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Apache is functioning normally

May 26, 2023 by Brett Tams

In the past 5 years there have been a plethora of startups popping up that offer an easy way to invest for the smaller investor.

As I was doing some research to find my top 5 companies to invest with I found a company that will allow you to invest with as little as $5. That company is called Stash Invest.

Stash not only lets you invest with small amounts and buy fractional shares, but also gives you a variety of interesting portfolios and investments that you can purchase. In fact, Stash offers more choices than many investment companies.

Here’s a review of Stash Invest, and a look at how they can help you to jump start your retirement savings.

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Stash Invest Background

Stash was founded by Brandon Krieg and Ed Robinson as a place for first time investors to invest in a diversified portfolio, without having to have a big bankroll. After receiving all of the regulatory approvals, they launched the iOS app in October 2015. Here are the details from Wikipedia:

Stash was founded in February 2015 by Brandon Krieg and Ed Robinson. Krieg and Robinson had previously worked together at Macquarie Group, an investment banking firm. Stash was launched as an iOS app in October 2015, and was made available on Android in March 2016. Within a year of its launch, Stash had signed up 215,000 users. As of January of 2019 Stash has $530M+ in assets under management. Through January 2019, the app had approximately 3 million users.

So they’re pretty new to the scene having launched in October of 2015, but have quickly added almost 4 million users as of 2019.

Co-founder Brandon Krieg explains the idea behind the company on the company’s about page:

“My co-founder Ed and I left our jobs to start Stash because we believe everyone should have access to financial opportunity. After a combined 30+ years in the business, we saw that Wall Street can be fundamentally unfair to smaller investors as they work to accomplish their goals. Stash will change that. “

Stash should be a pretty attractive option for newer investors, so let’s see what they have to offer.

How Does Stash Work?

Stash is a micro-investing and banking app that is mainly utilized via a mobile phone app for iOS or Android. You can start investing with as little as $5.

Anyone can open an account, you just have to be 18 years old, and live in the United States.

Opening an account with Stash should only take a few minutes, and if you do it now they currently have a bonus offer. You’ll get a $5 account bonus for signing up, which is enough to start investing.

Sign Up For Stash Here – Get A $5 Bonus

To get started, you will need to answer a series of questions and provide your Social Security number, and then link an external bank account.

Based on your level of acceptable risk (conservative, moderate or aggressive) you’ll be given recommendations for portfolios.

Stash Investment Portfolios

Stash’s investments are mainly ETF index funds and they have 250+ETFs and stocks in pre-built investments that you can use to build your portfolio.

When you first open your account, the app will recommend a mix of diversified stocks that suits your level of risk.

In addition to their main 3 portfolios, there are an abundance of other investment options including funds focusing on large blue chip companies, small companies, environmentally friendly investments, technology, health care, banking, entertainment and more.

They talk about “investing in things you believe in”, and if that’s something you’re interested in doing, there are plenty of niche focused investments to partake in.

You can invest in just about anything your heart desires with Stash, just be cognizant of what the “risk level” is for each fund, and what the fund management fees are for the individual ETF funds you’re choosing as they can range from very low cost, to less so.

Stash Online Banking

Stash has an optional online banking account and Visa debit card that you can sign up for with your account. ^1.

Some of the features of the account include:

Early payday (Get paid up to 2 days early)
No overdraft fees.
No monthly maintenance fees.
No minimum balance fees.
Access to thousands of fee-free ATMs.
Stock-Back^® Rewards for everyday spending.
Setup automatic transfers to keep the account funded.

This account is included in the regular monthly fee, and doesn’t have additional fees.

Stash Stock-Back^® Rewards

Stash introduced a cool feature a while back that they call “Stash Stock-Back^® Rewards” ². It’s a rewards program of sorts that works in conjunction with your Stash debit card and your online banking. Instead of getting cash back, however, you’re getting fractional shares of stock where eligible.

Here’s how it works. Make a purchase with your Stash Visa at any of 11 million businesses nationwide, and you’ll get rewards for that purchase in the form of a fractional share of stock for that company (or for a diversified ETF index fund if that company isn’t available).

For example, if you buy something on Amazon with your Stash debit card, you’ll earn AMZN Stock-Back^® as a reward.

As soon as you make a purchase using your Stash debit card, you should get a notification of the stock that you’ve earned. You’ll earn 0.125% Stock-Back^® rewards on everyday purchases, and up to $5 Stock-Back^® rewards at certain merchants. The stock will be added to your taxable brokerage account within your app. ³

Other Features of Stash

Here are some other important features and functionality of the app that are important to know about.

Stash Retire: Stash recently has moved into the retirement investing space and they now offer Traditional and Roth IRA accounts.⁴ Those accounts have a minimum of $15 to invest.
Smart-Save: Smart-Save functionality studies your spending and income patterns to figure out when you have cash to spare. Then it automatically saves small amounts of extra cash into your Stash account. There, it earns interest, or can be invested.
ASAP Direct Deposit: Get paid up to 2 days early.⁵
Automated investments: Set up a regular deposit and fund your account on an automated basis.
Fractional shares: You can buy fractional shares – buying a small fractional share of a single stock.
Educational materials: They have a decent array of educational materials available for newer investors in both the app, via email, and on their website.
Tools to forecast: The app has a tool to see the impact your saving and investing might have over time. It gives you insight into how your positive choices are impacting your future.
Security: Stash’s app uses 256-bit bank grade encryption to secure your personal information. Information sent between the app and their servers use SSL encryption, and they don’t store you your bank long information.
SIPC Coverage: Your investments in your account are covered by Securities Investor Protection Corporation (SIPC) through the clearing agency used by Stash, Apex Clearing Corp. The limit of SIPC protection at any brokerage is $500,000, which includes a $250,000 limit for cash.

Stash Service Fees And Minimums

Where the rubber meets the road is just how much you’ll be paying to use Stash. What are the fees and minimums for using the service?

First of all, there is a $5 minimum in order to have an account, and you only need $5 to invest.⁶ So the service is accessible to just about everyone, especially if you get the $5 bonus mentioned above.

Low Monthly Fees

The service offers three monthly subscription plans. There is the Stash Beginner account for $1/month⁷ that includes a personal investment account, debit Visa card account access, Stock-Back^® rewards program that helps you to earn stock for your normal spending, and free financial education.

The $3/month⁷ Growth subscription will give you everything in the basic account, but also includes access to retirement accounts.

The $9/month⁷ plan gives you everything in the above plans but adds in the option of custodial accounts where you can start investing for 2 kids, a metal debit card that also gives you 2x earnings on Stock-Back^® rewards, as well as monthly market insights reports.

While $1/month isn’t really that much, the one caveat is that if you have a low balance account and you’re paying $1/month for the service, that fee could be a relatively large percentage of your assets in comparison to some other services. It might be something to consider. Stash becomes more cost effective in my opinion once your account reaches a higher dollar value, and at that point it’s very comparable to other investment sites like Betterment, Wealthfront and others.

Automated Investing With A Low Barrier To Entry

If you’re a newer investor and you don’t have a lot of money to start investing, Stash might be worth your time to get your feet wet. They have a low initial deposit of $5, and from there you can use dollar cost averaging to build your portfolio bit by bit. You can even start a Roth IRA or Traditional IRA and invest for retirement with Stash Growth.

Stash has a wide variety of investment options, and if you’re looking to hold a diversified portfolio, their basic mix portfolios can give you what you’re looking for.

While the fees aren’t the lowest, once the account grows to a reasonable level the fees are very comparable to other players in the space.

Try Stash for free with the currently available $5 account bonus!

Sign Up For Stash Invest Today!

1 Debit Account Services provided by and Stash Visa Debit Card issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Investment products and services provided by Stash Investments LLC, not Green Dot Bank, and are Not FDIC Insured, Not Bank Guaranteed, and May Lose Value. In order for a user to be eligible for a Stash debit account, they must also have opened a taxable brokerage account on Stash. Account opening of the debit account is subject to Green Dot Bank approval.

2 Stash Stock-Back® is not sponsored or endorsed by Green Dot Bank, Green Dot Corporation, Visa U.S.A., or any of their respective affiliates, and none of the foregoing has any responsibility to fulfill any stock rewards earned through this program.

3 You’ll also bear the standard fees and expenses reflected in the pricing of the ETFs in your account, plus fees for various ancillary services charged by Stash and the custodian.

4 Stash does not monitor whether a customer is eligible for a particular type of IRA, or a tax deduction, or if a reduced contribution limit applies to a customer. These are based on a customer’s individual circumstances. You should consult with a tax advisor.

5 Early access to your direct deposit depends on deposit verification and when Green Dot Bank gets notice from your employer, and may vary from pay period to pay period.

6 Other fees apply to the debit account. Please see Deposit Account Agreement for details.

7 You’ll also bear the standard fees and expenses reflected in the pricing of the ETFs in your account, plus fees for various ancillary services charged by Stash and the custodian.

Bible Money Matters is a paid Affiliate/partner of Stash. Investment advisory services offered by Stash Investments LLC, an SEC-registered investment adviser.

Stash

Rating

8.5/10

Pros

Low minimum deposit to start investing
Plenty of investment options
Beautiful app
Low fees on larger accounts
Educational content

Cons

Fees for smaller accounts

Source: biblemoneymatters.com

Apache is functioning normally

May 26, 2023 by Brett Tams

Many consider the 2000s to be a “lost decade” for stock market investors. This view is not surprising since the 2000s marked the biggest loss for the S&P 500 of any decade, including the 1930s. However, it wasn’t what you invested, as much as how you invested that mattered the most in the 2000s. Some investors found success in the 2000s and those lessons can be applied to the 2010s.

What is the best investment for the 2010s?

We are often asked: What is the best investment for the 2010s? However, the question itself implies the wrong approach to how to best invest in the 2010s. The most effective approach to investing is not likely to be holding any single investment for the whole decade. Instead, a consistent approach to saving and tactically buying and selling a number of investments suited to different environments and conditions is more likely to result in investment opportunities for the decade as a whole.

Our outlook for the 2010s is for modest buy-and-hold returns and the likelihood of volatility as many factors influence the markets. However, to illustrate our point about successful investing let’s look at the 2000s when positive returns were even harder to come by. The 2000s offered tactical investors many opportunities to add value beyond the lackluster performance of the indexes; we expect the 2010s will also offer similar opportunities.

How much of a lost decade were the 2000s?

It depends on how consistently you saved and tactically you invested. As you can see in [Chart 1] with $120,000 invested in the S&P 500 at the beginning of the decade, it was only worth $109,082 (including dividends) 10 years later, for a loss of about $11,000. Looked at this way, the 2000s were certainly a lost decade — or, at the least, a decade of losses.

However, that wasn’t the only investor experience during the 2000s. It may seem that those investing money over the course of the 2000s probably wish that they hadn’t. In fact, for those that added to their investments over the course of the decade the experience was very different. For those that consistently invested $1,000 per month in the S&P 500 the decade produced a modest gain of over $8,000 instead of an $11,000 loss. The same $120,000 placed in the same investment provided very different results. While the gain isn’t big, it calls into question whether the 2000s were a lost decade. [Chart 2]

Source: LPL Financial, Bloomberg

This is a hypothetical example and is not representative of any specific situation. Your results may vary. The rates of returns used do not reflect the deduction of fees and charges inherent to investing.
The S&P 500 is an unmanaged index, which can not be invested into directly. Past performance is no guarantee of future results.

Source: LPL Financial, Bloomberg

This is a hypothetical example and is not representative of any specific situation. Your results may vary. The rates of returns used do not reflect the deduction of fees and charges inherent to investing.
The S&P 500 is an unmanaged index, which can not be invested into directly. Past performance is no guarantee of future results.

More importantly, those investors that used a tactical asset allocation approach (here represented by the performance for a decade of the LPL Financial SAM/Research Recommended Mutual Fund Models Growth with Income Diversified and Diversified Plus Portfolios) as they consistently invested $1,000 per month ended up with a gain of $41,000 over the decade. This is $52,000 better than the $11,000 loss represented in the first example on the same $120,000. No lost decade here!

It’s How You Do It

In summary, it isn’t what you invested in; it is how you invested that mattered over the 2000s. We believe this is the secret to investing success in the 2010s, as well. Even if the 2010s offer only a repeat performance of the “lost” 2000s, investors can find opportunities to invest and profit by consistently saving and tactically managing the investments in their portfolio. Rather than look back with regret at what may have been a lost decade, we encourage investors to look forward with newfound wisdom and invest for success in the 2010s.

Important Disclosures

This was prepared by LPL Financial. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance reference is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly.
Investing in international and emerging markets may entail additional risks such as currency fluctuation and political instability. Investing in small-cap stocks includes specific risks such as greater volatility and potentially less liquidity.
Stock investing involves risk including loss of principal Past performance is not a guarantee of future results.
Small-cap stocks may be subject to higher degree of risk than more established companies’ securities. The illiquidity of the small-cap market may adversely affect the value of these investments.
Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rate rise, are subject to availability, and change in price.

Source: goodfinancialcents.com

Apache is functioning normally

May 26, 2023 by Brett Tams

This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.

Are you wondering how much money you should have saved by 25?

If so, this post is for you.

You need to learn how to save from a young age to be financially responsible and enjoy your life without stress.

In this post, I will outline the steps that I took to save a total of $25,000 by age 25. That ultimately led to becoming a millionaire well before most people earn that 7 figure status.

My goal is to help motivate and inspire you to save as much money as possible.

I believe that if everyone saves just 20% of their income each year, we could create massive waves of positive change across the world. So let’s get started!

How much money should you have saved by 25?

It’s never too late to start saving for your future.

By age 25, you should be working through paying off debt and starting to improve your savings rate.

Below are guidelines on how much money a 25-year old should have saved by the age of 25.

Save a Total of $20000

By 25, you should have saved $20000.

Given the average savings for this age is only $11,250 and the median savings is $3,240 (source), you will be ahead of the curve with those super savers in this age group. However, most twentysomethings fall in the middle of the bell curve and could barely afford a job loss or any major expense.

Save at Least 50% of your Annual Expenses

Another rule of thumb for a 25-year-old is to save 50% of your annual expenses.

Let’s say, you spend an average of $20000 a year on rent, food, insurance, discretionary spending, etc, then you would need to save at least $10000.

This method will make sure you have enough money saved based on your lifestyle.

How much money should you have saved by age 30 for retirement?

If you want to have a comfortable retirement, you should save as much money as you can by the age of 25 and 30.

Most people don’t save enough for retirement and twentysomething (age 20-29) only have average 401k balances of $10,500 (source).

That means at a retirement age of 65, your account balance would be $94,259 in a taxable 401k / IRA or $228,107 in a Roth 401k / Roth IRA. The assumptions include no additional contributions and an 8% rate of return.

To prepare for retirement, aim to save between $15000 and $20000 by age 25. To stay on track, use a benchmark to figure out how much you need to save each year and customize your target based on your individual circumstances.

If you’re not saving for retirement yet, start contributing to 401k plans and IRA accounts now so that you’ll have a solid foundation when it comes to savings.

Save at a Minimum of 10% of your Income

This needs to be non-negotiable at the age!

It is very easy to find ways to pay yourself first and save 10% of your income. While you may prefer to hit that happy hour or buy those designer shoes, you are better off trimming your spending and up your savings while you are young.

Then, each year increase your savings percentage by 1% until you reach the 20% threshold.

But, you don’t have to stop there! Many Gen Zs are wanting to explore why there are young and healthy and not be a slave to the workforce. That means you need to save more to make that happen.

What should your net worth be at 25?

Most people in their 20s are typically swaddled in debt, especially student loan debt.

Your goal is to have a positive net worth – even if by $100. That means your savings is greater than any debt you have.

Your goal is to double your liquid net worth quickly.

What is the average savings rate for people in their 20s?

Okay, let’s be real… okay?

Most young adults are spending more money than they are saving. That means each month their spending exceeds their income.

As such the statistics do not even include this age group.

how much should I have in savings at 25?

At 25, you should have about 3-6 months of living expenses saved up in the bank.

Additionally, it is important to start thinking about your long-term financial goals and make sure you are building a foundation that will support those goals.

What are the different savings goals that people in their 20s should have?

Saving for your future is important, and you need to make it a top priority.

There are many different savings benchmarks to choose from including:

Save an emergency fund of at least $2000.
Participate in one of our popular money saving challenges.
Start contributing to workplace retirement and save enough to get the company match.
Begin saving for those big purchases like a gently used car or downpayment for a house.
Set up a Roth IRA and start making contributions (even baby amounts count).

This will make sure you are on your way to becoming financially sound before you turn 30.

What are the list of ways to save money?

If you want to save money, there are a few things you can do.

Saving money in your 20s is the easiest age to save as you don’t have as many responsibilities and obligations as you will in the future.

Here is a list of the most common ways to save money:

1. Use Budget Percentages as a Guide

If you want to save money by 25, you’ll need to start by setting a budget and sticking to it. You can reach this goal by using different budgeting techniques, such as the 50/30/20 rule.

The 50/30/20 rule is a good place to start:

50% of your income going towards necessities (housing, food, utilities)
30% going towards discretionary expenses (groceries, entertainment, travel)
20% saved for emergencies

This will help you be consistent in your savings habits is key to saving money.

2. Track your spending

Tracking your spending is key to understanding where your money goes.

Save receipts from each purchase and go over them once a week to get a better understanding of your spending habits. This can help you see where you might be overspending and make improvements to your budgeting techniques.

Great apps to help you include Simplifi or Rocket Money.

2. Use AI Powered Savings Apps and put your savings on autopilot

With AI, you can save money by automating your savings process.

Setting up recurring transfers to automatically deposit money into your savings account means that you won’t have to worry about finances anymore.

The popular AI saving apps can also help you save for your retirement, as well as any financial goal you may have. Thus, reducing the amount of time spent on financial planning.

Top AI Savings Apps:

4. Use gamification to save

Gamification can help make saving fun and more likely to be kept up.

Gamification can help people save money by providing a tangible benefit to work towards and providing some valuable encouragement.

By using the method of gamification, you help others save money by motivating them to reach a goal while you work to complete the same goal.

For example, if you’re trying to save money for a trip, you could set up a game with friends (aka accountability partners) where you earn points every time you save money with the 100 envelope challenge. Those that save the goal amount get to go on the trip.

5. Collect your employer’s 401(k) match

If your employer matches your contributions to a 401(k) plan, it’s important to take advantage of the match.

A 401(k) match is a free money offer from your employer, so it’s worth maxing out your contributions in order to gain the most benefit.

Also as long as you meet the qualifications, you can also contribute post-tax dollars to a Roth IRA account. This is another great way to increase savings for retirement.

6. Delay buying a home

Buying a home is not easy, but it’s important to have goals and plan for what you want to achieve.

The down payment on a house is one of the most important factors when buying a home as such you may need to delay buying a home for as long as possible to save money.

Also, by delaying buying a home, you can save money by taking the time to research different neighborhoods, compare prices, and get pre-approved for a mortgage.

Not only will this save you money in the long run, but you will also have peace of mind knowing that your future home is exactly what you wanted.

7. Use Open banking to track your spending

If you’re interested in tracking your spending and saving money, you can use Open banking to do just that.

Open banking allows customers to access their bank account information and manage their finances through APIs.

This means you can see how much money you’ve spent and where your money is going, which can help you stay within your budget. Additionally, open banking tools can be used to better understand your bank’s products and services.

Many of the best budgeting apps, such as Quicken, allow you to utilize open banking data to help you organize and manage your money in one place.

8. Use credit cards sparingly

Even those Gen Z has the lowest credit card debt amount (source), it is still wise to make sure you are using credit cards appropriately.

Credit cards can be a great way to earn rewards or get cash back, but only if you use them sparingly and pay off your balance in full each month to avoid interest charges.

It’s also important to check your credit report regularly to make sure there are no outstanding debts you didn’t know about.

9. Use a budget

If you want to save money, using a budget is a great way to accomplish it.

By tracking your expenses and setting limits on how much you can spend each month, you can make sure that you are always saving money.

A budget is a great way to save money because it allows you to choose where you actually want to spend your money rather than figuring out where you spent your money afterward. It also allows you to optimize your spending so that you don’t waste money on unnecessary things.

10. Invest for the long term

Investing for the long term can be a great way to save money as you let your money grow instead of having to create new streams of income.

You can buy stocks in companies or ETFs and hold onto them for a long time, adding money to your account regularly. This strategy can help you take advantage of market volatility and make money over the long term.

You also need to make sure you’re properly investing your money in order to reach your savings goals.

What is the best advice to save money by 25?

To save money by 25, individuals should aim to save 10% of their income.

It may be difficult to save more than 10% of one’s income, but it is possible.

Saving money is essential for financial security at any age, and you can start by being determined and making sure you’re saving at least 10% of your gross salary.

Simple Tips to Save Money by 25

You should focus on spending as little as possible to save money, and set a fixed budget rather than relate your expenses to your income.

Be consistent in your savings and avoid impulsiveness to save money.

Save up on transport or any other thing you might feel is a luxury rather than a necessity.

What is the average savings rate for people in their 20s?

The average savings rate for people in their 20s is $11,250, so it’s important to start saving as soon as possible.

The median savings is $3,240, so most people in their 20s have modest savings.

Savings Tools to Build Cash Fund Savings

There are many ways to save money, so find what works best for you.

People in their 20s have a lot of opportunities to save money, so don’t wait to start!

You want a savings plan that matches your long-term financial goals!

Pay yourself first

In order to have a successful future, it is important to start saving from a young age. There are a few different ways to save money, and one of the most important is to pay yourself first.

This means putting your own money into your bank account before spending it on anything else.

This will help you build a strong foundation for your future, and you will be able to save more money

Save Consistently

Set aside money regularly so you have a stash of cash to use when you need it.

That means each you save $100 or each paycheck you save $250.

Whatever the amount, do it consistently.

Trim Spending

If you want to save more money each month or year, try cutting back on unnecessary expenses.

Don’t rely on your income to directly influence your costs – track how much you’re spending each month and try not to exceed your allotted amounts for each category.

Do not overspend just because there’s more money in your checking account – create healthy financial habits that will last long-term.

Use Cash Windfalls Strategically

These cash windfalls could be from bonuses, inheritances, or even some left hand itching lottery luck!

You want to save those cash windfalls and make a plan on how you will spend them.

Additionally, you may be able to use the money to pay down debt or buy a home. This is an important lesson to learn if you have unexpected money coming your way—you don’t have to spend it all!

Save Increases in Income

Dedicate additional income to savings so that you’re really putting your money where your mouth is.

You can increase your savings by dedicating a percentage of your income to savings. Dedicate 10% of your income to savings, for example, and then an extra 1% to save search year.

Savings will grow along with your income, and you will have more money to use for other needs.

Make Saving a Habit

Your saving habits will change as you reach your 20s and into your 30s.

However, it’s important to keep track of your progress and make saving part of your regular routine. There are many different ways to save and reach your goals, so find what works best for you.

FAQs

If you have a low income, there are still ways that you can save money.

Try to focus on paying off high-interest debt first and then saving three months of living expenses.

Another way to save money is by reducing unnecessary expenses with a 30 day spending freeze.

The answer to this question depends on your individual situation and goals. However, we can offer some general advice on saving habits for a 25 year old should include:

First, it’s important to set a budget and stick to it. This will help you track how much money you are spending each month, and allow you to make better decisions about where to cut back. Add 1% to your monthly savings each month until you reach your goal of $20000 saved.

You also need to be mindful of how you spend your money. Try not to rely too heavily on credit cards or other forms of debt, which can quickly add up over time. Instead, try investing in stocks or bonds instead – these tend to provide more reliable returns over time and offer less risk than some other investments.

Finally, don’t forget about savings! Whether it’s into a high-yield savings account or an emergency fund earmarked for unexpected expenses, putting away some extra cash will help ensure that you have enough resources when necessary.

How much should I have in my emergency fund by 25?

By 25, you should have saved at least $1000.

However, 2% of your annual salary is a better threshold.

By age 25, most people should be saving at least 5% of their income and contributing an additional 1% every year.

If you can’t save enough money to contribute at the recommended rates, don’t worry – you can still save for retirement by gradually increasing your savings rate.

Saving money can be difficult, but it’s important to focus on not spending every penny you earn.

One way to do this is to set aside a certain amount of money each month that you will not spend.

Another way to save money is to find ways to reduce your monthly expenses. For example, you can cook at home more often instead of eating out, or you can carpool with friends to save on gas.

If you’re determined and have the skills, you can quickly learn how to make money online for beginners.

Side hustles are the name of the game right now.

Stick around Money Bliss – we have plenty of ways to help you earn extra money.

If you want to pay off your debts more quickly, you should start by saving money each month.

You can use your savings to pay down your debts faster if you focus on high-interest debt first.

If you have three months’ worth of living expenses saved up in case of emergencies, that would also be a good place to start. Check out the best debt apps to help you.

First, you need to make sure you are financially stable in other areas. You are fully funding your retirement accounts and Health Savings account, you have stable housing.

Then, you can consider saving for a child’s education through a 529 plan.

Saving for a child’s education can be difficult and expensive, but it’s important to start early if you have the extra income to support it.

To save money for a vacation, start by setting a specific amount you want to save each month. Then, calculate how much money you need to save by the date of your dream vacation.

Set a date by which you want to have traveled and begin backing out the math needed for that trip! As long as you continue saving 20% of your income each month and stay within budget, travel is always possible!

How to Save for a retirement

To save for retirement, you should start by investing 5-15% of your paychecks into a tax-advantaged account.

You should also plan your retirement based on your income, age, and desired lifestyle. You can save for retirement by consistently increasing how much you put in retirement accounts.

Don’t forget to include that employer match!

What should I do if I don’t have enough saved by 25?

Don’t get down on yourself!

Start now!

Waiting will only exacerbate things.

There are many different savings techniques to try, so it’s important to find one that works for you:

Start by putting away $50 every month and then add more funds as needed.
Pick one of our money saving challenges.
Use cash or debit cards instead of credit cards.

Even if you don’t have any big expenses planned in the near future, saving is still important for long-term financial stability. You’ll be on your way to having enough money when you’re older!

What are the consequences of not saving by 25?

You have nothing to show for your hard-earned income.

That is the cold and honest truth. But, you are only 25 years old, so you have plenty of time to change your ways.

If you’re not saving by 25, you may have to make some sacrifices in order to reach your financial goals. You may need to cut back on your spending, take on a second job, or make other changes to your lifestyle.

However, if you’re willing to make these sacrifices, you can still reach your goals.

Savings Steps for your Twenty-Something Self

When it comes to your twenties, there are a lot of things you want to do and accomplish.

One of the most important things on that list should be saving money.

After all, the earlier you start saving, the more time your money has to grow.

Starting to save money from a young age can lead to a larger nest egg over time. Plus, if you start early, you can take advantage of compound interest, which will help your money grow faster.

An individual’s earnings and spending patterns are still in flux during their twenties, so there are many opportunities to save.

Also, you need to remember there is more to life than just saving money–put other goals on your list (such as starting a business) and figure out how much you need to save each month in order to reach your targets.

Now, learn how much should I have saved by 30.

Source: moneybliss.org

Apache is functioning normally

May 26, 2023 by Brett Tams

In the past decade, we’ve seen a major transformation in the banking sector. As the world continues to digitize, the financial landscape has shifted in response, giving birth to a plethora of online banking services. One such innovation that has garnered widespread adoption is online checking accounts.

As a key financial tool, a checking account serves as a lifeline for day-to-day transactions, paying bills, and generally managing one’s finances. But with online checking accounts, convenience, accessibility, and often better rates and lower fees have made them an attractive alternative to traditional banks.

10 Best Online Checking Accounts

These best online checking accounts offer a range of features, from high annual percentage yield (APY) to robust mobile apps, all designed to meet the varying financial needs of users. Here are our top 10 picks for 2023.

1. Chime Checking Account

Chime, a financial technology company that offers online banking services, is revolutionizing the banking industry with its online checking account that pairs both convenience and value into a single offering.

2. Axos Bank Rewards Checking

Axos Bank is an online-based bank that’s shaking up the banking industry with its online Rewards Checking account, a unique blend of convenience and value.

3. Current Account

Current, a pioneering financial technology company, delivers cutting-edge banking solutions with its Current Account.

4. SoFi Checking and Savings Account

SoFi, a modern financial platform offering a suite of financial services, is setting new standards in the world of banking with its online bank account that combines remarkable earning potential and considerable convenience.

5. Ally Bank Interest Checking Account

Ally Bank, renowned for its customer-centric digital banking services, provides a comprehensive offering through its Ally Bank Interest Checking Account.

6. Consumers Credit Union Serious Interest Checking

Consumers Credit Union, committed to enhancing its members’ financial prosperity, offers an appealing solution with its Serious Interest Checking®, a high yield checking account.

7. Quontic High Interest Checking

Quontic Bank, committed to maximizing customer earnings and supporting financial inclusivity, offers a high interest checking account that combines convenience, high-yield potential, and an innovative digital banking experience.

8. Alliant Credit Union High-Rate Checking

Simplicity and high yields are the cornerstone of Alliant Credit Union’s High-Rate Checking account, a solution tailored to meet the needs of modern-day banking customers, whether they’re on-the-go or prefer traditional banking methods.

9. Schwab Bank Investor Checking

Charles Schwab brings its robust reputation in the investment sector to banking with its Schwab Bank Investor Checking account, designed for those seeking seamless integration of banking and investing.

10. Navy Federal Credit Union Free EveryDay Checking

Navy Federal Credit Union’s Free EveryDay Checking is an easy-to-use, accessible banking solution for everyone.

What is an online checking account?

An online checking account operates much like the checking accounts you’re accustomed to at traditional brick and mortar banks, with the primary difference being that it’s mostly or entirely digital. They are provided by online banks, credit unions, and even financial technology companies that are not banks themselves.

Online checking accounts have surged in popularity for a variety of reasons. Their major draw is the convenience and flexibility they offer. With these accounts, you can deposit cash, pay bills, transfer money, make debit card purchases, and even deposit checks digitally using the bank’s mobile app. This means that all your transactions can be completed without visiting a physical branch location.

Additionally, online only banks typically offer higher annual percentage yields (APY) than traditional banks, meaning your money grows faster. The absence of physical branches translates into reduced overhead costs for these financial institutions, enabling them to pass on the savings to customers in the form of higher interest rates and lower fees. These accounts also often have lower minimum balance requirements and monthly maintenance fees compared to their brick-and-mortar counterparts.

Lastly, many online banks are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), providing the same level of safety for your deposits as traditional banks.

Criteria for Evaluation

Selecting the best online checking accounts was not a task taken lightly. We’ve considered a variety of factors in our analysis to ensure that our picks provide a mix of the most advantageous features for diverse financial needs. Here are the key criteria we used in our evaluation:

Annual percentage yield (APY): We considered the APY offered on the checking accounts. Higher APY means your money grows faster, making it a key feature to look for in an account.

Monthly fees and other costs: Monthly maintenance fees can eat into your savings. We favored accounts with low or no monthly fees. We also looked at other potential costs like overdraft fees, out of network ATM fees, and foreign transaction fees.

ATM access: Easy and wide-ranging access to ATMs is crucial. We considered online banks with large ATM networks and those that offer ATM fee reimbursements.

Customer service: Exceptional customer service is important, especially for an online only bank where in-person assistance is not an option. We assessed the quality of customer service provided by each bank.

Mobile app experience: A great mobile app can make managing your money a breeze. We evaluated the usability, functionality, and reliability of each bank’s mobile app.

Additional features: Other features like early direct deposit, mobile check deposits, cash back rewards, and savings tools can add value to online checking accounts. We considered these additional features in our review.

How to Choose the Right Online Checking Account for You

Choosing the right online checking account is crucial. It can simplify your financial management, enhance your monetary gains, and align with your lifestyle needs. Below are key factors to consider in making an informed decision:

Financial Habits: Evaluate your typical financial behaviors. Do you frequently use ATMs, and will you need access to an extensive, fee-free ATM network? If you regularly maintain a high balance in your checking account, an interest-earning account could be beneficial. Conversely, if you tend to keep a low balance, consider an account with no minimum balance requirement to avoid potential fees.
Goals: What are your financial goals? If you’re aiming to save, consider an account that earns interest. If you’re focused on investing, select an institution that offers seamless integration between checking and investment accounts.
Lifestyle: Assess your lifestyle and daily needs. Do you travel often and need an account that doesn’t charge foreign transaction fees? If you prefer digital banking, look for accounts with robust online platforms and mobile apps that allow for easy money management on the go.
Fees: Examine the fee structure carefully. Consider potential monthly maintenance fees, overdraft fees, and ATM fees. Look for accounts offering fee waivers or reimbursements.
Customer Service: Exceptional customer service is crucial, particularly for an online bank. Look for 24/7 customer support, availability of live chat, and timely response to queries.
Security: Ensure that the bank employs stringent security measures to protect your account from fraud or unauthorized transactions. Features like two-factor authentication, alerts for suspicious activity, and FDIC insurance are vital.

Bottom Line

In today’s fast-paced, digital age, online checking accounts provide a convenient, accessible, and often more financially rewarding alternative to traditional banking. However, the key to making the most of these benefits is to choose the right account based on your individual needs, lifestyle, and financial goals.

By carefully considering factors like your financial habits, goals, lifestyle, potential fees, customer service, and security measures, you can find an online checking account that not only meets but exceeds your expectations. Remember, your checking account is at the heart of your financial life – choose wisely.

Frequently Asked Questions

Are online checking accounts safe?

Yes, online checking accounts are safe as long as they’re offered by a reputable bank or credit union that has FDIC or NCUA insurance. This insurance protects your money up to $250,000 per depositor.

Can I deposit cash into an online checking account?

Depositing cash into an online checking account can be more challenging than with a traditional bank. Some online banks have agreements with certain ATM networks or retail outlets where you can deposit cash. You can also deposit cash into a traditional bank account and then transfer it to your online account.

What should I do if I need to write a check?

Many online banks offer free or low-cost checkbooks. However, if you seldom write checks, you may not need a physical checkbook. Instead, you can use the bank’s online bill pay service, which sends a check or electronic payment to the recipient on your behalf.

Do online banks offer customer service?

Yes, most online banks offer robust customer service options, including phone support, live chat, email, and often extensive FAQ sections on their websites. Some even offer 24/7 support.

Source: crediful.com

Apache is functioning normally

May 26, 2023 by Brett Tams

My father had smoked for much of his adult life until he was 40.

That is until he had me. He told me that seeing the burn holes from his ashes on his white undershirt was the reason he was determined to quit because he didn’t want those ashes falling on his newborn son.

To quit smoking is one of the hardest challenges that many people addicted have to face but the benefits are huge.

Most people understand the health benefits that go along with quitting smoking but many might not know or appreciate the financial savings that goes along with breaking the habit.

One of those savings that you can experience is with your life insurance policy. We have shared in the past the cost of life insurance for smokers. The cost can be anywhere from two to three times what a typical nonsmoker would pay.

Even rates for people that chew tobacco can be expensive, but what happens if you are finally able to kick the habit? Are you still going to have to pay rates as if you are a smoker?

The good news is that if you kick the habit, you also have the potential to save a lot of money in your life insurance but if you are not working with an independent life insurance agent that knows what they are doing, that might not be the case. Let me explain….

Life Insurance For Someone Who Recently Quit Smoking

We recently took a call from a gentleman that had quit smoking 13 months prior. When he initially applied for life insurance, he was able to get with a company that would give him a standard rating even though he hadn’t quit smoking for one year. Many carriers will give you the benefit of the doubt so as long as you actually kicked the habit.

Since he had reached a year of quitting smoking, he was hopeful that he could reduce his rates even more. By the time he came to us, he had already talked to a few different agents and the most recent quote that he was given was a standard plus nonsmoker rate from MetLife with an annual premium of $1109 (see screenshot below). This was the independent agent that he trusted and felt knew what they were doing. Being the wiser, he decided to shop around just to make sure. Good thing he did.

Working With an Independent Life Insurance Agent That Knows Their Stuff

One of the biggest benefits of working with an independent agent is that they should be able to work with dozens of different carriers. But just because they can work with dozens of different carriers isn’t always a good thing if they don’t know the underwriting guidelines for each company. This situation was a case in point example.

Our potential client was quoted a standard plus rating with an annual rate of $1109. This is because MetLife will only give a preferred rating if the individual had quit smoking for greater than five years. I was confident that we do better. Much better.

Right now, the high risk life insurance companies that treat former smokers the most favorably will give you a preferred rating so as long as you quit smoking for a period of one year. Currently, these companies include Nationwide, Minnesota Life, and Principal. You can see their rates below. FYI, these premiums are based on the individual that was applying. He was approximately 40 years old and seeking a $1 million for a 20-year term.

	20 Year Policy for $1,000,000	Principal	Minnesota Life	Nationwide
Male	20 Year Policy for $1,000,000	$924.40/YR	$965.00/YR	$1,485.00/YR
Female	20 Year Policy for $1,000,000	$767.70/YR	$785.00/YR	$1,065.00/YR

Non-Smoker Rates

As you can see from the chart above, just because you can get preferred doesn’t necessarily mean it will be cheaper. Nationwide would actually cost more for him at preferred than Metlife would at standard plus. A good independent agent will do their homework to find this out.

What was cheaper was the two other companies with Principal being the cheapest at $924 per year.

We were able to save the client $185 per year because we knew which carriers would approve him at preferred.

Over the 20 year term that’s $3,700 in savings!

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Ads by Money. We may be compensated if you click this ad.Ad

How much Insurance Coverage you need

First you have to choose the best insurance policy to fit your needs. Then you need to calculate your life insurance needs.

Thankfully, it’s easy to do. To start, you need to combine all of your debt. How much debt would you leave to your family? Make sure your life insurance is bigger than that number.

After you’ve got all those debts together, not you need to multiply your paycheck. Not only will your spouse or kids have to pay your debts, but they will still have to pay for monthly expenses. Make sure your plan can replace your paycheck.

Bottom Line on Quitting Smoking

If you’ve quit smoking and are looking for affordable life insurance, it is possible. If you’ve quit for over a year, getting a preferred rating is a cinch with the carriers mentioned above. Please keep in mind that you still have to meet other underwriting guidelines and can’t have any high risk conditions. If you’re seeking a preferred plus rating, you’re looking at least having quit for 1 year.

Each company has a different system for rating applicants that are smokers or used to be smokers, which means you could receive drastically different premiums for the same coverage. Finding the best companies for your situation could mean thousands of dollars in your wallet.

Source: goodfinancialcents.com

Apache is functioning normally

May 26, 2023 by Brett Tams

By Peter Anderson 12 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited August 19, 2022.

The last few years have been tough ones, with the economy going through recession, millions of people becoming unemployed and businesses going under left and right.

The economy has shown some signs of improving, but indications are we still have a lot of rough road ahead of us.

With the economy being so unsure, now is as good a time as any to start thinking about how to cut back on your regular monthly bills. For many, once you’ve cut out some of the more obvious expenditures, it doesn’t feel like there are that many other places that can be cut. The truth is, however, that most people have a lot of places that they can still cut back and save money.

Today I thought I’d look at some of the main areas of spending that people have every month – their regular monthly bills.

Often people take those monthly bills for granted, not even thinking about how they can save money on those regular expenditures, just taking it on faith that they can’t get those bills any lower.

So today’s post is all about how to save money on just about all of your regular monthly bills.

How To Save On Your Phone And Wireless Bills

There are a variety of ways that you can save on your cell phone, home phone and mobile internet charges. Here are a couple of the options that we’re using – or plan to start using in the coming year to save on our phone bills.

Landline phone service: For years we’ve had a landline because my wife prefers talking on that versus a cell phone, and also because we needed the landline for our home security system. We recently made changes that mean we can now opt for a cheaper VOIP option for our landline service. After doing some research a lot of other bloggers are talking about the Ooma phone service, which is apparently very good. All you have to do is pay upfront to buy an Ooma Telo device for around $140, which then allows you to make unlimited calls in the U.S. for free over your existing broadband connection! All you have to pay is local taxes in your area (about $4.50 for us). You can port your current landline phone number over as well, for a $39.99 fee. Read my full review of Ooma here, and my post talking about setting Ooma up here.
Prepaid Cell Phones: One way that we’ve been saving a ton of money over the years is by using prepaid cell phone service, instead of more costly contract plans. We have no contract phone service from Republic Wireless, and we pay on average about $40/month for two phones. Both of them are Android smartphones with tons of minutes and unlimited text with 1GB/data ($20/month). The only downside is the up front cost of the cell phone – it isn’t subsidized like on contract plans. There are a variety of other low cost prepaid cell services out there that many people recommend including Tello and a Gen Mobile. Check out the related content below for a full article talking about saving on your cell phone bill using prepaid services. Want to use a traditional phone service? Check out Bill Shark, BillFixers or Rocket Money to negotiate a reduction in your monthly cell phone bills.
Low Cost Hotspots: A while ago I had a need to have Internet access on the go while traveling. At the time I settled on buying a mobile hotspot from Virgin Mobile via their prepaid wireless broadband plan. You just buy the hotspot, and then pay $35/month for 1GB of data. I was in a rush so I bought the hotspot and used it while on my trip. When I got back I became aware that there are quite a few companies that offer mobile hotspots for much lower cost, or phones and phone plans that can be used as hotspots – for much less. Do your research.

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How To Save On Your Housing Costs

One place that you can save hundreds of dollars every month is in your housing costs. Most people are aware that they could probably save by refinancing, but there are other ways you can save as well.

Refinance your mortgage: The most obvious way to save on your housing costs is simply to refinance your home mortgage. Rates are so low right now, and by refinancing you can often save hundreds of dollars off of your regular monthly payment. I’m in the middle of looking for a refinance right now, and we stand to save in the neighborhood of $200-300/month.
Appeal your property taxes: A lot of people don’t realize that you can actually appeal your property taxes in many counties by appealing the county’s tax appraisal value. I have successfully appealed our value once a couple of years ago, saving $363/year. Find out how I did it below via the related content.
Get cheaper homeowner’s insurance: I go into this more in the insurance section below, but if you shop around you can often find hundreds in savings every year just by switching insurance companies. We saved almost $1000/year by doing this just a couple of months ago.
Remove mortgage insurance: If you’re paying mortgage insurance with your regular monthly payment, and you have already reached 20% equity in your home, you may want to look into having that insurance removed by your mortgage company. It isn’t there to protect you, but the bank. Often you can have it removed after getting 20% equity in the house, and in many cases it may be required that they remove it. In some cases, if you’re a high risk borrower or if you have a FHA loan, you may need to keep the mortgage insurance longer.
Downsize your house: If you’re really trying to lower your bills a sure fire way is to downsize your house. Not only will your payment go down, but your insurance, taxes, maintenance costs and other costs will go down as well. Of course any costs associated with moving also need to be taken into account.

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How To Save On TV, Movies And Entertainment

There are a lot of ways that you can cut costs when it comes to your entertainment dollar.

Shop around and sign up for deals on premium TV: First, if you’re determined to keep your premium TV because of sports or programming only available on cable, you can at least make sure that you get the best possible deal on your cable TV package. Make sure to shop around once your introductory deal runs out and you can usually end up saving hundreds every year by switching companies! Or you can use a bill negotiation service like Bill Shark, BillFixers or Rocket Money to negotiate a reduction in your monthly bills.
Cancel un-needed services: Another thing you can do is check to make sure you’re not doubling up on any services. When we were cutting back a while ago we realized that we were paying for both Netflix streaming and Amazon Prime – which has a good video streaming option. We realized most of the same TV shows and movies were available on both sources, so we canceled Netflix – saving us $7.99/month.
Cut the cord: If you’re a bit more ambitious and aren’t very particular about receiving certain channels or waiting to see content the night it airs, you might want to make this the year that you cut the cord. Cancel your cable or satellite TV packages and move to something more affordable. Instead of paying for a TV package you can use free or low cost video streaming services like Hulu or Philo, shows streamed by the networks, and more. Use a software like Playon to stream the shows directly to your TV using an existing gaming console like the Xbox One or Playstation 4, or a cheap device like the Fire TV or Roku. The options are pretty numerous, and we’ve used options like this in the past to get most of our TV entertainment. Check out the related content below for a couple of exhaustive posts on how to set this up.
Use cheap movie rental alternatives: Don’t really watch TV or movies too much – and a monthly Netflix or Amazon subscription doesn’t make sense for you? Use a cheap rental alternative like Redbox, where you can rent a new release movie for a dollar. You can often find coupon codes to get free rentals every now and then. If you rent infrequently enough for it to matter, use cheap pay per view video options on Itunes, Amazon and Xbox to rent movies without leaving the comfort of your home. Amazon often gives away free credits on social media for their MP3 and Video stores, so follow them on Twitter and Facebook to get deals!

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How To Save On Your Internet Costs

If you’re looking to save on your internet costs, the best thing you can do, similar as with TV deals, is to shop around, or use a bill negotiation company.

Search for the best deal: Find out where you can get the best deal. For us our internet options include DSL service from a couple of different companies and cable internet. You can usually find competing deals and introductory offers that you can use to hop from company to company and always have the best deal. Other times you can bundle with other services and save. It can be a pain, but it can save you a ton of money too.
Get reduced rate internet: Another thing you can do if you live in certain areas is us a free 4G internet service. Of course to do this you’d have to live in an area with good 4G coverage.

Related Content

How To Save On Insurance

The best way to save on your insurance costs is just to shop around on a regular basis. I like to do it at least every 1-2 years for my homeowner’s insurance, auto insurance, life insurance and less often for other types. We found our best deal by using an insurance broker because they were able to compare rates at multiple companies and compare quotes for us.

Within the past few weeks we shopped around for new homeowner’s insurance after the premium skyrocketed. We ended up saving almost $1000/year when we switched our homeowner’s and auto insurance to a new company. That’s not the first time we’ve been able to do that! We did the same thing about 4 years ago, comparing rates and saving over $1000 that time!

Not sure where to start in getting quotes? Check out our insurance page to get quotes from a bunch of different companies.

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Save By Getting A Better Bank Account

You may have had your old bricks and mortar checking or savings account since you were in high school, but have been noticing lately that they’ve started charging you fees for various things. You’ve also noticed that the fees for your brokerage account have gone up, and mysterious inactivity fees started popping up. Whatever the case, people often find that their bank account is no longer useful to them, and that they can save money on fees (or make more interest) by moving somewhere else.

Save money by closing old accounts: Often old accounts start charging inactivity fees for dormant accounts, or just start charging fees because they think they can get away with it. Closing an account can be a pain, but it can also save you money (and headaches) in the long run.
Sign up for better bank accounts: Signing up for a better bank account will mean not only savings because of no fees and no minimums, but also can mean you’ll end up making more money interest, cash back and other perks. For example, a while back we Chime a great online bank. We’ve saved quite a bit in account fees that we no longer pay. Our old account at a traditional bricks and mortar was charging us fees for all sorts of things, and customer service wasn’t great. We have also switched our savings account to online banks with accounts from Capital One 360 and CIT Bank Not only are we making more in interest, but the features available at those banks surpass our old bank.
Lower interest on your credit card accounts: If the interest on your credit card is getting unreasonably high, consider closing the account after signing up for a card with a lower interest rate, 0% balance transfer and no fees. Just be wary of big charges to actually transfer balances.

Different account types to consider closing if the fees or features aren’t up to snuff? Savings accounts, checking accounts, brokerage accounts, mutual fund company accounts, credit cards. Go down the list and figure out which ones just aren’t cutting it anymore.

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How To Save On Energy Bills

Saving on energy bills often can’t be done by switching to another provider because there is often only one option for water, gas or electricity in many areas. That means the savings usually has to come from being creative and saving in other ways.

Some ways to save on your energy bills:

Get a programmable thermostat: A good portion of your utility bills every month are going to come from your heating and cooling bills. By buying a programmable thermostat like the smart Nest thermostat, you can have your heat turned down at night, turned low when you’re gone and even control it remotely. They advertise an annual savings average of $173, so it may take about 18 months to pay back the $249 cost – unless you can find it for less. Other options include regular programmable thermostats which can run $50-70 or more.
Get (slightly) out of your comfort zone: Be willing to turn the temp down slightly in the winter, and up in the summer. You can save a ton of money just by turning the temp up or down even a few degrees!
Use a power saving device: A lot of the electronic devices we use these days have phantom power drain even when you’re not using them. Get around this by getting an auto-sensing power strip that will turn off all power when the unit is off, or energy saving power plugs that have on off switches for things like coffeemakers or toasters.
Save at your water heater: The water heater can account for 14-25% of your energy bills every year. Often the heat on your water heater is turned up higher than you need it to be. A temp of 120-140 degrees is hot enough, and every 10 degrees you lower it you’ll save 3-5% on your bill. Some experts say not to go below 120 degrees, however, because bacteria can grow in the tank. You can also save by putting a fiberglass insulating blanket on the water heater to save money on heat loss.
Get a home energy audit to find energy leaks: Local utilities will often come out to do a home energy audit free of charge or a small fee to help you find where your home is leaking energy. Plug up the leaks and save!
Maintain your appliances: Doing things like cleaning your AC condensor coils or changing furnace filters regularly can save you money on your energy. If you don’t, appliances can work harder than they need to, and drain more energy.

Related Content

Save On Bills By Negotiating Them

One way you can save money on your regular, recurring monthly bills is to negotiate them.

If you have the time to do a little research, and make a few phone calls you can often reduce your monthly bills by hundreds of dollars every year.

If you don’t have the time, there are quite a few companies that will do it for you, for a small cost.

Conclusion

So there you have it, how to save money on just about all your possible monthly bills. I could probably go on, but the point is there are no shortage of ways to save money on your regular monthly expenditures. You can save on your housing costs, your phone and wireless broadband costs, your insurance costs, your energy costs, your bank accounts and even on your spending on entertainment. You just have to be creative, find cheaper alternatives and cancel un-needed services.

So what ways to save on your regular monthly bills can you suggest? Tell us your money-saving strategies in the comments!

Source: biblemoneymatters.com

Apache is functioning normally

May 26, 2023 by Brett Tams

You don’t have to be an environmental scientist to want to help preserve our planet. With a few small changes, you can start making more eco-friendly decisions with your money.

Here are 12 ways to go green with your finances today.

What’s Ahead:

1. Invest in green stocks and funds

Green investing is a popular way to make your money work for the environment. It often includes building a portfolio made up of companies with strong environmental, social, and governance (ESG) values.

You can also invest in green funds or green ETFs, which are portfolios of companies that have a positive environmental impact.

For example, Empower is one of the best robo-advisors for green investing. It has low fees and plenty of socially responsible investing (SRI) portfolios to match your goals and values.

(Personal Capital is now Empower)

Read more:

2. Use a green bank or credit union

Supporting eco-friendly initiatives doesn’t stop at where you invest your money. You can also support the environment by using a bank or credit union that has sustainable practices.

Look for a financial institution that uses paperless banking, funds renewable energy projects, avoids fossil fuels, or has other green policies in place.

And if you want to really up the ante, you can make sure the institution is a Certified B Corporation (which means they’re legally required to follow certain sustainability and diversity requirements).

Some of my favorite green banks are:

Aspiration Bank: Has spending and saving accounts, as well as investment accounts with fossil fuel-free portfolios.
Ando Money: On a mission to fight climate change. Accounts come with unlimited 1.5% cash back on purchases, free overdraft protection, and early paydays.
BankPurely: Plants a tree every time someone opens a SavingPurely account.

Read more:

3. Get an eco-friendly credit card

With a green credit card, you can help the planet while also earning rewards for yourself.

There are now a few different companies that offer eco-friendly credit cards. Most reward you for shopping with green businesses or help offset your carbon footprint.

One of the best green credit cards is the Aspiration Zero Credit Card. It earns 1% cash back and plants a tree every time you make a purchase to help neutralize your carbon footprint.

4. Make your home more energy-efficient

Source: giphy.com

Another way to turn your money green is to make your home more energy-efficient. There are tons of simple ways to do this:

Install LED light bulbs.
Weatherstrip your doors and windows.
Unplug electronics when you’re not using them.
Turn the faucet off when you’re not using it.
Install low-flow fixtures in your home to save even more water.
Always run your dishwasher and washing machine when it’s full.
Air dry your clothes instead of using the dryer.
Install solar panels.

You can even get a tax credit for making certain energy-saving improvements to your home.

5. Consider a green car

If you’re in the market for a new car, look into fuel-efficient or electric models. Not only will you save money on gas, but you’ll also be doing your part to reduce emissions. Plus, you may be eligible for a tax credit if you buy a qualified electric vehicle.

Read more: The cost of driving a hybrid

6. Drive less and drive smart

Speaking of driving…

When you do need to use a car, there are a number of ways to save money and be more eco-friendly. This includes carpooling, using public transportation, and biking or walking when possible, all of which can help reduce your carbon footprint.

And when you do drive, you can save fuel and money by driving the speed limit, keeping your tires inflated, and combining errands into one trip.

7. Replace disposables with reusables

Source: giphy.com

Another easy way to make your money green (and reduce your impact on the environment) is to replace disposables with reusables.

For example, you could:

Use a reusable water bottle instead of buying bottled water.
Bring a reusable mug to the coffee shop.
Carry stainless steel straws with you so you don’t have to use plastic ones.
Bring your own bags to the grocery store.
Invest in reusable menstrual products like cups, cloth pads, and period panties.

These are just a few examples — there are many more ways to reduce your impact by switching to reusables. And the best part is, they often save you money in the long run. So if you’re looking for an eco-friendly budgeting hack, this just might be it!

8. Avoid fast fashion

Source: giphy.com

The fast fashion industry is one of the biggest polluters in the world. The production of clothing uses a lot of resources, and most of it ends up in landfills. When you buy from fast fashion brands, you’re contributing to this cycle of waste.

Use these two alternatives instead:

Switch to slow fashion

Instead, opt for slow fashion brands that focus on sustainable and ethical production.

Some of the best slow fashion brands are Reformation, Everlane, and Girlfriend Collective.

You may pay more upfront for a single item when you shop slow fashion, but these items are built to last. And they often end up being cheaper than fast fashion brands when you factor in cost per wear. (This is an item’s price divided by how many times you plan on wearing it.)

Shop secondhand

You can find high-quality secondhand clothing at thrift stores, consignment shops, and online. It’s a great way to repurpose high-quality items that have already been produced and keep them out of the landfill.

Read more: Conscious consumerism: how to spend your money with intention

9. Minimize your food waste

Source: giphy.com

A four-person family wastes about $1,500 a year on uneaten food. This food then rots in a landfill for decades. (Did you know it takes 25 years for lettuce to decompose?!)

One of the best ways to reduce your impact on the environment — and develop more eco-friendly budgeting habits — is to minimize your food waste.

Plan your meals so you use all the food you buy, and compost any scraps. You can even save money by turning leftovers into new meals.

Read more: How I used local farms to slash my food bill

10. Eat less meat

Meat production is a major contributor to greenhouse gas emissions, so eating less of it can help the environment. If you’re not ready to go completely vegetarian or vegan, try incorporating more meatless meals into your diet.

Read more: The true cost of going vegan

11. Start an eco-friendly side hustle

There are a number of ways to make extra income while also helping the environment. You could start a composting business, offer carpooling services, or sell eco-friendly products. If you’re passionate about sustainability, there are plenty of opportunities to make a difference — and a profit.

Read more: Side hustle ideas: 35+ ways anyone can earn more money on the side

12. Donate to environmental charities

Last but not least, you can make your money green by donating some of it to environmental charities. There are a number of organizations working to protect our planet, and your donation can help them continue their work.

Some of the top environmental charities include the Nature Conservancy, the Sierra Club, and the Environmental Defense Fund.

When you donate to these organizations, you’ll be supporting their efforts to protect our planet. And you’ll be making a difference in the fight against climate change.

Read more: You’re not too broke to give to charity (and 4 other reasons to give)

Summary

Making even just a few of these changes can help you live a more eco-friendly lifestyle. And as you start making greener choices with your money, you’ll be doing your part to protect our planet for future generations.

Featured image: MEE KO DONG/Shutterstock.com

Apache is functioning normally

May 26, 2023 by Brett Tams

Save more, spend smarter, and make your money go further

Does it pay to be Internet savvy? Yes. In more ways than many people imagine. Sure, the Internet is a great way to research just about anything you could ever want to know about; and it’s an outstanding communication, marketing, and entertainment tool. But the Internet can also save you money. And we’re not just talking 10 cents off here and there. We’re talking free (and nearly free) stuff.

Want proof? Below, we’re diving into some of the best places you can find free or heavily discounted items. Keep reading for a comprehensive explanation or use the navigation links below to learn more about a specific tip.

Use Online Community Marketplaces

Looking for a computer desk? How about a sofa, kids’ toys, electronics, office supplies, landscaping materials, or lumber? These are just a few of the hundreds of items listed in a single day in almost any city’s Craigslist free section. People are generally honest about the condition of the stuff they’re listing, and many have pictures, so you can see for yourself.

If you’re a “Mr./Ms. Fix-It” type, you’ll be in heaven. But even if you aren’t, you’ll be surprised at the kinds of things people are giving away. Look for the FREE listings under the “For Sale” section of your local Craigslist board.

Much like Craigslist, Freecycle is another site powered by the people and rooted in a belief that it is better to give items a second life, rather than filling up landfills and creating more stuff. Folks can list anything they have to give away, and others can browse the goods to find what they want. And, like Craigslist, you’ll find a ton of great free stuff through Freecycle.

Unlike Craigslist, Freecycle is run through local networks. This makes it a little more of a process to find and list items, but the advantage of this process is that it’s moderated, and people can communicate with the community at large. This reduces the likelihood of people listing garbage and describing it as treasure.

Besides those two websites, you can also look at Facebook neighborhood groups, Facebook marketplace, OfferUp, and other apps or websites where people are looking to offload whatever has accumulated in their garage.

Get Free Samples

Companies want you to take samples so that you’ll be incentivized to buy the full-sized product at a later point. Department stores and wholesale clubs offer samples in person. But if you can’t find samples, you can simply request samples from companies online.

Amazon Prime members can even buy sample boxes and get reimbursed with Amazon credit.

Costco and Sam’s Club are, of course, famous for their samples. And Trader Joe’s often opens some of its products for sampling purposes as well.

Use Coupons

Coupons are a great way to not only get free stuff but also to get serious deals. They might be “old-fashioned” but you may be surprised by the savings with coupons. Besides coupons from stores or brands, there are also online databases like RetailMeNot, Honey, and Coupons.com. RetailMeNot and Honey even have helpful Chrome extensions that automatically scans potential discount codes when you’re on the checkout page for an online store. In turn, you get the peace of mind that you’re getting the best discount possible.

Try Using Your Library Card

Books are already a wonderful free perk that libraries provide, assuming that you don’t rack up fees from forgetting to turn in your books on time. However, with a valid library card, you can also get access to different entertainment and education options as well. You might be able to see movies, rent games, check out audiobooks, attend community classes, receive free or discounted museum passes, and more. Visit your local library to see what free library services it offers.

Pay Attention to Discounts

If you fall into a certain category like student, healthcare provider, teacher, first responder, senior, military, or senior, there’s a good chance that you’ll get a discount at certain establishments. It never hurts to ask! In addition, it’s also a good idea to ask about any coupons that are available at retail stores. In many cases, retail workers will scan a coupon for you on your behalf — so make sure you’re nice!

Enroll in Loyalty Programs and Newsletters

It’s a lot less expensive for companies to retain old customers than it is to get a new one. For that reason, companies often invite you to join loyalty programs. These programs often give you special perks. For example, many stores will give you a birthday gift that might be a special discount, merchandise, gift cards, or free food.

The same idea can be applied to newsletters. You’ll often get a nice discount when you sign up for a company’s newsletter. And remember, you can always unsubscribe if your inbox is getting too full.

Takeaways: Getting Free Stuff

Does it pay to be a bit of a geek and figure out how to get free stuff? You bet it does. So, get your geek on, and fire up the laptop and get some freebies. And don’t forget, it never hurts to ask if you can get a discount if you’re at a store. The worst that can happen is they say, “No.”

If you have other examples of sites you use to get free or nearly free stuff, we’d love for you to share them in the comments section. Want to make the most of your money? Check out our article on how to become a better saver.

Matthew Toren is a serial entrepreneur (Co-founded YoungEntrepreneur.com), mentor, investor and award winning Co-Author of Kidpreneurs (Basic Principles of Entrepreneurship for Kids). He owns Blogtrepreneur.com and writes for Contently.com.

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Apache is functioning normally

May 26, 2023 by Brett Tams

A discussion about personal finances can be a polite, congenial affair. Few people come to blows over insurance or budgeting. But some topics inflame financial passions, and one of them is investing. Fellow GRS e-scribe William Cowie encountered this a couple weeks ago when he advocated for investing in individual stocks in certain situations. I thought I would pass along a few thoughts of my own, given that 1) William cited the success he’s had with a newsletter from The Motley Fool (my employer for the past 15-plus years), and 2) my own portfolio has big holdings in index funds but also some actively managed funds and individual stocks.

This is a huge topic, with enough books written about the subject to create an entire wall of books. But for today’s post, I’ll question one of the main arguments against individual stocks, then conclude with a few parting thoughts. And as my posts have traditionally been sprinkled with cat pictures, I’m including this cool “peace” cat as inspiration.

People Aren’t Actively Managed Funds

The evidence is clear: Most actively managed funds underperform similarly invested index funds. The Standard & Poor’s Index vs. Active (SPIVA) mid-2014 report says that more than 70 percent of actively managed funds lost to their respective benchmarks over the previous five years. The cheerleaders of index funds have plenty of hard evidence to power their pom-poms.

This leads some to argue that if fancy-pants Wall Street fund managers can’t beat an index fund, then the average Josephine doesn’t have a chance. However, fund managers have to overcome hurdles that individual investors don’t.

First off, fund companies take money from your account to pay for running the business and buying fancy pants. The fees charged by index funds are much lower than those charged by actively managed funds, which gives the former group a head start, so to speak. According to the SPIVA report, the S&P 1500 index (a more comprehensive measure of the U.S. stock market than the S&P 500) earned an annualized 19.18 percent over the five years ending June 30, 2014; the average actively managed fund made 17.95 percent — a difference of 1.23 percent. Not coincidentally, that is just about the average fund’s expense ratio — i.e., the percentage of your account value a fund company extracts. In other words, higher costs are one of the reasons active funds lag index funds.

Investors in individual stocks, on the other hand, just pay commissions, which generally are $10 a trade or less. If those shareholders are true buy-and-hold investors — which is the right way to do it — that is the only expense they will pay to own a stock for years to come. To be fair, investors who subscribe to research services should also factor in those costs. But annual expenses for investors in individual stocks shouldn’t be anywhere near 1 percent.

Also, fund managers must deal with the flow of money in and out of the fund, which might force them to invest in ways they would rather not. For example, when the market tanks, fund investors collectively take out more money than they put in. This can force managers to sell stocks after prices have already plummeted, even though they would prefer to be buying when stocks are down. On the flip side, when the market or a particular fund does well, money pours in, and the manager is compelled to invest the cash after prices have already gone up. As a fund gets bigger, its menu of potential purchases shrinks; it can no longer invest in smaller companies because buying a meaningful stake could drive up the price.

Individual investors don’t have these concerns. They can invest in small and big companies alike as well as buy, sell, or hold based on their own circumstances and choices. They are not forced into selling because others are panicking.

Do these advantages that individuals have over fund managers lead to market-beating returns? The research is not as extensive as the “index vs. active funds” literature — and much of it is outdated, involves only a few years’ worth of investing, and/or is based on data from foreign exchanges. But I know of enough people who have pulled off benchmark-beating returns to know that it is possible.

Indexing and Picking Stocks, Living in Harmony

There is so much more to say on this; but for now, let me pass along these three thoughts.

1. Index funds are the right choice for most investors’ money. Even Warren Buffett, one of the greatest investors of all time, agrees. In the 2013 annual letter to Berkshire Hathaway shareholders, he revealed the instructions in his will for the money his wife will inherit. “My advice to the trustee,” he wrote, “could not be more simple: Put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund. (I suggest Vanguard’s.)”

2. This isn’t an either/or decision. Even some of the most ardent supporters of index investing are OK with people having 5 percent to 10 percent of their portfolios in individual stocks. One of those people is Bill Schultheis, author of “The Coffeehouse Investor” (one of my all-time favorites). He wrote: “Somewhere among the millions and millions of stock pickers you might be the next Warren Buffett. But I am not sure it is worth risking your entire portfolio to find out you aren’t.”

Many people who are known for their indexing advocacy own some individual stocks on the side. Heck, even Vanguard — the company most known for advancing the cause of index funds — has been offering actively managed funds for decades. Last year they published “The Case for Vanguard Active Management” and launched their non-indexy Global Minimum Volatility Fund. If Vanguard can be cool with an investor having both active and indexing strategies in a portfolio, then it’s probably fine.

3. Keep score. However you invest, evaluate your choices annually. Are your actively managed funds keeping up? Do you have the best index funds? If you have a financial adviser, how is she doing? If you are picking stocks, how are you doing? If you’re not sure how to do all that, have no fear. It will be the topic of one of my first posts of 2015. But beating an index fund is not an easy thing to do, so it is important to know sooner rather than later if your forays into active management are paying off.

Source: getrichslowly.org

Apache is functioning normally

May 26, 2023 by Brett Tams

Today we’ll check out the top mortgage lenders in Hawaii based on total loan volume.

These companies closed the most home loans in The Aloha State last year, beating out nearly 300 others that do business there.

In general, there are fewer mortgage companies operating in the state of Hawaii, so you tend to see only the bigger household names along with local banks and credit unions.

Still, one company managed to originate a lot more than the competition, making them the go-to spot for a mortgage in Hawaii.

Read on to see which bank or mortgage company ranked #1 in Hawaii.

Top Mortgage Lenders in Hawaii (Overall)

Ranking	Company Name	2021 Loan Volume
1.	Bank of Hawaii	$3.0 billion
2.	loanDepot	$2.0 billion
3.	First Hawaiian Bank	$1.9 billion
4.	Freedom Mortgage	$1.8 billion
5.	American Savings Bank (HI)	$1.6 billion
6.	Rocket Mortgage	$1.4 billion
7.	UWM	$1.4 billion
8.	Central Pacific Bank (HI)	$1.3 billion
9.	Guaranteed Rate	$1.2 billion
10.	Homepoint	$1.0 billion

Coming in first was Honolulu’s own Bank of Hawaii, which funded $3 billion in mortgages during 2021, per Richey May.

That was a full billion more than second place SoCal-based loanDepot, which originated a respectable $2 billion there.

In third was another Hawaiian institution, First Hawaiian Bank, also Honolulu based, with a close $1.9 billion.

Taking the fourth spot was Boca Raton, Florida-based Freedom Mortgage with $1.8 billion, followed by Honolulu-based American Savings Bank (HI) with $1.6 billion.

Others landing in the top 10 included Rocket Mortgage, United Wholesale Mortgage, Central Pacific Bank (HI), Guaranteed Rate, and Homepoint.

In total, four of the top 10 mortgage lenders in Hawaii are based out of Honolulu. Not surprising as local names tend to do the most business there.

Top Hawaii Mortgage Lenders (for Home Buyers)

Ranking	Company Name	2021 Loan Volume
1.	Bank of Hawaii	$881 million
2.	Guaranteed Rate	$698 million
3.	First Hawaiian Bank	$672 million
4.	American Pacific Mortgage	$616 million
5.	loanDepot	$577 million
6.	UWM	$547 million
7.	American Savings Bank	$530 million
8.	Central Pacific Bank	$488 million
9.	Freedom Mortgage	$435 million
10.	Wells Fargo	$375 million

When looking solely at home purchase lending, Bank of Hawaii remains the leader with $881 billion funded.

In second was Chicago-based Guaranteed Rate with a close $698 million, followed by First Hawaiian Bank with $672 million.

Taking fourth was Roseville, CA-based American Pacific Mortgage with $616 million, trailed by loanDepot with $577 million.

The rest of the best included UWM, American Savings Bank (HI), Central Pacific Bank, Freedom Mortgage, and finally Wells Fargo.

That means half of the top 10 home purchase lenders in the state of Hawaii are based in Hawaii.

Top Refinance Lenders in Hawaii (for Existing Homeowners)

Ranking	Company Name	2021 Loan Volume
1.	Bank of Hawaii	$2.0 billion
2.	loanDepot	$1.4 billion
3.	Freedom Mortgage	$1.4 billion
4.	Rocket Mortgage	$1.2 billion
5.	First Hawaiian Bank	$1.0 billion
6.	American Savings Bank	$967 million
7.	UWM	$814 million
8.	Homepoint	$770 million
9.	Central Pacific Bank	$751 million
10.	Pennymac	$602 million

If we’re talking mortgage refinances only, which are reserved for existing homeowners, Bank of Hawaii tops the list with $2 billion funded.

They were followed by loanDepot with $1.4 billion in refis funded, and Freedom Mortgage with a similar amount.

Rocket Mortgage took fourth with $1.2 billion, and First Hawaiian Bank fifth with $1.0 billion in loan origination volume.

American Savings Bank (HI), UWM, Homepoint, Central Pacific Bank, and Pennymac made up the rest of the top 10.

For refis, four of the top 10 were Hawaii-based, similar to the overall total.

Top Mortgage Lenders in Honolulu

Ranking	Company Name	2021 Loan Volume
1.	Bank of Hawaii	$2.3 billion
2.	Freedom Mortgage	$1.5 billion
3.	loanDepot	$1.5 billion
4.	American Savings Bank	$1.3 billion
5.	First Hawaiian Bank	$1.2 billion
6.	Central Pacific Bank	$1.1 billion
7.	Homepoint	$886 million
8.	American Pacific Mortgage	$864 million
9.	UWM	$855 million
10.	Rocket Mortgage	$816 million

The Best Hawaii Mortgage Lenders

We’ve discussed the largest mortgage lenders in Hawaii. Now let’s talk top rated based on customer reviews.

I typically turn to Zillow for customer reviews as they are entirely mortgage-centric, even for banks and credit unions that offer other non-mortgage products.

As far as mortgage companies are concerned, Element Mortgage Hawaii (dba of American Pacific Mortgage) had the most reviews and a 4.94/5 rating.

Then there’s Ohana First Mortgage with 184 reviews and 4.99/5 rating, Hawaii Mortgage Company, Inc.’s 4.93/5 rating from 176 reviews, and Smart Money Inc.’s perfect score (5/5) from 161 reviews.

Some of these companies operate as mortgage brokers, which allows them to partner with wholesale lenders and shop on your behalf.

The big companies also have reviews on Zillow, including loanDepot (4.9/5), Freedom Mortgage (4.85/5), Rocket Mortgage (4.48/5), Guaranteed Rate (4.96/5), and Homepoint (4.89/5).

To sum things up, there are a lot of good lender options in the state of Hawaii, including big household names, local Hawaiian companies, and local individual mortgage brokers. Be sure to explore them all.

(photo: Pedro Szekely)

Source: thetruthaboutmortgage.com

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