1012. Feeling financially squeezed by the rising cost of homeowners insurance? Laura answers a listener’s question about how to pay less while maintaining coverage required by a lender. Find out how to protect your finances with home insurance without overpaying for it.

We talk about:

• Underlying reasons why homeowners premiums are rising, especially in high-risk areas.
• Tips for saving by increasing home insurance deductibles.
• Comparing the price of bundled coverage to policies with different carriers.
• How various home upgrades and technologies can qualify for money-saving discounts.
• The role that having good credit plays in reducing your home and auto insurance rates (in most states).
• Why proactively shopping and asking about potential homeowners insurance discounts is essential for cutting the cost.

Upcoming Wedding Series This May: We want your questions about wedding finances! Whether you're the bride, groom, or a guest, send us your questions about budgeting for the big day. Email: money@quickanddirtytips.com or leave a voicemail: (302) 364-0308.

Money Girl is a Quick and Dirty Tips Podcast, hosted by Laura Adams.

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Transcripts available at QuickandDirtyTips.com.

Hosted on Acast. See acast.com/privacy for more information.

1011. While becoming a homeowner seems to get more difficult as home prices, mortgage interest rates, and home insurance premiums continue to rise, it’s essential to know how owning real estate can help you build wealth. Laura covers seven ways buying a home improves your finances. Whether you’re considering becoming a first-time homebuyer or ditching your home to be a renter, understanding some old and new ways that homeownership helps build wealth is essential.

Key Takeaways:

• How much richer homeowners are compared to renters.
• The two ways homeownership helps you build equity: price appreciation and paying off an amortizing mortgage.
• Whether homeownership costs more or less than renting largely depends on your location.
• Some costs of homeownership can increase, but buying a home largely protects you from inflation.
• Various home-related tax deductions, including a new one, make homeownership more affordable if you itemize on your tax return.
• The capital gains tax exclusion is one of the largest tax breaks that qualifying homeowners enjoy when they sell their home.

Upcoming Wedding Series This May: We want your questions about wedding finances! Whether you're the bride, groom, or a guest, send us your questions about budgeting for the big day. Email: money@quickanddirtytips.com or leave a voicemail: (302) 364-0308.

Money Girl is a Quick and Dirty Tips Podcast hosted by Laura Adams.

Discover more from Money Girl!

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Transcripts available at QuickandDirtyTips.com.

Hosted on Acast. See acast.com/privacy for more information.

1010. Are you feeling "car poor" or trapped in an auto loan that costs more than your vehicle is worth? In this Finance Friday episode, Laura answers a listener's question about how to navigate an unaffordable car loan when you’re upside-down (negative equity).

If you are looking to lower your monthly payments or are debating between a car lease vs. buying your next vehicle, you’ll learn the pros, cons, and math behind making the most affordable choice for your budget.

We talk about:

• How to manage an upside-down car loan: Strategies for refinancing or negotiating with lenders when you owe more than the car's market value.
• Auto Refinancing 101: When to switch your loan to a credit union or online lender to reduce interest rates and monthly payments.
• The 20% Rule: Why a significant down payment is the best defense against rapid vehicle depreciation.
• Leasing vs. Buying: A breakdown of the long-term costs, maintenance responsibilities, and flexibility of each option.
• Hidden Costs of Ownership: How to account for repairs, mileage restrictions, and residual value before you sign a contract.

Upcoming Wedding Series This May: We want your questions about wedding finances! Whether you're the bride, groom, or a guest, send us your questions about budgeting for the big day. Email: money@quickanddirtytips.com or leave a voicemail: (302) 364-0308.

Money Girl is a Quick and Dirty Tips Podcast, hosted by Laura Adams.

Discover more from Money Girl!

Facebook

Newsletter

Transcripts available at QuickandDirtyTips.com.

Hosted on Acast. See acast.com/privacy for more information.