-
You need a new car. It’s not that you’re a rich person, but it’s just that you’re tired of throwing money into repairs for an old vehicle that will never be what it was. It’s time to see what you can save up.
In this article, I’m going to show you how to save up for a car.
The first thing you need to do is come up with an idea of how much money you need for the vehicle you want to buy.
Set a Goal
Determine how much you need to save for the car you want, including taxes, registration, and other fees.
Your goal should be a realistic one, not something that is out of your reach and unattainable.
Create a Budget
Track your income and expenses to identify areas where you can cut back and save more.
Set up automatic transfers from your checking account to a savings account dedicated to your car fund.
Reduce Unnecessary Expenses
Cut back on non-essential spending such as dining out, entertainment, or subscription services.
Once you see how much you can save just by skipping a night out on the town here and there, you’ll realize how you can be successful saving money.
Final Word
A new car is the perfect reward for yourself, but to save up, you’ll need to focus: Look for ways to increase your income, such as taking on a part-time job or freelancing.
Expect to indulge in many foods that New Orleans is known For, including Gumbo, Beignets and more.
Read about things to see and do in New Orleans.
More From NolaFi.com:
-
With higher prices and stagnate paychecks, many Americans see affordability is a major issue when it comes to buying a home. In a major city like New Orleans, saving up for a home can be difficult.
This article will tell you how to determine how much home you can buy in New Orleans.
There are many affordable homes in large metropolitan cities like New Orleans and others, but it depends on what you’re looking for.
Here’s How Much House You Can Afford In New Orleans (Calculator)
People buy more house than they need for several reasons:
- Bad advice from Realtors
- Keeping up with the Joneses
- Resale purposes
Let’s talk about each of these a little bit before we move into what homes cost in New Orleans:
Bad Advice From Realtors
Real estate agents play a vital role in the homebuying process, but you have to know when they’re in and out of their lane.
A Realtor has no business telling you how much house you can afford. That’s what a lender is for. A Realtor should only advise you on what type of home you want.
Still, many people listen to Realtors who are out to make a buck. Some of them will tell you that you can afford the home by this strategy and that strategy, but the truth is, it may be a bad deal.
Keeping up the Joneses
This is the worse reason to buy a big house: To keep up with your neighbors, friends or other family members.
If you are vain enough to buy a huge home because of someone else’s situation, then you’re the type that will end up with bad credit because you’re paying too much for your home, car and appliances.
Resale Purposes
Some potential home shoppers want to buy a home because they think that appreciation is going to let them double or triple their money (again, bad advice).
That’s not the reason you should buy a home. You should purchase a home because you like it, the way it looks, feels and speaks to your sensibilities.
The resale market is too unpredictable to base such a big purchase on, especially if you’re not a seasoned investor.
So, how much home can you afford? Here’s how to find out:
Multiply Your Annual Income
To find out how much home you can afford, you would multiply your annual income by two or three.
Let’s say you make: $50,000 a year. That means you could afford a home that costs anywhere from $100,000 to $150,000.
Of course, this will be affected by two things:
- Interest rate: The percentage that is paid by borrowers for the money that they borrow.
- Credit score: A three-digit number that indicates to banks and other lenders how likely you are to repay debt.
Here Are 5 Ways To Determine How Much Home You Can Afford
Answer these questions:
- 1. How much is your annual income?
- 2. How much is your downpayment?
- 3. What ZIP code do you want to live in?
- 4. How much are your monthly expenses (food, clothing, mortgage, etc)?
- 5. What is your credit score?
Here’s a mortgage calculator to help you:
How Can I Calculate How Much Home I Can Afford?
https://www.mortgagecalculator.net/embeddable/v2/?size=1
Powered By www.MortgageCalculator.netOther Factors That Determine How Much Home You Can Afford
Another factor that will indicate how much house you can afford is your expense-to-income ratio.
Front-End Ratio
This is how much your monthly expenses are vs. how much income you bring in. Banks like this number, commonly called a “front-end ratio,” to be between 28 and 30%.
Your mortgage lender will look for your mortgage payment and PMI (private mortgage insurance) to all be around 28% of your income.
Debt-To-Income Ratio
You’ll also need to have a relatively low debt-to-income ratio to get the home you want. This means that the amount of debt you’ve borrowed and paying back is not gobbling up most of your income.
Banks like your debt-to-income ratio to be around 36% typically.
Are You A Veteran?
If you have served your country, the Department of Veterans Affairs (VA) offers home loans and grants to help you buy, refinance or renovate your home.
For ex-military and their surviving spouses, the VA guarantees part of the loan, meaning they will cover a portion of the loan if you default. Learn more here.
30-Year-Loan Or 15-Year Fixed?
If you have a choice, you may be wondering which is better: A 30-year mortgage or a 15-year mortgage?
The truth is that both have their advantages. A 30-year mortgage would typically mean a lower monthly bill because the payments are spread out over more years.
The bad part is that you’ll pay a lot more in interest over those years.
For a 15-year fixed, the interest rate is lower and you’ll pay off the principal faster.
The bottom line is if you can afford to do a 15-year mortgage, you should!
Are you looking to buy a home in Atlanta? If you’re selling your old home, there are some things you’re going to need right off the bat:
- A fresh coat of paint
- Freshly manicured lawn
- Latest home trends
Once you’re all set in those areas, you’ll be ready for New Orleans’ real estate scene.
Final Word
When it comes to getting a home, you should always make sure that you’re pre-approved for a mortgage before you begin your search.
And before you choose a lender, make sure you read the reviews.
More Articles Like This:
-
New Orleans, Louisiana, presents some great opportunity for potential homebuyers who save up for a home, but like much of the country, high prices and mortgage rates will temper the market.
The good news is that the local real estate market is expected to get better in the Greater New Orleans area, as long as you are priced right and have curb appeal.
Although there are still some cheap homes out there, Greater New Orleans home prices rose throughout the previous year and are poised to continue to do so into 2023 although not as greatly.
Will Prices Go Up Or Down In 2024 In New Orleans?
While the scorching mortgage rates that recently topped 7.79% appear to be cooling, don’t expect a plunge back to the paradise of low rates. Forecasts mostly agree: a slight downward creep is likely, but expect most loans to remain above 6%, significantly higher than both historical lows and current rates enjoyed by the vast majority of homeowners.
This means a major shakeup for the 90% of mortgage holders with enviable sub-4% rates is improbable. In fact, two-thirds of home loan owners sit comfortably below the 4% mark, leaving them largely unaffected by the potential decrease.
Prices in New Orleans, Louisiana, are expected to fall on average of 1% based on Zillow data. The rate of appreciation has been above the national average for most of the past 10 years and that is expected to continue over the next 12 months.
What is The Average Price Of A Home In New Orleans?
According to the latest figures on Zillow, the average home price for a home in New Orleans is just under $250,000. In Metairie, the average price is around $256,000, which is up about 10% over the last year.
There will be a glut of inventory of homes for sale in the metro area, and they will likely take longer to get offers and sales. How to afford a home will also be more of a challenge this year as economic factors loom, expert data says.
There will be more homes for sale, homes will likely take longer to sell, and buyers will not face the extreme competition that was commonplace over the past few year.
Will House Prices Be Cheaper This Year?
Home prices in New Orleans are forecast to decline a bit, which will only serve to strengthen an already steady market. Homeowners are looking for affordable properties in the metro area, and New Orleans will continue to modestly shed inventory.
New Orleans, one of the solidly traditional cities when it comes to home sales, is not unlike other large Southern cities in that it is expected to continue to be an in-demand market. That means the forecasted dip in local housing prices is only temporary.
One of the main factors that will influence home prices is the economic landscape of the United States. Namely, the incremental movements by the Federal Reserve to get inflation in check.
While interest rates are ticking upward, the chance that a full-blown recession takes hold in 2023 can’t be entirely discounted. But what such a move will no doubt do is slow down the mortgage industry.
Rising mortgage rates are expected to continue to shed competition among people looking to buy a home. While a buyers market is a possibility in some areas, for Greater New Orleans, it is anticipated that real estate prices will hold up just enough that such a market won’t firmly take hold.
Home shoppers priced out of the market will likely create pressures on the rent market, boosting prices once again.
How Much Mortgage Do I Qualify For?
To find out how much mortgage you qualify for, use this mortgage calculator.
Javascript Mortgage Calculator by MortgageCalculator.orgFinal Word
Contrary to popular belief, the coronavirus pandemic won’t stop housing prices from climbing in New Orleans or anywhere else. In fact, it may be quite the opposite.
The pandemic set off a buying frenzy that will be hard to sustain. As prices continue to level off, make sure you’re pre-approved for a mortgage so that you can take advantage of low rates.
If your finances need work, make sure you try to raise your credit score so you are an attractive homebuyer.
More Articles Like This:
-
Buying a new TV takes some real preparation, time and of course, some money. But you don’t need to buy just any TV; it needs to be a “smart” TV, which means that it has apps and works with all of the traditional devices out righ tnow.
The best big-screen TVs can be found, but it takes strategy to get a good price.
This article will cover how to shop for a smart TV.
How To Shop Smartly For a Smart TV
Shopping for a TV can be an exciting but overwhelming experience due to the variety of options available. Here are some tips to help you shop for a TV:
Set a Budget
You don’t want to walk into an electronics store on go on Amazon with an open wallet searching for a TV. That’s how you overspend.
Determine how much you’re willing to spend on a TV. This will help you narrow down your options and focus on TVs that are within your price range.
Read Up On Reviews
Before making a purchase, read reviews of the TV model you’re interested in. Look for reviews that discuss picture quality, sound, reliability, and any issues other users may have encountered.
Where do you go to read reviews? Try Google as well as Best Buy and even Walmart. All of them have reader ratings and reviews with their products.
Consider the Size
How big do you want your TV? And does your wall and room work with a large TV?
Think about the size of the TV that will best fit your space and viewing distance. Consider factors such as the room’s layout and how far you’ll be sitting from the TV to determine the ideal screen size.
Choose the Right Features
There are several types of display technologies available, including LED/LCD, OLED, and QLED. Each has its pros and cons in terms of picture quality, brightness, and cost. Research these technologies to decide which one suits your needs best.
Look for a TV with good picture quality, including factors like resolution (HD, Full HD, 4K, or 8K), color accuracy, contrast ratio, and refresh rate. These factors contribute to a TV’s overall viewing experience.
Assess Smart Features
Many modern TVs come with smart features that allow you to stream content from apps like Netflix, Hulu, and Amazon Prime Video. Consider whether you want these features and how important they are to you.
Compare Sound Quality
TV speakers often don’t provide the best audio quality. If sound quality is important to you, consider investing in a soundbar or a TV with built-in high-quality speakers.
Check Warranty and Return Policy
Make sure to check the warranty and return policy of the TV you’re considering. A good warranty can provide peace of mind, and a flexible return policy can be helpful if you’re not satisfied with your purchase.
By considering these factors and doing some research, you can find a TV that meets your needs and provides an enjoyable viewing experience.
Once you read up on the return policy, you need to make sure it has the features and functionalities you need. Here are some of the most popular things you may want in a TV:
Internet Connectivity and App Support
Smart TVs can connect to the internet, enabling you to browse the web, stream videos from websites, and access online content easily.
Smart TVs come with app stores where you can download and install various apps, including games, news, weather, and more, expanding the functionality of your TV.
Voice Control and Screen Mirroring
Many smart TVs offer voice control features, allowing you to control your TV, search for content, and even interact with smart home devices using voice commands.
Smart TVs often support screen mirroring, allowing you to mirror the screen of your smartphone, tablet, or computer to your TV wirelessly, making it easy to share photos, videos, and presentations.
Final Word
It can be time-consuming when shopping, but it’s worth your while when you think about the amount of money you can save.
Some smart TVs can integrate with smart home devices, allowing you to control your lights, thermostats, and other smart home devices directly from your TV.
By considering these factors and doing some research, you can find a TV that meets your needs and provides an enjoyable viewing experience.
Taking care of yourself financially is the #1 way to live better later in life. If you do so, you can save money on travel, what you pay at the grocery store and other expenses.
Read how to get out of debt right now.
More From NolaFi.com:
-
On average, you can save anywhere from 15% to 30% or more by choosing generic brands over brand-name foods.
This can add up to significant savings over time, especially if you regularly purchase a variety of grocery items and are serious about saving money at the grocery store.
This article will show you the best generic brands to buy at the grocery store and why it’s beneficial to save.
Want To Save On Food Costs? Buy Generic
Buying generic labels can save you money because they are typically less expensive than brand-name labels.
Generic labels often offer similar quality and functionality as brand-name labels, but at a lower cost because they do not carry the same brand recognition or marketing expenses.
By opting for generic labels, you can reduce your expenses, especially when buying in bulk.
Popular Generic Brands To Buy
At the grocery store, some popular generic label brands, also known as store brands or private labels, include:
- Kirkland Signature (Costco)
- Great Value (Walmart)
- Market Pantry (Target)
- 365 Everyday Value (Whole Foods)
- Up & Up (Target)
- Trader Joe’s (Trader Joe’s)
These brands offer a wide range of products, including food items, household goods, and personal care products, often at lower prices compared to national brands.
Final Word
Generic brands often offer similar nutritional value to brand-name foods but at a lower cost. By saving on food costs, you may be able to afford healthier options, such as fresh produce or lean proteins.
Taking care of yourself financially is the #1 way to live better later in life. If you do so, you can save money on travel, what you pay at the grocery store and other expenses.
Read how to get out of debt right now.
More From NolaFi.com:
-
Grocery prices are sky-high right now and there’s not much we can do about them. However, when it comes to our spending habits, there are quite a few things we can do to tighten our financial belts while grocery shopping.
Overall, food prices have jumped nearly 10% over the past year, according to the Bureau of Labor Statistics.
How To Save On Your Groceries
Here are some of ways you can cut down on your grocery bill.
Eat Inside More
Along with your groceries going up, restaurants are raising their prices as well. Instead of going out to eat as much, see if you can cut down and eat at home more often.
My girlfriend who is a graduate student at Xavier University in New Orleans actually cut down on dining out by relegating one weekend night for restaurant food. Over a two-month span, she saved $300! It can change your life!
Learn some recipes so that you can save more of your cash. Follow this delicious gumbo recipe.
Sign Up For Amazon Prime
Amazon Prime costs $139 a year, but it can save you money on food items that you love. If you have a Whole Foods in your area, you can get a discount on quality items if you’re a Prime member.
You can also save on bulk items that can be shipped to you in two days or less in some cases.
Have you tried it? If not, you can sign up for Amazon Prime at Amazon.com/Prime.
Clip Coupons
I know what you’re thinking: Clipping coupons is so 1990s, but they continue to be a way you can save on foods you love.
Grab the weekly ads from your favorite grocery store and cut out all the food items that you like that are on sale. You can also use online coupons from Coupons.com.
Shop At Discount Stores
Stay away from the Whole Foods grocery aisles if you’re not an Amazon Prime member! Shop instead at discount grocery stores like Save-A-Lot, Aldi and Lidl, where you can find cheaper items.
Buy Generic Brands
One way you can keep more money in your pocket is to buy generic brands rather than the big name brands that are well known.
Make a list of the name-brand items you love then do a Google search for “[name-brand item] alternatives” and see what comes up. You might find a new favorite brand!
Final Word
Although we see the increases in certain foods, we know that our paychecks aren’t increasing at the same rate. That’s why it makes sense to see how we can cut down on our grocery bills.
Not only will our budgets be healthier, but we could actually lose some pounds.
More Articles:
-
When you think of coupons, the thought of a middle-age housewife with a newspaper and scissors in hand may come to mind, but that’s old school. Couponing today is one of the most technologically advanced things you can do to save money.
This article is going to show you some of the best coupon sites with printable voucher codes you can use before you shop.
Best Coupons: Where Can You Get Discount Codes Online?
Here are the best coupon sites you can use immediately to save on your shopping bill.
- Coupons.com
- Couponmom.com
- Groupon.com
- CoolSavings.com
- DontPayFull
- Hip2Save
- LivingSocial
- Retailmenot.com
- ShopAtHome
- SlickDeals
How To Get Deep Discounts At The Store
You may be wondering how to get deep discounts on items you buy everyday. Although it takes effort, finding deals isn’t brain science. Here are three ways to do it:
1. Go to the Clearance Section
Shopping out of the season is the #1 to get items for deep discount. The retailers have a vested interest in moving old stuff to clearance so they can make shelf space for new things.
While clearance items are often discounted because they are out of season or have minor flaws, it’s essential to inspect them carefully for quality. Make sure the item is in good condition and meets your standards.
Sometimes, clearance items are further discounted at the checkout. Keep an eye out for additional discounts or promotions that can save you even more money.
2. Comparison Shop
If you don’t think you’re getting a good deal, compare the prices between multiple stores. You can do this by going online and doing the following:
- Pulling up the sales page of each competitor website
- Subscribing to different retailers and scanning their marketing emails for deals
Read our guide on how to comparison shop.
3. Shop At The Right Time
Can your purchase wait until sales are abundant? We’re talking about the holidays toward the end of the year or even sales that correspond with a national holiday like July Fourth or Labor Day.
Sometimes, you can score some major deals just from timing your shopping around certain holidays when retailers drop their prices.
4. Ask the Store Manager
One of the easiest ways to get a discount is to ask the store manager for a discount. They know which products aren’t doing well and they may be willing to cut a deal.
Also, the manager may be able to tip you to the date when another item is set to go on sale.
Final Words
You can always save money if you put in the time and effort. The discounts are out there. You just have to find them.
Some retailers offer notifications or alerts for when new items are added to the clearance section or when there are additional discounts available. Signing up for these notifications can help you stay informed about the best deals.
Some stores will have outdated items in a special part of the store. Look for the discounts to save money.
Interested in other ways to save or make money? Check out our Money Section:
More Articles Like This From NolaFi.com:
More From NolaFi.com:
-
A pretty significant change in the way Costco admits its members could be in the works, according to reports. This membership change, if it is rolled out nationally, could have major ramifications when it comes to customer service and overhead.
Instead of having real employees at the entrance to wave you through, the wholesale club is using card scanners for members to use to enter. What is evidently a pilot program was first reported at a store in Washington state by Costco Insider, which shares tips about the store.
Now what would be the benefits of a card scanner at the entrance?
One benefit could be that it cuts down on shoplifting as there may be a problem with non-members being able to walk through the doors and out with products and merchandise. Although I’ve not seen any reports about a major theft problem at Costco, I know it seems rather easy access for those with bad intentions.
Another reason why the card scanners could be happening is that Costco wants to digitally track customer information and other data, which could come from the card. Retailers typically use such information to improve customer service and of course, sell your data.
How Much Does a Costco Membership Cost?
In January 2024, Costco has two membership tiers that customers could buy:
- The standard Gold Star membership costs $60 per year
- The Gold Star Executive membership costs $120 per year.
Executive members receive additional benefits such as a 2% reward on eligible Costco purchases (up to $1,000 per year), extra benefits on Costco services, and more. Prices and benefits are subject to change, so it’s best to check Costco’s website or contact them directly for the most current information.
Final Word
Costco is known for selling items in bulk at discounted prices. Saving on groceries is a priority right now so it may make sense. If you have a large family or regularly use items in bulk, the savings from buying in larger quantities could offset the membership cost.
Costco offers additional services such as travel deals, insurance, and discounted services like auto and home loans. If you can benefit from these services, it adds value to the membership.
-
The new year should be about no longer wasting money. And you should start with car insurance.
In this article, we’re going to present several ways that you can lower your car insurance rate.
We’ve done the research for you so all you have to do is get ready to save money.
How To Lower Your Auto Insurance Fast
You can be successful in lowering your car insurance by looking at your personal situation.
Car insurance companies penalize drivers under age 25 because they rely on statistics and reports that say that motorists younger than that age are responsible for the most accidents, but the truth is that they feel those drivers are more likely to be helped by their parents.
Drop Full Coverage On Your Older Vehicle
If you own an older model, you don’t have to pay for comprehensive and collision insurance, also known as full coverage.
It’s very possible that you can get by with just liability insurance once you’ve paid off your car note. The savings can be as much as 70%!
Maintain Good Credit
One of the ways car insurance companies determine your rate is by looking at your credit score. A poor score will have you paying more for auto insurance.
Do all you can to raise your credit score. Here’s what your score needs to be.
That means the insurers feel confident that the high rates can be absorbed by dual income people who feel obligated to help their son or daughter with insurance costs. Wouldn’t it be great if you could just lower your insurance payments altogether? Here are some ways to do just that.
Bundle Your Auto And Home Insurance
The quickest way to drop your rate is to bundle your auto and home insurance. If you don’t have a home and live in an apartment, see if you can bundle your renter’s insurance.
Insurance companies have an incentive to lower your rate if you give them more of your business.
Ask For Discounts
When you contact an auto insurance company, make sure you ask for discounts. If you’re a member of any organization or even your employer may qualify you for a discount on your insurance.
Get Several Insurance Quotes
Never settle for just one insurance quote when you’re shopping for a rate. Always contact several insurance companies and write down their quotes.
Once you feel you’ve gotten enough insurance quotes, take a look at your list and compare prices. This way, you’re sure to choose the lowest insurance rate.
Last Words
With gas prices sky-high right now, it’s time to think about other ways to save on your automobile. Are you paying too much for car insurance?
Getting a lower insurance rate is super important today because prices continue to creep upward. Remember to comparison shop so that you can make sure you’re getting the best rate.
If saving money is something you’re serious about, NolaFi.com has a lot of resources to help you.
Read more:
-
Eating out can get expensive in a food haven like South Louisiana.
In this article, we’re going to show you how to eat out and save money. This tips will cover ways you can keep more of your money from what you order on the menu as well as how you tip.
How To Save Money When Eating Out In Restaurants
Lets get into some ways you can save while eat9ng at restaurants.
1. Order The Special
Don’t roam across the menu for the exotic dishes you’ve never had. Stick with the daily special. That’s how you save money.
Most restaurants will have a dish or two that they’re offering for a lower cost. Keep it simple and save.
2. Tip Before The Food Comes
Contrary to popular belief, tipping can save you money. If you want to motivate your server and get more food (and drink) than you pay for, try giving your help a tip before they bring you your food.
If you tip beforehand, it can signal to your waiter or waitress that you’re serious about taking care of them. The early money will also inspire them to go the extra mile for you, including throwing in some extras.
3. Skip The Alcohol
Another way you can save is to forgo the wine and spirits while eating out. Restaurants make most of their margin on alcohol, especially if you order multiple drinks.
Do your wallet a favor and skip the hard drinks for soda…
4. Order Water
To save even more money, why don’t you just order water with your meal. Water is one of the most healthy drinks you can have.
Not only is water good for you, but it’s good for your wallet.
5. Skip The Dessert
One of the ways restaurants pad your food bill is to offer you a decadent dessert that is hard to resist. They know you’re probably full, so that’s why they rely on the server to physically show you the dessert so that your eyes can entice you to order it.
Skip the dessert so that you can keep the bill down. Your waist line will be glad you did.
Final Word
Restaurants are experts at getting you to spend more money than you intended. After all, the food is so food!
New Orleans is one of those cities that you can get lost in once you take the time to explore it. As the former capital of Louisiana, New Orleans is one of the most eclectic and eccentric cities in the world.
One of the things that makes the place special is the people, which are eager to show you a good time via parties and authentic New Orleans cuisine.
More From NolaFi.com:
