Three Financial Errors To Avoid

Everyone makes a mistake with money once in a while…perhaps a careless purchase, an impulse buy, or truly falling on hard times when you have very little income and have fallen on credit cards or high interest loans to scrape by. The good news is that anyone can recover from a financial error, but it’s going to be much harder to do with certain mistakes. Money can be a stressful topic – often it is the single thing that ends marriages or causes emotional upheaval and/or depression. Keeping a tight reign on your finances will serve you well in multiple ways.

Three Financial Errors To Avoid

  • Missed and late payments
  • Buying a home you can’t afford
  • Paying Only Interest on any Loan

Missed and late payments – whether they are house, car, or student loans – do more than just set the maturity note on your loan back. The real problem is that they absolutely destroy your credit. Your biggest indicator of credit is whether or not you pay your bills on time. Missing three payments can start the foreclosure or repossession process as well – this is truly a situation of the sooner you take care of it, the better. Reach out to your mortgage company and find out what programs they have available if you are struggling. Ignoring the problem won’t make it will go away – but it will get your home taken and your credit score to drop several hundred points. There’s nothing worse for your credit health. If you have to set up automatic payments to remember to make payments on time, do it. It’s worth it.

Buying a home you can’t afford is something that many people feel pressured to do. Many people don’t realize that they really should not be spending more than 30% of their income on a mortgage payment, or maybe less if they have many loans and excessive student loans. Regardless, there is nothing worse than being “house poor” – living in a big, beautiful home, but being unable to afford to furnish it or to eat well. People cannot maintain this lifestyle and will fall behind on their payments, and catching up is nearly impossible. It’s far better to live beneath your means.

If at any point you find you’re only paying interest on a loan, that’s a problem. You’re making zero headway and only lining the loan company’s pockets. Try to make more than the minimum payment, or see if you can refinance or consolidate. See a financial planner for assistance with this no-win situation.

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Completely remodeled 5 Bedroom 3 Bathroom Home in Jasper, IN. This house has new everything from the wiring and plumbing to the light fixtures. Brand new Custom Amish built Cabinetry that matches throughout Kitchen, Baths, and Laundry. Life proof flooring throughout main level and finished basement. The home has a completely open floor plan that will not disappoint. The property has a detached 2 car garage that has been renovated as well. This home has immediate possession and there is nothing that would need to be touched by the new owner. Owner is a licensed Real Estate Broker. $299,000 Active

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Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.

Quality & tasteful touches of the past are reflected in this graceful colonial home. The large entry foyer opens to a formal dining room on the right and a gigantic formal living room graced with a wood burning fireplace and access to a covered porch ideal for your outdoor entertaining. The balance of the main level consists of an offiice/study, bath kitchen and a bfakfast area. There are hardwood floors under the carpet on both floors according to the owner. Upstairs consist of 4 bedrooms and a full bath. The master suite has two large closets and opens to a balcony. A custom pull down stairs gives you access to lots of storage and possible additional bonus space in the third level of this home. The unfinished basement also provides space for a workshop, hobby area and storage. There is a 2 car garage and a private and scenic backyard space that has access to the PARKLANDS walking path. $224,000 Active

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Listing courtesy of Judy Gosman from RE/MAX Local.

Updated, Updated, Updated from top to bottom this home is like new. This 4 bedroom, 2 1/2 bath home is located only a block away from the new Jasper Elementary School on a .56 of an acre lot. Over 2,000 sq. ft. of finished living space plus a 24 x 26 garage. This home has all new plumbing, electric,roof and an energy efficent furnace and air conditioner. All new baths and kitchen from the studded walls to the new fixtures, lighting, cabinetry and tops. Also included are new kitchen appliances, dishwasher, stove and microwave hood. All new floor covering throught the main and lower levels. New garage door and opener, all new interior and exterior doors including a glass patio door that leads you the spacious fenced backyard. No more "Honey Do Projects" for the owner of this home, its all done and ready to move in. $217,000 Active

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