Impact of Home Purchase on Future Expenses
This blog will be useful for first time home buyers and long-time renters.I recommend those in he age bracket of 25-30 years that are staying with your parents/ guardians to…
How Does Spending Correlate to Child Age?
This blog is useful for parents/ to-be parents that plan to have their children stay with them. Pre-read: Expense Trending & Budgeting - Myfinancejournal You have now created a detailed…
Cash Flow: How to have money for savings and investments?
This blog is useful for most of the readers as it helps them improve their cash available for savings and investments by making small changes to your habits and improving…
Posted inCash Flow Expenses Personal Finance Basics Savings
Expense Categorization, Trending & Budgeting
This blog will increase your awareness about income, spending and will help you set a budget and eventually a plan to manage your finances better, This is a fundamental step…
Posted inCash Flow Expenses Personal Finance Basics Savings
Can sound financial habits adversely impact your credit score?
This blog will be relevant to you once you have reached a good maturity for managing your finances but are still unsure why your credit score is not increasing. Pre…
Posted inExpenses Personal Finance Basics Savings
All you need to know about Credit Score
When apply for a loan or home mortgage, your lenders would refer to your credit score to determine the interest rate. The lower your credit score, higher will be your…
Posted inExpenses Investments Savings
How to Determine Budget for a New Home?
You need to prepare a home purchase spreadsheet similar to the below illustration: Table: Calculating Down Payment Purchase Price$532,410Down Payment to Builder($19,370)Credits and Incentives($12,943)Outstanding Balance$500,097Down Payment Rate (% of Purchase…
Posted inAlternate Investments Expenses Investments Savings
Should I Rent or Buy a Home
Staying in your own dwelling is always a nice thing to do once you are settled from a personal milestone perspective. You need to do a thorough financial evaluation on…
Posted inCash Flow Expenses Investments Savings
Maintain Minimum Balance in your Savings & Checking Accounts
The prime reason for us to have a balance in Current and Savings accounts to help with liquidity and easy access to money when we need it. Usually Savings and…
Posted inExpenses
When Not to Take a Line of Credit
As explained earlier, HELOC option is better compared to Traditional Mortgage if you play the game right. This is a critical assumption when comparing HELOC and Traditional Mortgage. You may…
Save Even More with Balance Transfer Card and HELOC Account
Combining the HELOC with the concept of 0% Balance Transfer Card, you can take even more advantage of your balance transfer card by making only minimum payments to the balance…
Posted inAlternate Investments Cash Flow Expenses Savings
How to Reduce overall Mortgage Cost
Balance Transfer Cards If you shop around, you will usually come across companies providing you balance transfer cards that will have a $0 transfer fees and 0% interest for 18…
Posted inExpenses
Caveat Emptor for Mortgage Shoppers
Mortgages are the cheapest available credit for your home. Although they may sound lucrative, they may not be attractive for a few reasons and may not fit all borrowers. Below…
Posted inExpenses
Should I Refinance?
Interest Rate You have an option to refinance your home when the interest rates fall sharply. This will help you reduce your EMI and/ or pay off your loans faster.…
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Selecting the Right Mortgage
Typical quotes for mortgages are for 15 years or 30 years (180 months or 360 months). You can literally select any time period up to 360 months and get a…
Posted inExpenses Personal Finance Basics
Mortgage Basics
Introduction When it comes to debt, Home Mortgage is the biggest debt in your portfolio and stays there for several years. This is precisely the reason you need to be…
Optimizing Cash Flow
At this stage it is appropriate to understand the impact that cash flow will have on your investment returns. Simply defined, cash flow is the difference between Income and Expenses…
Posted inExpenses Investments Personal Finance Basics
Factors Influencing Spending & Investing
There are several factors beyond your control that will determine the allocation of your investments or provide you an indication if time is ripe for large borrowings, home loan refinancing…
Posted inCash Flow Expenses Personal Finance Basics
Debt & Mortgages
Most Americans live on credit. The average debt per US family is $6,270 in 2020 (the total debt for all Americans combined is a staggering $14.3 Trillion of which the…