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NeighborWorks Columbus, GA

Home maintenance tips to handle this Fall

Given the very summer-like temperatures outside, it may be a little hard to believe fall is on the way, but in just a few short weeks we will welcome the official start of a new season.

Many people enjoy the cooler temps and pumpkin flavors, but there are a few practical home maintenance steps to take to prepare for falling leaves and cooler temperatures. This list will help ensure your home is as ready for fall as you (hopefully) are:

  1. Clean out gutters & drains

Clogged gutters can lead to all sorts of water damage to your home. To protect your roof, make sure you unclog your gutters before leaves fall. Once you do, cover them with mesh to keep the debris out as leaves fall. It’s also a good time to clean out your downsprouts. Going on the roof is not ideal for everyone, so this would be a good job to hire out if that’s you!

  1. Take care of your roof

While you (or a proxy) are up on the roof, you need to assess it for damage. Inspect for missing or damaged shingles, other cracks or wind damage. It’s also important as leaves fall to keep the roof cleared, as a build-up of leaves and other debris can cause damage to your roof.

  1. Check your home’s exterior

While we don’t typically get snow in our area, we are still prone to the occasional ice storm. Fall is a good time to take a walk around your home and check for cracks in the siding, foundation or walkways and have them repaired if you find any. Once leaves are done falling, make sure to clear your pathways and secure any loose stair railings.

  1. Critter proof

As colder weather comes, critters will be looking for warm homes with pantries to raid—and you don’t want those to be yours! Mice can make their way through even the smallest of holes, a width of a pencil! If you find any holes you will want to seal them. This can be done with steel wool, caulk, cement, hardware cloth or other materials depending on the sizes of your holes. For a detailed list on where to check for holes and how to fill them if you find them, read this CDC article.

  1. Service your HVAC

As temperatures change, it’s a good idea to have your heating system serviced to prepare for colder temperatures. It’s always better to find out something needs maintenance before you actually need it to stay warm! Fall is also a good time to change your air filter.

  1. Add weatherstripping

Weatherstripping is a simple way to keep energy costs down. Check your current weaterstripping around your doors and windows. A trick is to slide a piece of paper under the door or window. If it slides easily, it’s time to replace your weatherstripping. Additionally if there are any cracks in the house, that could let air out, it’s time to seal those up.

  1. Check safety devices

Check to make sure your carbon monoxide and smoke detectors are working properly and change batteries if needed. Also, check the expiration dates on your fire extinguishers and purchase new ones if its time.

  1. Schedule a chimney sweep

If you have a working fireplace, you’ll want to make sure your chimney is cleaned before you light your first fire for the season. There are ways to do this yourself if you know what you are looking for, but a professional can also perform an inspection and clean your chimney for you.

 

 

 

Home for the holidays

Christmas came early for Juwan Martin this year when she bought her first home.

Juwan was among the first to enter NeighborWorks Columbus’ Homeownership Earned and Reached Together (HEART) Program in 2019, where she leased her home while working toward the goal of homeownership.

“It’s been such a blessing, and I now have something to leave for my children,” said Juwan, single mother to three children.

Prior to moving into her new home, Juwan and her young children lived in a house by the river, which was a breeding ground for allergens.

“For allergy sufferers like me and my son, it was awful just trying to breathe. I woke up with a headache every day,” said Juwan.

After nearly three years in her home, Juwan is happy to say the two have not had an episode like that since. This is the very definition of healthy housing. Not only has her home brought great physical health benefits—her family has thrived in their new space. Now a grandmother, Juwan says her family loves having a home for family to gather and a yard for her children and grandchildren to enjoy.

How to prepare for the return of student loan payments

For the last year and a half, most student loan borrowers have been off the hook from making payments, but in the New Year that is set to change.

The postponement of student loan payments is set to end Jan. 31, 2022, and now is the time to start preparing for this transition if you haven’t been making payments.

Don’t fret—there are plenty of options for repaying your loans in a way that will fit your current budget, and we’ll guide you through those right here.

First things first, you’ll need to assess what your budget is and how much money you can afford to comfortably put toward your student loans each month. Has your income increased or decreased in the last year? Are you struggling to catch up from being out of work during the pandemic? These are all things to consider.

Next, contact your student loan provider(s) to find out how much your payments are scheduled to be in January. If the amount is more than you are able to pay, you don’t need to panic. Most student loan providers are more than willing to work with you to come up with a repayment plan.

The best option for easing your payments is to apply for an Income-Driven Repayment Plan (IDR). This option takes your income and family size into account and sets your monthly payments at a rate that fits your discretionary spending for 12 months. You can reapply each year, and there is no cap on how many times your loan can qualify for an IDR.

In some cases, you can qualify for a loan forbearance, which will pause your payments all together for a year. This is not an ideal option because interest continues to build during this period and is added on at the end of your loan.

Neither of these, or any other repayment options, have a negative impact on your credit, as long as you make payments on time.

Also remember, any payment plan you set up can be changed without penalty. If your income or life situations change, communication with your student loan provider is key.

For more information on repayment options or to apply for an IDR, visit studentaid.gov.

How to make the most of your Child Tax Credit Payments

If you are the parent of a child under 18, there is a good chance you have received two advanced payments of your Child Tax Credit.

For 2021, all taxpayers who meet the income requirements are eligible to receive half of their annual Child Tax Credit in the form of monthly payments ($250 per child ages 6-17; $300 per child under 6). The remaining half will be claimed on your taxes in 2022. If you have questions about your eligibility or haven’t received your payments, you can troubleshoot here.

For many parents, these payments can be a great resource to help meet some basic needs, especially if you are unemployed or have had some economic setbacks during the pandemic.

If you fall into this category, check out this post that may help you prioritize your basic spending needs.

But for those still employed and able to pay your monthly bills, this child tax credit payment can be a great source of extra income, and we want to help you make the most of it!

 

Here are 4 ways you can make the most of this extra income:

1. Establish an emergency fund.

Financial experts recommend everyone should have at least $1,000 saved up in a rainy day fund. Having this basic emergency fund makes things like broken appliances, car troubles, or unexpected medical expenses a lot easier to bear. Additionally, experts further recommend a larger savings that could cover 3-6 months of salary in the event of job loss. This is a big undertaking, so don’t stress if you aren’t able to save quite this much, but every penny you are able to save makes an emergency of any kind much less stressful!

 

2. Pay down debt

Popular financial guru Dave Ramsey is famous for his “snowball method” of paying off debt, and for good reason—it works! In 2016, the Harvard Business Review concluded this to be the most effective method for debt repayment. Here’s how it works:

  1. List all your debts out, smallest to largest.
  2. Pay the minimum payments on all of your debt, regardless of interest.
  3. Put any extra income you have toward the smallest debt you have.
  4. Once that is paid, apply the former minimum payment you made on your smallest debt to the next highest up, plus any additional income on top of that.

Eventually, the idea is that you will be debt free!

 

3. Save for a goal

If there is something you have had trouble saving for, now might be exactly the time to do it! Perhaps you need new piece of furniture, some repairs to your home, or a special getaway with your family. Or might we suggest a down payment for a new home?! To put your child tax credit payments toward a savings goal, we recommend depositing them into a savings account as soon as they hit your bank account if directly deposited, or depositing the check directly to your account if you get a paper check. Whatever you are saving for, this will help ensure the funds don’t accidentally get spent on something else.

 

4. Invest

Investing can be a great way to prepare for the future. There are many options when it comes to investments, and that can easily get overwhelming. To keep it simple, start with what type of investments you want to make. If you are wanting to save for retirement, an IRA is a great way to go. This article can break down some more details on IRA for you.

You also may want to create an investment in your children’s college funds. This is a great breakdown of that option.

Finally, you may be interested in growing your money with the stock market. Here is a beginner guide on that.

Making student loan debt work for you

Having to pay back student loans is undeniably frustrating, but believe it or not, there’s an upside: Student loans can help your credit if you pay them back on time.

Student loans are considered a “good” type of credit, and therefore if you make your payments on time they can greatly improve your FICO credit score. On the flipside, defaulting on your student loans or failing to pay on time can quickly send your credit score spiraling in the wrong direction.

There are many factors at play when it comes to student loans, though, and we plan to address them in greater detail at our upcoming Financial Fitness class Oct. 17 at 6 p.m.

For one, if you have public student loans, there are more options when it comes to making your payments.

Defferals and Forbearances

If you are unable to pay for a period of time, your loan company may allow your loan to be deferred or go into forbearance.

A deferral is when you don’t have to pay back your loan for a specified period of time but do have to make payments on the interest that accrues during that time. “For example, if you have a $10,000 student loan in deferral, you do not have to pay any of that $10,000 back. You may, however, still have to pay interest that accrues on the loan. If the loan carries 5% interest, you may still have to pay for this interest – in this case, about $41.67 per month,” according to moneycrashers.com.

A forbearance is made on a case-by-case basis and will allow you to hold off on making payments on your loan or interest payments for a set period of time.

Neither of these situations will harm your credit, but they may affect your chances of getting approved for a mortgage loan.

Income-Based Repayment

Public loans are also eligible for income-based repayment plans, meaning the payment amount is based on how much money you make. Enrolling in these programs also do not hurt your credit score; the most important thing is just to make those payments.

If you’ve made late payments or defaulted on your student loans, don’t worry! NeighborWorks Columbus is here to help.

Join us on Oct. 17 at 6 p.m. in our office (345 6th Street), and where we’ll discuss all this information in greater detail and go over solutions with you.

 

 

 

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