Home Upgrades That Pay For Themselves

When most of us hear home upgrades, we think of costly projects that are likely to break the budget. For those of us unable to afford a large-scale remodel or renovation, there are smaller, simpler home upgrades that we can invest in that will pay for themselves in the long run.

Try Smart Home Tech

Not at all uncommon these days, smart home tech is making it easy for many homeowners to conveniently save money on things like water, electric, and utility bills. Smart home tech may seem expensive upfront but quickly pays for itself in money you’ll save on bills. Installation can be done yourself, and in addition to making your life easier with features like controlling your thermostat through an app, smart home tech adds value to your home.

Cut Water Consumption

The kitchen, laundry room, bathrooms – all use water. Because of this, homeowners water bills can take up a chunk of monthly budgets. Making a few simple adjustments can drastically cut down your water consumption and substantially decrease your water bill each month. Things such as replacing your old water guzzling dishwasher with an Energy Star Efficient one and installing a low flowing shower head in bathrooms are easy projects guaranteed to cut your water bills.

Keep Cool With Ceiling Fans

Keeping your home air-conditioned in the summer months is expensive. While they probably won’t eliminate your need to use the air-conditioning, ceiling fans can definitely help you lower the temperature of the thermostat by a few degrees. Installing ceiling fans in rooms is an easy long lasting home upgrade bound to add to your savings.

Set Up A Home Security System

Whether or not your home is burglarized, having a home security system set up can save you money on insurance. Most insurance companies provide customers with discounted premiums if they have home security systems. In addition to lower premiums, a home security system will give you peace of mind.

Install Solar Panels

As solar panels have become more efficient, now is an excellent time to invest in installing them. Decreasing prices of solar panels have reduced the time until the investment pays itself off so get started now. Don’t let the upfront cost scare you away before you consider all of the benefits they provide in the long run, environmentally as well as financially.

While all of these home upgrades have initial costs, they’re all likely to quickly pay for themselves in savings. These upgrades will increase the value of your home and save you money in the long-run.

Interested in upgrading your home but don’t have the upfront costs? Consider a personal loan. Get the money you need to start upgrading your home today.

Automate Healthy Financial Habits With These 3 Tips

Following healthy financial habits, especially those related to our long-term savings and goals can be challenging to maintain. Automating these healthy habits is key to keeping up with them and staying financially fit.

Here are three ways to automate healthy financial habits:

1. Set up auto-pay for your bills

Having your bills on auto-pay is a great way to simplify bill pay as well as save time and avoids having to worry about payment due dates and late fees. Have recurring bills set up to automatically be paid from your checking account, ideally as soon after your paycheck has been deposited as possible. With the bill payments taken out not long after your paycheck is deposited, you’ll have a good idea of how much money you have left to spend.

2. Set up an automatic transfer to your savings account

Saving goals are much easier to meet if you have a predetermined amount set to automatically deposit from your checking into your savings account after your paycheck hits. It’s far less tempting to spend money you should be saving if it’s not in your checking account because it has been deposited automatically into your savings.

3. Automatic contributions to a retirement account

Does your employer offer retirement plans like a 401k or 403b? Signing up for automatic transfers allows you to make the best of your tax benefits because the money put into these retirement accounts is not taxed. These automatic contributions provide you with a lower taxable income and the security of knowing you’re putting money away for your retirement. Consider making automatic contributions to an IRA account if you don’t have access to a retirement account through your employer.

A Final Word

Developing healthy financial habits is a process. Taking advantage of opportunities to automate some of these habits is a great way to force ourselves to keep up with our habits and ultimately, to reach our financial goals.

Bill Consolidation Loans

Do you have unpaid bills piling up? In a tight financial situation, you can’t seem to find a way out of? One solution you may not have considered is a consolidation loan. Consolidation loans combine all of your loan debts from multiple lenders into one bill or simple payment. Consolidation loans can also lower your interest rates, allowing you to pay off your debt sooner.

Factors in fees

Depending on the type of loan you choose, fees can vary from nothing to 5% of your loan amount. Refinancing a home mortgage and utilizing the equity to pay off bills is a popular solution but consider all fees, especially if consolidation loan rates you’re offered are only slightly lower.

Home equity loans and lines of credit can be utilized with little to no fees. Bill consolidation loan rates vary. Personal loans are a good option as well because their rates still beat many credit card interest rates.

Make rates pay

Before taking out a consolidation loan, ensure that your loan rate will be lower than that which you are currently paying. This may mean that you choose not to consolidate each of your loans. Such as student loans frequently have the lowest rates probable, better than mortgage rates.

If you can consolidate only a fraction of your debt, use the consolidation loan to pay off debts with the maximum interest rates.

Go short – on terms

Opting for a shorter term with your consolidation loan will save you money on interest. While smaller consolidation loan payments are alluring, the long-term interest payments can cost you more in the long term.

Look online

Searching online for consolidation loans allows you to compare offers, allowing you to find the best deals and ultimately saving you money. Many financing companies offer better loan rates online than in their predictable offices. Ask for quotes from lenders and review the terms, even a dissimilarity as small as an eighth of a percent can financially create a significant change in savings.

Disclaimer: Modern Lending Solutions (modernlendingsolutions.com) is not a lender. We offer a matching service for connecting potential borrowers with financial institutions. Loan amounts, rates, and terms will vary based on lender’s decision, and approval is not guaranteed.
Offers provided to customers feature rate may no greater than 35.99% APR with terms from 61 days to 180 months. However, your actual rate depends on credit score, loan amount, loan term, and credit usage and history, and will be agreed upon between you and the lender. An example of the total amount paid on a personal loan of $5,000 for a term of 36 months at a rate of 10% would be equivalent to $5,808.09 over the 36-month life of the loan.