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You May Not Earn As Much As You Think
Americans are lucky to have a very high standard of living compared to the rest of the world. However, wealth distribution has been the subject of much debate and controversy during recent years. While you may think you know how much money you make, if you fail to account for some variables, you could be way off.
According to the U.S. Census Bureau, the median household income in 2022 was $49,445. Though this may seem like plenty, it was actually a 2.2 percent decrease from 2021, when the median income was $50,599. However, even if you make more than this and still find yourself unable to afford an unexpected bill, you might be able to use bad credit loan to keep your financial footing. However, better money management means adjusting your spending to account for your real income.
Include Your Taxes
Now it’s time to figure out just how much money you really make. After you determine your annual income, try to incorporate taxes. You’ll need to account for federal, state and FICA taxes for Social Security and Medicare. Look at your last paycheck to see what percentage is getting taken away from each payday. Before you know it, you could be out thousands of dollars, even if you usually get a fat tax refund check.How Much Does Your Commute Cost?
You can’t get paid unless you go to work, so how much does this cost you? If a car is your primary means of getting to work, you can deduct car payments, insurance and gas costs from your salary as well.
At the end of April, the nationwide average price for a gallon of gas was $3.83. While the price of a single gallon may not seem like a lot, topping off your tank is. If you calculate how many miles you commute against the price of gasoline, you can further deduct this cost from your annual salary to get a better feel for how much you actually make.
The Spending Paradox
If you run the numbers and determine you don’t make as much as you thought, you may want to make some changes to your spending habits. However, even if you have a position with a high salary, overspending could lead to similar financial woes.
This paradox occurs when you justify making more expensive purchases just because you bring in more money. Rewarding yourself for your success is okay, just try not to go overboard.…
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Can’t Afford a Car? You Have Options to Get From A to B
Buying a car is a major financial decision that should fit into your overall budget. If you are thinking of purchasing an automobile with the help of a payday loan advance, this could be a huge mistake.
You should only consider buying a car once you have the proper financial standing, a strong credit score and sufficient savings.Car Loan Credit Standards Loosening
If you want to utilize an auto loan to buy a much-needed car, a recent survey conducted by Experian Automotive revealed that lending standards in this area are starting to loosen.
The average FICO credit score required for a new car loan fell to 760 during the first quarter. However, if the purchase of a new car is too expensive, you should consider buying a used vehicle. If this is the direction you are headed, you’re in luck, because the average credit score required for a used vehicle was just 653.
Stay a Step Ahead of Used Car Scammers
If you are in the market for a used vehicle, there are a few things you should know. Purchasing a used car isn’t always as safe as buying new, and while most transactions are legitimate, you have a higher chance of getting scammed. In fact, according to the Internet Crime Complaint Center, used car sales scams increased 25 percent in 2011.
Do Your Homework
To avoid any missteps while buying a used car, Bankrate.com recommends doing some research on a vehicle before you make any decisions. If the price of a vehicle seems too good to be true, it could be a scam. To determine how much a car should cost, there are a number of internet resources to refer to.
Report It To AuthoritiesExercise caution when researching a potential sale, as it could be a scam or the car might have some serious issues, such as water damage or engine problems. To make sure someone else doesn’t get stuck with the problem, make sure to report questionable sellers to local authorities.…
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Energy Bills Expected To Rise, But There Are Ways To Save
A number of experts from the energy industry claim that utility bills are set to increase significantly in the future. This could result in an added financial burden for millions of households. If you find yourself unable to cover a hefty energy bill, you may be able to use a cash loan to keep the lights on.
According to a report from CNNMoney, a recent survey of 500 utility executives by consultants Black & Veatch revealed that 90 percent of them expect costs to rise in the near future. This is the result of new regulation to cut the use of coal-fueled power plants for cleaner energy alternatives, such as wind and solar power. An estimated 50 percent of those surveyed said utility costs could increase by 10 percent or more.
Currently, the average household spends $111 on electric bills every month, according to the Energy Information Administration. Should costs rise 10 percent, this would push this average to roughly $122. While this may not seem like very much, it can result in spending hundreds of extra dollars every year.
Although the conversion to clean energy could result in higher utility costs, the Environmental Protection Agency says it could be beneficial for roughly 11,000 people every year. By using clean energy, it says Americans have a lower chance of developing conditions such as asthma, heart disease and cancer.
Even though energy expenses are expected to rise, this doesn’t mean there aren’t ways to reduce your costs.
Make A Sweep Before BedBefore you turn in for the night, make sure to off all your electronics. While this may seem inconvenient, LVNC says it can can save a lot of money. For example, it takes $21 to run a light bulb throughout the night for an entire year and $35 for a ceiling fan during the same period. Instead, switch them off and keep some extra cash in your pockets, the website added.
Keep Your AC In Good Working ConditionWith warmer weather approaching, you may be more inclined to use your air conditioning system. However, if you neglect your system, this could cause your energy bill to rise. A system with dirty air filters works harder than it has to, wasting energy and money.…
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The cost of food has steadily risen during recent years
And experts don’t expect it to slow down anytime soon. To adapt your budget to this trend, you should look for ways to save on trips to the grocery store. If you don’t, you could overspend and may need a payday loan to cover your monthly expenses if you’re not careful.
According to the Department of Agriculture’s Change in Food Price Index, overall prices in April rose 4 percent from the previous month. While this is only a marginal change, the index also indicated that prices were up 3.1 percent from a year earlier. Two areas in particular showed major spikes.
Cost Of Meat Rising
Some of the largest annual increases were among meat products. Specifically, the average price of beef rose 5.9 percent, while the price of pork surged 3 percent. In addition, the cost of poultry spiked 6.1 percent. Since these products are staples for many households, these increases can quickly add up.
Dairy Price Tag Growing
Meanwhile, the average price of dairy increased 3.4 percent in April from a year earlier, the index found. This includes milk, cheese, ice cream and butter. However, the price of milk is expected to stabilize during the course of 2019, which could have a positive effect on the cost of all dairy products.
To help compensate for the rising price of food, there are a number of ways to save at the grocery store.
Plan Your Spending
Instead of hitting the grocery store unprepared, try to have a plan of action. This can prevent you from overspending by making impulse purchases. Get to the store with a prepared list and make sure to stick to it.
Additionally, familiarize yourself with the price of certain goods at different stores in your area. If one store sells certain products significantly cheaper than the other, it could be worthwhile to shop at multiple locations.
Buy Generic And Use Coupons
Most major grocery stores provide their own generic brands of popular items. These goods are often far more affordable. If you are a loyal customer to a certain brand, try out its generic alternative. You might just like it.
Utilizing coupons is another great way to save on your trip to the grocery store. You can find discounts in in-store displays, as well as online or in weekly papers. Take some extra time to hunt down these discounts, as it could save your hundreds of dollars over time.…