Freecash pays you to test apps, play games, and answer surveys. Learn what I think of this site in my Freecash Review. Looking to make some extra money online? Maybe you’ve heard of Freecash, a well-known website where you can get paid for testing apps, playing games, and answering surveys. Here’s how it works: Do…
Freecash pays you to test apps, play games, and answer surveys. Learn what I think of this site in my Freecash Review.
Looking to make some extra money online? Maybe you’ve heard of Freecash, a well-known website where you can get paid for testing apps, playing games, and answering surveys.
Here’s how it works: Do tasks, earn rewards, and then you can change those rewards into cash or free gift cards.
Freecash users have earned over $75,006,920 over the years altogether, which is a lot of money!
I personally know that Freecash is real. I have earned $420.21 from this site, and I have received $420 in free Amazon gift cards.
Click here to sign up for Freecash.
Key Takeaways
Freecash is a real website where you can get paid for testing apps, playing games, and answering surveys.
They have instant withdrawals, and you can withdraw for PayPal cash, gift cards, and more.
Earnings can vary, and many are able to make around $10 or more daily.
Freecash Review
Below is my Freecash review.
What Is Freecash?
Freecash is a website that helps you make money online. It’s as simple as playing a game or doing a short survey. Freecash gives you easy tasks to do on your computer or phone, and each one earns you coins.
It takes on average 17 minutes and 16 seconds for a user to earn enough for their first cashout, which is pretty quick!
When you sign up for Freecash, you’ll see different offers from companies they work with. These offers include:
Filling out surveys
Trying new apps
Watching videos
Playing games
Freecash was started in 2020 by Almedia Online LLC, and it’s grown a lot since then, with millions of people downloading it. Lots of people go on Freecash every day, and with just a little work, they can make extra money.
There are currently 11,709 different ways to make money on Freecash right now, and you can earn up to $225 per offer (most offers are lower than that, though).
How to make extra money on Freecash
When you join Freecash, there are many ways to make money with different online tasks.
You can get paid on Freecash to do things like:
Welcome bonus – There is a welcome bonus when you join Freecash.
Take surveys – Share your opinions in surveys. Companies need your feedback, and you get paid for providing it. For each 5-10 minute survey, you can get paid $1.00.
Play games – To attract more players, gaming companies want to pay you to play their games. You can get paid from $0.50 to $120 per gaming app.
Try apps – Check out new apps and services. Use them, tell what you think, and get rewarded. You can get paid from $1.00 to $75 per app.
Referrals – You can get paid to refer your friends and family to Freecash. For example, you can ask your friends to join by adding a link to your social media account. I make money as an affiliate too.
They also have streak rewards, where you can earn a bonus for completing offers on a regular basis.
Plus, you can make even more money by taking part in their leaderboard contests. These are bonuses where you compete with others to see who can make the most money each day and month for extra prizes (such as an extra $50 for reaching the top place on the daily leaderboard or $500 for reaching the top place on the monthly leaderboard). And, you don’t need to be in the top 10; the top 1000 users get a leaderboard prize, although it gets smaller depending on your place.
As you can see, there are many ways to make extra money on Freecash in your spare time.
How Freecash works
It is easy to get started with Freecash and make extra cash. You just need to:
Sign up – Create an account using your email.
Choose an offer – Take your pick from the tasks on the earn page. Freecash lists the best offers from companies that want to advertise their apps, surveys, and products.
Complete the offer – Most offers are very simple and take around 5-10 minutes to complete.
Get paid – For each task you complete, you’ll be rewarded with coins: 1000 coins = $1.00. Your coins can be redeemed for cash, crypto, and free gift cards.
How does Freecash make money?
Okay, so after reading the above, you may be wondering what the catch is. Why does Freecash pay you?
Freecash partners with companies that want to advertise products or services. Here’s how it works:
When you play games, test apps, or take surveys, these are actually ways companies get your feedback or show off what they offer.
Freecash charges these companies for the advertising and market research services. Basically, businesses pay to hear from you or get you to try something.
Freecash uses a part of that money to give you rewards. It’s like a thank you for your time and opinions.
Here’s my Freecash payment proof. I redeemed a bunch of my coins at once the other day.
How to cash out your earnings
Cashing out your earnings on Freecash is easy. I have done this many times and it is very quick. Plus, there is a low payout threshold.
Freecash gives you several options to withdraw your earnings:
Cash – You can transfer your rewards directly to your PayPal account or to your bank account via a bank transfer.
Cryptocurrency – If you prefer digital currency, you also have the option to convert your coins into various cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Dogecoin.
Gift cards – You can redeem your coins for free gift cards to places like Amazon, Visa, Google Play, Apple, Netflix, Spotify, Playstation, Nintendo, Xbox, Steam, Blizzard, Uber Eats, and DoorDash.
Skins – You can also withdraw your coins for Fortnite, Roblox, League of Legends, and more.
Withdrawals are typically processed quickly – usually the same day you request them.
When I recently withdrew my coins and exchanged them for Amazon gift cards, I received the Amazon gift card codes within minutes.
Pros and cons of Freecash
Before getting into the details, understand that Freecash gives you ways to make money by doing different tasks. But it’s important to think about how much time you have and how much money you could make from each task.
Some of the pros of using Freecash include:
It’s easy to use – You get to make money by doing things you might already enjoy, like playing popular mobile games or testing new apps.
There are many different kinds of rewards – Freecash has diverse rewards, such as gift cards, cash, and cryptocurrency.
There is higher earning potential than many other rewards sites – Some tasks can pay over $200, though such high payouts are not the norm. On average, you could earn around $10 per day.
Good reviews – The app is well received, with a 4.1-star rating on Google Play and over 60,000 reviews.
Some of the cons of using Freecash include:
There may be some time commitment – Your earnings are directly tied to the time you invest. If your goal is to earn a lot of money, it may require substantial time, and there may be better ways to make money if you need to make a lot of income.
You need to do your research – Not every task will be worth your effort. You’ll need to perform due diligence to make sure that you’re making the best use of your time.
What are the best apps for earning free gift cards?
If you are looking for other apps that pay with cash or free gift cards, you have many more options. These apps usually reward you for completing simple tasks, surveys, to watch videos, play games, and even shop.
Some of my favorites include:
What other reviews on rewards sites do you have?
If you are looking to learn more about other rewards and survey sites, I have in-depth reviews on several of them. You can find them below:
Frequently Asked Questions
Below are answers to common questions about Freecash.
Is Freecash legit or not? Is Freecash a scam?
Yes, Freecash is a legitimate site. There are over five million downloads on Google Play (an average of 4.1 stars with over 60,000 reviews), and it has high ratings on Trustpilot as well (an average of 4.5-star rating with over 81,000 reviews) – many people use and trust it.
How much can you make on Freecash?
Your earnings can vary, but Freecash users often make small amounts for quick tasks and potentially $20 or more for longer offers. The daily average payout is around $26.40. The amount of money that you can make on Freecash varies. They do have a fun leaderboard where you can see how much the top people are making each day. For example, when I checked, someone had earned $75 that day already, and the next 10 people each earned over $40. For the monthly leaderboard, the top person 17 days into the month had already earned $1,588.21. The next 139 people on the leaderboard had already made more than $400 that month as well.
Are Freecash games legit?
Yes, the gaming offers on Freecash are legitimate. They partner with various companies and reward you for trying out different games.
How long does it take to get money on Freecash?
Payments usually come quickly after you finish a task, though sometimes it might take a bit longer depending on the task’s conditions.
What is the minimum payout for Freecash?
Freecash often has a low minimum payout threshold, but the exact amount may change, so check the specific way you want to withdraw. You can cash out on PayPal with as low as $5, and the same goes for Amazon as well.
Why does Freecash pay you?
Freecash pays you for completing offers, surveys, and tasks because they get paid by advertisers and market research companies looking for input or engagement.
Should I use Swagbucks or Freecash?
Your choice between Swagbucks or Freecash depends on which platform’s tasks and rewards align better with your preferences and which one you find more user-friendly. I use both.
Does Freecash actually pay you?
Yes, Freecash pays out provided you meet the requirements of the tasks you’ve completed. I have personally earned $420 in Amazon gift cards on Freecash.
Is Freecash free to use?
Absolutely, Freecash is free to use. You don’t need to spend any money to sign up or participate in most offers and tasks.
Freecash Review – Summary
I hope you enjoyed my Freecash Review.
Freecash is a site and mobile app with a user-friendly interface that teams up with companies that want people to try their stuff and give feedback. When you join in and do what they ask, you get rewarded.
This is a way to make extra money from home but not get rich. It is also not a full-time job. But, it can be a way to make some spare money in your free time at home.
How much you make on Freecash depends on how much time and work you put in. Some people say they make about $10 every day without spending any money. And some are able to make hundreds of dollars a month and sometimes even well over $1,000.
Click here to sign up for Freecash.
What do you think of Freecash.com? Do you have any other questions you’d like me to answer in this Freecash Review?
Sleepy Bonds Rudely Roused by Surprisingly Strong Econ Data
By:
Matthew Graham
Thu, May 23 2024, 4:17 PM
Surprisingly Strong Surge in Services PMI Tests The Range
Perhaps fate was tempted by our persistent focus on this week’s absence of big ticket market movers. Or perhaps this is simply the biggest possible reaction to one of the week’s only potential market movers coming in MUCH higher than expected. After all, the mantra has been that nothing that happens inside a range of 4.34 to 4.50 in 10yr Treasury yields is interesting. While that remains true in the bigger picture, today’s reaction to the S&P Global Services PMI data was about as interesting as an uninteresting thing can be, causing an immediate spike from 4.42+ to 4.49+. While the size of the beat is certainly surprising (54.8 vs 51.3 f’cast), the market reaction to such an event is logical.
Jobless Claims
215k vs 220k f’cast, 223k prev
Chi Fed Activity Index
-0.23 vs +0.125 f’cast, 0.15 prev
S&P Services Global PMI
54.8 vs 51.3 f’cast, 51.3 prev
New Home Sales
634k vs 680k f’cast, 665k prev
08:35 AM
Mostly flat overnight and little-changed after data. MBS up 1 tick (.03) and 10yr down 0.8bps at 4.415
10:33 AM
Sharply weaker after PMI data. MBS down just over a quarter point. 10yr up 7.1bps at 4.496
02:35 PM
continuing modest recovery after AM weakness with MBS down 7 ticks (.23) and 10yr up 0.5 bps at 4.474
03:28 PM
Unchanged From the previous update at the 3pm CME close.
Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.
They say “Cash is king,” but these days, it seems like people are swapping cash for any of the many readily available digital payment options. Still, while it may feel like we’re headed for a cashless society, having a few dollar bills on hand is always a good idea.
The good news is that you have options for withdrawing cash. When you keep money in your checking account, you can quickly access your funds in several convenient ways, including by using a debit card and an ATM network. In this article, we’ll go over how to withdraw money from a checking account in three easy ways whenever you need cash.
Earn cash back with your debit card
Discover Bank, Member FDIC
1. Use an ATM
One of the easiest ways to quickly withdraw cash from the bank is to use an automated teller machine (ATM). Not sure how to withdraw money from an ATM? Insert your debit card into an ATM and verify your identity by entering your 4-digit security PIN to access your funds. Remember that while most ATMs accept all cards, withdrawing from an ATM outside your bank’s network usually comes with a small fee, and your bank likely has a maximum daily limit on withdrawals from those machines.
Avoid paying ATM fees by only withdrawing cash from machines affiliated with your financial institution. Use your bank’s ATM locator to find machines closest to you, or look for no-fee ATMs at local retailers or gas stations. Discover® customers can access over 60,000 no-fee ATMs and easily find affiliated machines through the Discover mobile banking app.
2. Cash a check
If you receive a check from an employer or someone else, you can cash or deposit it in several ways. The easiest way to cash a check with no fees is to deposit it into your checking account and wait until the funds are available to withdraw the cash. With a Discover Cashback Debit account, you can do this from anywhere—usually in less than a minute—via mobile check deposit.
Wondering how to withdraw money from the bank immediately? You can “cash” that check—versus making a deposit and then withdrawing cash from your account—if your bank has a convenient brick-and-mortar location. Simply present the endorsed check and your ID to the teller, and you’ll be able to cash either the entire check amount or a portion of it. Warning: If that check doesn’t clear the issuer’s account, your bank will reverse the transaction.
Alternatively, you may be able to cash the check at the bank that issued it—although, depending on the bank, there may need to be enough money in the account to cover the check; you may also have to pay a fee. Some large grocery stores or retailers will exchange a check for cash, but again, you’ll likely have to pay a fee for the convenience.
Another way to receive cash immediately is to write a check for cash withdrawal against your checking account. In this case, you write “cash” on the payee line of one of your checks and hand it to a teller at your bank. You can also write a check to purchase a prepaid debit card, but keep in mind the fees associated with a prepaid card can be steep.
3. Use a debit card to get cash back at stores
Depending on who you bank with and where you shop, you can also withdraw money from your checking account when you pay with your debit card in person. First, confirm which retailers and grocery stores offer cash back at checkout, then verify how much cash you can withdraw for no additional fee.
If you often shop with your debit card, consider a card that rewards you each month for your purchases. By using your Discover Cashback Debit card, you can earn 1% cash back1 on up to $3,000 of debit card purchases every month and have access to our network of more than 60,000 no-fee ATMs.
Never be caught without cash on hand again
Digital payment methods like credit cards and mobile services may be growing in popularity, but cash will likely be a widely accepted form of payment for the foreseeable future. With a checking account and debit card readily available, you can withdraw cash from your bank account when you need it and avoid extra fees.
Make cash withdrawals even easier and stay free of extra fees when you open a Discover Cashback Debit account today.
Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third party or information.
1 See Deposit Account Agreement for details on transaction eligibility, limitations, and terms.
Inside: Making money is one thing, but saving it is another. Learn how to save 10000 in a year using the following steps. Plus download your free printable!
The number of people who do not save money is growing at a rapid pace. The economy has changed and many families are struggling to make ends meet, even with two incomes.
That is why saving $10,000 in one year can seem like an impossible goal for some people.
You can save $10,000 in a year.
This has been proven over and over here at Money Bliss.
This has happened because my readers dedicated themselves to one of our money savings challenges.
A lot of people are interested in saving more money right now, but not everyone can afford to save a lot of money. You do not need a ton of income to be successful, you just need to dedicate yourself to new habits of saving.
The thing is – money doesn’t grow on trees, and I wouldn’t recommend waiting for one either if you want your savings plan to be successful.
Are you ready to be the next Money Bliss success story to save 10000 dollars in a year?
If so, then you are in the right place. Let’s create your 10000 saving plan.
How to Save $10000 in One Year
It’s not as difficult to save $10,000 in one year as you may think. All it takes is a few small changes, creating a plan, and some careful budgeting.
The first step is to start saving money.
This can be done by paying yourself first. Decide on the amount you want to save each pay period. Then, you prioritize your savings before all of your expenses and money runs out
Next, you have to decide where to save your money.
Will you put the money into an online savings account where the temptation goes away?
Or invest in your future with a Roth IRA and/or 401k?
Where can you grow your savings over time?
Do not underestimate the power of your employer match contribution. If they offer this option for retirement savings or another type of investment account like Roth IRA or 401K, take advantage by contributing the maximum your plan allows each pay period.
Finally, you have to make sure you are living below your means with your increased saving rate.
These are all the fine details to make sure you learn how to save $10,000 in one year with cutting expenses.
Don’t forget to set up automatic transfers for all of your savings so they’ll be taken care of even when you don’t do it!
Shortly, you will find savings tips to help you save $10,000. The exact steps you need to do to save your first $10K or whether you want to do it again.
Breakdown How to Save 10000 Dollars in a Year:
But, first how much do you have to save to hit that 10K milestone in a year?
To save $10,000 in one year, you must set aside an average of $833.33 per month for 12 months.
Don’t quit reading now and walk away! You are reading this post for a reason. So, you will reach your saving challenge goal.
Let’s break that monthly number down into bit-size chunks.
Daily:
$27.40
Weekly:
$192.31
Bi-Weekly:
$384.62
Monthly:
$833.33
Bi-Monthly:
$416.67
Quarterly:
$2,500.00
Places to Save $10K in a Year
Your goal for the year is to save $10,000.
First, decide where you want to put this dollar bump in savings.
Everyone is at a stage in their financial journey, so what you choose will be completely different than someone else.
Here are some ideas:
Also, you may likely divide up your $10K savings into more than one bucket!
What are the ways you plan on saving $10,000?
Tips to help you Save $10000
According to the Federal Reserve, only half of Americans have retirement accounts.1
This means that most people will retire broke. Yikes!
The only way to achieve a comfortable lifestyle is by saving, investing, and planning for your future.
You can save $10,000 in one year if you make a goal and try your best. It will take some effort as it is not easy to do so, but the rewards are worth it.
If there’s anything that we know for certain about living life well, then this is: “you must be willing to work hard.”
So, what are some practical steps that you can take to save money? Let’s start with the first one.
1. Mindset
The purpose of this personal challenge is to help you save $10,000 in one year.
To save $10,000, you probably cannot continue doing what you are already doing when it comes to saving money.
You need to change your money mindset and your money habits.
There are a few key steps you need to take in order to save money. The first step is to have a proper mindset towards your savings – figure out where all of your money is going, then figure out whether or to what degree you’re living as you can afford it.
The next step is you believe that you are capable of saving money. That is the bigger part of the battle for most. It is believing that are incapable of saving that much money.
If you haven’t heard of a vision board, then you must create one ASAP. And don’t forget those money affirmations.
2. Automate Savings
Automating savings is a great way to save money.
It can be done by setting up automatic transfers from your checking account or even transferring funds from your paycheck into an emergency fund that you will never touch.
This allows for more freedom in spending without having to think about if you saved your goal for that pay period.
With direct deposit, you will save money automatically and the temptation to spend drastically goes down.
If direct deposit is unavailable, you could set up an automatic transfer with your bank.
3. Focus on Saving Goal
All of your money decisions revolve around your goal of saving 10000 dollars.
That is the smart financial goal you have created for yourself. Now, that is your #1 focus.
Here is how to believe you will save $10k before you start:
Tell yourself over and over that you will save $10K by (insert your date).
Post reminders about your goal.
Put a sticky note on your debit or credit cards and/or cash envelopes.
Find an accountability partner.
Review your habits that make saving more different.
All in all, you have to stay dedicated and commit to your saving goal.
4. Budgeting
Budgeting allows you to save money and reduce stress.
It is important to take the time and create a budget that works for your needs to minimize spending and maximize savings.
When you sit down and take a hard look at your budget, it is easier to make cuts and prioritize what needs the most attention.
In this case, your goal for the next year is to save 10000 dollars!
Don’t skip this step! You must pay yourself first to reach your 10k goal.
5. Biggest Expenses
We are talking about your biggest fixed expenses – housing, transportation, and food.
Big moves are difficult, but they produce big results. Downsizing or moving to a cheaper place is drastic, but it can save you thousands of dollars in the long run.
Other options include renting out space in your home on Airbnb, negotiating with your landlord, and taking other measures to reduce housing expenses.
Although it is now more uncommon for families to have only one car, that is a great way to save money on a depreciating asset and ongoing maintenance costs.
Refinancing a car payment or trading in your set of wheels for an affordable ride will help you keep up with the latest trends without breaking the bank. You could also save on gas by doing your own maintenance.
In order to save some money, you should start meal planning and save money on food. You can also eat out less and use coupons or cash back apps for your grocery shopping.
Buying in bulk is a great way to get cheaper prices on certain items, but it might be too much of a hassle if you’re unsure about what kind of foods work best with each other–and there’s always the possibility that they’ll go bad before their expiration date!!
6. Increase Your Income
When you increase your income, the sky is virtually your limit. There are various ways to accomplish this goal but each way comes with its own set of risks and rewards.
The best way to increase your income is by taking on a second job. Even better, negotiate or find a new job that pays more and increases your income.
The next possible way to make money is from a side hustle or an online business, such as Amazon FBA, Etsy, eBay flipper, Rover, or affiliate marketing. This will allow you to be your own boss and work from home.
Check out the best ways to make money online for beginners.
People who want to save $10,000 in a year should increase their income. To do that, you must find ways to earn more money.
Don’t forget that you always want your money to make money! This is called passive income.
It is possible to make more money on your business than you make more money in your current job or career.
7. Track Progress
It’s important to track progress with goals. This will help you see the journey and milestones of your savings.
To track progress, download our free $10000 printable and check off boxes as you hit milestones.
Before you can reach $10,000 in savings, you must first reach smaller amounts such as $500, $1,000, or $5,000.
8. Celebrate Milestones
You can decide what to reward yourself with, but it’s important to celebrate each win by rewarding yourself somehow.
Plan your milestones and rewards in advance.
That way you have the motivation to keep going and know that you can afford your milestone.
Some examples:
$500 = Ice cream treat out
$1000 = Take out from your favorite place
$2500 = Something you want, but haven’t wanted to splurge.
$5000 = Halfway point! Celebrate with dinner out.
$7500 = Plan an experience gift like ziplining or rock climbing.
$10000 = A hotel night and dinner to celebrate with your significant other or friends.
Now, come out with your own milestones and rewards that match your lifestyle and desires.
Bonus Tip – Get Out of Debt
Saving money becomes way easier once you have paid off all debts (excluding mortgage).
This can be accomplished by prioritizing your loans, paying down the highest-interest loan, and then moving on to the next one.
Once you’re free from debts, it’s time for some simple adjustments in your spending habits that will help save thousands over a year.
Debt will always hold you back on your financial journey until you enjoy a debt free life!
How to save $10000 fast
So, you want to save $10,000 in a year?
Many of the methods listed above will help you save $10,000. But, let’s add ways to get your results faster!
You can do it!
At first glance, this might seem like an impossible task but with these tips and tricks, it’s not too hard to set your budget up so that you’ll be able to afford everything from a vacation abroad in your future.
The key is finding ways around spending money on things such as coffee, clothes, and other small luxuries so you can save the most money.
Here is a list of ways to save $10,000 in one year:
Cut your spending on coffee by 90%
Eliminate cable TV from your life for a month
Stop using taxis or public transportation when possible
Avoiding credit card debt.
Living with roommates instead of buying a house.
Get rid of all unnecessary subscriptions
Stop buying coffee at Starbucks or other coffee shops
Don’t buy anything with coupons unless it’s something you really need
Stop eating out
Cook your own food at home
Figure out what you spend the most on in a month and cut back by 20%
Sell any unused items you have in your home
Spend $5 per meal. Frugal meals are good!
Creates grocery list to limit eating out
Live like a thrifty person
Try a no spend challenge
Compare what is happening with your savings goals
Eliminate fees
Be careful with your money. Stop buying things that you don’t need and start living more simply. Do you really need that new iPhone?
Think about purchases over $25, specifically whether or not it’s worth it
Save for a set purchase instead of buying things as you go
Limit all impulse buys
For more ideas, check out our 200+ Frugal Living Tips.
There are some faster methods above that will get the job done quicker than just saving for 12 months.
Saving money isn’t as hard as you think it is. All it takes is some creativity and a little bit of willpower.
How to Save $10000 in a Year with Envelopes
Envelopes are a great way to save money. They allow you to collect interest on the cash you have saved in your account. Envelopes make it easy for people without much financial knowledge to save.
Since you are saving such a large amount of money, it is best to use an online budgeting app that works well with the envelope method.
To save money, you need to know how much you have saved with the 10k in 100 days challenge.
Tracking your progress is a good way of doing this and can be done by using envelopes with the amount inside that corresponds to what total savings count towards each goal.
Download Your 10000 Dollars Printable
Saving up $10,000 can be difficult and it’s not easy to know what to do. The tricky part is learning how to sustain those savings for the long run.
To help you show you how to save on a consistent basis, you can download one of our free $10000 printables.
When you sign up, you will have access to these free money saving challenge printables!
How to Save 10000 in 6 Months
Okay, you are determined to speed up your $10k savings!
That is awesome!
All you have to do is double how much you are saving each pay period.
To save $10,000 in 6 months, you must set aside an average of $1,666.67 per month for 6 months.
Daily:
$54.65
Weekly:
$384.62
Bi-Weekly:
$769.23
Monthly:
$1,666.67
Bi-Monthly:
$833.33
Quarterly:
$5,000.00
How to Save $10000 in 3 Months
Saving $10,000 in 3 months is a difficult task but not impossible. Here are some suggestions:
-Start saving money as soon as you can and work your way up to $10,000.
-House hacking is a must. Buy a house and rent out the rooms for extra income. Live with parents. Another great option is house sit and be paid for your housing!
-Rent out your car (or sell it) in order to save on gas costs.
If your goal is to aggressively save $10000 in three months, then you must drastically reduce all expenses.
To save $10,000 in three months, you must set aside an average of $3,33.33 per month for three months or in a period of 90 days.
Daily:
$111.11
Weekly:
$833.33
Bi-Weekly:
$1,666.67
Monthly:
$3,333.33
Bi-Monthly:
$1,666.67
Quarterly:
$10,000.00
How to Save $10000 in 2 Years
Saving 10000 dollars in a year is a little more aggressive than you believe possible. That is completely okay.
It does not matter how long it takes you to save $10000 as long as you complete the saving money challenge!
To save $10,000 in two years, you should start by saving at least 10% of your income every month. Then you can invest that money into index funds or other investment options to maximize your wealth.
To save $10,000 in 2 years you must set aside an average of $416.67 per month for two years or $5000 per year.
Daily:
$13.70
Weekly:
$96.15
Bi-Weekly:
$192.31
Monthly:
$416.67
Bi-Monthly:
$208.33
Quarterly:
$1,250.00
Are you Ready to Save 10000 Dollars?
A money saving challenge is a competition with the goal of finding ways to save money.
The best way to save money is through baby steps.
To start, you can take a look at your current financial situation and identify the areas of opportunity for savings. For example, if you’re struggling with debt or have an expensive monthly budget, then it’s time to find ways to reduce spending in these areas.
Once you’ve identified some opportunities for savings and created a plan accordingly, make sure that your progress doesn’t slow down by using tools like automatic saving plans and paperless billing.
Money saved in the long run will be worth it and you should participate in any of our money saving challenges.
The key point about saving money is not having too many goals as it will make it difficult to prioritize which ones are more important than others when trying to save more.
This is a simple guide for saving money, and it’s designed to help you save $10,000 in a year. Next up, is learning how to save 20000 in a year.
We have included tips on how to save money, but more importantly, change your finances for the long term.
Related Money Saving Challenges:
Source
Federal Reserve. “Changes in U.S. Family Finances from 2019 to 2022.” https://www.federalreserve.gov/publications/october-2023-changes-in-us-family-finances-from-2019-to-2022.htm. Accessed January 22, 2024.
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There are many reasons why you might end up accidentally depositing a fake check into your bank account. Scammers often use fake checks as part of various schemes to steal money from unsuspecting victims. They may send you a fake check and ask you to deposit it, then request that you send them a portion of the funds back, claiming it’s for fees, taxes, or some other reason. By the time the bank realizes the check is fake, you’re left responsible for the full amount.
Why do these scams work? The fake checks generally look just like real checks, even to bank employees, with appropriate watermarks, and they may appear to be issued by legitimate financial institutions.
Here’s a closer look at what happens if you accidentally deposit a fake check, plus ways to spot counterfeit checks.
Key Points
• Depositing a fake check can initially seem problem-free as funds often become available quickly.
• Once a bank identifies a check as counterfeit, the depositor must cover the check’s amount.
• Additional consequences include potential overdraft fees, late payment fees, and possible account closure.
• A negative banking history, such as being reported to ChexSystems, may result from depositing fake checks.
• Spotting fake checks involves checking for proper paper quality, bank details, and unusual amounts.
Consequences of Depositing Fake Checks
If you accidentally deposit a fake check, everything may be fine at first. By federal law, the bank must make the funds available to you within one or two business days. When the funds are made available in your account, the bank may say the check has “cleared,” but that doesn’t mean it’s a good check.
Fake checks can take weeks to be discovered and sorted out. When the bank realizes the check is fake (often after you’ve spent the money or given it to someone else), here is what happens:
• You have to cover the cost of the check. The bank will typically debit your account for the amount of the fake check, and may also charge you a processing fee.
• You’ll lose any money you sent to the scammer. While in some rare cases you may be able to request a chargeback on a fraudulent transaction, it’s unlikely that you will be able to get any money back once you’ve given it to a scammer.
• You may have to pay overdraft fees. If you spent the check amount before the bank realized it was fake and debited your account for the amount, it’s possible your account could get overdrawn. In that case, you could face overdraft fees, which can run $30 to $35 per transaction.
• You may have to pay late fees. If you aren’t able to pay your bills because of insufficient funds after depositing a bad check, companies may charge you late fees.
• Your bank could close or freeze your account. Banks will often freeze or close accounts for suspicious activity, including attempts to pass off bad checks. You’ll want to check your bank deposit account agreement to see in what scenarios your bank can close your account.
• It could hurt your credit score. If you relied on the check to pay upcoming bills, you might miss their due dates. Because payment history is the biggest factor credit bureaus use to determine your credit score, missed payments can do damage to your credit.
• Your banking history could be tarnished. The bank may report the fake check incident to the banking reporting agency ChexSystems. If so, the agency will then record that information in its files about your checking history. Banks and credit unions may use that information to determine whether to allow you to open a bank account in the future.
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Can You Go to Jail for Depositing Fake Checks?
Whether or not you’ll face criminal charges (and potential jail time) for depositing a fake check will depend on whether or not you knowingly deposited a fake check, as well as the laws in your state. If you are simply the victim of a scam, you likely won’t face criminal charges or jail time.
Knowingly committing check fraud, however, is a serious crime that can result in significant fines and even jail time. In Indiana, for example, the lowest level of check fraud is a misdemeanor, which can lead to imprisonment for up to one year and a fine of $5,000. If the amount on the check was between $750 and $50,000, you will instead be charged with a felony. The potential sentence for this is six months to two- and-a-half years in jail, plus up to a $10,000 fine.
If you are convicted of a check fraud felony in New York State, on the other hand, it could mean up to seven years in prison.
Recommended: How Long Is a Check Good For?
6 Tips to Spot Fake Checks
Counterfeit checks can look incredibly real, making them difficult to spot without careful examination. To protect yourself from falling victim to check fraud, it’s important to know how to identify a counterfeit check. Here are six tips to help you spot a fake.
1. Feel the Edges of the Check.
If the check is legit, it should have one perforated edge (where it was ripped from a checkbook). A check that is smooth on all sides is a tipoff that it’s a fake.
2. Examine the Paper
Genuine checks are usually printed on high-quality paper with intricate designs that are hard to replicate. Hold the check up to the light to see if it has watermarks or security threads. Genuine checks often have these features, while counterfeit checks may appear flat and lack these security measures.
3. Check the Bank Information
Verify that the bank’s name and logo on the check match the ones used by the actual bank. You can do this by visiting the bank’s official website or calling their customer service hotline. You can use an online tool like BankFind to check if a bank is backed up by the Federal Deposit Insurance Corporation (FDIC).
4. Scrutinize the Check Amount
Be wary of checks that have unusually high or round amounts. Scammers often use these amounts to make the check look more appealing. If you receive a check for an unexpected amount, it’s a good idea to contact the issuer directly to verify its authenticity.
5. Look for Typos
Counterfeit checks often contain spelling mistakes, grammatical errors, or inconsistent fonts. Carefully review the check for any such errors, as they can indicate that the check is fake.
6. Be Wary of Pressure Tactics
deposit the check quickly. They may claim that the check is a limited-time offer or that you must act fast to receive a prize or reward. Take your time to verify the check’s authenticity before taking any action.
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What if Someone Else Deposits a Fake Check Into Your Account?
If someone else deposits a fake check into your account, the situation can be complex and you’ll want to take prompt action to mitigate any potential negative consequences.
As soon as you become aware of the fraudulent deposit, contact your bank to report the issue and give them all the relevant details, including the date of the deposit, the amount, and any other information you have about the check. It’s also a good idea to ask your bank to place a hold on your account to prevent any further transactions from occurring until the situation is resolved. This can help prevent additional fraudulent activity.
As your bank investigates the fraudulent deposit, they may request documentation to support your claim that the deposit was fraudulent, such as copies of the fake check, any communication you have had with the person who deposited the check, and any other relevant information.
Going forward, you’ll want to take steps to protect your account from further fraudulent activity. This may include changing your online banking passwords, setting up alerts for suspicious activity, and being cautious about sharing your account information.
The Takeaway
Check fraud is just one of the many ways that scammers con people into giving them money. If you unknowingly deposit a fake check into your account, the consequences include fees and, possibly, a negative mark on your banking history and the closing of your account. To avoid being scammed, look for the signs of a fraudulent check, and avoid cashing a check that you weren’t expecting, or for more than the agreed-upon amount.
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
Can you get in trouble for accidentally depositing a fake check?
Yes, you can potentially get in trouble for accidentally depositing a fake check. While an accidental deposit may not lead to legal consequences, you may get hit with bank fees, you’ll need to repay any amount of the check you spent, and the bank may put a hold on your account. It’s crucial to cooperate with your bank’s investigation and take steps to rectify the situation promptly.
Is the bank responsible for cashing a fake check?
Generally, banks are not responsible for cashing a fake check if they can demonstrate that they followed proper procedures and exercised reasonable care in processing the check. However, if the bank is found to have been negligent or failed to detect obvious signs of fraud, they may be held liable for cashing a fake check. It’s important to review your bank’s policies and procedures regarding check deposits and fraud prevention.
Photo credit: iStock/AndreyPopov
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 deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government 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, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
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.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
This article is not intended to be legal advice. Please consult an attorney for advice.
Textiles are at the heart of home furnishings, serving a dual purpose of functionality and fashion as the choice of fabric significantly influences a space, elevating aesthetics and functionality. From robust upholstery fabrics designed for durability to opulent drapery that exudes luxury, textiles can change how a house looks and feels.
Textiles in home decor and interior design: Tips to elevate home furnishings with fashion and functionality (Photo by Behance)
In an interview with HT Lifestyle, Saba Kapoor, Co-Founder of Nivasa, advised, “Go for special braids and weaves, showcasing artisanal craftsmanship to elevate interiors. Apart from their practical functions, textiles act as a medium for personal expression, mirroring the homeowner’s individuality and setting the overall ambiance of the space. They have the unique ability to celebrate cultural heritage by incorporating traditional patterns or showcasing expert craftsmanship.”
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She further recommended, “Opt for upholstery fabrics that boast dust-proof and spill-resistant properties, ensuring furniture stays pristine with minimal upkeep. This practicality enhances the longevity of furnishings while maintaining aesthetic appeal. Be it elegant throws, rugs or curtains, textiles play a multifaceted role in transforming a house into a home thereby enhancing the functionality and style. More often than not, textiles also also resonate with the individuality and cultural identity of its inhabitants, making the living space truly personal and inviting.”
Bringing his expertise to the same, Sachin Chauhan, Director at Dialogues by Nirmals, said, “Textiles are a way of transforming functionality to become a prominent element in home furnishing fashion. The exploration of this evolution bridges functionality and aesthetics seamlessly. The intrinsic role textiles play in elevating home décor is adding a statement look to any space. As textiles evolve, homeowners and stylists are seeking to incorporate innovative textures, patterns, and materials, turning everyday items into expressions of personal style.”
He concluded, “Textile pieces not only contribute to the overall aesthetic of living space but transform it into a curated and fashionable haven. From luxurious drapes to intricately designed cushions, the broad category of textiles is stealing the spotlight by becoming the ultimate functional source of adding interesting decor and fashion.”
Part of teaching your kids to be more independent is giving them money as part of an allowance. It can be an exciting time for your child — remember when you first got your hands on some cash? It can also be fraught with some bumps along the way as your child learns sound money management skills.
That’s not to say it’s not worth it. Rather, deciding on how to give them money and helping them budget their allowance can take time, but your kids will thank you for it. Read on for ways that you may handle this part of parenthood and help your child build financial literacy.
What Is an Allowance?
An allowance for kids is a predetermined amount of money you give them on a consistent basis, most commonly on a weekly or monthly cadence. You can choose to have your child earn their allowance by completing chores or “jobs” or do none at all. The idea is that with an allowance, your child can learn the value of work (if you have them do chores), gain experience handling money, and learn responsibility.
The decision to give an allowance is up to the family. The same holds true regarding whether the allowance is earned by completing chores. Depending on the age, some parents may feel more comfortable with giving their kids cash. Some may feel older kids can handle their own debit card and a children’s checking account — with some limits, of course.
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Types of Allowances
The type of allowance you give your child is based on your preferences, what you want your child to learn, and their needs. Here are some options for how an allowance can work.
Chore-Based Allowance
The chore-based allowance tends to be the most common, where a child is given some household tasks and offered a certain amount once these tasks are complete.
• Tasks typically will depend on your child’s age and their readiness to handle certain types of responsibilities.
• It can be wise to assign tasks your child can realistically accomplish so that they don’t wind up feeling discouraged.
For example, say your nine-year-old wants to start doing chores regularly to receive allowance money, which they plan to save up to buy a new science kit. Based on what they’ve demonstrated to you in the past, you believe they’re able to load the dishwasher and help put the laundry away. You discuss this with your child, and you both agree that you’ll give them a weekly allowance if they complete all their assigned chores.
Pure Allowance
Some parents would rather teach their child money management skills without connecting this to some sort of labor. Instead of asking your child to complete chores, parents agree to give them an allowance — typically a consistent amount in cash or perhaps put on a debit card connected to a bank account. While your child may still do chores around the house, the allowance isn’t contingent upon its completion.
Hybrid Approach to Allowance
Parents who want to teach their kids about reaching a goal (and also how money is tied to work) can take the hybrid approach. Here, you’ll give your child a regular allowance that isn’t contingent on any chores. However, you give them an opportunity to earn more money by taking on extra chores around the house. In that way, they’d get more experience in allowance management.
• For example, your child receives $5 a week, but they want to earn more so they can head to the local arcade for their friend’s birthday party or see their savings grow.
• Based on their age and ability, you have them do a chore or two (pulling weeds in the yard or taking out garbage). Once the tasks are complete, you give your child the amount you agreed upon.
How Much Allowance Should You Give Out?
The amount you should give your child will depend on several factors. Ultimately, it will depend on your budget and what you can afford to give your child. One popular formula is to give a child $1 or $2 per week for every year of age, which would mean $8 or $16 for an eight-year-old and $16 or $32 for a 16-year-old.
You might consider not just the age of your child but also how challenging or time-consuming the task is. A couple of other pointers:
• If you’re unsure what’s a good amount, you can ask some of your trusted parent friends or family members about what they’re giving their child.
• If your child reaches the age where they can get a part-time job, you may even consider lowering the amount or not giving an allowance at all since they can earn their own pocket money.
Whatever the amount you choose to give, make sure you set clear expectations. This means spelling out the chores in detail (is the child making their bed every day or just on weekdays, for instance?). It also means determining how much money will be paid, when, and how, as well as what (if anything) they will receive if a task is not fully completed. This can result in headaches down the road.
Advantages of Giving an Allowance
There are plenty of upsides to giving an allowance. Consider the following:
Teaching Money Management
Giving an allowance, whether tied to chores or now, gives your child an opportunity to understand how money works. Plus, it can teach them that the items they want to purchase or activities they want to do cost money. It gives them hands-on experience earning, saving, and spending, providing a valuable lesson in money management for kids.
They’ll learn about what it takes to purchase something, such as looking at price tags in the store.
• To go a step further, you can even teach the concept of saving and investing money and why that can help them as well.
• If you open a children’s or teen’s bank account for your child’s allowance money, that will teach valuable basic banking and financial literacy skills too. They might see how interest compounds and grows their savings, for instance.
• The same holds true if they get a debit card (typically one where you can view and possibly approve their spending).
Teaching Responsibility
An allowance can teach your child what it means to be responsible with money. They can learn not to spend their earnings on snacks if they’re saving for, say, a video game. They can learn to safely store their funds, be patient until their next paycheck rolls around, and earn extra money if they’re eager to accumulate a certain amount.
Building Confidence
Giving kids an allowance can help boost their confidence because it can show them you believe they’re ready to earn and manage their own money. They may also feel proud of their ability to make cash and spend it as they see fit, whether that means buying themselves new clothes or making a donation to a favorite charity.
Creating a Safe Space to Learn
Instead of having kids learn about money and other types of responsibilities when they’re grown, giving an allowance can give them a bit of a head start. You can help guide them to make their own decisions, which can include making money mistakes without huge consequences. Any errors they make can be an opportunity for you to teach your kid about what they can do differently next time.
Recommended: Guide to Opening a Bank Account for a Minor
The Takeaway
If you choose to give your child an allowance, whether it depends on chores or not, it can be a good way for them to learn how to manage a bit of money responsibly. You might have them work for the money, not work at all, or have them earn a bonus for doing additional chores.
Whatever amount you give, showing your child how to save their money in a savings account is a great teaching opportunity.
Currently SoFi Bank does not offer accounts to minors. But while you’re thinking about money management, why not take a fresh look at your own banking needs?
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
What is a fair allowance for kids?
A fair allowance for kids should be based on age and what you feel is appropriate. Many parents provide $1 or $2 per week for each year of the child’s age (meaning, if a child is 10, they get $10 or $20 per week). You might survey other parents in your circle and see what they give their kids as a way of coming up with a ballpark figure.
Are allowances bad for kids?
In most cases, allowances can have several advantages for kids, such as learning how to handle money and becoming more responsible. However, some parents may believe that allowances aren’t appropriate and should in no way feel obligated to give one.
How do parents give allowance?
Parents can give an allowance in a weekly, biweekly, or monthly cadence (or whatever other frequency suits them). They can also give a consistent amount or vary it depending upon tasks completed. In addition, an allowance can be paid as cash, on a debit card for older kids, or deposited into children’s bank account or an account that their parent holds for them.
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 deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government 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, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
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.
Inside: Get empowered with our popular Money Saving Challenges! From envelope challenge to monthly savings, become a finance guru today!
Do you want to save money? Obviously, if you are here checking out the money saving challenges from Money Bliss!
You all love the concept of saving money!
But, we may not have been as successful as we hoped in the past. And that is okay! Give yourself some grace and start afresh today.
Everyone knows that a penny saved is a penny earned.
By participating in one of our challenges, you can save money and have fun while doing it!
Let’s face it, we live in a world of economic struggle. With many people struggling every day to make ends meet and pay the bills, is there anything you can do to save money?
A simple solution: Start by paying yourself first with one of these money challenges.
We have rounded up all of the best money challenges on our site, so you have one resource to bookmark and come back each time to try a different challenge. All with one purpose in mind… save money to lead your best life.
One of the Money Bliss money saving challenges is the perfect way for you to save money every day, and become rich with your persistence and dedication.
Join our Money Saving Challenge today and start saving your pennies– we’re all in this together!
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What is a Money Saving Challenge?
A Money Saving Challenge is a challenge that lasts all year and you can repeat them as many times as you want.
This unique savings game is designed to strengthen your savings habit, transforming financial discipline into a fun and exciting adventure. There are a plethora of different money saving challenges, all tailored to prove you’re capable of achieving your savings goal.
You aren’t bound by any calendar restrictions; you can initiate the challenge at any period throughout the year to suit your convenience.
Even better, you can pick the savings game that aligns best with your income and lifestyle!
This savings commitment involves challenging you to live thriftily to accumulate more wealth and find joy at the successful completion!
Money saving challenges can be tracked easily with any of our printables. Throughout any challenge, you are able to track your progress and see how much money has been saved by following the predetermined rules for each challenge.
Why Complete a Money Saving Challenge?
This challenge works because it helps you save money.
More explicitly, it helps you exercise control over your immediate spending and discourages detrimental behaviors such as making an impulse purchase.
The ultimate goal of completing a money saving challenge is to save as much money as possible within a certain time frame.
The best way to complete the task is to follow the instructions and then track your savings.
This is a great way to spend less money and save more money in the process.
And that’s precisely the reason you return every year for a renewed challenge!
A money saving challenge gives you the reins, allowing you to save as per your comfort and desire. You can design your goals and progress bars to always stay updated about your savings game advances.
While participating in one of our first money challenges, we noticed an enduring shift in our spending habits. Therefore, a savings commitment today can secure a financially healthy tomorrow!
Why a Huge Roundup of Different Money Challenges?
A myriad of different money challenges has been created for a variety of reasons. Many people participate in these challenges as an avenue to improve their financial situation, curb impulse buys, assist others and/or merely for enjoyment.
Since everyone is at a diverse place financially, we aim to equip you with as many viable alternatives as possible.
Another reason why there is such a huge variety of these types of challenges is that each one can help people at various stages. Such as needing to pay off debt, save up for vacations, build an emergency fund, or set aside extra funds during back-to-school shopping season so you don’t have any surprises when your kids come home with tons of new clothes.
My readers know first-hand, from their remarkable triumphs, that these money challenges work!
You need to pick one today that will work for your current financial situation, bookmark the page, and then revisiting to find the next money task is your action plan.
Money-saving challenges can be fun and effective, not just a game of numbers.
It’s not only fun but it also helps increase awareness about getting rid of unnecessary costs and saving up for future goals with this type of challenge!
The Best Money Saving Challenges
The best money saving challenges are the ones that allow you to save a lot of money and still accomplish your goals.
The best way to do this is by focusing on what your priorities are and what you want to accomplish.
We’ve compiled 20 money saving challenges that can help you save money. These are the best and most effective ways to make a difference in your life, no matter what budget or lifestyle you’re living on.
These challenges will help you take full control of your finances and change how much more cash is sitting around every month for yourself!
What are some money saving challenges?
Idea #1 – 52-Week Money Saving Challenge
The 52-Week Money Challenge is a financial goal created for those who want to save more money in the span of 52 weeks.
This savings commitment not only makes saving more manageable but also turns it into a fun savings game. Weekly challenges such as this are extremely popular since it makes you more likely to stick with it.
The weekly money saving challenge encourages you to save $1,378 by the end of the year by merely increasing your savings $1 more dollar every day. It’s a simple idea: every week, you put in $1 and at the end of 52 weeks, you have more money saved fairly easily.
Other alternatives for the Money Bliss 52-week money saving challenge can also include aiming to save $3000, $5000, or $10000 over the course of 52 weeks, much like the 100-envelope challenge.
Action Step: Learn more about the 52 week money saving challenge.
Idea #2 – Reverse 52-Week Challenge
The reverse 52-week challenge is a way for people to save money by starting with a bigger amount of money at $52 and working their way down by saving $1 less each week.
The reverse version of the 52-week challenge allows you to start by saving $52, and then work your way down by $1 each week. The goal is for people to help themselves out while they save money on their bills.
This is a great way to kickstart your saving money experience. If motivation wanes over the 365 days, you’ll be relieved to know that you have already saved a majority of the money.
Action Step: Learn more about the reverse 52 week money saving challenge.
Idea #3 – Envelope Money Saving Challenge
The 100 Envelope Money Challenge is an extremely popular and trending way to save money! And the premise to save is super easy!
Spanning 100 days, this savings habit involves selecting a fresh envelope, each marked with numbers between 1-100. The number you select determines the amount to be saved on that particular day.
Consider any of the Envelope Money Challenges (50 day, 100 day or 200 day) as an ideal option for anyone who wants to aggressively build up savings quickly.
These envelope challenges are not just about accumulating savings quickly but also inculcating a shrewd savings habit for future security. Specifically, it enables you to save $1275 in 50 days or $5050 in 100 days; a significant stride towards your savings goals.
Action Step: Engage your savings habit by getting involved in one of the envelope challenges.
Secure your future in a fun way! Download your free printable 100 envelope challenge template!
Idea #4 – The 26 Paychecks Challenge or Bi-Weekly
The 26 Paychecks Challenge is a bi-weekly money saving challenge. Consider it as a more structured version of saving since this is how most people are paid.
The great news is you can save the same amounts as the 52 week challenge, but the printables are created for your biweekly budget!
Also, you can modfidy the same printable tracker on the 52 week penny savings challenge by:
Choose to do it over a span of two years instead of one year.
Double up and save two weeks for each bi-weekly paycheck.
Either way, you are nurturing a crucial savings habit, which is definitely a win!
Action Step: Learn more about the bi-weekly money saving challenge.
Idea #5 – Monthly Money Saving Challenge
This popular monthly saving challenge allows you the chance to save money each month by participating in the monthly challenges.
This works well for those who budget on a monthly basis.
For these monthly challenges, you will save amounts like $1000, $3000, $5000, $10000, $15000, $20000, or $25000. Each presents plenty of options to find one that suits your income and budget.
Action Step: Learn more about the monthly money saving challenge.
Idea #6 – Twice per month Saving Challenge
If you are paid twice per month or 24 paychecks per year, this challenge is for you.
This bi-monthly saving habit encourages you to pay yourself first with each paycheck, allowing you to focus expenditure on things that matter most to you.
You’ll be setting aside a specific amount for each paycheck.
Although the freedom lies with you to decide how much you can save, it’s advisable to squirrel away at least 10% of your paycheck to kick start your nest egg. If you can strive for a 20% savings target, even better.
This is done twice per month and should help contribute to your overall savings goals.
Action Step: Learn more about the twice per month money-saving challenge.
Idea # 7 – Mini Saving Challenge
The importance of mini saving challenges for those on a low budget cannot be underestimated. They offer a manageable route toward improved savings habits and financial security, especially for those with limited resources.
More often than not, these mini challenges often involve tracking your spending. This process can help you understand your spending patterns and identify areas where you could cut back, translating into more savings.
These mini challenges are a stepping stone to increasing your financial literacy. As you navigate the challenge, you learn about budgeting, the importance of saving, the power of compound interest, and other financial concepts. This knowledge can empower you to make better decisions
Action Step: Find the right mini saving challenges and break financial objectives down into manageable, incremental targets.
Idea #8 – No Spend Challenge
The No Spend Challenge is a simple program that promotes saving money and living below your means.
You pledge to spend no money for a set period of time. There are different rules and guidelines depending on the type of challenge, but generally, the challenge period will be between 14-30 days.
The goal is to create an environment in which you are forced to think creatively about your spending habits and how you can better manage your finances.
For us, a no spend challenge gave us insight into our spending habits while also encouraging us to save more money in order to reach personal goals, which was to pay off debt.
Action Step: Learn more about theno spend challenge.
Idea #9 – Penny Challenge
The Penny Challenge is an incremental daily saving challenge that advocates for the mentality of ‘every penny counts’.
You begin by saving just one penny on the first day, two pennies on the second, and so forth, until you are saving $3.65 on the last day of a full year. This seemingly small act can accumulate to a substantial sum of $667.95 over the course of a year.
The challenge not only encourages saving but also instills the realization of how small, regular actions can lead to considerable achievements, helping participants understand the often overlooked value of pennies.
This challenge is a great initiative for those starting to save and can be made more enjoyable by involving friends and family, thus creating healthy competition and mutual motivation.
Idea #10 – Spare Change or Rounding Up Challenge
Spare change or rounding up challenge is another option that can help you save money.
With this spare change challenge, you can do it with coins or digitally!
Collect your spare change/coins and hold onto them for a big purchase later on!
Or use an app that automatically rounds up all of your purchases and starts investing for you.
For example, if you spend $15.26, you will save 74 cents by rounding up.
Action Step: Sign up to automatically save your spare change.
Idea #11 – 365 Day Nickel Saving Challenge
The Nickel Saving Challenge is a common, yet simple math problem to save nickels, and each day you double the number of nickels saved.
Simply put, with the Nickel Challenge, you save one nickel on day 1, two nickels on day 2, three nickels on day 3, and so forth throughout the year.
By day 100 of the nickel challenge, you will save $5.00 and accumulate $252.50. On day 200 of the nickel challenge, you will save $10.00 and accumulate $1005. By
Over the course of the year, you can save $3,339.75 with the simple 365-Day Nickel Challenge. Now, you know why it is popular!
Action Step: Pick your saving jar to hold all of your nickels!The perfect piggy bank!
Idea #12 – $5 Bill Challenge
The $5 Bill Challenge is a fun challenge that can help you learn to be more resourceful! It teaches you how to look for money anywhere, but also helps them spend less and save more!
The $5 Bill Challenge is a challenge to save money based on all of the five-dollar bills you receive or find. The person receiving the five-dollar bill must keep store it for a year to see how much they can save.
As an alternative, if you are feeling uncomfortable with $5, try the challenge with one-dollar bills. You can find out just how much money that is in your pocket!
A jar with $5 bills can be used as an extra savings boost. It is recommended to put the money in a clear jar so it is easier for you to see how much money there was before and after putting more money into it.
Action Step: Pick your saving jar to hold all of your dollars!
Idea #13 – 10K Money Saving Challenge
This money challenge is hands down the favorite among readers at Money Bliss.
It was created in order to help people save $10,000 in just one year.
For many people, saving five figures is a big deal and one that is difficult for many to overcome their money blocks on.
If you are serious about committing to a challenge, then the 10k money saving challenge is just for you.
Action Step: Start your journey to save 10000 in a year.
Idea #14 – 5K Saving Challenge
The 5k saving challenge is a savings plan that helps people to save $5,000 in 6 months or $5k in a year.
Five thousand dollars is the right amount of money to save for a vacation, Roth IRA, or many other big purchases. Thus, this is a popular amount for people to save.
Shift your thinking and begin to experience financial freedom while saving 5k in a short amount of time.
Action Step: Learn how to save $5000 in 6 months or complete it in one year.
Idea #15 – Flexible or Hacked 52 week Money Challenge
This allows you to be flexible and you can save different amounts each week.
For many people, this is a great way to sock away extra cash when they have it.
You can adjust the amount you save each week, but at the end of 52 weeks, you still have the same amount saved in your goal.
Action Step: Learn more about the flexible or hacked 52 week money saving challenge.
Idea #16 – 30 Day Money Challenge
The 30 Day Money Challenge is a challenge where each day you focus on creating better money management skills. Very likely, by the end of the 30 days you are in a better spot financially and starting to save more money.
The goal of the 30 Day Money Challenge is to save money. The challenge runs for 30 days and tasks users with saving as much as possible.
Action Step: Start the 30-day money challenge today.
Idea #17 – The Pantry Challenge
The Pantry Challenge is a recipe for how to stretch your food.
Instead of adding grocery items to your cart, you must first “shop” your pantry or freezer.
Typically, when we hold a pantry and freezer challenge, we cut our grocery bill in half. It forces us to be creative with the things that we have already spent money on.
The Pantry Challenge is a grocery shopping challenge that gives your wallet a break from going to the store for one week. It helps you achieve food savings and avoid wasting money on groceries.
Action Step: Learn to stock your house with cheap food.
Idea #18 – Challenge Yourself to Turn 100 into 1000
Money can take time to save. To increase the pace of saving money, look at ways to increase your money.
This is a great challenge to think outside of the box on how to turn 100 into 1000.
That would be nice, wouldn’t it?
Honestly, making money may be easier than trying to squeeze every last cent out of a dollar.
Action Step: Find the exact ways to turn 100 into 1000.
Idea #19 – Habit Jar
The Habit Jar is a money saving device that combines the idea of breaking or creating habits with money saving. Every time, you save money on a bad habit, the money goes into the jar.
Plus the habit jar is an easy way to track your progress in achieving habits. Some people use them as a way to keep track of their personal goals, such as saving money or stopping bad habits.
When you reach your goal, take out the money as a reward!
Action Step: Pick up the book Atomic Habits to truly excel at making changes.
Idea #20 – Weather Savings Challenge
This weather saving challenge is purely fun and a great way to save money that is outside of our control.
Each day or once a week, deposit money that equals the average high temperature in your city.
For example, if it was 65 degrees out, you would move $65 into your savings account. If you live in a hotter climate you will be saving much quicker than those dealing with frigid temperatures.
This is a fun way to save for vacations to escape to somewhere else!
Action Step: Open up your savings account to start that vacation fund.
Idea #21- Christmas Money Challenge
This is how you afford Christmas without all of the stress.
Throughout the year, you save money each month to be used during the holiday. This Christmas money challenge is super simple to do.
By saving $50 per month, you will have $600 when Christmas rolls around. Want to save more, do it!
Action Step: Start a Christmas Saving Fund today. up your savings account to start that vacation fund.
Idea #22 – My Favorite Money Saving Challenge
For the last money saving challenge, I want to share with you my personal favorite.
The reason is simple.
It is easy to track year over year and make sure you are on track to reach financial independence.
Did you know? The more you save today, the less you have to save tomorrow.
That is why I love calculating my savings percentage.
This is a great personal finance ratio to know.
You can increase your saving percentage each month and then work on increasing it, even more, each year.
For example, if you are saving 10% or $6000 this year, by increasing your saving percentage by 1% for a year, you now save $6,600.
This is a great way to tailor your savings by how much you make.
Action Step: Begin to increase your saving percentage each year.
Money Saving Challenges Success Stories
Still not optimistic?
Here is a tidbit from a reader, E.P.:
“I completed the $10,000 challenge in 2019! It goes to show that if you can scrape the money together to meet weekly targets it’s possible to put that much aside without having a 6 figure job 🙂
I just remember that progress isn’t linear and not to get too down on myself.”
That is just one story.
All you have to do is visually see yourself saving in 2024.
Which Money Saving Challenge will you Choose?
If you are looking for the Money Saving Challenge, it is the one that doesn’t start with “Old” or “New Year.”
The perfect money saving challenge is the one you start today.
Hopefully, this money saving challenge post has inspired you to start saving today.
We know we have inspired thousands of other readers.
For now, we cannot wait to hear your success story like the one above.
Are you ready to save money in 2024!?!?!
Make sure to grab your money saving challenge printable – exclusive for our mailing list only.
Start saving with our Money Saving Challenge today!
If you are serious about wanting to learn how to FI, then it starts with saving money.
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.
Portfolio ARM; Market Intelligence, VOE Tools; Bank of England & RESPA; CFPB Ruling Interview
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Portfolio ARM; Market Intelligence, VOE Tools; Bank of England & RESPA; CFPB Ruling Interview
By: Rob Chrisman
1 Hour, 47 Min ago
Greetings from the Arch MI meeting room space! Heard in the hallways here at the MBA’s Secondary conference in Manhattan: “Our loan officers are telling their clients, ‘Yeah, the best time to buy a house was five years ago. The second-best time is… now.’” People’s memories are short, no one writes about how our industry helped millions of people during the pandemic, and the mainstream press is always looking for sensationalism. The latest example is “zombie mortgages”: 2nd mortgages taken out during 2008-2010 and that haven’t been paid. And we’re to blame? UWM’s DPA program, purportedly tied to Freddie, has garnered some interest. There’s another saying: the stock market is not the economy. But last week the Dow Jones Industrial Average closed above 40,000 for the first time in history. Apparently, investors have confidence the Federal Reserve will get inflation under control without throwing the country into a recession. Should we attribute this to the policies advanced by President Joe Biden and Secretary of the Treasury Janet Yellen? Some will. On an annualized basis, during the Trump Administration the Dow rose 11.8 percent, Barack Obama (+12.1 percent) and Bill Clinton (+15.9 percent). (Found here, this week’s podcasts are Sponsored by Truv. Truv lets applicants verify income, employment, assets, insurance, and switch direct deposits. Unlock the power of open finance, with Truv. Today’s features an interview with attorney Jay Beitel on the Supreme Court finding the funding of the CFPB constitutional.)
Lender and Broker Software, Products, and Services
“The first ever pizza delivery took place in 1889, when famous pizza chef Raffaele Esposito treated Italy’s King Umberto and Queen Margherita to a legendary slice. Now, almost 15 percent of all restaurant meals eaten in the U.S. are delivered. Evaluating gig income from sources such as DoorDash, Postmates, Uber and Lyft are imperative to qualifying more applicants. Argyle provides direct-source verification of income and employment (VOIE) covering 90 percent of the U.S. workforce, including more than 25 of the largest #gigeconomy employers. Lenders can trust they are getting the most complete data possible at verification, accounting for all income a borrower has at their disposal. Discover all the gig workers Argyle covers today.”
Want to know how to pick up an extra partner deal a month? With MMI’s cutting-edge mortgage transaction data feeding into Bonzo’s next-gen SMS and email automation platform, the path to unlocking an extra agent deal or two will be clear. Discover the three steps you can take to win in today’s market with MMI and Bonzo in their latest playbook. MMI and Bonzo users employ this set of simple strategies that any producer can follow. Easily find the right agents to talk to, seamlessly create targeted SMS and email campaigns, reach out at the relevant moment, and do it all without spending half your day on your laptop. Take a minute to see how it’s done. Download the playbook here and find out what you’ve been missing without the dynamic duo of MMI and Bonzo in your life.
Webinar: Surprise: First-time home buyers are on the rise. Here’s how to earn their business. Interest rates and housing inventory haven’t been hospitable for first-time buyers. Despite challenges, this segment made a notable jump in Q1 2024. What drove first-time buyers onto the property ladder, and how can lenders win their business? In this webinar, presented by Maxwell in partnership with HousingWire on May 29 at 1 p.m. CT, we’ll dig into Maxwell’s exclusive data to better understand today’s first-time buyers and explore how to cater to this valuable segment. Click here to save your seat (and if you can’t make the live event, you can still register for the on-demand recording!).
Broker and Correspondent Products
“NexBank Wholesale & Correspondent now offers 1- and 3-year Portfolio ARMs and $2,500 VLIP credit on HomeReady and Home Possible. Why partner with NexBank? Competitive pricing and products, and a streamlined experience: NexBank makes it easy for you to do business, has pricing that gives you the competitive edge, and offers a wide variety of products – Agency, FHA and VA, plus competitive portfolio Jumbo and Non-QM. We offer low-down payment and expanded financing options, HomeReady Home Possible $2,500 credit to use towards a down payment or closing costs for qualified borrowers. Wholesale Lender since 2008: Highly experienced and dedicated team understands the challenges that clients face and opportunities that help you succeed. 100 percent dedicated to Wholesale Lending: NexBank doesn’t compete with our clients for retail originations or refinancing business. We’re solely focused on building long-term relationships with our TPO clients and helping them grow their businesses. Contact us. Member FDIC. Equal Housing Lender. NMLS672886.”
The Bank of England, Veterans, RESPA, FCRA, and HMDA
Lenders and vendors should always find penalties educational. (Though some liken the situation to a herd of zebras in Africa watching one of their own be pulled down by lions.)
The Federal Deposit Insurance Corporation (FDIC) announces a settlement with Bank of England, England, Arkansas, for violations of Section 5 of the Federal Trade Commission Act (Section 5), the Real Estate Settlement Procedures Act (RESPA), the Fair Credit Reporting Act (FCRA), and the Home Mortgage Disclosure Act (HMDA). The bank has stipulated to the issuance of an Order to Pay Civil Money Penalty (CMP) in the amount of $1.5 million. (Type in “Bank of England.”)
In addition, nine former employees of the Bank of England have stipulated to individual enforcement actions. Based on the FDIC’s findings, the bank made $1.9 million in remediation to over 900 harmed consumers.
“’Veterans and their families who were deceived into refinancing their VA loans were overcharged and did not receive the loan products promised, resulting in significant consumer harm,’ said FDIC Division of Depositor and Consumer Protection Director Mark Pearce. ‘This announcement demonstrates FDIC’s commitment to ensuring consumers are treated fairly, and that those responsible, including the bank and individuals employed by the bank, are held accountable for their illegal actions.’
“Section 5 prohibits banks from engaging in unfair or deceptive acts or practices. The FDIC determined that the bank, through one of its loan production offices (LPOs), violated Section 5 by misrepresenting to consumers that they would be able to skip multiple loan payments when refinancing a Department of Veterans Affairs (VA) mortgage loan. The FDIC also determined that loan officers’ or LPO’s misrepresented to consumers their relationship with the VA.
“Section 8(a) of RESPA prohibits giving or accepting a thing of value in exchange for the referral of settlement service business. RESPA was enacted to enable consumers to better understand the home purchase and settlement process and, where possible, to reduce settlement costs. The FDIC determined the bank entered into certain co-marketing arrangements and marketing service agreements in which the bank and real estate brokers agreed to market their services together using online platforms. Further, the bank also entered into desk rental agreements whereby the bank rented space from realtors and entered into agreements with online/digital platforms for lead generation.
“These arrangements and agreements resulted in the payment of fees by the bank to real estate brokers and online/digital platforms for their referrals of mortgage loan business, in violation of REPSA. Lastly, the FDIC determined the bank brokered certain reverse mortgage loans where broker fees made to the bank constituted things of value provided in return for loan referrals in violation of RESPA Section 8.
“The FDIC also determined that the bank failed to provide consumers with firm offers of credit and required disclosures as required by the FCRA, and the bank failed to report accurate data on its 2021 loan application register in violation of HMDA.
“In addition to the settlement with the bank, the FDIC also announces settlements with nine former employees of one of the bank’s LPOs for violations of Section 5 associated with deceptive and unfair practices involving VA refinance loans by: (1) luring consumers to apply for mortgage loans with low, unavailable loan prices that would not be honored and then subsequently increasing the price before closing the loan; (2) misrepresenting that consumers could skip two months of their mortgage payments; and (3) misrepresenting the LPO’s affiliation with the VA. These nine settlements include, but are not limited to, the following: Ryan Qarana, Assistant Branch Manager: Stipulated to a Prohibition Order and Order to Pay CMP in the amount of $100,000 for violations of Section 5 and engaging or participating in unsafe or unsound practices; Jasmine Jonna, Sales Manager: Stipulated to a Prohibition Order and Order to Pay CMP in the amount of $12,000 for violations of Section 5 and engaging in unsafe or unsound practices; Zack Jabro, Branch Manager: Stipulated to an Order to Pay CMP in the amount of $110,000 for engaging in unsafe and unsound practices.
“In addition to the CMP, the FDIC issued a Consent Order that requires the bank to take affirmative steps to ensure a Compliance Management System that effectively identifies, addresses, monitors, and controls consumer protection.”
Any questions about adhering to regulations? Talk to an attorney.
Capital Markets
In the ongoing battle against inflation, recent data has shown signs of progress but also lingering challenges for the Federal Reserve. Despite efforts to curb inflationary pressures through higher borrowing costs, reaching the Fed’s 2 percent inflation target remains elusive. A slight easing in the core consumer price index in April provided some relief, along with stagnant retail sales indicating cautious consumer behavior.
Yet, interest rate cuts are likely delayed due to persistent inflation surprises, particularly in service prices and fuel costs driven by global tensions. The Fed at its most recent meeting announced a slowdown in the reduction of its balance sheet, a move signaling a shift towards less restrictive monetary policy. However, inflationary expectations remain a concern, with Fed Chair Jerome Powell noting the surprise uptick in inflation and signaling a stance of maintaining current interest rates rather than raising them.
Outside of consumer and producer price inflation stats, there were plenty of non-inflationary economic releases last week that continue to help shape the overall economic narrative. Housing starts were disappointing, reflecting the impact of rising mortgage rates on buyer sentiment and construction activity. Despite a surge in multifamily developments, single-family starts declined, exacerbating worries about inventory. Unit labor costs suggested inflationary pressures from the job market are easing. Industrial production remained flat, with manufacturing output declining, indicating a slowdown in economic activity. Retail sales reflected slower GDP growth projections for 2024. Put it all together and the economic outlook remains uncertain, with inflationary pressures and monetary policy adjustments shaping future prospects.
This week’s calendar contains much less first tier economic data than last week with updates on Fed surveys, flash S&P Global PMIs, housing-related data, durable goods orders, and Michigan sentiment before the early close ahead of the Memorial Day weekend. The minutes from the April 30/May 1 FOMC meeting will also be released on Wednesday. Regarding MBS, Class D 48-hours is today. And speaking of today, the calendar is all about Fed speakers without any economic releases of note. We begin the week with Agency MBS prices unchanged from Friday, the 10-year yielding 4.41 after closing last week at 4.42 percent, and the 2-year at 4.82 percent.
Employment
A 49-state licensed mortgage lender with a large servicing and strong capital base is seeking to expand retail footprint by partnering with large production teams or regional mortgage banks interested in a capital partnership. The goal of the relationship is to leverage back-office mortgage functions (e.g., secondary, technology, compliance, operations, and licensing) to provide you with long-term production growth opportunities. By partnering with us, you can utilize our mature systems to add loan officers and scale your operations across the US. If you are a strong retail loan origination team feeling constrained by layers of management, or an independent mortgage lender looking for new options for your team, we offer a compelling alternative to standard “branch” offerings. Confidential and serious inquiries can email Anjelica Nixt.
Movement Mortgage is dedicated to serving the veteran community! The Top 10 purchase lender will host its first-ever VA Summit on June 5, exclusively available to Movement loan officers. The event will feature keynote speakers, panels of expert VA home loan focused LOs, and more. Attendees will gain firsthand knowledge and insights into serving the veteran community. In addition to the VA Summit, Movement continues to support veterans in other ways as well, including through GraceWorks grants. These grants address the basic needs of veterans, from medical care to mental health initiatives. Most recently, the company has given grants to vital organizations like the EOD Warrior Foundation and Home Base. For more information on Movement’s VA initiatives, please visit movementmilitary.com.
(Hey, if you know someone who’s out of work, Ginnie Mae is hiring. Also, resumes can be posted for free at www.lendernews.com and employers can view them for a nominal charge for several months.)
U.S. Bank announced that John Hummel has been appointed to lead the East Market for Retail Home Lending. Hummel previously led the correspondent and Housing Finance Agency (HFA) business at U.S. Bank, a top 10 mortgage loan originator by volume. John will lead a team of 750 sales managers and mortgage loan originators that have grown the region to produce $7 billion in originations. Congratulations!
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Do you want to learn how to get free money on Cash App? Yes, you may be able to make or get free money on Cash App, and this can be an easy way to make extra money. Cash App is a free app you can use on your phone to send, receive, and use…
Do you want to learn how to get free money on Cash App?
Yes, you may be able to make or get free money on Cash App, and this can be an easy way to make extra money.
Cash App is a free app you can use on your phone to send, receive, and use money. It was started by Square, Inc. and works in the United States and the United Kingdom, and you can use it on both Android and iPhone devices. To use Cash App, you just link your debit card or bank account, and then, you can send money to friends or family by entering their Cash App username ($cashtag), phone number, or email. Think of it as an app similar to Venmo, Zelle, or PayPal.
Getting money in your Cash App account is great because it is just like cash – you can use it to buy and pay for things, and even just transfer money into your regular bank account.
And, yes, this is doable. I have made extra income over the years and have had plenty of opportunities to put it into my Cash App account. I also just recently paid someone via Cash App, so this is an app that I have personally used to both pay someone (for their side hustle!) and to make extra money with.
Best Ways To Get Free Money on Cash App
Below, you will see the different ways to get free cash on Cash App.
Here are my quick picks to get started with:
Cash App referral program
Sell stuff online and get paid through Cash App
Survey Junkie
PrizeRebel
Utilize ATM fee waivers
Cash Card Boosts
Find Cash App giveaways
1. Cash App referral program
If you want to know how to get free money on Cash App, try joining the Cash App Referral Program. This is one of the most popular ways to get free money on Cash App.
When you invite friends to join Cash App using your referral code, you can make money and they can get a sign-up bonus.
The referral amount can vary, but usually it is around $5. You will want to verify what the amount is (as well as the stipulations) as they can vary depending on the time of year. They don’t always have a referral bonus, but they do a lot of the time!
Here’s how it works:
Invite your friends – Use Cash App’s invite link to send to your friends to download the app.
Enter your referral code – Make sure your friends enter your referral code when they sign up for Cash App.
Link a new debit card or bank account – Your friends need to link a new debit card or bank account to their Cash App account.
Send $5 – Your friends need to send at least $5 within 14 days of entering your referral code to an account that is not linked to them.
Cash App makes it simple to share its benefits with others, and the referral program lets you earn free money easily. If it’s already an app that you like to use, then this can be a way to share the app you use with the people you know and make some extra money.
Cash App has this referral program to get new people to join and use their app. Plus, by requiring a person to send money in order to qualify for the sign-up bonus, new users are getting used to how the app actually works – which will possibly help turn them into long-term app users.
2. Sell stuff online and get paid through Cash App
Selling items online and in person is a smart way to declutter and earn extra money. Plus, Cash App is a convenient way to get paid for the items you sell.
I have sold a lot of things over the years, and getting paid in cash is, of course, very nice. Cash App makes this possible!
Here’s how to sell your stuff using Cash App:
Find things to sell – Look around your home for items you no longer need, like books, clothes, games, or electronics (like an old cell phone that you no longer use).
Think about where you will sell your items – Popular selling apps and sites like Craigslist, Facebook, or OfferUp make it easy to list your items.
List your items – Take clear photos and write a simple, honest description for each item. Set a fair price by checking similar items’ costs.
Mention Cash App – When talking with buyers, let them know you accept payments through Cash App. You can mention that it’s fast and convenient for both parties.
Stay safe – Be cautious when sharing your Cash App tag and only share it with trustworthy buyers. Of course, like when selling anything online, there can be a lot of scammers trying to waste your time.
3. Survey Junkie
Survey Junkie is a well-known website where you can make money by sharing your opinions through surveys.
If you complete three surveys each day on Survey Junkie, you can earn approximately $40 per month, which can be transferred to your Cash App account.
Please click here to sign up for Survey Junkie.
4. PrizeRebel
PrizeRebel is a website where you can earn reward points by answering surveys and watching short videos. Once you make enough points, you can exchange them for cash.
I personally just redeemed around $150 in points about two weeks ago, so I know this is a real way to get free cash!
PrizeRebel does not have an option for Cash App, but they do have an option to redeem your points for Venmo (among other options as well, such as ACH bank transfer, PayPal cash, and free gift cards), which is pretty close. You can transfer your money easily to Cash App from any of those options.
You can get a free $5 on Venmo for 500 points. This is similar to free Cash App money.
You can join PrizeRebel here.
5. Use their ATM fee waivers
Cash App has free ATM withdrawals as a great perk, so you can access your money without extra fees and keep more of your hard-earned cash.
If you receive paychecks of $300 or more directly into your Cash App each month, you qualify for waived ATM transaction fees. This means you won’t have to pay the usual $2.50 fee when using an in-network ATM, just for setting up your direct deposits.
If you use the ATM a lot, this can be an easy way to save money, and this is like free Cash App money.
6. Cash Card Boosts
Having a Cash App Card comes with a great benefit called Cash Card Boosts. Boosts work like instant coupons and instant discounts that give you discounts when you shop, helping you save money effortlessly.
Boosts can be for places like coffee shops and restaurants.
Here’s how to find and use Boosts on your Cash App card:
Open Cash App – Tap the Card icon on your home screen.
Add offers – Select an offer you like and add it to your card by tapping “Add Offer.”
Shop and save – Use your card at the selected places, and you’ll see the discounts applied automatically!
To use Boosts, make sure you have the Cash Card, a free debit card provided by Cash App. This card allows you to spend the money in your Cash App at stores that accept Visa.
7. Find Cash App giveaways
If you want to get free money on Cash App, entering sweepstakes and giveaways can be a fun way to try to win cash prizes.
To earn free cash on Cash App through giveaways:
Follow brands on social media – Many companies host giveaways on platforms like Instagram. Follow your favorite brands and keep an eye out for their posts or stories announcing cash giveaways.
Search hashtags – Use hashtags like #freecashapp, #cashappfriday, #giveaway, #giveawayalert, #contest, and #freebie on Twitter, Facebook, and Instagram to find free Cash App giveaways.
Use sweepstakes websites – Subscribe to online sweepstakes websites that list current giveaways.
Entering these giveaways can be a way to try to get free money on Cash App, even though winning isn’t guaranteed.
I have entered a lot of giveaways over the years, and I have won cash a few times. So, yes, this is real!
Frequently Asked Questions
Below are answers to common questions about how to get free money on Cash App.
What are the ways to earn money quickly on Cash App?
You can earn money on Cash App by referring friends, getting sign-up bonuses, answering surveys, watching short videos, selling stuff you no longer need, or using Cash Card Boosts.
Can I really get cash instantly by playing games on Cash App?
No, Cash App does not pay money for playing games. So, you should be careful of claims that promise instant cash for playing games, as they could be scams. There may be game apps that pay via Cash App, though. You can read about this at 23 Best Game Apps To Win Real Money.
Are there any legal ways to receive free money into my Cash App account?
Yes, legal ways to get free money on Cash App include using the referral program, selling items that you no longer need, answering surveys online, or taking advantage of cash back for your purchases through the Cash Card’s Boosts.
How to unlock Borrow on Cash App? Why won’t Cash App let me borrow?
To access the Borrow feature on Cash App, make sure you regularly receive deposits into your account and maintain a good account history. If you’re unable to borrow, it might be because you haven’t been receiving consistent income through the app or you don’t meet other eligibility requirements. Keeping your account active and in good standing can help increase your chances of qualifying for borrowing options later on.
How to make money on Cash App in minutes?
If you want to make money on Cash App in just minutes, then you may want to try inviting friends through your referral link to the platform. You may also want to find items from around your home that you no longer need and try selling them online for cash.
What are some common Cash App scams to look out for?
You should watch out for common scams like fake customer service numbers, phishing emails, and requests to pay a fee to receive money on Cash App. I also recommend always verifying information and never sending money to anyone promising to give you more in return. It’s important to stay cautious and protect yourself from potential scams online. If something sounds too good to be true, then it probably is!
Is the Cash App free money code without verification real?
The Cash App free money code is a scam and not real. The Cash App money generator is also a scam. Do not give your personal information or credit card number to anything that you think may be a scam. If something sounds too good to be true, then it probably is!
How To Get Free Money on Cash App
I hope you enjoyed this article on how to get free money on Cash App.
Cash App is a smartphone app that makes sending and receiving money easy. It’s also useful for people like you and me, as well as small businesses, to accept payments. People like Cash App because it has a simple design, transactions are fast, and it has different financial tools. This makes it popular for sending money between people.
Cash App is available for iOS users on the App Store and for Android users on the Google Play Store. You can easily download and install Cash App on your device from these app stores.
There are many ways to make money that can then be transferred into your Cash App account. I have earned extra money over the years that could be transferred through Cash App quite easily, and it’s something that you can do as well.
Do you like to earn free money on Cash App? Do you use Cash App?