Greatvest Tools

Going through life you can always expect the unexpected. It's common for life to take an immediate and unexpected turn. It could be birth, death, a move, a marriage or a change in income. In all of these cases, it's important to evaluate your household finances and decide how to best move forward. In the case of unexpected job loss, here are 5 ways to reassess your finances to put you on your best path forward.  Start (or update) your budget Hopefully, you already have a budget, but if not, now is the perfect time to create a budget. The word budget has a negative connotation with many people, but it doesn't have to. A budget is just a tool, and like all tools, can be wielded for good or for bad. Start by tracking your monthly expenses, and compare that to the amount of income that you have coming in. That income could be from any severance you received, unemployment benefits or part-time work. It's pretty simple to set up a budget in the Mint app and look at where your...

It goes without saying that this summer looks very different than most. Vacations are being changed or outright canceled, baseball games will be played with no fans in the stands, and many of our favorite activities are tough or impossible to do while implementing safe distancing practices. While the ongoing pandemic has been challenging for infinite reasons, it also has implications for your finances. Here are a few tips to maximize your budget and a few inexpensive ideas for summer fun.  Re-examine your budget. Chances are, your expenses (and possibly income) have shifted during this time. You may be spending more on utilities and food, but less on entertainment and transportation. Go through your spending with a fine-toothed comb to adjust your budget as needed for the near future. Perhaps you have been getting takeout multiple times a week. If that helps you manage stress and works with your budget, then by all means continue, but if you're looking to cut back on spending, that...

As digital natives, many 20-, 30-, and 40-somethings can find almost anything online, but are still struggling with how to start on the path of financial success. The challenge for most isn't finding information, but sifting through all the noise. The financial industry is publishing reams of information every day, but not giving you access to advice that applies to you personally, and a road map of how to start, right now. Most of you, event those who think you don't know what to with your money, are facile with Venmo and PayPal, transferring cash online at a flash. You can work your way through financing a first car or getting a good starting salary at a first job. In other words, you already know more than you think. And, wherever you stand now, you can take three steps that will translate into more financial security in the future:  1. Quickly get a handle on your expenses. When you know where your money goes, you are in control and can be thoughtful about aligning your spe...

Nudge theory is the concept that you can trick yourself into changing your habits through positive reinforcement and gentle suggestions. Rather than restricting your behaviors, you limit your exposure to bad influences or temptations. and overexpose yourself to positive ones. Basically, you trick your mind into doing something you may not have done otherwise. For instance, adding a small basketball hoop above your recycling bin may encourage you to recycle more. You may be more focused on shooting and scoring than you are throwing away plastics. Plus, your friends and family may want to join in on the fun. Whether you want to save money or lose weight, set yourself up for success with these nine nudge theory practices. Continue reading for an in-depth breakdown of why and how these nudge theory examples work. Sometimes you may need an extra push to reach your biggest goals. You may not want to put extra money in your savings or consistently contribute to your 401K, instead opting for t...

As real estate markets re-open across the country, current historically-low mortgage rates may make it seem like the perfect time to be a first time homebuyer. For many, owning a home is big part of the American Dream. There's a sense of pride and accomplished in ownership. It can give you greater freedom and privacy, while also adding to your financial security. However, purchasing a home is also a substantial responsibility and commitment - not to mention one of the largest (if not the largest) purchases you'll make in your life. If you are a first time homebuyer, be sure not to spend more than you can afford by overlooking the "true" cost of homeownership. When budgeting for your first home, here are seven often overlooked costs that can have a big impact on your bottom line.  1. Property Taxes When shopping for a new home, pay attention to the property taxes! Property taxes not only vary wildly state-to-state, but also within the same city. It's also important...

What's the best way to negotiate and pay bills during COVID-19? The coronavirus crisis has a profound impact on the nation's economy s well as at the individual level. Sudden income changes, temporary or permanent unemployment, and other challenges are increasing the number of Americans unable to pay their monthly bills.  Many Americans have bills coming due that they may not have the money to pay. It is important to reach out to creditors and tell them you've been affected by the coronavirus and ask them what hardship programs they have available. Focusing on budgeting basics is also key. To negotiate and pay bills during COVID-19, go line by line through your budget. With every bill, call customer service and tell them how you've been affected by the coronavirus and ask for help. You may be allowed to skip one or more payment or make a partial payment.  Pausing Loan Payments "Mortgage companies are offering three month of forbearance on mortgage payments," s...