A home equity line of credit (HELOC) is a type of secured loan that gives you a revolving line of credit by using your home as collateral. If you’re looking for a flexible way to finance a major purchase, a home equity line of credit may meet your needs. Here’s what to expect as you move through the decision-making and HELOC application processes.

One in five Americans will live in a neighborhood with an HOA, yet many people have questions about what an HOA actually does. What do HOA fees cover? What is an HOA and how will it affect my daily life? 

Whether you live in a neighborhood with a designated HOA or simply want more information about what HOA fees, we’ve got you covered with all the answers to your questions.

Editor’s note: Please be aware that we’re not tax professionals and this is not tax advice, just a general guideline.

The federal income tax is a pay-as-you-go tax, meaning you pay taxes as you earn or receive income throughout the year. Depending on your financial situation, you may pay these taxes through withholding earnings or making estimated quarterly tax payments. 

So, how do you know whether you should make quarterly payments or stick with traditional annual taxes? This will largely depend on the type of work you do and how you’re paid for that work.

Veteran’s Day has always held a special place in my heart. In addition to being my brother’s birthday, as the daughter and granddaughter of retired military members, I appreciate a holiday that honors those who have served in the United States Armed Forces. My paternal grandfather fought in the Battle of Mindanao during World War II, my paternal grandmother served in the Army and supported the war effort from home; and my dad graduated from the United States Air Force Academy then served in the Air Force for 15 years after that.

When looking to save money, many shoppers buy in bulk at a warehouse store like Costco or Sam’s Club. The main idea behind buying in bulk is that you’ll get a wholesale price for committing to a larger purchase of a given item. Especially in situations where you require a large volume of goods, warehouse stores can be lifesavers. Despite that, not every item offers benefits when bought in bulk.

If you’ve been banking with the same financial institution since you were in high school, you might be curious about your other banking options. Whether you’re looking for a new high-interest savings account or are fed-up with your current bank’s costly fees, here’s how to switch banks in just a few steps.

In recent years, data breaches across various retailers, credit bureau Equifax, and the most recent, the Capital One data breach, have made data breaches seemingly inescapable. Since consumers rely heavily on the security measures these companies use, there’s not much you can do to prevent a data breach.

This can be especially troubling if the financial institutions that you bank with fall victim to a breach. If you believe your personal information was stolen during a bank data breach, there are a few steps you can take to protect yourself.

After being with my then-boyfriend of 10 years, he finally got down on one knee and asked me to be his wife. Our engagement lasted longer than most (*cough, cough three years*) for many reasons such as moving, new careers, and the birth of our beautiful daughter. 

However, the biggest reason we delayed solidifying our union was the huge ticket price that comes with a wedding. We had many conversations about the most cost-effective ways to get married but deep down we wanted a wedding. It was important for us to be able to celebrate our love in New York City, surrounded by our family and closest friends. 

Taking on a side gig is a practical way to make money on the side ahead of the big shopping season, or simply accelerate your earnings to start off your 2020 savings fund, strong.

As soon as you know it, pumpkin spice lattes will be replaced by eggnog and hot chocolate. But along with all the great things that come in a holiday season, there’s also the part about increased spending. You will need money for travel, buying gifts, and to set aside cash to continue hitting your financial goals. 

But don’t fret — although there are many strategies to help control your holiday spending, you also can capitalize on seasonal part-time jobs that many companies offer this time of year! 

We took a look at five companies that can help you earn a little more cash leading up to the holidays.

Having a strong credit score can open doors to more affordable financial products, like loans, and can even help position yourself as a prime candidate for a new apartment. If your credit is poor or you’ve just undergone bankruptcy, however, these opportunities might be harder to come by.

Learning how to rebuild credit after bankruptcy or increase your credit score is possible, but there’s no instant solution to get you there. It takes time, but implementing a few strategies to improve your credit, can go a long way.

Money can help catapult you closer to larger life goals, making rewarding milestones, like buying your first home or retiring early a reality. On the flipside, the lack of money can also feel like a setback keeping those very goals away from arms reach. 

The holidays are packed with opportunities to celebrate life, family, friends, and traditions. With increased family gatherings and celebratory occasions, the holidays tend to cost a little more than the rest of the year. 

Aside from holiday shopping for gifts, this time of year tends to bring unexpected expenses like travel costs and special meals. While you can keep your fingers crossed for a holiday miracle, it might be a better use of your time to budget for unexpected expenses. 

With the holiday season around the corner, you can get ahead by anticipating costly purchases. Check out the holiday spending tips below. 

My challenge also forced me out into the world to explore different avenues of making purchases that were sometimes even cheaper than Amazon’s prices.  

I used to rush to Amazon Prime to buy books, office supplies, clothes, and anything that I thought I needed. But, when the challenge began in July and I needed a few things, it pushed me to go to physical stores, and not only find more affordable options, but also discover my community. 

An individual retirement account (IRA) is used to set funds aside and invest savings for retirement later down the road. The account functions as a holding tool for a variety of assets, from stocks and bonds to certificates of deposits and money markets. There are two primary types of IRAs to choose from: traditional and Roth.

While each type of IRA has its pros and cons, both are an effective tool for saving for the future. One of the most enticing features of an IRA is its tax-advantaged nature — investments held in an IRA don’t have any tax implications as long as they remain in the account. This means your savings can grow and compound without increasing your income tax for the current year.

You can think of your financial journey to retirement as a road trip. If you start in New York and plan to retire in California, you have two choices: make the trip as direct as possible or allow some stops along the way to make the journey a little more comfortable. 

A 401(k) allows workers to save part of their paycheck before taxes are taken out. Sponsored by a given individual’s employer, the purpose of a 401(k) is to provide a savings plan that workers can access once they have retired. 

I remember my first call to The Financial Gym like it was yesterday. In 2016, I had just moved to Dayton, OH to start my doctoral degree at The Ohio State University. My bi-weekly two-hour round trip commute was comprised of listening non-stop to every single episode of the Martini’s and Your Money Podcast. Shannon, Melanie, Tonya, Liz and I were, of course, best friends...or at least I wished we were. Listening to Shannon’s podcasts was more than eye-opening. I had read all the books that most people read about financial well-being, but none of their advice ever stuck. I needed something more and The Financial Gym was where my life changed. 

Newlyweds meet many challenges when merging their lives, from living together for the first time to combining finances after marriage. New couples must decide how to manage their finances to work toward achieving joint goals. 

Here are five budgeting strategies for newlyweds to set you and your spouse up for financial success.

Today, 25 million people in the US live with roommates. This is a dramatic shift from the decade prior when most adults between the ages of 18 and 34 were living independently. There are plenty of reasons why people are choosing to live together. First, there’s the obvious reason: the urban housing crisis. There’s a lack of homes, and housing costs are rising faster than income, so people are renting and sharing more. But that doesn’t explain the entire phenomenon. 

We also have to consider the scientifically-proven mental, physical, and emotional benefits​ of living with roommates as well as the many lessons you learn by sharing space with others. The strongest argument behind living with roommates, however, is that it saves you a ton of money. From being able to split the cost of rent, to divvying up expenses you might not have thought of, living with roommates can save you a whole lot of cash. 

We joke at The Financial Gym that as Financial Trainers, we’re like the backseat driver on your life’s journey. For over seven years now, I’ve been riding in the backseat; and as a backseat driver, I feel as though my biggest job is helping my clients see the obstacles ahead of them so that they can avoid costly detours on their life’s journey.

Interest rates today are lower than in the recent past. This could spell good news if you’re looking to borrow money but might not be as great for your savings. A lower interest rate could mean slower growth for your personal savings, which can negatively affect your financial planning timeline. 

When navigating changes in interest rates, many people look for new and different ways to save. You’ve worked hard for your money, so don’t let dropping interest rates stop you from making the most of it. Not sure how to save money with interest rates today? You’ve got options.

Before we get started, let’s clear up what exactly federal interest rates are and how they affect high-yield savings accounts.