More Gains After JOLTS, But They Might Have Happened Anyway
By:
Matthew Graham
Tue, Jun 4 2024, 4:16 PM
More Gains After JOLTS, But They Might Have Happened Anyway
The winning streak continues for the bond market with 10yr yields dropping roughly 6bps by the 3pm close, just barely edging under the 4.34% technical level. Improvement was linear through 2pm with only a temporary volatile reaction to the JOLTS data. It’s not entirely clear that the mid-day gains had anything to do with JOLTS, in fact. It’s just as easy to argue that the bond market is taking a lead-off in anticipation of softer economic data ahead. That’s all well and good unless the data finds a way to surprise to the upside, but even then, some hope would be held out for the next CPI report next Wednesday.
Job Openings (via JOLTS)
8.059m vs 8.34m f’cast, 8.355m prev
Lower = better for rates
Job “Quits”
3.507m vs 3.329m prev
lower = better for rates
08:58 AM
moderately stronger overnight thanks to Europe. MBS up 2 ticks (.06) and 10yr down 3.6bps at 4.355
10:05 AM
Modest gains after mixed JOLTS. MBS up an eighth. 10yr down 4.8bps at 4.343
01:56 PM
Modest additional gains into the PM. 10yr down 7bps at 4.321. MBS up an eighth in 6.0 coupons and nearly a quarter in 5.5 coupons.
04:06 PM
Off the best levels, but holding most of the gains. 10yr down 6.1bps at 4.33 and MBS up 5 ticks (.16).
Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.
Recent studies reveal Americans collectively owe more than $1 trillion in credit card debt. Credit card debt can seem overwhelming, especially for those facing high interest rates. Some consumers use balance transfer cards to help them overcome this debt by reducing their interest rates—at least for a set period. Before choosing this option, it’s important to understand how these credit cards work and how to transfer a credit card balance.
This article digs deeper into the topic of balance transfer credit cards, how they work, and how to determine if this is the right option for you.
What Are Balance Transfer Cards?
Balance transfer cards are a type of credit card that includes a special offer for those wishing to transfer their current credit card balance. For example, the credit card might include a special 0% APR rate during the introductory period, which typically lasts anywhere from six to 18 months.
Let’s say you have a $4,000 balance on your current credit card. Once approved, you transfer this balance to a new balance transfer card with a 12-month APR. This allows you to work toward paying down your debt for a year without worrying about incurring more interest.
How to Transfer Credit Card Balance
Before you can transfer your credit card balance to a new card, you must first be approved for a balance transfer credit card. As with all credit cards, the lender checks your credit history and credit score when determining approval. Typically, you must have good or excellent credit to get a balance transfer credit card.
Once you’re approved for the credit card, you can transfer your balance almost immediately. There are three common ways to transfer your balance:
By phone. After receiving your card, you can contact your credit card company directly. Be sure to have all the necessary information about the card you want to transfer the balance from as well as your new account information. Customer service agents should be able to help you with the process and answer any questions you may have.
Online. Most credit card companies have an online app that allows you to handle many transactions instantly, including transferring balances. It’s likely your credit card offers these services, making it easy for you to transfer your balance as soon as you receive your new credit card.
Convenience checks. Many balance transfer credit cards provide new cardholders with convenience checks to make the transfer process as seamless as possible. If you have these checks, you can use them to pay off your current credit card and the amount will automatically transfer to your new card. Be careful—these checks can come with additional fees and may be treated as a cash advance rather than a balance transfer. Always read the terms and conditions before using these checks.
Keep in mind that you may incur a one-time balance transfer fee for making this transfer. Reading the terms and conditions of your credit card can help you better understand these fees.
Is a Balance Transfer Card Right for You?
There are several reasons obtaining a balance transfer card may be the right option for you, such as:
To pay down debt. If you’re struggling to pay off your current credit card balance due to high interest rates or you have multiple cards, transferring this outstanding debt to a balance transfer card may be the right choice. It can give you time to pay down your debt while taking advantage of the 0% APR introductory period.
To receive lower interest rates. When looking for a balance transfer credit card, be sure to shop around for one with lower standard interest rates than your current card. This ensures you receive ongoing savings as you continue to use your card.
To improve your credit. A balance transfer credit card may help you improve your credit by lowering your credit utilization rate. As you continue to make on-time payments to pay down this debt and manage your credit responsibly, your credit will likely keep improving.
Tips for Making the Most of Your Balance Transfer Card
Using balance transfer credit cards correctly helps you get the most out of them. Here are some tips for maximizing those benefits:
Look for an introductory 0% APR. If you can get 0% on your balance transfer for six to 18 months, you may be able to pay off credit card debt faster. Best of all, you’ll pay less interest. The longer the introductory offer, the better your chances of paying off the debt and avoiding high interest. When shopping for a balance transfer credit card, be sure to factor in the length of the intro period.
Don’t automatically close current accounts. Keeping an old credit card account open can improve your credit utilization, credit age, and credit mix. All these factors can have a positive impact on your credit health. Consider keeping your old accounts open, but be careful not to run the debt too high.
Avoid late or missed payments. Many balance transfer credit cards come with a stipulation that could void the 0% APR intro period. For example, if you miss a payment or make a late payment, it may be enough to void the special offer. This means you’ll end up paying interest on the remaining balance. Be sure to read the fine print when getting any new credit card.
Mistakes to Avoid When Using Balance Transfer Cards
There are some negative aspects to balance transfer cards, especially if you don’t know how to transfer a credit card balance or how these cards work. Without this understanding, these types of cards might end up costing you more in fees. Below is a look at some common mistakes you want to avoid when using balance transfer cards.
Jumping at the first offer. Don’t apply for the first balance transfer credit card you see. Instead, shop around to find a card that best fits your specific needs. Be sure to compare options, such as the length of the intro rate, balance transfer fees, regular APRs, and other relevant fees.
Not transferring your balance soon enough. Most balance transfer cards have a short window for taking advantage of low interest rates on balance transfers. This period typically ranges from one to two months.
Failing to pay more off during the intro period. If your goal for obtaining a balance transfer card is to pay down your debt, be sure to have a plan in place. Create a realistic budget that determines how much you can pay each month. Make sure you stick to this plan so you pay as much off as possible before the rates increase.
Can You Do a Balance Transfer Twice?
It’s possible to transfer your credit card balance twice. First, you must qualify for another balance transfer credit card. If you qualify, you may be able to stretch out the time you have to pay off your debt interest-free.
Keep in mind that most credit cards charge a balance transfer fee. Be sure to compare these costs before getting another car.
The Bottom Line on Balance Transfers
Balance transfer credit cards can be a good option for those facing high interest rates or who want to pay down their debt faster. The first step is to check your credit with Credit.com’s Free Credit Report Card to see what type of card you may qualify for. If you’re not quite ready for a balance transfer credit card, you can get a credit building card first. Over time, you can work toward building your credit score so you can qualify for a balance transfer card.
“Hey Rob, thank you for continuing to highlight the insurance issues we’re having, like in yesterday’s commentary. Insurance companies are monitoring homes from the sky, and homeowners across the country have had their coverage ended due to aerial monitoring using drones, airplanes, and satellites. While we’re on “tech,” have you heard of ‘ActivTrak’?” Yup. It figures out your employee’s productivity and engagement by watching mouse & keyboard movements. Of course, there is software that simulates mouse movements that employees can purchase or download. It all turns into a game of cat and mouse!
How long will it be until A.I. is capable of writing its own code, much faster and better than humans? Hey, I don’t need or want IT people writing like me, or sending my Commentary out when it isn’t me doing it, or faking politicians’ speeches, just because they can. I’d rather have computer scientists focused on… making it simpler to change my car clock when the time changes. Likewise, I don’t need biologists bringing back mammoths or dinosaurs, just because they can.
But here’s something cool: the first tooth re-growing drug has begun tests. No more dentures?! Just in time for the Baby Boomers to need them.
Employment, transitions, & another industry vet’s retirement
“Mega Capital continues to expand across the country by adding AEs along with operation staff to support the growth of the organization. In recent months we have rolled out our new broker platform mPOWERs to help with ease of use for the broker. We have added improvements to our Non QM platform with MGenius getting an upgrade to help assist brokers with their NON QM needs. On top of our great rates for conventional and government loas, we continue to improve our NON QM offerings. 3-month bank statement program, Assets utilization, and a refi with essentially a mortgage only rating needed. Our latest offering is our MVP program- $3M Loan amounts, FICO down to 660, 40 yr. I/O’s, transferred appraisals accepted, P&L with no bank statements required, 1099 program No tax return needed and the list goes on. Please contact your local AE or Mega Capital at 818 657 2600 to partner with us. Always looking for great talent to join the team. We are always looking to add sales talent, all AE’s especially those with the NON QM background, please reach out to Ed Darrow at 818 657 2600 x340.”
Dovenmuehle Mortgage, Inc. announced two promotions within its business development team: Anna Krogh to Senior Vice President and Director of Business Development and Chris Torres to Vice President of Business Development and Manager of the Western Region.
Out of Houston comes news that Nations Reliable Lending (NRL Mortgage) has appointed Steven Curtis as its new Chief Production Officer. “Curtis brings a wealth of expertise and a proven track record to his role, positioning NRL Mortgage for continued success and growth.”
On June 21 another vet is exiting our biz: The Northwest’s Glacier Bank’s head of servicing Bob Hamilton. “My first job in banking began at the young age of 18 years old working in the mailroom of Columbia Savings and Loan in Denver, the city I grew up in and I have worked in some capacity of mortgage banking, mainly in the trenches of loan servicing ever since. Almost 40 years later, with more than 30 years as a professional servicing leader, I am delighted to share that I am retiring to pursue more creative and challenging endeavors…”
Software, products, and services for lenders and brokers
When you are truly valued as a client, then you expect your subservicer to respond timely and efficiently to resolve any issues you may have. After all, that is not only what you pay them to do, but what a subservicer who values the relationship and comports themselves as a true partner should be doing. That is why at Servbank we provide you as a client, a 24/7/365 single dedicated point of contact to respond to and timely resolve any issues you may have. We know that if it’s important to you then it needs to be important to us. Our responsive and highly skilled client relations staff resolve 55% of all client requests in 24 hours and 76% in 2 business days. That level of client service is not only the best in class, but also the level of service that you deserve. If your current subservicer isn’t treating you like a valued client, then it’s time to be heard… and partner with Servbank. Partner with Servbank.
For independent mortgage banks coping with rising costs per loan, outsourcing accounting is an elegant solution to what’s become a very common challenge. Whether you have no accounting expertise in-house or you have a new team with no mortgage experience, you can tap the Richey May Client Accounting and Advisory Services (CAAS) team for the support you need. This team is stacked with mortgage industry experts who can tailor your solution to meet your most pressing needs with no training needed. Need help transitioning to loan level accounting? Need a fully outsourced function? You got it! Need industry training for your controller? We can do that. In this article, Richey May’s expert Kim Dittmer answers all your most frequently asked questions about outsourced accounting as a mortgage bank.
Get quick and precise property insight with VerisiteX from Xactus. Ideal for HELOCs, Portfolio Monitoring, Disaster Inspections, Renovation and New Construction Draws, it offers a mobile property inspection and enhanced AVM to help with decisioning where a full appraisal is not required. Utilize the VerisiteX Photo Report and Collateral Data Report together for interior and exterior photos, property uploads, and historical data review. The Collateral Data Report condenses MLS and public record data, valuations, property details, risk summaries, and foreclosure information into one document. Xactus also provides Appraisal FirewallX, appraisal management software, and Appraisal ScorecardX, appraisal review technology, for fast, accurate appraisals and real-time property insights, allowing you to automate your appraisal process. Learn more at [email protected] or request a showcase today. Don’t forget to follow Xactus on LinkedIn.
ICE is making servicing simple by embracing the three ‘Cs’: Conversational, curated interactions that are context aware. That philosophy is embodied in ICE’s new chat-based servicing interface, which allows users to interact with their servicing system in plain business language without relying on obscure acronyms, codes, or specialized syntax. The result is easy-to-use technology that anticipates what users are trying to do, what resources they need to accomplish a task and what they’ll need to focus on next. Read ICE’s latest blog to learn how this new technology, driven by the three ‘Cs’, can help servicing teams streamline work processes, reach desired outcomes faster, and provide a more consistent experience to customers.
Does it feel like your current point-of-sale vendor has lost focus on mortgage? As a mortgage-specialized partner, Maxwell is committed to giving lenders a competitive advantage in a changing mortgage market. With Maxwell Point of Sale, lenders can tailor workflows to fit the unique needs of their organization, so back-end teams can work quickly without costly interruptions. Compared to a top competitor, Maxwell Point of Sale averages a 5.9% higher pull-through rate from rate-lock to close. For the average lender using Maxwell POS, this equates to $42MM in additional loan volume. Schedule a call with the team to learn how Maxwell Point of Sale can start working for you, your borrowers, and your lending team quickly.
Strategic alliances are alive and well
Newfi Lending, an industry-leading lender specializing in innovative, non-agency mortgage solutions, announced a transaction with Dunmor, a leading provider of bridge, fix and flip, and ground-up construction loans for real estate developers and investors (“Residential Transition Loans”). “Newfi will provide an initial financing facility to expand Dunmor’s origination capacity and further equip them to capture the growing market opportunity within the RTL sector. The transaction also includes a number of milestones structured to align and strengthen the Newfi-Dunmor relationship over time.” Dunmor provides short-term bridge loans, fix and flip loans, and construction loans for residential and multifamily investment properties. Dunmor works directly with borrowers and brokers. Newfi is a multi-channel lender that is “setting the standard for efficiency, transparency, and service in the mortgage marketplace.”
Capital Markets: does the shape of the yield curve matter?
Given the amount of equity in the U.S, second mortgages and HELOCs are all the rage. Fitch Ratings has completed a review of 23 U.S. residential mortgage-backed security (RMBS) HELOC, Closed-End Seconds, and Seasoned Second Lien Transactions issued within the last five years. The overall performance of the sector has been mixed, though generally has improved since the last rating actions. On 489 classes across 23 deals, Fitch ratings upgraded 108 classes and affirmed 381 classes. The Rating Outlooks for these classes include 155 Positive Outlooks and 334 Stable Outlooks. The deals in the review also benefit from the support provided by the ability for excess spread to be used to reimburse realized losses and coupon shortfalls. The steady build-up of credit enhancement for deals over the past six to 12 months is one of the most significant drivers for classes with proposed upgrades. Credit enhancement for upgraded classes has grown on average by 210 basis points over the past six months.
Remember when “the experts” were predicting a recession based on the inversion of the yield curve two years ago? Recessions lead to lower rates. How’d that work out? Treasury yields have now been inverted for the longest stretch on record, with the spread between the 2-year and 10-year Treasury underwater for close to two years. Back then it had everyone worrying about a troubling recession. Many of those experts have ceased predicting a recession lately as the U.S. economy continues to expand, unemployment remains low, and a “soft landing” increasingly looks like it will be in the cards. Is an inverted yield curve, which has predicted practically every recession over the past 50 years, faulty or broken?
First, the “yield curve” is a graph. Along the X axis is the maturity of securities (1 year, 2 years, all the way up to 30 years) and along the Y axis are the yields (rates). Yield curves typically slope upward, meaning that the yields on longer maturity securities are more than shorter term securities. So, when short-term yields return more than longer-dated ones, it suggests there is reason to worry about the long-term economic outlook. It can also signal that the high levels of short-term yields are unlikely to be sustained as growth slows, which can have an impact on a range of asset prices. Investors usually factor in Fed rate cuts under those dynamics, with easing expectations signaling the potential for a faltering economy.
While some think the yield curve is no longer a reliable indicator, others point out its stark accuracy. The second-to-last time the yield curve inverted was in August 2019, which happened ahead of the pandemic-induced recession, and the 2y10y inverted again in March 2022, just before a technical recession emerged in the second quarter of that year. Any decision on a formal recession is left up to NBER’s Business Cycle Dating Committee, which has been responsible for setting the dates of peaks and troughs of the U.S. economy since 1978. But since a recession was never formally declared, the NBER has kept investors, the Fed, and lenders waiting for another one to happen.
Who got it right? The Fed’s infamous “transitory” call on inflation, a stock rally that has confounded Wall Street, and most recently expectations for rate cuts are all among recent predictions that have led many investors and lenders hoping for lower rates astray in the last few years. Economists and mainstream analysts have to check their report cards, and recession talk might be the next failed projection. Unemployment continues to be low, home prices are doing okay, and the consumer continues to spend, albeit using credit cards.
It’s always been referred to as a “fabled soft-landing,” and maybe for good reason. Treasury yields fell yesterday as the ISM Manufacturing Index for May showed a deepening contraction in the domestic manufacturing sector, stoking concerns of a recession in the U.S. The report is yet another data point showing that the domestic economy is slowing, though the Fed probably won’t consider easing until more slowing is reflected in the employment data.
Today’s calendar kicks off later this morning with Redbook same store sales for the week ending June 1, and will be followed by April factory orders, JOLTS job openings, and a couple of short-duration Treasury auctions. We begin the day with Agency MBS prices little changed from Monday’s close, the 10-year yielding 4.38 after closing yesterday at 4.40 percent, and the 2-year at 4.79.
Once upon a time in a village, a man appeared and announced to the villagers that he would buy monkeys for $10 each.
The villagers, seeing that there were many monkeys around, went out to the forest and started catching them.
The man bought thousands at $10 and as supply started to diminish, the villagers stopped their effort. He further announced that he would now buy at $20. This renewed the efforts of the villagers, and they started catching monkeys again.
Soon the supply diminished even further, and people started going back to their farms. The offer increased to $25 each and the supply of monkeys became so little that it was an effort to even see a monkey, let alone catch it!
The man now announced that he would buy monkeys at $50! However, since he had to go to the city on some business, his assistant would now buy on behalf of him.
In the absence of the man, the assistant told the villagers; “Look at all these monkeys in the big cage that the man has collected. I will sell them to you at $35 and when the man returns from the city, you can sell them to him for $50 each.”
The villagers rounded up with all their savings and bought all the monkeys.
They never saw the man nor his assistant, only monkeys everywhere!
Now you have a better understanding of how the cryptocurrency market works.
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You might be looking to revamp and refresh your home for the summer. Fortunately, today’s trends are more affordable than ever. From boucle pillows to accent walls, you can spruce up your space without spending a fortune. Here are some of our favorite trends and what you can expect to spend on them.
Check Out: 8 Best New Buys at Nordstrom Rack That Are Worth Every Penny
Read Next: How To Get $340 Per Year in Cash Back on Gas and Other Things You Already Buy
Living Wall Art ($319 and up)
Summer 2024 design trends are all about natural living and that means opening blinds and curtains to let in lots of light — and maybe even adding a living wall (or moss wall art) to a living area or bathroom.
Prices for living walls vary widely. The sky’s the limit to how much you can spend for a professionally installed living wall, but this Moss Wall Art from Wayfair won’t break the bank at just $319.
Learn More: 6 Valuable Everyday Items You Should Never Throw Away
Indoor Trees and Plants ($20 to $70)
If a moss wall feels like too much of an investment, or if you don’t have empty wall space to hang it, consider adding plants and indoor trees to your living room and bedroom. This indoor cat palm from Home Depot stands roughly three to four feet tall and thrives in a moderate sunlight environment, making it the perfect indoor plant. It has air-purifying capabilities to remove toxins from the air. Find plants like this one ranging from $20 to $70, depending on the size and species.
Smart Lighting ($30 to $87)
Smart technology adds style and convenience to the modern home, creating the perfect blend of natural living and high-tech design. Sophisticated smart home systems, professionally installed, can cost tens of thousands of dollars. But, you can upgrade various components over time on a budget and use a consumer smart home hub, like Hubspace, for control.
The Denning 13-inch Brushed Nickel Smart Voice Controlled LED Light from Home Depot’s Home Decorators Collection works with Google Home, Amazon Alexa, or The Home Depot Hubspace App. If you’re upgrading the lighting in your home, there’s no reason not to choose smart components — particularly since prices compare to regular lighting.
Large Mirrors ($56 to $300+)
Mirrors reflect light to make a space feel bigger and brighter. Oversized mirrors can be propped against a wall or hung on a door, The Glass Guru suggested. Make sure you choose one with a frame that matches your room to create a cohesive look.
This Metal Arch Mirror from Wayfair is just $76, but you can spend a lot more (or less) depending on the size and style mirror you need.
Large, Bold Tiles in Unexpected Places ($500 to $1000 and up)
Tiles make their way out of the bathroom and into dining rooms, living rooms, and even on walls. The bigger and bolder the design, the better. Floor & Décor has a wide variety to fit any budget. You can outfit an accent wall with these Pianetto Monaco Noir polished porcelain tiles for under $500.
Accent Walls ($40 or less)
If $500 is to steep for your budget, a simple coat of paint can also create a focal point in any room. Accent walls remain popular as a way to infuse personality and visual interest in your space. A gallon of Behr paint sells for around $40 at Home Depot, and is more than enough to cover one wall in a 12′ by 12′ room. For more savings, check out the bargain bins, where stores sell paint “mis-tints,” or paint that customers rejected, at a discount.
Boucle Pillows ($23 to $50+)
USA Today’s Reviewed called boucle “one of 2024’s biggest design trends.” This fabric is replacing velvet as the hot upholstery, adding texture and visual interest to any room. If you aren’t ready to upgrade your sofa, you can embrace boucle in a minor way with fun throw pillows. Pottery Barn sells boucle pillow covers that you can add to existing throw pillows for under $25, or choose a pillow stuffed with down features (or a down alternative) for less than $50. Colors range from bright cardinal red to neutral ivory or camel to match any design aesthetic.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: 7 Home Decor Trends That You Can Actually Afford
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Many people experience regret when they receive gifts they don’t like.
It is important to avoid this by giving and receiving the right type of gift for someone. Some items that make for great gifts are subscriptions to magazines, concert or theater tickets, video games, movies, and books.
Other ideas include checking off bucket list adventures!
Experience gifts are the best gifts.
Many times after gifts are opened, you might be feeling a little disappointed in what you bought for others. You spent time and money, but now they are just left with a mountain of gifts that won’t be put to use. Don’t worry—we’ve got your back and plenty of ideas!
How can you avoid gift regret? Well, there are many different options to explore to find the perfect present.
In this post, we will cover unique experience gift ideas for her, families, kids, and everyone in between.
What are Experience Gift Ideas?
Experience gifts are a type of gift that gives the recipient an experience as opposed to tangible goods.
For example, you could buy someone tickets for their favorite band or sports team and they will get to go to an event and have a great time.
This type of gift will not expire, so if the person does not want it or use it right away they can still enjoy it later on!
Honestly, these are gift ideas that would love to do yourself!
Give the gift of experience by giving a membership to an activity, a day pass for activities like yoga or rock climbing. You can also give someone a voucher to take a class like cooking or painting.
There are so many options! We will go further in detail below.
Why Buying Experiences is Better than Physical Gifts?
If you still have gift cards on the table, it might be time to think about what your loved one really wants. “What is important for people are experiences that create memories,” says Harvard business professor Michael Norton.
A study by the Journal of Consumer Research found that for experiences, people felt more satisfied and happy with what they had received than material gifts like clothes or jewelry.
One way to make a gift even more special is to take the recipient with you when you go shopping.
Some people might feel bad when they get a gift they don’t like, but it is ok. For your next gift to someone you love, try getting them something different – like an experience gift!
Many people looking for a no gift Christmas look for experiences instead.
Ultimate List of Life Experience Gift Ideas
A lot of people experience gift regret when they receive a gift that is not their style or something that has no use. This can be frustrating because the person who gave you the present did their best to find what they thought you would enjoy.
That is why we have the best experience gift ideas all in one place!
There are many experience gift ideas on this list of the best experience gift ideas.
-A trip to your favorite theme park.
-An evening of bowling and dinner with friends.
-A night at a sleepover party for girls only.
– The list goes on and on with so many fabulous ideas!
Many of these on the list are outdoor experience gift ideas!
The best gift ideas are the ones that they will love and cherish for years. With these many great experience gift ideas, you will be sure to find the perfect gift for any occasion.
Who says a birthday is just another day? It’s a special time, and it deserves something extra-special as a present.
These types of gifts are perfect for the frugal green person who cares about saving money and being eco-friendly.
Experience Gifts for Everyone
If you are looking for a gift that will be remembered, look no further.
We have rounded up the best gifts to give someone who is hard to buy for or just wants something different than a gift card.
This may seem like it’s too good of a present, but if you know the person well, it’s a gift that will not go to waste.
Weekend Getaway: If you are looking to gift someone with a gift that is guaranteed to not go unused, give them an unforgettable experience. Find the perfect hotel today.
Language Courses: Learning a new language is always a great idea! This is something that can be done in your own time and space. Start your journey to bi-lingual.
Bowling: Has it been a while since you went bowling? Time to lace up those bowling shoes for a night out at the lanes. Can you roll a strike?
Dinner Out (or Dinner In): Everyone loves a break from cooking. Find the local trendy restaurant or pick of their favorites. Either or, it is the company that makes the difference!
Night Out with Friends: This is always a great gift idea! There are so many different things you can do for a night out.
Monthly Subscriptions: Monthly subscriptions are a fun gift that can either be an ongoing thing like Netflix or HBO, or something for the month that includes their hobbies.
Fitness Classes: At home or on the go! There are plenty of options for a healthier lifestyle. You can find new, exciting fitness workouts anywhere!
Groupon Deal of the Day: Let the popular app find all of the ideas that are hot in their area. Plus save a buck or two for the saver in you! Find Groupon Deals.
White Water Rafting Expedition: If you are looking for an adventure, white water rafting is the perfect gift. With the best company and scenery, it will be a day that they’ll never forget!
Ziplining Tour: SOme of my best memories are from a ziplining tour. Make sure to zipline in a breath-taking place to soak in the scenery around you. For a bigger adrenaline rush, zipline through a cliff.
Hotel Gift Card: Don’t have the perfect gift idea? Give them a night out on you! Buy them a hotel gift card to spend when they are ready.
Book Club: Books make great gifts because there’s never anything like it in someone else’s collection, and you can find one that’s appropriate for their reading level. Double bonus: when you meet for drinks to re-hash the books.
Baked Goods: Give a friend or family member something to bake, like cookies or bread. It’ll make them feel happy and proud of themselves, and you’ll get to enjoy the results. Even better… pass along the recipe and ingredients for them to recreate themselves.
Gift Cards: For the person who has everything, give them an experience they can buy with their gift card. Give someone $30 to spend at a local art store and they’ll be grateful for the experience.
Cash: Cash is king. Let the people who love buy their own presents. This is especially a great gift for a frugal person.
A Donation: Don’t want to spend any money? Consider donating in someone’s name; they’ll appreciate it more than anything else.
It’s the time of year to celebrate with family, friends, and loved ones.
Hopefully one of these life experience gift ideas is appealing to yoU!
Experience Gift Ideas for Kids
Kids and families will appreciate a wide array of gifts!
It is hard to shop for gifts for kids who have everything, so hopefully, this list gave you some ideas.
This gift list includes out-of-the-box ideas to help minimize the clutter most families deal with as well as much-loved gifts.
Art Class: Art supplies and a session with an instructor, designed to create your own masterpieces. Plus the best part is you do not have to clean up the mess!
Archery: This sport is always on the list of “coolest things to do.” Learn archery, improve your technique and have a chance to participate in competitions.
Sports Lessons: Get some new skills and have a ton of fun while improving their athletic ability.
Backpacks & Sports Bags: Kids need to keep their stuff organized! This could be a camelpak for their next hike or just a travel bag for their next trip. Find ideas!
Subscription Boxes: Looking for something to come in the mail? Get a monthly box of goodies that you will be excited to open. Find the perfect subscription box.
Music Lessons: Become the next pop star with lessons in piano, guitar, or violin.
Tool Kit: This includes everything you need to fix things around your house and will teach skills that last a lifetime. This is great for the teenager or young adult.
Sleepover Party – Time for giggles and fun! Find sleepover party supplies here!
Art Supplies: Every craft station needs to be refilled for hours more of fun!
Ice Cream: You scream, we scream, we all scream for ice cream! Always a sweet treat and there are so many places that make your experience a delicious time!
Any of these kids experience gift ideas are winners for them! Check out this post for the best kids gifts under $10. Made by kids for kids.
Experience Gift Ideas for Family
A family’s experience with a gift is more important than the amount of money spent on it. If you’re looking for some new ideas, try any of these ideas.
Plus you buy one gift for the whole family!
Try any of these experience gift ideas for families!
Family Dinner Night Out: For many families, it is too costly to take the whole family out to dinner. Find a restaurant that is known for creating an experience the family will never forget.
Family Game Night: Stock the game closet! These are great gifts when the kids grow up because their interest changes and ability level improves. Drop ship a gift basket for family game night.
Family Green Space Improvement Projects: Such as a backyard garden or a small vegetable plot or even flower pots. Provide the seed money and let the family flourish together.
Paintball Package: For those who love to participate in outdoor activities, a paintball package is a lot of fun and a big adrenaline rush.
Helicopter Tour: This is a great gift for kids who love to learn about the world! This is an experience they will never forget.
Trip to Local Theme Park: What better way to have fun than to visit your favorite theme park with friends or family?
Family Movie Night: Purchase a gift subscription to the popular streaming services. Disney+ is perfect for kids. Put together a snack bucket with popcorn and everyone’s favorite beverages.
Sporting Event: Buy a t-shirt or jersey of their favorite team and surprise the little sports fan with an evening at the live game!
Camping Trip: Glamping is allowed, too! It is about disconnecting from the devices and having in-person interactions. Plus the wild will always surprise you!
Age Specific Weekend Getaway: When your child (or grandchild) is a certain age, take them on a trip. During this one-on-one time, you can have plenty of experiences and memories to share. Popular ages to do this would be nine years old, twelve years old, and fifteen years old.
Experience Gift Ideas for Couples
This section provides ideas for gifts that are best suited for couples.
Cooking Class: Couples who enjoy cooking together will enjoy a cooking class. Even if they need to learn to cook, this will be an extremely useful gift!
Online Course: Pick a topic; any topic! There are thousands of online classes to explore together to learn a new skill, find a new hobby, or enhance your skills. This is a course I did with my husband.
Adventure Ticket: Think like a tourist! This gift idea can be local to your area. What is the one thing this couple hasn’t experienced in their area?
Hot Air Ballooning: Don’t worry if you are afraid of heights, being in a hot air balloon is like floating across the water. It is a romantic and unforgettable experience to share.
Rent a Boat: Yeah, a boat. If you have the time and money to rent a boat for what will be an extended period of time, this is going to make one heck of a memorable gift.
Tickets to a Comedy Show: Laughing is the best medicine, and what better way to get a laugh than at a comedy show.
Adventure Ticket: Think like a kid- get them a ticket to go do something adventurous.
Couples Therapy: You could be treading a very fine line here. However, learning how to be a better spouse is always a great idea. Just make sure you have solid referrals.
Date Night: Who doesn’t enjoy a date night? Cover the cost of a babysitter and give them money for the restaurant.
A Day at the Movies and Lunch: Sounds picture-perfect, right?
Encourage their Passion: If you know what the couple’s passions are, give them money to go and pursue it. For example, if they’re musicians or artists then buy a guitar for them or a sketchbook.
Golf Lessons: These are an experienced-based gift that will allow them to enjoy a hobby together.
Music Lessons: Music is a universal love and they can learn how to play the guitar, harmonica or drums. Time spent together is harmony.
Plan for the future: Get them a certificate to receive daycare in case they need it at some point in their lives. Or get them a gift card from Costco to help with all the baby items they will need.
Experience Gift Ideas for Her:
Some experience-based gifts you can give a woman on her birthday or Christmas. Ladies love to be pampered (hint, hint)!
Spa Treatments: These include manicures, pedicures, and facials. They are a relatively inexpensive gift that she is sure to love!
Massages: A massage will make her feel like a new woman and she will love the way it feels.
A Day at the Spa: This is the most luxurious of them all. Instead of just one or two spa treatments. Add in foot soaks and of course, the more intense ones like a mud treatment or body wrap can really clean you up. The lady of your life gets pampered for a half-day or full day.
Time for Herself: Quiet zen time away from the needs in her life. This could be an hour of quiet or a full day.
Luxury Hotel Stay: Sometimes, you need a luxurious night of sleep without children waking you up.
Tickets to an Event: This could be for the theater, concert, or art grand opening. If you know your lady well, you will know what her passion is and can find the perfect ticket to match.
Night Out on the Town: This date includes dinner and a show.
Surprise Dinner from Her Favorite Restaurant: Sometimes, it is the little things in life that make the best gifts.
Yoga or Pilates Classes: Some people find that these classes relieve their stress. Plus improve your flexibility at the same time.
These are some of my favorite gift ideas.
Experience Gift Ideas for Him:
I think most guys prefer experiences over being lavished with gifts.
Also, let’s be honest… Men are 95% more likely to go out and buy exactly what they need and not wait for a holiday to come around.
Give him an experience day and he will be talking about it for years to come.
These are gift ideas for men who have everything!
Skydiving: Can you imagine? The adrenaline rush of jumping out of a plane and free-falling at 120 miles per hour. It’s an experience that he won’t soon forget.
Rock Climbing: He’ll get to experience the adrenaline rush of climbing up a cliff, navigating over obstacles, and getting to the top.
Horseback Riding: It’s not just for girls! Horseback riding is a great outdoor activity that he can do with his friends.
Throwing 1st Pitch at Baseball Game: It doesn’t matter their age. This is a dream for all ages!! The trickier part is how to make this experience gift idea happen.
Snowboarding: He’ll get to experience the adrenaline rush of snowboarding and enjoy learning a new skill set. Just hope he make it down the mountain in one piece.
A Day at the Spa: A man may not think this is a gift, but if he needs to be reminded of how good it feels to take care of himself then I say go for it.
Renting a Sports Car: This is a rite of passage for every man to drive a sports car.
Day at the Race Track: Specifically to be able to drive the cars; not just watch the professionals drive. Many of the race tracks offer amateurs a chance to feel the exhilaration of 100 mph.
Charter Fishing Trip: The best way to spend a weekend. Ask any guy and the story will be bigger than the fish they caught!
More than anything that is considered living on the edge is the perfect experience for him!
Best Experiences Gift Guide
This guide will help you come up with gift ideas for loved ones.
It won’t help with cleaning baseboards, but it will help you find gift ideas that they will appreciate. It is always good to say I appreciate you!
When it comes to buying a gift for someone who is a bit harder to buy for, consider giving them an experience that they would not otherwise be able to do.
Art & Entertainment-themed:
If you are looking for an experience gift, look no further than the arts.
Tickets to a Play: If you are looking to give a gift that will last for an extended period of time, consider gifting someone with the experience of attending one event at their favorite venue.
Tickets to a Concert: These will not go to waste and can be used anytime within their validity period. Time to jam away to the tunes.
Museum Membership: Consider gifting someone with a membership to an art gallery or museum. Also, many museums have reciprocal benefits and can be used in other cities when traveling.
Food & Drink Themed:
A great gift idea for any occasion is to give food or drinks. Whether it’s a holiday, birthday, anniversary, or just because you want to show someone how much they mean to you, food themed gifts are a great way to show you care.
Cooking Classes: This is a great idea for the foodie or non-foodie! Everything tastes better and is more fun when you do not have to clean up afterward.
Wine Tour: This gift is perfect for the wine enthusiast. Wine tasting, learning about viticulture, and enjoying tastings of different wines are all part of this gift.
Brewery/distillery tours: For the craft beer or liquor enthusiast, this is a great gift. Learn how different beers and liquors are made while enjoying tastings of them.
Culinary school: This is for the foodie and non-foodie alike. Whether you love to cook or never touch the stove, culinary school is a great gift for anyone who wants to learn more about their craft.
Things to Do Themed:
Experiences are perfect for friends and family. They make the recipient feel like they got to do something fun or interesting (even if it’s just sitting in a room with snacks).
It’s also a great way to make someone feel like they’re worth more than the value of whatever you spent on them.
Time to get moving with these things to do gift idea list!
Zoo Membership: A membership to your local zoo is a great way to enjoy (and learn about) the animals that live in our world.
Movie Tickets: Movie tickets are always a good idea, and it’s a great way to enjoy something together.
Pool Membership: Pool memberships are a great way to enjoy the summer. It’s also good for people who don’t like hot weather since they can cool off in the water.
Waterpark Passes: Water parks are a great way to have fun in the sun.
Membership at a Museum: Memberships to museums are an opportunity for people who love art, history, or science.
National Park Pass: Passes to national parks are a great way to enjoy nature.
Botanical Gardens: Botanical gardens are a great way to enjoy the beauty of nature indoors and outdoors.
Professional Photography Shoot: Professional photography shoots are a great way to have professional pictures. Get dressed up and smile!
Art Class: Art classes are a fun way to learn about art and express your creativity. Even better, when you do them as a group!
Related Posts:
Learn Something New Themed:
If you are looking for a gift idea that will not go to waste, consider learning something new.
There is an abundance of courses and workshops available in all sorts of subjects!
Find a new hobby or hone your skills.
Crafting Classes: Have you been to your local craft store? There are hundreds of types of crafts to choose from. Some ideas include: knitting, sewing, painting, beadwork, jewelry making, woodworking, etc. Find crafting ideas here.
Language Classes: It is best to learn a new language through immersion. But, the recipient may be hesitant and want to know a few words in the new language before setting out on that experience. Start your journey to bi-lingual.
Subscription Boxes: THere are hundreds of subscription box ideas. Just pick one to match their personality. Plus a new box comes on a recurring basis.
Tennis Lessons: This gift idea was well received in our house. We bought new tennis rackets and a backpack along with a package of lessons. Plus it is a lifelong skill to be able to play.
Photography Workshops: Happy; excited; nervous! Time to learn photography from a new lens. You will proud of your new skills.
Instrument Lessons: Time to get in tune with your inner self. Every had a dream to play a musical instrument? I have; it is the drums. What would your gift recipient want?
Horseback Riding: Buckle up and get ready to ride. This could be a one-time adventure or a package for riding lessons.
Dance Lessons: You will not regret it. Well, you might later. This is a must for any engaged couple. That couple’s dance is waiting for your dance skills!
Equipment Needed for Passions:
Regardless of your hobby or passion, it comes with some type of cost. It is difficult if you do not have the equipment needed to enjoy time doing something you enjoy.
This is one of the greatest gifts you can give!
The equipment will fund the experiences that this person craves to have. Or replace worn out items.
More than likely, you won’t know what exactly to get. So, ask for a wish list or their favorite place to buy equipment. Cash or gift cards are extremely beneficial.
Camping Gear: Once you own the equipment, this is a cheap activity to participate in. However, there are upfront costs of collecting all of the gear.
Sewing Machine: If you know someone who sews or is interested in sewing, this gift will go a long way. Sewing machines range from $200-500 and it’s usually worth the purchase if they enjoy sewing. My mother-in-law purchased mine!
Climbing Gear: If they are an avid climber, this is a great gift. Like camping gear, it has upfront costs of investing in the equipment to get started.
Photography Equipment: Photography equipment is expensive upfront, but it can be used for years to come. This is a great idea for someone who enjoys taking pictures.
Telescope: Telescopes are expensive, but it’s a lifetime investment. This is perfect for a starry-eye person who enjoys looking at the stars.
Fly Fishing Equipment: Fly fishing equipment is expensive but lasts a long time. This can be used by an avid fly fisher for years to come.
Road Cycling or Mountain Biking: Road cycling or Mountain biking equipment is expensive but lasts a lifetime. This can be used by avid cyclists for years to come.
Sports Gear: This could be for golf, tennis, soccer, or any sport! What is the equipment needed, so they can enjoy time playing.
Scuba / Snorkeling Gear: Scuba or snorkeling gear is expensive, but it’s worth the investment. This could be used by an avid scuba diver for years to come.
It can be hard to find a good gift for someone that has everything. When you find yourself in this position, there are many things to think about when purchasing a present. One thing you’ll want to do is consider the hobbies of the person you are buying for.
At Home or Virtual Experience Gift Ideas:
A virtual experience can be an eye-opening experience. It is like you are there, but not really there. Instead of going to a museum or getting info about whales from a book; you can get the same information from a virtual experience.
Online Cooking Classes: Cooking is a great way to get out of the kitchen. You can learn techniques or just try new recipes. Find classes today.
Online Wine Tasting: Yes, all of the wine is delivered to your door. Lead by a wine sommelier on the varieties and what to expect during each skip.
Workout Experiences: Start your fitness journey in the comfort of your own home. There are many options available for workouts that can be done from just about anywhere with the equipment you already have at home!
Airbnb Online Experiences: If you miss traveling, then you are able to travel to some of your favorite locations. While it may not be the same, you can start planning your trip for another time!
Online Classes: This is an idea for anyone who has a passion they want to explore. There are thousands of courses on almost any topic you can think of. With this, there is no need to go to school to find your passion, you can do it right from home.
Board Games: Brush off the games or pick out a new board game. No one will get tired of playing their favorite.
Themed Experiences: If you are looking for a unique experience for someone, then think about planning it around their favorite thing.
How do I Give an Experience as a Gift?
Gifting an experience is a great way to give someone an unforgettable gift.
With experiences, you can choose the location, the type of experience, and what your budget can afford.
You can also choose whether you want the experience to be for someone specific or publicly available. The fun part is you can get creative on how to wrap it like money gift ideas!
How to Wrap up the Experience as a Gift:
Buy something that represents part of the gift.
Create a gift certificate.
Handwrite a lovely letter explaining the gift experience.
Wrap up a huge box with a tiny note.
There are plenty of ways to wrap up a gift experience. Just follow your personality to choose the best way to gift wrap it!
Which Experience Gift Ideas Will You Use?
Many people who are not satisfied with their gifts during the holidays end up feeling regretful. This holiday season, there are plenty of options to choose from that will be used for years to come
The idea of giving someone a gift can be overwhelming.
We are bombarded with deals and deals, but in the end, it is just another thing that will eventually clutter up our homes.
There is a better way.
Gifts that encourage experiences over material things do not go to waste and can create memories for a lifetime. They also require less thought, which these days are a good thing.
You can find plenty of life gift experiences for:
Father’s Day
Mother’s Day
Mother-Daughter
Grandparents
Parents
Girlfriend / Boyfriend
Wedding
Husband / Wife
Birthday
Graduation
Christmas
It’s time to think outside the box and give someone an experience they won’t soon forget!
If I do buy something, I focus on purchasing consumable gifts that will be used up.
Seriously, think about what do I want for Christmas or any other occasion…
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.
US Treasuries had a tough time digesting auction supply last week, but have been nothing short of enthusiastic since then. This isn’t to say the auction cycle was the biggest market mover in the past week. After all, there were logical reactions to economic data. Rather, we’re attempting to reconcile the underperformance in MBS at the start of the week. In addition to the ebbs and flows surrounding the auction cycle, outperformance of the long end of the yield curve also commonly causes a bit of a lag in MBS. As for today’s data, it was all about ISM Manufacturing which came in with a weaker headline and a lower “prices paid” component.
S&P Global Manufacturing PMI
51.3 vs 50.9 f’cast, 50.0 prev
ISM Manufacturing PMI
48.7 vs 49.6 f’cast, 49.2 prev
ISM Prices Paid
57.0 vs 60.0 f’cast, 60.9 prev
09:46 AM
No major reaction to PMI data. MBS up 3 ticks (.09) and 10yr down 3.8bps at 4.46.
10:06 AM
10s are now down 8bps on the day at 4.418 and MBS are up at least 6 ticks (.19)–possibly more by the time liquidity improves.
03:04 PM
MBS perfectly flat at highs, up a quarter point. 10yr near best levels, down 9.5bps at 4.403.
Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.
An ACH routing number is a nine-digit code that identifies a financial institution during an electronic financial transaction. It ensures that money transferred using the ACH (Automated Clearing House) network is taken from and sent to the right place. ACH transfers are usually faster than paper checks and are used for various transactions like autopay and direct deposits.
Since ACH routing numbers play a vital role in everyday banking, let’s take a closer look.
What Is an ACH Routing Number?
An ACH routing number is essentially a digital address for your bank. It’s used specifically for transfers made using the Automated Clearing House (ACH) network, a system that facilitates electronic payments and direct deposits between financial institutions in the U.S.
Smaller banks and credit unions may have only one ACH routing number, while big banks may use several different ACH routing numbers based on region.
You’ll need your bank’s ACH routing number for a number of financial transactions. This includes setting up direct deposit at work, getting a tax refund directly deposited into your bank account, authorizing a one-time online payment, setting up autopay, and using a P2P payment app.
To set up an ACH transaction, you also need to provide your account number, which (unlike an ACH number) is unique to you. Your account number identifies the specific account, such as a traditional or online checking account, within the bank you want to use for the ACH credit or debit.
How Do I Find My ACH Routing Number?
Let’s say you want to sign up to pay your homeowner’s insurance automatically every month or you need to enroll in a P2P app to send someone money. To find your bank’s ACH routing number, you have a few options.
Using Your Checkbook
If you have paper checks, you can find your routing number by looking at the string of numbers printed along the bottom of a check. Your bank’s routing number is the first set of nine digits on the bottom left. It is usually followed by your account number and then the check number.
Using Your Online or Mobile Bank Account
Another way to get your ACH routing number is to go to your bank’s website and sign into your account. Methods vary by bank but, typically, here’s how you do it: Click on the last four digits of your account number (which appears above your account information) and choose “see full account number” next to your account name. A box will then open to display your bank account number and routing number.
You can also find your ACH routing number by signing into your bank’s mobile app. Typically, you just need to choose your account title and then tap “show details,” and your bank account and routing number will appear.
Using the Internet
If you don’t have access to online banking, you can also find your ACH routing number by going to your bank’s official website. You can then use the search function to look for “ACH routing number” or check the “Help” or “FAQ” sections.
Another option is to do a simple internet search. Put “ACH number” and the name of your bank into a search engine and you should be able to find it. Keep in mind that some large banks may have multiple regional ACH numbers. You want to make sure you are getting the one associated with your location.
Contacting Customer Service
If you can’t get online, you can always contact your bank’s customer service department by phone. They can provide you with the correct ACH routing number.
What Are ACH Routing Numbers Used For?
ACH routing numbers serve several essential functions in the banking system. Here are some of the main uses for ACH routing numbers:
• Direct deposit Employers use ACH routing numbers to deposit salaries directly into employees’ bank accounts. This method is fast, secure, and convenient for both employers and employees.
• Bill payments Many people use ACH routing numbers to pay bills electronically. This includes payments for utilities, mortgages, and other recurring expenses.
• Tax refunds The IRS and state tax agencies use ACH routing numbers to deposit tax refunds directly into taxpayers’ bank accounts.
• Transfers between accounts ACH routing numbers are used to transfer money between different bank accounts, whether within the same bank or between different banks. This is common for personal transactions, such as moving funds from a checking account to a savings account.
ACH vs ABA Routing Numbers: The Differences
An ABA (American Bankers Association) routing number is similar to an ACH routing number in that it identifies your bank. However, these numbers are used in different contexts.
ACH routing numbers are specifically used for electronic transactions processed through the Automated Clearing House network. This includes direct deposits, bill payments, and other electronic funds transfers. ABA routing numbers (also known as check routing numbers) are used for processing paper checks and for wire transfers. ABA and ACH simply refer to the method in which the money is moved.
These days, the same nine-digit number can serve as both an ACH routing number and an ABA routing number, which means that the ABA and ACH routing number for your bank is likely the same. If that’s the case, your bank will simply refer to its ABA/ACH routing number simply as its “routing number.”
Some banks, however, may provide separate ACH numbers (for electronic transfers) and ABA numbers (for checks and wire transfers).
ACH vs ABA Routing Numbers: History
ABA numbers were created in 1910 by the American Bankers Association (ABA) to help facilitate the sorting, bundling, and shipping of paper checks. They are still used for the processing of paper checks (and also for wire transfers).
More than a half century later, in the late 1960s, a group of California banks banded together to find a speedier alternative to check payments. They launched the first ACH in the U.S. in 1972; that was a key milestone in the evolution of electronic banking.
ACH vs ABA Routing Number: Numerical Differences
In the past, ABA and ACH numbers were slightly different, specifically the first two digits. Today, though, they are typically identical. Your bank’s ABA routing number and ACH routing number are likely to be one and the same. The reason is that both ABA and ACH numbers are used for the same purpose — transferring funds to the correct destination.
The Takeaway
An ACH routing number is a nine-digit code that identifies a bank during an electronic financial transaction. The ACH system has been used for decades and makes life easier by keeping transactions quick and secure. While ACH numbers used to be different from ABA routing codes, today these two numbers are typically the same.
Whether you are setting up direct deposits, paying bills, or transferring money between accounts, it’s essential to know your bank’s ACH routing number. You can find it by looking at your checks, logging into your account, or doing a simple online search. It’s that easy.
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FAQ
Is the routing number different for ACH and wire transfers?
In some cases, the routing number for ACH transactions may be different from the routing number used for wire transfers. ACH routing numbers are used for electronic transactions processed through the Automated Clearing House network, such as direct deposits and bill payments.
Wire transfers, which are often faster and more direct, require an ABA or wire transfer routing number. It’s a good idea to confirm with your bank to ensure you use the correct routing number for the type of transaction you are making.
Do all banks have an ACH routing number?
All banks and credit unions that process ACH transactions have an ACH routing number. This nine-digit number is your bank’s digital address, and is essential for facilitating electronic transactions such as direct deposits and bill payments. Each financial institution has its own specific ACH routing number to ensure that transactions are routed correctly.
Is your ACH number your account number?
No, your ACH routing number is not the same as your account number. The ACH routing number is a nine-digit code that identifies your bank or financial institution. Your account number, on the other hand, is a unique identifier for your specific bank account within that institution.
Both numbers are required for electronic transactions, but they serve different purposes. The routing number directs the transaction to the correct bank, while the account number specifies the particular account to be credited or debited within that bank.
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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.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Inside: In this guide, I reviewed all of the budget apps and compared features and costs to form the best budgeting apps list. Find the best budgeting apps to fit your needs.
The best way to become smart with your money is to actively manage your money.
Make a plan for your money. Some may call it a budget.
At Money Bliss, we like to call it a Cents Plan. This enables you to find financial freedom. Find that place Where Cents Parallel Vision. Today, there are many budgeting apps on the market.
To kick off the new year, I was determined to find the best budgeting app on the market. Guess what?
My list grew each week!! And still growing! There are so many choices.
There are money management apps. Personal finance apps. Budgeting apps. So many apps to choose from! Seriously.
Some are free budgeting apps. Others have a monthly fee. Some have one-time costs.
The key to any budgeting app (free or paid) is to learn to manage your money.
At the very bottom of the post, we will reveal the best budgeting apps available.
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.
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What is a Budgeting App?
A budgeting app is a tool that helps you manage your money and keep track of how much you spend.
There are many different types of apps, and some may be free while others cost money.
However, they all make managing your finances easy by tracking where your money goes each month as well as providing tools for saving cash flow or spending more efficiently on things like groceries or travel expenses.
The end purpose of a budgeting app is to make managing your money easy.
There are many apps out there that can help you with this, including some from big brand names like Mint which just announced it is shutting down, Acorns, and Quicken. This guide will provide a list of the best budgeting apps for 2024 so you can save time and money!
Quick Answer
The preferred budget apps are YNAB, Empower, and Quicken.
What to Look for in Budgeting Apps
In order to find the best budgeting apps, you need to know what features and functions you are looking for.
The best budgeting apps are often the simplest and focus on ways to make saving a breeze.
They can help ease financial uncertainty by providing tools that allow users to save more money over time.
What’s more, how can you tell what to look for in a good budgeting app?
1. Ease of use
The best budgeting apps are easy to use and do not require manual entry. Different ways of creating a budget include handwriting it out, using a spreadsheet, or logging into an app or software program.
You want to find something that is easy for you to use. Even better, if you find the app fun to use!
2. Budgeting Capabilities
There are many types of budgeting apps; thus, each person will have budget apps they prefer over others. At the end of the day, you need something that will work for you over the long term.
Some have basic features that simply allow users to view their own spending, while others provide a number of tools for managing finances and saving money. Users should choose an app based on what they want as well as the capabilities it offers.
Many budget apps let you define your categories to track.
3. Saves Time
When you have an automatic budgeting app, it tracks how money moves in and out of your bank account automatically with ease. In addition to this, the updating process takes place automatically as well which saves more time for individuals who need it most!
Saving time with the least favorite tasks like budgeting is a win-win!
You want your budgeting app that makes managing your money a breeze.
4. Focus on Financial Goals
You need a budget app that helps you work towards your smart financial goals. This is important.
You want your budgeting app to help you with achieving your financial goals.
5. Synchronization
Synchronization is the process of returning data to a master database from one or more secondary databases. You want the budget app to synchronize accounts automatically.
Most offer automatic synchronization but may lack a feature that allows for a reconciliation of accounts such as bank accounts.
Many budgeting apps can synchronize from desktop to mobile. In addition, you can have multiple users on the same platform.
6. Price
Budgeting apps range in price from free to about $150 per year.
The app that has the most features and options is Quicken, especially given its price point.
Spending $5 a month to manage your finances is cheaper than overdraft fees and the lack of saving money.
7. App ratings
Many financial experts and personal finance gurus agree that a budget is necessary to take control of your money.
Look for budgeting apps that have at least 1,000 reviews in both the App Store (for iOS) and on Google Play (for Android), as well as a rating of 4 stars (out of 5) or higher on both platforms.
That will tell you the longevity of the app and user appeal.
8. Security
Specifically, are budgeting apps secure? Are there any security features in place to protect your data? This is a huge feature you need to verify your personal information will be intact.
On my budgeting apps, financial information is safe because they need to go through vigorous testing and pass banking regulations. There are certain vulnerabilities inherent to operating online in the cloud.
9. Additional Features
Most budgeting apps go beyond basic budgeting. Some offer advice on debt and investments, while others identify unnecessary expenses.
Most apps can track your spending and organize your expenses into categories.
The savings apps will automate savings, suggestions to save money, bill alerts, access to credit scores, and investing features.
All of the apps have a different feature set, so it’s important to find what you’re looking for.
Good Budgeting Apps will Help, But First – You Must
Before we dig into the list of good budgeting apps, we must discuss key points first.
In order to be successful, with any type of budget app, you must understand three key areas.
1. Uncover your Money Situation
You can’t hide under the sheets or with your head in the sand and expect changes.
To be successful with money, you must be active with your personal finance situation.
Take time to understand your vision. Figure out where you stand in building a foundation to the Money Bliss Steps to Financial Freedom. Understand where the pits of money are spent every month.
Not sure, where to start? Stick around here at Money Bliss; we have many resources to help you!
Must Read Help:
2. Budgeting Apps Won’t Change Habits
While personal finance or money management apps keep you on track, they are incapable of changing habits.
You have to make changes.
Just because the budget app tracks your usage on the credit card doesn’t mean that you should have spent that money. So, be willing to make changes in your spending habits and those emotional purchases to achieve financial freedom.
You must learn to manage your money.
Related Readings:
3. Still Need Paper & Pen
The first thought is “Wait, I wanted to get away from paper and pen.” Yes, that is the goal for most individuals.
However, it is key to know your net worth over time.
Also, you never know when your favorite budget app will go away. (Ugh!) Personally, I don’t like to be pessimistic, but technology is rapidly changing, and being able to adapt is key.
Keep tracking your personal finance numbers toward financial freedom in a separate place.
Okay without further ado, the full list of budgeting apps on the market.
YNAB
Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.
Pros:
Comprehensive approach to budgeting, helping you plan monthly budgets based on your income.
Offers expert advice, making it suitable for those who require an in-depth, forward-thinking budgeting strategy.
Superior synchronization skills make it the winner in this area.
YNAB has extra features like goal setting for budgeting, shared budgeting tools for partners.
Option to manually add and upload transactions from accounts each month.
YNAB prioritizes user privacy.
Start 34 Day Free Trial
Full List of Budgeting Apps with Free Trial
The budget apps we selected for this section offer a free trial for users to test out before signing up.
Budget apps are typically inexpensive and start with a free trial.
1. YNAB (You Need a Budget) – A proven method that has helped hundreds of thousands of people break the paycheck to paycheck cycle, get out of debt, and live the life they want to live. YNAB is best for serious budgeters.
2. Simplifi – Manage your money less in 5 minutes each week. Reach your money goals with confidence! Introducing Simplifi by Quicken, the personal finance app that gives you something to look forward to.
3. Tiller Money – Your financial life is in a spreadsheet, automatically updated each day. Track all your accounts in one place, always know where your money goes, and confidently plan your financial future.
4. Rocket Money – Rocket Money is your automated financial assistant and budget tracker designed to put you back in control of your money. Truebill lets you easily track bills, cancel unwanted subscriptions, and proactively request refunds on your behalf, putting real money back in your pocket!
5. Qube Money – The cash envelope system made easy. They invented digital cash envelopes. Real-time financial awareness without the hassle of tracking expenses, updating spreadsheets, and carrying cash.
6. HoneyMoney– HoneyMoney increases your awareness about your money habits. Being fully aware of your money naturally changes how you spend it. Great way to use cash flow budgeting. Plus uses “envelopes” to budget.
7. Qapital – Free, easy way to save money. Get $5 for your first Goal if you sign up here.
8.Money Patrol – MoneyPatrol actively monitors and analyzes financial transactions, and then alerts insights about the trends, patterns, and anomalies observed.
9. Wallet– Wallet is designed to help you get your finances under control from day one, giving you ongoing insight into your financial situation, and helping you stay in control for the long term.
10. Every Dollar– EveryDollar follows the zero-based budget approach recommended by Dave Ramsey, a top personal money-management expert. Create daily and monthly budgets and track your expenses to manage and save money.
11. Expensify – Expensify is the perfect tool for anyone who needs to keep track of receipts and automate expense management.
12. Cost Track – Expense Tracker – Cost Track allows you to: use your money wisely, keep track of your personal and family budget, and quickly enter your income and expenses.
13. Easy Spending – It is a simple and convenient finance tracker that provides the most powerful and convenient daily money management for iPhone and iPad, that neatly tracks all your cash flow between different accounts that you can budget.
Making Your Budget Work for You:
Full List of Free Budgeting Apps
The budget apps we selected for this ranking are completely free! Free budget apps are good options for users who don’t want to pay monthly or a yearly fee. Just to note, the list of free apps is dwindling with each update.
Finding the best budgeting app the best ones do simple things well.
Free apps are not always better than paid ones.
Typically, the free versions of budget apps provide basic features. Plus there are many free budget apps available on the market.
1. Empower– Empower is the best app for investors. This is one of my favorite ways to analyze investment accounts. See all of your accounts in one place, which helps to see spending. Free budgeting app to use. Read myEmpower Review.
Empower Personal Wealth, LLC (“EPW”) compensates Money Bliss for new leads. Money Bliss is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.
2. PocketSmith – Manage your budget and forecast your finances. There are paid levels of access but you can still get basic options for the casual budgeter.
3. Zeta – AskZeta is a financial planning platform designed to help couples manage their finances collaboratively. It provides tools and guidance for setting joint financial goals, budgeting, and navigating major life events to build a secure financial future together.
4. Honeydue – A financial app designed for couples, facilitating shared money management. It allows partners to track and manage their finances collaboratively, providing insights into spending, budgeting and shared financial goals.
5. GoodBudget – Envelope budgeting for the modern world.
6.Fudget – The budget planner you can actually use.
7. Wally – Personal Finance – It helps you compare your income to your expenses, understand where your money goes and set and achieve goals.
9. CountAbout – CountAbout is an online personal finance solution that surpasses the security and ease of use of the other popular commercial solutions on the market while offering complete privacy, zero advertising, and no selling of your personal data.
10. Daily Budget Original – Daily Budget calculation, planning & saving for big spending, basic categories for expenses, backup.
11. Spending Tracker – The simple fact is, by tracking your spending you will be able to stick to a budget and therefore SAVE MONEY.
12. Money Monitor – You can track and organize all your transactions, accounts, budgets, bills, cash flow, and payees in Money Monitor by easy operation but with powerful functions.
13. Money Box – Set your money goals and track your personal savings with this app. Take control of your saving goals and spend cash wisely.
14. Dollarbird– Track and forecast your money as easily as adding events to a calendar! Dollarbird helps you make sense of your financial situation, plan ahead and manage your money together with those who matter.
15. NerdWallet – Whether you want to maximize credit card rewards, earn extra cashback, track your credit score or make budgeting easier, it’s all here.
Budgeting Resources:
16. Buddy – Designed for simplicity and efficiency, helping users easily manage their finances. With intuitive features, it enables users to track expenses, set budget goals, and gain insights into their spending habits for better financial management.
17. Banktivity – Banktivity puts you in the driver’s seat of your finances so you can do both.
18. PocketGuard – With all of your financial accounts in one place, PocketGuard helps you stay on top of your finance and make better financial decisions.
19. Budget Saved – Personal Finance – Budget Saved helps you save money by grouping expenses based on need or want. You input an expense, save it as a need or want, and then you can look back to see which purchases were really necessary. With this information, you can see exactly how much you can save.
20. Albert – Money Management – Combining human guidance with cutting-edge technology, Albert is an intuitive app that automates your financial life — so you can be free to enjoy it. Build savings, meet bills, end the overspending cycle and develop your financial IQ, right from the palm of your hand.
21. Expense IQ – Expense IQ (formerly EasyMoney) is your ultimate money manager app that combines an expense tracker, a budget planner, a checkbook register, integrated bills reminder, and more rolled into one powerful personal finance app!
22. Prism– Never miss a bill or pay late fees again! We automatically track your bills & send due date reminders, for free. See your income, account balances, & monthly expenses at a glance.
23. Coin Keeper– Download CoinKeeper — the handiest way to plan and manage your finances, created especially for smartphones and tablets.
24. Mobills– Mobills is a budget planning app that allows you to create a custom monthly budget that will help you take control of your money. You are able to manage your money, track your spending, and achieve your financial goals all in one place.
25. iSpending – iSpending helps you to track your income and spending. You can add transactions under different categories, such as income, food, and entertainment.
26. Receipt Box – The Receipt Box is a quick app that is conducive to developing a good habit of tracking spending. It indeed performs well on this one.
27. BUDGT – BUDGT will help you keep track of your Expenses in a very simple way and tell you how much money you can spend each day, taking in account what you have already spent during the current month.
Full List of Paid Budgeting Apps
A budgeting app is a type of software that helps you track your money to manage your finances. There are several different ways you can use them, including getting paid upfront or by monthly fee.
Some apps offer discounts for people who pay monthly, but this is not always the case. If an app doesn’t have the capabilities you need to better manage your budget, it’s not worth it.
App users want budget capabilities and prefer to handle bill paying on their own schedules.
1. Quicken– Quicken personal finance and money management software allows you to manage spending, create monthly budgets, track investments, retirement and more. Read my Quicken Review.
2. Moneyspire – The budget feature is very user friendly and can rollover amounts. All of the reports you need at your fingertips. Also, you can move your data from many of the top budgeting apps and Quicken.
3. PocketSmith – Manage your budget and forecast your finances.
4. MoneyDance – Moneydance is easy to use personal finance software that is loaded with all the features you need: online banking and bill payment, account management, budgeting and investment tracking.
5. CheckBook Pro – An easy & quick way to manage your daily finances, Checkbook Pro keeps track of your credit card charges, cash expenditures…etc.
6. HomeBudget – HomeBudget is an integrated expense tracker designed to help you track your expenses, income, bills due and account balances. It offers support for budgeting and allows analysis of your expenses and income, including charts and graphs.
7. Pennies – Keep track of your spending and save money with Pennies, the award-winning budgeting app for iPhone, iPad and Watch.
Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.
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Budgeting Apps Off the Cloud:
Due to security concerns, many budgeters prefer to keep their financial information off the cloud.
Here are the best budgeting software that are off the cloud. And if you want, they can be synced.
1. Quicken– Personally, I have used Quicken – pretty much since it was developed. Way before budgeting apps were even a thing and the cloud didn’t exist. Quicken is great for tracking how your money is being spent. Their internal budget feature is not user-friendly and has quirks. However, the cash flow reports are awesome to compare spending. The #1 reason I still recommend Quicken is because of its long history.
Read my Quicken Review.
2. Moneyspire – For those frustrated with Quicken, Moneyspire is your choice. The budget feature is very user-friendly and can rollover amounts. All of the reports you need are at your fingertips. Also, you can move your data from many of the top budgeting apps and Quicken. Start a free trial here.
3. Tiller Money – Tiller is the only tool that automatically updates Google Sheets and Microsoft Excel with your spending, transactions, and balances each day.
4. Banktivity – Get full control of your personal finance situation with Banktivity. Has all the bells and whistles you would come to expect for personal finance budgeting software. There is the ability to connect to the cloud if you prefer. Only for Mac Users.
5. MoneyDance – Moneydance is easy-to-use personal finance software that is loaded with all the features you need: online banking and bill payment, account management, budgeting, and investment tracking.
6. QuickBooks – QuickBooks is most like Quicken. It is the preferred software for most bookkeepers. The features are very helpful, but the price is significantly higher.
Expense-tracking budgeting apps
Expense-tracking budgeting apps are becoming more popular as they allow users to connect to financial accounts. They track transactions and group them into categories, making the best ones based on expense tracking systems.
Some of the top expense tracking budgeting apps include:
Simplifi: Quicken has introduced a new personal finance management solution. It is simple, smart, and intuitive money tracker tool that ensures users can keep track of their income and expenses in real-time.
YNAB (You Need A Budget): YNAB helps to reverse this pattern by living off last month’s income during current month.
Pocket Expense: This app is easy to use and has a clear interface for users who are not tech savvy. With Pocket Expense, you can input your income and expenses, set a budget, and track your progress.
Spendee – Understand your finances better with Spendee, the FREE budgeting app that tracks your spending, optimizes your budget, and helps you save money. This user-friendly app with good features for recording income and expenses as well as the ability to plan future budgets. It also lets you set goals and track progress.
Quicken: Quicken is a personal finance software application that can be installed on Windows, Mac or Linux computers and allows users to organize financial information in order for them to make financial decisions.
Learn where to load your Cash App card.
Investment/retirement planning budgeting apps
Investment/retirement planning budgeting apps are becoming more popular with consumers as the retirement age is being pushed back.
These types of apps allow users to keep track of their investments and review performance, ensuring that they’re on track to retire at the desired time.
There are numbeous different investment portfolio management tools, but most are designed for average investors looking to make changes or work towards long-term goals. Many double as budgeting apps also enable tracking expenses alongside investments in order to ensure that you’re on track to reach your goal.
Empower – read my Empower Review
Quicken
Betterment
Wealthfront
Stash
Apps to Help Save Extra Money:
Looking for easy ways to save extra money?? These budgeting apps will do just that.
1. Acorns: Invest Spare Change: This app rounds up any purchase made with a credit card to the nearest dollar and invests it in an exchange traded fund. They have four different investment portfolios from conservative, balanced, growth, and aggressive.
2. Tiller: This app automatically transfers money from any account you connect to it (like your checking or savings) into a fund of your choice every time you make a transaction.
3. Trim – Trim negotiates your cable, internet, phone and medical bills, finds and cancels unwanted subscriptions, can help you lower APRs and bank fees and more.
4. BillShark – Billshark is the easiest way to lower your bills, cancel unwanted subscriptions, and lock in the best rates for insurance.
Which Budgeting App is right for You?
Budgeting apps are becoming more popular as consumers try to make better financial planning decisions.
Budgeting apps help people with the ability to track spending, create budgets, and save money for retirement or other goals.
Budgeting apps must be paid for because they can be used across all devices and have a variety of features that can really help users save time and money.
As you can tell in this post, there are plenty of options to find your favorite budget apps.
Each of these apps can improve money management.
However, you must be able to make the changes necessary to stay within your means. That is up to you. Don’t try it and give up after a month. Stick with it. Show perseverance.
In the end, you will be happy you are stuck with using a good budgeting app.
Apps That Have Shut Down or Changed
These are budgeting app that have been on our list previously. But, when we recently updated the post, realized they are no longer offering the same services.
Mint: Personal Finance & Money – Mint is a free money management and financial tracker app that helps you get ahead and stay ahead. – Mint app shut down in 2024.
Firstly (formerly Honeyfi: Couples Finances) – The first app to help couples team up on everyday and long-term finances.
Opurtun (formerly Digit) – Digit analyzes your spending and automatically saves the perfect amount every day, so you don’t have to think about it.
mvelopes (merged with EveryDollar) – Everyone knows that cash will keep you on budget. Here is a digital option for your cash envelopes. Your first month free is to check out the budgeting system.
Olivia– Whether you identify as someone who is living paycheck to paycheck, or you’d just like to get smarter with your money in general, you’ve come to the right place! I am here to help YOU become the MASTER of your money.
Your Money Wallet – YourMoneyWallet lets you see all your accounts in one place, understand your spending, monitor your everyday spending, and see all your money transactions in a beautiful well crafted design.free
Joy – Money App– Joy is the brand new money app that will change the way you spend and save money to help you find more happiness in your life.
Advent – Budgeting Made Simple – Advent makes budgeting and tracking expenses super easy! With a very minimalistic design, you can easily maneuver around quickly.
Rolling Budget– Rolling Budget is a personal finance tracker that keeps track of your day-to-day expenses, travel, and fuel costs. Track where your money goes, plan your expenses, and create a budget that works for you!
Best Budgeting Apps
There are many apps available to help people manage their budgets.
The best app for you will depend on the type of budget you want to create and how often you want to make changes. All of these apps are mobile-friendly and work across multiple devices. They also offer additional features like budgeting tasks, reminders, and spending plans.
You can find all of these for iPhone or Android.
You can save time and money by using a good budgeting app.
This is your personal finance journey.
The ultimate goal with any budget app is to learn to manage your money. Not have your money manage you.
Now, make sure you are doing these habits to be successful with budgeting.
Which are your favorite budgeting apps?
Keep on Budgeting:
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.
If you have a significant amount of money in a bank or brokerage account, you may crave reassurance that your funds would be covered in the rare instance of a financial institution failing. The United States government has a couple of programs in place that help to protect savers and investors in the case of a bank failure. These programs help to ensure overall consumer confidence in the U.S. financial sector.
Two of these programs are run by government corporations known as the FDIC and SIPC. The Federal Deposit Insurance Corporation (FDIC) protects money that is held in a checking, savings, certificate of deposit (CD), or other deposit account at an insured bank. The Securities Investor Protection Corporation (SIPC) protects customers of SIPC-member broker-dealers if the firm fails financially.
While these two insurance programs have a lot of similarities, they also have a few key differences that you’ll want to be aware of.
What Is FDIC?
The Federal Deposit Insurance Corporation (FDIC) is an independent agency that was created by an act of Congress passed in 1933. During the Great Depression of the 1930s, many local and regional banks failed. Congress created the FDIC to help ensure that people would not lose their hard-earned money in the case of future bank failures.
The FDIC insures $250,000 per depositor, per insured bank, for each account category (such as single, trust, or joint accounts). Since FDIC insurance first went into effect in 1934, no depositor has lost any insured money that was held in an eligible bank.
While the FDIC offers insurance for deposits held at participating banks, the National Credit Union Administration (NCUA) insures deposits held at credit unions. It’s important to understand that key difference between the FDIC and NCUA.
Also worth noting is that some financial institutions offer programs which can insure excess deposits for more than the $250,000 limit with extended insurance coverage.1 This is typically accomplished by bank partnerships which ensure that no single financial institution holds more than the $250,000 FDIC limit for a client.
If you want to keep more than $250,000 on deposit, it can be worthwhile to look into these expanded FDIC insurance coverage offers.
What Is SIPC?
In addition to the FDIC and the NCUA, the SIPC is a nonprofit organization that is set up to protect U.S. consumers. The Securities Investor Protection Corporation (SIPC) was started when Congress passed the Securities Investor Protection Act of 1970. The SIPC protects the securities and cash in a brokerage account, up to a total amount of $500,000.
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SIPC vs FDIC
When comparing the SIPC to the. FDIC, you will learn that they are two different organizations. They share the goal of protecting accounts held in U.S. financial institutions and instilling consumer confidence.
Here’s a look at how the SIPC and FDIC are similar and different:
Securities Investor Protection Corporation (SIPC)
Federal Deposit Insurance Corporation (FDIC)
Protects money invested in brokerage accounts
Protects money invested in bank accounts
Protects the securities and cash in your brokerage account up to $500,000
Protects up to $250,000 per depositor, per ownership category, per bank
Founded in 1970
Founded in 1934
Applies if a brokerage firm becomes insolvent and/or goes bankrupt
Applies when a bank fails
Similarities
The SIPC and FDIC share the same goal — ensuring that money and investments held in U.S. accounts remain in the hands of consumers. One isn’t necessarily better than the other, since they apply to different kinds of financial holdings. No matter where you are holding your money and/or investments, you’ll want to make sure that your investments are insured by either the FDIC, NCUA, or SIPC.
Differences
The biggest difference between the FDIC and the SIPC is when they apply. The FDIC covers deposits held at certain banks. The SIPC applies to investments at brokerage accounts.
Another difference is the amount of coverage. The FDIC protects up to $250,000 in a bank account, while the SIPC covers up to $500,000 in a brokerage account, including up to $250,000 protection for cash in your brokerage account.
Pros and Cons of FDIC vs SIPC
There aren’t really pros and cons when comparing the insurance offered by the FDIC and SIPC. It’s not a matter of, say, SIPC insurance vs. FDIC: They are not competitors. Each organization works in a slightly different way.
In terms of upsides, the FDIC covers deposits held by FDIC-insured banks. That means if you have money in a checking, savings, CD, or other kind of depositor account, held at an insured bank, you would be covered against loss in the very rare instance of the bank failing. The downside, if you want to look at it that way, is that this insurance doesn’t extend to brokerage accounts.
The SIPC covers the value of investments held in a brokerage account. As for positives, the reassurance of knowing your funds are covered is an excellent feature. However, the downsides could be seen as the limits of this coverage: up to $500,000 and only for funds held per SIPC guidelines.
Because they work in different ways, the FDIC and SIPC complement each other to work towards strengthening consumer confidence.
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Is Your Bank Account Insured?
No matter where you keep your money, you’ll want to make sure that the money in your account is insured by a program such as the FDIC or SIPC. Being insured by the FDIC is a component that can be used to rate banks against each other.
It is usually fairly straightforward to find out if your bank is insured by the FDIC. To find out if your bank is FDIC-insured, go to the BankFind Suite on the FDIC website.
It may be more complicated to find out if your brokerage account is held in an account covered by the SIPC. If you cannot find the answer on the broker’s website, contact them to make sure.
Opening a SoFi Savings Account
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Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.
FAQ
Is SIPC as good as FDIC?
The Securities Investor Protection Corporation (SIPC) and Federal Deposit Insurance Corporation (FDIC) are not direct competitors. They insure investments and deposits at brokerage firms and banks, respectively.
Is it safe to keep more than $500,000 in a brokerage account?
Whether it’s safe to keep that much money in a brokerage account depends on your individual risk tolerance. Just keep in mind that the SIPC will only cover up to $500,000 in a brokerage account, which includes $250,000 in cash in your brokerage account.
What does SIPC not cover?
The SIPC covers what it defines as “securities” — stocks, bonds, Treasury securities, certificates of deposit, mutual funds, money market mutual funds, and certain other investments. SIPC does not protect most commodity futures contracts, foreign exchange trades, investment contracts and fixed annuity contracts that are not registered with the U.S. Securities and Exchange Commission under the Securities Act of 1933.
Photo credit: iStock/AlexSecret
1SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by banks in the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms. See list of participating banks at SoFi.com/banking/fdic/receivingbanks.
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.
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.
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.
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Co-Issue, MERS Audit Products; Retirement, Wholesaler Lawsuit, MBA and CFPB Requesting Info
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Co-Issue, MERS Audit Products; Retirement, Wholesaler Lawsuit, MBA and CFPB Requesting Info
By: Rob Chrisman
Fri, May 31 2024, 11:42 AM
How is it that there are only three weeks until the summer solstice? Three more weeks of the amount of daylight increasing in the Northern Hemisphere, and then, if you want more sun time, head to the Southern half of the globe. If you think presidential administrations or Federal Reserves eliminate business cycles, they don’t. If your business model is based on lower rates, don’t look at this graph from the Federal Reserve. If you want some insight into builder business and builder associations, today’s “Rundown” has Christy Beck, Corporate Director of Sales and Marketing for Caruso Homes and the current President of the Raleigh-Wake County Home Builders Association (which is one of the largest HBAs in the country). If you think everything that you do is private, sorry. I’m not sure why every outfit needs to keep so much info about us. When we want to buy a ticket we should be able to buy it without our info being kept, because then it can become part of a Ticketmaster data breach and sold to bad people. (Found here, this week’s podcasts are sponsored by American Financial Resources, the mortgage lender that’s shaking things up by streamlining processes, bringing on the best humans in the business, and putting the customer experience front and center. Hear an interview with Tim Braheem on both how originators can cultivate relationships with agents in today’s market and also diversify their referral sources, so they are not so reliant solely on realtors.)
Software, Products, and Services for Lenders and Brokers
In Q4 2023, independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported an average net loss of $2,109 per loan, nearly double the $1,015 lost per loan in Q3. How can mortgage lenders tackle these rising costs while staying profitable? Join Kevin Peranio (PRMG), Richard Grieser (Truv), and Rob Chrisman on a webinar next week to find out. Learn from real-world examples of lenders reducing production costs through technological innovation and process optimization. June 4 at 1pm CT. Register now.
“Bueller? Bueller? Yes, you heard it right! It’s time to channel your inner Ferris and seize the day with MQMR’s Summer Special for MERS audit. Picture yourself in the role of the charismatic Ferris Bueller, effortlessly taking charge and making the most of every opportunity. Just like Ferris, you can make your MERS Audit unforgettable, and with our special offer, you’ll be saving some serious cash while you’re at it! In the words of Ferris himself, ‘Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it.’ At MQMR, we embrace Ferris’s philosophy by staying ahead of the curve. With our proactive approach, MQMR guarantees a compliant and hassle-free MERS Audit experience! Like Ferris’s legendary day off, this MERS offer won’t last forever! Our audit professionals will ensure that your MERS audit is as spotless as Ferris’s slick moves. Schedule a call!”
“Newrez Correspondent is thrilled to announce that Co-Issue has been added to our suite of delivery methods. If you are interested in Newrez’s Co-Issue program, please contact your Regional Sales Manager. In addition to Co-Issue, we have several other delivery methods and executions that will help you succeed in today’s market. We have also added Delegated Non-QM and Closed-end Home Equity products to enhance your product offering. Not approved? Sign up today! A big thank you to all of our clients, prospects and industry partners for spending your valuable time with our team at the National Secondary in NY. You can meet Tom Van Auken, Alex Weems and Chris Nobile at the upcoming 40th Regional Conferences of the MBAs in Atlantic City, NJ, June 4-7 at the Hard Rock Hotel and Casino to discuss all that Newrez has to offer.”
Supersonic Lawsuit
Anyone can sue anyone at any time, but this particular mortgage case has some nuances, including allegedly stealing a brand.
Jet Mortgage is the Wholesale division of Home Mortgage Alliance Corporation (HMAC). Around May 1, Michael Turturro, who was the head of Jet, allegedly took a number of AEs and went to OCMBC and set up Jet Alliance Mortgage. Execs and AE going to competitors is a fairly common occurrence in the California mortgage market (and elsewhere) but taking the brand, if true, is a new twist. That’s why, in addition to other claims, HMAC has filed suit in the Superior Court of the State of California in Orange County against Turturro and his new employer OCMBC, Inc., Irvine, CA.
Santa Ana-based Home Mortgage Alliance Corporation (HMAC), the owner of Jet Mortgage, released the following statement regarding the lawsuit it has filed in the Superior Court of the State of California in Orange County against a former senior executive, Michael Turturro, and his new employer OCMBC, Inc., Irvine, CA.
The Company released the following statement. “While surprised and deeply disappointed by the events that forced us to take legal action, we intend to let the lawsuit speak for itself. We are speaking out, however, to address the rumors being spread in the marketplace about our business and our brand. Jet Mortgage is very much still in business and is actively soliciting and processing new loans. We remain committed to the wholesale market and have both the resources and the capital to deliver a superior experience to our mortgage broker clients and their customers.
“On an interim basis, Alfred Hanna, founder of both Jet Mortgage and HMAC, will assume the day-to-day leadership of Jet Mortgage until a new executive has been appointed. Hanna remains fully committed to investing in, and growing, the Jet Mortgage brand. With more than 40 years of experience in all aspects of the mortgage business, Hanna has built three highly successful mortgage companies including a company that, at one time, was the largest Realtor-based mortgage company in California. Over the course of his career, Hanna has led these companies through a number of economic downturns.
“Under his leadership, we have already taken steps to deploy additional underwriting and processing resources so that the Company can continue to provide extraordinary service to our broker clients. In the weeks to come, the Company will be announcing a number of high-level, high-quality executive and account executive hires.”
Founded in 2013, HMAC is a national mortgage lender licensed in 47 states with 13 branches employing more than 175 loan officers. Its Jet Mortgage division was established in 2022 and is a national wholesale lender, serving more than 1,900 mortgage brokers nationwide.
CFPB Asks Mortgage Industry about Fees
With your opinion about a Request for Information (RFI) regarding fees imposed in residential mortgage transactions. You can access the RFI here.
The California MBA Wants to Hear From You
With your opinion about insurance. “Our association has launched a public affairs campaign to draw attention to the insurance crisis that is affecting property owners throughout the state. We know that homeowners and commercial property owners are getting dropped from their insurance carriers, facing uncompetitive costly new polices, or having to turn to the FAIR plan or force-placed insurance as a last resort.
“California MBA has the opportunity to increase awareness of how the crisis is impacting homeowners and business owners and increase pressure on policymakers to adopt swift and meaningful solutions. We are developing materials and will be distributing messages through a variety of communication channels to encourage business community engagement and coalition activation.
“We will be calling for the Legislature and Insurance Commissioner to take actions that will lead to more reliable rates, greater insurance availability, and safer communities. As such, we would like to show the harm that is occurring across the state from this crisis.
“Can you help by sharing examples of how the insurance crisis is impacting your business or your customers? We would like to point to real-life examples of the consequences across California. Here is a link to fillable form to enter any helpful information or examples. (Any questions should be addressed to California MBA CEO Susan Milazzo.)
Capital Markets
There’s not a lot of reason for rates to drop much. But is U.S. economic growth going to slow enough to help the Fed’s fight against inflation? We learned yesterday that Q1 Gross Domestic Product was revised downward to 1.3 percent from 1.6 percent, as expected but primarily driven by weaker consumer spending, which grew at 2.0 percent, down from the previous estimate of 2.5 percent. Initial jobless claims remained stable, in line with expectations and indicating a generally solid labor market. Pending home sales experienced a notable decline in April, with contract signings dropping across all regions, particularly in the Midwest and West.
Today’s month-end session brings Fed favorite Personal Core Expenditures, the Fed’s favorite gauge of inflation. For April it was +.2 percent, year over year +2.7 percent. Expectations were for the core PCE Price Index increasing 0.3 percent month-over-month and 2.8 percent year-over-year, unchanged from March, with personal income and spending (+.2 percent) increasing 0.2 percent and 0.4 percent, respectively. The core deflator year over year was +2.8 percent, as expected. Later today brings Chicago Purchasing Managers Index for May, and remarks from Atlanta Fed President Bostic. We begin the last day of the shortened workweek with Agency MBS prices a touch better from Thursday’s close, the 10-year yielding 4.53 after closing yesterday at 4.55 percent, and the 2-year still much higher at 4.92.
Employment
What are you doing for the next 25 years? ACC has been doing Non-QM for the past 25 years. ACC is seeking five (5) well-qualified Account Executives or a team that is looking for support, pricing, culture, and stability. ACC is the company that continued lending throughout COVID and the GFC. Recent article talks about ACC’s vision: ACC’s Senko talks non-QM outlook. Please send your resume for confidential interview.
“Evergreen Home Loans proudly marks 35 years of our innovative Security Plus Seller Guarantee®, the first of its kind in the industry. Our program provides an upfront, guaranteed financing commitment with minimal conditions. If we don’t uphold our commitment, we will pay the seller $5,000*, making your offer more attractive and giving you a competitive edge. Over the past 35 years, Security Plus has empowered countless buyers and sellers, simplifying the home buying process and ensuring confidence. As we continue to lead with innovative, customer-focused solutions, we invite talented loan officers and branch managers to join our team. Be part of a company that values excellence and innovation and help us continue making a difference in the home buying experience. To see available jobs here. *View disclosures here.
“Canopy Mortgage is on the rise, attracting top-producing loan officers nationwide and maintaining profitability as we advance through Q2! In a challenging market, how many national lenders can claim profitability this year? Few, if any. Canopy Mortgage is charging ahead with significant momentum, seeking branch managers to join our success story. We empower LOs with cutting-edge technology that streamlines processes and significantly reduces the cost to fund a loan. Come meet us in person at the Mastermind Summit in Vegas June 5-7 or call Josh Neumarker at 888-696-9076 – For more information or to schedule an exclusive Tech-Demo and see our innovative solutions in action.”
Mark Teteris writes, “30+ years flies by, even in the mortgage business, and I have decided to retire, effective June 1st. I was thrilled to join Optimal Blue nearly ten years ago and hope that I have played some small part in the amazing success the company has had over these years, and which I’m sure OB will continue to enjoy in the future. From the early days as an individual contributor and ‘rainmaker’ to building a new department within the sales organization to the director role I enjoy today, I have always felt at home here at Optimal Blue. That is a testament to the wonderful leadership and colleagues that make this place special. As part of my succession plan, Steven Baselice has been named the new Director of Solutions Specialists for Optimal Blue, effective June 1st.”
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