Learning how to manage your money is a huge part of “adulting,” but it’s not something most of us were taught in school. Luckily, TikTok is here to bring you up to speed. If you’ve been sleeping on TikTok like I have, let me fill you in. There’s an entire subgenre of TikTok dedicated to … [Read more…]
Georgia offers an affordable cost of living, top-notch schools and universities, and ample attractions, like the World of Coca-Cola, Forsyth Park, and Atlanta Botanical Garden. It’s also home to a diverse selection of reputable, member FDIC banks for individuals and small business owners.
No matter what your financial needs may be, you’re sure to find a good fit in the Peach State.
We’ve made finding the best banks in Georgia effortless with our comprehensive list, so let’s dive straight into the options.
Owned by First Citizens BancShares, First Citizens Bank has 56 branches across Georgia. As long as you sign up for paperless statements and make an initial opening deposit of at least $50, you won’t be on the hook for monthly maintenance fees.
With the First Citizens standard savings account, you’ll be able to earn interest without paying a monthly service fee or meeting a minimum balance requirement. The bank offers additional banking products, like credit cards, loans, retirement accounts, investment services, and insurance.
As a First Citizens customer, you can bank in-person at a local branch or perform account management online or via the robust mobile app.
Ally Bank is a digital bank with a reputation for industry leading interest rates and low fees. While it doesn’t have a physical presence in Georgia, you can open and manage your accounts through Ally’s intuitive online and mobile banking tools. The Ally Interest Checking account online is a solid pick if you’d like to earn interest and don’t want to worry about annual fees or minimum balance requirements.
You can use the online portal or mobile app to pay bills online, deposit checks, and transfer funds. If you’d like to withdraw some cash, you’ll be able to do so at an Allpoint ATM for free with your Ally debit card.
Ally will also reimburse you if you make any out-of-network ATM reimbursements. In addition to the Ally interest bearing checking account, you might want to open the Ally Online Savings account, which comes with an impressive interest rate and savings bucket tools to help you meet your financial goals.
Axos Bank is a digital bank that serves Georgians. If you’re in the market for checking accounts, you’ll have several options available to you. These include the Essential Checking, Rewards Checking, CashBack Checking, Golden Checking, and First Checking. Many of these accounts earn cash rewards or pay interest.
In addition to an Axos checking account, you might want to consider a high-yield savings account, high-yield money market, or a CD. You can also invest through Axos Invest, which is the bank’s free robo advisor. In addition, the bank offers 24/7 support for personal banking customers.
CIT Bank is an online bank serving customers in all states, including Georgia. You can earn a competitive annual percentage yield or APY on various accounts without paying an arm and a leg for maintenance fees.
The CIT checking account requires a $100 minimum deposit but comes with interest and a free debit card. There’s also the Savings Builder account, which is a two-tiered savings account that requires a $25,000 balance or at least one monthly deposit of $100 or more.
Other options include the CIT Bank Money Market Account, certificates of deposit or CDs, home loans, and business accounts. You may download the CIT Bank app on your Android or IOS device to make mobile check deposits, pay bills, and use services like Zelle, Apple Pay, and Samsung Pay.
Headquartered in Mississippi, Renasant Bank has physical locations throughout Georgia. It’s a community bank with several checking account options. Each free checking account comes with perks like online bill pay, mobile banking, a debit card, and a switch kit so you can switch accounts without the hassle.
Renasant’s savings account lineup includes an interest bearing savings account, a savings account for children, a health savings account (HSA), and money market accounts.
If you’re interested in a loan, you can choose from personal loans, auto loans, and home equity lines of credit. In addition to personal banking services, Renasant provides mortgages and a plethora of business banking products. There’s also Renasant Rewards Extra, which gives you access to thousands of deals, cell phone insurance, identity theft protection, roadside assistance, and a health savings card.
Based in Blairsville, United Community Bank is a regional bank with branch locations throughout Georgia, Alabama, Florida, Tennessee, South Carolina, and North Carolina. It’s insured by the Federal Deposit Insurance Corporation or FDIC and has been around since 1950. As a United customer, you can take advantage of more than 206 United ATMs and 1,260 Publix Presto! ATMs for free.
Its plethora of offerings include checking accounts, savings accounts, mortgages, credit cards, CDs, investing products, and business banking products. You can bank on the go via the convenient mobile app or use the online appointment scheduling tool to schedule an in-person appointment with a banker. If you have any questions or concerns, you can fill out a support form online and state whether you prefer an email or phone response.
Ameris Bank is a regional full-service bank with brick-and-mortar locations throughout Georgia in cities like Atlanta, Tucker, Woodstock, Marietta, and Oakwood. It offers three checking accounts with benefits such as a free Visa debit card, online banking access, e-statements, online bill pay, mobile banking, and Zelle transfers. In addition to checking accounts,
Ameris offers a plethora of savings accounts, including a personal savings account, personal money market account, minor savings account, health savings account, educational savings account, IRA, and CDs. You can also turn to Ameris for numerous mortgage options and down payment assistance. The bank provides personalized business banking solutions as well.
Bank of America is a well-known leader in the banking industry. Its financial centers and ATMs are present in various Georgia cities. From checking accounts, savings accounts, and credit cards to home loans, auto loans, and investing products, Bank of America offers it all.
The bank is also a great resource if you’re looking for small business banking products. Its Business Advantage Banking product is a business checking account with two settings to meet varying business needs.
While the Fundamentals setting has all the basic tools you need to manage your business, the Relationship setting is more robust and won’t charge you fees for wire transfers and electronic deposits. You can switch settings to accommodate your business needs at any time.
In addition to checking accounts, Bank of America offers small business loans, like SBA loans, commercial real estate loans, auto loans, and secured lines of credit.
Based in Baxley, Community Bank of Georgia is a locally owned and operated bank with 24/7 ATM access. It aims to develop long-term relationships with account holders while offering a full suite of products and services.
The bank’s personal savings accounts include the regular savings account, Treasuresaver Club account for children ages zero to 13, a holiday savings account for holiday expenses, and a personal money market account for high interest savings opportunities.
Other personal banking products offered by Community Bank of Georgia include checking accounts and credit cards. The bank serves local business owners as well.
The consumer banking arm of JPMorgan Chase, Chase is one of the largest national banks with a widespread presence in Atlanta. If you decide to open a deposit account at Chase with eligible Chase checking accounts, there’s a good chance you’ll qualify for a generous sign-up bonus.
You’ll also have access to a wide selection of products, including numerous checking accounts, two savings accounts, CDs with terms ranging from one month to 10 years, home mortgage loans, auto loans, home refinancing, and more. We can’t forget to mention that Chase offers Chase overdraft assist to help you avoid overdraft fees and inconveniences.
Thanks to Chase’s highly rated mobile banking app, you’ll be able to manage your account, make electronic transfers, deposit mobile checks, pill bays online, transfer money with Zelle, automate your savings, and set up account alerts. If you need assistance, you may reach out to Chase directly via phone or social media.
Morris Bank is a local bank with branches in Georgia cities like Dublin, Gray, and Warner Robins. Regardless of which checking account you choose, you’ll enjoy access to free online banking, remote deposit services, online bill pay, and mobile banking.
When it comes to savings accounts, Morris offers the Savings Builder account, which will round up your purchases so you can save more money. In addition, the Blue Savings account allows for three free withdrawals per quarter.
The bank also serves small businesses in Georgia through checking accounts, savings accounts, business loans, treasury services, and merchant services. Even though it’s smaller than other banks on this list, Morris is technologically savvy and allows for online and mobile banking. Many residents believe Morris Bank is the best local bank.
Fifth Third Bank primarily serves the Midwest and has more than 33 banking centers and 80 ATMs at RaceTrac convenience stores. If you don’t want to visit a local branch, you can use the Fifth Third mobile app to transfer money, check balances and direct deposit transactions, and more.
While the bank’s most popular services are for individuals and small businesses, it also provides personalized wealth management solutions. These personalized wealth management solutions include private banking, wealth planning, trusts and estates, insurance, and investments.
As a wealth management customer, you can enjoy access to the Life360 site, which makes it easy to organize your finances and track your progress.
Truist has physical locations in Georgia cities like Atlanta, Brunswick, Cartersville, and Pooler. Formerly known as BB&T, it offers a variety of personal and business banking products. You can select from five checking accounts, two savings accounts, one money market account, and CDs.
In addition to deposit accounts, Truist provides HSAs, prepaid cards, prepaid money account products, mortgages and home equity lines, personal loans, auto loans, investment products, retirement accounts, and personal insurance. Truist Mobile is the bank’s mobile app, which you may use to manage your account, deposit mobile checks, transfer money, locate branches, and pay bills.
Wells Fargo is a large national bank with more than 200 branches and over 600 ATMs in the Peach State. Just like most traditional banks, it offers a wide variety of banking products and services, such as savings and checking accounts, credit cards, home loans, personal loans, auto loan accounts, and investment accounts.
If you’re a small business owner in Georgia, you might want to consider Wells for business checking accounts, business savings accounts, business credit cards, small business loans, and merchant services.
The bank also offers a mobile app with LifeSync, a unique tool to monitor your spending habits and make smarter financial decisions. Additionally, Wells Fargo, which is considered the best national bank by many people, lets you automate your investing or work with a dedicated financial advisor.
There are several types of banks in the Peach State. Here’s an overview of the most common financial institutions you’ll find.
National banks are banks with a presence across the country. Most of them have branches and ATMs in Georgia and other parts of the U.S.
These types of banks typically offer a diverse lineup of products and may be a solid choice if you have varying financial needs as an individual or small business owner.
Community banks serve specific geographic areas. They’re similar to credit unions in that they prioritize personalized customer attention. In Georgia, you may choose from numerous community banks like Ameris Bank, United Community Bank, and Morris Bank.
Also known as virtual banks or neobanks, online banks are tech forward and make it easy to perform various banking needs online or via mobile devices. While they don’t have physical locations in Georgia, they do offer many perks that you might not be able elsewhere.
Some examples of online banks that serve Georgia residents are Ally Bank, CIT Bank, and Axos Bank. With these financial institutions, you may be able to avoid a monthly fee and secure a competitive annual percentage yield or APY.
It’s wise to figure out what types of banking products meet your particular banking needs. Several of these products include:
Checking accounts are ideal for everyday purchases. You can also use them to make deposits, pay bills, and more. Some checking accounts might charge monthly service fees or impose minimum opening deposits. However, they might waive them if you take certain actions, like enroll in autopay or sign up for paperless statements. To access your checking account funds, you can visit a local branch or ATM. Depending on the bank, you may even find a checking account that pays interest.
Savings accounts are places to store your cash for various personal finance goals, like a house down payment, new car, or even a dream vacation. It’s also a great place for an emergency fund, which features three to six months worth of expenses. In general, online savings accounts pay out higher interest rates than traditional savings accounts. You’ll likely be able to make six free withdrawals per month.
Compared to traditional savings accounts, high-yield savings accounts offer much higher interest rates. Typically, they don’t charge monthly or annual fees. If you’d like to open a high-yield savings account, consider an online bank as they’re not always available at traditional banks.
Certificates of deposit (CD) allow you to store your money for a certain amount of time while you earn interest. With a CD, you’ll usually be required to make a minimum initial deposit and choose a term. Typically, the longer the CD term, the higher interest rate you earn. If you’re looking for guaranteed returns, a CD is a solid choice.
Credit cards are a suitable option if you’d like to earn rewards, like cash back, travel points, gift cards, and merchandise. While some are free, others come with annual fees. Do the math and make sure an annual fee is worth the benefits before you go ahead and move forward with it.
These days, many financial institutions offer loans. Some loans are for personal use, such as personal loans, mortgages, and car loans. Other loan options are designed for businesses, like SBA loans, commercial real estate loans, and business lines of credit. Before you commit to a loan, review the interest rates and terms to ensure you can pay it back on time.
As you can see, not all Georgia banks are created equal. In fact, there are many options at your disposal. To help you hone in on the right bank for your unique needs, we encourage you to consider these factors.
Most traditional banks have local branches throughout the Peach State. If you prefer an in-person banking experience, this is great news. However, you’ll likely be able to lock in better interest rates and lower fees if you opt for an online bank with less overhead costs. Fortunately, traditional and online banks usually both have mobile apps so you can bank from just about anywhere.
Some examples of common banking fees you might come across include monthly maintenance fees, ATM fees, overdraft fees, wire transfer fees, account closing fees, and dormancy fees. When you shop around for the perfect bank in Georgia, you’ll notice that larger banks with physical branches tend to charge more fees and higher fees than online banks.
Depending on the bank and accounts you choose, you might have to maintain a minimum balance. If you don’t, you’ll likely be on the hook for fees. Before you pursue a certain account, make sure you can comfortably afford the minimum balance requirement. The minimum balance may be thousands of dollars, so this is an important factor to consider.
Before you look for a Georgia bank, ask yourself what products and services you need. Maybe you’re seeking a personal checking account and savings account. Or perhaps you’re a Georgia business owner and in the market for business credit cards or business loans. Typically, national banks offer a greater selection of products and services than regional banks and credit unions.
There’s a good chance you’ll have questions or concerns once you decide on a bank. For this reason, it’s important to choose a financial institution with high customer service ratings and easy access to customer support. While some banks offer 24/7 customer service via phone, email, and live chat, others will only help you during select business hours.
Be sure to read reviews from real customers on reputable review sites. If you notice many negative reviews about the same topics, you may want to be cautious and look to other banking institutions. It’s also a good idea to check out ratings on websites, like Better Business Bureau (BBB) and Consumer Affairs. In addition, don’t be afraid to ask family and friends for their recommendations on banks.
FDIC insurance will keep your money safe in the event your bank fails. The FDIC usually insures up to $250,000 per depositor. In addition to deposit accounts, it covers money orders, cashier’s checks, and other official products. Before you open an account at a bank, make sure it’s FDIC insured. Most banks have the FDIC insurance logo on their websites.
Some banks go above and beyond and offer more than traditional banking products and services, like checking accounts and savings accounts. You may want to look for extra perks like overdraft protection or assist credit monitoring services, introductory offers, foreign currency exchange accounts, robo advising, and credit cards with impressive rewards.
If you visit a bank’s website, you’ll know what it values. One bank might prioritize long standing customer relationships while another one is a socially responsible bank. If you’re debating between two banks, consider each institution’s values to help you make a decision.
The Peach State has no shortage of banks. However, the right one for you depends on numerous factors, like your preferred products and services, the types of fees you can afford and are willing to pay, and whether you’d like to bank online or in-person.
If you’re unsure of which bank makes the most sense for your situation, don’t hesitate to open accounts in a few of them. From there, you can hone in on the best option. Good luck with your search for the ideal bank in Georgia.
The largest banks in Georgia have the most branches throughout the state. These include Bank of America, Truist Bank, Ameris Bank, Fifth Third Bank, and Wells Fargo. All of these institutions are known for their extensive ATM networks and diverse product lineup.
In most cases, you can open a bank account on the bank’s website or mobile app. You’ll likely need to submit a government-issued ID, like a driver’s license or passport, as well as personal information, such as your Social Security number.
The Peach State has many community banks. The most popular options are Community Bank of Georgia, United Community Bank, Mountain Valley Community Bank, and Gwinnett Community Bank. Community banks are a solid choice if in-person service is important to you.
If you don’t mind online or mobile banking, you’ll likely find fewer fees at an online bank. Also, some traditional banks may allow you to waive their fees. Since fees can eat into your savings and financial goals, you should do your best to avoid or reduce them.
If you have large amounts of cash, you might want to open accounts at different banks. This is because the FDIC usually insures up to $250,000 per depositor and bank. This holds true even if you have several accounts with the same bank. You may also want to open different accounts if you want to take advantage of different benefits.
Big banks offer a greater selection of products and services than small banks. But you might have to pay a monthly maintenance fee or make a minimum opening deposit. Small banks, on the other hand, take the time to get to know their customers and provide more personalized service. The ideal banking size depends on your particular priorities.
First, gather basic information like your Social Security number or Tax Identification Number. Then, start the application process, fund your new accounts, and transfer funds from older accounts. Don’t forget to set up direct deposits and automate recurring payments. Some banks offer switch kits to simplify this process.
Source: crediful.com
Amalgamated Bank supports a number of different causes from environmental sustainability to workers’ rights, and it’s union-owned to boot. Founded in 1923, it’s been rallying behind rallying people for over a century. It’s net-zero and run on renewable energy, pro-union, an ally to immigrants, and politically progressive.
But we’re here to talk about the credit card too. The Maximum Rewards® World Mastercard® is a rewards credit card that earns 1.5% rewards on all purchases. It’s got a great 12-month intro APR, a signup bonus, and good redemption flexibility — all without an annual fee.
Choose this option if you want to have your cake and eat it too (i.e. side with a bank that’s doing some good and still get a great flat-rate cash back card).
Learn more.
Maybe you’ve heard of Green America, the nonprofit working to combat climate change, promote ethical practices and corporate governance, fight for social justice, and more. Green America’s work covers a broad range of issues, and its credit card, the Rewards Platinum Visa®, supports these efforts with every transaction. And it earns unlimited points on everything.
This affinity card has a fairly competitive APR, doesn’t charge an annual fee, and has a few nice benefits like travel insurance and a lower foreign transaction fee. But it’s not perfect, and we wish it were more clear about how donations worked and where exactly they were going.
This is a good choice if you’re interested in socially responsible causes and giving back.
Learn more.
The Charity Charge Card automatically gives to charity every time you use it. Can your current card do that?
When you apply for this credit card, you get to choose the nonprofit you want your spending to automatically benefit. If a nonprofit is set up to receive credit card donations, it is likely available as an option. Bonus: your donations may qualify for charitable tax deductions, which can help the fact that you otherwise won’t earn rewards or cash back sting a little less.
Since donations are calculated as a percentage of spending, you’ll have a greater impact the more regularly you use this card. If you don’t want to miss out on rewards entirely, you could use this card for some of your spending that wouldn’t qualify for the best rates otherwise.
Learn more.
Read more: Want To Help But Can’t Give Cash? 10 Alternatives To Donating Money
The Secured Mastercard® by Amalgamated Bank is a decent low-fee secured card for eco-conscious borrowers. It has a minimum limit of $300 and a maximum of $5,000, and your line is determined by your security deposit. This carries a modest annual fee (for a secured card) of $35 and fairly average interest rates, and it’s a little more flexible than the average competitor.
You may be eligible for a credit limit increase in as little as seven months after opening an account with responsible use and can get your deposit back in less than a year.
This is a good option for borrowers with little or poor credit, but you should only choose this if you couldn’t qualify for one of the others, as it doesn’t earn rewards and has higher fees.
Learn more.
Beneficial State Bank is a purpose-driven financial institution with an eco-friendly card for people who may want their spending to help out green charities and nonprofits.
The Climate Card is similar to the Rewards Platinum Visa by Green America in that it earns flat-rate rewards that can be donated to charity. But unlike the Green America card, the Climate Card has you choose what happens to your points. So if you want to donate them, you can. But if you want to instead redeem for cash or travel, that’s your prerogative too.
This is a good travel card because it has a 1% foreign transaction fee (compared to 1% or 2%) and comes with benefits like insurance and roadside dispatch. And because it lets you choose between keeping your points and donating them, it’s also one of the most flexible choices.
Learn more.
Credit cards without foreign transaction fees can be hard to come by, but this card makes it happen. The Signature Rewards Visa by Verity Credit Union charges no annual fee and no foreign transaction fee, giving it a huge advantage over all the others on this list. But it has the huge disadvantage of being only available to people in the state of Washington.
Points can be redeemed for cash, travel, gift cards, or purchases and there are no restrictions for earning. There’s also an intro APR offer of 12 months on purchases and balance transfers, making this comparable to many rewards cards on the market. If you do qualify to join Verity, consider it for this — especially if you’re on the fence about eco-friendly cards.
This is a good card from an admirable credit union, but it won’t be a fit for everyone (or most).
Learn more.
The Aspiration Spend & Save account offers a debit card that earns rewards like a credit card and comes with a whole host of eco-friendly benefits. There are two plans to choose from.
The base Aspiration plan uses a “pay what is fair” fee structure and the Aspiration Plus plan costs $5.99 or $7.99 a month depending on if you pay monthly or annually. The Aspiration plan pays up to 1.00% interest and up to 3% – 5% cash back while the Aspiration Plus plan pays up to 3.00% interest and 10% cash back on Conscience Coalition spending.
Both have features like early direct deposit and the ability to plant trees when you spend, but only the Aspiration Plus account includes additional automatic offsets and Purchase Assurance. If you decide this account is right for you, pick the Plus Plan to maximize benefits.
Read our full Aspiration review.
Aspiration used to offer a credit card called the Aspiration Zero Credit Card, but they are no longer accepting new applications. Now, this bank’s only individual solution is the Spend & Save account, a rewards-earning checking account with a debit card.
The FutureCard Visa Debit Card earns rewards based on your spending habits. The more eco-friendly your purchases, the more you’ll earn.
With this card, you’ll get points for “climate-smart spending.” This is defined as purchases with a lower carbon footprint, and examples include electric vehicle charging and secondhand items. There’s no cap on earnings but you won’t earn cash back on all purchases.
This card is also unique because it provides you with a summary of your impact in the form of a FutureScore. The app then gives you suggestions for living more sustainably and pays FutureCoins, which can be redeemed for cash, when you complete Missions. Look out for promotions and bonus days to earn even more cash back on your purchases.
Learn more.
If you own or work for a nonprofit and are looking for a business credit card, look no further than the Charity Charge Nonprofit Business Card. This business card is exclusively for nonprofits and works with over 2,000 nonprofits to meet their spending and financing needs.
This card doesn’t charge an annual fee and offers service benefits specifically geared toward not-for-profit rather than for-profit institutions. These include expert guidance from the support team and dedicated representatives.
The Charity Charge Nonprofit Business Card is ideal for nonprofits with less credit to work with, especially newer and growing organizations.
Learn more.
An eco-friendly credit card or green credit card has a positive environmental impact.
There isn’t one single type of eco-friendly credit card, as the term “green” looks a little different to everyone, but the point is that they’re better for the planet. There are also green and eco-friendly debit cards.
A card might be green if it:
These are just a few examples.
There are also cards that have a more general positive impact. For example, they might support socially responsible missions such as fair labor and equal housing. These can benefit the planet but might also benefit other causes as well. The Rewards Platinum Visa® from Green America is a good example of this.
Green credit and debit cards aren’t for everyone, but for some might be just what they’ve been looking for. Here are a few of the main pros and cons to consider with this type of product.
Eco-friendly cards offer many benefits for people with environmental — or financial — goals.
Some allow you to donate to charities without using money out of your own pocket, and these donations could be tax deductible. The best ones even let you choose the charity.
Others incentivize you to be more eco-friendly in your spending habits by handing you the most rewards points for green purchases. This could help you live more sustainably.
And a few have their own unique benefits, like Aspiration’s tree-planting with transactions.
Many of these cards earn some sort of rewards for spending, with several offering flat rates on everything. And a handful also have everyday perks like purchase protection and discounts too.
While greener cards offer benefits like lowering your impact and motivating yourself to make more sustainable choices, they do require you to compromise in some areas.
When it comes to rewards you actually earn, most of these cards just aren’t as competitive as others. The highest rate we’ve seen for green credit cards is 1.5% cash back, and this is the lowest base rate for many of the best rewards cards out there. And you might not have a lot of flexibility in how you redeem these rewards with an eco-friendly card.
These cards also don’t have as much going for them in the perks department. They have leaner travel benefits, if any at all, and very few free features.
Sure, the satisfaction of knowing you’re helping the planet is rewarding, but it might not help you save money and isn’t as flashy as what other cards offer.
If your spending habits make sense for one of these cards and you’re willing to compromise on rewards some in order to do good with your dollars, an eco-friendly card could be right for you.
You might decide to go green with your card because you don’t want to support big banks with harmful practices that hurt the planet, people, or both. For example, many major card issuers are responsible for enormous carbon footprints and lend money to fossil fuel companies.
Some are also involved in scandals, wrapped up in politics, and sneaky about where they spend money. It’s not a good look.
If you want to be part of something different, these cards are just one way to do that.
Read more: What is public banking?
Don’t go for a green credit card or socially responsible card if your number one priority is earning the most rewards. These cards have lower payouts than others, fewer options for redemption, and often less earning flexibility.
Eco-friendly credit and debit cards are not yet on par with the rest of the options in the personal finance world. And until they have higher rewards rates and more benefits overall, they’re not likely to become mainstream any time soon.
Fortunately for those who want to help the planet but don’t want to sign up for one of these cards, there are other ways to spend more sustainably. This next section is for you.
If you don’t want to have to compromise on rewards — or you just don’t need a new card — but still want to make a positive impact, you can skip the card and do these things:
Click the link below for more ways to make your money green.
Read more: 12 easy ways to make your money green and protect our planet
There are many green credit and debit cards to choose from, each with its own benefits for your wallet and the environment. We’ve highlighted the best here, but even some of these leave a little to be desired when it comes to rewards earning, perks, and redemption.
But if this category catches on as consumers grow more conscious of their impact on the planet, more eco-friendly cards will be available and this space will become more competitive.
Source: moneyunder30.com
Wondering what to do when you can’t pay your bills can be a horrible feeling. You may feel stressed, tired, angry, along with 1,000 other emotions.
Falling behind on your bills can also impact many areas of your financial life. It may lead to:
You may have fallen behind on your bills due to many different reasons. You could have recently lost your job, taken a pay cut, or had surprise expenses pop up.
Whatever your reason may be, there are steps you can take to get back on track.
Ignoring the problem isn’t going to help you at all. Many people get extremely stressed about being unable to pay their bills, which can lead to completely ignoring the problem in hopes that it will go away.
You have to do something.
By facing the problem, you will be able to dig yourself out of debt, get rid of late bills, and have a better grasp of your financial situation.
You may feel very panicky if you can’t pay your bills, but remember that wasting time on worrying won’t help you at all.
Being negative, panicky, regretful, etc. leads to feeling as if you will never get out of the mess you are in. Those feelings may cause you to give up and let the bills pile up, because you can’t see a way out.
Instead, you need to take action.
Try to relax, stay positive, and focus on making changes.
Related: Why I Believe Being Positive Can Change Your Financial Situation And Your Life
Call the company as soon as you can. By calling them, you may be able to have late fees waived, receive a discount, and/or get more time to pay your bills.
You won’t know what they can do for you until you ask.
The worst thing that can happen is that they say no.
The best thing that can happen is they say yes and help you out!
And, yes, some companies will help you out. They aren’t all out to get you. You may want to try explaining your situation, to tell them how great of a customer you’ve been over the years, to ask what your options are, and so on.
You need to get organized so you know exactly where your money is coming from and where it is going.
This will help you spot your financial problems, and see whether working towards earning more money or cutting expenses is a better use of your time. By finding expenses to cut or areas to make more money, you will be able to put more money towards your bills and savings which can help you work through the bills you need to pay.
Related: How to Live On One Income
Even if it seems like there is nothing to cut from your budget, by digging deeply you can probably find a spot you can cut.
Something needs to be done so that you are no longer behind on your bills.
You may want to consider completely cutting expenses related to your:
You may want to consider lowering or negotiating expenses related to your:
Related: 30 Ways To Save Money Each Month
My recommendation for the best way to pay your past bills is to work on making more money. There is really no limit to the amount of money you can make. Earning more money can be a great way to get ahead a little more quickly than if you were to just cut your budget (you should still do that too, though).
To make extra money you can find a part-time job, ask for a raise or additional hours at the job you already have, start a side business, and so on.
Related: 75+ Ways To Make Extra Money
Some people put everything on their credit cards or take out payday loans when they are having a hard time paying their bills.
This can be a huge mistake. Occasionally there is a positive story about someone able to use one of these methods to their advantage, but the average person will experience a lot of money lost and increased stress.
Using a payday loan or credit cards when you fall behind on your bills can lead to digging a hole that feels nearly impossible to get out of.
I recommend analyzing the other options listed in this blog post before taking any extreme options.
One of the most important steps is deciding what order you should pay your bills.
You should write (or type) out all of the bills you owe, how much you owe, how late you are, and negatives that you may experience if you don’t pay a bill.
This will help you with the next action you will need to take.
I couldn’t forget this one. Actually paying your bills is what you are working towards and what you will eventually need to do.
I recommend finding the bill that’s going to impact you the worst, then pay that one first. Then, go down the list you made prioritizing each, then pay each one off as described above. Keep paying your bills until you are done.
You should make a plan so you don’t fall behind on your bills again.
Without a plan, there is a chance you will fall into the same habits again and again, possibly getting yourself into an even bigger financial mess.
You should:
What other tips would you give to someone who is wondering what to do when you can’t pay your bills?
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Source: makingsenseofcents.com
Editor’s note: This post has been updated with new information.
Nobody likes a delayed flight, and so far this year, about 21.9% of flights have been delayed, according to data from FlightAware. You can even monitor a live airline flight cancellation page and a misery map showing airport locations and delays.
However, since the airlines can’t control the weather, delays are a necessary evil that passengers must put up with. Even if there’s a maintenance issue causing the delay, you don’t want to stray too far from the gate and risk missing your flight in case the issue is resolved quickly and the airline revises the departure time.
So before you head off to the airport lounge to drink away your sorrows, there are some things you need to know about flight delays. In some instances, you may even be entitled to financial compensation for your inconvenience.
Here’s what you should do if your flight is delayed.
Don’t skip off to the airport lounge immediately after finding out about a flight delay. I’ve admittedly been guilty of this, and it’s almost caused me to miss a twice-delayed flight. After getting delayed during a flight a few years back, I figured I had enough time to grab some food and catch a cat nap at the lounge. I hadn’t realized that the flight had somehow been “un-delayed” until I happened to wake up a short time later. With just minutes to spare before the boarding doors closed, I arrived to catch my connecting flight — harried and out of breath.
I would have avoided this entirely had I checked with the gate agent to find out the new time or asked an employee at the lounge. They typically know these things.
Another thing: Don’t rely solely on the airport departure and arrival board, as they aren’t always updated. They’re usually accurate, but you’re likely to get the most up-to-date flight departure information by downloading your airline’s app to your phone and signing up for text flight alerts.
On another flight between my hometown airport Norfolk International Airport (ORF) and LaGuardia Airport (LGA), I discovered my outbound flight had been delayed minutes before the gate agent announced it over the intercom. Having multiple sources of information, especially as more flights experience operational delays these days, is better than relying on just one source.
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At TPG we talk a lot about how to make your travel rewards credit cards work for you — and not only about earning elite status with airlines or finding the best lounge to plane spot. Sometimes your credit card will come in handy when a trip doesn’t go quite as planned.
One underrated benefit that can come to the rescue when things go wrong is trip delay coverage, according to TPG senior editor Nick Ewen. A delay isn’t just frustrating. It can cause you to miss a crucial flight segment and potentially leave you stranded at an airport.
Trip delay protection ensures that you won’t be responsible for additional (reasonable) expenses that occur due to a lengthy trip delay. However, some credit cards can save you money and hassle if you’re delayed due to weather, operational problems, strikes or other unplanned events. You will likely need to pay for the expenses upfront, but you may be eligible for reimbursement afterward.
Credit cards with trip delay protection include:
*Eligibility and Benefit level vary by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
Related: Best credit cards that offer trip delay reimbursement
Know your rights if there’s a delay or cancellation.
If you decide not to fly your originally scheduled flight due to significant delays and cancellations, you should get your money or points back. Airlines will generally try and push a voucher on you. However, you don’t have to settle for it as you are entitled to cash.
Related: Can I get flight delay compensation? These are the ways you qualify
You may have a cancel and refund option available online or in the airline’s app. Although, as I’ve found in the past, the airlines don’t make it a simple process. So, you may end up having to call the customer service line. Remember, even if the airline offers you a voucher or miles, you’re typically entitled to a cash refund.
You have even more options if your travel falls under the EU261 regulation — which establishes rules on compensation and assistance to passengers in the event of denied boarding, cancellation or long flight delays.
EU261 provides some travel protections if your flight is delayed at departure, depending on how long the delay is. If you arrived at your final destination with a delay of more than three hours, you are entitled to compensation (unless the delay was due to extraordinary circumstances, like terrorism.)
As we reported last year, the regulation applies to the following:
For rates and fees of the Amex Platinum card, click here.
For rates and fees of the Delta Reserve card, click here.
Related reading:
Additional reporting by Becky Blaine.
Source: thepointsguy.com
There’s no question that buying a home is a lofty new year’s resolution—it’s certainly more intense than “drink more water” or “keep a journal.” So how do you start the process of buying a home in the new year?
Step One: Understand WHY you want to buy a home
Purchasing a home is a monumental step in anyone’s life, and it’s important to devote plenty of time and thought to the decision. Ask yourself the necessary questions: why do I want to buy a house? Am I in a suitable financial position to buy a home? How long do I plan to live in this home? For the most part, these questions aim to help you answer more general questions, like “can I buy a home right now?” and “should I buy a home right now?”
Step Two: Check and strengthen your credit
Your credit plays a massive role in your loan eligibility—some home loans are only available for borrowers with a certain credit score range. Be sure to keep an eye on your credit score, and remember you can always improve it!
Implementing healthy spending habits, like paying your bills on time, saving up money whenever you can, and avoiding racking up credit card debt, can work wonders. Keep in mind, you won’t see changes in your credit score overnight—credit reports typically update every 30 to 45 days.
Total Mortgage always offers educational resources to our clients—check out the video below for some credit tips!
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Step Three: Check your DTI
Your debt-to-income ratio, technically speaking, is all of your monthly debt payments divided by your gross monthly income—that is, the percentage of your gross monthly income that goes towards payments for rent, mortgage, credit cards, and other debt. This is how lenders measure your ability to manage the monthly mortgage payments to repay the money you’ll be borrowing.
To calculate your debt-to-income ratio, add up your monthly debts—this includes car payments, credit cards, mortgages, and student loans. Divide this amount by your monthly gross income, and you’ll get your DTI ratio.
For reference, the standard maximum DTI for conventional loans is 45%, and for FHA loans it’s 55%. Of course, the maximum DTI depends on the home loan.
Step Four: Start saving for a down payment
The down payment requirement on a mortgage can end up costing a considerable chunk of change, so it’s always beneficial to start saving as soon as you can. Down payment requirements can be as low as 3%, or as high as 20%, depending on the mortgage. Making a larger down payment has its advantages—usually you’ll have more mortgage options, a smaller monthly payment, and a lower interest rate.
Always factor your closing costs into your budget. While closing costs will vary depending on the home, it’s a good idea to plan for a fee of 3% to 6% of the home’s value.
If you’re looking for a creative way to save up money, try the 52-week savings challenge! To take part in the challenge, you should deposit an increasing amount of money each week for one year. The amount corresponds with the week number (i.e., on week one put away $1, week two put away $2, and so on). It’s not too late to start—even if you start on week 6, you’ll still end up with over $1,300.
Step Five: Determine your housing budget
One of the most important parts of the home-buying process is determining how much house you can afford. Homeownership comes with several costs that you didn’t need to pay as a renter. In addition to your monthly mortgage payment, you’ll need to pay property taxes and maintain some form of homeowners insurance. Factor these expenses into your household budget when determining how much house you can afford.
Step Six: Speak to a mortgage professional
By far the best way to determine if you’re ready to buy a home is to speak with a mortgage professional. They can walk you through the home-buying process, and give you an overview of the various home loan options.
Here at Total Mortgage, we offer a personalized experience for each borrower—and we have branches throughout the country! Contact your local Total Mortgage branch today to get started. Click here to find your branch!
It’s normal to feel a little overwhelmed by the home-buying process, but if you think you’re truly ready, don’t let yourself be discouraged! Your loan officer will guide you through each step, setting you up for success as a homeowner.
Source: totalmortgage.com
KrowdFit is a digital wellness engagement platform that makes it possible to earn cash-back rewards when you use its app to track activities like steps, sleep and meals. The company also offers the $0-annual-fee KrowdFit Wellness Rewards Mastercard, which can help improve your financial fitness when you spend on self-care.
Cardholders can earn an impressive and uncapped 4% cash back on an expansive list of eligible “health, wellness, medical and lifestyle partners” — including Walmart and Target — in addition to 2% back on grocery purchases and 1% back everywhere else. Better yet, those rewards are issued instantly, so you won’t have to wait until the end of your billing cycle to redeem them.
According to a KrowdFit representative, you’ll need a FICO score above 650 to qualify for the card, which comes with a virtual card number for immediate use upon approval.
Here are five things to know about the KrowdFit credit card.
The KrowdFit Card offers 2% cash back at grocery stores (excluding membership stores like Costco) and 1% cash back on all other purchases. While those rates are unspectacular, the card stands out thanks to the breadth of categories that qualify for its stellar 4% rate. Some of those categories include:
Food: Restaurants, specialty markets and “miscellaneous” food stores.
Fitness: Sporting goods stores, bicycle shops, membership clubs and dance studios.
Health care: Medical and dental providers, health insurance and drugstores.
Wellness: Massage parlors, spa services, and health and beauty shops.
Clothing: Family clothing stores, sports apparel and shoe stores.
Outdoor activities: Public and private golf courses, country clubs, and sporting and recreational camps.
Transportation: Including boat, motorcycle and snowmobile dealers.
Discount stores: Including Walmart, Target and others.
As of this writing, more than 30 merchant category codes (MCC) qualify for 4% cash back — a massive number for a no-annual-fee card that doesn’t require active management, such as tracking a bonus calendar or opting into bonus categories.
Also, if you make a purchase that you think should qualify for bonus cash back and it doesn’t, you can request to have the MCC code added to KrowdFit’s list.
Like many apps, KrowdFit has two versions: a free one with advertisements, and a premium one without the ads that promises a few additional perks. Cardholders will receive a one-year complimentary membership to KrowdFit Premium, normally $1.99 per month.
To incentivize healthy living and activity, KrowdFit offers cash giveaways that are paid out Monday, Wednesday and Friday of every week, in addition to a $5,000 physical activity cash giveaway on the first day of every month. The more you use the app to track things like sleep, diet and activity, the more entries you get.
When you apply for a credit card, the issuer will typically conduct a hard inquiry to determine your creditworthiness. That inquiry can often lead to a temporary decrease in your credit scores, even though it’s generally conducted before you know what credit limit and interest rate you’re being offered.
But the KrowdFit card lets you see whether you’ll be approved — including the credit limit and interest rate — before you receive a hard pull. That way you know exactly what you’re being offered and whether it’s worth the impact to your credit scores. A hard pull is conducted only after you accept the offer.
Who doesn’t want to be rewarded?
Create a NerdWallet account for personalized recommendations, and find the card that rewards you the most for your spending.
Once you accept the credit line and interest rate provided through the preapproval process, you’ll immediately receive a virtual card number. This number gives you instant access to your credit line and can be added to your virtual wallet or used online for purchases.
Once you receive the physical card in the mail, simply replace your virtual card number with the number on the front of your card.
The ongoing rewards structure for the KrowdFit card is solid, but the card lacks something other no-annual fee cards offer — a sign-up bonus. Whether you’re looking for cash back or travel miles, a sign-up bonus is the easiest way to pile up rewards.
The Wells Fargo Autograph℠ Card card has a $0 annual fee and offers the following sign-up bonus: Earn 20,000 bonus points when you spend $1,000 in purchases in the first 3 months – that’s a $200 cash redemption value. You’ll also earn 3 points per $1 spent on travel, dining, gas, public transportation, streaming services and phone plans.
Or there’s the Chase Freedom Flex℠, which also has a $0 annual fee and features the following sign-up bonus: Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. In addition, you’ll earn 5% cash back on up to $1,500 in combined purchases in bonus categories you activate each quarter; 5% back on travel purchased through the Chase Ultimate Rewards portal; and 3% back on dining and drugstore purchases. All other nonbonus-category purchases earn 1% back.
Source: nerdwallet.com
Back in the day, if you wanted a loan to pay off your car or credit cards, you’d go to a bank or a credit union, sit down with a loan officer, and wait for them to tell you yes or no as they “crunched the numbers.”
But now peer-to-peer (P2P) lending has come onto the market, offering loans to borrowers directly from individuals — and usually carrying more favorable terms for those without a great credit profile. Borrowers can access up to $50,000 (or more) from lenders, with fixed term repayment scheduled and reasonable interest rates. Investors can also become lenders on P2P platforms, earning interest collected on loans as a passive form of investment income.
Let’s break down some of the best peer-to-peer lending sites for both borrowers and investors, so you can determine which option is best for you.
What’s Ahead:
Prosper is the OG peer-to-peer lender in the market. It was founded in 2005 as the very first peer-to-peer lending marketplace in the U.S. According to their website, they’ve coordinated over $22 billion in loans.
If you’re a borrower, you can get personal loans up to $50,000 with a fixed rate and a fixed term from two to five years in length. Your monthly payment is fixed for the duration of the loan. There are no prepayment penalties, either, so if you can pay it off early, you won’t be penalized.
You can get an instant look at what your rate would be and, once approved, the money gets deposited directly into your bank account.
As an investor, you have many options on loans to choose from. There are seven different “risk” categories that you can select from, each with their own estimated return and level of risk. Here’s a look at the risk levels and the estimated potential loss, according to Prosper:
As you can see, the lower the letter, the greater the risk of default, hence a higher estimated potential loss. With just a $25 minimum investment, you can spread your risk out across all seven categories to provide your portfolio some balance.
The borrowers that you’re lending to are also above U.S. averages regarding their FICO score and average annual income.
Learn more about Prosper or read our full review.
BlockFi is a popular crypto lending platform that offers crypto-backed loans to borrowers and pays out interest to lenders. BlockFi offers instant loans and requires no credit checks for borrowers. All loans are collateralized, meaning borrowers will need to lock in their crypto to borrow against it.
If you’re a borrower, you can get a crypto loan for up to 50% of the value of your crypto, with rates ranging from 4.5% to 9.75% APR, depending on the amount of collateral. Payments are made monthly and are fixed for the duration of the loan.
Interest rates are determined by the amount of collateral deposited and the loan-to-value (LTV) of the overall loan. There is a 2% origination fee on all loans.
Bitcoin (BTC), Ether (ETH), Paxos Gold (PAXG), or Litecoin (LTC) can be used as collateral for the loan, and can be liquidated if the LTV goes above the original LTV of the loan.
BlockFi offers interest accounts for users who deposit crypto. The funds are used for crypto lending, and interest is paid out in the native crypto deposited. Interest rates vary by cryptocurrency, and range from 0.10% APY up to 7.50% APY. Stablecoins (such as USDC) pay out the highest rates.
Crypto interest accounts are not available to U.S. investors, as BlockFi was sued by the SEC for violating securities laws.
Read our full review.
BlockFi Bankruptcy Notice -On November 10, 2022, BlockFi announced that it had to suspend withdrawals from its platform due to the FTX liquidity crisis. As a result, consumers should not be using the BlockFi platform. As of November 28, 2022, BlockFi officially declared bankruptcy.
Upstart is an innovative peer-to-peer lending company that was founded by three ex-Google employees. In addition to being a P2P lending platform, they’ve also created intuitive software for banks and financial institutions.
What’s unique about Upstart is the way they determine risk. Where most creditors will look at a lender’s FICO score, Upstart has created a system that uses AI/ML (artificial intelligence/machine learning) to assess the risk of a borrower. This has led to significantly lower loss rates than some of its peer companies. Combine that with an excellent TrustPilot rating, and this company is certainly making waves in the P2P marketplace.
Borrowers can get loans from $1,000 up to $50,000 with rates as low as 5.6%. Terms are either three or five years, but there’s no prepayment penalty.
Using their AI/ML technology, Upstart looks at not only your FICO score and years of credit history, but also factors in your education, area of study, and job history before determining your creditworthiness. Their site claims that their borrowers save an estimated 43% compared to other credit card rates.
Investing with Upstart is also pretty intuitive. Unlike other P2P platforms, you can set up a self-directed IRA using the investments from peer-to-peer lending. This is a unique feature that many investors should be attracted to.
Like other platforms, you can set up automated investing by choosing a specific strategy and automatically depositing funds.
Upstart claims to have tripled their growth in the last three years due heavily to their proprietary underwriting model, so it might be worth a shot to consider this option.
Learn more about Upstart or read our Upstart review.
SoLo Funds is a peer-to-peer platform that functions as a short-term lender, similar to payday loans. With term lengths only lasting for up to 35 days, loans must be paid back in a narrow timeframe. But instead of charging fees, borrowers can leave an optional tip instead.
SoLo Funds is an affordable option for clients who are in a pinch and need an advance on payday, but there are hefty fees if loans are not paid back within 35 days. Users will need to pay a 10% penalty plus a third-party transaction fee if late.
Borrowers can take out loans up to $575 for a maximum of 35 days. Loans do not charge fees, but allow borrowers to select an optional tip amount to lenders.
Loan applications only take a few minutes, and while most loans post within a few days, some may be instantly approved, offering same-day funding with money transferred to borrowers within a few hours.
Loans must be paid back in full within 35 days, or there is a 10% penalty plus other transaction fees. There is no option to roll the loan over.
Lending is fairly straightforward, with a simple sign-up process and no pre-qualifications needed. Since the loans are smaller amounts (up to $575), there are no minimums required for lending.
SoLo Funds has a marketplace of loan requests from borrowers, with details specified on each. Each loan request shows the amount needed plus the tip given by the borrower for the loan. Each borrower also has a SoLo Score, on a scale from 40 to 99, with higher scores showing more “worthiness” for paying back a loan. Loans can go into default, and if needed, to collections through a third party. There is a risk of total loss with SoLo Funds investing, though the platform does offer insurance against loss for a fee.
Learn more about SoLo Funds.
FundingCircle is a small business peer-to-peer platform. The company was founded with the goal of helping small business owners reach their dreams by providing them the funds necessary to grow.
So far, they’ve helped 130,000 small businesses across the world through investment funds by 71,000 investors across the globe. FundingCircle is different in that it focuses on more substantial dollar amounts for companies that are ready for massive growth. They also have an excellent TrustPilot rating.
As a borrower, the minimum loan is $25,000 and can go all the way up to $500,000. Rates come as low as 5.99%, and terms can be anywhere from six months to seven years. There are no prepayment penalties, and you can use the funds however you deem necessary — as long as they are for your business.
You will pay an origination fee, but unlike other small business loans, funding is much quicker (you can be fully funded as quickly as 1 business day).
As an investor, you’ll need to shell out a minimum of $25,000. If that didn’t knock you out of the race, then read on.
According to FundingCircle, you’ll “Invest in American small businesses (not start-ups) that have established operating history, cash flow, and a strategic plan for growth.” While the risk is still there, you’re funding established businesses looking for extra growth.
You can manage your investments and pick individual loans or set up an automated strategy, similar to Betterment, where you’ll set your investment criteria and get a portfolio designed for you.
Learn more about FundingCircle.
If you want to do some good in the world, you’ll find an entirely different experience in P2P with Kiva. Kiva is a San Francisco-based non-profit that helps people across the world fund their businesses at no interest. They were founded in 2005 with a “mission to connect people through lending to alleviate poverty.”
If you’d like to borrow money to grow your business, you can get up to $15,000 with no interest. That’s right, no interest. After making an application and getting pre-qualified, you’ll have the option to invite friends and family to lend to you.
During that same time, you can take your loan public by making your loan visible to over 1.6 million people across the world. Like Kickstarter, you’ll tell a story about yourself and your business, and why you need the money. People can then contribute to your cause until your loan is 100% funded. After that, you can use the funds for business purposes and work on repaying your loan with terms up to three years.
As a lender, you can choose to lend money to people in a variety of categories, including loans for single parents, people in conflict zones, or businesses that focus on food or health. Kiva has various filters set up so you can narrow down exactly the type of person and business you want to lend your money to. You can lend as little as $25, and remember, you won’t get anything but satisfaction in return — there’s no interest.
You can pick from a variety of loans and add them to your “basket,” then check out with one simple process. You’ll then receive payments over time, based on the repayment schedule chosen by the borrower and their ability to repay. The money will go right back into your Kiva account so you can use it again or withdraw it. There are risks to lending, of course, but Kiva claims to have a 96% repayment rate for their loans. Just remember, you’re not doing this as an investment, you’re doing it to help out another person.
Learn more about Kiva.
As the name suggests, peer-to-peer lending involves private individuals making loans to other individuals. The system runs contrary to the traditional model of banks and credit unions providing financial services because it cuts out the middleman.
While peer-to-peer lending had a surge in users over the past decade, in the past few years, some P2P lending companies have shuttered their services, including StreetShares, Peerform, and LendingClub.
Peer-to-peer lending shares many similarities with traditional lending:
No one would say that peer-to-peer lending is 100% safe. No form of investing is. Many of the best peer-to-peer lending sites vet borrowers and investors to mitigate risk. The review process helps eliminate untrustworthy candidates, so borrowers can receive their loan and investors can earn interest.
Read more: Should you invest in peer-to-peer loans?
Peer-to-peer lending is a great option for borrowers with less-than-stellar credit who want access to capital with reasonable terms and rates. P2P lending is ideal for small businesses and individuals who are looking for a personal loan that does not require mountains of paperwork, and that is funded quickly (usually within a few days).
But not all P2P lending platforms operate the same, and some can charge high origination fees and interest rates. Others require high minimum loan amounts to borrow as well, making them less accessible to some borrowers.
Investors can earn decent returns with P2P lending, but there is also the risk of default and the mess of going through collections agencies occasionally. Finding a solid platform with detailed risk mitigation strategies (such as borrower scores), and insurance against default can help alleviate these concerns, but it may eat into your profits.
While peer-to-peer lending is not seeing the massive growth of a few years ago, it is still a solid option for borrowers and investors alike.
Source: moneyunder30.com
Chase has increased the value of points when using them to offset the annual fee as a statement credit on the Explorer, Quest, and Club Infinite Cards.
Previously this was 1.5 cents on all cards. I updated this the other day in our main PYB post and thought it worth highlighting here separately.
Hat tip to reader John B
Source: doctorofcredit.com
Right now, you are probably thinking, “saving money is NOT fun.”
However, I want to tell you that you are wrong!
Yep, wrong.
Maybe you don’t nerd out as much as I do when it comes to saving money, but there are plenty of ways to learn how to make saving money fun. Learning to have fun saving money is always a good idea, because it can help you save more money.
So many people get tired of paying off debt and saving money, because it can feel so monotonous or they just lack the motivation.
This is why I believe the best way to save money is to learn how to make saving money fun. This can help keep you motivated and interested in saving money.
Below are some great tips on how to make saving money fun. Enjoy!
Challenging yourself to save more money is great, because it can help keep your financial goal on your mind and keep you motivated.
Some ways you can challenge yourself to make saving money fun include:
Related tip: I recommend checking out my PrizePool review. PrizePool is a new type of savings account where you can win one of the over 15,000 cash prizes totaling $50,000 every month simply by saving your money in a savings account. One lucky winner will get the $25,000 Grand Prize out of this guaranteed PrizePool each and every month. PrizePool savings accounts are FDIC insured too.
To some people, a no spend challenge may not be the most fun thing in the world. However, they can be a great way to let your creative side come out, because you will have to make do with what you already have.
You can do a challenge where you don’t buy any clothing, pantry food items, coffee, gas, and so on.
Now, you may be wondering how a no spend challenge can help you, so here’s how:
Read further at The Power Of A No Spend Challenge.
You can even go a step further by making it a challenge between you and someone else. You can turn it into a fun challenge between your friends, family members, or coworkers.
Think of this as similar to when a person has a weight loss buddy. By having someone rooting you on, who is also going through both the good and bad times, you may be more likely to reach your financial goals.
You can compete with others to see who can save the most money, who can go the longest without buying a certain item, who can pay off debt first, and more.
I’m not just saying this because Making Sense of Cents is a personal finance blog.
I truly believe that reading personal finance blogs can help keep you interested in saving money. Personal finance blogs are great for seeing how other real people are doing with their financial goals, to introduce you to things you haven’t thought of, and for possibly joining a community of others who have similar goals as yours.
Related: How To Save Money
Making your goal visual is a great way to find motivation and make saving money fun.
Having your financial goal displayed in front of you can make it that much more real, plus it’s nice to have a constant reminder of what you’re working towards.
Various ways to make your financial goal visual include:
There are plenty of ways to enjoy your life while staying on a realistic budget.
In fact, I believe that many of the great ways to have fun are free or affordable. We spend hardly any money within our entertainment budget each month and still have a great time filled with new experiences. Just check out my Instagram if you don’t believe me!
You can have frugal fun by:
Are you interested in learning how to make saving money fun? What do you think is the best way to save money?
P.S. Here are some ways to make saving money a little easier:
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Source: makingsenseofcents.com