Double Your Down Payment Savings

Double Your Down Payment Savings

Goals / Taking Action, Miscellaneous, Saving & Investing
Buying a home is a big financial goal, however saving for the down payment can be a major roadblock. There are several different routes to achieving this goal. When the lease on the apartment my boyfriend and I rent was nearing expiration, we considered buying a home. In the process, we discovered a savings program, called a ‘matched savings’ program, to help speed up down payment savings.Matched savings programs are also called Individual Development Accounts (IDA) and are generally offered by nonprofits and/or government agencies in local areas. There are three things these programs can be used to fund.Buying a homeOpening a small businessSaving for college/job training.As you probably gathered from the name, when you enroll in one of these programs every dollar you deposit is matched. Depending on the…
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Is the Mortgage Tax Deduction in Your Best Interest?

Is the Mortgage Tax Deduction in Your Best Interest?

Debt, Miscellaneous, Money in Your 20s/30s/40s/50s/Retirement, Saving & Investing, Take Action
So tax season is upon us, and if you’re paying on a mortgage, you probably feel pretty excited about the home mortgage tax deduction that comes with it. After all, everyone says that you should hold off on fully repaying your mortgage because the tax deduction saves you money. Unfortunately, that common sense advice isn’t really sensible at all, and may actually be costing you money. The home mortgage tax deduction is a type of itemized tax deduction that allows you to reduce your taxable income by the amount you paid in interest. This deduction combines with all other itemized tax deductions and if that total exceeds the standard deduction it will take its place. Now, you can claim up to two homes for this deduction, and the definition of…
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Where Does Your Money Go?

Where Does Your Money Go?

banking, Goals / Taking Action, Miscellaneous, Saving & Investing
Have you ever had such a terrible customer service experience or been charged so many fees at your bank that you seriously considered closing your accounts, but didn’t because, well, would another corporate bank be any different? Credit unions are a viable alternative to big banks. After a terrible customer service experience, this was exactly the course I took. There are always considerations when changing banking institutions. Your number one concern should always be bank fees. While credit unions will often have lower fees than a corporate bank, this is not always the case and should never be taken for granted.So what exactly is a credit union? A “cooperative financial institution chartered by the federal government and owned by individual members”. This means that when you put your money in…
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Show Me the (Free) Money  #WMWeek17 @ctwbdc

Show Me the (Free) Money #WMWeek17 @ctwbdc

#WMWeek17, Saving & Investing, Women's Money Week
If you’re like me, I’m sure growing up you heard the saying “money doesn’t grow on trees”.  Or perhaps you are that parent who is bestowing these wise words onto your children in an effort to teach them that money is earned, and not something that is easily acquired by birth right, luck or happenstance.Though I have not discovered a tree that grows money either, I have uncovered some great producers of “free money”.  I am going to share one of these resources with you and explain how it can produce money with very little effort or investment on your part.  Are you ready to hear more?  Read on…AboutCHET.comOver the summer, and as luck would have it on Labor Day, my husband and I welcomed a beautiful baby girl into…
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