Ben Edwards's Blog: Money Smart Life, page 15

Earn Extra Money for the Holidays – 10 Ways to Boost Your Gift Budget

It’s hard not to break out the credit cards during the holidays when you don’t have any extra money to buy gifts. Budgeting and planning ahead of time for Christmas gift shoppingis the key to staying away from getting into holiday debt. However, some of you have budgets that are too tight to save extra money for the holidays.

One option is to simply spend less on gifts – another alternative is to earn some extra income. There are many ways to do this, but many of us want to find the quickest a...

3 Non-Financial Factors That Make a Better Retirement

When we think of retirement, we often think of money. It’s important to save enough now, and invest it prudently, if you want to be able to live the life you want later.

However, it’s important not to get so caught up in the financial aspects of retirement that you forget about other aspects of retirement. If you want a truly successful retirement, there are some non-financial things to keep in mind:

1. Good Health

What good is having a huge nest egg if you don’t have the health to enjoy it? You...

What is the Difference Between an ETF and a Mutual Fund?

One of the investment choices that has become increasingly popular in the last few years is the exchange traded fund (ETF). ETFs and mutual funds (including index funds) share some similarities, but there are some very important differences, and these differences explain why ETFs are becoming so popular amongst traders.

ETFs and mutual funds are similar in that the idea is to bundle together different securities. They are set up so that you get instant diversity. Instead of investing in a wide...

How to Quickly Build an Emergency Fund

I’ve often thought that having an emergency fund is the most basic component of good financial planning. Everything else you do with your finances is based on this simple, single building block. You can have money coming in, money going out, and even a healthy reserve for your golden years. But if you don’t have money set aside somewhere, just to have available in case of an emergency, then your finances will never feel quite right.

At a minimum, your emergency fund should hold at least enough...

6 Investment Costs You Pay to Play

Investing costs can reduce your return on investment and many of us know to try and steer clear of investing fees and expenses. However, avoiding investing expenses can sometimes be easier said than done. For example, the AARP released a report on 401(k) fees and found that 62% of the respondents didn’t know how many fees they were paying as part of their 401(k) plan.

Your 401(k) probably isn’t the first place you think of when you’re factoring in investing fees but it’s certainly one place yo...

When Does it Make Sense to Rent a Home Instead of Buy?

For years, the idea of the American Dream has been homeownership. That particular dream, though, is fading a bit. After the last economic crisis and real estate crash, many people are rethinking the idea of buying a home.

For some consumers, it just makes more sense to rent.

Is the mortgage affordable?

One of the first questions that you have to ask yourself before you buy relates to mortgage affordability. Even with home prices and mortgage rates dropping, mortgages aren’t affordable for everyo...

How to Handle Money Discussions Around the Holiday Table

My dentist has mounted a flat screen TV on the ceiling right above the dentist chair. As a result, as my teeth were cleaned the other day, I had a clear view of theToday show and what they were talking about. In one of the segments I watched, the hosts discussed holiday table etiquette with an expert guest.

The point of the segment was to figure out what items were appropriate for discussion around the holiday table. After all, the season moving forward is full of opportunities for far-flung r...

Why a Good Credit Score Matters When You’re Not Borrowing

Why does a good credit score matter if you’re not planning to borrow any money?Many of us think that, as long as we already have a house and we pay for our cars in cash, a good credit score doesn’t matterthat much.

Unfortunately, that’s just not the way the system works anymore. Your credit report is a convenient compilation of your financial habits and history, and it is easy to use the information in your credit report – or even to use your credit score – as an indication of what sort of ris...

What is the Difference Between a Credit Report and a Credit Score?

Whether you are buying a home or looking for a quote on your auto insurance, chances are that someone is going to be checking your credit.Sometimes this means looking at your credit report, and sometimes it means looking at your credit score.

Sometimes it means looking at both.

It’s easy to get a little mixed up on the difference between a credit report and a credit score. Here are the basics of what to expect when your credit is considered:

The Credit Report

Your credit report is a history of yo...

How to Negotiate Your Debt to Find Freedom

One of the most difficult situations to be in is that of someone who feels overwhelmed by debt. Indeed, you might have a great deal of debt – and be unable to pay it all off.

However, going to collections isn’t something that’s desirable, either. If you are in a tight spot, but have the ability to pay off some of your debt, you can negotiate with your creditors for a lower interest rate, repayment plan, or settlement.

What are the Possible Outcomes When You Negotiate Your Debt?

If you are trying...