1. Find the right place

The right place doesn’t necessarily mean “the perfect place”. You should be realistic about what kind of place you’ll be able to get. Look for apartments in your price range and make sure that your basic needs will be met. Make a list of potential neighborhoods in order of preference and decide which one would work best.

2. Check it

Ignoring it won’t do you any good. It might be frightening to check and see just how low it is, but chances are that it’s not as bad as you think. Credit-checking sites break down your various accounts and show how much you owe. This can help you to have a much better understanding of how your score is affected by your financial actions.

3. Try to increase it

You can’t just shoot it up three figures overnight, but you can better it. Do your best to wipe out or greatly reduce debts. Try to pay more than the minimum on your credit cards each month. This will help to tick it up and show that you can be trusted. Even if you have debt, your score can still be fairly robust by paying your bills on time and keeping your credit utilization as low as possible.

4. Find a co-signer

Even if it’s is lacking, you can still get a lease approved. Getting someone to co-sign a lease can help to improve your chances of being approved. This should be someone with a great one. It could be a family member or friend. They should not be expected to cover your expenses. When you ask someone to be a co-signer, make sure that they know that you will be handling rent and that their co-signing is just a matter of helping you to get approved.

5. Have a good income

You can increase a landlord’s confidence in renting to you if you have a good earning history. Since you’ll need to include income verification, you should emphasize how you’ll be able to pay rent on time. A weak one can be less of a liability if you have high paychecks to help soften the blow.

6. Discuss it

Landlords are human, and they understand that sometimes people go through tough times that can affect their financial standing. You might’ve had yours knocked down due to medical expenses or because of a sudden financial emergency that required you to max out a card. Don’t try to act arrogant or like you’re entitled to being approved for an apartment due to your hardship. Appeal to your landlord’s sense of decency by showing how you’ve picked yourself up from this situation and are ready to move on.

If it isn’t where you want it to be, don’t beat yourself up. It can be an important teaching tool as you work to get it up. Consider as many of these tips as possible as you set your sights on a lease for an apartment you know you’ll love.

This is not legal or financial advice. Please consult a legal or financial advisor for your specific situation.

The post 6 Ways To Help Land A Lease appeared first on CleverMoneyNews Blog.

Learn the Basics of Healthy Money Management

Learning the basics of managing your finances can help drastically when it comes to saving and spending wisely. Be informed before making any financial decision for yourself and your household. Learn the basics of managing funds, bank accounts, credit scores, interest rates, and loans.

Take time to familiarize yourself with the process of saving and budgeting. Create a household budget that is optimal for your family based on your net income. In addition, create a disposable income you have available after paying for your housing, utilities, food, and other necessities. Make sure to have a budget for food in your home. If not, create a budget that helps to prevent overspending or wasting food each time you visit the grocery store.

Download and use smartphone apps designed to keep track of spending while monitoring finances. Review your spending daily, weekly, and monthly to determine which areas you need to cut back in to save more.  

Identify Bad Habits and Triggers

Identify what leads to poor financial decisions in order to truly change the way you currently spend and save. Consider which situations you are most likely to spend in. Also, notice when it is unwise for you and any future plans you have in mind. Are there specific items that you find it difficult to resist? Identifying triggers can help you to steer clear from temptations while working towards the development of healthier financial management skills. 

Rewire Your Brain’s Reward Center

It’s true, humans often tend to respond to being rewarded with happiness and glee. This cause us to desire the same effect. Unfortunately, when you have a habit of spending too much, you may also get stuck in a negative reward circuit. It is difficult to get out of the cycle of spending or managing finances poorly. However, it is possible by rewiring your brain’s reward center. Rather than spending your disposable income on unnecessary purchases, consider setting it aside and saving it.

Establishing a better relationship with your finances is one of the most important steps to take when you truly want to make a change in your life for the better. If you achieve your money-saving goal, reward yourself with an item of your choice at the end of each month. While rewiring your brain’s reward center takes them when changing money-spending and saving habits, it is possible with a commitment to an overhaul to your current lifestyle.

This is not legal or financial advice. Please consult a legal or financial advisor for your specific situation.

The post How to Change Your Money Habits appeared first on CleverMoneyNews Blog.

The good news is that you can reduce your spending and increase your saving if you plan ahead. You might not be able to totally avoid the financial burden of things like work and school, but you can keep more cash in your wallet in the long run.

Here are just a few ways to avoid breaking the piggy bank during life’s special occasions.

College

The average price of a public university is $25,000. The average price of a private university is $50,000. So, you can save a huge chunk of change right away if you opt for a public post-secondary education.

Another tip for saving money in college is to live at home rather than in the dorm. If your school requires freshmen to live on-campus, ask about getting a waiver. It’s worth a little hassle to live rent-free at home instead of building up your student loan debt in a completely unnecessary way!

Car

If you live in a big city, you might not even need a car. More and more people are ditching their vehicles to bike, bus, walk, carpool or take the subway. Not only is it better for your budget, but it’s also eco-friendlier.

If you live in an area where owning a car isn’t optional, there are still ways that you can cut down on your monthly expenses. For example, some auto insurance companies will lower your premiums if you attend a driver’s end course or upgrade the safety features of your vehicle; you’ll be less of an “at-risk” driver that way. If you haven’t purchased a car yet, you can look for ones with a good fuel economy rating so that you aren’t blowing your entire paycheck on gas every week.

Baby

Congratulations! You’ve decided to have a baby. Before you start painting the nursery, sit down with a calculator and figure out how much your bun in the oven is going to cost you.

For example, will you be giving birth at a hospital or doing everything at home? What does your insurance cover? Will you need special prenatal care? 

Once the baby arrives, what will your day-to-day finances look like? Things like diapers and bottles can really add up, especially since your baby will outgrow them in the blink of an eye. The average cost of taking care of a newborn is somewhere between $100 – $200 a week, so make sure that you’re setting enough aside to be a good parent.

These are just a few ways to save money on the biggest necessities in life. You might encounter many other expenses, including weddings, honeymoons, houses and medical care. The trick is to approach each one with care and planning. Your finances don’t have to drown you, but if you’re serious about staying afloat, you’ll need to build a raft.

This is not for legal or financial advice. Please consult a legal or financial advisor for your specific situation. 

The post Don’t Break The Piggy Bank During Special Occasions appeared first on CleverMoneyNews Blog.

The IRS tracks individuals based on their tax filings

To better understand why and where people move, the IRS tracks individuals based on their tax filings. When looking at this data from the early 1990’s to today, some interesting patterns emerge.

Popular places people choose to live

An obvious takeaway is people tend to move to neighboring states, especially when that neighboring state is large with multiple metropolitan areas. It is much easier to pack up and move a household simply across a border, rather than across the country.

Not surprisingly, people tend to move to neighboring states within their region. For instance, Southerners typically stay in the south, hopping across borders to other Southern states. Texas is particularly popular to move to for individuals from the smaller states surrounding it, most likely because it has several major cities (Austin, San Antonio, Dallas, and Houston). All of these cities may offer more diverse job opportunities and cultural experiences. Another big draw for moving to Texas: no income tax. 

Top destinations

Along with Texas, other large states tend to attract more and more movers. Florida, with its tropical climate and diverse wildlife, attracts adventure seekers and retirees alike. With natural amenities like that, it’s easy to see why Florida is a top destination. Likewise, California, the largest and most populous state in the country, also attracts a wide range of individuals, mostly because California’s cities are some of the most developed in the world, offering job opportunities for those who can handle the high cost of living. For those wanting to escape the high price of California life, there’s always Texas.

Besides people moving within their region, states with massive cultural centers like New York, Massachusetts, Illinois, and Georgia have people from across the country moving to them. Cities like Chicago, Atlanta, and Boston are some of the most well-known in the nation with unique offerings for any sort of person. These cities have huge populations of different groups of people, making them a more attractive place for people moving outside their region.

Making the decision to cross state lines is quite common in the United States. When looking at the patterns of movers, you’ll see that in nearly every region, people are moving to neighboring states and cultural hubs, seeking different job and educational opportunities. 

IRS. (2019). SOI Tax Stats – Migration Data. irs.gov

This is not for legal or financial advice. Please consult a legal or financial advisor for your specific situation.  

The post Why and Where People Move in the US appeared first on CleverMoneyNews Blog.

Here are some of the ideas to think of.

1. Go for the new lightning

Installing a new light fixture in your bathroom can give it an instant makeover by giving off brighter and fresher-looking lighting. You could go for something traditional like hanging fixtures, or you might prefer one that sits on top of mirrors to reflect more ambient sunshine around the room. 

If you are not really comfortable with disconnecting the electricity and some wire job, consider hiring a professional for this part.

2. Add some tiles

Tiles can be a good way to update your bathroom without having the entire space changed out. They’re easy and quick to install (and you don’t need any tools), durable, moisture-resistant — there’s really nothing not love about them! You could go with something classic like white or black subway tiles, but why not experiment by arranging herringbone design across one wall? Or try hexagon-shaped ones in another area?

3. Adding wallpaper won’t hurt

Wallpaper is a cool way to jazz up your powder room without taking too much space. You can choose from a variety of designs, including ones that are splash-proof so they won’t peel off in high humidity areas.

4. Modernize your vanity

If you’re looking to take your bathroom design up a notch, consider adding some personality and flair to your vanity. You can paint it bold new colors, replace its countertop with a wooden/granite one, install new hardware, change the stencils, etc.

5. Old furniture — new style

Upcycling furniture is a great way to spruce up your space without breaking the bank. If you’re looking for an affordable makeover, consider converting old dressers and nightstands into new bathroom storage systems. Paint them whatever color you like, cut a hole for a sink — it’s all up to you.

6. Get a towel warmer

When it’s cold outside, and you need to get out of the shower, there is nothing better than coming back into a warm bathroom. A wall-mounted towel warmer will keep your towels and space nice and cozy. A warmer can be installed easily by plugging it in with an outlet nearby.

7. Change the mirror

When you’re looking for an upgrade, replacing that old frameless mirror with one of these artful versions is a simple and stylish way to spruce up any bathroom. They come in different shapes — like circles or triangles — which will help give your bathroom some style and character, so you feel like it’s yours rather than just another generic room with no personality. 

Make sure to get a mirror with a hanger bracket to ease the installation process. Alternatively, you can keep your old mirror and simply get a new frame.

8. Replace the hardware

To give your bathroom the brand new feeling, all you need is some accent features. Think of replacing a toilet paper holder, light fixtures, faucets, a towel rack, and so on. Go for a classic nickel, or get something funky from a thrift shop — whatever matches your style.

9. Add a new wall storage

You can make your bathroom feel more spacious by installing floating shelves or a wall cabinet above the toilet and adding a bar with hooks next to the tub. This will allow you easy access for storing anything that needs storage in this area while also giving it some visual appeal. If hanging things on walls isn’t possible because of limited space, try positioning a ladder and use it as an additional storage space.

10. Go for eco-friendly elements

According to the research made by Freddie Mac, energy-efficient features can boost your home value up to 2.7%, and besides, you’ll be helping the planet at the same time. 

Upgrade your home’s lighting with an energy-efficient option like halogen incandescent, CFL, or LED lights. You can also install insulation and a toilet that meet Energy Star standards, although these are more complex projects which might require professional help.

11. Paint the walls

The right color can make all the difference when selling your home. For a fresh, clean look that will boost resale value, try warm or neutral tones like cream and white. If you want something different, then painted stencils offer an added flourish along trim lines for any room in need of extra creativity.

12. Update your shower space

There are lots of ways to make your shower more functional and stylish. Shower shelves can hold all the soaps, shampoos, or lotions you need in an easy-to-reach place without cluttering up counter space with bottles that will eventually get messy if left sitting on top. 

Don’t worry if your shower is tiled, just go for a lighter shelf and use water-resistant adhesive or screws.

13. Add the window blinds

Installing new blinds can be an easy way to give your bathroom that fresh, clean feel. You might even discover improved energy efficiency and reduced cooling costs in summer and heating costs in winter.

14. Replace the exhaust fan

Your bathroom exhaust fan is an essential part of your home’s ventilation system. It removes heat, odors, and moisture from the room, helping to prevent mold while improving air quality for you.

The average lifespan of a fan usually lasts 10 years, but if it has been a while since the replacement, it’s better to invest in a new one today before something goes wrong with its efficiency or function altogether.

15. Add storage space

To maximize your storage space, consider adding some static or slide-out shelves to the cabinets in a bathroom. You can use baskets for further organization and store extras like linens and towels on them too! These pre-made pieces come from hardware stores, but you might be able to reuse parts of an old dresser/vanity if needed (just make sure it’s stable).

If you’re looking to update your bathroom, consider tackling a few of these projects or putting them all on the list. Think about what needs to be done there and how much money is available for upgrades. The best thing about these projects is that you can do most of them by yourself or with a partner. 

If a bigger renovation is planned, you might think of getting a cash-out refinance to replace your current mortgage with a larger amount. 

This is not legal, financial, or professional advice. Please consult a legal, financial, or professional advisor for your specific situation.

The post 15 DIY Ideas To Remodel Your Bathroom appeared first on CleverMoneyNews Blog.

Yes, it’s true that a majority of landlords are looking for scores that are 620 or higher. There are still things that you can do to increase your approval odds that aren’t related to your credit. Here are some you can consider.

First, A Small Disclaimer

As we’ve said, there are many considerations for you getting approved for an apartment. You shouldn’t get your heart set on one building or even one location. Keeping yourself open to new areas will prevent you from getting let down if you don’t get approved. Keep trying. There are different things landlords will look for, even different types of credit.

It could be your FICO score or another model altogether. They could base it off of information from one bureau or many. It could be something else unrelated to your credit. You can’t know. The best thing you can do is to check your credit score for free and know where you stand.

With That Said…

Remember, dealing with landlords and establishing a lease for a place has a human element. You’re not dealing with a machine looking for the most ideal tenant. You can speak to them and try to establish other things that make you trustworthy. If you have a bad credit score, give them a good explanation.

A paper can’t tell the full story. There could be extenuating circumstances. There could be a medical emergency. Sometimes credit can get negatively affected outside of our control. Get in touch with the landlord with a letter or email explaining your situation. It couldn’t hurt.

You Could Also Pay Ahead

One excellent way to establish that you’re responsible is paying a few months’ rent ahead of time. This will show a prospective landlord that you’re serious about paying. This could even bolster their confidence in you to make them reconsider. If you do decide to go this route, though, remember to get it documented in writing. 

If All Else Fails, Try and Get Help

There is no shame in offering someone to help you out. This is especially true if you’re desperate or it’s your first time. The biggest way to instill more confidence in a renting agency is to have a cosigner. This is a promise that someone will pay your rent if you fail to. An alternative would be to have someone foot you the money to help pay ahead of time. Like we discussed in the previous section, the end result is the same.

In Conclusion

If you’re serious about renting, there are lots of angles to try. This applies even if you’ve made mistakes before with regards to your credit history. Put yourself out there and don’t be afraid to try and form a connection with the owner of the property. It may surprise you how understanding people can be. Failing that, if you’re able to, save up to pay in advance to show a positive intention to pay. If you know someone that can assist you, all you have to do is make sure the landlord will go for it.

This is not legal or financial advice. Please consult a legal or financial advisor for your specific situation.

The post What is the Ideal Credit Score to Rent an Apartment? appeared first on CleverMoneyNews Blog.

The rental market is heating up. The average cost of apartment rent in areas like Tampa, FL, Boise, ID, or Phoenix, AZ has experienced an increase of close to 20%. In some areas, this trend is even more severe. One example would be Sarasota, FL, where monthly rents for one-bedroom apartments increased by 40% over last year’s rate. 

One of the reasons is that there are not enough houses for sale, and the ones available are too expensive for most people, so they have to rent instead. This leads to another increase in rent price and cost of living in general.

Renters Need to Scale Back Their Spendings

With the rise in rents, many Americans are finding themselves tightening their belts. The cost of living is high, and inflation has hit a more than 30 year high, hurting everyone’s budget, especially those with lower incomes. Some renters are forced to change their lifestyles and move to cheaper locations. 

According to financial advisors, housing costs shouldn’t exceed one-third of your net monthly pay. If this is not an option, cutting back on other expenses can help. In the best-case scenario, living expenses should be a maximum of half of your paycheck. 

Not Keeping Up With Payments

Negotiating with your landlord is crucial if you are behind on rent. Try to negotiate for a lower price or spread out the payments over time, and look into rental assistance programs that can help cover some of the cost. 

With rent likely to rise next year, renters should be prepared for the negotiating process. And with the market being tight, landlords might say no.  But tenants should highlight their strengths, be willing to compromise, and have a plan B. It’s the only opportunity for success in this increasingly competitive environment where inflation is taking its toll on all aspects of life, including rent. 

This is not legal, financial, or professional advice. Please consult a legal, financial, or professional advisor for your specific situation.

The post Rents Are Sky-High, Just Like The Inflation appeared first on CleverMoneyNews Blog.

In the wake of recent price hikes, some people are starting to feel like there is no end in sight for inflation. But current economic trends could lead to a glut or oversupply for furniture, cars, appliances, and other goods next year, thanks largely due to an increase in prices which saw double-digit gains last month. 

Vehicle prices continue to rise as the lack of new vehicles makes it difficult for rental car companies. As a result, there are fewer cars available, which drives costs up 49%. The cost-effective way to buy used cars is also more expensive now at 44%.

Auto, Retail Undersupply Could Ease

While it may seem like inflation is here to stay, even small improvements in the supply chain could have a big impact. The automotive industry has many half-built vehicles waiting for semiconductors and other components that are needed before they can be assembled into cars or trucks. Some car companies are hoarding parts to prevent shortages in the future, which will make demand appear higher than it really is. Once they install these extra supplies, though, they might end up with oversupply. 

While many retailers are encouraging consumers to start their holiday shopping early, last week they announced that they have enough inventory for the upcoming Black Friday event. This could lead stores like Walmart, Target, and TJMaxx to have excess stock if shoppers have already finished buying their gifts. 

Fewer COVID-19 Cases Could Lead to Prices Drop

With the help of antiviral pills and vaccine boosters, the number of COVID-19 cases might drop down, together with the inflation rate. This could lead consumers who are less worried about catching the disease to spend their money on services rather than goods.

Lower cases also mean that supply chain delays in key manufacturing hubs around the world can now ease, which will promote faster economic recovery, with the 2% desired by the Fed achieved even faster. 

This is not legal, financial, or professional advice. Please consult a legal, financial, or professional advisor for your specific situation.

The post Inflation Could Go Down This Year appeared first on CleverMoneyNews Blog.

1. You’re using your credit cards to buy food, gas and other basic essentials.

If you need to use credit cards to buy life’s necessities, then it is time to review your budget.

While it’s fine to use a credit card to buy food and gas if you plan to pay the bill off every month, it does not make sense to pay more for these monthly expenses by adding interest to the totals.

2. You are paying debts with your credit cards.

Anytime you need to use one credit card to pay another card’s payment, you may be in trouble. This type of snowball effect means you might need to take drastic measures to regain control over your financial life.

3. Your credit card debt is making it impossible to save.

If you are unable to save money because the interest charges, then it is urgent that you make a plan. Banks make it far too easy to stay in debt. When this happens, you must vow to stop using credit to restore your financial health.

4. You can only afford to pay minimum payments.

If you can only afford to pay the minimum payment on your credit cards, then you are already overextended. It can happen relatively fast if youstart using credit cards as a way to buy things you really can’t afford. When you find yourself in this position, set up a strategy to consolidate your debt. This way you can escape this terrible financial trap that can make it difficult to recover.

5. You have reached the limit on many of your credit cards.

If you reach your credit limit on several cards, then it is time to evaluate your debt versus your income. Determine why exactly you are using so much credit. Using credit is fine if you pay it off each month without paying interest. If the balances are growing monthly though, you are paying more interest each month. There is no sound reason to pay extra interest if you can pay cash for these items instead. Self-discipline is key for responsible financial dealings.

This is not legal, financial or professional advice. Please consult a legal, financial or professional advisor for your specific situation.

The post 5 Signs that Your Credit Card Spending Is Out of Control appeared first on CleverMoneyNews Blog.

1. Check your report for accuracy

The first step to improving your credit score is to access your credit reports from the three major credit bureaus: TransUnion, Equifax, and Experian, and to review them for any inaccuracies. If any of the information reported is false, you have the right under federal law to file a dispute. 

2. Pay your bills on time

Paying your bills on time is the number one thing you can do to get and maintain a solid credit score. Thirty-five percent of your FICO score is determined by payment history. 

3. Go for a good mix of accounts

The combination of types of accounts on your credit report is worth about 10 percent of your FICO score. If you currently only have credit cards, a credit builder loan may be an excellent option to improve your mix. 

4. Become an authorized user

If you have a friend or family member with a great credit history, you may consider asking them to add you as an authorized user on one of their accounts. Then, their utilization and payments will be added to your credit history. 

5. Don’t apply for too much all at once

When you apply for a new credit card, the potential lender runs a credit check. This type of check is called a hard inquiry and may negatively impact your credit score. Applying for more than one credit card in a short period results in multiple hard inquiries, and these combined can have a more significant impact on your score. 

6. Pay down balances

The amount of debt you have and the ratio between credit and debt are two factors that impact your credit score. Paying down balances addresses both of these, and if possible, is a sure way to improve your credit score. 

7. Ask for a credit limit increase

Another way to improve your credit-to-debt ratio is to request a credit line increase from your current creditors. Just be sure not to go on a spending spree and use up your new credit. This will most likely result in a negative effect, as you’ll be increasing your overall amount of debt. 

8. Consider consolidation

If you have a decent credit score, you may consider applying for a consolidation loan to pay off your credit cards. If the loan has a lower interest rate than your cards, you will save money. You will also decrease your debt-to-credit ratio, which should give your score a boost. 

9. Establish a credit history

If you don’t have any credit, it’s time to start building so that you qualify for future borrowing. A secured credit card is a great way to start establishing a credit history. With these types of cards, you pay a deposit to secure the line of credit and the lender reports the timeliness of your payments to the three major credit bureaus. Just be sure to pay on-time and to keep your credit utilization down around 10% to build a positive credit history. 

Hopefully, these nine tips have given you an idea of how you can get started improving your credit score today. With a little intentionality and consistency, you have the potential to create the financial life you deserve. 

This is not for legal or financial advice. Please consult a legal or financial advisor for your specific situation.  

The post Strategies to Boost Your Credit Score appeared first on CleverMoneyNews Blog.