You’ve heard it before, everybody talks about the weather, but nobody does anything about it. A funny line, no doubt, but might we say the same thing about budgeting? Maybe you’ve done your share of talking about a budget but never got around to it. Or you’ve tried and failed and your technique needs a tweak. So first up, financial planner and teacher Rob West talks us through the basics. Then it’s your calls at 800-525-7000.

No matter how much or how little you have,everybodyneeds a budget. There’s no other way to stay on top of your spending, getoutof debt, give to your maximum potential, and plan for the future.

Step 1 is list your monthly income. That means your after tax income.

Step 2 is to list all of your fixed expenses, the things you pay the same amount on every month. These would include your rent or mortgage payment, auto loans and insurance, credit card minimum payments and student loans.

Include your giving in this step because that’s certainly a needed expense. Determine a percentage for your giving and do your best to stick to it.

Step 3 is to list yourvariableexpenses. These are things that vary from month to month.

Step 4 is budget some money for your wants. Give yourself a little spending money for a few things that make life a little easier and more enjoyable.

Step 5 is start paying off your debt. You need to determine the amount of your remaining discretionary income that you can put toward debt that is,aboveyour minimum payments.

Step 6 is startsaving.And for the purpose of this exercise we’ll assume youdon’thave an emergency fund.

The 7thstep is to look for ways to cut spending. Can you raise or lower the thermostat to trim your utility bills? Can you cut something from the grocery budget?

Step 8 is to set up a system for tracking your expenses as you go forward. This is essential to know whether you’re on budget. We think the best way to do that is with the new MoneyWise app, which you can download for free at the App store.

Here are some questions we answered from our callers on today’s program:

I am out of debt and in full time ministry. What is the best way to build my retirement?

I have a lot of my investments in silver. Is this wise?

I have a 401K and life insurance. I have student loans, credit cards and a car payment. How should I be investing?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Youve heard it before, everybody talks about the weather, but nobody does anything about it. A funny line, no doubt, but might we say the same thing about budgeting? Maybe youve done your share of talking about a budget but never got around to it. Or youve tried and failed and your technique needs a tweak. So first up, financial planner and teacher Rob West talks us through the basics. Then its your calls at 800-525-7000.

No matter how much or how little you have,everybodyneeds a budget. Theres no other way to stay on top of your spending, getoutof debt, give to your maximum potential, and plan for the future.

Step 1 is list your monthly income. That means your after tax income.

Step 2 is to list all of your fixed expenses, the things you pay the same amount on every month. These would include your rent or mortgage payment, auto loans and insurance, credit card minimum payments and student loans.

Include your giving in this step because thats certainly a needed expense. Determine a percentage for your giving and do your best to stick to it.

Step 3 is to list yourvariableexpenses. These are things that vary from month to month.

Step 4 is budget some money for your wants. Give yourself a little spending money for a few things that make life a little easier and more enjoyable.

Step 5 is start paying off your debt. You need to determine the amount of your remaining discretionary income that you can put toward debt that is,aboveyour minimum payments.

Step 6 is startsaving.And for the purpose of this exercise well assume youdonthave an emergency fund.

The 7thstep is to look for ways to cut spending. Can you raise or lower the thermostat to trim your utility bills? Can you cut something from the grocery budget?

Step 8 is to set up a system for tracking your expenses as you go forward. This is essential to know whether youre on budget. We think the best way to do that is with the new MoneyWise app, which you can download for free at the App store.

Here are some questions we answered from our callers on todays program:

I am out of debt and in full time ministry. What is the best way to build my retirement?

I have a lot of my investments in silver. Is this wise?

I have a 401K and life insurance. I have student loans, credit cards and a car payment. How should I be investing?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

Interest rates are at a historical low and it has many people wondering, is now the time to refinance? It’s true, mortgage rates have never been lower, but what else has to be taken into consideration when refinancing? Today, host Rob West talks with mortgage expert Dale Vermillion about the current real estate climate and whether now is a good time to refinance or not.

First time homebuyers are positively affected from low interest rates because they can own cheaper than they can rent.

Just because we’re at historic lows in interest rates doesn’t mean they’re going up any time soon.

Interest rates likely won’t raise until 2022 because of the coronavirus and the state of the economy.

Make sure you talk to multiple companies and have your documentation when looking for a lender. Do your homework to know what you’re getting into.

Always try to lower your payments and shorten your term when dealing with a loan.

Always ask for the annual percentage rate of a loan, not the interest rate.

Go with the lender you know first and then compare them to other lenders.

Keep in mind that during the pandemic, getting a loan can be a really long process.

Here are a couple of questions we answered from our callers on today’s program:

I had heard that we don’t have to take RMDs out this year. Is that true?

Do you know of a legitimate way of exiting an unwanted timeshare? (Rob mentions Tug2.com).

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Interest rates are at a historical low and it has many people wondering, is now the time to refinance? Its true, mortgage rates have never been lower, but what else has to be taken into consideration when refinancing? Today, host Rob West talks with mortgage expert Dale Vermillion about the current real estate climate and whether now is a good time to refinance or not.

First time homebuyers are positively affected from low interest rates because they can own cheaper than they can rent.

Just because were at historic lows in interest rates doesnt mean theyre going up any time soon.

Interest rates likely wont raise until 2022 because of the coronavirus and the state of the economy.

Make sure you talk to multiple companies and have your documentation when looking for a lender. Do your homework to know what youre getting into.

Always try to lower your payments and shorten your term when dealing with a loan.

Always ask for the annual percentage rate of a loan, not the interest rate.

Go with the lender you know first and then compare them to other lenders.

Keep in mind that during the pandemic, getting a loan can be a really long process.

Here are a couple of questions we answered from our callers on todays program:

I had heard that we dont have to take RMDs out this year. Is that true?

Do you know of a legitimate way of exiting an unwanted timeshare? (Rob mentions Tug2.com).

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

For years, Certificates of Deposit, or CDs, have been the go-to place to keep your money with no risks. However, a lot of people aren’t happy with today’s low interest rates on CDs. Today, host Rob West and Steve Moore discuss the issues with CDs and the best alternatives to use.

With a CD, your money is deposited in a bank or credit union for a set amount of time, anywhere from 6 months to 5 years.

The longer the term, the higher the interest rate. Right now, the best you’ll do on a 5-year CD is about 1.5%. That’s a long time to keep your money tied up for such a low rate.

You need to have your 3 to 6 month emergency fund in place first. Rob recommends having it with a higher yield account at an online bank such as Ally, Marcus, or Capital One 360.

You have the potential to earn more at an online bank because you’re not locked into a fixed rate like with a CD.

Invest for the future in a 401(k) or IRA, with some of your portfolio invested in stocks or mutual funds.

Here are a couple of questions we answered from our callers on today’s program:

My house is valued at $800,000 and I owe $503,000. The loan is at 3%, but the company was saying they could refinance it at 2.375%. We have 26 years on the loan we have now, and the new loan would be for 30 years. Do you think they would let us do the new loan for 26 years, or is it even a good idea to accept the new loan?

I’m 59 years old, I have my own construction business, and I own 8 properties that I rent out. My CPA told me that if I didn’t have my construction income, I would pay a lot less in taxes. What are the advantages and disadvantages to retiring at my age, under these circumstances? Should I keep my business or let it go?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

For years, Certificates of Deposit, or CDs, have been the go-to place to keep your money with no risks. However, a lot of people arent happy with todays low interest rates on CDs. Today, host Rob West and Steve Moore discuss the issues with CDs and the best alternatives to use.

With a CD, your money is deposited in a bank or credit union for a set amount of time, anywhere from 6 months to 5 years.

The longer the term, the higher the interest rate. Right now, the best youll do on a 5-year CD is about 1.5%. Thats a long time to keep your money tied up for such a low rate.

You need to have your 3 to 6 month emergency fund in place first. Rob recommends having it with a higher yield account at an online bank such as Ally, Marcus, or Capital One 360.

You have the potential to earn more at an online bank because youre not locked into a fixed rate like with a CD.

Invest for the future in a 401(k) or IRA, with some of your portfolio invested in stocks or mutual funds.

Here are a couple of questions we answered from our callers on todays program:

My house is valued at $800,000 and I owe $503,000. The loan is at 3%, but the company was saying they could refinance it at 2.375%. We have 26 years on the loan we have now, and the new loan would be for 30 years. Do you think they would let us do the new loan for 26 years, or is it even a good idea to accept the new loan?

Im 59 years old, I have my own construction business, and I own 8 properties that I rent out. My CPA told me that if I didnt have my construction income, I would pay a lot less in taxes. What are the advantages and disadvantages to retiring at my age, under these circumstances? Should I keep my business or let it go?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

They say when it rains, it pours. That’s fine if the lawn needs watering, but not so much if someone sues you. Could you use an umbrella insurance policy?Many homeowners fail to take advantage of coverage that protects their assets from catastrophic lawsuits. Today, financial planner and teacher Rob West has the info you need on this overlooked form of insurance. Then it’s your calls at 800-525-7000.

An umbrella policy gives you extra liability coverage for you and your family, beyond what you have with your homeowner’s and auto insurance policies.

And does everyone need it? Maybe not. But more people than you might expect. If you’ve been working hard to build up assets, in your retirement fund, and the equity in your home, it’s possible you could reach the million dollar mark someday, even if you’re not there yet. And a civil judgement could be against future earnings, so that’s something to consider.

A lot of folks might think those assets are protected from lawsuits, but there are limitations. In many states, your home is protected from lawsuits and creditors, but not all. For example, New Jersey and Pennsylvania have no homestead protection.

Also, most employer sponsored retirement plans, like a 401k, have immunity from lawsuits and creditors under the Employee Retirement Income Security Act, or ERISA. But non-ERISA plans, like traditional or Roth IRAs, don’t have the same level of protection. So those are both reasons to consider an umbrella policy.

Umbrella policies are quite reasonable. For up to $1 million in coverage, you’ll probably pay $150 to $300 a year. You might even find it cheaper if you have an independent insurance agent shop around for you.

There’s no deductible with an umbrella insurance policy. Of course, you would pay the deductible for your homeowner’s or auto insurance policy, but then the umbrella policy kicks in and pays all the rest.

Here are some questions we answered from our callers on today’s program:

My husband and I have savings in an account that we were planning on using on a home. We are now considering going into the mission field within the next 5 years. Should we wait to purchase a home?

I opened a Roth IRA. How do taxes work with these?

I am making some improvements on my home. One creditor offers a loan with no payments for 5 years. How can they do this? It is too good to be true?

If you can save a percent, should you refinance? I only have 8 years left to pay it off.

I am a schoolteacher and I am planning my retirement. Is having a 403B the best plan for me for retirement?

My husband and I purchased a timeshare 30 years ago. Is there a cost effective way to get out of this?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

They say when it rains, it pours. Thats fine if the lawn needs watering, but not so much if someone sues you. Could you use an umbrella insurance policy?Many homeowners fail to take advantage of coverage that protects their assets from catastrophic lawsuits. Today, financial planner and teacher Rob West has the info you need on this overlooked form of insurance. Then its your calls at 800-525-7000.

An umbrella policy gives you extra liability coverage for you and your family, beyond what you have with your homeowners and auto insurance policies.

And does everyone need it? Maybe not. But more people than you might expect. If youve been working hard to build up assets, in your retirement fund, and the equity in your home, its possible you could reach the million dollar mark someday, even if youre not there yet. And a civil judgement could be against future earnings, so thats something to consider.

A lot of folks might think those assets are protected from lawsuits, but there are limitations. In many states, your home is protected from lawsuits and creditors, but not all. For example, New Jersey and Pennsylvania have no homestead protection.

Also, most employer sponsored retirement plans, like a 401k, have immunity from lawsuits and creditors under the Employee Retirement Income Security Act, or ERISA. But non-ERISA plans, like traditional or Roth IRAs, dont have the same level of protection. So those are both reasons to consider an umbrella policy.

Umbrella policies are quite reasonable. For up to $1 million in coverage, youll probably pay $150 to $300 a year. You might even find it cheaper if you have an independent insurance agent shop around for you.

Theres no deductible with an umbrella insurance policy. Of course, you would pay the deductible for your homeowners or auto insurance policy, but then the umbrella policy kicks in and pays all the rest.

Here are some questions we answered from our callers on todays program:

My husband and I have savings in an account that we were planning on using on a home. We are now considering going into the mission field within the next 5 years. Should we wait to purchase a home?

I opened a Roth IRA. How do taxes work with these?

I am making some improvements on my home. One creditor offers a loan with no payments for 5 years. How can they do this? It is too good to be true?

If you can save a percent, should you refinance? I only have 8 years left to pay it off.

I am a schoolteacher and I am planning my retirement. Is having a 403B the best plan for me for retirement?

My husband and I purchased a timeshare 30 years ago. Is there a cost effective way to get out of this?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

How much food do you really waste, and how can you cut down food waste? In John 6, Jesus gives His disciples a clear instruction, Gather the pieces that are left over. Let nothing be wasted. In America, we waste a tremendous amount of food every month. Today, host Rob West and Steve Moore talk about just how much food we waste on average, and efficient ways to cut our losses.

Using data collected from 4,000 households, researchers at Penn State have determined that the average U.S. household wastes 32-percent of the food purchased.

The average family spends nearly $2,000 dollars on wasted food.

Pay attention to storage life of food and save the food that lasts longer for later.

If you have children, give them smaller portions to reduce waste. You can always give them seconds if they are still hungry.

Always keep a shopping list, and make sure to check the fridge and pantry for things you already have before heading to the store.

Pay attention to the contents of your freezer. Meats often get freezer burn from being in there too long.

Think before you toss out food, Is there a way to turn these scraps into part of a meal?

Here are a couple of questions we answered from our callers on today’s program:

I volunteer at a recovery center where I help men in recovery set up budgets and understand principles of financial management. I often get questions about debt and low credit scores that I don’t know how to answer. Are there some ways to help them improve their credit scores when they can’t commit to regular payments on their existing debt? (Rob mentions ChristianCreditCounselors.org).

I have a large family and a full-time job. I’ve been just barely keeping above water financially for more than 30 years. How do I continue to be content with this?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

How much food do you really waste, and how can you cut down food waste? In John 6, Jesus gives His disciples a clear instruction, Gather the pieces that are left over. Let nothing be wasted. In America, we waste a tremendous amount of food every month. Today, host Rob West and Steve Moore talk about just how much food we waste on average, and efficient ways to cut our losses.

Using data collected from 4,000 households, researchers at Penn State have determined that the average U.S. household wastes 32-percent of the food purchased.

The average family spends nearly $2,000 dollars on wasted food.

Pay attention to storage life of food and save the food that lasts longer for later.

If you have children, give them smaller portions to reduce waste. You can always give them seconds if they are still hungry.

Always keep a shopping list, and make sure to check the fridge and pantry for things you already have before heading to the store.

Pay attention to the contents of your freezer. Meats often get freezer burn from being in there too long.

Think before you toss out food, Is there a way to turn these scraps into part of a meal?

Here are a couple of questions we answered from our callers on todays program:

I volunteer at a recovery center where I help men in recovery set up budgets and understand principles of financial management. I often get questions about debt and low credit scores that I dont know how to answer. Are there some ways to help them improve their credit scores when they cant commit to regular payments on their existing debt? (Rob mentions ChristianCreditCounselors.org).

I have a large family and a full-time job. Ive been just barely keeping above water financially for more than 30 years. How do I continue to be content with this?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.