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April is Financial Literacy Month. So there’s no better time than now to get the 4-1-1 on your personal finances. Mint is teaming up with popular personal finance experts for a live Twitter chat to share their tips and tricks on how to successfully manage your money and answer those burning questions about saving, investing, budgeting and the dreaded “D” word, debt.
Pull up a keyboard and join us on Tuesday, April 21st at 12pm PT/ 3pm ET for a live, hour-long #Money411 Twitter chat to hear from Mint and other consumer financial experts on better money habits for today and the future.
Host
@Mint
Participants
Mint’s own (@hperez), CNBC’s senior personal finance correspondent (@sharon_epperson), popular blogger of Budgetsaresexy.com (J. Money) and author of the forthcoming book Make Your Kid a Money Genius (Even If You’re Not) and member of the President’s Advisory Council on Financial Capability for Young Americans (Beth Kobliner).
How to participate
Make sure you follow Mint (@Mint)on Twitter so you can join the conversation. Use the hashtag #Money411 to search and select the “All” search option to follow the chat in real time.
If you want your questions to be included in the chat, tweet @Mint with your #Money411 question.
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’Tis the season to think green! So let’s do as the leprechauns do and celebrate a goal shared by real and imaginary creatures alike: protecting one’s stash.
Whether you’ve got an overflowing pot of gold or a more modest balance sheet, here are four principles for protecting your wealth.
Insure Your Stash
The biggest threat to your wealth is unforeseen expenses, especially medical bills; home and car repair; liability; and lost income due to death or disability. Failing to carry insurance against catastrophic losses isn’t thrifty; it’s shortsighted. The good news is that more Americans have access to affordable medical insurance than ever before, and shopping for car and home insurance has gotten cheaper and more convenient thanks to online marketplaces.
Plan for Emergencies
Your emergency fund (aka auxiliary pot of gold) works along with insurance. The emergency fund protects you against small losses; insurance protects you against big ones. Personal finance experts will argue endlessly about how big your emergency fund should be ($1000? Three months of expenses? Six months?), but we all agree on this: any emergency fund is better than none. Keep it in an FDIC-insured savings account; an online account that pays a little interest is a good choice.
Invest Your Gold Wisely
Most of us will have to fund a substantial portion of our retirement from our own savings. That makes it critical to invest well. Luckily, this doesn’t require supernatural abilities. Choose low-cost funds (such as index funds), don’t take more risk than you can handle (always own both stocks and bonds), save aggressively, and don’t be impulsive. Make a plan and stick to it regardless of what your cousin warns you about on Facebook. Great investing may be boring: it means thinking long-term, using unexciting mutual funds, and not making any sudden moves.
Create Your Own Pot of Gold
When we’re trying to save more money, we obsess over restaurant meals, entertainment, and travel—that is, we start by trying to cut out the most enjoyable, stress-relieving parts of our lives, even though they probably add up to a small part of our monthly spending. Instead, consider what you could save on housing or transportation. Voluntarily downsizing or giving up one car in favor of public transit, cycling, or car sharing can save hundreds per month, and there’s no evidence that it will make you any less happy. (Unless you reduce your commute time or get some cardio in on the way to work, in which case it’ll make you more happy.)
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According to the National Highway Traffic Safety Administration (NHTSA) there were more than 5.6 million police-reported crashes in the U.S. in 2013. No doubt these crashes can take a huge emotional and financial toll on those impacted – and you might be surprised to learn what your policy covers, and doesn’t cover. The price tag for those crashes: $871 billion in economic loss and societal harm in 2010 also according to the NHSTA.
If you find yourself in an accident, it’s easy to feel frustrated, overwhelmed and scared. But there are a few things you can do to protect you and your money before and after an accident.
Prevention Before an Accident
Consider purchasing rental car coverage. This will pay for you to have a rental car for the time your car is in the shop being repaired. The coverage is inexpensive, but paying for a rental during a long repair can add up quickly.
Many car insurance policies offer coverage that you may not know about, so make sure your auto insurance policy is up-to-date and provides the right amount of coverage for you and your vehicle. Many minor details can make a huge difference when you need to file a claim after a collision.
Keep copies of your insurance policy and registration in your vehicle at all times.
Steps to Take After an Accident
Safety is paramount. Get you and all passengers to a safe spot and wait for help to arrive.
Get everything documented as quickly as possible and share information with the other driver including make, model and license plate. You’ll also want to get the other person’s contact and car insurance information so the claims process will go much more smoothly.
Take photos and gather witnesses. If you have a smartphone, it can be helpful to take photos of the damages, especially if you know you weren’t at fault and want to prove it. If you can find eyewitnesses and collect their contact information to give to the police and to your insurance company, that’s even better.
You may see a rate hike on your monthly insurance premiums if you are found to be at fault. Keep in mind if you have been accident free for a long time, many carriers will forgive your first at-fault accident.
If you are working with an independent agency like CoverHound, ask them to check all of their carrier partners for a better policy. Many carriers specialize in different risk profiles, so it’s possible another carrier they represent may have a better policy for you. Not all wrecks will result in a rate hike, but being proactive and working with your insurer is important after an accident. If you’re looking to get more from your provider, then you can switch insurers to take advantage of low rates.
This article was written and sponsored by CoverHound, where you can compare car insurance rates in as little as 3 minutes.
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After a brutal winter, many of us are ready to embrace spring with open arms! The arrival of spring also signals seasonal cleaning duties such as cleaning windows, putting away the winter wardrobe and breaking out the flip flops.
But don’t forget to include your personal finances in your spring cleaning “to do” list! Spring is the perfect time to tackle financial clutter–from refreshing budgets to going paperless to cleaning up your credit score.
Here are 5 tips that make it easy to do a financial clean sweep this spring:
1. Refresh your budget
Kick off your financial spring cleaning by refreshing your budget. Revisit the financial goals you set January 1. How are you doing so far? If you’re over budget, look at where you can make changes and cut back on spending. Remember to adjust your budget to satisfy current needs as well as long-term savings goals.
2. Reduce financial clutter – go paperless
You know that amazing feeling when you get rid of clothes you haven’t worn in years? Getting rid of that filing cabinet filled with old bills and credit card statements can feel just as freeing. A good way to cut down on clutter is to opt for electronic bill payments using a free bill-paying app like Mint Bills – which allows you to pay all your bills and schedule bill payments via an easy to use web and mobile platform.
3. Check your credit score
If you haven’t checked your credit score, now might be a great time. This number is a critical part of a consumer’s financial portfolio. Understand your score and the factors impacting it so you can learn how to improve it. If your credit score is low, commit to making your payments on time and focus on chipping away at large balances on your credit cards.
4. Pay off holiday debt once and for all
Cleaning up this debt quickly can put you in a much better financial position for the rest of the year. Start by clearing up your credit lines and pay off the purchases you made over the holiday season. If you have to, put yourself on a stricter debt payoff plan specifically focused on paying off the debt you accumulated over the holidays.
5. Sell unwanted items
Instead of throwing away your belongings to reduce clutter, consider selling your stuff to help boost your savings goals or earn extra money. Getting rid of old furniture? Try Craigslist. Cleaning out your closet? Try selling your clothing and accessories on Threadflip, a site that helps list, price, and ship the items for you.
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In case you missed it, last week we hosted a Twitter chat on the topic of #HowWeSpend, where we covered everything from the biggest spending trends of 2014, tips on spending wisely in 2015 to hot topics like mobile payments and millennial spending habits.
With over 128 Twitter chat contributors and 697 mentions of #HowWeSpend, the chat was packed with great content and tips from consumer financial experts, Mint partners and Minters alike.
Check out some of our favorite tips and chat highlights below, or to follow all that was shared during last week’s chat, just plug #HowWeSpend in the Twitter search bar.
Thanks again to all of you who followed along!
#HowWeSpend Twitter Chat Highlights:
Q: How do you expect spending trends to vary in 2015 vs. 2014?
I expect that there will be a rise in spending by the “IndieWoman”: 27 & older, lives alone & has no kids. – @TheBudgetnista
Many economists predict 2015 may be the year more millennials finally enter the housing market – @Glink
Low gas prices and a strong dollar will mean more travel spending. Budget travel tips: http://bit.ly/1EBacox – @hperez
Q: How are mobile payments changing #HowWeSpend?
Mobile is convenient 4 sure, but avoid impulse purchases and monitor spending. – @hperez
I pay every bill that comes in mail or email via my bank’s mobile app. Easy way to track spending. – @sharon_epperson
Pay all your bills (utility, cable, credit cards) w/the #MintBills app – it’s easier than ever to stay on top of it all – @mintbills
Q: Let’s talk millennials. How are they saving differently than their parents?
Studies show millennials less likely to have savings to cover unexpected expenses. – @CHLebedinsky
Mint survey found millennials focus on fulfilling immediate needs (like rent, student loans) more than future saving – @mint
Millennials are far more comfortable with using smartphones, apps and online tools to help spend & save – @TheBudgetnista
Q: Best tip on finding the right balance between spending vs. saving?
Think of life on both sides of the = sign. income should be >/= to expenses and if not, one side needs adjusting – @OysterRiverPart
It’s important to understand the difference between items you actually NEED & those you simply WANT – @EFXFinanceBlog
Spend, spend, spend will lead to poverty while save, save, save will lead to resentment. Be responsible but also have fun! – @Steve_Repak
Q: What’s your personal secret to financial success?
Automate savings and bill paying. Use app such as #Mint to track spending. Don’t try to keep up with Joneses – @CHLebedinsky
Make saving and budgeting into a social game and enjoy it! When your having fun you will always succeed. – @pennypinchbros
My secret to financial success: 1. (again, my) BUDGET –@TheBudgetnista
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April is Financial Literacy Month, making it a great time to boost your money knowledge and take charge of your financial life. To celebrate, we’ll be providing you tips, tricks and insights throughout the month to help you manage your financial health. Be sure to check back in on the blog and join the conversation on Twitter & Facebook – we’ll be surprising some lucky followers with prizes throughout the month, so chime in to win!
Did you know that only one third of American households have a budget? Well, they say a journey of a thousand miles begins with a single step, so what are you waiting for? Kick off Financial Literacy Month and get your financial life in order. Here are a few ideas to help you get there:
Update your budget
Analyze your spending patterns over the last few months. If you’ve gone a little overboard on entertainment or dining out, it’s a good time to revisit your budget and adjust for any changes. Make sure your budget matches your actual spending and perhaps take a minute to remind yourself of your financial goals that will help you better stick to your financial plan.
Check your credit score
Your credit score is three little numbers that can have a big impact on your financial life. Get your free credit score from Mint.com so you know where you stand and look at ways to improve your score.
Automate everything
Use Financial Literacy Month as a motivator to finally automate all of your bills and savings. The more you can automate, the easier managing your finances will be the rest of the year. Download a free bill payment app like Mint Bills that will help you pay your bills on time (and on-the-go) and maintain a healthy credit rating.
Develop a debt payoff strategy
Take the time to review your balances. If you have extra cash in the bank, you might want to make a large payment toward cutting down your debt. If you can’t pay down a debt you’ve accumulated so far this year, create a payoff plan that will get it down by this time next year. You can pay down your debt from smallest to largest, or pay down the debt with the highest interest rate first. Either way, Financial Literacy Month is a perfect time to develop a strategy to become debt-free.
So happy spring! There’s no better time than now to hit the financial refresh button and be good with your money. Just think how much you’ll enjoy your summer vacation with your budget on track.
Do you have a personal finance success story you want to share? Or perhaps there is a financial stumbling block you’ve encountered, and want to share how you overcame it? If so, leave a comment below to help inspire other MintLife readers.
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When it comes to your financial health, what you don’t know can cost you. Just like the annual physical with your doctor keeps your body’s health on track, knowing your financial vital signs can save you money and help you keep fiscally fit. Match your financial knowledge in the categories below to see where you can shape up!
Net Worth
Do you know what your net worth is? If the answer is no, you’re not alone: most Americans don’t! But knowing your net worth, the value of your assets (your savings and retirement accounts, your house, collectibles, your car) minus your total debts (including house payments and car payments) – is key to tracking your financial health. Knowing your net worth offers a clear picture of your financial state, showing you how you spend your money. Calculate your net worth regularly—ideally once a quarter—to identify areas where there’s room for improvement.
Mortgage Rate
According to a new Bankrate.com report, a whopping 35% of Americans don’t know their mortgage interest rate. How about you? Rates have bounced around historical lows for years, yet many homeowners who could benefit from refinancing haven’t taken advantage of the potential savings because they were unaware of their current rate. With rates expected to rise from 4.2% to over 5% in 2015, now is the time to do some easy research and stop leaving thousands of dollars on the table.
Credit Score
Your credit score – a three-digit number that represents your credit risk with a number that ranges from about 300 to 850 – is looked at by everyone from lenders to landlords. The National Foundation for Credit Counseling recently found that 60% of adults hadn’t reviewed their credit score within the previous 12 months. Big mistake, particularly if you’re in the market for a loan. Why is this number so important? Score high (mid 700s) and you could save thousands of dollars in low interest rates. Score low (below 620) and when you apply for a loan you’ll be offered a higher rate, favorable terms or even worse, you may not be able to obtain financing at all. Want to know where you stand? You can get your score for free from any number of providers including Mint.com. If your score is low, work on improving it by making your payments on time (try Mint Bills to get reminders when bills are due, stay organized, and pay on the spot). Also, cut back on using credit cards; a good rule of thumb is to avoid using more than 10% of your available credit on any card.
Make Friends with Your Credit Report
Your credit report contains detailed information about your credit history including things like credit-card use, auto loans and debts that were sent for collection. For such important information, an alarming number of credit reports contain mistakes. In fact, an FTC study indicates that as many as 40 million Americans have a mistake on their credit report. Since fewer than one-in-five consumers check their reports, chances are most people don’t know about the errors. Yet if a mistake is serious, it can lower your credit score and possibly result in your being denied credit. Get a free copy of your credit report on AnnualCreditReport.com and review it carefully.
–Vera Gibbons,Mint Contributor and Personal Finance expert
This post was corrected on March 6, 2015.
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Happy Star Wars Day! Today, Star Wars fans worldwide celebrate their favorite movie franchise, wishing each other “May the fourth be with you” in honor of the films’ most iconic line.
Though it may be difficult to imagine Obi-Wan Kenobi ever balancing a checkbook, there’s much to emulate from the Jedi Order when it comes to improving your finances. Self-discipline is a key tenet of Jedi life, as well as the foundation to keeping your money goals on track. Unfortunately, we all know human nature is sometimes at odds with fostering self-discipline. So, in honor of May the Fourth, consider these four Jedi-worthy “mind tricks” – inspired by Yoda himself – to help you stay focused on building a bright financial future. No light saber required.
“You must unlearn what you learned.”
“Unlearning” your bad spending habits requires that you discard temptations to return to your old ways. E-mails from your favorite shopping destinations arrive in your inbox daily boasting sales, deals and shiny new product arrivals. Each time you click to a website – even if it’s “just to browse” – you’re opening yourself up to the temptation to spend.
Help yourself avoid the allure of spending unnecessary dollars by unsubscribing to recurring e-mails that urge you to shop. Use a free service like Unroll.me to unsubscribe from hundreds of newsletters with one click. Catalog Choice helps you opt-out from receiving paper catalogs and coupons at home. Your budget and the environment will benefit.
“The dark side clouds everything. Impossible to see the future is.”
Psychologists have touted the benefits of visualization for decades, with studies showing that goals are more easily achieved by creating a mental image of the future state you desire.
Take visualization a step further by creating a physical image of your inspiration to hang up in your home or office. It can be a print out, a drawing or even a post-it note describing your financial goal. Look at this image daily and re-charge your commitment to long-term financial health.
“Patience you must have, my young padawan.”
Patience may be the hardest virtue, but it’s well worth cultivating in your financial life. Whenever you are considering a purchase – especially larger purchases – slow down, walk away and sleep on it. Putting time and space between yourself and the register allows you to determine if the item is essential to your life or simply an impulse.
Your will is stronger than you think. Luke Skywalker also needed help trusting his abilities, too. Never forget: the force is already strong within you. Slow down and you can save money in the long run.
“You will find only what you bring in.”
More than 60 percent of Americans don’t have savings set aside to manage a $500 emergency. While putting aside money is challenging, it is one of the most important parts of a healthy financial life.
Consider making your approach to savings more automatic. After ensuring you’re putting enough of your pay aside into your 401(k) or investment account, consider deferring a portion of your payroll directly to your savings account. After a few months, you’ll find you have a “rainy day fund” set aside just in case you need it.
Connecting your spending to saving is another great way to make saving money more painless. Several banks and apps allow customers to round-up purchases to the next dollar and save or even invest that money in a risk-based portfolio. You’ll enjoy the benefits of compounding interest, but you don’t need to be an expert at investing.
Yoda famously said “Fear is the path to the dark side.” Fear can play a big role in keeping people from achieving their financial goals.
Readers: Are you a financial Jedi? How do you avoid the dark side and stay on track with your money goals? Leave a Comment here or share your suggestion on Twitter with hashtag #FinancialJedi.
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As a parent, you’re the biggest influence on the way your kids will manage money, but talking to them about personal finances can be tough. With April being Financial Literacy Month — it’s a perfect time to begin the conversation! Get started with our infographic on teachable moments for children of all ages.
Click on “Launch Infographic” for an expanded view.
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Swiping your magnetic-stripe credit card will soon become a thing of the past.
In the wake of widespread consumer data breaches like those at Target and Home Depot – plus increasing rates of counterfeit fraud – credit card companies nationwide are issuing new smart chip-enabled cards to improve payment security and provide consumers with greater protection against fraud.
Have you received your new chip-equipped credit cards in the mail yet? If not, you will soon: October 2015 is the “liability shift” deadline between banks and merchants. If a business doesn’t offer chip-enabled transactions after October, the liability for any resulting credit card fraud will fall to the business-owner and no longer the bank.
Here’s the scoop on what you need to know about chip-enabled cards, or as they are more formally known, EMV cards:
What’s EMV?
EMV cards – named after its original developers Europay, MasterCard, and Visa – are nearly identical to the typical American credit card, but they are encrypted with a small computer chip rather than a magnetic stripe. You will notice a small gold or silver metallic square on the front of your card. While this square contains the same information as magnetic stripe cards, such as name, card number, and expiration date, each transaction generates unique, dynamic data. This is the game changing technology that makes it difficult for anyone but the rightful owner to use the card, and it protects against the creation of counterfeit cards.
EMV cards have been the standard around the world for decades, but America is finally catching up: half of the world’s credit card fraud occurs in the US!
How Do EMV Cards Work?
Instead of swiping your card, you’ll insert your card into a terminal slot. This action is called “dipping”! The data then flows between the card chip and the issuing financial institution to verify the card’s legitimacy. Because these cards are read in this new, different way, you should know that the transaction is not as quick as a basic swipe; expect a slightly longer time at the point of sale. Though most of the world operates on a “chip and pin” system, Americans will still sign credit card receipts for the time being.
Keep in mind, your card will still have an magnetic stripe, too. Not all businesses will support “dipping” by October. In fact, a recent Intuit survey found that 42% of small businesses haven’t heard about the deadline yet!
Can I Still be a Victim of Fraud?
Though this new technology should give you greater peace of mind, smart-chips do not entirely eliminate credit card fraud. You will still need to monitor your credit card accounts and credit score diligently – at least once a month. That’s the best way to detect fraud in the early stages and keep your identify safe.
– Vera Gibbons,Mint Contributor and Personal Finance expert
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