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Apache is functioning normally

November 15, 2023 by Brett Tams

Most of us have hopes and plans for the future, and they often require a degree of financial success. Whether your aspiration is relatively small and close to home (say, hosting an amazing 30th birthday party for your sweetie at their favorite restaurant) or considerably grander (owning multiple homes and retiring by age 50), it takes planning and discipline to achieve them.

In a nutshell, smart money habits can start you on the path to achieving financial success and realizing your dreams. Adopting small (and repeated) changes in behavior can be one way to start building good financial habits that can last a lifetime.

Read on to learn six of the most important money habits that can help steer you to financial success and realizing your money goals.

Why Good Money Habits Matter

Good money habits can set you up for financial success. They act like guardrails, keeping you moving towards positives (like an impressive retirement fund) and away from potential challenges (say, too much credit card debt). They are, in fact, similar to other wise habits in your life, whether that means eating well, exercising regularly, not staying up too late watching Netflix, or remembering to call your folks often.

Yes, good habits can require some time and energy to establish, and then you likely need to maintain focus to stay on track. Some will become second nature or no-brainers; others may require more ongoing effort. But by sticking with them, good money habits can guide you to help manage your personal finances well, make smart decisions with your funds, and achieve your future goals.

💡 Quick Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.

6 Good Money Habits to Adopt

Here’s a closer look at six key money habits that can help you develop financial success.

1. Set Financial Goals

Formulating your financial goals can be an important step. Goals can guide you as you go about building a financial plan for the years ahead.

One person’s goals might be to pay off their student loans and save for a down payment on a house; another might want to sock away enough cash to start their own business down the road; and yet another might want to achieve a lifestyle where they can pay for their child’s college education and take ski vacations every winter.

Putting pen to paper or opening a document on your laptop can be a helpful way to focus and define specific financial goals to work towards. This can give you clarity and boost your motivation vs. simply saving in the abstract.

Once you have goals in mind, you can begin saving toward them and tracking your progress.

2. Budget Well and Track Your Spending

If you are just winging it in terms of your finances, it’s probably wise to prioritize setting up a budget. The word “budget” can cause a knee-jerk reaction because it smacks of deprivation (as in, no more lattes, ever!) but that’s not what it’s about.

Rather, a budget involves understanding how much money you have coming in and where it’s going (typically towards spending and saving). It can help you be more aware of your finances and balance them, too.

Out of the various techniques, the 50/30/20 budget rule is a popular option. It spells out that 50% of your take-home pay goes towards your needs (housing, food, and healthcare, for instance), 30% towards your wants (dining out, those lattes mentioned above, travel), and 20% towards savings.

There are plenty of other different budgeting methods to try and tools you can use to track your spending, which is an important facet of good budgeting. Your bank may even offer a convenient system for this. By tracking your spending, you can see where you may be spending too much (say, your once-a-week takeout habit has crept up to four times a week), be more mindful with money, and optimize your finances. Perhaps you can put more towards debt payments, for example, than you realized.

It can also be wise to get in the habit of checking in with your money regularly; many people find that a couple of times a week is a good frequency.

💡 Quick Tip: If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.

3. Consolidate Debt

As you work on your budget, you may want to cultivate another money habit to develop financial success. That involves dealing with debt.

This might mean paying off credit card balances in full and making all other necessary debt payments on time, such as mortgage installments and student loan payments. Calendar reminders can help ensure that all payments get made on time, as can automating your payments (more on that below). It may even help to arrange to have all payments due on the same day. Some lenders are willing to move a monthly due date.

If you have student loan debt, you might look into refinancing options. You might, say, be able to lower your monthly payment, though that could extend the term of your loan and cost you more in interest over the life of the loan. However, doing so may be the right move for some people. (Also keep in mind that if you refinance federal loans as private student loans you will lose access to federal benefits and protections.)

Facing and managing your debt is an important step, regardless of the specific solution you decide upon. It’s a habit that allows you to take control of your money. And it can keep your debt-to-income ratio low, which can be an important factor when you want to borrow money at as low a rate as possible.

Get up to $250 towards your holiday shopping.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $250 cash bonus. Plus, get up to 4.60% APY on your cash!

4. Know When to Consider Balance Transfer vs. Personal Loans

Building on the idea of consolidating debt is the next financial habit. This one involves knowing the warning signs when your debt is getting uncomfortably high and then taking steps to rein it in.

Sometimes, the steps above aren’t enough. If that’s the case, it’s wise to consider your options vs. taking a wait and see approach. Currently, credit card interest rates are over 20% which can be hard for some people to pay off.

So if you see your balance rising to a level you are worried about, consider the following options as you take control of your debt:

• You might try a balance-transfer credit card, which can give you a reprieve from high interest accruing for a period of time (often 18 months), allowing you to pay down your debt.

• You might consider taking out a personal loan and using those funds to pay off your credit card debt. The goal here is to have a lower monthly payment on the personal loan than what your credit card bill amounted to.

• Contact a nonprofit credit counseling service, such as the National Foundation for Credit Counseling, or nfcc.org.
Getting in this habit before debt gets deeper can help you in the long run.

5. Automate Your Finances

It can be a good idea to save money right after getting paid — before the cash sits in checking long enough to spark the urge to spend it. So why not make it simple and save automatically upfront?

A person interested in saving might begin by automating just one kind of transaction. For example, they may opt to have $50 moved from a checking account to a different savings-oriented account each month. If that money remains unspent each month, those monthly automatic savings would total to $600 at the end of the year.

That could be a good way to start an emergency fund without expending much effort. You can also automate payments of, say, your utilities and housing costs or your car loan. Paying bills on time this way can help build your credit.

There are also numerous ways to automate your investments. A workplace plan, like a 401(k), may already be doing this. For someone who’s on their own, mutual funds can make auto-investment really easy. Alternatively, a robo-advisor service can automatically invest contributions on behalf of the investor. (Note: This automation may be challenging for those paid irregularly, such as freelancers and seasonal workers.)

By embracing automation, you can nail an important money habit. You can pay yourself first and stash cash away in savings. And you can avoid such bad money habits as not saving enough, paying bills late, or forgetting to pay them at all.

Recommended: How to Become Financially Independent

6. Investing Early and Often

“I invested too much money for retirement,” said no one, ever. Arguably, there’s no other financial goal that requires more habitual action — spread over decades — than saving and investing for retirement.

It can be tempting to push off planning for retirement until tomorrow. After all, when someone’s in their 20s or 30s, retirement is likely decades and decades away. Psychologically, it’s simple to presume that it’s just not worth thinking about in the now.

But, for many, retirement can be one of life’s biggest and most important expenses. It can secure your comfortable future. Investing early, often, and wisely, can help accomplish that goal.

Adopting this habit ASAP can be a big help; it allows for more time for money to grow via compounding. Compound returns are earnings on both the original amount invested (the principal) and the money earned via investing (the profit). The more months (or years) a person invests, the higher the potential for profits to compound. Note: It is important to note that all investing carries risk as the stock market can fluctuate.

Being consistent about moving money into your portfolio is important, too. Luckily, there are easy and affordable ways to get started investing. First, open an account, like a brokerage or a retirement account. (Investing in a 401(k) also counts as investing.) Then, investors can purchase investments like stocks and funds to achieve their goals. Or investors can use an automated investing service.

The Takeaway

Building good financial habits can be rewarding. There are more technological tools than ever to help with budgeting or expense tracking. From digital apps to automatic investing, building healthy financial habits has never been more accessible.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with up to 4.60% APY on SoFi Checking and Savings.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet..

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The information provided is not meant to provide investment or financial advice. Also, past performance is no guarantee of future results.
Investment decisions should be based on an individual’s specific financial needs, goals, and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC registered investment advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).

2) Active Investing—The Active Investing platform is owned by SoFi Securities LLC. Clearing and custody of all securities are provided by APEX Clearing Corporation.

3) Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.

For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit www.sofi.com/legal.
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Source: sofi.com

Apache is functioning normally

November 15, 2023 by Brett Tams

Chase offers consumers several travel rewards credit cards, most of which help you earn points for a trip and offer travel protections should your journey go differently than expected. These benefits can help give you peace of mind and reduce stress, especially if your trip gets canceled.

Many Chase cards offer travel coverage that includes trip cancellation insurance, among other protections. Let’s take a look at Chase trip cancellation insurance, which cards provide it and what this benefit covers.

What is trip cancellation insurance?

Trip cancellation insurance can reimburse your prepaid, nonrefundable expenses — such as flights, hotel reservations or a cruise — should your trip be canceled due to unforeseen circumstances, such as extreme weather, an accident or a death in the family.

Coverage begins on the date you make your initial trip deposit and ends when you depart for your trip.

Chase cards that come with trip cancellation insurance

The following cards include Chase trip cancellation insurance:

Chase credit card	Trip cancellation insurance benefits
	$1,500 per covered person, $6,000 per trip.
	$1,500 per covered person, $6,000 per trip.
	$1,500 per covered person, $6,000 per trip.
	$1,500 per covered person, $6,000 per trip.
	$10,000 per covered person, $20,000 per trip.
	$10,000 per covered person, $20,000 per trip.
	$1,500 per covered person, $6,000 per trip.
	$5,000 per covered person, $10,000 per trip.
	$5,000 per covered person, $10,000 per trip.
	$1,500 per covered person, $6,000 per trip.
	$10,000 per covered person, $20,000 per trip.
	$1,500 per covered person, $6,000 per trip.
	$1,500 per covered person, $6,000 per trip.
	$5,000 per covered person, $10,000 per trip.

What does Chase trip cancellation insurance cover?

Chase travel insurance covers nonrefundable prepaid travel expenses such as flights, hotels, cruises, train tickets and tours — whether you book with a travel agency or directly with the travel provider.

The benefits kick in when one of the following reasons occurs:

Accidental bodily injury, sickness or loss of life experienced by you or an immediate family member.
Severe weather.
Named storm warning.
Change in military orders for you or your spouse.
A call to jury duty or a court subpoena.
Fire, flood or a burglary to your or your traveling companion’s residence.
The death or hospitalization of your or your travel companion’s host at the destination.
Doctor-imposed quarantine.
Organized strikes affecting public transportation.
Terrorist incidents or travel warnings related to terrorism.

What isn’t covered by Chase trip cancellation insurance?

Event tickets, amusement park tickets, museum entry fees and golf course expenses aren’t eligible for reimbursement unless they’re included in a prepaid travel package.

Trip cancellation benefits don’t apply to losses caused by:

A change in plans or financial circumstances.
A pre-existing medical condition.
Loss due to voluntary surrender of unused tickets, vouchers or credits.
Travel arrangements scheduled after the 26th week of pregnancy.
Being on a waitlist for a medical treatment.
Trips taken for the purpose of obtaining medical treatment.
Unwillingness to travel due to civil unrest.
Failure to obtain required visas, passports or other paperwork necessary for travel.
Commission of illegal acts.
Attempted suicide or self-inflicted injuries.
Being under the influence of drugs.
Disinclination to travel or border closures resulting from a pandemic.
Financial insolvency of the common carrier, travel agency or tour operator.
War, insurrection, rebellion or revolution (except terrorism).

Who is covered by Chase trip cancellation insurance?

As the primary cardholder, you’re covered. The trip cancellation insurance also extends to your immediate family members, including:

Parents, step-parents and/or legal guardians.
Spouses or domestic partners and their parents.
Children, including adopted children and step-children.
Grandparents and grandchildren.
Aunts and uncles.
Nieces and nephews.

Your immediate family members don’t have to be traveling with you for the benefits to apply to them as well. However, you must have used the Chase credit card that includes trip cancellation insurance to pay for their trip.

Which trips are eligible for Chase trip cancellation insurance?

Eligible trips can’t exceed 60 consecutive travel days. If your trip is longer, the coverage is still available, but the eligible prepaid nonrefundable expenses would be reimbursed as a pro-rated sum up to the first 60 days.

You must pay for all or a portion of the trip using an eligible Chase credit card or Chase Ultimate Rewards® for it to be eligible for the trip cancellation benefits. If your canceled trip results in a future credit or voucher, it won’t be covered.

How to file a trip cancellation insurance claim with Chase

To file a Chase trip cancellation insurance claim, you must contact the benefits administrator within 20 days of the cancellation. You can do this by calling the phone number listed in your credit card’s guide to benefits. If you wish to file a claim online, you can visit www.eclaimsline.com.

You’ll have to provide the following documentation within 90 days to support your claim:

Completed and signed claim form.
Travel itinerary.
Documentation confirming the reason for trip cancellation, such as medical records or a death certificate.
Credit card account statement listing the transaction related to the trip.
Copies of the cancellation and refund policies from the travel provider.
Any unused credits or vouchers.

Chase trip cancellation insurance recapped

Holding a credit card that provides travel insurance can help put your mind at ease when unexpected problems arise.

Chase’s insurance benefits cover you and your family members against expenses incurred due to trip cancellation, among other things.

However, it’s important to know what’s covered by the policy and what isn’t. Additionally, you’ll want to keep track of all documentation related to the cancellation and submit it before the deadline to receive reimbursement.

The information related to the Chase Freedom® credit card has been collected by NerdWallet and has not been reviewed or provided by the issuer of this card.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:

Source: nerdwallet.com

Apache is functioning normally

November 14, 2023 by Brett Tams

It’s not uncommon to hit a moment in your financial life when you could use some cash…like, right away. Maybe you have a slew of unexpected expenses, get laid off, or need to help a loved one in need. Whatever the case, you may be craving a quick cash infusion.

To help out, here’s a list of 23 ways to get some money flowing your way ASAP. Some are online methods, others are in-person, but all can help you out when you are in a pinch.

Read on to see which of these ideas may suit you, plus tips on staying safe as you go after those additional funds.

When You Need Quick Cash

Many people hit a time when they could really use some additional cash. Perhaps you moved to a new town and need to put down a security deposit on a rental as well as pay your movers. Or you are a freelancer, and one of your clients is slow to pay. Or you need pricey dental work which isn’t fully covered by your health insurance. Or perhaps you just went overboard on holiday gift buying, and now your credit card bill is due.

Whatever the reason, if you need to get money fast and don’t want to break out your high-interest plastic to see you through, don’t panic. There can be an array of ways to bring in cash quickly. Some are online (taking marketing surveys), some are in person (dog walking), but there is likely to be at least a couple that suit your preferences and your situation.

💡 Quick Tip: An online bank account with SoFi can help your money earn more — up to 4.60% APY, with no minimum balance required.

Online vs Offline Money-Making Opportunities

As you look into ideas for how to get money fast, one key consideration is whether you want to do so online or offline. Perhaps both ways suit you, but many people have a preference.

If you have a job, are caring for dependents, or otherwise are under time constraints, you may prefer to squeeze in your money-making activities here and there. Online opportunities may suit you well, since some are available 24/7. For example, you could upload items you want to sell on eBay at any hour.

For others, offline work is more suitable. If, say, you are a brilliant guitar player and have a knack for sharing your skills, music lessons could be a good path, and you might find doing these in person more rewarding than via Zoom. Or holding a yard sale and selling off unwanted stuff could bring in a good amount of cash quickly.

Making Money Online

To help you scope out opportunities, consider this list of online ways to make quick cash.

1. Take Online Surveys and Market Research

From the privacy of your home, at your convenience, you could be earning small amounts of money (which can add up) by taking online surveys, watching videos, or even sharing your search history. These typically help marketers gain insight into consumer behavior and opinions Some places to sign up: Branded Surveys, Inbox Dollars, and Survey Junkie sites.

2. Sign Up for Freelancing Platforms

Do you have a skill to share…and sell? You might be able to offer your writing, social media, web design, translation, or other talents on a platform like Upwork, and get paid for freelance gigs. This can be an especially good way to make money even with no job.

3. Sell Products on E-Commerce Websites

If you are artsy or craftsy, you might try posting your work for sale online. Whether you make necklaces, take great nature photos, or knit beautiful baby sweaters, Etsy is a popular option. Just keep in mind that e-commerce websites typically have posting fees and then take a cut of your sales.

4. Offer Online Tutoring and Courses

You might be able to make quick cash by teaching online. Did you score in the top percentile on a standardized test or ace high-school physics? Are you pretty much fluent in French, or can you make bake-off-worthy cakes? You might be able to do remote tutoring or offer a class online. The key to bringing in quick cash here will be marketing your services well, so do a little online research upfront about how to bring an audience your way.

5. Try Affiliate Marketing

Do you love social media and have a strong presence, whether as a gamer, sharer of clothing hauls, or a guide to neighborhood businesses? If so, you could make quick cash via affiliate marketing. This means that you earn a commission on every visit, sale, or sign-up that you generate for a brand or merchant. You can learn more at affiliate marketing sites such as SemRush.

6. Find Unclaimed Money

Did you know that unclaimed funds, whether from forgotten-about bank accounts or insurance benefit checks that were never cashed, can wind up with the state government and sit, waiting to be claimed? It may be a bit of a longshot, but it can’t hurt to check out this unclaimed funds website and see if there is any cash in your name that you might collect.

7. Claim App Referrals

You may be used to those “Refer a friend and get $25!” offers online. If the shoe fits, as they say, wear it! For instance, if a buddy signs up for a PayPal or a Swagbucks account at your recommendation, you could benefit with a small chunk of change heading your way as a thank you.

8. Open a Bank Account

The personal finance business can be competitive these days, and some banks will offer you a tidy sum to open an account with them. This is among the more common bank bonuses, and while amounts will vary, you could earn a quick $250 this way. These offers are often at online vs. traditional banks. Just be sure to read the fine print before you sign up to make sure that there aren’t fees or minimum balances that would be challenging for you.

9. Sell Unused Gift Cards

Here’s a slightly weird way to make money. Do you have a gift card or two, maybe sent by a well-intentioned relative, sitting unused? Perhaps you never go to the coffee chain the card is for, or you don’t have a branch of the store nearby. You might recoup some of the card’s value by selling it on a site like CardCash, ClipKard, or GiftCash.

10. Get Paid Sooner

Need more ideas for how to make quick cash? This one doesn’t exactly bring in more money but can give you access to your earnings sooner. Some financial institutions will make your paycheck available up to 48 hours early when you sign up with direct deposit. Again, this isn’t a sum beyond what you earn, but it can let you, for instance, pay bills on time when you otherwise couldn’t.

11. Work as a Virtual Assistant

In this age of automation, many jobs can be done remotely as long as you have computer and wifi access. That includes being someone’s assistant and helping with tasks like scheduling, correspondence, and travel arrangements. Look for listings on sites like FlexJobs and LinkedIn.

💡 Quick Tip: If your checking account doesn’t offer decent rates, why not apply for an online checking account with SoFi to earn 0.50% APY. That’s 7x the national checking account average.

Making Money Offline

Need more inspiration on how to make quick cash? There are plenty of ways to do so in the real world instead of online. Here is an assortment of ideas for getting some money into your bank account, where it’s needed most.

12. Do Local Odd Jobs and Gigs

Are there any services, whether one-off or ongoing, that you could offer? You might be able to help a senior with shopping, do yard work, assist someone with cleaning out their basement before they move, or set up for a party. Take a look at sites like Fiverr, Craigslist, or Nextdoor, as well as locations like community bulletin boards at cafes and other locations.

13. Sell Unused or Unwanted Items

Your junk could be someone else’s treasure that they might be willing to pay for. You could have a yard sale or visit one of the many places to sell your stuff. Items that could be sale-worthy include good condition electronics, cookware, clothing, sports equipment, housewares, home decor, your vinyl collection, and more.

14. Pet Sit or Walk Dogs

Here’s another idea for how to make quick cash, and it’s perfect for animal lovers: Do some pet sitting or dog walking. Using a well-known social networking site or a pet sitting site could help get attention and build the business; you might also try posting flyers in your neighborhood offering dog-walking services. Cash payments can make this a good gig for those who don’t want to wait for their money.

15. Tutor or Skill Share

As mentioned above, if you have a skill or talent (from speaking great Spanish to coding), you could tutor or offer instruction. Local schools and community centers could be a good place to market your skills; think about what credentials you can tout to show prospective students that you have the know-how.

16. Recycle for Cash

In this era of eco-consciousness, there are plenty of opportunities to recycle for cash. This can be as simple as gathering your own and your neighbors’ unwanted cans and bottles and redeeming them, or you might get scrap metal via Craigslist or Freecycle and then sell it to a scrap yard. And who knew? You might even earn quick cash via recycling cardboard at BoxCycle.

17. Take Care of Children or Elders

Could you do some babysitting, childcare, or eldercare to bring in cash? You’re likely to have some warm and fuzzy feelings too after doing gigs like these and helping others. Caregivers may have to go through an in-depth vetting process to sign up with an agency like Care.com, so be prepared to answer lots of questions (Do you have experience? What would you do in an emergency? Will you cook and clean?) and provide background information and ID.

18. Pawn Items of Value

Let’s say you have an urgent car repair bill and unfortunately haven’t got enough saved in an emergency fund. You could get cash quick by pawning an item (think jewelry, wristwatches, electronics, and musical instruments). This means you take it to a pawn shop, get cash, and if you come back and repay the loan in a certain time frame, you retake possession of the item. If you don’t, the pawn shop can sell it. This practice could benefit you when you need money fast.

19. Rent Out Extra Space

You’ve probably heard about the sharing economy, which can allow people to monetize their unused space. For instance, if you live in a popular area and have an extra bedroom, you might rent it out on Airbnb to people visiting your town for a few nights. You may even be able to rent out your unused parking space on Spacer.

20. Deliver Food

It’s a sign of the times: Food delivery, from groceries to restaurant meals to bubble teas, is on the rise. You might be able to make some fast money by doing this kind of delivery via a service like DoorDash, UberEats, InstaCart, and GrubHub, among others. This can be a good way to use your free time to bring in some cash when you need it quickly.

21. Drive Rideshare

Similarly, if you have access to a car, you could drive a rideshare for a company like Uber or Lyft. Whether ferrying people to the airport, work, or out to dinner, it can be a good way to monetize your free time.

22. Flip Free Items

Are you handy? Here’s a way to get some money flowing your way: You could snag items from Freecycle, Craigslist, Nextdoor, or even the curb, and refurbish and sell them as a low-cost side hustle. Maybe someone is getting rid of an old coffee table or nightstand that’s in rough shape. You could refinish or paint it and sell it at a profit. Yes, it takes a bit of time to do this work, but the opportunity to bring in perhaps a couple of hundred dollars for your effort is real.

23. Cash in Your Coins

Here’s an easy idea for making quick cash: Look around your house for that coin jar that many people have shoved in a closet or on a windowsill. If you have a stash of quarters somewhere, you might be surprised by how much it can add up to. Getting it to the bank or a retailer that offers coin counting and redemption services could bring you a good infusion of cash.

Combining Online and Offline Opportunities

Now that you’ve read this list, you can begin to think about which ideas spark the most interest or best suit your situation. When you want to make quick cash, you don’t have to try just one method.

Feel free to mix up online and offline techniques to make money fast. You might drive a rideshare on Sundays and tutor via Zoom twice a week. It’s all about what works best for you.

Balancing Your Time

One thing to remember as you work to bring in extra cash is that it is possible to overdo it. Whether you have a job and/or a family or are unemployed and single (or anything in between), remember that you do need downtime and rest. Don’t overschedule yourself with odd jobs and other money-making tasks. You need to balance your time. And if you are sleep-deprived and exhausted, you can’t do a good job making money anyway!

Tips for Staying Safe While Making Quick Cash

A word or two of warning as you look for ways to make quick cash: There are occasionally scams and dangerous situations out there. Be savvy as you move ahead.

Avoiding Scams

If an opportunity to make money sounds too good to be true, it probably is. There are quite a number of employment scams out there, so be vigilant. Work-from-home scams and overpayment scams are common; check out Fraud.org’s site
to learn more and protect yourself.

When selling items, also proceed with caution. There are also fraudsters using overpayment and money order trickery to get something for nothing.

Managing Personal Information

If you are applying for gig work, be cautious about to whom you send your personal information (such as your Social Security number and banking details). Do your research and vet the recipient of this info; otherwise, you might be dealing with a scammer who is trying to commit identity theft.

The Takeaway

Many people encounter a moment when they could really use some cash quickly. Happily, there are many ways to get money flowing your way, both online and offline. From dog walking to selling your unwanted stuff, from tutoring to taking surveys on your laptop, there are likely several options that can suit your needs.

And once you make that extra moolah, make sure it’s working hard for you and earning you some interest, thanks to a good banking partner.

Better banking is here with up to 4.60% APY on SoFi Checking and Savings.

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Source: sofi.com

Apache is functioning normally

November 13, 2023 by Brett Tams

About 95% of Americans have a bank account, and many people have both a checking and a savings account. Sometimes, though, there may be advantages to what is considered a hybrid account, offering the best of both worlds (or at least some of the benefits of each).

For instance, you might have the ease of access that you get with a checking account: Hello, debit card! And you might also earn a higher interest rate, the way you might with some savings accounts vs. checking.

Financial institutions may offer different versions of hybrid accounts. Read on to learn about some of the most common features so you can decide if a hybrid bank account is right for you.

Defining the Hybrid Account

There are a variety of bank accounts available to consumers. And the type of accounts people are drawn to will depend on their financial goals, situation, and how they choose to organize their finances.

A hybrid account can merge the features of both checking and savings accounts. Here’s a bit more about hybrid accounts:

• A hybrid account is one that combines the perks of a checking account with features of an interest-bearing savings account. Instead of linking your checking and savings account, they’re basically functioning as one cohesive account.

• A hybrid account allows access to your money on a day-to-day basis, like a checking account would. That can mean that you may get a debit card to use with it.

• On the flip side, it allows your money to grow the way it might in a savings account.

Of course, every financial institution is different, and each might have a different approach to crafting a hybrid bank account. But the main gist of a hybrid account is that it’s a bank account that bears some resemblance to a day-to-day checking account and a long-term savings account.

💡 Quick Tip: An online bank account with SoFi can help your money earn more — up to 4.60% APY, with no minimum balance required.

Different Types of Accounts

To understand what can make a hybrid account a useful tool, it’s helpful to first understand the features and pros and cons related to traditional checking and savings accounts and then compare.

Checking Accounts

Checking accounts usually allow you to deposit money, write checks, or use a debit card to pay for goods and services. There are typically no withdrawal limits, and you can often link a checking account to other accounts and credit cards. It might be the account you use to pay recurring bills each month, like a car loan or student loan payment.

Banks may pay you interest on the money that sits in your checking account. However, regular checking account interest rates are typically low, with an average rate of 0.06%.

These rates don’t always catch up with the national inflation rate, which is currently about 3.7%. That means your money is actually depreciating in value while it sits in the account. In the long term, this may not make checking accounts a particularly good place to park a lot of cash.

Checking accounts may also charge fees for the services they offer, such as monthly maintenance fees.

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Savings Accounts

Savings accounts are another type of deposit account that you can open with your financial institution of choice. They usually earn some interest, with the current standard savings account earning about 0.46%.

However, high-yield savings accounts are an alternative to traditional accounts; they may sometimes offer interest rates of 4% or more. Higher-interest savings accounts can help you beat inflation so your money doesn’t lose value by growing at a slower rate than inflation. You may find these accounts offered at online banks vs. traditional ones.

Savings accounts are generally appealing because they are a separate place to store money you don’t necessarily want to use on day-to-day expenses. For example, it could be a good place to keep your emergency fund or even to save for a vacation or a move across the country.

However, there are some downsides to savings accounts, too. A few to note, which may or may not apply to only the high-interest variety:

• They sometimes don’t allow consumers to use them for direct payments.

• There may be restrictions on the number of savings account transactions you initiate every month.

• There may be restrictions such as a balance cap that sets a limit on the amount of money on which you can earn a high rate.

• There could be a minimum opening deposit and ongoing balance requirements to earn the higher interest rate. Or, if you fail to meet the amount, you might be assessed a minimum balance fee, which could offset the extra interest you’re earning.

If you’re considering this as an option, you may want to look closely at the fine print when choosing your savings account.

💡 Quick Tip: Most savings accounts only earn a fraction of a percentage in interest. Not at SoFi. Our high-yield savings account can help you make meaningful progress towards your financial goals.

Hybrid Accounts: the Details

Hybrid bank accounts will often take benefits from checking and savings accounts and combine them into one account. A hybrid account may allow you to use checks or a debit card for day-to-day transactions, while still offering the interest rates typically associated with a savings account. Hybrid bank accounts are often more likely to be offered by online vs. traditional banks.

Traditional brick-and-mortar banks must pay for their storefront locations, the people who staff them, and ATMs. They may do so by charging more and/or higher fees and paying lower interest rates, while online banks can often afford to drop fees and pay higher rates.

You may hear the term money market account (or MMA) used by some financial institutions when describing their hybrid accounts. Keep in mind that this is different from a money market fund, which is a type of investment.

Introducing SoFi Checking and Savings

Better banking is here with up to 4.60% APY on SoFi Checking and Savings.

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Source: sofi.com

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November 12, 2023 by Brett Tams

Lender Credit, HELOC, PPE, AI Tools; Wholesale and Correspondent News; Millennial Refi Interview

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Lender Credit, HELOC, PPE, AI Tools; Wholesale and Correspondent News; Millennial Refi Interview

By:
Rob Chrisman

Fri, Nov 10 2023, 11:47 AM

My cat Myrtle is enthralled with Artificial Intelligence (AI). Okay, I made that up. She’s only interested to the extent that it impacts the supply of Icelandic Sea Trout into her bowl. AI is a hot topic these days, and in fact today’s Mortgage Collaborative’s “Rundown” at noon PT, 3PM ET, features David Karandish, the CEO of Capacity, discussing that and other trends in mortgage tech. A trend continuing to rifle through the ranks is mergers and/or acquisitions as a handful of well-known residential lending companies crisscross the country in search of small institutions that fit their business models and are ready for a change. Sometimes discretion is the better part of valor in terms of staying in business: Unfortunately, yet another trend is a lack of profitability, especially among small and mid-sized lenders who have gone through their 2020/2021 savings and sold their servicing. Lastly, volume trends aren’t good either: According to Curinos, October 2023 funded mortgage volume decreased 19 percent YoY and 5 percent MoM. (Curinos sources a statistically significant data set directly from lenders to produce these benchmark figures. We drill into this data further here.) Today’s podcast can be found here, and this week is sponsored by nCino makers of the nCino Mortgage Suite. With three products tailored to the needs of the modern mortgage lender, nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics unite the people, systems, and stages of the mortgage process. Hear an interview with Millennial homebuyer Megan Sinclair on her lender choices behind her third time financing a residence.

Lender and Broker Software, Products, and Services

They’re back! Foreclosures are fast approaching their previous levels. Today’s market has changed significantly and doesn’t favor struggling homeowners. With trending interest rates well above those experienced over the past several years, relief for borrowers facing default will be significantly strained. Before thinking foreclosures are not an immediate concern, read Clarifire’s recent blog, “Foreclosures are Back!” to understand what’s happening, why this environment is different, and what servicers can do to stave off disruption. It’s time to experience the capabilities needed to manage borrower impact and your cost to service with CLARIFIRE®, truly BRIGHTER AUTOMATION®, delivering a better approach, better results, and better software, today!

Are you ready to take your lending operations to the next level? Join the live event on November 16th @ 2pm EST where we unravel the secrets to optimizing your processes, systems, and resources to achieve unparalleled productivity and cost-effectiveness. You’ll even learn how to save up 80 percent on several of your operations costs through specific automation and optimization strategies. Join industry leaders Taylor Stork, CMB of Developer’s Mortgage, Josh Friend, CEO of Insellerate, and Kirill Klokov, CEO of TRUV. They are ready to share proven strategies to ensure your operations and borrower interactions are optimized for success. Join now!

What’s better than the holidays? Never answering the same question twice. Give yourself (and your team) the gift of Capacity, so in 2024 you can spend less time struggling through the origination process and more time closing loans. Support internal teams, current borrowers, and prospects with secure integrations to over 150 systems, including Encompass and Total Expert. Capacity is designed to streamline lending as your personal assistant. On your behalf, it can read GSE guidelines, retrieve loan information, and assist current and prospective borrowers. Turn a costly, repetitive process into an affordable, scalable one. All you have to do? Ask Capacity. Don’t know where to start? Whether you’re an AI newbie or ready to join the mortgage AI revolution, we’re here to help. Reach out today to ask us about our AI Assessments, or book a demo.

In this market, hustle is everything. You can’t afford to waste a single deal, or a single minute. That’s why ReadyPrice has launched Shop, Lock, Deliver, an innovative platform designed to help independent mortgage brokers and their lenders save time and money. Now you can shop competitive loan offerings from multiple lenders, get rate lock guarantees in real time, receive underwriting findings, and deliver the borrower’s complete loan file to lenders, all on a single platform, at no cost to brokers. It’s already helping brokers around the country thrive and compete in the toughest market. Multiple lenders. One platform. Zero b.s. Come check us out today.

TPO Products for Brokers and Correspondents

Loan officers! You’ve likely heard that The Loan Store pays a whopping 200 bps per HELOC…but do you know HOW to sell a HELOC? You’re in luck: TLS is hosting the second of its 7-part HELOC Mastermind Series next week. This series features Loan Officers sharing their tips/experiences on how they’re using HELOCs to stay in front of clients and generate additional income. Next live event is Thursday, Nov. 16 at 1 p.m. EST. Register here to attend!

Do you need new affordable mortgage solutions in the communities you serve? Rocket Pro TPO’s Purchase Plus program offers first-time homebuyers in many low-income communities $5,250 in lender credits to use toward down payments and closing costs. The program is available in six metro areas: Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia. Additionally, the introduction of ONE+ by Rocket Mortgage provides an incredible opportunity for Rocket Pro TPO partners and real estate professionals. With this product, eligible clients provide 1 percent toward the down payment and the other 2 percent down payment requirement is covered… Plus clients are not responsible for paying the mortgage insurance! Interested in learning more about a Broker or Non-Delegated Correspondent partnership? Contact Rocket Pro TPO to learn more.

Wholesaler and Correspondent News

As a quick aside, in news for any originator, Down Payment Resource is highlighting 61 down payment assistance (DPA) programs offering up to $120,000 in funds for Veterans and service members. In addition to these programs, Veterans and service members are also eligible for the other 2,256 DPA programs available nationwide.

Overall, the big are getting bigger, often at the expense of smaller companies. Inside Mortgage Finance reports that the top 25 mortgage producers in the second quarter generated $231.95 billion, a 33.2 percent sequential increase. In the second quarter “United Wholesale Mortgage reclaimed the top ranking, which it had lost by a narrow margin to PennyMac in the first quarter, with $31.85 billion in second-quarter production.” In terms of purchase biz, AmeriHome Mortgage and Guaranteed Rate were both up more than 50 percent from the first quarter. Chase nearly doubled its purchase-loan originations after assimilating First Republic Bank into its operations.

Reports show that Cenlar FSB, and Dovenmuehle ruled the roost in terms of subservicing, with $860 billion and $508 billion, respectively.

United Wholesale Mortgage came out with its third quarter results: Revenue of $677.1 million, with originations of $29.72 billion. (The 4th quarter production estimates run from $19-26 billion, which would put 2023 production at $103 to $110 billion range.)

Nations Direct Mortgage has just lowered its NonQM 2nd underwriting fee from $1499 to $995! In addition, Nations Direct Mortgage is pleased to announce their Veterans Special for the month of November! Honoring those who served with a $500 credit at closing on all VA loans submitted in November.

With Amendment No. 7 to DR-4724, issued on 10/13/2023, FEMA provided an Incident Period End Date of 9/30/2023, for a Hawaii county affected by wildfires and high winds from 8/8/2023 to 9/30/2023. See AmeriHome Mortgage announcement 20231006-CL for inspection requirements.

As part of its commitment to maintain the highest quality and security of its client’s data, Pennymac will begin to use Multi-Factor Authentication (MFA) technology to log into the P3 portal. In the coming days, all P3 users will receive an email to complete the pre-registration process. View the Pennymac Announcement 23-71 to review.

United Wholesale Mortgage, (UWM) announced eligibility expansion for its Investor Flex DSCR loan program by allowing borrowers to close in a Limited Liability Company (LLC). “This enhancement allows borrowers looking to expand their real estate portfolios an additional option to separate their personal properties and their investment properties while benefiting from the faster, cheaper, and easier experience of the wholesale channel. Investor Flex allows borrowers to qualify for investment properties based on perspective monthly rental income of the subject property rather than their current income. Investor Flex was later expanded in July 2023 with four additional DSCR loan options. Additional details on the Investor Flex program can be found here.”

Angel Oak Mortgage Solutions shared an innovative solution that could change the way you help your clients achieve homeownership dreams. Angel Oak non-QM Bank Statement Mortgage, tailored specifically for self-employed individuals and business owners, is now accepting Profit and Loss (P&L) statements as a valid form of income verification.

Capital Markets

Why do markets still seem to underestimate the Fed’s resolve? U.S. Federal Reserve Chair Jerome Powell said yesterday in prepared remarks that the central bank will continue to move carefully but won’t hesitate to tighten policy further to finish off inflation. Fed Governor Bowman said that she would support another rate hike in the event of stalling progress on inflation, and Atlanta Fed President Bostic said that the road to 2 percent will still include some “bumps along the way.” Conversely, Richmond Fed President Barkin said that in aggregate, we are still not seeing the full effects of policy.

Even with policymakers trying to cool expectations for rate cuts as the market underestimates their resolve on inflation, Fed funds futures are currently pricing in a less than 10 percent chance of a rate hike in December, and nearly a 20 percent chance of a rate cut at the March meeting. And that is with bond markets seemingly in a “sell any rally” position. Before Fed Chair Powell expressed doubts that policy rates were “sufficiently restrictive,” Treasury yields spiked after an auction of $24 billion in 30-year bonds met much weaker demand than sales of 3-year and 10-year notes over the past two days

On the housing front, NAR reported that single-family existing-home sales prices rose in 82 percent of measured metro areas (182 of 221 areas across the nation) in the third quarter, up from 58 percent in the previous quarter. The national median single-family existing-home price grew 2.2 percent from one year ago to $406,900, while the monthly mortgage payment on a typical, existing single-family home with a 20 percent down payment was up 19.2 percent from a year ago to $2,192. Twenty-five markets, or 11 percent of all markets, experienced double-digit annual price appreciation (up from 5 percent in the prior quarter).

Today’s economic calendar begins later this morning with preliminary November Michigan sentiment where inflation expectations will be closely scrutinized. Two Fed speakers are currently scheduled: Dallas President Logan and Atlanta President Bostic. We begin Friday with Agency MBS prices worse a few ticks (32nds) from Thursday’s close and the 10-year yielding 4.64 after closing yesterday at 4.63 percent.

Employment, Companies Wanted, and Transitions

Kind Lending is seeking a candidate for the position of Director of Non-QM. As Director, you will be responsible for spearheading the growth of our non-QM division. The ideal candidate will have a deep understanding of non-QM lending, and a proven track record of success in the industry. In this role, you will be responsible for program pricing for multiple channels, loan sales, trading, and hedging, overseeing analytics and pricing engines, as well as margin management and reporting for non-QM production. “At Kind Lending, we pride ourselves on providing our partners and customers with the best possible mortgage lending experience. As the Director of Non-QM, you will play a key role in achieving this goal. If you are a motivated and experienced professional looking for a new opportunity, we encourage you to apply today: Click here to learn more about this opportunity!

“Independent Mortgage Banker owners: If you are uncertain how you will survive this winter if rates remain higher, please call me direct to discuss a win-win opportunity. Equity Resources, Inc. is an established mortgage banking company that has been successfully in business for 30 years. We are privately owned and continue to look at growth opportunities. We offer a full marketing team and a media production team to provide best-in-class support to our loan officers and partners. Our history and culture are exceptionally important so let’s have a conversation to see if we may be a fit. We are large enough to offer exceptionally sharp pricing and products, yet we have a boutique feel where you may talk to the owner of the company at any time. We have a successful history of incorporating other companies into our model. Please contact Tom Piecenski, EVP of Sales.”

Mortgage Machine Services, an industry leader in digital origination technology to residential mortgage lenders, announced that Crystal Stanton will manage customer success and onboarding. “Crystal will onboard new Mortgage Machine customers, leveraging a success-centric approach with a commitment to white glove service to ensure a smooth experience and productive outcome.”

Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

November 12, 2023 by Brett Tams

Are you wondering, “How much cash should I have on hand?” There are two ways to look at this question. One meaning is how much actual currency (say, $20 bills) you should keep in your wallet or at home. Another way to look at that question is how much liquid money should you have available in case of emergency, such as cash in a savings account vs. equity in your home, which can be a challenge to tap into quickly.

This guide will cover both of those scenarios and help you understand the importance of having some cash accessible when it’s needed, whether in case of an emergency or everyday spending. Read on to learn the specifics.

How Much Cash Should You Have If You’re Still Working?

First, consider how much cash the typical person who’s working should have available. You may be at a stage of life when you are putting away money towards certain financial goals, such as retirement or your child’s college education. That’s money you don’t want to touch.

Which is why you also likely need to have money in an emergency fund. This is money you can quickly access if you have an unexpected medical or car repair bill or if you were to lose your job. This money can tide you over and help you avoid resorting to using your credit cards to pay for things. Credit card debt is high-interest debt, with interest rates currently over the 20% mark on average.

Financial experts usually advise that people add up their monthly expenses: housing, food, healthcare, utilities, discretionary spending, etc. Then, you want to sock away three to six months’ worth of those monthly expenditures. That money doesn’t have to be accumulated all at once. You might automate your savings and have a small amount transferred from checking into an emergency savings account every time you get paid.

What’s nice about an emergency fund is that the money is immediately accessible when you need it. Unlike, say, the equity in your home, your invested funds (the value of which can rise and fall), and a valuable family heirloom, the cash is ready and available. A good place to keep it might be in a high-yield savings account, where it will be insured up to the FDIC or NCUA limits.

💡 Quick Tip: An online bank account with SoFi can help your money earn more — up to 4.60% APY, with no minimum balance required.

How Much Cash Should You Have If You’re Retired?

If you are retired, the same basic thinking holds true about how much cash to have available. Whether you are on fixed income or still bringing in some kind of paycheck, you will want to have at least three to six months’ worth of living expenses available.

Some experts suggest that those who are retired should keep more than that amount in cash available. They believe that 12 to 24 months is a wiser number. That way, if you are hit with a major medical bill that you can’t negotiate down, you will be able to tap your cash vs. sell off investments. That’s an example of why an emergency fund is a priority.

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How Much Cash Should I Keep at Home?

Now that you understand how much cash to have available in a liquid form, consider how much literal cash (as in the bills you get when using an ATM) to keep on hand.

Of course, you don’t want too much cash sitting in a drawer when it could be safely in a bank or credit union, earning interest. But it can be wise to keep at least $100 or $200 on hand.

For instance, you might imagine what would happen if a mammoth storm came through and knocked out power to a portion of your town and many businesses were closed. You might need to fill your gas tank to drive to the next town over to get food, or you might have to pay for some emergency supplies or to refill a medication prescription.

While some people may want to keep more than that amount “just in case,” the prevailing wisdom is to have no more than $1,000. If you keep that much cash in your house, you may want a home safe. Otherwise, theft, fire, and simply forgetting where you stashed it could be issues.

💡 Quick Tip: The myth about online accounts is that it’s hard to access your cash. Not so! When you open the right online checking account, you’ll have ATM access at thousands of locations.

How Much Cash Should I Keep in My Wallet?

How much money you need to keep in cash in your wallet will vary. Many people today use their debit card and payment apps for daily spending and carry very little or even no cash. But having some money, perhaps $100 or so, can be a wise move.

You might wind up needing to buy something at a local, cash-only business. Or you might be purchasing something from a store that adds a surcharge for those who use cards or mobile payment apps, to recoup the fees they are charged. Having a bit of money in your wallet could help you out in this and other situations.

Where Should I Store My Cash?

You might consider keeping day-to-day money in a checking account, and emergency money in a separate savings account. That way, you don’t need to battle the constant temptation to spend it. Keeping cash in an account insured by the Federal Deposit Insurance Corporation (FDIC) and that earns a solid interest rate are wise moves as well. Online banks typically offer these features.

Better banking is here with up to 4.60% APY on SoFi Checking and Savings.

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Source: sofi.com

Apache is functioning normally

November 12, 2023 by Brett Tams

Fannie Mae and Freddie Mac jointly announced this week that they have entered a new critical edit phase for their Uniform Closing Dataset (UCD) as of Nov. 6, informing lenders that they must address quality issues for “fatal data points” before delivering loans to either of the government-sponsored enterprises.

The UCD is a reference file that lenders use to share key information about a mortgage loan with organizations like Fannie Mae and Freddie Mac, particularly about the Closing Disclosure (CD) that outlines the final details of a mortgage loan.

To “improve data quality and consistency for single-family loans that the GSEs purchase,” the GSEs announced in August of 2020 that they would begin “a multi-year transition to convert certain edits in their UCD collection solutions from ‘warning’ to ‘critical / fatal.’ The transition is designed to enhance data quality and consistency for single-family loans the GSEs purchase.”

Phase three of the edits was slated to begin in May 2023, but in April was split into two subsets to give lenders “additional time to work with your software provider and analyze your data to resolve high-firing phase three edits.”

An implementation guide released in May 2022 shows that phase three deals with information related to loan costs; other costs; total closing costs; and lender credits.

The GSEs are actively preparing for the next phase of UCD critical edits, phase four. Updated requirements for this phase’s critical edits are expected to be included in the UCD Specification update which is expected sometime in 2024, though a date has not yet been finalized according to the GSEs.

The GSEs are advising lenders and technology partners to anticipate a transition period similar to that of phase three, with the GSEs emphasizing the need for “proactive compliance.”

The mortgage industry has pushed back on the GSEs for the rise in loan buyback requests from loans originated during the pandemic. FHFA Director Sandra Thompson last month said the agency is working to provide more clarity on its framework and use alternatives amid the spike in loan buybacks.

Source: housingwire.com

Apache is functioning normally

November 12, 2023 by Brett Tams

It’s not your imagination: America is pet-crazy. Two out of three households have a pet, and as the holidays roll in, these furbabies are increasingly part of the planning.

Perhaps they occupy the center of the holiday card (wearing a cute Xmas sweater… or an ugly one), travel with their pet parent to Grandma’s house, or receive a pile of presents.

Consider these pet spending statistics: Last year, consumers spent almost $137 billion year-round on their animals, an increase of 11% year over year. Could this spending soar still higher as the winter holidays unfold?

To learn more about this trend, SoFi surveyed 1,200 pet-owning adults from coast to coast in October 2023. Here, you’ll learn more about how animals are making the season more magical and memorable… and how they are being gifted with holiday goodies.

For starters, did you know the following pet spending statistics?

• 70% of people typically buy their pets gifts. Of those, more than a quarter (27%) spend more than $100 on gifts.

• 89% plan to dip into their wallet in some way to maximize their pets’ holiday joy.

Read on to learn the full story on pet owners’ habits and their holiday spending statistics. You may be surprised!

Holiday Joy: Pets Play a Major Role

The holidays are all about togetherness, whether that means watching a game, baking holiday treats, or watching “A Charlie Brown Christmas” on heavy repeat. But SoFi’s survey revealed that people love sharing the season with their pets.

In fact, more than one in four respondents (27%) say they can’t stand the idea of spending the holiday season without their pet by their side. If they can’t take their four-legged friend with them, over the river and through the woods, they might even wish they could just stay home!

So, how do pet owners celebrate the holidays with their pets? Besides getting them gifts, including pets in holiday photos is a popular choice for many (58%), as is putting up decorations, such as stockings, personalized for their pet (47%).

“Why include pets in holiday traditions? It’s simple — these traditions create bonding moments,” says Chris Allen, founder of Oodle Life, a pet blog . “One year, Max actually unwrapped his own gift, a squeaky toy, and the joy on his face was priceless. It not only made our day but also made us feel more connected as a family, furbaby included.”

Here’s are respondents’ favorite ways to include pets in their holiday celebrations:

• 70% get holiday pet gifts.

• 58% include pets in their holiday photos.

• 47% have personalized holiday decor for their pet (such as a stocking or ornament).

• 45% make a special holiday meal for their pet.

• 40% dress up their pets in holiday attire (such as sweaters and hats).

• 40% let their pet be a taste-tester when cooking or baking holiday meals.

• 30% take their pets to holiday events.

• 28% bake holiday treats for their pets.

It just may be that the pet owners who forgo gifts for their critters are taking the extra time to bake holiday biscuits for them.

Including pets can help bond a family. “Our furry friends are integral family members, and holidays just aren’t complete without their spirited participation,” says Dr. Mollie Newton, DVM, founder of pet care resource site, PetMeTwice, “My own whiskered sidekick has his own stocking, which hangs proudly beside the family’s every December.”

Pets Dress the Part for the Holidays

Is there anything cuter than a grumpy cat in a Santa hat? Or a pooch dressed up to look like Max from “How the Grinch Stole Christmas?” Not really! And when pet people party, you can bet most will deck their pet out in special garb: 68% dress up their pet for holiday celebrations.

So let’s take a closer look at exactly how pet people like to deck out their dogs, felines, and other beloved pets for the holidays.

Of the pet owners who dress up their pets, here are the most popular ‘fits:

• 71% bought their pet a holiday sweater.

• 61% put a holiday-themed collar/harness on their pet during the holidays.

• 59% made their pet wear a holiday hat (think Santa hats, antlers, and elf ears).

• 47% bought their pet snow and cold-weather gear (such as snow jackets or boots).

• 35% bought themselves and their pet matching pajamas.

“Every Christmas, we put a little reindeer antler headband or Santa hat on our Labradoodle, Max,” says Oodle Life’s Allen, “He struts around, and it’s like he knows he’s the center of attention!”

What better way, after all, to prepare for a pet family’s holiday photo than donning matching hats or pajamas!

Pet Owners Go Big for Holiday Gifts

The vast majority of pet owners will likely go holiday gift shopping for their furry companion, and we wouldn’t be surprised if they wrapped the present and put it under the tree. After all, owners want pets’ holidays to be jolly and joyful, too.

About those presents: Many of these aren’t just random impulse purchases. Nearly half of pet owners (46%) say their pet has a holiday wish list. And almost one in five (18%) say their pet’s list is longer than their own!

The SoFi survey revealed that 70% of people typically buy their pets gifts. Wondering how much people spend on their pets? Consider this: Of those who dip into their wallets, more than a quarter (27%) spend more than $100. Talk about pampered pets! This year, 75% of pet owners plan to buy their pets gifts, so the numbers appear to be growing.

Overall, two key factors are likely to impact how much people spend on pets: their earning power and whether or not they have kids.

Household Income Plays a Bigger Role in Pet Gifting

According to SoFi’s research, the more financial means a person has, the more likely they are to go big on gifts for their pets. Perhaps if they are used to buying themselves more luxurious items, they may be more inclined to do the same for their animal. There are designer dog clothes, for instance, costing hundreds of dollars per garment.

In short, as income rises, so too does spending on gifts for our furry friends:

• 42% of respondents with a household income of $100,000 and up spend more than $100 on pet gifts.

• Only 12% of respondents with a household income under $100,000 spend more than $100 on pet gifts.

39% of Dual-Income Families With Kids Plunk Down $100+ on Pet Presents

Among pet owners, you might think that dual income families who don’t have kids would spend the most, overall, on holiday gifts for their pets. Think again. The SoFi survey uncovered surprising stats on pet gifting:

Dual-income families with kids actually spend more on pet gifts than those families with no kids.

• 39% of dual-income families with kids spend more than $100 on pet gifts.

• 21% of dual-income families with no kids (DINKs) spend more than $100 on pet gifts.

Perhaps seeing how much joy pets bring kids has an impact: It might encourage parents to dip into their wallets more deeply.

Overall, Families With Kids Spend More on Their Pets

Nearly everyone aims to celebrate the holidays affordably, but a much-loved pet may encourage people to spend more freely during the festive season.

More than eight out of 10 (82%) pet owners spend at least $25 more than usual on their pets during the holidays. Some spend still more freely, with 34% of SoFi survey respondents doling out at least $100 more than their norm.

Just as kids inspire families to splurge on pet gifts, they also appear to inspire holiday pet spending overall.

Pet owners with kids tend to spend more on their pets during the holidays:

• 46% of dual-income families with kids spend at least $100 more.

• 35% of single-income families with kids spend at least $100 more.

• 30% of dual-income, no kids households (DINKS) spend at least $100 more.

• 23% of single-income, no kids households spend at least $100 more.

While 43% of pet owners say: “My pet is spoiled so I splurge on them during the holidays,” it probably comes as no surprise that those with kids say this most often:

• 78% of families with kids agree with this statement.

• 22% of families with no kids relate to this statement.

Nearly Half Budget Ahead of Time for Holiday Pet Spending

When the holidays approach, many pet parents assess how much they have to spend for the holidays. Whatever type of budget they use, there’s a good chance it includes funds to make the season special for their animals.

Interestingly, nearly half know how much they will spend on their pets for the holidays and sock that money away in advance — that’s good financial planning in action. Here are the details:

• 49% say “Yes, I know how much I’ll spend on my pets and put that money aside for holiday spending.”

• 51% say “No, I don’t plan for how much I’ll spend on my pet during the holidays.”

Note: No word on how much pets are planning to spend on their parents….

Generally, pet parents take a number of different pet-related costs into consideration during the holidays. It’s not just about squeaky toys and catnip, after all. It’s about photos with, say, Molly, the beloved guinea pig, front and center. Yes, nearly half of our respondents budget for holiday photos with their pet. And more than one out of three pet owners account for the cost of getting their pet groomed for the season. Got to look sleek for those pictures, right?

Take a closer look at where the dollars go. Aside from holiday gifts, pet owners told SoFi that they plan for the following costs:

• 45% budget for taking holiday photos.

• 38% budget for getting their pet groomed for the holidays.

• 38% budget for seasonal veterinary needs.

• 35% budget for bringing their pets along when they travel for the holidays.

• 33% budget for buying holiday attire for their pet(s).

• 26% budget for boarding or care for pets because they’re booking holiday travel without their animal.

How to Spoil Your Pet… Without the Debt

Just because many SoFi survey respondents may spend lavishly on their pets over the holidays (as many Americans do), that doesn’t mean they abandon their financial savvy and become bad with money. They apply the same money-smart tactics for their pet purchases as they do for their own gear. Coupon clipping? Check. Signing up for emails that might bring rewards? You bet.

Here’s how they make the most of their cash during the holidays:

• 62% say they use coupons to help save money on holiday spending for their pets.

• 48% say they subscribe to pet company marketing emails to scan for deals.

• 40% get money-saving tips from friends and family.

• 24% say they follow influencer recommendations (yes, petfluencers can really have pull).

Recommended: A Guide to Budgeting for Beginners

Sometimes Naughty, Always Loved

Much as people adore their kitties, rabbits, and dogs, let’s face it: The answer to “Who’s a good boy?” is not always “You are!” Pets can be rascals — chewing shoes, shredding upholstery to ribbons, and leaving muddy pawprints.

Indeed, while many pet parents will be rewarding their good boys (and girls) this season, not all critters may deserve their gifts.

In fact, 22% of pet owners surveyed by SoFi say they’d put their pet on the naughty list.

What’s more, the holiday season gives animals ample occasion to run wild. You know the drill: cats deciding to climb the Christmas tree, or a dog dragging lovingly prepared food off the table (Remember how “A Christmas Story” ended?).

Here’s what the SoFi survey respondents had to say on this aspect of the holidays with pets.

What do pet owners dread most during the holidays?

• 37% of respondents say it’s their pet knocking over the Christmas tree or knocking ornaments off the tree.

• 27% say it’s their pet tearing open gifts early.

• 26% say it’s their pet stealing food from the table or counter.

• 24% say it’s their pet misbehaving around family and friends at gatherings.

• 17% say it’s untangling their pet from holiday lights.

Holiday Pet Safety Also a Concern

Amid all the revelry, pet parents are also focused on keeping their animals safe. After all, most people know facts like poinsettia being mildly toxic to dogs. Here’s how SoFi survey respondents feel about protecting their critters, because happy holiday pets are healthy holiday pets.

Almost one in four (23%) worry about needing to use pet-safe holiday decorations. The same percentage fear their pooch might get sick because friends and family overfeed them or slip them slices of forbidden foods just because, hey, it’s the holidays.

Here’s another source of anxiety for pet parents: being separated from their animal companion during the season. Nearly one-third of them worry about having to travel without their pet. They want to make sure wherever they are over the holidays, they have their furbaby right by their side… or in their lap.

“Involving our pets in our holiday celebrations helps us all feel a little more connected during the holiday seasons,” says Devin Stagg, Marketing Manager at dog-training provider, Pupford. “While I think they enjoy the treats and toys, I believe the greatest benefit is to the pup parent!”

Recommended: Tips to Cut Costs When Traveling With Pets

Pets Inspire the Spirit of Giving

If anyone needs further proof that pets are really and truly part of the family, take note. Pets have a way of inspiring gift giving across the generations. Few can resist giving them a little treat, whether that’s a fancy organic dog biscuit or a cat teaser.

According to SoFi’s survey, among families with children, 61% say their kids give gifts to the pet. And grandparents love their grand-furbabies, with almost one in three putting a pet present under the tree.

Pets themselves are often a favorite gift, too: 39% of pet owners say they’ve given someone else a pet as a holiday gift. Of those, 36% say they spent more than $100 on the pet, and 5% say they spent more than $1,000.

Takeaway

It’s no secret that Americans love their pets, and so when the holidays roll around, those animals get lavished with love, gifts, and special treatment. SoFi’s survey of 1,200 pet owners in October 2023 uncovered just how much people splurge on their furbabies, what they buy, why, and how pets can leave their imprint (or pawprint) on the holiday season.

When budgeting for the holidays — whether shopping for people, pets, or any other seasonal expense — having the right banking partner can make a difference. A solid financial institution can help give you the tools to make the most of your money.

Better banking is here with up to 4.60% APY on SoFi Checking and Savings.

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Source: sofi.com

Apache is functioning normally

November 9, 2023 by Brett Tams

When students take a gap year, they typically take a semester or year off between high school and college in order to take advantage of experiential learning. While extraordinary opportunities may be awaiting you, you may struggle to think of ways to pay for the experience.

If that’s the case, there are options that may help you pay for your gap year — beyond funding the costs out of pocket. Continue reading for more information on options you may want to consider should you find yourself in need of help funding your non-classroom experience.

Gap Year, Explained

First of all, what is a gap year and why do people take them?

Students may choose to take a semester or year off with the goal of getting a break from academics and prior to diving into postsecondary education. Students may choose to complete an internship, travel, study on their own, volunteer, or pursue other interests. Some students choose to pursue a gap year with the intention of discovering what it is that they want to major in or the career path they’d like to pursue.

Many students report a developed self- and cultural awareness, increased independence, and confidence after taking a gap year.

Students may choose to apply to colleges and universities during their senior year (and let colleges know of their plans to take a gap year), during their gap year or after they’ve completed their gap year. Waiting until later often gives them the advantage of being able to report on what they’ve learned during their time away from academics.

In some instances, a gap year may also be something for a student to do after college or in-between college and post-graduate study.

Planning Out Your Gap Year

It’s important to plan out your gap year ahead of time so you have a plan for how you’ll spend your time. It can be easy to waste time when you break from a traditional schedule. Having a plan ensures that you’ll have a better chance of achieving your goals — you might even curb expenses as well.

It may be helpful to break your plan down into measurable goals. For example, if you plan to travel, write down where you’d like to be on specific dates so you don’t miss any of your intended milestones. It’s also a good idea to budget for your gap year ahead of time so you know how much it will cost and the amount you’ll need per week or month to live on.

Options for Financing Your Gap Year

You can always finance your gap year with cash you or your parents have saved or with money from a well-meaning grandparent. However, not everyone has cash bankrolling their gap year. Let’s take a look at a few ways you may want to consider financing your gap year.

Gap Year Scholarship or Grant

A private entity may offer you a gap year grant or scholarship. A scholarship is free money that you don’t have to pay back that can come from a wide variety of entities, including clubs, organizations, foundations, charities, businesses, the government and individuals. It’s possible to find scholarships specifically for gap years, particularly for students who want to volunteer, improve certain skills, volunteer, develop a talent, or complete another type of experiential learning.

Grants are also a form of financial aid that doesn’t have to be repaid. Grants may also help you fund your gap year without having to repay the money. However, it’s important to check into the fine print on both college grants and scholarships to ensure that you fit the criteria. (Some scholarships and grants require you to get college credit in order to qualify.)

529 Account or College Savings

If you or your parents have college savings set aside in a brokerage account, savings or checking account, or a certificate of deposit (CD), you may want to use this money to pay for gap year expenses.

A 529 plan is an investment account that offers investment opportunities and tax advantages when used to pay for qualified education expenses. You may take withdrawals from a 529 plan to pay for qualified educational expenses for tuition, room, board, fees, books, equipment for classes, and other supplies at an accredited institution. If you meet these requirements, you won’t pay federal income tax.

However, if you spend the money on an expense that doesn’t qualify as a higher education cost (such as your plane ticket to go overseas). Be careful when using your 529 savings unless you’re attending a specific program through an accredited institution.

Find a Paid Internship or Part-Time Job

Obtaining a paid internship or part-time job can help you float some or all of the expenses of a gap year. For example, if you plan to spend your year volunteering at soup kitchens throughout a major city, a part-time job may help you pay for transportation to get there and also other living expenses. On the other hand, if you intend to use your gap year to gain work experience to discover your career goals, a paid internship may help you take care of all of your living expenses.

Recommended: Jobs to Help Pay for School Expenses

Apply for Financial Aid

Financial aid can refer to a wide range of types of money to pay for credits at college or career school.

Some gap year programs offer college credit, so you may be able to apply for federal financial aid using the Free Application for Federal Student Aid (FAFSA®). The FAFSA can give you access to grants, federal student loans, and other opportunities.

While you may have never had any intention of taking college credit during a gap year (you may feel that it defeats the purpose of a gap year!) but taking a college-credit class or two as part of your experience or doing a credit-based gap year program may help cover some of your costs.

Personal Loans

Taking out a personal loan involves borrowing money from a bank, online lender, or credit union that you repay in fixed installments. Personal loans are not backed by collateral, which also means they are called unsecured loans. (Secured loans, on the other hand, are backed by collateral, such as a house.) Personal loans often carry higher interest rates than some other types of loans. It may be difficult for someone to get a personal loan without a cosigner if they don’t have a long history of building credit.

It’s a good idea to be careful about taking out a personal loan due to these higher interest rates and having to bring a cosigner on board. That cosigner could end up paying for your loan if you default on the loan and ultimately, it could affect both of your credit scores.

Using Private Student Loans to Finance Gap Year

Private student loans are student loans that come from a bank, credit union, or other private lender. You probably cannot use private student loans to finance your time off from school if you plan to backpack across Europe, but if you do take a few classes as part of a gap year program, you may be able to use private loans to cover your costs. Check with lenders about their requirements before you apply and whether or not a particular program will qualify.

The Takeaway

A gap year can help “gappers” explore career goals, develop confidence, volunteer, and more. If you’re thinking carefully about a gap year, you also might be worried about the cost of taking that time off. Consider putting together a list of costs, goals, and plans so you can make sure that your gap year goes off without a hitch. From there, you can start planning how you’ll cover your expenses during your time away from the classroom.

Finally, don’t forget that you can always put together a combination of sources of funding. For example, you can pay for your gap year with a combination of scholarships, money saved, and internship money.

3 Student Loan Tips

Need a private student loan to cover your school bills? Because approval for a private student loan is based on creditworthiness, a cosigner may help a student get loan approval and a lower rate.
Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too. You can submit it as early as Oct. 1.
It’s a good idea to understand the pros and cons of private student loans and federal student loans before committing to them.

SoFi private student loans offer competitive interest rates for qualifying borrowers, flexible repayment plans, and no fees.

FAQ

How much should I budget for a gap year?

The amount you should budget for a gap year depends on your personal circumstances. It also depends on what you plan to do. Living at home with your parents and volunteering in your community will likely cost less than hopping on a plane and spending a year abroad. No matter what your plan, it’s best to get an estimate of your expenses ahead of time and then use that as a basis for your budget throughout your gap year.

How can I get funding for a gap year?

There are many ways to get funding for a gap year. Depending on your situation and circumstances, you may consider tapping into scholarships, grants, a 529 account, college savings, through a paid internship or part-time job, financial aid, personal loans or private student loans. There’s no single way to fund your gap year, and you may also want to consider a combination of different sources to pay for it.

How long should a gap year be?

A gap year can be any length of time, but they typically last between two weeks and one year.

Photo credit: iStock/Pekic

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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Source: sofi.com

Apache is functioning normally

November 5, 2023 by Brett Tams

About one in seven Americans has unclaimed funds lurking somewhere. In fact, there’s an estimated $70 billion in unclaimed assets in the United States. Typically, the amounts people receive when retrieving this money can be small (say, $20) or, in rare cases, it can be a significant amount of six figures or higher.

States typically manage these funds, which can come from forgotten bank accounts, pensions, insurance benefits, wages, savings bonds, and other sources.

If you’re wondering whether there’s any money out there that belongs to you, read on. This guide will walk you through where unclaimed money may be hiding and how to claim it.

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How to Find Unclaimed Money 5 Ways

Money usually remains unclaimed because owners have no idea it exists. That’s why it may be worth searching for unclaimed funds in your name just in case. So how do you go about it? Unfortunately, there’s no single place you can look for all potential unclaimed cash. It may take some work, but here are some steps you can take to help make sure you’re claiming everything that’s yours.

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1. Searching State Databases

A good first step may be to hunt for unclaimed funds at the state level. Each state has an office that oversees unclaimed property, typically housed in the state treasurer’s, controller’s, or comptroller’s office. You can link to your state by visiting the website unclaimed.org, which is run by the National Association of Unclaimed Property Administrators.

Don’t forget to search your name in the database of each state where you have lived, not just the one where you live now. Make sure that you are searching the official state site (it should have .gov in the URL) to avoid scams. If you are married and changed your name, you may want to consider searching under your maiden name too.

You can continue your search by checking MissingMoney.com, which offers a multi-state database endorsed by the National Association of Unclaimed Property Administrators.

All of these searches are free to complete. If someone asks you for money to complete a search, that’s a red flag. There’s no reason to pay to access money that’s yours, unless there is a small processing fee.

If you happen to find unclaimed property, each state has its own process for proving that you’re the true owner and getting your hands on the cash. Many states allow you to file a claim electronically.

Usually you need to provide some kind of official documents to prove that you’re the person named as the owner. Luckily, there is typically no time limit for claiming the money. If the owner has died, you can often claim funds from a deceased relative. You can typically file a claim if you’re an heir, trustee, or executor of the estate.

2. Looking for Unpaid Wages and Pensions

Here’s another possibility in terms of how to find unclaimed funds: Hunt for back pay. If your employer owes you back wages, you can search the Department of Labor’s database. Start by inputting the name of the employer. You typically have to move quickly in this case, since the agency only keeps unpaid wages for three years.

You can also look for pensions from a former employer. Pension funds may be unclaimed if a company closed its doors or ended a particular pension plan. You can look for funds through the website of the Pension Benefit Guaranty Corporation, which is a government agency.

3. Checking for Unclaimed Tax Refunds

If you think you may have failed to receive a tax refund at some point, you can track that down through the Internal Revenue Service’s website. Keep in mind that you will need to know the exact refund amount in order to conduct the search.

4. Searching for Insurance Funds

Many insurance companies transfer unclaimed funds to states, but a couple of federal government agencies maintain their own unclaimed funds databases. The U.S. Department of Veterans Affairs holds onto unclaimed VA life insurance funds for most policyholders and, if they’re deceased, their beneficiaries.

People who had mortgages insured by the Federal Housing Administration can check for potential unclaimed refunds on the website of the U.S. Department of Housing and Urban Development.

5. Finding Savings Bonds

Another potential place to find unclaimed funds could be in forgotten or lost savings bonds. To check whether you have a bond that has reached maturity, check the government’s website Treasury Hunt. You’ll be prompted to enter your Social Security number and your state.

The site also offers advice on finding lost, destroyed, or stolen savings bonds.

• FDIC and Closed Banks You may also want to see if you have any money that is in a lost bank account or one that was held at a now-closed bank. It’s a very rare occurrence, but bank failures do occasionally happen. If you believe you had funds in one that you never received, you can contact the FDIC Claims Depositor Services at 888-206-4662, option 2.

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Being Aware of Scams

Where there’s free money, there are bound to be con artists trying to take advantage of it. Some companies may offer to help you find unclaimed funds and recover the money for a percentage of the amount owed you. Be cautious: These can be scams. Paying these fees is pointless, since you can search for unclaimed property and reclaim it for free (or perhaps for a small processing fee to the state).

The IRS recently warned of another kind of unclaimed money scam, in which a letter arrives, claiming to be from the government, alerting you to a refund you have not yet accessed. This fraudulent communication then says that your banking details are needed to receive the money. If you send that sensitive information, you could end up losing money and having your accounts compromised.

Using Your Unclaimed Money

If you happen to be one of the lucky people who finds cash waiting for them, what should you do with it? You may be tempted to blow the surprise windfall on those new shoes you’ve been eyeing or on a dream vacation.

But depending on the sum you receive and your financial situation, there may be smarter ways to put the unexpected money to use. Consider these possibilities.

Paying Off Debt

If you have high-interest debt, many people suggest putting much of your extra cash toward knocking it out. That’s because interest rates can cause a balance to balloon significantly over time, meaning the longer you wait to pay off your high-interest debt, the more you’ll likely pay overall.

Credit cards and payday loans tend to have high interest rates, but you may also want to check the rate you’re paying on your student loans, car loan, personal loan, or mortgage. One method for potentially paying off your debt faster is to tackle your highest-interest debt first, while staying on top of minimum payments for your other liabilities.

Building An Emergency Fund

Once you’re on top of your debt or at least the highest-interest liabilities, it may be a good idea to establish or pump up an emergency fund.

Financial experts suggest having enough saved to cover three to six months’ worth of living expenses.

It may be a good idea to keep this money in a safe place, like a high-interest savings account, for unexpected emergencies such as car repairs, medical bills, or a layoff. Having an emergency fund may help you avoid getting into high-interest debt in the future since you have that cash cushion to see you through challenging times.

Saving for a Goal

Once you have a basic emergency fund, you may want to start setting aside money to get closer to a big financial goal. Maybe you want to have a wedding, travel, start a business, or buy a home.

Saving in advance means you may need to take out less in loans or pay less in credit card charges. Or you might be able to avoid them altogether, keeping more of your money in your pocket.

Investing for the Future

Another option is to invest your money in an individual retirement account, college savings plan, brokerage account, or another financial vehicle.

Investing your money for the long-term could allow you to take advantage of the power of compounding returns and potentially increase your chances of reaping solid growth over time. It can be tempting to spend your lucky find on short-term fun, but investing may set you up for financial freedom in the future.

Recommended: Weird Ways to Make Money

The Takeaway

How do you find unclaimed funds? Typically, it involves searching on websites to see what pops up. These are usually specific to the kind of money that is sitting unclaimed, whether that means going searching for tax refunds, the contents of closed bank accounts, back wages, or insurance payments.

Whether it’s deciding what to do with reclaimed cash, if you’re owed any, or figuring out how to afford a big goal, life poses plenty of personal finance challenges. Finding the right financial partner can be an important step in making your money work harder for you.

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FAQ

What is the best website to find unclaimed money?

Using a website to find unclaimed money will depend somewhat on the source of the unclaimed funds, such as whether it’s from an insurance claim, a forgotten safety deposit box, or other source. One good place to start can be unclaimed.org, which is run by the National Association of Unclaimed Property Administrators.

What happens if money is unclaimed?

When money is unclaimed, it often goes through a dormancy period (perhaps five years), after which the state takes control of the funds.

How do you claim unclaimed money from the IRS?

If you were expecting a federal tax refund and didn’t receive it, visit the IRS’ Where’s My Refund page and/or call their helpline at 800-829-1040. For state taxes, contact your local Department of Revenue by checking this website.

SOBK0923018

Source: sofi.com

Hanover Mortgages

The Refined Mortgage Lending Company & Home Loan Lenders

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Apache is functioning normally

What is trip cancellation insurance?

Chase cards that come with trip cancellation insurance

What does Chase trip cancellation insurance cover?

What isn’t covered by Chase trip cancellation insurance?

Who is covered by Chase trip cancellation insurance?

Which trips are eligible for Chase trip cancellation insurance?

How to file a trip cancellation insurance claim with Chase

Chase trip cancellation insurance recapped

How to maximize your rewards

Lender Credit, HELOC, PPE, AI Tools; Wholesale and Correspondent News; Millennial Refi Interview

Apache is functioning normally

Apache is functioning normally

Gap Year, Explained

Planning Out Your Gap Year

Options for Financing Your Gap Year

Gap Year Scholarship or Grant

529 Account or College Savings

Find a Paid Internship or Part-Time Job

Apply for Financial Aid

Personal Loans

Using Private Student Loans to Finance Gap Year

The Takeaway

3 Student Loan Tips

FAQ

How much should I budget for a gap year?

How can I get funding for a gap year?

How long should a gap year be?

Why Good Money Habits Matter

6 Good Money Habits to Adopt

1. Set Financial Goals

2. Budget Well and Track Your Spending

3. Consolidate Debt

Get up to $250 towards your holiday shopping.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $250 cash bonus. Plus, get up to 4.60% APY on your cash!

4. Know When to Consider Balance Transfer vs. Personal Loans

5. Automate Your Finances

6. Investing Early and Often

The Takeaway

What is trip cancellation insurance?

Chase cards that come with trip cancellation insurance

What does Chase trip cancellation insurance cover?

What isn’t covered by Chase trip cancellation insurance?

Who is covered by Chase trip cancellation insurance?

Which trips are eligible for Chase trip cancellation insurance?

How to file a trip cancellation insurance claim with Chase

Chase trip cancellation insurance recapped

How to maximize your rewards

When You Need Quick Cash

Online vs Offline Money-Making Opportunities

Making Money Online

1. Take Online Surveys and Market Research

2. Sign Up for Freelancing Platforms

3. Sell Products on E-Commerce Websites

4. Offer Online Tutoring and Courses

5. Try Affiliate Marketing

6. Find Unclaimed Money

7. Claim App Referrals

8. Open a Bank Account

9. Sell Unused Gift Cards

10. Get Paid Sooner

11. Work as a Virtual Assistant

Making Money Offline

12. Do Local Odd Jobs and Gigs

13. Sell Unused or Unwanted Items

14. Pet Sit or Walk Dogs

15. Tutor or Skill Share

16. Recycle for Cash

17. Take Care of Children or Elders

18. Pawn Items of Value

19. Rent Out Extra Space

20. Deliver Food

21. Drive Rideshare

22. Flip Free Items

23. Cash in Your Coins

Combining Online and Offline Opportunities

Balancing Your Time

Tips for Staying Safe While Making Quick Cash

Avoiding Scams

Managing Personal Information

The Takeaway

Defining the Hybrid Account

Different Types of Accounts

Checking Accounts

Get up to $250 towards your holiday shopping.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $250 cash bonus. Plus, get up to 4.60% APY on your cash!

Savings Accounts

Hybrid Accounts: the Details

Introducing SoFi Checking and Savings

Lender Credit, HELOC, PPE, AI Tools; Wholesale and Correspondent News; Millennial Refi Interview

Option 1: Copy and send this link

How Much Cash Should You Have If You’re Still Working?

How Much Cash Should You Have If You’re Retired?

Get up to $250 towards your holiday shopping.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $250 cash bonus. Plus, get up to 4.60% APY on your cash!

How Much Cash Should I Keep at Home?

How Much Cash Should I Keep in My Wallet?

Where Should I Store My Cash?

Holiday Joy: Pets Play a Major Role

Pets Dress the Part for the Holidays

Pet Owners Go Big for Holiday Gifts

Household Income Plays a Bigger Role in Pet Gifting

39% of Dual-Income Families With Kids Plunk Down $100+ on Pet Presents

Overall, Families With Kids Spend More on Their Pets

Nearly Half Budget Ahead of Time for Holiday Pet Spending

How to Spoil Your Pet… Without the Debt

Sometimes Naughty, Always Loved

Holiday Pet Safety Also a Concern