Greatvest Tools

When I graduated from college *ahem* eons ago and it came time to pay off my federal student loans, I had no clue there were different options. I opted into the standard repayment plan because I didn't know any better. Looking back, if I had been aware that there are quite a few different repayment options, I would've done my due diligence to see which was the best fit for my budget. I'd love to prevent you from making the same mistakes I made. Here's how to go about gauging which student loan repayment is best for you: Research Your Options You're placed in the standard 10-year repayment plan by default. However, this is typically the highest monthly payment plan. "So, before you fret about whether you can afford your student loans, look at what other payment options are available," says Robert Farrington, founder of The College Investor. Here are the student repayment options to choose from: Standard Repayment Plan. The standard repayment pl...

Know what's a major buzzkill? When Saturday hits, and your pals want to convene for bottomless mimosas - but your bank balance is nearing zero. Not only can you not afford to go out, but you're probably anxious about having enough to cover your rent. If that's the case, how can you possibly save? To make sure you pay yourself first, make a small change: start your budget on a Saturday. Here's how it'll help you stay on top of your bills and help you budget for an emergency fund: Separate Your Bills from Your Spending When it comes to expenses, you might've heard the terms "fixed" and "variable" being tossed around. Fixed expenses are bills that you usually need to pay every month, and the amount doesn't change. Think: rent, insurance, cable, student loan payments, and utility bills. Variable expenses are things that change in amount every month. For instance, money you spend on dining out, entertainment, groceries, clothing, p...

When it comes to financial wellness, the term itself is not a cliche. It's an important concept that a lot of Americans ignore. Financial wellness, put simply, is the ability to have a healthy financial life. It means your debts are payable and you have ample emergency, college and retirement funds. You're well prepared to handle any financial crisis. In short, financial wellness is also about feeling good about your financial health now and in the future. Fortunately, large employers have picked upon on this concept and are offering financial wellness programs. They know that productivity comes with sound financial health. The offering of financial wellness programs has mushroomed in recent years. More than half of employers offer them today, compared to 24% in 2015, according to a Bank of America survey. Are these programs effective? While they may not always induce employees to save more for retirement, they raise awareness and offer help on some key financial c...

Don't get us wrong. We're not knocking living with your folks, especially when you're trying to save for a future goal or you simply like living at home (hello, home-cooked meals). But if you want to move out for good, here are some practical tips: Know The Costs Of Moving Out It's not just rent. Before you sign a lease, ask the landlord for a full rundown of utilities and fees. Some of these, like parking and trash, could be the same each month, while others (water, gas and electric) depend on usage. Ask your landlord or the utility companies for average monthly bills based on prior tenants. Don't forget things you might take for granted at home, like internet, cable, phone and laundry. Not to mention the hidden expenses that you won't even think about until they come up (wait, you need renters insurance?). Before you move out of Casa de Mom and Dad, start a list of all the household items you use in a day - from shampoo to ketchup - and consider th...

Using credit cards can be a helpful way to manage finances. Yet incurring mounting debt from high interest rates with high finance charges, especially on multiple cards, is extremely distressing. Here are tips to help reduce your existing credit card debt and things to know before signing up for another card. Tally the credit card debt you have. Write down the balances, minimum payments and interest rates for each card. Then rank them from highest to lowest interest rate, regardless of balance.  Aim to pay off the card with the card with the highest rate first. Then move on to pay off the card with the next highest rate and so on. This will save you money over time, keeping your interest rate in check. Or, you can pay off the card with the lowest balance first, then proceed to the card with the next lowest and so on. Though a more expensive route, this strategy can be the fastest way to reduce debt on individual cards and boost your confidence to pay off cards. Put any ...