“The market is at an interesting point with rising inventory and lower demand,” NAR chief economist Lawrence Yun said in the report. “Supply and demand movements suggest easing home price appreciation in upcoming months. Inevitably, more inventory in a job-creating economy will lead to greater home buying, especially when mortgage rates descend.” Despite the decline, … [Read more…]
Compact size. As mentioned above, I’m working with little-to-no space, while most traditional media consoles are built for spacious living rooms. The Lowdown is a little over 3 feet long, allowing it to fit perfectly center under my TV. Additionally, with a depth of 15.7 inches, it provides an additional storage solution without making the space feel cramped.
Storage. Despite its small stature, the Lowdown has a ton of storage space. The two shelves inside are also height-adjustable, so you can create the exact solution you need. Currently, I have a Chemex, tool kit, multiple chargers, and a not-so-little candle collection hiding with room to spare (likely for more candles).
Easy to Build. As a proud single girl, I usually put my furniture together all by myself, so clear instructions and nothing that involves more than two hands is key. Not only does all Mustard furniture come with easy-to-read paper instructions, but there are also QR codes sprinkled throughout that lead to incredibly helpful videos. While I was able to complete this without help, I would recommend asking a friend for help putting on the top piece. It will save you some frustration.
Aesthetics. This locker hits the sweet spot of looking fun and cute, without being juvenile. With multiple colors to choose from, it can easily fit into any minimalist’s home or add a pop of personality to a space. As a lover of colorful spaces, the Butter shade goes perfectly with my green couch, while also making my record player pop.
San Francisco is bursting with iconic landmarks and unique neighborhoods. From its famous bridge to its historic prison island, there’s always something fascinating to discover in the Bay.
Whether you’re riding the cable cars to your dream San Francisco home or looking for an apartment in Chinatown, San Francisco has a wealth of experiences to offer. Here are ten things that make this city such a special place to settle down.
1. Cable Cars
San Francisco’s cable cars are an iconic mode of transportation and a major tourist attraction. These charming vehicles climb steep hills and offer incredible views of the city. Riding a cable car is like stepping back in time, providing a unique perspective of the streets and architecture. The clang of the bells and the open-air design add to the nostalgic experience. Don’t miss the chance to hop on one and see San Francisco from this classic vantage point.
2. Union Square
Union Square is the heart of San Francisco’s shopping and entertainment district. This bustling plaza is surrounded by high-end stores, hotels, and theaters. It’s a great place to catch a show, dine at a fancy restaurant, or simply people-watch. Seasonal events, like ice skating in the winter, add to its charm. Union Square is a central spot that offers something for everyone, day or night.
3. Golden Gate Bridge
The Golden Gate Bridge is perhaps the most recognizable symbol of San Francisco. Its striking red-orange color and towering presence make it a marvel of engineering. Walking or biking across the bridge provides stunning views of the bay and city skyline. It’s a popular spot for photos, with plenty of scenic viewpoints on either side. The bridge is not just a passageway but an experience that captures the essence of San Francisco.
4. Haight-Ashbury
Haight-Ashbury is synonymous with the 1960s counterculture movement. This neighborhood retains its bohemian spirit, with vintage shops, colorful murals, and eclectic cafes. Walking through Haight-Ashbury feels like a journey through history, as the area still echoes with the vibes of the Summer of Love. It’s also a hotspot for music lovers, with several live music venues and record stores. This district is a must-visit for anyone interested in San Francisco’s cultural evolution.
5. Alcatraz
Alcatraz Island, home to the infamous former prison, is a top destination for history buffs. A ferry ride takes you to the island, where you can explore the cell blocks and hear stories of notorious inmates. The audio tour is particularly engaging, bringing the island’s past to life with real accounts from former guards and prisoners. The views of the city and bay from Alcatraz are also breathtaking. It’s a haunting yet fascinating glimpse into a darker chapter of San Francisco’s past.
6. Tech Industry
San Francisco is a major player in the global tech industry. The city and its surrounding area, known as Silicon Valley, are headquarters to many leading tech companies. Innovations from these companies have transformed how we live and work. The presence of tech giants attracts talent from all over the world, contributing to the city’s dynamic atmosphere. San Francisco’s role in the tech world is influential and ever-evolving.
7. Fisherman’s Wharf
Fisherman’s Wharf is a waterfront area packed with attractions and seafood restaurants. Here, you can watch sea lions lounging on docks, visit the historic ships at Hyde Street Pier, or sample clam chowder in a bread bowl. The area is also home to the famous Pier 39, which offers shopping, dining, and entertainment. Fisherman’s Wharf combines maritime history with modern fun, making it a favorite spot for all.
8. Chinatown
San Francisco’s Chinatown is the oldest and one of the largest in North America. Walking through its dragon-adorned gates, you’re transported to a community full of history. The streets are lined with shops selling everything from rare foods to traditional herbs. Visit the temples, enjoy authentic Chinese cuisine, or explore the bustling markets. Chinatown is a colorful, sensory-rich experience that offers a taste of the East in the heart of the West.
9. Alamo Square
Alamo Square is famous for its “Painted Ladies,” a row of colorful Victorian houses. This picturesque park offers panoramic views of the city, making it a popular spot for photos. The surrounding neighborhood features beautiful architecture and lush greenery. It’s a peaceful place to relax, have a picnic, or simply enjoy the scenery.
10. San Francisco Giants
The San Francisco Giants are a beloved baseball team with a storied history. Attending a game at Oracle Park, with its stunning views of the bay, is a treat for any sports fan. The team has won several World Series, adding to their legacy. The ballpark experience, complete with garlic fries and cheering fans, is electric. Supporting the Giants is a point of pride for many San Franciscans and a great way to experience the city like a local.
Amazon Prime members can signup for the Chase Amazon Prime Rewards Visa card and get a $200 Amazon gift card bonus instantly upon approval. This offer will begin on June 27th and continue through July 24
If you use a friend’s referral link (instead of going through the public link) your friend will also get $50.
Card Details
No annual fee
No foreign transaction fee
Card earns the following rates:
Earns 5% back at Amazon.com & Whole Foods with an eligible Prime membership
Earns 3% back at Amazon.com & Whole Foods without an eligible Prime membership
Earns 2% back at restaurants, gas stations, and drug stores
Earns 1% back on all other purchases
There are often special offers to get 10% – 20% back on select specially-marked Amazon purchases for cardholders
This card does not appear to be subject to the 5/24 rule
Read our full review here.
Our Verdict
We always see this offer during Prime day. Might be worth it for some due to the no spend requirement. We’ll add this to our main Prime Day 2024 page.
Ginnie Mae has released a term sheet for its revised Home Equity Conversion Mortgage securitization program, starting a comment period that ends on July 31.
With the update, termed HMBS 2.0, Ginnie Mae wants to enhance liquidity for issuers by allowing the re-pooling of active and non-active buyouts into new custom, single-issuer pools.
HECMs are reverse mortgages insured by the Federal Housing Administration. Unlike Fannie Mae or Freddie Mac, which purchase and securitize mortgages, Ginnie Mae is merely a secondary market guarantor for government agency products.
Ginnie Mae first put out a guide for HECM mortgage-backed securities issuances in July 2007, with the initial deal coming out in November of that year.
Under current HMBS rules, when a reverse mortgage reaches 98% of the FHA maximum claim amount, the issuer must purchase it out of the pool. At that time, it can be assigned to FHA, which takes over servicing the loan and disburses funds to the lender.
But issuer liquidity during the process can be a problem, a Ginnie Mae blog post said, adding “one of the largest HECM issuers became insolvent in early 2022 when interest rates spiked and liquidity dried up.” While it didn’t specify the lender and the dates don’t quite add up, Reverse Mortgage Funding filed for bankruptcy in November of that year because of liquidity issues.
Furthermore, as interest rates increased last year, HECM originations slowed. At the same time existing loans reached that 98% limit.
“This confluence of factors creates significant liquidity needs for the industry,” the blog said. “Unless addressed proactively, this can lead to future disruption in the HECM market.”
The market appears to have picked up as of late, with 2,460 FHA reverse mortgage endorsements in May, according to Reverse Market Insight. That was up nearly 17% from April’s 2,150 and 20% compared with May 2023, when 2,051 HECMs were endorsed.
Meanwhile, homeowners 62 and older saw their housing wealth increase to $13.19 billion during the first quarter, up by $328.5 billion, the National Reverse Mortgage Lenders Association said.
Senior home values increased to an all-time high of $15.5 trillion during the period but that was offset by an increase in debt from $10.2 billion to $2.35 trillion, the NRMLA/RiskSpan Reverse Mortgage Market Index reported.
Under Ginnie’s proposal, the weighted average principal balance in an HMBS 2.0 will be limited to 95%. That buffer is needed to provide an economic incentive to protect Ginnie Mae, and ultimately taxpayers, against a decline in home values.
Multiple valuation methods will be permitted. These include automated valuation models and broker price opinions. However, a 10% haircut will be applied in order to protect Ginnie Mae from home-price declines.
Under the proposal, the repurchase rule will kick in at 150% of MCA, or when the mortgage is assigned to the Department of Housing of Urban Development or the note is terminated, whichever comes first.
“Soliciting public comment on the structure of the HMBS 2.0 program is critical to developing a program that supports Issuer liquidity while protecting taxpayers,” said Ginnie Mae Acting President Sam Valverde, in a press release. “Ginnie Mae remains committed to supporting the government reverse mortgage market and we will work swiftly to address input received as we work to implement the program.”
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
You want to learn how to be frugal but not cheap… then, you are in the right place.
Simply put… frugal living is saving money at it finest.
To be honest, though, learning how to be frugal can come with spending more money than you planned in the name of frugality. The truth can hurt. But, in order to be frugal, you must save what you would normally spend.
That means you are economical with money.
The list of 175+ frugal living tips seems like a great place to start when you are learning how to be frugal, right?
Wrong!
You need to focus on a few basic habits first. Set yourself up for success. And then, slowly incorporate more frugal ways to save money.
In this post, that is exactly what you will learn.
The frugal habits you need to be successful along with the best frugal life hacks to guarantee success.
Let’s dig in…
Can being Frugal make you Rich?
Absolutely yes!
The key is to save money from your frugal hacks.
Remember the age-old saying, “A penny saved is a penny earned.”
Every penny will slowly add up to the next money milestone.
If you don’t believe me, then check out this millionaire’s story of being frugal.
How Being Frugal can Cost You?
It can IF you are not careful.
Being frugal is about saving money. However, it is possible to spend more money in the name of frugality.
The first example would be being more than you need just because it is a good sale, deal, or clearance price that you don’t want to miss out on.
Next, in your search to find the cheapest option, you actually spend more over time replacing it because the quality isn’t quite the same.
There is a fine line between frugality, being cheap, and simply overspending on deals.
Just be weary of overspending money in the hunt of saving money.
How to be Frugal with Money
These are the habits you want to embrace to become a frugal person.
Personally, I like to think being frugal is being picky with my money.
I loathe my investment accounts going down, so why would I want to buy things that we don’t need or don’t matter in the long wrong. That is why I choose to be frugal with money.
Specifically, I choose to be economical with how we spend money.
Now, let’s dig in to understand how to be frugal with money.
1. Know Your Goals
First, you must know your goals. If you don’t have a goal, then you aren’t going to make any progress. Period.
In today’s society, it is SO easy to spend money without even realizing it. That is the point of business – they are out to market for your money (and they are good at it, too).
You must prioritize you first.
This is something we hear over and over. Prioritize your self-care before taking care of others. The same holds true for your money.
Action Step #1 – Sit down and write out your financial goals.
If this is something you haven’t done before, then check out our helpful guide to rocking your financial goals.
2. Understand your Spending Habits & Triggers
This one is HUGE!!
If you don’t know how and where you spend money without thinking, then you will never be able to stop the spending. You can’t slow the bleed.
First of all, I will admit that uncovering your spending habits is hard. It is introspective. It can be painful. Maybe even demoralizing.
But, until you let go of your previous financial failures, you won’t be able to move on.
This is an important step to make serious progress in your life. You may be amazed how this seemingly simple things will hold you back.
Action Step #2 – Review bank statements or credit card transactions. Look for things you bought without planning for them.
This will highlight your spending habits.
As for your triggers, watch your emotions and think what you automatically do when you are happy, sad, mad, and celebrating.
3. Save First
Oh my, pay yourself first.
This is something I focus on a lot at Money Bliss and for good reason. Saving money is the backbone to financial success.
If you don’t save money, then you are left scrambling when you need cash or stuck going into debt. This is a vicious hamster wheel that debt will overtake you.
Start by saving $10 a day. Many times you can find that money by uncovering your spending habits.
From there, look at increasing your saving percentage each month.
Action Step #3 – Figure out how much you save each week, each month, and your saving percentage. Brainstorm ways to increase how much you save.
To help our readers, you will find many spreadsheets and printables to help you figure out how much you save and track your savings progress. Once signed up on our email list, you will receive the password.
4. Spend Less Than You Make
Your expenses must be lower than your income. Period.
If you are currently spending more than you make, then you must look at ways to drastically cut expenses. Stop hoping that your situation will change and actually do something about it.
This seems like a very easy math concept. Yet, most people struggle with basic money management.
If you don’t believe that saving an extra $5 day, then think about having $1825 in your pocket.
Now, let’s flip it the other way, if you are overspending by $75 a week, then by the end of the year, you are in the hole $3900 plus interest if you took out debt.
Action Step #4 – Figure out your bare bones budget. Then, decide what fun spending items to keep to make sure you spend less than you make.
Here is a guide to help you figure out your bare bones budget. Also, you will find bare bones budget printable in our free library area.
5. Patience
Lastly, you must have patience.
Changing your money management won’t happen overnight. While you can have quick wins and successes, this is the race won by the turtle.
Patience comes with planning and that is one thrifty habit you should pick up.
When you become frugal with money, you plan how you spend your money and save your money. Many times, that means waiting for a sale to buy an item you need or accumulating money for another date.
Action Step #5 – Show self-restraint and try a no spend week or month.
By holding a no spend challenge, it will help you reshape your finances as well as help you prioritize what is important. As a reader, you have access to our no spend printables, too!
Frugal Life Hacks
These are the specific frugal hacks to save money.
These are the key areas you need to focus your energy on. Over time, they will become habits.
1. Pay Yourself First
Yep, this one again.
If you are frugal, then you pay yourself first.
You are focused on two things – how to save more money and how to make more money.
This pay yourself first concept will have you winning at money management – guaranteed!
2. Budget
A frugal person always has a plan on how they plan to spend their hard-earned money.
This makes sure that spending is always below income.
While many people hate the term “budget,” it doesn’t have to be constricting. We like to call it a “Cents Plan.” You make a plan for your money.
Just like you make a plan for your time on the weekend. Same concept.
The more you save now, the greater freedom you will have later.
3. Cook Meals at Home
Cooking food at home costs at least 25% of eating out. While the convenience of eating out is nice, it comes at a monetary and wellness cost.
You can make healthy meals under $10 for six servings. And not be a slave in the kitchen.
Shop the outer area of the grocery store. The expensive stuff is in the middle.
Hint: Try to incorporate a meatless meal 1-2 times per week. Plant based meals are cheaper to make.
4. Shop Less Often
This goes for general shopping, buying groceries, and adding items to your Amazon cart. The more often you go, the more likely you are to spend more money.
Decide ahead of time when you plan to shop (remember that patience concept from earlier).
For example, to get groceries for our house. I plan two pickups per month at the local grocery store and then have organic produce delivered on odd weeks with Misfits Market. Then, Costco run every month to 6 weeks. (Mind you… I have two children that are hitting the pre-teen phase.)
For me, I have shaved 30% off my grocery budget by implementing the strategy to shop less often.
5. Use Cash for Key Categories
If you are tempted to spend more than you should in certain areas, then you need to look at using cash.
When cash has been spent, you must wait until you full up that envelope again.
This helps so much with overspending.
You can do this with the cashless envelope system as well.
6. Own Less Stuff
The more items you have, the more it cost to buy and maintain.
So, by owning less stuff, you are accomplishing one of the most frugal life hacks to save money.
You don’t even need to become a minimalist. You just need to own what you need and that is it.
If you don’t believe me, look around and pack up anything you haven’t touched in the past 30 days.
7. Don’t Buy New
Buying new can be expensive. The best example of buying new is cars, trucks, and SUVs. The price instantly goes down the second you leave the dealership.
If at all possible, always look for used items that you can get at a discount or even for free.
With online forums and groups, it is much easier to find used items.
Of course, there is a caveat to this life hack; there are some things that are worth the investment and should be bought new. Just watch for sales or discounts.
8. Check your Receipts
It absolutely amazes me how many times I can be charged inccorectly. You would think with technology that this wouldn’t happen, but it does.
It takes a quick thirty seconds to scan your receipts and check for errors.
Sometimes, it may be the warranty you declined or double charged for apples. Other times, the sales price not have been rung up correctly.
Don’t hesitate to ask for the correct price!
9. Review Insurance and Ongoing Subscriptions
This may seem like a mundane task to do, but you could save yourself money.
This past summer, our homeowner’s and auto insurance went up again. We shopped around and ended up saving $1800. The same is true for cell phone and cable service.
You have to call and ask for discounts.
More often than not, these companies want you to continue as a customer and will lower your rate.
Insurance Options:
Automated Options to Save Money:
10. Switch to Reusable Products
When you throw something out, you have to buy new again.
This can fall into many categories. However, here are the main things you can reuse and ditch the waste.
This is what you want to look for:
11. Drink Water
Nothing is more frugal than drinking water.
The costs of various drinks can be a drain to any budget.
If you don’t like your tap water, then you can invest in a cheap filtration pitcher or even an under-mount filtration system. This is the one we installed and have been very happy with!
12. Watch Out for Fees
There are so many little pesky fees that can add up. Some examples include shipping, account maintenance, service fees, banking fees, etc.
While $2-8 may not seem like much, they will balloon over time. Look for promo codes or alternative ways to skip the fees.
13. Cut Cable or Unused Subscriptions
If you don’t use, then don’t spend money on it.
You can’t save money if you spend on things that don’t matter to you.
This is hard for many of us to do because we like conveniences and we don’t want to be seen as different.
Ways to Cut Cable:
The key when cutting cable is not to replace it with more subscriptions that end up costing more.
14. Collect Your Pennies
A true life hack to get you ahead financially is to know your money.
You know where you money goes. You know when you spend it. When you save it.
Also, you will never leave money on the table. If you see a penny, you pick it up and save spare change. If you lose a dollar, you want to get it back.
This means you are actively looking for ways to make more money. You want more pennies to collect that will add to your net worth over time.
15. Free Things to Do
The last frugal life hack is to always look for free things to do.
Here is a little secret… having fun doesn’t need to cost money!! We have been trained that having fun costs money. But, it is so not true!
Some of the best things in life are free.
For all of you, here is a guide of over 101 things to do without money.
Which Frugal Life Hack Will Save Money for You?
Being frugal is a lifelong habit. Yes, there are quick wins you can have here and there. But, in the long run, these frugal life hacks will have the biggest bank for your time.
Learning how to live frugally and be happy is about understanding your priorities and how you want to spend your money.
If you are serious about learning how to be frugal with money, then plan a time to examine your finances. In less than 30 minutes, you will uncover things to change the trajectory of your spending and saving habits.
Just remember… pennies do add up. So, watch your pennies and watch your net worth grow.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Should I save or pay off debt? It’s a tough financial choice. Prioritizing debt repayment can help you pay off what you owe faster, freeing up more money in your budget for saving. It can also help you spend less on interest charges. But that approach can also backfire. If you delay saving and get hit with an unplanned expense, you can end up with even more high-interest debt.
Whether it makes sense to pay off debt or save depends largely on the specifics of your financial situation. The right decision might actually be to try to do both.
When You Should Consider Paying Down Debt First
In certain situations, it makes sense to prioritize paying off debt over putting money into savings. This could be the best path forward if:
• You have high-interest debts. High-interest debt, such as credit card debt, can quickly accumulate and become overwhelming. The longer it takes to pay off, the more interest you’ll accrue, making it harder to escape the debt cycle.
• Your debt is causing you significant stress or anxiety. If having debt hanging over you keeps you up at night and you want to clear your balances as quickly as possible, putting debt repayment ahead of saving might make sense, provided you have at least some money in the bank for emergencies.
• A large portion of your income is going toward monthly debt payments. Having a high debt-to-income ratio (DTI) not only limits your financial flexibility, but can also negatively impact your credit score. A lower score could make it hard to secure loans at low interest rates or even rent an apartment in the future.
Strategies to Pay Down Debt
Once you commit to paying down your debt, you’ll want to come up with a plan for how to do it. Here are some strategies to consider.
• Avalanche method: With this approach, you list your debts in order of interest rate. You then funnel any extra money toward the balance with the highest rate, while paying the minimums on the other debts. Once the highest-interest debt is paid off, you move to the next highest, and so on. This strategy minimizes the amount of interest you pay over time.
• Snowball method: With the snowball method, you list your debts in order of size, ignoring the interest rate. You then funnel extra money towards the smallest debt, while paying the minimum on the rest. When the smallest balance is paid off, you move on the next-smallest debt, and so on. This can provide psychological benefits by giving you quick wins and motivating you to continue.
• Debt consolidation loan: A debt consolidation loan is a type of unsecured personal loan with fixed interest rates and repayment terms. If you have multiple debts, consolidating them into a single loan with a lower interest rate can simplify payments and reduce the total interest paid.
• Balance transfer: For credit card debt, a balance transfer to a card with a low or 0% introductory rate can help you save money on interest and pay off your debt faster. Just be sure that you’ll be able to pay off the balance before the promotional rate ends. If not, you could end up paying more in interest than you are now. Also be aware of transfer fees.
• Automate your debt payments: Setting up automatic payments ensures you never miss a payment, which helps avoid late fees and keeps you on track with your debt repayment plan.
When You Should Consider Saving First
Aggressively paying off debt isn’t always the best first choice, however. You may want to prioritize saving money over paying down debt if:
• You have little to no emergency savings. Without a cushion of savings in the bank, an unplanned expense or loss of income could result in racking up even more debt, putting you further in the hole.
• You have low-interest debts. If you have debts with relatively low annual percentage rates (APRs) and don’t feel unduly burdened by them, it’s fine to focus on saving, while paying off your loans according to schedule.
• Your employer offers a 401(k) match. If your employer offers a retirement savings plan along with a company match, it’s a good idea to try to contribute at least enough to get the maximum employer match. This is essentially free money you could be missing out on.
Recommended: 10 Ways to Save Money Fast
Determining How Much to Save
How much you should be saving will depend on your age and situation, but here are some general guidelines to keep in mind.
• Emergency fund: Experts recommend building an emergency fund of three to six months’ worth of expenses and stashing it in a high-yield savings account. If you’re self-employed or work seasonally, you may want to aim closer to eight or even 12 months’ worth of expenses.
• Retirement savings: If your employer offers a 401(k) match, you’ll want to contribute at least enough to get the full match, then build from there. One rule of thumb is to work up to saving at least 15% of your pretax income each year, including employer contributions.
• Other savings goals: For other savings goals, such as a vacation, large purchase, or down payment for a house, you’ll want to set a timeline and break down the total amount into manageable monthly savings targets. For savings goals that are five-plus years away, like paying for a child’s education, consider contributing to investment accounts that can potentially yield higher returns over time.
Recommended: How to Set and Reach Your Savings Goals
Tips on Balancing Paying Debt and Saving
If you have high-interest debt under control and already have some cash in the bank to cover a minor emergency (like a car or home repair), consider saving and paying down debt at the same time. Here are some tips to help you manage both.
• Create a budget: A basic budget can help you track your income, expenses, and savings. The key is to allocate specific amounts for debt repayment and savings to ensure both are addressed every month.
• Automate saving: Once you have target monthly savings amounts, it’s a good idea to set up automatic transfers to your savings accounts. This ensures consistent saving without the temptation to spend the money.
• Increase income: You might want to explore ways to boost your income, such as taking on a side gig, freelancing, or asking for a raise. You can then use the additional income to pay down debt faster and/or boost your savings.
• Cut unnecessary expenses: Review your expenses and identify areas where you can cut back. Redirect these funds toward debt repayment and saving.
• Use windfalls wisely: If you receive a bonus, tax refund, or any unexpected sum of money, consider using it to pay down debt or boost your savings rather than going on a shopping spree.
The Takeaway
Saving and paying down debt is a balancing act. Which is more important? There’s no one-size-fits all answer. Generally speaking, you’ll want to fund your emergency savings account and take advantage of an employer match on retirement savings before you aggressively focus on debt payoff. After that, you can focus on saving and knocking down debt at the same time.
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FAQ
Is it better to pay off debt or have money saved?
You may want to prioritize saving over debt payoff if you don’t have an emergency fund, aren’t taking advantage of an employer’s 401(k) match, and/or have low-interest debts. If, on the other hand, you have a solid emergency savings fund, high-interest debts (like credit card debt), and no employer retirement match, you may be better off focusing your efforts on paying down debt over saving.
How much money should I save before paying down debt?
Before aggressively paying down debt, it’s a good idea to save three to six months’ worth of living expenses in an emergency fund in a high-yield savings account. If you don’t have any savings to draw on to cover an unexpected expense or event, you may have to rely on high-interest credit cards to get by, which would compound your debt.
What bills should I pay down first?
You generally want to prioritize paying down high-interest debt first, such as credit card balances and payday loans, as they accrue interest rapidly. Next, focus on any other unsecured debts, like personal loans, followed by secured debts (like car loans and mortgages), which tend to have lower interest rates.
Photo credit: iStock/malerapaso
SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
South Dakota is a state where the expansive Great Plains meet the majestic Black Hills. Famous for the iconic Mount Rushmore, the wild west history of Deadwood, and the awe-inspiring Badlands National Park, South Dakota has so many exciting places to discover. But what else is South Dakota known for? Whether you’re considering renting a home in Rapid City, looking to settle into an apartment in Sioux Falls, or planning a road trip through its scenic byways, you’ll soon discover that South Dakota has much to offer. In this article, we’ll explore the unique attractions, events, and cultural gems that make South Dakota truly exceptional and why so many take pride in calling it home.
1. Mount Rushmore
When talking about South Dakota, probably the first thing that comes to mind is Mount Rushmore. This colossal sculpture features the faces of four U.S. presidents: George Washington, Thomas Jefferson, Theodore Roosevelt, and Abraham Lincoln. Carved into the granite of the Black Hills, the monument attracts over two million spectators annually. The intricate details of the 60-foot faces showcase the incredible artistry and engineering of Gutzon Borglum and his team.
2. Chislic: South Dakota’s signature dish
When it comes to food, South Dakota is famous for Chislic. This dish, which is unique to the state, consists of cubed red meat, usually lamb, venison, or beef, which is deep-fried or grilled. It’s typically served on skewers with a side of garlic salt and crackers. Chislic is a beloved snack at local bars and is also a staple at state fairs; it’s a must-try for any food lover visiting South Dakota.
3. Crazy Horse Memorial
The Crazy Horse Memorial, a work in progress since 1948, honors the legendary Lakota leader. Once completed, it’ll be the world’s largest mountain carving, depicting Crazy Horse riding a horse and pointing to his tribal land. The memorial also includes an Indian Museum of North America, enriching visitors’ understanding of Native American culture and history.
4. Badlands National Park
Badlands National Park offers a stunning and unique landscape with sharply eroded buttes, pinnacles, and spires. Visitors can explore nearly 244,000 acres of otherworldly terrain, home to bison, bighorn sheep, and prairie dogs. The park is also a treasure trove of fossils, revealing ancient mammal species like the saber-toothed cat. Hikers and photographers find endless inspiration in the dramatic vistas and colorful rock formations.
5. Sturgis Motorcycle Rally
Every August, the small town of Sturgis transforms into a bustling hub for motorcycle enthusiasts. The Sturgis Motorcycle Rally, one of the world’s largest bike rallies, draws hundreds of thousands of participants. This week-long event features races, concerts, and group rides through the scenic Black Hills. The rally’s dynamic atmosphere and diverse attendees make it a must-visit for motorcycle aficionados.
Fun facts South Dakota is famous for
– South Dakota holds the world’s largest, naturally heated, indoor swimming pool. The Evans Plunge Mineral Springs in Hot Springs has been a popular attraction since 1890. – The state has more miles of shoreline than the entire state of Florida, thanks to its numerous lakes and reservoirs. – Belle Fourche, SD is the official geographical center of the United States, marked by a monument and visitor center.
6. Wind Cave National Park
Wind Cave National Park is known for its complex labyrinth of underground passages. It is one of the longest caves in the world, featuring the unique boxwork formations found nowhere else. Above ground, the park preserves a mixed-grass prairie ecosystem teeming with wildlife. Guided tours take visitors deep into the cave, revealing its mysterious beauty and geological significance.
7. Deadwood
The historic town of Deadwood in the Black Hills, is synonymous with the Wild West. It was a booming gold rush town in the late 1800s and still retains its old-time charm. People can explore historic saloons, visit the graves of Wild Bill Hickok and Calamity Jane, and enjoy live reenactments of shootouts. The town’s lively casinos and entertainment venues keep the spirit of adventure alive.
8. Laura Ingalls Wilder’s Homestead
Fans of “Little House on the Prairie” will find exploring Laura Ingalls Wilder’s Homestead in De Smet a delightful experience. This living history site offers a glimpse into the pioneer life of the beloved author. Visitors can tour the original Ingalls family home, participate in hands-on activities, and even stay overnight in a covered wagon.
9. The Corn Palace
The Corn Palace in Mitchell is a whimsical celebration of agriculture. This unique building is decorated annually with murals and designs made entirely from corn and other grains. Each year features a different theme, showcasing the creativity and community spirit of Mitchell. The Corn Palace hosts various events, from basketball games to concerts, making it a central hub of local culture.
10. Lewis and Clark Recreation Area
The Lewis and Clark Recreation Area offers a perfect blend of history and outdoor fun. Located on the banks of the Missouri River, the area commemorates the famous explorers’ journey. Locals can enjoy boating, fishing, and camping in this scenic setting. The recreation area also features informative exhibits about Lewis and Clark’s expedition, adding an educational dimension to the adventure.
11. Mammoth Site
The Mammoth Site in Hot Springs is an active paleontological dig site where people can see ancient mammoth fossils. This fascinating museum offers guided tours and hands-on activities, making it an educational and entertaining stop. The site houses the largest concentration of mammoth remains in the world, providing a unique glimpse into prehistoric life.
12. Black Hills Gold Jewelry
South Dakota is renowned for its exclusive Black Hills Gold Jewelry. This distinctive style features grape leaves, vines, and grapes in tri-color gold. The intricate designs are a testament to the craftsmanship and heritage of the Black Hills region. While here, you can tour local factories to see how these beautiful pieces are made and purchase one-of-a-kind souvenirs.
13. Palisades State Park
Palisades State Park is known for its striking pink Sioux quartzite formations along Split Rock Creek. This small but scenic park offers excellent opportunities for hiking, rock climbing, and bird watching. The rugged cliffs and serene water create a picturesque setting that feels worlds away from the hustle and bustle.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
What to Make of Week’s Weakest Levels After Solid PCE Data
By:
Matthew Graham
Fri, Jun 28 2024, 3:34 PM
What to Make of Week’s Weakest Levels After Solid PCE Data
Things looked good for the bond market earlier this morning. While yields were still quite a bit higher than those seen earlier in the week, there was an immediate, positive response to the on-target PCE data. The gains didn’t last long with sellers running the table mostly between 10am and 11am ET. While some of the move could be due to traders moving to the sidelines ahead of near-term potential political developments, month/quarter-end positioning likely had a much bigger impact. Bonds ended the week at their weakest levels, but this pull-back doesn’t inform next week’s trading in the slightest. That honor goes to the active slate of bigger ticket economic data.
Core M/M PCE
0.1 vs 0.1 f’cast
last month revised to 0.3 from 0.2
Core Y/Y PCE
2.6 vs 2.6 f’cast
08:39 AM
slightly weaker overnight and slightly stronger after data. MBS up 6 ticks (.19) and 10yr down 2bps at 4.267
11:08 AM
Tanking now. 10yr up 5.3bps at 4.34. MBS down an eighth on the day and a quarter point from rate sheets.
03:04 PM
Still near weakest levels. 10yr up 6bps at 4.346 and MBS down 6 ticks (.19).
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