RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

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How-to Save Money While Shopping

September 25, 2017 1:08 am

(Family Features)—There's shopping for pleasure, then there's shopping for purpose. The latter is never quite as fun, but taking a practical approach to buying household necessities can help save money so there's more to spend on the shopping you enjoy most.

Tackle your household shopping with these cost-conscious tips from the experts at Scott Brand:

Keep a list. Knowing which groceries and supplies you have on-hand before heading to the store makes it easier to avoid overspending. Try an app on your smartphone to maintain a running shopping list. Look for one that includes sharing features so others in the household can let you know when they use the last of something that needs replaced.

Pull in price-cutting resources. Start by looking at store ads before heading out to shop so you know where to find the best deals. Plan your week's meals around sale items for an extra bang. Be sure to clip coupons from the local paper and print more coupons online. Also remember to do price comparisons at online shopping sites, especially those with subscription services that deliver items on a regular schedule with a steep discount.

Shop for value. Instead of simply purchasing the cheapest product, do your research to know which product offers the best value. Determining which products will meet your family's needs in terms of performance and long-lasting value at the lowest price can help you save in the long run.

Know when bulk spending is better. While it will likely make a larger dent on your wallet at the store, buying in bulk can provide long-term financial gain. Because you're buying in quantity, you'll likely be purchasing products that will last longer to help delay a return trip to the store. One way to minimize the "ouch" of the upfront expense: stagger your bulk-buying so you're restocking items over time, rather than all at once.

Avoid impulses. Especially when you're shopping with family members, it's easy to watch the shopping cart grow full with each "bargain" item at the end of the aisle. Unfortunately, these impulse buys can add up quickly. Instead, invite the whole family to help build a reasonable list and then help keep each other accountable to it. If you make it all the way to the register, reward yourselves with a small snack or treat from the check-out aisle.

Source: ScottBrand.com

Published with permission from RISMedia.


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Bank Card Defaults Drop, Mortgage Defaults Tick Up - What Does it Mean?

September 21, 2017 12:47 am

In some good news for the economic outlook, the bank card default rate recently experienced its biggest drop in 12 months this past July, down 18 basis points to .86 percent, according to the S&P Dow Jones Indices and Experian data. Meanwhile, auto loan defaults increased by four basis points, and the first mortgage default rate increased two basis points from June.

However, it’s important to look at the big picture. Though the National bank card default rate experienced its biggest drop in 12 months, it is still high. The bank card default rate set a recent low at 2.49 percent in December 2015. Since then, it moved irregularly upward before the July drop; it is now 3.31 percent. The composite, auto, and first mortgage default series are all close to their levels in July 2016.     

“Default rates for autos and first mortgage loans are at their lowest points in the last ten years, while bank card defaults remain modest,” explains David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. “Consumers’ use of credit is growing and the level of consumer credit outstanding is at an all-time high. In the year ending June 2017, consumer credit outstanding rose 5.7 percent, outpacing most spending categories across the economy. However, retail sales excluding autos as well as auto sales are down slightly since April, while home sales are little changed in recent months.

“While total consumer credit is at an all-time high, revolving credit – principally bank card loans – is close to the same level as mid-2008 early in the recession and financial crisis. At that time, revolving credit accounted for 38.5 percent of credit balances compared to 26.5 percent today. The revolving credit share of the total has declined steadily since 2008. The share of non-revolving credit rose and total non-revolving climbed from 61.5 percent to 73.5 percent of total consumer credit usage. The largest components of non-revolving credit are auto loans and student loans. Auto loans currently are about 40 percent of non-revolving credit. Student loans are the largest factor in the growth of non-revolving credit since 2008. Currently, they represent about 51 percent of non-revolving credit outstanding and 37.6 percent of total consumer credit outstanding.”

So while the economy continues to show gradual improvement on a macro level, debt continues to be a blight in terms of full recovery. Meet with your financial advisor to review your personal credit and debt scenario to see how you may be able to make improvements to the overall picture.

Published with permission from RISMedia.


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