Money Management Archives - Consumer Boomer

5 Ways to Improve Debt-to-Income (DTI) Ratio

Debt-to-income (DTI) ratio is one of the factors that determine your overall financial health. As the name implies, it’s the amount of your total monthly debt payments divided by your monthly income. Lenders use your DTI ratio to assess your credit risk. Generally, they view those with higher DTI ratios as riskier since they may have difficulty repaying their debt in case of financial hardship. The ideal DTI ratio depends on lenders’ standards and borrowers’ financial capabilities. But the rule of thumb is: the lower the DTI ratio, the better. Typically, a 35% or less DTI ratio is favorable. If …

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Money Management Tips for Online Hobbies

Most of us have been there at one time or another. Spent a little too much and regretted it for a few days. But with so much online and not being required to physically hand money over – online spending can get out of control pretty quickly. You can apply many of the same money management tips that you use in the real world online too. When it comes to your hobbies, though, it is crucial that you are doing something you enjoy – online gaming, listening to music, puzzles, reading blogs, watching influencer content – whatever it is, keep …

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Can You Use A Prepaid Debit Card For Redbox?

Yes! You can use a prepaid debit card from Visa, Mastercard, American Express, and Discover to rent and purchase movies through Redbox. The US video rental company has 36,000 automated retail kiosks across the country where you can rent DVD, Blu-ray, and 4K UHD movies using your prepaid debit card for $1.75 each per day. You can also use your prepaid debit card to stream movies through Redbox On Demand. It’s a pay-as-you-go service, and that means no monthly subscription fee. Movie rentals are available for affordable prices starting at $1.99. Prepaid debit card payments don’t only apply to movie …

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Analytics – Enhancing the power of data

When it comes to data, Peter Druker’s words hold true, “What gets measured gets managed”. In the post recession times, financial firms are truly getting into the depth of his words. Financial firms have been creating, managing and storing data for decades with the help of technology. But post the economic melt down, the need for extracting value from all data sources, both internal and external have become a business imperative. Customers and regulators demand greater transparency and more information. Asset managers, who were once content to revisit risk models quarterly or monthly, now need access to information on a …

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How an Energy Saving Audit Could Save You Thousands

Homeowners in the US have seen an exponential hike in the cost of their utility bills since 2003. Over the last 10 years the average price of water has increased by 15%, gas has increased twofold, and the average electricity bill has increased by approximately 250%. It’s no wonder that homeowners are looking for new ways to save on bills. Your Home Isn’t as Efficient as You Think It Is Your money is disappearing into the walls of your home. How? In lost heat energy. Through the ceilings, walls, floors, windows, doors, and by air leakage, the heat in your …

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How To Choose a Finanical Planner

Choosing a financial planner can be the single most important decision in your life. Don’t believe me? Ask anyone that was a client of Bernie Madoff’s and you’ll see the importance behind it. To give those victims some credit, it’s tough to know when someone is an outright crook and liar. Just like those people, many others don’t take enough care in selecting their advisor. MarketWatch.com senior columnist Chuck Jaffe sometimes speaks to audiences on this topic, and when he does, he likes to conduct an informal poll. First, he asks people to raise their hand if they have ever …

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How to Make the Most of a Fixed Income

There are a lot of reasons people live on a fixed income. Maybe you’re disabled, retired, or simply saving for a large purchase. No matter what you’re reasons are for having a fixed income, there is always the downside of controlled spending and that often means going without. In order to make every dollar count, employ some of these helpful tips. They’ll help you stretch a buck, which in turn leads to more savings. Having an emergency savings fund is the only thing that can save you when something unexpected occurs. It may not seem like you can have savings …

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How to Save Money While in College

For many boomers, they always want better for their kids; especially when it comes to their college education. As soon as your kids start their college education, they will have to make a lot of adjustments most especially in their finances. Even though they still have student loans to pay, they can still save. Below are some of the things that you can teach them to show them that they can save. Have the right mindset You have to take control of your money before it controls you. Start with a financial plan in mind. Set goals on how much …

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Is it better to save or repay debt?

It’s well known that saving and repaying debt are both good for your finances. Both can help to protect you against financial emergencies. But which is better? Let’s imagine you have $200 ‘spare’ per month to use, and you can either put it into a savings account or use it to ‘overpay’ on your debts. Which would be better for your finances overall? Here’s a quick look at the benefits and drawbacks of focusing on saving or repaying debt. Why saving more is a good idea The more you save, the easier you should be able to deal with unexpected …

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Four Money Skills That Are Making Baby Boomers Poor

Are you a baby boomer that feels like they are never getting ahead? If your stuck in a rut, and can’t figure out why you can’t get a hold of your financial situation, it’s time for a change. To get on financial track could mean to implement a variety of things. Today, we are just going to focus on four. Here are four things that you can change today. 1. Too Much In Your Checking Account It’s definitely very wise to save and have a good chunk in savings. You should keep at least 8 months worth of emergency funds …

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