Your Safe Money Show topics for February 29th

What's coming up on this weeks (February 29th) Your Safe Money Show?
Baby Boomers have a drug problem but not the kind you might think,tune in to find out more.
Over the years here on the show we’ve talked about retirement concerns for women specifically and we have updated information on that.
And we’ll go into alternatives to long-term care insurance.
Listen Saturday mornings at 7:30 at 95.5 FM KBEK. They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.

In store financing

Real ID

Minnesota offers three different ID options: a standard driver's license, a REAL ID and an enhanced ID. All three will be acceptable for driving purposes, but after Oct.1, 2020, you will need a REAL ID, an enhanced ID or a passport to board a domestic flight or enter a federal facility.
There are a few more hoops to getting a Real ID too. When you go to the license bureau, you’ll need a document proving your identity, date of birth and legal presence in the U.S. (like a passport, birth certificate or Green Card). Proof of your Social Security Number (like your SSN card or a W-2 form). Two documents proving your residency in Minnesota, such as a credit card statement, utility bill or valid driver's license.
What about enhanced ID’s? Enhanced driver's licenses can be used in the same way as a Real ID license, but will also allow you to travel to Canada, Mexico and parts of the Caribbean without a passport.
The process is a little more involved than a standard or Real ID. Applications will require applicants to complete an interview questionnaire. You also need to be a U.S. citizen to get one.
You can find more details on the Minnesota Department of Public Safety's Real ID website by going to dps.mn.gov. 

Your Safe Money Show Handling a surprise medical bill 2 22 20

Your Safe Money Show for February 22nd

We'll talk about how in Finland they’ve pushed to not use cash and to use digital payments, that’s caused some issues, I’ll explain.
I’ll also have estate planning adjustments to make as you approach retirement.
And after elective surgery one in five Americans get a surprise medical bill, what can you do, we’ll go into that.
Listen Saturday mornings at 7:30 at 95.5FM KBEK.
They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.

Refinance mortgage

The average rate for a 30-year fixed-rate mortgage now stands at 3.45%, the lowest since 2016. More than 11 million homeowners stand to save an average of $268 per month on their mortgages if they were to refinance at today’s rates. And that means this is a good time to look at refinancing your mortgage, but I have some questions you’ll want to ask yourself before you decide to refinance.

 You need to consider how long you plan to stay in the home. Refinancing costs money, you want to have the loan long enough the for the monthly savings to exceed the closing costs.

 To save money with a refinance, the general rule of thumb is that the new interest rate needs to be 50 basis points lower than your current one. If your paying for mortgage insurance refinancing might not be a good option.

A recent study from LendingTree found that one in four mortgage refinance applications is denied. The most common reason applications are denied is that the borrower’s debt-to-income ratio is too high, followed by having poor credit. Taking steps to improve both your debt-to-income ratio and your credit score ahead of applying for a new home loan will increase the odds of getting improved.

 Because your existing lender already has your personal information and payment history, refinancing with them can often be an easier process. Additionally, they have a vested interest in keeping your business, which will push them to compete as much as possible with other lenders’ offers.

You can save real money now by refinancing just make sure it’s right for you.

Your Safe Money Show Lying about money 2 15 20

Closed on Presidents Day

Sjoberg & Holmstrom Financial Services and Your Safe Money Show will be closed on Monday February 17th for Presidents Day.
We will open on Tuesday the 18th at 8 a.m..
We will monitor messages at 320-679-5183.

February 15th Your Safe Money Show highlights

With tax time at hand as you receive your W-2’s, and 1099’s, there’s some steps to follow, I’ll explain.
Also, I have questions to ask yourself before you refinance your mortgage.
And since were a day after Valentine’s Day I thought I’d share reasons spouses and partners lie about money.
Tune in at 7:30 a.m. at 95.5FM KBEK. They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.

Overdraft fees

Love and money

With Valentine’s Day coming up this Friday I’d like you to keep in mind that money does play a part in a happy relationship. And whether your in your 20’s or 50’s it’s crucial to know how each of you deals with money.
When couples are asked, what the biggest problem in their relationship is many say “money”. Some couples avoid talking about money at all costs and I am here to tell you that’s a recipe for disaster.
Before a couple marries, find out each other’s credit score. A credit score is a window to that person’s credit history and how they handle money in and out. What are your future goals together and if they require money, how will you reach those goals? Will you share the responsibility of paying bills with a joint account or will each of you pay certain bills? You need a game plan as a couple to know how best to handle your income together. If one of you is better at this than the other, they can handle the financial side of your life. However, the other needs to understand how it all works in case something would ever happen to the other.
Working together, and talking often about budgeting, can make for a happier and healthier relationship.
yoursafemoneyshow.com.

Your Safe Money Show New Medicare policy 2 8 20

February 8th Your Safe Money Show topics

There’s a new Medicare policy that went into effect October 1st, 2019 and it changes how companies that provide rehab services get paid and that means patients are getting different care, I’ll explain.
Also, I’ll have the details on student loan debt that if it isn’t paid by the time you take your Social Security benefits, those benefits can be garnished.
And how can you get the biggest tax refund this year, I'll have details.
Listen at 7:30 a.m. Saturdays at 95.5 FM KBEK. They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.

Long term care costs

Credit scoring changes that can affect you

Fair Isaac, which produces the widely used FICO credit score, typically upgrades its formula every few years. The FICO 10 Suite is expected to be adopted by many lenders in the next year or so. A version of the new model, called 10T, will evaluate credit card usage trends over 24 months rather than provide a monthly snapshot. Lenders feel using FICO 10, will give a better idea of those with higher risk.

 What can you do? Be sure to check your credit report periodically at the three major credit reporting agencies—Equifax, Experian, and TransUnion. That data is used by FICO and other companies to create your credit score.

 About 35 percent of the FICO score is based on your payment history—that is, how often you pay on time. If you can't pay off the full balance, be sure to pay the minimum amount to avoid a late payment.

 Your credit score is also determined by utilization—how much of your available credit limit is being used. So, avoid maxing out your cards. Be cautious, as well, about applying too often for new credit. If you don't already have a lot of other credit information, new accounts will lower your average account age, which will ding your FICO score. Even if you have a long-term credit record, opening a new account can still lower your score.

Your credit score determines how much you’ll pay for home and auto insurance and so much more. Keeping your score high will save you money. For more information go to yoursafemoneyshow.com.

Your Safe Money Show FICO changes 2 1 20