Susie Skog knows Lake Norman Real Estate Inside Out

So a babe is on the way? Congrats! Along with the chaos of, well, everything that is to come, your finances are about to experience an upheaval, as well. According to the U.S. Department of Agriculture, it will cost upwards of $245,000 to raise a child born in 2013 to the age of 18"and this does not include college. Feeling that bank account burn already? Below are five tips for rocking your budget as a new mom or dad.

1. Tweak the budget.Your new little one is going to cost a pretty penny. From hospital costs to diapers and child care, budgetary stress is an added strain on you as a new mom or dad. Look for any unnecessaries you can slash to make room for more baby dollars. The more prepared you are, the better.

2. Track your spending.Don’t just make that budget and set it aside. Set a monthly meeting with your spouse to look over your spending, make sure you’re on track, and identify any problem areas or potential saving pockets.

3. Learn your tax credits.I bet you didn’t see this one coming. Being a parent has some advantages at tax time, so talk to your tax professional about what you may be eligible for.

4. Automate, automate, automate.Not only can automation help you avoid bouncing bills, but by having money withdrawn from your account, you can pad up your savings, too. Figure out how much you can part with every month and automatically squirrel it away into an emergency savings account, a college savings account, or both.

5. Set financial goals.While creating a budget and savings plan is great, setting goals for your family can help you stay on track. Looking to have a set amount in a college account by the time your kid hits 18? Do the math and decide how much you need to save monthly to hit it. Is an annual family vacation a must? Figure out how to stash some cash for that, and then make it happen. Also, stay well informed on real estate market trends if you’re looking to buy a home or move up to a larger one.

Above all, don’t forget to be realistic, and forgive yourself if it takes some time to get on track. Parenting is a lifelong adventure!

Published with permission from RISMedia.

Published with permission from RISMedia.

If youre buried by credit card debt, a negotiated debt settlement with your creditor may be worth checking into. Negotiated debt settlement is a general term for discharging debt in a way that appeals to the credit card holder and the cards issuer.

Its best to negotiate from a position of strength by not having submitted late payments or having missed them, which can cause a credit score to fall. If that happens, cardholders will likely have a harder time getting concessions in a negotiated debt settlement. Instead, they should start talking to their creditor soon after realizing theyre having trouble repaying their debts.

Forbearance
There are a few types of negotiated debt settlements, and the simplest one is called forbearance. Banks offer these programs to reduce interest rates, waive late fees and extend repayment terms.

Forbearance doesnt forgive any debt, but offers better terms for repayment. Unemployed cardholders typically are approved for forbearance, and the plans should have no impact on the cardholders credit score.

Workout Arrangements
In these programs, card issuers lower or eliminate interest rates and fees, either temporarily or permanently until all of the debt is paid. A credit line may be reduced so that the credit card can no longer be used.

Like forbearance, a workout agreement doesnt reduce the principal owed. It can affect a credit score, depending on how the bank reports it to the credit agencies.

Lump Sum
A lump-sum settlement is where a cardholder offers to pay less than the full amount owed so that the entire debt is eliminated.

These are often accepted in two or three payments and are a way for banks to avoid trying to get payment through a debt collection agency. Interest and fees are likely to be forgiven in lump-sum settlements, however the principal will still need to be paid.

It can have several downsides. The bank will be charging off its loss, which will hurt the cardholders credit score. Also, cardholders must pay taxes on any forgiven principal of $600 or more and treat it like income.

Debt Management Program
This type of negotiated debt settlement is for people who dont want to negotiate directly with their lender. A third party does it for a fee.

Some for-profit debt management companies can be unscrupulous and charge large up-front fees. To find a reputable credit counselor, check with the National Foundation for Credit Counseling, or the Financial Counseling Association of America.

Published with permission from RISMedia.

Here are a few tips for designing the perfect space for learning at home.

Set Up for Success

A designated workspace with a desk, proper materials and good lighting will create a separate environment perfect for learning away from the rest of the house.

Recreate the Classroom

Try to create a learning environment that theyre accustomed to. Hanging up their assignments or mounting a chalkboard will make it feel more like school.

Include Different Areas

If you have the space, kids will benefit from a change of scenery and subjects throughout the day to avoid monotony.

Published with permission from RISMedia.

When it comes to painting your space, there are myriad options: bright and sunny yellow, the classic eggshell white, a soothing blue or a fresh green. But one color you shouldn’t overlook when painting is gray. Below are five reasons why.

It matches. Gray is a fluid, flexible color that pairs well with a large variety of accents. This means you can swap out your color scheme over the years and keep the same paint job.

It’s elegant. Gray is a classic choice for a wall. Whether it’s a light smoky gray, a deep ash or a lavender tinted hue, gray doesn’t seem to age out.

It’s calming. Along with green and some shades of blue, gray has been shown to soothe and relax. This makes it a great choice for your bedroom.

It opens space. If you choose a light gray, the color can help create the illusion of a larger area. White is the typical choice for opening up a space, but if you’re looking for a bit more personality, gray is the way to go.

You can mix and match. Gray is an extremely flexible color. You can paint three of your walls a soft silvery gray, and then choose an accent wall to paint a deep slate. Or, paint your ceiling or floor a different shade of gray to add an interesting twist.

Published with permission from RISMedia.