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Tag Archives: Checking Account

Home / Posts Tagged "Checking Account"

Easiest Credit Cards to Get After Bankruptcy

February 11, 2021 by Gerald Hawkins Posted in Credit Cards Tagged Avant Credit Card, bad credit, bad-seg, bankruptcy, blp-promote-post, build, build credit, building, Building Credit, Checking Account, Credit, credit bureau, Credit Bureaus, Credit Card, Credit Cards, credit score, Debt, education, Fees, Financial Wize, FinancialWize, first progress platinum elite mastercard secured credit card, Indigo Mastercard for Less Than Perfect Credit, interest rates, Make, Milestone Unsecured Mastercard, money, OpenSky Secured Visa, Original, Personal, Products, rate, secured credit cards, Security, Spending, states, Surge Mastercard, tips, top-five-post, work

A woman sitting on a couch

There’s nothing fun about declaring bankruptcy, but those who emerge from it can be thankful for the opportunity to rebuild their personal finances without the burden of debt. Unfortunately, bankruptcy also does damage to your credit, making it difficult to get approved for credit cards and other lines of credit. Since credit cards are a good way to build or rebuild credit, we have the details for some credit cards to get after bankruptcy.

Secured Credit Cards

Secured credit cards generally have lower credit score requirements and often can be obtained post-bankruptcy. While they do require an upfront security deposit to open, they otherwise work just like traditional credit cards and can help you rebuild your credit. When choosing a secure credit card, look for one that lets you build toward unsecured credit status and reports to all three credit bureaus so it helps you positively impact your credit.

Credit Cards for Bad Credit

Secured credit cards are often considered bad debt credit cards because they’re targeted to people with poor or no credit. But you can also find credit cards that are approved for people with less-than-stellar credit and don’t require a security deposit. In return for the chance to get positive reporting on your credit report via one of these cards, you might have to pay an annual fee or deal with a high interest rate.

Credit Card for After Bankruptcy

There’s no single best credit card to get after a bankruptcy, but there are many options to consider. Carefully review the details of relevant credit card offers before making a decision for yourself.

OpenSky® Secured Visa® Credit Card

OpenSky® Secured Visa® Credit Card

Apply Now

on Capital Bank’s secure website

Card Details
Intro Apr:
N/A

Ongoing Apr:
17.39% (variable)

Balance Transfer:
N/A

Annual Fee:
$35

Credit Needed:
Fair-Poor-Bad-No Credit

Snapshot of Card Features
  • No credit check necessary to apply. OpenSky believes in giving an opportunity to everyone.
  • The refundable* deposit you provide becomes your credit line limit on your Visa card. Choose it yourself, from as low as $200.
  • Build credit quickly. OpenSky reports to all 3 major credit bureaus.
  • 99% of our customers who started without a credit score earned a credit score record with the credit bureaus in as little as 6 months.
  • We have a Facebook community of people just like you; there is a forum for shared experiences, and insights from others on our Facebook Fan page. (Search “OpenSky Card” in Facebook.)
  • OpenSky provides credit tips and a dedicated credit education page on our website to support you along the way.
  • *View our Cardholder Agreement located at the bottom of the application page for details of the card

Card Details +

Annual Fee: $35

APR: 17.39% (variable)

Why we picked it: This card helps you build credit while still offering a fairly low interest rate and a refundable deposit for as little as $200 (some restrictions apply; see cardholder agreement for details).

The details: There is no credit check necessary to apply, and you can apply in less than 5 minutes. Your responsible use of the card is reported to all three credit bureaus each month. And when you need extra credit, you may be eligible for a credit line increase.

Drawbacks: There is an annual fee, which isn’t necessarily bad in exchange for building credit.

Read Our Full Review

First Progress Platinum Elite Mastercard Secured Credit Card

First Progress Platinum Elite Mastercard® Secured Credit Card

Apply Now

on First Progress’s secure website

Card Details
Intro Apr:
N/A

Ongoing Apr:
19.99% Variable APR for Purchases

Balance Transfer:
N/A

Annual Fee:
$29

Credit Needed:
Poor-No Credit

Rates and Fees

Snapshot of Card Features
  • Receive Your Card More Quickly with New Expedited Processing Option
  • No Credit History or Minimum Credit Score Required for Approval
  • Full-Feature Platinum Mastercard® Secured Credit Card
  • Good for Car Rental, Hotels; Anywhere Credit Cards Are Accepted!
  • Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
  • Credit Line Secured by Your Fully-Refundable Deposit of $200 — $2,000 Submitted with Application
  • Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
  • Apply in just a few moments with no negative impact to your credit score; no credit inquiry will be recorded in your credit bureau file
  • Nationwide Program though not yet available in NY, IA, AR, or WI * See Card Terms.

Card Details +

Annual Fee: $29

APR: 19.99% Variable APR for Purchases

Why we picked it: With responsible use, this card can be a good place to start working to rebuild your credit. There is no minimum credit score required for approval, and it also reports to all three credit bureaus each month.

The details: You can secure your credit line by putting down a fully refundable deposit of $200 to $2,000 during the application process. When you pay off your balance, you can receive your deposit back. Its expedited processing option lets you receive your card more quickly, and you can apply in minutes with no negative impact to your credit score.

Drawbacks: While the APR isn’t super high for a bad-credit credit card, it’s still high enough to run up hefty interest charges. You’ll want to pay the balance off as often as possible to avoid that extra expense. The card is not yet available in all states.

Milestone Unsecured Mastercard

Milestone® Unsecured Mastercard®

Apply Now

on Milestone’s secure website

Card Details
Intro Apr:
N/A

Ongoing Apr:
24.90%

Balance Transfer:
N/A

Annual Fee:
$35 – $99*

Credit Needed:
Poor-Bad

Snapshot of Card Features
  • Easy pre-qualification process which does not affect your credit score
  • Choice of card image at no extra charge
  • Less than perfect credit is okay, even with a prior bankruptcy!
  • Mobile friendly online access from anywhere
  • Accepted nationwide, wherever Mastercard is accepted
  • Unsecured credit card, no deposit required
  • Protection from fraud, if your card happens to be lost or stolen

Card Details +

Annual Fee: $35 – $99*

APR: 24.90%

Why we picked it: It is possible to be approved with poor credit and a bankruptcy on your credit report, but you don’t have to start with a security deposit. Plus, you can choose your card image at no extra charge!

The details: Prequalification doesn’t require a hard credit inquiry, so you can find out if you’re a likely candidate for this card without impacting your credit. You can access your account via mobile to manage it, helping you stay on track with positive payment history and balance management, and the card comes with decent fraud protection.

Drawbacks: The annual fee can be pretty high depending on the terms you’re approved for. The interest rate is also fairly high, so you might not want to carry over large balances between statements.

Indigo Mastercard for Less Than Perfect Credit

Indigo® Mastercard® for Less than Perfect Credit

Apply Now

on Indigo’s secure website

Card Details
Intro Apr:
N/A

Ongoing Apr:
24.90%

Balance Transfer:
N/A

Annual Fee:
$0 – $99*

Credit Needed:
Poor-Bad

Snapshot of Card Features
  • Less than perfect credit histories can qualify, even with prior bankruptcy!
  • Choose your card design with chip technology at no additional cost
  • Quick pre-qualification available with no impact to your credit score
  • Easy pre-qualification process with fast response
  • 24/7 access to your account, even on mobile!
  • Protection from fraud, if your card happens to be lost or stolen
  • Accepted nationwide wherever Mastercard is accepted

Card Details +

Annual Fee: $0 – $99*

APR: 24.90%

Why we picked it: You can prequalify for this card without impacting your credit, and there’s no security deposit required.

The details: The APR is fairly steep, so you probably want to limit what balances you carry over each month. How much the annual fee is depends on your credit profile. However, it doesn’t require a security deposit.

Drawbacks: A potentially high annual fee and less-than-stellar APR make this a potentially expensive way to build credit.

Avant Credit Card

Avant Credit Card

Apply Now

on Avant’s secure website

Card Details
Intro Apr:
N/A

Ongoing Apr:
25.99% (variable)

Balance Transfer:
N/A

Annual Fee:
$39

Credit Needed:
Fair

Snapshot of Card Features
  • No deposit required
  • No penalty APR
  • No hidden fees
  • Fast and easy application process
  • Help strengthen your credit history with responsible use
  • Disclosure: If you are charged interest, the charge will be no less than $1.00. Cash Advance Fee: The greater of $10 or 3% of the amount of the cash advance
  • Avant branded credit products are issued by WebBank, member FDIC

Card Details +

Annual fee: $39

APR: 25.99% (variable)

Why we picked it: There’s no deposit required, no penalty APR, and no hidden fees.

The details: What you see is what you get with this card. With responsible use, you can strengthen your credit history.

Drawbacks: There is an annual fee and the variable APR can be a bit steep. You may also need fair credit to qualify.

Read Our Full Review

Surge Mastercard

Surge Mastercard® Credit Card

Apply Now

on Surge’s secure website

Card Details
Intro Apr:
N/A

Ongoing Apr:
See Terms*

Balance Transfer:
N/A

Annual Fee:
See Terms*

Credit Needed:
Fair-Poor-Bad

Snapshot of Card Features
  • All credit types welcome to apply!
  • Monthly reporting to the three major credit bureaus
  • See if you’re Pre-Qualified without impacting your credit score
  • Fast and easy application process; results in seconds
  • Use your card at locations everywhere that Mastercard® is accepted
  • Free online account access 24/7
  • Checking Account Required

Card Details +

Annual fee: See Terms*

APR: See Terms*

Why we picked it: All credit types are welcome to apply, and the pre-qualification process won’t impact your credit score.

The details: Surge can be used anywhere Mastercard is accepted. , and the card reports to all three major credit bureaus.

Drawbacks: You need a checking account to apply. Because the card is specifically for people with less-than-perfect credit scores, interest rates and terms may be a bit high.

Read Our Full Review

How to Choose a Credit Card After Bankruptcy

After a bankruptcy, improving your finances and rebuilding your credit should be a priority. Do some research and pick a credit card that helps you achieve that goal. If you feel that you can’t responsibly manage credit right now, you should wait until you’re in a better place to submit a credit card application.

Since secured credit cards require an upfront security deposit, you’ll need to determine how much money you can afford. Most secured cards will give you a credit line that equals the amount of your original deposit.

While high APRs and annual fees are common with all of these credit cards, you should compare rates across several cards to find the ones that are best for your spending habits.

Some cards for bad credit are designed to exploit people using unfair terms or policies that make it difficult to rebuild your finances. You may even start receiving multiple credit card offers in the mail after your bankruptcy is discharged. Watch out for red flags to avoid getting burned.

And remember: A credit card can only build credit if you use it correctly. You should keep your credit card balance below 30% of the available credit limit and make all your payments on time to help build your credit.

The post Easiest Credit Cards to Get After Bankruptcy appeared first on Credit.com.

Source: credit.com

Hours of Work Needed to Pay Rent in the 25 Largest Cities – 2021 Edition

February 11, 2021 by Gerald Hawkins Posted in Apartment Life, Checking Account, Savings Account Tagged budget, Budgeting, build, california, Checking Account, Cities, Credit, employment, existing, Financial advice, Financial Advisor, Financial Goals, Financial Wize, FinancialWize, Home, hours of work needed to pay rent, house, housing cost burden, IRA, Make, money, moving, rate, rent, rental costs, Retirement, retirement savings, savings, savings account, tax, Taxes, texas, wages, work, workers

Image shows a blue house figurine on top of a stack of a few bills; these sit on a desk, next to a smartphone that shows the interface of a budgeting app. SmartAsset analyzed Census data to conduct this study on the hours of work needed to pay rent in the 25 largest U.S. cities.

According to the Census Bureau, almost 20 million renters allocate at least 30% of their household income towards rent, indicating that they are housing cost-burdened. This can be especially true in larger cities where the cost of living is higher. And if time is money, then many Americans will have to resort to working longer hours to make ends meet without having to use up any existing emergency funds.

In this study, SmartAsset measured the hours of work needed to pay rent in the 25 largest cities in the U.S. To determine our estimates, we considered data on the following metrics: average annual take-home pay, average hours worked per year and median monthly rent. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is SmartAsset’s fourth annual study on the hours of work needed to pay rent. Check out the 2020 version here.

Key Findings

  • 56.6 hours. The average number of work hours needed to pay rent across the largest 25 U.S. cities is 56.6. In the six cities at the top of our list, renters must work at least 6% longer to pay rent alone. It takes more than 60 hours of work in all six cities to cover average rental costs.
  • California cities stay at the very top, but Los Angeles drops for the first time in recent years. In every version of this study since 2018, the three cities where the average worker needs to work the most to pay rent have been as follows: San Jose, Los Angeles and San Diego, California – in that order. In this year’s study, however, San Diego jumps to the No. 2 spot and Los Angeles drops to No. 3.

 1. San Jose, CA

In San Jose, California, it takes more than 76 hours of work on average to pay median monthly rent, which is $2,223 or almost $26,700 per year. The median worker earns $41,419 after taxes, with an estimated hourly wage of about $29.

2. San Diego, CA

The average annual take-home pay in San Diego, California is $34,157, or an hourly wage of less than $25. According to our estimates, the average worker in this city would need to work almost 74 hours to be able to pay a month’s rent, which is $1,806.

 3. Los Angeles, CA

In Los Angeles, California, the average worker needs to clock almost 73 hours to cover median monthly rent, which is $1,554. The average number of hours worked in the city is about 38 hours per week, which means that it would take this person almost two weeks to cover that total amount of time. The average worker in Los Angeles earns $34,669 before taxes and takes home about $28,815 – or a little more than $21 per hour.

4. Boston, MA

In Boston, Massachusetts, the average worker earns $35,800 after taxes, or about $25 an hour. The median monthly rent in Boston is $1,735, which means residents there will have to work more than 69 hours to pay for a month’s rent. At an average of about 38 hours worked per week in Boston, it would take nearly 13 days for a worker to cover this amount.

5. New York, NY

New York City has the fifth-highest number of hours needed to pay rent across the 25 largest cities in this study. With a median monthly rent in the city of $1,483, a worker person would have to work 62.0 hours to cover rent. The average worker in New York earns $42,326 and takes home $32,608 after taxes, or $23.90 per hour.

6. San Francisco, CA

In San Francisco, California the median monthly rent is $1,959. This is the second-highest monthly rent amount across all 25 cities in our study, following only San Jose, California. The average worker in the city earns about $32 per hour, or $51,548 after taxes. This means that the worker would have to work 61.2 hours to cover rental costs. At an average of 40.2 hours worked per week in San Francisco, it would take this worker about a week and a half to do so.

7. Denver, CO

In order to cover the costs of the average rental apartment or home in Denver, Colorado, the average worker would need to work almost 60 hours. The median monthly rent in Denver is $1,433. The average worker in Denver earns $47,146 before taxes, with a take-home pay of $37,922 or $23.92 an hour.

8. Nashville, TN

The median monthly rent in Nashville, Tennessee is $1,191 or $14,292 per year. With the average worker there earning $31,889 after taxes or $20.77 per hour, it would take him or her approximately 57 hours of work to cover the cost of rent each month.

9. Austin, TX

The average worker in Austin, Texas earns $42,416 and takes home $35,739 or $23.34 per hour. Monthly rent costs in Austin reach $1,334 per month, or $16,008 per year. At that rate, it would take this worker more than 57 hours to cover rental costs.

10. Charlotte, NC

Median earnings for a worker in Charlotte, North Carolina are $38,528. This worker would take home $31,118 or $20.61 an hour. Charlotte has the lowest median monthly rent across the 10 cities on this list, at $1,174, resulting in a total annual rent of $14,088. To be able to pay for a month’s rent in Charlotte, the average worker would have to work 57 hours.

Data and Methodology

To find out how many hours of work are needed to pay rent in the 25 largest cities in the U.S., we looked at data on the following three metrics:

  • Average annual take-home pay. This is the average worker’s earnings after accounting for income taxes. To find out how much each worker would pay in income taxes, we ran median worker’s earnings data through our income tax calculator. We assumed the average worker would contribute nothing to an IRA or 401(k), take the standard deduction and file as a single filer. Earnings data comes from the U.S. Census Bureau’s 2019 1-year American Community Survey.
  • Average hours worked per year. This is the number of weeks worked per year multiplied by the number of hours worked per week. Data comes from the U.S. Census Bureau’s 2019 1-year American Community Survey.
  • Median monthly rent. Data comes from the U.S. Census Bureau’s 2019 1-year American Community Survey.

First, we found the average hourly wage for each worker by dividing average annual take-home pay by average hours worked per year. Then we divided the monthly median monthly rent by the average hourly wage. This resulted in the average hours of work needed to pay a month’s rent. Finally, we ordered the cities from highest to lowest based on the average number of hours needed to pay rent.

Tips for Managing Your Savings

  • How much are you really taking home? When budgeting how much to allocate to needs, wants and savings, it’s important to know how much you’re actually starting with. Use SmartAsset’s paycheck calculator to find out your post-tax earnings.
  • Budgeting is key. If the cost of living in an area is high and moving is not an option, consider using our online budget tool to make sure your expenses are all covered.
  • 401(k) matching. Taking advantage of a 401(k) employer match program is an ideal way to build your retirement savings faster. When considering a new job always review the retirement plan offerings to be sure that it’s the right one for your needs.
  • Expert financial advice. You already work hard to make ends meet, so why put in any more hours than you need to in order to get expert help with your assets? Finding the right financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.

Questions about our study? Contact press@smartasset.com.

Photo credit: ©iStock.com/mphillips007

The post Hours of Work Needed to Pay Rent in the 25 Largest Cities – 2021 Edition appeared first on SmartAsset Blog.

Source: smartasset.com

Your Guide to Budgeting for Summer Camp

February 10, 2021 by Gerald Hawkins Posted in Budgeting, Cash Back, Family Finance, Frugal Living Tagged ATM, Auto, Automatic Transfer, Banking, Blog, budget, Budgeting, Budgeting Basics, budgeting tips, Cash Back, Cash Back Rewards, Checking Account, Debit Card, Debt, Extra Money, Family, Family Finance, Fees, Financial Goals, Financial Plan, Financial Wize, FinancialWize, Frugal Living, Goals & Milestones, Grow, Home, house, How To, Kids & Money, Make, money, Money-saving Tips, Online Savings Account, Quick Tips, Raising a Family, rate, Rewards, Rewards Checking Account, Save Money, Saving, savings, savings goal, School, Spending, summer, tips, Travel Tips

Summer camp is a rite of passage. A place where traditions begin and memories are made. A unique venue with a structured opportunity for kids to grow and learn new skills. As enriching as it may seem, embarking on the process each year can be intense: How do I choose a camp? Should it have a philosophy? How do I know my child will have fun? But often the question at the top of the list is, “How do I budget for summer camp?”

Whether you’re scrambling for camp arrangements for this year or getting a jump-start on next summer, you’re in need of a working budget for summer camp. “As a parent who sent several kids to summer camp for many years, I know how expensive it can be,” says Leslie H. Tayne, author and founder of debt solutions law firm Tayne Law Group.

Read on for expert budgeting tips for summer camp and how to save money on summer camp so you can make the best decisions concerning your wallet and your child’s wish list:

1. Get a handle on camp tuition

According to the American Camp Association, sleep-away camp tuition can range from $630 to more than $2,000 per camper per week. Day camp tuition isn’t too far behind, ranging from $199 to more than $800 per week.

One of the best ways to budget for summer camp is to understand your needs for the summer as well as your child's interests.

One of the best ways to budget for summer camp and prepare for tuition costs is to understand your needs for the summer as well as your child’s interests. This will help you determine ‘how much’ and ‘what type’ of camp you want: Is day-camp coverage important all summer because of work? Does your child want to experience sleep-away camp for a portion of the time? Is a camp with a specific focus (say a sport or hobby) on the list?

Depending on your circumstances and child’s expectations, it’s not unusual to be looking at a combination of camps—and tuition costs—in one season. If you have multiple kids at different ages, with different interests, creating a budget for summer camp and understanding how much you’ll need to dish out in tuition becomes especially important.

Once your camp plan is in place, assess how much you’ll need to pay in tuition for the summer months with school out of session. The sooner you’ve arrived at this figure, the easier it will be to work the expense into your household budget, says Heather Schisler, money-saving expert and founder of deal site Passion for Savings. “It’s much easier to set aside $30 a month than it is to come up with $300 to $400 at one time,” Schisler says.

Sleep-away camp tuition can range from $630 to more than $2,000 per camper per week. Day camp tuition ranges from $199 to more than $800 per week.

– American Camp Association

2. Plan for expenses beyond tuition

One of the biggest budgeting tips for summer camp is planning for the many costs outside of tuition. Tayne points out that sleep-away camp usually comes with a longer supply list than day camp—such as specific clothing or gear and toiletries to cover the length of stay. If your child is heading to a sleep-away camp far from home, your budget for summer camp may also need to factor in the cost of transportation or the cost to ship luggage. Day camps can also have fees for extended hours or transportation if your child rides a camp bus each day.

Once you’ve selected a camp—day camp or sleep-away—check its website for camper packing lists and guidelines. Most camps offer checklists that you can print out, which can be good for tracking supplies and costs as you go. After you enroll, your camp may provide access to an online portal that can help you manage tuition and track additional expenses, like canteen money, which is cash your child can use for snacks and additional supplies while away.

One of the best budgeting tips for summer camp is making sure you understand how much everything will cost—that's tuition plus any extra camp costs.

3. Create a year-round savings strategy

By calculating the necessary expenses ahead of time for the camps you and your campers have chosen, you’ll be able to determine an overall budget for summer camp. A budgeting tip for summer camp is to save money monthly throughout the year. To determine a monthly savings goal, divide your total summer camp costs by the amount of months you have until camp starts. If camp is quickly approaching and you’re feeling the budget crunch, you may want to start saving for next year’s costs once it’s back-to-school time so you can spread out your costs over a longer period of time.

Once you start saving, you’ll need a place to put it, right? When it comes to budgeting tips for summer camp, consider placing your cash in a dedicated account, which will keep it separate from your regular expenses and help you avoid tapping it for other reasons. “Then you can have your bank set up an auto draft [for the summer camp money] so it automatically goes into your account each month and you will have the money you need when summer rolls around,” Schisler says. If you use a Discover Online Savings Account for this purpose, you’ll also earn interest that can be put toward camp expenses.

“It’s much easier to set aside $30 a month than it is to come up with $300 to $400 at one time.”

– Heather Schisler, money-saving expert and founder of Passion for Savings

4. Find ways to fund your summer camp account

To boost cash in your summer camp savings account, consider asking relatives and family friends to gift your children cash for camp in lieu of birthday and holiday gifts, says Tracie Fobes of budget blog Penny Pinchin’ Mom. “If your child has his or her heart set on sleep-away camp, they may be willing to forgo a gift or two,” Fobes says.

Another budgeting tip for summer camp is to put your cashback rewards toward your budget for summer camp. For example, if you open a checking account with Discover—called Cashback Debit—you’ll earn 1% cash back on up to $3,000 in debit card purchases each month.1 You can enroll to have that cashback bonus automatically deposited into your Discover Online Savings Account so it remains designated for camp costs (and can grow with interest).

Say hello to
cash back on debit
card purchases.

No monthly fees.
No balance requirements.
No, really.

See Details

Discover Bank, Member FDIC

Lastly, if you don’t have your tax refund earmarked for another financial goal, you could use the windfall to kick-start your summer camp savings fund. Depending on the refund amount and your total camp costs, it could reduce your monthly summer camp savings goal significantly.

5. Reduce camp-related costs

Despite having your budget for summer camp in full view and planning in advance, camp can still be expensive. Here are some ways to save money on summer camp by cutting down on camp costs:

  • Ask about scholarships and grants: “Some camps offer scholarships or discounts for children and families,” Fobes says. Research your camp to see if they have anything similar to help offset—or even pay for—the cost of tuition.
  • Use a Dependent Care Flexible Spending Account (DCFSA): A Dependent Care Flexible Spending Account is a pre-tax benefit account that can be used to pay for eligible dependent care services. You can use this type of account to “cover dependent care [costs], and camp may qualify,” Fobes says.
  • Negotiate price: “Many people don’t think about negotiating the cost of summer camp, but it is possible,” Tayne says, and more and more camps are open to it.
  • See if there’s an “honor system”: Some camps have what’s known as an honor system, where the camp offers a range of costs, or tiered pricing, and parents can pay what they can comfortably afford. Every child enjoys the same camp experience, regardless of which price point, and billing is kept private.
  • Take advantage of discounts: Attention early birds and web surfers: “There are sometimes discounts offered when you sign up early or register online,” Fobes says.
  • Volunteer: If your summer schedule allows, “offer to work at the camp,” Fobes says. If you lend your services—perhaps for the camp blog or cleaning the camp house before the season starts—your child may be able to attend camp for free or a reduced rate.

Focus on the experience—not the extras

Don’t let summer camp costs become a family budget-buster. Plan ahead and look for money-saving opportunities and work your budget for summer camp into your annual financial plan.

To save money on summer camp, remember that you only need to focus on camp necessities. “Don’t spend a lot of extra money on new clothing, bedding, trunks or suitcases,” Schisler says. “Remember, summer camp is all about the experience, not the things.”

1 ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal™, who also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries.

The post Your Guide to Budgeting for Summer Camp appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

Money Market Account vs. Savings Account: Which Is Best for You?

February 10, 2021 by Gerald Hawkins Posted in Apartment Communities Tagged ATM, Banking, Banking 101, Blog, building, Checking Account, College, Convenience, Debit Card, education, Emergency Fund, Fees, Finance, Financial Education, Financial Goals, Financial Plan, Financial Wize, FinancialWize, Frugality, Funds Transfer, Grow, High-yield Accounts, Holidays, Insurance, interest rates, Long-term Saving, Make, Managing Your Account, Managing Your Money, money, Money Market, Money Market Account, money market accounts, Money-saving Tips, Online Banking, Online Savings Account, Opening an Account, Personal, Personal Finance, rate, Retirement, Save Money, Saving, Saving for College, Saving for Retirement, savings, savings accounts, Savings Strategies, Security, Shopping, Vs.

Reasons to save money seem to be never-ending—college, emergencies, retirement, vacation. However, about 20 percent of Americans don’t save any of their annual income at all, according to a Bankrate survey. So if you’ve buckled down, cut your expenses and finally saved up a nice chunk of change, great! Now, the next step is finding a good place to put it.

While researching where to store your hard-earned cash, you’ll probably come across two potential account types: money market accounts and savings accounts. Many banks offer both types of accounts, but deciding between a money market account and a savings account may depend on your particular savings goals and needs, says Jeff Rose, CFP®, founder of the financial education blog Good Financial Cents.

“Both types of accounts have different rules about maintaining minimum balances,” Rose says. He adds that these factors can vary depending on the particular bank.

Deciding between a money market account and a savings account? Follow our guide to determine which fits your financial situation and goals.

You may even find that making a decision between a money market account vs. a savings account is too hard and you want both types of accounts. (Don’t worry, we’ll get to that later). For now, asking the question, “How is a money market account different from a regular savings account?” is a good place start.

Here’s what you need to know to decide between a money market account and a savings account:

Money market account: Maintain growth and easy access

Not to be confused with money market funds, which are a type of investment, money market accounts are a type of deposit account.

“A money market account, traditionally, has been a high-yield savings account with higher-than-usual opening deposit requirements and/or monthly minimum balance requirements,” says Brynne Conroy, blogger for the women-focused personal finance website Femme Frugality.

You can think of the benefit of a money market account as a savings-checking hybrid. This is an important piece of the money market account vs. savings account story. On the savings side, with a money market account, you can typically earn interest on the balance you have stashed away. If the bank offering the account is FDIC insured, then your deposits are insured up to $250,000 or the maximum allowed by law.

“A money market account makes more sense when you want to maintain liquidity and to grow your savings over time.”

– Jeff Rose, CFP®, Good Finance Cents

When you’re thinking money market account vs. savings account, note that one of the unique features of a money market account is that you can access funds with a debit card as well as through an ATM and checks—just like you would with your checking account. It’s important to note that federal law does limit certain types of withdrawals and transfers from money market accounts to a combined total of six per month per account. There are no limits on ATM withdrawals or official checks mailed to you. You can also make an unlimited number of deposits.

Money market accounts may require that you open the account with a minimum amount, as well as maintain a minimum balance. If your balance falls below the required minimum, you could be charged a fee, and your account could actually be closed if you regularly dip below the minimum.

Not all banks have these requirements, though. When considering the difference between money market accounts and savings accounts and shopping for a money market account, you may be able to find one with no minimum balance requirements and with tiered interest rates, Conroy says.

A Discover Money Market Account, for instance, doesn’t charge account fees, including minimum balance fees.1 Plus, a larger deposit can put you in a higher interest rate tier, allowing you to earn even more on your savings. These are all things that can guide you when deciding between a money market account and a savings account.

A key difference between money market account and savings account is knowing how often you’ll want access to your funds.

Still need some help weighing money market account vs. savings account? See if any of the following scenarios jump out as describing your financial needs.

Go with a money market account if…

  • You want to easily access your funds.2 As you consider the difference between a money market account and a savings account, note that the debit and check-writing capabilities of money market accounts make them great for accessing your money conveniently. “A money market account makes more sense when you want to maintain liquidity and to grow your savings over time,” Rose says. Need to pay the handyman for a new water heater or access cash from your emergency fund? You don’t have to worry about keeping a ton of cash in your checking account—simply write a check directly from your money market account, or stop by the nearest ATM.
  • You have a large balance. Since money market accounts can require a higher minimum balance than regular savings accounts, it might be a good fit for you if you plan to keep enough money in your account to meet the requirement and avoid fees. Plus, if you plan to make large withdrawals from your account, it’s important that you keep enough funds in it so that you don’t dip below the minimum balance. “Know that if you’re not meeting minimum balance requirements, you’re more likely to have to pay a monthly maintenance fee,” Conroy says.
  • You want one account with the flexibility of two. If you’re liking the ability to swipe a debit card and write checks—but are also looking to earn interest on the cash you’re parking in the account—then a money market account could be for you. “A money market account may offer you the higher interest rates you would get in a savings account, plus the debit card and check-writing abilities of a traditional checking account,” Conroy explains.

Savings account: Get your nest egg started

Savings accounts are a basic deposit account where you can keep extra cash. Like money market accounts, you can earn interest on the money you have parked in the account. If you have a savings account with a bank that is FDIC insured, you’ll have that same insurance on your deposits as was described above.

Savings accounts are also subject to the same limit on withdrawals and transfers, Conroy notes. Similar to money market accounts, there are no limits on ATM withdrawals or official checks mailed to you.

Now on to the differences between money market accounts and savings accounts. For one, you can’t write checks or pay for things with a debit card when using your savings account. To access your funds, you’ll need to transfer them to another account, visit the bank or ATM to make a withdrawal or withdraw via official bank check.

Another key difference between a money market account and a savings account: The minimum deposit to open a savings account and ongoing minimum balance required for savings accounts may be lower than money market accounts. You may even be able to find savings accounts with no minimum balance requirement.

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Still deciding between a money market account and a savings account?

Go with a savings account if…

  • Earning interest is a goal. When debating money market account vs. savings account, know that some savings accounts could offer higher interest rates than you’d find with money market accounts. “Historically, money market accounts have offered higher interest rates in exchange for higher minimum balance requirements,” Conroy says. That’s not necessarily the case anymore, she notes. “The lines are blurring as high-yield savings accounts, typically those offered by online-only banks, get ever more competitive with money market accounts.” The Discover Online Savings Account, for example, offers a competitive interest rate and no minimum balance requirement. Plus, there are no account fees.1
  • You don’t plan to touch the money often. Though it’s easy to transfer money in and out of a savings account, there are more limitations to accessing your money if you’re considering the difference between a money market account and a savings account. So if you’re working on building up your emergency savings or simply don’t want to be tempted to dip into your funds regularly, a traditional savings account might be the better option. “If you know having access to your funds is not a good thing because [you tend to spend more than you should], then leaving them in a savings account makes more sense,” Rose says.
  • You are concerned about balance requirements. Since savings accounts can have small or no minimum balance requirements, this account type could be right for you if you’re just getting started building a nest egg and don’t have a ton to deposit yet. If you plan to make a big withdrawal, such as for a down payment on a car or security deposit on your new apartment, you don’t have to worry about dipping below a minimum balance.

How to use both accounts to your advantage

Because savings accounts and money market accounts have some similar features, deciding between a money market account and a savings account can be difficult. You’ll need to look at your banking habits and financial goals when choosing where to put your money, Rose says.

It doesn’t have to be money market account vs. savings account—you can use both to achieve your financial goals.

But remember, you don’t necessarily have to choose one account over the other. Having both a savings account and a money market account can help you reach various savings goals simultaneously.

If you decide to use both types of accounts, Rose suggests assigning each a specific goal. For example, you could keep a portion of your savings in a money market account so the money is easily accessible for shorter-term goals (saving for the holidays, anyone?) and more frequent expenditures for which you might use your money market debit card, ATM access or checks.

Rose says you could then consider using a savings account for a longer-term goal (the kids will grow up and go to college some day), where the money can sit and generate interest until you need it further down the road.

“Match the financial goals to the account that will serve you best,” Rose says.

Money market account vs. savings account: The best decision for you

When deciding between a money market account and a savings account, be sure to carefully examine each account’s offerings and requirements closely, “comparing things like APY, monthly maintenance fees, minimum balance requirements and any other fees that may be associated with the account,” Conroy says.

If you're deciding between a money market account and a savings account, choose the account that will most help you successfully manage your money.

At the end of the day, whichever account you choose (or both!) should help you reach your financial goals and money management success.

1Outgoing wire transfers are subject to a service charge. You may be charged a fee by a non-Discover ATM if it is not part of the 60,000+ ATMs in our no-fee network.

2Federal law limits certain types of withdrawals and transfers from savings and money market accounts to a combined total of 6 per calendar month per account. There are no limits on ATM withdrawals or official checks mailed to you. To get an account with an unlimited number of transactions, consider opening a Discover Cashback Debit account. If you go over these limitations on more than an occasional basis, your account may be closed. See Section 11 of the Deposit Account Agreement for more details.

The post Money Market Account vs. Savings Account: Which Is Best for You? appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

Most Fitness-Friendly Places for 2021

January 29, 2021 by Gerald Hawkins Posted in Apartment Life, Checking Account Tagged Arizona, budget, california, Checking Account, Cities, Credit, fast food, Financial Advisor, Financial Goals, Financial Wize, FinancialWize, fitness, fitness establishments, fitness friendly, fitness professionals, Food, Home, house, Make, rate, savings, Spending, walk to work

fitness friendly places for 2021

Though the COVID-19 crisis has resulted in widespread fitness center closures, many Americans still want to stay as healthy as possible. Depending on the level of services and equipment required, staying active can affect people’s budgets in a variety of ways. For now, virtual exercise classes and home gyms are the route most people are taking. Eventually, though, gyms will reopen at full capacity, and everyone will be able to reestablish his or her normal workout routine. When that happens, some places will be more conducive to jumping into a full-on fitness frenzy, and SmartAsset crunched the numbers to find where they are.

To locate the most fitness-friendly places for 2021, we compared 301 metropolitan areas across the following metrics: percentage of residents who walk or bike to work, fitness professionals per 10,000 workers, fitness establishments per 10,000 establishments, the percentage of restaurants that are fast-food establishments and the average wage of personal trainers. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is SmartAsset’s seventh annual study on the most fitness-friendly places in the U.S. Read the previous version here.

Key Findings

  • Western and Midwestern metro areas populate the top. For the second straight year, cities in the Midwest and West dominate the top 10 of this list. Six metro areas are in the West and three are in the Midwest. Western metro areas do well in terms of fitness establishments per 10,000 establishments – all rank within the top 8% of study for this metric – and they also rank within the top 14% of the study for the percentage of residents who walk or bike to work. Only one metro area in the top 10 is not in either of these regions – Ithaca, New York.
  • Fitness-friendly cities are light on the drive-thrus. On average, across the 301 metro areas in our study, fast-food establishments represent 45% of all restaurants. Though fast food is popular, convenient and inexpensive, it tends to be relatively high in calories and low in nutritional value – making it tougher to be healthy if you eat a lot of it, regardless of your exercise levels. In the top 10 of this study, all but three metro areas have fewer than 40% of their restaurants serving fast food, so there is less temptation to go for an easy-but-unhealthy meal that can ruin all your hard work. The metro area with the lowest percentage of restaurants that are fast food is Wenatchee, Washington, where it is just 27%.

1. Missoula, MT

The Missoula, Montana metro area is the most fitness-friendly place in the U.S. for 2021. There are 131 fitness establishments – including places like gyms and sporting goods stores – per 10,000 total establishments in Missoula, the third-highest rate for this metric in the study. There are also plenty of fitness professionals living in Missoula, 59 per 10,000 workers, placing it sixth-best for this metric. Residents in Missoula also get plenty of exercise simply by walking or biking to work: 7.1% of residents choose to do so, the 17th-highest rate for this metric across the 301 areas we studied.

2. La Crosse-Onalaska, WI-MN

The La Crosse, Wisconsin metro area, which also includes parts of Minnesota, has 130 fitness establishments for every 10,000 total establishments, the fourth-highest rate for this metric. The metro area finishes in the top quartile for three other metrics as well, ranking 28th for fitness professionals per 10,000 workers (with 42), 33rd for the percentage of residents who walk or bike to work (at 5.2%) and 64th for the percentage of restaurants that are fast-food establishments (around 39%).

3. Bend, OR

The Bend, Oregon metro area cracks the top 10 for two of our metrics. It places fourth in terms of fitness professionals per 10,000 workers with 61, and seventh for fitness establishments per 10,0000 total establishments, at 116. Bend can be a bit pricey of a place to stay in shape, though. The average hourly wage of personal trainers is $18.72, placing Bend at 176th out of 301 for this metric.

4. Ann Arbor, MI

There are 67 fitness professionals per 10,000 workers in the Ann Arbor, Michigan metro area, the second-highest rate for this metric of the 301 metro areas we analyzed. For their commutes, 7.4% of residents walk or bike to work, the 15th-highest percentage in this study. There are also plenty of fitness establishments in the metro area if you prefer to work out in a dedicated space: At 112 per 10,000 residents, this is the 10th-highest rate of the 301 places we analyzed.

5. Bloomington, IN

Folks in the Bloomington, Indiana metro area might have more of an opportunity to get a workout in during their commute, with 8.0% of residents walking or biking to work, the eighth-highest rate in the study for this metric. Bloomington has two other metrics for which it finishes in the top fifth of the 301 metro areas of the study – fitness establishments per 10,000 total establishments (ranking 48th-highest, with 93) and average wage of personal trainers (ranking 49th-lowest, which makes it cheaper for the consumer, at $14.53).

6. Santa Cruz-Watsonville, CA

The metro area around Santa Cruz, California finishes ninth overall for its relatively low percentage of restaurants that specialize in fast food, at 33%. Santa Cruz also comes in 12th for the percentage of residents who walk or bike to work, at 7.5%. If you’re looking for help getting in shape, though, it’ll cost you. The average wage of a personal trainer in the area is a steep $20.59, ranking in the bottom third of this study.

7. Flagstaff, AZ

Flagstaff, Arizona has the third highest percentage of residents who walk or bike to work we saw in this study, at 11.5%. There are also 109 fitness establishments per 10,000 total establishments, the 14th-highest rate we observed. Flagstaff is hurt, though, by its price: The average wage of a personal trainer in this metro area is $22.27, in the bottom sixth of this study.

8. Fort Collins, CO

Fort Collins is the first of two metro areas in Colorado to rank in the top 10 of this study, and it gets there on the strength of having 113 fitness establishments per 10,000 total establishments, ranking ninth of 301 metro areas for this metric. It also scores in the top 15% of the study for the percentage of residents who walk or bike to work (5.2%) and fitness professionals per 10,000 workers (46).

9. Boulder, CO

Boulder is the second Colorado metro area in the top 10, and it has two metrics for which it finishes in the top 15 out of 301 in the study overall. It comes in 11th for fitness professionals per 10,000 workers, at 53, and 12th for the percentage of residents who walk or bike to work, at 7.5%. Its final ranking is dragged down a bit due to its bottom-10 finish for the average hourly wage for personal trainers, at a pricey $27.25. However, it still ranks in the top 20 of the study for fitness establishments per 10,000 establishments, at 105.

10. Ithaca, NY

A whopping 14.5% of residents of Ithaca, New York walk or bike to work, the second-highest percentage in this study for this metric. Ithaca finishes eighth in terms of fitness establishments per 10,000 total establishments with 114. It is very expensive to get help with fitness in Ithaca, though. The average hourly wage for a personal trainer is $29.30, finishing third-worst out of 301 metro areas in this study for its high cost.

Data and Methodology

To find the most fitness-friendly places in the country for 2021, we examined data for 301 metro areas across the following five metrics:

  • Percentage of residents who walk or bike to work. Data comes from the Census Bureau’s 2019 1-year American Community Survey.
  • Concentration of fitness professionals. This is the number of fitness professionals per 10,000 workers. Our list of fitness professionals includes dietitians and nutritionists, recreational therapists, athletic trainers as well as fitness trainers and aerobics instructors. Data comes from the Bureau of Labor Statistics (BLS) Occupational Employment Statistics and is for May 2019.
  • Concentration of fitness establishments. This is the number of fitness establishments per 10,000 establishments. Our list of fitness establishments includes sporting goods stores and fitness and recreational sports centers. Data comes from the Census Bureau’s 2018 Metro Area Business Patterns Survey.
  • Concentration of fast-food restaurants. This is the percentage of restaurants that are limited-service establishments. Data comes from the Census Bureau’s 2018 Metro Area Business Patterns Survey.
  • Average hourly wage of personal trainers. Given the limited availability of direct data about the cost to consumers for personal training services, this metric acts as a proxy to indicate the relative affordability of hiring a personal trainer in a given metro area. Data comes from the BLS and is for May 2019.

First, we ranked each metro area in each metric. Then we found each place’s average ranking, giving all metrics a full weight except for concentration of fast-food restaurants and average hourly wage of personal trainers, each of which received a half weight. Using this average ranking, we created our final score. The metro area with the highest average ranking received a score of 100, and the metro area with the lowest average ranking received a score of 0.

Tips for a Fit and Financially Secure Life

  • Find the right financial fit. No matter what your fitness goals are, financially you want to make sure you are secure, and a financial advisor can help. Finding the right financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
  • Consider the health of your budget. If you live somewhere where fitness is expensive, make a budget so that you can work the price into your monthly spending.
  • Making bigger money moves? If you’re considering moving to one of the places we listed above, use SmartAsset’s tool to find out how much house you can afford before you make the big move.

Questions about our study? Contact press@smartasset.com.

Photo credit: Â©iStock.com/PeopleImages

The post Most Fitness-Friendly Places for 2021 appeared first on SmartAsset Blog.

Source: smartasset.com

Expert Interview with Tiffany Aliche of The Budgetnista on Financial Planning

January 28, 2021 by Gerald Hawkins Posted in Budgeting, Cash Back Tagged Bank Accounts, budget, Budgeting, Checking Account, Credit, Debt, education, Finance, Financial Education, Financial Goals, Financial Planning, Financial Wize, FinancialWize, Home, How To, Inspiration, interview, Investing, Life, Lifestyle, Make, Managing Your Money, Personal Finance, Retirement, Saving, savings, Shopping, Spending, The Budgetnista, Travel

Financial Eduation is important for everybody regardless of their demographic, and yet it is frequently overlooked by both the young and those who are just trying to get get by.

Tiffany Aliche is passionate about financial planning, and shares that passion, as well as a lifetime of information and practice, on her blog, The Budgetnista.

Tiffany took a moment to tell us about The Budgetnista, how anyone can benefit from sound financial education, and how that education can enrich your life.

Can you briefly describe The Budgetnista for people who aren’t familiar with the site? How did you get started? What differentiates you from the other financial blogs out there?

The Budgetnista is an award-winning financial education firm established in 2008. We specialize in the delivery of financial literacy through seminars, workshops, curricula and trainings. The Budgetnista has been a brand ambassador and spokesperson for a number of organizations, and has served as the personal finance education expert for City National Bank.

I’m happy to say that I’m quickly becoming America’s favorite financial educator. I authored the #1 Amazon bestseller, The One Week Budget and created the LIVE RICHER Challenge.

My love for financial education began at at home. I grew up in a financially-literate household, receiving weekly financial lessons from my CFO father. These lessons paired with my fun personality helped me create a fun, financial blog that resonates with thousands of women.

Who is your regular audience? What are some specific challenges they face, and how do they inform the things that you write about?

The Budgetnista’s audience is women aged 25-45. Their biggest financial issues are debt management, credit, and budgeting. When writing my blog, I focus on offering step-by-step guidance for these specific financial issues. In addition to women needing assistance, they also need encouragement. I try to not only be a source of information, but a source of inspiration as well.

What are some of the financial services The Budgetnista offers? Who is likely to utilize your services?

The financial services offered by The Budgetnista are keynotes, workshops and seminars on the following personal finance topics: money mindset, budgeting, savings, debt and credit. Many colleges, non-profits, and corporate entities utilize these services.

Each year, The Budgetnista also offers the LIVE RICHER Challenge; a FREE, online financial challenge created by The Budgetnista to help 10,000 women achieve seven specific financial goals in 36 days.

Your motto is “Live richer. To create a measurable lifestyle shift, through financial education.” First of all, can you briefly define financial education, and relate why it is so important? Secondly, how much of a noticeable shift has there been in your own lifestyle since you implemented this education?

Financial education through The Budgetnista provides participants with the tools they need to make sound financial decisions. It is essential because it grants people the power of choice, not just with their finances, but in other aspects of their lives as well.

In my own life, I’ve seen the power of financial education first hand. After a devastating job loss during the recession, I was able to create a business (The Budgetnista) and design the life I always dreamed of.

In the long version of your bio, you’ve written, “By beginning to educate yourself, you’ve taken the first step towards financial empowerment.” How does that information translate into daily life? If this is the first step, what’s the next?

Education is the first step on your financial journey. The next step is to take action. Once you know how to manage your money – budget, save, reduce debt, and fix credit – you can use these skills to navigate your daily life.

One of the goals of The Budgetnista is to give someone a clearer understanding of how to more skillfully manage their money. What are a few basic tips people can use to get started?

Here are The Budgetnista’s top 3 tips to get started on managing your money.

  • 3) Open a Bills Account: This is a FREE checking account (if possible), where you allocate your bill money each month. Separating your funds will help you to avoid “accidentally” spending money designated for bills.
  • 2) Give and get an allowance: I bet you never thought you’d get one again. After creating your budget, decide which items you can pay for with cash each month and add the amounts up; then divide the total by four. That’s how much your new weekly allowance is. If you take weekly cash allowances, it will help to curb your spending. Also, give yourself a CASH allowance when shopping and leave the cards at home. This way when the cash is done, so are you.
  • 1) Automate: By taking out the “flawed” human element (aka you), you’re more likely to stick to your budget. I’ve automated EVERYTHING; payments, bills, saving, investing, even giving to charity.

You recently wrote a blog post about how to start planning for retirement now. First of all, why is this important? Secondly, does it seem like this is something that young adults are neglecting?

Retirement is critical for anyone who wants to maintain their lifestyle after they stop working. Many young adults neglect this because there is a disconnect between their present self and their future self.

You also recently wrote about a budget trip to Jamaica you get to take. What are some fun things that you’ve gotten to do simply by getting your finances in order?

My favorite thing to do, as a result of getting my finances in order, is travel. In the past few years, I’ve been to 16 different countries. Learning to master my money has given me the freedom to actively design and live my life.

You’ve talked about how to make a budget for people who don’t have a regular paycheck. What were some of the basics of that article, and do you feel this is a reflection of the changing economy we’re living in, and if so, how?

Budgeting on an irregular income can be difficult. Here are some tricks to help you.

  • Calculate your Financial Baseline: Your financial baseline is how much your life costs you each month without the bells and whistles.
  • Be Like the Squirrel: Squirrels are super-smart savers. When acorns are plentiful, they work their hardest and gather as many as possible. Squirrel away your money when times are good, and live off of your stash when things aren’t.
  • Pay Yourself: Once you identify how much you spend each month, pay it to yourself from your business/savings account. Your clients/income provider should “pay” your savings account, then you pay yourself a regular income from the money that sits in that account.
  • Live by Percentages: Those that receive a regular paycheck can live by exact amounts; but for those of us with irregular incomes, we have to live by percentages. Allocate a percentage of your income to different categories: bills, savings, investing, spending, etc.
  • Separate to See: The best way to gauge how close you are to achieving your financial goals is to house your money in different bank accounts.
  • Systemize: Automate everything: transfers, bills, saving, giving and investing.

You’ve also offered some travel tips for traveling on a budget. What are some ways people can save while they’re traveling? How possible is it to have fun on the cheap?

My top 3 Budgetnista travel tips are:

  • Be flexible: Sometimes travel deals spring up on sites. The more flexible you are about your travel destination and timeframe, the more likely you’ll be able to take advantage of those deals.
  • The right sites: My favorite deal sites are: theflightdeal.com, jetradar.com, europeandestinations.com and airfarwatchdog.com
  • When to book: The best day to book a domestic flight is Tuesday at 3pm (this is when the sales hit). The cheapest day to fly domestically is Wednesday.

Financial education is not a one-off event; it is an ongoing process that requires practice to perfect. For more education and inspiration, like The Budgetnista on Facebook , connect on LinkedIn, follow her on Twitter, and subscribe to The Budgetnista YouTube Channel.

The post Expert Interview with Tiffany Aliche of The Budgetnista on Financial Planning appeared first on MintLife Blog.

Source: mint.intuit.com

BlueVine Business Checking Account Review

January 28, 2021 by Gerald Hawkins Posted in Apartment Communities Tagged Checking Account, Financial Wize, FinancialWize

Source: thesimpledollar.com

How to Pay Yourself First

January 15, 2021 by Gerald Hawkins Posted in Home Ownership Tagged budget, Budgeting, Checking Account, Credit, Credit Card, Debt, Emergency Fund, Financial Goals, Financial Wize, FinancialWize, Food, Grow, Health Insurance, Home, Insurance, Investing Advice, Life, Lifestyle, Paying Down Debt, Retirement, Saving, savings, savings accounts, Spending

Paying yourself first is a budgeting strategy that suggests individuals should contribute to a retirement account, emergency fund, savings account, or other savings vehicle before spending their paycheck on anything else.

The pay yourself first method is a pretty simple concept to understand, but actually applying to your own finances can become a little more complex. To help our Minters put this plan into practice, we’re breaking it down step-by-step and revealing some of the advantages and drawbacks of paying yourself first.

If you already have a solid grasp on the topic, use the links below to navigate throughout the post, or read all the way through for the full picture.

  • What does it mean to pay yourself first?
  • Advantages of the pay yourself first method
  • Drawbacks of the pay yourself first method
  • How to Pay Yourself First
    • 1. Evaluate your monthly income + expenses
    • 2. Identify your savings goals + commit
    • 3. Review + reevaluate
  • Wrapping Up

What does it mean to pay yourself first?

Pay yourself first definition: The pay yourself first method, also known as reverse budgeting, is a savings strategy that says individuals should save a portion of their paycheck before spending any other money on bills, groceries, or discretionary items. The amount saved is typically predetermined as part of a larger savings goal, and is often funneled into retirement funds and/or savings accounts.

Many financial experts and individual consumers who subscribe to this method choose to have funds automatically redirected into their elected savings account(s). 

For example, if you want to put $200 of every paycheck toward your 401k, you could set up an automatic contribution rather than physically transfer funds each pay period. For many savvy savers, this makes it easier to commit to a monthly goal, because the amount never actually reaches your checking account, but is rather allocated directly toward your savings.

Note: There are several options you can employ to make the pay yourself first strategy work for your finances. If you prefer to make the transfers on your own instead of automatically, that’s totally okay! This budgeting style is really all about consistency — contributing a set amount each month to your retirement plan or savings account can really pay off over time.

Advantages of the pay yourself first method

Like any financial decision you’ll make in your lifetime, you’ll want to consider the pros and cons of subscribing to the pay yourself first philosophy.

The primary benefit of setting aside savings first, is building the amount you have saved over time. This strategy forces you to live within, or below your means — so long as you don’t start swiping your credit card recklessly instead.

Here are a few other potential benefits you could reap if you employ the pay yourself first strategy:

  • You can save up for big purchases, like a home, car, or dream vacation. Or, put your hard-earned dollars toward an emergency fund, personal savings, or retirement.
  • Contributing to accounts that earn compound interest allows your money to continue growing the longer you leave it untouched.
  • Many retirement funds and other savings options are considered “tax-advantaged.” This means that your dollars may be exempted from tax, or in the case of IRAs and 401ks, tax-deferred; so you’ll pay taxes later on when you make a withdrawal.

Drawbacks of the pay yourself first method

In addition to the positive aspects a pay yourself first budget may offer, there are some potential drawbacks that could ensue under certain circumstances. Put simply, the strategy simply does not work for everyone. As you learn about the pay yourself first method, consider how it fits into the context of your personal finances.

Here are a few examples where paying yourself first may not work to your benefit:

  • Without following careful money management advice, you may find yourself scraping for change to make ends meet. Before you commit to a monthly savings goal, use a budgeting calculator to determine how much money you can reasonably afford to save each month.
  • While prioritizing your savings can help you boost the balance in your savings account, it may be worth paying down debt first. Because interest compounds over time, waiting to pay off a credit card or a student loan, for example, means that you’ll pay more interest the longer there is an outstanding balance.

As you consider the various strategies you can use to build your savings, remember to take a close look at the potential pros and cons you may encounter. There are plenty of saving styles you can leverage, so don’t count yourself out if this one isn’t the best fit for you. For more help creating a budget and savings plan that meets your needs, check out how Mint can help!

How to Pay Yourself First

Now that you know what it means to pay yourself first, and have had a moment to consider the potential benefits and drawbacks, let’s take a look at how this strategy actually plays out, step-by-step.

1. Evaluate your monthly income + expenses 

Before you decide on the amount you want to save each month, take a look at both your fixed and variable expenses. Your fixed expenses are those costs that stay consistent month over month, like your rent or mortgage payments, student loan bill, and health insurance, for example. 

Your variable expenses, on the other hand, aren’t always the same amount each time, and sometimes you don’t incur them at all. Entertainment costs, vehicle maintenance, and groceries are all examples of variable costs, and so, their price tag may vary from one month to the next — just do your best to estimate these.

Once you can project your monthly expenses, subtract the amount from your monthly income to see what’s leftover. Depending on your savings and greater financial goals, you can tweak some of your spending to free up more cash.  

2. Identify your savings goals + commit

Now that you have a better understanding of your income and expenses, you can set some savings goals!

If you’re not sure where to start, consider the 50/30/20 rule.

The rule says…

  • 50% of your budget should go toward essential expenses such as housing, food, utilities, an minimum debt payments
  • 30% should be reserved for wants and lifestyle expenses
  • 20% should be funneled into your savings and any extra debt payments

If you don’t want to crunch the numbers on your own, try out our 50/30/20 calculator and we’ll do the heavy lifting for you!

In addition to setting forth a savings target, you’ll also want to think about where you want your reserved cash to live, and hopefully, grow. If you want to save up for retirement, a 401k or an IRA might make sense, whereas traditional savings accounts might work better for those wanting to save up funds for a shorter length of time.

3. Review + reevaluate 

Whether you’re using the pay yourself first method or another savings strategy, it’s important to remember that your budget should never be static. As life changes, your finances follow. A better salary or a reduction in your living expenses could present more opportunities to save, while a pay cut or recently incurred expense could have the opposite effect.

To keep your budget optimized and up to date, take the time to review and reevaluate it on a regular basis, and when significant changes arise. 

Wrapping Up

The pay yourself first budgeting style can be a favorable way to boost the balance in your savings account,  retirement fund, or other savings goal. However, budgeters should reflect on their unique financial situation to assess whether this strategy suits them. In most circumstances, it would be in your best interest to pay down debt before you start making monthly contributions to your savings.

If you subscribe to the pay yourself first philosophy, follow these three steps:

  1. Evaluate your monthly income + expenses 
  2. Identify your savings goals + commit
  3. Review + reevaluate

Need some extra guidance to find the right budget for your lifestyle? Mint gives you a data-driven perspective, helps you launch and track savings objectives, and empowers you to actualize your greater financial goals.

The post How to Pay Yourself First appeared first on MintLife Blog.

Source: mint.intuit.com

By: Tonya Cox

January 15, 2021 by Gerald Hawkins Posted in Credit Cards Tagged Checking Account, Credit, Financial Wize, FinancialWize

I am not sure what to do…I went thru a debt consolidation company and completed in back in 2009..now 8 years later this collection agency is coming after me saying I owe 27,000 on an old debt. Mind you that I have not heard anything nothing notta from this company since 2009 now they are threatening to have a lien on our home..they drained my checking account and have tried 3 other banks to get money which were NOT my accounts they are grasping at straws and I don’t know if there is anything I can do this company will NOT work with me they want full 27,000 now..please help with any advice you may have thanks

Source: credit.com

Can you Pay a Credit Card with a Credit Card?

January 15, 2021 by Gerald Hawkins Posted in Uncategorized Tagged Checking Account, Convenience, Credit, Credit Card, Credit Card Debt, Credit Cards, credit score, Financial Wize, FinancialWize, rate, Rewards

A credit card is designed to help you in an emergency, to give you options when there are none. But what happens if you have a maxed-out credit card in one hand and an empty card in the other, can you use one credit card to pay off the other and, more importantly, should you?

The short answer is yes and… probably not. However, there is a better option available and it’s actually one of the best ways to clear a credit card balance.

Options for Paying Credit Card Bill with Another Card

There are three ways you can clear a credit card bill using another credit card. The first two options are nothing short of terrible and are likely to cause more issues than they fix. The third is really the only one you should consider, but before we get to that option, let’s get the bad ones out of the way.

Cash Advance and Convenience Checks

Credit card companies won’t let you pay off one credit card with another, at least not in that way. However, you can get around this by using convenience checks or a cash advance. The former is sent by your creditor for you to make a deposit into your checking account; the latter is used to withdraw cash. 

Technically, you can get cash from your credit card, put this into your checking account, and then use that money to clear your credit card debt.

​But, as mentioned above, this is a bad idea. Cash advance fees can be enormous and if you’re moving large sums of money and being charged a high fee for doing so, you could be seriously out of pocket. Luckily, there is a better alternative.

Using a Balance Transfer

A balance transfer is the act of moving a credit card balance from one or more cards to another. There are specific balance transfer credit cards designed to help you with this process and all come with an introductory period where you’re offered 0% APR for the first 6, 12 or 18 months. 

Once this period ends, you may be charged a higher interest rate, but if you can clear your balance during that intro period those extra interest charges won’t matter.

How Balance Transfers Work

Balance transfer credit cards are used by credit card companies to attract new users. These introductory offers convince you to move your balance to a new credit card company, after which they hope you will continue to make purchases, accumulate debt, and remain with them for years to come.

Most balance transfer credit cards charge a fee for moving the money across. This fee is often levied as 3% or 5% of the total balance, which equates to $300 or $500 for a balance of $10,000. 

That sounds like a lot, but it also comes with a 0% APR, which means your monthly payments will go exclusively towards the principal, paying it off quickly.

Usually, the majority of your minimum payment goes towards interest, which means your balance will decrease slightly with each passing month. By removing this interest obligation from the equation, all your payment will go towards the balance, thus clearing it quickly and cheaply. 

These cards can save you thousands of dollars if used properly, but it’s important not to swap an older problem for a new one; not to create the same issues on your new card that you had on your old card.

Use a balance transfer offer to remove the balance entirely. Meet the minimum payment, pay more where possible, and ensure that when the introductory period ends, there is no balance on which interest can build. Once you reach this point, you’ve wiped the slate clean and can start afresh, making credit card payments on time and clearing your balance in full every month.

Many balance transfer credit card offers come with a $0 annual fee and don’t charge you for foreign transactions. However, they typically won’t provide you with the sort of cashback rewards you can get from other credit cards.

Paying Off a Credit Card with Bad Credit

If you have bad credit, you may struggle to find a balance transfer card with a high enough credit limit. These cards, like all good credit cards, require a relatively clean credit report, preferably with a credit score above 670.

As long as your credit score is above 580, you’ll still options, but those options may be limited to high-interest rates and unfavorable terms. In such cases, there are a few things you can to clear your credit debt:

1. Improve Your Credit Score

A balance transfer fee is the only real downside to a balance transfer credit card, so it’s worth putting the time and effort in to get one of these cards. It may only take a few months to improve your credit score to a point where you can apply for one of these cards.

Take a look at the best balance transfer credit cards (Discover, Visa, Chase) to give you an idea of the sort of card that can help you and the type of credit score you need. Once you have that target in mind, you can work towards achieving it.

2. Credit Counseling

A credit counselor can look at your current financial situation and determine the best course of action going forward. These services are offered by many credit counseling agencies and you typically only need to pay a token amount for a short 30- or 60-minute session.

3. Debt Consolidation

Debt consolidation is very similar to a balance transfer, as it swaps one or more smaller debts for a big one. The difference is that it pays the credit card balances off with a single loan, and you then focus on repaying that loan.

Typically, debt consolidation extends the length of your loan with a view to reducing the monthly payments but increasing the total balance. This can help to make your credit card debt more manageable and it will also improve your debt-to-income ratio.

4. Debt Settlement

Debt settlement is one of the cheapest ways to clear credit card debt. It begins when a debt specialist requests that you stop meeting all monthly payments and then move your money to a separate bank account. 

The debt specialist will then use this bank account to negotiate with your creditors, waiting until they desperate to settle and then offering them a greatly reduced settlement sum.

Just bear in mind that when you miss a minimum monthly payment, you run the risk of your account defaulting, which will hurt your credit score.

Can you Pay a Credit Card with a Credit Card? is a post from Pocket Your Dollars.

Source: pocketyourdollars.com

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