Connect with us

CBS News

Watch out for these 3 expensive money mistakes in June, experts say

Avatar

Published

on


OOPS!
Experts say these money mistakes could have a serious impact on your finances this summer, so watch out.

Getty Images/iStockphoto


As the summer gets underway, you may be looking forward to unwinding. At the same time, though, it’s important to not get too lax about your finances. 

After all, in today’s unusual economic climate, in which inflation remains persistently high and interest rates make borrowing difficult, it’s easy to make money mistakes that cost you more than they would otherwise. Fortunately, knowing what to watch out for and how to manage these types of financial challenges can ease your financial situation. 

Don’t let your credit card debt mistakes weigh you down this summer. Find out your debt relief options here.

Watch out for these 3 expensive money mistakes in June, experts say

Be sure to watch out for these three expensive money mistakes this month — and as we head into the rest of the summer:

Carrying a credit card balance from month to month

With the average credit card interest rate currently over 21%, and with many card rates closer to 30%, carrying a credit card balance from month to month can be particularly costly right now. And, if you’re just making the minimum monthly payments, you could end up paying more in interest than the actual balance on your card.

If you face a situation where you’re struggling to keep up with credit card payments, you might consider using a reputable debt relief service, negotiating for debt forgiveness or using a debt consolidation loan to try and lower your interest rate and get a more manageable payment. 

Ideally, though, you can avoid this money mistake by not carrying an unmanageable balance.

“When going on summer vacation with family or taking on summer projects like fixing up your home or garden, it can be tempting to purchase everything at one time, put it all on your card, and deal with paying it off later. This strategy can help cover your purchases in the moment, but it will lead to a hefty bill when your monthly statement comes due,” says Mary Hines Droesch, head of consumer, small business and wealth management banking and lending products at Bank of America.

“To avoid putting every purchase on your card, consider saving up for big-ticket purchases over time or buying things piecemeal over the course of a few months,” Droesch adds.

Explore your top credit card debt relief options online now.

Not shopping around before borrowing

While you don’t want to carry around a credit card balance if you can avoid it, sometimes you still need to borrow money, such as for housing, transportation, education or another large expense. 

Whatever the case may be, not shopping around before borrowing is a mistake, as even a small difference in interest rates can add up over time. For example, on a $400,000 mortgage, the difference between a 7% interest rate and 6.75% is nearly $24,000 in interest over 30 years.

But when shopping around before borrowing, you may want to consider factors beyond the interest rate to assess the full costs of borrowing. For example, if you’re opening a new credit card — even if you intend to pay it off in full every month — look at the interest rate, but also look at the other factors, like the annual fee and credit limit.

Having a higher credit limit could potentially tempt you into spending more, so you should take that into account during the process. That said, a higher limit can also help when it comes to maintaining a low credit utilization ratio, so there’s a balance you need to consider.

“One of the mistakes people make is not keeping their credit utilization ratio — credit balance divided by available credit — at a reasonably low level on revolving debt, like credit cards. Most experts state that you should maintain utilization of your revolving credit below 30%,” says Marito Domingo, chief credit officer and chief financial officer at First Tech Federal Credit Union.

“If you can show that you’re responsible managing both revolving debt and installment debt, then your credit score won’t take as big of a hit during the summer season. If not, the rate you pay on your revolving balance could go up, pushing up the cost of the purchases you made,” Domingo adds.

Getting caught up in the moment

You may also want to avoid getting too caught up in summer fun at the expense of your financial future. After all, doing so could be a big, and costly, mistake.

“Summer is all about spending time outside in beautiful weather, so it can be hard to say no to a fun outing like a day at the beach or a concert, but it’s important to keep in mind your long-term savings goals,” says Julie Beckham, AVP/financial education development and strategy officer at Rockland Trust.

“Whether you’re saving for a new car, down payment for a home, or tuition for the fall, don’t forget what you’re working toward as an incentive to spend less in the moment. And if you feel like you just might forget, set automatic transfers from your checking to your savings account so you don’t have a chance to spend that money on anything else,” Beckham adds.

The bottom line

Consider making the start of summer the beginning of better financial habits. Rather than ending up in a difficult debt situation or simply overspending when it comes to borrowing costs or summer excursions, think carefully about where your money is going before you’re in over your head.



Read the original article

Leave your vote

Continue Reading

CBS News

7/2: CBS Evening News – CBS News

Avatar

Published

on


7/2: CBS Evening News – CBS News


Watch CBS News



Beryl leaves trail of destruction on Caribbean islands; Brooklyn organization tries to get more girls into skateboarding

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

CBS News

Robert Towne, legendary Hollywood screenwriter of “Chinatown,” dies at 89

Avatar

Published

on


Robert Towne, the Oscar-winning screenplay writer of “Shampoo,” “The Last Detail” and other acclaimed films whose work on “Chinatown” became a model of the art form and helped define the jaded allure of his native Los Angeles, has died. He was 89.

Towne “passed away peacefully surrounded by his loving family” Monday at his home in Los Angeles, his publicist Carri McClure, told CBS News in a statement. She did not provide a cause of death.

In an industry which gave birth to rueful jokes about the writer’s status, Towne for a time held prestige comparable to the actors and directors he worked with. Through his friendships with two of the biggest stars of the 1960s and ’70s, Warren Beatty and Jack Nicholson, he wrote or co-wrote some of the signature films of an era when artists held an unusual level of creative control. The rare “auteur” among screen writers, Towne managed to bring a highly personal and influential vision of Los Angeles onto the screen.

Writer Robert Towne
Writer Robert Towne in audience during the 36th AFI Life Achievement Award tribute to Warren Beatty held at the Kodak Theatre on June 12, 2008 in Hollywood, California. 

Alberto E. Rodriguez/Getty Images for AFI


“It’s a city that’s so illusory,” Towne told The Associated Press in a 2006 interview. “It’s the westernmost west of America. It’s a sort of place of last resort. It’s a place where, in a word, people go to make their dreams come true. And they’re forever disappointed.”

Recognizable around Hollywood for his high forehead and full beard, Towne won an Academy Award for “Chinatown” and was nominated three other times, for “The Last Detail,” “Shampoo” and “Greystoke.” In 1997, he received a lifetime achievement award from the Writers Guild of America.

“His life, like the characters he created, was incisive, iconoclastic and entirely (original),” said “Shampoo” actor Lee Grant on X.

Towne was born Robert Bertram Schwartz in Los Angeles and moved to San Pedro after his father’s business, a dress shop, closed down because of the Great Depression. His father changed the family name to Towne.

Towne’s success came after a long stretch of working in television, including “The Man from U.N.C.L.E” and “The Lloyd Bridges Show,” and on low-budget movies for “B” producer Roger Corman. In a classic show business story, he owed his breakthrough in part to his psychiatrist, through whom he met Beatty, a fellow patient. As Beatty worked on “Bonnie and Clyde,” he brought in Towne for revisions of the Robert Benton-David Newman script and had him on the set while the movie was filmed in Texas.

Towne’s contributions were uncredited for “Bonnie and Clyde,” the landmark crime film released in 1967, and for years he was a favorite ghost writer. He helped out on “The Godfather,” “The Parallax View” and “Heaven Can Wait” among others and referred to himself as a “relief pitcher who could come in for an inning, not pitch the whole game.” But Towne was credited by name for Nicholson’s macho “The Last Detail” and Beatty’s sex comedy “Shampoo” and was immortalized by “Chinatown,” the 1974 thriller set during the Great Depression.

“Chinatown” was directed by Roman Polanski and starred Nicholson as J.J. “Jake” Gittes, a private detective asked to follow the husband of Evelyn Mulwray (played by Faye Dunaway). The husband is chief engineer of the Los Angeles Department of Water and Power and Gittes finds himself caught in a chaotic spiral of corruption and violence, embodied by Evelyn’s ruthless father, Noah Cross (John Huston).

Influenced by the fiction of Raymond Chandler, Towne resurrected the menace and mood of a classic Los Angeles film noir, but cast Gittes’ labyrinthine odyssey across a grander and more insidious portrait of Southern California. Clues accumulate into a timeless detective tale, and lead helplessly to tragedy, summed up by one of the most repeated lines in movie history, words of grim fatalism a devastated Gittes receives from his partner Lawrence Walsh (Joe Mantell): “Forget it, Jake, it’s Chinatown.”

The back story of “Chinatown” has itself become a kind of detective story, explored in producer Robert Evans’ memoir, “The Kid Stays in the Picture”; in Peter Biskind’s “East Riders, Raging Bulls,” a history of 1960s-1970s Hollywood, and in Sam Wasson’s “The Big Goodbye,” dedicated entirely to “Chinatown.” In “The Big Goodbye,” published in 2020, Wasson alleged that Towne was helped extensively by a ghost writer — former college roommate Edward Taylor. According to “The Big Goodbye,” for which Towne declined to be interviewed, Taylor did not ask for credit on the film because his “friendship with Robert” mattered more.

The studios assumed more power after the mid-1970s and Towne’s standing declined. His own efforts at directing, including “Personal Best” and “Tequila Sunrise,” had mixed results. “The Two Jakes,” the long-awaited sequel to “Chinatown,” was a commercial and critical disappointment when released in 1990 and led to a temporary estrangement between Towne and Nicholson.

Around the same time, he agreed to work on a movie far removed from the art-house aspirations of the ’70s, the Don Simpson-Jerry Bruckheimer production “Days of Thunder,” starring Tom Cruise as a race car driver and Robert Duvall as his crew chief. The 1990 movie was famously over budget and mostly panned, although its admirers include Quentin Tarantino and countless racing fans. And Towne’s script popularized an expression used by Duvall after Cruise complains another car slammed him: “He didn’t slam into you, he didn’t bump you, he didn’t nudge you. He rubbed you.

“And rubbin,′ son, is racin.'”

Towne later worked with Cruise on “The Firm” and the first two “Mission: Impossible” movies. His most recent film was “Ask the Dust,” a Los Angeles story he wrote and directed that came out in 2006. Towne was married twice, the second time to Luisa Gaule, and had two children. His brother, Roger Towne, also wrote screenplays, his credits include “The Natural.”



Read the original article

Leave your vote

Continue Reading

CBS News

Analyzing impact of Supreme Court’s Trump immunity decision

Avatar

Published

on


Analyzing impact of Supreme Court’s Trump immunity decision – CBS News


Watch CBS News



It’s been a day since the Supreme Court ruled that former President Donald Trump has immunity from criminal prosecution for official acts taken in office but that he is not protected from prosecution for unofficial acts. CBS News legal analyst Jessica Levinson joins to unpack the decision.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

Copyright © 2024 Breaking MN

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.