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Apache is functioning normally

June 3, 2024 by Brett Tams

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

“What’s the first thing that comes to mind when thinking of how you can improve your financial situation?”

Many people would say “spend less money.”

One way to do this is by buying something used. In fact, a study found that Americans buy 10% more new items than they did in 2008 because we have so many promotional offers available. Not only should you be trying to save some money on your purchases, but also cut all kinds of other expenses from your lifestyle and keep them at a minimum.

Usually, people spend more money than they need.

This can lead them to have less money saved or be able to afford the things they want.

However, with a few simple changes in your spending habits, you will be able to make more of what you earn and feel more satisfied.

In today’s world, it is easy to be overwhelmed by the amount of information available on how you should spend your money.

With more and more people struggling with their finances, I would like to share a few hacks that have helped me spend money wisely and simplify my life.

Also, I am going to include some simple money saving tips on how to spend less money! Do not get duped into buying things you did not plan on purchasing or spending more money than you needed to.

How to Spend Money Wisely

As you can see shortly, there are many ways to spend money wisely. Whether it be through saving, investing, or taking care of your health; with this article as a guide, you won’t have to worry about your money any longer.

This is meant to inspire people on how they can better manage their finances and live more efficiently, while still being able to get the things that they want.

Spending money wisely is a way of life, but it can be tough to know where exactly you should start.

Luckily for you, we will break down ten hacks for you to follow so that your money does not go to waste.

1. Pay Yourself First

You are probably wondering, why is saving money about how to spend money.

The first thing you should do to spend money wisely is to pay yourself first.

This could be saving for the future with an emergency fund, which can be used in case of emergencies or downturns in your financial situation. This can be done by contributing to a high-interest savings account and saving up to $1,000 or more for emergencies.

Or choose one of our money saving challenges to match your financial goals.

2. Take Care of You

You need to take care of your health, as that will improve the quality and longevity of your life.

Making wise choices on choosing quality food and healthcare may cost more money upfront, but in the long run, it will save you money on huge medical expenses.

You spend your money wisely by taking care of your health. Money spent on a gym membership, healthy food, and other medical expenses can save you even more money in the long run.

Many people love the idea of time freedom for this reason.

3. Invest in Your Future

One way to spend money wisely is by investing in your future. This might be done through a 401(k) or Roth IRA, which lets you invest pre-tax dollars and then withdraw them tax-free once you retire.

This can be a great way to save on taxes, but the money needs to stay invested for at least five years before you’re able to withdraw it without a penalty.

4. Choose Experiences

We live in a society that prizes material purchases and spending. Remember to prioritize experiences by getting outside. Not just for your health, but also on the mental and emotional levels, as well as the personal and even family levels.

Also, a plethora of benefits to spending money on experiences, not all materialism related.

Try to spend less on electronics and materialistic items that fill your home and more on experiences like travel or going out with friends.

This is a great way to spend time with your family and friends instead of buying things for them.

Related Reading: Overcome Gift Regret: Experience Gift Ideas That Do Not Go To Waste

5. Set Goals

Many of us, regardless of financial status, know that if we want to live on the right path without having our finances stress us out, then there are good habits to be followed.

Think about how much money you want to make in the next five years or ten years and make up how to get there.

Now, you need to line up your spending to make that happen.

Not sure how to set goals? Start here with making smart financial goals.

6. Budget

The next hack is to make a budget and stick to it, which will help you spend your money wisely by only spending what you have available in each category.

A budgeting strategy helps you develop better financial skills. These strategies are practiced in order to help prevent overspending and create a set spending plan for you.

Create a budget that includes all your expenses and then each time you get paid, put a little bit of your paycheck into each category.

7. Evaluate Your Spending

Oftentimes, we find ourselves buying items that are not necessary and just a waste of money. This hack is to evaluate what you’re spending your money on and think about whether or not you want to continue this habit.

For every purchase ask yourself if the item is worth it and what will happen if you don’t buy it.

By completing a no spend challenge, you will be amazed at the things you find out are not worth spending the money on.

8. Likeminded People

Next, you should try to spend less time with people who are going to make you feel bad about yourself.

This is a hard one but just think of the good things that will happen when you stop hanging out with people who make you feel bad.

If you are constantly around people you need to learn how to not spend money, then you will be battling upstream battle. Look for those who have the same mindset and are determined to spend money wisely.

9. Spend on Quality Over Quantity

The best way to buy quality items is to spend more money on them. Buying cheaper items has its risks, but over time it will lead to dissatisfaction with the product and waste of money.

If possible try to spend money on things that will last a long time and not just stuff like food or rent.

This concept of quality of quantity is not difficult to understand. For example, instead of owning 10 pairs of jeans that you think you need, you spend money on the two pairs of quality jeans that you love.

Because items are so cheap to pick up, it is easy to quickly fill our homes with quantity and excess stuff (plus we are spending more in the process). Instead, spend a little more and buy less of what you truly need or want.

10. Eat at Home

One way to save money is by cooking more at home and not going out to eat. You can also cut down on the amount of food you purchase, which will help you save a ton of money in the long run.

Instead of buying food that will go bad quickly or ruin your health, buy more expensive food. This way you are spending less money on the product but it is going to last longer and be better for you.

By spending money wisely, you must learn how to spend less money on food.

11. Use Tax-Advantaged Accounts

Specifically, I am talking about FSA or HSA, or dependent care FSA. This is when you set aside money each year for these purposes. Money goes into these accounts tax-free, so you are lowering your taxable income.

On how to spend FSA money, you must have the proper documentation on your plan. The same is true for how to spend HSA money.

The limits change each year on how much you can contribute to each of these plans, but the maximum you can spend tax-free is over $20,000 for a family.

This is a great trick to spend money wisely and lower the amount you owe in taxes. Just make sure to spend the amounts in the FSA each year!

12. Spend on things that add happiness to life

Personally, I have a hard time spending money. Period. This is something I am working on as we progress through our financial journey. Now, I look to spend money on ways that will improve our life or bring smiles to our faces.

Spend on things that add happiness to your life.

For example, if you’re happy with the new shoes you’ve just bought, then it’s worth spending money on them! If you love to travel, spend on travel. If you like reading fiction novels, spend on fiction novels.

Spend your money on things you enjoy and make the most of the disposable income you have.

How to Spend Money to Make Money

One of the best ways to make money is to give back. However, it takes some money to make money, which is typically frustrating to those who constantly want to make more money per year.

By selling a product or service, you are supplying them with your knowledge, advice, and understanding. Another way is through investments. Investing, while not always profitable, has companies that adhere to companies of all kinds.

One of the best ways to spend money wisely is to invest in ways to make money.

There are plenty of ways to make money and start your own business.

Here is a great book to open you up to the idea of starting your own business and the freedom with money it can bring.

Here are great ways to make money on the side:

It is possible to make more money on your business than you make more money in your current job or career.

How to Spend Less Money

Many of us spend too much on material items that are not actively used. This creates a situation where we have to make more purchases in order to get the same level of happiness.

The first step towards becoming frugal is deciding what you want out of your possessions, and then only buying those things which will provide you with this goal.

Here are 32 easy ways to do that!

Shop at Discount Stores: You don’t have to go all out with your shopping if you’re looking for a way to save some money. There are plenty of stores that offer great deals and you can still find some really cute clothes.
Find Online Deals: You can find deals online for just about anything. This is a great way to get the deals that you might not know about. There are so many websites out there dedicated to helping you find the best deals and coupons.
Save Money on Your Cell Phone Bill: Just because the cell phone companies want to charge an arm and a leg for service doesn’t mean you have to. There are plenty of options out there where you can find great deals on your cell phone bill without having to break the bank.
Call and Cancel Unnecessary Services: Do you really need to subscribe to cable? How about getting rid of your gym membership because you know that all the exercise won’t do anything for your weight. The truth is you don’t need a lot of these things that are costing you money. Also, try a free service like Trim or Billshark.
Buy Generic Items: Do your shopping at the grocery store and buy generic items instead of brand names for most of your purchases.
Buy in Bulk: Buy items like toilet paper, cleaning supplies, and other things in bulk to save on the cost of each individual item. This is more so for families who can buy food in bulk.
Start Couponing: This is a great way to save money. I know it’s not the most enticing offer, but if you’re looking to save money then coupons can be your best friend. You can go online and find coupons for items that are on sale at your favorite store or you can get them in the Sunday paper.
Use Public Transportation: This is a great way to save on gas and wear and tear on your car.
Get Rid of the Car: If you live in an urban area, it might be worth getting rid of the car and using public transportation or just walking instead. Or become a single-car family.
Carpooling: One of the biggest hacks that many people are unaware of is carpooling- which can save up to $1,000 per year.
Rent Things: Whether it is a video, movie, or power tools to complete a project, renting will save you money.
Use Less Electricity: Turning off lights and other electronics when they are not in use can really help!
Eat Spaghetti: Eating pasta saves money and reduces your grocery bill.
Use the Library: If you like to read, the library might be another alternative to buying books.
Borrow Books: Borrowing books from the library or your friends is a great way to read for free!
Use Online Promo Codes: Using promo codes or coupon codes on all of your online purchases will make a huge difference. Here is a great place to find promo codes and get money back on your purchases.
Eat Out Less Often: Eating out less can save money!
Eat Less Meat: Eating less meat will save on your grocery bill! There are so many wonderful delish meals made with beans!
Buy Used: If you must buy something but don’t want to spend much, consider buying used versions of the items you need. Buying used products will save money and help the environment.
Share with Friends: Sharing your belongings, like clothes or toys, can save you money.
Ask for Help: When someone offers to help you do something it’s only polite to take them up on it.
Find Used Clothing: Buying clothing used can save you a lot of money and help the environment!
Downsize Your Hobby: It’s important to live within your means. If you have an expensive hobby it may be time to scale back on the expense or find a cheaper one.
Need vs Want: Try not to spend money on things that are “needed” but not “wanted.”
Avoid Impulse Spending: Try to plan before you buy anything- think about what you need, the price of items, and if it is worth buying.
Plan Free Activities: Plan outings with friends and family, rather than going to the movies or restaurants alone.
Plan For Expensive Times: Give your friends a heads up before you go out on an expensive outing so they know it’s coming. They may be able to help cover the cost or provide a cheaper alternative. This will help everyone’s budget.
Do Your Research: Research all of your options before you make any purchase- this will allow you to get the best bang for your buck and find the best deals.
Bartering: If you must buy something, but you don’t want to spend much money on it-consider bartering with someone or buying used items instead of new ones (e.g., clothes, furniture).
Know-How You Spend Money: Keep a budget to track your spending and be aware of how much money you have left at the end of the day or week so you can plan accordingly.
Negotiate on Price: If you plan to buy something, don’t tell the retailer how much money you have until after they give their price- this can help save money and time by eliminating any final price negotiations.
Think Before You Spend: Put some thought into your purchases before you make them- this will help you make sure you really want to spend money.

How Much Money Should you Spend?

There is a lot of conflicting information on how much money should be allocated to needs vs. wants, but this takes into account what percentage of take-home pay should be spent on necessities.

Here is the Cents Plan Formula we Use at Money Bliss:

50% to Basic Expenses
20% to Savings
10% to Giving
20% to Fun Spending
0% to Debt

So, the average person should spend 50% of their take-home pay towards needs. That means you must spend your money wisely.

Keep a list of what you spend and how much it cost.

You should have some idea of how much money you are able to spend on what. This will help you decide whether it is worth buying a thing or not before purchasing it.

Use the list to see where you can make adjustments, for example spending more time with your family or finding fun things to do with no money.

Ready to Start Spending Money Wisely?

Spending money wisely can seem complicated at times.

The key to using money wisely is understanding how you spend your cash. Spending tends to happen automatically, which can lead people down the path of overspending and debt if not monitored closely.

The affordability of happiness and satisfaction depends intensely on the money we have.

The activities we could do, and expenses we could cut out, can be often atrocious and insufficient for our expectations.

Extreme dissatisfaction and the whole time earning less than we would desire, we may feel that we need to know how to spend money wisely.

The vital hacks elaborated in this post will help to understand caring for a budget, and changing our habits to spend more wisely.

When spending money wisely, people should be aware of their habits so they can change them in order to save more and spend less on things that do not bring happiness or benefit the person’s life.

If you want to save money, spend it on something that will make your life better or more enjoyable.

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

June 3, 2024 by Brett Tams

Inside: In this guide, I reviewed all of the budget apps and compared features and costs to form the best budgeting apps list. Find the best budgeting apps to fit your needs.

The best way to become smart with your money is to actively manage your money.

Make a plan for your money. Some may call it a budget.

At Money Bliss, we like to call it a Cents Plan. This enables you to find financial freedom. Find that place Where Cents Parallel Vision. Today, there are many budgeting apps on the market.

To kick off the new year, I was determined to find the best budgeting app on the market. Guess what?

My list grew each week!! And still growing! There are so many choices.

There are money management apps. Personal finance apps. Budgeting apps. So many apps to choose from! Seriously.

Some are free budgeting apps. Others have a monthly fee. Some have one-time costs.

The key to any budgeting app (free or paid) is to learn to manage your money.

At the very bottom of the post, we will reveal the best budgeting apps available.

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.

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

Start Your Free Trial.

What is a Budgeting App?

A budgeting app is a tool that helps you manage your money and keep track of how much you spend.

There are many different types of apps, and some may be free while others cost money.

However, they all make managing your finances easy by tracking where your money goes each month as well as providing tools for saving cash flow or spending more efficiently on things like groceries or travel expenses.

The end purpose of a budgeting app is to make managing your money easy.

There are many apps out there that can help you with this, including some from big brand names like Mint which just announced it is shutting down, Acorns, and Quicken. This guide will provide a list of the best budgeting apps for 2024 so you can save time and money!

Quick Answer

The preferred budget apps are YNAB, Empower, and Quicken.

What to Look for in Budgeting Apps

In order to find the best budgeting apps, you need to know what features and functions you are looking for.

The best budgeting apps are often the simplest and focus on ways to make saving a breeze.

They can help ease financial uncertainty by providing tools that allow users to save more money over time.

What’s more, how can you tell what to look for in a good budgeting app?

1. Ease of use

The best budgeting apps are easy to use and do not require manual entry. Different ways of creating a budget include handwriting it out, using a spreadsheet, or logging into an app or software program.

You want to find something that is easy for you to use. Even better, if you find the app fun to use!

2. Budgeting Capabilities

There are many types of budgeting apps; thus, each person will have budget apps they prefer over others. At the end of the day, you need something that will work for you over the long term.

Some have basic features that simply allow users to view their own spending, while others provide a number of tools for managing finances and saving money. Users should choose an app based on what they want as well as the capabilities it offers.

Many budget apps let you define your categories to track.

3. Saves Time

When you have an automatic budgeting app, it tracks how money moves in and out of your bank account automatically with ease. In addition to this, the updating process takes place automatically as well which saves more time for individuals who need it most!

Saving time with the least favorite tasks like budgeting is a win-win!

You want your budgeting app that makes managing your money a breeze.

4. Focus on Financial Goals

You need a budget app that helps you work towards your smart financial goals. This is important.

You want your budgeting app to help you with achieving your financial goals.

5. Synchronization

Synchronization is the process of returning data to a master database from one or more secondary databases. You want the budget app to synchronize accounts automatically.

Most offer automatic synchronization but may lack a feature that allows for a reconciliation of accounts such as bank accounts.

Many budgeting apps can synchronize from desktop to mobile. In addition, you can have multiple users on the same platform.

6. Price

Budgeting apps range in price from free to about $150 per year.

The app that has the most features and options is Quicken, especially given its price point.

Spending $5 a month to manage your finances is cheaper than overdraft fees and the lack of saving money.

7. App ratings

Many financial experts and personal finance gurus agree that a budget is necessary to take control of your money.

Look for budgeting apps that have at least 1,000 reviews in both the App Store (for iOS) and on Google Play (for Android), as well as a rating of 4 stars (out of 5) or higher on both platforms.

That will tell you the longevity of the app and user appeal.

8. Security

Specifically, are budgeting apps secure? Are there any security features in place to protect your data? This is a huge feature you need to verify your personal information will be intact.

On my budgeting apps, financial information is safe because they need to go through vigorous testing and pass banking regulations. There are certain vulnerabilities inherent to operating online in the cloud.

9. Additional Features

Most budgeting apps go beyond basic budgeting. Some offer advice on debt and investments, while others identify unnecessary expenses.

Most apps can track your spending and organize your expenses into categories.

The savings apps will automate savings, suggestions to save money, bill alerts, access to credit scores, and investing features.

All of the apps have a different feature set, so it’s important to find what you’re looking for.

Good Budgeting Apps will Help, But First – You Must

Before we dig into the list of good budgeting apps, we must discuss key points first.

In order to be successful, with any type of budget app, you must understand three key areas.

1. Uncover your Money Situation

You can’t hide under the sheets or with your head in the sand and expect changes.

To be successful with money, you must be active with your personal finance situation.

Take time to understand your vision. Figure out where you stand in building a foundation to the Money Bliss Steps to Financial Freedom. Understand where the pits of money are spent every month.

Not sure, where to start? Stick around here at Money Bliss; we have many resources to help you!

Must Read Help:

2. Budgeting Apps Won’t Change Habits

While personal finance or money management apps keep you on track, they are incapable of changing habits.

You have to make changes.

Just because the budget app tracks your usage on the credit card doesn’t mean that you should have spent that money. So, be willing to make changes in your spending habits and those emotional purchases to achieve financial freedom.

You must learn to manage your money.

Related Readings:

3. Still Need Paper & Pen

The first thought is “Wait, I wanted to get away from paper and pen.” Yes, that is the goal for most individuals.

However, it is key to know your net worth over time.

Also, you never know when your favorite budget app will go away. (Ugh!) Personally, I don’t like to be pessimistic, but technology is rapidly changing, and being able to adapt is key.

Keep tracking your personal finance numbers toward financial freedom in a separate place.

Okay without further ado, the full list of budgeting apps on the market.

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.

Start 34 Day Free Trial

Full List of Budgeting Apps with Free Trial

The budget apps we selected for this section offer a free trial for users to test out before signing up.

Budget apps are typically inexpensive and start with a free trial.

1. YNAB (You Need a Budget) – A proven method that has helped hundreds of thousands of people break the paycheck to paycheck cycle, get out of debt, and live the life they want to live. YNAB is best for serious budgeters.

2. Simplifi – Manage your money less in 5 minutes each week. Reach your money goals with confidence! Introducing Simplifi by Quicken, the personal finance app that gives you something to look forward to.

3. Tiller Money – Your financial life is in a spreadsheet, automatically updated each day. Track all your accounts in one place, always know where your money goes, and confidently plan your financial future.

4. Rocket Money – Rocket Money is your automated financial assistant and budget tracker designed to put you back in control of your money. Truebill lets you easily track bills, cancel unwanted subscriptions, and proactively request refunds on your behalf, putting real money back in your pocket!

5. Qube Money – The cash envelope system made easy. They invented digital cash envelopes. Real-time financial awareness without the hassle of tracking expenses, updating spreadsheets, and carrying cash.

6. HoneyMoney– HoneyMoney increases your awareness about your money habits.
Being fully aware of your money naturally changes how you spend it. Great way to use cash flow budgeting. Plus uses “envelopes” to budget.

7. Qapital – Free, easy way to save money. Get $5 for your first Goal if you sign up here.

8. Money Patrol – MoneyPatrol actively monitors and analyzes financial transactions, and then alerts insights about the trends, patterns, and anomalies observed.

9. Wallet– Wallet is designed to help you get your finances under control from day one, giving you ongoing insight into your financial situation, and helping you stay in control for the long term.

10. Every Dollar– EveryDollar follows the zero-based budget approach recommended by Dave Ramsey, a top personal money-management expert. Create daily and monthly budgets and track your expenses to manage and save money.

11. Expensify – Expensify is the perfect tool for anyone who needs to keep track of receipts and automate expense management.

12. Cost Track – Expense Tracker – Cost Track allows you to: use your money wisely, keep track of your personal and family budget, and quickly enter your income and expenses.

13. Easy Spending – It is a simple and convenient finance tracker that provides the most powerful and convenient daily money management for iPhone and iPad, that neatly tracks all your cash flow between different accounts that you can budget.

Making Your Budget Work for You:

Full List of Free Budgeting Apps

The budget apps we selected for this ranking are completely free! Free budget apps are good options for users who don’t want to pay monthly or a yearly fee. Just to note, the list of free apps is dwindling with each update.

Finding the best budgeting app the best ones do simple things well.

Free apps are not always better than paid ones.

Typically, the free versions of budget apps provide basic features. Plus there are many free budget apps available on the market.

1. Empower – Empower is the best app for investors. This is one of my favorite ways to analyze investment accounts. See all of your accounts in one place, which helps to see spending. Free budgeting app to use. Read my Empower Review.

Empower Personal Wealth, LLC (“EPW”) compensates Money Bliss for new leads. Money Bliss is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.

2. PocketSmith – Manage your budget and forecast your finances. There are paid levels of access but you can still get basic options for the casual budgeter.

3. Zeta – AskZeta is a financial planning platform designed to help couples manage their finances collaboratively. It provides tools and guidance for setting joint financial goals, budgeting, and navigating major life events to build a secure financial future together.

4. Honeydue – A financial app designed for couples, facilitating shared money management. It allows partners to track and manage their finances collaboratively, providing insights into spending, budgeting and shared financial goals.

5. GoodBudget – Envelope budgeting for the modern world.

6. Fudget – The budget planner you can actually use.

7. Wally – Personal Finance – It helps you compare your income to your expenses, understand where your money goes and set and achieve goals.

9. CountAbout – CountAbout is an online personal finance solution that surpasses the security and ease of use of the other popular commercial solutions on the market while offering complete privacy, zero advertising, and no selling of your personal data.

10. Daily Budget Original – Daily Budget calculation, planning & saving for big spending, basic categories for expenses, backup.

11. Spending Tracker – The simple fact is, by tracking your spending you will be able to stick to a budget and therefore SAVE MONEY.

12. Money Monitor – You can track and organize all your transactions, accounts, budgets, bills, cash flow, and payees in Money Monitor by easy operation but with powerful functions.

13. Money Box – Set your money goals and track your personal savings with this app. Take control of your saving goals and spend cash wisely.

14. Dollarbird– Track and forecast your money as easily as adding events to a calendar! Dollarbird helps you make sense of your financial situation, plan ahead and manage your money together with those who matter.

15. NerdWallet – Whether you want to maximize credit card rewards, earn extra cashback, track your credit score or make budgeting easier, it’s all here.

Budgeting Resources:

16. Buddy – Designed for simplicity and efficiency, helping users easily manage their finances. With intuitive features, it enables users to track expenses, set budget goals, and gain insights into their spending habits for better financial management.

17. Banktivity – Banktivity puts you in the driver’s seat of your finances so you can do both.

18. PocketGuard – With all of your financial accounts in one place, PocketGuard helps you stay on top of your finance and make better financial decisions.

19. Budget Saved – Personal Finance – Budget Saved helps you save money by grouping expenses based on need or want. You input an expense, save it as a need or want, and then you can look back to see which purchases were really necessary. With this information, you can see exactly how much you can save.

20. Albert – Money Management – Combining human guidance with cutting-edge technology, Albert is an intuitive app that automates your financial life — so you can be free to enjoy it. Build savings, meet bills, end the overspending cycle and develop your financial IQ, right from the palm of your hand.

21. Expense IQ – Expense IQ (formerly EasyMoney) is your ultimate money manager app that combines an expense tracker, a budget planner, a checkbook register, integrated bills reminder, and more rolled into one powerful personal finance app!

22. Prism– Never miss a bill or pay late fees again! We automatically track your bills & send due date reminders, for free. See your income, account balances, & monthly expenses at a glance.

23. Coin Keeper– Download CoinKeeper — the handiest way to plan and manage your finances, created especially for smartphones and tablets.

24. Mobills– Mobills is a budget planning app that allows you to create a custom monthly budget that will help you take control of your money. You are able to manage your money, track your spending, and achieve your financial goals all in one place.

25. iSpending – iSpending helps you to track your income and spending. You can add transactions under different categories, such as income, food, and entertainment.

26. Receipt Box – The Receipt Box is a quick app that is conducive to developing a good habit of tracking spending. It indeed performs well on this one.

27. BUDGT – BUDGT will help you keep track of your Expenses in a very simple way and tell you how much money you can spend each day, taking in account what you have already spent during the current month.

Full List of Paid Budgeting Apps

A budgeting app is a type of software that helps you track your money to manage your finances. There are several different ways you can use them, including getting paid upfront or by monthly fee.

Some apps offer discounts for people who pay monthly, but this is not always the case. If an app doesn’t have the capabilities you need to better manage your budget, it’s not worth it.

App users want budget capabilities and prefer to handle bill paying on their own schedules.

1. Quicken– Quicken personal finance and money management software allows you to manage spending, create monthly budgets, track investments, retirement and more. Read my Quicken Review.

2. Moneyspire – The budget feature is very user friendly and can rollover amounts. All of the reports you need at your fingertips. Also, you can move your data from many of the top budgeting apps and Quicken.

3. PocketSmith – Manage your budget and forecast your finances.

4. MoneyDance – Moneydance is easy to use personal finance software that is loaded with all the features you need: online banking and bill payment, account management, budgeting and investment tracking.

5. CheckBook Pro – An easy & quick way to manage your daily finances, Checkbook Pro keeps track of your credit card charges, cash expenditures…etc.

6. HomeBudget – HomeBudget is an integrated expense tracker designed to help you track your expenses, income, bills due and account balances. It offers support for budgeting and allows analysis of your expenses and income, including charts and graphs.

7. Pennies – Keep track of your spending and save money with Pennies, the award-winning budgeting app for iPhone, iPad and Watch.

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

Start Your Free Trial.

Budgeting Apps Off the Cloud:

Due to security concerns, many budgeters prefer to keep their financial information off the cloud.

Here are the best budgeting software that are off the cloud. And if you want, they can be synced.

1. Quicken– Personally, I have used Quicken – pretty much since it was developed. Way before budgeting apps were even a thing and the cloud didn’t exist. Quicken is great for tracking how your money is being spent. Their internal budget feature is not user-friendly and has quirks. However, the cash flow reports are awesome to compare spending. The #1 reason I still recommend Quicken is because of its long history.

Read my Quicken Review.

2. Moneyspire – For those frustrated with Quicken, Moneyspire is your choice. The budget feature is very user-friendly and can rollover amounts. All of the reports you need are at your fingertips. Also, you can move your data from many of the top budgeting apps and Quicken. Start a free trial here.

3. Tiller Money – Tiller is the only tool that automatically updates Google Sheets and Microsoft Excel with your spending, transactions, and balances each day.

4. Banktivity – Get full control of your personal finance situation with Banktivity. Has all the bells and whistles you would come to expect for personal finance budgeting software. There is the ability to connect to the cloud if you prefer. Only for Mac Users.

5. MoneyDance – Moneydance is easy-to-use personal finance software that is loaded with all the features you need: online banking and bill payment, account management, budgeting, and investment tracking.

6. QuickBooks – QuickBooks is most like Quicken. It is the preferred software for most bookkeepers. The features are very helpful, but the price is significantly higher.

Expense-tracking budgeting apps

Expense-tracking budgeting apps are becoming more popular as they allow users to connect to financial accounts. They track transactions and group them into categories, making the best ones based on expense tracking systems.

Some of the top expense tracking budgeting apps include:

Simplifi: Quicken has introduced a new personal finance management solution. It is simple, smart, and intuitive money tracker tool that ensures users can keep track of their income and expenses in real-time.
YNAB (You Need A Budget): YNAB helps to reverse this pattern by living off last month’s income during current month.
Pocket Expense: This app is easy to use and has a clear interface for users who are not tech savvy. With Pocket Expense, you can input your income and expenses, set a budget, and track your progress.
Spendee – Understand your finances better with Spendee, the FREE budgeting app that tracks your spending, optimizes your budget, and helps you save money. This user-friendly app with good features for recording income and expenses as well as the ability to plan future budgets. It also lets you set goals and track progress.
Quicken: Quicken is a personal finance software application that can be installed on Windows, Mac or Linux computers and allows users to organize financial information in order for them to make financial decisions.

Learn where to load your Cash App card.

Investment/retirement planning budgeting apps

Investment/retirement planning budgeting apps are becoming more popular with consumers as the retirement age is being pushed back.

These types of apps allow users to keep track of their investments and review performance, ensuring that they’re on track to retire at the desired time.

There are numbeous different investment portfolio management tools, but most are designed for average investors looking to make changes or work towards long-term goals. Many double as budgeting apps also enable tracking expenses alongside investments in order to ensure that you’re on track to reach your goal.

Empower – read my Empower Review
Quicken
Betterment
Wealthfront
Stash

Apps to Help Save Extra Money:

Looking for easy ways to save extra money?? These budgeting apps will do just that.

1. Acorns: Invest Spare Change: This app rounds up any purchase made with a credit card to the nearest dollar and invests it in an exchange traded fund. They have four different investment portfolios from conservative, balanced, growth, and aggressive.

2. Tiller: This app automatically transfers money from any account you connect to it (like your checking or savings) into a fund of your choice every time you make a transaction.

3. Trim – Trim negotiates your cable, internet, phone and medical bills, finds and cancels unwanted subscriptions, can help you lower APRs and bank fees and more.

4. BillShark – Billshark is the easiest way to lower your bills, cancel unwanted subscriptions, and lock in the best rates for insurance.

Which Budgeting App is right for You?

Budgeting apps are becoming more popular as consumers try to make better financial planning decisions.

Budgeting apps help people with the ability to track spending, create budgets, and save money for retirement or other goals.

Budgeting apps must be paid for because they can be used across all devices and have a variety of features that can really help users save time and money.

As you can tell in this post, there are plenty of options to find your favorite budget apps.

Each of these apps can improve money management.

However, you must be able to make the changes necessary to stay within your means. That is up to you. Don’t try it and give up after a month. Stick with it. Show perseverance.

In the end, you will be happy you are stuck with using a good budgeting app.

Apps That Have Shut Down or Changed

These are budgeting app that have been on our list previously. But, when we recently updated the post, realized they are no longer offering the same services.

Mint: Personal Finance & Money – Mint is a free money management and financial tracker app that helps you get ahead and stay ahead. – Mint app shut down in 2024.

Firstly (formerly Honeyfi: Couples Finances) – The first app to help couples team up on everyday and long-term finances.

Opurtun (formerly Digit) – Digit analyzes your spending and automatically saves the perfect amount every day, so you don’t have to think about it.

mvelopes (merged with EveryDollar) – Everyone knows that cash will keep you on budget. Here is a digital option for your cash envelopes. Your first month free is to check out the budgeting system.

Olivia– Whether you identify as someone who is living paycheck to paycheck, or you’d just like to get smarter with your money in general, you’ve come to the right place! I am here to help YOU become the MASTER of your money.

Your Money Wallet – YourMoneyWallet lets you see all your accounts in one place, understand your spending, monitor your everyday spending, and see all your money transactions in a beautiful well crafted design.free

Joy – Money App– Joy is the brand new money app that will change the way you spend and save money to help you find more happiness in your life.

Advent – Budgeting Made Simple – Advent makes budgeting and tracking expenses super easy! With a very minimalistic design, you can easily maneuver around quickly.

Rolling Budget– Rolling Budget is a personal finance tracker that keeps track of your day-to-day expenses, travel, and fuel costs. Track where your money goes, plan your expenses, and create a budget that works for you!

Best Budgeting Apps

There are many apps available to help people manage their budgets.

The best app for you will depend on the type of budget you want to create and how often you want to make changes. All of these apps are mobile-friendly and work across multiple devices. They also offer additional features like budgeting tasks, reminders, and spending plans.

You can find all of these for iPhone or Android.

You can save time and money by using a good budgeting app.

This is your personal finance journey.

The ultimate goal with any budget app is to learn to manage your money. Not have your money manage you.

Now, make sure you are doing these habits to be successful with budgeting.

Which are your favorite budgeting apps?

Keep on Budgeting:

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

June 3, 2024 by Brett Tams

Investing in art can be a good idea, but there are a number of options and factors to take into account, such as: the type of art investment you might choose (i.e. art funds vs. individual works of art), the art market climate, your familiarity with artists and trends in the art world, and more.

Generally speaking, art is considered an alternative investment. The art market does not move in sync with traditional stock and bond markets, and therefore owning art in some capacity can provide portfolio diversification. But like any alternative asset, investing in art also comes with risks.

The art market is highly illiquid, art itself is not well regulated, collectors’ tastes are fickle — and thus what determines the value of certain works of art can be harder to predict than, say, shares of stock. So while investing in art could be a smart move, it requires careful research and a deep understanding of this asset class.

How Big Is the Art Market?

Most people are familiar with the high-priced sales of some pieces of art. Works by well-known and historically revered artists can sell for millions — as can contemporary works by artists who are increasingly popular. But despite a few big headliners, the art market is fairly small.

According to a 2023 industry report, global art sales increased by a modest 3%, to $67.8 billion in 2022. Sales were more robust in the United States in 2022, with 8% growth to $30.2 billion year over year. The U.S. is the world’s largest art market, with the U.K. and China being second and third largest.

💡 Quick Tip: Because alternative investments tend to perform differently than conventional ones, even under the same market conditions, alts may help diversity your portfolio, mitigate volatility, and provide a hedge against inflation.

Is Art a Good Investment?

Whether art is a good investment to a large degree depends partly on the work of art. For example, just as there are blue-chip stocks, there are blue-chip artworks that typically command higher prices and offer the potential for steady appreciation (although given the volatility of the art market, there are no guarantees).

But investing wisely in art also depends on the investor, and the vehicles they choose. For example, investing in individual art — similar to investing in individual stocks — requires a deep familiarity with that product and its market, as well as understanding the risks involved.

While you can invest in individual works of art, the value of any piece of art depends on its rarity, whether the artist is in demand, the historical and cultural significance of the work, as well as trends and market conditions.

However, these days investors can also choose to invest in art through art-related funds (similar to mutual funds), and fractional shares of art, which is analogous to investing in fractional shares of stock.

It’s also important for would-be investors to understand the role of collectors.

Art Collectors vs. Art Investors

The difference between art collectors and art investors is important to grasp. Most types of asset classes attract investors alone (with some exceptions, e.g. collectibles). Typically you don’t hear about people collecting stocks or mutual funds, for example.

In the case of the art market, however, collectors can play a role in art market trends as well as valuations. While investors, particularly high net-worth investors, may also influence sales, many collectors are long-time participants in the art market with years of familiarity with the ins and outs of many sectors, artists, dealers, galleries, domestic and international art fairs, and more.

Collectors may be steeped in a certain era or style (e.g. medieval religious statuary or Impressionist paintings), and committed to owning works long-term — for decades, or even generations.

By contrast, art investors may aim to acquire works that will gain value in a relatively short period (i.e. within a few years). This is where different types of art investment vehicles can come into play.

Alternative investments,
now for the rest of us.

Start trading funds that include commodities, private credit, real estate, venture capital, and more.

What Makes a Good Art Investment?

Investing in art requires a certain mindset, and doing your due diligence to size up what constitutes the best opportunities for you, depending on your goals. It’s also important to understand some of the newer investment vehicles.

Individual Works

Investing in individual works requires knowledge of the artist, their current status (e.g. are they in demand or have they fallen out of favor?), the relevance or importance of a given work, and a sense of whether it’s overvalued or undervalued.

The risks of choosing individual works include the possibility of buying a fraudulent piece, the cost of owning and maintaining the work (including storage and insurance), and the uncertainty of knowing whether any given work will hold its value.

Buying individual works can also come with added charges, similar to investment fees (e.g. commissions and other costs). And given the fragility of most art, there is also the risk of physical damage or total loss.

Fractional Shares of Art

Owing to the high cost of purchasing and owning blue-chip works of art, it’s possible to buy fractional shares of art. This option is relatively new, but fractional shares of art are available on a growing number of platforms.

There are various systems for buying fractional art shares. One common way it can work: Investors purchase fractional shares of a work by a specific artist. The platform handles the maintenance and storage of the art, which is held for a period of time and then sold, ideally for a profit. If the sale is profitable, investors get a percentage of the gain, net of fees, commensurate with the percentage of the work they own.

The risk of buying fractional shares of art is that, as with any investment, there are no guarantees of a return. In addition, this is a financial strategy — fractional owners never have the pleasure of actually possessing the work.

Art Funds

Similar to traditional mutual funds and ETFs, an art fund is a type of pooled investment fund. But unlike conventional funds, art funds tend to be a long-term proposition. Art funds are structured typically as closed-end funds, but with a twist: investors typically contribute their capital over a period of three to five years, often with no returns for another specified time period (terms vary).

These funds are highly illiquid, and (in addition to the unpredictability of the art market itself) there are substantial risks to locking up your capital for what could be years, for an unspecified return upon redemption.

💡 Quick Tip: Did you know that opening a brokerage account typically doesn’t come with any setup costs? Often, the only requirement to open a brokerage account — aside from providing personal details — is making an initial deposit.

Risk Tolerance

Individual investors interested in exploring this type of alternative investment need to consider many factors, especially their stomach for risk. While all investments come with some degree of risk, the spectrum is wide when it comes to art, and there are many unknowns.

Perhaps the biggest factor is the capriciousness of the art world as a whole. For a couple of years, digital art, especially non-fungible tokens (NFTs), spiked in popularity and many people sold digital art at a profit — only to see demand plunge, taking prices along with it.

It’s a cautionary tale. Yet there is always the potential for a rebound, if digital art regains its appeal, or “antique” NFTs become a thing.

Investing in art also includes risk factors specific to owning fragile physical items, as well as the risk of total loss of capital if the investment you choose falls out of favor, or turns out to be a fake — or if a given fund manager makes a bad call.

Recommended: What Every Investor Should Know About Risk

Pros and Cons of Investing in Art

Taking all of the above into consideration, it’s important to weigh the advantages and disadvantages of investing in art.

Advantages

Art offers the potential for substantial returns.

There are many new opportunities for investing in art; would-be investors can consider art funds, fractional shares of art, and more.

Investing in art may offer portfolio diversification.

Some countries may offer tax breaks on art sales.

If you enjoy art and the art world, this type of investing can offer the potential for fun, travel, and aesthetic gratification.

Disadvantages

The art world is volatile and there is no way to know for sure what a given artist or work may be worth now or in years to come.

It’s difficult to authenticate works of art, and the risk of forgery is high.

Investing in art-related funds, stocks, or fractional shares are still relatively new types of instruments, and terms (fees, redemptions, illiquidity) may not be favorable.

Many types of physical artworks can be damaged or destroyed.

The current tax treatment of art gains in the United States is higher than long-term capital gains rates.

Pros	Cons
Potential for gains	Risk of losing money owing to art market volatility
New ways to invest in art; i.e. art funds, fractional shares	Like some alternative investments, art is not heavily regulated by the SEC
May provide portfolio diversification	Highly illiquid and opaque
Some countries offer tax breaks on art sales	Art gains subject to higher taxes than long-term capital gains
Owning art is aesthetically gratifying	Risk of damage and loss

Returns on Art Investments Over Time

Just as the art world is expanding to offer new options to investors, it’s also adopting certain investment world conventions, such as art indices. Now investors can consider the data provided by an index such as the Sotheby Mei Moses Index, which was modeled on the Case-Shiller Index for home prices.

That said, individual artworks are not securities — they are non-fungible and highly illiquid — and as such evaluating the “performance” of specific works or even certain sectors over time is difficult. Even taking into account the evolution of fractional art shares and art funds as investment vehicles, the lack of transparency around pricing (as well as regulation) can make it difficult for investors to make a satisfactory risk-reward assessment.

Unfortunately, this lack of transparency is part of the risk when investing in alternative assets.

The Takeaway

Investing in art offers some advantages, not least of which is the enjoyment of researching and purchasing individual works that fulfill a personal taste or passion. In addition, art is an alternative investment, meaning that it doesn’t move in tandem with traditional markets. As such, it can offer portfolio diversification.

But like many alternative assets, art can be highly volatile and illiquid. As a whole, although art investment opportunities have expanded into art funds and owning fractional shares of artworks, art as an investment is not transparent or well regulated. That said, for the right investor, this asset class may provide unique opportunities.

Ready to expand your portfolio’s growth potential? Alternative investments, traditionally available to high-net-worth individuals, are accessible to everyday investors on SoFi’s easy-to-use platform. Investments in commodities, real estate, venture capital, and more are now within reach. Alternative investments can be high risk, so it’s important to consider your portfolio goals and risk tolerance to determine if they’re right for you.

Invest in alts to take your portfolio beyond stocks and bonds.

FAQ

What is the best art to invest in?

The best art to invest in is art you know well and has a value you feel confident in. That might be an individual piece by a certain artist, or it might be fractional shares in well-known or even famous works. Whatever route you choose, treat it like any other investment: do the necessary research, and understand the potential risks and rewards.

Will the art you choose increase in value?

As with any type of investment there are no guarantees. Some works of art appreciate steadily over time, some enjoy a sudden rise in value if market trends are favorable, while other art you might invest in could rapidly lose value. This is why it’s essential for any investor interested in art to fully understand how these alternative assets might fit into your portfolio, or not.

Photo credit: iStock/South_agency

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SOIN-Q224-1856685-V1

Source: sofi.com

Apache is functioning normally

June 2, 2024 by Brett Tams

Ginnie Mae, which manages the government-guaranteed portfolio of forward and reverse mortgage-backed securities (MBS), announced this week at a National Reverse Mortgage Lenders Association (NRMLA) event that it will release initial details of its forthcoming Home Equity Conversion Mortgage-backed Securities (HMBS) product as soon as next month.

RMD submitted a request for comment to Ginnie Mae shortly thereafter, and on Friday received a response from Sam Valverde, the company’s acting president and the speaker at the NRMLA event.

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Sam Valverde, acting president of Ginnie Mae.

” data-image-caption=”

Sam Valverde

” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/05/samvalverde_ginniemae.jpg?w=240″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/05/samvalverde_ginniemae.jpg?w=819″ src=”https://www.housingwire.com/wp-content/uploads/2024/05/samvalverde_ginniemae.jpg?w=819″ alt=”Sam Valverde, acting president of Ginnie Mae.” class=”wp-image-460379″ srcset=”https://www.housingwire.com/wp-content/uploads/2024/05/samvalverde_ginniemae.jpg 1280w, https://www.housingwire.com/wp-content/uploads/2024/05/samvalverde_ginniemae.jpg?resize=120,150 120w, https://www.housingwire.com/wp-content/uploads/2024/05/samvalverde_ginniemae.jpg?resize=240,300 240w, https://www.housingwire.com/wp-content/uploads/2024/05/samvalverde_ginniemae.jpg?resize=768,960 768w, https://www.housingwire.com/wp-content/uploads/2024/05/samvalverde_ginniemae.jpg?resize=819,1024 819w, https://www.housingwire.com/wp-content/uploads/2024/05/samvalverde_ginniemae.jpg?resize=1229,1536 1229w” sizes=”(max-width: 1280px) 100vw, 1280px”>

Sam Valverde

When asked to offer additional details about the product that industry participants refer to as “HMBS 2.0,” Valverde reiterated the company’s commitment to the reverse mortgage market in light of recent liquidity challenges and its management of the portfolio of a former lender.

“Ginnie Mae remains committed to stabilizing the government reverse mortgage market,” Valverde told RMD. “Our development of a new HMBS program is intended to ease liquidity pressures and help ensure that our Issuers have access to reliable and cost-effective capital markets funding.”

At the NRMLA event, Valverde revealed that the company is developing policy and implementation plans for the impending product, with plans to roll out a term sheet that will include a 30-day public comment period that is expected soon. He added that he expects the product will launch by the end of this year, but said it could potentially come sooner.

Ginnie Mae has been in active communication with the reverse mortgage industry on HMBS issues and associated liquidity concerns since it became more heavily involved in 2022. Valverde added that the company is aiming to continue that posture as HMBS 2.0 develops further.

“We look forward to hearing from the industry and key stakeholders on the term sheet that we will release next month,” he said. “Timing of program implementation will depend on feedback we receive, but Ginnie Mae will continue to prioritize [the] development [of] this program.”

HMBS 2.0 has a lot of eyes on it, both inside and outside of the reverse mortgage industry. In a recent letter to Ginnie Mae over its handling of the issuer status of a bankrupt lender, Sen. Mike Braun (R-Ind.) sought extensive information on the development of HMBS 2.0.

These included details like the analyses that suggested the need for a new product in the space; the associated goals, risks and expected outcomes that could stem from such a product; how it would impact loans already being serviced by the Federal Housing Administration and Ginnie Mae; and the costs associated with establishing it.

The product was even mentioned in a recent investor update by Finance of America (FOA), which suggested that HMBS 2.0 would be able to benefit the company.

“HMBS 2.0 may allow FOA to collapse ~$630 million of securitized buyout [unpaid principal balance (UPB)] and reissue these as [Ginnie Mae] securitizations, improving liquidity and freeing operating capital,” the company said.

Ginnie Mae announced the development of the product in January. It will enable the acquisition of loans from an HMBS pool above the existing 98% maximum claim amount (MCA) requirement, according to an initial announcement.

Apache is functioning normally

June 2, 2024 by Brett Tams

Inside: Learn what 23 an hour is how much a year, month, and day. Plus tips to budget your money. Don’t miss the ways to increase your income.

You’re probably wondering if I made $23 a year, how much do I truly make? What will that add up to over the course of the year when working? Is $23 an hour good?

Is this wage something that I can actually live on? Or do I need to find ways that I can increase my hourly wage? How much more is $23.50 an hour annually?

In this post, we’re going to detail exactly what $23 an hour is how much a year. Also, we are going to break it down to know how much is made per month, bi-weekly, per week, and daily.

That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.

By taking a step ahead and making a plan for the money, you are better able to decide how you want to live, make sure that you put your money goals first, and not just living paycheck to paycheck struggling to survive.

The ultimate goal with money success is to be wise with how you spend your money.

If that is something you want too, then keep reading. You are in the right place.

$23 an Hour is How Much a Year?

When we ran all of our numbers to figure out how much $23 per hour is an annual salary, we used the average working day of 40 hours a week.

40 hours x 52 weeks x $23 = $47,840

$47,840 is the gross annual salary with a $23 per hour wage.

As of June 2023, the average hourly wage is $33.58 (source).

Let’s break down how that number is calculated.

Typically, the average work week is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiply the hourly salary of $23 times 2,080 working hours, and the result is $47,840.

That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.

Work Part Time?

But you may think, oh wait, I’m only working part time. So if you’re working part time, the assumption is working 20 hours a week at $23 an hour.

Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $23 times 1,040 working hours, and the result is $23,920.

How Much is $23 Per Month?

On average, the monthly amount would average $3,987.

Annual Amount of $47,840 ÷ 12 months = $3,987 per month

Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid and on which days you get paid.

Plus by increasing your wage from $22 an hour, you average an extra $2000 per year. So yes, one more dollar an hour makes a huge difference and adds up!

Work Part Time?

Only 20 hours per week. Then, the monthly amount would average $1,993.

How Much is $23 per Hour Per Week

This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?

Once again, the assumption is 40 hours worked.

40 hours x $23 = $920 per week.

Work Part Time?

Only 20 hours per week. Then, the weekly amount would be $920.

How Much is $23 per Hour Bi-Weekly

For this calculation, take the average weekly pay of $920 and double it.

$920 per week x 2 = $1,840

Also, the other way to calculate this is:

40 hours x 2 weeks x $23 an hour = $1840

Work Part Time?

Only 20 hours per week. Then, the bi-weekly amount would be $920.

How Much is $23 Per Hour Per Day

This depends on how many hours you work in a day. For this example, we are going to use an eight-hour work day.

8 hours x $23 per hour = $184 per day.

If you work 10 hours a day for four days, then you would make $230 per day. (10 hours x $23 per hour)

Work Part Time?

Only 4 hours per day. Then, the daily amount would be $92.

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.

$23 Per Hour is…

$23 per Hour – Full Time	Total Income
Yearly Salary (52 weeks)	$47,840
Yearly Wage (50 weeks)	$46,000
Monthly Salary (173 hours)	$3,987
Weekly Wage (40 Hours)	$920
Bi-Weekly Salary (80 Hours)	$1,840
Daily Wage (8 Hours)	$184
Net Estimated Monthly Income	$3,044

^{**These are assumptions based on simple scenarios.}

Paid Time Off Earning 23 Dollars an Hour

Does your employer offer paid time off?

As an hourly employee, you may or may not get paid time off.

So, here are the scenarios for both cases.

For general purposes, we are going to assume you work 40 hours per week over the course of the year.

Case # 1 – With Paid Time Off

Most hourly employees get two weeks of paid time off which is equivalent to 2 weeks of paid time off.

In this case, you would make $47,840 per year.

This is the same as the example above for an annual salary making $23 per hour.

Case #2 – No Paid Time Off

Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.

Life happens. There will be times you need to take time off for numerous reasons – sick time, handling an emergency, or even vacation.

So, let’s assume you take 2 weeks off without paid time off.

That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiple the hourly salary of $23 times 2,000 working hours, and the result is $46,000.

40 hours x 50 weeks x $23 = $46,000

You would average $184 per working day and nothing when you don’t work.

$23 an Hour is How Much a year After Taxes

Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.

Also, every single person’s tax situation is different.

On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.

Gross Annual Salary: $47,840

Federal Taxes of 12%: $5,741
State Taxes of 4%: $1,914
Social Security and Medicare of 7.65%: $3,660

$23 an Hour per Year after Taxes: $36,526

This would be your net annual salary after taxes.

To turn that back into an hourly wage, the assumption is working 2,080 hours.

$36,526 ÷ 2,080 hours = $17.56 per hour

After estimated taxes and FICA, you are netting $17.56 an hour. That is $5.44 an hour less than what you thought you were paid.

This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.

Plus budgeting on a just over $17 an hour wage is much different.

$23 an Hour Salary Calculator

Now, you get to figure out how much you make based on your hours worked or if you make a wage between $23.01-23.99.

This is super helpful if you make $23.35 or $23.69.

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$23 an Hour Budget – Example

You are probably wondering can I live on my own making 23 dollars an hour? How much rent can you afford at 23 an hour?

Using our Cents Plan Formula, this is the best case scenario on how to budget your $23 per hour paycheck.

When using these percentages, it is best to use net income because taxes must be paid.

In this example, we calculated $23 an hour was $17.56 after taxes. That would average $3,044 per month.

According to the Cents Plan Formula, here is the high level view of a $23 per hour budget:

Basic Expenses of 50% = $1,522
Save Money of 20% = $609
Give Money of 10% = $304
Fun Spending of 20% = $609
Debt of 0% = $0

Obviously, that is not doable for everyone. Even though you would expect your money to go further when you are making double the minimum wage. So, you have to be strategic in ways to decrease your basic expenses and debt. Then, it will allow you more money to save and have fun money.

To further break down an example budget of $23 per hour, then using the ideal household percentages is extremely helpful.

recommended budget percentages based on $23 per hour wage:

Category	Ideal Percentages	Sample Monthly Budget
Giving	10%	$315
Savings	15-25%	$638
Housing	20-30%	$957
Utilities	4-7%	$199
Groceries	5-12%	$319
Clothing	1-4%	$40
Transportation	4-10%	$159
Medical	5-12%	$199
Life Insurance	1%	$16
Education	1-4%	$22
Personal	2-7%	$60
Recreation / Entertainment	3-8%	$120
Debts	0% – Goal	$0
Government Tax (including Income Taxes, Social Security & Medicare)	15-25%	$943
Total Gross Income		$3,987

^**^{In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.}

Can I Live off $23 Per Hour?

At this $23 hourly wage, you are close to double the minimum wage. Things should be easy to live on this $23 hourly salary or just above $47,000 a year.

However, it is still below the median income of over $60,000 salary. That means it can still be a tough situation.

Is it doable? Absolutely.

In fact, $23 an hour is four dollars higher than the median hourly wage of $19.33. That seems backward, but typically salaried workers earn more per hour than hourly workers.

Can you truly live off $23 an hour annually?

You just have to be wiser (or frugal) with your money and how you spend the hard-earned cash you have been blessed with.

If you are constantly struggling to keep up with bills and expenses, then you need to break that constant cycle. It is possible to be smart with money.

You need to do is change your money mindset.

This is what you say to yourself… Okay, this is my season of life right now. I have aspirations and goals to change how much I make, but for now, I am going to make sure that I am able to live on my 23 dollars per hour. No going into debt for me. I will start saving money.

In the next section, we will dig into ways to increase your income, but for now, is it possible to live on $23 an hour?

Yes, you can do it, and as you can see it is possible with the sample budget of $23 per hour.

Living in a higher cost of living area would be more difficult. So, you may have to get a little creative. For example, you might have to have a roommate. Move to a lower cost of living area where rent is cheaper.

Also, you must evaluate your “fun spending” items. Many of those expenses are not mandatory and will break your budget. You can find plenty of free things to do without spending money.

5 Ways to Increase Your Hourly Wage

This right here is the most crucial section of this post.

You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.

Even an increase of 50 cents to $23.50 will add up over the year. Even better $24 an hour is awesome!

1. Ask for a Raise

The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.

If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.

2. Look for A New Job

Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.

It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $23 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.

3. Find a New Career

Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.

For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.

4. Find Alternative Ways to Make Money

In today’s society, you need to find ways to make more money. Period.

There is no way to get around it. You need to find additional income outside a traditional nine-to-five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.

So, you need to find side hustle – another way to make money.

Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.

5. Earn Passive Income

The last way to increase your hourly wage is to start earning passive income.

This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and becoming financially sound happens.

By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.

Here is an example:

You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.

One gentleman started with $5,000 in his trading account and now has well over $36,000 in a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.

Related Question: How Fast Can you Make Money in Stocks? The Real Answer

Tips to Live on $23 an Hour

In this last section, grasp these tips on how to live on $23 an hour. On our site, you can find lots of money saving tips to help stretch your income further.

Here are the most important tips to live on $23 an hour. Highlight these!

1. Spend Less Than you Make

First, you must learn to spend less than you make.

If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.

In order to break that dreadful cycle, it means your expenses must be less than your income.

And when I say income, it’s not the $23 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is your take home of $23 an hour minus all the taxes, FICA, social security, and Medicare are taken out. That is your net income.

So, your net income has to be less than your gross income.

2. Living Below Your Means

You need to be happy. And living on less can actually make you happier. Studies prove that less is better.

Finding contentment in life is one thing that is a struggle for most.

We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.

Have you ever taken a step back and looked at what you really need?

Once you are able to find contentment with life, then you are going to be set for the long term with your finances.

Here is our story on owning less stuff. We have been happier since.

3. Make Saving Money Fun

You need to make saving money fun. If you’re good, since you must keep your expenses low, you have to find ways to make your savings fun!

Find new ways of saving money and have fun with it.

Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.

Here are 101 things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.

And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.

4. Make More Money

If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.

You need to be an advocate for yourself.

Find ways to make more money.

It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.

Whatever path you take, that’s fine. Just find ways to make more money. Period.

5. No State Taxes

Paying taxes is one option to increase what you take home in each paycheck.

These are the states that don’t pay state income taxes on wages:

Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming

It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.

Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.

6. Stick to a Budget

You need to learn how to start a budget. We have tons of budgeting resources for you.

While creating a budget is great, you need to learn how to use one.

You do not have to budget down to every last penny.

You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.

Budget Help:

7. Pay Off Debt Quickly

The amount that you pay interest on debt is absolutely absurd.

Unfortunately, that is how many of these companies make their money from the interest you pay on debt.

If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.

Here’s a debt calculator to help you. Figure out your debt free date.

Make that paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until we paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.

It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt free journey.

Jobs that Pay $23 an Hour

You can find jobs that pay $23 per hour. Polish up that resume, cover letter, and interview skills.

Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.

First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.

Possible Ideas:

Virtual Assistant – Get free training NOW!
Customer service representatives
Bank tellers
Freelance writers
Restaurant Kitchen staff
Truck driver
Uber /Lyft driver
Security guard
Freight broker
Movers
Warehouse workers
Nannies
Pharmacy Tech
Certified Nursing Assistant

Companies that pay more than $23 per hour:

DHL
U-Haul
Kroger
Costco
Wayfair
Amazon
Best Buy
Target
Wells Fargo
Disney World
Disney Land
Bank of America
JP Morgan
Cigna
Aetna

$23 Per Hour Annual Salary

In this post, we detailed 23 an hour is how much a year. Plus all of the variables that can impact your net income. This is something that you can live off.

How much is 23 dollars an hour annually…

$47,840

This is right between $46000 per year and $48k a year. In this post, we highlighted ways to increase your income as well as tips for living off your wage.

Use the sample budget as a starting point with your expenses.

You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!

Still thinking I don’t want to work anymore, you aren’t alone and need to start to plan for your early retirement.

Learn exactly how much do I make per year…

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

June 2, 2024 by Brett Tams

If you have a significant amount of money in a bank or brokerage account, you may crave reassurance that your funds would be covered in the rare instance of a financial institution failing. The United States government has a couple of programs in place that help to protect savers and investors in the case of a bank failure. These programs help to ensure overall consumer confidence in the U.S. financial sector.

Two of these programs are run by government corporations known as the FDIC and SIPC. The Federal Deposit Insurance Corporation (FDIC) protects money that is held in a checking, savings, certificate of deposit (CD), or other deposit account at an insured bank. The Securities Investor Protection Corporation (SIPC) protects customers of SIPC-member broker-dealers if the firm fails financially.

While these two insurance programs have a lot of similarities, they also have a few key differences that you’ll want to be aware of.

What Is FDIC?

The Federal Deposit Insurance Corporation (FDIC) is an independent agency that was created by an act of Congress passed in 1933. During the Great Depression of the 1930s, many local and regional banks failed. Congress created the FDIC to help ensure that people would not lose their hard-earned money in the case of future bank failures.

The FDIC insures $250,000 per depositor, per insured bank, for each account category (such as single, trust, or joint accounts). Since FDIC insurance first went into effect in 1934, no depositor has lost any insured money that was held in an eligible bank.

While the FDIC offers insurance for deposits held at participating banks, the National Credit Union Administration (NCUA) insures deposits held at credit unions. It’s important to understand that key difference between the FDIC and NCUA.

Also worth noting is that some financial institutions offer programs which can insure excess deposits for more than the $250,000 limit with extended insurance coverage.¹ This is typically accomplished by bank partnerships which ensure that no single financial institution holds more than the $250,000 FDIC limit for a client.

If you want to keep more than $250,000 on deposit, it can be worthwhile to look into these expanded FDIC insurance coverage offers.

What Is SIPC?

In addition to the FDIC and the NCUA, the SIPC is a nonprofit organization that is set up to protect U.S. consumers. The Securities Investor Protection Corporation (SIPC) was started when Congress passed the Securities Investor Protection Act of 1970. The SIPC protects the securities and cash in a brokerage account, up to a total amount of $500,000.

Earn up to 4.60% APY with a high-yield savings account from SoFi.

Open a SoFi Checking and Savings account and earn up to 4.60% APY – with no minimum balance and no account fees.

💡 Quick Tip: Make money easy. Enjoy the convenience of managing bills, deposits, and transfers from one online bank account with SoFi.

SIPC vs FDIC

When comparing the SIPC to the. FDIC, you will learn that they are two different organizations. They share the goal of protecting accounts held in U.S. financial institutions and instilling consumer confidence.

Here’s a look at how the SIPC and FDIC are similar and different:

Securities Investor Protection Corporation (SIPC)	Federal Deposit Insurance Corporation (FDIC)
Protects money invested in brokerage accounts	Protects money invested in bank accounts
Protects the securities and cash in your brokerage account up to $500,000	Protects up to $250,000 per depositor, per ownership category, per bank
Founded in 1970	Founded in 1934
Applies if a brokerage firm becomes insolvent and/or goes bankrupt	Applies when a bank fails

Similarities

The SIPC and FDIC share the same goal — ensuring that money and investments held in U.S. accounts remain in the hands of consumers. One isn’t necessarily better than the other, since they apply to different kinds of financial holdings. No matter where you are holding your money and/or investments, you’ll want to make sure that your investments are insured by either the FDIC, NCUA, or SIPC.

Differences

The biggest difference between the FDIC and the SIPC is when they apply. The FDIC covers deposits held at certain banks. The SIPC applies to investments at brokerage accounts.

Another difference is the amount of coverage. The FDIC protects up to $250,000 in a bank account, while the SIPC covers up to $500,000 in a brokerage account, including up to $250,000 protection for cash in your brokerage account.

Pros and Cons of FDIC vs SIPC

There aren’t really pros and cons when comparing the insurance offered by the FDIC and SIPC. It’s not a matter of, say, SIPC insurance vs. FDIC: They are not competitors. Each organization works in a slightly different way.

In terms of upsides, the FDIC covers deposits held by FDIC-insured banks. That means if you have money in a checking, savings, CD, or other kind of depositor account, held at an insured bank, you would be covered against loss in the very rare instance of the bank failing. The downside, if you want to look at it that way, is that this insurance doesn’t extend to brokerage accounts.

The SIPC covers the value of investments held in a brokerage account. As for positives, the reassurance of knowing your funds are covered is an excellent feature. However, the downsides could be seen as the limits of this coverage: up to $500,000 and only for funds held per SIPC guidelines.

Because they work in different ways, the FDIC and SIPC complement each other to work towards strengthening consumer confidence.

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

Is Your Bank Account Insured?

No matter where you keep your money, you’ll want to make sure that the money in your account is insured by a program such as the FDIC or SIPC. Being insured by the FDIC is a component that can be used to rate banks against each other.

It is usually fairly straightforward to find out if your bank is insured by the FDIC. To find out if your bank is FDIC-insured, go to the BankFind Suite on the FDIC website.

It may be more complicated to find out if your brokerage account is held in an account covered by the SIPC. If you cannot find the answer on the broker’s website, contact them to make sure.

Opening a SoFi Savings Account

Are you looking for a new home for your money? See what a SoFi Checking and Savings account can offer.

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

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

Is SIPC as good as FDIC?

The Securities Investor Protection Corporation (SIPC) and Federal Deposit Insurance Corporation (FDIC) are not direct competitors. They insure investments and deposits at brokerage firms and banks, respectively.

Is it safe to keep more than $500,000 in a brokerage account?

Whether it’s safe to keep that much money in a brokerage account depends on your individual risk tolerance. Just keep in mind that the SIPC will only cover up to $500,000 in a brokerage account, which includes $250,000 in cash in your brokerage account.

What does SIPC not cover?

The SIPC covers what it defines as “securities” — stocks, bonds, Treasury securities, certificates of deposit, mutual funds, money market mutual funds, and certain other investments. SIPC does not protect most commodity futures contracts, foreign exchange trades, investment contracts and fixed annuity contracts that are not registered with the U.S. Securities and Exchange Commission under the Securities Act of 1933.

Photo credit: iStock/AlexSecret

¹SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by banks in the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms. See list of participating banks at SoFi.com/banking/fdic/receivingbanks.

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 recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit 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, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

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

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

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

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

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

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

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.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SOBK-Q224-1848020-V1

Source: sofi.com

Apache is functioning normally

June 2, 2024 by Brett Tams

Consequences of CFPB’s actions However, Peter Idziak, a senior associate at mortgage law firm Polunsky Beitel Green, argued the probe ignores the role of increasing government regulations in driving up costs. “A more accurate title of the CFPB’s press release could be, ‘Well, well, well, if it isn’t the consequences of my own actions.’ Completely … [Read more…]

Apache is functioning normally

June 1, 2024 by Brett Tams

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

Welcome to the 30 Day Money Challenge!

Today, you will learn how to make your money work for you. You don’t have to be a millionaire before knowing these things, but it’s important for everyone who wants financial stability.

Remember these keywords: saving and investing? This is where they come into play for long term success.

It’s not too late to make the right financial decisions.

But, finances are complicated and intimidating for most people so it can be hard to get started.

The 30 Day Money Challenge is here to help with that.

This 30 day financial challenge will help you create a strategy that can save, spend less, and make more by the end of this month!

Are you ready to dig into this month-long money challenge?

What is the 30 Day Money Challenge?

A money challenge is a plan for how to make your finances work better.

It can be as simple as spending less or eating out less, or something more complicated like saving up for retirement or buying a house.

During this month’s timeframe, you will dig into all areas of your finances to make sure you are on track to reach your money goals.

If you do not have financial goals, then we will make sure you do at the end of this money challenge.

I’ve seen a lot of spending challenges out there that are basically just a saving money chart telling you how much money to save each day to save $1000 or $500 in one month, but they don’t tell you how to save the money. That is where the rubber meets the road and this challenge will motivate you to improve your money habits.

Overall, you will learn more about your finances than you did previously.

Why a Money Challenge is Important

A 30 day challenge is a great way to get yourself motivated and focused on saving money and improving your money management.

The goal is not enough, you need the why behind it in order to see your savings grow.

This can be as simple as:

– Setting up a direct deposit from your paycheck to an account you control and only spending what’s in that account.

– Spending less on impulse buys.

– Cutting back on luxury items to save money.

– Living more in cash and less in credit card debt.

You can also take knowledge in knowing the number of our readers who have taken the challenge to improve their money management skills.

3 Steps to Start the Money Challenge

The 30 Day Money Challenge is a simple process that starts with 3 steps.

Your reward for participating in the challenge is pretty appealing, but the process can be hard for some.

So, know these steps before you start the challenge.

1. Pick a Time

While there is no good time to start, you need to find a time when you have the highest probability of success.

Starting the money challenge during the holidays will leave you defeated. Maybe starting as a New Year’s Resolution. Or during a quieter time throughout the year.

You need to find the “right” time because you will have to dedicate at least 10-30 minutes per day. However, the longer you put it off, the less likely you are to start.

2. Be Prepared

More than likely, you will be ripping off the band-aid on some old money failures and defeats. This is common.

You have to be mentally prepared to overcome these negative feelings towards money in order to find that breakthrough moment.

3. Accountability

Find someone to keep you accountable during the challenge.

There will be points when you want to accept defeat and run back to your old money ways. It’s great to create a support system for managing money wisely.

If those old money habits didn’t serve you well before, then how will they serve you moving forward.

You need to keep your eye on the prize!

Thirty Days of Money Challenges

A 30-day money challenge is a popular type of personal finance experiment in which participants take a pledge to review their finances and overcome any obstacles that are preventing them from long term financial stability.

The goal is to teach people how quickly they can change the trajectory of their personal finances before they snowball into a serious money problem.

Day 1 – Get Organized

If you don’t have an understanding of how many accounts you have, credit cards you have open, or debt payments that are due, then you must get your personal finances organized.

Start here to learn how to organize personal finances.

Day 2 – Understand your Income

If you do not know how much do I make a year, then you must figure that out first.

It is impossible to manage money if you do not know how much money is coming in.

Also, consider all types of income sources – earned, passive or investment.

Day 3 – Understand your Expenses

Understand where your paycheck is going. When you understand how much of your money is going to things like rent, utilities, and mortgage, you can make better decisions about spending.

This is not the time for “this-is-where-I-hope-my-spending-goes;” this is the true reality of how you spend money.

Day 4 – Pay Yourself First

This is a must for long-term success. Every time you get paid, you need to pay yourself first. Put a percentage of your paycheck into savings each month before anything else is spent on non-essential items.

We suggest starting with at least 5% of your income. Even better, you want to start with 20% of your income.

You must cut your fun spending until you can save money first.

When saving becomes an automatic habit, start investing through high yield accounts like IRAs and 401(K)s.

Day 5 – Automate your Emergency Savings

Set up a transfer to put $50 into your Emergency Fund every time you get paid.

Learn how much you need in your emergency fund. Remember, the goal is never to use your emergency fund, but you always want one – just in case!

Day 6 – Create Money Goals

Figure out what your financial goals are and how much they will cost over time, then come up with a strategy to achieve them.

You need to make a plan to reach your money goals.

If you skip this step, you may be lucky and still reach your goals. But, you can find better prosperity but writing out those money goals and maybe even using a vision board.

Learn how to create smart financial goals.

Day 7 – Budget Time

Crazy! I know. Most people would think that creating a budget would need to be first. But, it isn’t. You need to figure out days 1-6 first before you dig into budgeting.

Begin tracking your expenses on paper or online as soon as possible. Here are the best budgeting apps available.

The goal with the budget is to focus on saving first, then your expenses. you must spend less than you make.

Day 8 – Make More Money

Come up with ways to generate more income. Period. You need to make your money work for you.

You need to learn how to make your income work for you by creating streams of income outside of your primary work or “earned” income.

Theoretically, if multiple streams of revenue exist at your full-time job, you can work fewer hours than necessary.

Ways to Make Money:

Day 9 – Enough with Debt

Debt will hold you back. Period.

You need to recognize that paying off your debt is the best thing you can do for your finances. However, during this 30 day financial challenge, it is not the time to focus on paying off debt.

Calculate the total amount of debt (except mortgage).

Put down getting out of debt as one of your money goals and the timeframe to make it happen.

For now, don’t take on more debt, and make sure you’re paying the minimum on your credit card balance.

Day 10 – Understand Investing

Investing is a way of giving your money the opportunity to work for you. In other words, you are using what you have now in order to make more out of what you have in the future.

This is the first step to earning investment income that will fund your lifestyle.

Typically, most people associate investing in the stock market. Many people invest with their 401ks or IRAs. However, you can invest your personal income as well.

What if you could earn a return on that opportunity cost? For example, what if you invested the $10 in your wallet and it grew to be $20?

Learn how to start investing.

Trade and Travel 2.0

Learn to trade stocks with confidence.

Whether you want to:

Retire in peace without financial anxiety
Pay your bills without taking on a side hustle
Quit your 9-5 and do what you love
Or just make more than your current income….

Making $1,000 every.single.day is NOT a pie-in-the-sky goal.

It’s been done over and over again, and the 30,000 students that Teri has helped to be financially independent and fulfill their financial dreams are my witnesses…

Day 11 – Control Excess Spending

Every time you spend money, it is an opportunity cost to your future self. You are trading away your future self’s money to buy something today.

Is that what you want?

More than likely, no.

Learn how to drastically cut expenses.

Day 12 – Autopay your Bills

Consider setting up an autopay feature for your bills. It can help you avoid late fees and will have a steadier flow of money coming in.

This will help you to make sure you have the cash flow available to meet your expenses.

Day 13 – Avoid Fees

One of the best ways to save money is by avoiding fees.

If you have a credit card, consider switching to one with no annual fee or an introductory offer that expires after one year.
Check your bank and credit card statements for any fees you may not be aware of.

If there is a fee, call the company and negotiate to have it removed or reduced.

Day 14 – Automate Retirement Contributions

You should automatically make a certain percentage of your salary go to a 401k or other savings account, and the other percentage goes to your checking account for spending money.

This is something your human resources department can help you set up.

Day 15 – Increase your Retirement Contributions

Now, that you have automated your retirement contribution, you want to increase you much your contribution each year until you are maxed out by IRS limits.

Start to increase your retirement contributions by 1%.

Set a five-year goal to fully max your retirement contributions!

Halfway Point!!

You’re halfway through the 30 day money challenge!

Keep up the good work and keep reaching for your goals.

You’ve made it this far, so just imagine what you’ll be able to do in another month of working hard towards saving more money.

Day 16 – Communication

Don’t think money has to be a taboo topic. In fact, you need to be comfortable talking about money.

The key is to be on the same page with key family members about where money should go. This is something that we struggled with our marriage and had to overcome. Thankfully, we did and we made way more progress than previously.

Day 17: Invest in yourself

I know you’re probably tired of hearing about investing in yourself, but it’s important. Investing means putting money into something that will make more money back. You might not think this applies to you, but it really can! You might not have a big budget for investing in stocks or mutual funds right now, so let’s talk about something you do spend money on every day: you.

You only learn by growing.

Day 18 – Start Reading About Personal FInance

This isn’t something that you do once or twice. Make it a goal to read books on money or personal finances each month.

Importantly, make sure you are reading books, regardless of what aspect they look at money. It is never too late to pick up new tricks or ideas.

Plus learning from others’ money stories is powerful.

Day 19 – Free Fun

Participating in only free activities for 30 days, and refusing to spend a single penny, we created a guide to make that happen for you.

101+ Things to Do with No Money

After writing that post, we discovered this is one of the best money saving ideas out there. This guide not only teaches you how to save money but also teaches about where you want to spend money and the importance of living a purposeful life.

Day 20 – Review Insurance

You need to make sure you are properly covered with insurance as well as not paying too much money for your policies.

There are all of the types of insurance you need to review:

This is something you should do once a year.

Day 21 – Waste Less Food

You need to learn to save money by wasting less food.

This doesn’t mean you have to make homemade meals every night of the week! The goal is not to throw food away – that is hard earned cash going right down the trash.

Ways to Save Money on Groceries:

Day 22 – Buy Second Hand

Consider second-hand stores and consignment sales as options for buying used items. Thrift stores are also great to save money on clothes and other household items.

The same is true for buying cars, baby equipment, kids clothes, etc. Plus you protect our world.

Day 23 – Save Money

So, this day is all about saving money and I think that it’s the most important one of them all because if you’re not saving your money, then what are you doing with it? You’re throwing it away.

So today, I want to talk about two different types of saving money – physical and mental. The first one is all about physically saving your money. This is the easiest one because it doesn’t require any effort on your part to do so, but it’s also very important as well.

The second type of saving money is mental saving. This is all about saving your money because you know that something better will come along soon and it gives you hope for the future!

So, I think these two types of savings are both really important.

Day 24 – Give Back

This is the time to give back to others, donate money to charities, and put small contributions into charity.

By hoarding money, you are not learning the principles of helping others just like you have been helped along the way.

Day 25 – Renegoite Interest Rates

Right now, we are not starting to pay off debt. We are looking for ways to save on higher interest payments.

Make calls to renegotiate your interest rates on your debt. If the credit card company says no, then look at a zero interest transfer.

Just no more debt.

Day 26 – Avoid Scarity Mindset

You have to believe in yourself that you are capable of achieving great things and that includes success money.

However, we get caught in this trap of hoarding materialistic items in order to make up for the dollars in our bank account or money that was wasted in buying them.

If you don’t believe how poverty mentality overwhelms your life, then read this story of reclaiming your home with decluttering.

Day 27 – Cut Out What you Don’t Need

If you are not using something, sell it or give it away to someone who can use it more than you do!

You’ll save money and make room in your budget for the things that matter.

We learned a lot when we started to own less stuff.

Day 28 – Prepare for a No Spend Challenge

If you have not been able to keep your spending in check, this is an excellent opportunity for you to try out a no spend challenge once this challenge finishes.

A no spend challenge will help you to review your budget and see what areas of spending need more attention in order to increase savings or pay down debt.

Also, it will help you focus on what area are important to spend money.

Day 29 – Reward Yourself

This is the biggest lesson I learned when paying off debt and trying to increase our savings percentage. I became unable to spend money. I would feel guilty about spending money.

That is not the type of life you want. You must be comfortable spending money (especially if you are a thrifty person).

Pick rewards to match your smart financial goals. Keep motivated with those rewards.

Day 30 – Stay on Track

Proper money management does not end just because the end of the 30 day challenge is over. This is a lifelong skill to master and perfect.

Keep focused by not going over budget limits and being honest about where you really stand financially today as opposed to where you want it to be in the future.

You can stay on track if you have a deep desire to continue.

30 Day Money Saving Challenge

This one is just about saving money. Period.

Each day, you save money to reach your goal.

For many people, the 30 day money saving challenge will make sure you are on track with your goals and objectives.

At the minimum, you should be able to save $500 in 30 days. But, you need to decide what you want to save in a month.

The challenge is open to everyone, so this might be the perfect opportunity for you!

What is the 30 Day Money saving Challenge?

The 30 day money saving challenge is saving a set amount of money during the month.

Keep in mind, not everyone will be able to save this much in 30 days and that’s perfectly okay.

You need to make it work with your budget.

Another option for the 30 Day Money Challenge is committing to give up one or more expenses for the whole month. For instance, pick ten things that cost you money and give them up for 30 days.

How to get started with the 30 day savings challenge

The 30 day savings challenge is a simple but effective way to get started saving money.

You can choose any of these methods:

Take the amount you want to save and divide by 30. That is how much to save daily.
Determine the amount to save and take that immediately when you are paid.
It is easy to go in order or skip around depending on what amount you want to save each day.
Keep change hidden in jars and watch it add up over time, then put the money away every day and see where they rank at the end of the month.
Give up a certain expense and save that money.
Try a modified version of the 100 day challenge.

You can find plenty of money saving challenge printable or PDF in our resource library.

Want more easy money saving challenges?

Are you in for this 30 Day Money Reset Challenge?

This is only a 30 day money challenge because it’s a short period of time to gain a win. That is what you need to keep up the motivation as well as have a strong kickstart to your finances.

In order to build wealth through their finances, these are 30 smart moves that require no time on some days.

Don’t lose momentum. If you miss a day, then jump back into the challenge the next day.

The key to success for 2021 is to take control of your finances.

Photo Credit:
www.rakuten.com

The Shopping Trick to Save Hundreds of Dollars

Personally, I love to shop online from the convenience of my own home and have packages delivered to my house. Plus you can get paid to shop online!! The process is super simple.

Just head here to get an Rakuten/Ebates account, click on the retailer you are shopping online, and then complete your checkout process as normal.

Already a Rakuten / Ebtaes member? Make sure you have the Extension Button for automatic savings!

Photo Credit:
www.asktrim.com

Perfect for the person who hates to hassle with canceling subscriptions and checking spending. Trim is a virtual personal assistant that constantly works to save users money.

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.

Photo Credit:
ibotta.com

Ibotta can be used for grocery stores, drugstores or online shopping. Once you accrue $20 in your account, you can transfer it to PayPal or venmo or buy gift cards to selected retailers.

Just for signing up, they will give you a bonus when you use use this link. Ibotta rocks at bonus categories and offers. This is where your cash back can really add up fast.

Photo Credit:
checkout51.com

Checkout 51 can be used for grocery stores or drugstores. Their offers are valid each week from Thursday-Wednesday. With new offers released each Thursday.

One of my favorite offers is the “Pick your own offer” – it is a selection of 5 fruits of veggies to redeem for extra cents cash back. Once your account balance is over $20, they will mail you a check.

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

June 1, 2024 by Brett Tams

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

Money is a tricky concept.

It can be both the best and worst thing in your life depending on how you manage it.

Understand how to manage your money wisely and apply a few helpful tactics to your daily life. Simple habits will help you manage money better every day.

You must make money management easier and understand what types of pitfalls to avoid while we’re at it!

The following are a few ways to manage money. You can save it, spend it, or invest it.

There are many ways to manage your money wisely, but you should always start with your own control. You might not make all the choices that are right for you, but you must be prepared for the future.

This blog post provides tips for managing money, avoiding common mistakes by other people, reducing debt, spending wisely – these are just some examples of topics covered.

If you are ready to learn how to manage your money like a millionaire, then you are in the right place!

How to Manage Money Wisely

The key to managing your money is following the steps that are outlined in this article.

Financial stress can be managed by following the steps of managing money wisely. It is important to prioritize spending, don’t overspend on things that are not necessary, and learn about saving too because it will help you move towards financial stability.

You can learn how to properly manage your money with these swift mindset changes.

Below are 10 money management tips that will help you make better use of your finances.

1. Build a Firm Foundation

In order to make money better, people should set a firm foundation for themselves. This means setting up a financial strategy and making sure you have a plan in place. It also means having the right mentality about money and spending less than what you earn every month to avoid debt.

The first step is to establish a firm financial foundation, which means you must spend less than you make, save money for emergencies, and get out of consumer debt.

2. Design a Money Management Blueprint

A financial blueprint is a tool that can help you to build and maintain your money.

The problem for most people is they are starting at one place in their financial journey and are stuck on how to move to where they want to be.

That is where you need to follow the Money Bliss Steps to Financial Freedom. These are the exact steps to help guide your journey and a helpful blueprint to follow.

By taking each step one at a time, you will be able to make progress faster.

3. Define Your Goals

You must identify what your financial goals are.

What do you want?
Are you looking for more income?
Work fewer hours?
Something else entirely?

By setting money goals, this process will help you set a timeline and map out your journey.

4. Analyze Your Current Situation

This step is about taking stock of what you currently have to work with, such as income and expenditures, debts and assets, and savings.

This will help you decide what changes need to be made so that your goals can happen.

Honestly, this is probably the hardest step, and when most people give up. Taking a look at your true financial picture can be scary and painful to do.

5. Get on a Budget

Money is a source of stress for many people. It can be difficult to manage money when it’s not well-organized and set up properly.

In order to make sure that your money does not continue being a source of stress, create a budget and track spending!

A budget is a plan that helps you organize your money so that it can be spent effectively. It also shows where your money goes and what you are spending it on. Budgeting is an important part of managing money wisely because it helps you stay within your financial means, which ultimately saves you from living paycheck to paycheck or needing to borrow more than needed.

To create a budget, first set aside time for research and planning (this will take one day). Then create and write down the basic budget in a well-organized manner. It is important that you have a budget that works with your lifestyle and spending habits, so take the time to create one that fits what you need.

Some people go into budgeting with the goal of changing everything, but this is not necessary.

It’s important to make sure you’re realistic about your goals and target in order to get the most out of it. This will ensure you can meet your financial targets without breaking account after account or losing track of what has been spent already.

6. Say No to Debt and Create a Plan to Pay Off Debt

Creating a plan to pay off debt is crucial in order to reach financial goals.

It is important to create a plan to pay off your debts in order for you to be able to manage them better. High-interest rates should be tackled first, then work your way down through the rest of the debts.

The other key aspect is to stay out of debt. There is no need to buy something you cannot pay for in cash today.

Tools and tips to help you pay off debt:

This includes creating a budget and sticking with it, getting out of the habit of using credit cards, and saving money for an emergency fund.

7. Track Spending

Tracking expenses can help you see where your money is going so that you can make better decisions. For example, tracking your spending will allow you to know if the $200 concert was worth it.

Tracking spending will help you manage your money better.

It is important to be aware of how much we spend and what we spend it on so that you can make the best financial decisions possible.

This will help you to manage bills and save money.

8. Save Money

Every month, save money and put it in another account to be used in the future.

In order to make large purchases, it is important to have money set aside for that purpose. It is also a good idea to budget and save money in case there is an emergency.

An important phase in making smart money management tactics is to start investing as soon as you can. This is how you make your money work for you. Learn how to start investing.

9. Invest in your Financial Future

Almost a third of older Americans have nothing saved for retirement. That is a statistic you do not want to be a part of.

It’s never too early or too late to start saving for your retirement.

You should always be mindful of the future and plan accordingly. Whether it is through a 401k, IRA, Roth IRA, or other investment vehicles that you can contribute to in order to save up money for when you retire; make sure that whatever vehicle you choose gives an appropriate return on your invested funds (e.g., stocks).

In order to learn how to properly manage money wisely, you must be contributing to your retirement accounts. It may seem like a long way off until it is not.

10. Be Persistent

Managing your money can be a difficult task.

There are many ways that you can take control of your money situation and make it easier for yourself.

When it comes to managing your money, persistence is key. You’ll need to be persistent at all income levels in order for your savings and investments to grow.

How to Manage Money Effectively Now

Only do what you need to, not what you want to or can afford. Set up a budget and stick with it. Pay yourself first before buying anything else. Always save for the future, even if that means sacrificing now on some luxuries like eating out more often or setting aside money for retirement since your employer doesn’t offer one of those options yet.

A budget is a plan for how much money you will spend in each category every month. This will help you to pay off debt and reach your financial goals.

1) Create a monthly budget.

2) Track your progress in the spreadsheet throughout the year.

3) Make sure you’re saving at least 10% of your income/income minus loan payments, bills, and other expenses for emergencies and savings.

4) Pick one of these how to manage money books.

Take Action!

This step is all about taking the necessary steps to achieve your goals.

Again, this will vary for each individual and goal setter, but might include: cutting out unnecessary spending on luxuries; increasing income by asking for a raise or starting up a side hustle; and spending less on debt repayment by extending the term of your loan.

Be Patient!

This step is about being mindful that not every goal can be accomplished overnight, but it will happen with dedication and patience.

Be patient with yourself, your progress, and the change that is happening in your life as you work on achieving these new goals!

Are you Ready to Manage Money Better?

Learning how to manage money can be overwhelming when you haven’t built a strong foundation with money.

We have covered ways to make your life easy and money management better.

You need to learn how to manage your money.

You have to be the one to implement these tactics.

Proper money management ensures better outcomes with your finances.

From all of the free and paid budgeting apps, here are our top budgeting apps to check out!

This section may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. Please read the full disclosure below.

Empower Personal Wealth, LLC (“EPW”) compensates Money Bliss for new leads. Money Bliss is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.

Personal finance and money management software allows you to manage spending, create monthly budgets, track investments, retirement and more.

Save 40% off on new memberships.

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

Change your relationship with money!

Personal Capital is wealth management for the Internet Age. The online platform combines digital technology with highly personalized service to provide a holistic view of a unique financial picture (AKA your net worth).

Make sure to connect all of your accounts within 7 days to set up your Personal Financial dashboard.

Tiller is the only tool that automatically updates Google Sheets and Microsoft Excel with your spending, transactions, and balances each day.

Start your free trial.

Automate your financial plan with set-and-forget money tools that fit right into your daily life.

That’s why Qapital puts your goals front and center, then helps you plan your spending, saving, and investing around them.

Manage your money less in 5 minutes each week. Reach your money goals with confidence! The personal finance app gives you something to look forward to.

“The easiest, most comprehensive way to both see where your money is going and plan for future expenses.”

Your automated financial assistant and budget tracker are designed to put you back in control of your money.

Stay on top of your spending, easily track bills, cancel unwanted subscriptions, and find ways to improve!

Photo Credit:
moneybliss.org

HoneyMoney increases your awareness about your money habits. Being fully aware of your money naturally changes how you spend it.

Great way to use cash flow budgeting. Plus uses “envelopes” to budget.

Start your free trial.

Moneyspire is user-friendly personal finance and small business accounting software that brings your entire finances together in one place.

Have total control over your financial life in one click.

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

June 1, 2024 by Brett Tams

Saving money can be daunting. But what if you could make it seem less like a chore and more like a game? That’s the idea behind TikTok’s viral 100 Envelope Challenge. With this popular money-saving hack, you set aside a predetermined dollar amount in different envelopes each day for 100 days. By the end of the challenge, you’ll have saved over $5,000.

One of the appeals of the 100 Envelope Challenge is that you visually see your progress as you fill up each envelope, which can make the process of saving more tangible and fun. And like many savings challenges, this money game can help you save a sizable sum in a short period of time.

That said, the 100 Envelope Challenge may not be realistic for everyone. Here’s a closer look at how it works, its pros and cons, plus some other fun saving strategies to consider.

What Is the 100 Envelope Challenge?

The 100 Envelope Challenge, also known as the 100-Day Money Challenge, is a savings technique that involves setting aside a specific amount of money each day for 100 days. The goal is to accumulate $5,050 in just over three months.

The concept is simple: You start with 100 envelopes and number them from 1 to 100. On day 1 of the challenge, you put $1 into envelope #1. On day 2, you put $2 into envelope #2. On day 3, you put $3 in envelope #3. You continue this pattern, increasing the amount by $1 each day until you reach the 100th day, when you deposit $100.

There are also variations on the game. For example, instead of stuffing envelopes in chronological order, you can shuffle the envelopes, put them in a bucket or basket, and then randomly pick one each day. This allows you to alternate between low and high cash amounts throughout the challenge.

If your budget is tight, and saving $5,050 in 100 days isn’t feasible, you can do the 100 Envelope Challenge over 100 weeks, rather than 100 days. You’ll still get to $5,050 — it will just take longer.

And if you’re not a fan of cash, you can do the challenge digitally. Simply download a free “100 Envelope Challenge” printable (widely available online). You then check off the “envelopes” in order (or use an online number generator to pick a random number each day). Once you’ve selected your envelope number, you transfer that amount to your savings account. If you open a high-yield savings account, you’ll have the added advantage of earning competitive interest on your cash.

How to Do The 100 Envelope Challenge

Here’s a step-by-step guide to the original 100 Envelope Challenge.

1. Assemble Your Supplies

You’ll need 100 plain envelopes and a marker or pen to set up the challenge. If you don’t normally carry cash, you’ll also want to hit the ATM and withdraw some money to cover you for the first week. You’ll likely make multiple trips as you make your way through the challenge — and your paychecks get deposited.

Recommended: How to Avoid ATM Fees

2. Prep Your Envelopes

Label each envelope with number, starting with #1 and ending with #100. You’ll also want to find a safe place to keep your envelopes, such as a box, drawer, or safe. The idea is to keep them accessible but still secure.

3. Start Stuffing

Each day, pick out an envelope in chronological order (or, as an alternative, you can choose randomly) and place the corresponding amount of cash inside.

4. Stay Consistent

The key to any money-saving challenge is consistency, so do your best to stick to the rules as closely as you can. If you miss a few days, don’t give up — simply dust yourself off and get back on track. Or consider switching to a weekly or biweekly schedule to make the challenge more manageable.

5. Put Your Savings to Good Use

When you reach the finish line, it’s time to put your envelope cash to good use. For example, you might use your $5,050 to start your emergency fund (if you don’t already have one), pay off credit card debt, or fund something fun like a vacation. Or you might use the money to get started on a larger, long-term goal, like a home down payment, kid’s college fund, or retirement savings.

How Much Money Is Involved in the 100 Envelope Challenge?

By the end of the 100 Envelope Challenge, you will have saved a total of $5,050. You get to this amount by progressively increasing your daily (or, if you prefer, biweekly or weekly) deposit, starting with $1 and ending with $100. While the amounts may seem small at first, they add up over time, demonstrating the power of consistent saving.

Recommended: 15 Creative Ways to Save Money

Pros and Cons of the 100 Envelope Challenge

The 100 Envelope Challenge comes with both pros and cons. Here are some to consider before you decide to jump in on the trend.

Pros of the 100 Envelope Challenge

• Easy to start: You don’t need to comb through bank statements and set up spreadsheets to start this savings plan. All you need to get going are envelopes and some cash.

• Visual progress: The envelopes provide a visual representation of your progress. Watching them stack up can motivate you to keep going.

• Builds discipline: The challenge encourages regular saving habits, helping to build discipline and financial responsibility.

• Flexible: You can adjust the challenge to fit your budget, preferences, and savings goals.

Cons of the 100 Envelope Challenge

• Cash-based: The default design relies on using cash, which may not be convenient for everyone.

• Risk of loss: Keeping cash in envelopes can be risky, since they can potentially get lost or stolen.

• It’s not all fun and games: Even though it’s a game, you’ll likely need to cut back on spending (and, yes, fun) to come up with the cash you need to stick with the program, especially near the end, when you’re stuffing large sums every day.

• Not realistic for everyone: If your monthly essential expenses are already close to your monthly income, you might find it difficult to stick with a 100-day Envelope challenge.

Alternatives to the 100 Envelope Challenge

While the 100 Envelope Challenge is a popular savings method, it may not be the right approach for everyone. Here are some alternatives to consider.

• The 30-Day Savings Challenge: Here, you start with just 30 envelopes, numbered 1 through 30. Each day, you’ll save the amount indicated on the envelope you choose. You could go in order or shuffle the envelopes and randomly select one. At the end, you’ll have saved $465.

• The Spare Change Challenge: This involves saving the spare change from your everyday transactions. You can do it manually, by dropping your spare change into a jar each day and, once it’s filled, bringing it to the bank. Or you can do it digitally, using an app that automatically rounds up your purchases and transfers that money into savings. Either way, you’ll accumulate savings without much effort

• No-Spend Challenge: In a no-spend challenge, you commit to not spending money on non-essential items for a set period of time, such as a week or a month. This can help you identify and eliminate unnecessary expenses, allowing you to save more money.

• Savings Percentage Challenge: In this challenge, you commit to saving a specific percentage of your income each month, such as 10% or 20%. To make it easy, you can set up an automatic transfer from checking to savings for this amount for the same day each month (ideally right after you get paid). This can help you save consistently and build your savings over time.

Recommended: 52 Week Savings Challenge (2024 Edition)

The Takeaway

The 100 Envelope Challenge is a simple yet effective way to save money and build financial discipline. By following the steps and sticking with the program, you can reach your savings goal and have a tangible reminder of your progress along the way.

If socking away $5,050 in a little over three months feels too challenging, however, you might want to try one of the many other ways to gamify saving. The best approach to boosting the balance in your savings account is the one you’ll stick with.

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FAQ

Can I save $5,000 in 3 months with 100 envelopes?

Yes, it’s possible to save around $5,000 in three months with the 100 Envelope Challenge. The challenge is designed to be completed over 100 days, which is a little over three months.

How it works: You gather 100 envelopes and number them from 1 to 100. Each day you fill up one envelope with the amount of cash to match the number on the envelope.You can fill up the envelopes in order or pick them at random. After you’ve filled up all the envelopes, you’ll have a total of $5,050 saved.

How long does it take to complete the 100 envelope challenge?

The 100 Envelope Challenge is designed to be completed over 100 days. Each day, you deposit a specific amount of money into an envelope, starting with $1 on day #1, and increasing by $1 each day until you reach $100 on day #100. By then, you’ll have saved $5,050.

You can also choose to do the 100 Envelope Challenge over 100 weeks, filling each envelope according to the week number. In this version, you’ll save $5,050 in a little less than two years.

What are other money saving challenges besides the 100 envelope challenge?

There are several other money-saving challenges that you can try besides the 100 Envelope Challenge. Some popular alternatives include:

• 30-day Savings Challenge Here, you start with 30 envelopes, numbered 1 through 30. Each day, you put cash into an envelope, basing the amount on the number written on the envelope you choose. At the end, you’ll have saved $465.

• No-Spend Challenge With this approach, you commit to not spending any money on non-essentials for a set time period, say a week or a month. This can boost your bank account and highlight how much you spend on unnecessary purchases.

• Savings Percentage Challenge In this challenge, you commit to saving a specific percentage of your income each month, such as 10% or 20%. If you set up an automatic transfer, you can build your savings without even thinking about it.

Photo credit: iStock/solidcolours