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Video: When Should You Refinance Your Mortgage?

MoneyTipsThere’s more to deciding whether to refinance than simply comparing mortgage rates. In the video above, Greg McBride, Chief Financial Analyst at, describes when you should consider refinancing your mortgage, and how to walk away from a refi with more money in your pocket. MoneyTips can help you get free refinance quotes from top lenders.Originally Posted at: 101Adjustable-Rate versus Fixed-Rate MortgagesWhat The Federal Housing Administration (FHA) Means To You

How to Make the Most of Your Summer Job

For most of the past decade, my summer jobs have been haunted by screaming children. Don’t think “scary movie,” though — more like “public pool” (and “summer camp,” and “family friendly restaurant”).

Despite the decibel level, I managed to learn a few tricks in those jobs, even when the work itself seemed like an inconvenience on the way to a paycheck, and then to the beach.

If you have to work all summer, you might as well make the most of it.

Focus on evergreen skills

Chances are, you won’t have a 30-year career as a pool snack bar attendant (although if you do, more power to you). So you might be wondering how your skill with the smoothie machine matters in the long run.

Here’s the thing: How the smoothie machine works doesn’t matter in itself. How you work with the smoothie machine is the real question. Are the smoothie ingredients stocked for the lunch rush? If the machine jams, do you know how to fix it? Do you know how to prevent it from jamming in the first place?

You can learn these basic skills and habits at practically any job, and they will serve you well no matter where you end up. You can learn to do things such as follow through on your commitments and responsibilities; solve problems independently and proactively; and work cooperatively with your boss and co-workers.

If these things seem rudimentary, you might want to keep in mind that …

It’s easy to clear a low bar

If you’re an employee who shows up on time and fulfills your responsibilities with minimal supervision, then guess what? You’re likely ahead of the game. Many of your co-workers could be as new to the world of work as you are, and maybe haven’t figured out those basics yet.

So if you’re competent, you can just coast. Or you could leverage that basic competency into startling adequacy — maybe even all the way up to incredible mediocrity. I’m joking, but the point is that when the bar is low, it’s really easy to look like a superstar. (And that involves helping your co-workers look good, too, if they need the assist.)

But why put in even the minimal effort necessary to stand out in an ephemeral job? Because you’ll also want to …

Start networking

Networking is fancy business jargon for a simple concept. You might know it as “talking to people.” Talk to your co-workers, talk to your boss, talk to your customers if you have them. You don’t need to do any of that “personal branding” or “selling yourself” stuff. Just talk to people, help out your team and do your job well.

You never know who will have future opportunities for you, and if that person remembers you as helpful and hardworking, you’ve already got your foot in the door.

Don’t fake it. Just have a good time. It’s summer, after all, and this job (hopefully) isn’t life or death. Just remember to …

Save some money

This might be the first time you get a significant chunk of disposable income, with no strings attached. It’s your money and you can spend it how you like! Except maybe don’t, at least not all of it. That money can carry you through the next school year, or help pay your tuition.

» MORE: How to save money

If you’re a real overachiever, you could even open up a retirement fund and start stashing. The retirement outlook for us millennials isn’t as rosy as it was for our parents, but time is the most important factor for building up retirement savings. Take advantage.

Stephen Layton is a staff writer at NerdWallet, a personal finance website. Email:

How to Get Your Business Out of Debt in 5 Steps

Debt is a necessary part of running a small business. A business loan, line of credit or a business credit card can help your company hire new employees, purchase equipment and finance growth. But too much debt can stifle cash flow and put your business at risk. And the less you owe, the more you have to reinvest.

The average U.S. small-business owner has $195,000 of debt, according to a 2016 study by Experian.

Here are five steps to digging your business out of debt.

1. Take inventory of your debt

Sort all of your debts by interest rate and monthly payment. This includes payments on business loans, lines of credit and business credit cards as well as outstanding payments due to vendors.

This process can help you prioritize which debts to tackle first. Some experts recommend starting with the highest-interest-rate debt.

New small-business owners should aim to have all of their debt repaid within their companies’ first 12 months to lower the risk of bankruptcy, says Winnie Sun, founding partner of Sun Group Wealth Partners in Irvine, California, which provides financial planning for businesses.

2. Boost sales

Once you have a debt management plan, you can think about ways to boost your sales. Here are a few ideas:

  • Reward loyal customers. A loyalty program can increase customer satisfaction and retention: About 82% of people said they were more likely to shop at a store that offers a loyalty program, according to a 2014 study by Technology Advice, a tech services firm.
  • Get active on social media. Sun advises engaging with customers on social media. Respond quickly to comments, ask for input, and pay attention to your company’s Yelp reviews: 84% of people trust online reviews as much as personal recommendations, according to a 2016 survey by marketing company BrightLocal.
  • Consider raising prices. With the right strategy — such as offering a volume discount on large orders — you can do this without losing customers. Volume discounts can help your business stay competitive, according to the Harvard Business Review.
3. Cut costs

Ideally, boosting sales brings in enough revenue to tackle your debt. But if your expenses are running a bit too high, here are three ways to cut them:

  • Sell off equipment, office supplies and other items that you don’t use often. Buy used equipment or lease if necessary.
  • Downsize to a smaller office with lower rent and utility costs, consider a co-working space that doesn’t require a long-term lease, or relocate into a home office.
  • Split costs with other companies. “Look for other people who are running similar businesses and consider sharing resources. Share employees, internet services,” Sun says.
4. Refinance high-cost debt

The Federal Reserve raised interest rates in March and has signaled two more rate hikes in 2017. These increase the cost of variable-rate debt, including credit card balances and lines of credit.

If you can’t afford to repay debts in full anytime soon, consider debt consolidation or refinancing, especially if you have strong credit.

With refinancing, you’d take out a lower-interest loan to repay the original loan. With consolidation, you’d combine several loans into one new loan.

“If you can change the loan from variable to fixed, and then pay it down quickly, then that would be ideal,” Sun says.

Business credit card debt can also be refinanced or consolidated via a balance transfer to a new card with a 0% interest promo period; watch out for fees and aim to pay it off in full before the 0% period is up.

All of these options let you lock in a lower, fixed interest rate and decrease your payments.

5. Shorten payment terms with clients

Maybe your business has clients on a long-term payment plan. Or perhaps they consistently pay late. In either case, it might be time to revise payment terms.

For example, give new clients 30-day — rather than 90-day — payment terms. Offering an early payment discount or charging a late-payment penalty can also be effective strategies for collecting on unpaid invoices.

Insider tips: Sign up for our monthly small-business newsletter.

Need small-business financing?

NerdWallet has created a comparison tool of the best small-business loans to meet your needs and goals. We gauged lender trustworthiness, market scope and user experience, among other factors, and arranged them by categories that include your revenue and how long you’ve been in business.

Compare business loans

Steve Nicastro is a staff writer at NerdWallet, a personal finance website. Email: Twitter: @StevenNicastro.

This article was written by NerdWallet and was originally published by USA Today.

The Secret To Financial Security? Have A Plan

MoneyTipsIf the recent ups and downs of the stock market have you tossing and turning at night, it's not because you need to get out of the market – it's because you need to get a real financial plan. You can pinch pennies or throw money into a retirement account or make any other financial moves you want, but unless those moves are part of a holistic financial plan, you are always going to be worried and anxious. Without a plan, you don't know if you're on track, you don't know what your goals are and you don't know when you'll get there. Setting financial goals that look at your entire life, making a plan to achieve them and creating options to handle the bumps in the road means you can completely ignore the dips and dives of the Dow — along with the hysteria of financial pundits — and get a good night's sleep. A good financial plan does not have to be complicated. It is important to understand that no plan is perfect and there will be ups and downs along the way, but having a plan means you have a starting point from where you can adjust and recover when things don't go your way. Start with your risks. Having great investments doesn't mean much if you have to drain it all in an emergency, such as losing a job or suffering a serious injury. Start with building an adequate emergency fund and buying disability, life and renter's or homeowner's insurance. Experts recommend your emergency fund be equal to at least three months' worth of living expenses, but six to eight months is best. That will take a while, so start with a goal of $2,000. Set up a separate account and start with two percent of your paycheck. You will barely notice the difference, and you can increase that in small increments over time. For disability insurance, see if that is offered through your workplace. Otherwise, get your own and remember, most workers run a greater risk of becoming disabled for a length of time than of dying, so don't make life insurance your first priority. For your financial goals, you can also start small, by putting two percent into any workplace retirement savings plan, such as a 401(k) account. Try to raise your savings to the maximum amount that is matched by your employer, which will give you an automatic gain of up to fifty percent on your money. If your employer does not offer a match, put two percent of your take-home pay into a Roth IRA, where the money grows tax-free. Another benefit is that you can withdraw contributions to a Roth account without penalty if you hit a financial emergency. As for where to put your money, savers younger than forty should stick purely to a diversified portfolio of low-cost mutual funds or exchange-traded funds, called ETFs, for short. Set a goal to save at least ten percent of what you make into your retirement funds if you are young. If you're starting after forty, you'll have to up that goal to twenty percent. You can start investing in a broad market index fund, such as one that matches the S&P 500, then diversify from there. As you hit different phases in your life, such as getting married, buying a house, having children or hitting a milestone birthday, it pays to meet with a financial planner or investment advisor to create a more specific strategy. In the meantime, you can handle the basics yourself. If you cover these first steps, you will be well on your way to a good financial future — no matter what the stock market does tomorrow. Let the free MoneyTips Retirement Planner help you calculate when you can retire without jeopardizing your lifestyle. Photo © Originally Posted at: Saving From The Start Of The YearWhy Your Children Need Their Own Roth IRA Now Saving For Retirement Doesn't Prevent You From Saving For Other Things

More Credit Cards Being Used for Smaller Purchases

MoneyTipsDo you use your credit card for everything that you buy, even small items? These days, it's not unusual to make small purchases with plastic. A recent survey by found that 17% of respondents typically charge purchases of $5 or less – an increase of 6 percentage points over last year's survey. To a certain extent, this is a generational preference. Younger respondents tend to see plastic as the default choice. The survey found that 53% of respondents ages 18-36 prefer a credit or debit card to pay for inexpensive items, while 70% of Baby Boomers and older seniors primarily use cash for their purchases of $5 or less. As credit payment methods become even easier, more convenient, and universally accepted, the percentage of people using credit cards to pay for any purchase is likely to continue to increase – but is this a positive trend? Consider the pros and cons. The most obvious downside of putting all of your small purchases on credit cards is that you lose track of your total charges. The convenience of credit cards accelerates the process by enabling larger impulse buys. You eventually charge more than you can afford to pay each month and start carrying increasingly larger balances. Security could also be a concern. The more often that you use your card, especially in less secure venues, the more likely it is that your information could be stolen. Should your physical card be lost or stolen, you may be without credit capability for a short time until the account situation is resolved – and that could come at an inconvenient time. If you would like to monitor your credit to prevent identity theft and see your credit reports and scores, check out our credit monitoring service. On the other hand, there are several compelling reasons to apply smaller charges to your credit card, especially if you need to build a credit history. Rod Griffin, Director of Public Education for Experian, suggests that credit builders stick to one or two cards, and, for each account, "make a small purchase once a month ... pay it in full so you have activity in the account. You are not carrying any debt. You don't have to pay interest. That's going to help build your credit score." Making only small purchases also keeps your credit utilization low (the amount of credit in use compared to the credit limit), further improving your credit score. You can check your credit score and read your credit report for free within minutes using Credit Manager by MoneyTips. If you are past the credit-building stage, you can funnel all purchases, large and small, through your credit card in order to maximize rewards points. This can be lucrative under two conditions: you never charge more than you can pay off at the end of the month and you stay significantly below your credit limit to keep credit utilization down. Credit card purchases also offer a level of protection that cash does not. Granted, you are not likely to seek protection on a stolen $4.99 item that was purchased via credit card – but if you carry a credit card instead of significant amounts of cash, your overall risk liability is lower. Your liability is limited to $50 on fraudulent charges made on your credit card if it is reported as stolen, but any cash taken from you is simply gone. If you have the discipline and proper budgetary skills, there's no reason not to process all of your purchases through your credit card. There are significant rewards and relatively few risks. It's your choice: join your grandfather on the porch railing against this new-fangled plastic money, or move toward joining the increasingly mainstream cashless society. Of course, then there's Venmo and Apple Pay. If you want more credit, check out MoneyTips' list of credit card offers. Photo © Originally Posted at: Who Wants To Be A Credit Card Deadbeat? You Do!4 Rules Credit Card Users Should KnowAmerica's Credit Card Debt Could Hit $1 Trillion

World's first Nutella Cafe opening in Chicago

The Nutella counter at the Chicago Eataly hub has enjoyed success, and the company has decided to erect a flagship Nutella Cafe in Chicago, just across from Millennium Park Plaza, on May 31.

A representative from Nutella told Chicago Eater that the two-story bar will be “the first to truly capture the essence of the Nutella brand -- not just in the dishes that’ll be served, but in the full experience.”

>> Read more trending news

The cafe will be two levels and will branch out from the bar at Eataly.

In addition to Nutella products, the location will serve soups, salads and paninis. The Chicago Nutella Cafe will also serve breakfast, lunch, dinner, gelato, crepes and espresso, according to Eater.

>> Related: An Italian deli institution of Chicago is sadly shutting its doors after nearly 70 years

While Chicago will have the world’s first Nutella Cafe, the company has similar locations all over the world, including a shop in Palestine and kiosks in Sao Paulo.

According to their website, Nutella originated in 1946 when a shortage of cocoa supplies after the second World War caused an inventive pastry maker in Italy to begin using hazelnuts in his spreads. Today, the company is worth billions of dollars.

How Couples Should Retire Years Apart

MoneyTipsIt may be tough for couples to talk about retirement, but it's important to make sure that you plan together. As you approach retirement as a couple, do you plan to coordinate your retirement dates or do you plan to retire at separate times? You may have great reasons for retiring years apart, such as financial considerations or lifestyle differences. However, it is important to plan for life when your partner has retired but you haven't (or vice versa). Start by comparing your financial plans for retirement. If your spouse is retiring early, will his or her spending habits change to adjust to the lesser income? Talk with your spouse and set up a post-retirement budget to review (and remember that even though you are still working, you should cut your personal spending, too). It's best to test your budget before retirement begins. Start living as if you were down to post-retirement family income before the initial retirement date – perhaps one year – and see if you can tolerate that level of income loss. This has double benefits: it will get you in the proper retirement spending habits or force you to adjust your plans, and you will have extra money salted away for whatever choice that you make. If you decide to adjust your income, run through several scenarios to decide whether retirement should be delayed or whether the gap can be filled by different income sources. Are there different types of lower paying or part-time jobs that your spouse might find interesting? Perhaps your spouse's current job can be adjusted to a part-time or consulting role that allows more free time (if free time is the objective). If you decide to fill the financial gap by drawing out of IRAs or 401(k)s, or claiming Social Security early under either direct or spousal benefits, be very careful. Extend your budget out multiple years into the future to make sure you are not shortchanging your latter years – and increase the miscellaneous expenses in later years to account for inflation, increased medical expenses, etc. Consider insurance and medical coverage in your financial plans, along with your spouse's state of health. Can your spouse be easily added to your work plan? Is Medicare an option, and if not, are there affordable insurance options available? With the constant change (and threats of change) in the health care law, keep an eye on changes that may affect your retirement plans. Lifestyle changes may also cause conflict if not discussed beforehand. Your newly retired spouse may decide that he or she wants to travel at times when you are not able to, or engage in a new pastime that costs significant money and/or draws in different groups of friends and acquaintances. Conversely, if you are together more often than you used to be on a daily basis, you could get on each other's nerves. (It’s hard to put a price tag on that!) Make sure that you schedule the correct balance of "together time" and "me time" to accommodate the lifestyle changes. As you review your plans, don't forget to include household responsibilities and other activity changes that can simmer and cause problems if the difference in expectations is not addressed. Ultimately, every couple decides what the best retirement scheme is for their situation. The common thread is change; the common approach to avoiding potential conflicts is communication. Talk to your spouse before retirement so you know what each of you considers the most important things about retirement and what areas are open to compromise. Very few people have exactly the retirement they planned, and consideration of your spouse's needs is important to maintain a happy retirement as you both make adjustments. Let the free MoneyTips Retirement Planner help you calculate when you can retire without jeopardizing your lifestyle. Photo © Posted at: Retirement Doesn't Mean The End Of Work7 Top Retirement Roadblocks80 is the New 60

Auto-Paying Bills by Credit Card: Help or Hassle? Yes.

Paying recurring bills by credit card is the easiest thing in the world — until it isn’t. Just ask John McCarron, who pays many of his bills this way to save time and earn rewards.

“It just ruins your day, if not your weekend, when you get that call … that your card’s been hacked,” says McCarron, a contributing columnist for the Chicago Tribune, who wrote a column about his experience. “You have to go one by one to all your auto-payees, to their website, and change your [credit card] number.”

Despite those headaches, McCarron still favors this payment method for recurring expenses. It’s easy to see why, since the benefits usually outweigh the drawbacks. Auto-paying bills by credit card is smooth sailing about 99% of the time; the other 1% of the time, it can be a real doozy. But by centralizing payment information, monitoring fees and canceling unneeded service subscriptions, you can enjoy the best things about this payment method while avoiding the worst.

Paying by credit card has advantages

Automatic payments don’t have to be made by credit card, but often that’s the best option for:

  • Rewards. Some cards offer as much as 5% back for purchases in certain categories. Debit cards and checking accounts don’t offer such perks.
  • More time to pay. Credit cards typically offer about a month to float purchases, interest-free, after the billing cycle ends. Debit cards take money out of your checking account almost immediately.
  • Security. Credit cards give you time to recognize and dispute billing errors and fraudulent charges before they drain your bank account. You’ll also get zero-liability protection from your payment network and protection under federal law. Debit cards are protected to a lesser extent. If a fraudulent charge on a debit card goes unreported for more than 60 days, you likely won’t see that money again.

There are also benefits to paying bills automatically, whatever the method:

  • Discounts. For example, several cell phone plans offer $5 discounts each month if you sign up for automatic payments.
  • Time saved. There’s no need to write a check to every payee each month. Plus, you’ll save on postage.
  • Protection from late payments. You generally won’t have to worry about getting service cut off or incurring a late fee because of a forgotten payment.

But before you “set it and forget it,” make a plan for managing the potential pitfalls.

Updating card information can be tedious

Giving a service provider a credit card number for automatic payments isn’t a one-and-done deal. You’re responsible for updating your card information when it changes.

And, yes, it will change — even if your credit card preferences don’t. The expiration date will arrive. The card might get hacked.

For McCarron, it took a full workday to transfer payments to other cards. Even then, he didn’t remember to update the payment information for his quarterly car insurance bill until the insurance company sent a failed payment notice.

“My insurance didn’t expire, but it would have if I hadn’t caught that,” he says.

Make it work: Today, there’s no perfect, high-tech solution for managing automatic payments for credit cards. But a low-tech fix can help.

First, it helps to manage all your recurring payments in one place. Get a “just for bills” credit card, and keep it for these expenses. Next, make a list of all your recurring credit card payments. When it’s time to update your payment information, this reference could make your job a little easier.

Convenience fees are common

You can pay almost any bill with a credit card these days. But in some cases, it might cost more.

Most utility companies that accept credit card payments also charge convenience fees, according to 2016 data from Chartwell Inc., an information provider for the utilities industry focusing on gas, water and electric service.

“Most of the time, it’s just a flat fee, which averages $1 to $2 and is processed through a third-party such as Western Union, KUBRA or BillMatrix,” says Will Adams, a senior industry analyst at Chartwell. These fees generally apply to debit card payments as well.

It’s also not uncommon to see 2% and 3% convenience fees on private school or university bills or homeowner association fees when paying by credit card.

Make it work: If your utility company allows automatic payments by credit card, consider the cost. Say you owe a $1.50 fee on a $100 bill, and pay with a 2% cash-back card. You’d still come out ahead in rewards, as long as you paid in full every month. If the fee is $5, though, consider automatic withdrawals from a checking account instead.

Quitting can be hard

Not too long ago, discontinuing a subscription was easy: You’d just ignore a company’s entreaties to “Renew today and save!” Nowadays, auto-renewal policies and automatic credit card payments make it easy to hold onto subscriptions long after you need them.

Canceling an unneeded service — and stopping the charges — will take some effort on your part. Sometimes, there’s no way to cancel online, and you have to talk to a salesperson on the phone. (Ugh!)

But when trimming the fat from your budget, eliminating these dead-weight expenses is important.

Make it work: Try an app like Clarity Money or Trim to help you identify and cancel recurring bills automatically. Or do the job yourself, either online or by phone.

Set up your credit card account so it sends you text or email alerts for all your credit card purchases. These notifications can give you a mental nudge to curb spending, even when you’re flying on financial autopilot. After all, automatic payments by credit card should help you save money — not spend more.

Claire Tsosie is a staff writer at NerdWallet, a personal finance website. Email: Twitter: @ideclaire7.

 This article was written by NerdWallet and was originally published by Forbes.


5 Advantages of Making a Down Payment on a VA Loan

Mortgages from the Department of Veterans Affairs are known for not requiring a down payment. So why in the world would you make one? Here are five good reasons to put some money down on a VA loan.

1. You’ll pay a lower VA funding fee

First off, VA mortgages require a funding fee, whether you make a down payment or not.


“The funding fee has breakpoints, where it’s reduced at the greater-than-5%-down level or greater-than-10%-down level,” says Mark Connors, VA lender liaison.

For example, a qualified first-time regular military borrower would see the VA funding fee go from 2.15% to 1.50% with a down payment of 5% or more. With a down payment of at least 10%, the fee would be reduced to 1.25%.

Casey Fleming, author of “The Loan Guide: How to Get the Best Possible Mortgage” and a San Jose mortgage broker, breaks down the math on a $250,000 home purchase. The funding fee with zero down is $5,375, he says. But while a 5% down payment requires $12,500, your funding fee is reduced by $1,812.50, he explains.

VA funding fees on a $250,000 home purchase Down payment Required funding fee Cost of the funding fee 0%: $0 2.15% $5,375.00 5%: $12,500 1.50% $3,562.50 10%: $25,000 1.25% $2,812.50 2 and 3. You’ll have a lower monthly payment and pay less in interest

With a down payment, your monthly payment and lifetime costs are lower. Again, Fleming crunches the numbers.

Assuming an interest rate of 3.50% on a 30-year, $250,000 mortgage, the monthly payments and lifetime costs of each loan — ignoring closing costs, which could vary — would be:

Down payment Monthly payment (principal and interest only) Lifetime costs (interest plus upfront funding fee) 0% $1,122.61 $159,515 5% $1,066.48 $149,996 10% $1,010.35 $141,539

With a 10% down payment, not only are your monthly payments more than $100 lower, but you save over $15,000 in interest charges and pay nearly half the upfront funding fee, compared with making no down payment.

“So, paying a down payment can save thousands of dollars over the lifetime of the loan,” Fleming says.

4. You can better navigate a competitive market

Living in a competitive housing market can present challenges to the no-down payer. Places like San Francisco, Dallas, San Diego, Denver, and even Columbus, Ohio, have too many buyers chasing too few sellers.

Having some “skin in the game” by putting in some money upfront shows sellers you’re a serious buyer. Plus, a portion of your down payment might be allocated to earnest money — cash you put in escrow to help seal the deal with a seller.

“Make as large an earnest money deposit as possible with the offer,” says Joe Parsons, a senior loan officer with PFS Funding in Dublin, California. “Even though [you] don’t have to make a down payment and closing costs might be just $5,000, a $10,000 deposit would not be out of line — and the veteran will get a refund of any excess funds at closing. It creates real credibility.”

5. You’ll have instant equity in your home

Without a down payment, you’ll likely have no equity in your home right at the start. If property values sag, you’ll be “upside down.” That’s when the market value of a home is less than what you owe. In that case, you can be in a real bind if you need to move and can’t make enough on the sale of your existing house to buy another.

Having value built into your home gives you some financial options, as well — for instance, a home equity line of credit or home equity loan. Being able to tap your home’s equity can be a real budget-saver when major home repairs or upgrades are called for.

You may not have a choice

In some situations, you may have no choice but to make a down payment:

  • If the home appraises for less than the purchase price, you’ll have to put enough down to make up the difference
  • If the home you want to buy costs more than the county loan limit approved for VA loans, you’ll have to put enough down to make up some of the difference. “VA will guarantee the loan, provided the borrower pays 25% of the amount over the loan limit in cash,” Parsons says.

In either case, you’ll have to cover the gap or back out of the deal.

Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: Twitter: @halmbundrick.

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