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Apache is functioning normally

September 4, 2024 by Brett Tams

Checking accounts are designed for everyday money management and make it easy to pay bills, either online or via debit card or check. Savings accounts, on the other hand, are set up for saving rather than spending. These accounts typically pay a higher interest rate on your balance to incentivize saving, and don’t provide the same ease of access as checking accounts.

That said, it’s possible to pay bills using your savings account. Whether or not you should, however, is another question. Here’s a look at when and how you might use your savings account to cover bills, whether it’s a one-off expense or a recurring payment.

How to Pay Bills From Your Savings Account

Since savings accounts aren’t set up for covering regular expenses, they don’t come with checks or a debit card. However, there are some other ways to pay bills with a savings account. Here are some to consider:

Withdraw Cash

If you’re able to pay a bill in cash, you can withdraw it from your savings account at an ATM using your ATM card or, if you also have a checking account at that bank, your debit card. To avoid fees, be sure you use an ATM that’s in your bank’s network. Also keep in mind that banks typically allow a maximum of $500 to $1,000 to be withdrawn at an ATM per day. You can withdraw more cash by going to a teller to make the withdrawal.

Make a Transfer

A simple way to use your savings account to pay a bill is to transfer the needed amount into your checking account, then make the payment from there. You can typically make this kind of transfer by using your banking app, logging into your account online, or visiting a local branch.

If your checking and savings accounts are at the same bank, the transfer is usually immediate. If your savings account is at a different financial institution than your checking account, it may take up to three days to post.

Recommended: How to Transfer Money From One Bank to Another

Use Bill Pay

In some cases. you may be able to set up a direct recurring payment from your savings account to a company or service provider, such as your credit card issuer or utility company. To do this, you’ll need to supply the billing company with the routing and account number for your savings account. Once the account is authorized, that company can then debit funds from your savings account.

Keep in mind, however, that some billing companies do not allow automatic debits to come from savings accounts. Plus, some financial institutions don’t permit this type of transaction.

Get a Cashier’s Check

For a large, one-time bill, you might consider using a cashier’s checks. This type of check looks and works like a typical check, except it’s written by a bank or credit union for withdrawal from the institution’s account, instead of the customer’s personal funds. Because the financial institution guarantees the check, it’s considered a highly secure form of payment.

To use a cashier’s check to pay a bill with a savings account, you’ll need to visit your bank or credit union and purchase the check using funds from your savings account. Financial institutions typically charge a fee for cashier’s checks.

Recommended: Money Order vs Cashier’s Check: What’s the Difference?

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What Else Are Savings Accounts Used For?

Savings accounts work well for storing and growing funds you don’t need immediately but plan to use some time in the next few months or years.

Since these accounts keep your money safe and accessible, they are ideal for building your emergency fund. A general rule of thumb is to keep at least three to six months’ worth of living expenses parked in a separate savings account that earns a competitive return, such as a high-yield savings account. When an emergency or unexpected expense comes up, you can then easily access those funds and immediately have the cash you need to deal with the problem.

Savings accounts also work well for short-term savings goals, such as paying for a vacation, new car, or home improvement project. For longer-term goals like retirement or a child’s college education, however, you’re likely better off investing your funds in the market, which involves risk but can provide greater returns over the long term.

Tips for Getting the Most Out of Your Savings Account

These strategies can help you maximize the benefits of a savings account.

• Select a high-yield or high-interest savings account. If your money is sitting in an account, earning as much interest on it as you can maximizes your cash.

• Set some specific savings goals. Understanding why you want to save money, whether it’s for a home, a vacation, or an emergency fund, can help you stay motivated to stick to your savings plan.

• Try to minimize withdrawals. To make sure your savings account grows, rather than shrinks, try to limit everyday spending to the money you have available in your checking account.

• Automate savings. To reach your savings goals faster, consider setting up a recurring transfer from checking to savings for a set day each month, ideally right after your paycheck clears.

Consequences of Paying Bills With Your Savings Account

In the past, the Federal Reserve has limited the number of transfers or withdrawals from a savings account to six per statement period under a rule called Regulation D. In response to the coronavirus pandemic, however, the Federal Reserve Board lifted the six-per-month limit. While some banks and credit unions have since loosened restrictions, many have chosen to continue imposing transaction limits. Exceeding the limit can result in a fee or, if it happens repeatedly, conversion or closure of your account.

Even if your bank doesn’t limit savings account transactions, using a savings account to pay bills generally isn’t as easy or convenient as using a checking account. Moreover, using your savings account for bill payments can reduce your balance, impacting your ability to earn interest and save for future goals.

Alternative Ways to Pay Your Bills

If you prefer to keep your savings account strictly for saving. Here are some other ways you can pay your bills:
Check

• Direct debit from your checking account

• Online bill payment using your checking account

• Money order

• Cash (paid in person)

• Credit card

The Takeaway

While it’s possible to pay bills from your savings account, it’s generally not the most practical or cost-effective. Savings accounts are designed for saving money and earning interest, making them better suited for short-term saving goals rather than daily expenses.

That said, there may be times when you need to tap your savings to make a payment. In those instances, withdrawing cash or transferring money to a checking account are generally the most convenient ways to spend the money in your savings account.

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

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.50% APY on SoFi Checking and Savings.

FAQ

What ways can you spend using your savings account?

You can spend money from your savings account by withdrawing cash at an ATM, transferring funds to your checking account (and spending them from there), getting a cashier’s check, and, if your bank allows it, through direct online payments.

Why is it difficult to pay bills with your savings account?

Savings accounts are primarily designed for storing funds and earning interest, not for frequent transactions. As a result, many banks impose restrictions and fees to discourage the use of savings accounts for regular bill payments and everyday spending.

Can you pay direct debit from a savings account?

It depends on your bank and who you are trying to pay. In some cases, it’s possible to set up a direct debit from a savings account to a payee. However, some billing companies only permit direct debits from checking accounts, and many banks block this type of transaction.

Even if you are able to set up autopay through your savings account, you’ll also want to keep in mind that banks often limit transactions from savings accounts to six per month. Automatic debits could cause you to exceed your limit, resulting in fees and, in extreme cases, closure of your account.

Photo credit: iStock/PeopleImages

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

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

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

SoFi members with direct deposit activity can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.50% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.50% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

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

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

Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

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

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Source: sofi.com

Apache is functioning normally

September 4, 2024 by Brett Tams

San Diego is often celebrated for its famous attractions like the San Diego Zoo, SeaWorld, and stunning beaches. If you dig a little deeper, you’ll find a bounty of hidden gems that offer unique experiences, rich culture, and plenty of fun. Perhaps you’re considering purchasing a home in San Diego, CA, or renting an apartment or house in the area. These hidden gems might be the nudge you need to consider making San Diego your home. Here’s a guide to some of the must-visit spots that you might not find in your average travel brochure.

1. Bike the city’s coastline

Looking to explore San Diego in a way that’s both unique and exhilarating? Consider hopping on an electric bike with Cal Coast Adventures. Specializing in private e-bike tours, your guide will take you on a scenic journey through some of the most charming coastal towns in San Diego. From Solana Beach to Del Mar, Cardiff-by-the-Sea, and Encinitas, you’ll uncover the best local spots to eat, drink, grab a coffee, hike, and soak in the area’s rich history. If you want a private experience, they’ve got you covered with tours that include food stops and even a hike through Annie’s Slot Canyon. It’s the perfect way to see the sights and enjoy the fresh air.

2. Savor the flavors

For a taste of local life and some of the best food in San Diego, head to the Scripps Ranch Farmers Market & Family Festival. Held every Thursday night in the parking lot of Newtopia Cyder Brewery, this market is quickly becoming the go-to spot for families, friends, and coworkers to meet up. With a wide variety of delicious food from talented local chefs, you’ll want to arrive with an empty stomach. The community vibe is warm and welcoming, making it the perfect place to mingle with friendly locals while enjoying some incredible eats.

3. Unleash your creativity

If you’re in the mood to get creative, Cone 6 Ceramics in Barrio Logan should be on your list. This vibrant pottery studio offers everything from one-time workshops to five-week classes, catering to both beginners and seasoned ceramic artists. Whether you’re looking to try your hand at the pottery wheel or perfect your glazing technique, the studio provides a supportive environment where creativity flourishes. Plus, they host community events that are a fantastic way to meet like-minded individuals while creating something beautiful.

4. Find new treasures

For those who love to hunt for unique finds, Deborah’s Next to New in Escondido is a must-visit. This charming store has been a staple in the community for nearly 50 years, offering a diverse selection of items perfect for new homeowners and renters alike. From beautiful furniture and unique clothing to one-of-a-kind treasures like guitars, Deborah’s is a haven for anyone looking to add a personal touch to their space. And if you’re looking to declutter after your move to San Diego, they also offer consignment services, making it easy to buy and sell quality items.

5. Experience world-class dining

If you’re a foodie, San Diego won’t disappoint. Bibi Kasrai, owner of Bibijoon’s Kitchen, knows all the best spots in town. She’s particularly fond of Balboa Park, which she calls the “crown jewel of the city”, and recommends checking out its museums, especially the Mingei and the Japanese Garden. For a dining experience you won’t forget, she suggests splurging at Addison, Southern California’s first three-star Michelin restaurant. And if you’re looking for something truly unique, book a private culinary experience with Bibi herself at Bibijoon’s Kitchen. You’ll get to break bread with a master chef who knows the city’s food scene inside and out.

Photo courtesy by Bibijoon’s Kitchen

6. Enjoy authentic indian cuisine

Craving Indian cuisine? Sattvik Foods is a hidden gem in San Diego that you need to check out. This restaurant offers a wide array of authentic Indian dishes, including many vegan options. With recipes passed down through generations, Sattvik Foods ensures that every dish is bursting with flavor. All ingredients are sourced locally, and the menu changes daily based on what’s in season, so there’s always something new and delicious to try.

7. Get inspired

Art lovers won’t want to miss Art San Diego, the region’s most acclaimed contemporary art and design fair. Held at the San Diego Convention Center from November 1-3, 2024, this event is a celebration of postmodern art, featuring approximately 500 artists, galleries, and dealers. With curated exhibits, local talent, and student artists, Art San Diego is a unique experience that enhances the city’s vibrant artistic culture. Plus, it supports local nonprofits like Monarch School and Humble Design through its Access to Art program, making it a must-visit event for art enthusiasts and philanthropists alike.

Photo courtesy by Art San Diego

8. Raise a glass

No visit to San Diego would be complete without sampling some local brews. Head to Barley and Sword Brewing Company in North Park for a taste of classic European and American beer styles. This hidden gem in San Diego has quickly made a name for itself, offering a selection of true-to-style brews that will delight any beer lover. It’s the perfect spot to relax with friends and enjoy a pint in the heart of the city.

9. Explore the art collection of a legend

San Diego has been home to many creative talents, including the legendary Dr. Seuss. At Exclusive Collections Gallery (EC Gallery) in the Gaslamp District, you can explore a full collection of his art, including the behind-the-scenes process of how he created his beloved characters and illustrations. This gallery is a must-visit for fans of his work, offering a glimpse into the creative mind of one of the world’s most beloved authors and artists.

Photo courtesy by EC Gallery

10. Find serenity

For a quintessential San Diego experience, make your way to WindanSea Beach in La Jolla. Renowned for its impressive surf breaks and breathtaking limestone cliffs, this beach is a local favorite for its natural beauty and secluded spots year-round. Arrive early to snag a good parking spot, and be prepared to take a short hike along the low cliff to claim your own piece of the Pacific. While you’re in the area, don’t miss the chance to visit the La Jolla Art Association located nearby, where you can view original paintings by talented local artists and enjoy free midday concerts in the community center’s courtyard.

11. Embrace the local culture

To truly experience the heart of San Diego, a visit to the Barrio Logan neighborhood and dining at Las Cuatro Milpas is a must. As Claudia of Sew Loka shares, “this authentic, no-frills Mexican-American restaurant has been owned by the same family for generations” This beloved spot offers an authentic taste of Mexican-American culture with its handmade tortillas and mouth-watering frijoles that keeps the locals coming back for more. And if you’re looking to dive into the local arts scene, head over to San Diego Writers, Ink in Liberty Station Arts District. Whether you’re attending an author reading or participating in a writing class, it’s the perfect way to connect with San Diego’s vibrant literary community.

12. Discover unique finds

Seaport Village, a charming 14-acre waterfront complex established in 1980, offers a variety of dining, entertainment, and shopping experiences. Nestled within this picturesque setting is the Eclectique Boutique, a distinctive shop that adds a unique touch to the village. It’s an ideal spot to explore unique finds and soak in the vibrant ambiance of this iconic San Diego destination.

Hidden Gems in San Diego, CA: Final thoughts

San Diego is a city full of surprises, and these hidden gems provide a peek into the vibrant and diverse culture that make San Diego a good place to live. Whether you’re a longtime resident or just thinking about living in San Diego, there’s always something new to discover in America’s Finest City.

Source: apartmentguide.com

Apache is functioning normally

September 3, 2024 by Brett Tams

Home prices may have come down from their 2022 high, but they remained out of reach for the typical would-be first-time buyer in the second quarter, especially in the nation’s most populous areas.

Buying a home in this market can be particularly hard for people who haven’t done it before. First-time buyers traditionally have lower incomes and less established credit than repeat home buyers. Further, they generally make smaller down payments — 8%, on average, according to the most recent Profile of Buyers & Sellers from the National Association of Realtors, compared with 19% for repeat buyers. Buying a first home has arguably never been easy, but it’s gotten extremely difficult under current conditions.

With a down payment of 8%, housing payments on a typically priced home in the second quarter of 2024 would equate to almost half of the median gross monthly income for Americans of first-time buyer age.

Making a larger down payment or choosing a less desirable home could make this initial purchase easier, but not all homebuying hopefuls will find those options possible.

Housing payments for first-time buyers: 49% of income

The average sticker price for a home in the second quarter of this year was $439,000, according to NerdWallet analysis of Realtor.com data. But the advertised price of a home is far from the only consideration of affordability.

For that reason, we examined the potential housing payment for first-time buyers in the second quarter. This payment not only accounts for the price of the home, but also the typical first-time buyer down payment, mortgage rate, real estate taxes, homeowners insurance and PMI, or private mortgage insurance — a requirement on conventional mortgages financed with less than 20% down.

That estimated monthly housing payment using the nationwide average home price was close to $3,500 in the second quarter of the year. That’s 49% of the median income for Americans in the first-time home buyer age group. And estimated payments in some of the country’s largest metro areas were considerably higher.

First-time home buyer tip: In the highest-priced markets such as Los Angeles, New York and San Diego, putting 8% down on a home may not be feasible. That’s because typical home prices in these areas are well over one million dollars, and would require what’s known as a jumbo mortgage. Currently, loans over $766,550 exceed the cap for conforming loans, according to the Federal Housing Finance Agency, and jumbo loans generally have stricter standards, including larger down payment requirements. Buyers in these markets will need higher-than-average incomes, larger down payments and flexibility on their side to become homeowners.

In other areas, buyers hoping to put less than 20% of the sale price down have more options. Many lenders offer loans with lower down payments — as low as 3% — and most states have first-time home buyer programs with benefits such as down payment assistance.

Buyers (and borrowers) have a few options

One lesson that became apparent to home buyers over the past few years: You can’t take low mortgage rates for granted. After several years of rates below 5% (with periods even below 3%), current rates are a reminder that it’s not only home prices that matter in home affordability calculations. Borrowers can take some steps to ensure they qualify for the lowest rates available, but lenders will only go so low. Home down payments are another input that can have a considerable impact on how much buyers spend each month.

Increasing a down payment from 8% to 12%, for example, can shave several hundred dollars off of the monthly housing cost. But if possible, increasing your down payment to 20% can eliminate the PMI requirement on a conventional loan.

First-time home buyer tip: To be sure, putting 20% down on a high-priced home won’t be possible for all first-time buyers. It’s an especially tall order when homes are priced as high as they are now. But the larger your down payment, the less you have to finance, and every bit helps. So, for instance, if you’re waiting for mortgage rates to come down a bit, using that time to intentionally squirrel away more in savings means you can also take out a smaller loan when you’re ready to start shopping. If you hope to buy in the coming months, keeping your down payment fund in a high-yield savings account ensures it’s readily available. But if you plan on waiting a year or two and can stand putting the money out of reach, a certificate of deposit may offer higher rates.

Inventory deficit remains the driver of high prices

The high home prices we currently see are a direct result of too few homes. This low supply in the face of high demand drives prices up. And currently, the supply is so low that even seasonal quarterly gains in inventory aren’t enough to provide relief.

The second quarter of the year generally brings more listings to the market, and Q2 of 2024 was no different. Across the country, the number of homes on the market rose by 17% compared with the previous quarter, and a generous 34% compared to last year’s second quarter. Despite these gains, list prices rose 4% in the second quarter.

While inventory continues to climb, the current number of homes on the market at any given time is still at a significant deficit from where it was before the pandemic.

First-time home buyer tip: In the past, first-time buyers began their homeownership journey with a “starter” home — something smaller or a home that needed some work — to help keep the price point reasonable. But in this market where homes are few and far between, starter homes are difficult to find. One way to increase the number of homes available to you is to expand your search. Whether geographically — looking at homes in different neighborhoods or even towns — or by considering home types or features that aren’t on your long-term wishlist, the more flexible you are in your homebuying journey, the more likely you are to find something that fits the bill.

Methodology

Monthly median list price and list count figures are from monthly inventory data from the Realtor.com residential listings database as of Aug. 1, 2024. All nominal list prices were adjusted to June 2024 dollars using the U.S. Bureau of Labor Statistics’ consumer price index. All monthly median figures were compiled into quarterly averages.

The median age of first-time home buyers is 35, according to the National Association of Realtors’ 2023 Profile of Home Buyers and Sellers. Estimated income for first-time home buyers was derived from the U.S. Census Bureau’s 2022 American Community Survey metro-level median household income for householders ages 25-44 — the range likely to include most first-time home buyers — and adjusted to June 2024 dollars using the Bureau of Labor Statistics’ Employment Cost Index.

Homeowners insurance premiums were estimated using a sample policy profile across all markets through Quadrant Information Services.

Additional sources for this analysis include: median real estate taxes from the American Community Survey, U.S. Census Bureau and the average Q2 rates on 30-year fixed mortgages, Freddie Mac Primary Mortgage Market Survey.

Source: nerdwallet.com

Apache is functioning normally

September 3, 2024 by Brett Tams

Both cashier’s checks and money orders are forms of payment that are guaranteed, but money orders tend to be for smaller amounts and to cost less.

With both of these payment forms, the payer’s funds are tapped before they’re issued, so there’s no risk of the money not clearing, which can be a considerable advantage over personal checks. Money orders have limits on the dollar amount but cost less to obtain — and don’t require a bank account. You can get a cashier’s check for a much larger amount, but you generally need to acquire it from a bank or credit union, and it’ll cost a bit more.

What Are Money Orders?

Money orders are a form of guaranteed payment that you can purchase at a bank or credit union, post office, money transfer service company, big-box retailer like Walmart, and even some convenience stores and supermarkets.

A money order offers assurance to the person you’re paying: Because you prepay for the money order, the payee knows that the funds are guaranteed. (This is not the case with a personal check, which could bounce when they go to deposit it.)

Although they are called money orders, this is a form of paper payment, much like a check drawn on your checking account.

How Do Money Orders Work?

Money orders can work well as a secure and convenient way to transfer funds. They typically only cost a few dollars at most, and they’re a great solution for someone who doesn’t have a bank account and thus no access to paper checks. You can fund a money order with cash, a debit card, or traveler’s checks. In some cases, you can also buy a money order with a credit card.

However, money orders usually have a $1,000 limit domestically (and $700 internationally).

What Are Cashier’s Checks?

Like money orders, cashier’s checks are prepaid and thus offer the payee a higher level of confidence that the payment will go through. Available from financial institutions where you bank, cashier’s checks are often available for large amounts (there may not be any upper limit) and with more security features. This can make them useful in real estate and other transactions that involve major sums of money.

Recommended: Certified Check vs. Cashier’s Check

How Do Cashier’s Checks Work?

You can usually only purchase a cashier’s check at a bank or credit union — and the financial institution may only offer them to current members. As with a money order, you pay for a cashier’s check in advance but in this case with funds from your account. The bank will hold those funds until the recipient deposits the cashier’s check.

Cashier’s checks cost more money (around $10, generally), but they offer greater security features than money orders. Cashier’s checks are ideal for large purchases; there isn’t a $1,000 limit as there usually is with money orders.

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Pros and Cons of Money Orders?

Money orders offer a number of advantages, but they also have some drawbacks to consider.

Pro: Available to Unbanked Consumers

Money orders don’t require a bank account to purchase them. For the 4.5% of American households that are unbanked, this option provides a way to send money securely.

Pro: Wide Availability

Money orders are available at many locations you may visit during daily errands. You can buy a money order at the post office, the bank, Walmart, Western Union, or sometimes even your grocery store or a nearby convenience store. And with fees of just a dollar or two, they can also be an affordable option.

Pro: Guaranteed Payment

Because you prepay for a money order, the payment is guaranteed. This offers assurance to whomever you’re paying — and is sometimes required for transactions to be completed.

Con: Purchase Limitations

Money orders are typically capped at $1,000 domestically (and even less internationally). If you need to make a larger payment, you may need to get a cashier’s check or find another payment method.

Con: Security Concerns

Both money orders and cashier’s checks offer more security than personal checks — and certainly more security than using cash to make a payment. What’s more, neither payment option displays your account information (like a personal check).

That said, money orders offer fewer security features than a cashier’s check. For example, if a money order is lost or stolen before you fill out all the required information, anyone could fill it out for themselves and take the money. (With a cashier’s check, the payee’s name is filled out when it’s purchased.)

Pros and Cons of Cashier’s Checks

Cashier’s checks also carry a number of pros and cons:

Pro: Larger Purchase Amounts

Cashier’s checks are ideal for larger transactions, like when making a down payment on a new car or paying closing costs on a house. If you need guaranteed payment for more than $1,000, a cashier’s check can be a good way to go.

Pro: More Security

Cashier’s checks are backed by a financial institution and typically have more security features than a money order. This may be worth the cost: For a few more dollars, you may have additional peace of mind.

Pro: Fast Access to Funds

When you deposit a personal check, it could take a few days for the funds to be available. But because cashier’s checks (and money orders) are prepaid, the recipient can usually get immediate access to funds.

Con: Cost

Cashier’s checks are typically around $10, making them more expensive than money orders. Personal checks are free, as long as your bank has already provided you with a free checkbook.

Con: Limited Availability

You can’t get a cashier’s check just anywhere; you likely need to get them at a financial institution where you bank. (In rare cases, you may be able to purchase one at a financial institution where you are not an account holder.)

When to Use a Money Order vs. a Cashier’s Check

While you can use a money order or a cashier’s check in many scenarios, here are times it may be better to go with a money order:

• It’s a small transaction: Money orders are generally secure and are more affordable than cashier’s checks. If the transaction is under $1,000, you can usually save money by going with a money order.

• You don’t have a bank account: If you don’t have a bank account, you probably won’t be able to get a cashier’s check. A money order may be your only option.

• You’re already at the post office: … or the grocery store … or Walmart. If you don’t want to make a special trip to the bank for a cashier’s check, you can pick up a money order at several convenient locations.

Recommended: How to Switch Banks

When to Use a Cashier’s Check vs. a Money Order

Money orders can be an affordable and useful option, but in some scenarios, you might want to use a cashier’s check instead, such as when:

• It’s a large purchase: Cashier’s checks aren’t bound by a $1,000 limit. If you’re making a big purchase and need guaranteed funds, a cashier’s check can work well.

• You want bank-backed security: If the payee is hesitant about a personal check, they might also pause before accepting a money order. To ease any concerns from the person you’re paying, you may want to give them a bank-backed cashier’s check.

Tips to Protect Yourself When Using Money Orders or Cashier’s Checks

Cashier’s checks and money orders are typically more secure than cash and personal checks, but there are things you can do to stay safer when using these payment methods, such as:

• Filling out money orders right away: If you lose a money order that doesn’t have the information filled out yet, anyone could fill it out to themselves and cash the money order. Banks typically fill out cashier’s checks before handing the paper over to you, reducing this risk.

• Using reputable vendors: Thoroughly research a vendor before buying a money order. Because only banks and credit unions sell cashier’s checks, you can be more confident in the check’s authenticity upon purchase.

• Keeping your receipts: In case any disputes arise, it’s a good idea to have your receipt. This may also enable you to stop the payment (if the recipient hasn’t yet cashed it), if needed.

Recommended: How to Overcome Bad Financial Decisions

The Takeaway

Cashier’s checks and money orders both offer a secure way to make guaranteed payments. Money orders can be better for smaller transactions and are available for purchase at more locations. Cashier’s checks, only available at banks and credit unions, offer heightened security and can be purchased for larger dollar amounts.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.50% APY on SoFi Checking and Savings.

FAQ

How much does it cost to order a cashier’s check?

Cashier’s check prices can vary, but you can generally expect to pay around $10 for a single cashier’s check. This makes them slightly more expensive than money orders.

Are cashier’s checks or money orders easier to buy?

Money orders are typically easier to buy than cashier’s checks. Money orders are available at the post office, banks, Walmart, Western Union, and select supermarkets and convenience stores. They’re also more affordable, and you don’t need a bank account to purchase one.

Are cashier’s checks or money orders safer?

While both cashier’s checks and money orders offer security features that can make them safer than personal checks, cashier’s checks offer a higher level of safety than money orders since they’re backed by a financial institution (and for instance, the payee’s name is filled out at time of purchase). You can only purchase cashier’s checks at a bank or credit union.

Photo credit: iStock/AndreyPopov

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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.

SOBK1222018

Source: sofi.com

Apache is functioning normally

September 3, 2024 by Brett Tams

Delaware, often referred to as “The First State,” is a mix of small-town charm, historical significance, and coastal beauty. With its tax-friendly environment, proximity to major metropolitan areas, and miles of pristine beaches, Delaware provides a unique lifestyle. Whether you’re looking at homes for sale in Wilmington, considering renting a home in Newark, or touring apartments for rent in Dover, here’s what you need to know before moving to Delaware.

Delaware at a glance

Delaware’s coastal living and historical richness, makes it a standout among the Mid-Atlantic states. Wilmington, with its vibrant arts scene and a growing economy driven by major corporations, offers a dynamic urban experience. Meanwhile, Dover, the state’s capital, preserves its historical charm with well-maintained colonial-era sites. The state’s eastern shores, including Rehoboth Beach and Bethany Beach, are famous for their sandy beaches, boardwalks, and seasonal festivals that draw visitors from across the region.

The cost of living in Delaware varies, with the northern part of the state, especially around Wilmington, being more expensive, while southern areas like Sussex County offer more affordable places to live. Delaware’s lack of sales tax is a major draw, especially for those who enjoy shopping. The small size of the state ensures that whether you’re interested in a beachside lifestyle, suburban comfort, or a bustling city environment, everything is within easy reach.

1. There’s no sales tax here

Delaware is one of the few states in the U.S. without a sales tax, which means that whether you’re buying a new TV or just doing your weekly grocery shopping, you won’t pay any extra at the register. This lack of sales tax makes Delaware a popular shopping destination for residents and visitors from nearby states. The savings can add up, especially for big-ticket items like electronics and appliances.

If you’re planning a move to Delaware, it’s important to weigh the pros and cons so you’ll know what to expect.

2. Beaches are a big deal

Delaware’s coastline is a significant attraction, with popular spots like Rehoboth Beach, Bethany Beach, and Lewes drawing both locals and tourists year-round. The beaches are known for their lively atmosphere, clean sands, and boardwalks filled with shops, restaurants, and entertainment. During the summer, these areas come alive with events such as the Rehoboth Beach Jazz Festival and outdoor concerts.

Insider scoop: To avoid the heavy summer traffic on Route 1, learn the backroads, which not only save time but also offer scenic views of Delaware’s coastal landscapes.

3. Delaware is close to major cities

Delaware’s strategic location on the East Coast puts residents within easy reach of several major metropolitan areas. Wilmington, the state’s largest city, is just a 30-minute drive from Philadelphia, and both Baltimore and Washington, D.C., are about two hours away. This proximity allows for convenient day trips, commuting options, and access to the cultural and professional opportunities these cities offer. Whether you’re looking to catch a Broadway show, visit a world-class museum, or attend a professional sports event, you’ll find that living in Delaware provides easy access.

4. Small town feel, big city access

Living in Delaware balances a lifestyle between the charm of small-town life and the conveniences of big-city access. Communities like Newark and Dover have a friendly, close-knit atmosphere where neighbors know each other, and local businesses thrive. Yet, you’re never too far from the excitement and opportunities of larger cities like Philadelphia and Baltimore. This combination makes Delaware appealing to those who want a quieter lifestyle without sacrificing the amenities and employment opportunities found in larger urban centers.

5. The state has a mild climate

Delaware enjoys a relatively mild climate, experiencing all four seasons without the extreme weather conditions found in many other parts of the country. Winters are generally moderate, with temperatures averaging between 30°F and 45°F, and occasional snow. Summers are warm, with temperatures typically ranging from 70°F to 85°F, but rarely reaching excessively hot levels. The state’s coastal location helps to temper the climate, making for pleasant springs and falls, where temperatures often hover between 50°F and 70°F—perfect for outdoor activities. This mild weather means residents can enjoy Delaware’s parks, beaches, and outdoor events year-round.

6. The cost of living varies by region

The cost of living in Delaware varies significantly across different regions. Wilmington, the state’s largest city, has a median home sale price of around $258,558 and a median rent for a one-bedroom apartment at $1,929. In contrast, Dover, the state capital, offers a more expensive lifestyle with a median home sale price of about $287,995 but a more affordable rental rate of $1,380. Beach towns like Rehoboth Beach, known for their seasonal appeal, have higher prices, where housing is about 21% higher than in Dover, illustrating the regional cost variations within Delaware.

7. The state is great for nature lovers

Delaware provides an abundance of outdoor activities, making it an ideal place for nature lovers. The state is home to numerous parks, nature reserves, and wildlife areas, including Cape Henlopen State Park, which offers miles of trails, beaches, and opportunities for fishing and birdwatching. The Delaware River and Bay also provide plenty of options for kayaking, boating, and fishing. Whether you enjoy hiking, cycling, or simply spending time outdoors, Delaware’s diverse landscapes and well-maintained parks offer plenty of opportunities to connect with nature.

Insider scoop: For frequent visitors, consider purchasing a Delaware State Park pass. It offers unlimited access to all state parks and can save you money if you plan to explore multiple locations throughout the year.

Methodology

Population data sourced from the United States Census Bureau, while median home sale prices, average monthly rent, and data on affordable and largest cities are sourced from Redfin.

Source: rent.com

Apache is functioning normally

September 3, 2024 by Brett Tams

Memphis, often referred to as the “Home of the Blues,” is a city full of history, music, and Southern charm. With its iconic landmarks like Beale Street, vibrant neighborhoods, and a cultural scene that resonates with the rhythms of blues, soul, and rock ‘n’ roll, it’s no wonder that so many people dream of calling Memphis their home. However, life in this historic city comes with its own set of challenges. So whether you’re looking for a modern apartment in Downtown Memphis or a cozy apartment in Cooper Young, you’ve come to the right place.

In this ApartmentGuide article, we’ll explore the various pros and cons of living in Memphis, helping you decide if this soulful Southern city is the right place for you.

Fast facts about living in Memphis

Known for: Rich music history, including Beale Street and Graceland
Fun fact: Memphis is home to the world’s largest barbecue cooking contest, the Memphis in May World Championship Barbecue Cooking Contest
Population: Over 630,000 residents
Average rent: $1,145 per month for a one-bedroom apartment
Median home sale price: $190,000
Public parks: Over 160, including the expansive Shelby Farms Park
Languages spoken: Predominantly English and Spanish
Proximity to Nashville: About 210 miles northeast
Restaurants: A thriving food scene with a focus on barbecue, soul food, and Southern cuisine

1. Pro: Affordable cost of living

The cost of living in Memphis is 10% lower than the national average, making it an appealing choice for those seeking an affordable lifestyle. Housing is particularly budget-friendly, with costs 17% less than the national average. The median sale price for a home in Memphis is around $190,000, and the average rent for a one-bedroom apartment in Memphis is approximately $1,145 per month. Additionally, utilities are 13% less expensive, transportation costs are 11% lower, and healthcare is 14% below the national average. While groceries are on par with the national average, lifestyle expenses such as dining out and entertainment are 7% lower, further enhancing the overall affordability of living in Memphis.

2. Con: Limited public transportation

Memphis has limited public transportation options compared to larger cities. While the city does have a bus system and the MATA trolley service in the downtown area, most residents rely on personal vehicles for commuting. The public transit system is not as comprehensive or frequent as in other metropolitan areas, which can be a drawback for those who prefer not to drive. Additionally, Memphis is not particularly walkable or bike-friendly, with many areas lacking the infrastructure to support pedestrians and cyclists effectively.

Memphis transportation scores

Walk score: 35
Transit score: 22
Bike score: 41

3. Pro: Rich cultural heritage

Memphis is a city steeped in cultural heritage, especially when it comes to music. As the birthplace of blues, soul, and rock ‘n’ roll, the city is home to iconic music landmarks such as Beale Street, Sun Studio, and Graceland, the home of Elvis Presley. The city’s rich history also includes significant contributions to the civil rights movement, with the National Civil Rights Museum serving as a pivotal site.

4. Con: Extreme weather conditions

Memphis experiences a variety of weather conditions, with hot, humid summers and mild, occasionally cold winters. Summers can be particularly challenging, with temperatures often reaching the 90s and high humidity levels, making outdoor activities uncomfortable. The city also experiences severe thunderstorms and the occasional tornado, which can be concerning for residents.

5. Pro: Thriving food scene

Memphis is renowned for its vibrant food scene, particularly its world-famous barbecue. The city boasts a variety of dining options, from iconic barbecue joints to upscale Southern cuisine restaurants. Whether you’re in the mood for ribs, pulled pork, or something with a modern twist, Memphis has a dining experience to satisfy any palate.

Popular restaurants in Memphis

Central BBQ
The Rendezvous
Gus’s World Famous Fried Chicken
The Beauty Shop
The Arcade Restaurant

6. Con: Infrastructure challenges

Memphis faces challenges with aging infrastructure, including roads, bridges, and public utilities. The city’s infrastructure has struggled to keep up with growth and maintenance needs, leading to issues such as potholes, traffic congestion, and occasional water service disruptions. These challenges can affect the overall quality of life for residents and require ongoing attention from local government.

7. Pro: Outdoor recreation opportunities

Memphis offers a wealth of outdoor recreation opportunities, with over 160 parks, green spaces, and the expansive Shelby Farms Park. Residents can enjoy activities such as hiking, biking, fishing, and kayaking, all within the city limits. The Mississippi River also provides scenic views and opportunities for riverfront recreation.

Popular outdoor recreation areas in Memphis

Shelby Farms Park
Tom Lee Park
Overton Park
Wolf River Greenway
Mud Island River Park

8. Con: Limited job market diversity

While Memphis has a stable economy, it is heavily reliant on a few key industries such as healthcare, logistics, and transportation. Major employers include FedEx, St. Jude Children’s Research Hospital, and the University of Tennessee Health Science Center. However, those seeking opportunities in other industries, such as technology or finance, may find fewer options available, leading to longer job searches or the need to commute to nearby cities.

Top employers in Memphis

FedEx
St. Jude Children’s Research Hospital
International Paper
AutoZone
Methodist Le Bonheur Healthcare

9. Pro: Strong sense of community

Memphis is known for its strong sense of community and Southern hospitality. The city hosts numerous festivals, events, and community gatherings that bring residents together. From the Memphis in May festival to neighborhood block parties, there are plenty of opportunities to connect with others and build lasting relationships.

10. Con: Air quality concerns

Due to its location in the Mississippi River Valley and its industrial history, Memphis can experience air quality issues, particularly during the summer months. High levels of pollen, ozone, and humidity can contribute to poor air quality, which may be a concern for residents with respiratory conditions.

11. Pro: Vibrant arts and cultural scene

Memphis has a vibrant arts and cultural scene, with numerous galleries, theaters, and music venues. The city is home to a thriving community of artists, musicians, and performers, contributing to a lively and diverse cultural landscape. Annual events like the Beale Street Music Festival and the Indie Memphis Film Festival attract visitors and celebrate the city’s creative spirit.

12. Con: Urban sprawl

As Memphis has grown, it has experienced significant urban sprawl, with the city expanding outward rather than upward. This has led to longer commutes, increased traffic, and a reliance on cars for most daily activities. The spread-out nature of the city can also make it challenging to develop a strong sense of place in certain neighborhoods.

13. Pro: Access to healthcare

Memphis is home to some of the best healthcare facilities in Tennessee, including St. Jude Children’s Research Hospital and Methodist Le Bonheur Healthcare. The city offers a wide range of medical services, specialists, and healthcare providers, making it a convenient place to access quality healthcare.

14. Con: Limited public school performance

While Memphis has several reputable private and charter schools, the performance of the city’s public schools varies widely. The Shelby County Schools district has faced challenges related to funding, resources, and academic achievement. Individuals moving to Memphis should carefully research schools and consider the educational opportunities available.

Pros & cons of living in Memphis, TN (Summary)

Pro: Affordable cost of living
Con: Limited public transportation
Pro: Rich cultural heritage
Con: Extreme weather conditions
Pro: Thriving food scene
Con: Infrastructure challenges
Pro: Outdoor recreation opportunities
Con: Limited job market diversity
Pro: Strong sense of community
Con: Air quality concerns
Pro: Vibrant arts and cultural scene
Con: Urban sprawl
Pro: Access to healthcare
Con: Limited public school performance

Apache is functioning normally

September 2, 2024 by Brett Tams

Personal loans are a type of lending instrument offered through banks, credit unions, and online lenders. They’re paid back, with interest, in installments, and there are few limitations to how the loan funds can be used. They’re also typically unsecured, meaning you don’t have to put up any property as collateral for the loan.

A personal loan is an important financial tool if you can find one from a reputable lender at a reasonable interest rate, and you can commit to making loan payments on time. However, if you only qualify for a loan with a high-interest rate or you feel you may have trouble paying it back, you may want to think twice before applying.

Are Personal Loans Bad?

Not necessarily. There are both advantages and disadvantages to personal loans. Here’s a look at some of the benefits of taking out a personal loan:

• Personal loans generally offer a wide range of borrowing limits, typically between $1,000 and $100,000.

• There is flexibility in how the funds can be spent, unlike a mortgage, which you must use to buy a house, or an auto loan, which must be used to purchase a car.

• Proceeds of personal loans can be used for a variety of purposes, from paying down credit card debt to making home improvements and more.

• Unsecured personal loans are offered by many lenders. There is no need to put any of your assets up as collateral for the loan, nor do you risk losing them should you default.

It’s important to weigh these benefits against potential disadvantages, and determine if it’s bad to get a personal loan for your financial needs. Here’s a look at some of the downsides of taking out a personal loan.

• Personal loans may not offer the lowest possible borrowing option. For example, you might be able to get a better rate on a home equity loan or a home equity line of credit (HELOC) if you have enough equity in your home. That said, both of those lending instruments use your house as collateral, so if you default, you could risk losing your home.

• Personal loans sometimes have fees or penalties that can increase the cost of borrowing. For example, origination fees on personal loans tend to be between 1% and 5%. Some lenders may charge prepayment penalties to ensure they don’t lose future interest payments if you pay off your loan early.

• When you take out a personal loan, you’re increasing your overall debt. If you have other debts, comfortably affording all your monthly payments can become a challenge. And missing payments or making late payments can have a negative impact on your credit score.

Recommended: What Is Considered a Bad Credit Score?

Pros and Cons of Personal Loans

Here’s a look at the pros and cons of personal loans at a glance:

Pros of Personal Loans	Cons of Personal Loans
Wide range of loan amounts, usually between $1,000 and $100,000.	Interest rates may be higher than other types of loans, such as home equity loans or HELOCs.
Use of funds is flexible. Borrowers can use money from personal loans toward almost any purpose.	Fees and penalties can make borrowing more costly.
They are generally unsecured loans, which is beneficial to those who don’t want to put up collateral.	They increase your debt, potentially putting a strain on your budget.

When Can It Be a Good Idea to Get a Personal Loan?

So when is a personal loan a good idea?

Debt Consolidation

One reason to take out a personal loan is as a credit debt consolidation loan to pay down high interest credit card debt. The average credit card interest rate as of August 2024 is 27.62%. The current average personal loan interest rate, on the other hand, is 12.38% (if you have excellent credit you may pay less; if you have poor credit, you could pay more).

Consolidating high interest credit card debt with a lower-interest-rate personal loan may make your monthly payments more manageable and potentially save you money in interest payments over the life of the loan.

If you use a personal loan to pay down credit card debt, it’s a good idea not to use those credit cards to incur even more debt.

Home Improvement

Using a personal loan to make improvements to your home may also be beneficial as home improvements can increase the value of your home, possibly offsetting the cost of borrowing.

When Can It Be a Bad Idea to Get a Personal Loan?

There are a number of cases when you may wonder if getting a loan is bad. Here’s a look at some situations when getting a personal loan may not be a good idea.

No Credit Check Loans

Most loans — including most personal loans — require a credit check. This helps your lender understand your creditworthiness, or how likely you are to repay your debts. Generally speaking, the healthier your credit, the more favorable your loan interest rates and terms. Those with poor or limited credit may find it difficult to qualify for a loan.

No credit check personal loans, on the other hand, look at your bank account balance or require you to pledge some asset as collateral to secure the loan.

The problem is that these loans also tend to be extremely expensive — interest rates can well exceed 100%, which is considered to be predatory. There’s a pretty good chance that borrowers who rely on no credit check loans won’t be able to pay their bills on time, which could trap them in a cycle of debt.

Recommended: How To Avoid Falling Victim To Predatory Loans

Cheaper Alternatives May Be Available

Before taking out a personal loan, consider whether there are cheaper alternatives. We’ve already mentioned home equity loans and HELOCs. You might also consider a no-interest credit card, which charges 0% interest for an introductory period typically lasting between 12 and 20 months. If you can pay off your debt in this time period, this may be a good option. But whatever balance you don’t pay off in time may revert to the card’s regular rate, which is likely high.

You Are Not Good at Managing Debt

If you’re not good at managing debt, think twice before taking on more. And if you use your personal loan to consolidate credit card debt, you’ll want to be careful about racking up new credit card bills.

Discretionary Spending

Borrowing money for discretionary spending, such as vacations or an engagement ring generally isn’t a good idea. While these things are nice, they are not necessarily worth jeopardizing your financial wellbeing. Instead of borrowing to pay for big-ticket items like these, you may be better off saving for them in advance as a part of your regular budget.

Borrowing Money for Investments

It’s generally not a good idea to borrow money to make investments. By nature, investments are risky, and you are not guaranteed a return. Should the investment lose money instead of gain, you’ll be responsible for paying off your debt regardless of the investment loss.

The Takeaway

So are personal loans bad? The answer depends on how you plan to use the loan. Personal loans can be useful tools for purposes like consolidating credit card debt, making home improvements, and more.

Any time you’re considering a loan, it’s important to understand if it will meet your needs, what it will cost you, and whether there are any better alternatives out there.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

Photo credit: iStock/Morsa Images

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

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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 .

SOPL-Q324-033

Source: sofi.com

Apache is functioning normally

September 2, 2024 by Brett Tams

Thinking of making Oklahoma your new home? While it might not have the fast-paced vibe of larger metropolitan areas or the extensive cultural districts of other states, Oklahoma has its own distinctive appeal. Whether you’re considering homes for sale in Oklahoma City, exploring rental options in Tulsa, or looking at houses for rent in Norman, here’s what you need to know before making the move to Oklahoma.

Oklahoma at a glance

Oklahoma provides a distinct lifestyle shaped by its diverse landscapes and communities. While its cities may be smaller compared to major urban centers elsewhere, they have a lot to offer. Oklahoma City, the state capital and one of its largest cities, combines a rich history with modern amenities, while Tulsa, known for its vibrant arts scene and historic architecture, serves as a cultural hub. Norman, home to the University of Oklahoma, adds an energetic college-town vibe to the mix, making these cities some of the best places to live in Oklahoma.

The state’s landscapes are equally captivating. Oklahoma features a varied terrain that includes rolling prairies, lush forests, and dramatic mesas. The Wichita Mountains and the serene waters of the Great Salt Plains offer countless options to explore.

Life in Oklahoma is often characterized by a slower pace that allows residents to enjoy a balanced lifestyle. Activities like hiking, fishing, and exploring state parks are popular, reflecting the state’s commitment to embracing its natural surroundings.

1. The weather can be extreme

When considering living in Oklahoma, it’s essential to be prepared for its diverse and sometimes extreme weather conditions. The state experiences hot, humid summers with temperatures often soaring above 90°F, while winters are relatively mild but can occasionally see temperatures drop below freezing. Oklahoma is located in Tornado Alley, making it particularly prone to severe thunderstorms and tornadoes, especially during the spring months when conditions are ripe for these natural disasters.

Insider tip: Invest in a reliable weather radio and familiarize yourself with local storm shelters and emergency procedures. Many communities offer storm preparedness classes that can help you stay safe and informed during severe weather events.

2. Oklahoma is an affordable state to live in

The cost of living in Oklahoma varies significantly across different cities, but remains relatively low. Oklahoma City has a median home sale price of around $262,000 and a median monthly rent for a one-bedroom apartment at $1,011. In contrast, Tulsa, located in northeastern Oklahoma, offers a more affordable lifestyle with a median home sale price of $250,000 and median rent of around $912.

If you’re planning a move to Oklahoma, it’s important to weigh the pros and cons to ensure that this state aligns with your needs and preferences.

3. There’s plenty to do throughout the state

There are many fun activities and attractions for newcomers to explore and enjoy throughout the state. If you love nature, get ready to enjoy the beauty of the state’s diverse landscapes, from hiking and rock climbing in the Wichita Mountains to kayaking on Lake Texoma.

You can immerse yourself in the state’s vibrant cultural scene by attending annual events like the Oklahoma State Fair in Oklahoma City, which features rides, concerts, and food stalls, or the Red Earth Festival in Norman, celebrating Native American arts and traditions. Additionally, the state’s diverse landscapes invite exploration, from the scenic Turner Falls Park in Davis to the historic Route 66 landmarks scattered across the state.

4. Fried food and bbq are staples here

Oklahoma’s cuisine is a delicious reflection of its cultural diversity and Southern roots, offering a rich array of flavors that anyone moving to the state will surely appreciate. The culinary scene is renowned for its hearty, down-home dishes, with barbecue being a standout favorite—think tender smoked meats slathered in tangy sauces. Fried foods, such as catfish, okra, and pies, are other staples, showcasing the state’s comfort food traditions.

Insider scoop: For an authentic experience, visit local barbecue joints like Leo’s Barbeque in Oklahoma City, where you can savor some of the best smoked brisket and ribs in the state.

5. You’ll want a car to travel

Understanding transportation options in Oklahoma is crucial for anyone considering a move to the state. Major cities like Oklahoma City and Tulsa offer public transportation systems, but with a transit score of 23, you’ll need a car to get around. However, the transit systems in place may not cover more rural areas or smaller towns, making a personal vehicle often essential.

6. Cowboy culture runs deep here

Oklahoma proudly claims the title of “Home of the Cowboy” due to its deep-rooted history in cattle ranching and Western culture. The state’s vast open plains and rich grazing lands made it an ideal location for cattle ranching during the late 19th and early 20th centuries. This era, known for the iconic cattle drives and the expansion of ranching operations, deeply influenced the state’s cultural identity.

Oklahoma’s cowboy legacy is celebrated through numerous events, such as rodeos and cowboy-themed festivals, and is vividly represented at institutions like the National Cowboy & Western Heritage Museum in Oklahoma City.

Insider scoop: For an authentic taste of cowboy culture, attend the annual Hoofs & Horns Spectacular in September, where you can experience thrilling rodeo events, live music, and a true celebration of Western heritage.

7. Oklahoma has high sales tax rates

Oklahoma boasts some of the highest average local sales tax rates in the nation, which notably affects the cost of goods and services for its residents. In many areas, the combined state and local sales tax rates can surpass 8%. This elevated tax rate is an important factor for those living in or moving to Oklahoma, as it can impact both personal finances and business expenses.

Methodology

Population data sourced from the United States Census Bureau, while median home sale prices, average monthly rent, and data on affordable and largest cities are sourced from Redfin.

Ana is a Marketing Specialist who loves to write about home improvement and local insights. Living in the Greater Seattle area, she enjoys traveling and spending time outdoors.

Source: rent.com

Apache is functioning normally

September 2, 2024 by Brett Tams

Salt Lake City, Utah, is a place of contrasts—a city where rugged mountains meet urban innovation, and tradition intersects with rapid growth. Nestled in the heart of the American West, this city offers a unique blend of outdoor adventure, cultural experiences, and economic opportunity. Not sure if SLC is for you? Read on to find out what to expect if you’re considering a move to the Salt Lake City area in 2024.

You know it from: The Crow: Salvation, SLC Punk

Average 1 bedroom rent: $1,566 | Salt Lake City apartments for rent, Salt Lake City houses for rent

Average home price: $639,000 | Salt Lake City homes for sale

Average cost of full-service moving services: $191/hr for 2 movers

Average cost to rent a moving truck: $19 – $39/day

Top industries: Retail, Healthcare, Manufacturing

Move here for: The nature, summer and winter outdoor activities, and Sundance

Be sure to bring: Sunscreen, moisturizer, and all the outdoors gear you own – from skis to swimsuits to sleeping bags

1. Four distinct seasons with snowy winters

Salt Lake City experiences all four seasons in full force, which means residents enjoy snowy winters, blooming springs, hot summers, and colorful autumns. However, the dry air in winter can be challenging for newcomers, especially if you’re used to more humid climates. The city averages about 56 inches of snow per year, so investing in a good snow shovel or snow blower is a smart move. The ski resorts nearby, like Alta and Snowbird, are world-class, which makes the winter weather more of an adventure than a chore.

Moving Tip: Try to time your move to the summer or fall months unless you want to be moving in the snow. In the winter, be prepared to navigate icy roads and make sure your car is suited for the winter snow with four wheel drive or snow chains.

2. A haven for outdoor enthusiasts

If you love the great outdoors, Salt Lake City is practically paradise. With easy access to the Wasatch Mountains and a plethora of hiking, biking, and skiing opportunities, there’s always something to do outside. Whether you’re scaling the peaks of Mount Olympus or taking a scenic drive through Big Cottonwood Canyon, nature is right at your doorstep. The Great Salt Lake, while less of a swimming spot and more of a scenic wonder, adds to the natural beauty of the area. Just be aware that you might find yourself spending a lot of your free time outdoors, no matter the season.

3. A burgeoning food scene with diverse options

Salt Lake City’s culinary landscape has expanded significantly in recent years. You’ll find everything from authentic Mexican street food at Red Iguana to farm-to-table dining at Pago. Coffee lovers can rejoice too—local spots like Publik Coffee Roasters offer some of the best brews in town. The city’s diverse population has brought an array of international cuisines, making it easy to satisfy any craving.

Moving Tip: Don’t expect the late-night dining options you’d find in larger cities; most places close early, so plan accordingly.

4. The “inversion” phenomenon

One unique challenge to living in Salt Lake City is the winter inversion, where cold air gets trapped in the valley, causing pollution levels to rise. This can lead to poor air quality for days or even weeks at a time, which might be a concern if you have respiratory issues. The inversion is most common in January and February, and locals often try to escape it by heading up to the mountains where the air is clearer.

Moving Tip: Investing in an air purifier for your home can help mitigate the effects when the inversion settles in.

5. A thriving job market, especially in tech

Salt Lake City has become a hub for tech companies, earning it the nickname “Silicon Slopes.” Companies like Adobe, Qualtrics, and Domo have set up shop in the area, contributing to a strong job market. The unemployment rate is consistently lower than the national average, and the city’s economy is diversified across industries such as healthcare, finance, and education. If you’re in the tech industry, you’ll find ample opportunities here.

Moving Tip: The cost of living has been rising alongside the job market’s growth and is currently 9% above the national average.

6. The real estate market is hot

The housing market in Salt Lake City is competitive, with homes and apartments often selling or renting out quickly. Neighborhoods like Sugar House and The Avenues are particularly sought after, thanks to their historic charm and proximity to downtown. The cost of living, especially housing, has been on the rise, making it essential to act fast if you find a place you love. Renting might be a more feasible option for newcomers as they get to know the city, but be prepared for rent prices that can rival those of larger metros.

7. Public transit is improving but SLC is still car-centric

While Salt Lake City’s public transit system, including the TRAX light rail and bus services, is continually improving, the city is still largely car-dependent. Most residents rely on their cars for daily commutes, and parking can be a hassle in more densely populated areas like downtown. If you’re moving from a city with a robust public transit system, adjusting to a more car-centric lifestyle might take some time.

Moving Tip: The good news is that Salt Lake City is easy to navigate, with a grid system that makes getting around fairly straightforward.

8. Proximity to some of the best national parks

Let’s face it: the best part of living in Salt Lake City is the access to Nature with a capital N. Residents are within a day’s drive of some of the most stunning national parks in the country. Zion, Bryce Canyon, and Arches National Parks are all just a few hours away, making weekend road trips an easy escape. These parks offer a variety of outdoor activities, from hiking and camping to photography and stargazing.

Moving Tip: Be sure to plan ahead! The National Parks Service has instituted timed entry reservations for many parks, Utah’s included. Even those with American the Beautiful and annual passes are required to make reservations in advance if visiting between April 1 and October 31.

9. A growing arts and culture scene

Salt Lake City might not be the first place that comes to mind when you think of arts and culture, but the city is steadily gaining a reputation for both. The Utah Museum of Fine Arts, Ballet West, and the Eccles Theater offer a range of performances and exhibits year-round. The city also hosts the Sundance Film Festival every January, attracting filmmakers and movie lovers from around the world. The local music scene is vibrant too, with venues like The Depot and Urban Lounge showcasing everything from indie bands to big-name acts.

10. The altitude may take some getting used to

Salt Lake City sits at an elevation of about 4,300 feet, which can take some adjustment if you’re moving from a lower altitude. The thinner air means you might find yourself getting winded more easily at first, and it’s important to stay hydrated, especially during the hot summer months. Over time, your body will acclimate, but it’s something to be aware of when you first move.

Moving Tip: The high altitude also means stronger UV rays, so even in winter – sunscreen is a must.

11. A mix of modern and historic neighborhoods

Salt Lake City offers a blend of modern amenities and historic charm, with neighborhoods like The Avenues, known for its Victorian homes, and Sugar House, which has seen a recent influx of new development. Downtown has a mix of high-rise apartments and historic buildings, giving the city a unique character. The city’s growth has led to some areas being redeveloped, but there’s still a strong preservation effort for historic sites.

12. The city is rapidly growing and evolving

Salt Lake City has seen significant growth over the past decade, with more people moving in and new developments springing up across the city. This growth has brought both opportunities and challenges, such as rising housing costs and increased traffic. However, it also means more amenities, job opportunities, and cultural offerings. The city is in a state of flux, and residents are actively shaping its future. If you’re looking for a city that’s evolving and full of potential, Salt Lake City might be just the place for you.

Methodology: Average rent prices sourced from Rent.com August 2024. Home prices sourced from Redfin August 2024. Average moving costs sourced from MoveBuddha. Employment data sourced from Statistical Atlas.

Apache is functioning normally

September 2, 2024 by Brett Tams

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode:

Learn how to make compassionate, informed decisions for your pet’s end-of-life care, balancing costs, emotions, and love.

How can you plan for end of life care for your pet? Hosts Sean Pyles and Ronita Choudhuri-Wade discuss the emotional and financial challenges of pet end-of-life care and the importance of early decision-making to help you understand how to make compassionate and practical choices that are realistic for your financial situation. They begin with a discussion of the gut-wrenching reality of limited pet lifespans, with tips and tricks on preparing for end-of-life care, weighing treatment costs against quality of life, and ensuring pets do not suffer needlessly.

Dr. Fiona McCord, founder of Compassionate Care Vet Services, then joins Ronita to discuss the complexities of end-of-life care decision-making. They discuss the importance of early planning, balancing love and practicality in pet care, and resources for grief support. Through touching stories and practical advice, Dr. McCord emphasizes the necessity of preparing for the financial and emotional aspects of pet end-of-life care, helping pet owners navigate these challenging times with compassion and foresight.

Check out this episode on your favorite podcast platform, including:

NerdWallet stories related to this episode:

Episode transcript

This transcript was generated from podcast audio by an AI tool.

Sean Pyles:

It’s inevitable. We know it’s coming. Our pets are only with us for what seems like a short period of time, then they go off across the Rainbow Bridge. And one of the hardest decisions that we have to make is how to put a price on keeping them alive for even just one more day.

Dr. Fiona McCord:

What I want and what I want a client to see is that they have a pet who experiences the best possible quality of life for as long as possible. But when that quality falls lower, or we know that that quality is going to slip, or a crisis may occur, then that we make the right decisions to make sure they get to leave this earth, as I said, no stress, no discomfort, no pain, in the arms of their owner, or eating a cheeseburger.

Sean Pyles:

Welcome to NerdWallet’s Smart Money podcast. I’m Sean Pyles.

Ronita Choudhuri-Wade:

And I’m Ronita Choudhuri-Wade.

Sean Pyles:

This is the final episode of our Nerdy deep dive into the cost of pet care. Ronita, this is such a hard topic, I almost don’t want to deal with it. I know I have limited years with Ozzy and Argus and Pepper, although I’m pretty sure Ozzy, the gecko, is going to live to 100 in human years, only 88 more years to go. But in all seriousness, I know at some point I’m going to have to make these decisions about helping them into the great animal hereafter, and I know it’s very likely that money will have to factor into that decision.

Ronita Choudhuri-Wade:

Yeah. When I think about Moe and how vibrant he is now, just a few years old, it’s hard to imagine that moment, that time when we have to consider letting him go, either because of old age or infirmity or some sort of health issue. He still acts like such a happy little puppy dude, but I know it’s coming. I just hope it’s way, way far away, and that we have a chance to do a proper goodbye when the time comes.

Sean Pyles:

Yeah. When I see older dogs out on the street with great whiskers and wizened with age, taking a slow easy walk with their pet parents, I wonder what it’s going to be like with Pepper. But it’s not something that I dwell on all the time, nor should it be, but it is a good idea to have some sort of sense of what you’ll be willing to do for them when they reach the end of their lifespan.

Ronita Choudhuri-Wade:

Yeah. And you just don’t know when those kinds of decisions are going to knock on your door. If they’re in an accident, you might have to make them at an early age. If they get cancer, same, or any illness. We talked in the last episode about how to prepare for the financial aspects of a trip to the emergency vet. Today, we’re going on to the next step of preparing for the eventuality of a pet’s death.

Sean Pyles:

Because depending on the circumstance, you could be faced with a decision over how much money you’re willing to spend to extend that life, and how much pain and suffering you’re willing to ask of them so they can keep you company a few months, weeks, days, or even hours more. It’s a wrenching dilemma and one that is almost impossible to predict, but that doesn’t mean that it’s impossible to plan for.

Ronita Choudhuri-Wade:

Yes, and that’s what we’re exploring today. As you’ve said, how do we put a price on the life of our pets? What are we willing to spend to keep them alive? Are we willing to pay for modern surgeries? Do we pay for chemotherapy and other medicines? How do we know when paying to extend their lives is more for us than it is for them? It’s a lot of questions. How do we set limits, if at all? We’ll try to get some answers.

Sean Pyles:

All right. Well, listeners, we’ve been talking about our pets for the past four episodes, and now we want to hear your stories about your pets and what it takes to keep them in kibble. What are you sacrificing in your budget to have an animal? Have you had a household discussion about what you’re willing to spend on their end-of-life care? Leave us a voicemail or text the Nerd hotline at 901-730-6373. That’s 901-730-NERD, or email a voice memo to [email protected]. All right, Ronita, who are we hearing from today?

Ronita Choudhuri-Wade:

So today’s guest is Dr. Fiona McCord. She’s been practicing veterinary medicine in the Dallas area for more than 30 years. She’s also the founder of Compassionate Care Vet Services, which provides end-of-life coaching and in-home euthanasia. We’re going to have the tough talk in the hopes that it provides some comfort and direction for pet owners out there.

Sean Pyles:

That’s coming up in a moment. Stay with us.

Ronita Choudhuri-Wade:

Hi, Dr. McCord. Thanks for joining us today on Smart Money.

Dr. Fiona McCord:

Well, you’re very welcome. I am more than happy to talk about this subject. I love it, and we don’t talk about it nearly enough.

Ronita Choudhuri-Wade:

I absolutely agree. Do you have any pets?

Dr. Fiona McCord:

I do, but I currently have one dog. Two weeks ago, I had two dogs. So this conversation is very personal as well as professional, because I lost my wonderful lady on the 4th of July, which is Independence Day, which is kind of perfect, because she was Miss Independence. Her name was Dixie Belle, but we called her Dixie Hell. So that should tell you everything you need to know.

Ronita Choudhuri-Wade:

Oh, but I’m so sorry. Such a loss.

Dr. Fiona McCord:

It is. It’s an absolute life changer and a heartbreaker every time.

Ronita Choudhuri-Wade:

Yeah. And, I mean, when I think about my dog Moe and him not being around, I mean, I feel like I mentally can’t even get there, let alone attach a price tag to the whole process of losing a pet. Many of our listeners would have maybe been through this process, as you’re going through it too. But for those who haven’t, what are some of the issues that come up for pet parents?

Dr. Fiona McCord:

Well, let me say one thing first, and that is simply because I know the subject matter here has dollar signs, and I just want to make sure everybody understands that do not ever equate those dollars that you have the ability to spend with your ability to give your pet the very best, most awesome life and end of life. That’s just a given. There are so many things that play into this.

But, I mean, our pets become such an integral part of our lives, and the bond that we develop with them is something that you truly cannot explain to someone who has not experienced it. And having created that bond, when we get to that stage in their lives that we are facing the end, it overloads very often. It’s an area of time in their lives where we have opportunities to stand up and do things for them, but it’s a heartbreaker at the same time, and dollars do play into it.

Ronita Choudhuri-Wade:

The kind of love that human beings can share with animals is really something else, and they provide so much joy. No matter what kind of day you’re having, they’re always so happy to see you. But when we’re talking about end-of-life issues, and while finances aren’t all important, where do finances come into that discussion? I wonder if you might have some stories about people who have had to decide not to spend, say, thousands of dollars to keep their pet alive just to have a few more weeks with them.

Dr. Fiona McCord:

One of the things I would say in any of this decision-making that we find ourselves in is to start early, which I know sounds kind of weird. But as soon as you start realizing that you’re getting to that end-of-life phase, then it’s getting all that information and making decisions before you’re overwhelmed with emotion, because sometimes once we get sucked into this end of life, we tend to just feel like we’re on a train and you can’t get off it and you can’t change it.

I had a lady who called me on a Friday, and we were talking about in-home euthanasia and letting her kitty leave this earth in the most gentle way we possibly could. But she was scheduled on the Monday for a scan. I think it was an MRI. I can’t remember exactly what it was. But her kitty was scheduled for a $3,000 procedure on Monday morning, and she was stressed, not necessarily about the money, but about the stress for the cat, what was this going to feel like, and all of that.

So when I talked her through this, and this was a kitty who had a neurological issue, and so the question was kind of, “Do we have a brain tumor? Do we have some other kind of brain lesion?” And this test was going to maybe give us an answer. But as I talked with her, I said, “You know what? So we do this test, and this kitty has a brain tumor. What are we going to do?” And the answer was euthanasia.

If we do this test and this kitty doesn’t have a brain tumor, it’s an old cat, by the way, what are we going to do? Euthanasia. Then why are we dragging a kitty into a vet to go through a test and spend $3,000 if what you’re going to ultimately do and what the cat is going to experience may actually be worse going down the spend $3,000 route than the other?

So I think all of our decisions coming down through this have to be, what do we want for this pet? What can we fix? What can we not fix? What can we control? What can we not control? Now, how do we, within our resources, money included, give this animal the very best life, but also, and this may sound like a weird thing to say, but given that I do this, a beautiful death?

And that’s what I want for my animals. I don’t believe with my pets, it’s my job to give them the longest possible life. I believe it is my job to give them the best possible life. And when that body fails, whether it is disease or it is age decline, whatever it is, is to make sure that they get to leave this earth in the gentlest, most loving manner within, again, the resources I have and what I believe is okay for my pet and my worldview. And that’s where the decision process takes us.

So that’s just an example of, we could have spent $3,000, it wasn’t going to impact anything, but why? What was the kitty going to get out of it? What were we going to get out of it? And was that really the most rational, reasonable, and loving choice?

Ronita Choudhuri-Wade:

So you do end-of-life consulting for pet parents, as you’ve mentioned. What do those conversations sound like? How do you start those conversations?

Dr. Fiona McCord:

Well, these conversations start with listening and asking, because a lot of these decisions are very personal. We have to figure out what is going on with that pet. What does a client understand or know about what is going on with the pet? But then also, what do we anticipate and expect to happen down this path if we do something, if we don’t do something? What does that client want for this pet? What matters the most to this client for this pet?

Well, what I want and what I want a client to see is that they have a pet who experiences the best possible quality of life for as long as possible. But when that quality falls lower, or we know that that quality is going to slip, or a crisis may occur, then that we make the right decisions to make sure they get to leave this earth, as I said, no stress, no discomfort, no pain, in the arms of their owner, or eating a cheeseburger.

Ronita Choudhuri-Wade:

This conversation has me thinking about when my childhood dog passed away. And I look back, I was maybe in my late teens, when Snowy did pass away, and I saw that one thing that my family struggled with is knowing when the pet’s reached a stage to start thinking about these things. I would just like to get your take on, how do you know when your pets reach the stage?

Dr. Fiona McCord:

So I would say that you start thinking about it and addressing it as soon as you start seeing some signs. And the two classic places, one is when a client gets a terminal diagnosis, which is a very sudden onset, and that should be the start to think about it regardless of where we go down that path. But some people, that’s where this will start, terminal diagnosis.

For others, it’s a much more gradual awareness as either aging or chronic disease starts causing a decline that we start recognizing in our pets. So either of those places, it’s time to start thinking. If I have an animal that has a diagnosis that I know I can’t fix, I know all I can do is manage it. I might be able to make this animal feel a little bit better for a little bit longer. As soon as I’m in there, I’m in that window.

And that is where it becomes that very personal one of how far down this path do we go and what is okay down this path for my pet in my home, because the competing piece here is that while I want as long as possible, provided quality is good, what I also don’t want is the crisis last day. I don’t want ever anybody picking their dog up and going to an emergency room in the middle of the night. I don’t want anybody with me on one end of the phone hearing the dog screaming in the back, saying, “I need to euthanize my dog now.”

So sometimes the balance becomes, “I will trade off a little bit of time, maybe, to make sure that this dog never hits that point, and that this dog’s last day really is at home, being loved on, eating a burger, if that makes them happy.” Whatever it takes to have made decisions that when you look back, you have the fewest possible regrets is a goal in everything that we do as end-of-life providers.

Ronita Choudhuri-Wade:

Right. And if we look specifically at that planning side of it, could you share some advice on financial considerations that pet owners would have to consider?

Dr. Fiona McCord:

The use of dollars for medical care for your pet or end of life is like any other use of dollars. It’s, “What do I have? What are my priorities? And how do I do what I want to do?” So other than insurance, which is certainly going to cover some, everything else is still your dollars, and it’s just how do those dollars flow from you to the provider of care?

So part of that is, that decision-making is huge. What do I want? How do I get this best? And maybe I can’t do all of these things, but what can I do? Because sometimes we think that if we are sitting in a vet’s office and they tell us it’s going to be X, Y, or Z, to do chemo or do whatever, we go, “Oh, well, we can’t afford it,” or maybe we’ve done all that and we make a statement like, “There’s nothing else we can do.”

I would argue that there is something else you can do. You can make that animal as comfortable as possible. So that ahead-of-time thinking about what matters to me at the end of my pet’s life, so now I can decide how do I distribute my resources to make sure I get them that. It may not be chemo and surgery and $50,000. I have a person I’m talking to right now who is afraid to get a pet, because she’s afraid she won’t have enough money for all the medical care she’ll need to get that pet.

That is awful. It’s not about dollars in medical care. There is a certain amount we have to do, but we’ve got to pull back and understand what we really want to give this pet, and that it’s okay not to have the $50,000 to do the surgery and the chemo and whatever else.

Ronita Choudhuri-Wade:

So what are some options that pet owners might have for end-of-life care? Can you walk us through that? And then we can also look into how does hospice care work, et cetera.

Dr. Fiona McCord:

You’re likely to have a regular vet. So you’re likely to have gone through general medical care through the course of this dog’s life. At some point, you get your diagnosis or you have an issue that you need to look at. Anywhere down this path, it is almost always okay to say, “I don’t want my pet to experience this negative” whatever it is. And euthanasia is the thing that we have that allows us to prevent any discomfort whatsoever.

So that is there, but we’re still coming into it with, “I want as long as possible, provided quality is best.” And really, the regular vet can provide almost everything, because I used to… When I started this practice, I did actual hospice, which is going to be where I’m going to come into this situation with a client and a pet, and all of them are my focus of care.

I’m looking now at the family, at the environment. I’m going into the home. So I’m able to go in and say, “Well, I know what’s going to make things harder for this pet or not,” because a lot of end-of-life stuff is not dollars. It’s managing the situation. So our dogs that are… mobility issues, can’t get up anymore. Well, you know what? We’ve put some runners down. This dog will be able to get up, but he can’t get up on the wood floor. “He can’t go where he wants. He can’t get to his bed anymore.” Well, if you brought it downstairs, he would.

So a lot of the hospice and the ability to go into a home and look at how the family runs, what the relationships are there, what the environment is, is huge. And that is not a big dollar thing. When I consider dying, there’s three biggies for me that I don’t want at the end of my life. I don’t want physical pain I cannot control. I do not want the inability to breathe, and I do not want panic and anxiety. So when I come to this in the hospice setting for what we’re going to keep our animals going down this path, I have those same three things for them.

Ronita Choudhuri-Wade:

When you get to that inevitable time where it’s clear your pet is near the end, what are some considerations for deciding between euthanasia and a natural death?

Dr. Fiona McCord:

That is very, very dependent on the situation. The process of death can be a fairly gentle, nontraumatic one. So if I have a really old, the 22-year-old cat who is dying, but overall, all the organs of the body are aging and wearing down, and everything kind of slows together, including the mental acuity.

So if a body is doing that, then you could actually have a death that you would support it maybe with pain med or, comfortably, things like keeping the lips and the tongue wet, a warm, comfortable position, the presence of someone who loves them. Those kinds of things can make a natural death maybe be okay, and it can take a long time. So if that is what someone wants to do and they’re able to manage that with the pain meds, whatever, that’s fine.

But most of our pets end up with conditions where the death process is not going to be gentle. There’s no reason to go down the natural death path unless you know that the trajectory of what is likely to happen in this body is something gentle, that I can medicate appropriately to control any discomfort and, again, that I don’t have a condition that is going to leave a last experience for a pet very unpleasant.

Ronita Choudhuri-Wade:

So when you have these options, how do you balance what you want for your pet with what it’s going to cost between sedation, euthanasia?

Dr. Fiona McCord:

Our way to control dollars is to do all the things that we can do within our home to manage and maximize comfort, to use a regular veterinarian to get the drugs I need. But you should be able to manage with a combination of your regular veterinarian, maybe an end-of-life vet, if you can find someone who will take that role, and then who is there for you at the very end.

Some of the cost relates to aftercare of that body. Now it is about the client, whose heart is broken, and there’s nothing we can do about that. So now it is what all can be done in order to minimize that pain and support that client through this piece until life starts to look a little bit normal again.

Ronita Choudhuri-Wade:

I wonder if you could recommend any resources or support groups for pet owners dealing with grief.

Dr. Fiona McCord:

The sources, obviously, naturally, they’re going to be different depending on where you are. There are a number of online grief groups. So if you want to do that virtual thing, lots out there. A lot of the cremation companies, if you find out who does this in your area, several of them have virtual groups that they support, and even phone lines that you can call about grief. Some of the rescue groups may have one. Some of the emergency clinics in your area may have one.

And then the other thing is actual true counseling. The group that I do, I actually co-facilitate with a counselor, and there’s going to be an occasional person that needs more than just a support group. If the family already has someone that they’ve used for other issues, then that might work, as long as that counselor gets it. This is one of those where you have got to be around people that get it.

And the other thing that happens with loss is that losses tend to pile up. And sometimes the loss of a pet, devastating, but it will open up all the other losses that have not yet been dealt with in that person’s life. It can be a floodgate. So everything from, “Oh, I just need to chat with somebody,” all the way up to, “I need real help here.” It can be a loss of identity, “Who am I? I’m Foo-Foo’s mother, but I’m not anymore.” So, so many situations and such a level of devastation that a person who has not experienced it really can’t wrap their brain around it, and we can’t expect them to.

Ronita Choudhuri-Wade:

So to wrap up, when you are counseling pet parents who are dealing with a pending loss of their beloved furry family member, what would you say are the most important takeaways for our listeners to think about, especially financially, but as well as emotionally, at the end of their pet’s life?

Dr. Fiona McCord:

I think it is back to what we kind of said at the beginning, is sit down, see what do you want for your pet, what matters to you at the end. What if you’ve already got a situation that you kind of know what you’re going to be dealing with? What do you think that situation is going to look like? Find someone or get the information, enough information, that you have a sense of what’s coming so that you can make some of those tough decisions before you’re in it. How are you going to want to do that? What do you think of this? Before those emotions and all you can feel is the pain and the panic of what’s coming.

It is the getting ahead. It is planning, having time to think through it, to let your brain and your heart wrap around what this is that’s coming, and just make the best decisions you can. But the more you do on the front end to know that you have made those rational, good decisions for you and your pet, the better it will be on that back end. When you look back on the awesomeness of that life, no matter how painful the loss at the end, they are absolutely worth every bit of pain we suffer at the loss.

Ronita Choudhuri-Wade:

Dr. Fiona McCord, thank you so much for talking with us today about this difficult topic and covering it with such depth and insight and warmth. We’re also so sorry for the loss of your dog as well, but thank you so much for coming on Smart Money.

Dr. Fiona McCord:

You are so welcome. Happy to do it.

Sean Pyles:

Ronita, I am trying to not fall down a hole of imagining my dear pets’ last moments. But there are a lot of valuable lessons in your conversation with Dr. McCord. First and foremost, do not equate your ability to spend with your ability to give your pet a good life. In fact, sometimes spending more money on a pet’s care can actually leave them feeling worse and suffering for longer. And what I’m personally going to be focusing on is the idea of giving my pets beautiful deaths. I want to honor their lives and our relationships in their final moments, and that’s kind of the best you can hope for.

Ronita Choudhuri-Wade:

I couldn’t agree more. And one thing I did want to add in, just so our listeners are prepared, are the costs after your pet has passed. A pet cremation can cost between $30 to $250, depending on the size of the pet, and whether it’s communal or private cremation, while a burial can cost between $300 to $2,000.

And like everything we’ve spoken about before, it’s good to have a plan, to know what to do when the moment comes, especially when it can get so emotional and difficult, and to prepare yourself and your family for the hole that appears in the pet’s absence. I will say, just to lighten things, I am considering getting one of those dog portraits done for Moe. You know where they put your dog’s face on a distinguished general or an old-timey king’s body? It is how I would like to remember Moe as a little doggy emperor.

Sean Pyles:

That is so sweet. Well, Ronita, when I think about why we did this series, it really is in the spirit of education and getting folks to think ahead. As we said in the first episode, this is like any other financial consideration, whether it’s retirement or paying for school or having kids. This isn’t meant to be a downer, but actually the opposite, to save folks from having to make surprise decisions in the moment.

Ronita Choudhuri-Wade:

Yeah. It’s a reality check, right? Puppies and kittens and goldfish and geckos and hamsters and horses, they’re all such wonderful additions to our lives. But as we’ve said, they’re not free. While you might get them for free, their existence in your household isn’t. It’s really worth taking the time to budget for them, to think about what your limits will be for their healthcare, and what your endpoint will be when they reach the end. And then from there on out, all you have to do is love them.

Sean Pyles:

That is the easiest part, and my favorite.

Ronita Choudhuri-Wade:

Sean Pyles:

Well, Ronita, this has been such a great series. Thank you for bringing it to us.

Ronita Choudhuri-Wade:

My pleasure, Sean. Woof, woof.

Sean Pyles:

Ronita Choudhuri-Wade:

And that’s the end of that.

Sean Pyles:

For now, that’s all we have for this episode. Do you have a money question of your own? Turn to the Nerds and call or text us your questions at 901-730-6373. That’s 901-730-NERD. You can also email us at [email protected]. And remember, you can follow the show on your favorite podcast app, including Spotify, Apple Podcasts, and iHeartRadio to automatically download new episodes.

Ronita Choudhuri-Wade:

This episode was produced by Tess Vigeland. Sean helped with editing. Kim Lowe helped with fact-checking. And a big thank you to the NerdWallet editors for all their help.

Sean Pyles:

Here’s our brief disclaimer. We are not financial or investment advisors. This nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.

Ronita Choudhuri-Wade:

And with that, until next time, turn to the Nerds.

Source: nerdwallet.com