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8 Tips for Saving Money in the New Year

Thursday, January 27, 2022
by Scott Darling


Many think that saving money is impossible, but there are plenty of easy ways to stockpile your hard-earned cash.  Take a few of these ideas and build up your savings account, save for a family vacation, a college fund, or add to your home emergency fund: 

 

  1. Ask your employer to deposit your pay directly into your bank account.  Automate your savings by setting up an automatic transfer from your checking to your savings each payday. When you do not see the money, you do not miss it.  
     

  1. Piggy banks are not only for the kids!  At the end of each day, add coins to a large jar or other container. Save one- or five-dollar bills instead of spending them and add them to the jar as well.  Set a goal for how long you will save until you deposit or spend the cash.  
     

  1. Utilize your local library to save on not only book-buying but monthly audiobook subscriptions and DVD rentals. Ask if your library offers the OverDrive or Libby smartphone apps that allow you to check out eBooks, audiobooks, magazines, and videos.   
     

  1. Sign up with a rebate shopping website such as Rakuten or Ibotta, and have the rebates sent to your PayPal or other online payment system account and think of it as a no-interest savings account. 
     

  1. Once a loan or credit card balance is paid off, add the payment amount you would normally make to your savings. 
     

  1. Open a "club" savings account for holiday shopping or summer vacations. Automatically transfer a set amount each month, and when the shopping or vacation date is near, you may withdraw the money without penalty. Taking advantage of these low-interest savings accounts help with overspending, as well as cutting down on expensive credit card spending. 
     

  1. If you use coupons or a loyalty card while grocery shopping, look for “You saved $X today!” on your receipt, and squirrel away that total in your savings. 
     

  1. Round your checking account balance at the end of each month and transfer the difference to your savings. For instance, if there is $613.68 in your checking account, transfer $13.68 to your savings. 

 

A few dollars here or a handful of change there does not seem like you are saving very much, but it truly adds up.  Checking the balance every few months will encourage you to continue adding to your savings hoard. Have you met your savings goal? Increase it and keep saving!  Once you develop a routine, saving becomes second nature--a habit you will not want to break! 

 

Courtesy of Chester County PA Realtor Scott Darling. 

 

Photo credit: vfcu.net

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Chester County PA Real Estate Market Trends for December 2021

Monday, January 24, 2022
by Scott Darling

Chester County PA Real Estate Market Trends for December 2021

Chester County PA single-family homes saw pending sales decrease by -10.4% in December 2021 when compared to December 2020. 662 homes sold in December with a median sales price of $421,000. The average days on the market fell by 6 days. If you are thinking about selling your home get a free instant home evaluation Learn More. 

 

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9 Ideas for Hiding the Mundane Essentials in Your Home

Friday, January 14, 2022
by Scott Darling


When was the last time you looked through the photos of a beautiful home on a website or in a magazine layout? Did you miss anything? Probably not.  The non-stylish parts of a house have been digitally removed from the photos so that all a viewer sees is style.  Electrical outlets and cords, as well as HVAC vents, are necessities in a home, and while photo editing software cannot hide them, there are plenty of tricks to conceal them. 

 

  • Canvas art usually has an open back and can be placed over flat-screen televisions, thermostats, and window unit air conditioners (when not in use). 
     

  • Paint can cover many things we do not like, and if your kitchen appliances are lacking, there is paint for that!  It does not have to be a color; appliances can be painted for a stainless look as well. 
     

  • Create a gallery wall around the thermostat, and it will fade into the framed pieces. 
     

  • Return air vents are necessities but can be made to look much nicer: purchase a stylish cover that is made specifically for return vents, hang a stylish doormat over the vent, or switch the everyday slatted panel with decorative sheet metal. 
     

  • Hide the home WiFi router in an empty box with holes cut in the back for cords, an inexpensive basket, or get crafty and make a screen from old book spines! 
     

  • Cover popcorn or dated plaster ceilings with prefinished wood planks, faux beams, or tiles made of one of the many materials available at local home stores. 
     

  • Make that plain bathtub go undercover with self-stick tiles.  They come in all styles, shapes, and colors, and do not require any previous installation know-how. 
     

  • Wall-mount televisions have become the norm, and the cords hanging from the screen can be unsightly.  Home centers have cord cover installation kits in many styles and colors for those who feel confident enough to use some power tools. 
     

  • Paint radiators in the same color as the wall.  This may not hide them completely, but they will blend in, making them easier on the eye. 

 

Who needs a designer or magazine layout to make those household essentials fade into the background?  Updating the style of the mundane and functional parts of a home can be fun and easy, and while some of them may be little changes, they can make a big impact. 

 

Courtesy of Chester County PA Realtor Scott Darling. 

 

Photo credit: Hello Tech

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Ten Important Financial Terms for Home Buyers

Wednesday, January 5, 2022
by Scott Darling

 

While meeting with a lender to discuss the purchase of a new home, you may hear and read words you are not familiar with. Knowing these financial terms and acronyms will make that meeting go more smoothly. Here are some common financial terms that will come up during your mortgage transaction: 

 

  • Adjustable-Rate Mortgage (ARM): a type of mortgage in which the interest rate applied to the outstanding balance varies throughout the life of the loan. A fixed rate may be applied for the initial loan period, but after that, the rate will fluctuate. Sometimes called a Variable Rate Mortgage. 
     

  • Annual Percentage Rate (APR): the yearly rate of interest that an individual must pay on a loan.
     

  • Closing Costs: fees and expenses paid at closing, beyond the down payment; costs can run 3 to 5 percent of the loan amount and may include title insurance, attorney fees, appraisals, taxes, and more.
     

  • Debt-to-Income Ratio: the borrower’s monthly debt payments divided by their gross monthly income; the number is one way lenders measure the borrower’s ability to manage monthly payments of the loan they receive.
     

  • Earnest money deposit (EMD): deposit made after buyers make an offer on a property; sometimes referred to as a good faith deposit; held in escrow until closing.
     

  • Escrow: an arrangement in which a third party distributes the money paid during the property-buying transaction.
     

  • Fixed-Rate Mortgage (FRM): a type of loan in which the interest rate on the mortgage is fixed; the rate will not change during the term of the mortgage.
     

  • Loan Estimate: tells important details about the mortgage loan requested; compare and choose the loan that's right for your budget by getting a loan estimate from more than one lender.
     

  • Pre-Approved: when the home buyer is approved by a lender for a specific loan amount after the buyer provides documented financial information to be reviewed and verified by the lender.
     

  • Pre-Qualified: an estimate of how much the home buyer can borrow based on a review of financial information; not a guarantee of being approved.

 

Do not go into the lending process without some knowledge under your hat! Going into what is probably your largest investment without knowing anything about it may end up in disappointment and having to wait longer to buy your new home. The Consumer Financial Protection Bureau offers many other terms not listed here and is a great resource for learning more. 

 

Courtesy of Chester County PA Realtor Scott Darling. 

 

Photo credit: Medium

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