Monday Night Live Q&A: Finding Deals Online

Jimmy3

Join me next Monday night for our weekly Live Q&A! I will get started right at 8:30 eastern and will go until the questions end…

This week we’ll be discussing a big topic for cutting your budget, How to Spot Deal Online. One of the first steps to saving money is to only buy things on sale, but how do you know when it’s the best price? Learn all the tricks for online shopping as well as local stores!

You can watch on Facebook, on Youtube, or right here on Southern Savers at 8:30.

Join me next Monday night for our weekly Live Q&A! I will get started right at 8:30 eastern and will go until the questions end… This week we’ll be discussing a big topic for cutting your budget, How to Spot Deal Online. One of the first steps to saving money is to only buy things on sale, but howRead More

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Break into investing and finance with Investopedia

What's the Best Way to Pay For a Tiny House? A Tiny Mortgage or a Personal Loan?

Fact checked by Betsy PetrickGetty Images/Halfpoint ImagesA tiny home can help you achieve your dream of home ownership without the hefty price tag. The smaller size and simple design translate to a smaller footprint and lower costs. If you're worried about how to afford one, there are personal loans and, in some cases, mortgages to help you achieve your dream of tiny homeownership.Key TakeawaysYou can use a personal loan to finance the purchase of a tiny home.A personal loan has higher interest rates and shorter repayment terms than a traditional mortgage, which doesn't apply to a tiny home.You can use your tiny home to secure a chattel mortgage, but you won't own your home until you pay the loan off.Ready to Join the Tiny Home Movement? Tiny homes can be anything: an RV, a cabin, a converted bus, a trailer home, a container home, or even a shipping container. You can choose to build one yourself or have one built for you. And it isn't uncommon to have a prefab or kit delivered to you.You can find and order prefab and tiny home kits online through Amazon and from big-box retailers like Walmart and Home Depot, some of which can even cost under $10,000. Also, tiny home builders can design and construct one to your specifications.The average tiny home kit is 100 to 400 square feet and costs between $30,000 and $60,000. The complexity of the kit determines the time it takes to build; simpler kits can take days, while more complicated ones can take longer.Make sure you're ready for the challenges of tiny home living, including changes to your lifestyle and limited storage space.Financing Options for a Tiny HomePersonal LoansOne of the best ways to finance the purchase of your tiny home is to use a personal loan. It allows you to borrow money to buy your tiny home and repay the lender over time with interest. Applying is easy, and most lenders can fund your loan in one business day after approval.Repayment terms are flexible and can be shorter than a traditional mortgage. Keep in mind that many loans are unsecured, which means your interest rates will be higher. (The average rate for a 24-month personal loan in the first quarter of 2025 was 11.66%). You can get a lower interest rate if you:Have a great credit scoreHave a low debt-to-income (DTI) ratioSecure your loan with a tiny home like an RVYou have various personal loan options that you can get through a bank, credit union, online lender, or peer-to-peer (P2P) platform.Chattel LoansDon't count on a traditional mortgage to finance your tiny home. Lenders may have a minimum lending threshold that tiny home values don't meet, and they generally require properties to be on permanent foundations.However, you may get a chattel mortgage instead. Also called a chattel or manufactured loan, it is secured by movable personal property like an RV or other tiny home. There are a few key differences that set chattel mortgages apart from traditional mortgages, including:Ownership: A traditional mortgage lender only holds a lien on the property while the borrower retains ownership. Conversely, a chattel lender owns the property until you pay off the loan.Interest rates: Interest rates are usually higher for chattel loans versus traditional mortgages, meaning you'll have higher monthly payments.Loan terms: Chattel loans usually have shorter repayment terms.Requirements: Traditional mortgages require appraisals and home inspections, whereas chattel mortgage lenders may not.Keep in mind that the higher interest rates, coupled with fewer refinancing options, the lack of consumer protections, and the potential of repossession, make chattel mortgages very risky.The Bottom LineA tiny house can offer homebuyers an affordable path to home ownership, with financing through a personal loan or chattel mortgage. However, before buying a tiny home kit, be sure to do your research. Zoning laws and building codes can vary in different jurisdictions and impact the type of tiny home you purchase and where you place it.
If the Economy Struggles, Will People Turn to Payday Lenders? The Answer Is Surprising

Fact checked by Ward Williamssinology / Getty Images Payday loans can be relatively expensive, with APRs often in the triple digits.Since the early 1990s, modern payday lending has been a source of short-term financing for individuals who need funds fast. However, it’s also a controversial practice that’s undergone many state and federal reforms to protect consumers against predatory lenders. With a potential recession looming, will an economic downturn—and the resulting financial strain on consumers—lead to an increased reliance on payday lending? While it’s certainly possible, there isn’t sufficient historical data to definitively answer this question.Key TakeawaysPayday loans are small, high-interest loans that typically must be repaid by the borrower’s next payday.Historical data shows some evidence of a rise in payday lending during the Great Recession, but a drop during the pandemic due to government financial assistance.Increased payday lending can lead to significant financial consequences for borrowers.Understanding Payday LendingAccording to the Consumer Financial Protection Bureau (CFPB), a payday loan is a small, short-term, unsecured loan with a high annual percentage rate (APR). It gets its name from the fact that borrowers essentially trade a portion of their next paycheck for early access to the same amount of money (minus the cost of any fees).While loan terms can vary between lenders, a typical payday loan has:A maximum loan amount of $500A repayment term of two to four weeks (i.e., a standard pay period)A lump-sum repayment structureAuthorization for automatic repayment, usually through either a postdated check or an electronic bank account withdrawalA high APR relative to the size of the loan, potentially in the triple digitsNo credit check requirementImportantPayday loans are only available in 32 states; they are effectively outlawed in others. Of those states that permit payday loans, some impose strict safeguards limiting their costs and usage, but most states have few safeguards in place.The Relationship Between Economic Downturns and Payday LendingIn theory, if an economic downturn puts a financial strain on consumers, they’re more likely to resort to payday lending in order to get by. However, the available data paints a more nuanced picture.Does Payday Lending Increase During Economic Downturns?According to a 2016 study published by the Federal Reserve Bank of Chicago, payday lending did increase during the Great Recession. However, because the researchers lacked payday lending data from years prior to 2007, it’s uncertain whether the increase was a continuation of an ongoing trend or directly related to the recession. That said, the researchers also found that more middle-income borrowers have been taking out payday loans since 2007. Meanwhile, a 2020 report from the California Department of Financial Protection and Innovation found that Californians’ reliance on payday loans actually dropped during the 2020 recession, likely as a result of pandemic-related government assistance. In other words, other forms of financial relief can help stave off and even lower the use of payday loans during recessions.Consequences for BorrowersIf borrowers do have to rely on payday lending during a recession, they should proceed with caution. Payday loans are notoriously expensive and often predatory. If you’re not careful, you could end up stuck in a cycle of debt.For instance, unpaid payday loans can be rolled over into a new payday loan to defer full repayment, at the cost of an additional fee. In 2022, the CFPB estimated that approximately 80% of payday loans were rolled over; as a result, borrowers ended up paying more in fees than the original principal. In the worst-case scenarios, you could ruin your credit and be forced to declare bankruptcy.The Bottom LinePayday lending regulations have come a long way since the industry’s inception. In 2020, federal regulators steered conventional banks away from bankrolling payday lenders and toward offering more sustainable “small-dollar loans.” Unlike their payday lending counterparts, these loans can be repaid over longer terms through installments and have much lower initial fees. Currently, there isn’t conclusive evidence to say for certain whether payday lending increases during a recession. However, for a middle- or low-income individual, taking out one of these loans would most likely exacerbate the financial strain they’d already be feeling amid an economic downturn. Regardless of the state of the economy, small-dollar loans and other alternative sources of funding can help minimize consumers’ reliance on risky payday loans.We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation.
How to Turn Your Home Listing Into a Bidding War Bonanza

Fact checked by Betsy PetrickHill Street Studios / Getty ImagesIf you're getting ready to list your home, you want to know you'll get multiple offers and sign a contract as soon as possible. To interest potential buyers, spend some time sprucing up your home's curb appeal. We'll show you which areas of your home to focus on and what improvements buyers are looking for.Key TakeawaysMaintaining the home by mowing and landscaping can show potential buyers that the house has been cared for.Clean the exterior of the home and repaint to freshen it up, if necessary.Updating fencing, house numbers, and lighting to modernize the look of your home can make it stand out to potential buyers.LandscapingMowing the lawn regularly and edging along the sidewalks and driveways go a long way toward improving the overall look of your property. If you have shrubs or hedges, keep them neatly trimmed and well-kept so they don't grow into walkways, sidewalks, or driveways.Depending on when you list your home, plant colorful flowers or shrubs to catch the eyes of potential buyers. For bonus points, spread fresh mulch to make the flowerbeds look tidy.Front Door and EntrywayMake potential buyers feel welcome by improving the porch or front door. You can do this by painting the front door a bold, eye-catching color, updating the hardware for a modern look, setting out a new welcome mat, and placing potted plants near the door.If you have seating, place new outdoor cushions or rugs in the space so it's inviting.Exterior CleaningSpend an afternoon powerwashing the siding, walkways, driveway, and porch to remove dirt, debris, and mildew. Now's also a good time to climb up and clean the gutters and downspouts. If any are coming loose, refasten them so they don't look neglected.If you have screens over the windows, remove them and clean the windows. Don't forget to clean the interior side of the windows so they sparkle.Painting and Touch-UpsYou don't have to paint the entire exterior of your home, but you should walk around and touch up peeling or faded paint on the trim, shutters, or siding. Don't forget to repaint the garage door if the paint is cracking or peeling between the panels.Potential homebuyers are on the lookout for repairs they'll have to do, so present your home in its best possible shape.LightingStrategic landscape lighting along walkways or under trees goes a long way in making your home appear charming and attractive. If you have a large porch or entryway, consider installing a bold pendant light to draw potential buyers to the door.Mailbox and House NumbersA crooked mailbox and tiny house numbers aren't helping you. Install a new mailbox if it's rusty, faded, or outdated, and update your house numbers. Potential buyers want to see large numbers that are clearly visible from the street.Fencing and GatesYou might not mind a fence that doesn't latch all the way, but it might turn off a potential buyer. Take some time to repair fence or gate damage. For instance, you might install a new latch, replace missing or broken pickets, or oil squeaky hinges. Just don't forget to touch up the paint when you're done!Driveway and WalkwaysFix cracks or uneven spots in your driveway or walkways to minimize tripping hazards and make your property look well-cared for. Consider adding a decorative border with bricks, stones, or crushed gravel to define your walkway and add texture.Do you have oil spots in the driveway? Use degreaser and a steel brush to scrub out the stains.Roof and ChimneyThe roof's condition is a big sticking point for most buyers, so replace missing shingles and get the roof professionally cleaned if it's discolored. If you live in a wet region, you may need to clear moss off the roof, too.If you have a chimney, check that there are no missing bricks and patch the mortar as needed.Seasonal Decor (Optional)This last tip only applies if you like to stay on top of seasonal trends. For instance, hanging a fall wreath or pumpkins can make your house stand out in autumn, while tasteful twinkle lights can brighten the space in the winter.If you're staging your home or hiring a professional, work with them to display your home to its best advantage.NoteOnce you sell your home and find yourself in the market for a new home, it can be a good bet to shop around for the best mortgage rates. Investopedia's mortgage calculator can also help you determine your monthly payments under different rate and term situations.The Bottom LineDepending on your home's age and condition, it might take a little time to spruce it up before listing it. That said, investing in your home's appearance, researching the local housing market, and listing your home slightly below local comparable listings can encourage multiple offers.If you're unsure where to start or you're strapped for time, contact professionals who can walk you through the listing, staging, and selling process.