Section 8 Assistance’s Four Prerequisites

The Housing Choice Voucher Program is a great opportunity for people to receive housing assistance. This assistance can provide eligible recipients with affordable housing. Also known as Section 8, this federal program gives housing vouchers to those that qualify. These housing vouchers help people access housing that is decent, clean, and safe.

Understanding Section 8

While section 8 is a federal program, it is managed locally by public housing authorities (PHAs). These PHAs are the ones that get federal funds from the United States Department of Housing and Urban Development (HUD). These funds are what are used by PHAs to manage the housing choice voucher program.

When a recipient receives these vouchers, they will be able to choose their housing unit. This means recipients are not limited to just public housing units! They can choose any property that accepts these vouchers as a form of payment and meet local PHA guidelines. On the receiving family’s behalf, their local PHA will pay the landlord or property manager directly. Any difference leftover is what the family will be responsible for paying. Sometimes a family may not even be limited to rentals. Under special conditions, a family may have the opportunity to use the vouchers towards the cost of buying a modest home.

Understanding Eligibility Criteria for Section 8

Eligibility criteria for this program varies based on the area. However, you can basically break down the qualifying requirements into four parts:

  • Family Status Requirement
  • Citizenship Status Requirement
  • Income Level Requirement
  • Eviction History

Family Status Requirement

One important part of the assessment process is family status. The guidelines are written by the HUD, but your local PHA will have their own specific requirements. There is some criteria that most local PHAs consider like:

  • Is anyone in the household disabled?
  • Has anyone in the household been displaced from his/her home due to a government decision, such as an evacuation because of a natural disaster or safety hazard?
  • Is anyone a senior citizen?

It’s important to note as well that if a tenant who is already receiving Section 8 assistance leaves the property, but lets a family member stay in the property, then the vouchers can still be used for that remaining member. According to their rules, he/she is part of the same household that was getting the Section 8 vouchers.

Citizenship Status Requirement

It is important to note that anybody who is not a U.S. citizen or a legal immigrant in the United States will not be eligible for Section 8 assistance. As a reference, you can use the HUD’s Housing Choice Voucher Guidebook (accessible on the HUD website at www.hud.gov) to determine your immigration status to see if you qualify for the vouchers. Make sure you have relevant immigration documentation handy.

Income Level Requirement

In other words, show me the money! Instead, this is not about how much money you have, it’s actually about how little you have. Based on your income, you fall into one of three distinct categories that are used to determine whether or not you qualify for Section 8 Assistance which are:

  • Low Income
  • Very Low Income
  • Extremely Low Income

The details of each category are pretty easy to understand. The extremely low income class of applicants are prioritized when it comes to getting vouchers, but it’s important for you to learn about a key principle. When you are categorized, those who are involved in the assessment will consider how your income is able to sustain a family that is a certain size. A very small family that makes $15,000 dollars per year falls into the “extremely low-income” category, but a family of eight can also make it into the same category, even if they make $30,000.

Eviction History

If you’ve been a troublemaker, then you’re definitely in trouble here. To qualify for Section 8 assistance, you must not have been evicted for dealing with illegal narcotics or for being involved in the production of methamphetamines on the grounds of a low-income project’s property. If you have these on your record, then you may face your application being denied.

For more information on any of the eligibility criteria above, you will want to get in touch with your local PHA.

How to Handle the Application Process

Now that you’ve read the eligibility requirements, it’s time to start the application process. It’s not complicated, but the thing is it could take a long time. Which is all the more reason you should start immediately, and we are going to walk you through the entire process. The best part about these applications is that they are free! So even though they could take while, it is definitely worth the time and effort to at least apply. You can break the application process down into 5 steps:

  • 1st Step: Do Your Research
  • 2nd Step: Make Contact with Your Local PHA
  • 3rd Step: Complete a Section 8 Housing Choice Voucher Application
  • 4th Step: Play the Waiting Game
  • 5th Step: Inspect Before You Accept

Do Your Research

Getting the right Section 8 property is going to take a little investigative work. So, put on your detective hat! The first thing you need to do is find your local PHA. If you simply visit the HUD website, you will find a useful directory and search tool for all the local PHAs in the country. This makes it easier for you to find one that is close to your area. All the essential contact details are mentioned, and you can conduct the search based on zip code, city, or state. This will give you the information you need to get started.

Make Contact with Your Local PHA

Get in touch with your local PHA and learn about any specific eligibility criteria that they might have for a particular area. Ask the person helping with your application about what papers need to be prepared and what provisions need to be made so that the application process is done successfully. This is a critical step because your local PHA will really help you understand your situation a bit better.

Complete a Section 8 Housing Choice Voucher Application

Now that you are ready with all the details and requirements, you can apply to the Section 8 assistance program. You may be able to apply online or with a paper application. The options you have vary based on the PHA. As with most benefit applications, it will ask for personal information. Personal information can include details like:

  • Name
  • Social Security Number
  • Date of Birth
  • Financial Information
  • Household Information
  • Citizenship Status

It’s important to make sure you answer as truthfully as possible because all of your answers will be checked and verified. Once you have completed the application, make sure that you follow the instructions provided by your local PHA as to how and when the application is to be submitted. Make sure to keep in mind any deadlines!

Play the Waiting Game

You will likely be placed on the waiting list (if you are approved), but how can you get prioritized? Prioritization in these programs is based on need. They aim to help those who are most in need find homes quicker. If you are disabled, have children, or have any type of immediate need, it is important to communicate that in your application. This can help you get priority.

Inspect Before You Accept

Once you find a property, it’s important you personally go to make sure this is where you want to live. This includes making sure that the property is up to the standard that you feel is safe for your family. Make sure to do a complete inspection! This property will also need to pass safety criteria set by the local PHA. If the local PHA does not deem the property livable (even if you do) then you will not be able to use the vouchers at that property.

Commonly Asked Questions About Section 8

Understanding the section 8 program can be hard at times and even a little confusing. There may be questions that others have had, that you have too.

What are Tenant Responsibilities for the Section 8 Program?

The family will need to select a residence that their local PHA approves. The family must sign a one year lease with the landlord or property manager (whoever accepts the paychecks!). Some properties may require that the tenant pays a security deposit as well. The family that moves into the property must follow lease and program requirements. This can include:

  • Paying rent on time
  • Keeping the residence in good condition
  • Notifying their local PHA if there are any changes in eligibility like income, family size, etc.

What’s the Difference Between Section 8 and the Housing Choice Voucher Program?

Nothing! You can use these terms interchangeably. That means you can either use “Section 8” or the “Housing Choice Voucher Program”. However, Section 8 is generally quicker to say!

Are There Regulations for this Program?

Yes, there are. You can find detailed information about these regulations online. Through the HUD website, regulations can be found in 24 CFR Part 982.

Do Landlords Benefit from Accepting Housing Vouchers?

Unlike public housing, properties that accept housing choice vouchers can be privately-owned. This means that landlords (or property management companies) have to choose to accept these vouchers as a form of payment. As a way to encourage these landlords to accept housing vouchers, local governments will offer tax incentives. However, there can be other incentive opportunities as well (depending on the area)!

How Much is a Section 8 Voucher?

A majority of tenants will pay 30% of their total monthly income after they receive assistance from their housing choice voucher. For example, if rent and utilities cost $1,000, a tenant will be responsible for $300 while their local PHA will be responsible for $700 (if that’s the amount that their voucher is worth).

The actual voucher amount will vary by person because it takes into consideration factors like family size and income level. There are certain circumstances where a tenant can find themselves paying for 40% of the rent. Luckily, by law it is illegal for tenants using housing choice vouchers to pay more than that.

Can Housing Choice Vouchers Pay for Utilities?

If you do not qualify for a utility reimbursement then housing choice vouchers will likely not pay for your utilities. However, your local PHA will do a calculation to see if you are eligible for utility reimbursement. If you are eligible, then a utility reimbursement check will be sent to you or to your utility company every month. This check will reimburse for the cost of utilities. In especially rare situations, a family may be eligible for a hardship exemption. This exemption will allow families to only be responsible for paying a minimum rent that is generally no more than $50 a month.

How Can You Check the Status of Your Section 8 Housing Choice Application?

In most cases, you will need to wait until you receive a confirmation that your application is being processed. Every PHA is different but generally they advise applicants not to contact the office for application status updates. You will likely find yourself having to wait for updates with no way to accurately check the status.

Can You Transfer Your Vouchers?

Luckily, housing choice vouchers are transferable. This means that you can transfer your voucher to a different area as long as you meet other other conditions. “Portability” is the term that describes the process of this transfer. When you get in touch with your local PHA you can get more information about portability from them!

Overall

Many Americans struggle to get affordable housing. It can be hard to keep up with bills, especially for those dealing with financial hardship. Luckily, there is a way that people can get support in handling expensive bills like rent, and utilities. The Housing Choice Voucher Program (Section 8) can help people get affordable housing through vouchers. Eligibility for this program varies but generally includes requirements around these four parts:

  • Family Status Requirement
  • Citizenship Status Requirement
  • Income Level Requirement
  • Eviction History

While this article talked about some parts of the program, you can get more information at your local PHA. From there, you can begin the application process (for free)!

Getting a HUD Residence in Four Steps

If you’ve taken a look at housing prices recently, you’ve probably  realized that even rentals are getting out of control. And, it’s not just housing, everything is getting more expensive. Healthcare, education, groceries, and transportation. Nowadays, it takes a lot more thinking and planning to budget for the month. For those already living paycheck-to-paycheck, these price hikes can be truly challenging.

On the positive side, there are ways in which you can save money. The government recognizes the financial struggle many have to deal with. That’s why the federal government created a series of affordable housing programs. These housing programs aim to lift the financial burden of housing off American shoulders. The trick with these programs is knowing which ones are best for you. You also need to know which ones you’re eligible for.

In this piece, we’re taking a look at one program. This program focuses on helping low-income families find affordable rental houses. Under the supervision of the Department of Housing and Urban Development (HUD), the government created Section 8 housing. The program is also known as the Housing Choice Voucher Program.

What Is Section 8 Housing?

Alright, so we already said this program has another name. That name is Housing Choice Vouchers. And, that’s what the program is all about, vouchers that help you choose your next home. What these vouchers do is that they help you pay for house rentals. Through this program, low-income families can spend less on their housing situations. That leaves these families with more money to focus on other financial responsibilities, such as healthcare, education, nutrition..etc.

Thankfully, you don’t actually need to drop by the actual department of Housing and Urban Development to start your application. There’s a bunch of government offices that you’ll find in every state that are called Public Housing Authorities, or PHA for short. These PHA offices are where you should get all your confirmed information about Section 8. They’re also a great resource for other federal housing assistance programs. You’ll notice when we talked about the application process that any communication regarding Section 8 will be with your local PHA.

I Understand That I Get A Voucher, But What Do I Do With It?

As we’ve said before, Section 8 aims to help families struggling financially. These vouchers basically help pay for these families’ rents. In general terms, voucher holders would be expected to pay 30% of their incomes towards their rents, while the rest would be paid using these vouchers. But, not just any house will accept these vouchers as a form of payment. That’s why you’ll need to search for houses that you can pay for through housing choice vouchers.

Who Is Section 8 Housing Meant For?

Alright, so we mentioned that the program is meant for low-income families in the US. We also realize that such assistance programs need to have certain criteria for people that can apply for them. Otherwise, everyone would be applying for these programs, causing long wait times for others. So, it’s important to know whether you qualify for the program or not before applying, so you don’t waste time and energy only to meet a dead end down the line. So, let’s take a look at those criteria, shall we?

  • Applicants have to be US citizens or eligible immigrants. For non-citizens, the status of residence might greatly affect the extent of benefits received from the Section 8 program.
  • You can only apply for this program if you’re 18 years old or above.
  • For those who have a record of drug-related criminal offenses, applying for Section 8 might be very challenging. When applying for Section 8, you want to make sure that you don’t have such a record for at least 3 years before applying.
  • This is probably the most important criteria to keep in mind. Section 8 housing is meant for low-income families. To qualify as “low-income,” you need to be earning less than 50% of the local area’s median. That means if the average income in your area is $50,000, you need to make less than $25,000 to qualify for Section 8.
  • It’s important to know before applying that different PHAs can have different qualification standards. That means, your local PHA might require different qualifications from another PHA in a different city/state.

Section 8 Application Process

Now that we know who qualifies for the program, let’s take a look at how to actually apply. You should remember to always check with your local PHA for the most credible information, and for possible updates in the process.

  1. Reach out to your local Public Housing Authority. These offices are available in every state. If you’re having trouble finding the nearest one, check out this map provided by the Department of Housing and Urban Development.
  2. Make very sure that you’re eligible for the program. We already mentioned the qualifications needed above (age, criminal background, income level..etc)
  3. Remember that different PHAs could have different requirements.
  4. Once you make sure you qualify, start filling in the application with all the required information. It’s super important that you’re truthful and accurate with the information you provide to avoid any unnecessary delays.
  5. Once you hand in that application, things will be up to your local PHA. They’ll process your application and contact you to let you know of their decision. PHAs will also notify you of the reason, in case of rejection.
  6. If it all goes well, and your PHA accepts your application, you’ll go on a waiting list.
  7. While on that waiting list (which could be a while) you should start looking into houses whose landlords accept these vouchers as a form of payment.

Documents Required For A Section 8 Application

At the risk of sounding like a broken record, we want to remind you that different PHAs might ask for different qualifications and even documents. So, it’s always a good idea to check with your PHA to confirm the list of documents you need to provide. But, in a general sense, you can rely on this list of required documents.

  • Birth certificates for all family members
  • Social security cards for all family members
  • Driver’s license
  • State or alternate government-issued photo ID
  • Passports for registered alien/immigrant family members, along with immigration papers
  • Signed verification of immigrant status
  • Social Security Verification Letter and Proof of Benefits
  • Proof of income (receipts, tax returns, W2)
  • Bank statements
  • Documentation of public assistance benefits
  • Information on any owned asset

We Mentioned Something About A Waiting List Earlier..

Waiting for your turn to get a Section 8 voucher can take quite a while. You’ll need to keep an eye on which waiting lists are open when you apply. But, PHAs will prioritize certain cases over others. If you fit any of the criteria we mentioned below, you should definitely use it to move up the list. Make sure you have the documents required to prove your case:

  • Those who live in unsafe or unsanitary may get a higher priority
  • PHAs prioritize people experiencing homelessness. Those experiencing it can refer to homeless shelters for the documents needed to prove their situation.
  • Those suffering from domestic abuse also get a degree of prioritization
  • Section 8 housing was created to help families struggling to afford rent. So, if you have receipts that show you pay more than 50% of your income towards your rent, they can be used to move up the waiting list.
  • PHAs will also prioritize Families displaced due to circumstances out of their control PHAs will consider cases in which there were presidentially-declared disasters. Also, families that were evacuated according to orders from the federal government will be prioritized.
  • You should definitely let your PHA know if you or any member in your family is disabled (that usually means a person who struggles with developmental and/or physical disabilities or suffers from a chronic mental disease).
  • PHAs will also prioritize veterans and elderly folk.

Tips On How To Keep Your Section 8 Housing

Considering that the program provides such solid support to families that struggle to pay rent, it’s no surprise that the process can be long and demanding. You don’t want to lose that home after you’ve spent so long to get it. So, there are a few things you should be wary of so you don’t risk losing your Section 8 housing.

  • You should let your PHA know about any changes regarding your living situation and your housing situation
    • Let your PHA know if your income changes
    • You should report any changes in your family status to your PHA
    • Don’t let anyone move in without asking your PHA first
    • You can use your Section 8 voucher to move to another city or state, but you’ll need to ask your PHA first
  • Expect your PHA to do regular visits to your home. The purpose behind these visits is to make sure both you and your landlord are sticking to your agreement. Your PHA also needs to make sure that you’re both operating according to their guidelines.
  • To add to the previous point, you’ll need to keep your house clean and safe, especially for kids. If PHA deems your Section 8 home unsafe for kids, there’s a chance you might lose it.
  • Don’t be late with your rent payments. You don’t want your landlord to complain, that can cause you to lose the place
  • You obviously shouldn’t be committing any crimes for any reason. However, it’s important to mention that being arrested for criminal activity might lead you to lose your housing voucher.

Let’s Wrap Things Up

So, we talked at length about how the housing market has been inflating recently. Many people struggle to make ends meet and housing expenses play a big role in that financial struggle. We explored the idea of saving some money by finding alternatives to the regular housing solutions. During our talk we mentioned government housing assistance programs that can help with the problem. We’re focusing mainly in this article on a program that goes by the name of Section 8 housing, also known as Housing Choice Vouchers.

The federal government created Section 8/Housing Choice Vouchers as a program that helps low-income families with paying for their rentals. The idea is that eligible candidates can use these vouchers to pay for a big portion of their rental fees. Benefits.gov tells us that eligible candidates would be expected to pay 30% of their income towards their rent. The vouchers can pay for the rest. That way, these families can use the rest of their income to pay for other important stuff like healthcare and education.

Let’s Go Over How To Qualify For Section 8 One More Time

First, you’ll need to be a US citizen or an eligible immigrant. The residence status for immigrants will definitely affect the extent of benefits they can get through this program. There’s also the age limitation of 18 years old or above. Another factor that will probably strongly affect your application’s success is your criminal background. PHAs will consider any drug-related criminal charges as a huge red flag, especially if they happened in the 3 years prior to the application. Most importantly, Section 8 targets low-income families. That means families need to prove that their income is less than 50% of their local median. Finally, keep in mind that different PHAs might have different requirements, so always check with your local one.

A Quick Recap Of The Application Process

If you’ve read through the article, you’ll notice that we mention you should always rely on your PHA. That’s where your application starts, and that’s where you’ll get the most accurate information on Section 8. Your local PHA will let you know whether you’re eligible or not, if yes, then you’ll start filling in your application. If PHA approves your application, you’ll be placed on a waiting list. You can climb up that waiting list if you fall within any of the categories we mentioned early.

Government Housing More Affordable

No one is really happy when it’s time to pay rent. For the average Joe and Jane, rent takes up a significant percentage of our wages and salaries. With everything getting more expensive every day, rent is no exception. However, there’s no reason to struggle without exploring options that could possibly save you a pretty penny.

The federal government created several housing assistance opportunities that aim to help with the growing housing issue. These programs mainly target low- and moderate-income individuals and families. The trick to finding the right program for you is to do your research and prepare any required documents. It’s also essential to only rely on information provided by official sources. In this article, we’ll take a look at some options you might want to look into and how you can apply for them.

What Is Government Housing Assistance?

Government housing opportunities are a series of housing programs available for low- and moderate-income families and individuals. The gist of it is that the federal government can provide affordable housing for people who potentially would be homeless otherwise. However, you must remember, every program comes with different perks and every program also comes with different terms of eligibility.

Housing Choice Vouchers (HCV)

Who doesn’t like a good voucher, right? Alright, so these are definitely worth more than your average supermarket vouchers. HCV, also known as Section 8 vouchers, are meant to give low-income families access to affordable housing. To put it simply, Housing Choice Voucher holders can rent a house, and only pay a fraction of the rent.

Here’s a bit of background information. So the program was created by the Department of Housing and Urban Development (HUD). The idea is to get low-income families to find homes that accept these vouchers. Families must also qualify as low-income, compared to the median income in their local area. Applicants must also head to their local Public Housing Authority (PHA) to start the applications. The PHA also serves as a great source of reliable information on this program, as well as other federal housing programs.

Here are a few things you should know before applying for HCV:

  • You must qualify as low-income, compared to the median income of your local city/county
  • You must find a house that accepts the vouchers on your own
  • Down Payment/security deposit for the rented house is your sole responsibility
  • You must pass a criminal background check
  • Housing Choice Vouchers recipients end up paying around 30% of the rent, while the government takes care of the rest

Low-Income Individuals Can Also Get Their Own Rooms

Under Section 8 exists a program called Single Room Occupancy (SRO). It basically works the same way as the normal Housing Choice Vouchers, but for rooms, rather than full houses. The idea is to give very low-income and homeless individuals a safe room to live in. Rooms will often come as part houses that have bathrooms, kitchens, living spaces, laundry rooms, and occasionally meeting rooms.

Transitional Housing

Starting off with what “Transitional Housing” actually means. The term refers to housing programs that aim to help individuals transition from unsafe housing/homelessness to eventual permanent housing.

Under the Continuum of Care (CoC) Homeless Assistance Program, the Department of Housing and Urban Development created a variety of solutions. Each solution tackles a different set of needs and different degrees of effectiveness towards that transition we mentioned before. We’ll list the different options offered, how long occupants can use them for, and how to be eligible for them.

Rapid Re-Housing

The first program we’re mentioning here has proven to be very effective in fighting homelessness. Rapid Re-housing is a program that aims to help individuals overcome the difficulties that lead them towards homelessness. These difficulties can be domestic abuse, drug addiction, mental health issues, or any other factor getting in the way of establishing a stable life.

With the help of qualified staff, individuals can work on improving their lives. The program will focus on improving individuals’ employability and social abilities. In the meantime, these individuals will have a safe space to call home, until they find their permanent homes.

Permanent Supportive Housing (PSH)

One can only imagine how difficult it can be to run a low-income family. Adding the factor of a disabled member, low-income families will be less likely to make ends meet. This is where PSH steps in.

Permanent Supportive Housing will provide long-term or lease housing, charging low rent rates. These housing solutions are exclusive to low-income families that include at least one disabled member. According to the Department of Housing and Urban Development, the term “disability” refers to any physical or developmental disability. It also refers to individuals suffering from chronic mental illnesses.

Not only will PSH provide affordable housing, but will also offer supportive services, to ease the lives of those families. These supportive services focus on both the disabled member(s) and the family as a whole. Here’s the list of supportive services PSH provides:

  • Annual Assessment of Services
  • Moving costs
  • Case management
  • Childcare
  • Education services
  • Employment assistance and job training
  • Food
  • Housing search and counseling services
  • Legal services
  • Life skills training
  • Mental health services
  • Outpatient health services
  • Outreach services
  • Substance abuse treatment services
  • Transportation
  • Utility deposits

What If I Need A Place To Stay Right Now?

There comes a time in every person’s life when things can get exceptionally difficult. In some situations, these difficulties can drive a person out of their home and onto the street. Thankfully, the federal government has built shelters in every state that can take in people for the night. Some shelters can also take people in for longer, we’ll look into that further down the article.

Types Of Shelters

Different shelters will serve different purposes. Some shelters are there to support the local homeless. Other shelters are present in case of an emergency. Finally, some shelters will take people to help them stand on their own 2 feet, and live more stable lives. So let’s talk about the different kinds of shelters available, shall we?

Homeless Shelters

This is the most common type of shelter. As mentioned above, shelters are available in every state across the country. You’ll probably find homeless shelters more often than any other type of shelter. Homeless shelters are there for individuals who are living on the streets. These individuals may struggle financially, or be victims of some sort of abuse. Homeless shelters will accommodate all those who need them.

In a homeless shelter, individuals will have their own bed to sleep on for the night. They will also have access to a warm meal. Most interestingly, homeless shelters will sometimes provide psychological and/or physical guidance. Moreover, after a person stays in a homeless shelter, they will be referred to other nearby shelters in case they need them in the future.

Homeless shelters will often only take in people for 24 hours at a time. So, residents only get to spend the night, before freeing up the bed for someone else. Homeless shelters also operate on a first-come first-serve basis. That means for whoever needs one, they need to get in line, and there is a chance beds might run out before they get their turns.

If you’re in need of a homeless shelter, check out this map. All shelters across the country will be listed, and will also be organized by state and city. The page also provides information on alternatives to homeless shelters, if need be.

Emergency Shelters

This kind of shelter acts the same way a homeless shelter would. However, there are a few differences. First, emergency shelters are only available to those going through government-declared emergencies. These emergencies can be natural disasters or a potential terrorist attack. Second, emergency shelters will not only take in individuals, but also families going through the struggle.

On the other hand, the process of accessing an emergency shelter is the same as a homeless shelter. It’s also based on first-come-first-serve. Priority is given to those applying for help in person. Emergency shelters will provide temporary/brief accommodation before needing to free up space for other needy.

Transitional Shelters

Ok, so we talked about how residents of emergency shelters and homeless shelters can only stay around 24 hours. Things are different with transitional shelters. Transitional Shelters will take in residents for a period of 6-24 months. Much like Rapid Re-Housing, transitional shelters focus on helping their residents overcome difficulties. These difficulties can be the result of mental issues, addictions, or even domestic issues. During a resident’s stay, they will work with qualified staff on addressing these issues, and figuring out ways to improve their lives. The aim is to help these individuals transition to a stable life and a permanent home.

Public Housing

You might think you don’t want to stay temporarily in a homeless shelter. You might also not want to search for a house that will take Housing Choice Vouchers. If so, public housing is for you. Public housing is basically a series of housing projects built by the federal government. The idea is to provide subsidized housing (most commonly in apartment complexes), that charge low rental rates for low-income families.

Public housing focuses on empowering families, protecting them from homelessness and other kinds of housing instability. By saving money on rent, families will have more money to spend on food and other necessities. Public housing projects will also be situated near schools and other services. Public housing will also allow elderly people, as well as disabled individuals to stay.

Housing Loans

It’s safe to assume that having a permanent home leads to a more stable life, especially when it comes to families. Having a place of their own can be a deciding factor towards a stable upbringing. That’s why some low-income families and individuals will choose to buy their homes, instead of renting. As a result, the federal government created several loan programs to help families buy their homes. Every loan we’re about to mention serves a different situation, also will require different qualifications. So, do your research and find the loan program that fits you best.

Rural Homeownership Direct Loan Program

You’ll find this program also under the name Section 502. The general idea of this program is to provide rural housing for low- and very-low-income families. The program provides “payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.”

To qualify for this loan, applicants’ homes must meet the following criteria:

  • 2,000 square feet or less
  • Meets loan limit requirements
  • Does not have in-ground swimming pools
  • Is not be used for income-producing activities

Farm Labor Housing Loans 

This loan program will focus on financing domestic farm laborers to build their own homes. The program will help eligible candidates buy, build, improve and repair housing for farm laborers. These loans will have a 33-year payback period and a fixed 1% interest rate. Applicants for this loan should know that only the following list is allowed to live in this type of housing:

  • Domestic farm laborers, including those working on fish and oyster farms and on-farm processing (1)
  • Retired and/or disabled farm laborers
  • Must be a U.S. citizen or permanent resident
  • Very-low- to moderate-income households

Veteran Affairs Loan (VA Loans)

As a show of gratitude towards our country’s military personnel, the federal government created a special housing loan. The Department of Veteran Affairs (VA) created a program to make it easier for veterans to apply for and pay back loans. Veterans (and their spouses) may apply for housing loans from private organizations, such as banks, and the loan will be guaranteed by VA.

VA itself will require no down payment, however private lenders might. VA will also ask for very low-interest rates, as well as limited closing costs. To put an icing on the cake, there will be no need for Private Mortgage Insurance. The VA loan is also a lifetime benefit.

Bottom Line

There are a variety of different assistance options that can help. Regardless of what you are dealing with, there may be federal assistance that can provide support. If you need extra help, you will want to talk to your local PHA to see what housing options are available in your area.

How To Make Money As A Professional Gamer

If you’re gaming is passion and you’re having trouble finding a job, then perhaps you could consider making a killing being a professional gamer. It sounds idealistic but it is true. The gaming world is full of lucrative opportunities that you can take advantage of and we’re going to share a couple of ideas with you so that you can make money and have fun:

Gaming Online

In your career path to becoming a professional gamer, the best place to start would be trying to make playing games online. Though the money isn’t the best, it’s definitely a safe pass to first base in your journey. Two very popular websites that you can try out for making money doing online gaming are Swagbucks and MyPoint, where you’ll have the opportunity to gain points from the games that you play and those points can be exchanged for money, which will be deposited in your PayPal account or may be even gift cards. It should be noted that you may have to spend some money to get game tokens on GSN.com in order to play some of the games, but Swagbucks has some games that are free to play.

Game Testing

If you have a good critical mind and know how to push the limits of any game, you could make a significant amount of money testing games. There are a number of websites that hire game testers who would try out each game prerelease to give the company feedback before releasing new games into the market. Playtest Cloud, a website which frequently posts positions for professional game testers, is a good starting point for those who want to pursue this path in the gaming industry.

Becoming a Gaming Coach

There’s a common misconception that those who can’t do, teach! If anything, those who work in the gaming industry do very well before they can teach. Believe it or not, you can make money training other gamers and there are websites which hire professional trainers for aspiring gamers. Game Sensai is one of them, where game coaches will have the opportunity to make up to 25 dollars an hour.

Streaming-Twitch & Youtube

Streaming in the gaming world is one of the industry’s biggest money makers and it’s a lucrative opportunity for those willing to carve out their future in this particular field. Twitch is the most popular streaming platform and it is one which is used by a lot of gamers online. Making a Twitch account does require a regular fee and when you begin making money, your account will have a 50/50 revenue sharing agreement with Twitch. Popular streamers on Twitch can earn up to $14,000 on a monthly basis, but that requires a lot of time and effort. In addition, it goes without saying that Youtube is also a great place to stream gaming videos and make money. You can make money off of your Youtube video viewership when you establish your own Youtube Channel. On your channel, you can do everything from game reviews and game tips to live streaming yourself playing a game to attract the interest of other gamers and fans on Youtube.  When you have built a solid streaming platform from either Youtube or Twitch, you can begin to attract the attention of some of the world’s top brands, such as Red Bull, BMW, and Intel. When they offer you sponsorships, that’s when you’ll be bringing home the real money.

Gold Should Be Your Next Investment

As financial experts project a good year for gold with prices expected to go up, gold might be one of the best investments you could make for 2021. We are going to show you expand your wealth by putting your in gold so that as prices go up, you can make amazing profits. Here are the suggest that we have for you:

Get Gold Coins:

Just like the gold coins you would see in those old pirate movies, there truly will be a gold rush for gold coins because financial experts say that they really are a profitable investment to look into. Before going deeper, you should know that there are two types of coins, sovereign and numismatic coins. Sovereign coins are backed by the government in its face value, but it is possible the raw value of the gold is higher than its face value. This is the main type of coin that you want to be investing your money in. Nonetheless, if you are interested in collecting rare gold coins, then numismatic coins would be a good option for you, but take note that if you choose these types of coins you will have trouble liquidating them should you need the money. Purchasing sovereign golden coins can easily be done at any government-authorized gold dealer and in America, the most popular type of coins are the American Gold Buffalo and the  American Gold Eagle.

Buying Gold Bullion

Buying gold bullion is fairly simple. All you need to do is go to your local gold dealer (preferably one with a good reputation) and make sure that he/she is government-approved so that the gold that you are putting your money in is real gold. As for the type of gold you should be buying, you should make the dealer reassure you that it is 99.5% pure gold. There are a number of references that you could use to make sure everything you’re putting money into is legitimate, such as APMEX and JMBullion.

Investing in Gold Jewelry and Gold Certificates

Gold jewelry is a great source of investment. It’s advisable to go to reputable retailers or jewelry shops that sell good quality gold. Aim to buy 24K gold which should be labelled on the product (and make sure that is a proper value label there before you purchase it). If you would like to invest in getting a gold certificate (a certificate which indicates how much you own in gold), you may get it from any bank that has gold bars in it.

How To Spend Less On Your Cell Phone

How much do you use your phone during the day? Most likely, all day! Either for work, for fun, to keep in touch with the world, or to manage your daily activities, you have to admit that you cannot survive for a day without your phone. However, it should not add an extra burden to your bank account under any circumstances.

Millions of people overpay for their cell phones, yet it is simple to get rid of expensive plans. We are here today to show you how to spend less money on your cell phone, from the very beginning and going forward. Your plan starts with choosing an affordable phone to purchase and ends with reducing your monthly bill.

Look For Exactly What You Need

Buying a new phone can be costly, especially if you want the most recent model. However, there are a few things you can do to keep your expenses low.

First things first, do some digging! Search the web to find out which is best for your budget. Is it better to buy the phone directly or as part of a contract? Then Use comparison websites to help you browse around and get the best deal.

Lastly, remember that more expensive does not necessarily mean better. You may not need all of these features on that iPhone. So, make sure to pick the one that does the job within your spending plans.

Negotiate For a Better Price

When shopping for a new phone, do not automatically assume you have to pay exactly the advertised price. Go to the store and speak to a salesperson to ask if the activation or upgrade cost may be waived (aka canceled so you do not have to pay for it!).

If you have been a regular customer for a long time, mention it to see if you can get a loyalty discount. Moreover, if you find a good deal from a competitor, ask your current provider if they can match it. Use whatever bargaining chip you have, including competitors’ fewer fees or lack thereof. It never hurts to negotiate a better deal.

Cut the Insurance

This might sound weird and wrong to say, but in this case, you may not actually need insurance. Let’s say you pay around $10 per month for phone insurance. This means an extra $120 each year you are paying just in case something happens to your phone. Instead, you can save a few dollars each month to cover the cost of a replacement phone if you ever need one.

If you still believe you “need” cell phone insurance, pause and ask yourself, “Have I bought a phone I cannot actually afford?” If you do not have the money to replace your phone if something happens to it, then it is too expensive for your budget.

Consider No-Contract Phones

Cell phone companies know how to make lots and lots of money. Contracts are one way to achieve their goal. You will generally have to sign a two-year or even three-year contract to access their network if you buy a phone from them. If you try to switch providers, they will slap you with a big cancellation fee.

So, what are you going to do instead? Consider buying phones with no commitment that have been gently used. These phones are “unlocked” (meaning they can be used with any carrier) and can accept a SIM card. Ask around and search online for older phone models that are available at a reduced price.

No, you will not get the hottest or newest smartphone this way. But you can get a genuinely nice smartphone without committing to the same pricey company for years. This brings us to the next point…

Keep Your Phone for Longer

Do you want to reduce your cell phone bill? This is one of the simplest techniques! Keep that phone as long as you can! Is your “old” phone still functional? Great, keep it for a little while longer. Do not be swayed by the newest and most sparkling cell phone on the market. A phone is just a phone after all.

Check If You Are On the Right Deal

To ensure you are getting the best mobile phone deal, you need to do two things; First, make sure that you are not paying for calls, texts, and data that you are not using, or that you are not constantly going over your allowance and getting costly bills. In addition, shop around using different comparison websites.

It is usually a good idea to use many comparison websites to ensure you are receiving the greatest deal. You can check Reviews, WhistleOut, or Wirefly to find a deal that fits your budget. They are so easy to use and very helpful.

Make The Most of Your Employee Discount

Another thing to look at is whether your workplace provides a general corporate discount to team members. It is also worth a try to see if they will repay you for using your phone for work (internet, calls, etc.). And if you use your phone for a home business or a side job, you may be able to deduct some of your expenses when tax season comes around.

As Long As You Have Access to WiFi, Use It

Instead of using cellular data, try to stay connected to a Wi-Fi network whenever possible, especially at home or at work. And if you do not have Wi-Fi when you are out, be smart about it! If you are not connected to Wi-Fi, do not download or stream any movies, podcasts, or music. These kinds of media can drain your cellular data.

As a result, fees for using too much data can quickly add up, and some providers may charge you as much as $15 the moment you go over. Make sure you do not go over your monthly data limit by only using cellular data (4G/LTE) when necessary. When you are approaching your limit, some carriers will notify you if you sign up for those notifications.

Use Online Calling

There are a zillion apps that you can use to make voice calls, video calls, text, or even send voice notes. If you have access to WiFi, it is a good idea to make your calls online rather than digging into your minutes. In case this strategy works for you, you can cancel your unlimited calling subscription if you have one.

Limit Your Consumption of Background Data

Even if you do not use the internet when you are on the go, your apps may be doing so in the background. To avoid losing your data, go into your settings and check the Cellular Data Usage and Background App Refresh of each app.

Then make sure to disable the ones you do not frequently use. Making this fast switch guarantees that they are not operating in the background and wasting your data (and battery) while you are busy.

Do you need to open your Starbucks app while you are waiting in line? It is not a big deal. You can enable cellular data for a specific app at any time.

Cancel Your Unlimited Data Plan

If you consistently use more than 100 GB per month, you’re getting your money’s worth. However, if you use much less (say, 5 GB to 10 GB), switching to a metered plan will certainly save you a significant amount of money.

Sign Up For Paperless Billing or Automated Payments

Here is one easy way to save money on your cell phone bill. Maybe it is not going to save you a fortune. But, if you could save $5 a month just by going paperless or having your bill deducted automatically from your account, why would you not?

Get a Shared Plan

Most carriers let you share minutes, GBs, and text buckets with others through what is known as a family plan, though you do not have to be related. Consider sharing your account with your spouse, partner, roommate, parent, child, or close friend. You might be astonished at how much money you can save.

When looking for a new plan, pick this one that allows you to roll over minutes and data rather than the standard use-it-or-lose-it arrangement. With certain plans, some carriers provide regular device upgrades, allowing you to get a new device every year or two.

Do Not Set Up a Phone Payment Plan

This is one of the simplest methods for a lower cell phone bill. Avoid incorporating the expense of a new phone into your cellular account. You would basically be making payments on a new phone (which counts as debt) while your phone bill skyrocketed. No, thank you!

Assuming you want to buy a new iPhone. That bad boy is not cheap, as we all know. And your cellular provider is offering it to you for a reasonable monthly installment of $30 per month for the next two years. That means your phone bill will be $30 higher than it should be for the next two years! Would not you rather have an extra $30 to invest toward your financial goals?

And what will happen if the phone breaks or you lose it? Obviously, you will need to get a new phone. However, you will still be required to pay down the remaining balance from the old phone. Believe us when we say that paying for your phone upfront will save you a ton of money in the long term.

Get Rid Of Anything You Do Not Need

This may sound obvious, but do check your monthly bill. You might be surprised how many people do not check the breakdown of their cell phone bill. Do not keep paying for features you will never use, such as too many minutes, unlimited broadband, emergency roadside assistance, 411, and enhanced voicemail (whatever that means).

Decide whether you truly need everything you are paying for. If your answer is no, then maybe it is time to reconsider your plan. If you do not use your phone much, you may be able to downgrade to a plan with fewer minutes. You can do the same with your internet plan.

Some carriers even provide prepaid plans or allow you to pay only for what you use. Check to see if either of these options are available as they could help you save money.

Switch Carriers

Have you tried all of what we mentioned, but you are still not completely satisfied? We saved the best tip for last; It is time to change your service provider. Shop around to see who can provide you with what you need at an affordable price.

You are more likely to find a better price with one of the smaller, less-known carriers. Most of them have some sort of connection with the big companies and they use their cellular towers for your phone signal anyway.

Bottom Line

Your phone bill could be the most expensive item in your budget after your monthly housing, groceries, and energy bills. There are a dozen of ways you can spend less on your phone including:

  • Choosing a cheaper phone that works for you.
  • Signing up for a plan that suits your budget and needs.
  • Cutting off insurance.
  • Using WiFi whenever possible.

If you have a lower cell phone bill and it becomes a smaller part of your budget, you will have more money on hand to meet your financial goals, whether they are to pay down debt or save for the future.

References:

It’s Just Easy Money

It might not seem like it, but there are easy ways to make money fast. Instead of waiting for your salary at the end of each month, you can work freelancing jobs that can help you earn fast money. You might need to work long hours every now and then, but you will earn money fast and easily.

How Can You Make Money Fast and Easy?

If you think that the only way you can make money is to get a full-time job, then you are terribly mistaken. With or without jobs, the money is all out there. It is never in short supply. The question is whether you will have the willpower to go and get it. Here are a few jobs that you can do:

  • Dog Walking
  • Participate in a Focus Group
  • Performing Tasks For Others
  • Sharing Your Car
  • Participating in Surveys
  • Watching Videos
  • Streaming on Twitch
  • Catching and Correcting Search Engine Mistakes
  • Entering Data
  • Transcribing Documents
  • Being a Customer Service Agent
  • Being A Chat Agent
  • Community Moderation
  • Virtual Assistance
  • Bookkeeping
  • Proofreading
  • Renting Out Your Place

Dog Walking

People are willing to pay an arm and a leg so that they do not have to go through the trouble of taking their pouch to poop. This is exactly the opportunity you want to cash in on. There are also a number of cell phone apps that you can download, so that dog owners can reach you directly for dog walking tasks. Through these apps, you can build a profile. Usually, customers will even have the option of writing reviews about the service that you offer. The better reviews you get, the more customers will want to work with you.

Participate in a Focus Group

You can cash in on money in the research field. Focus groups often pay people to participate in different social or marketing studies. As you participate more and more, you will have the opportunity to make more money. It just comes with how much effort you put into it and how many focus groups you participate in. You can make a considerable amount of money per hour participating in a focus group. A focus group is a collection of people that a research team needs to answer questions. These researches require focus groups to represent a sample of the population, which validates the research.

Performing Tasks for Other People

If you are good at doing just about anything from building shelves to fixing TVs to babysitting to writing resumes, then TaskRabbit can definitely make you a significant amount of money. Once you build a reputable profile on the application, you will begin making serious money and your rates will go up. Typically, customer reviews will reflect quality work and provide feedback on your services. As with everything, it all depends on the amount of effort you put into promoting yourself, as an appealing provider of various different services. Basically, any tasks that a person does not have the time to do will be passed on to you. After that, you receive payment for your services.

Sharing Your Car

As strange as it may sound, it is true that you could possibly make money by sharing. Turo offers you that opportunity where you will be able to share your car and through that experience make money. Turo is a car sharing company that allows you to book any car you want, whenever you want. You will be able to offer up your car for someone else to use for a period of time. According to Turo’s official website, a host can earn up to $10K per year, per car. As mentioned above, you can share your car and earn a lot of money at the same time.

Participating in Surveys

You will not turn into a billionaire overnight, but participating in surveys is a great opportunity to make the money fast. All you need to do is participate in surveys online. You can get a $20 bonus; all you have to do is sign up. There are four websites where you can find paid surveys. The four websites are: SwagBucks, Survey Junkie, MyPoints, and VIP Voice. With each website, you can receive money from signing up and you can get gift cards. Some of these websites offer money on more than surveys, like polls.

Watching Videos

Are you good at watching videos without losing interest? Well, there is actually a job for that. Nowadays, there are companies that pay you to watch videos, such as InboxDollars. You will need to watch short online videos for a period of time, in order to earn money. There is a $5 bonus, just for signing up. All you need to do is watch all of the videos on your playlist. The website will inform you of your playlist before it plays. You can find that there are videos that last for a couple of minutes, while others can be up to half an hour.

Catching and Correcting Search Engine Mistakes

If you have technological skills up your sleeve, then you can consider working as a search engine evaluator. A search engine evaluator is responsible for cleaning up search engine mistakes. Sometimes, the search engine’s algorithms can have mistakes that you need to find and correct. This job could lead to you earning $12-15 on an hourly basis. If you decide to work weekends, then you can reach $100 a week. The only catch is that you need technical skills. Since you will look through all of the data and fix any mistakes you find, you will need software skills. Basically, you will be enhancing users’ experience of search engines.

Streaming on Twitch

Streaming on Twitch could land you a buck or two in no time. You can play video games and stream it on Twitch. But, here’s the thing, you need followers to earn money. Think of it like a YouTube channel, but for video games. You can broadcast live, create music podcasts, and any other creative content. If you want to earn good money with Twitch, then you should think about working as an affiliate. According to CreditDonkey, “As an Affiliate, you can earn money with Twitch Bits and Subscriptions, plus selling various merchandise or other products. The requirements to be an Affiliate are:

  1. Minimum 500 total minutes broadcast in the last 30 days.
  2. Average of 3+ simultaneous viewers over the last 30 days
  3. Minimum 7 broadcast days in the last 30 days
  4. At least 50 followers”(Hawrylack)

Entering Data

It is not the best job in the world, but you can think about working in data entry. You will not be required to have any technical equipment or skills to start out in data entry. All you will need is a dependable internet connection, a working computer, and you will need to be at least 18 years old. If you meet all of those criteria, then you will be able to earn money fast. Smart Crowd and ClickWorker are the two of the greatest websites for this line of work and they offer great financial compensation.

As a data entry specialist, you can receive payment on an hourly basis or by project. Either way, you will earn money and you can earn it from home. Your job will develop raw data into digital files.

Transcribing Documents

Are you a fast typist? If you are, then you should put that skill to good use. There is a career path that comes from typing, which would be transcription. There are many companies who are eager to hire transcribers that type up audio files. Your job is to listen to an audio file and type it up. If you want to work for a company that will help you make good money on a monthly basis, then you should think about contacting GMR Transcription. GMR Transcription can help you earn money up to $3,000. Another transcription opportunity is Tigerfish, which also hires transcribers. Tigerfish is an online platform that provides flexible workloads and allows you to pick your hours. You can choose your workload and your schedule. Other good options for transcription are Casting Words, Quicktate, Ubiqus, and TranscribeMe.

Being a Customer Service Agent

Communication skills are super important nowadays and you need to focus on being a people person. If you plan to enhance your communication skills, then you should think about working as a customer service agent. As a customer service agent, you will be able to earn quick money and you could even work from home. But, you should think about the competition ahead, since customer service agents are in high-demand. Your job will be to answer customers and listen to their feedback. Additionally, you will be responsible for answering complaints and solving a customer’s problem. If you think you have a knack at car rental services, then you should think about working at Enterprise. Enterprise recruits customer service agents that reserve car rentals. Also, you can look into working at Kelly Connect, which is one of the best international temp agencies in the world.

Being A Chat Agent

If you are not a people person, then you can still work as a chat agent. There are many companies that are eager to recruit chat agents. As a chat agent, you will be responsible for chatting with customers and hearing their feedback. Earning money as a chat agent varies with every company. Generally, your compensation is based on the time you spend online. If you want to hone in on your chatting skills, then you can work on your typing speed.

Moderating Online Debates

A heated debate is always appreciated, even if it is online. But, everyone knows that an online debate can get disorganized. This is why a community moderator is needed in an online debate. As a community moderator, you will be responsible for monitoring the posts, answering questions, and deleting any spam on the platform. Sounds easy enough, right? If you decide to try it out as a community moderator, then you will deal with a lot of Facebook groups and Google+ groups.

Virtual Assistance

A lot of companies do not have the time to handle the administrative part of the company, which is why they hire assistants. Virtual assistants work remotely to deal with coordinating events, customer care, answering emails, and keeping everything in order. You can earn up to $40 per hour. But, this depends on the type of assistance a company needs. As a virtual assistant, you will not need any qualifications. But, you will need strong critical thinking skills, organization skills, and time management skills.

Bookkeeping

If you plan on working as a bookkeeper, then you can earn up to $60 on an hourly basis. You do not need qualifications as a bookkeeper. All you need to know is how to use spreadsheets. You will also need math and computer skills. On the other hand, if you want to enhance your bookkeeping skills, then you can always attend online training.

Proofreading

Proofreading is a simple and easy way for you to earn fast money. You will be responsible for reviewing content and finding any grammatical or spelling errors. As a proofreader, you need to pay attention to detail. Even the smallest error can make a difference. Additionally, you will need to have extensive knowledge of the language that you are proofreading. You can earn more money depending on the language of the content you are proofreading.

Conclusion

In conclusion, there are many ways that you can earn money. They might not turn you into the next Bill Gates, but it’s honest work. You will be able to make good money working as a dog walker, just make sure that you do not have an allergy to dogs. Additionally, you can perform tasks for other people and get paid for it. There are so many options; you just need to know where to look.

Works Cited

Hawrylak, Sam. How Much Do Twitch Streamers Make? 19 06 2021. 23 07 2021 .

Should You Rent or Buy?

While most of us are looking to eventually have a permanent home, it’s not easy to decide when to buy one. Buying a home can be quite the commitment, making renting one an easier decision to make. However, each option comes with its own set of pros and cons. To make such a decision, we need to ask ourselves a bunch of questions. We also need to look into our options for both and how they would affect our lives.

We’ll take a deep into the factors that would affect your decision. Whether it’s your income, family situation, or location, this article will be focused on helping you make a more educated decision. We’ll also add in a few federal assistance programs that could help you out with rent, down payment, and mortgage.

Let’s Start With The Questions You Should Ask Yourself

Some of these questions might come off as obvious to you. If and when we think about these ideas from the long-term perspective, they can change how we make our decisions. So when you’re deciding on whether you should rent or buy your next home, take the time to consider your answers carefully.

How Long Do You Plan On Staying In Your Next Home?

This thought doesn’t occur to many people when they’re renting their homes. However, when buying a home, people will always consider keeping that home for at least 5-10 years. It’s not just about keeping the place, but also the investment of time, money and effort that you’ll put into your new home.  Before we discuss these main factors, let’s look at the smaller stuff.

Customizing Your Home The Way You Want It To Be

If we plan on staying in a place for a long time, we’ll probably want to shape it to the way we like it. The problem with renting a place is that it’s not yours after all. That means you may not be able to make big changes, like changing the paint or re-structuring it. Furthermore, if you don’t plan on staying in a place for long, you’ll probably feel discouraged from buying stuff for it.

Let’s Talk About The Financial Part

On the financial side of things, it’s all about what you’ll end up with eventually. If you don’t plan on staying for long, there’s no point in putting yourself in long-term debt. So, renting a place for a year or 2 makes perfect sense if you plan on moving out eventually. But if you plan on staying in a place for a long time, that’s a different deal. See, it’s all about what happens when you’re done paying. When you’re done paying your rent, you end up with nothing. However, when you’re done paying your mortgage on a home, you end up with much more. A home that you buy is not only a ‘home’ but also a big financial asset. That financial asset can increase in value, whether you choose to keep it or sell it.

On the other hand, buying a house costs a lot more. Sure, renting a place can come with security deposits and other fees, but that’s manageable compared to down payments and mortgages. When you’re buying a new place, you’re probably going to pay somewhere 3-10% of its value upfront. So, let’s say you’re buying a place for $100,000, you’ll be expected to cough up $3,000-10,000 before starting to pay off the rest through a mortgage. This brings us to our next point, your income and budget.

How Much Is Your Income? Do You Have Savings? How Much Of It Can You Invest In Housing?

From a practical perspective, it’s pretty much a numbers game. Buying a house costs a lot more in general. Besides down payment and mortgage, you’ll have to deal with other fees. These fees will include insurance, renovation, and more. Renting a place is usually pretty straightforward. In most cases, you’ll need to pay a security deposit and monthly rent, that’s about it.

So, if you are living paycheck to paycheck, with little to no savings, renting makes more sense. The main reason is that you shouldn’t put yourself through extreme financial stress for years, just to buy a place. You should take that step when you’re capable of living a somewhat comfortable life while sparing a part of your money.

On the other side of things, if you manage to save up money every month, perhaps buying a house is for you. Saving big sums of money in a bank account while renting your place doesn’t really make sense. To put things into perspective, on average, the interest rate you’ll receive from a savings account is 0.06% annually. This means if you have $10,000 in your account, you’ll receive $6 in interest, per year. In comparison, the real estate market in 2021 shot up by 19%. So if you bought a house at the beginning of 2021 for $100,000, it’s now worth $119,000.

Are You Willing To Invest The Time Needed For Buying A New Home?

Initially, there’s the obvious time needed to look for the perfect home for you. Between talking to real estate agents, visiting houses, and preparing the necessary paperwork, things take time. Let’s say you bought your new home and got the keys for it. Things don’t just stop there. You now need to prepare the house to become a home. There’s furniture, decoration, setting up your utilities like water, electricity, and internet access. Moreover, there’s maintenance, which only requires more time in the long run.

In contrast, renting a place is pretty much cookie-cutter. Preparing the place for living is a landlord’s responsibility. Maintenance is usually also on the landlord unless it was due to a mistake of your own. It takes a serious time investment to have a place that you’ll truly call yours.

What Are Other Perks of Renting or Buying?

The thing about renting is that it provides you with the flexibility to change whenever. If you’re renting a small place now, you might make more money later and move to a bigger place. You also don’t have to worry about the place you’re renting once you leave it. Renting also makes it easier to relocate to other parts of the city, or even to go to different cities. As we mentioned, rental places are often ready for immediate accommodation, which means you can easily browse different options, without having to imagine what it can look like after time or money investments.

Buying a home, on the other hand, comes with a wide range of advantages. We already discussed the ability to make your home the way you’d like it to be. We also talked about buying a home as a financial investment. However, there are other perks that you might not consider right away. First, owning a home makes you more financially qualified to receive certain benefits, such as bank loans, as you can use your home as collateral for a loan. Second, if you buy a place, you may rent out unneeded spaces for extra income.

Can The Government Help Me Buy Or Rent My Next Home?

As we’ve discussed, buying or renting a place is not exactly cheap. According to research, a shocking number of Americans are struggling to afford to rent one-bedroom apartments, even with 40-hour work week jobs. Adding a global pandemic to the mix, there’s a huge increase in unemployment. It’s safe to say that rent is becoming more and more difficult to afford.

Thankfully, there’s a wide range of federal housing assistance opportunities that you can benefit from. These programs can help you buy a new place or even rent a place without going completely broke.  Federal housing assistance programs can come in the form of loans, grants, and affordable house rental solutions. We’ll discuss a few of your options here, but for more information, we highly recommend you check out Benefits.gov.

Let’s Start With Government-Supported Affordable Rental Options

These housing assistance opportunities are generally reserved for low-income individuals and families. The idea is to help these folks live in a safe and stable environment, avoiding the threat of homelessness or unfavorable living circumstances.

Public Housing

This option is well-known among low-income families. To put it simply, public housing is government-subsidized housing for low-income families. That means the government built several housing projects to provide cheap/affordable housing for low-income American families. To qualify for this kind of housing, applicants need to be US citizens or eligible immigrants. Applicants preferably should also not have prior criminal records. To learn more about public housing, drop by your nearest Public Housing Authority (PHA) and inquire about it.

Housing Choice Vouchers (HCV)

You may find this program also under the name Section 8 Housing. HCV is such an interesting program. Not only does it provide house rental assistance, but also the flexibility to choose the home that fits the family best. However, the owner of those homes must accept these vouchers as a form of payment. Just like with public housing, you can learn more about Housing Choice Vouchers through your local PHA. But, here’s a little summary of the program. HCVs are meant to help low-income families pay less for rent, enabling them to save money for other necessities. On average, families, through this program, only have to pay 30% of their income towards rent, and the rest would be covered by those vouchers.

How Can The Government Help Me Buy A Home?

We already agreed that buying a home is not cheap. The expenses start with down payments and closing costs, then go on with mortgages and perhaps moreover with maintenance. Luckily, the federal government created separate housing assistance programs to help out with all 3 expenses.

Chenoa Fund

This program was created to help families pay off the first chunk of a house’s price. This fund can help you out with up to 3.5% of the house’s price. This can be ideal for people buying houses that ask for 3.5% down payments.

Loans 

There’s a long list of federal loan programs meant for housing assistance. You should definitely visit Benefits.gov to learn about all housing loans you qualify for. In the meantime, you should check out these federal housing assistance loans:

Federal Housing Administration loans are government-insured loans. When buying a home, borrowers can buy new homes with down payments as low as 3.5%.

US Department of Agriculture loans are for those planning on living in rural areas. For eligible applicants, loans can be provided for down payments as low as 0%.

Veteran Affairs loans are a way to show appreciation to our servicemen and women. It’s a lifetime benefit. That means eligible applicants can make use of the program at any point in their lives. Funds through this type of loan can be used for buying, building, repairing, retaining, or adapting a service member’s home. Although these loans are financed through private organizations, like banks, VA itself requires no down payment. VA will also charge very low-interest rates.

Conclusion

There’s a lot of thought that goes into choosing our homes. Deciding between renting a place or buying one can be exhausting. But, if you look at things practically, asking yourself constructive questions, can make things a bit easier. You should also consider all the factors we mentioned above before making that decision, as they will seriously affect your experience in your new home.

Don’t forget that the government’s here to help you out. There are federal housing assistance programs to help all sorts of people, in different situations. Whether you’re looking for a cheap place to rent or a way to afford your down payment or even a way to afford a mortgage, there’s probably a federal program out there to help you out. So take your time before you make any big decisions and do proper research regarding all opportunities that might make it easier for you to get the better option.

Getting the Most of Out Your Buck On A Rental Property

Living comfortably does not always have to mean making too many sacrifices in terms of how much you spend on rent. There are many things that you can do to live comfortably and still save money. You will not need to starve or stay in your apartment for the rest of the year. We are going to show you how to save on rent. That way, you can use your money for the things that matter the most to you. You might not believe it, but you will find that the small stuff you do can go a long way. The small stuff can lead to saving a large chunk of change.

How Can You Get The Most Out of Your Rental Property?

Housing is the greatest expense for every American and that is true whether you own a home or you rent a home. If you are a tenant, then you will need to lower your costs and save money. You should think about doing a few things to save on rent. That way, you can save money or use your money for other things. You should think about moving to the suburbs and consider the location of your next rental property. Additionally, you can think about sacrificing a few amenities or even finding a roommate to share the housing expenses. Maybe, you can think about negotiating your rent with your landlord.

If The City Doesn’t Work, Move To The Suburbs

Rent is at its lowest as you go further and further away from the urban centers of any city. Find a place that has easy access to all transportation routes into the city. That way, you can save money on your daily commute. If you are not dedicated to the city, then you should think about going to the suburbs. The suburbs might not be as glamorous as the city. But, you will notice that rent is much lower in the suburbs, as opposed to the city. You will be able to save more money on rent in the suburbs and you will probably find a scenic view from your window.

Consider Unfurnished or Partly Furnished Properties When Looking for a New Place

Apartments that do not come with furniture are typically cheaper than furnished apartments. You can also find partly-furnished apartments, which offer basic furniture for its tenants. There is a possibility that renting an unfurnished apartment and buying your own furniture is a good way to save money. Additionally, you can furnish most of your rental for minimal expenses. You do not have to buy premium furniture. Instead, you can buy second-hand furniture. There are online resources that can help you find free furniture. Online resources such as Freecycle, Freegle and Gumtree will do the trick for you. Just make sure that you look through all of the options and find out what works for your new apartment.

Sacrifice a Few Amenities

It is a nice thought to rent an apartment with a doorman, a gym, and other amenities. But, you should think about it. Moving into a building with little amenities will keep your rental expenses down. Additionally, if you are looking for standalone homes, then you can consider dated kitchens and bathrooms. That way, you will pay less on rental expenses. Remember, amenities improve your overall lifestyle. But, it can be really expensive to keep up with all of the housing expenses. If you prefer to save money, then you should not have a problem with sacrificing a few amenities.

Look at Different Properties Before You Decide To Choose a Place

As tempting as it is, you should not consider the first apartment you see. You should make sure that you take a look at all of your options. Even if there are options that you do not think will suit you, you can always look around. When you look at different properties and give yourself options, you will be able to decide what works for you and what doesn’t. Additionally, you will be able to compare and contrast between housing units and rental prices. You will not be stuck in one place. This way, you can choose which rental property suits your financial needs and you can get what you want.

Do Not Forget About The Importance of Location

You should always consider a property that is close to your office and with a low-crime rate. It is also important that you take into consideration your rental property’s distance from the nearest police station, hospital, and fire department. This will allow you to make sure that emergency services are near you and they will be able to reach your rental property as fast as possible. Remember that location is an important factor when you choose a rental property.

Save Big On Renters Insurance

Getting renter’s insurance could save you money in the long run. Most landlords do require it and it is not a very big monthly investment. Some of them charge between 12 to 15 dollars a month. Renter’s insurance is a form of property insurance that offers coverage for the policyholder’s belongings, liabilities, and living expenses, in the case of a loss event. Typically, renter’s insurance is available for tenants living in a rented property. This policy protects tenants, in case they lose personal belongings in a rented property. Additionally, renter’s insurance provides protection against losses from liability claims.

Find Yourself A Roommate

One of the easiest and simplest ways that you can save money is through sharing the rental costs. You can do that by getting a roommate or two. Getting a roommate will help you significantly reduce your rent since everyone can contribute a little bit of their cash towards the monthly expenses. You can use online rental platforms to find the perfect roommate that will make your living experience easy as pie. Additionally, you can save money on utilities, too! This means that you will not need to sacrifice too many things in your lifestyle that way.

Think About Functionality

Always have a practical approach when deciding how big you want the space to be. Getting a bigger apartment when you are not going to make use of every single space is absolutely meaningless. You should think about the space you need, as opposed to the space you want. Make sure that you move into a rented property that fits your needs, as well as your wants. If you are currently single, then you should think about investing in a smaller apartment. You are supposed to use the space in your home; it should not be uninhabited.

Negotiate Your Way to Save Money

Are you ready to talk turkey? Well, it’s not Thanksgiving, but you could negotiate a lower rent with your landlord. Some are flexible and are willing to accommodate your needs if the rent is too high. Good tenants are not an easy thing to come by. If you are a respectable and dependable tenant with a great history of paying on time, then your landlord will want to keep you around. You should not hesitate to negotiate your rent with your landlord, when your lease expires.

Subsidies Are A Possibility, a Great Possibility

The US Housing and Urban Development Department provides many different packages and subsidies for those who are struggling to pay rent. It is best to check their website to see if you are eligible for assistance. There are eligibility requirements that you need to meet to qualify for subsidies. But, you will be able to save a lot of money that way. HUD will help you with housing expenses, even basic needs. One of the main welfare programs that you can apply for is the Supplemental Nutrition Assistance Program (SNAP), or food stamps.

Consider A Lease Agreement, Instead

Signing a lease agreement that is legally binding can help protect you. It prevents the landlord from increasing your rent for at least a year. Without one, landlords have the right to decide what rent they want to be paid from month to month. Additionally, you should settle for a long-term lease agreement. A long-term lease agreement is a great bargaining chip to reduce your rent costs. You can discuss with your landlord about a multi-year lease agreement and see if your landlord is willing to negotiate. Remember, a vacancy is not a good idea for your landlord.

Commute to Save a Chunk of Change

Make sure to pay attention to transportation. If you do not have a car or any mode of transportation, then you need to make sure that your home is not too far from public transportation. It is important that you make sure that you easily access public transportation. That way you will not have to worry about going late to your office every day. You might be able to find an apartment that is right across from your office, but you can try your best to find an apartment close to public transportation.

Make Sure Your Landlord Takes Care of Your Maintenance

Performing your own home maintenance will cost more than it should and it is not your responsibility. Your landlord should fix up your home and you should be able to save money on rent. Make sure that you look through your smoke detectors and your carbon monoxide detectors every once in a while. That way, you will let your landlord know when anything breaks down. Additionally, you should make sure that your landlord cleans your roof and gutters to prevent clogging. It might not be great and you will need to pay attention to every little detail of your home. But, you will be able to work your way to saving a chunk of money, since you will not have to fix it.

Save Money on Energy Consumption

Another way you can save money on rent is by reducing your energy consumption. Energy costs and utilities can take a lot of money out of your wallet. This is why you should consider reducing your energy consumption as best as you can. There are simple things you can do to decrease your energy consumption. Try not to consume your energy in a passive way. This means that you should always turn the lights off when you leave the room, or any appliances. Make sure your water heater is shut off whenever you do not need hot water. Additionally, do not forget to switch your light bulbs to LED bulbs.

Cook Your Meals At Home

Everyone knows that going out to dinner takes up a lot of money. This is why you should think about cooking meals in the comfort of your home. You will be able to save so much money when you cook your meals at home. Additionally, you will be able to eat food that you want and buy food that fits your budget. Fresh food and enhancing your cooking skills are a few of the perks that you can get from cooking at home. That way, you can save money on rent and utilities.

Make Sure That You Get Your Full Deposit Back

This will not help you save money on rent. But, you will be able to save money, nonetheless. Getting your full deposit back will help, especially if you decide to leave the property in good condition. If there are no disagreements with the landlord throughout your time as a tenant, then your landlord will be able to give you your full deposit back. Make sure that you take care of your rental the whole time that you stay there. In the end, you are staying in someone else’s home, so you should treat it that way.

Conclusion

In conclusion, there is so much that you can do to save money on rent. You can make sure that your landlord performs home maintenance, consider applying for subsidies, and get renters insurance. Also, you can try to avoid using your utilities passively and try your best to reduce your energy consumption. If you are trying to save money before you move into a new place, then you can consider looking at several housing units. You can look for a place near public transportation and negotiate your rent. All of these things will serve as a blessing to your wallet.

Ways to Build Financial Security

Almost all of the recent studies indicate that most people are unable to establish financial security, particularly in their retirement years. This simply emphasizes the fact that reaching financial stability is a tough process that requires careful preparation and execution.

What Does Financial Security Mean?

Financial security means managing your money efficiently so that your future is financially safe. Consequently, you will not have to worry about not having enough money to cover your expenses, emergencies, and retirement.

It is not just for the wealthy, and it does not imply a life of self-deprivation either. With proper discipline, anyone can achieve financial security. Not sure how to start building your financial security? Here are 13 good financial habits to start practicing right now:

Save Money For the Future

It goes without saying that it is preferable to start saving money from a young age. That being said, it is never too late to kick-off, even if you are nearing retirement because every dollar you save matters.

Also, keep in mind that as you get closer to retirement, other aspects of financial planning, like asset allocation, will become more important. This is due to the fact that your risk tolerance decreases as the number of years in which you can recover any losses shrinks.

If you have kids and you want to save money for their education, just make sure that does not come at a cost to your retirement savings. Although your children’s future is absolutely crucial, maintaining your financial security in retirement is even more essential.

Look at Savings Deposits As Bills

Saving on a regular basis can be complicated, especially when you consider the various regular expenses we all face. Not to mention the attractive consumer goods that tempt us to spend our cash.

You may resist this temptation by viewing your retirement savings as a recurring expense, just like rent, mortgage, or auto loan payments. This can be much easier if your employer deducts that amount of money automatically from your paycheck.

Alternatively (or additionally), you can have your money deposited directly into a checking or savings account. You can also have the designated savings amount credited to the retirement savings account automatically on the same day that the salary is credited.

Invest in Yourself

Your income is your most valuable asset. Whatever you can do to improve your skills to raise your work’s value is money well spent. If you want to develop in your career, this could be a good place to start investing in yourself since greater skills will unlock more opportunities. Set educational goals and start investing time in studying.

Extra classes (in-person or online), higher degrees, and relevant certifications are all worthwhile investments. Enroll in workshops, attend seminars and conferences, and read books on topics relevant to your industry. Many of these are free for participation, so take advantage of them as much as you can.

Also, it is in your own interest to stay up-to-date on the latest trends or advancements. So, consider subscribing to publications, reading blogs of experts, and keeping up with the latest news.

Stay Away From Unnecessary Debt

Debt is something that you should handle with caution and common sense. It is a terrible idea to borrow money to fund a lifestyle you cannot afford. Moreover, borrowing for things that do not increase in value is a certain way to make it more difficult to achieve financial security. This is especially true if you use high-interest loans, such as credit cards.

Loans should be utilized to cover emergencies (although it is not necessary if you have an emergency fund) and expenses that will allow you to advance in your career.

Maintain Your Payback Schedule

It might be hard to keep up with repayments on multiple loans, but it is critical that you do so on time. Late or missed repayments might have a negative impact on your credit score. This means fewer chances of getting a home or vehicle loan. Furthermore, It will most likely increase the interest rate of any loan you are eligible for.

If you are having trouble keeping up with your payments, you can consolidate your debt. This would decrease your monthly payments to one and allow you to restructure your debt. However, consolidate only if you intend to close those credit accounts. If not, you will risk accumulating even more debt.

Get Insurance

Every single type of insurance is super important, including term life insurance, health insurance, house insurance, and car insurance. One of the reasons why we become anxious is because we are concerned about what might happen. That is basically the purpose of insurance.

Medical insurance helps you pay your bills if you get sick, injured, or disabled. If you are unable to work, life insurance will provide financial support to you and your family… and so on. When you get your first paycheck, it is the perfect time to start building up your lifetime protection.

Pay Off Your Debt

If you have credit card debt, personal loans, or other types of debt, you should start a repayment plan immediately. There are 4 major strategies to pay off your debts: snowball method, avalanche method, consolidation, and balance transfer credit card.

The snowball strategy prioritizes paying off the account with the smallest balance first. As you make greater payments toward that balance, you continue to make the minimum payments on your other accounts to avoid paying late fees, harming your credit, or even defaulting.

In contrast with the snowball method, when you follow the debt avalanche strategy, you focus payments on high-interest bills first, while paying the minimum on the rest of your accounts.

With debt consolidation, you combine multiple account balances into one loan with a single monthly payment. While a balance transfer credit card may allow you to transfer balances from one or more accounts to another card.

Start an Emergency Fund

In general, you should have three to six months’ worth of living expenses in an immediately accessible savings account, also known as an emergency fund. Obviously, it will take time to accumulate such an amount. But the peace of mind that this financial safety net provides will be worth the sacrifices. It eliminates your need to take out a loan for those unforeseen circumstances that drive many people into debt.

There are various techniques for getting your savings started. These strategies can be used in a variety of situations, such as if you have a limited ability to save or if your income fluctuates. You could use any of these strategies, but if you just have a limited amount of money to save, monitoring your cash flow or putting aside a percentage of your tax refund are the simplest ways to get started.

Set a Budget and Stick to It

While the term “budget” is sometimes associated with limited spending, a budget does not have to be restrictive in order to be effective. A monthly budget is a financial planning tool that allows you to plan how much money you will spend or save each month. It also helps you to keep track of your spending habits.

A budget will only work if you are realistic about your income and expenses. You must be willing to work with precise and accurate information about your earning and spending habits in order to create a successful budget. Finally, the outcome of your new budget will show you where your money comes from, how much there is, and where it all goes each month.

Do Side Gigs 

What makes a person more financially secure than extra dollars? Over 30% of Americans have side hustles, according to Zapier. There are a variety of jobs that you can do, many of them do not even require very high skills. Some side jobs pay so well that you might consider quitting your full-time job to devote more time to them.

Pay Bills Immediately

One good practice is to pay bills as soon as they arrive. Also, if at all possible, try to have your bills paid through automatic deduction. You can set up frequent automated payments through your bank’s online check system. This way, all of your regular budget expenses are covered.

Adjust Your Expenses

If your lifestyle, income, or financial responsibilities have changed, it may be time to reevaluate your financial situation and make some necessary changes. For example, you may have finished paying off your home or auto loan, or the number of people for whom you are financially responsible may have changed.

A reassessment of your income, expenses and financial commitments will help you to decide whether you should increase or decrease the amount you save on a regular basis.

Get Professional Help

Most people who do not work in the financial industry know very little about how money works. The good news is that there are many experts to help you. Just make sure to choose someone that you can trust and feel comfortable with.

Dave Ramsey offers Financial Peace University, which teaches common sense and money management concepts. Many churches across the US host this program. No matter who you choose to get assistance from, make sure to check their references and their clients’ reviews.

How Much Money Do You Need to Be Financially Secure?

This depends on your age, needs, and financial goals. According to CNBC, Americans considered themselves financially secure when they had at least $500,000 saved. This is based on the average of responses from adults of various backgrounds, ages, and demographics.

Anyways, in general, the “4% rule” is a very good indicator of financial security. To rephrase it, if you have no problem withdrawing 4% of your investment accounts each year and never run out of money, you are probably financially secure.

Why is Financial Security Important?

Insecurity of any kind, whether emotional, financial, or professional, is bound to cause stress. Furthermore, financial security and happiness are inextricably associated.

Financial security has lots of advantages; it helps reduce stress, fear, and anxiety, and replaces these sensations with feelings of safety and peace of mind.

How to Maintain Your Financial Security

To stay financially secure here is what you should do:

  • Keep living within your means and do not overspend money for stuff you do not actually need.
  • Find new ways of making money to increase your income.
  • Invest carefully.
  • Take advantage of opportunities as they arise.
  • Whenever you feel lost, seek professional help.

What Is the Difference Between Financial Security and Financial Freedom?

Paying bills on time, increasing savings, budgeting, investing, and getting insurance are all part of a financial security strategy.

Financial freedom, on the other hand, is about living life on your own terms. For some, this could mean early retirement, long-term travel, luxury purchases, or the freedom to quit a career they do not like in order to pursue another. Before financial freedom is possible, financial security must be achieved.

Bottom Line

In brief, financial security refers to the relief that comes with having no worries about money. To achieve it, you have so many options to try like:

  • Get rid of your debts.
  • Save money for emergencies and the future.
  • Stick to a budget.
  • Invest and get a side job.
  • Ask an expert for help.

If you are wondering whether you can reach financial security, think of this quote from entrepreneur Henry Ford: “Whether you think you can or think you cannot, you are right.”

References:

1...18192021Page 19 of 21

Recent Posts

Making Groceries Affordable: How SNAP Can Help

SNAP plays a crucial role in aiding individuals and families across America by offering financial assistance for purchasing food. This program not only addresses...

Exploring Support Programs Offered by the FCC

Staying connected is essential in our world today. The Federal Communications Commission (FCC) is a big piece in the puzzle when it comes to...

Trending

Various Relief Options For Families

When money is tight, it's good to know there's help out there. The government has different programs to help families with things like doctor...

Assistance Options Funded by the Federal Government

The U.S. government's assistance programs serve as an important safety net for people facing financial challenges. They cover a broad spectrum of needs, including...

Latest Stories

© 2024 Great Is Enough. All Rights Reserved.