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Apache is functioning normally

June 13, 2024 by Brett Tams

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Do you really do need to know how much you make in a year?

When you are an hourly employee, you understand what your hourly rate is, but when you try to translate that into a weekly, monthly, or even yearly amount is may be a struggle.

That is totally fine. In this post, you are going to get the math behind exactly how much do I make per year.

All you have to do is follow a simple equation and plug in your numbers for your personal situation. The end result is you will know how much do I make per year.

Right now, there is not going to be a super fancy calculator to help you all through this. (Just kidding… We have calculators below for you!) In all honesty, though, this is something very basic for you to figure out.

You will figure how do I calculate how much I earn a year.

At the end of the post, we are going to go into detail about ways to increase how much you make per year, as well as tips to thrive on your current salary.

Calculating an Annual Salary from an Hourly Wage

When you are an hourly employee, there are many variables that can go into your annual salary or annual income. Primarily, the first variable is how many hours do you work in a given week. Next, is how many weeks do you work in the year. Finally, if you get paid time off.

For example, you may work less all year, but then in the busy season around Christmas, you might increase the number of hours you work. Or vice versa, if you are in the landscaping business, you are more likely to work more hours during the summer, and less in the winter (unless you find other jobs off-season of your main job like snow shoveling duties).

To calculate your annual wage, you need to multiply your hourly pay times by the number of hours that you work in a day.

Then, take that number and multiply it by the number of days that you work in a week. Next, take that number times the number of weeks that you work per year.

The most you can work in a year is 52 weeks. Do you know how many work days in a year you work? This answer may surprise you.

Steps to Calculate an Annual Salary from an Hourly Wage…

Write down your hourly rate (before taxes, FICA, 401k contributions, etc)
Figure out how many hours you work in a week.
Figure out how many weeks you work per year.

Hourly Rate * (weekly hours worked x weeks worked per year) = Annual Salary

– or –

Hourly Rate * weekly hours worked = Weekly Salary
Weekly Salary * weeks worked per year = Annual Salary

**Either formula will get you to the right answer.**

Example #1 –

Your hourly wage is $14.26 that is before anything is taken out like FICA, taxes, insurance, or 401k contributions. In a typical work week, you work 34 hours. You receive paid time off, so you can count working 52 weeks per year.

$14.26 * (34 x 52) = $25,211.68

– or –

$14.26 * 34 = $484.84
$484.84 * 52 = $25,211.68

Example #2 –

Your hourly wage is $22.70 that is before anything is taken out like FICA, taxes, insurance, or 401k contributions. In a typical work week, you work 45 hours. You receive do not receive paid time off, so you can plan on working 48 weeks per year.

$22.70 * (45 x 48) = $49,032

– or –

$22.70 * 45 = $1,021.50
$1,021.50 * 48 = $49,032

Calculating an Hourly Wage from an Annual Salary

A lot of salaried people do not take into account how much they make per hour because they just are paid a flat salary rate. That salary is divided up by the number of paychecks over the course of the year.

You need to take your full yearly salary and divided it by the number of weeks per year, and then, divide it by the number of hours worked per day.

This will give you an estimate of your hourly pay as a salaried employee.

Steps to Calculate an Hourly Wage from an Annual Salary…

Figure out how many hours you work in a week.
Figure out how many weeks you work per year.
Write down your annual gross salary (before taxes, FICA, 401k contributions, etc)

Annual Salary / (weekly hours worked x weeks worked per year) = Hourly Wage

Example #1 –

Your annual salary before anything is taken out like FICA, taxes, insurance, or 401k contributions is $76,500. In a typical work week, you work 52 hours. You receive paid time off, so you can count on =working 52 weeks per year.

$76,500 / (55 x 52) = $26.75 per hour

Example # 2–

Your annual salary before anything is taken out like FICA, taxes, insurance, or 401k contributions is $42,800. In a typical work week, you work 45 hours. You receive do not receive paid time off, so you can plan on working 49 weeks per year.

$42,800 / (45 x 49) = $19.41 per hour when working

How to calculate how much you make a year?

As presented above, figuring how much I make per year is fairly straightforward.

A little math won’t hurt anyone. Plus it makes the money earned more real and difficult not to spend.

But, here is a calculator to help you out.

This will show you how to calculate how much you make a year.

There are two versions based on if you are starting with hourly wage or annual salary.

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When budgeting your income, it is always better to underestimate how much you can make in a year.

For tax purposes, choose to overestimate your income, and then you won’t have big surprises come tax time.

Overtime can influence these numbers if you are paid time and half. In that case, run your numbers without overtime and gain just for overtime pay. Then, add those numbers together.

How much Do I Make per Year Before Taxes or After Taxes

Income taxes is one of the biggest culprits of reducing your take-home pay as well as FICA and Social Security. This is a true fact across the board with all salary ranges

The amount of taxes taken out hurts your hourly wage.

Every single tax situation is different.

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

Thus, on average you can take out 23.65% just for taxes!!

Your gross salary is before taxes are taken out. Your net salary is when taxes are taken out.

Since every tax situation is different and varies greatly depending on your personal situation and potential deductions. Therefore, here is a great tool to help you figure out how much your net paycheck would be.

Un-Factored Costs of How Much Do I Make per Year

One factor that does not come up in this calculation is everything required for you to get to your job. In these examples, the assumption is you are getting paid for every hour that you are actually working.

However, you should take into account everything that needs to happen for you to actually get to your job.

Some examples include getting ready in the morning, driving to and from work, attending the “must-attend” social events after work, the amount of time to decompress from your day, etc.

It is important to know how much do you make after you account for those variables, because the answer may be surprising to you!

Here is an example…

Your workday is normally a 10 hour day, but you have an hour commute on each side. It takes you an hour to get ready in the morning and two hours to decompress from your day.

Thus, you have already added on an extra five hours of your workday on top of your normal 10 hour workday.

So, in essence, you are working 15 hours a day in order to be able to do your job and function as a human being.

That is much less than the 10 hours per day that you thought you were putting in.

Once you account for those variables, many people may realize the extra hours to make life bearable at their job or their commute is not worth it.

Here is a great calculator to figure out your true hourly wage.

So, they make look at changing jobs, even though they will be paid less per hour, they gain an extra three hours back in their life. Making their real workday just 12 hours. So, even though the pay is less, they are actually earning more when you account for these additional variables.

This is called time freedom.

3 Ways to Increase Income

While it is great to know how much do I make per year, it is more exciting and more enticing to actually figure out ways to increase your income.

Even better if you can find ways to increase your net worth.

By increasing the types of income sources that you have, you are going to fast-track your net worth. Then, you can look at retiring early or finally enjoy your work.

There are plenty of ways to increase your income, but we are going to focus on the ones that will make the most impact right now.

1. Ask for a Raise

Too many people are afraid to ask for a raise because they are nervous they may actually lose their job.

When in reality, if you believe that you are underpaid and overworked, then ask for a raise – especially if you do a great job!

There is no reason that you shouldn’t ask for a raise.

While your raise may not be huge, it may only be 50 cents an hour. That adds up to an extra $1,000 over the course of the year! That is still more income in your pocket than you had by not asking.

Don’t settle for the average cost of living increase that most companies typically give out; you deserve more for your continued years of work. Even worse, do not accept that getting the minimum wage increase is enough because it is just not fair. You need to find a new employer ASAP.

You work hard, so you should be paid for your hard work.

2. You Gotta Hustle (Like Another Job or Side Hustle)

In today’s society, you cannot have just a paycheck as earned income.

You must diversify your income sources to more than just trading your time for money.

You would be pleasantly surprised by the increase in TOTAL income at the end of the year.

If you want to make progress further this is something that you need to start doing today.

You can do simple side hustles, such as walking somebody else’s dogs, pet sitting, house sitting, watching somebody else’s kids, or cleaning somebody’s house. Basic skills.

It may not be a huge amount, but let’s say your side hustle made you an extra $100 a week. That right there will help increase your income over the course of the year to over $5,000!

That makes a solid difference on your bottom line.

Let’s say you want to hire out your specialized skills… You make $250-500 per gig and can handle four per month. That is an extra $1000-2500 a MONTH!

Passive income is one of the best ways to increase your income on a consistent basis. You put the hard work in upfront and then you get to reap the rewards, aka the money that flows in without you actually having to work on that. Possibilities include rental income, affiliate marketing, or online courses.

3. Start Selling Stuff

One of my good friends makes at least $500 each month by flipping kid’s toys and clothes. Yes, you read that right. She buys used clothes and toys and resells them for a profit. She has become very good at what she does and is well known in the local market for her items always being quality and at a fair price.

She is increasing her income by doing flipping stuff. It’s not a hard concept.

There are people that will go into goodwill and buy designer brand clothes with the tags still on them for a fraction of the price and flip it on Poshmark. The next day for a profit of over 900%.

I am not joking with you; you can sell things to increase your income.

And all of this selling is during your free time, so it should not take up a whole lot of your time. Maybe an extra hour a day, maybe four hours on the weekend, but would you be happy to walk away with little extra cash in your pocket.

Watch this free course on how to make money flipping stuff.

There are so many options for you to increase your income.

How to Live on what I Make per Year

These money management tips are simple to embrace.

That is because you can focus on a few key areas and not be distracted by every piece of financial advice.

Pick up one new habit and focus on building another on top of it. Slowly and surely, you are more likely to make long-term progress.

1. Spend Less

The formula for this one is the same regardless if you were making minimum wage, or if you are making over $100,000 per year.

You have to live on less than you make.

That is the simple thing. It does not matter what your situation is or how much income you make.

If you are spending more money and have greater expenses than your income, you will never get ahead. Period. You will be on a hamster wheel and living paycheck to paycheck, and for what my readers say – they don’t enjoy that life.

Also, I know many of my readers that they have broken that paycheck to paycheck cycle. They followed the Money Bliss Steps to Financial Freedom.

You need to live below your means.

2. Save more

Save for the future now; stop delaying saving for tomorrow.

Because when tomorrow comes, you are not going to feel like saving money; thus, you are not going to have any more money than you do today. Start saving.

Even if you start right now with saving 5% of your paycheck, that is a WIN!

Make sure your saving is set aside in a separate bank account. Even better, open an investment account and begin your saving journey.

If you know you are a natural spender, then save more money than the minimum of 20%. If you consistently save 20% of your paycheck by the time you retire, or maybe even sooner, you will become a millionaire.

It doesn’t matter how much you make per year if you do not prioritize saving sooner than later.

3. Set Goals

First, you will never make any progress if you do not set goals.

Yet, most people say they will start setting goals tomorrow; and tomorrow comes and no goals are set.

Carve out time to set goals in all areas of your life – personal, professional, health, wealth, family.

Create a bucket list for your long-term goals and make smaller short-term goals to make sure you reach those big goals.

As with anything in life, if you set a goal, you’re more likely to achieve it.

If you write down a goal, you have a greater probability of achieving your goal.

When it comes to your money and your finances and your income, you need to set smart financial goals.

You have to drive and decide what you want to do in your future.

If your goal is to have more time in life then you need to figure out how to make time freedom a priority. If your goal is not to work until you are 65 and afraid to learn what happens if you don’t save for retirement, then start putting money into a retirement account.

You have to put the plan together to reach your goals. Focus on taking action, not being in motion.

4. Positive Mindset

There are two ways that you can go in life:

You can control your future.
You can let your situation pass you by and let life get in the way.

It is totally up to you what you want to do, but you need to have the mindset that you choose to make the most out of this life here now, and that all starts today.

You make be wondering… what does this have to do with how much I make per year?? Well, if you are focused on that number not being enough, then you will struggle to get pay raises and increase your income.

Your mind is a powerful thing. Stay positive.

5. This is Your Journey

Lastly, this is one we tend to forget. Count your blessings.

Be grateful for what you have today as well as the opportunities in front of you.

Don’t worry about what the future holds today.

Be reminded that this is your journey with twists and turns, hills and valleys. Every step you take is guided on a path only made for you.

How Much Do I Make Per Year:

How Much Do I Make Per Hour:

One of the best ways to improve your personal finance situation is to increase your income. Here are a variety of side hustles that are very lucrative. With time and effort, you can start enjoying the lifestyle you want.

As an Amazon Associate and member of other affiliate programs, I earn from qualifying purchases.

This is the perfect side hustle if you don’t have much time, experience, or money.

Many earn over $10,000 in a year selling printables on Etsy. Learn how to get started by watching this free workshop.

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Check out this interview.

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 11, 2024 by Brett Tams

Constantly feeling tired and lazy? There might be more than meets the eye. One Reddit user shared with the Reddit community how she struggled with extreme laziness and how she didn’t want to do anything with her life—even the simplest things.

Here’s an excerpt of the OP’s problem:

“I (32f) am the laziest person I know. It’s a huge problem and I know I need to fix it. I just don’t know how. Aside from relying on motivation (which I don’t have) to get me off my a-, I have no idea what I’m meant to do.

“I’ve always been this way, for as long as I can remember. As a kid/teen my parents would refuse to come into my room because it was such a mess. They would eventually force me to clean it up. After it was all clean, my mum would say to me, ‘Doesn’t it feel good to have a tidy room and actually have accomplished something?’. But I would never feel ‘good’ for having done it, just exhausted from the effort.

I think that’s part of the issue; I have never got a ‘good feeling’ from finishing or accomplishing something. Not from small things, like cleaning or meeting gym goals or work targets, etc. Not even for big things, like scoring 97% in an exam or getting a new job. It just doesn’t happen for me. I don’t know if I’m the weird one or if my mum exaggerated this ‘good feeling’ that people get but I have no clue what it’s even supposed to feel like.

“And my laziness just keeps getting worse. I’ve lost out on money (that I can’t really afford to lose) by not returning clothes that don’t fit because going back to the shop is too much effort. Once I ordered something online that got rerouted to a collection point (less than a 10 minute walk from my house). It was non refundable. I never collected it. Picking it up was too much effort so I just accepted that I would lose the money. I have wasted money on takeout when I have food in the fridge because I can’t be bothered cooking. I’ve bought disposable plates because I have no clean ones left but I’m too lazy to do the dishes.”

Is it just the lack of motivation, discipline, and accountability, or is it more than that? Here’s what the Reddit community says!

1. Executive Dysfunction

Photo Credit: Shutterstock.

One person said, “Sounds like executive dysfunction, which is super common with depression, anxiety, and ADHD. You may wanna get checked out if you can.”

The second person replied, “Came to say this: OP, get evaluated ASAP. I identify with so much of what you said and recently found out I had ADHD. I’ve done a 180 since beginning treatment involving both behavioral aspects and meds. It’s taking time to build the habits, but it’s a totally different worldview now.”

Then somebody else agreed who also feel the same, “This. It’s usually not just laziness. I feel ‘lazy’ when I’m off ADHD meds.”

2. See if You Have ADHD or Ptsd

Photo Credit: Shutterstock.

Somebody commented with some helpful tips to help OP, “You might also want to look into ADHD or PTSD. Both can lead to this awful feeling of WANTING to do things but feeling unmotivated, even if you think they are things that will bring joy. Here are a couple tricks I use:

“Sometimes I try to do something in an odd way to get a bit of dopamine (I’m going to hop to the kitchen or stand up and pat my head three times, etc. to jolt myself out of those periods where I’m ‘stuck’.

“I also gamify things (loads of digital apps and websites like Chore Wars) or I write a list of tasks on a loot box (I play DD and you can get mini figure loot boxes, I find it has to be something I’m excited about but don’t know what’s in it, so loot boxes are perfect). If I do all the things on the list, I get the loot box.

“I’ve also been working on mindfulness, just focusing deeply on the action at the moment and not how overwhelming the whole action is. As a messy person, I’ve had to ask for help getting my space to ground zero, and now I work on it. When I leave a room, I challenge myself to clean the space I left in 20 seconds.

“Since you like books, try audiobooks while you do chores. Assign a book to each chore. Only way to get further in the book is to do the chore. Do the things that should bring you joy, even if they don’t until they do. I read that in an ADHD book, its frustrating when things we love don’t bring us joy. But the advice is to do it anyway, and eventually, that joy comes back.

“Get an occupational therapist. Mine was cheap and gave me lots of tricks to manage this stuff and also I had to call him and be accountable each week. If you can’t afford that, set up a weekly call with a family member where you discuss your goals and are held accountable.

“Finally, involve other people! Sign up for a class in the mornings so the guilt motivates you to go. Schedule a weekly morning walk with a friend. Let your family know you are overwhelmed and stuck and ask if they can come over to help you reset your space. Hope something here helped.”

3. The Secret Is Discipline and Consistency

Photo Credit: Shutterstock.

“Motivation only carries so far. You need discipline and consistency. I know this because I have the same problem. Set schedules for things; I study at 7 am, work out at 8, work, practice guitar, etc. Some days you really won’t want to but getting into the habit is important.

“There are two options: either you are content with your lifestyle and won’t change it, or you’re so unhappy that you are willing to do anything to change it. Figure that part out and the rest will come together,” shared somebody.

“This much executive dysfunction sounds extreme for a willpower problem; it might be a medical thing,” replied another.

“She won’t have discipline for things she absolutely doesn’t care about. I can be a bit lazy but I still make my bed or wash my sheets or floor because I love the way it looks and feels. She feels no joy from it and should probably look into why she gets no joy or satisfaction from having a clean room, etc.; that’s not really normal and possible depression,” added another with a different view.

4. Get Yourself Checked or Get Out of Your Comfort Zone

Photo Credit: Shutterstock.

Somebody commented, “Many people who have chronic depression, autism, or ADHD show signs of ‘laziness’—you mention you suffered depression previously and know what it feels like, then you went on to mention your mood. Do you realize that depression often has no mood-related symptoms? It doesn’t feel ‘sad’ oftentimes. It feels like exhaustion and laziness—exactly what you described. However, if you’re unwilling to even entertain the idea, then look into autism and ADHD instead.

“Another factor is need. People are capable of incredible things when necessitated, but if you’re comfortable and the people around you have allowed you not to do things that require significant effort, then you likely have no reason to push yourself. If you feel the issue isn’t related to an illness or disorder, then get out of your comfort zone and put yourself in an uneasy situation.”

5. Start Small Until It Becomes a Habit

Photo Credit: Shutterstock.

“I am in the same boat. Here is what I try to do: (1) I do 1 task I don’t like per day. Don’t try to do them all on the same day. (2) Basic hygiene is very important should be done everyday. (3) I try to give myself rewards on Monday and Friday. Monday would be like buying myself a really good coffee before work and on Friday I would be eating out instead of making a lunch.

“I can talk to you about depression, discipline, and all that. But all of those never stuck in my brain. The answer is to start small and keep track of what you do. I like to make a to do list and just looking at the end of the week and what I have accomplished motivates me to do more. I think we are not made to find happiness every day or in everything we do. So need to take it when we can,” shared somebody.

“I second this! Start slow. Pick one section of your house, the bathroom, the living room, and just clean that section only. Set a timer and see how much you can do in 5-10 minutes, then reward yourself with TV or a snack. The next day, another 5-10 minutes. Make a list, cross things off. It’s not easy, but please be kind to yourself. You may not be depressed, but the drudgery of life can definitely get to you,” agreed the second person.

6. It’s Not Your Identity

Photo Credit: Shutterstock.

One user said, “First, and most importantly, stop using it as an identity marker. This goes for anything you want to overcome. When you say, ‘I am lazy,’ your mind reinforces that identity. Instead, say, ‘I’m working my lazy behavior. See how the language separates you from it? Even better, say something like, ‘I’m working on getting more things done.’ That’s more positive and affirming, and it focuses your mind in that direction.”

7. Start With the Two-Minute Rule

Photo Credit: Shutterstock.

“Start with the 2-minute rule. As soon as you think of something you need to do that takes 2 minutes or less, you top what you are doing and get it done. Don’t wait for the TV commercials, don’t wait for the YouTube video you’re watching to end, just do it. This will start to strengthen your self-control,” stated somebody.

8. Set a Timer for 20 Minutes

Photo Credit: Shutterstock.

Somebody said, “I set a timer for 20 minutes every night. I then challenge myself to see how much I can clean. When you first start, it may feel like you’re not accomplishing much but eventually you’ll find yourself searching for things to clean.”

9. Put Yourself in a “Swim or Sink” Situation

Photo Credit: Shutterstock.

“Put yourself in a ‘sink or swim’ situation … I was never really ‘lazy’ per se but when my parents kicked me out at 26 for doing fraud with their credit cards I had to make it on my own. I slept in my old a- truck with an expired registration at night, took my showers in a gym, and survived mostly on microwaved food at convenience stores. I had to work my a- off to get to where I’m at now. I’m a homeowner, have paid off two vehicles since then and I still work two jobs and consistently save and invest portions of my income,” shared somebody.

10. Get Yourself Accountable

Photo Credit: Shutterstock.

Somebody said, “You behave the way you do because you’ve not yet encountered a consequence important enough for you to behave differently. It sounds like no one or nothing in your life is holding you accountable to behave differently, and you’re not choosing to hold yourself accountable, so I don’t think you’re going to change. If you were well and truly disgusted with your own behavior, you would change it.”

What do you think the OP should do? Have you struggled with the same? Let us know in the comments!

And if you want more content like this, simply hit the thumbs-up button and share it with your friends and family.

Source: Reddit

10 Actors Perfectly Cast for Their Character Roles

Photo Credit: Warner Bros.

Have you ever watched a movie or show and been completely lost in it because of how well an actor or actress became their character? Check out this article for a whole list of actors who were perfectly cast!

11 Vampire Movies That Will Make You Thirst for More

Photo Credit: Columbia Pictures.

You know that feeling where you’re on a movie kick in a certain genre, but you seem to run out of good movies to watch? Well, if you’re down for a vampire movie or three, check out this article for the best ones out there!

10 Incredible Movies That People Rated 10 Out of 10

Photo Credit: Universal Studios.

It’s pretty hard to replicate the experience of watching your favorite movie for the first time, but we’ve put together a list of movies that people have rated at a perfect 10/10. Next time you need a good movie to watch, check this out!

10 Famous People Who Canceled Themselves With Their Own Stupidity

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We’ve all been there: you make a comment you haven’t thought through at all, and the whole room goes silent at what you’ve just said. But can you imagine doing that as a famous person—and getting canceled? Check out this list of celebrities who did just that!

13 Things You Shouldn’t Do When You’re in the US

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Are you planning a trip to the US? Culture varies a lot between countries, even countries that share borders. So if you’re headed to the good old U. S. of A, here are a few pointers to make your travels go more smoothly!

About the Author

Source: financequickfix.com

Apache is functioning normally

June 10, 2024 by Brett Tams

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Credit: Amazon

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Apache is functioning normally

June 10, 2024 by Brett Tams

jhorrocks/ Getty Images; Illustration by Austin Courregé/Bankrate

Key takeaways

Home equity is the difference between your home’s value and the amount you still owe on your mortgage. It represents the paid-off portion of your home.
You’ll start off with a certain level of equity when you make your down payment. Your home equity can increase through making mortgage payments and home improvements. You’ll also build equity over time as your home’s value increases.
You can tap your equity and use it for various expenses, primarily via home equity loans and home equity lines of credit (HELOCs).
It’s important to use your home equity in ways that will strengthen your financial profile.

What is home equity and how does it work?

Home equity is the difference between the current value of your home and the outstanding balance of your mortgage — in other words, the portion of your home’s value you own outright.

When you purchase a home, your stake equals your down payment or however much money you’re contributing out-of-pocket (as opposed to financing with the mortgage). So, if you put 20 percent down on a $400,000 home, you start with $80,000 worth of equity. But if you pay all cash for the home, you have $400,000 or 100 percent equity.

“As you pay down your mortgage and your home’s value hopefully increases, your equity also grows, contributing to your overall net worth,” says Linda Bell, senior writer on Bankrate’s Home Lending team. “The best part is that your equity isn’t just there collecting dust. When used the right way and for the right reasons, your home’s equity can provide you with financial flexibility and liquidity when you need it the most.”

How to use your home equity

Here are some of the most common reasons homeowners leverage their equity — that is, borrow against it:

Finance home improvements: You can use your equity to reinvest in your home by using the cash for a renovation. If the money goes towards upgrading the home and you itemize deductions, you could deduct the interest, as well.
Settle outstanding balances: You can use a home equity loan or line of credit to consolidate debt, especially credit card balances charging double-digit interest rates, or medical expenses uncovered by health insurance.
Get a business going: If you’re starting up a side hustle, home equity loans might offer better terms than small business loans, and be easier to qualify for.
Build an emergency fund: A HELOC or HELoan can be a relatively quick, cost-effective way to cover sudden or unexpected expenses.

How to use your home equity to eliminate PMI

If you made a less-than-standard down payment when you bought your home, there’s a special reason to keep an eye on your equity stake. It’s key to helping you get rid of private mortgage insurance (PMI) premiums.

On most conventional loans, lenders usually charge PMI if you put less than 20 percent down on the home, financing more than 80 percent. Your initial equity stake equals the amount of your down payment. However, as you make your mortgage payments, your equity stake rises. When it reaches the 20 percent level, you can request that your lender remove the PMI from your payments — saving you some money. And when your loan-to-value ratio (LTV) is at 78 percent (meaning your HE stake is 22 percent), the lender must remove it by law.

46%

Percent of U.S. mortgaged homes that are “equity-rich” (meaning their outstanding loan balances total no more than half their estimated market values).

Source:

ATTOM “Q4 2023 U.S. Home Equity & Underwater Report”

How to calculate home equity

To calculate the equity in your home, follow these steps:

Find your home’s estimated current market value. What you paid for your home a few years ago or even last year might not be its value today. If you’re just exploring home equity options, you can use an online home price estimator to get an idea of its worth. The most accurate assessment would be from a licensed appraiser.
Subtract your mortgage balance. Once you know the value of your home, check your latest mortgage statement. Subtract the amount you still owe on your mortgage and any other debts secured by your home. The result is your home equity.

Home Equity

Example of home equity

Say you bought a home for $390,000, putting 3 percent down with a 30-year fixed rate mortgage at 7.83 percent. From the outset, you’d have $11,700 in equity (3% of $390,000).

Five years later, your home’s value has appreciated to about $440,000, and you still owe roughly $359,000 on your loan. At this point, you’d have $81,000 in equity ($440,000 – 359,000).

How to increase the equity in your home

Your home equity can increase in a few different ways:

As you make mortgage payments: Every month when you make your regular mortgage payment, you’re paying down your mortgage balance and increasing your home equity. You can also make additional mortgage principal payments to build your equity even faster.
When you improve your home: Increasing the value of your home also increases your home equity. (Keep in mind that some home renovations add more value than others.)
As you ride the appreciation wave: Often (but not always), property values rise over time. This appreciation can be another way for you to build equity. Because your property increasing in value depends on several factors, such as its location and the economy, there’s no way to tell how long you’ll have to stay in your home to see a significant rise in value. The historical price data of homes in your area might give you some insight as to whether values have been trending upward or downward.

How to tap your home equity

$16 trillion

The amount of home equity collectively held by U.S. borrowers as of December 2023. $10.3T of that is considered “tappable,” meaning it can be withdrawn while maintaining an 80% combined loan-to-value ratio.

Source:

ICE Mortgage Monitor Report February 2024

Home equity loans: A home equity loan is a second mortgage for a fixed amount at a fixed interest rate. The amount you can borrow is based on the equity in your home, and you can use the funds for any purpose. This option can be ideal if you have a specific large expense or debt to pay off. It also comes with the stability of predictable monthly payments. If you use the funds to remodel your home, the interest might be tax-deductible.
Home equity lines of credit (HELOCs): A home equity line of credit, or HELOC, is also secured by your property and works like a credit card, charging interest at a variable rate. You can withdraw as much as you want up to the credit limit during an initial draw period, usually up to 10 years; after that, withdrawals cease and you have to pay back the principal. During the draw period, you can make repayments too, so that the credit line goes back up and you can withdraw again. This gives you flexibility to get money as you need it.
Cash-out refinancing: A cash-out refinance replaces your current mortgage with another, bigger loan. This loan includes the balance you owe on the existing mortgage and a portion of your home’s equity, withdrawn as cash. You can use these funds for any purpose. Unlike a HELOC or home equity loan, a cash-out refi might allow you to get a lower rate on your main mortgage, depending on market conditions, and shorten the term so you can repay it sooner.
Reverse mortgage: For those who are 62 and older (or 55 and older with some products), a reverse mortgage offers another way to tap home equity. Unlike a HELOC or a home equity loan, the money withdrawn using a reverse mortgage doesn’t have to be repaid in monthly installments. Instead, the lender pays you each month while you continue to live in the home. The loan, plus interest, must be repaid when the borrower dies, permanently vacates or sells the home.
Shared equity agreement: A shared equity agreement is a formal arrangement between a professional investor (or investment company) and a homeowner. You can receive a lump sum of cash in exchange for a percentage of ownership in your home and/or a portion of its future appreciation; the investor receives compensation when the agreement ends on a designated date, or when you sell the home. You make no monthly payments in the meantime. These agreements cater to credit-challenged borrowers or those experiencing financial obstacles that prevent them from securing a traditional loan.

Home Equity

Why home equity loans are popular now

Why are people cashing in their home equity? Largely because they can. The rapid rise in property values of the last few years has sent ownership stakes soaring. According to Corelogic’s Homeowner Equity Insights, in the fourth quarter of 2023, U.S. mortgage-holding homeowners saw their equity increase $1.3 trillion in value compared to the same time the previous year. For the average borrower, that’s a gain of $24,000 in their ownership stake. Also, mortgage rates have risen significantly since the pandemic years, which has impacted the cost of cash-out refinancing (previously, the most common way to tap home equity). Admittedly, HELOC and home equity loan rates have increased, as well; hovering around 9 percent currently, they aren’t the bargain they once were. Still, they are more affordable than other forms of financing, such as credit cards and personal loans, and can be a little easier and quicker to obtain than a refi. Plus, you won’t need to give up your low mortgage rate, if you have one.

Should you borrow against home equity?

Pros of using home equity

Lower interest rates: Since your home is the collateral for a home equity loan or line of credit, they are considered less risky for the lender. These products also tend to offer better rates than unsecured credit cards or personal loans.
Flexible use: You can use the funds however you see fit.
Tax benefits: If you itemize deductions on your tax returns, you might be able to deduct the interest on home equity loans or lines of credit, provided the money is used to “buy, build or substantially improve” the home.

Cons of using home equity

Risk of losing your home: Home equity debt is secured by your home, so if you fail to make payments, your lender can foreclose. If home values drop, you could also wind up owing more on your home than it’s worth. That can make it more difficult to sell your home if you need to.
Some variable-rate products: Most HELOCs have a variable rate, which means you could be paying more in interest over time.
Borrowing costs: Some lenders charge additional fees for home equity loans or HELOCs; you often have to pay closing costs as you would on a mortgage.
Misusing the money: It’s best to use home equity to finance expenses that’ll serve as investments, like renovating a home to increase its value, starting a business or eliminating debt. Stick to needs versus wants; otherwise, you could be perpetuating a cycle of living beyond your means.

Your home’s equity can provide you with financial flexibility and liquidity when you need it the most.
— Linda Bell, Senior Writer, Bankrate

What not to do with home equity

Your home is an asset. So if you’re going to tap its value, you should make the money work for you in some way. You may want to rethink using your home equity if it won’t improve your financial position in the long run.

This means avoiding spending the funds you pull from your home on luxury purchases/big-ticket items (especially things that depreciate, like cars), holiday shopping, vacations or other short-term or discretionary expenses. Nor is it a good idea to use equity to meet everyday expenses if your income is falling short. Covering an emergency or unexpected cost is ok, but not repeatedly or for a long time.

What about educational expenses? It’s not the worst idea in the world, but investigate other financing first: The interest rate on a federal student loan is likely less than the rate on a home equity loan nowadays. Buying other property might be feasible, but again, check out mortgage rates on second homes before using an HELoan or HELOC.

“While you may be tempted to use your home equity to invest in the stock market or to buy an investment property, proceed with extreme caution,” says Bell. “While stocks and real estate are ways you can build wealth, with any investment, there are risks. If the investment fails, there’s a possibility of losing your home. Before tapping into your home’s equity, make sure you can comfortably afford the monthly payments and have a solid plan for repayment.”

FAQ about home equity

How fast your home builds equity depends on a number of factors. The easiest and most consistent way to build equity is by making your regular monthly mortgage payments. Each payment will build hundreds of dollars in equity. You can also build home equity if your home appreciates, but a rise in real estate property values is beyond an individual’s control.
Most lenders allow you to borrow only a percentage of your home’s equity for a home equity loan or HELOC. The exact terms and percentage rates vary by lender, but it’s common for the maximum loan-to-value (LTV) ratio to be 80 percent or 85 percent of your home’s appraised value.
Yes, you can use the proceeds of a home equity loan or HELOC for anything you want. Whether you should is another matter. In general, tapping home equity is better for major home renovations or other goals that will further your financial life, such as paying off debt.
Assuming you have enough equity and your credit and finances are in order, you can get a home equity loan or HELOC by applying with a lender. Many banks provide home equity loans, and increasing numbers of online lenders do, too. To help narrow down your options, review home equity lender reviews and testimonials. Once you find the lender that meets your needs and offers the best rates, check its eligibility requirements to make sure you qualify.

Source: bankrate.com

Apache is functioning normally

June 9, 2024 by Brett Tams

Inside: Learn how to save $5000 in 6 months by following these easy, useful tips. Get a head start on saving for your money goals and save more.

It is no secret that saving money for the future has never been more important.

The Recession of 2008-2009 and the upheaval in 2020 brought a significant increase in how we think about long-term investing, retirement readiness, and the importance of saving for emergencies.

Savings is not easy, and it takes time to save up for your dream future. Saving can seem frustrating at times with all the forms of fees and interest rates.

But saving even a little bit each month will go a long way so don’t give up!

While these are often looked at as individual or personal concerns, they can easily be translated into family finances with some simple changes to your spending habits.

Save $5,000 in six months requires a little bit of discipline, some careful planning, and actual execution.

While it is possible to save money without any difficulty, some additional effort can help make this goal much more attainable.

If you are looking for ways to save money, this post has quick tips that should help you cut down on spending while still getting your needs met.

We will give you seven simple steps that anyone can follow in order to start saving more money today so they have enough saved for their desires.

How to save $5,000 in 6 months

If you are looking to save $5,000 in 6 months, it is important to set a specific goal for yourself.

For example, if you want to save $1,000 per month, write down that goal in your calendar or on paper. Another option is to save more upfront and less throughout or vice versa.

To save $5,000 in a year, there are only 7 easy steps to follow.

You just have to commit to the money saving plan.

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.

1. Why Save $5,000?

Saving money is a lot easier than you think.

I’ve seen it happen time and time again: people make the mistake of thinking that saving money will be difficult or take too long, but they often realize how wrong they were once they start making progress.

To keep your motivation moving forward, you need to decide why are you starting to save money. What are the exact reasons for saving 5000 in 6 months?

Action Step: Write down your reason for saving $5k in 6 months.

2. Designate a Separate Bank Account

Next, you have a plan of where you want the money to go. You cannot just assume you will leave it alone in your checking account or won’t touch the case..

Put all your extra income in a separate bank account. If you have extra money at the end of the month, roll it over and put it in savings.

Action Step: Open a separate bank account.

3. Review Your Budget

Next, you need to review your budget for the last month. Take note of the expenses that are missing from this month’s plan.

You must be spending less than you make.

Since you are adding a saving goal of 5000, you must spend less than your current expenses plus your monthly saving goal.

Look for expenses to cut; if needed, you can drastically cut expenses.

Now, make your new budget based on this month’s income, saving goal, and expenses. You can use this budget to calculate your monthly spending plan for the next month!

Action Step: Create a new zero based budget based on this month’s income and expenses with a priority to your saving goals.

4. Set Goals

You need to set goals on how fast you are going to save money. You need set time deadlines and protect that money for this saving challenge.

Other goals you need to set include:

How to reduce expenses
How to increase income

You can make progress much faster by kicking off your saving period with a no spend month.

Action Step: Create your money goals to make saving 5000 in 6 months actually happen.

5. Create Your Action Plan

You need to find ways to save at least $500 per month. That happens one of two ways – either reduce spending or increase income.

Now, you must decide are you going to save money when you get paid or whatever is left at the end of the month.

Regardless of what you choose, you must stick to your action plan. Period.

The recommendation is to save a determined dollar amount each time you are paid. At the end of the month, if you have money left over, then you can save the extra amount.

Below we will list specific tips and examples of ways to save more money.

Action Step: Write out how you plan to save money. Don’t just keep the plan in your head. Actually, write it and post it somewhere you see it often.

Many people prefer one of these challenges to save $5k:

6. Make Periodic Transfers to Savings Account

In order to be successful, you must actually move the money to another account.

On payday or a certain day of the month, you need to deposit money into your designated $5k bank account to complete this challenge.

This is something you need to set up in advance!

Action Step: Make it a habit to make transfers to that saving account. That is how you consistently save money and not spend it. Build good habits.

7. Reward Success

Keep yourself motivated with a celebration.

It’s a “treat” that should not cost a lot of money.

Reward success for creating the proper money habits just like rewarding your kids for doing well at school. It’s important to make sure that you are rewarding the right things, and not just because it feels good.

You can earn a reward for every month that you stay on track to save $5,000 in a year.

You will be happier and more motivated to complete the $5000 saving challenge. In addition, it will keep you saving money and increasing your saving percentage each year.

This is exactly how to make saving money always fun!

Action Step: Select your rewards for each month of completing the transfer of money! This is your reward for sticking to saving 5000 in 6 months.

Bonus Tip – Tell Others for Accountability

Tell a close family member or friend about your money goal. They are the people closest to you and help build support for your cause.

You need to be on the same page with your spouse or partner. So, make sure that you are aiming and wanting to achieve the same savings goals.

How can I save 5000 fast?

You are ready to start saving money fast.

But the reality is not everyone has that extra money at their disposal (especially right now). What are some things you will need to get started on this challenge?

Saving 5000 in 6 months is possible by simply following these steps:

-Save $193.00 per week.

-Pay off your debts each time they come due, including all credit card and loan balances. This will make sure you don’t stop your money saving plan.

-Save $500.00 each month for a total of $6,000.

-Shred old receipts and throw away your bank statement to avoid seeing your balance.

-Use your savings to buy a mutual fund that will provide an average annual return of 5% over the next year.

Tips to Save 5000 in 6 Months:

Saving money is hard. It is not easy to find ways that are both quick and easy, but also useful in the long run.

That said if you’re struggling with your finances these days I have got a handful of quick-and-easy tips for saving thousands of dollars each year without much effort at all!

Just think about how many times a day you might be tempted by an impulse purchase or two.

You probably don’t make them every time because it would cost too much. But if you start thinking about these small purchases as a cost of living, it’s easy to see how the little things add up, and why saving money is so important.

Reduces expenses by $500 each month.
Increase income with overtime, find a side hustle or a 2nd job to make an additional $500 a month.
Limit Groceries Costs: Cancel food delivery service, resume weekly meal prep, and limit store visits.
Transportation: Consolidate trips, limit toll lane usage and take the free buses instead of Uber.
Memberships: Canceled unused memberships and subscriptions.
Credit card rewards: Redeem credit card rewards to help fund the things you cut from your budget or items for reward milestones.
Limit Impulse Purchases: Wait 24 hours before buying things.
Stop Getting Takeout Foods: Cook at home and save the difference.
Review Bills: Review bills and see if you can change plans or save money. There are many areas to look at, such as insurance plans, cell phone plan or other expenses. See if there are cheaper alternatives out there with better services for your family.
Sell Extra Stuff: Sell off extra things you no longer need and make a little bit of pocket money. You can sell your old clothes, shoes, books, games consoles or other items on sites like Amazon or Craigslist to earn some extra cash.
Side Gig Ideas: Side gigs can help you meet your savings goals. You might be able to make $5,000 or more in 6 months by doing something you are already doing. There are easy ways to earn a few extra dollars per day, so save up your money and get started today!
Start Investing: While you won’t make money fast, you will be making money on your money. That is called passive income and something everyone needs to learn. Start investing with this easy to follow course.

How to Save 5k in 6 months Chart

This chart provides a quick, easy, and useful guide for saving 5000. There are many ways to save 5000 in 6 months.

	By Month – Same Amount	Total
Month 1	$834	$834
Month 2	$834	$1,668
Month 3	$833	$2,501
Month 4	$833	$3,334
Month 5	$833	$4,167
Month 6	$833	$5,000

This is how you can save up to be debt free or have a rainy day fund or larger emergency fund.

	By Month – Lump Sum Amount	Total
Month 1	$1,500	$1,500
Month 2	$500	$2,000
Month 3	$500	$2,500
Month 4	$1,500	$4,000
Month 5	$500	$4,500
Month 6	$500	$5,000

Find more money saving charts.

How to save 5000 in 6 Months Bi Weekly?

Have you ever thought about how to save money, but all of the saving advice is based on month? Do you know what the best ways are or do not know where to start?

This is how to save 5000 in 6 months bi-weekly income.

Since you will be paid 13 times over the 6-month time period, you would have to save $385 from each biweekly paycheck.

	How to save $5000 in 6 Months Bi Weekly?	Total
Week 1	$385	$385
Week 3	$385	$770
Week 5	$385	$1,155
Week 7	$385	$1,540
Week 9	$385	$1,925
Week 11	$385	$2,310
Week 13	$385	$2,695
Week 15	$385	$3,080
Week 17	$385	$3,465
Week 19	$385	$3,850
Week 21	$385	$4,235
Week 23	$385	$4,620
Week 25	$380	$5,000

All of the other steps apply to make this saving challenge happen.

How can I save $5,000 in 6 Months with Envelopes?

The 100 day envelope challenge is super popular right now.

To save $5,000 in 6 months with envelopes, you have one of two options either to save daily or weekly with a random drawing of an envelope.

Consistent Amounts Weekly Envelope to Save $5000:

Write the numbers 1-26 on each envelope.
For each envelope, you will save $193.
If you prefer to round to a flat $200 each week, you will save $5,200 or an extra two hundred dollars.

Various Amounts Weekly Envelope to Save $5040:

Write the numbers 1-26 on each envelope.
Envelope #1 you save $70.
On each envelope, you add another $10 to the previous amount. (Envelope #2 = $80, Envelope #3 = $90, etc)
On envelopes #24, 25, and 26, you save $300 those weeks

Don’t lose your envelopes!

How can I save $5,000 in 3 months?

Feeling a little bit more ambitious! That is great!

The 100 day money saving envelope challenge saves exactly $5,000. The idea is to save $100 every day for 100 days and then spend the saved amount in one month on whatever you need or want.

Learn more about the 100 day money challenge.

However, this is not feasible for many people because it takes a lot of discipline to do that consistently.

How to Save 5000 in 6 Months Calculator

A calculator helps a person figure out how much they can save in six months.

You know your income and expenses. Grab our free budget sheet and a calculator to figure out how much money you can save.

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Saving $5,000 under 6 months is not attainable for everyone because some people will give up after 3 months when they realize how much sacrifice was involved with their savings plan.

That is where you need to stay strong and realize that even accomplishing 30% or 70% of your goal is more than doing nothing and saving zero dollars!

What will your life be like if you reach that goal?

Motivating yourself through small goals is easier when the reason why you’re saving is clear. Talk with family or friends about your reasons for wanting to save more and what it means to you.

More than likely at the end of saving 5000 in 6 months, you have done one of the following:

Whatever your goal is, that is the reason to stay motivated!

Update your progress on saving by sharing monthly updates of your savings progress as well as any important financial news that could inspire others!

Time to Save 5000 in 6 Months

The best way to save $5,000 in 2021 is to live below your means by not spending more than you earn.

Saving money is a great first step, but the next step is to invest your money.

Investing in the stock market is a good way to make sure your savings will grow and you can also take advantage of compounding interest.

This post provides seven quick tips for getting started with your savings goals in no more than 30 minutes a day over the course of six months (which adds up to about $500).

Are you up for the $5k money challenge?

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 9, 2024 by Brett Tams

Your credit card’s grace period is the length of time that starts at the end of your billing cycle and ends when your payment is due. During this period, you may not have to pay interest on your balance — as long as you pay it off in full by your payment due date.

While a lot of credit cards have a grace period, not all of them do. Here’s a look at how grace periods on credit cards work and how you can take full advantage of them.

What Is the Grace Period on a Credit Card?

Credit cards allow you to borrow money over the course of a one-month billing cycle, during which you may not need to pay interest. The end of your credit card billing cycle is also called your statement date. That’s when your monthly credit card statement is sent to you in the mail or becomes available online. Credit card payments are due on the payment due date, about three weeks later. The time in between these dates is what’s known as the grace period.

During this time, you won’t be charged any interest on the purchases that you made during the billing cycle. However, because of how credit card payments work, you must pay off your credit card balance in full by your payment due date in order to avoid interest payments. At the very least, you must make your minimum payment, and you’ll then owe interest on whatever balance you carry into the next month.

Recommended: What is a Charge Card

How Credit Card Billing Cycles and Grace Periods Work

Grace periods on credit cards are different from the grace period for other loan products. For example, the grace period for a mortgage lasts about 15 days. If your payment is due on the first of the month, you’d have until mid-month to make your payment before it’s considered late and you’re charged potential late fees.

This is not how credit card grace periods work. The grace period for revolving credit — which is what a credit card is — comes before the payment due date. As such, credit card grace periods don’t protect you from late fees. Rather, they give you a period of time in which you can avoid interest payments.

If you miss the date when credit card payments are due, your payment is considered late. Late payments may trigger penalties, and they can have a negative effect on your credit score if they’re reported to the credit reporting bureaus.

Recommended: When Are Credit Card Payments Due

Limits on Credit Card Grace Periods

Credit card companies are not required to offer their customers a grace period. However, many of them choose to do so.

Federal law requires credit card companies to send you a bill within 21 days of the payment due date, meaning you’ll get at least three weeks’ notice of how much you owe for your previous billing cycle. However, the amount of time you’ll have for your grace period will vary by lender.

Credit card grace periods typically only apply to purchases. That means if you’ve used your credit card for a cash advance, for example, you’ll have to start paying interest on the date of the cash advance transaction.

Recommended: Tips for Using a Credit Card Responsibly

How Long Is the Typical Grace Period for a Credit Card?

Typically, grace periods last at least 21 days and up to 25 days.

You can find out how long your grace period is by checking your cardholder agreement. The length of your grace period should be listed alongside fees and your annual percentage rate (APR). You can also call your credit card company and ask them directly.

Recommended: How to Avoid Interest On a Credit Card

What Types of Transactions Are Eligible for Credit Card Grace Periods?

As mentioned above, generally only purchase transactions are eligible for the credit card grace period. Cash advances — which allow you to borrow a certain amount of money against your line of credit — typically are not eligible. They will start accruing interest the day you make the transaction.

Similarly, if you transfer a balance from one credit card to another, you’ll start to accrue interest on that balance immediately. The only exception is if you have a balance transfer credit card with a 0% introductory rate for a period of time. If you pay off the balance during that period, you won’t owe interest. However, interest will accrue on whatever remains of your balance at the end of that period.

Taking Maximum Advantage of Your Credit Card’s Grace Period

If you pay off your credit card bill in full each month, you’ll avoid paying interest. Even carrying a small balance will disrupt your grace periods. If you do, you’ll owe interest on the remaining amount, and all of the new purchases that you make in the next billing cycle will accrue interest immediately as well.

To take full advantage of your credit card’s grace period, plan your purchases accordingly to ensure you’re able to pay your bills in full and on time. For example, if you’re going to make a large purchase, you may want to do so close to the first day of your billing cycle. That way, you’ll have the full cycle (about four weeks), plus your grace period (about three weeks), to pay off your purchase without owing any interest.

Can You Lose Your Credit Card’s Grace Period?

It is possible to lose your credit card grace period if you don’t make on-time payments in full each month by the payment due date. If you lose your grace period, you’ll be charged interest on the remaining portion of your balance. In the new billing cycle, you’ll also owe interest on any new purchases on the day the transaction takes place. This can lead to you falling into a debt cycle, which isn’t easy to get out of (here’s what happens to credit card debt when you die).

Luckily, issuers usually restore grace periods once you’ve paid your outstanding balance and are back to making full on-time payments for a month or two.

Recommended: Can You Buy Crypto With a Credit Card

The Takeaway

Your credit card grace period is an important tool that can save you money on interest if you pay off your balance in full each month. If you don’t pay your balance in full each month, you could lose this privilege temporarily. As such, you’d end up owing interest on your previous remaining balance and any new purchases.

In addition to a grace period, the SoFi credit card offers other features to help you manage your finances. This includes 2% unlimited cash back rewards when redeemed to save, invest, or pay down eligible SoFi debt. Cardholders earn 1% cash back rewards when redeemed for a statement credit.¹ Plus, you can secure a lower APR by making 12 on-time monthly payments of at least the minimum amount due.

The SoFi Credit Card offers unlimited 2% cash back on all eligible purchases. There are no spending categories or reward caps to worry about.¹

Take advantage of this offer by applying for a SoFi credit card today.

FAQ

What is the grace period for credit card payments after the due date?

Credit card grace periods occur before the payment due date. Payments made after that date are considered late. After the due date, cardholders will owe interest on their balance. Further, they may lose their grace period until they can pay their balance off in full for one or two months.

What happens if you are one day late on a credit card payment?

Being one day late on a credit card payment can still trigger late fees, interest, and potentially the loss of your grace period. Late payments may also be reported to the credit reporting bureaus, which can have a negative impact on your credit score.

What is the typical grace period for a credit card?

Federal law requires that credit card companies provide your bill at least 21 days before your next payment due date. The length of the grace period can vary depending on the credit card issuer, though they typically last 21 to 25 days.

Photo credit: iStock/Moyo Studio

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.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

The SoFi Credit Card 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.

¹See Rewards Details at SoFi.com/card/rewards.

¹Members earn 2 rewards points for every dollar spent on purchases. No rewards points will be earned with respect to reversed transactions, returned purchases, or other similar transactions. When you elect to redeem rewards points into your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Credit Card account, or SoFi Personal, Private Student, or Student Loan Refinance, your rewards points will redeem at a rate of 1 cent per every point. For more details please visit the Rewards page. Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA/SIPC. SoFi Securities LLC is an affiliate of SoFi Bank, N.A.

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Source: sofi.com

Apache is functioning normally

June 8, 2024 by Brett Tams

Inside: Learn how much your 45k salary is hourly. Plus find tips to make more money and live the lifestyle you want.

You want to know to look into this… Is 45k salary a solid hourly wage in today’s society?

45k salary is a solid hourly wage.

For most people, a solid entry-level job with a degree or certification would be paying just over $45,000 a year. The question that remains is can you make a living off $45k a year.

The median household income was $70,084 in 2021 not much different from the previous year (source). Think of it as a bell curve with $70 at the top; the median means half of the population makes less than that and half makes more money.

The average income in the U.S. is $55,350 for a 40-hour workweek; that is an increase of 1.1% from the previous year (source). That means if you take everyone’s income and divide the money out evenly between all of the people.

But, the question remains… can you truly live off 45,000 per year in today’s society since it is well below both the average and median household incomes? The question you want to ask all of your friends is $45000 per year a good salary.

In this post, we are going to dive into everything that you need to know about a $45000 salary including hourly pay and a sample budget on how to spend and save your money.

These key facts will help you with money management and learn how much per hour $45k is as well as what you make per month, weekly, and biweekly.

Just like with any paycheck, it seems like money quickly goes out of your account to cover all of your bills and expenses, and you are left with a very small amount remaining. You may be disappointed that you were not able to reach your financial goals and you are left wondering…

Can I make a living on this $45k salary?

$45000 a year is How Much an Hour?

When jumping from an hourly job to a salary for the first time, it is helpful to know how much is 45k a year hourly. That way you can decide whether or not the job is worthwhile for you. The same is true when getting your first job out of college.

For our calculations to figure out how much is 45K salary hourly, we used the average five working days of 40 hours a week.

45000 salary / 2080 hours = $21.63 per hour

$45000 a year is $21.63 per hour

Let’s breakdown how that 45000 salary to hourly number is calculated.

Typically, the average workweek 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, divide the yearly salary of $45000 by 2,080 working hours and the result is $21.63 per hour.

Just above $21 an hour.

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

You must check with your employer on how they plan to pay you. For those on salary, typically companies pay on a monthly, semi-monthly, biweekly, or weekly basis.

What If I Increased My Salary?

Just an interesting note… if you were to increase your annual salary by $5K, it would increase your hourly wage to just under $25 an hour – a difference of $2.41 per hour.

To break it down – 45k a year is how much an hour = $21.63

That difference will help you fund your savings account; just remember every dollar adds up.

How Much is $45K salary Per Month?

On average, the monthly amount would be $3,750.

Annual Salary of $45,000 ÷ 12 months = $3,750 per month

This is how much you make a month if you get paid 45000 a year.

$45k a year is how much a 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 of $45k salary a year, how much can I expect to make at the end of the week for my effort?

Once again, the assumption is 40 hours worked.

Annual Salary of $45000/52 weeks = $865 per week.

$45000 a year is how much biweekly?

For this calculation, take the average weekly pay of $865 and double it.

$865 per week x 2 = $1,730

Also, the other way to calculate this is:

Annual Salary of $45000 / 26 weeks = $1,730 biweekly.

How Much Is $45K Salary Per Day

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

8 hours x 52 weeks = 260 working days

Annual Salary of $45000 / 260 working days = $173 per day

If you work a 10 hour day on 208 days throughout the year, you make $216 per day.

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$45000 Salary is…

$45000 – Full Time	Total Income
Yearly Salary (52 weeks)	$45,000
Monthly Wage	$3,750
Weekly Salary (40 Hours)	$865
Bi-Weekly Wage (80 Hours)	$1,730
Daily Wage (8 Hours)	$173
Daily Wage (10 Hours)	$216
Hourly Wage	$21.63
Net Estimated Monthly Income	$2,863
Net Estimated Hourly Income	$16.52

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

45k a year is how much an hour after taxes

Income taxes is one of the biggest culprits of reducing your take-home pay as well as FICA and Social Security. This is a true fact across the board with an all salary range up to $142,800.

When you make below the average household income, the amount of taxes taken out hurts your hourly wage.

Every single 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%.

So, how much an hour is 45000 a year after taxes?

Gross Annual Salary: $45,000

Federal Taxes of 12%: $5,400
State Taxes of 4%: $1,900
Social Security and Medicare of 7.65%: $3,442.50

$45k Per Year After Taxes is $34,357.50

This would be your net annual salary after taxes.

Hourly Wage After Taxes

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

$34,357.50 ÷ 2,080 hours = $16.52 per hour

After estimated taxes and FICA, you are netting $34,357.50 per year, which is $10,642.50 per year less than what you expected. That is significant!

Budgeting on $16 an hour is much different!

Taxes Based on Your State

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

In addition, if you live in a heavily taxed state like California or New York, then you have to pay way more money than somebody who lives in a no-tax state like Texas or Florida. This is the debate of HCOL vs LCOL.

Thus, your yearly gross $45000 income can range from $30,757 to $36,157 depending on your state income taxes.

That is why it is important to realize the impact income taxes can have on your take home pay. It is one of those things that you should acknowledge and obviously, you need to pay taxes. But, it can also put a huge dent in your ability to live the lifestyle you want on a $45,000 income.

How Much is 45K a year Hourly Salary Calculator

More than likely, your salary is not a flat 45k, here is a tool to convert salary to hourly calculator.

Many entry-level jobs start at this range, which may make you believe that a business degree is worth it.

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45k salary lifestyle

Every person reading this post has a different upbringing and a different belief system about money. Therefore, what would be a lavish lifestyle to one person, maybe a frugal lifestyle to another person? And there’s no wrong or right, it is what works best for you.

One of the biggest factors to consider is your cost of living.

In another post, we detailed the differences between living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $45,000 a year is going to be much more difficult because your basic expenses, housing, transportation, food, and clothing are going to be much more expensive than you would find in a lower cost area.

To stretch your dollar further in the high cost of living area, you would have to probably live a very frugal lifestyle and prioritize where you want to spend money and where you do not. Whereas, if you live in a low cost of living area, you can live a much more lavish lifestyle because the cost of living is less. Thus, you have more fun spending left in your account each month.

As we noted earlier in the post, $45,000 a year is slightly below the average income that you would find in the United States. Thus, you have to be wise with how you spend your money.

What a $45,000 lifestyle will buy you:

If you are debt free and utilize smart money management skills, then you are able to enjoy the lifestyle you want.

You are able to rent in a decent neighborhood in LCOL and maybe an MCOL city.
Looking for ways to invest 100 to make 1000 a day.
Foucs on being financially stable.
You should be able to meet your expenses each and every month.
Ability to make sure that saving money is a priority, and very possibly save $3000 in 52 weeks.

When A $45,000 Salary Will Hold you Back:

However, if you are riddled with debt or unable to break the paycheck to paycheck cycle, then living off of 45k a year is going to be pretty darn difficult.

There are two factors that will keep holding you back:

You must pay off debt and cut all fun spending and extra expenses.
Break the paycheck to paycheck cycle.

It is possible to get ahead with money!

It just comes with proper money management skills and a desire to have less stress around money. That is a winning combination regardless of your income level.

Find low-stress jobs that pay well without a degree now.

$45K a year Budget – Example

As always, here at Money Bliss, we focus on covering our basic expenses plus saving and giving first, and then our goal is to eliminate debt. The rest of the money is left for fun spending.

This is how zero based budgeting works.

If you want to know how to manage 45k salary the best, then this is a prime example for you to compare your spending.

You can compare your budget to the ideal household budget percentages.

recommended budget percentages based on $45000 a year salary:

Category	Ideal Percentages	Sample Monthly Budget
Giving	10%	$206
Savings	15-25%	$563
Housing	20-30%	$1069
Utilities	4-7%	$150
Groceries	5-12%	$313
Clothing	1-4%	$38
Transportation	4-10%	$131
Medical	5-12%	$225
Life Insurance	1%	$19
Education	1-4%	$38
Personal	2-7%	$38
Recreation / Entertainment	3-8%	$75
Debts	0% – Goal	$0
Government Tax (including Income Taxes, Social Security & Medicare)	15-25%	$887
Total Gross Monthly Income		$3,750

^**^{In this budget, prioritization was given to basic expenses and no debt.}

Is $45,000 a year a Good Salary?

As we stated earlier if you are able to make $45,000 a year, that is a decent salary. You are making way more money than the minimum wage and close to double in many cities.

While 45000 is a good salary starting out in your working years. It is a salary that you want to increase before your expenses go up or the people you provide for increase.

However, too many times people get stuck in the lifestyle trap of trying to keep up with the Joneses, and their lifestyle desires get out of hand compared to their salary. And what they thought used to be a great salary actually is not making ends meet at this time.

This $45k salary would be considered a lower middle class salary. This salary is something that you can live on if you are wise with money.

Check: Are you in the middle class?

In fact, this income level in the United States has enough buying power to put you in the top 95 percentile globally for per person income (source).

The question you need to ask yourself with your 45k salary is:

Am I maxed at the top of my career?
Is there more income potential?
What obstacles do I face if I want to try to increase my income?

In the future years and with possible inflation, in many modest cities, 45,000 a year will not be a good salary because the cost of living is so high, whereas these are some of the cities where you can make a comfortable living at 45,000 per year.

If you are looking for a career change, you want to find jobs paying at least $60000 a year.

Is 45k a good salary for a Single Person?

Simply put, yes.

You can stretch your salary much further because you are only worried about your own expenses. A single person will spend much less than if you need to provide for someone else.

Your living expenses and ideal budget are much less. Thus, you can live extremely comfortably on $45000 per year.

And… most of us probably regret how much money wasted when we were single. Oh well, lesson learned.

Is 45k a good salary for a family?

Many of the same principles apply above on whether $45000 is a good salary. The main difference with a family, you have more people to provide for than when you are single or have just one other person in your household.

The costs of raising children are high and will steeply cut into your income. As you can tell this is a huge dent in your income, specifically $12,980 annually per child.

That means that amount of money is coming out of the income that you earned.

So, the question really remains… Can you provide a good life for your family making $45,000 a year? This is the hardest part because each family has different choices, priorities, and values.

More or less, it comes down to two things:

The location where you live in.
Your lifestyle choices.

You can live comfortably as a family on this salary, but you will not be able to afford everything.

Many times when raising a family, it is helpful to have a dual-income household. That way you are able to provide the necessary expenses if both parties were making 45,000 per year, then the combined income for the household would be $90,000. Thus making your combined salary a very good income.

Learn how much money a family of 4 needs in each state.

Can you Live on $45000 Per Year?

As we outlined earlier in the post, $45,000 a year:

$21.63 Per Hour
$173-216 Per Day (depending on length of day worked)
$865 Per Week
$1,730 Per Biweekly
$3,750 Per Month

Next up is making $50,000 a year.

Like anything else in life, you get to decide how to spend, save and give your money.

That is the difference for each person on whether or not you can live a middle-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than in Oklahoma or even Texas.

In addition, if you are early in your career, starting out around 41,000 a year, that is a great place to be getting your career. However, if you have been in your career for over 20 years and still making $45K, then you probably need to look at asking for pay increases, pick up a second job, or find a different career path.

Regardless of the wage that you make, if you are not able to live the lifestyle that you want, then you have to find ways to make it work for you. Everybody has choices to make.

But one of the things that can help you the most is to stick to our ideal household budget percentages to make sure you stay on track.

Learn exactly how much do I make per year…

One of the best ways to improve your personal finance situation is to increase your income. Here are a variety of side hustles that are very lucrative. With time and effort, you can start enjoying the lifestyle you want.

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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 8, 2024 by Brett Tams

Amid health and safety concerns during the coronavirus pandemic, the popularity of contactless credit cards soared. This method of payment allows you to use your credit card for a purchase by simply tapping or holding it on the card reader, as opposed to inserting or swiping it.

While you may or may not already be familiar with how to use contactless credit cards, you may be wondering, how do contactless cards work? Here’s a look at the tech that enables contactless credit card payments, as well as the pros and cons and overall safety of using contactless credit cards.

What Is a Contactless Credit Card?

Physically, a contactless credit card looks like a regular credit card, with the bank name and the account number on the front of the card and the ubiquitous magnetic stripe on the back of the card. However, contactless credit cards allow cardholders to “tap and pay” instead of inserting or swiping their card in a merchant payment machine.

This enables a consumer to make a purchase at a retail location without ever having to physically touch a payment device, which is why contactless payments increased during the pandemic.

What Does Contactless Payment Mean?

The term contactless payment more broadly refers to a form of payment that involves no touch. You can make a contactless payment using a credit card as well as a debit card, gift card, mobile wallet, or wearable device.

Regardless of the form, contactless payments rely on the same technology to make a payment without needing to swipe, enter a debit or credit card PIN, or sign for a transaction.

How to Know If Your Credit Card Is Contactless

Major credit card providers like MasterCard and Visa offer contactless cards. You can determine if your credit card is contactless-capable by looking for a contactless card symbol on the back of your card. This symbol looks like a WiFi symbol flipped on its side, with four curved lines that increase in length from left to right.

Even if your card has this symbol on it, you’ll also want to check that the merchant has contactless readers. You can figure this out by looking for that same symbol on the card reader or asking the merchant directly.

How Contactless Credit Cards Work

Like other credit cards, contactless credit cards have small chips embedded in them. But instead of requiring you to insert the card, this chip emits electromagnetic waves that transfer your payment information when you place the card close to a payment terminal that accepts contactless payments.

You don’t actually even need to tap your contactless credit card to pay — all you have to do is place your card within a few inches of the payment terminal. This will initiate payment.

You might then have to wait a few seconds while the transaction processes. The terminal will usually give a signal when the transaction is complete, such as by beeping or flashing a green light.

Technology That Enables Contactless Credit Card Payments

Instead of inserting a credit or debit card into a merchant payment terminal, contactless credit cards rely on radio frequency identification technology (RFID) and near-field communication to complete a retail transaction.

The “no touch” concept is driven by a contactless card’s short-range electromagnetic waves, which hold the cardholder’s personal data, including their credit card account number. This information is then transmitted to the merchant’s payment device. Once the device grabs the airborne card information, the transaction can be completed and the purchase confirmed.

Pros and Cons of Contactless Credit Cards

Like most consumer finance tools, contactless credit cards have their upsides and downsides. Here’s a snapshot of the pros and cons to note:

Pros	Cons
Convenient to use	Not always available overseas
Secure	Low transaction limits
Increasingly offered	Not always reliable
Better for merchants

Pros

These are the main upsides of contactless credit cards:

• Convenient to use: Contactless credit cards are extremely convenient to use once you get the hang of how credit cards work when they have this feature. All a user has to do is wave their contactless credit card in front of the card reader, and the deal is done in a matter of seconds. Plus, you can avoid touching any surfaces in the process.

• Secure: With data thieves regularly on the prowl, “tap and pay” and “wave and pay” technologies are highly protective of a consumer’s personal data. All of the data is stored on a password-protected, fully-encrypted computer chip embedded inside the card, making it difficult for a financial fraudster to steal a user’s personal information.

• Increasingly offered: The availability of contactless payments has increased in recent years, and many brand-name companies now offer the option. Companies may even offer discounts and loyalty point details that are immediately added to a consumer’s account at the point of sale.

• Better for merchants: Companies that offer contactless credit/debit card payments also benefit from “no touch” card technology. Aside from superior operational capability and faster transactions, merchants get a better customer experience and formidable fraud protection from contactless payment technology, with no extra cost. That’s because merchants pay the same transaction processing fee with contactless payments as they do with regular credit card transactions.

Recommended: Tips for Using a Credit Card Responsibly

Cons

Of course, there are downsides to contactless credit cards as well:

• Not always available overseas: Contactless payments may not work abroad, given the recent expansion of a new card payment technology. Additionally, consumers may be charged foreign transaction fees when they do use contactless payments overseas, depending on the specific country’s credit card payment laws.

• Low transaction limits: Contactless card users may find they can’t cover large transactions, like a laptop computer or king-size bed. That’s because merchants may issue those limits until they’re convinced contactless payments (like any new technology) are completely safe, secure and free of any fraud threats. In the meantime, contactless card-using consumers can always use the same credit card to make a big purchase by using “chip and sign” or “chip and swipe” card technologies.

• Not always reliable: Contactless credit card transactions aren’t always reliable, as sometimes the payment won’t go through even though a reader indicates that it accepts contactless payments. This could cause someone to have to resort to swiping their card instead to complete the transaction.

Recommended: What is a Charge Card

Guide to Using a Contactless Credit Card

When using a contactless credit card, the transaction is enabled and completed in three key steps: look, tap, and go.

1. Look. The consumer checks for a contactless symbol on a merchant’s payment device (this will look like a WiFi signal tipped on its side).

2. Tap. After being prompted by the payment device, the consumer will wave the credit card an inch or so over the payment device, or actually touch (tap) the credit card on the payment terminal. This is why the process is sometimes referred to as credit card tap to pay.

3. Go. Once the wave or tap is executed, the payment device picks up the transaction, confirms the credit card payment, and completes the transaction.

Be mindful that if you carry multiple contactless credit cards, you may want to keep those cards away from a terminal that accepts contactless payments. This will help ensure the correct credit card is being charged. Instead of holding your wallet or purse over the payment terminal, take out the specific card you’d like to use instead.

Recommended: When Are Credit Card Payments Due

Are Contactless Credit Cards Safe?

Contactless payment cards basically offer the same anti-fraud protections as any card that relies on a credit card chip.

This is because the chip in contactless credit cards creates a one-time code for each merchant transaction. Once the payment is confirmed and the transaction is approved, the code disappears for good. That makes it virtually impossible for a financial fraudster to steal a consumer’s personal data, as they can’t crack the complicated algorithmic codes financial institutions use with chip-based payment cards.

Additionally, a contactless card is equipped with electromagnetic (RFID) shielding, which helps keep card information from being “skimmed” by data thieves. In turn, this removes another data security threat from the credit card transaction experience.

Recommended: Can You Buy Crypto With a Credit Card

The Takeaway

Contactless credit cards are emerging as an effective payment technology that’s gathering steam among consumers and retailers alike. Thanks to the tech that enables contactless credit card payment, these credit cards allow you to simply wave or tap the credit card within range of a payment terminal that accepts contactless payments. You can figure out if a payment terminal — and your credit card — offer contactless payment as an option by looking for the contactless payment symbol.

If this is a feature that interests you, it might be worth looking out for when picking a credit card that works for you.

The SoFi Credit Card offers unlimited 2% cash back on all eligible purchases. There are no spending categories or reward caps to worry about.¹

Take advantage of this offer by applying for a SoFi credit card today.

FAQ

Are there extra charges for using contactless credit cards?

No, there are no extra charges for using contactless credit cards. This is true for the consumer who’s tapping their card as well as for the merchant accepting contactless payments.

What are the risks with contactless credit cards?

While contactless credit cards generally offer enhanced security, there is the risk of a thief skimming cards in your wallet by using a smartphone to read it. However, the thief must be within very close range to do so. Perhaps the easiest way for a thief to get ahold of your information is by stealing your physical credit card, which is a risk with any type of credit card.

Where can I use my contactless credit card?

You can use your credit card at any retailer that has a terminal accepting contactless payments. You can determine if a card reader will take your contactless credit card by looking for the contactless payment symbol.

What happens if I lose my contactless credit card and someone else uses it?

If your card is stolen or lost, contact your credit card issuer immediately. Check your recent credit card transactions for any fraudulent activity, and make sure to report that information to your credit card issuer.

Photo credit: iStock/milan2099

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.

The SoFi Credit Card 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.

¹See Rewards Details at SoFi.com/card/rewards.

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.

¹Members earn 2 rewards points for every dollar spent on purchases. No rewards points will be earned with respect to reversed transactions, returned purchases, or other similar transactions. When you elect to redeem rewards points into your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Credit Card account, or SoFi Personal, Private Student, or Student Loan Refinance, your rewards points will redeem at a rate of 1 cent per every point. For more details please visit the Rewards page. Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA/SIPC. SoFi Securities LLC is an affiliate of SoFi Bank, N.A.

SOCC0522024

Source: sofi.com

Apache is functioning normally

June 7, 2024 by Brett Tams

One of the best things you can do for your future self is to save for retirement. Unfortunately, recent research indicates that a significant portion of Americans are falling short in this area. According to a 2023 survey, about 22% of Americans have less than $5,000 in retirement savings.

This highlights the importance of early and consistent financial planning for your post-working years. It’s never too early to start thinking about your financial future, and actively contributing to your retirement savings is essential.

If you’re looking for a way to sock money away for retirement, your 403(b) plan could be just what you need. These retirement plans are offered by employers in the nonprofit sector and some other careers, like public education and healthcare. If your employer offers a 403(b) plan, here’s what to expect.

Key Takeaways

A 403(b) plan is a retirement savings plan available to employees of tax-exempt organizations, public schools, and certain other employers. It functions similarly to a 401(k) but is specifically designed for the nonprofit sector.
Contributions to a 403(b) are automatically deducted from your paycheck, can be made pre-tax (traditional) or after-tax (Roth), and may be matched by your employer, providing significant potential for growth through compounding returns and employer contributions.
While 403(b) plans offer advantages like tax benefits and employer matching, they have contribution limits and penalties for early withdrawals, and the investment options are usually limited to mutual funds and annuities, which may carry higher fees.

403(b) Plan

A 403(b) is sometimes called a Tax-Sheltered Annuity (TSA) plan. For practical purposes, it’s basically a 401(k) plan for people who work for qualifying tax-exempt organizations, certain hospital organizations, or employees of public schools. Government employees, church workers, and even librarians might also have access to a 403(b) plan.

See also: What’s the Difference Between a 401(k) and 403(b)?

Your employer chooses what type of plan they are willing to offer, so you can’t choose to participate in a 401(k) instead. Your 403(b) plan will come with different investment options, usually in the form of mutual funds that allow you to create a portfolio that matches your risk tolerance.

However, it’s important to understand that the annuity agreement involved makes for a couple of tricky situations that might not apply to other retirement plans:

Withdrawals are subject to a 20% federal income tax withholding, except in specific circumstances.
To dissolve the annuity investment aspect of a 403(b), there might be a surrender charge of up to 8%.

Speaking with a professional to help you with these situations can help you understand some of the quirks involved.

How does a 403(b) work?

Your employer will automatically deduct your contributions to the 403(b) from your paycheck in many cases. This deduction is usually expressed as a percentage. For example, if you make $2,500 each paycheck and want your employer to withhold 4% of your income, $100 will be diverted to your retirement account each payday.

If you choose a traditional 403(b) arrangement, your employer will deduct your contribution from your pay before taxes are figured. This reduces your tax bill today, but you’ll still have to pay income taxes when you withdraw money later. On the other hand, your employer might offer a Roth option, which doesn’t result in a tax benefit today. Instead, your money grows tax-free, and you won’t have to pay taxes when you withdraw.

Some employers also match your contributions. For example, they may match a certain percentage of your income or offer a dollar-for-dollar match up to a cap. Either way, an employer match on your plan is free money that you can put toward your retirement.

Thanks to compounding returns, the money grows over time, and you have a chance to build wealth, so you have financial resources when you quit working. It’s possible to adjust how much you save by letting your human resources representative know, or by managing your contributions through your employer’s online benefits portal.

403(b) Contribution Limits

The government wants to encourage retirement saving, so they offer tax advantages when you contribute to a 403(b) plan. However, you can’t just put everything into a tax-advantaged plan. Your 403(b) comes with limits.

For 2024, you can contribute up to 23,000 a year, which is a $500 increase over the 2023 limit. If you’re age 50 or over, you can make extra contributions totaling $7,500 a year in 2024. The combined employer and employee contributions can be a maximum of either $69,000 or 100% of your most recent yearly salary, whichever amount is lower.

The IRS also allows for additional catch-up contributions if you’ve given 15 years of service with an employer. Pay attention to the contribution limits and your employer’s plan so you can take advantage of what’s available to you.

When can you withdraw money from your 403(b)?

Because your 403(b) is a retirement plan, you can’t just take money out when you want — at least not without paying a penalty. If you withdraw money before reaching age 59 ½, you’ll have to pay taxes, and the IRS will charge you an extra 10% penalty. The only exception is if you have a Roth account. At that point, as long as the account is at least five years old, you can withdraw your contributions without penalty.

Be aware, too, that when you reach age 70 ½, you’ll have to start taking Required Minimum Distributions (RMDs) from your non-Roth 403(b). The government uses a formula to determine how much you should be taking each year in RMDs. You’ll have to pay taxes on the amount, as with any other tax-deferred retirement plan withdrawal.

As you approach retirement and begin figuring out how much money to withdraw and which accounts to start with, consult a retirement professional. A knowledgeable professional can help you manage your different accounts and figure out how withdrawals interact with Social Security benefits.

What happens if you leave your job?

You might have a vesting requirement with your 403(b). Vesting requires you to be with an employer for a set amount of time before you get to keep all the money from the match. However, the money you contribute on your own is not subject to vesting.

In some cases, you might be able to keep your money in the 403(b) account, even after you leave. However, you can’t make new contributions. As a result, it might make sense to roll your money into an IRA. That will allow you to keep growing the account and control where the money is invested.

How much should you contribute to your 403(b) plan?

Putting money into an employer-sponsored retirement plan is one of the easiest ways to save. It comes out of your paycheck, so you don’t have to think about it. However, you might be concerned about how much you can afford to divert from other goals.

A good place to start is to maximize your employer match. If your employer will match your contributions up to 3% of your income, consider saving 3% of your income. That way, you at least get some additional free money going toward your financial future.

If your employer doesn’t offer matching contributions, your 403(b) is not required to meet the burdensome oversight rules of the Employee Retirement Income Security Act (ERISA). This means you could have lower administrative fees than you would with 401(k)s or other funds subject to greater oversight.

Factors to Consider

Next, you need to consider different factors related to your current situation. Some things to keep in mind as you determine how much to put into your 403(b) include:

Debt: High-interest debt can weigh you down. It’s ok to save a little less for retirement in the name of paying down debt faster. You can work toward both goals, but just know where the bulk of your focus should be, based on your goals.
Emergency fund: Once you have a baseline established for retirement saving, you might want to focus on another goal. Consider building at least three to six months’ worth of expenses in an emergency fund.
Other savings goals: Maybe you have goals like buying a home or starting a college fund. You don’t want to put your own retirement at risk to pay for your child’s college, though. Think about what you want your money to accomplish, and then go from there.

Once your goals are met, return to the 403(b) and considerably boost your retirement savings. It’s a good idea to increase your retirement savings each time your finances improve, or you get a raise.

How to Invest in a 403(b)

The investment options available in a 403(b) plan are generally more limited compared to other tax-advantaged retirement plans. These options typically include mutual funds and annuities.

Unlike 401(k) plans, it is not typically possible to invest in individual stocks, exchange-traded funds (ETFs), or real estate investment trusts (REITs) through a 403(b) plan. However, many 403(b) plans do offer low-cost bond and stock index funds, which are often recommended by financial experts for retirement investing.

To determine the right mix of stock and bond funds, you should consider your age, risk tolerance, and the amount of time you have before retirement. As you get closer to retirement, it may be appropriate to increase the proportion of bond funds in your portfolio.

Target-date funds, which are mutual funds that automatically adjust their holdings to suit your target retirement date, can be a good choice if they are offered by your 403(b) plan. Alternatively, you can consider investing in an annuity through your 403(b).

However, it is important to be aware that annuities can be complex financial instruments with high fees and potentially lower returns than other options. It is a good idea to speak with a financial advisor before deciding to invest in an annuity.

If your 403(b) plan does not offer the investment options you want, consider using an individual retirement account (IRA) to supplement your portfolio. If your employer offers a matching contribution to your 403(b) plan, ensure that you are contributing enough to take advantage of this benefit before investing in an IRA.

Are there other ways to prepare for retirement?

A 403(b) is not the only way to save for retirement. In fact, you should consider retirement planning holistically, working it into your other short-term and long-term money goals.

In addition to using a 403(b), you can also open an IRA to set aside money in an account that you have more control over. If you qualify, you might also be able to use a Health Savings Account to begin saving up for healthcare costs in retirement.

Please keep in mind that you might have other accounts from previous jobs. Rolling them all into one IRA can help you consolidate the money to more effectively plan for the future. Make sure you consider taxable investment accounts, savings accounts, pensions, and even Social Security benefits in your planning.

For the most part, though, the first step is getting in the habit of saving money. You might not feel like you have “enough” money to invest for retirement. This isn’t true. Even if you only set aside 1% of your income, it’s still better than nothing.

Here are some tips for managing your retirement portfolio:

Work toward increasing your contribution a bit each year.
Review your accounts once a year and rebalance as needed.
Consolidate accounts to reduce fees and improve management.
Be realistic about your retirement needs and plan accordingly.
Incorporate other financial goals and prioritize retirement.
Use windfalls, bonuses, and other unexpected income sources to pad your account.

Bottom Line

The earlier you start saving for retirement, the less you have to contribute each month to meet your goals. However, it’s better to start late than never. Put as much as you can into your 403(b) from the get-go, taking special advantage of any employer match. As you develop the habit of setting goals and saving for them, you’ll position yourself for financial success.

Your future self will thank you.

Source: crediful.com

Feature	True Financial Freedom (SeedTime)	Financial Peace University (Ramsey)	MoneyLife (Crown Financial)
Goal	To give Christians a Biblical framework and practical tools so they can manage money wisely, experience true financial freedom, and make an eternal impact for God’s Kingdom.	To help individuals and families get out of debt, build wealth, and take control of their money using a proven, step-by-step approach.	To guide Christians in understanding and applying God’s financial principles, seeing Him as the ultimate provider, and aligning their finances with Biblical values.
Approach	-Strikes an effective balance between biblical wisdom and practical, actionable guidance. -Helps you manage money in a way that honors God and sets you up to thrive financially.	-Heavily focused on getting out of debt using a proven system of “Baby Steps”. -Incorporates some biblical principles but is more secular in its overall approach.	-Leans deeply into the biblical and spiritual side of money management. -Emphasizes seeing God as the ultimate provider.-Can feel a bit more theoretical at times.
Teaching Style	-Engaging, relatable, and empowering (feels up-to-date with the modern ‘YouTube’ era of online learning). -Real-life stories with humor and grace, making the course feel like a conversation with wise, caring friends.	-A lot of energy and motivation, but his style can come across as a bit harsh or stern at times, which doesn’t resonate with everyone. -Comes across as more of a lecture than a workshop.	-More academic and classroom-like, with a heavy emphasis on reading materials and assessments. -May not be as engaging for all learning types.
Personalization	-The interactive workshop style guides you in creating a personalized money strategy tailored to your unique situation and goals. -No one-size-fits-all plans, you build a blueprint that truly fits your life.	-Provides a clear, prescriptive set of “Baby Steps” to follow for getting out of debt and building wealth. -While proven, it may not allow as much flexibility for individual circumstances.	-Offers some helpful personalized tools like the MoneyLife Indicator assessment-Emphasis on “God as provider” means the program has a very specific outline to achieve that goal which may feel rigid.
Unique Benefits	-The simple “Never 100” rule for a done-is-better-than-perfect approach to saving. -“Straight A” strategy for automating your finances. -A strong focus on leveraging your unique God-given talents to increase your income. -Eternal Impact as the ultimate goal (giving, investing in the Kingdom, etc..)	-Iconic “debt snowball” method for accelerating debt payoff and staying motivated. -Access to EveryDollar budgeting app. -Financial coaching resources.	-Scripture memory-The “transfer of ownership” exercise to help align your mindset and habits with biblical financial principles. -Personality assessment to find and leverage your gifting.
Perfect for…	-Those who want to learn how to truly live and thrive in the ways of the Kingdom (not being so heavenly-minded that they’re of no earthly good, but also not getting caught up in building their own earthly kingdom) -A grace-filled, practical approach to experience true financial freedom and make an eternal impact!	-Individuals and families who are drowning in debt and need a clear, proven, step-by-step plan to get out of debt and start building wealth, with some biblical grounding and intense motivation.	-Those who desire a deeply biblical exploration of God’s role in our finances, with a focus on spiritual practices and mindset shifts. -Those who don’t mind a more academic, reading-heavy approach.

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True Financial Freedom (SeedTime)

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