American - Journalist | November 7, 1964 -
By working toward a financial objective, you'll start to see the money add up for retirement or the credit card balance go down. But it doesn't have an immediate impact on your day-to-day life, and when it does - like when you're pinching pennies to save more - the immediate impact could feel negative.
Jean Chatzky
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Knowing where you stand in your quest to accumulate enough money for retirement is an incredibly important part of the planning process.
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I give out similar advice all the time: Take a month to write down where your money is going. By the end, you'll have a road map that tells you where you can cut back.
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Eliminating or substantially lowering just one major monthly expense can give you enough cushion to move into a more comfortable place financially.
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I've gotten emails from people who purchased items from an infomercial, only to find out that the shipping was more expensive than the item itself. The lesson: If you truly want to order something you see on TV, go online to the product's website and see if you can find out more information.
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Most credit cards provide some sort of protection against a defective purchase, and with gold or platinum cards, you'll often get double the manufacturer's warranty. You're also not immediately out your own money if something goes wrong.
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Anything past 90 days constitutes 'severe,' but all late payments stay on your report for seven years if reported.
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If your appraisal comes back too low - you don't have at least 10% equity for a conforming loan or 20% for a jumbo loan - you might not be able to refinance at all, at least with a loan that's packaged and sold to Fannie Mae and Freddie Mac. That means you may have to pay a much higher rate.
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When you're setting up a budget, a general rule is to start with your fixed expenses - your housing and insurance payments, and car payment, if you own one.
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Garnishments tend to happen when people hide from their debts and stop making even minimum payments. Eventually, creditors sell the debt to a collection agency.
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Joining finances can be tricky. Money has long topped the list of topics couples fight about.
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By the time most people file for bankruptcy, their credit is already trashed, they have a high debt-to-income ratio - a key indicator lenders look at - and they've likely defaulted on more than a few accounts.
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