Only One in Three American Millionaires Feel “Wealthy” and Nearly Half Say Their Financial Planning Needs Improvement, According to Northwestern Mutual Planning & Progress Study What’s it like to feel like a million bucks? Millionaires indicate it’s less about believing you’re rich and more about having confidence and clarity about the future. Nearly 80% of … [Read more…]
A spousal IRA gives a non-working spouse a way to build wealth for retirement, even if they don’t have earned income of their own.
Spousal IRAs can be traditional or Roth accounts. What distinguishes a spousal IRA is simply that it’s opened by an income-earning spouse in the name of a non-working or lower-earning spouse.
If you’re married and thinking about your financial plan as a couple, it’s helpful to understand spousal IRA rules and how you can use these accounts to fund your goals.
What Is a Spousal IRA?
A spousal IRA is an IRA that’s funded by one spouse on behalf of another. This is a notable exception to the rule that IRAs must be funded with earned income. In this case, the working spouse can make contributions to an IRA for the non-working spouse, even if that person doesn’t have earned income.
The couple must be married, filing jointly, in order for the working spouse to be able to fund a spousal IRA. For example, say that you’re the primary breadwinner for your family, and perhaps your spouse is a stay-at-home parent or the primary caregiver for their aging parents, and doesn’t have earned income. As long as you have taxable compensation for the year, you could open a spousal IRA and make contributions to it on your spouse’s behalf.
Saving in a spousal IRA doesn’t affect your ability to save in an IRA of your own. You can fund an IRA for yourself and an IRA for your spouse, as long as the total contributions for that year don’t exceed IRA contribution limits (more on that below), or your total earnings for the year.
Recommended: Understanding Individual Retirement Accounts (IRAs): A Beginner’s Guide
How Do Spousal IRAs Work?
Spousal IRAs work much the same as investing in other IRAs, in that they make it possible to save for retirement in a tax-advantaged way. The rules for each type of IRA, traditional and Roth, also apply to spousal IRAs.
What’s different about a spousal IRA is who makes the contributions. If you were to open an IRA for yourself, you’d fund it from your taxable income. When you open an IRA for your spouse, contributions come from you, not them.
It’s also important to note that these are not joint retirement accounts. Your spouse owns the money in their IRA, even if you made contributions to it on their behalf.
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Spousal IRA Rules
The IRS sets the rules for IRAs, which also govern spousal IRAs. These rules determine who can contribute to a spousal IRA, how much you can contribute, how long you have to make those contributions, and when you can make withdrawals.
Eligibility
Married couples who file a joint tax return are eligible to open a spousal IRA for the non-working spouse. As long as one spouse has taxable compensation and, in the case of a Roth IRA, they meet income restrictions, they can open an IRA on behalf of the other spouse.
Taxable compensation includes money earned from working, such as wages, salaries, tips, or bonuses. Generally, any amount included in your income is taxable and must be reported on your tax return unless it’s excluded by law.
That said, a traditional IRA does not have income requirements; a Roth IRA does.
Maximum Annual Contributions
One of the most common IRA questions is how much you can contribute each year. Spousal IRAs have the same contribution limits as ordinary traditional or Roth IRAs. These limits include annual contribution limits, income caps for Roth IRAs, and catch-up contributions for savers 50 or older.
For tax-year 2024, you can contribute up to $7,000 to a traditional or Roth IRA; if you’re 50 or older you can add another $1,000 (the catch-up contribution) for a total maximum of $8,000.
Remember, you can fund a spousal contribution as well as your own IRA up to the limit each year, assuming you’re eligible. That means for the 2024 tax year, a 35-year-old couple could save up to $14,000 in an individual and a spousal IRA.
A 50-year-old couple can take advantage of the catch-up provision and save up to $16,000.
Contribution Limits for Traditional and Roth IRAs
There are a couple of rules regarding contribution limits; these apply to ordinary IRAs and spousal IRAs alike.
• First, the total contributions you can make to an individual IRA and/or spousal IRA cannot exceed the total taxable compensation you report on your joint tax return for the year.
• If neither spouse is covered by a workplace retirement account, contributions to a traditional spousal IRA would be deductible. If one spouse is covered by a workplace retirement account, please go to IRS.gov for details on how to calculate the amount of your contribution that would be deductible, if any.
There is an additional restriction when it comes to Roth IRAs. Whether you can make the full contribution to a spousal Roth IRA depends on your modified adjusted gross income (MAGI).
• Married couples filing jointly can contribute the maximum amount to a spousal Roth IRA for tax year 2024 if their MAGI is less than $230,000.
• They can contribute a partial amount if their income is between $230,000 and $240,000.
• If a couple’s income is $240,000 or higher, they are not eligible to contribute to a Roth or spousal Roth IRA.
Contribution Deadlines
The annual deadline for making an IRA contribution for yourself or a spouse is the same as the federal tax filing deadline. For example, the federal tax deadline for the 2024 tax year is April 15, 2025. You’d have until then to open and fund a spousal IRA for the 2024 tax year.
Filing a tax extension does not allow you to extend the time frame for making IRA contributions.
Withdrawal Rules
Spousal IRAs follow the same withdrawal rules as other IRAs. How withdrawals are taxed depends on the type of IRA and when withdrawals are made.
Here are a few key spousal IRA withdrawal rules to know:
• Qualified withdrawals from a traditional spousal IRA are subject to ordinary income tax.
• Early withdrawals made before age 59 ½ may be subject to a 10% early withdrawal penalty, unless an exception applies (see IRS rules).
• Spouses who have a traditional IRA must begin taking required minimum distributions (RMDs) at age 72, or 73 if they turned 72 after Dec. 31, 2022. Roth IRAs are not subject to RMDs, unless it’s an inherited Roth IRA.
• Roth IRA distributions are tax-free after age 59 ½, as long as the account has been open for five years, and original Roth contributions (i.e., your principal) can always be withdrawn tax free.
• A tax penalty may apply to the earnings portion of Roth IRA withdrawals from accounts that are less than five years old.
Whether it makes more sense to open a traditional or Roth IRA for a spouse can depend on where you are taxwise now, and where you expect to be in retirement.
Deducting contributions may help reduce your taxable income, which is a good reason to consider a traditional IRA. On the other hand, you might prefer a Roth IRA if you anticipate being in a higher tax bracket when you retire, as tax-free withdrawals would be desirable in that instance.
Recommended: Inherited IRA Distribution Rules Explained
Pros and Cons of Spousal IRAs
Spousal IRAs can help married couples to get ahead with saving for retirement and planning long-term goals, but there are limitations to keep in mind.
Pros of Spousal IRAs
• Non-working spouses can save for retirement even if they don’t have income.
• Because they’re filing jointly, couples would mutually benefit from the associated tax breaks of traditional or Roth spousal IRAs.
• Spousal IRAs can add to your total retirement savings if you’re also saving in a 401(k) or similar plan at work.
• The non-working spouse can decide when to withdraw money from their IRA, since they’re the account owner.
Cons of Spousal IRAs
• Couples must file a joint return to contribute to a spousal IRA, which could be a drawback if you typically file separately.
• Deductions to a spousal IRA may be limited, depending on your income and whether you’re covered by a retirement plan at work.
• Income restrictions can limit your ability to contribute to a spousal Roth IRA.
• Should you decide to divorce, that may raise questions about who should get to keep spousal IRA assets (although the spousal IRA itself is owned by the non-working spouse).
Spousal IRAs, Traditional IRAs, Roth IRAs
Because you can open a spousal IRA that’s either a traditional or a Roth style IRA, it helps to see the terms of each. Remember, spouses have some flexibility when it comes to IRAs, because the working spouse can have their own IRA and also open a spousal IRA for their non-working spouse. To recap:
• Each spouse can open a traditional IRA
• If eligible, each spouse can open a Roth IRA
• One spouse can open a Roth IRA while the other opens a traditional IRA.
Bear in mind that the terms detailed below apply to each spouse’s IRA.
Spousal IRA
Traditional IRA
Roth IRA
Who Can Contribute
Spouses may contribute to a traditional or Roth spousal IRA, if eligible.
Roth spousal IRA eligibility is determined by filing status and income (see column at right).
Anyone with taxable compensation.
Eligibility to contribute determined by tax status and income. Married couples filing jointly must earn less than $240,000 to contribute to a Roth.
2024 Annual Contribution Limits
$7,000; $8,000 for those 50 and up (note that each spouse can have an IRA and contribute up to the annual limit)
$7,000; $8,000 for those 50 and up
$7,000; $8,000 for those 50 and up.
Tax-Deductible Contributions
Yes, for traditional spousal IRAs*
Yes*
No
Withdrawals
Withdrawal rules for both types of spousal IRAs are the same as for ordinary IRAs (see columns at right).
Qualified distributions are taxed as ordinary income.
Taxes and a penalty apply to withdrawals made before age 59 ½ , unless an exception applies, per IRS.gov.
Original contributions can be withdrawn tax free at any time (but not earnings).
Distributions of earnings are tax free at 59 ½ as long as the account has been open for 5 years.
Required Minimum Distributions
Yes, for traditional spousal IRAs. RMDs begin at age 72**
Yes, RMDs begin at age 72**
RMD rules don’t apply to Roth IRAs.
* Deduction may be limited, depending on your income and whether you or your spouse are covered by a workplace retirement plan. ** You must take withdrawals from a traditional IRA once you reach 72 (or 73, if you turn 72 in 2023 or later).
Dive deeper: Roth IRA vs. Traditional IRA: Which IRA is the right choice for you?
Creating a Spousal IRA
Opening a spousal IRA is similar to opening any other type of IRA. Here’s what the process involves:
• Find a brokerage. You’ll first need to find a brokerage that offers IRAs; most will offer spousal IRAs. When comparing brokerages, pay attention to the investment options offered and the fees you’ll pay.
• Open the account. To open a spousal IRA, you’ll need to set it up in the non-working spouse’s name. Some of the information you’ll need to provide includes the non-working spouse’s name, date of birth, and Social Security number. Be sure to check eligibility rules.
• Fund the IRA. If you normally max out your IRA early in the year, you could do the same with a spousal IRA. Or you might prefer to space out contributions with monthly, automated deposits. Be sure to contribute within eligible limits.
• Choose your investments. Once the spousal IRA is open, you’ll need to decide how to invest the money you’re contributing. You may do this with your spouse or allow them complete freedom to decide how they wish to invest.
As long as you file a joint tax return, you can open a spousal IRA and fund it. It doesn’t necessarily matter whether the money comes from your bank account, your spouse’s, or a joint account you share. If you’re setting up a spousal IRA, you can continue contributing to your own account and to your workplace retirement plan if you have one.
Start Your IRA With SoFi
Spousal IRAs can make it easier for couples to map out their financial futures even if one spouse doesn’t work. The sooner you get started with retirement saving, the more time your money has to grow through compounding returns.
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FAQ
What are the rules for a spousal IRA?
Spousal IRA rules allow a spouse with taxable compensation to make contributions to an IRA on behalf of a non-working spouse. The non-working spouse owns the spousal IRA and can decide how and when to withdraw the money. Spousal IRA withdrawals are subject to the same withdrawal rules as traditional or Roth IRAs, depending on which type of account has been established.
Is a spousal IRA a good idea?
A spousal IRA could be a good idea for married couples who want to ensure that they’re investing as much money as possible for retirement on a tax-advantaged basis. In theory, a working spouse can fund their own IRA as well as a spousal IRA, and contribute up to the maximum amount for each.
Can I contribute to my spouse’s traditional IRA if they don’t work?
Yes, that’s the idea behind the spousal IRA option. When a wife or husband doesn’t have taxable income, the other spouse can make contributions to a spousal traditional IRA or Roth IRA for them. The contributing spouse must have taxable compensation, and the amount they contribute each year can’t exceed their annual income amount or IRA contribution limits.
Photo credit: iStock/andreswd
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San Diego is known for its sun-soaked beaches and relaxed coastal vibe, but the city offers a collection of unique experiences that capture the essence of its diverse culture and community spirit. Maybe you’re thinking about buying a home in San Diego, CA, or renting a house or apartment in the city. Or perhaps you’re just in the beginning phases of imagining life here. Wherever you’re at, we’ll explore just a glimpse of what San Diego has in store for you.
1. Ride the waves
Learning to surf is an absolute must for anyone moving to the area, and San Diego Surf Lessons make it easy. Located in Solana Beach, Cal Coast Adventures provides everything you need—surfboard, wetsuit, and a professional instructor—for an unforgettable time on the warm waters of the Pacific. The experience starts with the basics and progresses to more advanced techniques, ensuring both safety and fun all while soaking in the sunny coastal ambiance.
2. Tap into local craft brews
For those looking to experience San Diego’s renowned craft beer scene like a local, TapRoom Beer Co. in Pacific Beach is the place to be. This laid-back spot offers a vast selection of local brews under one roof, combined with delicious food and a killer beer garden. The chill atmosphere makes it a perfect hangout for both craft beer aficionados and those just looking to soak up the San Diego vibes.
3. Tap into your creative side
If you’re in the mood for something hands-on and creative, a visit to The Mudd House Ceramics Studio is a must. This community-centric studio offers pottery classes that are as much about socializing as they are about creating. You can dive into the art of ceramics, meet new people, and perhaps even start a new hobby. It’s a fun activity that adds a unique touch to your San Diego experience.
4. Savor authentic Italian
For a taste of Italy in the heart of La Jolla, Piazza 1909 is the place to be. This family-owned Italian restaurant, with their Chef Stefano from Milan, offers a cozy spot for outdoor dining with a dog-friendly atmosphere. The menu caters to all with gluten-free and vegan options, making it a versatile choice for any gathering.
5. Sip unique lattes
Located in the trendy North Park neighborhood, Lazy Eye Coffee is more than just a coffee shop—it’s a creative hub. Known for its unique lattes with house-made syrups and a playful food menu, this spot is perfect for those looking to relax in a stylish setting. The beautiful patio, complete with a cactus garden and pallet forest, offers a serene environment to enjoy your coffee and soak in the neighborhood’s artistic vibe.
6. A culinary journey in the Convoy District
San Diego’s Convoy District in Kearny Mesa is a cultural haven, especially for food lovers. The nearly 2-mile-long street is packed with over 200 Asian restaurants, shops, and grocery stores, offering a culinary journey like no other. Whether you’re craving Korean BBQ, Japanese sushi, or Chinese dim sum, Annie & Ty at The Seasoned Wok recommend bringing your appetite and diving into the diverse flavors that this vibrant neighborhood has to offer.
7. Experience coastal dining at its best
For a true taste of San Diego’s Mexican roots, Chantelle from DOPE AF Food suggests two of their favorite restaurants that perfectly capture the city’s chill, coastal vibes and proximity to Mexico. Casa Guadalajara, nestled in Old Town, delivers an original experience with its festive ambiance, extensive menu, and live mariachi music, offering a true blend of California and Mexican culture. If you prefer a location with a more serene vibe, Chantelle also recommends George’s at the Cove in La Jolla. Here, you can enjoy fresh seafood, specialty cocktails, and breathtaking ocean views—making it the perfect spot to unwind and catch the sunset.
8. Discover breathtaking art
San Diego’s downtown Marina District is home to Art Scene West, a vibrant cultural hub that showcases breathtaking works of art. This gallery not only offers a diverse collection of fine art but also encourages creative expression through interactive guided painting events known as Painting Parties. Whether you’re looking to add a piece of art to your collection or simply enjoy a creative date night, Art Scene West is a must-visit.
Photo courtesy of Art Scene West
9. Shop local at Point Loma Farmers Market
For an authentic “locals-only” experience, head to the Point Loma Farmers Market. Nestled in the heart of the beautiful Point Loma Hills neighborhood, this market offers a variety of attractions, from organic farm goods to unique crafts and jewelry. The market is also home to one of the largest Brazilian communities in San Diego, adding a rich cultural flavor to the experience. With a free kids area, delicious food booths, and a vibrant community atmosphere, it’s a great way to spend a Sunday morning.
10. Satisfy your taco cravings
San Diego is famous for its Mexican food, and City Tacos, a favorite of Chef Ben Mastracco, offers a delicious twist on the classic taco. With multiple locations throughout San Diego, this taco spot blends traditional flavors with gourmet ingredients, all served in a relaxed setting. Pair your meal with one of their local craft beers for an unbeatable combination that epitomizes San Diego’s vibrant food scene.
11. Create and connect
For a more intimate and personalized creative experience, consider booking a private ceramics class at Clay Society. Led by Janna, the artist behind Isiko Global Goods, these classes offer a relaxed and inspiring environment where you can craft your own pottery pieces. It’s a perfect activity for a date night or a small group of friends looking to try something new and artistic.
Photo Courtesy of Clay Society
12. Immerse yourself in art
Located in the Liberty Station Art District, Mi Gallery Tu Gallery is a must-visit for art enthusiasts to immerse themselves in San Diego’s art scene. This gallery hosts art exhibitions, workshops, and private events, making it a vibrant part of the city’s cultural fabric.
13. Reconnect with nature at Torrey Pines State Natural Reserve
One of San Diego’s natural wonders, Torrey Pines State Natural Reserve offers breathtaking views of the Pacific Ocean, unspoiled beaches, and the rare Torrey pine trees. This 1,500-acre park is a “coastal gem” that provides a quintessential San Diego experience. Whether you’re hiking, whale watching, or simply soaking in the sunset, Torrey Pines is a place where the beauty of nature takes center stage.
14. Shop vintage treasures
Finally, for a truly unique shopping experience, check out Bad Madge & Co. in San Diego’s South Park neighborhood. Voted the best vintage store in the country in 2022, this eclectic shop offers a curated mix of vintage treasures, local designer pieces, and retro finds. It’s a perfect stop for those looking to discover unique items that reflect San Diego’s character.
Unique things to do in San Diego, CA: Final thoughts
San Diego is a city bursting with unique experiences that go beyond the usual tourist spots. From riding the waves to exploring cultural districts and dining on gourmet tacos, there’s always something new and exciting to discover in the city. Whether you’re exploring the neighborhoods or immersing yourself in the local culture, living in San Diego offers endless opportunities to create unforgettable memories.
Looking to get some extra cash from your old electronics? You’re not alone! Many people have used electronics lying around, and selling them can be a great way to make some extra income. Plus, finding the best places to sell used electronics is also a great way if you need to make money fast, such…
Looking to get some extra cash from your old electronics? You’re not alone! Many people have used electronics lying around, and selling them can be a great way to make some extra income.
Plus, finding the best places to sell used electronics is also a great way if you need to make money fast, such as if you are looking to make money in one day.
There are many places where you can sell your used electronics quickly and easily. Whether you’re upgrading your tech or just decluttering, finding the right platform is key to getting the best value. You’ll want to know where to go and what to expect to make the process smooth and profitable.
I have sold many of my used electronics over the years, including a cell phone, a laptop, and a camera. And, there are many more you can sell as well, such as gaming systems, smart watches, fitness trackers, headphones, speakers, and tablets.
Best Places To Sell Used Electronics
Below are the best places to sell used electronics.
1. Decluttr
Decluttr might be the perfect solution for you if you want to sell electronics online instantly as this is one of the best selling apps for electronics. You can trade in your devices like phones, game consoles, iPads, tablets, MacBooks, DVDs, and more.
I have personally sold a cell phone on Decluttr and I found the process to be very easy, and that is why this is my top choice if you are looking to sell your used electronics easily and hassle-free.
To sell on Decluttr, you just head to the Decluttr website and answer the prompts about what you would like to sell. They will want to know the type (phone, gaming console, laptop, etc.), the condition (they accept items in “Excellent,” “Good,” and “Poor” conditions), the storage capacity, and more.
Decluttr will then give you a price and you’ll be given a shipping label if you accept. You will then have to find a box to put the item in.
Once Decluttr receives and processes your items (usually the next day after receiving them), you’ll get paid by direct deposit or PayPal.
Decluttr also accepts broken electronics. Even if your device is water-damaged or has cosmetic issues, you can still sell it by marking the condition as “Poor.”
You can check out Decluttr by clicking here.
2. Gazelle
Gazelle is a popular option if you want to sell your used electronics quickly and easily. They buy a variety of devices including iPhones, Samsung Galaxy phones, iPads, and more.
To get started, tell Gazelle about your device. They will give you an estimated price. If you accept, you send your device to them for free.
Once Gazelle gets your device, they inspect it to make sure it matches what you described. After that, you get paid quickly. This process is simple and fast, which makes it convenient for many sellers.
You can check out Gazelle by clicking here.
3. Amazon Trade-In
Amazon Trade-In is a simple way to sell your old electronics if you are just learning how to sell your stuff. You can get an Amazon gift card or a promotional discount for your device. The process is quick, and you can do it online.
Amazon accepts many types of electronics like phones, tablets, and smartwatches and from brands like Amazon, Apple, Samsung, Microsoft, Google, Sony, Arlo, Foscam, NETGEAR, Bose, ASUS, TP-Link, and more. You answer a few questions about your item, and then Amazon gives you an estimate.
If you agree with the estimate, Amazon provides a free shipping label. You can mail your device or drop it off at a participating location.
Once Amazon gets your device, they will verify its condition. If it matches what you described, you get your gift card or discount. If the condition is worse than expected, you can choose to have the device returned or accept a lower value.
Amazon offers Instant Payment for some trade-ins. This means you get your gift card right away. If you don’t qualify for Instant Payment, you will get your gift card once Amazon processes your device, which can take up to 15 business days.
4. Apple Trade In
I recently traded in my old laptop to Apple and made around $300 for a laptop that was around 5 years old (and was actually broken with a flashing screen). I did it all right on the Apple website and it was very easy to sell.
Apple Trade In lets you trade your old device for credit toward a new one. You can do this either online or at an Apple Store. If your device isn’t worth any money, no worries. Apple will still recycle it for free.
You can trade in an iPhone, iPad, Mac, or Apple Watch.
You can use trade-in credit toward a purchase or get an Apple Gift Card. I was buying another laptop, so I just got store credit and put it toward my purchase.
Now, you may be wondering if your data and privacy are safe if you’re selling your laptop (which probably has a lot of passwords and documents that you would like to keep secure). Apple makes sure that your data is safe throughout the process, and they guide you on how to back up and erase your data.
5. eBay
I have sold many, many items on eBay over the years, from clothing to electronics and more.
EBay is a great place to sell your used electronics because it’s a huge marketplace with millions of buyers.
You can list almost any device, from old phones to gaming consoles. The auction format can help you get the highest price for your items.
Creating a listing is simple on eBay and you just add photos, describe your item, and set your price. You can also choose to sell at a fixed price if you don’t want to wait for an auction to end.
Now, eBay does have a cost. They charge fees for listing and selling items, so you’ll want to be sure to check their fee structure to understand how much you’ll pay.
6. Best Buy Trade-In
Best Buy’s Trade-In program is a great way to get rid of your old electronics and earn some store credit. They accept a wide range of devices, like phones, tablets, game consoles, and more.
Once you bring in your used electronics, they will evaluate them and give you a Best Buy gift card in return. You can use this gift card to shop for new electronics or accessories at any Best Buy store or on their website.
You need to be at least 18 years old to take part in this program. If you live in Alabama or Nebraska, you need to be 19 years old.
Best Buy also offers convenient options for trading in your devices. You can bring your items to a store or use their website to get a trade-in estimate and mail your items for free. This makes it easy to trade in your devices from the comfort of your home.
7. Swappa
Swappa is a popular choice if you want to sell your used electronics. It’s known for being safe and easy to use. You can sell phones, laptops, tablets, and more.
One of the best things about Swappa is that you deal directly with other users. There is no middleman, which means you can get more money for your items.
All you have to do is create a listing, similar to how you would with eBay.
8. Facebook Marketplace
Facebook Marketplace is a great place to sell your used electronics near you. It’s easy to use and connects you with buyers in your local area, and you can sell items like phones, laptops, cameras, and video game consoles.
One of the best things about Facebook Marketplace is the convenience. You just need to take a few pictures of your item, write a short description, and set your price.
You can also reach many potential buyers quickly since Facebook has millions of users, so this increases your chances of selling your electronics fast and at a good price.
For safety, I do recommend that you meet buyers in public places during the daytime. You are selling electronics after all, so it could be something that someone may want to steal. Many people will meet in a police department parking lot to make sure everything is safe.
9. OfferUp
OfferUp is a popular app where you can sell your used electronics and it’s easy to use, plus you can list almost anything, from phones to TVs.
With this site, you will have to create a listing, along with a description and a price. Buyers can then make offers or ask questions directly through the app.
OfferUp merged with Letgo, which means more potential buyers see your listing. The app also has a rating system for both buyers and sellers and this helps you know who you are dealing with.
You can choose to meet buyers in person or ship the item. OfferUp gives you the flexibility to decide what works best for you. Remember to meet in a public place for safety if you choose the in-person option.
10. Craigslist
Craigslist is a great place to sell your used electronics. It’s free to list your items, which means you get to keep all the money from your sale. No hidden fees!
I have sold many items on Craigslist, and like Facebook Marketplace, I recommend that you meet somewhere safe, such as a police department parking lot.
One of the best things about Craigslist is its simplicity. You just need to create an account, write a quick description, add a few photos, and set a price.
Many people use Craigslist because it’s local. Buyers can arrange to meet you in person, which can be safer and faster than shipping items.
Also, you will want to watch out for scammers. If a deal seems too good to be true, it probably is. Trust your instincts and avoid sharing any personal information. There are a lot of scams on Craigslist, unfortunately.
11. Gizmogo
If you want to sell your used electronics, Gizmogo is a good choice. They make the process quick and easy, and you can get an instant quote online by entering your device’s details.
Gizmogo pays competitive prices for many types of electronics. These include smartphones, laptops, tablets, and gaming consoles. They also accept cameras, drones, and smartwatches.
Shipping is free with Gizmogo. They provide a prepaid label, so you don’t have to pay for shipping. Your device is insured during transit, which adds an extra layer of protection.
Once Gizmogo receives your device, they inspect it quickly. You get paid fast, either in cash or online payment.
12. BuyBackWorld
BuyBackWorld is a great place to sell your used electronics. They make selling easy and quick, and you can sell items like phones, tablets, laptops, and more.
To get started, you simply just go to their website and get an instant price quote for your items. This helps you know how much money you will get. The best part is that you don’t have to guess the value.
After you get your quote, you ship your items for free. BuyBackWorld even provides the shipping label. You just pack up your items and send them off.
Payment is fast. Once BuyBackWorld gets your items and checks them, they pay you quickly. You can get paid through PayPal, a check, or a direct deposit.
13. Pawnshop
Pawnshops can be a great place to sell your used electronics quickly. They buy a wide range of items, from phones and laptops to gaming consoles and cameras.
The main advantage of selling to a pawnshop is the speed of the transaction. You can walk in with your item and walk out with cash in hand, usually within minutes, so this makes it a convenient option if you need money fast.
However, there are a few things to keep in mind when selling your electronics to a pawnshop. First, they typically offer less money compared to other selling options. Pawnshops need to make a profit when they resell your item, so they’ll often give you around 30%-60% of the item’s resale value.
It’s important to research the value of your electronics beforehand so you have an idea of what a fair offer might be. Also, be prepared to negotiate, as many pawnshops expect some haggling.
14. ItsWorthMore
ItsWorthMore.com is a great place to sell your old electronics. It’s easy to get started. You just go to their website, get a quote, and see how much your device is worth.
Shipping is free and they give you a prepaid label, so you don’t have to pay anything.
Once they get your item, they check it out. If it matches your description, you get paid. They send the payment fast, often within a week. You can choose to get paid by PayPal or check.
Frequently Asked Questions
Below are answers to common questions about how to sell your used electronics.
What is the best website to sell electronics?
The best website to sell your electronics often depends on what you’re selling. Decluttr and Gazelle are great for quick sales and you don’t have to create a listing. Facebook Marketplace and eBay can also be good options, especially if you want to reach a large number of buyers.
What’s the easiest way to sell my used computer monitor?
Selling a used computer monitor is easiest through websites like Decluttr or Gazelle. These services provide free shipping and fast payment. You can also try local selling through Facebook Marketplace for convenience and quick cash.
How do I sell my laptop?
To sell your laptop, start by choosing a platform like Decluttr, Gazelle, or Amazon Trade-In. If you have a Mac laptop, then you may want to trade it in to the Apple Trade-In program.
What to do before selling a used laptop?
Always back up your data before selling your laptop. Then, perform a factory reset to erase all personal information and don’t forget to remove all accessories like SIM cards and SD cards. I also recommend that you clean your laptop to make it look presentable.
What is the best place to sell used electronics near me?
For local sales, such as if you want to sell your used electronics near you, I recommend using sites like Facebook Marketplace, Craigslist, or local buy and sell groups. A pawnshop is another option if you want to sell used electronics locally, but you usually can’t get as much money.
What is the best place to sell used electronics online?
Decluttr and Gazelle are top choices for selling used electronics online due to their simple process and quick payments. Amazon Trade-In and eBay are also great options if you prefer more control over your selling price.
Best Places To Sell Used Electronics – Summary
I hope you enjoyed this article on where to sell old electronics for cash.
You can sell many types of electronics such as cell phones, laptops, tablets, and gaming consoles. They don’t have to be brand new either, they can be years old in many cases.
And, sometimes, they don’t even need to work. Yes, even your broken, used electronics may bring you some money. In fact, I personally recently sold my laptop that was 5 years old and broken, and I still made around $300.
Selling old electronics helps you get some money back. Instead of leaving gadgets in a drawer, turn them into cash.
By selling, you also help the environment. Electronics have materials that can be harmful if not disposed of properly. Selling them means someone else can use them, reducing e-waste.
Wondering how to decide what the best place is to sell your used electronics after reading the list above? I recommend thinking about how much money you’ll get, how fast you need the money, and how much effort you want to put toward selling it.
I hope you are able to make some extra money selling your used electronics. I think it’s definitely worth it instead of having it just sit around your home taking up space.
What do you think are the best places to sell used electronics?
A pleasant-smelling home can instantly create a sense of warmth, comfort, and tranquility. However, achieving this without resorting to harsh chemicals can sometimes be a challenge. This expert guide will explore natural methods to infuse your living space with delightful aromas, ensuring a healthy and inviting environment. Whether you’re moving into a new home in Dallas, looking to refresh your current apartment in Fort Worth, or simply searching for a healthier indoor environment, these strategies from ApartmentGuide and experts we interviewed can make a significant difference. From simple household remedies to elegant DIY projects, discover how to make your home smell good naturally by using natural scents to transform your home.
1. Hang eucalyptus plants in your shower
Daniel Zevallos with the Maryland-based company Clean Home Theory shares, “One of his favorite ways to create a cozy and heavenly atmosphere at home is by incorporating eucalyptus plants. A practical and inexpensive idea is to hang eucalyptus plants in your shower; the steam will activate their lovely scent, transforming your bathroom into a relaxing spa atmosphere. Clean Home Theory is such a fan of this versatile plant that they are currently developing their first candle line, including a refreshing white eucalyptus scent that will infuse any room with a cool, crisp, and elevated aroma, thanks to its natural oils.
2. Tailored fragrances for each room
Karen with Essencional recommends, “Rather than using the same scent throughout your apartment or home, it’s much more inviting to use different fragrances in different rooms. For example, the clean and earthy smell of fig hand soap works well in the kitchen, while a reed diffuser such as AquaFlor’s Ambra Home fragrance will create a warm and cozy mood in the bedroom.” Karen also recommends “candles to enhance the ambiance of your living room, and the gentle light is conducive to spending a quiet evening at home. Try a sandalwood or leathery scent such as Diptyque’s Cuir for a clubby feel.”
3. Keep your home odor-free
Sharon Perfumes suggestion if you want to keep your home fresh and odor-free, you should focus on two strategies: “preventing bad smells from building up and adding your favorite scents. Deal with odor sources by washing linens, curtains, and rugs regularly, and keep your kitchen smelling good by cleaning spills quickly and using airtight containers for food.
Sharon also adds that “It’s equally important to introduce pleasant scents into your home. She shares that to create an inviting atmosphere to use vanilla and sandalwood candles, perfect for relaxing after a long day. Lastly, a fresh bouquet of roses or gardenias can naturally and gently perfume any space, making it feel brighter and more inviting.”
4. Sweet U Candles
Sweet U Candles believes that a welcoming home is more than just a physical space; it’s a sanctuary where you can relax and recharge. That’s why their go-to candle for creating a serene atmosphere is sage lavender. The earthy, grounding notes of sage blend harmoniously with the calming, soothing scent of lavender, creating an oasis of tranquility. This comforting fragrance is perfect for unwinding after a long day, helping you to let go of stress and find inner peace.
5. Confessions of a Cleaning Lady
Sara San Angelo founder of Confessions of a Cleaning Lady shares that she “believes in the physical and emotional benefits of having live plants in your home. Not only do they clean the air, but studies have shown that being around plants can lower stress levels and promote relaxation. And caring for them, like watering and pruning provides a calming ritual that reduces anxiety.”
So, when looking for how to make your home smell good naturally, Sara looks to plants. She recommends plants like jasmine, eucalyptus, or gardenias, which can make a house smell fresh and pleasant. Plant fresh herbs like rosemary, mint, and basil in pots around your home. “Not only will this make your home smell wonderful, but you can use them to cook and make your home smell even better!”
6. Plant Swag Shop
Plant Swag Shop shares “One of our go-tosfor how to make your home smell good is placing a jasmine sambac plant in a central location in your home. This beautiful plant releases a sweet, calming fragrance that naturally freshens the air and creates a serene atmosphere. It’s an effortless way to enhance your living space with a touch of nature.”
7. Kate Hill Flowers
To naturally freshen your home, Kate Hill Flowers recommends filling it with timelessly fragrant flowers like garden roses, freesias, or oriental lilies. They also share, “For a touch of Australian nature, eucalyptus or flowering gum foliage works beautifully, and looks as good as it smells when creatively displayed in a modern setting.” Kate Hill Flowers loves “enhancing the ambiance of my home with a floral-scented candle. Not to mention the luxury that can be brought to any room with a light spray of natural scent, such as lavender oil, on clean bed linen or a cozy throw.”
8. Essential Oil Parlour
Melissa Johnson with Essential Oil Parlour suggests adding an essential oil diffuser to the main room or bedroom of your home for an instant, lasting aromatic atmosphere. Do this by creating a diffusing station in just a few easy steps. Keep a container of water plus two or three blends of essential oil like Adaptiv, Balance, or Serenity by doterra at the station. Visiting your diffuser station as one of the first things you do in the morning not only makes your house smell good naturally, but it is also an accessible daily wellness habit.
Ella with Bread and Weather shares this, “Avoid the harmful ingredients and overpowering scents in mass-produced candles by choosing one made with all-natural ingredients.Their essential oil candles are blended and poured in Co. Wicklow, Ireland from natural, aromatherapy ingredients. Seven oil blends inspired by tranquil surroundings will fill your home with luxurious natural scent for hours and hours.”
Ella also shares to “place a bar of naturally scented handmade soap in your wardrobe. This old-fashioned housekeeping tip has been known by grandmas for generations and is still a winner. Handmade soaps are scented with all-natural, therapeutic essential oils. They will gently scent your clothes as well as naturally deter any little critters who may be attracted to your cashmere sweaters. Helpful tip: A peppermint lemongrass blend is especially good for keeping spiders away.”
10.Fresh air and a clear conscience: GinaBritt Candles
Indulge in the delightful aromas of GinaBritt Candles while supporting a noble cause. These thoughtfully crafted candles not only fill your home with pleasant scents but also contribute to helping animals in need. Experience the perfect blend of fragrance and philanthropy with GinaBritt Candles.
11. Fragrant flowers with Lora Bloom
Lora Bloom shares her best-kept secret to buying fragrant flowers is to buy local. “Most mass-produced flowers are grown for vase life more so than fragrance. Find your nearest farmer’s market or flower shop that sources locally grown blooms, and you’ll be shocked at how fragrant flowers can be! Depending on the season, lavender, freesia, garden roses, sweet peas, stock, eucalyptus, and much more will be available! Even plants like geranium, mint, and rosemary create beautiful and welcoming fragrances in the home!”
12. Sweet aroma with Sadie Sunshine
Sadie Nelson, lead floral designer with Sadie Sunshine Floristry, shares this helpful tip of placing freshly cut garden roses in vases throughout your space, as their delicate and fragrant petals release a subtle, sweet aroma. Enhance the scent by drying a few rose petals and using them in homemade potpourri or sachets.
13. A simple stovetop method: Inspire Clean
Inspire Clean shares this helpful and creative tip for how to make your home smell good –by simmering a pot of natural ingredients on the stove. A mix of citrus slices, cinnamon sticks, cloves, and fresh herbs like rosemary or thyme can fill your home with a warm, inviting scent. Simply add these ingredients to a pot of water, bring it to a simmer, and let the fragrant steam waft through your space. It’s a simple, yet effective way to create a cozy and pleasant atmosphere.
14.Scent-sational cleaning with Scents Gift
Scents Gift shares, “To cultivate a naturally fresh aroma in your room, incorporate essential oils into your cleaning routine by adding a few drops to water for mopping or wiping surfaces. Place air-purifying plants like lavender or eucalyptus around the space. Ensure proper ventilation by frequently opening windows, and keep the room clean for a lasting, pleasant scent.”
15. Cork & Candles: DIY fragrance fun
Kenny Straub of Cork & Candles suggests the fun of creating your own custom fragrance through candle making, bringing a unique and delightful scent to your home.”Candle-making is the perfect way to fill your home with a wonderful aroma! As you pour the melted wax into your container and stir it with the fragrance oil, you will enjoy the aroma that fills the air.
By making a candle yourself, you get to enjoy the aroma both when you make the candle and later when you light it. For anyone who wants to enjoy candle making, but who doesn’t want to deal with the hassle of buying supplies, testing recipes, or cleaning up, Cork and Candles can be a great alternative. Cork and Candles offers a BYOB candle-making experience in their luxurious space that allows guests to enjoy the art of candle-making while connecting with friends!”
16. Potpourri: The Blu Blazer Guy
The Blu Blazer Guy says, “The perfect product to use to naturally make my home smell wonderful is the potpourri from the Italian brand Santa Maria Novella. Made from leaves, roots, blossoms, and buds that grow in the Tuscan hills, it fills the air with a sophisticated blend of spicy, woody, and balsamic notes that are utterly addictive. It’s perfect for the upcoming autumn season, lacing the home with its comforting and rich aromas.”
17.How to make your home smell good: Lasting aroma with Aroma Energy
Aroma Energy’s suggestion is “to make your home smell wonderful, add a few drops of Aroma Energy’s fragrance or essential oils, like lavender, fresh linen, anxiety blend or vanilla & coconut, to a diffuser or oil burner, allowing the scent to gently disperse throughout the space. For a more lasting aroma, mix the oils with water in a spray bottle to refresh fabrics or lightly mist the air.”
18. Ever Clean House
Ever Clean House says to “Regularly clean your apartment to prevent odors from developing. Use eco-friendly cleaning products to maintain a fresh environment.
Another great way is to use essential oils in a diffuser, which is a popular and eco-friendly way to keep your apartment smelling fresh.”
19. Beauty and benefits: My Little Flower Shop
My Little Flower Shop’s favorite way to make a home smell heavenly is to place small bouquets of fresh lavender and rosemary throughout the house. Not only do they provide a soothing, herbal fragrance, but they also add a lovely visual touch to any room. For a longer-lasting scent, I often keep these bouquets on display.
A lasting impression: How to make your home smell good naturally
By incorporating these natural methods into your daily routine, you can effortlessly transform your home into a fragrant oasis. Not only will you enjoy the pleasant aromas, but you’ll also contribute to a healthier and more inviting living space. Remember, a delightful-smelling home is not just a luxury; it’s a simple and effective way to enhance your overall well-being.
Is driving for Uber worth the money? I gave Uber a try in my suburban Maryland town and even made a video about it. Let me take you through my up-and-down experience testing Uber as a side hustle. Read to the end for the details on what I earned and how you can learn from my rookie ways.
Signing up, renting a car and getting started
Before Uber, I tried DoorDash and found the sign-up process to be a cinch. Signing up to become an Uber driver was more involved, but still easier than applying and interviewing for a traditional job. I downloaded the Uber Driver app, let it take a photo of my face and submitted my driver’s license to kick off the background check. It took two days to complete, including a criminal background check and review of my motor vehicle record.
If you plan to drive your own car, you’ll need a 12-year-old or newer four-door vehicle in good condition. In my state of Maryland, I’d need to upload proof of vehicle registration and insurance, and my car would need to pass a vehicle inspection. Vehicle requirements vary by state.
I didn’t think it would be realistic to drive my personal vehicle, a gas-guzzling full-size pickup, so I arranged to rent a midsize passenger car through Uber. Uber partners with rental companies such as Hertz and Avis to offer access to designated rideshare cars that come with insurance and basic maintenance.
Using Uber’s online vehicle marketplace to reserve a rental for the week was easy, but picking up the car a couple days later was pretty miserable.
The waiting room of the local Hertz office where Uber directed me was packed (presumably with other Uber drivers), and the staff was visibly overwhelmed. After a three-hour wait, I got my ride, a road-worn Chevrolet Trax subcompact SUV. I had reserved a bigger car, but was willing to take anything at that point. Uber advertises rental car rates as low as $260 per week.
Driving people around
With an uncool but efficient car in my possession, it was time to Uber. I did three “shifts” over the course of three days, and was active in the Uber Driver app for a total of 10 hours.
Friday evening
My first shift was on a summer Friday, starting at 6 p.m. I figured weekend vibes would make for good money. When I took an Uber to pick up my rental the day before, my driver said $100 would be a reasonable goal for a Friday evening.
In theory, I’d stay within the confines of Bel Air, my small town about 50 minutes north of Baltimore. In practice, I had just two trips that kept me close to home. One of those trips involved cramming four people into the tiny Trax for a white-knuckled ride from a brewery to a bowling alley. I made $6.20, didn’t get a tip, and came close to a panic attack during the eight-minute ride.
Trip fares increased as I ventured farther from home, but bigger fares came at the cost of time. I made $24.03 on a trip that took more than 45 minutes to complete, counting the time it took to get to the passenger. After it, I felt like I hit the jackpot with a $30.42 ride offer. I quickly hit accept in the app and drove 15 minutes to pick up the passenger.
My elation turned to exhaustion after I drove the rider south of Baltimore and found myself 40 miles from home after 9 p.m. I got home around 10 p.m. and called it a night with $69.40 in total earnings, well shy of my $100 goal. I had completed four trips in about 3½ hours.
Tuesday mid-morning
I got back to Ubering a little after 10 a.m. the following Tuesday despite the “hourly trends” information in the Uber Driver app showing weak demand in my area. I found myself getting matched with shorter trips, but had to meander through multiple neighboring towns to find each one, wasting a lot of time between rides (which is an Uber no-no). I drove for three hours and 40 minutes that day and earned just $34.97.
Wednesday morning
My shift was shorter Wednesday. This time, I followed the app’s trend data, which showed higher demand around 7 a.m. My first ride match came quickly, was close to home, and netted me $14.28.
But it took nearly an hour for the next trip offer to come, which was a $25 trip down to Baltimore. I accepted the offer, drove 20 minutes to pick up a passenger who was heading to work and made the 40 minute drive south. I spent most of that ride moving slowly through traffic-light-laden streets in complete silence. It was only my second ride of the day, but when it was over, I decided I’d had enough of this side hustle. Wednesday’s total was $39.36 after two rides and three hours active in the Uber Driver app.
My total earnings
In all, I made $143.73 over the course of three Uber “shifts” and roughly 10 hours of driving. I put 305 miles on my Uber rental and had to fill the tank once at a cost of $38.80. Total earnings (minus the cost of gas) were $104.93, or $10.49 an hour.
Given that the minimum wage in Maryland is $15 per hour, I’d say driving for Uber wasn’t worth the money for me. I don’t describe this test as a failure, though.
What I’d do differently next time
I learned a lot from the experience and will change things up if I drive for Uber again. Here’s what I would do differently next time.
I’ll start in a hotspot. Keeping close to home, as I tried to do, was a bad move. Demand was low during the day in Bel Air. As you’d expect, demand in and around Baltimore was regularly strong. It hit me after I dropped off my last passenger in the city that Wednesday. I was immediately prompted with trip offer after trip offer, which I repeatedly declined, because by that time, I had decided to end the test and return the rental car.
Next time, I’ll be more strategic, and spend time studying the earning trends in the app (which are conveniently displayed by location when you open the Uber Driver app and scroll down). I’ll drive to the higher-demand part of my region to start shifts. Simple as that.
I’ll give airport rides a try. The Uber Driver app also shows peak flight hours at nearby airports. I didn’t feel comfortable queueing up in the rideshare waiting area at BWI as an Uber newbie, but it might be worth a try next time. It’ll probably be a good way to nab a longer trip with a higher fare.
I’ll use my own car instead of a rental. I didn’t factor in the cost of my rental because I rented just for the purposes of this side hustle test, but I can’t shake the negative experience. The wait time was wild, and the car I got was subpar. I think this is a gig where it pays to have your own reliable, efficient car, and you’ll want to maintain it regularly. Prospective gig drivers might want to consider rideshare insurance, too.
I’ll need to do a better job to make Uber worth the money next time — if there is a next time.
“Americans need to earn more than a year ago—and much more than before the pandemic—to afford a starter home because mortgage rates are elevated and home prices are near record highs,” the report noted. The typical household earns an estimated $83,966, which is just enough to afford a starter home. However, many people in the … [Read more…]
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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No account or monthly fees. No minimum balance.
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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.
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.
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.
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.