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Saving enough money for a down payment is a struggle for many people. If you have an individual retirement account, or IRA, you may be able to use some of your retirement savings for a down payment on a house, but you should carefully weigh the pros and cons first.

Rules on IRA Withdrawals for Home Purchases
Under most circumstances, you can only withdraw money from an IRA after you have reached the age of 59 1/2. Earlier withdrawals may be taxed, and you may have to pay a 10 percent tax penalty. Exceptions are made for first-time homebuyers.

A first-time homebuyer is defined as someone who didnt have an ownership interest in a primary residence in the previous two years. If youre married, your spouse must meet the same requirements. If you owned a vacation home in the past two years, you can still use money from your IRA to put a down payment on a primary residence.

If you have a traditional IRA, you can use up to $10,000 to buy, build or rebuild a house. You wont have to pay a 10 percent penalty, but you will have to pay income taxes.

If you have a Roth IRA, you can withdraw an amount equal to your IRA contributions without paying taxes or fees, since the money was taxed before you made contributions to the retirement account. After youve withdrawn a sum equal to your contributions, you can withdraw up to $10,000 in earnings or money converted from another account without having to pay a penalty.

If youve been contributing to your Roth IRA for less than five years, youll have to pay income taxes on earnings, but not on converted funds. If youve had your IRA for five years or more, you wont have to pay any taxes or penalties.

If you currently own a house, you can use up to $10,000 from your IRA to help your or your spouses child, grandchild or parent make a down payment on a first home without paying a tax penalty. You can make multiple withdrawals, but none of them can exceed $10,000.

Is Using IRA Money for a Down Payment a Good Idea?
Retirement savings benefit from years of compounded interest. Withdrawing a large sum of money could jeopardize your long-term savings. This is particularly risky if you havent saved much and are nearing retirement age.

Even if you arent planning to retire soon, annual IRA contributions are limited. You might not be able to catch up to where you were before you withdrew money for a down payment on a house. Think carefully before tapping into your retirement account to fund a down payment for your home or someone elses.

This article is intended for informational purposes only and should not be construed as professional advice.

Published with permission from RISMedia.

Believe it or not, despite your best efforts, some of your cleaning habits may be doing more harm than good. Be sure not to do the following:

Closing the washing machine door. Closing the door after a load of wash is done seems like a no-brainer. In actuality, you should be leaving the washing machine door open when the laundry is finished. The airflow will actually help prevent mold and mildew from building up inside your machine. If your laundry isnt smelling as clean as it should after washing and drying, that could be the culprit. When leaving the door open, take extra care if you have small children and pets.

Using paper towels to clean glass. When cleaning mirrors and windows, your best bet is a microfiber cloth. Paper towels will leave streaks and a trail of lint.

Using a spray cleaner on car windows. A spray cleaner will leave a pattern of drops and streaks on car windows, so opt for a foam cleaner instead.

Microwaving kitchen sponges. According to studies from Real Simple, microwaving sponges to clean them is not as effective as once thought, so using them to clean kitchen counters, etc. may actually be spreading bacteria. The safer bet? Replace your sponges once a week, or use cleaning cloths that can be put through the washing machine.

Not cleaning your cell phone. Since our cell phones tend to go everywhere, studies have revealed that they may carry more germs than a toilet seat! So even if youve done a great job cleaning your homes surface, every time you place your phone down is a chance for spreading bacteria. Follow safe practices for cleaning electronics, and make sure to regularly clean your mobile devices.

Make these few, quick adjustments to your routines for more effective cleaning and a healthier home.

Source: Real Simple

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These four features will provide the utmost relaxation, pleasing friends and family alike.

Outdoor Sauna

An easy addition to the backyard, an outdoor sauna provides multiple benefits to your body and cardiovascular health.

Plunge Pool

For those who enjoy the restorative properties of hydrotherapy, a plunge pool will have you feeling fresh and energized.

Massage Room

For the ultimate in personal wellness, a tranquil massage room is the perfect way to bring your home spa to the next level.

Meditation Studio

Daily meditation can help promote both mental and physical well-being. A designated place to practice will help incorporate it into your routine.

Published with permission from RISMedia.

If youre thinking about updating your kitchen, the cabinets are most likely one of your top priorities. Many homeowners think they need to replace worn-out cabinets, but that isnt necessarily true. Its often possible to save money by simply refacing them or replacing the doors.

Reasons to Reface Your Kitchen Cabinets
Refacing is popular with homeowners who want to beautify their kitchen while sticking to a budget. New doors, drawer fronts, hinges and pulls can be installed to update the appearance of a kitchen at a fraction of what it would cost to install new cabinets.

Cabinet refacing requires much less work and is much less disruptive than replacing entire cabinets. If you reface your kitchen cabinets, you would not need to have appliances removed. That means your family would still be able to use the kitchen while contractors were working on the cabinets. If you were willing and able to tackle a DIY project, you could replace the cabinet doors yourself to keep the overall cost of the kitchen remodel down.

If you decide to reface the cabinets, you can choose from a wide range of styles and colors. You might install new doors made from a different wood species or you might choose glass doors that would allow people to see the cabinets contents.

When to Replace the Kitchen Cabinets
Sometimes it makes more sense to pay for new cabinets than to reface the existing ones. If the kitchen cabinets are old and worn out, or if they were not of good quality to begin with, new doors wouldnt do anything to address structural problems. It would be better to remove them and install new, higher-quality cabinets.

If your existing cabinets are in decent condition, but their size and layout dont suit your needs, it may be a good idea to replace them. You could choose new cabinets based on how you use the kitchen so you could utilize the space more efficiently. If youre planning a major kitchen renovation, you may want to completely rethink the way the room is designed and make changes to match your familys lifestyle.

Replacing the old cabinets would cost a lot more than refacing, but its not a project you should try to handle yourself to save money. The old cabinets would need to be removed carefully to avoid damaging the counters and floor. If you didnt have the necessary training and experience and you made a mistake, it could dramatically increase the overall cost of your kitchen remodel.

When to Try a Combination of Approaches
Some of your kitchen cabinets may be in better shape than others. If that is the case, your best option may be to replace some and reface others. A contractor can inspect the condition of each cabinet and make a recommendation.

Published with permission from RISMedia.

Published with permission from RISMedia.