Short term means money saved on the actual purchase price. Long term savings come in the form of lower monthly payments and lower maintenance costs.  Ways to save money in the short term include:

1. Use a real estate discount brokerage
2. Look for foreclosures and short sales
3. Find a home that needs cosmetic repairs

While ways to save money in the long term include:

4.  Improve your credit score to get a better interest rate on your loan

5.  Make a bigger down payment

Use a discount real estate brokerage

Real estate agents normally charge 3% of the home’s sale price as a commission paid by the seller of the home. That’s right; the seller pay’s the commission for your agent. A discount real estate brokerage realizes that they don’t need 3% of the sales price to do their job well. Instead, they give you part of that commission as a rebate when the purchase occurs. The rebate is normally 1% or 2% of the purchase price. For example, if you purchase a home for $200,000, then the rebate would be for between $2,000 and $4,000.

Look for foreclosures and short sales

Foreclosures and short sales occur when the seller owes more money on their mortgage than the home is actually worth. They are selling because the bank is forcing them to sell, not because they want to sell. Therefore, these properties are normally priced below market value as they need to be sold as quickly as possible. The savings doesn’t come in the form as an immediate value, but more like a sale a department store. You are paying less than the true value of the home. There are a number of online brokerages to search for foreclosures and short sales, including Movoto Real Estate.

Find a home that needs cosmetic repairs

A home that requires cosmetic repairs will not show well and put off a lot of buyers. People have a hard time looking past the bad paint and the ugly floor in the bathroom. Additionally, some sellers will stage the home poorly with oversized furniture or dark curtains in an otherwise bright room. These types of purely cosmetic flaws reduce the interest in the home. Therefore, the demand for the home is lower and, if you can see past the flaws, have a chance to get the home at a discount.

Improve your credit score

In the long run, anything that helps you secure a lower interest rate on your loan will save you money. On the typical $200,000 30-year loan with a 4% interest, you pay over $140,000 in interest! Lowering your interest rate to 3.5% saves you about $20,000 over the course of the loan. The best way to lower your interest rate is to improve your credit. Make sure all your bills are paid when you are trying to qualify for a loan. Additionally, try not to make any other bug purchases at the same time to minimize your outstanding credit balance.

Make a bigger down payment

Spending more money up front can save you money in the long run. This may sound counter intuitive, but it has to do with the amount of interest paid over the course of the loan. If you pay a higher amount as a down payment then your loan is, by definition, smaller. For every additional $10,000 you put into a down payment, you save about $7,000 interest over the course of the loan.

While most people think about ways to save money on the initial purchase of a home, there are actual more savings to be had over the course of the purchase. Unlike a typical purchase, you pay for a home over the course of a lifetime.

The post 5 Ways to Save Money on Your Home Purchase appeared first on Recessionitis.

• Cash availability
• Asset ownership
• Credit worthiness
• Guarantor access
• Commitment to financing agreements
• Car ownership or lease decision

Considering whether car finance is worth it depends on a person’s circumstances. While some people have available cash flow, others do not, and the same with savings. Comparing the interest earned through savings versus the interest paid on a potential car loan will show if using savings will save more or less than the car finance.

Borrowing cash at no or low interest from family to purchase a vehicle may be more cost-effective. Not all are in a position to borrow money from a friend or family. Credit ratings may vary too, dictating the medium of finance to buy a car.
Poor credit ratings
Those with poor credit ratings and no assets may not be able to get the financing needed to buy a car, other than through a guarantor loan. With guarantor loans, another person with a good credit history or assets to secure stand as security for the car loan. Should a person not have access to a guarantor, they may have to wait and build their credit worthiness before purchasing a car.
Others may be able to get an unsecured loan if their credit status is acceptable. Unsecured loans are not tied to an asset as security and generally have higher interest rates and smaller loan principles. Secured loans give greater choice in loan amount, interest rate and duration. Having a secured loan to buy a car may make financing worth it.
Car dealers
The options for financing on a car differ depending on who the car is bought from too. Car dealers offer lease-type agreements, such as the personal contract purchase and hire purchase agreements. The PCP agreement involves payment of an initial deposit followed by monthly repayment amounts over a fixed term according to the lease agreement. Upon the termination of the fixed term, a person may buy the car outright with a lump sum or balloon payment, or simply give the car back.
Different agreements
With PCP agreements there is the option to use the deposit as security for another vehicle. HP agreements may involve an initial deposit payment. The monthly repayments are higher as the car is being paid off monthly for purchase. At the end of the fixed HP term, the car is owned.  The HP agreement with higher monthly repayments may not be the best option for financing but may suit those who do not have cash to put down as deposit.

Being financially prepared and comparing financing options available will help a person decide on the best financing route to meet their needs when purchasing a car. You are guaranteed car finance from Car Loan 4U but it may be beneficial to gain professional financial advice through a bank or independent financial practice before getting finance on a car.

Editor’s Note: Craiglist is one of the best sources for buying used cards, checkout our guide on how to get the best deals on Craigslist. Also checkout How to Get a Car Loan with Bad Credit, and since the iPhone 5 just released I feel obligated to mention, How to Get the Best Deal on AT&T. 

The post Is Getting Financed on a Car Worth It? appeared first on Recessionitis.

So you’re a Nevadan in dire need of Health Insurance?

1. Match your current doctor with the carriers that are contracted with your doctor. This will insure spending the least amount of money for services due to the discounts that are given.
2. You receive extra personalized customer services by using a broker at no extra cost.
3. Insurance rates are the same whether you go direct to carrier or shop with a broker.
4. Understanding your plan means you understand the difference between deductibles and out of pocket maximums and that they are 2 separate exposures
5. Insurance carriers each have their own list of medications that they cover. These are called formularies, it is best to insure that your current medications are covered on their formulary.
6. Research the penalties for using non-network providers or going with a carrier that does not have out of area providers.
7. There are limited carriers that provide maternity coverage and the carriers that do have a 12 month waiting period for services related to maternity.
8. Insurance carriers are only required to give you 60 day notification of changing your rates mid-year, this would be after they filled the new rates with the insurance commissioner. It is important to research the carriers that guarantee at least one full year before rates can be altered.
9. Your contract with the insurance carrier is month to month and therefore can be cancelled with a 30 day written notification.
10. By completing and signing an insurance application, this gives carriers access to pharmacy listings as well as the MIB Medical Information Bureau which shows care that you have received prior to going on the coverage.

The post 10 Things You Should Know About Getting Health Insurance in Nevada appeared first on Recessionitis.

Dining out is unquestionably one of the preferred after-hours activities that countless people frequently enjoy. Even with the global economy still unstable and tough on the wallets, people often seem to make the time – and find the money – to go out for a bite at their favorite restaurants. The average family in the U.S. spends about $2,500 on dining out annually, which is a lot.

The great news for those who do not know is that you can save loads of money on your bill each time, by using a few of the best Smartphone applications on offer. These applications that work well with various mobile operating systems, including Android and iPhone, are individually geared towards saving you money each time you eat out.

Most effective ways to save money on your bill

1) Coupons that are offered by various restaurants are a very easy way to save money when you feel that extremely familiar urge to go out for a meal. Coupons are available from various places, but the Internet is the place where nearly everyone searches for coupons from their favorite restaurants. The application Yelp comes in very handy here.

With the Yelp app you are able to find out about all the meal coupons that are available in your area, but you have access to several other things as well. This includes millions of reviews, which you need when researching the restaurants you are interested in.

2) Millions of people worldwide are signed up to Groupon, which is the daily deal site that you can subscribe to free through an email address. They then send you daily specials and discounted deals from your region or city, which includes several popular not-to-miss meal discounts. Groupon offers an application as well. By using their app, you are able to save up to 50% and more at bars, restaurants and even selected grocery stores.

3) Visiting your favorite restaurant or bar during their “Happy Hour” is another easy way to save money, as many such establishments offer around 50% off on all their food and drinks. You will also be glad to hear that there is a Happy Hours application available from GoTime, which offers you all the happy hour deals close to your vicinity. You can easily use this app to conduct a search according to time and cuisine.

4) Checking into most restaurants will often result in a special discount, which is why you should have access to the Foursquare application on your phone. This app offers patrons instant and convenient access to various check-in specials offered in their immediate area, as well as quick tips on where to find various specials nearby. The specials often include a free appetizer or a discount of 20% and up on the final bill.

5) Knowing all the top quality restaurants in your district is always helpful, but make a point to know which days each of them offer certain discounted deals on drinks and specific meals. The Scoutmob application could help you with this. It is primarily a discovery tool that can be used to locate local restaurants. More specifically, the app provides you with instant information on meal discounts that are applicable in more than 12 cities in the U.S. All you need to do is show the waiter the deal you found and receive an easy saving of up to 50% on your bill.

Author Bio: Guest Post contributed by Loraine Heimann who is a freelance writer after a longstanding career in finance. Her articles appear on various finance blogs. Find out about Wonga.

The post Use Apps to Save Money on Dining Out appeared first on Recessionitis.

Photo By Flickr user “sakanami”

People who don’t eat healthily or who don’t have the physique they want will often make excuses for their tardiness and explain it away as not having enough time or as having a bad metabolism. Another excuse you’ll hear regularly though that doesn’t quite hold water is that they don’t have the money they need to eat healthily – and this is often an excuse that affects their children too.

In reality though there is no real reason that you can’t eat healthily on a budget, here we are going to look at why.

Snacks

One thing people often use as an example when claiming that it’s cheaper to eat unhealthily is that a Mars Bar or Snickers are less than a dollar. While this is true though, it’s worth mentioning that bananas, carrots (a raw carrot is a surprisingly good snack) and apples are even cheaper. Don’t make the mistake of buying these from the snacks section, or from sandwich shops or newsagents – instead just go into the back of the store and buy them from the fruit isle where they’ll cost you barely anything. Do this next time you want a snack while you’re out and this is the cheapest and healthiest way to get a cheap sugar boost. Then there are all the other options that aren’t crisps or chocolate like nuts, vegetable crisps or crackers and a dip.

Ingredients

At the same time many people will quote that it’s much cheaper and quicker to eat ready meals than it is to make something healthy. Again though it’s hard to justify this. A frozen lasagne is rarely enough food for one person let alone two meaning you have to buy several – which isn’t overly cheap.

You can get this same amount of food though far more cheaply by making yourself some pasta which has potential to be a lot healthier also. Just buy some cheap pasta in bulk (it will cost you barely anything), buy tesco’s own tuna cans, and then buy a tin of chopped tomatoes (again less than a dollar) and some puree. Now just mix the lot together and what you have is a very healthy meal that’s tasty and will cost you a lot less than eating a frozen meal. It’s also very cheap and easy to make, and you can freeze it to heat up later thereby meaning it will only take you minutes the next time you want it. Then there’s baked potato with tuna, backed potato with beans, beans on toast, toasties, carbonara, bolognaise (mince, puree, cheese and onion), salad (salad leaves and some chopped cooked chicken with a sauce), soup… there are plenty of healthy options that needn’t cost you the Earth.

Eating Out

When eating out there are many ways you can do this more cheaply and quickly than going to McDonalds. One is to go to Subway of course which allows you to choose your own fillings thereby meaning you can pick healthily (there are even healthy options at McDonalds – or you can just choose the kids’ menu and save money and calories), but then even better than that is to again go into a supermarket and buy a sausage roll or some brown buns from the fresh bread section and some sliced ham. This takes minutes, costs much less than any fast food and is a lean way to get complex carbs and protein.

This guest post is originally written by Kat Edwards, a personal finance writer. She offer money saving tips and helps people to compare caravan insurance quotes online.

The post How To Save Money On Food Without Compromising Your Health (Or Taste Buds) appeared first on Recessionitis.

For the past years, tables have turned in favor of rentals dominating the market. Recession-related unemployment meant lower income for households, making it impossible to buy new homes these days. Left with no other option, families were forced to settle for rentals until such time the economy stabilizes. While renting may seem a downgrade if you were used to living on a small estate, if you look closely, it’s not all that bad. And with a little added strategy and creativity, you could transform home deals from good to downright awesome!

Like all other things that involve statistics and the law of supply and demand, everything is about timing, intuition and good research. It won’t hurt to get a feel of the waters before jumping. Every penny counts these days and having a little extra bucks every month could mean a lot. You need not be a professional or a hustler to nudge that deal in your favor but some simple little tricks pulled out at the right time could come in handy.

Be one step ahead and snaggit with suave. Here’s how: 

Steal a Stale 

Keep a watchful eye for rentals which remained vacant for months. The longer a property stays on the list, the more money owners lose for advertisements. Owners are surely anxious to have these properties rented out fast for they have been listed since time immemorial. They may be ready to pounce on the first offer even if at a price slightly lower than what they bargained for.

Be a Savvy Customer

Use your wits and make landlords play against each other. Be equipped with advertisements of similar but cheaper-priced rentals. This could prompt landlords to match their price or even provide better deal inclusions.

Lock the Deal With a Few Perks

Make landlords’ mouth water in anticipation of a deal. Offer to sign a two to three-year lease only if additional perks like freshly-painted walls, new carpets, a little added furnishings or discounts are applied.

Waive Restrictions and Dues

Negotiate to waive association dues (like garbage collection and pest control as you can do this on your own) and restrictions on the number of people allowed to occupy the unit. It’s not like you have plans of housing the whole baseball team but having this option available to you anytime could be a life saver when things go downwards. You could sublet people in the unlikely event that your income won’t be able to suffice the monthly payment.

Show Your Credit History

Bring recommendation letters from previous landlords, along with valid identification and receipts that show on-time monthly payment of bills, rents and other utilities. Establishing a good first impression based on favorable performance and past commitments could increase your chances of nailing the deal.

Since many for-rent properties offer flexible terms, people can always watch on the sidelines until the sale market holds a smooth promise. I’m not insinuating that you torture yourself and continue fancying something you cannot have…yet, but it doesn’t mean things aren’t going to shape the way they’re supposed to. Look at renting in a positive way, like having an opportunity to test drive a car to find out if it is actually the ride you’ve been dreaming of. These are just some of the many things considered an advantage especially during times of struggle is that renters won’t be held responsible for maintenance.

If you think about it, if you are pressed for money and struggling to make ends meet, how else will you shell out money for mortgage? On top of that, there are realtor fees, transfer and closing costs that aren’t cheap to begin with and which takes a couple of years to recoup. With uncertain employment, less-than-perfect credit score, a shaky economy, renting may have be the only option but the best one nonetheless.

Steve Vanderhoek is a regular contributor for  www.btwoweb.com. Some of his recent posts include  www.btwoweb.com/wordpress-theme-reviews/genesis-theme-framework-review/ an extensive review of one of the most popular WordPress themes available.

The post 5 Savvy Strategies for the Budget Conscious Renter appeared first on Recessionitis.

Before we all get worried, each of us can do several practical things to still save some few dollars off our monthly budget to we don’t end up living on the streets. Here are some ways to stretch your dollar:

1. Keep a list of things to buy

Keep things organized. Before grocery shopping, make a list of items to buy. This can help a lot in keeping the family’s budget from overshooting. With this list, you get to have an idea of what your household needs and can go over it to review which of the items you should prioritize and cross out. With this practical approach, you avoid overspending or spending on unnecessary food items.

2. Do your grocery every two weeks

Visiting the store every two weeks is not too short and not too long to buy food stocks. This will surely save up not only your time, but some few dollars savings on your travel expenses. The less frequent you go to the grocery store, the less you buy unnecessary things you see while shopping.

3. Make new meals out of leftovers

A little creativity with rice from last night’s dinner can be made into fried rice and make a hearty breakfast in the morning. For an added flair – put onions springs or scallions, other leftovers like sausage, or hotdog, or shrimps, veggies like carrots from other dishes left in the fridge, and you have a Chinese-style wok fried rice dish – Yeung Chow Fried Rice!

4. More meat for the kids, more veggies for the grown ups

As adults, our food intake should be more on fruits and vegetables — which costs less. Adults don’t need too much meat products especially pork and beef as they can cause health issues as we age. Let the kids have more of these as they need more protein to supplement their growth. With this practice you cut down a big portion on your budget for meat products.

5. Look for sales / coupons / rewards programs

An exciting way to save on food budget is through free coupons and vouchers. Hunt for the best deals when there is a sale or take advantage of rewards program offered by many grocery stores. Sale season gives you the opportunity to buy food items in bulk and at wholesale prices — savings! It also pays to be loyal to your grocery store because at the end of the day, you get rewarded with more discounts!

6. Buy generic or store brands

Less known brands sometimes offer better food quality than most popular brands in the market at a surprisingly lesser price. You have to go the extra effort of checking each food item you want to buy. Say, you have a generic store brand vegetable soup in one hand and a branded vegetable soup on the other. You have to compare the prices — usually a branded food item costs twice the generic brand, from price point, you know what to buy already.

There are many ways of saving some of your food budget, and people are getting more and more creative at finding ways to do just that. We should learn to do our part and teach family members, too.

Think of it as and fun endeavor for you and your family, at the same time doing the right of saving some of your dollars for harder times or as an added stream of fund to pay off your mortgage faster. With conditions being predicted to worsen up with all the natural disasters, increased oil prices in the world market, social unrest, have control over what you can, and reap the benefits!

Guest Author: Jason Vandermeulen is a regular contributor for Credit Card HQ where he tries to help people save money by choosing the best credit cards, read more by visiting him here, www.0balancetransfercreditcardshq.com/0-transfer-credit-cards.

The post How Saving on Food Expenses Can Help Stretch Your Budget appeared first on Recessionitis.

• Augment your credit score: Improving and augmenting your credit score is one of the wisest decisions that you can make before taking out an auto loan. Before you take out an auto loan, you should know what the credit bureaus are saying about you. If you know what your actual credit score is, you can prevent the lenders from claiming something that is actually far from reality. Simply contact any of the 3 credit reporting agencies and get a credit report and a credit score of yours in order to boost it.
• Cut back spending with your credit cards: When you choose to take out a car loan, you have to show the lenders your DTI ratio which is the ratio between your monthly income and your monthly debt payments. So, unless you restrict yourself from shopping with credit, you won’t be able to lower the DTI ratio that is necessary for grabbing a car loan within your means. Shop with cash instead of credit.
• Pay off your credit card debt: If you owe money to the credit card companies and on your utility bills, you should immediately repay them as unsecured debt not only affects your credit score but will also increase the ratio between your debts and your total income. Get help from the professional credit card consolidation options through which you can repay your entire debt level and also get back a firm grip on your finances.
• Comparison shopping: As you already have a poor credit score, very few lenders might be eager to help you with a car loan at an affordable rate as they won’t love to take the risk for themselves. Therefore you should shop around and get multiple quotes from multiple companies so that you’re able to get the best deal in the market. Check the interest rates, the repayment term of the loan and whether or not there are any kinds of pre-payment penalties on the loans.
• Get pre-approved for the loan: The last thing that you can do in order to take out a car loan within your means is to get pre-approved for the loan. Whenever you show this pre-approval document to your car loan dealer, they will probably offer you better deal on the car loan in order to bring you into their business. Show them all your income documents and check your affordability before getting pre-approved.

Therefore, getting an auto loan with a poor credit score is certainly not an impossible task, but it may be tougher than getting the same with a good credit score. During the recession, you should always make sure you get the best car loan that is within your means.

Author Bio: This article has been contributed by Billy Patterson. He is associated with Oak View Law Group as a contributory financial writer. He likes to keep updating himself regarding recent developments in finance sector. He has written many articles on debt management, debt solutions , bankruptcy etc.

The post How to Get the Best Deal on Car Loan with Bad Credit appeared first on Recessionitis.

Research, research, research

Unfortunately too many expect people to sell their property based on assumptions and misinformation. The value of property is constantly changing and something you need to get right. Look at properties for sale and properties that have been sold recently in your area which are of similar size. Seek quotations from a minimum of three different estate agents and then take an average. And lastly look on the internet. There are a host of websites that list what other properties are asking for, have been sold for and can also keep you up to date with the latest news in the property market. Once you have done this research and you know what price you are aiming to achieve, getting the property in a movable condition is next.

Show home

Do your best to make you home look like a show home. If at first this means repairing any minor damage to the property, then get it done. Broken doors, a hole in the wall or even just a fresh coat of paint on some walls that are really starting to look drab will make all the difference. Spending a small amount of money on these issues now can be seen as an investment into getting that optimum price. If they are not sorted, it allows a potential customer more room to negotiate and could cost you a lot more not just in money, but also in time down the line. When you do have people coming to view the house, then make sure it is clean and looking its best. Research has shown that the kitchen is the most important room when making a decision, so make sure it is sparkling. Dirty dishes or food left on the cooker are unacceptable. This generally goes for the rest of the house, making sure it is tidy and uncluttered. This may even mean removing bits of furniture to make it feel bigger. Its not about showing someone how you live, but how the space could be used if they lived there.

Get the maximum amount of viewings

The more people that view your home, the higher the number of potential people will be interested in buying it. This may be obvious, but actually achieving it will again require some investment. Estate agents are often the first choice, but online listings and sites selling property, the local newspapers and even social media are other areas where you should allocate some money and time, in order to get the viewings.

If all of these things are done right, then getting the maximum asking price for your house should be very achievable, and not too long to get the sale.

Author Bio

Jess Collins is passionate about home design, property and consumer rights. Preparing your property for sale is an essential step if you want to sell your home. By following this advice you can be sure of getting the best deal when you sell your home.

The post Get the Best Deal When Selling Your House appeared first on Recessionitis.

For most people, frugal lifestyles and over-the-top cost cutting is unsustainable and will make you miserable. Sure, you could bake your own bread and make your own detergent while living on a diet of cheap rice and beans, but chances are it would depress you.

And when you’re depressed, you look to feel good again by any means necessary. That means spending sprees and getting into even more trouble.

Instead, why not beat the recession by focusing on proven cost cutters that will have the biggest impact, save you a huge chunk of change and allow to live pretty much the same way as you do now.

5 Proven Cost Cutters

1. Remortgaging.It has been said that cutting 1% from a mortgage of $100,000 could save you $1,000 or more every year. It’s one of the most high impact savings you can make, yet many people don’t. The fees put a lot of people off, but sometimes you can be up $500-800 including paid fees so it’s definitely a worthwhile consideration. If you signed a fixed mortgage term on a higher interest deal, you could drop it by 2% or more when it ends, saving $1000s. I know, because I’ve just done this myself!Total saving: $700-1000
2. Gym memberships.Gym memberships can be hugely expensive and it is estimated that 50% or more of people who have membership don’t even go! The average cost is anything from $20-50 a month. Imagine if you got yourself the latest P90x home workout instead. Chances are it would get you in better shape, in less time, and you’d save around $500 a year. Competition between local gyms is huge right now, so if you do go you might be able to slash your fees by switching to a cheaper gym in your town. I pay 50% less for my gym because it is smaller and only has free weights. It avoids the social cyling/treadmill/cross-trainer crowd and I get to work out in peace!Total saving: $240-£600
3. Credit cards.Credit card debt is the most dangerous of all debt and if you only make minimum payment, you could be paying it off for 20-30 years! Luckily, many providers encourage new business by offering 0% introductory offers. Switching a balance of $4221 from a 14% APR to a 0% interest deal with a 2% transfer free would save you almost $400 in yearly interest! You also get the added bonus of paying off your balance quicker and freeing up that cash to save or invest elsewhere.Total saving: $0-$800+
4. Cable.On average, cable TV costs $40 a month. For people feeling the pinch of the recession, this can be a huge difference. How about cancelling your subscription and going for Netflix at $10 a month instead? You can watch all the movies and TV shows you like and you can watch it using a TV, PS3, Wii, Xbox, Apple TV and more. Best of all, watching less TV allows you to focus on other areas of your life. Maybe you could start a side business with the time you used to spend watching TV, or maybe you just do something enjoyable to keep you happy during the recession? Either way, you’ll be better off with less TV.Total saving: $360
5. Home energy (£300+ saving). We are creatures of habit, which is the only reason I can think of why people stick with expensive home energy suppliers without looking for a better deal. You could save up to 30% on energy and other bills by using a comparison site like WhiteFence. I actually checked their system for an address I used to live at in PA and it could save them 1c per kW of energy – that’s about $100 in electricity. Imagine how much more you could save with gas, water rates etc.Total saving: $100+

By slashing your costs in these key areas it’s easy to see that you could save a huge amount of money without affecting your lifestyle. It should be enough to avoid recessionitis and it might even inspire you to bigger and better things to keep you financially free no matter what’s going on with the economy!

Ian is a writer and small business owner who helps people to simplify their finances at his blog DebtConsUK. He can also be found on Google+.

The post 5 Proven Cost Cutters to Help You Beat The Recession appeared first on Recessionitis.