For today’s luxury real estate buyers, renderings and floor plans just don’t cut it anymore.
While glossy sales galleries complete with model units meant to attract wealthy buyers have been the norm for years, some savvy developers are now raising the bar, offering more than just a glimpse of what life will be like in their under-construction condos.
They’re granting buyers immediate access to exclusive amenities — think private docks, golf courses, and even concierge healthcare services — well before the homes are move-in ready.
And for buyers, the chance to “test-drive” these perks long before they settle in offers the ultimate in instant gratification.
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Million-dollar perks for buyers to enjoy before their luxury condos are even built
For example, one West Palm Beach condo is completing a dock on the Intracoastal Waterway this summer. The idea is for buyers to have the opportunity to get on the water and enjoy the excursions and seafaring experiences now, well in advance of the completion of their condo.
Down in Miami, another condo development is bundling residence purchases with golf access and other social memberships so their future residents can dine at the property’s onsite restaurant and watch their tower rise over the Greg Norman-designed, 18-hole championship golf course — which is already open for those who’ve signed on to buy condos in the building.
In West Palm Beach, a luxe condo building is attracting residents with wellness-centered amenities
Olara, a 275-unit luxury condo building that’s currently under construction in West Palm Beach, is already making some of its upscale amenities available to future residents.
Once completed, the 26-story waterfront building will offer an impressive suite of amenities, including a private marina, a 30,000-square-foot celebrity chef-helmed restaurant, and a wealth of wellness-centered amenities. That includes a world-class fitness center designed by The Wright Fit, large indoor and outdoor fitness spaces (like an open-air yoga deck and performance training zones), sauna, steam, and treatment rooms, meditation spaces, and so much more.
And while many of the spaces are still being built, Olara buyers already have access to a select number of amenities.
“Even while construction is underway, future residents of Olara can enjoy a number of amenities and services before move-in,” says Andrew Kurd, Co-Chief Investment Officer at Savanna, the company behind the luxury condominium project.
Olara has been seeing great feedback so far from buyers
Future Olara residents have already started taking advantage of their complimentary membership with Sollis Health, the premier healthcare concierge. They have access to both Sollis’ flagship location in the Palm Beach area and the health provider’s other locations around the country. And the response so far has been positive, Kurd tells us:
“Life at Olara is centered around a wellness-focused residential experience, and we’ve heard so many positive testimonials so far from buyers who have already begun taking advantage of their complimentary membership with Sollis Health through our exclusive partnership.“
“With so many different locations across the country including a convenient Palm Beach site, they have the services and expertise of some of the most highly acclaimed medical professionals at their fingertips, whether they need a flu shot or last-minute doctor visit.”
The private dock is almost complete
Soon to add to the list of ready-to-enjoy amenities is a dock on the Intracoastal Waterway that’ll allow Olara buyers to get on the water and enjoy the excursions and seafaring experiences now, well before their condo is even completed.
“We’re currently also on track to complete our private dock, which will include resident-only boat slips and two boats for exclusive use by residents right on the Intracoastal Waterway, and once it’s finished in the fall, it will serve as yet another ‘early’ amenity for our residents since they’ll be able to frequent the dock for private excursions such as fishing and even seafaring experiences to Palm Beach Island,” Andrew Kurd tells us.
“They’ll also appreciate being able to watch their future home rise from our boat on the water as it becomes part of West Palm Beach’s cityscape,” he added.
Over in Miami, another luxury condo building is banking big on golf
Shell Bay, a world-class, 150-acre enclave in the Miami region, is taking a similar approach.
While their newest development, The Residences at Shell Bay — a 20-story, 108-residence condominium tower designed by famed Miami-based architect Kobi Karp — is currently being built, select luxe amenities are already being offered to buyers. And they’re banking on golf to attract residents.
Norma-Jean Callahan, Executive Director of Luxury Sales for The Residences at Shell Bay, explains:
“In South Florida, the undersupply and growing demand for golf has been well documented over the past few years. A last-of-its-kind opportunity, Shell Bay will be delivering the only new private course in 25 years to the Miami area with an 18-hole, Greg Norman-designed championship course,” Callahan says in an exclusive quote for Fancy Pants Homes.
Shell Bay buyers get instant access to the golf club — which includes a Greg Norman-designed championship course
“Once buyers have signed contracts for their residence and Golf Membership, they’ll gain instant access to our Golf Club including our training facilities while construction for the forthcoming Residences at Shell Bay is still underway,” Norma-Jean Callahan tells us.
“They can watch their future condo rise during each week’s round of golf.”
Shell Bay’s 18-hole, Greg Normal-designed Championship course is one of the longest in South Florida and also features a two-acre practice facility, including a nine-hole par three course.
But there are so many more perks to enjoy
Other sporting and recreational amenities apart from the golf course include a private yacht club with a 48-slip marina and a premier racquet club including four Grand Slam tennis courts, pickleball courts, padel courts, a basketball court, batting cages, and a children’s discovery playground, among many other top-tier amenities.
“Shell Bay also offers access to other elevated amenities and services such as its Yacht Club featuring a private marina, a Racquet Club with all four Grand Slam surfaces with Pickle and Padel courts, and an Auberge spa,” says Callahan.
“Our future residents can enjoy comfort food favorites and signature weekly rotating dishes from our private, members-only restaurants helmed by Michelin-starred Chef Julien Jouhannaud.”
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American Express has partnered with Knot (an Amex Ventures portfolio company) to launch a pilot test run of card of file at select merchants as Bloomingdale’s, Hilton and Macy’s. Cardholders that are included in the pilot are able to automatically add their ‘card-on-file’ at the participating merchants. This is the combination of two technologies:
Knot’s CardSwitcher™, which lets customers change their payment methods easily with different merchants without the need to enter their Card.
American Express proprietary technology, which enables customers to share their payment data securely with their permission
Can’t really see these sorts of things taking off if they are restricted to a single payment network/card issuer.
Earning an MBA, or a Masters of Business Administration, degree can increase your salary, teach you specialized skills, and provide you with new career opportunities. But getting your MBA is expensive, with an average cost of $62,600 for a two-year program vs. $59,684 for a master’s degree in general. A degree from a top-tier school can be considerably more, with tuition and living expenses totaling $200,000 for the program.
Just how big of an MBA pay increase you’ll get in return depends on a number of factors, including the school you attend, the field you’re in, and your previous work experience. Here’s what to know about an MBA salary increase and how much you might expect to receive.
Value of an MBA Degree
An MBA degree can make you more marketable to employers, which can in turn help you land a better job and a higher salary, research shows. And while earning your degree can come with a hefty price tag, taking out MBA loans is one option to help you pay for it.
The median starting salary of recent MBA graduates in the U.S. is $120,000, according to the 2024 Corporate Recruiters Survey from the Graduate Management Admission Council (GMAC). That’s significantly more than the $69,320 starting salary of grads with a bachelor’s degree. Knowing how much you might earn could help you determine if an MBA is worth it.
An MBA can also help you advance in your career. The majority of employers in the GMAC survey said that MBA grads typically perform better and move up the ladder faster than other employees. That places them in high demand in the workplace. One-third of employers from across the globe reported that they plan to hire more MBA graduates in 2024 than they did in 2023.
Average Salary Increase with an MBA
Overall, MBA grads reported a median salary increase of 33% after earning their degree, according to the GMAC’s most recent Enrolled Students Report. Full-time MBA students had a 42% increase in salary, while those who worked and studied for their MBA at the same time said their salary increased by 29%.
However, the amount your salary might increase once you have an MBA depends on the field you’re in. Here’s a closer look.
Salary By Industry and Job Function
The following industries tend to pay well for those who have earned an MBA, making them some of the best jobs for MBA graduates.
Finance
Many MBA grads pursue a career in finance, and it can be lucrative. The average salary for an individual with an MBA in finance is $145,257, but the amount can be as much as $195,000, and that’s not counting possible commissions and bonuses.
Technology
Another hot field for those with an MBA is technology, especially as AI becomes more prevalent. The average salary for MBA grads in tech is about $118,000 a year. However, your MBA salary increase could run higher still and may even include a signing bonus.
Consulting
Those who work as consultants and have their MBA average about $83,797 annually, but the base pay can be as much as $117,000. A consultant’s salary may go up dramatically within a few years, especially if they work at a big firm.
Healthcare
Healthcare management is a popular job for MBA graduates. The average earnings are $88,000 per year, although it’s not uncommon for those in healthcare management to bring home a six-figure salary.
Marketing
After graduating with an MBA in marketing, your annual earnings will be approximately $130,721 on average, and they could be as much as $165,000. That’s well above the average marketing salary for those without a degree, which is $81,330.
Business
The salary for a business analyst with an MBA is $104,629 a year, although it can be as much as $128,000.
Accounting
If you earn an MBA in accounting, you could earn an average starting salary of $126,598. Your pay could even be as high as $166,000.
Factors Influencing MBA Salary Potential
In addition to the field you choose to work in, how much you’ll earn after getting your degree is influenced by such things as the MBA program you choose and your previous work history and salary.
These are the three major factors that can affect MBA salary potential.
School Reputation and Rankings
Although it’s likely to be pricier, going to a top-rated school to get your MBA can pay off in multiple ways. These schools tend to have robust networking programs and employer recruitment opportunities. Some colleges may help prospective graduates find internships and jobs. Also, grads from top 10 schools tend to earn more than those who attend other programs.
Before applying to an MBA program, do your research to see where recent alumni have ended up and which companies have recruitment relationships with the school. For instance, certain coveted employers might always attend a particular school’s job fairs. If a university has connections to companies you might be interested in working at, you may want to apply to their MBA program.
Specialization and Concentration
Every MBA program offers different classes, internships, and hands-on opportunities, and it’s important to look for ones tailored to your goals and career path. Choose a program with specialized concentrations in the field you’re most interested in. For instance, some MBA programs specialize in healthcare while others focus on finance.
If you’re currently in a field that you want to pivot out of — moving from marketing to consulting, say — an MBA could help with career change without going back to an entry-level job.
Work Experience and Performance
The more work experience you have, the more likely you are to score a higher salary once you get an MBA. This is especially true if that experience is relevant to the area of study you’re pursuing. Most people going for their MBA have about five years of experience on the job. And some MBA programs require students to have a certain number of years of work experience before they apply.
Your work performance is also a key factor in what you might earn after you obtain your degree. As mentioned above, employers in the GMAC survey found that MBA grads tended to be better performers on the job. High achievers are more likely to command a higher salary.
Maximizing Your MBA Salary Prospects
In addition to choosing the right MBA program, there are other steps you can take to land a good job and a higher salary when you graduate. Here are a few strategies that can help you get ahead.
• Take advantage of networking opportunities. Get to know your fellow classmates and connect with teachers and faculty members. Go to school gatherings, job fairs, and networking events. Find people who are in the field you’re in, and get to know them.Then make a point to stay in touch with the contacts you make. These people can be valuable resources over the course of your career.
• Apply for internships. Many MBA schools offer internship programs, and they typically expect students to take advantage of them if possible. An internship can give you real-world experience and also connect you to key contacts who may be able to help you find a job when the time comes.
• Seek out alumni. Make a list of the companies you’re interested in working for, and then search out any alumni of your school who work there. Ask to meet with them for coffee or an informational interview. Solicit their career advice. If you make a solid connection, they may keep you in mind for future job openings.
Choosing the Right MBA Program
It’s important to find an MBA program that fits your interests and goals. Look for programs that offer concentrations in the areas and fields you want to pursue. Then review the curriculum and the courses offered to make sure they appeal to you.
In addition, learn where graduates of the MBA program have ended up. What companies do they work for and what kinds of jobs do they have? You might even reach out to ask how they felt about the program and if they would recommend it.
Location
Where the school is located is also a prime consideration. If you’re working and going to school at the same time, you’ll need to find a program in your area. You could also explore top online MBA programs if you want to take advantage of a particular school’s offerings when you’re unable to attend it in person. These programs tend to cost $10,000 less than in-person ones, but you may miss out on networking opportunities.
If you’re a full-time student and you have the opportunity to move to attend school, you could choose an MBA program near the area where you hope to work. For instance, if you’d like to be employed in Silicon Valley, a school nearby might be a good choice for you. It may be easier to get an internship there as well as a job after graduation.
Cost
Of course, the cost of an MBA program is likely to be one of the most important factors in your decision. Beyond the tuition, find out the true cost of getting an MBA at any school you’re interested in. This includes living expenses, books, transportation, and so on.
How to Pay for Your MBA
There are a number of ways to pay for your MBA, such as scholarships, grants, and student loans. You may want to consider both federal and private student loans. Federal loans include Federal Direct PLUS loans for graduate students from the Department of Education. The maximum amount you can borrow with these loans is the cost of attendance, which is determined by the school minus any other financial aid you may have, and the loan’s interest rate is fixed.
Private student loans may have fixed or variable rates, and the MBA loan rates you might qualify for depend on your credit history, among other factors. These loans are offered by banks, credit unions, and online lenders. Be aware, though, that with private student loans, you will not have access to the same federal protections and programs you would with federal loans, including income-driven repayment plans. Also, if you refinance federal student loans with a private loan, you could pay more interest over the life of the loan, depending on its rate and term length.
Recommended: Scholarship Search Tool
The Takeaway
Earning an MBA may help you fulfill your career dreams and earn a higher salary. Research shows that the degree can increase your salary by about 33%, depending on such variables as the school you attend and the field you work in. But getting an MBA can be costly, averaging more than $60,000 for a two-year program, up to $200,000 for top-tier schools. So you’ll want to weigh the pros and cons.
If you decide that earning an MBA makes sense for you, there are ways to help cover the costs and develop a solid budget. You can explore all options, including scholarships, grants, and federal and private student loans, as well as refinancing your existing loans.
Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.
With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.
FAQ
What is the average starting salary with an MBA?
The median starting salary with an MBA is $120,000, according to the Graduate Management Admission Council’s 2024 Corporate Recruiters Survey. That’s far higher than the $69,320 starting salary of graduates with a bachelor’s degree.
Is an online MBA worth the investment?
Whether an online MBA program is worth the investment depends on the program you choose and what you hope to get out of it. Online programs offer greater flexibility and are typically less expensive than in-school programs. According to one estimate, online MBA programs tend to cost about $10,000 less. However, with an online program, you may not have access to all possible networking opportunities or the opportunity to speak with professors face to face. You may also feel less connected to the school and the overall experience.
How long does it take to recoup MBA program costs?
How long it takes to recoup MBA program costs is different for everyone, depending on the price of the program and the salary increase they enjoy after earning their degree. According to the Graduate Management Admission Council, it takes grads of two-year full-time MBA programs about three and a half years of working to recoup the cost. Those who enroll in online MBA programs recoup the cost in about two and a half years of work.
Photo credit: iStock/Xavier Lorenzo
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Are you looking for the best side hustles for moms? Being a mom is a full-time job, but that doesn’t mean you can’t make extra money on the side if you need to. Balancing work and family life can be tough, but finding a side hustle that fits your schedule can make it easier. Whether…
Are you looking for the best side hustles for moms?
Being a mom is a full-time job, but that doesn’t mean you can’t make extra money on the side if you need to. Balancing work and family life can be tough, but finding a side hustle that fits your schedule can make it easier.
Whether you need to make money to pay the bills, if you’re looking to save for a vacation, or if you simply want to save more money, there are many side hustles that may fit what you’re looking for.
I am a mom and I have done many of the side jobs listed below. Some can be part-time, others full-time, so there is probably something on the list below that can work for you.
Best Side Hustles for Moms
Below are the best side hustles for moms.
1. Blogging
Blogging is a great way for moms to make money from home. It is what I personally do so that I can work from home and spend more time with my daughter.
For me, blogging lets me travel whenever I want, work on my own schedule, make good money, write about topics I enjoy, and I really love having a blogging business.
I started Making Sense of Cents in 2011, and since then, I’ve made over $5,000,000 from my blog. When I began, I had no idea it would turn out to be one of the best jobs for stay-at-home moms. Now, I am extremely grateful for this – and it all started as a side hustle!
One way to earn money with a blog (and this is my favorite way) is through affiliate marketing. This means you recommend products and get paid when someone buys through your link. It’s like earning a commission for sharing products you use and enjoy.
Another way to make money is by placing ads on your blog. As your blog gets more visitors, you can earn money from the ads.
Writing sponsored posts is another option. Companies pay you to write about their products or services (it’s a good idea to choose products that you believe in and that fit your blog’s theme).
Blogging takes time and effort, but it can be very rewarding. You get to be creative, connect with others, and make money doing something you love.
You can learn more about how to begin in my free How To Start a Blog Course here.
2. Sell printables
Selling printables on Etsy can be a great side hustle for moms. You can make extra money by creating and selling digital items like planners, calendars, and worksheets.
All you need is a computer and some design software, and you can work on it at your own pace and from the comfort of your home.
You don’t have to spend any money to start selling printables either.
This is a great way to make money from home because you only need to create one digital file for each product, and you can sell it as many times as you want. You don’t have to print or ship anything. Instead, you create the digital file, and the customer downloads it and handles the rest after buying it from you.
You can learn more at How I Make Money Selling Printables On Etsy.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
3. Proofreading
Proofreading is a great way to make some extra money from home. If you have an eye for detail, you can get paid to spot errors in text.
You don’t need a special degree to start proofreading. Many online companies hire beginners and this means you can get started without lots of experience. Plus, you can build up your skills and portfolio as you go.
The pay can vary. Some proofreaders earn $1,000 a month, while others make six-figure incomes. It depends on how much you work and your experience level. You can do this full-time or just as a part-time gig.
I know several proofreaders (who are moms) who started proofreading as a side hustle, and now it’s their full-time job. So, you can spend as little or as much time as you want growing this job.
You can learn more at 20 Best Online Proofreading Jobs For Beginners (Earn $40,000+ A Year).
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This free training teaches you how to start a proofreading side hustle (and how to earn $1,000+ per month!), even if you are brand new and don’t have any previous proofreading experience.
4. Bookkeeping
Bookkeeping is a great side hustle for moms. It’s flexible and can be done from home.
Bookkeepers keep track of financial records for businesses. This includes recording transactions and balancing accounts.
Before you pass this by because you think you’re not qualified, you might be surprised to know that you don’t need to be an accountant or have any experience. Becoming a virtual bookkeeper is something you can learn from home.
You can learn more at How To Find Online Bookkeeping Jobs.
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This free training will show you how to start a profitable bookkeeping side-hustle in the next 30 days—even if you have no prior experience!
5. Print-on-demand
Print-on-demand is a great side hustle for moms.
You can create your own designs and sell them on items like T-shirts, coffee mugs, and tote bags. Websites like Etsy make it easy to set up your own shop.
There’s no need to buy supplies or handle shipping. The print-on-demand company (like Printify) takes care of that for you. This means you can focus on being creative and taking care of your family.
Many moms find this side hustle to be simple and rewarding. You can work on it during nap times or after the kids go to bed. If you love designing, this can be a perfect fit for you.
You can learn more at How I Make $1,500 Monthly With My Print-On-Demand Business.
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This freebie will teach you about print-on-demand as well as give you a list of 17 hot-selling products you can sell via print on demand.
6. Run a dog treat bakery
Starting a dog treat bakery can be a fun and profitable side hustle. You can begin this business right from your kitchen so it’s perfect for moms looking to make some extra money.
This side job can be very flexible. You can choose to keep it small and earn $500 to $1,000 a month. Or, if you have more time, you can scale it up and make even more.
You can learn more at How I Earned Up to $4,000 Per Month Baking Dog Treats (With Zero Baking Experience!).
Plus, you can sign up for this free training workshop that teaches you the small business plan for starting your own pet bakery.
7. Online survey taker
If you’re a mom looking to make some extra money from home, taking online surveys could be a side hustle.
Companies pay for your opinions on their products or services, which helps them improve and stay competitive. This side hustle is flexible, allowing you to fit it around your busy schedule, whether during nap times or after the kids go to bed.
No, you will not get rich taking surveys (this is not a lucrative side hustle, but it is very flexible!), but you may be able to earn around $50 to $100 per month by answering several surveys each week.
Surveys are almost always done online, and you’ll usually be answering multiple-choice questions or typing in quick answers about your daily life, like where you last shopped. To get started, you can sign up for several survey sites.
Some popular survey sites include:
American Consumer Opinion
Survey Junkie
Swagbucks
InboxDollars
Branded Surveys
Prime Opinion
Five Surveys
PrizeRebel
IncomeFindr
User Interviews
While some surveys pay just a few cents, others can pay up to $20 or more, depending on how detailed and complex they are. This makes it a convenient way for moms to earn a little extra income in their spare time.
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Swagbucks is a site where you can earn points for surveys, shopping online, watching videos, using coupons, and more. You can use your points for gift cards and cash.
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Once you complete five surveys, you’ve earned $5, which you can cash out using the payout options offered by the site (such as PayPal cash and free Amazon gift cards).
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Prime Opinion is a survey website that helps people to earn extra money by sharing their opinions at home. It’s a simple survey site to use: you share your thoughts, and they pay you for them.
8. Virtual assistant
A virtual assistant (VA) can do many tasks from home and this is a popular side hustle idea for moms. They may manage emails, set up appointments, create social media posts, handle customer service, and more. Many small businesses need help with these jobs.
Becoming a VA doesn’t require a lot of training. You just need good organizational skills and a reliable internet connection.
A big advantage of being a VA is flexibility. You can set your own hours and work when it’s best for you, so this makes it a perfect side hustle for busy moms.
You can learn more at Best Ways To Find Virtual Assistant Jobs.
9. Social media manager
Being a social media manager is a great side hustle for moms.
Many businesses need help with their social media accounts because they don’t have the time to keep up with posting and replying to messages, or they simply don’t have the expertise.
Tasks might include creating posts, scheduling them, and interacting with followers. Social media managers might also run ads and analyze their performance.
It’s a flexible job you can do from home, making it perfect for busy moms.
10. Affiliate marketing
Affiliate marketing is a great way for moms to make extra money.
With this side hustle, you promote products or services online. When someone buys through your link, you earn a commission.
You can get started by choosing products you like and trust. This makes it easier to talk about them. People will feel your enthusiasm and trust your recommendations.
Many moms start with their own blogs. You can write about things you know and enjoy. Topics like parenting, cooking, or fashion are good choices. You can add affiliate links in your blog posts where they fit naturally.
Social media is another place to use affiliate marketing. Sharing links on Instagram, Facebook, or Pinterest can reach a lot of people.
Affiliate marketing is flexible. You can do it at your own pace and schedule, so this is perfect if you have kids and need to work around their needs.
For me, I love affiliate marketing and I think it’s one of the best ways to make money online. I especially like how I can do work up front and make money years down the line from older blog posts. So, it is kind of like a form of semi-passive income.
If you want to learn more about affiliate marketing, I recommend signing up for Affiliate Marketing Tips For Bloggers – Free eBook.
11. Online tutoring
Online tutoring is a great side hustle for moms. You can teach different subjects from your own home and this flexible job allows you to set your own hours.
If you love math, science, or another subject, there are students looking for help. You don’t need to be a certified teacher, but having a good grasp of the subject is important.
Online tutoring also pays well. Average rates can range from $10 to $30 per hour, depending on the subject and your experience.
12. Pet sitting and dog walking
If you love animals, pet sitting and dog walking could be the perfect side hustle for you.
Pet sitting is when you look after a pet while the owner is away. This could mean feeding, playing with, and sometimes even staying overnight with the pet.
Dog walking is a bit different. You take dogs for walks, making sure they get exercise and fresh air.
Both of these jobs are flexible. You can take on as many or as few clients as you want. This makes it easy to balance with other responsibilities.
My husband’s mother is a dog walker and pet sitter on Rover (the popular dog walking app), and it always seems like she loves this side hustle. She really likes dogs, so it looks like fun to me.
You can learn more at 7 Best Dog Walking Apps To Make Extra Money.
13. Sell handmade crafts
Selling handmade crafts is a fun and creative way to make money as a mom. You can use your skills to create unique items that people love.
There are many types of crafts you can sell. Items like handmade jewelry, painted mason jars, or knit blankets can be very popular. If you’re good at sewing, you can make and sell upcycled clothing or custom pieces.
Selling classes or workshops is another option. If you’re skilled at a particular craft (like knitting), teaching others can be a rewarding side hustle.
You can learn more at 16 Best Things To Sell On Etsy To Make Money.
14. Transcribing
Transcribing is a great side hustle for moms working from home. This is where you transcribe audio files into text for clients.
To start, you only need a computer and good listening skills. Some companies hire beginners, so you don’t need experience.
The pay can vary. Some jobs pay per audio minute, while others pay per audio hour. Usually, though, you can make around $10 to $20 per hour.
Platforms like Rev, Scribie, and CrowdSurfWork are good places to begin.
Transcribing can be done at any time of day, making it flexible for moms. This makes it easy to fit around your family’s schedule.
You can learn more at 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly.
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In this free training, you will learn what transcription is, why it’s a highly in-demand skill, who hires transcriptionists, how to become a transcriptionist, and more.
15. Photography
Photography can be a great side hustle for moms, and I personally know a few photographers who have very successful photography careers and are also mothers!
This is something you can learn, such as by shadowing another photographer or by taking classes in person or online. As you get better, you can sell your services to others. Portrait photography is a popular choice, such as with taking photos of families, kids, or even pets.
Event photography is another option. Birthdays, weddings, and parties usually need a photographer.
You can also sell your photos online. Websites like Shutterstock or Etsy allow you to earn money from your images. This way, you can work from home and on your own time.
You can learn more at 18 Ways To Get Paid To Take Pictures.
16. Clean homes
Cleaning homes can be a good side hustle if you enjoy tidying up. Many people need help keeping their houses clean but don’t have the time to do it themselves.
You can set your own hours, making it easy to fit into your daily schedule. You can start by selling your cleaning services to friends and family. Once you get some experience, you can expand your client base.
You don’t need much to start. Basic cleaning supplies and a positive attitude can go a long way. You can also charge by the hour or by the job, whichever works best for you and your clients.
I know several mothers who clean homes in their free time, and they like how they can find homes to clean that fit into their schedule (so, it can be flexible!).
17. Baby equipment rental
Renting out baby equipment can be a great way for moms to make extra cash. Many mothers likely already have a bunch of different baby items at home, so they can make money with them when they are not being used.
Platforms like BabyQuip help connect you with families who need baby gear when they travel. You can rent out items such as strollers, cribs, car seats, and even toys.
You earn money based on how often your items are rented. The more popular the equipment and the busier the travel season, the more you could earn.
Some top providers make over $10,000 a month by renting out baby gear (at this level, they are definitely buying things with the sole purpose of renting them out, though, and not just renting out things they have just laying around their homes).
18. Book author
As a mom, becoming a book author can be a great side hustle. You get to share your stories or knowledge while working from home.
You can write about anything that interests you. Whether it’s a children’s book, a novel, or a guide on something you know a lot about, there’s a place for your work. You could even write romance novels!
Income from book sales can vary. New authors might see $0 to $500 a month, while experienced authors can make between $1,000 and $10,000 per month.
Writing a book does take time and effort. You might need to write during nap times, after the kids go to bed, or when they are in school.
19. Real estate agent
Becoming a real estate agent can be a great side gig for moms. You get to help people buy, sell, or rent properties. You can set your own hours, which is perfect for balancing work and family time. Plus, the more properties you sell, the more money you can make.
You can start part-time and grow your business as you gain experience. Real estate agents usually earn commissions, so your income can vary. It’s possible to earn a lot if you work hard and build good relationships with your clients.
20. Travel agent
Being a travel agent from home is a great side hustle for moms. You help people plan their trips, find the best deals, and book their vacations.
It’s ideal for moms who love to travel and know how to find great deals. If you have experience planning trips, this can be a rewarding way to earn money.
21. Freelance writing
Freelance writing is a great side hustle for moms, and I think it’s one of the most realistic jobs for stay-at-home moms. It lets you work from home on your own schedule, so if you love to write, this could be a perfect fit.
You can write many things like blog posts, articles, or website content. The pay can start from around $50 per article but can go up to over $1,000. As you gain more experience, you might earn even more.
One big advantage of becoming a freelance writer is the flexibility. You can work when your kids are napping or busy with activities. This makes freelance writing great for busy moms.
You don’t need a lot to start either, which is nice. A computer and internet connection are enough.
I have been a freelance writer for years, and I think it’s a great way to make money as a mom.
You can learn more at 14 Places To Find Freelance Writing Jobs – (Start With No Experience!).
Time Management Tips for Moms
As you may have noticed above, there are a lot of different side hustles for moms.
But, how can you fit them into your already busy schedule?
I get it. Being a mom is hard work, and you may feel scattered already.
Managing time can be tough for moms who have a lot to handle. Here are some simple tips to help you stay organized and use your time wisely.
Creating a schedule
I recommend that you start by creating a weekly schedule. Write down everything you need to do, like work, family time, and personal tasks. You may want to use a planner or a digital app to keep it all organized.
Then, allocate specific times for your side hustle. It could be during your child’s nap time or after they’ve gone to bed. Consistency helps in sticking to your plan.
Don’t forget to schedule some “me time.” Whether it’s reading a book or going for a walk, taking breaks can help you recharge.
Review your schedule at the end of each week. Adjust what didn’t work and keep improving. This way, you’ll find a rhythm that suits you best.
Balancing work and family
Balancing work and family is important. I recommend that you set clear boundaries between work time and family time. Let your family know when you’ll be working on your side hustle so they can respect that time.
You may want to find activities for your children that don’t need constant supervision. This can give you pockets of time to focus on your tasks.
Another way is to prioritize tasks based on importance. Use to-do lists to keep track of what needs to get done. Tasks with tight deadlines should come first. For me, I have a constant to-do list on my phone, and I find that helps me remember everything as well as prioritize everything that I have going on.
To balance work and family, you will want to remember to have family activities. Movie nights or game days can strengthen family bonds and make up for the time you are working. Quality time with family is just as important as work.
Time management is about finding balance and being flexible. What works for one mom might not work for another, so keep adjusting until you find what works best for you.
Frequently Asked Questions
Below are answers to common questions about side hustles for moms.
How can moms make money on the side?
There are many ways for moms to make money on the side, such as starting a blog, selling handmade crafts, selling printables on Etsy, proofreading, bookkeeping, freelance writing, tutoring, dog walking, photography, and more.
What are some flexible ways for moms to earn money at home?
There are many ways for moms to earn money from home. They could start a bookkeeping business, sell online courses, start a blog, transcribe, or even work with print-on-demand services to sell custom-designed items.
Can you list creative side jobs for stay-at-home moms?
Some creative side jobs for moms include blogging, making and selling printables, baking (and selling) dog treats, graphic design, voice-over work, and starting a YouTube channel.
How do working moms find time for side jobs?
Working moms can find time for side jobs by finding small pockets of time during the day, like when the kids are napping or after they go to bed. Using a planner can help organize your time and set achievable goals to keep on track.
What’s the easiest side hustle for moms with no previous experience?
Taking online surveys or becoming a virtual assistant are great options for moms with no prior experience. These jobs are easy to start and require little to no training.
How can a stay-at-home mom make $2,000 a month?
To make $2,000 a month, a mom could sell multiple services like bookkeeping, proofreading, or selling a range of products such as printables and crafts. Combining several side hustles can help you reach this goal. Or, you could focus on a single side job and spend more time on it.
How can a SAHM be financially independent?
A mom can definitely become financially independent. This is possible by diversifying their income streams. They can sell products online, sell freelance services (like writing or bookkeeping), or even invest some time into building a successful blog or YouTube channel.
How To Find Side Hustles for Moms – Summary
I hope you enjoyed this article on the best side hustles for moms.
Finding the right side hustle can make a big difference for moms who want to earn extra money while still focusing on their families.
Many of the side hustles for moms above have a lot of flexibility, the chance to work from home, and the opportunity to do what you love.
Whether you start a blog, sell handmade crafts, or become a virtual assistant, there’s a side hustle that can fit into your busy life.
What do you think are the best side hustles for moms?
If you’re thinking about purchasing a property, you’ve likely sifted through available home loan options to determine what’s best.
There are lots of loan types of choose from, including conventional loans (those not backed by the government) and government-backed loans, such as FHA, USDA, and VA loans.
While each have their pros and cons, there is one hidden danger to taking out an FHA loan, especially if you’re buying a home as opposed to refinancing an existing loan.
In competitive markets where there are multiple bidders vying for the same property, the financing you choose matters.
Sellers want assurances that you can actually close your loan, and that could make or break your offer.
Home Sellers Care What Type of Mortgage You Use
Over the past decade, home buying has been very competitive. It’s been a seller’s market for as long as I can remember.
In fact, even when the housing market bottomed in 2012-2013, it was still difficult to find a property.
While short sales and foreclosures were prevalent then, inventory was still relatively scarce and many savvy buyers entered the fray quickly to scoop up bargains.
Over the years, it has only gotten worse, thanks in part to underbuilding since the mortgage crisis, and also due to record low mortgage rates.
That combination of limited inventory and low mortgage rates propelled home buyer demand to new heights.
And the fact that millions were entering the prime home buying age (of 34 years old) didn’t help either.
Long story short, you’ll often face other bidders when making an offer on a home. And one of the things sellers look at when evaluating offers is financing.
How will you be able to afford the property. Will you pay with cash? Probably not, but know that cash is king and will make your offer stand out above the rest.
A close second might be putting 20% down on the home purchase because it shows you’ve got a lot of skin in the game and assets in the bank.
It also provides wiggle-room should the appraisal come in low, allowing you to retool the loan amount as necessary.
Further down the pecking order are FHA loans, which allow borrowers to come in with just a 3.5% down payment and FICO score as low as 580.
While that’s great for borrowers in need of flexible underwriting guidelines, sellers might not be as keen. After all, they need the loan to fund to sell the property!
FHA Loans Have a Negative Stigma
That brings me to a new report from the Consumer Federation of America (CFA), which “highlights the stigmatization of FHA loans,” especially in competitive housing markets.
The graph above shows how FHA lending was popular when banks were risk-averse post-crisis, but fell off once conditions improved, possibly because such buyers were outbid by those using conventional financing.
In addition, they found that FHA lending is less common in more affluent communities or those that are predominantly white.
This means minority individuals may be relegated to less desirable neighborhoods, where seller’s agents are more familiar and willing to work with borrowers who need FHA loans to qualify.
The result is the unintended effect of “perpetuating socio-economic and racial segregation” in the housing market.
There are a couple main issues that drive this negative perception of FHA loans, per the CFA.
One is that the FHA includes a mandatory inspection as part of the appraisal process to establish minimum property requirements.
While it’s not necessarily an intensive inspection, it does require the property being financed by an FHA loan be “safe, sound, and secure.”
So things like access to clean drinking water and working appliances, and no hazards like lead-based paint or overhead power lines.
Some of these items might wind up being a nuisance for the seller, who must now either repair/resolve the issue or work out an arrangement with the buyer. The CFA notes that sellers aren’t “financially liable to make all repairs.”
But nonetheless, it can present an unnecessary roadblock and put a deal in jeopardy, especially if the buyer is already lacking funds.
That brings us to the second issue, which is that real estate agents have a “perceived stigma about FHA mortgages and their buyers.”
Some look at it like a loan program for less qualified applicants, or a government program (which it is) riddled with bureaucracy or inefficiencies.
In turn, it becomes a sort of self-fulfilling prophecy where such applicants might be avoided and then only bid on homes in less desirable areas.
These areas then see a high concentration of FHA loans as a result, and such loans become further stigmatized because agents in the “good areas” don’t deal with them.
If they are to make their way into a desirable neighborhood and/or home, they might find that they need to “overbid” to get their offer accepted.
What’s the Solution to Make FHA Loans Less Discriminatory?
The CFA came up with four policy recommendations to level the playing field for FHA loans, which they argue have helped millions purchase a home.
They believe more states and cities should pass “source of income” or “source of financing” anti- discrimination statutes, which make it illegal to refuse to rent/sell/lease based on income used.
Originally intended to protect renters using things like subsidized Section 8 vouchers, it could apply to home buyers using government-insured mortgages.
For example, preventing anti-FHA language in an MLS listing or real estate advertisement.
The next step is to “simplify FHA inspection criteria” to reduce potential hurdles for home buyers.
Another measure would be for real estate agent trade groups to dispel myths related to FHA loans and educate them on how to better work with FHA buyers.
Lastly, they argue that Congress/HUD should increase funding for Fair Housing Centers to investigate FHA home buying trends.
And if necessary, bring cases against offending real estate agents, lenders, brokers, etc. that perpetuate “financing discrimination.”
While I’m not opposed to their findings or their solutions, the bottom line is sellers will still gravitate towards the most creditworthy buyers.
Their agents will likely reinforce this as well when looking at multiple offers. As noted, the cash buyer will always be king. Then the 20% down buyer, assuming they have at least decent credit.
Unfortunately, the lowest rung tends to be the FHA buyer, who can get approved with a 580 FICO score and 3.5% down.
Conversely, a conventional loan buyer using a loan backed by Fannie Mae or Freddie Mac needs a 620 FICO score. And there are fewer hoops to jump through in terms of a mandatory inspection being part of the appraisal.
So in practice, while FHA buyers shouldn’t be discriminated against, they will still be lowest in the pecking order when a seller evaluates offers, all else equal.
Perhaps some of the proposed solutions will help, but if sellers and their agents look at the loan like an underwriter would, and see a lower credit score combined with little money down, they might be less inclined to accept the offer.
And that’s not necessarily a bad approach or discriminatory. It’s weighing the options and determining which buyer has the best approval odds, which gets the home sold.
Make Yourself a Better Borrower Before You Apply for a Mortgage
While there are no doubt issues that need to be addressed and resolved in the lending space, there are some actionable things you can do on your own.
Often, FHA loans are used because the borrower doesn’t qualify for conventional financing.
And sometimes this is due to a low credit score, as the chart above shows even high-income earners often wind up with FHA loans.
So something prospective home buyers can do is work on their credit before they apply for a home loan to ensure their three scores are all 620+.
At the same time, they can better educate themselves on their options so they’ll know if they’re eligible for a conforming loan before speaking to a lender.
Or they can outright ask the loan officer or mortgage broker if they qualify for a loan backed by Fannie Mae or Freddie Mac. And if not, why not?
If you get your ducks in a row early on, you’ll have more lending options at your disposal and be less impacted by any stigma attached to a given financing type.
You may even score a lower mortgage rate and get your offer accepted by the home seller in the process!
Read on: Conventional vs. FHA Pros and Cons
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 18 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on Twitter for hot takes.
Setting up your first credit card is a major money milestone: You’re embarking on the freedom to purchase goods and services pretty much whenever, wherever you like. You’re also starting on an important credit-building journey as well.
As you move ahead in this process, you’ll need to understand the ins and outs of setting up a credit card to ensure you choose the right card for your needs and then use it responsibly. To help you navigate this, we’ll share the basics on credit cards, what you need to get one, how to apply, and then the smart way to purchase with that plastic once you’ve been approved. Let’s get going.
What is a Credit Card?
A credit card is a physical card (typically a plastic one, rectangular in shape) that allows you to use your credit card account. By physically presenting the card to a vendor or keying in its numerical information online, you can use your credit card to make purchases, donate funds, and withdraw cash up to your credit card limits. A word about credit limits: The average credit limit in the U.S. now is just over $30,000, but the amount you’ll be given will vary based on such factors as payment and account histories, how much debt you are carrying, and your income. A higher credit limit isn’t necessarily better (we’ll tell you more about why below) as it can allow you to rack up more debt than might be financially healthy for you. Also, note that if you are new to credit, your limit may start low and rise as you show you can responsibly pay it back on time.
Now, back to credit cards themselves. In effect, a credit card is a revolving form of a short-term loan. You then make payments to the credit card issuer. There are various types of credit cards (including all kinds of points to be earned and other rewards) to consider. And depending on your particular situation, there’s also the personal loan vs. credit card difference to ponder.
As you mull over your options, let’s be clear: Credit cards aren’t giving you this purchase power for free. You may pay an annual fee to own a credit card, and you are charged a typically high rate of interest on the balance you carry on your card. (The latest figures say that offers of new credit card accounts have an average interest rate of 19.6%, which is about 5% higher than the prevailing interest rate on existing accounts. Neither is cheap!) In addition, if you miss a payment’s due date, you will probably be assessed late fees as well. Paying careful attention to keeping your credit card account in good shape is an important responsibility.
The latest Fed intel shows that Americans carry a staggering $856 billion in credit card debt. How does that break down? The average citizen has $5,668 due on their account. From those numbers, you may well realize that owning a credit card is a serious undertaking and can lead to debt.
Why You Might Need a Credit Card
Let’s look on the bright side of why so many of us have and reply upon credit cards. They definitely make our lives easier. If you’d like to make purchases or pay bills online, then a credit card can be ideal. Plus, it’s a convenient way to make in-person transactions without needing to carry around cash. If cash is lost or stolen, it may be gone forever. With a credit card, though, you can report yours as lost or stolen and the issuer can cancel your old account and provide you with a new number and card.
When you’re short of cash, a credit card can help you to make necessary purchases. Let’s say your washer/dryer breaks and you’d need about six months to save up for a new one. A credit card lets you get the appliance right now (and clean your laundry) while paying over time. Or maybe you get hit with a major car repair or dental bill. A credit card gives you the power to pay upfront and then gradually whittle that balance down.
Another reason you probably need a credit card: Many lodging facilities and car rental companies, as just two examples, may ask for a credit card number to hold your reservation.
Basic Requirements to Get a Credit Card
Credit card issuers may differ somewhat in the specifics of their requirements to get a card. In general, though, the financial institutions look for good credit scores and the financial ability to make credit card payments. Before you apply for a credit card, you can get copies of your credit reports from the three major credit bureaus for free at AnnualCreditReport.com. If there are any errors, dispute the data, and provide correct information, sending it to each of the credit bureaus that list incorrect details. Credit scores use this information in their algorithm so, the better your credit reports look, the higher your scores should be. This makes you a better candidate for loans and lines of credit.
As a credit score benchmark, credit bureau Experian noted that the average FICO credit score increased to 714 in 2021, a four-point increase from the previous year—and the fourth year that FICO scores went up. What’s most important, though, is your FICO score and how well it aligns with the requirements of the credit card issuer where you’ve applied.
A credit card issuer will also use financial criteria to help ensure that you’re able to make the payments. This can include your income and employment stability. In fact, the CARD Act of 2009 requires credit card issuers to consider a consumer’s ability to make required payments — at least the monthly minimum based on the outstanding balance. Note that, although issuers must consider your income, there is not a minimum that they must require.
Other requirements include being the age of 18 with a Social Security number.
How to Apply For a Credit Card
Next up: how to open a credit card. It basically requires filling out an application and then submitting the application for approval.
You can apply for your credit card in multiple ways:
• in person at a financial institution
• by mail
• by phone
• online.
After checking your credit scores, you may want to compare offers (including interest rates and APRs). As we’ve noted, interest rates can be high, so do research; there are plenty of online tools and sites that allow you to scan various offers.
Some cards may be no-interest credit cards during a promotional period. Benefits can be obvious (not paying interest) but also check the length of the promotional period, what happens when it ends, and what fees may be involved.
Then apply for the card of choice that you believe you can qualify to receive. Many people opt to apply for a credit card online these days because it is quite quick and simple. You fill in basic information about yourself, and agree to a “hard inquiry” credit check (which may briefly lower your score when it shows up that you are applying for credit). Typically, there is no application fee involved to seek out a credit card.
How to Use a Credit Card Once You Have It
Once you’re approved and receive your card, it’s important to understand and follow the credit card rules. What’s most important: using a credit card responsibly. Strategies for doing that include the following:
• Don’t make too many impulse buys.”Too many,” of course, will depend upon your budget and how much your impulse purchases cost. But the truth is, when you are not pulling out cash to pay for an item, it may feel almost like it didn’t happen, unlike when you use cash or a debit card connected to your checking account. In this way, some people can wind up overspending.
• Use the appropriate credit card. If you have more than one card, consider which one is best to use; for example, will you earn rewards on a certain card?
• Take advantage of perks. If your card comes with a reward or cash-back program, take advantage of the benefits.
• Either sign up for automatic payments or for reminders. That way, you can make payments on time, which helps with credit scores.If you fall behind, this can lower your credit scores and make it more challenging to get good interest rates going forward.
• Check your monthly statements for errors. This is how you can catch identity theft and other credit card fraud. Let the issuer know ASAP when you spot something that’s not right — and report a lost or stolen card as soon as possible.
After you make purchases on your card, you’ll receive monthly statements, typically with a minimum payment (perhaps 1% to 3% of the balance or a fixed amount) and the outstanding balance. Credit card companies usually give you a grace period in which you can pay off the balance in full to avoid owing interest.
A common mistake new credit card holders make is thinking that the minimum payment due is the “right” amount to pay and somehow improves their credit. Wrong! The minimum payment is just what it says: the minimum to avoid certain fees. But it can be too easy to get into the habit of only paying the minimum payment, which means that you’ll be paying interest on the balance—and then interest on the interest. It can be hard to get out of credit card debt if you only pay the minimum and keep swiping or tapping that card. It is actually preferable to keep your balance low or non-existent (meaning pay the entire amount owed each month). What’s best for your credit score and financial health is often using only 10% or less of the credit limit on your card.
If your credit card allows you to take cash advances, carefully consider if you should use this option (and check to see what your cash advance limit is; it’s often less than the total credit card limit). Interest rates for cash advances are often higher than what you’d pay on purchases, and it isn’t unusual for a financial institution to charge a cash advance fee. If you take the money from an ATM or a bank, there will likely be additional fees. Plus, it’s standard that interest accrues from the date of withdrawal with no grace period. In other words, this can be a very costly way to get your hands on some cash.
The Takeaway
Getting a credit card is a major rite of passage as well as a big responsibility. As you’ve learned, it can be simple to apply and get approved for a card, but staying on top of your debt can take some attention and effort. Given how many Americans have at times unwieldy credit card debt and how high the rates are, use credit carefully, and you’ll enjoy its convenience and credit-building powers for years to come.
How about another way to savor convenience and cash-smart benefits? We’re talking about SoFi Checking and Savings. When you sign up for an account with qualifying direct deposits, you can get up to $300 when your direct deposit arrives into your account, and you can have access to your paycheck up to two days early. Plus you’ll earn 4.50% APY with no monthly, minimum balance, or overdraft fees.
Explore banking with SoFi today.
FAQ
What are the benefits of having a credit card?
You can use credit cards to make purchases in person and online, and then make payments over time (although interest will accrue if you don’t pay the balance in full each month). You can reserve hotel rooms, car rentals, and more; get cash advances; quickly and easily cancel a lost or stolen card and then get a replacement with a new account number; and use rewards, among other benefits.
What are the requirements for opening up a credit card?
Although credit card issuers can have different requirements, they typically want to see a good credit score and must check to see if an applicant appears to have the financial ability to make payments on the card. Additional requirements:The applicant must be 18 years old with a valid Social Security number.
How should you use your credit card?
There are a wide range of ways to responsibly use your credit card. In fact, one of its key benefits is its flexibility. So, as long as you follow the credit card rules and manage the balance responsibility, how you use it is really up to you.
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Ensuring your home is safe and comfortable for your pet involves more than just providing food and water. A truly pet-friendly home requires thoughtful planning and adjustments to create an environment where your pet can thrive. Whether you are looking at homes for sale in Seattle, already renting an apartment in Boston, or moving to a rental house in Little Rock, here’s a comprehensive guide to pet-proofing your home, covering everything from furniture choices fit for your established dog to safety measures and grooming practices for your new kitten.
The basics: creating space for your pet
First and foremost, your pet needs a space to call their own. “To make your home more pet-friendly, it’s essential to create a safe and comfortable environment for your furry friend. Start by using pet-friendly furniture and flooring that can withstand wear and tear,” shared the team at Purrfect Grooming.
One tip for ensuring that your pet is comfortable is to designate specific areas for your pet in your home. Vânia Boto from 4EveryPet suggests that you “provide a comfortable and secure environment for your pet to relax in, such as a cozy bed, a place to hide when they feel insecure, fresh water, and safe toys. For cats, add scratching areas where they can have fun.” Regular maintenance of your pets’ areas will promote cleanliness and comfort.
Invest in flooring and furniture for a pet-friendly home
Choosing the right materials when furnishing and designing your home can have great benefits for maintaining its integrity when you have pets. “Invest in pet-friendly furniture and flooring that can withstand scratches and stains, such as leather or microfiber couches and tile or laminate floors,” suggests Michael Darville from Burns Court Veterinary Care.
Klarice from Georgia Carpet Industries provided great insights on the best flooring options for pet parents:
Choosing the right flooring can prevent unnecessary wear and tear and is a great solution to aid in creating a pet-friendly home.
Don’t overlook pet-safe decor
Caleb Kidwell, owner of Pet Care for the Palm Beaches, chimed in with some additional tips for pet-safe decor for your home: “Swap out low-hanging drapes for cordless blinds to prevent potential accidents, and consider installing scratch-resistant flooring and stain-resistant fabrics for furniture, which not only protect your home but also reduce the stress of constant cleaning.”
Outfitting your home with pet-safety in mind can be challenging, however Dr. Sarah Wooten suggests that you “Get down on all fours and view your home from your pet’s point of view – you will see the world from a different perspective that may allow you to see hazards that you would otherwise miss.” Furniture and floors aren’t the only things to keep in mind when making your home pet-friendly, be sure to take note of the above advice when renovating and decorating your home for your pets safety!
Your credit score is unlikely to drop for no reason, but it might drop for reasons you do not expect. Simply applying for a new credit card, closing out an old one, or being late with a payment can affect your score. A drop in your credit score of 80 points may be enough to reduce your credit score from “good” to “fair,” which can mean you will pay significantly more to borrow money.
Here’s a look at the reasons your credit score might drop, how to monitor your score, and what to do if your credit score drops suddenly.
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Check your credit score for free. Sign up and get $10.*
Why Did My Credit Score Drop 80 Points?
Your credit score is based on factors related to how you manage your debt. Specifically, whether you pay your bills on time, how much you owe creditors versus how much credit you have available, the length of your credit history, the types of debt you have, and how often you apply for a new loan or credit card. Bankruptcy and foreclosures are additional threats to your credit score.
Any one or a combination of these factors could cause your credit score to drop.
Should You Be Worried About Your Credit Score Dropping?
Credit score changes are fairly common and not always a cause for concern. However, an 80-point drop is worth looking into, as it could impact whether you get approved and receive favorable terms for a loan or line of credit.
For instance, if your score drops from 700 to 620, it’s no longer considered “good.” That means that you will not qualify for the best mortgage or credit card rates because a lender will consider you a riskier borrower and could charge you more for financing.
It’s important to first understand why the drop happened so you can correct any issues and begin getting your credit back on track. Monitoring your credit score can be a good place to start, as it allows you to track changes to your score and get insights into your financial health.
Reasons Your Credit Score Went Down
There are a few reasons why your credit score might go down. But bear in mind that it can take over a month for your credit score to update and reflect any changes in your credit situation.
You Applied for a New Loan or Credit Card
If you apply for a new loan or a credit card, your credit score may go down because card issuers will perform a “hard pull,” or hard credit inquiry, when they look at your credit information. According to FICO™, a hard pull typically takes five points or less off your FICO Score. However, if you apply for several credit cards within a short period of time, it could have a greater impact on your score.
Your Credit Card Balance Went Up
If you carry a balance on your credit card, you won’t just rack up interest charges — your credit score might drop, too. Thirty percent of your FICO Score is based on the amount of money you owe. A significant balance on a credit card could cause your score to fall and your credit utilization rate — or how much of your credit limit you’re using on your revolving credit accounts — to rise.
You Missed Payments
Around 35% of your FICO credit score is based on your payment history. Therefore, if you fail to make your monthly payments — or are late making a payment — your score could fall.2 Tools like a money tracker app can help you identify upcoming bills, create a budget, and more.
You Closed a Credit Card Account
When you close a credit card account, especially one you’ve had for a long time, the average age of your accounts falls. That, in turn, could cause your credit score to dip, as the length of your credit history accounts for 15% of your FICO Score.
What Can You Do If Your Credit Score Dropped by 80 Points?
If your credit score drops by 80 points, there are some steps you can take to find out why and to rebuild your credit score.
Ensure Your Payment History Is Correct
Creditors can make mistakes and report inaccurate information to the credit bureaus. Fraudsters can steal your identity and use your accounts. So it’s worthwhile to check your credit report, including your payment history, and dispute any inaccurate information.
You can check your credit report for free from each credit bureau on AnnualCreditReport.com. You can also check your credit report for free with Experian and sign up for monthly updates.
Don’t Miss Payments
A payment that’s over 30 days past due may be reported to the three major credit bureaus. If you fail to make a payment for 90 days, your creditor may refer your account to a collection agency. These records will remain on your account for seven years.
Keep Your Credit Utilization Rate Low
As you use more of your available credit, your credit utilization rate will increase. The higher your credit utilization rate, the more of a risk you are to a lender, and the more your credit score may decrease. Aim for a rate below 30%. For example, if your credit card has a credit limit of $12,000, don’t use more than $3,600, and ideally use $1,200 or less.
Hold Off on Applying for a Credit Card, Loan, or Mortgage
If you apply for a new loan or credit card, the lender will conduct a hard inquiry to check your credit score. As we mentioned, this type of check will only temporarily lower your score by a few points. But many hard inquiries over a short period can have a compounding effect on your credit score. This might occur if you apply for several credit cards at once. The impact of a hard inquiry will typically last a few months to a year.
Avoid Bankruptcy or Foreclosure
Declaring bankruptcy and experiencing foreclosure on a property both cause a significant drop in your credit score. And both stay on your credit report for a long time: seven years for Chapter 13 bankruptcy, 10 years for Chapter 7 bankruptcy, and seven years for a foreclosure.
How to Build Your Credit Score
Building your credit score comes down to sensible fiscal management over time.
Whether your credit score dropped or not, there are steps you can take to help boost your numbers. Examples include:
• Paying bills on time
• Checking your credit report regularly for errors
• Lowering your credit utilization rate
• Keep spending in check — a spending app can help
Scenarios Where Your Credit Score Might Drop
Here are some scenarios where you might be surprised to find that your credit score has dropped.
You Pay Off Credit Cards
Let’s say you have three credit cards: one with $5,000 in available credit, one with $8,000 in available credit, and one with $500 in available credit. That’s $13,250 of total available credit.
You have a total balance of $3,975 over all three cards, which gives you a credit utilization ratio of 30%.
Let’s also say you take out a debt consolidation loan to pay off all debt except for $250 on the card with a $500 limit. You then close out the two cards with no debt — taking with it $13,000 in available credit. You’ve kept open the card that has a $500 credit limit and a $250 balance.
This might seem like a good move because you’ve paid off over $3,000 in debt and eliminated two credit cards. However, you now have a 50% credit utilization rate, significantly higher than the recommended 30%. This may increase your credit score.
You Close an Old Credit Card Account That You Don’t Use
Another reason to think twice before closing credit card accounts? It could impact the length of your credit history, which accounts for 15% of your credit score. If you close old accounts, it could lower the average age of your credit history, and your score could take a dip as a result.
You Took Out New Loans to Pay Off Debt
Every time you apply for a loan or a credit card, the lender performs a hard pull. If you apply for multiple new loans or credit cards within a short stretch of time, it could temporarily lower your credit score.
Allow Some Time Before Checking Your Score
Credit scores continually fluctuate as information on your credit report gets updated. According to Equifax, your credit score can take 30 days or more to reflect payments you’ve made.
What Factors Impact Credit Scores?
As we discussed, your credit score is calculated based on the following, according to the FICO scoring model:
• 35% of your score is based on your payment history.
• 30% is based on the amount you owe creditors and your credit utilization rate. Ideally, your rate should be around 10% and not higher than 30%.
• 15% is based on the length of your credit history.
• 10% is based on the types of debt you have. A mix of installment debt (such as student loans, mortgage, car loan, personal loan) and credit card debt (or lines of credit) is preferable.
• 10% is based on new credit.
Pros and Cons of Tracking Your Credit Score
There are no drawbacks to tracking your credit score, except for the time it takes to obtain your report.
On the other hand, there are plenty of pros to monitoring your credit score. You’ll know where you stand regarding future loans and what potential lenders will see on your credit report. You’ll also be able to spot inaccurate or incomplete information that you can have removed, which can help boost your credit score.
How to Monitor Your Credit Score
Federal law allows you to view a free copy of your credit report from each of the three national credit bureaus (Experian, TransUnion, and Equifax) at AnnualCreditReport.com. Check the reports carefully, and if you find something you don’t agree with, file a dispute to try to have the information removed.
You can also enroll in a credit score monitoring service. These automated services notify you of changes to your credit report that might occur if you qualify for a new credit card or loan, or fall behind on loan payments.
The Takeaway
Your credit score might fluctuate without you realizing it. But a drop of 80 points may be worth investigating, as it could mean you pay significantly more to borrow money. You might be surprised to learn that if you apply for a new credit card, pay off the balance on a card, or close an old account, your credit score could be adversely affected.
It’s a good idea to obtain a copy of your credit report — it’s free — and check that the information given to the credit agencies is accurate. You can also help maintain a good credit score by not missing credit card and loan payments and by keeping your credit utilization ratio below 30%.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
See exactly how your money comes and goes at a glance.
FAQ
Why did my credit score go down 80 points?
Your credit score is based on factors related to how you manage your debt. Bankruptcy or foreclosure will have an obvious effect on your score, but if you have not paid your bills on time, your credit utilization rate is higher than 30%, or you close old credit card accounts and reduce your credit history, you may see a dip. Also, your credit score may be affected if you apply for a number of credit cards or loans in a short space of time.
Why is my credit score going down if I pay everything on time?
Your payment history accounts for only 35% of your credit score. Other factors include your credit utilization rate, the length of your credit history, and the types of debt you have.
Why has my credit score gone down when nothing has changed?
Even if nothing has changed for you fiscally, you may still see fluctuations in your credit score. There are various reasons why, such as a higher-than-normal credit utilization ratio, inaccurate information in your credit report, or identity theft.
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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 .
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.
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.
A new paper from Yale professor Kelly Shue argues that consumers mistakenly wait to take out mortgages and other long-term loans when the Fed is expected to cut rates.
Their confusion seems to be related to conflating short-term and long-term rates, which don’t necessarily move in tandem.
In fact, short-term rate moves are typically already baked in to long-term rates, meaning there’s no need to wait until the cut is official for an even lower interest rate.
The savings of short-term rate cuts should already be reflected in the interest rate of a long-term loan such as a 30-year fixed mortgage.
Despite this, home buyers and even professional forecasters tend to get this wrong according to the research.
Short-Term Rates vs. Long-Term Rates
Consumers have long misunderstood the relationship between the Fed and mortgage rates.
Many incorrectly believe that the Fed directly controls mortgage rates. So when the Fed announces a rate cut, prospective home buyers expect mortgage rates to come down as well.
For example, the Fed is widely expected to lower its fed funds rate by 25 (or maybe 50 basis points) at its September 18th meeting.
When this takes place, there will be a slew of articles written about how “mortgage rates fall” and the like.
Some may even assume that the 30-year fixed fell by the same amount, whether it’s 0.25% or .50%.
So if the 30-year fixed was 6.50% the day before the meeting, a hypothetical home buyer might think the going rate is 6.25% or even 6% the next day.
In all likelihood, they’ll probably be disappointed if and when they speak to their loan officer or mortgage broker.
Chances are mortgage rates won’t budge much at all. And perhaps worse, they could actually rise after the Fed announces a rate cut!
This all has to do with short-term and long-term rates, with the fed funds rate a short-term rate and the 30-year fixed a long-term rate.
While they can impact one another, there isn’t a direct correlation. This is why you don’t hear mortgage rate experts telling you to use the fed funds rate to track mortgage rates.
Instead, the 10-year bond yield is a good way to track mortgage rates, since historically they have a very strong correlation.
Simply put, they are both long-term rates and function fairly similarly because many home loans are paid off in a decade or so despite being offered a full 30 years .
Should You Wait for the Fed to Cut Rates Before Refinancing (or Buying a Home)?
That brings us to consumer behavior surrounding rate cuts and hikes. Before we talk about rate cuts, which are finally on the table, let’s talk about rate hikes.
When the Fed is expected to hike rates, people tend to rush out and lock their loan before rates go up even more.
The researchers, which include Professor Shue, Richard Townsend, and Chen Wang, argue that this too is “a mistake.”
They note that knowing “that the Fed plans to gradually increase short rates does not mean that long rates will gradually increase in tandem.”
Conversely, they say “the long rate jumps immediately in response to such an announcement,” meaning there isn’t a rush to lock your rate before the Fed acts.
Now when we flip the script and consider a rate cut, the same logic applies. If you’re waiting to buy a home or refinance your mortgage due to an impending rate cut, it might be a mistake.
The Fed rate cuts are mostly telegraphed in advance and known to market participants. So there won’t be a big surprise on the day of the announcement that leads to a significant improvement.
At least not with regard to the rate cut announcement itself. This is why mortgage rates often defy logic on the day Fed announcements take place.
Sometimes the Fed raises its rate and mortgage rates fall. And sometimes the opposite happens.
And again, this is due to the disparity between short-term and long-term rates.
What About Long-Term Monetary Policy?
While I agree with the researchers on the point of short-term rate cuts already being baked in to longer-term rates like 30-year mortgages, there’s one other thing to consider.
The expected long-term monetary policy of the Fed. If they are just beginning to cut short-term rates, there is a chance long-term rates continue to improve over time.
I know, the researchers already debunked this with their talk about gradually increasing rates, saying people “fail to recognize that the current long rate already reflects future expected changes in short rates.”
And at the moment, the consensus is for the Fed to cut rates 200 basis points or more over the next year, per CME.
By the September 17th, 2025 meeting, the fed funds rate could be in a range of 3% to 3.25%, down from 5.25% to 5.50% currently.
Sure, you could argue that this too is somewhat baked in to long-term rates at the moment, but there’s still a degree of uncertainty.
If and when the Fed does actually begin cutting rates, instead of merely hinting at it, we could see longer-term rates trickle down further.
Of course, that will depend on economic data and things like inflation and unemployment, which will only reveal themselves over time.
But if you look at the rate tightening cycle, which involved 11 Fed rate hikes between early 2022 and mid-2023, you’d see that mortgage rates kept getting worse and worse.
Granted that too was driven by the underlying economic data, namely out-of-control inflation.
Still, the 30-year fixed surged from roughly 3% in early 2022 to around 8% during that span of time. So those who did go out and lock their rate ASAP were rewarded.
Even someone who chose to take out a 30-year fixed in March 2022 was able to snag a ~3% rate versus a rate of nearly 6% by as early as June of that same year.
In other words, what the Fed has already indicated might be baked in to rates today, but what we’ve yet to find out could push rates even lower as time goes on.
There’s no guarantee mortgage rates will continue to decrease from here, but it’s decently likely if economic data continues to come in cold.
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 18 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on Twitter for hot takes.
More than one in five adults age 65 and older reported not taking medications as prescribed due to cost, according to a 2023 study published in JAMA Network Open.
There’s help available, but many beneficiaries might not be aware of their options.
“Far too many people don’t know that there are resources out there to help them,” says Amy Niles, chief mission officer at the PAN Foundation, a nonprofit organization that helps people get needed prescription drugs and medical treatments.
Here are three potential resources that might help you or a loved one afford medications with Medicare Part D.
Still deciding on the right carrier? Compare Medicare Part D Plans
1. Government assistance programs
If you qualify, Medicare’s Extra Help program covers all costs for your Medicare Part D plan and covered prescription drugs, with the exception of copays of up to $11.20 per drug in 2024.
The eligibility requirements for Extra Help are fairly strict. The income limit is $22,590 per year for an individual or $30,660 for a married couple in 2024, which is 150% of the federal poverty level. There are also limits on resources, the label given to assets you own and convert to cash to support yourself if needed, such as bank accounts, retirement funds, stocks and bonds.
Extra Help enrollment isn’t automatic, and many people might be missing out because they haven’t applied. “Three million people are eligible for the program but not yet enrolled,” according to a February 2024 press release from the Centers for Medicare & Medicaid Services.
“Medicare Part D beneficiaries should apply for all Medicare Savings Programs, including Extra Help,” Michele McCourt, executive director of CancerCare’s Co-Payment Assistance Foundation, said in an email.
Most states also have a pharmaceutical assistance program and/or some kind of discount prescription program. Benefits and eligibility requirements vary, but it’s a good idea to look into what’s available where you live.
2. Help from foundations
Nongovernmental organizations can help if you or a loved one are struggling to afford health care. For example, the PAN Foundation offers assistance across about 80 different disease funds, Niles says, and the “overwhelming majority” of people who receive its financial assistance are Medicare beneficiaries.
These charitable foundations might be more flexible on eligibility requirements than government programs. For example, Niles says the PAN Foundation usually can offer assistance to people at or below 400% to 500% of the federal poverty level. (500% of the FPL is $75,300 per year for an individual or $102,200 for a married couple in 2024.)
If you’re not sure about Extra Help eligibility, McCourt said it may be best to apply for Extra Help and help from foundations at the same time. (If you find you’re eligible for Extra Help, contact the foundations to let them know you no longer need assistance, she suggested.)
Foundations often offer help with more than just prescription drug costs, too. Assistance might be available for health insurance premiums, transportation, lodging, childcare or pet care, for example, as well as counseling, navigating insurance rules, and referrals and coordination with other patient advocacy and assistance groups.
The PAN Foundation, Accessia Health and CancerCare are three charitable organizations that might be able to help patients struggling with costly prescription drugs or other medical expenses. Other options include the HealthWell Foundation, Good Days and the National Organization for Rare Disorders.
The foundations’ websites offer details on eligibility and application processes for their individual programs.
3. A new $2,000 out-of-pocket cap
Medicare Part D will have a new $2,000 out-of-pocket cap on copays, coinsurance and deductibles for covered prescription drugs starting in 2025. But many beneficiaries might not know this change is coming.
Only about 40% of registered voters age 65 and older are aware of the law capping out-of-pocket prescription drug costs, according to an April-May 2024 tracking poll by KFF, a health policy nonprofit.
“The $2,000 out-of-pocket cap will have a significant impact on beneficiaries,” Anna Brown, vice president of marketing and communications for patient assistance nonprofit Accessia Health, said in an email.
“However, it’s important to acknowledge that while the $2,000 cap increases affordability for Americans, we know that many will still struggle to afford even this reduced out-of-pocket maximum, especially those with chronic and rare medical conditions,” Brown said.
Both Brown and Niles indicated that their organizations are committed to continued advocacy, education and direct support to make Medicare prescription drug coverage even more affordable in the future.