For the Love of God, Don’t Lease Your Car

Porsche Boxster, a rear mid-engine, rear-wheel... 

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Instant gratification is so American. Everyone wants a cool car and they want it now. But cars, even the uncool ones, cost money, lots of money.  Sometimes people want to take a shortcut and instead of buying a car they choose to lease. Dealers make it very easy to lease. Leasing a car often requires zero down payment. All you need is a signature and you can drive the car right off the lot. It’s very tempting but it makes poor financial sense in the long run.

When you lease are car you have to adjust your budget and plan for never-ending car payments. You are still responsible for insurance, gas, repairs and regular maintenance on the car. Leasing is akin to renting, you make payments but you never actually own anything in the end. The debt continues but the car never becomes yours. In addition, you may end up paying extra money when it’s time to return the car if you’ve driven too many miles or the car has too much wear and tear.

Leasing a car comes with all the responsibility and none of the benefits of car ownership. If you really want a cool car to call your own, you have to earn it.

Take a look at your personal finances and start budgeting. You can enough money for a good down payment sooner than you think. And every car payment you make is one step close to owning your dream car.

 

 

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Filed Under: Banking, Budgets, Finance Tagged With: , ,

The Importance of Balancing Your Statements Every Month

Cash 

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Your money has quite a life. Every day your money is going out and, hopefully, coming in. While we can’t always hold on to our money for as long as we want, we can always keep track of it. No matter how much or how little money you knowing where it’s supposed to be will keep you financially healthy today and in the future.

For every bank account, credit card and service you have, the company thoughtfully prepares a statement each month tracking you purchases and payments. Most of them even send these statements directly to your real mailbox and email inbox every month. They don’t do it just to be nice. Often part of the agreement you made with these companies includes a time limit on your ability to challenge charges to your account. It’s important to go through your statement each month and ensure every transaction is correct.

Beware of Fraud -Criminals who specialize is credit card fraud often put a minimum charge on a card and wait to see if the owner notices. If not, they feel free to use your card and spend thousands. Even a small error needs to be addressed immediately.

Human Error – You might have written down a number wrong when recording a check and the balance could be off for months unless you catch it. Thinking you have too much money might cause bounced checks or overdrafts.

Use your head and balance that statement.

 

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The Need For Financial Assistance

Caravan, Netherlands 2005

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There are many reasons that people seek out financial help. Some cases are simply to finance a recreational vehicle that is clearly not a necessity, while others are for things like education or home purchases. Due to the wide variety of reasons that people might be in the market for financial help, there are a number of programs and services available that cover just about any need across all ends of the spectrum. Below is a list of a few of the more common reasons that people seek out financial aid.

Payday is Too Far Away

One common reason that people seek out financial assistance is to receive a payday advance. A payday advance is something an individual can receive if there are bills due and payday is still a few days away. Going this route helps make sure everything gets paid on time without having to deal with the difficulties associated with late fees and harassing calls.

Help Financing a Large Ticket Item

Large ticket items that are generally too expensive for the average person to buy outright are a popular reason for receiving financial assistance through a loan. Whether the item is a new television or a first home, aid is available for consumers in the form of a loan that gets paid off over an extended period and allows them to have the product immediately.

Educational Expenses

Educational expenses are another reason that people need financial help. Educational expenses have sharply risen over the past decade, making it difficult to pay for school without help through loans.

 

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