Archive for July, 2015

7 Money-Saving Travel Apps

Posted on July 31, 2015 by Saldutti

Savvy travelers know that the right app can make any vacation easier and more affordable. But how to pick when there are almost 3 million apps to choose from? The Daily Worth rounded up 7 free apps to use through any phase of vacation planning — from figuring out your flight itinerary to saving on a car rental. Get the download here … Balance Cost and Convenience: Hipmunk – If you’ve ever booked a trip online with the aim of saving money, you may have been the unwitting victim of endless layovers or hotels on the fringes of your destination — and the cost…

Bad Money Moves from the Last Decade

Posted on July 30, 2015 by Saldutti

The 2000s gave us the iPod, Beyonce’s solo career, the dawn of American Idol, and the first Toyota Prius.  But the 2000s also brought us the housing bubble – which popped after we bought overpriced homes. We spent more on credit cards and college than ever before – and those weren’t our only mistakes.  There were quite a few more. Dave Ramsey, syndicated radio host and best-selling author, shares these 5 bad money moves from the 2000s. 1. Borrowing too much for a house – By 2006, home values in some parts of the country had increased as much as 160%….

Boomers Compete With Millennials for Rentals

Posted on July 29, 2015 by Saldutti

The number of renters who are 65 or older will reach 12.2 million by 2030, more than double the level in 2010, according to research by the Urban Institute in Washington. While the millennial generation born after 1980 has driven demand for apartments in recent years, baby boomers — those born from 1946 to 1964 — will be the next wave, pushing up rents and spurring construction of more multifamily housing. Real estate developers are building projects where multiple generations can coexist. Should the supply of rental properties fail to keep up, however, younger people will be competing for housing with…

Save For a Down Payment AND Pay off Debt

Posted on July 28, 2015 by Saldutti

So you want to buy a piece of the American dream: a house of your own. But if you have debt, you’ll need to pay off as much as possible before applying for a mortgage loan, while also saving for a down payment. It will take some time, but you can work toward both goals simultaneously. The Daily Worth shows us how. Set a savings goal – If you’re serious about buying a house, you’ll need a hefty down payment. Commit to a specific price range for your future house and set a savings goal for your down payment. To figure out…

6 Expenses Everyone Should Plan For

Posted on July 27, 2015 by Saldutti

Prioritizing an emergency fund (savings for 3 to 6 months of expenses) is paramount to being an independent adult. You heard it here first: Saving for a lovely vacation or coveted new toy should absolutely come second to saving for the unexpected.  Here are the 6 expenses — both big and small — that every person should budget for, courtesy of the Daily Worth. Being Unemployed – Nobody has job security. Nobody. People get fired, companies go under, clients can change their minds, and contracts can be broken.  But if you suddenly lost your job tomorrow, would you be okay for a few…

Mobility and Customer Loyalty in Banking

Posted on July 24, 2015 by Saldutti

Banking customers now handle more of their banking interactions, on average, via smartphones and tablets than through any other channel, a Bain & Company report shows – and the mobile channel has become a key element in the bid to earn customer loyalty. Increased loyalty, in turn, pays off for a bank with customers buying more products and making more referrals, which allow the bank to capture more than its fair share of new sales. Mobile does not stand alone, however; it must be integrated with other channels like branches and contact centers to deliver seamless and simple customer experiences….

Foreclosures Dip Below Pre-Crisis Levels

Posted on July 23, 2015 by Saldutti

Foreclosure volume was down 3% for the first 6 months of 2015 compared with the same time span last year, a new report from RealtyTrac found.  The number of foreclosures shrank 13% from the last 6 months of 2014, but that is a somewhat less significant comparison given seasonal differences. A total of over 304,000 properties started the foreclosure process in the first half of 2015, down 4% from the year before, and 18% below the number of foreclosure starts for the first half of 2006, which was the last half-year period before the housing bust started that August. “U.S….

Buying is Still Cheaper than Renting in Major Counties

Posted on July 22, 2015 by Saldutti

Payments on a mortgage used to purchase a 3-bedroom home were more affordable than paying rent on a similar home in 66% of the counties recently analyzed by RealtyTrac.  The company, which looked at data in 285 U.S. counties found that buying beat out renting in 188 of them. RealtyTrac’s “buy-or-rent” analysis compared the percentage of median household income in U.S. counties that would be needed to pay the fair market rent on a 3-bedroom property to the percentage that would be needed to make monthly house payments – including mortgage, insurance and property taxes – on a similar property. …

Millennials Opting to Not Buy Cars

Posted on July 21, 2015 by Saldutti

In 5 years, most millenials won’t own a car. At least, that’s what John Zimmer seems to think.  “You could actually start seeing the majority of millennials in the next 5 years or so saying there’s no reason I should get a car,” said the co-founder of Lyft, the popular ridesharing service.  “The car used to be the symbol of American freedom. Now it’s like this, and a car is like owning a $9,000 ball and chain, because you have $9,000 in expenses on your car every year.” There’s data to support Zimmer’s hypothesis.  Millennials are less likely to get driver’s licenses compared…

Regional Banks Turn 2Q into a Fee-for-All

Posted on July 20, 2015 by Saldutti

Looking for a bright spot among regional banks’ so-so results in the first week of earnings season?  Try fee income.  M&T Bank, PNC Financial Services Group and KeyCorp reported increases in noninterest revenue approaching 10% in the second quarter, while three of the four megabanks suffered declines. Fees are a crucial income source for banks right now. Loan spreads will remain thin until the Federal Reserve raises interest rates; loan-loss reserve releases that pad bank bottom lines have almost run their course; and banks’ cost-cutting efforts have nearly hit bone.  “If we can’t get it in loan growth, we’ll get…