Scrooge's Christmas List
by Gary Foreman
Cratchit, take your Christmas grab bag and be gone. Out, I tell you, or you'll be seeking new employment! That scene wasn't included in Charles Dickens' "A Christmas Carol" but I can easily picture crotchety old Scrooge taking Bob Cratchit to task for attempting to include him in an office holiday gift exchange. Scrooge certainly is the symbol of...
Wanting a Newer Car
by Gary Foreman
My husband and I are in quite a bit of credit card debt and my husband wants a newer car. He says that his car won't last two more years. We are trying to save a little bit but we don't have any money to put down on a car. We have money to pay our bills which is not the problem. We just don't have a whole lot of money left over after paying our bills. What would you suggest we do about this situation?
Temporary Downsizing?
by Gary Foreman
We're wondering if we should sell our house. Our mortgage payment is $1,030 a month--no problem when we were both working full time. Now that his income has been drastically reduced, the mortgage feels very steep. What about selling the house, using the equity to pay off our $20,000 second mortgage, and moving into a place that costs less per month?
Signs of Wealth
by Gary Foreman
Everyone from songwriters to psychics to traffic engineers will tell you that it's important to 'read the signs'. And they're right. Take driving for instance. Traveling without signs would be difficult and dangerous. Our financial affairs are another type of trip that requires watching signs. To help us avoid trouble and make progress towards our goals. So let's take a look at some common financial road signs.
Credit Report Errors
by Gary Foreman
I am correcting an item in my credit report. I requested the report from Equifax. Should I also request (and correct) reports from Experian and Trans Union? I can see a situation where I've corrected it with Equifax, but a lender uses a different agency. Do these companies share information?
Reverse Mortgages
by Gary Foreman
I am almost 80 years old, a widow, excellent health, no debts, my house is paid off, worth close to $200,000. I live on my social security with a small savings backup, and I manage to make my taxes and maintain a car and live well. My children think I should take out a reverse mortgage and spend the money doing some traveling. Are there any pitfalls in this?
Low Overhead
by Gary Foreman
When I was a boy one local department store had a jingle that featured the repeated chorus of "low overhead, low overhead". They claimed to offer lower prices because they kept their 'overhead' down. And the same idea applies to our family finances. The lower your 'overhead' is the more...
Budgets and Credit Cards
by Gary Foreman
I was hoping you can help me solve a problem I have encountered while trying to live on a budget. I have created a budget with a fixed amount that can be spent on certain items, i.e. entertainment. At times I go over this amount. I charge everything on my credit card, in order to receive a cash back bonus. My bill arrives the month after I overspend....My problem is applying my budget to real life, because I still want to use my charge card to pay for everything. Can you please help me figure out this problem? I have tried over and over to figure it out and I'm stuck.
How Much House?
by Gary Foreman
Considering the cost of homes these days, what is a reasonable percentage of a person's salary that should be used for a mortgage payment? And does this percentage include everything needed to run that home (utilities, water, phone, etc.)?
Mortgages, Taxes and Bigger Homes
by Gary Foreman
We have very nearly paid off our mortgage! But for some personal reasons we would like to have a different house. My husband says that since interest is tax-deductible, getting a new house makes financial sense especially with today's fairly low interest rates. To me, as much as I'd like to have a new house, it feels as if we have finally "caught up with our tails" only to begin chasing them again. Can you give us some perspective?
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