Thinking of Making a Medium-to-Large Purchase? Consider the Hidden Costs First

Before making a big purchase, consider the hidden fees with each. You may think you have enough money to afford the monthly bills, however there are often times many “hidden” costs we forget about.

  • Owning a home – utilities, furniture and ongoing maintenance are hidden costs many forget to consider. You may have enough to make your monthly payments on your home but what about having furniture? Will you buy the furniture all at once or will you tack this on to your monthly payment? Make sure you have a plan before making as large as a purchase as a new home. Other hidden fees to consider: moving expenses, homeowners association fees, landscape upkeep, closing costs, appraisal fees, home inspection, and pest control – just to name a few.
  • Buying a vehicle – this is one of the largest and most common purchases with hidden costs, besides buying a home. Before you decide you have enough to make your monthly car note, don’t forget insurance and other fees – this may seem obvious but some of us do forget! These include: gas (which depending on the type of vehicle, can be up to 50 or 60 dollars a tank and may require filling up weekly), maintenance (oil changes, tires, windshield wipers), batteries and required inspection stickers every year. Inspection stickers average about $15-$20 and oil changes cost about $40 every three months. Continue reading “Thinking of Making a Medium-to-Large Purchase? Consider the Hidden Costs First”

Buying Used is Just as Good as New!

You don’t necessarily have to sacrifice quality to save money. An easy way to save some money is to buy used. For some reasons, there may be things you would want to buy new, like a computer for instance, but there are also many things that you can buy used and still get great quality!

•Phones. Want an iPhone or new blackberry but don’t feel like spending all the money? Get a refurbished one! They are just as good as new and can save you a lot of easy money. I know someone who bought a refurbished iPhone and it lasted longer than my brand new one! Continue reading “Buying Used is Just as Good as New!”

Unexpected Expenses You Can Count On: A Four Week Discussion

There are budget categories in life where sooner or later, money will be spent. It may be $500 on a repair this month, and $400 on a new product next month. Over the course of the year, we can average out and prepare for these expenses.

There are four categories of unexpected expenses that will be addressed one at a time over the next four weeks, so be sure to keep up with us for these valuable money tips!

Expense 1- Auto Repairs: Auto repair costs, or at least “reasonable maximum costs” can be predicted with relative accuracy based on the age of your vehicles and whether warranties continue to be in effect. For an 8-year old car, expect to spend up to $1,500-$2,000 on repairs and regular maintenance, and would like the car to make it beyond 100,000 miles. For a 3-year old car, the number is much smaller, perhaps $500 per year for things like tires and oil changes, although with the warranty now expired, you will need to re-consider this amount. Continue reading “Unexpected Expenses You Can Count On: A Four Week Discussion”