New Jersey Mortgages – Sun National Bank Center http://sunnationalbankcenter.com/ Tue, 22 Nov 2022 15:07:45 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://sunnationalbankcenter.com/wp-content/uploads/2021/05/sun-national-bank-center-icon-150x150.png New Jersey Mortgages – Sun National Bank Center http://sunnationalbankcenter.com/ 32 32 Five-year average fixed mortgage rate below 6% for the first time in seven weeks https://sunnationalbankcenter.com/five-year-average-fixed-mortgage-rate-below-6-for-the-first-time-in-seven-weeks/ Tue, 22 Nov 2022 15:07:45 +0000 https://sunnationalbankcenter.com/five-year-average-fixed-mortgage-rate-below-6-for-the-first-time-in-seven-weeks/

The average five-year fixed mortgage rate fell below 6% for the first time in seven weeks, according to an analysis.

Mortgage lenders are offering 5.95% on average for a five-year fixed rate deal, Moneyfacts.co.uk has found.

The average two-year fixed rate mortgage remains above 6% at 6.13%.

Mortgage rates soared amid market turmoil after the mini-budget in September.

As of October 20, the average five-year contract was 6.51% and a two-year product was 6.65%.

Rachel Springall, finance expert at Moneyfacts.co.uk, said: “Borrowers who have put their home ownership plans on hold, or who have in fact given up on the idea of ​​refinancing, may now be tempted to review the latest offers.

“After the budget announcement (September 23), average two- and five-year fixed mortgage rates rose sharply, but they are moving further away from their daily peak (October 20).

“However, it should be noted that rates could fall further, but there is no clear answer as to how quickly this may be.”

Hikes in the Bank of England’s base rate pushed up borrowing costs.

Ms Springall added: “Borrowers may feel they have to wait a bit longer before committing to a new fixed rate mortgage, or even wait until next year to see how the market recovers from the downturn. recent interest rate uncertainty.”

The Nationwide Building Society has announced rate cuts for some of the mortgages it offers. The cuts, up to 0.3 percentage points, will be made tomorrow.

The Company said the new rates will include a two-tears trailing rate for people with a 15% deposit, reduced by 0.3 percentage points to 3.94%, with a fee of £999.

They also include a five-year fixed rate remortgage deal for those with a 40 per cent down payment, reduced by 0.26 percentage points to 4.93 per cent, with a fee of £999.

Henry Jordan, Director of Mortgages at the Nationwide Building Society, said: “The continued stability of the market and the downward trend in swap rates has allowed us to further reduce rates on a large number of products in our range of Mortgages.

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Why My Friends Who Own A $1 Million Home Got Into Debt For A $5,000 HVAC Repair https://sunnationalbankcenter.com/why-my-friends-who-own-a-1-million-home-got-into-debt-for-a-5000-hvac-repair/ Fri, 18 Nov 2022 19:00:08 +0000 https://sunnationalbankcenter.com/why-my-friends-who-own-a-1-million-home-got-into-debt-for-a-5000-hvac-repair/

Image source: Getty Images

Let’s just say they made a big mistake buying their house.


Key points

  • Taking on too much of a mortgage can lead to a cash-strapped lifestyle.
  • It could also lead to debt when unexpected expenses arise.

When mortgage rates started plunging to record lows in the second half of 2020, two friends of mine who had gotten married a few years earlier decided to take the plunge into home ownership. They had saved up for a house and had decent incomes, so they figured they would take advantage of those low rates and increase their home buying budget.

Initially, they figured they would buy a house for $800,000 or less. (In some context, we all live in New Jersey, and while an $800,000 property is certainly a nice property, it’s not necessarily a mansion.) But the more they looked, the more they realized that s stretched their budget a little more, they could have a really amazing house instead.

So that’s what they did. They ended up buying a million dollar house and betting 20% ​​at closing, which left them with a giant mortgage. And while they were happy with this decision at first, they are now at the point where they regret it.

A big mistake

My friends knew before buying their house that they were going to spend a large part of their income on housing. But they were okay with it. They believed that if they had a comfortable home, they would cook more in their large kitchen and spend more time in their park-like garden rather than taking trips or going out to eat.

This plan worked for a while, and to be fair, they reduced their leisure spending. But they also started spending a lot more not just on their mortgage payments, but also on maintenance and repairs.

In fact, the cost of owning their home has become so huge that they have practically exhausted their savings. And that left them in a very tough spot earlier this year when their HVAC system failed.

More: Our picks for the best FHA mortgage lenders

Home poor, and now in debt

My friends who own a $1 million house (actually more like $1.1 million at this point based on market value) now have a credit card balance of $5,000 which they are paying off over time. The reason? They used up most of their savings for the down payment on that house and pretty much wiped out the rest during maintenance and repairs in their first two years. And so when they had a recent HVAC issue, they had to charge for it and pay it back over time.

My friends recognize that their situation is problematic, because they are the exact definition of being housing poor. But they also feel stuck.

Of course, they could sell their house and move to a less expensive house. But then they will lose money in realtor fees and closing costs on a new mortgage. Also, mortgage rates are very high right now, so even if they are currently paying less than 3% on their home loan, if they sign a new mortgage, they could end up paying over 7%.

For now, my friends plan to stay put but cut spending even more, and they’re both looking to take on second jobs to pay off their debt as quickly as possible and increase their cash reserves. But either way, they’ve learned the hard way that taking too much home can have consequences. And they agreed to let me share their story so other shoppers could learn from their mistake and avoid doing the same thing.

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How much energy does a solar panel produce? https://sunnationalbankcenter.com/how-much-energy-does-a-solar-panel-produce/ Wed, 16 Nov 2022 00:06:53 +0000 https://sunnationalbankcenter.com/how-much-energy-does-a-solar-panel-produce/

How much energy does a solar panel produce?

How much energy can a solar panel produce? The amount of energy produced by a solar panel per day, also called “wattage” and measured in kilowatt-hours, depends on many factors, such as the hours of peak sunlight and the efficiency of the panel. Most solar panels for homes generate around 250 to 400 watts, but for larger homes they can produce up to 750 to 850 per kilowatt hour per year.

Solar panel manufacturers determine solar power output for products based on zero obstruction. But in reality, the amount of solar energy produced by a panel varies depending on the power output of the panel and the number of hours of peak sunlight where a home’s solar power system is located. Use the manufacturer’s information as a starting point for a calculation for your home.

How to Calculate How Many Watts a Solar Panel Produces

How many watts does a solar panel produce? “Watts” refers to the amount of power output expected from a panel under perfect sunlight, temperature, and other conditions. You can calculate the output of a solar panel by multiplying the power output of the solar panel by your local peak hours of sunshine per day:

Kilowatt Hours (kWh) = (Hours of Sunshine x Watts)/1000

In other words, let’s say you get 6 hours of direct sunlight every day. Multiply that by a manufacturer’s panel wattage, say 300 watts.

Kilowatt hours (kWh) = (6 hours x 300 watts)/1000

In this case, the number of kilowatt hours produced would be 1.8 kWh. Next, calculate the following for the number of kWh per year using the following formula:

(1.8 kWh/day) x (365 days/year) = 657 kWh per year

In this case, the solar panel output of this particular panel would generate 657 kWh per year in power output.

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Amir Mehr ’92 Honored with Distinguished Alumni Award https://sunnationalbankcenter.com/amir-mehr-92-honored-with-distinguished-alumni-award/ Fri, 11 Nov 2022 17:15:02 +0000 https://sunnationalbankcenter.com/amir-mehr-92-honored-with-distinguished-alumni-award/

By Lea Hart

Amir Mehr’s time at North Carolina State University was not just a four-year college experience, it was the beginning of lasting relationships with the people he met and with the university itself.

Amir came from New Jersey to enroll at NC State in 1988. Seeking a great college with a vibrant sports scene and warmer weather, he enrolled at NC State—his first choice—without having the advantage of being able to visit the campus. Today, he looks back with no regrets.

“It was just a great experience to come here; I loved going to school here,” he said. “I met a lot of good friends who are still friends to this day, and most importantly, that’s where I also met my wife.”

His wife, Anne, was enrolled at Meredith College where she graduated in 1993, and the two said much of their social lives revolved around NC State and Amir’s fraternity, where he met so many people he still calls friends today.

He knew he wanted to study business – this was before Poole College of Management existed – but was unsure what field he would study in. It was the instructors of his accounting classes who helped Amir settle into a major.

“I had a series of great accounting teachers who made it really interesting for me,” he said. “I remember that feeling like the first time I said, this is definitely what I want to study.”

I remember this feeling like the first time I said, this is definitely what I want to study.

Amir graduated with a Bachelor of Arts in Accounting in 1992 and has spent much of the past 30 years working in the financial services industry at investment banks in New York and London, specializing in capital markets at fixed income. He currently works for UK-based Kensington Mortgages as Director of Portfolio Strategy, Credit and Analytics and also sits on the board of their parent company. The couple live in North Raleigh, but Amir often travels to the UK for work.

This fall, Amir will receive the 2022 Distinguished Alumni Award from Poole College of Management. Looking at his family’s commitment to NC State over the years, it’s easy to see the honor is well deserved.

Anne and Amir have remained connected to NC State and Poole College of Management in many ways. Amir has been named a member of Poole College’s Advisory Council, while Anne sits on NC State’s Student Success Council, which supports the Academic and Student Affairs Division.

Additionally, NC State and Poole College are quickly becoming a family tradition. Amir’s sister, Ghazale Johnston, also attended NC State and has her own relationship with the university, currently serving as chair of the board of the NC State Foundation. Two of Amir and Anne’s children also chose to attend NC State. Matthew graduated from Poole College in 2022, while Madelyn is currently pursuing a double major in Business Administration and Political Science. Their youngest, Harrison, is a senior this year, so it’s possible another member will join the Wolfpack soon.

“If you look at our family, NC State is really rooted,” Amir said. “It’s something that’s part of our lives and comes to mind most of the time.”

If you look at our family, NC State is really rooted. It is something that is part of our lives and often comes to mind.

These meaningful ties are part of the reason Amir and Anne chose to create the Mehr Family Faculty Enrichment Endowment last year. Funds from the endowment will be used to support Poole’s faculty excellence in a number of ways. Some examples include use for faculty recruitment and retention, faculty enrichment activities, or research support, among others.

Amir said they chose to support Poole faculty after the college leadership team identified this as an area of ​​need.

“It makes sense,” Amir said. “If you have really talented people teaching students, you get better educated students.

“I had great experiences with the faculty when I was at NC State, and without some of the mentors I had, I might have been in a different position coming out – it was a natural way to help.”

It’s also about a desire to give back that was instilled in them by their own families growing up, he said.

“We try to pass that on to our kids, and our parents passed that on to us. When you’re lucky, one of your biggest responsibilities is to give back,” he said.

As they also come full circle, now watching their own children have meaningful experiences at Poole College and NC State, it has been an opportunity to see how Poole College has grown and developed and that is something they want to support for the future.

“I remember the program long before it was at Poole College, and I thought it was great back then,” Amir said. “If you think about it, it’s a pretty young business school and it’s amazing to see what they’ve done.”

From the volume and types of courses offered by Poole to the forward-thinking focus on data and analytics, Amir said the college is doing everything it takes to produce the best graduates.

Amir and Anne say they have also been impressed with the network of relationships Poole has developed among potential employers.

Although it is Amir who will receive the Distinguished Alumni Award, he is quick to say that it was only possible because of his support system.

“This wouldn’t have happened without the mentors and experiences I had at NC State, the friends I made there, and the support of my parents who taught me the importance of resilience and who helped send me and my brother and sister and their friendship there,” he said. “And then my wife, who is the only person I still know is on my side who, with my children are my inspiration.

Receiving this award and being honored by it means a lot, but it’s not something that was done on an island – I have an incredibly supportive cast and crew with me.

“Receiving this award and being honored by it means a lot, but it’s not something that was done on an island – I have an incredibly supportive cast and crew with me.”

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Which NJ cities have the best percentage of equity-rich homes? https://sunnationalbankcenter.com/which-nj-cities-have-the-best-percentage-of-equity-rich-homes/ Fri, 04 Nov 2022 20:19:06 +0000 https://sunnationalbankcenter.com/which-nj-cities-have-the-best-percentage-of-equity-rich-homes/

Nearly half of all mortgaged residential properties in the United States are considered “stock-heavy”, according to a new report from ATTOM Data Solutions, which has counted 10 consecutive quarters of this upward trend.

ATTOM defines equity as when the amount of money that is still owed on a property does not exceed 50% of its estimated market value.

The national rate is 48.5%. New Jersey falls well below the stock-rich national rate at 40.2%.

The state, however, compares favorably, at 2.7%, with the US mortgage average of 2.9% considered seriously under water.

Breaking down the numbers to the municipal level, ZIP Code 08202 – Avalon in Cape May County – ranks 13th nationally with 82.4% equity-rich properties.

The Jersey Shore actually dominates the top 10 ZIPs in the Garden State, while three of the bottom 10 ZIPs in terms of equity-rich homes are in or around the state capital of Trenton.

TOP 10 ACTION-RICH ZIP CODES IN NEW JERSEY

08202 (Avallon)

Google Maps

08243 (Sea Isle City)

Google Maps

08008 (Beach Haven)

Google Maps

07762 (Spring Lake)

Google Maps

08226 (Ocean City)

Google Maps

08204 (Cape May)

Google Maps

08402 (Margate town)

Google Maps

08260 (Wildwood)

Google Maps

08735 (Lavallette)

Google Maps

08251 (Villas)

Google Maps

The the last 10 postcodesaccording to ATTOM

07103 (New York, 29.6%)

07874 (Stanhope, 29.5%)

08618 (Trenton, 29.1%)

07419 (Hamburg, 28.6%)

08104 (Camden, 28.5%)

07921 (Bedroom, 28.0%)

08629 (Trenton, 27.3%)

08085 (Swedenboro, 26.9%)

07020 (Waterfront, 24.6%)

08611 (Trenton, 19.3%).

Patrick Lavery is a reporter and anchor for New Jersey 101.5. You can reach him at patrick.lavery@townsquaremedia.com

Click here to contact an editor about a comment or correction for this story.

WATCH: Here’s where people in each state travel the most

Stacker analyzed data from the Census Bureau’s 2019 American Community Survey to determine the three most popular destinations for people leaving each state.

How much does an average house cost in NJ? Median prices by department

Everything costs more these days – and housing is certainly no exception in New Jersey.

Data for 2022 from January through August, compiled by New Jersey Realtors, shows South Jersey saw homes come on the market and sell in less than a month, on average.

Median single-family home prices hit $500,000 and above in nine counties in north and central Jersey.

All but two counties have seen homes cost more than list price, on average, this year.

Say you’re from Jersey without saying you’re from Jersey

These are everyday expressions that only someone from New Jersey would understand. What else should be on this list?

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This ‘Sweat Hog’ turned screen star was born in New Jersey https://sunnationalbankcenter.com/this-sweat-hog-turned-screen-star-was-born-in-new-jersey/ Thu, 03 Nov 2022 09:38:37 +0000 https://sunnationalbankcenter.com/this-sweat-hog-turned-screen-star-was-born-in-new-jersey/

The list goes on when it comes to top stars born in New Jersey.

John Travolta was born on February 18, 1954 in Englewood, New Jersey. Travolta grew up there, as the youngest of 6 children.

Travolta attended Dwight Morrow High School in New Jersey, where he dropped out during his freshman year.

According to empireonline.com, his father, Salvatore Travolta, “was a semi-professional soccer player turned tire salesman and partner in a tire business.”

In his early acting years, Travolta had success in the theater, as a cast member of the touring company Grease.

This led Travolta to leave New Jersey for California, to pursue a major acting career. It worked.

Some may not remember, or may not know at all, that Travolta appeared in Brian DiPalna’s film, “Carrie.” He played the ringleader (Billy Nolan) who threw pig’s blood at “Carrie”, who launched an attack full of rage.

Travolta shot to fame on “Welcome Back Kotter,” featuring the most popular “Sweat Hog” in class on the TV program, playing Vinny Barbarino.

“Welcome Back Kotter”, ran in the first leg for 4 seasons, from 1975 to 1979.

This series and this role for Travolta made him a household name and helped launch a career (still ongoing) of more than 40 years on the big screen.

During his “Sweat Hog” days, Travolta recorded a hit song called “Let Her In”, in 1975. It reacted in the Top 10 on the Billboard charts.

Travolta has been a busy active player ever since, amassing a net worth that is believed to be north of $250 million.

Travolta’s place as a Hollywood superstar was confirmed by the hit films “Saturday Night Fever” (1977) and “Grease” (1977).

Both of these films were among the biggest box office hits of the 1970s.

Travolta recorded two Top 10 hit songs with Olivia Newton John during “Grease.” “You’re The One That I Want”, which hit number 1 on the charts and “Summer Nights”, which reached #5 on the charts.

Travolta had many big hits and he also turned down two of the greatest lead roles of all time…American Gigolo (which made Richard Gere a Hollywood superstar) and “An Officer and A Gentleman”), a role that is also went to Gere.

Richard Gere was born in nearby Philadelphia, Pennsylvania.

John Travolta was born and raised in New Jersey, the birthplace of many personalities.

SOURCES: EmpireOnline.com and IMDB.com

New Jersey Department Stores We Once Loved That Are Now Closed

10 things I’m extremely grateful for in Atlantic County

10 things I’m extremely grateful for in Atlantic County

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Second Mortgage Vs. Refinance: Your Guide https://sunnationalbankcenter.com/second-mortgage-vs-refinance-your-guide/ Mon, 31 Oct 2022 21:06:51 +0000 https://sunnationalbankcenter.com/second-mortgage-vs-refinance-your-guide/

Is refinancing the same as getting a second mortgage?

Cash refinances and second mortgages are similar in that both types of financing allow you to use the equity you have built up in your home. However, the two options differ in how they affect your existing mortgage and your monthly payments.

For example, a refinance pays off your current mortgage and replaces it with a new home loan. The interest rate, loan term and mortgage payment amount are subject to change. But since you will still only have one mortgage and one lien, you will continue to make only one monthly mortgage payment.

However, a second mortgage will not replace or change your existing mortgage. You will continue to pay your first mortgage as scheduled. But because you are now responsible for a second mortgage, you will have an additional loan payment to make each month.

Let’s dive a little deeper into each financing option.

Refinancing by withdrawal

A basic rate and term refinance is all you need to change the mortgage rate or the term of your mortgage. However, if you also want to tap into the equity in your home so you can consolidate some debt or start investing, you will need to use cash refinancing.

A cash-out refinance is a type of mortgage refinance in which you replace your existing mortgage with a larger mortgage and your lender gives you the difference in cash. Most lenders require you to have an 80% loan-to-value (LTV) ratio, which means you’ll need to retain 20% of your home’s equity when you refinance.

Here’s how it works: Say your home is appraised at $250,000 and you have a net worth of $75,000. You would be able to cash out up to $60,000 of your home equity.

However, let’s say you only need $25,000 for a home improvement project. You could get a $200,000 loan to replace your current mortgage balance of $175,000, and your lender would give you the $25,000 in cash within 3-5 days of closing.

Second mortgage

If you choose to take out a second mortgage to access the equity in your home, you have two options:

  • Home Equity Loan: This type of second mortgage allows you to borrow a lump sum in exchange for the equity you have built up in your home. Like a home loan or personal loan, you typically pay off a home equity loan in monthly installments.
  • Home Equity Line of Credit (HELOC): Much like a home equity loan, a HELOC lets you borrow money against the equity in your home. Instead of receiving these funds in a lump sum, however, you will receive the money as a line of credit similar to a credit card. During the draw period, you can borrow, repay, and re-borrow from the line of credit as needed as long as you don’t go over the limit. At the start of the repayment period, you will no longer be able to draw on the line of credit and you will have to make regular payments until you have repaid the borrowed money.

With a home equity loan, you’ll typically borrow at a fixed interest rate, while a HELOC typically carries a variable rate. Like cash refinances, home equity loans and HELOCs generally have limits on the amount of equity you can draw on.

When to use a second mortgage

Home equity loans work well for debt consolidation because you’ll likely have a pretty good understanding of the exact dollar amount you need to borrow. Home equity loans can also work well when you’re tackling a single renovation or repair project, such as replacing a roof or remodeling a kitchen or bathroom. You’ll just want to make sure you get quotes from multiple contractors so you know exactly how much to borrow.

However, a HELOC may be a better option if you need funds for several ongoing home improvement projects or are unsure of the exact amount you will need to use.

Currently, Rocket Mortgage® does not offer HELOC.

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Inflation Relief Checks by State, Live Online: Student Loan Forgiveness, 401k Limit Increase and SSA Payment | California, Florida… https://sunnationalbankcenter.com/inflation-relief-checks-by-state-live-online-student-loan-forgiveness-401k-limit-increase-and-ssa-payment-california-florida/ Fri, 28 Oct 2022 00:11:21 +0000 https://sunnationalbankcenter.com/inflation-relief-checks-by-state-live-online-student-loan-forgiveness-401k-limit-increase-and-ssa-payment-california-florida/

Biden to warn in Syracuse speech that GOP will exacerbate inflation

President Biden will pit his economic plan against that of the Republicans on Thursdayin a last-ditch effort to convince midterm voters that Democrats are best equipped to fight inflation and create jobs.

Biden will travel to Syracuse, New York, where Micron Technology plans to invest up to $100 billion in computer chip manufacturing, part of tens of billions in new factory spending announced after Biden signed the law CHIPS subsidizing the industry in August.

In Syracuse, Biden will tout efforts to bring manufacturing jobs back to upstate New York, and contrast those policies with what he called the Republicans’ “mega-‘MAGA’ trickle-down agenda.”

The slogan references Donald Trump’s “Make America Great Again” movement and the former Republican president’s focus on tax cuts that Democrats say have failed to “trickle down” to people. low-income citizens.

Senior administration officials said that Biden will argue that Republican economic plans benefit the wealthy and raise inflation. Earlier this week, he warned Republicans would cause “chaos” in the world’s biggest economy.

Some Republicans have pledged to use the legal borrowing limit or debt ceiling in the United States to force through federal spending cuts, expand Trump’s tax cuts, repeal Democratic-enacted price-cutting laws prescription drugs and block Biden’s student debt relief plan.

(Reuters)

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Atlantic County, NJ prosecutor and team keep up a dizzying pace https://sunnationalbankcenter.com/atlantic-county-nj-prosecutor-and-team-keep-up-a-dizzying-pace/ Sat, 22 Oct 2022 20:36:16 +0000 https://sunnationalbankcenter.com/atlantic-county-nj-prosecutor-and-team-keep-up-a-dizzying-pace/

New Jersey Senator Vince Polistina knew exactly what he was doing when he fought for Will Reynolds to become the Atlantic County District Attorney.

To his credit, Governor Murphy has demonstrated just how fair he can be by altering his previous plans to nominate Kimberly Holmes and, instead, following Polistina’s recommendation.

Polistina wanted this to happen because he knew how important it was for Reynolds to take the reins as Atlantic County’s top law enforcement official.

Governor Murphy had full control of the nomination and he could have chosen anyone he wanted.

In the end, Reynolds got the green light.

It’s obvious to any unbiased observer that Atlantic County hit the lottery with Reynolds, who hit the ground running hard and fast.

Will Reynolds’ timeline is as follows:

  • Nominated by New Jersey Governor Phil Murphy on May 16, 2022.
  • Became acting Atlantic County District Attorney on June 6, 2022.
  • Confirmed unanimously by the New Jersey Senate on August 8, 2022.
  • Sworn in for a full 5-year term on August 9, 2022.

Reynolds focused on:

  1. Catch the murderers.
  2. Take guns off the streets.
  3. Hunt down drug dealers.
  4. Catch the pedophiles.
  5. Relentlessly pursue lighting improvements in Atlantic City. Lighting is a great disinfectant in terms of fighting crime.

Reynolds also recently announced that there will be a Child Advocacy Center, located in Egg Harbor Township, New Jersey.

Reynolds is confident they will have the people, equipment and technology to win the battle against pedophiles.

Atlantic County Child Defense staff will include:

  • Law enforcement professionals
  • detectives
  • Victim Advocates
  • Effective implementation of the technology to be supported
    pedophiles.

To give you an idea of ​​the activity and productivity of the Atlantic County District Attorney’s office under Reynolds, here is just a brief account of the last 10 days of activity.

This represents a dizzying daily rhythm.

  • National faith and law.
  • Execution march in Atlantic City.
  • Visit and meeting with the Atlantic City Boys and Girls Club.
  • Clean and safe Atlantic City reunion with Councilman Shabazz.
  • Inspection of street lighting in Atlantic City.
  • Community walk in Atlantic City with Shabazz and coalition.
  • Egg Harbor City wrestling program with the New Jersey Attorney General.
  • Wear purple for domestic violence.
  • Multiple Trunk or Treat events.
  • Egg Harbor City Family Fall Festival.
  • Atlantic County ARC.
  • 6:00 am outreach to homeless and underserved residents of Atlantic City.

In addition to the vital community service work performed on a regular basis, the Atlantic County District Attorney’s Office has also charged a significant number of defendants with a variety of charges.

One person can change things. Especially when they know how to build a team and forge effective working partnerships with various strategic working partners.

10 things I’m extremely grateful for in Atlantic County

10 things I’m extremely grateful for in Atlantic County

Things Atlantic and Cape May County residents do after Labor Day

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Rising Inflation: How to Slash Your Monthly Budget by $200 https://sunnationalbankcenter.com/rising-inflation-how-to-slash-your-monthly-budget-by-200/ Mon, 17 Oct 2022 11:03:21 +0000 https://sunnationalbankcenter.com/rising-inflation-how-to-slash-your-monthly-budget-by-200/

Inflation is at record highs, food prices are skyrocketing, and interest rates are affecting everything, including credit cards, mortgages, and car loans. But, there are ways to reduce monthly expenses through creative strategies.

FOX Business asked money pros and business experts how to cut $200 from your monthly budget.

Regularly audit your monthly subscriptions

You might unknowingly be overspending on monthly subscriptions and memberships.

“U.S. consumers spend an average of $219 per month on subscriptions, including streaming services, health and wellness products, fitness memberships, and more,” says Liz Ewing, chief financial officer of Marcus by Goldman Sachs. “Although you can use some of them daily, some may have become less necessary.”

Video on demand, TV streaming, multimedia. hand holding remote control (iStock/iStock)

AS INFLATION RAGES, MORE AMERICANS ARE TROUBLE PAYING THEIR BILLS

Consumers are often lured into free trials and then forget to cancel after the introductory period. If the subscription or membership does not pay anything for you, be sure to cancel it.

Ewing explained that by regularly checking automated payments, you can identify which ones are really delivering value and which ones could be temporarily suspended or stopped to reduce your monthly expenses. Ask yourself if you really need four streaming services, multiple food subscriptions, or multiple on-demand music platforms.

Order takeout wisely

Ewing said the average household spends just over $250 a month on restaurant meals and takeout.

home dining table

Family members enjoying a meal at home. (iStock/iStock)

“An immediate way to reduce your monthly expenses is to look for opportunities where you can cook your own meals at home,” she said. Instead of ordering in on the weekends, consider splurging on a weekend home-cooked meal rather than dining out.

Don’t be afraid to negotiate

Recurring expenses such as cell phones, internet and cable can make up a significant portion of your budget each month, Ewing said. However, many suppliers are willing to negotiate prices based on their competitors’ prices.

“Ask friends and family what they pay for certain services, while researching comparisons online, as this information can help you negotiate with your suppliers,” she suggested.

Man looking at smartphone cellphone

A man looks at the screen of his smartphone. (iStock/iStock)

While this strategy won’t always guarantee a reduced rate, Ewing said, it’s worth considering your options every few months as you reassess your budget to confirm you’re making the best choice financially.

Enjoy Credit Card Rewards

Look at your credit cards to see if you have any rewards or cash back offers available.

“For example, your credit card might be offering cash back at a certain grocery store this month,” said Lauren Bringle, Certified Financial Advisor at Self Financial. “If so, buy the products you already need there and collect the cashback.”

Woman holding credit cards

A woman holding credit cards. (iStock/iStock)

The important fact here is that credit card rewards only save you money if you pay off your credit card balance each month. Interest on Revolving Balances will offset any rewards you earn.

Shop for new car insurance rates

Bringle said if you’ve recently improved your credit score, that might put you in a position to get a lower rate.

“In all but a handful of states, your credit score can impact your car insurance rates,” she explained. “The better your credit score, the better your rates will be, so shop around to see if you can lower your monthly premium.”

New car dealership

New cars are on the lot of a dealership. (iStock/iStock)

If you have less than perfect or poor credit, consider using tools or incorporating habits to help you build your credit, as a better score could save you money on things like interest rates. and borrowing costs over time, Bringle advised.

Make savings a priority

It’s not always easy to save, but committing a small amount each week is a good start.

“There is no one-size-fits-all approach to savings,” said Michael Hershfield, CEO of Accrue Savings. “Saving more than $100 a month is more manageable for some than for others and that’s why people should save according to what best suits their budget.

money jar

A person is holding a jar full of savings money. (iStock/iStock)

For example, it says to start saving $50 this month and increase by $10 each month in the future.

“The goal is to start,” Hershfield said. “Some months will be easier than others and there may be even more money set aside that can be used for unforeseen expenses, but don’t let the end goal stop you from starting your journey of success. ‘saving.”

Limit impulse purchases

Make a pact that you won’t buy something without a “cool off period” to see if you really need the item or service.

shopping bags

Man holding shopping bags with gifts on the street (iStock) (iStock/iStock)

“It’s easy to get caught up in making several impulse purchases a month, whether on clothes or gadgets, so try to wait a few days before making a decision,” recommends Jay Klauminzer, CEO of Raise, a marketplace discounted gift cards. “Most of the time, the original ‘desire’ for the product fades, or you may end up finding a better deal online.”

Attempt to match prices

Klauminzer said companies like Best Buy, Walmart, Target, Nordstrom and more all match prices if you find a lower price online or through a competitor.

“Just show them where you found the lowest price and they’ll give you a discount,” he noted.

Westfield Garden State Plaza in New Jersey

Shoppers walk through the Westfield Garden State Plaza mall during Black Friday in Paramus, New Jersey, U.S. on Friday, Nov. 29, 2019. (Photographer: Gabby Jones/Bloomberg via Getty Images) (Gabby Jones/Bloomberg via Getty Images)

Additionally, you can use shopping apps like the PayPal Honey browser extension to ensure you get the best prices for online purchases. Klauminzer said PayPal Honey even has price tracking on sites like Amazon so you can see price trends and know you’re getting the best deal.

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