community social media pages that involve swapping toys, home goods and other items. Learn when churches have yard sales or when large annual consignment sales happen so you can find clothing and other items for your family at deep discounts.  8. Teach Your Children Financial Responsibility When your children know about money and understand how to use it responsibly, the entire family can save together. Teach your kids about money and finances, and create options that allow them to practice what they learn. That might include giving them an allowance or getting them prepaid debit cards.  9. Gain Money in Other Ways Sometimes, saving money as a mom isn’t quite enough. When that appears to be the case for your family, consider ways you can increase your income. Get a part-time job or join the gig economy. You might deliver groceries or food or complete work online as a virtual assistant. You can also have yard sales, resell items your family no longer needs or browse thrift stores for special items you can buy

[ad_1] Owning a car comes with costs that go beyond getting an auto loan or needing to insure your vehicle. Maintenance and repair costs can add up, and it’s essential to be prepared for those financially. In 2021, for example, individuals in the United States spent more than $194 billion on vehicle maintenance and repair. Find out about some of the most common car repairs below, including what they cost. 10 Common Car Repairs and What They Cost This list of car repairs isn’t comprehensive. However, it includes some of the most repaired or replaced items on vehicles.  Replacing an Oxygen Sensor Oxygen sensors check the exhaust from a vehicle’s engine to see how much oxygen is in it. Most modern cars have O2 sensors before and after the catalytic converter. Your check engine light can come on when the sensors aren’t working right. While a rogue O2 sensor may not be an immediate emergency, if it isn’t functioning correctly, it can lead to fuel intake and other issues with the engine. The cost of replacing O2 sensors varies depending on which sensors need replacing and the make and model of your car. On average, you can expect this repair to cost $150 to $500. Get Your Free Credit Score & Monitoring Plus Weekly Updates From Our 50+ Experts Get It Now Privacy Policy Replacing a Catalytic Converter Catalytic converters control the emissions expelled by vehicle exhaust. They’re required on most new cars. A damaged or broken catalytic converter causes your check engine light to illuminate. If your catalytic converter isn’t working, your vehicle might not pass state inspection requirements where applicable. In most cases, a catalytic converter replacement doesn’t require much labor. However, the parts can be expensive. The job can cost $900 to $3,500 on average, depending on the make and model of your car and where you get the work done. Replacing Brakes or Rotors Brake jobs are common because your brakes and rotors wear down over time. Expect to pay $200 to $500 for a brake service or repair job. If you need a complete brake job, which includes replacement of brakes, calipers, pads and rotors, the cost can average $200 to $800, depending on the quality of the parts, the make and model of your vehicle and where you get the work done. Tightening or Replacing a Fuel Cap The cap you take on and off when filling your car with fuel is a critical component. It’s supposed to provide a true seal that keeps the fumes and evaporation of fuel inside the tank. You might need a new one when your fuel cap goes missing or doesn’t create a tight seal. On average, the parts and labor for such a replacement range from around $97 to $102. Thermostat Replacement A thermostat in a car measures the temperature in the cooling system and helps ensure the right amount of coolant is being cycled through the engine. That regulation can’t occur if the thermostat is broken, which can lead to issues with an overheating engine. The cost of repairing or replacing a car thermostat is $140 to $300—typically much less than you’d pay for engine damage. Replacing Ignition Coils The ignition coils take power from your car’s battery and magnify it enough to cause the spark necessary to ignite the fuel and get your engine running. Bad ignition coils can mean your car doesn’t start. If you need to replace an ignition coil, expect to pay $200 to $300 on average. Mass Air Flow Sensor Replacement The mass air flow sensor keeps track of how much air enters certain parts of your engine. Your car needs to know this to allow the right amount of fuel to flow into the engine. If the mass air flow sensor doesn’t work, your check engine light may illuminate, and you may also notice symptoms such as misfires, a rough-running engine, black smoke in the exhaust and engine issues on idle. The cost to replace this part is usually less than $300. Replacing Spark Plug Wires and Spark Plugs Spark plugs and wires are necessary to start your vehicle. Sometimes, you can easily replace these parts to save a bit of money. The cost for parts is $125 to $150. If you pay for professional service, expect the cost to be between $190 and $235 in total. Replacing Evaporative Emissions Purge Control Valve The purge valve keeps fuel vapors from being released into the air. It’s a required part of vehicle emissions systems. The cost of replacing this part ranges from around $160 to $180. Replacing Evaporative Emissions Purge Solenoid Purging solenoids are parts involved in the same process as the purge control valve. You can expect to pay $150 to $300 to get these parts replaced.  Prepare for Car Ownership and Repairs Financially Owning a car is a significant investment, and it’s important to be prepared for paying your car payment and covering unexpected expenses.  Start by understanding what you need to finance a car, including what’s a good credit score to buy a car. Then you can shop around for an auto loan that meets your needs. Once you have a car, create a budget and set money aside for emergency needs. You can also work on your credit to ensure you have access to credit cards and loans if you need temporary help with a major unexpected expense. Apply for a Car Loan More on Auto Loans: Tips for Buying a Car with Bad Credit I Can’t Afford My Car Payment—What are My Options? How to Get an Auto Loan Article updated. Originally published April 19th, 2016. The post The Most Common Car Repairs You Have to Make appeared first on Credit.com. [ad_2]

[ad_1] If you owe taxes to the IRS, could that affect your credit score? Maybe. While the IRS doesn’t report owed taxes to the credit bureaus, the way you choose to pay your tax bill (or fail to pay it) could affect your credit scores and reports. Paying Taxes with a Credit Card If you wind … How Does Tax Season Affect My Credit Score? Read More » The post How Does Tax Season Affect My Credit Score? appeared first on ScoreSense. [ad_2]

[ad_1] The credit score of your business is one major factor that determines its success. If you manage a company and have any kind of open-end credit, then you have a relative credit score. The primary motivation for trying to improve your business’s credit score is that it will increase your business’s chances of securing financing. Having a low business credit score can hinder you completely from… Source [ad_2]

[ad_1] Article originally published December 13th, 2017. Updated February 16th, 2023. Buying a home is an extensive process. It includes marshaling your assets, reviewing your credit—and potentially trying to improve it—and shopping for a house that meets your wants and needs. That’s all before you enter the process of applying for a mortgage and considering your offers. The process can be daunting, but it’s important to take one step at a time to avoid becoming overwhelmed. One area where people become especially concerned is the overall cost of a home loan. Securing a mortgage can be challenging, but how can you get a good interest rate to reduce the long-term cost of your home? Here are some tips to help you get the best rates for mortgages. Just remember that many of these tips take time, so plan months or even years ahead for your homebuying journey.  In This Piece Tips for Getting the Best Interest Rate on Your Mortgage Understand Interest Rate Types Keep Your Credit Healthy Make a Bigger Down Payment Have a Stable Income Lower Your Credit Utilization Ratio Make Mortgage Point Payments Have Enough Savings A Final Word Tips for Getting the Best Interest Rate on Your Mortgage When you’re looking to secure a mortgage or get the best possible interest, personal finances really matter. Our tips include those related to your credit history, savings and income, along with some advice about educating yourself on mortgage terms and interest types.  Understand Interest Rate Types: Fixed vs. Adjustable A fixed-rate mortgage has the same interest rate throughout the loan’s entire life. This makes your rate and monthly payment predictable and consistent. An adjustable-rate mortgage comes with an interest rate that can change—and often one that could increase if interest rates in the market increase. This can make your rate and monthly payment unpredictable. Knowing your plans for the future can help you understand which type of interest rate is best for you. If you only plan to hold on to the home for a few years before selling it to upgrade, an adjustable-rate mortgage—or ARM—might work for you. This is especially true if interest rates are currently low, as an ARM loan tends to start with lower rates than fixed-rate mortgages when all other factors are equal.   Keep Your Credit Healthy You do typically need decent credit to secure a mortgage, but there are options for those with lackluster credit. While the credit score required to buy a home depends on many factors, the better your score, the better rates you may be able to command. Interest rates are a huge factor in how much your monthly payment is. Better credit typically equals more favorable rates, which equals lower monthly payments. Make a Bigger Down Payment The larger your down payment, the lower your overall loan amount is. That can lead to a lower interest rate when you secure a mortgage. That’s because your interest rate is partially based on your home’s loan-to-value, or LTV. For example, if a home is worth $200,000 and the loan is for $199,000, that would be considered a high LTV and is riskier for a lender. That could lead to a higher interest rate. If the ratio is lower, however, you might be rewarded with a lower interest rate.  Have Stable Income If you can prove that your line of work is in high demand with no sign of slowing down, or if you work for a large, profitable company, your lender may take this into account when processing your paperwork. Income stability demonstrates that you’re less likely to miss mortgage payments. You can also demonstrate income stability by income history. Documents that show a stable income, such as check stubs, W2 forms and tax returns, might all be required by a mortgage lender when evaluating you for a loan.  Lower Credit Utilization Ratio Credit utilization refers to how much of your available credit you’re actively using. A high credit utilization rate occurs when you use a large percentage of your available credit. For example, if you have $10,000 total in credit limits across your credit cards and you have a total balance of $5,000, that’s a credit utilization rate of 50%. The Consumer Financial Protection Bureau notes that keeping your credit utilization at 30% or lower helps improve your credit score, which can lead to better interest rates for mortgages. It can also ensure mortgage lenders don’t see you as using credit in a desperate or risky way, making them more likely to approve you and offer better rates.  Make Mortgage Point Payments It’s possible to pay extra directly to your lender to lower your interest rate. For every one percent of your loan amount you’re willing to pay upfront, you may be able to get as much as half a percent off your home loan interest rate. Essentially, you’re just paying a larger amount of interest upfront, and this is known as buying points.  Have Enough Savings Most people know they should have enough savings to cover about 6 months’ worth of bills. Proving to your lender that you can still pay your mortgage in the event of a job loss because you have cash on hand can help you score a lower interest rate.  A Final Word on Getting the Best Interest Rates for Mortgages Keeping your finances healthy is the best way to protect yourself when applying for loans. Do the work ahead of time to ensure you’re ready to apply for a mortgage. Then, you can start by comparing rates online to secure a mortgage that works for you. Compare Mortgage Rates Here The post 10 Tips to Secure the Best Interest Rate on your Mortgage appeared first on Credit.com. [ad_2]

[ad_1] Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. The average household credit card debt in America is $9,260, and the states with the largest amount of credit card debt are Alaska, Hawaii, and New Jersey. Between the first and final quarter of 2022, TransUnion® reported that the average American’s credit card debt rose roughly $400 per person. During that same year, we saw inflation as high as 9.1 percent during the month of June, which is a likely reason why credit card debt started to rise toward the end of the year. By understanding American credit card debt statistics, you’ll have a better idea of where you stand as well as what you can do to potentially lower your debt. Credit card debt affects your credit utilization ratio, which lowers your credit score and ultimately costs you more money in interest. Not only did we survey over 1,100 Americans to gauge how they feel about credit card debt, but we’ve also gathered dozens of statistics on credit card debt in the U.S. This data will cover the average debt by state, average interest rates and more. We’ll also provide you with information on how you can avoid letting your debt negatively affect your credit score. Table of contents: Key credit card debt statistics Top 10 states with the most credit card debt Top 10 states with the least credit card debt Average credit card debt by state Credit card statistics everyone should know Average credit card debt by age Average credit card debt by income Average household credit card debt Average credit card debt by race or ethnicity Credit card delinquency rates in America Key credit card debt statistics There is a wide range of debt statistics below, but some of the standout findings include: The average American household has over $9,000 in credit card debt. (Wallet Hub)  Mississippi has the least credit card debt at $5,041 per person. (Credit Karma) Alaska has the most credit card debt on average at $7,758.(Credit Karma) Credit card accounts 30 to 59 days past due rose by 6.1 percent between 2020 and 2021 (Experian®) Individuals making $184,000 or more per year have the most credit card debt at an average of $12,600 (Federal Reserve) The total credit card debt in America as of 2021 was $784.5 billion. (Experian) A close-up look at American credit card debt We conducted a survey of over 1,100 Americans to learn more about credit card debt in the United States. While many of the statistics from our other sources look at the situation as a whole, our data helps us see what’s happening on an individual level. Despite the national average of Americans having $9,000 in credit card debt per household, only 14 percent say they’re “very worried” about their debt. 67 percent of respondents said they have less than $2,000 in debt, which may indicate the national average means that a concentrated number of people have high amounts of credit card debt. 20 percent of respondents don’t know how long they’ve been in debt. The majority of respondents (56 percent) say their credit card debt is due to unexpected expenses. 74 percent of respondents said at least one collection agency has contacted them about a past due debt. Check out the methodology section to see how the survey was conducted. Top 10 states with the most credit card debt In May of 2022, Credit Karma gathered data from 73 million of their members to see which states had the most and least amount of credit card debt. The following states had the most credit card debt, with Alaska having the highest average credit card debt at $7,758 per person. State Average credit card debt 1 Alaska $7,758 2 Hawaii $7,167 3 New Jersey $6,982 4 Maryland $6,930 5 Virginia $6,909 6 Connecticut $6,751 7 New York $6,709 8 California $6,651 9 Washington $6,576 10 Florida $6,524 Top 10 states with the least credit card debt The major credit bureau, Experian, tracks credit card debt data as well and found that between 2020 and 2021, overall credit card debt decreased from $788.29 billion to $784.5 billion. This was a .5 percent decrease, and some states were able to continue keeping their debt low, according to Credit Karma’s report. State Average credit card debt 1 Mississippi $5,041 2 Kentucky $5,234 3 Wisconsin $5,341 4 Indiana $5,353 5 Arkansas $5,377 6 Alabama $5,440 7 Idaho $5,455 8 West Virginia $5,464 9 Iowa $5,496 10 Michigan $5,547 Average American credit card debt by state Below, we’ve compiled a complete list based on Credit Karma’s data that contains the average credit card debt for each of the 50 states alphabetically. State Average credit card debt 1 Alabama $5,440 2 Alaska $7,758 3 Arizona $5,930 4 Arkansas $5,377 5 California $6,651 6 Colorado $6,406 7 Connecticut $6,751 8 Delaware $6,168 9 Florida $6,524 10 Georgia $6,309 11 Hawaii $7,167 12 Idaho $5,455 13 Illinois $6,296 14 Indiana $5,353 15 Iowa $5,496 16 Kansas $5,878 17 Kentucky $5,234 18 Louisiana $5,621 19 Maine $5,580 20 Maryland $6,930 21 Massachusetts $6,407 22 Michigan $5,547 23 Minnesota $5,869 24 Mississippi $5,041 25 Missouri $5,612 26 Montana $5,762 27 Nebraska $5,929 28 Nevada $6,250 29 New Hampshire $6,295 30 New Jersey $6,982 31 New Mexico $5,642 32 New York $6,709 33 North Carolina $5,751 34 North Dakota $6,064 35 Ohio $5,612 36 Oklahoma $5,790 37 Oregon $5,844 38 Pennsylvania $5,918 39 Rhode Island $6,229 40 South Carolina $5,789 41 South Dakota $5,734 42 Tennessee $5,595 43 Texas $6,437 44 Utah $5,750 45 Vermont $5,722 46 Virginia $6,909 47 Washington $6,576 48 West Virginia $5,464 49 Wisconsin $5,341 50 Wyoming $6,111 Credit card statistics everyone should know There are a variety of aspects of credit card debt such as the average interest rates, which

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