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Added on the 11/04/2019 13:15:45 - Copyright : BANG Showbiz
Mortgage underwriters and personal finance advisers recommend that Americans spend no more than 28% to 30% of their income on housing costs. And according to Certified Financial Planner and Business Insider contributor Tanza Loudenback, it's a very good rule of thumb if you want to build wealth. Of course, to achieve this, you may have to take a few deep breaths along the way and do things like sharing with roommates or renting the 'worst' bedroom. However, by keeping your long-term fixed housing costs to less than 30% of your take-home pay, you can be far more flexible with the rest of your budget. But remember, 'housing' costs don't just include rent. Utilities, such as power, water, sewage, garbage collection, cable, and internet all add up quickly. Even so, living by the "30% rule" for housing can let you funnel more and more into retirement savings and other investments as your income improves!
The trailer for Mariah Carey's upcoming Apple TV+ special, "Mariah Carey's Magical Christmas Special," debuted Friday. According to CNN actress Tiffany Haddish narrates the special, which premieres December 4. Ariana Grande, Jennifer Hudson and Snoop Dogg are among the celebrities who also make guest appearances in the show. It will feature lots of cheerful musical numbers in festive winter settings. The special plays on the smash success of Carey's 1994 holiday classic, "All I Want For Christmas Is You." The song has become a holiday standard and even topped the charts for the first time last year, 25 years after its release.
On Tuesday, Home Depot Inc said it will spend around $1 billion more on employees' pay annually. Business Insider said the company is benefiting from a surge in demand for tools, paint, and building materials in the COVID-19 pandemic. Overall net sales increased 23.2% to $33.54 billion, beating analysts' estimate of $32.04 billion. Home Depot have provided staff with temporary weekly bonuses and more hours of paid time off. The company said some of these will now become permanent, it said.
If you've managed to avoid the economic carnage that is America today, Business Insider reports that now is a great time to save. However, financial experts underscore that it's completely fine to put your savings plan to one side if you've been let go or have lost your business. If you can save, examine your budget closely. Can you cut a bit deeper? Renegotiate phone and TV service rates, and shop around for cheaper insurance. While saving 10% of take-home pay is best in normal times, these are clearly not normal times. Now, shoot for 20%. Build an emergency fund first, then automate. Make extra money through side hustles, and see if your employer has a matching program. Good luck!
If it's time you should be moving into your own place, having time to prepare is your best friend. According to Business Insider, getting into your own rental isn't cheap, and it's not necessarily easy, either. The average one-bedroom apartment in the US rents for $1,621 per month. That could make for about $4,863 due at move-in for an apartment with a security deposit worth two months' rent. Before you go applying to landlords, figure out how much you can afford to spend on rent. Experts suggest spending no more than 30% of your take-home pay. Also, there may be additional costs. Gas and electric companies often require deposits, and there may be parking and pet fees on a monthly basis. Check your credit and get it within a healthy range. Save for your first and last month's rent, your security deposits, pet fees, and moving costs. Finally, once you've signed your lease, get renter's insurance immediately. Happy moving!
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