The hardest part about moving may
be selecting a neighborhood that best suits your lifestyle. Start by
thinking about what is most important to you and your family. For example,
do you prefer a quiet residential area or do you want to be near busy
nightlife? According to Movers.com,
buyers should consider several key factors when searching for the right
neighborhood.
·
Safety — For most households, safety is the most important
factor, so check out crime rates of potential neighborhoods via local
government websites and the U.S. Census Bureau website, www.census.gov.
·
Amenities — Determine the location of doctors’ offices, hospitals,
schools, banks and grocery stores. It may be helpful to walk around the
neighborhood to become familiar with local businesses and their proximity
to your potential home.
·
Education — If you
have school-aged children, visit websites of individual school districts to
see what services they offer, or contact members of the school board or principal
for more information.
·
Commuting/Public
Transit
— How far are you willing to commute to work or school? A home close to
friends and family might mean a longer commute to work. If you rely on
public transportation, find out where bus stops and train stations are
located in your desired neighborhood. Review bus and train schedules to determine
if they meet your travel needs.
·
Property
Values
— Research current housing values in the area, local foreclosure data, and
future development plans. These could affect home values in the future.
·
Cost of
Living
— Compare the cost of living of your desired neighborhood with your current
location. Cost-of-living calculators, such as the one provided on
Bankrate.com, can help determine if a neighborhood meets your financial
needs.
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If your New Year’s resolution was
to reduce debt, several strategies can help accomplish that goal. But
before implementing any strategy, understand the terms of various debt
agreements, including any penalties for prepayment, and consult with a tax
or accounting professional, say experts with the American Institute of
Certified Public Accountants.
Make
minimum payments. Credit card companies require
borrowers to pay the minimum balance. Paying less than the minimum can
result in penalties, increased interest rates and default.
Make
additional mortgage payments. To pay down the principal
amount faster and reduce total interest paid, consider making additional
payments. By paying one-half of the regular monthly mortgage payment every
two weeks, for example, you will make the equivalent of 13 monthly payments
for the calendar year and reduce the total interest on the loan.
Pay
off higher-interest-rate debts first. After making the required
minimum payments for each debt, allocate any extra dollars to the debt with
the highest interest rate. Or:
Pay
off the lowest debt amount first. According to financial
expert Dave Ramsey, paying down the lowest balances first, regardless of
interest rate, gives borrowers a sense of accomplishment. As each small
debt is paid off, it becomes easier to stay motivated to pay down larger
debts.
Consolidate
loans.
It may be possible to pay off multiple high-interest debts by getting a
debt consolidation loan, which is often offered at a lower interest rate.
Finally,
avoid tapping into a 401K, emergency fund or equity line of credit to pay
down debt. Once debts are paid off, put away credit cards, and pay cash for
what you need most. With patience, vigilance and a sound action plan,
cash-strapped borrowers can learn to live debt-free.
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fast fact >> >>
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51
percent of U.S. adults over age 18
are married, compared to 72 percent
of adults who were married in 1960.
Source: Pew Research Center, U.S.
Census Bureau
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