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October 31, 2023 by Brett Tams

Inside: Are you thinking about moving out? This guide will help you identify the costs of moving, calculate how much you need to save, and advice on expenses. You need to learn and plan for the practicalities of living on your own.

Taking the leap to move out and start living independently is a significant milestone.

However, it’s important to ensure you’re financially prepared for this exciting new chapter in your life.

One vital step you need to take is to start saving money, essential for covering your future expenses, emergency fund, and even fun activities. Through careful budgeting, consistent saving, and efficient spending, you can make the transition smoother and stress-free.

Around here at Money Bliss, we focus on the need to save money before making a purchase or taking the next step, so you will be better equipped and stay debt free.

This way, you can fully enjoy the freedom and responsibilities that come with having your own place.

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

Why is Moving Out on Your Own Important?

There comes a time in one’s life when one feels the need to spread their wings and live independently. We all wanted to move out at 18 – I remember!

This crucial step, however, requires substantial planning. Yet, most just jump right to moving out.

The key thing you must do? Save. But, why so important?

Here’s why: independence means bearing your own expenses. Rent, groceries, utilities, they’re all on you.

Plus, unforeseen emergencies are less shocking when you have a well-stocked safety net.

What’s a good amount of money to have before moving out?

The amount you need to move out depends on many factors.

However, on average, you should aim to have between $6,000 and $12,000 stashed away before you pack your bags.

This sum would cover initial moving costs, deposits, furniture, essentials, and a few months of rent.

Remember, it’s not just about surviving your first month. You’ll need enough to keep you comfortable while you’re settling into your new life.

How much should I save before moving out?

Remember, there isn’t a “magic number.”

Yet, many wonder is $5000 enough to move out?

Your savings should cater to your housing costs, which ideally should not exceed 1/3 of your monthly income. Besides, factor in regional cost of living, moving expenses, and an emergency fund.

What determines the amount needed?

The amount to save before moving out varies greatly. It hinges on factors like your targeted living area because there is a wide fluctuation of HCOL vs LCOL areas, your projected expenses, and your income level. The rent in one city might be higher than in another.

As well as your personal lifestyle choices and spending habits will greatly affect monthly expenses.

Evaluation: Your Financial Status

Your financial status, including current income and expenditures, plays a crucial role in determining the proportion of your earnings you should save before moving out.

If you have a higher income with lower outlays, you can save more, whereas having roommates can significantly cut down your living expenses, enabling better savings.

A careful review of these factors allows you to create a realistic saving plan tailored to your unique financial circumstances.

You need to make sure you are on track to how much money should you have saved by 25.

Assessing your current income

Take a deep look at your income. How much do you earn each month? How regular is this income? These are vital questions.

Your net income (what you earn after taxes) sets the tone for what you can afford. This is the amount listed on your paycheck.

Learn more about gross pay vs net pay.

Understanding your debt load

Debt can be a significant hindrance when contemplating moving out. How much do you owe monthly?

You need to consider your debt-to-income ratio. This is what mortgage lenders do to figure out if I make 70000 a year, how much house can I afford.

If your debt is taking up more than 30% of your income, you need to be careful on how much you spend on rent and other mandatory expenses.

Learn how to pay off your debt faster using Undebt.it.

Know Your Expenses: Breaking Down the Costs

I’ll be honest. This is what most people overlook when they move out or even purchase a new home.

For instance, the couch I loved couldn’t fit into our new house. Sigh.

Now, is the time to learn how to save 5000 in 6 months.

Identifying the cost of moving

Moving costs can bite! They depend on relocation distance, packing supplies, and the complexity of the move.

Movers can range from hundreds to thousands. According to Moving.com, the average costs for a studio or one bedroom range from $501 – $985. ¹

Thankfully, you are young and you can pay friends for help with pizza. But, you still need to account for a moving truck if needed.

Hidden costs you need to consider

When moving out, some costs aren’t glaring. These include fees for installing new services, delivery fees for new furniture, or penalties if foregoing a current lease. Yes, these hidden costs can pile up!

Even, the costs to put blinds up at your new place! A room darkening shade can easily set you back $50; I know, I like my sleep.

So, be sure to consider them when saving for your move.

Setting Up a Personal Budget

A budget plays a crucial role in being financially stable. Period.

Call it adulting if you want to, but you cannot spend more money than you make. That is a recipe for a disaster and way too much debt.

By adhering to a well-planned budget, one can prevent financial stress to ensure financial security and start your journey to financial independence.

How to start a personal budget

Starting a personal budget is simple.

List your income and expenditures. Include rent, groceries, utilities, subscriptions, and yes, even luxuries.
The goal is to spend less than you earn.
Then, you can save and plan for your future.

That means you may not be able to afford everything you want. And using credit cards to fill the gap isn’t smart.

The 50/30/20 budget rule explained

For many, the 50/30/20 rule serves as a rough guide for managing your finances.

It suggests allocating 50% of your income to necessities, 30% to wants, and 20% to savings.

This is a beginner-friendly method to manage spending without feeling overwhelmed.

Starting to use a budget app is extremely helpful.

YNAB

Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.

Pros:

Comprehensive approach to budgeting, helping you plan monthly budgets based on your income.
Offers expert advice, making it suitable for those who require an in-depth, forward-thinking budgeting strategy.
Superior synchronization skills make it the winner in this area.
YNAB has extra features like goal setting for budgeting, shared budgeting tools for partners.
Option to manually add and upload transactions from accounts each month.
YNAB prioritizes user privacy.

Avoid These Budget Downfall

The most common expenses that are forgotten are irregular expenses such as vacations, weddings, or holiday spending. These variable expenses do not occur on a consistent schedule.

To manage these, note these big-ticket events on a calendar, estimate their cost, divide by 12, and contribute that amount to a high-yield savings account each month, offering you a guilt-free way to cover these costs without stressing over money.

Make sure you remember all of your expenses by checking out this full list of personal budget categories.

Creating and Managing an Emergency Fund

Why an emergency fund? It provides you with a safety cushion.

This fund prevents unexpected expenses from ruining your plans or sending you spiraling into debt. It acts as your financial parachute when you need it the most.

Around here at Money Bliss, we consider it a staple in financial wisdom.

Ideal size of an emergency fund

As a rule of thumb, your emergency fund should cover at least $1000-2000 in savings. This will provide money to cover a car breakdown or new car tires. Honestly, the goal is never to use your emergency fund.

However, you may look at a bigger rainy day fund that will cover 3-6 months of living expenses. This will provide you with a comfortable safety net against unexpected events like job loss or medical emergencies.

But remember: start small. Even $1,000 can buffer you from financial shocks. Check out these mini savings challenges.

Enough Money for One Year

A year’s worth of savings may sound excessive.

However, it provides unmatched stress relief and financial stability that can be life-changing, especially for young adults.

This tip will change your financial landscape immensely and provide you with more opportunities than you can imagine.

You can handle life’s ups and downs more easily when you have an entire year’s expenses sitting in your bank account.

Raisin

Simply select one of the high-yield savings products offered by their network of federally insured banks and credit unions to begin your savings journey.

You can open a free Raisin account in just a few minutes!

Compare Rates

Better Planning for Potential Bills and Fees

When preparing to live independently, don’t forget to plan for unanticipated costs.

Rental fees and deposits explained

When you rent, you’re likely to encounter a range of fees.

First off, you’ll have to foot a security deposit – typically equal to one and a half month’s rent. This upfront cost acts as insurance for landlords against damages. If you leave the place in top shape, you’ll get your full deposit back!
Additional fees could include application fees or non-refundable move-in fees like background checks. Know what you’re paying for before you sign the lease.

Utilities and recurring expenses

Electricity, gas, water, and internet – these utilities fall on your shoulders when you’re living solo.

These costs can eat a hole in your wallet if unchecked!

To avoid surprises, ask for estimates before signing a lease or find a place that includes utilities.

Other recurring expenses? Consider subscriptions. Gym, Netflix, Spotify – they all add up!

Trim

Perfect for the person who hates to hassle with canceling subscriptions and checking spending.

Trim adds value in such ways as canceling old subscriptions, setting spending alerts, checking how much users spent on ride-sharing apps the previous month, and automatically fighting fees.

Learn More

Go for a Trial Run Before Moving Out

Adopt the practice of “paying rent” beforehand by setting aside a third of your income into a dedicated savings account which can test your financial readiness for the move. See if you can move out and afford it before you actually move.

Remember, being savvy with money while planning to move out involves carefully auditing your spending over the last 3-6 months and developing a budget that accounts for future expenses, savings, and essential purchases.

This may save you headaches in the future.

Smart Moves: Making Rent Like a Boss

You need to understand how you are starting to make financial decisions.

In fact, reading this financial advice for young adults would be helpful.

Understanding rent payments.

Rent payments can be daunting as prices for a single bedroom apartment are $1700/month. ²

Many landlords may tenants to earn at least three times their rent.
Payments are usually due on the first day of the month. Late payments can lead to hefty fees!

Stay organized by setting reminders or setting up auto-pay.

Considering a roommate.

On the fence about getting a roommate? It’s worth considering!

A roommate can drastically cut your living expenses. Half the rent, half the utility costs… that sounds like a sweet deal.

On the flip side, you may have less privacy and there can be disputes.

However, with clear communication and shared responsibilities, it can be a great experience. It’s a great option if your income is tight. Choose wisely!

Opting for second-hand furniture

Furniture expenses can add up quickly, but there’s a savvy solution: opt for second-hand furniture! Yes, it’s cool to be frugal.

In fact, vintage pieces can add character to your home. Perhaps snag a few items from your parent’s home, Buy Nothing Group, or thrift stores. It’s not about being cheap, but about being smart!

You can always upgrade later.

Key Takeaways Before Taking That Leap

Moving out with roommates not only gave me a firsthand experience of independent living but also exposed me to the nuances of financial management. These initial steps helped me understand budgeting and the importance of balancing expenditures with earnings.

Then transitioning into renting my own place, I was armed with the knowledge I gained and was better prepared to face the challenges, creating a smooth transition to living completely on my own.

Checklist before getting your own place

Before making the big move, have you:

Saved enough to cover deposit, rent, moving, and utility hook-up fees?
Started a personal budget, tracking income and expenses?
Drafted a rough spending plan using the 50/30/20 budget rule.
Built an emergency fund?
Discussed potential apartment rental fees and deposits?
Considered recurring expenses and variable expenses?
Weighed the pros and cons of having a roommate.
Looked into second-hand furniture?
Can you comfortably cover living expenses with your income?
Have you accounted for all possible costs? Think of moving costs, utilities, groceries, health insurance, and more.
Have you considered the cost of living in your preferred location?
How stable is your income? Can it sustain your independence long-term?

Check out this first apartment checklist.

Frequently Asked Questions (FAQs)

Before moving out of your parents’ house, aim to save at least $5,000. But, you want to start off financially sound, so aim higher like $10,000. This amount would ideally cover your moving costs, early rent payments, and the setting up of utilities.

Remember, the real magic figure depends on your cost of living and your current income.

Put simply, saving $1,000 a month is excellent!

As an expert, Money Bliss often recommends saving at least 20% of your income each month. If you can stash away $1,000, you’re well above this bar.

Remember, every little helps when working towards financial independence. Check out our 52 week money saving challenge to get started.

Start Saving for How Much Money I Need to Move Out

Taking the leap into independent living can feel daunting. But with careful planning, budgeting, and saving, it’s an exhilarating journey.

The best advice I can give someone who is looking to move out is to plan ahead for the journey in front of you.

Remember, having anything between $6000 and $10,000 saved up is an excellent starting point.

As you navigate your financial freedom, adopt the 50/30/20 rule for managing expenses. Around here we call it the Cents Plan Formula.

Most importantly, stay prepared for life’s unexpected twists with an emergency fund. And don’t be shy to make some smart moves like considering a roommate or opting for second-hand furniture.

The journey towards independence is rewarding and fun – as long as you’re financially prepared. So pop that calculator, get budgeting, and start saving for your own place!

Source

Moving.com. “Moving Cost Calculator for Moving Estimates.” https://www.moving.com/movers/moving-cost-calculator.asp. Accessed October 25, 2023.
Rent Cafe. “Average Rent in the U.S.” https://www.rentcafe.com/average-rent-market-trends/us/. Accessed October 25, 2023.

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

Apache is functioning normally

October 31, 2023 by Brett Tams

How High Could CD Rates Go in 2024?

Wouldn’t it be great if we all had a crystal ball that told us what the interest rate environment would do? We could figure out the best time to get a mortgage or the best time to buy a car. And of course, we would know exactly when to put all of our money into certificates of deposit (CDs) to maximize our yield.Unfortunately, that isn’t the case. Nobody knows what interest rates are going to do in the future — not even the people in charge of setting benchmark interest rates. However, we can use the latest economic projections to consider the most likely scenario and what else could happen instead. So here’s what we know (and don’t know) about what CD yields will do in 2024.Where do CD yields come from?The short explanation is that CD rates are a combination of three main factors:The current interest rate environmentThe bank or financial institution that offers themThe maturity termIn other words, when benchmark interest rates rise, CD rates generally tend to rise along with them. However, the rates paid by CDs can vary dramatically between banks.For example, as I write this, our top 12-month CDs have APYs ranging from 4.25% to 5.65%. The same is true for CDs of other maturity lengths as well. But because the Federal Reserve has raised benchmark interest rates so aggressively in the past couple of years, this range is significantly higher than it was.When it comes to different maturity lengths, it’s a little tricky to explain, but the general idea is that shorter-term CDs tend to track benchmark interest rates rather closely. The current federal funds rate (the most important interest rate the Fed controls) is set to a range of 5.25% to 5.5%, and this is certainly aligned with most of the top 1-year CDs we track.With longer maturities, there are a lot of economic factors at work, but the simple explanation is that CD yields are a combination of the current interest rate environment and expectations for future interest rate movements. In most environments, longer-maturity CDs tend to have higher yields, since banks typically pay a premium if customers agree to leave their money on deposit for a longer time. But as of Oct. 2023, the range of 5-year CD yields on our top CD list is 3% to 4.85%, with the average yield significantly lower than the average 1-year CD.This makes sense. According to the latest projections from the policymakers at the Federal Reserve, the benchmark federal funds rate is expected to fall to 4.6% by the end of 2024 and to 3.4% by the end of 2025.What will CD rates do in 2024?There’s no way to predict with accuracy what CD rates will do next year. Even the Federal Reserve’s own projections can be very wrong. In fact, the Fed’s projections in Sept. 2021 called for a federal funds rate of just 1% at the end of 2023.Having said that, the latest projections call for one further quarter-point rate hike by the end of 2023, which would likely push CD yields slightly higher to start 2024. And if the Fed’s projection of a 4.6% federal funds rate proves to be accurate, we could expect 1-year CD rates to gravitate towards that level, with other maturity terms drifting generally lower as well.However, it’s tough to overemphasize that we don’t know what is going to happen. If inflation proves far more difficult to control than the Fed expects, it’s entirely possible that several more interest rate hikes will be needed and CD yields will be much higher at the end of 2024. On the other hand, there’s the possibility of a recession coming and the need for the Fed to aggressively cut rates if the economy takes a worse downward turn than expected.The bottom line is that CD rates are higher right now than they’ve been in a long time, and the best course of action is to put your money in CDs that make sense for you now — not to leave your cash on the sidelines in anticipation of rates rising even further.However, one smart strategy could be to create a CD ladder, which gives you the best of both worlds. If rates end up rising in 2024, you’ll end up with some money to take advantage. And if rates fall, most of your money will be locked in at today’s rates.

Costco Is Selling a Full Thanksgiving Meal Kit So You Don’t Have to Do a Thing

By: Maurie Backman |
Updated
Oct. 23, 2023 – First published on Oct. 23, 2023

Some people absolutely love hosting Thanksgiving and getting creative in the kitchen. But if you’re someone who dreads Thanksgiving and the hours upon hours of preparation that tend to come with it, then you may be in luck. Costco is selling a Thanksgiving meal kit for $199.99 that’s designed to feed a party of eight. You’ll need to pre-order yours by Nov. 5, but it could be worth it for the time-related savings involved. And you may even find that Costco’s Thanksgiving dinner kit saves you money, too.When you’re looking to outsource your Thanksgiving mealEven if you’re someone who likes to cook, being in charge of Thanksgiving isn’t easy. There’s a lot of pressure to throw together a massive feast, and you may not have the time or desire to spend an entire day preparing food. If you’re not at all looking forward to a day of cooking, let Costco come to your rescue. For $199.99, you’ll get the following:Five pounds of skin-on turkey breastA two-pound tray of stuffingA 1.5-pound trap for mashed potatoes with a side of gravyA 1.6-pound tray of macaroni and cheese A two-pound pack of sweet cornA two-pound pack of green beansCranberry relish12 dinner rollsOne pumpkin pieOne apple pieAll of this food will ship frozen, and you can expect delivery to your home between Nov. 8 and 17. Will Costco’s Thanksgiving meal kit save you money?You probably won’t save money by purchasing Costco’s meal kit compared to buying ingredients for the above dishes at Costco, or even elsewhere. At your local grocery store, turkey might cost about $3.50 per pound. So a five-pound turkey might cost you just $17.50. A Costco pumpkin pie, meanwhile, is generally only $5.99 (though prices can vary). So right there, you’re looking at $23.50 for 20% of your meal. The cost of the other items included in Costco’s Thanksgiving dinner kit can vary based on how you prepare your sides. But macaroni and cheese, for example, can be an extremely inexpensive dish to prepare. A single box of Kraft might cost under $1.50, so even if you need five boxes, you’re looking at $7.50 or less in total. (Of course, if you insist on making yours from scratch with high-end cheese, that’s a different story.)All told, you can probably throw together a Thanksgiving meal for eight for under $200 — but not so much under. So the question you’ll want to ask yourself is how much time you want to save.Also, if you’re so not looking forward to cooking to the point where you think you’ll pay to cater your Thanksgiving dinner, then you’re likely to put more than $200 on your credit card by going that route through a local restaurant or caterer. In that regard, Costco’s offering could save you some money.All told, Costco’s Thanksgiving dinner kit may be worth considering if you’re not excited to cook for the holiday this year. But chances are, this meal kit is going to be a popular item, which means it may sell out soon. If you are interested in ordering it, do so quickly so you don’t miss out.

3 Costco Perks You Aren’t Taking Advantage of — but You Should

By: Brittney Myers |
Updated
Oct. 23, 2023 – First published on Oct. 23, 2023

Just $250 a month at Costco would earn enough back to pay for the upgrade. In other words, if you spend more than $250 a month at Costco, upgrading makes financial sense.If that sounds like a ton of money to you, then definitely stay with your regular membership. But if your family goes through Kirkland Signature toilet paper like they flush it down the toilet, and you’re one of the people who actually finishes that 3-liter bottle of olive oil, then a membership upgrade could be a smart idea.Double up with rewards cardsWhether an Executive membership is right for you or not, there’s another way to earn rewards that everyone should be taking advantage of: rewards credit cards.Unfortunately, you can only use Visa credit cards in a Costco warehouse. If you’re shopping at Costco.com, you can use Visa or Mastercard credit cards. While these restrictions certainly stymie some of my favorite rewards cards, you’re not completely out of luck. There are still some great options from either issuer. Costco even offers its own cobranded Visa card, which can be especially rewarding when it comes to gas purchases. I prefer to use my Chase Freedom Unlimited®, however, for 1.5x points per $1.

I Bought a $278.99 Walmart Mattress. Here’s How It Compares to My Expensive Tempur-Pedic

By: Christy Bieber |
Updated
Oct. 27, 2023 – First published on Oct. 27, 2023

Recently, we bought a mattress that we plan to use temporarily for a few months as most of our furniture is in storage while we complete a remodeling project. We didn’t want to spend a lot of money since this mattress will be relegated to a guest room, if it is used at all, once we get our furniture back in place.We opted to buy a memory foam mattress from Walmart and paid $278.99 for a king size. This was a fraction of the cost of our regular mattress, which is a Tempur-Pedic that cost several thousand dollars.After sleeping on the cheap mattress for a while, here’s how they compare.Both are equally comfortableFirst and most importantly, my husband and I have found that both of the mattresses are equally comfortable to sleep on. Both provide a similar level of firmness and support. And, we don’t feel the other person moving around in either bed. In fact, if forced to pick which of the two we like better, we would not be able to based on the comfort factor alone.Both have the same warrantyOur Tempur-Pedic mattress came with a 10-year warranty. We didn’t expect our new bed to offer this same guarantee since it cost so much less. But, we were wrong. The new, inexpensive mattress also has a 10-year warranty and a 30-day refund policy to make sure we’re comfortable with it.Both have multiple layersOur Tempur-Pedic came with multiple different layers of material including a comfort layer on the top, a support layer in the middle, and a base layer. Each of these layers is supposed to serve a purpose, like distributing body weight evenly along the mattress or dispersing heat.Our inexpensive mattress actually comes with more layers, referred to as the “five floors of comfort.” There’s a top breathable fabric, a second layer to avoid heat, two separate support layers, and a non-slip layer at the bottom.I’m not exactly sure if all of these layers are serving their exact purpose, but I have noticed that neither bed sleeps warm and both feel like they provide adequate support. The non-slip layer on the cheaper mattress also seems to help it stay in place on my box springs.The Tempur-Pedic feels heavier and more substantialThe Tempur-Pedic stands out by feeling more substantial. The cheaper mattress came vacuum packed in a tiny little package and it took a while to fluff up. And it just doesn’t have the same heft as the Tempur-Pedic mattress.However, while this is a point in the Tempur-Pedic’s favor because the substance has me feeling like it may last longer, it also means the Tempur-Pedic is more of a pain to move around.Ultimately, I feel like the cheaper mattress was a better buy. It left more money in my bank account than the Tempur-Pedic, and it provides a similar level of comfort as well as the same warranty.The experience has shown that buying a more expensive bed isn’t always the best option, so before breaking out your credit cards, be sure to explore and fully compare different mattresses to find one that feels the best at a fair price. Visit some stores and try them out. Don’t immediately dismiss one just due to a lower price point, as you might miss out on a comfortable mattress at a great discount. And don’t forget to consider the return policy and warranty so you end up happy with your purchase in the long run.

Mark Cuban Thinks You Should Buy a 2-Year Supply of Toothpaste. Here’s Why

By: Christy Bieber |
Updated
Oct. 27, 2023 – First published on Oct. 27, 2023

Mark Cuban is the owner of the Dallas Mavericks and is well-known for his business skills and investing prowess. Over the years, he has provided some tips to others who want to get rich, and one of them was a pretty surprising one.His advice: Buy a two-year supply of toothpaste. Here’s why the billionaire suggested making this unconventional move.Cuban has a simple reason for buying so much toothpasteMark Cuban doesn’t just want your teeth to be really clean. He had a good reason for suggesting purchasing such a large stockpile. Specifically, he advised doing this if you use the same brand of toothpaste regularly and can find it at a deep discount.”If we, hopefully we’re all using toothpaste every day, right, couple times a day, and we’re gonna go through toothpaste every month, whatever it may be, you’re better off buying two years’ worth of toothpaste when it’s on 50% discount,” he said. “That’s an immediate return on your money.”Cuban’s point was that the prices of items go up over time, so you’re better off purchasing them at the lowest possible price as this puts guaranteed money in your pocket. You also immediately benefit from the savings since you get to spend less now and in the coming years, keeping more cash in your bank account.Toothpaste isn’t the only item Cuban believes you should stock up on. “Any of your reusables, consumables that you have to have, when they’re on a huge sale on Amazon, buy them, because chances are, their prices are gonna go up, but that’s a real savings that you get to put in your pocket.”Cuban said that while it can feel difficult to make a profit by investing in a brokerage account, this is a simple step that anyone can take that will have an immediate positive impact on their personal finances.Should you follow Cuban’s advice?Listening to Cuban just makes good sense — especially as the recent few years of rising prices and surging inflation have demonstrated that routine products and services that we use every day can and do see big price increases.If you’re able to get many of your consumer products at discounted prices, this can make a noticeable difference in your personal finances. It’s not difficult to do either. Most stores put items on sale on a predictable schedule, such as marking down a product once every six or eight weeks. If you can stock up when there’s a good price — and especially if there’s a deep discount, then you’ll be able to slash what you spend on groceries and personal care.Use this extra money wisely to do things like repay debt or invest for your future, and you will end up being able to build wealth without changing your lifestyle at all. But, no matter what you do with the money, you probably have better stuff to spend it on than paying full price for toothpaste.

Source: fool.com

Apache is functioning normally

October 31, 2023 by Brett Tams

Natural beauty. Plenty of golf. Perpetual sunshine. You know all there is to know about Phoenix, right? Well, maybe. But we’re pretty sure there are a few Phoenix secrets that non-residents aren’t aware of.

Everyone loves a good secret and every person has at least one. Just imagine how many secrets there are within the boundaries of a single city. Some good, some bad. They can determine whether you become friends with someone, work for a company or even move to a city.

We’re going to spill the tea and share some interesting Phoenix facts, some of which may intrigue you so much that you want to investigate the city even more!

30 juicy Phoenix secrets that just might make you want to move to this city

1. Phoenix is the 5th largest city in the country — growing by more than 163,000 residents in the past decade alone. The total population is 1.63 million. Another 16 million visitors come through the city each year.

2. You can go on an interdimensional art experience at the Phoenix Art Museum. The Fireflies exhibit by Yayoi Kusama surrounds visitors with mirrors and LED lights. Before you know it, your sense of depth feels like an illusion, and you feel like you’re floating through the night sky surrounded by fireflies or drifting through space encircled by millions of sparkling stars.

3. One of the things that draw people to Phoenix is the natural desert beauty. However, residents (for the most part) try to stay away from touristy destinations so they can get some peace and quiet and enjoy their hometown. One way to do this is to head over to Cholla Trail near Paradise Valley. It’s a 3-mile trail where you can hike and take in some of the breathtaking natural rock formations of the area.

4. Road Runner Farmer’s Market is one of the best-kept Phoenix secrets. It’s a sensory extravaganza where you can look, touch, taste and smell some delicious foods and incredible handmade, local products. The great thing about the farmer’s market is that it doesn’t cost a thing to soak up the atmosphere or even to sample some of the produce.

5. There’s no Daylight Savings Time in Phoenix. No irritation over losing an hour of sleep. Time is just constant here.

6. There are four deserts in North America and Arizona is home to a section of all four of them, including the Sonoran Desert. This is one of the few wet deserts, which makes it one of the greenest and most lush deserts in the world.

7. Arizona is famous for the saguaro cactus. The Sonoran Desert is one of the few native habitats of this type of cactus. They can live to 150 years old, though it can take up to 100 years before the cactus grows its arms. Phoenix secret: You’ll receive a felony charge if you cut one down without a permit, even if the cactus is on your own property.

8. Phoenix is sunnier than any other metropolis in the country with over 300 days of sunshine each year. Just be aware that more than 100 of those days will end up in the temperature range of 100+ degrees Fahrenheit.

9. There are approximately 15,500 golf courses in the U.S. and Phoenix has 200 of them. The city is definitely a golfer’s heaven. If you’re one of those people who think golf is a game that ruins a good walk, don’t worry, there are plenty of activities in the city for you, too.

10. The sunshine draws a crowd, particularly those who are older or who are sick of the snow and cold weather in other parts of the country. Because of this, hospitality is one of the top industries in Phoenix with approximately 500 hotels and over 40 resort properties.

11. Phoenix has an average annual rainfall of around 8 inches. Yet, farming has always thrived in Phoenix, due in large part to the irrigation canal system started by the Hohokam people, who inhabited the area around 700 A.D.

12. This city isn’t all about golf and hiking. Some residents here also strive to keep the Wild West alive. Pioneer Village consists of old west buildings, homes and cabins that date back to the late 1800s. You can choose to go on a guided tour or roam the town freely on your own.

13. One of Phoenix’s best-kept secrets is the Shemer Art Center and Museum. It’s such an awesome place, though, that its popularity has gained traction and it’s becoming one of the most beloved cultural centers in the city. In addition to special exhibitions and lectures, you can attend workshops and classes to learn about painting and jewelry making.

14. Desert Ridge Marketplace is one of the best places to go if you want to catch some live music. It’s a great date spot where you can listen to music (for free!) under the gorgeous Phoenix night sky. Or, you can watch a free movie during Movies in The Courtyard.

15. This city has a franchise in all four major sports leagues — the NHL, MBL, NBA and NFL. Only 13 other cities in the country can boast the same thing.

16. Phoenix has lower than average rental rates. That’s kind of hard to believe since the city is so big and has so many tourists and lux amenities. But the average rent in the city is on par with many smaller cities in the U.S., making it a hot destination for people looking to relocate. If you’re looking for apartments for rent in Phoenix, you’ll be happy to know there’s something for nearly every budget.

17. In 1940, there were only 65,000 residents in Phoenix. After World War II, though, the population started to grow swiftly, in part due to the availability of affordable in-home air conditioning and an untapped labor pool that industrialists took advantage of by moving manufacturing facilities into the area.

18. Phoenix is a haven for music lovers, particularly those who love playing instruments and have a high level of appreciation for said instruments. The Musician Instrument Museum is home to more than 16,000 instruments from nearly 200 countries.

19. Batman is actually from Phoenix. Just kidding — it’s really Dracula. Nope. Just kidding again. But there is a bat cave in the city (it’s actually a flood control tunnel) that is home to thousands — yes, thousands — of Mexican free-tailed bats. The bats gather to rest together during the day and then flock back to their destination during the evening hours.

20. If you thought the 16 million tourists visiting Phoenix each year was impressive, we think you’ll be even more awestruck by this number: 46.3 million. That’s the number of passengers that make their way to and from the Phoenix Sky Harbor International Airport each year. It’s one of the top 10 busiest airports in the U.S.

21. You might not think of Phoenix right away when you think of film locations, but film crews visit often to create their motion pictures. Films shot in Phoenix include Transformers: “The Last Knight,” “Psycho,” “Jerry Maguire,” “Raising Arizona,” “Little Miss Sunshine,” “Moneyball” and “The Karate Kid” just to name a few.

22. Locals love a low-key day in nature every once in a while. And they get their fix by visiting the Desert Botanical Gardens. Besides all the amazing plants, another perk of visiting these gardens is that at least twice a month, admission is free.

23. If you want to eat where the locals eat, you’ll love this Phoenix secret! Dick’s Hideaway is well-known to locals but not necessarily to tourists. The restaurant doesn’t have a sign and sits inconspicuously next to a hardware store. And yet, it’s an upscale restaurant that serves American classics, as well as local cuisine, for breakfast, lunch and dinner.

24. There’s a real castle here! In the 1930s, a father built the structure as a gift for his daughter. It’s now known as the Mystery Castle. This architectural masterpiece has stone hallways, a cantina, a dungeon in the substructure and a private chapel.

25. Another restaurant known to locals is a cash-only, dive bar called the Silver Pony. You can enjoy a cold, adult beverage and live music while you play some pool. Oh, and there’s a hitching post out front for your horse (that you rode in on, of course!). Yeehaw!

26. Interesting Phoenix fact: The city purchased Sky Harbor in 1935 for $100,000. Considering the fact that the airport handles over 1,000 tons of cargo and 1,200 aircraft each day — and over 46 million passengers per year — we think they made a pretty good investment.

27. Unless you live in Phoenix or have visited the city, you won’t know about an awe-inspiring kinetic sculptural masterpiece called “Her Name is Patience” that towers over downtown Phoenix. The structure is around 100 feet tall and has flowing lights that make the piece appear to come to life each evening. People are in awe of the structure no matter how many times they’ve seen it.

28. If you’re a car lover, you’ll love the Martin Auto Museum, dedicated to the preservation of automobiles for future generations.

29. Fashion lovers will feel right at home in the Biltmore Fashion Center, which is home to some of the most well-known, upscale shops in the state. It’s great for window shopping but if you have the cash, you can have some serious fun. Think Julia Roberts in “Pretty Woman” kind of fun.

30. Victorian history might not be the first thing that springs to mind when you think of Phoenix, but there’s a rich history dating back to the late 18th century. Heritage Park is home to restaurants, museums and some of the most beautiful Victorian architecture you’ll ever see.

Want to learn some more fascinating Phoenix secrets?

The best way to get to know a city is to spend some time there. Whether you just want to visit Phoenix or are considering a move there, make sure to get to know some of the locals. They can give you a unique perspective that guidebooks can’t always provide.

And in addition to giving you the low-down on some super fascinating Phoenix secrets, they can also tell you where to find the best apartments in Phoenix.

Source: rent.com

Apache is functioning normally

October 31, 2023 by Brett Tams

Want to learn how to make money on maternity leave? Parental leave can be a time of joy and excitement with a new baby around, but it can also mean money stress for parents. While you spend time taking care of your newborn, you may also need to find ways to make extra money to…

Want to learn how to make money on maternity leave?

Parental leave can be a time of joy and excitement with a new baby around, but it can also mean money stress for parents. While you spend time taking care of your newborn, you may also need to find ways to make extra money to pay for your expenses.

I had a baby not too long ago (she is currently 1.5 years old – time flies!), and being able to work while taking care of her has been a lifesaver. So, I understand why you’re reading this article – because I also had to work with a newborn.

The good news is that there are plenty of ways to make extra money while still being present for those early months with your new baby.

Why You May Need Extra Money On Maternity Leave

Many families have to take unpaid maternity leave, and others may find their leave is simply not long enough and want to extend it longer (many families in the U.S. get 3 months or even much less time).

Not only that, but maternity leave is an expensive time with medical bills coming in, the cost of baby essentials (diapers aren’t free!), and everyday living costs.

Also, there might be unexpected costs that weren’t part of your maternity leave budget. Perhaps your baby needs special formula or medication, or maybe your car broke down. These unplanned costs can put a dent in your finances, especially when your income may already be reduced during your maternity leave.

Or, you might also be looking to create a financial cushion for the future such as by saving for vacations or even starting a college fund for your baby. So, finding ways to make extra money during your maternity leave can be very helpful.

Recommended reading:

How To Make Money On Maternity Leave

When trying to earn money during maternity leave, here are three things to think about:

Flexibility is key – Choose work that can adapt to unexpected baby-related needs. It should let you manage your time effectively.
Think about earnings and growth – Think about how much you can make, how quickly, and if there’s room to grow.
Pick something you like and fits your goals – Do you enjoy the work? You may want to find work that matches your interests, skills, and future plans.

Read further to learn how to make money on maternity leave.

Top ways to make money on maternity leave

There are 27 ways to earn extra money on maternity leave listed below. If you want to skip the list, here are some jobs that you may want to start learning more about first:

1. Start a blog

Blogging is my favorite way to make money from home, and this is what I do while also raising my daughter.

Being a blogger involves creating content for online readers. You have the freedom to write about a topic you’re interested in (such as finance, travel, lifestyle, or family,) and freedom to decide how you want to make money on your blog – there are many different ways available such as affiliate marketing or displaying ads.

Blogging is my main source of income, and it has completely changed my life. I have the freedom to travel whenever I want, set my schedule, be my own boss, and I can spend all day with my daughter.

Learn more at How To Start A Blog FREE Course.

2. Sell printables on Etsy

Creating and selling digital printables on Etsy is a great way to work on your own schedule and earn money.

Plus, it is fairly passive income as you only have to make one digital file for each printable, and you can sell it as many times as you like. Another positive is that you can start it very affordably because you only need a laptop and internet.

So, what is a printable? They are digital items that you can download and print at home, such as grocery shopping checklists, budget planners, wedding invitations, wall art, and more.

I recommend signing up for Free Workshop: How To Earn Money Selling Printables. This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.

Recommended reading: How I Make Money Selling Printables On Etsy

Other than printables, there are many other things you can sell on Etsy as well, such as soap, candles, jewelry, and more.

3. Transcription work

Transcription jobs are flexible and can be done from home. By turning audio files into text, you can earn money when it’s most convenient for you.

An online transcriptionist listens to audio or video recordings and writes down exactly what is being said. This process is called transcribing. The goal is to do this without any errors in spelling, grammar, or punctuation.

If you want to learn how to make money on maternity leave, this can be a great option as you can do this at home.

I recommend watching Free Workshop: Is a Career in Transcription Right for You? to learn more.

Recommended reading: 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly

4. Freelance writing

Freelance writers write articles, website content, social media posts, or even ebooks for clients.

I was a freelance writer for many years before switching to working full-time at writing here on Making Sense of Cents. It is a great career path where you can work from home and make your own schedule, such as writing while your baby is sleeping.

Recommended reading: 14 Places To Find Freelance Writing Jobs For Beginners

5. Virtual assistant

One of my first side hustles was working from home as a virtual assistant. This is a great way to work from home and have your own schedule.

Virtual assistants do many different kinds of tasks for clients, such as answering emails, scheduling appointments, managing websites, sending invoices, and so much more. It simply depends on what the person who is hiring you needs done.

If you want to become a virtual assistant, I recommend watching the free training 5 Steps To Become a Virtual Assistant.

Recommended reading: Best Ways To Find Virtual Assistant Jobs

6. Bookkeeper

If you’re good with numbers, you could sell bookkeeping services online or for small businesses, either on a freelance or part-time basis.

Bookkeepers are individuals responsible for managing financial things for businesses. This includes recording sales, tracking expenses, and generating financial reports.

If you want to become a bookkeeper, I recommend watching the free training How To Become A Bookkeeper.

Recommended reading: How To Find Online Bookkeeping Jobs

7. Freelance graphic design

With design skills, you can create logos, website designs, business cards, marketing materials, and more for clients and make money even during your maternity leave.

Recommended reading: How To Make Money As A Digital Designer

8. Data entry

Data entry clerks are like computer organizers. They enter, update, and double-check information in lists or tables. They type things like numbers and names to keep everything neat and organized.

Data entry jobs pay around $15 to $20 an hour, on average.

9. Create Canva templates

A Canva template is a pre-made design you can sell for things like social media graphics, ebooks, and presentations. It’s a handy starting point if a person is not great at designing from scratch.

Businesses, advertising professionals, social media influencers, and more all buy Canva templates all the time.

Canva templates have blank spaces where you can add your own words and pictures. You can also change colors and fonts to suit your preferences. They’re really useful for making things look good without spending a long time on it.

With Canva templates, you can sell a single design an unlimited amount of times. If you are looking for something passive, this is a great way to learn how to make money on maternity leave.

Recommended reading: How I Make $2,000+ Monthly Selling Canva Templates

10. Tutor

Tutoring students can be a great way to make money while on maternity leave, as there are many options to tutor from home. You may be able to create your own schedule and pick how much or how little you would like to work.

You can find online tutor jobs on websites such as Tutor.com. If you’d prefer to do in-person tutoring, you can call or email local tutoring companies in your area or share your tutoring services on social media or in local Facebook parent groups for your area.

Recommended reading: 11 Best Places To Find Online Tutoring Jobs (Make $100+ an hour)

11. Rent out your baby gear

Since you have a baby, you probably have a lot of baby gear.

Did you know that you can make extra money by renting it out?!

Renting out your baby gear on sites like BabyQuip can be a game changer when it comes to making extra income during maternity leave. This site allows you to share your baby items with families in need (such as a person on vacation), turning your baby gear into a source of income.

From strollers and cribs to high chairs and toys and more, you can list many different items on BabyQuip’s site.

Plus, you don’t need to have a lot of baby gear in order to get started – you can start with as little as a crib (which is the most commonly rented item).

According to BabyQuip, the average person can earn around $1,000 a month, and some are able to make over $10,000 per month.

12. Baby sleep consultant

As you already know, sleep is so important for a baby (and for the parents!).

You can earn a living while on maternity leave by becoming a sleep consultant. This is where you help other parents by helping them improve their baby’s sleep habits and routines.

Pediatric sleep consultants are experts in helping children sleep better and they make a big difference in families’ rest.

Read more at How To Become A Sleep Consultant And Make $10,000 Each Month.

13. Deliver groceries

If you want a flexible side gig while on maternity leave (and you also have someone to watch your child), then you may want to look into delivering groceries and food.

This can be a flexible side hustle because you can choose your hours and how much you’d like to work each week.

Services like Instacart need grocery shoppers, and the average shopper makes $15 to $20 an hour to deliver groceries. Drivers are paid per order, and you get to keep 100% of your tips. With Instacart, you would be physically going into grocery stores, picking out the food items yourself, checking out, and then delivering the groceries to your customer.

You can also learn more at Instacart Shopper Review: How much do Instacart Shoppers earn?

There are other food delivery gigs that you can do as well, such as GrubHub, Uber Eats, and DoorDash.

14. Airbnb host

If you have a separate space to rent in your home, such as an in-law’s quarters or an apartment above a garage, then you may be able to make money during your maternity leave by renting this space out.

You can learn more about this at What You Need To Know About Renting A Room In Your House.

15. Pet sit

If you are a pet lover, consider pet sitting for friends, family, or through an online service. It’s a great way to make some extra cash while you’re home and can be a fun addition to your day if you already have pets and babies at home.

If you’re interested in watching pets or dog walking, Rover is a platform where you can list your services and find clients.

16. Answer surveys

While answering online surveys and focus groups isn’t a way to make a ton of money, it can be a way to earn some extra money with whatever spare time you have from your newborn (such as when they are sleeping).

You simply share your opinions and answer simple questions, and in return, you can get cash or rewards like Amazon gift cards.

The survey companies I recommend include:

Survey Junkie
Swagbucks
Branded Surveys
InboxDollars
PrizeRebel
American Consumer Opinion
User Interviews – These are the highest paying surveys with the average being around $60.

Recommended reading: 18 Best Paid Survey Sites To Make $100+ Per Month

17. Affiliate marketing

If you want to learn how to make money while on maternity leave, one of my favorites is affiliate marketing.

I have been an affiliate marketer for years through this blog, and it is what allows me to stay at home with my daughter.

Affiliate marketing means making money by sharing a referral link on your website, YouTube channel, social media account, and more. When people use your referral link to purchase something, you then earn money.

For instance, consider sharing books from Amazon on your blog. You give your readers a link to a particular book and encourage people to buy it through your affiliate link. Companies like Amazon value affiliates who bring in high-quality traffic because they appreciate the extra support in helping them make more sales.

If you want to learn more about affiliate marketing, I recommend Affiliate Marketing Tips For Bloggers – Free eBook.

18. Proofread and edit

If you have an eye for detail, you may be able to sell your services as a proofreader or editor for different types of content.

Writers, business owners, and more hire proofreaders and editors to improve their work. There’s a big need for these types of positions, and you can find jobs through many different platforms.

If you want to become a proofreader, I recommend joining the free 76-minute workshop – Learn How to Become a Proofreader…and Start a Freelance Proofreading Business.

Recommended reading: 20 Best Online Proofreading Jobs For Beginners (Earn $40,000+ A Year)

19. In-home childcare

One great way to make money while on maternity leave is to provide childcare services for other families in your area, either part-time or full-time.

This is one of the best stay at home jobs for someone on maternity or paternity leave because it allows you to stay home with your kids while making money at the same time.

Depending on your location, you might need specific licenses. But you could potentially begin without the extra legal steps by working with just one or two children. Just be sure to verify with your local city or state regulations beforehand. It’s also very important to make sure that your home is safe for children and that you are CPR certified.

20. Sell baked goods

Do you like to cook? You may be able to make money at home by starting a home bakery for people and/or pets. You can sell homemade baked goods at local farmers’ markets or online too.

You can read more at How To Make Extra Money By Starting A Home Bakery. Here, you’ll learn about the equipment you need to start a home bakery, food laws, how much to price your baked goods at, and more.

If you are interested in baking goods for pets, then I recommend reading How I Earned Up to $4,000 Per Month Baking Dog Treats (With Zero Baking Experience!).

21. Stock photo photography

Selling stock photo photography can be a great way to learn how to make money on maternity leave. This is because you would be working for yourself and can take pictures in your free time.

Stock image sites are popular sites for photographers to sell their photos. These sites allow customers to purchase pictures for various uses like websites, TV shows, books, and social media.

One great thing about stock photo sites is that they can be a great form of passive income. You can take pictures, upload them, and earn money from an older photo for months or even years in the future.

Recommended reading: 18 Ways You Can Get Paid To Take Pictures

22. Social media manager

Social media managers handle businesses’ social media accounts with the goal of attracting new customers and helping a business grow.

They might share images or videos showcasing products or the company, take part in popular social media trends (like on TikTok) to increase visibility, and respond to common customer questions.

23. Book reviewer

Book reviewers read books and share what they think through paid reviews.

Yes, there are websites where you can receive payment (as well as a free book) for sharing your thoughts about books. Some companies that pay for book reviews are Online Book Club, Kirkus Reviews, and BookBrowse.

Recommended reading: 16 Best Ways To Get Paid To Read Books

24. Flea market flipper

A flipper buys items from places such as garage sales, Facebook Marketplace, or thrift stores and resells them online for a profit.

You may be able to earn extra money by flipping items for resale or possibly earn a full-time income! You can even be able to make this a more flexible gig, such as only working during nap times.

A helpful free training that I recommend is Turn Your Passion For Visiting Thrift Stores, Yard Sales & Flea Markets Into A Profitable Reselling Business In As Little As 14 Days.

25. Rent out storage space

If you have unused space in your home, you can sell it as storage for rent to people in your local area. This can be a garage, driveway, closet, basement, or even an attic.

You can use a site called Neighbor to list any extra space you have available for rent and have the potential to make up to $15,000 per year.

You can sign up at Neighbor for free here and list your space.

You can also learn more about Neighbor at Neighbor Review: Make Money Renting Your Storage Space.

26. Sell an online course

Selling an online course is a great option for stay-at-home moms and dads who want to have control over their schedule and earn a somewhat passive income.

Some topics that you can teach in a course are:

Fitness and exercise programs
Time management and productivity hacks
Parenting
Arts and crafts
Languages
Programming
Personal finance
Traveling
Photography and photo editing
Plants and gardening
Baking and pastry making

And so much more!

You can sell a course in many different ways, such as through Udemy or Teachable.

27. Rent out your unused RV

Instead of letting your RV sit in your driveway unused, you can list it on RVshare and make some semi-passive income. My sister has rented a few RVs from this site, and she has had a great experience each time!

Renting out an RV can earn you anywhere from a couple hundred dollars to a couple thousand dollars each month.

How To Manage Your Money On Maternity Leave

Managing your money while on maternity leave can be tough at times. If you are looking for more things that you can do other than only learning how to make money on maternity leave, you do have some options.

Below, I will be talking about how to cut your budget so that you can save money, as well as your rights and benefits on maternity leave.

Cut your budget

During parental leave, cutting your budget can be a great way to manage your finances while adapting to life with a newborn.

Here are a few ideas to help reduce your expenses during this time:

Evaluate your current spending habits to determine where you can make adjustments – This might involve tracking your spending for a month or looking back at bank statements. You’ll likely find areas where you can save, such as dining out, entertainment, or shopping.
Cut back on subscriptions and memberships – Assess each subscription and determine the must-haves and those you can temporarily suspend or cancel.
Batch cook freezer meals before the baby comes – This is where you make a bunch of meals before the baby is born and freeze them. This can give you an easy meal to pop in the oven before the baby comes.
Cook at home – Getting food delivered can be convenient, but it’s usually more expensive than making your meals at home. Plus, cooking allows you to control ingredients and portion sizes.
Buy in bulk – When possible, get the items you use most frequently in bulk. Items like diapers, baby wipes, and nonperishable foods have a longer shelf life, and buying them in larger quantities can offer considerable savings.
Get secondhand and borrowed items – Instead of buying new baby gear and clothing, try borrowing from friends or family, or shopping at thrift stores like Once Upon A Child. Babies grow quickly, and they often outgrow items before they wear out.
Negotiate medical costs – If you have medical bills, you can try to negotiate them. Medical providers may be open to setting up payment plans or giving discounts for paying up front.

Short-term disability insurance

You may want to look into short-term disability insurance options before your maternity leave starts to help cover lost wages during your time off.

In some cases, your employer may provide this benefit, or you can purchase a policy separately. These policies typically cover around 60% to 80% of your regular income and may have a waiting period before benefits start (so, you will need to have the policy before you get pregnant).

Government assistance programs

There are government assistance programs that could help you during your maternity leave. For example, the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) has nutrition education, breastfeeding support, and healthy food benefits for eligible families.

You can also check to see if you qualify for financial assistance from your state or other programs related to maternity and family support.

Find charities for help

During maternity leave, managing money might be tricky, but there are places that can help, like charities and groups that want to support new parents. You can find them online or at local community centers. Libraries, online parent groups, and special organizations are also great places to get help.

Remember, asking for help is a strong and smart thing to do, and there are lots of resources out there to help parents during this special time.

I recommend reading:

Know your state and federal law rights

I recommend learning about relevant state and federal laws governing maternity and family leave. The Family and Medical Leave Act (FMLA) allows eligible employees to take up to 12 weeks of unpaid, job-protected leave for the birth or adoption of a child. The law also says that you cannot be replaced or overlooked for pay raises and other promotions during your leave.

However, paid maternity leave policies differ by state and company. Some employers may offer a certain amount of paid leave, while others may offer none. Make sure to review your state’s laws and your employer’s policies to understand your rights during your maternity leave.

By knowing your rights, insurance options, and the benefits available to you, you can better plan your financial strategy during your maternity leave.

Frequently Asked Questions About How To Make Money on Maternity Leave

Below are commonly asked questions about how to make money while on maternity leave.

Can I make money while on maternity leave? Are you allowed to make money while on maternity leave?

If you are in the U.S., then yes, you should be able to make money on maternity leave. If you are unsure, check your employment contract or talk to your employer’s human resources department to be positive.

Before starting any side income streams, if you’re worried about whether or not you are allowed to make extra money while on maternity leave, then double-check your company’s policies and your leave agreement to make sure that earning money during your time off is permissible. Some employers may have restrictions on outside work or income during your leave.

How do I survive financially during maternity leave?

To survive financially during your maternity leave, you may need to find ways to cut your budget as well as learn how to make money on maternity leave.

Does unpaid maternity leave qualify for unemployment? Can you collect unemployment after having a baby?

This depends on why you are no longer working at your job. If you simply stopped working because of your pregnancy, then you may not be able to receive unemployment pay.

However, if you are pregnant or recently had a baby and were fired or laid off, then you may qualify for unemployment pay.

What are some ways to make money while on maternity leave? How can I make money while taking care of my baby?

There are many ways to make money while on parental leave, such as by working online, selling photography, renting out storage space or an RV, and more.

How can new mothers use their time efficiently while working from home?

Time management is important for new moms working from home. I recommend creating a routine, setting realistic goals (if you are working and watching your baby, it won’t always go perfectly), and designating work hours during the baby’s nap time to help manage work alongside childcare responsibilities. It’s also important to take regular breaks to avoid burnout and feeling stressed. Working while also taking care of a child can be very tiring.

How to Make Money on Maternity Leave – Summary

Federal law, specifically the Family and Medical Leave Act (FMLA), does not require employers to give paid maternity leave. Eligible employees are allowed to take up to 12 weeks of unpaid leave, and because of this, you might be worried about money during your maternity leave or feel like you can’t afford to take the full 12 weeks.

There are many ways to make money while on maternity leave, which may help you to pay your bills without sacrificing quality time with your new baby.

For example, you can sell handmade items or even sell consulting services. Remote jobs and work-from-home jobs are also an option (and my favorite), allowing you to use skills like graphic design or writing to make money.

Remember, it is possible to make money while on maternity leave. Yes, it will most likely be very hard at times and even feel impossible. But, you do have many options to try and make it work.

Do you want to learn how to make money on maternity leave?

Source: makingsenseofcents.com

Apache is functioning normally

October 30, 2023 by Brett Tams

Growing up without money affects how you live on a daily basis in childhood, and it can have long-term effects into adulthood, even when you begin to have enough money to make ends meet.

When you move from experiencing poverty to maintaining financial stability, there can be some major opportunities to set yourself and your family up for long-term security. But there can also be challenges around changing your mindset and managing your emotions about money. Here are some things to expect when you move from one circumstance to another.

How the experience of poverty can shape your money behaviors

When money is tight on a continual basis, hard decisions often have to be made, such as, “Am I going to pay my light bill or am I going to buy groceries?”

“There’s no right answer, and either way there’s going to be a lack of safety,” says Saundra Davis, a money coach and director of Sage Financial Solutions.

Davis says that lack of safety — i.e., not being able to fulfill all of your needs and living in fear that you’ll lose your income, benefits or housing — “can create what is widely termed as ‘financial trauma,’ which is when an experience with money, or a message passed down from a previous generation, causes us to behave in response to the trauma rather than with thoughtful consideration.”

Family relationships are typically an influential factor in your money habits, and they can also be a major consideration once your financial situation improves. Davis says that thought patterns about money can come from lived experience, but they also come from information passed down through family members.

There can be additional obstacles that might affect you or may have affected your family in the past, such as racial or gender discrimination, mental health issues, substance abuse or disabilities that may have hindered earning enough money for your household to cover its expenses. Systemic obstacles can also be a consideration, such as how public benefits might be cut off once you reach a certain income level, even if you still need financial assistance to pay for food or housing.

Assuming you’ve been able to overcome these challenges, there can be mental hurdles to get over once you’re in a more financially abundant situation. But there are steps you can take to get on track toward achieving your financial goals.

How to change your money mindset and management

Veniecia Robinson, a therapist and life coach, has personal experience in shifting her money mindset. She grew up in a household that faced financial challenges, and she also became a mother at a young age. She recalls paying certain bills only after she had received a service shutoff notice. Once she started school to become an accountant, she decided that she wanted to change these habits and parent her children to understand credit, saving money and how to manage their spending habits.

One of the early steps she took toward financial stability was to start keeping tabs on how much she was spending, which she recommends to anyone who’s working to improve their financial situation.

“It can be terrifying to start tracking your money because once you know, you have to do something about it,” says Robinson.

After she had a handle on her income and expenses, she was able to prioritize the financial goals she had created for herself and come up with a spending plan. For her, that looked like paying her bills first, then allocating the remaining money this way: setting aside money for discretionary spending; saving some money for a rainy day fund; and investing a percentage toward her future.

If you aren’t sure where to start, in addition to tracking your spending, reach out to a fiduciary financial planner — ideally before your money comes in. Fiduciary financial planners have a legal duty to act in your best interest, which means they won’t push you to buy a financial product or service. These financial planners can be found with an online search, or through referrals in your community.

You can also reach out to a financial therapist when thoughts about money are getting in the way of decision-making or if you’re feeling stressed about money. Davis also suggests that people increase their knowledge by reading financial resources and thinking about their emotions around money. Financial education can be found in many sources, including books, classes and online. Start by checking out the personal finance section of your local bookstore or library, or you could look up financial terms online.

If family is a concern, a meeting can be a helpful step to set expectations around money and to discuss how the whole family could benefit from a financial shift. This might entail discussions around how money can be used to provide long-term security versus what it can do in the short term.

“You should give thought to the impact of financial decisions on your whole life,” says Davis. “Recognize that resources can change lives for the better. You should be thinking, ‘What do I want life to look like later?’”

This article was written by NerdWallet and was originally published by The Associated Press.

Source: nerdwallet.com

Apache is functioning normally

October 29, 2023 by Brett Tams

Bonds are in an ongoing consolidation after 10yr yields hit 5% last week. The consolidation cuts both ways and today is a good cut. Yields hit 4.99% early but found support from European bonds after the ECB announcement. Then at 8:30am, a mixed bag of economic data gave way to surprising rally. To be fair, it’s surprising relative to the headline components of the data, but perhaps less surprising when we consider internal components as well as the consolidation thesis. Specifically, the consolidation isn’t likely to see a strong vote in either direction until next week. As for the internals of the data, GDP final sales came in at 3.5 vs a 4.5 forecast, possibly foreshadowing weaker data in the months ahead.

In the following chart, notice EU bonds beginning to lead the bounce. It’s not clear whether that would have even been necessary for 10s to see more support at the 5.0% ceiling.

Source: mortgagenewsdaily.com

Apache is functioning normally

October 29, 2023 by Brett Tams

The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.

Credit card shimming is an updated version of skimming that reads credit card chip information, allowing the card to be duplicated or its information to be sold illegally.

Chip-enabled cards were designed to prevent instances of identity theft and fraud by adding an additional layer of security. That is, until criminals began credit card “shimming.”

Shimming is an updated version of skimming that reads credit card chip information, allowing the card to be duplicated or its information to be sold illegally.

Shimming vs. skimming

Before chip-enabled cards, skimming was a method of identity theft that would read a card’s magnetic stripe. Shimming is largely the same concept, but instead of reading the stripe, skimmers read the information in the card’s chip.

Both skimming and shimming require the fraudster to attach or insert a mechanism into a card reader in order to gather the information. These can be tricky to spot for unsuspecting consumers, but understanding how they work will help you be more aware the next time you insert your credit or debit card.

How credit card shimming works

Credit card shimming works by inserting a small device called a “shim” into a card reader. Unlike skimmers—which were typically bulky and easily detectable if you knew what to look for—shims are small and subtle.

Whenever a chip-enabled card is inserted into the reader, the shim collects its data. Then, the scammer collects this data by inserting what looks like a regular card into the reader. This makes it difficult to spot suspicious activity, as it appears the scammer is making a regular transaction.

As the technology currently stands, scammers aren’t able to create an exact duplicate of chip-enabled cards based on the shimming data they collect. They are, however, able to create a version of the card with a magnetic stripe only—which many retailers still accept.

How to spot a credit card shimmer

It can be quite difficult to spot a credit card shimmer or skimmer, but there are key questions to help you determine your risk at any transaction:

Does the card slot look misaligned?
Does it take more effort to insert your card?
Does the credit card reader move around when you touch it?
Does it look like anything is blocking the credit card slot? Has something already been inserted?
Are the buttons on the card reader hard to push?
Does anything about the reader look unusual (colors, font, etc.)?
Is there security tape on the card reader? Is it broken or tampered with?

If you’re doubtful about whether an ATM has been affected, it’s best to try another ATM or go to a bank teller if possible. If you’re unsure about a transaction, consider paying in cash or using a contactless payment method, such as your mobile device’s virtual credit card wallet.

How to keep your card secure

While identity theft is not always avoidable, there are some habits you can incorporate to make sure you’re as protected as possible.

Consider contactless payment. The best way to protect against skimmers that steal your card information is to simply avoid them altogether. Contactless payment—like Apple Pay, Android Pay and Google Pay—make paying simple and streamlined.
Choose your ATM strategically. Only use ATMs that are in high-traffic areas or banks to reduce the chances of them being compromised.
Check for tampering. Wiggle the card reader or slot before inserting your card. A traditional skimmer will come off. If your card doesn’t go into the slot smoothly, this could be a sign of a shim inside. Consider choosing a different ATM.
Be cautious at the pump. If you choose to pay at the pump, choose a pump that is closest to the store and in direct view of an employee. If you’re skeptical, the safest option may be to pay the attendant inside.

3 action items for victims of shimming

Banks have some fraud detection technology in place that may catch suspicious activity before it becomes problematic, but it doesn’t catch everything. Luckily, the Fair Credit Billing Act says you’re not responsible for any unauthorized charges once you report your card as stolen. So, if you suspect you’ve fallen victim to skimming or shimming, you’ll want to act swiftly.

Contact your credit card issuer right away. They’ll cut off card access and send you a new card if needed.
Call the business where you think the shimming happened so that they can check their card readers for signs of tampering.
Alert your local law enforcement and the Federal Trade Commission. They may be able to notice a wider pattern and stop other consumers from becoming victims.

FAQ

How does credit card shimming work?

Shimmers are devices that scan the chip in credit cards to replicate and store financial data. Someone can use this to create a knockoff of your card and sell your financial information.

What’s the difference between skimming and shimming cards?

Credit card skimming and shimming are both activities that lift the financial information from your credit card, but they target different places where the information is stored. Credit card skimmers target the magnetic strip on traditional credit cards, while shimmers target the chip you’ll find in newer credit cards.

Can chip cards be shimmed?

Chip cards can be shimmed because shimmers target chips specifically. As of the writing of this article, contactless payments are the most secure way to use your cards.

What do card skimmers look like?

Card skimmers and shimmers are made to look exactly like the regular ATM or card reader. Look for signs of poor craftsmanship or misalignment in the credit card slot because this means it may have been tampered with.

Taking extra safety precautions may seem like a burden at first, but protecting your finances is worth the effort. Remember to pause before you make any transaction to ensure the conditions are safe, even if you’re in a hurry.

Identity theft and fraud can temporarily wreak havoc on your credit, but the effects don’t have to be permanently devastating. Work with a credit repair firm to help challenge any inaccurate items caused by a scammer to help you work to get your credit back to where it should be.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Reviewed By

Sarah Raja

Associate Attorney

Sarah Raja was born and raised in Phoenix, Arizona.

In 2010 she earned a bachelor’s degree in Psychology from Arizona State University. Sarah then clerked at personal injury firm while she studied for the Law School Admissions Test. In 2016, Sarah graduated from Arizona Summit Law School with a Juris Doctor degree. While in law school Sarah had a passion for mediation and participated in the school’s mediation clinic and mediated cases for the Phoenix Justice Courts. Prior to joining Lexington Law Firm, Sarah practiced in the areas of real property law, HOA law, family law, and disability law in the State of Arizona. In 2020, Sarah opened her own mediation firm with her business partner, where they specialize in assisting couples through divorce in a communicative and civilized manner. In her spare time, Sarah enjoys spending time with family and friends, practicing yoga, and traveling.

Source: lexingtonlaw.com

Apache is functioning normally

October 29, 2023 by Brett Tams

You may not think of saving money as being a creative pursuit, but with a little effort, you can find fresh (and even fun) ways to help you stash away some cash. This can make the pursuit more engaging and motivating.

Perhaps your goal is to save for the down payment on a house or build up your kid’s college fund or simply take a great vacation next year. You can try some clever methods to make saving money more interesting and maybe a bit exciting.

Read on to learn such tactics as partnering up with a savings buddy and tapping your DIY skills. You’ll also learn ways to make the most of the cash you sock away. Get set to save more.

15 Creative Ideas to Save Money

You are probably familiar with some of the usual tactics for saving money, such as comparison shopping and clipping coupons. If you’re ready to mix things up and try some less common tactics, consider the following 15 quirky but effective ideas.

1. Identifying Your Saving Goals

2. Finding a Saving Buddy

3. Seeking Out Free Activities

4. Getting Creative and DIY

5. Gamifying Savings

6. Swapping Goods and Trading Skills

7. Increasing Income

8. Switch Your Bank

9. Split Your Direct Deposit into Checking and Savings

10. Change Your Due Dates for Bills

11. Save Every $5 Bill

12. Take Advantage of Cash Back Credit Cards

13. Round Up Your Purchases Automatically

14. Consolidate Credit Card Debt with a Personal Loan

15. Automate Your Savings into an Investment 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.

1. Identifying Your Saving Goals

Not sure how to make saving money fun or prioritize it? You could start by identifying your goals. Are you saving up for a big purchase, like a down payment on a house? Are you saving for your child’s future education?

Once you’ve figured out what you want to accomplish, you could determine a target amount of money you’d like to save. While this number might change over the course of your savings journey, you can always readjust your plan.

If you have an idea of how much money you’d like to work toward saving, you can consider diving deeper into your finances to pinpoint realistic objectives. You can use a tracking and budgeting tool, such as SoFi Insights, to get a big-picture snapshot of your money and drill down on ways to save.

Once you’ve reviewed your individual financial circumstances and have a better idea of your savings goal(s), you could try these fun ways to save money.

2. Finding a Saving Buddy

With the right company, even the most mundane tasks can be enjoyable. You could talk about your savings goals with your friends and family members to potentially identify a saving buddy with similar objectives.

An ideal saving buddy will be supportive of your financial goals, offer good advice, and have a positive money mindset.

Checking in with your buddy regularly could help keep you both stay on track and you can celebrate each other’s accomplishments. This person might also be able to talk you down if you’re on the verge of making a big impulse buy. If you’re stressed about how to make saving money fun, you could brainstorm creative tactics with your saving buddy and implement them together.

3. Seeking Out Free Activities

Saving money does not have to be synonymous with missing out on exciting opportunities around you. You could enjoy free activities offered in your area.

Perhaps your local park offers free theater performances or concerts in the summer, or your area bookstore hosts interesting literary panels and author discussions with no attendance fee. Think about the resources provided by your local library, such as book clubs, language exchange programs, craft nights, and movie screenings.

This can be a great option to pricey movie or concert tickets. And here’s a way to save money on streaming services: You could try a free service like Hoopla or Kanopy, which are offered at no cost to library card holders.

4. Getting Creative and DIY

Here’s another clever way to save money: Adopt a DIY (do-it-yourself) attitude. You could create things using materials you already own instead of buying new products. You can save money on food by meal-prepping for the week ahead; think about recipes that incorporate ingredients you already have in your pantry.

You could make your own household cleaners out of vinegar, lemon rinds, and herbs or face masks using fresh ingredients like avocado, tea, honey, and oatmeal. There are ways to reuse materials that might otherwise be thrown out or recycled: Newspapers and coupon booklets could make fun wrapping paper, for instance.

5. Gamifying Savings

If you’re looking to break up the monotony of saving, you could consider incorporating games and challenges into your overall savings plan. A friendly competition with your saving buddy could be seeing who can save the most money every week, month, and/or year.

Creating small rewards for reaching your goals might be an incentive, too. (Bonus points if these rewards are free!) No-spend weeks, where you refrain from spending any money for seven days, also might help with saving. If you succeed at that, you might want to ramp up to a 30-day no-spend challenge. You can tailor this to cut down on all discretionary spending or just a single category, such as dining out.

6. Swapping Goods and Trading Skills

Getting serious about saving money doesn’t mean you need to give up “luxuries” such as exercising, new clothes and accessories, or home goods. Trading skills and swapping goods are two potential examples of how to make saving money fun while not depriving yourself of the things you want.

You could go to your favorite yoga studio and ask if they have a work-trade program where you can do administrative duties in exchange for classes. A clothing swap with your friends could refresh your closet at no cost.

You might also consider an informal exchange with skilled friends. For example, if you’ve been eyeing an original painting from your artist pal but don’t have the funds to pay her, you could offer your website design services (or some other helpful skills) for the painting.

7. Increasing Income

Sometimes, cutting down on expenses might not be the most effective way to reach a savings goal. It might be easier, in some cases, to make a bit more money than to reduce costs, especially if you are spending more than 50% of your income on non-discretionary expenses like groceries and debt payments. (That’s the figure established by the popular 50/30/20 budget rule, that half of your take-home income goes toward necessities.)

You could reflect on your particular skills and/or hobbies to see if there is a way to translate one of them into an income stream. For example, if you love to knit, you could start an online store for your yarn creations. Or you could offer your writing or editing services in a freelance capacity. A successful low-cost side hustle could help bring additional money into your bank account and add more fun and enjoyment in your life.

Recommended: 39 Passive Income Ideas to Build Wealth

8. Switch Your Bank

If your financial institution seems to be charging you endless fees and offers little interest on your savings account, consider switching banks.

You might consider an online bank. Because these institutions don’t have brick-and-mortar locations to fund, they can pass those savings along to customers in the form of lower or no fees and higher interest rates.

You might also consider a credit union instead of a big name bank. Credit unions are run as financial co-ops, meaning each member has a stake in business. As nonprofits, they are designed to serve their members, typically paying higher interest rates on deposits and charging lower fees.

Ready for a Better Banking Experience?

Open a SoFi Checking and Savings Account and start earning up to 4.60% APY on your cash!

9. Split Your Direct Deposit into Checking and Savings

If you have regular paychecks, one of the easiest ways to start saving a bit more money is to guarantee some automatically ends up in a separate savings account, making it that much harder to spend. If you have a checking account, odds are you have a savings account too, or at least access to one.

Maybe you find it hard to remember to put some money away into savings or harder still to force yourself to part with it. If so, splitting your direct deposit into two accounts helps make sure your savings grows every paycheck, without you needing to worry about transferring the money. Check with your HR department or your online pay system to see if you can add a bank account and designate a certain amount of each paycheck to go into your savings account as part of your direct deposit.

Most banks also have the option to set up recurring transfers yourself between your accounts. If you don’t have the option to split up your paycheck or would prefer not to, your bank can likely automate your savings with a transfer the day after you get paid. You won’t have to think twice about stashing money away.

💡 Quick Tip: As opposed to a physical check that can take time to clear, you don’t have to wait days to access a direct deposit. Usually, you can use the money the day it is sent. What’s more, you don’t have to remember to go to the bank or use your app to deposit your check.

10. Change Your Due Dates for Bills

Having extra money in your savings account doesn’t help if you are constantly pulling from it to pay bills.

If you are overdrafting frequently or borrowing from savings, especially at certain times of the month when big payments are due, consider this unique way to save money: Change the due dates of some of your bills. Sometimes spreading out your larger payments — like credit card bills or student loans — throughout the month can help when those more inflexible due dates, like rent, roll around.

By changing the date of some of your bills, you will hopefully avoid overdraft or NSF fees. This will encourage you to not touch your savings account, as opposed to pulling from it every time your checking account balance gets precariously low.

11. Save Every $5 Bill

This is a classic adult remix of the piggy bank you had as a kid. Only this time, instead of squirreling away quarters, take every $5 you get and put it in a separate drawer at home. Keep all of these $5 in the back of a closet somewhere, tucked away and out of sight.

Once you get into the habit of identifying $5 as “no spend” bills, you’ll find it can really be a creative way to save money — depending on how much cash you use in a typical day, of course.

The benefit of this method is that $5 isn’t really enough to miss if you are just putting away a bill or two, but that at the end of the year, it can easily add up to enough cash to help with holiday shopping, a loan payment, or even a nice charity donation without having to touch your savings in the bank.

12. Take Advantage of Cash Back Credit Cards

Need another clever way to save money? Simply put, if you have a credit card that has a decent rewards program, you can likely get your rewards in cash. While getting cash back won’t boost your savings directly, it can allow you to spend rewards points instead of your savings.

However, if you tend to carry over a balance on your credit card, cash back cards may not be a good solution for you right now.

13. Round Up Your Purchases Automatically

There are plenty of apps available to round up your purchase to the nearest dollar and then save the change for you. Your bank may offer this kind of savings tool, which can be an easy way to save money automatically.

The amount these apps save for you is small, so you aren’t likely to notice $1 or even a few cents when it transfers, but it can add up to hundreds stashed away per year.

14. Consolidate Credit Card Debt with a Personal Loan

If your credit card debt is preventing you from saving as much as you would like, you might use a personal loan as a creative way to shake up your finances.

If you owe money on more than one credit card or have a high balance relative to your credit limit, the rates on a personal loan could help lower your monthly payments. Often, taking out one personal loan to pay off credit cards can help you with savings in the long run. While you’ll still be paying off the personal loan, the interest rate is likely to be significantly lower than that of the credit cards. That means you can probably pay off the total sooner, leaving more cash free for savings.

15. Automate Your Savings into an Investment Account

It’s the age-old financial advice worth repeating here: If your company offers a match on your 401(k) savings, take advantage of it! If your company match is 6%, you should set your contribution for at least 6% to get the most out of your retirement funds.

It can be simple to creatively save money using the following technique. Most company wealth management accounts can be set to automatically deduct contributions from your paycheck, but you can schedule other automatic investments too. You can make scheduled, recurring transfers between your bank account and your wealth management account.

You get to select the dollar amount, the date and the frequency you want. This is a great way to put your savings to good use — send it into an investment account. There are plenty of other technologies available to help make this easy, too.

Why Is Making Saving Money Fun Important?

Trying tactics like the ones above can help make it fun to save money. That’s important for a couple of good reasons. Shaking up your savings routine can make socking away cash seem fresh and more engaging, meaning you are more likely to get the job done. Basically, it can rev up your motivation to save money.

Also, when you find a technique that is fun, such as a no-spend challenge, it can help encode the new savings behavior in your routine. If it’s enjoyable, you are more likely to keep up the good work.

How Can You Make the Most of the Money You Save?

When you save money, you likely want it to grow over time, not just sit there. One good way to do that is to stash your money in an interest-earning account. This will be especially effective if the financial institution where you save charges low or no fees and doesn’t have high minimum opening deposit or balance requirements.

You might look for a high-interest or high-yield savings account. These can pay a significantly higher rate than standard savings accounts, and your money will be accessible and likely insured by the Federal Deposit Insurance Corporation, or FDIC, or NCUA (the National Credit Union Administration).

Optimizing Your Savings

Beyond the creative ways to save that you just learned, there are other important ways to optimize your savings.

• Budgeting wisely can help you better understand your personal finances. It can help you get a grip on your earnings, spending, and savings. When you see where your money goes, you can tweak your spending to help funnel more towards savings.

• Putting a spending limit on your credit card (or cards) can help you rein in spending, which can reduce high-interest credit card debt and allow you to save more.

• Lastly, it you are struggling to put away money, one dramatic move that can help you save more is to move to an area with a lower cost of living. Whether that means moving across town or across the country, it could make a major difference in your finances.

The Takeaway

Putting away money for your future does not need to be a boring task; there are countless fun ways to save money that could be customized to your specific financial needs and wants. From finding a savings buddy to gamifying your saving, creative tactics can help enhance your motivation and your ability to put away cash.

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.

FAQ

What is a clever way to save money?

There are several clever ways to save money. Automating savings so you don’t have to remember to transfer funds is one good tactic; so is giving yourself a no-spend challenge, finding free activities, and doing a skills swap to reduce spending.

How can you save $1000 in 30 days?

To save $1,000 in 30 days, you can try a spending freeze, a savings challenge, and/or use a card that gives you cash back. Make sure you are keeping the money you save in a high-yield savings account.

What is the 50 30 20 rule?

The 50/30/20 budget rule is a popular technique for managing your money. It advises spending 50% of your take-home pay on the needs of life (housing, food, healthcare, etc.), 30% on the wants in life (such as dining out, Ubers instead of public transportation, travel, and so forth), and 20% goes into sayings.

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..

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SoFi’s Insights tool offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

SOBK0923028

Source: sofi.com

Apache is functioning normally

October 29, 2023 by Brett Tams

Interest rates on 30-year fixed-rate mortgages have hit yet another high, with lenders offering loans above 8% for the first time since 2000. Mortgage rates have gone up rapidly this year, rising two full percentage points from lows near 6% back in February.

That’s been brutal for home buyers, who have watched their buying power erode. At a 6% interest rate, a buyer looking to spend $2,000 a month on principal and interest could afford a loan of roughly $333,500. With interest rates at 8%, that same buyer can afford only $272,500. Their target home price has dropped $61,000 as more of that monthly payment has to go toward servicing interest.

Here’s why mortgage interest rates are so high, and why they could remain elevated. Still, there are ways that home buyers can contend with such a challenging housing market.

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Why mortgage rates climbed so high

A year ago, many housing economists, including in forecasts from Fannie Mae and the Mortgage Bankers Association, were anticipating that today’s mortgage rates would be in the 5%-6% range. Though that seems wildly off base now, at the time it looked pretty reasonable.

“Last year around this time, the Fed was in the midst of hiking interest rates very rapidly,” explains Chen Zhao, head of economic research at Redfin. “And most economic forecasters were really looking at this and saying, OK, this is most likely going to lead to a recession.”

A recession could have forced the Federal Reserve to cut interest rates, with mortgage rates likely falling, too. But that recession hasn’t arrived.

“Despite what the Fed has done, hiking rates at the fastest rate ever, the economy, especially the job market, has really just remained very resilient. As a result, investors are now expecting that the economy is going to avoid a recession and remain very strong for longer,” Zhao says. “And that means that the economy can sustain higher mortgage rates for a longer amount of time.”

Where are mortgage rates headed in 2024?

Looking at last year’s predictions for 2023, it’s clear that a lot can change in just a few months. With political upheaval in the U.S. and multiple wars overseas, there’s potential for tectonic shifts in markets and in economic policy.

“I would say that right now uncertainty is unusually high,” Zhao comments. “Maybe the most plausible forecast would be to say that rates are probably going to stay in this range for the near term or at least in the foreseeable future.” But Zhao also outlines scenarios for mortgage rates going lower — an economic downturn forcing the Federal Reserve to encourage economic activity by easing interest rates — or higher, if mortgage spreads remain elevated.

The mortgage spread is the difference between the 30-year fixed mortgage rate and 10-year Treasury rate. “Historically, the spread between the 10-year Treasury and the 30-year mortgage rates is about 1 3/4%,” explains Melissa Cohn, New York-based regional vice president and mortgage banker at William Raveis Mortgage. Because of economic and geopolitical volatility, “Those spreads have grown over the course of the past couple of years, and our mortgage rates are now trading at 3% or higher above the 10-year Treasury.”

That said, it’s also worth noting that while we haven’t seen mortgage interest rates this high in 23 years, prevailing interest rates are in line with longer-term historical averages. Interest rates collected by government-sponsored enterprise Freddie Mac, which go back to 1971, are widely used as the yardstick for mortgage interest rates. Over that half century, the average 30-year fixed interest rate has been 7.74%.

“Looking holistically at the entire history, we’re about where the average is,” comments Jessica Lautz, deputy chief economist and vice president of research for the National Association of Realtors. Lautz points out that recent history is fairly exceptional: “We don’t want to say that the interest rate of 18 is normal, but the interest rate of 2.5 is also not normal,” she says, referring to historic highs of the early 1980s and the low point of 2020. “Both of those were very unusual time periods for interest rates.”

How high rates might affect buyers’ plans

Higher interest rates have got home buyers scrambling to keep their budgets in line with costs. But buyers should also consider the wider effects that rates have on the housing market and how these could play out.

Cohn contends that those who can afford to buy now, despite high interest rates, are likely better off going ahead with a purchase, as home prices continue to rise. “Are you better off buying in the higher-rate environment today and paying hundreds of dollars more a month in a mortgage payment so that you can refinance in a year when rates are down instead of having to pay 5% more on the purchase price of that home in a year?” she asks. This argument assumes interest rates will drop, but it’s also worth noting that while today’s buyer waits for rates to fall, they’re building equity.

Lautz also leans toward acting now if you can, but for different reasons. With housing inventory limited, a drop in interest rates could bring currently priced-out buyers off the sidelines, driving up home prices. “I do think there is pent-up demand,” Lautz explains, “and so they may be facing a multiple-offer situation.” In other words, lower rates could lead to the return of bidding wars.

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What home buyers can do now

If you’re in the position to buy a home despite today’s mortgage rates, there are a few steps you can take to buffer the effects of high rates.

Get all the help you can: If you’re a first-time home buyer, look into state and local programs that provide down payment and closing cost assistance. These can be no- or low-interest loans or even outright grants. You may not even have to be a true first-timer: Many programs consider you a first-time home buyer if you haven’t had an ownership interest in a home in at least three years.

Consider a variety of home types: Rather than a detached, single-family home, a condo or townhouse might better suit your budget. New construction is worth a look, as newly built homes are nearly one-third of the current market. Home builders with robust inventories are often able to provide incentives that make new homes more affordable.

Be interest-rate-aware: When you’re researching sample interest rates at various lenders, read the fine print. With rates so high, many lenders are including discount points — prepaid mortgage interest — to make their sample rates appear lower. Buying points can be a good strategy, but there’s an upfront cost, so you want to know if they’re included when trying to decide which lender has the best rates for you.

Source: nerdwallet.com

Apache is functioning normally

October 28, 2023 by Brett Tams

News Briefs

A ‘Greenery-Filled Terrarium’ Will Be at the Center of New ODA Skyscraper in Seoul

An expansive “sky garden” will sit at the middle of Terrarium Cheong-Dam, a new skyscraper in Seoul, South Korea, designed by architecture studio ODA. The 45-story, 200-meter tower will be built in the city’s Gangnam district and will have a mix of high-end residences and offices. The semi-private sky garden, which ODA refers to as a “terrarium,” will cut through the center of the modern building. Plus, the skyscraper will sit on a podium with a public park. The addition of the greenery is intended to enhance the surrounding urban landscape. Dezeen

U.S. Mortgage Rates Hit a 23-Year High

The interest rate for a 30-year fixed-rate mortgage has hit its highest level since September 2000, following the seventh consecutive weekly increase. Now at 7.9%, the highest interest rate in 23 years is driving mortgage applications to a 28-year low. “Mortgage activity continued to stall, with applications dipping to the slowest weekly pace since 1995,” MBA vice president and deputy chief economist Joel Kan said. “These higher mortgage rates are keeping prospective home buyers out of the market and continue to suppress refinance activity.” Reuters

U.K. Landlords Threaten to Quit Over Proposed Renters’ Reform Bill

More than half of landlords in the U.K.—54%—said they would consider quitting because of the proposed Renters’ Reform bill, which is now getting a second reading. One out of five landlords said abolishing no-fault evictions is one of the least attractive elements of the reform bill, as it is currently the only way to quickly evict tenants. “It’s important that landlords are given the time and information they need to prepare for significant upheaval in the coming years, so they can continue to provide much-needed housing for almost five million households nationwide,” said Alan Thomas, U.K. chief executive at Simply Business. PropertyWire

Danny McBride Lists Hollywood Penthouse for $1.8 Million

Actor and screenwriter Danny McBride is parting with his longtime Hollywood condo, which is now on the market for $1.8 million. McBride, who created the HBO comedy shows “Eastbound & Down,” “Vice Principals” and “The Righteous Gemstones,” purchased the duplex penthouse in 2009 for a little more than $1.4 million. The home, which has previously been listed both on the sales and rental markets, sits on the 10th floor of the landmarked Broadway Hollywood and overlooks the Hollywood Sign and the Capital Records Building. Spanning almost 2,200 square feet, the penthouse has double-height ceilings, one bedroom and two bathrooms. McBride and his family have primarily lived in Charleston, South Carolina, since 2017. Robb Report

Source: mansionglobal.com