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Apache is functioning normally

October 31, 2024 by Brett Tams

Wire transfers are a way to quickly and conveniently send and receive money, both domestically and internationally. Maybe you want to securely send some cash as a security deposit to a landlord across town ASAP. Or perhaps you need to pay for a painting you bought at an auction overseas. Either way, a wire transfer may be a good option.

However, there are often wire transfer fees in exchange for their speed and convenience. The cost to send and receive money via wire transfer varies, but international wires are usually costlier than domestic wires.

However, with the right steps, you can reduce or even eliminate the fees you’ll pay using wire transfers.

Key Points

• Wire transfers provide a fast and secure method for sending money both domestically and internationally, with same-day processing available for many domestic transactions.

• Fees for wire transfers vary significantly; domestic transfers typically cost between $0 to $35, while international transfers can range from $35 to $50 or more.

• International wire transfers are generally more expensive than domestic ones due to additional processing steps, currency conversion fees, and the involvement of third-party institutions.

• To avoid wire transfer fees, consider sending money in the recipient’s local currency, using digital platforms that offer lower fees, or seeking banks that waive such fees.

• Alternative methods for sending money without high fees include using payment apps, bank transfers (ACH), or cashier’s checks, each with its own processing times and conditions.

What Are Wire Transfer Fees?

A wire transfer is an electronic funds transfer between financial institutions. Wire transfers can be faster than bank transfers, with same-day processing possible for most domestic wires. Wire transfers can occur domestically or internationally, but most banks charge fees both for sending and receiving funds in this way.

In addition to speed, another reason to use wire transfers is when sending money internationally, as a regular bank transfer isn’t possible in this situation. But international wire transfers can have higher wire transfer fees than domestic wires, and there might be more steps involved. For instance, the transaction might have been processed by the foreign country’s system and also possibly involve a currency conversion.

Recommended: ACH vs. Check: What Are the Differences?

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How Much Do Wire Transfer Fees Cost?

As mentioned earlier, how much wire transfer fees cost can vary. Some financial firms waive wire transfer fees in certain situations, and others waive them entirely. When sending and receiving international wires, there can be a fee of $50 or more for each transaction

Typically, you might expect the following fees:

• For domestic wire transfers, outgoing fees usually range from $0 to $35; incoming fees can range from $0 to $15.

• For international wire transfers, outgoing fees can often range from $35 to $50; incoming fees are likely to be between $0 and $16.

Wire Fees by Financial Institution

Below is a list of wire transfer fees for large banks in the United States. However, third parties may be involved that charge additional fees, especially for international wires.

Bank	Incoming domestic	Outgoing Domestic	Incoming international	Outgoing international
Bank of America	$15	$30	$16	$45 or $0 when sent in foreign currency
Capital One	Up to $15	Up to $30	Up to $15	$40-$50
Chase	$0-$15	$25-$35	$0-$15	$0-$50
Citi	Up to $15	Up to $25	Up to $15	Up to $35
Fidelity	$0	$0	$0	$0
PNC	$15	$25-$30	$15	$40-$45
TD Bank	$15	$30	$15	$50/td>
USAA	$0	$20	$0	$45
U.S. Bank	$20	$30	$25	$50
Wells Fargo	$15	$30	$16	$45

Do International Fees Cost More Than Domestic?

On average, international wire transfer fees are higher than domestic ones. But as is often the case, averages don’t tell the whole story. Some financial institutions don’t impose wire transfer fees, even for international transactions.

Still, it’s important to remember that there may be extra fees when dealing with international wire transfers. For instance, there may be a currency conversion fee when sending money between two countries that use different currencies. When sending or receiving money internationally, you’ll need information like an international bank account number (IBAN) or a SWIFT code to move the funds to the right account. Overall, it’s a somewhat more complex transaction than a domestic one.

Why Do Banks Charge Wire Transfer Fees?

Banks charge wire transfer fees because of the work that goes into processing wire transfers. For instance, wire transfers are processed individually as they are received. This differs from automated clearinghouse (ACH) transfers, which are processed in batches.

You also pay a premium for the faster processing speed. Domestic wire transfers can sometimes be completed within a few hours and are usually processed the same day. International wire transfers can be completed within one to two business days.

Another reason banks charge wire transfer fees is their higher transaction limits. Wire transfer limits are usually much higher than bank transfer limits, so they can be worth using if you must send a large amount in a single transaction.

Lastly, the international reach of wire transfers can lead to higher fees. For instance, when large amounts of foreign currency are exchanged, banks charge what is known as a midmarket, or interbank, exchange rate. The bank will often charge a higher markup if that currency must be converted. This results in higher wire transfer fees.

Recommended: How to Earn More Interest on Your Money

Tips to Avoid Wire Transaction Fees

While wire transfer fees are common, they aren’t always a given. Here are some ideas about how to avoid wire transfer fees in some situations:

• Send money in foreign currency. For outbound international wires, it can be smart to send money in the currency used by the foreign company, if possible. In this scenario, some banks waive wire transaction fees since no currency conversion is necessary.

• Do it yourself digitally. Some financial institutions allow you to initiate a wire transfer using their website or app, and doing so may reduce the fees or even eliminate them.

• Look for firms that don’t charge wire transfer fees. Some banks and nonbank providers waive wire transfer fees in some cases, or they don’t charge them at all.

• Open an account with no wire transaction fees. Shop around: Some of the most popular banks offer accounts that let you wire money with no transaction fees.

Alternative Ways to Send and Receive Money

Some methods of sending money may allow you to reduce or eliminate transaction fees. You can do so by using one of the following methods to conduct the transfer:

• Use a payment app. Payment apps like Venmo, Zelle, and PayPal generally let you send money electronically to friends and relatives without paying a fee. However, sending money to those who are not “friends and family” may incur fees.

• Send money with a bank transfer. A bank transfer, or ACH transfer, might be preferable if you send money domestically. In 2022, the same-day transfer limit was increased to $1 million, enabling large funds transfers in a single day.

However, note that limits on single transactions might be lower, and there might be ACH fees.

• Use a cashier’s check. A cashier’s check is an alternative to wire transfers because it can be suitable for large transactions. This type of check draws the funds from the bank’s reserves rather than your account. However, the check must be delivered to you, so this method can take longer than a wire transfer. In addition, there might still be fees involved.

The Takeaway

Wire transfers can be a quick, secure way to send money domestically or internationally. These transfers have several benefits, such as shorter processing times and larger transaction limits than ACH transfers. But wire transfers can also have significant transaction fees, especially when dealing with international transfers.

If you prefer to avoid costly wire transfer fees, look for firms that don’t charge them or offer accounts that don’t charge for wire transfers. You can also consider alternative methods of sending money, like using a payment app or sending a cashier’s check.

If you’re looking for other ways to save on your banking costs, consider opening an online bank account. With SoFi Checking and Savings, for instance, you won’t pay any account fees, and your money will earn a competitive annual percentage yield (APY), both of which can help your cash grow faster. You’ll also spend and save in one convenient place, have a suite of tools (like Vaults and Roundups) that can amp up your savings, and, for qualifying accounts with direct deposit, you can get paycheck access up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.20% APY on SoFi Checking and Savings.

FAQ

Do you pay a fee to receive a wire transfer?

It depends, but most banks do charge a fee for income wire transfers. However, the fee for incoming wires is usually considerably less (maybe 50% lower) than the fee for outgoing wires.

Why are wire transfers so expensive?

Wiring money can be expensive for several reasons, such as their shorter processing times and higher transaction limits than bank transfers. Also, international wire transfers have more processing steps, which can increase their cost.

Do all banks charge wire transfer fees?

The majority of banks charge wire transfer fees in at least some situations. Some waive them in certain situations, while nonbank providers are more likely to waive them entirely.

Photo credit: iStock/Ridofranz

SoFi members with direct deposit activity can earn 4.20% 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 4.20% 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 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

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

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

Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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Source: sofi.com

Apache is functioning normally

October 31, 2024 by Brett Tams

Aurora is a bustling city on Denver’s eastern side with suburban convenience and big city amenities. If you’re considering a move to Aurora, there are a few key aspects to weigh. This guide will quickly cover 13 of the most relevant pros and cons of living in Aurora to help you decide if it’s the place for you.

Aurora at a glance

1. Pro: Stunning surroundings

Aurora is home to some of Colorado’s best parks, including Cherry Creek State Park and the Aurora Reservoir. These spaces have miles of trails, picnic areas, boating, and even paddleboarding opportunities, meaning there’s always something to do in Aurora.

2. Con: Limited public transportation

While Aurora has access to the RTD light rail system, public transportation is limited in scope. Many locals rely on personal vehicles for daily commutes, as public transit routes don’t reach all parts of the city. If you don’t own a car, getting around could be a challenge.

3. Pro: Growing job market

Aurora has a growing job market, with large employers like the Anschutz Medical Campus and Raytheon Technologies calling it home. The city’s economic development is promising, with opportunities in healthcare, aerospace, and education. New job seekers will find a range of industries within close reach.

4. Con: Higher cost of living compared to nearby suburbs

Though it’s more affordable than Denver, Aurora’s cost of living can be higher than neighboring suburbs like Centennial or Parker. The median home sale price is slightly above the national median of $428,096. Apartments in Aurora follow a similar trend and go for $1,745 on average. Rent and home prices have been increasing steadily, so finding affordable housing might take some time.

5. Pro: Access to world-class healthcare

With Anschutz Medical Campus and Children’s Hospital Colorado located in Aurora, residents benefit from access to world-class healthcare facilities. For those in the medical profession or anyone prioritizing top-notch healthcare, this proximity is a considerable advantage.

6. Con: Traffic congestion during peak hours

While Aurora isn’t as congested as Denver, traffic can be frustrating during rush hours. Commuters using the major arteries like I-225 and E-470 often experience delays, especially on weekdays. It’s a factor to consider if you have a long commute.

7. Pro: Diverse food scene

Aurora’s diversity is reflected in its range of dining options. You can find everything from Ethiopian at Eatopia Bar and Restaurant to Vietnamese cuisine from Top Pho, meaning there’s always something tasty on the menu.

8. Con: Few walkable neighborhoods

Aurora has tons of cool neighborhoods, but walkability isn’t a strength for most of them. Residents typically need to drive to complete errands or visit local restaurants and entertainment spots, limiting pedestrian-friendly activities compared to larger Colorado cities.

9. Pro: Proximity to Denver

Living in Aurora means easy access to Denver’s attractions, like the Denver Art Museum and Coors Field. Aurora’s advantageous location provides a convenient balance between suburban living and being close to the job and entertainment opportunities found in the larger metro area.

10. Con: Harsh winters

While not one of the coldest cities in the U.S., Aurora’s winters can bring heavy snowfall. The city does handle snow removal well, but commuting can still be difficult. Winter weather may add time to your daily drives, especially if you live in an area that isn’t plowed as frequently.

11. Pro: Family-friendly

Aurora is known for being a family-friendly city with several parks, sports facilities, and highly rated schools. Aurora Public Schools and the Cherry Creek School District both serve the area, offering solid education options.

12. Con: Lacking nightlife

While Aurora has its share of restaurants and family-friendly events, the nightlife and entertainment options are limited. For an upbeat nightlife or more large-scale entertainment options, residents often visit friends living in Denver.

13. Pro: Active community calendar

Aurora hosts a variety of festivals and community events throughout the year. Events like Global Fest celebrate the city’s cultural diversity, and the Fourth of July Spectacular draws large crowds annually. There’s always something happening, which helps foster a strong sense of community.

A native of the northern suburbs of Chicago, Carson made his way to the South to attend Wofford College where he received his BA in English. After working as a copywriter for a couple of boutique marketing agencies in South Carolina, he made the move to Atlanta and quickly joined the Rent. team as a content marketing coordinator. When he’s off the clock, you can find Carson reading in a park, hunting down a great cup of coffee or hanging out with his dogs.

Source: rent.com

Apache is functioning normally

October 30, 2024 by Brett Tams

Yes, installment loans can help you build credit by improving your payment history, adding variety to your credit mix and lowering your credit utilization. This shows lenders that you can responsibly manage different types of debt.

If you’re looking for ways to build your credit, installment loans are likely on your radar. However, before you take out a loan, it’s important to understand what installment loans are and how they can help (or hurt) your credit score.

Key takeaways:

An installment loan lets you borrow a lump sum of money and repay it in fixed installments.
An installment loan can help you build credit by improving your payment history, adding variety to your credit mix and lowering your credit utilization.
An installment loan can negatively impact your credit if managed improperly.

What is an installment loan?

An installment loan is a debt that provides you with a fixed lump sum of money that you repay in regular installments over a set time period. Installment loans differ from revolving credit, such as credit cards, in that you can’t continuously use the credit. Instead, you’ll need to apply for a new loan if you need to borrow additional money.

Here are some examples of installment credit:

Mortgages
Personal loans
Student loans
Auto loans

How do installment loans build credit?

Taking out an installment loan will impact your credit. However, whether that impact is beneficial to your score depends on how you manage the loan. Here are a few ways that installment loans can help you build credit.

1. Improve your payment history

Taking out an installment loan is one way to develop your payment history, which accounts for 35 percent of your FICO® credit score. For this to positively impact your credit score, you’ll need to ensure that you’re making regular, on-time payments. Even just one late payment on an installment loan can have a significant negative impact on your score.

To ensure you make your payments on-time, consider signing up for autopay so you don’t miss due dates.

2. Add variety to your credit mix

Credit mix refers to the different types of credit accounts you have, and it makes up 10 percent of your credit score. Having various credit accounts showcases to lenders that you can handle managing different types of credit. A history of successfully managing a mix of both revolving and installment loans signals to lenders that you’re a low-risk borrower.

If you have previously only taken out revolving loans, an installment loan can add variety to your credit mix. However, credit mix only accounts for 10 percent of your credit score, while payment history accounts for 35 percent. Therefore, you should only take out new loans if you feel confident that you can make on-time payments.

Additionally, you should avoid taking out too many loans in a short period, since multiple hard inquiries on your credit report can lower your credit score.

3. Lowers your credit utilization

Another factor that makes up a large percentage of your credit score is your credit utilization, or amounts owed. Accounting for 30 percent of your credit score, credit utilization is the percentage of revolving credit you’re using compared to your overall credit limit.

Taking out an installment loan to pay off revolving credit, such as your credit card bill, can help lower your credit utilization by reducing the balance on your credit cards. Referred to as debt consolidation, this involves combining your balances of revolving credit lines into an installment loan. As a result, you’ll only be making one payment monthly instead of multiple payments.

Should you take out an installment loan to improve your credit?

While installment loans can help your credit, taking out an installment loan solely for credit-building purposes is not recommended. In fact, an installment loan can have the opposite effect if not managed properly.

Here are some scenarios in which taking out an installment loan can hurt your credit:

You miss payments: While making on-time payments can help you build credit, your credit score will drop if you are late or miss payments, and you may be seen as a risky borrower when you apply for future credit products.
You receive multiple hard inquiries: Applying for a loan results in a hard inquiry, which can lower your credit score by a few points. Too many hard inquiries on your credit report can significantly lower your credit score.
You increase your debt: Additional debt will add to the “amounts owed” aspect of your credit score.

You should only take out an installment loan if you need the money to make a specific purchase and can afford to make payments on time.

Alternative ways to build credit

If you’ve decided that an installment loan isn’t the right option for you, consider these other ways to build credit:

Take out a credit-builder loan: An alternative to installment loans, credit-builder loans, are specifically designed to help borrowers build credit.
Apply for a secured credit card: If you need to establish a credit history, a secured credit card is a great way to easily get approved for credit since you have to put down collateral.
Make payments on time: Pay your existing bills on time to build a positive payment history.
Opt into a rent reporting service: While rent payments aren’t typically reported to the credit bureaus, you can use a rent reporting service to build credit through rent payments.

Learn more about building credit with Lexington Law Firm

While taking out an installment loan can help you build credit, if you don’t need the loan, consider exploring other options. There are less-risky ways to establish a credit history and improve your score.

However, before you start taking steps to help your credit, knowing where you’re at is important. Lexington Law Firm offers a free credit assessment, which includes your credit score, credit report summary and a credit repair recommendation. Try it for free today.

Note: The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Source: lexingtonlaw.com

Apache is functioning normally

October 30, 2024 by Brett Tams

A full-time job isn’t always enough to achieve your financial goals. That’s why nearly 40% of U.S. adults have a side gig, according to a 2023 Bankrate survey. Making extra money can help you pay off debt, save to buy a house, or catch up on retirement savings.

Fortunately, there’s a wide range of side hustles and passive income streams that can help you tackle financial to-dos or even take your wealth to the next level, says financial blogger Kelan Kline. A side hustle is typically an additional job a person can take to earn extra money to supplement their primary income. On the other hand, passive income can be income that requires little or no effort to maintain.

Kline should know. When he and his wife Brittany were saddled with student loan debt, they launched The Savvy Couple—a blog focused on side hustles and money management tips—to help them earn extra income.

“It became a full-time business that allowed us to quit our 9-to-5 jobs in law enforcement and helped teach us to fast-track our financial freedom,” Kline says.

While most secondary gigs won’t turn into new careers, they can add a spark to your savings. So, what are some side hustle and passive income ideas that can help you make extra money? Read on to see which types of side hustles and passive income ideas can inspire you to accelerate your financial targets—and learn how your new income streams can work together to generate even more cash.

What is a side hustle?

A side hustle is any income-generating work outside of your primary job—anything from food delivery to selling items online. People use the extra income to improve their financial health, from building up savings to preparing for a big purchase.

What are some side hustle ideas?

“To find a side hustle, you should think about your existing skills and interests to narrow down what kind of opportunity you’re looking for,” says Randa Kriss, small business specialist at NerdWallet.

We’ve collected some side hustle ideas you can try without too much previous experience to help you make extra dough—or even find a new job:

(All earnings information courtesy of ZipRecruiter🙂

Ride-hailing or ride-sharing apps make it easier for people to get around on demand, while creating a market for drivers and their cars. For many ride-share drivers, this is their primary source of income, but it can also be a convenient side hustle option.

“Driving for a ride-sharing service is a great way to make some extra money,” Kline says. “It allows you to be your own boss and set your own hours, which can be especially beneficial for people who have a flexible schedule or want to supplement their income.”

Approximate earnings: $13 an hour

Delivery driving

Don’t want to drive strangers around? Deliver food instead. Many delivery service apps need drivers to drop off grocery hauls and restaurant takeout.

“Delivery driving is a great way to earn some extra money on the side, while also having some time to decompress,” says Jacqueline DeMarco, a freelance writer specializing in personal finance content. “Driving can be stressful, but it’s a lot less stressful without passengers in the car. You can even listen to podcasts or audiobooks to make it feel like less of a chore.”

Approximate earnings: $18 an hour

Grocery shopping

Grocery delivery services also need people who can shop for items before they’re delivered. Once you sign up and choose a nearby supermarket, customer orders will pop up on your phone. Efficient shoppers who can quickly navigate local stores are making extra money by filling up shopping carts—and you could, too.

“Enjoy the free air conditioning while you fulfill grocery orders,” DeMarco says.

You can even take care of your own grocery needs once your customer orders are fulfilled. You may be less tempted to order expensive takeout if you’re already in a supermarket.

Approximate earnings: $16 an hour

Tour guide

If you love your area and have an engaging personality, become a local tour guide.

Being a tour guide can be a great way to meet new people and show them a city or neighborhood you’re passionate about—all while making extra money. You might need to pass a test to work for certain organizations, and many tours use a pay-what-you-like model so the income can be inconsistent. But it’s a side hustle with growth potential, DeMarco says.

“You can learn the ropes working for a tour guide company or app, then eventually take that knowledge and start your own tour guide business,” she says. “That way, you don’t have to share the profits.”

Approximate earnings: $19 an hour

Virtual assistant

Virtual assistants aren’t algorithms or chatbots—they’re real people. Virtual assistants can work from almost anywhere in the world as they perform digital tasks like scheduling, fielding emails, and even managing social media for companies or individuals.

“It’s an excellent option for people who have administrative and organizational skills, as well as the ability to work independently,” Kline says.

Approximate earnings: $24 an hour

Babysitting

If you’re trustworthy, responsible, and enjoy working with kids, babysitting is a great opportunity. And once you start establishing solid relationships with parents, it can evolve into a regular gig that provides a stable income. You can list your services on online platforms catering to babysitters.

When DeMarco was a babysitter, she also worked on freelance writing assignments while the kids slept, which helped her to maximize her side income opportunities. “If you love kids, it’s a fun way to earn extra cash,” she says.

Approximate earnings: $18 an hour

“To find a side hustle, you should think about your existing skills and interests to narrow down what kind of opportunity you’re looking for.”

Randa Kriss, NerdWallet

Pet sitting

Are fur babies more your thing? Countless pet sitting opportunities exist—especially now that more people have returned to on-site work since the pandemic pet adoption boom. Multiple apps and sites allow you to list your pet sitting services. Just make sure you emphasize any experience you have as a pet sitter or a pet owner.

Approximate earnings: $16 an hour

House sitting

Many homeowners prefer to have someone stay over or regularly check in on their property (and also maybe look after their pets). House sitters not only get paid but often have full access to the home’s amenities, which might even include a pool or home theater.

“A lot of my babysitting clients would ask me to house sit or pet sit when they were out of town,” DeMarco says. “The best part about side hustles like this is you only have to say yes to a job when it works for your schedule.”

Approximate earnings: $17 an hour

Studies and focus groups

Research companies always need focus group participants. Whether they meet remotely or in person, these groups may give feedback on new products or provide insights that help organizations develop new services.

“Participating in focus groups and studies can be an interesting way to make extra money,” says Kline. “It is a great option for people who have flexible schedules, as it does require some time commitment and availability.”

Approximate earnings: $27 an hour

Translation work

Are you fluent in multiple languages? If so, you can put that skill to work. Translation duties can include working with marketing copy or medical and legal documents, so additional expertise may be necessary. And certain languages may offer more opportunities—and more money—than others, so research apps and online job boards to gauge the demand for your specific language skills.

Approximate earnings: $28 an hour

Graphic design

You can start a side hustle creating logos, visual assets for social media, or custom stickers for events or companies if you have the skills—or the willingness to learn. Creating designs for a friend or family member at a discount rate and posting them to your online portfolio is one way to gain experience and attract more—and higher-paying—clients.

“Graphic design can be a great side hustle for people who have an eye for design,” Kline says. “It is also a relatively easy and low-cost way to get started.”

Approximate earnings: $27 an hour

DIY for hire

Can you install a light fixture, assemble furniture, shovel snow, or paint a room? You can get paid for those tasks by signing up as a service provider on any freelance labor marketplace or app.

Approximate earnings: Varies depending on the job

Data entry

Data entry can be repetitive work, but the advantages extend beyond the ability to do it from home. Tasks can range from transcribing audio for a documentary filmmaker to inputting a company’s financial records on a spreadsheet. And the work is easy to find, as many job sites list part-time data entry roles.

“Data entry jobs typically require minimal training and can be done on a flexible schedule,” Kline says.

Approximate earnings: $19 an hour

Tutoring

Tutoring can be a flexible side hustle, too. You can work with students remotely or in person—from elementary school kids who need help after school to high school and college students who need weekend guidance to help them cram for exams.

“Tutoring can be a great way to make some extra money if you have the knowledge and skills,” Kline says. “It is also an excellent way to give back and help others.”

Approximate earnings: $20 an hour

Background acting

The people in the background of your favorite movies and TV shows actually get paid. And you don’t need to live in Los Angeles or New York City to find those roles. Production companies and university film students often post online ads for background acting opportunities across major U.S. cities. The time commitment will likely vary, but the extra money—and on-location craft service spreads—can make it worth your time.

“You can learn more about the film industry and meet interesting people,” DeMarco says.

Approximate earnings: $27 an hour

How can a side hustle complement a passive income strategy?

While side hustles and passive income ideas can both add income to your bottom line, they aren’t the same thing. So, what is passive income?

Unlike a job or side hustle, passive income does not require much, if any, additional effort. Examples include stock dividend payments, property rental income, and book or music royalties.¹

Of course, no one will show up at your house and start handing you cash. Usually, a passive income stream will require some initial effort and an upfront cost to set up, but ideally, it requires minimal effort once the wheels are in motion. That initial effort or investment might mean that passive income streams won’t be as accessible as side hustles, at least not until a little later in life.

“Having both a side hustle and passive income can be incredibly powerful when it comes to building financial freedom,” Kline says. “For example, you could use the money from your side hustle to invest in stocks and bonds, which can generate dividend payments.” (Please consult your tax advisor with respect to information contained in this article and how it relates to you.)

Or you could use the money earned from a side hustle to eventually purchase a rental property, which can generate long-term passive income, Kline says.

“Ultimately, having both sources of income can help you achieve your financial goals faster,” he adds.

Most passive income streams could be considered a form of investment. But this includes much more than buying and selling stock in companies. Anything you purchase with the intent to make more money from could be considered an investment.

Consider these additional ideas for making extra money:

Dividend investing

“Dividend investing is a great way to earn passive income,” Kline says. “It involves purchasing stocks or bonds that pay out dividends, which could be a great source of income over time.”

You should do research or consult an investment professional to learn which companies offer the best mix of dividend payments versus risk. Most dividend-paying stocks pay out quarterly, though some may pay out more or less frequently. The amount paid will be a percentage of your holdings, likely in the low single digits.

Dividends can be a reliable source of income for retirement, and advocates of the Financial Independence, Retire Early (FIRE) strategy for early retirement often recommend investing in dividend-paying stocks.

“Having both a side hustle and passive income can be incredibly powerful when it comes to building financial freedom.”

Kelan Kline, financial blogger

Rental income

There are many different types of property you can buy in order to rent out, depending on what’s available in your area or what investments you’re willing to consider.

Consider these different types of rent-based passive income ideas:

Long-term home or apartment rental

Leasing out a home or apartment can be a reliable and significant source of passive income, but it’s also a very involved process. You’ll need to learn the rental regulations for your area and your obligations to your potential tenants. Unless you can afford to pay someone to manage the property, the upkeep may resemble a job of its own.

Short-term rentals

If you have a spare room or vacation property, you could list it on a short-term rental platform or app.

“It’s a relatively easy way to make money by renting out your unused space or investment property,” Kline says.

While this may not provide the same degree of reliable income as a long-term lease, it’s easier to get started. Plus, utilizing black-out dates means you still get to access your space when you want, while having the opportunity to make an income from it when you don’t.

Other rental spaces

A spare parking or storage space can also be a source of passive income, and several apps and services exist for listing them. Best of all, renting out a space you never use, like a garage spot, requires little effort to earn reliable passive income.

Rent out your car

You can even list your car on some auto rental apps to earn money. If you don’t mind the additional wear and tear on your car—or the idea of other folks driving it—this could be a good way to make your car work for you. Just be sure to check with your car insurance provider to see if you need to carry additional coverage before booking your first renter.

What can you do with your additional funds?

Wondering what to do with the extra cash you earn from implementing side hustle ideas and passive income ideas is a great problem to have. But what are your options? Sometimes, you’ll want to reinvest in a side hustle (like upgrading the ties in a car you use for ride-share driving) or in a passive income strategy (such as painting the walls of your rental property).

Often, you’ll need a safe place to store your money that will still give you a generous return so that it keeps growing until you know what to do with it. Here are some low-risk options that can deliver growth on your additional cash:

Savings accounts

Savings accounts can provide a safe place to put your extra cash as long as you’re depositing your funds at an FDIC-insured institution. The interest your deposits earn can also be a source of portfolio income, which can include interest, dividends, and capital gains on investments.

CDs

Choose your term, lock in your rate, and watch your CD grow

Discover Bank, Member FDIC

A CD, or certificate of deposit, is similar to a standard savings account but with one key difference: CDs tend to have higher interest rates, which means they can also provide portfolio income. As a tradeoff, you’re expected to leave the money in the account for a specific amount of time, and there’s often a fee for early withdrawal. It helps to know how CDs work to get the most out of them.

Money market accounts

Money market accounts are similar to CDs in that they offer greater returns in exchange for restrictions. You won’t need to wait multiple years to withdraw your funds from a money market account, but there likely will be a limit on how often you can withdraw funds, and you might need to maintain a minimum required balance amount.

Retirement accounts

Certain jobs will offer retirement accounts, like 401(k) plans, as a benefit of employment. Whether you have a 401(k) plan or not, you can open up an individual retirement account, known as an IRA—either a traditional IRA or a Roth IRA. The primary difference has to do with when you pay taxes on the money in the account. For a traditional IRA, you pay taxes when you withdraw funds from the account. For a Roth IRA, you pay taxes on the money as it’s put into the account. For either, you may have to pay a fee if you withdraw your money before retirement. Always check with your plan provider for specific rules and fees related to early withdrawals.

There are even more choices to make. For example, you might consider an IRA CD in addition to an IRA Savings Account. IRA CDs function just like other CDs but are intended to build up funds for after you’ve finished working. It could be worth speaking with a retirement planning professional to establish a personal saving strategy.

How can you benefit from side hustles and passive income?

Both side hustles and passive income can add financial comfort and confidence.

Has this tour through passive income and side hustle ideas inspired you to pursue additional income streams to boost your finances? Whether you start a side business or just pick up some gigs via an app, extra income sources paired with passive income streams can be a game-changer for your financial health.

Looking to maximize your financial health? Try using a financial checklist to see how you’re tracking against your financial goals.

Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third party or information.

¹ The information provided herein is for informational purposes only and is not intended to be construed as professional advice. Nothing contained in this article shall give rise to, or be construed to give rise to, any obligation or liability whatsoever on the part of Discover Bank or its affiliates. For specific advice about your unique circumstances, you may wish to consult a qualified professional, at your expense.

Discover Bank does not sell non-deposit investment products (“NDIP”) or provide recommendations regarding NDIP. NDIP are NOT FDIC insured.

Source: discover.com

Apache is functioning normally

October 30, 2024 by Brett Tams

Figure Lending has unveiled a new piggyback loan at a time when housing affordability has rarely been worse.

Call it a sign of the times, and maybe an eerie reminder of the early 2000s housing market.

But perhaps with a few added safeguards this time around, such as actual loan underwriting!

The new product, which is a home equity line of credit (HELOC), will serve both new home buyers and existing homeowners looking to access more of their equity.

It will be available at Figure and via their partner network of lenders, banks, credit unions, loan servicers, and home builders.

Figure’s New Piggyback HELOC Allows for Lower Down Payments

As noted, Figure’s new Piggyback HELOC aims to serve both new home buyers and existing homeowners.

Those still searching for that right property can use the HELOC as a second mortgage that closes concurrently with a first mortgage, hence the name piggyback.

For example, they can take out a first mortgage at an 80% loan-to-value ratio (LTV) and the HELOC for another 10% or more. This is known as an 80/10/10 loan.

Other variations include 80/20 loans, which indicates zero down payment. These were quite popular during the early 2000s.

It’s unclear how high Figure will go on this product, but my understanding is their max CLTV is 95%.

In other words, you might be able to take out a first and second mortgage while bringing in just five percent down payment. This would be an 80/15/5.

The use of a second mortgage can help home buyers avoid private mortgage insurance (PMI) and possibly secure a lower mortgage rate.

Keeping the first loan at 80% eliminates the need for PMI, possibly reduces loan-level price adjustments, and can help a borrower stay below the conforming loan limit.

Often times, conforming loan rates are cheaper than jumbo mortgage rates. And qualifying tends to be easier for loans backed by Fannie and Freddie as well.

Recent Home Buyers Can Combine It with a Cash-Out Refinance

If you’re an existing homeowner, Figure argues that you can use a piggyback second to “transition to a lower-cost alternative.”

They cite an example where a recent home buyer wants to tap equity via a cash-out refinance, but is subject to the 80% LTV maximum on agency loans backed by Fannie and Freddie.

Even if they originally purchased the home with less than 20% down, it might be possible to lower the first mortgage to 80% LTV and drop PMI while tacking on a second mortgage for a higher combined CLTV.

For example, someone who bought a home for $450,000 with 10% down might be able to take out a new first mortgage loan at 80% LTV and add a piggyback for an additional 15%.

In the process, they get access to more of their home equity, but also put themselves in a position where they owe more and could be closer to being in an underwater position if home prices drift lower.

Figure offers HELOCs as large as $400,000, meaning loan amount shouldn’t be a roadblock for most borrowers.

Figure’s HELOCs Are a Little Different

Figure calls itself the #1 non-bank home equity line of credit in the United States.

Despite only launching in 2018, Figure Lending has already originated more than $12 billion in home equity lines of credit.

Part of that amazing growth can be attributed to their use of technology, including a 100% online application process, with no appraisal/title fees, and e-Notary services in many states.

And the process can be done quickly, with funding in as little as five days.

But I should point out that their HELOCs require the full draw on the line amount at closing. And they charge an origination fee based on that draw, ranging from 0-4.99%. So costs can be steep.

Their HELOCs are also fixed-rate loans, which is odd because most HELOCs are variable and tied to the prime rate, which goes up or down whenever the Fed changes its fed funds rate.

For the record, prime is expected to come down over the next year as the Fed eases its monetary policy.

Figure’s HELOC is already being offered by some of the largest mortgage lenders out there, including CrossCountry Mortgage, Fairway Independent Mortgage, Rate (formerly Guaranteed Rate), Movement Mortgage, Union Home Mortgage, and many more.

The company’s products are now available in 49 states and the District of Columbia.

(photo: Low Jianwei)

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.

Latest posts by Colin Robertson (see all)

Source: thetruthaboutmortgage.com

Apache is functioning normally

October 30, 2024 by Brett Tams

Looking for ways to earn Amazon gift cards by playing games? Playing games on your phone or computer can be a great way to get Amazon gift cards. Many game apps and websites pay real money for trying out new games or reaching certain levels. I’ve been able to make real money just by playing…

Looking for ways to earn Amazon gift cards by playing games?

Playing games on your phone or computer can be a great way to get Amazon gift cards. Many game apps and websites pay real money for trying out new games or reaching certain levels.

I’ve been able to make real money just by playing games on my phone during my downtime. In fact, I’ve made $302 in a single week from one game that I put toward free Amazon gift cards!

You can earn free gift cards by playing puzzle games, word games, strategy games, and more. The amount you can earn varies, but some people make enough for small treats or even bigger purchases on Amazon. It’s an easy way to get rewarded for something you might already enjoy doing in your free time.

Best Ways To Earn Amazon Gift Cards by Playing Games

Here’s a quick list of the best apps to earn gift cards playing games:

Freecash
Swagbucks
KashKick
InboxDollars

Below are the best ways to earn Amazon gift cards by playing games.

Proof that I’ve made money playing games on Freecash. The $0.05 amounts were rewards for playing 2 minutes each day. The larger amounts like $40, $70, and $150 were for reaching certain levels. I turned my points in all for free Amazon gift cards!

1. Freecash

Freecash is a fun way to make money by playing games on your phone, and I think it’s one of the best game apps to win Amazon gift cards. You can earn real cash or gift cards just by trying out different games and completing tasks.

I personally know that Freecash is real because I have earned a little over $720 from this site and received $720 in free Amazon gift cards. And, I have personally earned $302 from playing one game on my phone on Freecash. You can read more about my experience at How I Made $302.80 Playing Games on My Phone (In One Week).

When you sign up for Freecash, you’ll see a list of games to choose from. Each game has its own reward amount. Some games might offer more money than others, so it’s good to check what’s available.

Since I’ve already played one game on Freecash, I have a ton of options available to me (once you play a game, more open up) – 558 games show for me right now. Monopoly, Solitaire Grand Harvest, Wheel of Fortune, Dice Dreams, Puzzles, Match Tile, and more.

You don’t need to spend any money to start playing and earning. Many games give you free daily credits, which is usually enough to reach the rewards. Some games might ask if you want to buy things, but you don’t have to.

The time it takes to earn money can vary. You might spend a few hours a day for about a week to earn a good amount. As you play more, you’ll get better at the games and might earn faster.

Remember, the games you see might change based on your device (Android vs. iOS vs. desktop) and where you live. You’ll usually start with a few games, and more will show up as you keep playing.

Click here to sign up for Freecash.

I’ve received over 100 gift cards from Swagbucks, as you can see in this screenshot.

2. Swagbucks

Swagbucks is a fun way to earn Amazon gift cards by playing games. You can also make money doing other things like taking surveys and watching videos.

When you play games on Swagbucks, you earn points called SB. These points can be traded for gift cards or cash (such as to Amazon, Best Buy, Visa, and PayPal cash). You need 100 SB to get $1.

To play games on Swagbucks, you simply head to the “Play” tab when you are logged in. When I logged in, I had over 50 available games that I could get paid to play. Some of the games available include Monopoly Go!, Animals & Coins, Solitaire Smash, Bingo Blitz, and so many more.

I have earned over 110 free gift cards (I mainly turn my points into Amazon gift cards) over the years.

If you join Swagbucks through my referral link, you can receive a $10 bonus.

3. KashKick

KashKick is a fun way to get Amazon gift cards by playing games on your phone. It’s not just games though – you can also make money by watching videos and answering surveys.

There are many different games you can play on KashKick such as:

Coin Master
Yahtzee
Family Island
Bingo Blitz
Solitaire Smash
Monopoly GO
Scrabble Go

For example, here’s how you can make money on KashKick playing Monopoly: Let’s say you want to play Monopoly GO. You install the game and play for a few days. If you reach certain levels within set time limits, you get paid. You could earn $30, then $40, and another $50 – adding up to $120 total!

Please click here to sign up for KashKick for free.

4. InboxDollars

InboxDollars is a fun way to earn Amazon gift cards by playing games. It’s been around since 2000 and they have given out lots of rewards to its users.

When I log in, I see around 40 games available for me to play. Some of the games include Puzzles & Chaos, Toy Blast, Coin Master, Block Blast, Solitaire Clash, Wood Blocks, SpongeBob Adventures, Word Farm, and more.

InboxDollars is easy to use and you can just go to the “Games” tab to start playing and earning. Then, you can turn your rewards into free gift cards such as to Amazon, PayPal, Apple, and more.

Playing games isn’t the only way to earn on InboxDollars. You can also make money by taking online surveys, shopping online, and reading emails. This gives you more chances to earn rewards.

Sign up for InboxDollars here and get a free $5 bonus.

5. Fetch Rewards

Fetch Rewards is mainly a grocery receipt scanning app (which is another super easy way to earn free Amazon gift cards), but it also has a section of their app dedicated to playing games.

Some of the games you can play include Balloon Master, Goods Sorting, and Car Parking.

You can sign up for Fetch Rewards here.

6. PrizeRebel

PrizeRebel is an easy platform where you can earn Amazon gift cards. It’s been around since 2007 and has given out over $30 million in rewards to its members.

You can earn free Amazon gift cards by playing games and answering surveys on PrizeRebel.

You can sign up for PrizeRebel here.

7. Mistplay

Mistplay is a popular app that lets you earn free Amazon gift cards by playing games on your phone. It’s free to download and use, making it easy to get started.

When you join Mistplay, you can explore new games or play old favorites. Some games you might find include Words with Friends, Solitaire, and Merge Dragons.

8. Rewarded Play

Rewarded Play is a very popular app with over 10,000,000 downloads where you can earn gift cards by playing games on your phone. There are over 214,000 reviews with an average rating of 4.4 out of 5 stars, so I think it’s quite popular!

You can pick from lots of popular games to play. The more you play, the more points you get. These points can be swapped for gift cards from places like Amazon and Walmart.

Many people like Rewarded Play because it pays out fast. You can get your gift card within 48 hours of cashing out your points.

The app has given out over $15 million since 2016.

9. Cashyy

This is another really popular game app to win Amazon gift cards, with over 10,000,000 downloads.

The app is easy to use. You just pick games you like and start playing. As you play, you complete missions and earn coins.

You can trade these coins for gift cards and Amazon gift cards are one of the options you can choose.

10. Money Well

Money Well is a fun app that you can find on the Google Play Store that lets you earn gift cards by playing games. It’s easy to use and works on Android phones. Plus, Money Well has lots of different games to choose from, so this keeps things interesting so you don’t get bored.

One downside is that Money Well is only for Android users right now. IPhone users can’t use it yet.

11. AppStation

AppStation is a free app that lets you earn rewards by playing games on your phone. You can get Amazon gift cards and other prizes.

The app is easy to use. You pick games from their list and start playing, earning coins. These coins can be traded for gift cards.

12. Blackout Bingo

Blackout Bingo is a fun app that lets you play bingo and possibly win real money. You can play against other people from around the world.

In Blackout Bingo, you can bet money on each game, so this does mean that there are ways to spend money on in-app purchases. I do recommend being careful so that you don’t spend money that you can’t afford. The bets can be as low as $0.60 or as high as $260. If you win, you could get a cash prize.

Remember, while it’s possible to win money, there’s no guarantee. Only play with money you can afford to lose. Please, please, please always game responsibly.

13. Bubble Cash

Bubble Cash is a fun game that lets you earn Amazon gift cards while popping colorful bubbles. You can play this game on your phone or tablet whenever you have free time.

The game is easy to learn. You match bubbles of the same color to make them pop. As you pop more bubbles, you earn points and move up levels.

You can cash out your winnings for Amazon gift cards once you reach the minimum amount. The more you play and win, the more gift cards you can earn.

Remember to set a budget (because this is a game where you have to pay to play at times) and play responsibly. Bubble Cash can be a fun way to earn some extra Amazon gift cards, but it won’t replace your regular income.

14. MyPoints

MyPoints is a site where you can earn gift cards by playing games online. You can play games and get points for installing apps, reaching certain levels, and beating the games.

When you have enough points, you can trade them for Amazon gift cards. MyPoints also offers gift cards from over 75 other stores and restaurants.

Sign up for MyPoints by clicking here.

Frequently Asked Questions

Below are answers to common questions about how to earn Amazon gift cards by playing games.

Can I really earn gift cards by playing games?

Yes, you can earn Amazon gift cards by playing games. Many apps will give you free gift cards as a reward for playing. You just need to download the app, play games, and earn points. Then trade those points for gift cards.

What are the top apps that let you earn Amazon gift cards by playing games?

Some top apps for earning Amazon gift cards include Freecash, Swagbucks, and KashKick. These apps let you play games and complete tasks to earn points, and you can then trade your points for gift cards.

How can someone get a $100 Amazon gift card for free by playing games?

Getting a $100 Amazon gift card takes time and effort. You may need to use several apps and play lots of games. But, I have personally played a game on Freecash and made $302 in just one week of playing, so I know it’s possible.

Is there any game that pays real money without a deposit for free?

Yes, there are games that pay real money without needing a deposit. I played many games on Freecash and never had to pay anything in order to earn my free Amazon gift cards.

Can you actually receive Amazon gift cards by gaming on your PC?

Yes, you can earn Amazon gift cards by gaming on your PC. Some sites like Swagbucks have games you can play on your computer. They give you points for playing, which you can trade for gift cards. When I played my game on Freecash (where I earned $302 in free Amazon gift cards), I was able to choose if I wanted to play it on my desktop or on my cell phone).

What do I need to know about making money and earning gift cards through online gaming?

Earning money through gaming takes time, so don’t expect to get rich quick. Be patient and have fun. Pick games you enjoy. Read the rules for each app or site.

Is Rewarded Play a trustworthy way to earn Amazon gift cards while having fun?

Rewarded Play is a legit app for earning Amazon gift cards where you can play popular mobile games to earn points, which you can then trade for gift cards. Many users have successfully received rewards from this app.

How To Earn Amazon Gift Cards by Playing Games – Summary

I hope you enjoyed this article on how to earn Amazon gift cards by playing games.

Playing games on your phone or computer is a fun way to earn Amazon gift cards. Some apps and websites give you real money or gift cards for playing games, completing tasks, or reaching certain goals in the game.

Whether you like puzzle games or strategy games, there are options for everyone. The time you spend playing can earn you small rewards or even help you make bigger purchases on Amazon.

Some of my favorite game apps to win free Amazon gift cards include:

I have personally made money playing games on my phone, and I have plans to continue and try some more!

Have you played games online to earn free Amazon gift cards? What do you think of this side hustle?

Recommended reading:

Source: makingsenseofcents.com

Apache is functioning normally

October 30, 2024 by Brett Tams

With the holiday shopping season inching earlier every year, one of the biggest questions for shoppers comes down to timing: When should you start buying gifts?

If you start too soon, you could miss out on some of the best sales. But if you start too late, you could pass up your chance at discounts and free shipping offers before the cutoff dates. And if you shop all season long, you risk racking up spending over three months.

To strike the right balance, money experts say plan early, but wait until prices drop to buy items on your list. That means having a conversation with friends and family about your holiday budget and expectations now.

“Budgets can be a great tool for communication,” says Daniel Goodman, certified financial planner and founder of Good Better Best Financial Planning in Idaho Falls, Idaho.

He suggests talking early with the entire family, including children, about everyone’s values and priorities for the holidays. Then set reasonable gift budgets.

“When families can identify what’s most important to them, it becomes easier to make intentional financial decisions and ensure their holiday spending reflects those values,” he adds.

Here are more ways to get an early start on holiday planning without overspending.

Remember what happened last year

“It’s really good to look at your credit card statement from [last] January,” says Trae Bodge, a shopping expert at TrueTrae.com who is based in the New York area.

That reminder can motivate you to scale back spending this year.

“Revisit your gift-giving budget and make some tweaks. Also, look for spending traps,” Bodge says, such as overspending on coworkers or hosting too many holiday parties.

Andrea Woroch, a consumer savings expert in Bakersfield, California, likes to start her holiday shopping by taking inventory of what her family already has at home.

“It’s such a good reminder to see all the toy clutter that I don’t have to go overboard,” she says.

Get more financial clarity with NerdWallet

Monitor your credit, track your spending and see all of your finances together in a single place.

Start with a list, then wait

Making a list upfront of what you want to buy each person and how much you plan to spend can help keep you on track.

“If you’re organized and have a list, you can just look for those sales and respond accordingly,” Bodge says.

For example, when you see prices on electronics dip during Black Friday sales, you’ll be ready to buy, while you can wait on winter-related items such as sweaters that aren’t likely to fall in price until further into winter.

Toys tend to fluctuate in price in the months leading up to the holidays, so it can pay to wait for a specific deal, Bodge adds. You can use a tool like CamelCamelCamel or the PayPal Honey browser extension to track prices.

Check store policies

When you’re shopping early, it’s worth checking the return and price-matching policies of stores, Woroch says.

“You don’t want to get stuck with something you can’t return,” she adds, or get hit with a surprise restocking fee.

When it comes to price-matching policies, many retailers offer price adjustments for up to two weeks after purchases. That means if the price drops after you buy, you could be eligible for a refund. Just be sure to save your receipts and follow the store policy, Woroch says. Special sales such as Black Friday prices are often excluded from price matching.

Make some purchases now

“We are settling into a new normal where we’re doing a lot of holiday shopping in October,” Bodge says, partly because retailers host early sales.

One benefit of that approach, Bodge says, is that you can spread your holiday shopping across multiple months, making the expenses easier to bear. But it’s still important to take time to shop around and make sure you’re actually getting a good deal, she adds.

Resist the urge to splurge

Bodge says that even though her business has grown, she hasn’t upped her holiday spending to reflect that increased cash flow. In other words, she resists the urge to give in to the impulse to overspend at the holidays.

NerdWallet’s Holiday Spending report found that 10% of holiday shoppers will likely need to use some of their emergency savings to buy holiday gifts this year and 9% will prioritize gift buying over some of their regular bills.

Scaling back can lead to a more financially joyous start to the New Year.

Get more financial clarity with NerdWallet

Monitor your credit, track your spending and see all of your finances together in a single place.

Source: nerdwallet.com

Apache is functioning normally

October 30, 2024 by Brett Tams

An ATM card is a type of bank card that allows you to access your bank account at an automated teller machine (ATM). You can use the card to withdraw cash, check your balance, and perform other banking transactions at ATMs. Unlike a debit card, however, you can’t use an ATM card to make purchases or get cash back in a grocery store.

Here’s a closer look at what ATM cards are, how they work, and how they differ from debit cards.

Key Points

• An ATM card provides access to bank accounts for transactions such as cash withdrawals and balance inquiries, but cannot be used for purchases like a debit card.

• Introduced in the late 1960s, ATM cards have largely been replaced by debit cards, which offer additional functionalities, including the ability to make purchases.

• Using an ATM card allows for convenient banking outside of regular hours and helps limit spending since it can’t be used for purchases.

• Security measures for ATM cards include keeping the card secure, protecting the PIN, and regularly monitoring account activity for unauthorized transactions.

• Alternatives to ATM cards include debit cards, credit cards, prepaid cards, and mobile payment apps, each offering varying levels of functionality and convenience.

How ATM Cards Work

ATM cards first came out in the late 1960s as a way to enable account holders to withdraw funds from a checking account at an ATM. While they’ve largely been replaced by debit cards, banks still issue ATM-only cards for some checking and savings accounts.

To use an ATM card, you simply insert your card into an ATM. The machine then reads the magnetic stripe or embedded chip on the card and prompts you to enter your personal identification number (PIN), which verifies your identity as the account holder. Once authenticated, you can perform a number of different transactions, such as withdrawing cash, transferring funds between accounts, and checking your account balance. Some banks also allow you to use an ATM card to deposit cash or checks into an account.

ATM Cards vs Debit Cards

The terms “ATM card” and “debit card” are often used interchangeably, but they are not the same thing. While most debit cards can also be used as ATM cards, ATM cards can’t be used in all the same ways as debit cards.

Along with offering all the functionality of an ATM card, a debit card also allows you to make purchases both in-store and online, just as you would with a credit card. Unlike using a credit card, however, the payment immediately gets deducted from the linked checking account.

While some debit cards allow you to choose “credit” at the payment terminal when you shop, this doesn’t turn it into a credit card. The only difference between selecting “credit” instead of “debit” when making a purchase with a debit card is that there will be a short delay in the processing of the transaction — anywhere from a few hours to three days.

Another difference between debit and ATM cards is that debit cards have the word “Debit” printed on the front.

Because debit cards offer more functionality than ATM cards, these days you will typically receive a debit (not an ATM-only) card when you open a new bank account.

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Benefits of Using an ATM Card

Here’s a look at some of the advantages of ATM cards.

• Convenience: ATM cards allow you to access your funds at an ATM rather than through a teller. As a result, you don’t have to stand in line at the bank, and you can manage your account at any time (not only during the bank’s business hours).

• No spending temptation: Since ATM cards cannot be used for purchases, they can help you avoid impulse spending and better manage your finances.

• No fees (when used correctly). As long as you use your ATM card at in-network ATMs, you can avoid getting hit with any ATM fees.

Drawbacks of Using an ATM Card

• You can still overdraft: If you opt into overdraft services, you may be able to withdraw more money that you have in your account. The bank may view this as a loan and charge transfer fees and interest.

• Limited functionality: ATM cards can only be used to manage your account at an ATM. You can’t use this type of card for purchases, making it less convenient than a debit card.

• Withdrawal limits: Some ATM cards come with relatively low daily withdrawal limits, which can be a challenge at moments when you want access to higher amounts of cash.

Keeping ATM Cards Secure

Your ATM card allows you to get your hands on your money, so you don’t want it (or your PIN) to fall into the wrong hands. Some safeguards to keep in mind:

• Keep your ATM card securely stored. No one should have access to the card but you, so be sure to keep it in a safe place, just like you would cash, checks, or credit cards. If your card gets lost or stolen, it’s important to immediately notify your bank.

• Protect your PIN. Try to avoid writing your pin down, especially on or near your ATM card. Also be careful to never give any information about your PIN (or ATM card) over the phone. For example, if you get a call from someone claiming to be from your bank or the police asking to verify your PIN, don’t offer the information. Hang up and call your bank directly.

• Monitor your account. Another type of bank fraud, called ATM skimming, can occur where criminals put a hidden electronic device on an ATM card reader that gets information from a bank card whenever a customer uses the machine. Though rare, it’s wise to regularly check your bank statements and account activity to ensure there aren’t any unauthorized withdrawals from your bank account. If you notice anything suspicious, contact your bank immediately.

Recommended: Bank Scams and How to Avoid Them

Alternatives to ATM Cards

ATM cards are a valuable money management tool but they’re not the only option. Here are some alternatives to ATM cards to consider.

• Debit cards: A debit card allows you to make ATM withdrawals like ATM cards do, but can also be used to make purchases wherever debit cards are accepted.

• Credit cards: These cards allow you to borrow funds up to a certain limit for purchases, with the added benefit of building credit history. However, they require responsible use to avoid debt.

• Prepaid Cards: Prepaid cards work like debit cards but are not linked to a bank account. You load funds onto the card and can use it for purchases and ATM withdrawals.

• Mobile payment apps: Apps like PayPal, Venmo, and Apple Pay allow you to make transactions and manage money electronically without needing a physical card.

The Takeaway

An ATM card allows you to utilize an ATM and perform basic account management functions without talking to — or waiting for — a teller. They can be an ideal tool for those who primarily need cash and basic banking services. However, ATM cards offer limited functionality compared to debit and credit cards, which can be a drawback in an increasingly digital economy.

When deciding whether to use an ATM card, you’ll want to consider your financial habits, needs, and the level of convenience you’re looking for. Exploring alternatives such as debit cards, credit cards, and mobile payment apps can help you find the best solution for managing your finances effectively.

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 4.30% APY on SoFi Checking and Savings.

FAQ

Do I need a PIN for my ATM card?

Yes, you need a personal identification number (PIN) to use your ATM card. You’ll set your PIN when you receive your card. You’ll then need to enter it any time you access your account at an ATM, whether you’re withdrawing cash or simply checking your balance. This creates an added layer of protection to prevent unauthorized access to your funds.

Can I use my ATM card like a credit card?

No, you cannot use an ATM or debit card like a credit card. A true ATM card can only be used to manage your account at an ATM. A debit card functions like an ATM card but also allows purchases. When you make purchases with a debit card, however, the money is directly debited from your checking account. By contrast, a credit card allows you to borrow funds up to a limit and repay them later, typically with interest.

What if my ATM card is lost or stolen?

If your ATM or debit card is lost or stolen, you’ll want to immediately report the loss to your bank in order to prevent unauthorized transactions. Your bank will freeze or cancel the card and issue a replacement, usually with a new card number and PIN. After that, you’ll want to monitor your account closely for any suspicious activity. If the lost card was a debit card, you’ll also need to update any automatic payments linked to that card with the new card information to ensure continuity.

Photo credit: iStock/Milan Markovic

SoFi members with direct deposit activity can earn 4.30% 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 4.30% 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 4.30% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

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

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

Interest rates are variable and subject to change at any time. These rates are current as of 10/8/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

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

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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 .

SOBK-Q224-1883065-V1

Source: sofi.com

Apache is functioning normally

October 30, 2024 by Brett Tams

Becoming disabled can potentially lead to a reduced income, along with an increase in costs. In fact, research from the National Disability Institute has found that households that include an adult with a disability require 28% more income to maintain the same standard of living as those that don’t.

Naturally, this can feel overwhelming, especially when you’re navigating the complex emotions and sometimes complicated logistics of a new disability. But becoming disabled doesn’t have to be a permanent barrier to financial empowerment.

“A lot of times, people see disability as the end of the financial road, and it doesn’t need to be,” says Thomas Foley, Executive Director of the National Disability Institute. “It can just be a pause before you move on with your career and your financial journey.”

This checklist can guide you through some of the most important monetary considerations—from benefits to tax breaks—so you can get your financial situation in order one step at a time.

Step 1: Check your disability insurance policy

No one thinks they’re going to become disabled, especially to the point where they’re unable to work. But when the unexpected happens, long-term disability insurance may help fill gaps in your income.

This kind of disability insurance goes into effect if you can’t work for an extended time due to an injury or a disability. These plans give the policyholder a portion of their lost income—typically 60% to 80% of their monthly salary.

You may be able to purchase insurance through your employer, or you can buy a policy on your own. To make a claim, however, you’ll have to acquire a policy before a disability happens and make all premium payments to keep it in force.

Step 2: Apply for disability benefits

Beyond private disability insurance, some federal and state resources are available to help supplement the income of those affected by a disability. These include Social Security Disability Insurance (SSDI), Supplemental Security Income (SSI), and Veterans’ benefits.

One of the most common types of financial help for disabled adults is SSDI. This benefit compensates individuals for lost income due to a disability that has greatly reduced their ability to work—or has required them to stop working entirely.

In 2024, eligible persons may receive up to $3,822 per month—although the exact amount is based on work history. You might be eligible for SSDI if:

You have a disability (including blindness).
You have worked for at least five of the last 10 years.

While these are the general guidelines, there are some exceptions. For example, people under the age of 24 might not have to meet the work history requirement. Learn more about SSDI eligibility requirements, including what you may be able to expect in your specific situation.

Supplemental Security Income

Another common financial resource for people with disabilities is SSI. This federal program provides monthly income for people with disabilities and older adults with little to no income or resources.

Currently, individuals can receive up to $943 a month and couples can receive up to $1,415 from SSI. The monthly amount a person receives is determined by factors such as other income, living situation, assets, and more.

Some states offer additional payments for residents with disabilities that won’t impact their SSI eligibility. These state supplements are meant to cover the necessities of daily living, like food and shelter. Check if your state offers SSI supplements.

Veterans’ benefits

IIf you’re a Veteran, you might be eligible for Veterans Affairs (VA) disability compensation. This is a monthly, tax-free payment for Veterans who suffer service-related illnesses or injuries—affecting either their physical or mental health. In some cases, preexisting conditions are also covered if the Veteran’s service made the condition worse.

Households that include an adult with a disability require, on average, 28% more income to maintain the same standard of living as those that don’t.

National Disability Institute research

What to know when applying for disability benefits

You can apply for disability benefits like SSDI and SSI as soon as you become disabled. Note that you can apply for both programs at the same time—eligibility for one won’t affect eligibility for the other—but only about 10% of beneficiaries qualify to receive both.

However, you’ll have to wait six months to receive SSDI benefits, and this waiting period starts the first full month after your disability began, as determined by the Social Security Administration. For SSI benefits, you’ll begin receiving payments the first full month after you apply or after your eligibility is approved, whichever is later.

To apply for either or both programs, you’ll need to complete an application for disability benefits and an Adult Disability Report. You can submit both forms online or during an interview with a Social Security Administration representative. Your interview may take place either in person at your local Social Security office or by phone.

Make sure your application isn’t delayed by thoroughly reviewing this checklist of necessary information. This optional medical and job worksheet can also help you organize information for your application.

Learn more: How to handle financial challenges when supporting loved ones with disabilities.

Step 3: Get additional financial support if needed

Ultimately, if you are unable to work or need to reduce your hours because of a disability, you may need to reassess your budget and spending. And if you’re coming up short, some programs can help fill in the gaps, like:

Temporary Assistance for Needy Families (TANF): This federal, time-limited program provides financial support for families. Each state manages its own arm of the program and determines the specific benefits and eligibility requirements.
Supplemental Nutrition Assistance Program (SNAP): This federal nutrition assistance program provides benefits for families, enabling them to make eligible food purchases in authorized stores.

While making less money can be discouraging, having a disability doesn’t mean you need to resign yourself to living with a low income or no income forever.

“People with disabilities have the same talent and ambitions as everyone else,” Foley says. “A disability doesn’t mean you can’t retrain for a new or even better job and build whatever financial future you want to have.”

Step 4: Navigate insurance coverage

It’s crucial to have health insurance, especially when you’re dealing with a disability. But if you can’t continue working, or continue working enough to keep your current coverage, you’ll need to find an alternative to employer-provided insurance.

If you’re eligible for SSDI payments, you’ll also gain access to health insurance coverage under Medicare. However, there is a two-year waiting period before this coverage kicks in.

One solution: You may be able to get Medicaid coverage while you wait. The purpose of Medicaid is to offer health insurance coverage to low-income Americans—a group that currently includes more than 10 million adults and children with disabilities.

Medicaid benefits

Medicaid is a joint federal and state program, which means each state runs its own Medicaid program. States determine the type, amount, and duration of Medicaid benefits that eligible residents can receive.

However, there are certain mandatory benefits that all states must provide, such as:

Inpatient and outpatient hospital services
Physician services
Laboratory and X-ray services
Home health services

Learn more: See the full list of mandatory and optional Medicaid benefits.

Medicaid qualifications

You may be eligible for Medicaid based on your household income, disability, and other factors. Specific eligibility requirements vary per state—see if you’re eligible for Medicaid in your state and find out how to apply.

It’s also important to know about Medicaid waivers, which allow states to make exceptions to the typical Medicaid qualifications. Often, these waivers are geared toward providing services that help people with disabilities or medical needs stay in their homes. Check your state’s waiver list for more information.

Finally, if you’re turned down for Medicaid, you may be able to enroll in a private health plan on HealthCare.gov while waiting for your Medicare coverage to start.

“A disability doesn’t mean you can’t retrain for a new or even better job and build whatever financial future you want to have”

Thomas Foley, National Disability Institute

Step 5: Assess home modification needs

If you’ve recently become disabled, you might need to consider physical modifications to make your home safer and more functional. This is typically the case when your disability impacts your mobility or requires you to use a wheelchair or other mobility device.

Common home alterations include:

Installing ramps and lifts
Widening doorways
Adding accessible showers and toilets
Lowering counters and sinks

If you need assistance financing these renovations, some federal and local programs may be available, including those that provide grants or low-interest loans for rural homeowners and grants for Veterans. Check with your state to see what local programs exist and if you qualify.

Learn more: Budgeting for accessibility: How to finance a home modification.

Step 6: Ask for work accommodations

No matter your disability, you have the right to the same employment opportunities and to be free from employment discrimination. These rights are protected by the Americans with Disabilities Act (ADA), which can help people with disabilities maintain financial wellness by protecting their source of income.

Under the ADA, employers are required to make reasonable accommodations to ensure people with disabilities have equal opportunity during the application process, can perform the essential functions of their job, and enjoy equal benefits of employment.

Step 7: Learn about available tax breaks

Taxpayers can claim many income exclusions, deductions, and credits, but some are particularly helpful for people with disabilities and their families.

Income exclusions

Income exclusions are what they sound like—money that’s not included in the IRS calculation of your taxable income. Below are two disability income exclusions to familiarize yourself with.

Social Security benefits: If SSDI payments were the only income you received during the year, your benefits are generally not taxable. If you received other income, part of your benefits may be taxable. SSI payments, however, are exempt.
Military and government disability pensions: Certain military and government disability pensions or disability benefits you receive from the Department of Veterans Affairs are not taxable.

Tax deductions

Tax deductions decrease your taxable income, lowering your overall tax liability. If you’ve been affected by a disability, you may be allowed to deduct expenses like these (within some limits):

Impairment-related outlays to help make your work environment more accessible
The cost of home improvements designed to enhance your home’s accessibility
Medical and dental expenses you pay for yourself, your spouse, and your dependents

People who are legally blind also qualify for an extra standard deduction on their taxes ($1,850 for the 2023 tax year). And people who are legally blind and over age 65 qualify for a deduction that’s double that amount.

Tax credits

A tax credit is a dollar-for-dollar reduction in the amount of tax you owe. Below are some common examples.

Credit for the elderly or disabled: You can claim this credit if you are 65 or older during a given tax year or if you have a permanent or total disability.
Earned income credit: You may qualify for this credit if you have earned income (some disability payments qualify as earned income), and it falls within certain limits.
Saver’s credit: You may be able to claim this credit if you make eligible contributions to an ABLE account (see below).

Learn more: Information about a government benefits program that provides tax help for people with disabilities.

Step 8: Consider an Achieving a Better Life Experience (ABLE) Account

ABLE accounts are another helpful financial resource. These tax-favored savings accounts are available to people diagnosed with significant disabilities before age 26. Thanks to the recent ABLE Age Adjustment Act, that threshold will increase to age 46 in 2026.

While the account owner is the designated beneficiary, anyone can contribute to the account. There are some limits on annual contributions, but any interest earned grows tax-free if you use the money for qualified expenses. What’s more, funds in an ABLE account won’t affect eligibility for needs-based assistance programs like SSI and Medicaid.

“They’re a wonderful savings opportunity,” Foley says. “It’s a great way to make sure that someone with a disability has a savings tool that doesn’t affect their public benefits eligibility.”

Learn more: Getting and using an ABLE account, including eligibility details and other common questions.

Banking with a disability

Like many other aspects of life, banking can be affected by a disability, but it doesn’t have to be. Make sure that your bank is inclusive of all abilities—with an accessible website, app, and other user interfaces.

Discover^® is committed to creating a seamless experience for everyone, such as by offering Braille credit cards.

A disability doesn’t disqualify you from a bright financial future

If you’ve recently faced a disability or are likely to do so soon, the financial challenges involved may seem daunting. But it’s important to remember that a disability doesn’t need to stand in the way of your financial stability.

“Disability is a normal part of the human experience,” Foley says. “And just because you have a disability doesn’t mean you can’t build a bigger, better, brighter future for yourself and your family.”

If you or a loved one are facing a new or existing disability, it may seem overwhelming. Fortunately, there are resources available that may help you address financial and emotional challenges as they arise.

Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third party or information.

This article is for informational purposes only and is not intended as a substitute for professional advice. For specific advice about your unique circumstances, you may wish to consult a qualified professional, at your expense.

Source: discover.com

Apache is functioning normally

October 30, 2024 by Brett Tams

Providence is a city filled with history, beauty, and the arts. As the capital and largest city in Rhode Island, Providence draws people in with its blend of New England charm and laid-back, coastal lifestyle . If you’re considering moving to Providence, it’s important to weigh the unique aspects of the city that make it a great place to live, along with the challenges that might affect your decision. Let’s take a closer look at 13 of the most prominent pros and cons of living in Providence.

Providence at a glance

1. Pro: Thriving arts scene

Providence has an active arts community. The Rhode Island School of Design (RISD) and its museum anchor much of the city’s artistic scene while cementing the city’s status as a solid Rhode Island college town. Events like WaterFire showcase local art and bring the community together.

2. Con: Lacking public transportation options

While Providence has a bus system, the Rhode Island Public Transit Authority (RIPTA), it doesn’t extend to all suburbs. The lack of a subway or robust commuter rail means you might find it challenging to navigate without a car. For those used to large cities with vast transit networks, Providence’s system may feel limited.

3. Pro: Stellar higher education scene

Providence is home to several prestigious universities, including Brown University and RISD. These institutions bring a youthful energy to the city and provide endless educational and professional opportunities.

4. Con: Higher cost of living compared to nearby areas

Providence can be expensive compared to other parts of Rhode Island. With median home sale prices above the national median of $428,096 and apartments above the national average, some newcomers might find it tough to balance city living with affordability. While it’s cheaper than what people living in New York or Boston will experience, Providence still has higher living costs than its smaller neighboring cities.

5. Pro: Beautiful historic architecture

Walking through Providence feels like stepping into a time capsule, especially in popular neighborhoods like College Hill. The city has preserved much of its 18th- and 19th-century architecture, offering a picturesque backdrop to everyday life. Living in Providence gives you the chance to admire these well-preserved buildings, often right outside your front door.

6. Con: Harsh winter weather

While not one of the coldest cities in the U.S., New England winters in Providence can be tough. Snowstorms and freezing temperatures are common, and city streets can get tricky to navigate. If you aren’t used to cold weather, adjusting to Providence’s winter conditions might be challenging, requiring extra preparation for snowy months.

7. Pro: Great food scene

Providence is known for its fantastic culinary reputation. The city has a wide range of dining experiences, from Italian cuisine in Federal Hill to fresh seafood straight from Narragansett Bay. With numerous acclaimed restaurants, like Hemenway’s, and a commitment to farm-to-table dining, Providence is a foodie’s paradise.

8. Con: Limited job market in certain industries

While Providence offers job opportunities in education, health care, and arts, other industries are less readily available. Tech and finance, for example, may not have the same growth as friends living in New York or Boston. Professionals in niche industries might need to commute or work remotely for better opportunities.

9. Pro: Close to larger cities

Living in Providence means you’re just an hour from friends living in Boston and about three hours from New York City. You get easy access to the excitement of these larger cities while avoiding the crowds and higher cost of living. It’s a great balance for those who want proximity to the highlights of the Northeast.

10. Con: Traffic can be a headache

While Providence isn’t as traffic-congested as larger cities, its highways can get clogged during peak hours. The mix of older infrastructure and the limited number of routes into and out of the city means even short commutes can be frustrating. Parking downtown can also be a challenge, particularly during events or rush hour.

11. Pro: Coastal lifestyle

Rhode Island’s beautiful coastline is a short drive from Providence, offering easy access to beaches, boating, and outdoor activities. Living in Providence allows you to enjoy city living with the added benefit of being close to nature.

12. Con: Minimal space for urban growth

Providence is an older city with limited space for expansion. As a result, new developments can feel cramped, and there’s little room for large-scale growth. This limitation can make finding newer housing or commercial space in the city proper more challenging.

13. Pro: Strong downtown and nightlife

Downtown Providence has seen a resurgence, with a variety of bars, restaurants, and entertainment options. Community events and festivals light up the city during the warmer months, offering unique experiences for locals.

A native of the northern suburbs of Chicago, Carson made his way to the South to attend Wofford College where he received his BA in English. After working as a copywriter for a couple of boutique marketing agencies in South Carolina, he made the move to Atlanta and quickly joined the Rent. team as a content marketing coordinator. When he’s off the clock, you can find Carson reading in a park, hunting down a great cup of coffee or hanging out with his dogs.

Source: rent.com

What Are Wire Transfer Fees?

Get up to $300 when you bank with SoFi.

How Much Do Wire Transfer Fees Cost?

Wire Fees by Financial Institution

Do International Fees Cost More Than Domestic?

Why Do Banks Charge Wire Transfer Fees?

Tips to Avoid Wire Transaction Fees

Alternative Ways to Send and Receive Money

The Takeaway

FAQ

Do you pay a fee to receive a wire transfer?

Why are wire transfers so expensive?

Do all banks charge wire transfer fees?

Aurora at a glance

1. Pro: Stunning surroundings

2. Con: Limited public transportation

3. Pro: Growing job market

4. Con: Higher cost of living compared to nearby suburbs

5. Pro: Access to world-class healthcare

6. Con: Traffic congestion during peak hours

7. Pro: Diverse food scene

8. Con: Few walkable neighborhoods

9. Pro: Proximity to Denver

10. Con: Harsh winters

11. Pro: Family-friendly

12. Con: Lacking nightlife

13. Pro: Active community calendar

Yes, installment loans can help you build credit by improving your payment history, adding variety to your credit mix and lowering your credit utilization. This shows lenders that you can responsibly manage different types of debt.

What is an installment loan?

How do installment loans build credit?

1. Improve your payment history

2. Add variety to your credit mix

3. Lowers your credit utilization

Should you take out an installment loan to improve your credit?

Alternative ways to build credit

Learn more about building credit with Lexington Law Firm

What is a side hustle?

What are some side hustle ideas?

Ride-sharing

Delivery driving

Grocery shopping

Tour guide

Virtual assistant

Babysitting

Pet sitting

House sitting

Studies and focus groups

Translation work

Graphic design

DIY for hire

Data entry

Tutoring

Background acting

How can a side hustle complement a passive income strategy?

Dividend investing

Rental income

Long-term home or apartment rental

Short-term rentals

Other rental spaces

Rent out your car

What can you do with your additional funds?

Savings accounts

CDs

Money market accounts

Retirement accounts

How can you benefit from side hustles and passive income?

Figure’s New Piggyback HELOC Allows for Lower Down Payments

Recent Home Buyers Can Combine It with a Cash-Out Refinance

Figure’s HELOCs Are a Little Different

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