Protect Your Financial Future Archives – Page 4 of 6

4 Ways to Ease Your Monthly Student Loan Burden

12/22/2017
Get Help When You Need It, Making Ends Meet, Managing Debt, Protect Your Financial Future, Single Mom CPA

If your student loan payment is squeezing your budget too hard, change it. On average, monthly student loan payments run about $350 a month – and that’s an expense many single moms really can’t afford on top of childcare costs and regular monthly bills. Unfortunately, many single moms just stop making payments, not realizing the extremely negative long-term effects that will take on their finances. There’s a lot you can do to lower those monthly payments before the problem gets too far out of control. And once you get your budget on a better track or start earning more money,…

4 Reasons to Keep Making Student Loan Payments…and What to Do If You Can’t

12/22/2017
Making Ends Meet, Managing Debt, Protect Your Financial Future, Single Mom CPA

Pay student loan debt or utility bill? Too many single moms are stuck in the position where they have to decide whether to keep up with student loan payments or pay their household expenses…and something has to give. For many single moms, it just seems easier to stop making student loan payments…but that can lead to serious financial consequences unless you do it the right way. What can go wrong? Here’s what happens when you stop making student loan payments. Day 1: You’re delinquent. Day 270 (9 months): You’re in default. Default is worse than delinquent…but both can have significant…

How to Keep Spending from Crashing Your Credit Score

12/14/2017
Managing Debt, Protect Your Financial Future, Single Mom CPA, Strengthen Your Credit Score

A few days ago, a single mom friend of mine came to me with a problem: Her credit score kept going down even though she was paying her bills on time. I took a closer look at her situation and diagnosed the problem quickly: Her credit utilization – meaning the amount of her credit that she was using – was very high. [Here’s a great article about the ins and outs of credit utilization: https://www.wellwallet.com/credit-utilization/.] And since so many single moms rely on credit cards to cover expenses every month, it’s a really common problem. When you use all of…

How to Plan for the Biggest Retirement Spending Surprises

12/10/2017
Protect Your Financial Future, Retirement Planning, Single Mom CPA

It’s the most common financial fear: No matter how much cash you have stashed away for retirement, you’ll run out of money. You’re right to be worried. That happens too often to ignore…and it’s usually due to surprise expenses that derail the best-laid plans. Yes, market downturns and low investment returns can threaten your future finances, but the biggest threat comes from spending – specifically costs that didn’t make it into your retirement budget or were underestimated. And most unexpected expenses fall into one category: medical costs. The first surprise most people face: what Medicare doesn’t cover. Basic Medicare (called Part…

How to Avoid Mortgage-Refinance Money Traps

12/10/2017
Building a Nest, Managing Debt, Protect Your Financial Future, Single Mom CPA

Refinancing your mortgage can lower your interest rate and shrink your monthly payments…but it’s not always good for your overall financial health. Those smaller payments can end up costing you thousands of dollars! So before you decide to take that plunge and refinance, make sure the move fits with your overall financial plans, and won’t end eating into your nest egg instead of adding to it. 7 money traps to avoid when refinancing Mortgage refinancing can be confusing – there’s a lot to consider, and a lot of numbers get thrown around. What’s more, lenders may try to steer you…