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Apache is functioning normally

November 1, 2023 by Brett Tams

Rates for a 30-year, fixed-rate mortgage are the highest in over 20 years and may stay elevated for some time.

As borrowers reel from the sticker shock of conventional mortgages, lenders could see a surge of demand for alternative lending products, such as adjustable-rate mortgages (ARMs), for the first time since the financial crisis.

Most potential borrowers should familiarize themselves with how these products work. Without the proper guidance, they could be enticed by attractive introductory rates only to choose the wrong product for their personal or financial situation in the long term.

One way lenders can create value is to upgrade the shopping experience so borrowers can easily understand, compare and contrast the available products. Here are three tips that can help.

1. Ask the right questions upfront

Most lenders ask borrowers a few initial questions to understand their needs better. But many tend to focus on the basics, like whether a borrower is a first-time homebuyer.

With more products on the table, lenders will need more granular data to steer borrowers toward the right one. In many cases, that product may still be a fixed-rate mortgage. But for some borrowers, a less traditional loan type could make the most financial sense.

What is the best way to help borrowers choose? Start by asking enough questions early on to create a holistic borrower profile. We recommend enhancing your POS flow with an initial questionnaire. Ask these questions:

How long do they plan to stay in their home?
How comfortable are they with uncertainty?
How comfortable are they potentially making higher monthly payments after three, five or seven years?

Of course, the more questions you ask upfront, the more overwhelming the shopping process can feel to borrowers. To ease folks in, we suggest these action items:

Break down your questionnaire into manageable chunks.
Add a progress bar that displays what percent of the questionnaire remains.
Add a “Save and Continue Later” button that gives borrowers more flexibility (and allows you to keep folks engaged).

Add context about why you’re asking for specific information at every stage. Tooltips can be a powerful way to do so; they give borrowers the flexibility to toggle explanations. Tooltips are helpful when it comes to educating customers on your products, which we’ll dive into into next.

2. Educate borrowers early and often

Exotic lending products went mainstream in the early 2000s, leading, in part, to the 2008 financial crisis and the subsequent regulatory overhaul.

It’s worth emphasizing just how little borrowers knew about these products. In the run-up to 2008, many lenders emphasized low introductory mortgage rates and weren’t required to disclose the final terms until closing day. Without enough timely information to ask questions and compare options, borrowers had loans they couldn’t afford.

Today’s regulations require more precise disclosures earlier in the process to help people make more informed financial decisions. But they only apply after a borrower has submitted a loan application, which leaves room for ambiguity when shopping.

When lenders educate up front, they can add value when borrowers need it most. Here’s what we recommend:

Tailor your educational content to the borrower’s profile. Your initial questionnaire can help. For instance, if a borrower says they plan to relocate to Chicago in a few years, they might be a better candidate for a five-year ARM than someone who intends to stay in Charlotte indefinitely. At the comparison stage, you can prioritize education about that product and deprioritize products that might be a poor fit.
Help borrowers understand how rates may change over time. For instance, don’t just display a 3% teaser rate for an ARM. Instead, explain whether it adjusts annually or semiannually, along with the maximum annual adjustment factor and lifetime cap, plus what factors will affect the adjustable rate.
Offer information about refinancing. Many borrowers are familiar with the concept but may need to learn how it works. Spelling out the specifics may make some borrowers feel more comfortable taking on a fixed-rate loan at a 7% or higher rate.
Create an intuitive shopping experience. Avoid the dreaded info dump, where lending products display on an endless scroll with intimidating blocks of text. Instead, let borrowers compare a handful of products side by side. And present only the most important details first, with drop downs or tooltips that offer more information.

Even in a digital-first shopping landscape, loan officers are still a valuable resource for borrowers. Alongside on-screen sidebars and tooltips, ensure that borrowers can connect with a human expert for more hands-on guidance.

The goal is to help borrowers understand the risks and rewards of every product available and feel more confident in their decisions.

3. Invest in the right technology

The key to a top-notch shopping experience is a digital platform that allows for everything we’ve discussed so far — all while fitting seamlessly with the rest of your origination software. Creating that platform, though, is often easier said than done.

For instance, if you choose to build your platform, you’ll have plenty of freedom in its design. But you’ll have to integrate it with your point of sale (POS) on the back end. That could make for a longer and more complex project that eats up more of your organization’s resources.

On the other hand, it might be worth talking with your POS vendor about customizing the shopping experience to fit your goals. This route could help you save on development time.

However, most vendors don’t prioritize software features that seem like “nice to haves.” So you’ll have less control over the features that do get added, not to mention the development timeline. And keep in mind that if your vendor adds new capabilities, any lender — including your competitors — will be able to use them.

There’s no single best path here, but consider partnering with an experienced digital specialist to help you weigh the options available. This way, you can make the right decision for your business and your borrowers.

As “exotic” lending products become more attractive, borrowers will value lenders that demystify the shopping process to connect them with the right product for their needs.

But the truth is that helpful lenders win in any market conditions. By upgrading your shopping experience now, you can set yourself — and your borrowers — up for long-term success, no matter how the wind blows.

Steve Wolfe is an SVP of Banking and Fintech and Lloyd Booth is an Enterprise Solutions Executive at CI&T, a global digital specialist.

Source: housingwire.com

Apache is functioning normally

November 1, 2023 by Brett Tams

How America shops is shifting in a fundamental way.

Shoppers are turning to discount stores such as Dollar Tree, ALDI, and Big Lots more often, driven largely by spiking inflation, which peaked at 9.1% in June 2022. These days, shoppers are increasingly asking themselves, Why pay more? as they place a higher premium on value.

According to SoFi’s Discount Shopping Survey of 1,500 consumers fielded in August 2023, 81% of respondents are currently shopping at discount stores at least monthly, regardless of their income level.

Surely, the impetus may vary:

• For many, discount stores are a vital tool when sticking to a tight budget.

• For others, it might be a way to find splurges, both large and small, at the right price.

Still, though circumstances may vary, a whopping 78% of respondents are laser-focused on snagging the lowest possible prices for items on their list.

While shoppers may have been swayed by ambience and amenities at stores in the past, now it’s all about getting top value for every hard-earned dollar. Sticking to — and stretching — one’s budget is the new black. Also worth noting: Among the ranks of discount shoppers are high-earners pulling in six figures.

SoFi’s proprietary research found intriguing and unexpected facts about just who’s hitting the discount stores, what they are hunting for at these retailers, and why the face of shopping may never be the same again.

Where the Buyers Are: 74% of Respondents Dropped Into Dollar Tree

Curious about which discount retailers are topping shoppers’ lists? According to SoFi’s Discount Shopping Survey, almost three-quarters (74%) of discount shoppers have dropped into a Dollar Tree, where the motto is “Extreme Value Every Day,” over the past year.

It isn’t just those living paycheck to paycheck who are shopping at Dollar Tree:

• 64% of the survey’s highest earners (households bringing in $150,000+) say they’ve bought items at Dollar Tree in the last 12 months.

Discount shoppers are also looking elsewhere to find where the best buys are. Over the past year:

• 65% have shopped at Dollar General

• 42% at Five Below

• 41% at ALDI

• 38% at Big Lots

• 37% at T.J. Maxx

• 35% at Ross Dress for Less

• 35% at Marshalls

Where else are moneywise shoppers queuing up? It turns out that 22% have shopped at HomeGoods, while one in five (20%) has rung up items at brand-name outlets (Nordstrom Rack, for instance).

Discount Stores: The New Social Media Darlings

Reflecting their new status as many shoppers’ go-to destination, discount stores are accumulating hefty followings. As of September 2023, the stats are:

• ALDI USA has 955K Instagram followers; 184K on TikTok

• Dollar Tree has 675K Instagram followers; 76.6K on TikTok

• Five Below has 706K Instagram followers; 214.3K on TikTok

81% Discount-Shop at Least Once a Month

People aren’t just hitting the discount shops for an occasional find. Rather, SoFi’s discount shopping research uncovered that these retailers are quickly gaining traction as routine destinations for shoppers.

• 81% of respondents shop at discount stores at least once a month.

• 38% — practically four out of ten people — shop at discount stores weekly.

• 14% of respondents say you’ll find them shopping at discount stores several times a week. (These may be people who are saving money daily with their shopping habits.)

Compelling find: Close to half of high-income earners (those making $100,000+ a year) say they shop at discount stores at least weekly.

Inflation Surge Drives Shoppers to Discount Stores

If you’re wondering why discount shopping is surging, consider the economic state of our union. After inflation rates fell month after month for a solid year, July 2023 saw an uptick in prices that surely set some people on edge. (Inflation in July 2023 increased 3.2% from July 2022.)

What’s more, the cost of living is soaring. Social Security recipients enjoyed a cost of living adjustment (COLA) to the tune of 8.7% in 2023, one indicator of how steeply the price of, well, everything has been rising.

Indeed, consider this:

• Nearly two-thirds of discount shoppers (63%) say inflation and rising costs have prompted them to shop at discount stores over the last 12 months.

• In addition, nearly half of discount shoppers have ramped things up, with 49% saying they are hitting discount stores more frequently than they did before the inflation surge.

When it comes to defending one’s paycheck against price hikes, bargain-hunting is a smart maneuver. ”Inflation is real for just about all of us,” says David Bakke, a consumer finance expert and writer at personal finance blog Dollar Sanity. “My discount shopping has definitely increased. I find myself spending a lot more time at ALDI, Dollar General, and the like.”

Indeed, inflation is making over the way Americans shop. SoFi’s discount shopping data shows this significant stat:

• 40% of respondents say they “always” search for ways to save on their purchases when shopping.

• Only 2% said they never search for ways to save.

Here are some of the leading tactics discount shoppers have used to cut costs:

• 41% have used couponing websites.

• 40% have subscribed to company emails.

• 31% have followed a company or brand on social media.

• 21% have joined a Facebook group or other online community.

• 18% have followed an influencer on social media who talks about discount shopping.

More Than Half Discount-Shop to Benefit Their Budget

In these challenging economic times, many consumers are embracing budgeting as a way to manage their finances. Almost six out of 10 discount shoppers (58%) say one of the biggest benefits of shopping at discount stores is the ability to stick to a budget.

This holds true for 62% of those with household incomes under $75K, as well as 46% of those pulling in $100K or more.

Other reasons to love these retailers? SoFi’s discount shopper respondents said:

• Regular availability of discounted products (47%)

• The convenience and accessibility of discount stores (46%)

• The ability to find trendy or seasonal items at lower prices (45%)

Another shopping pattern that SoFi’s discount shopping survey uncovered: A significant number of discount shoppers are making most of their purchases from these lower-priced retailers:

• 36% make more than 50% of their purchases at discount stores.

• Almost one in 10 (9%) of those with household incomes of $150,000 or more do more than 75% of their shopping at discount stores.

First on the Discount Shopping List: Groceries

It’s no secret that food prices can trigger sticker-shock, and that’s not just for luxuries like a pumpkin spice latte. Overall, food prices are ratcheting up 5.9% this year, per the USDA’s numbers, which may explain why consumers are hitting the low-cost stores for items they might otherwise buy at a standard supermarket.

According to the SoFi discount shopping research, groceries are the most common purchase made by discount shoppers: 78% buy groceries at discount stores.

And no wonder: These stores often have an array of staples and snacks, from coffee to cookies, and some are putting a health spin on things, as with Dollar General’s “Better for You” selections. Shopping at discount stores can be a solid way to save money on food.

“I shop at discount grocer ALDI,” says Melissa Cid, consumer savings expert with MySavings.com. “Chips, peanuts, cookies, yogurt, and ice cream are 25% to 50% cheaper than at traditional grocery stores.”

After food, the next most popular items:

• Fashion and apparel: 58%

• Beauty and skin care: 49%

• Home decor: 40%

11% Splash Out When Discount Shopping

Think shoppers are only grabbing cereal, socks, and a bottle of shampoo? Not necessarily.

Yes, many people are hunting for lower-priced essentials at the discount stores, but super-low prices are also leading to big-ticket purchases, for some. According to SoFi’s survey:

• 11% of discount shoppers say the most expensive item they’ve purchased at a discount store in the past 12 months cost $250 or more.

Here is what shoppers say are some of the priciest items they purchased at a discount store:

• 18% say it was a fashion/apparel item.

• 16% say it was an electronic item.

• 13% say it was a home decor item.

“Tech gadgets and home essentials top the list of items that I purchase from discount stores,” explains Thomas Paddock, an Amazon FBA Six-Figure Seller and the founder of Learn Retail Arbitrage, an online selling resource. “These categories often carry substantial markups in conventional retail outlets. Discount stores can offer high-quality items at a more
reasonable cost.”

There is, however, a bit of a gender gap when it comes to shopping for certain items at discount stores:

• 36% of men have purchased electronics vs. 27% of women.

• 67% percent of women have made clothing purchases vs. 44% of men.

• Nearly 3x as many men (22%) have made sports/outdoor purchases vs. women (8%).

Finding Fashion at Discount Shops? Yes, Says Gen Z

The SoFi discount shopping stats reveal that 67% of young people (aged 16-24) have purchased fashion and apparel items at a discount store within the last year.

Given that Gen Z is broadly recognized as the first digitally native generation, it’s probably no surprise that social media may have led many of them to these style purchases:

• 30% of respondents aged 16-24 have followed an influencer on social media who talks about discount shopping, vs. 18% of total respondents.

And the presence these retailers have on social media channels is significant. On Instagram, as of September 2023, T.J. Maxx has 2+ million followers, Nordstrom Rack has 1+ million followers, and Ross Dress for Less has 537K followers. All three have tens of thousands of followers on TikTok.

Almost 50% of Shoppers Seek Seasonal Wares

Seasonal and holiday shopping is (very) big business in the U.S., with Halloween spending, for instance, totalling $10.6 billion in 2022.

“Here today, gone tomorrow” items are part of the allure of discount stores, where goods can be found at a rock-bottom price. Consider these numbers from the SoFi survey:

• 45% of discount shoppers say one of the biggest benefits of discount stores is the availability of lower-priced trendy or seasonal items.

• 65% of discount shoppers are hunting for clearance or end-of-season items.

• 70% of women look for clearance and end-of-season deals at discount stores vs. 56% of men.

More Than Half of Discount Shoppers Spend Serious Time Bargain-Hunting

The new wave of smart shoppers are dedicated bargain-hunters. They will invest hours to get a great deal. In fact, more than half (51%) will spend between one and three hours extra to find savings or specific items at discount stores. A dedicated 4% are willing to spend five hours or more. (Of these, 63% have a household income of less than $50,000.)

Discount Shoppers Also Prioritize Availability

Low prices are the leading reason for the popularity of discount shopping, but availability of desired products is another big incentive:

• 52% head to these retailers for the specific items they know they can find there.

Whether it’s a favorite energy bar or shower gel, items that are part of a person’s usual shopping list are a big draw for discount shoppers.

This is especially true of the deep-pocketed respondents to the SoFi survey. Why spend top-dollar on your favorite matcha beverages or other small luxuries when you can buy them for much less?

• 60% of the highest earners (household income of $150,000 or more) say one of the reasons they shop at discount stores is for specific items they know they can find there.

There are a good number of impulse buyers among the aisles though:

• Almost one in five (19%) discount shoppers say they don’t go to the stores looking for any particular item. Rather, they “go in without a plan and buy things that speak to them.”

As for the rest of the respondents to SoFi’s survey:

• More than half of discount shoppers (51%) say they know what they need when they go to a discount store, but are open to buying items not on their list.

• More than a quarter (26%) say they buy what they need and exit ASAP.

• Only 3% say they just browse and rarely actually purchase anything.

And the Biggest Frustration With Discount Shopping Is…

Obviously, there is much to love about discount shopping, as detailed above. But, yes, there are a couple of pain points. Here, the two biggest downsides:

• 38% of discount shoppers say the items they want aren’t always available. That suggests that consumers would buy even more at these retailers if they could find everything they are hunting for.

• 22% say that the biggest downside is that the items are of a lower quality.

It seems that getting what you want, when you want it, may matter even more than an item’s quality.

That said, Thomas Paddock of Learn Retail Arbitrage contends that you can find good quality if you shop smart. “Contrary to general assumptions, not every item in a discount store is of inferior quality. Many times, these are overstock products or emerging brands,” he says. “Discount stores can be an avenue to discover value.”

The Takeaway

As inflation increases, shoppers of all income levels are finding that discount stores can serve their needs. Of the 1,500 consumers surveyed for SoFi’s Discount Shopping Survey in August 2023, 81% say they are visiting discount stores (think Dollar Tree, ALDI, and Five Below) at least once a month. Popular purchases are food, fashion, personal care, and home decor items.

What frustrates discount shoppers when seeking their budget buys? Lack of availability first and foremost, followed by lower quality of some goods.

For anyone looking to make the most of their money, finding the right banking partner can also make a big difference. One that charges low or no fees and offers a competitive interest rate can help you make the most of your finances.

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 up to 4.60% APY on SoFi Checking and Savings.

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

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

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government 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, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% 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 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 4.60% 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 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet..

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

SOBK1023012

Source: sofi.com

Apache is functioning normally

October 31, 2023 by Brett Tams

As part of your Diversity, Equity, and Inclusion (DE&I) strategy, your organization, like many others, is likely developing a plan to attract and retain veteran talent. Many organizations have adopted dedicated veteran employee relations groups, specialized talent acquisition teams, or tailored onboarding programs. Perhaps overlooked, the financial well-being benefits you offer can add significantly to the success of these efforts.

Financial health is an important subject for everyone, but it can have some unique aspects for veterans. Despite the dedicated financial resources available to service members while serving, the transition to civilian life after years in the service can affect their short and long-term financial stability.

There are several noted reasons this may occur. Veterans have likely dealt with relocations, deployments, a lack of employment opportunities for their spouses, and, of course, war-related trauma. All of that can leave them vulnerable in certain aspects of their financial health.

That’s why veteran employees can use your help. Research published in 2020 by the research and advisory company Gartner, Inc. shows that veterans want three main workforce financial benefits — financial planning, financial education, and debt management.

With that in mind, SoFi at Work has published our Guidebook: “Are your financial well-being benefits veteran-ready?” to help HR and Total Rewards leaders design a meaningful and impactful program to support your veteran workforce.

The complete guide is available for download from our website, but here are the core components that we recommend be included in a veteran-ready financial well-being program.

Student Loan Employer Contributions

Despite having access to significant federal veterans’ education benefits, more than a quarter of veteran undergraduate students have taken out private and federal student loans (with a median amount of $8,000) to complete their education, according to The Pew Charitable Trusts. The fact of the matter is the cost of education has outpaced the support of programs that the GI Bill and SCRA Interest Cap offer service members, resulting in the need for additional funding. And veterans, who are often working and raising families while going to school, may take longer to finish degrees, meaning certain benefits will have expired before their coursework has been completed.

This is why well-designed employer-sponsored student loan offerings are critical for a successful veteran-ready financial well-being program. While there are several military student loan repayment and forgiveness programs, try to avoid the mistaken thinking that your veteran employee’s needs are fully met. Many of these programs are for fully disabled veterans only. Others have other specific and sometimes complicated restrictions.

Fortunately, recent legislation makes it easier for employers to help veterans — as well as all employees — pay down student debt. Thanks to the CARES act of 2020, employers can now support workers with direct student loan payments in the same tax-advantaged way they have supported tuition reimbursement for years. These changes allow employers to provide up to $5,250 tax-exempt annually toward a qualified employee’s student loan repayment through 2025.

In addition, the SECURE 2.0 Act (passed in the House on March 29, 2022) allows employers to address student debt in another way — by making matching contributions to retirement plans based on employees’ student loan payments.

The purpose of the law is to assist employees who may, because of their student loan debt, decide against making elective contributions by payroll reduction and as a result, miss out on employer matching contributions. The SECURE 2.0 student loan provision goes into effect on January 1, 2024.

Recommended: How Does an HR Team Implement a Student Loan Matching or Direct Repayment Benefit?

Emergency Savings Programs

Veteran financial wellness also suffers among those who have less in liquid savings or feel they could not absorb an unexpected financial shock. In a 2021 Military Family Advisory Network survey, 38.4% of veteran families reported that they have less than $500 in an emergency savings fund, or no fund at all. This suggests that employers can help relieve financial stress among veteran employees through automatic emergency savings programs.

These plans allow employees to contribute after-tax payroll deductions automatically into a customized savings account. Many employers also make matching contributions, much as they might with a 401(k). Depending on plan design, these funds can be available at any time and for any reason. In addition, most Emergency Savings Accounts (ESAs) are portable, meaning that veterans and other employees can take advantage of the program and retain its benefits even when they have a change in employment.

These programs gained popularity during the pandemic when it became painfully evident that many employees were not financially ready for an emergency. The same may hold for veterans transitioning to civilian life. When employers offer a trusted and easy way to save, they can help veterans with this transition.

Help With Debt and Negative Credit Events

Another factor that impacts veteran (and all) employee financial well-being is high-interest debt. While the intention might have been to keep this for a short period, many Americans face challenges with paying down that debt over time. The Military Family Advisory Network survey found that over three quarters (75.8%) of veteran families carry current debt.

High debt levels and other factors can have a negative effect on an employee’s credit rating, increasing the chances that they will be rejected for a variety of credit instruments. Research suggests that this type of adverse credit event can result in a significant drop in veteran financial-wellness perception. Here are some ways employers can help support employees facing negative credit events:

• Debt and Financial Coaching: Offer one-on-one debt repayment and budgeting counseling, including budget and spend tracking programs to help balance monthly necessities, debt repayment, and discretionary spending.

• Some Early Paycheck Programs: Not all of these plans are created equally, but a well-designed early paycheck program can help employees meet short-term financial needs without having to take out debt with excessive fees or interest rates.

• Credit Score Monitoring: Provide free credit score monitoring services and counseling to help veterans rebuild damaged credit scores or build new credit.

Recommended: How Financial and Mental Health Can Collide With Work

Balance Short-Term Needs and Long-Term Financial Goals

While we have mostly discussed programs that are designed to support the shorter-term financial needs of veteran talent, it is important that your overall program also helps veterans get ready for their top financial goal: retirement readiness. As Gartner found, veterans are 48% more likely to list getting ready for retirement as a personal goal than their nonveteran counterparts. Since they may be eligible for additional benefits, like pensions, this is another reason to include professional financial coaching or planning in your overall financial well-being strategy. This can help veteran talent navigate the increasingly complex retirement landscape.

The Takeaway

It’s essential to analyze your workforce — and the talent you’re looking to hire — to understand what programs will best serve your veteran employees’ needs. But implementing a few hallmark veteran-ready financial well-being programs can help you improve the overall financial wellness of your veteran workforce and help you attract and retain talent in this competitive landscape.

Learn how SoFi at Work can help.

Photo credit: iStock/SDI Productions

SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For information on licenses, see NMLS Consumer Access (www.nmlsconsumeraccess.org ). The Student Debt Navigator Tool and 529 Savings and Selection Tool are provided by SoFi Wealth LLC, an SEC-registered investment adviser. For additional product-specific legal and licensing information, see SoFi.com/legal. Equal housing lender.

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.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SOBD1023001

Source: sofi.com

Apache is functioning normally

October 31, 2023 by Brett Tams

How High Could CD Rates Go in 2024?

Wouldn’t it be great if we all had a crystal ball that told us what the interest rate environment would do? We could figure out the best time to get a mortgage or the best time to buy a car. And of course, we would know exactly when to put all of our money into certificates of deposit (CDs) to maximize our yield.Unfortunately, that isn’t the case. Nobody knows what interest rates are going to do in the future — not even the people in charge of setting benchmark interest rates. However, we can use the latest economic projections to consider the most likely scenario and what else could happen instead. So here’s what we know (and don’t know) about what CD yields will do in 2024.Where do CD yields come from?The short explanation is that CD rates are a combination of three main factors:The current interest rate environmentThe bank or financial institution that offers themThe maturity termIn other words, when benchmark interest rates rise, CD rates generally tend to rise along with them. However, the rates paid by CDs can vary dramatically between banks.For example, as I write this, our top 12-month CDs have APYs ranging from 4.25% to 5.65%. The same is true for CDs of other maturity lengths as well. But because the Federal Reserve has raised benchmark interest rates so aggressively in the past couple of years, this range is significantly higher than it was.When it comes to different maturity lengths, it’s a little tricky to explain, but the general idea is that shorter-term CDs tend to track benchmark interest rates rather closely. The current federal funds rate (the most important interest rate the Fed controls) is set to a range of 5.25% to 5.5%, and this is certainly aligned with most of the top 1-year CDs we track.With longer maturities, there are a lot of economic factors at work, but the simple explanation is that CD yields are a combination of the current interest rate environment and expectations for future interest rate movements. In most environments, longer-maturity CDs tend to have higher yields, since banks typically pay a premium if customers agree to leave their money on deposit for a longer time. But as of Oct. 2023, the range of 5-year CD yields on our top CD list is 3% to 4.85%, with the average yield significantly lower than the average 1-year CD.This makes sense. According to the latest projections from the policymakers at the Federal Reserve, the benchmark federal funds rate is expected to fall to 4.6% by the end of 2024 and to 3.4% by the end of 2025.What will CD rates do in 2024?There’s no way to predict with accuracy what CD rates will do next year. Even the Federal Reserve’s own projections can be very wrong. In fact, the Fed’s projections in Sept. 2021 called for a federal funds rate of just 1% at the end of 2023.Having said that, the latest projections call for one further quarter-point rate hike by the end of 2023, which would likely push CD yields slightly higher to start 2024. And if the Fed’s projection of a 4.6% federal funds rate proves to be accurate, we could expect 1-year CD rates to gravitate towards that level, with other maturity terms drifting generally lower as well.However, it’s tough to overemphasize that we don’t know what is going to happen. If inflation proves far more difficult to control than the Fed expects, it’s entirely possible that several more interest rate hikes will be needed and CD yields will be much higher at the end of 2024. On the other hand, there’s the possibility of a recession coming and the need for the Fed to aggressively cut rates if the economy takes a worse downward turn than expected.The bottom line is that CD rates are higher right now than they’ve been in a long time, and the best course of action is to put your money in CDs that make sense for you now — not to leave your cash on the sidelines in anticipation of rates rising even further.However, one smart strategy could be to create a CD ladder, which gives you the best of both worlds. If rates end up rising in 2024, you’ll end up with some money to take advantage. And if rates fall, most of your money will be locked in at today’s rates.

Costco Is Selling a Full Thanksgiving Meal Kit So You Don’t Have to Do a Thing

By: Maurie Backman |
Updated
Oct. 23, 2023 – First published on Oct. 23, 2023

Some people absolutely love hosting Thanksgiving and getting creative in the kitchen. But if you’re someone who dreads Thanksgiving and the hours upon hours of preparation that tend to come with it, then you may be in luck. Costco is selling a Thanksgiving meal kit for $199.99 that’s designed to feed a party of eight. You’ll need to pre-order yours by Nov. 5, but it could be worth it for the time-related savings involved. And you may even find that Costco’s Thanksgiving dinner kit saves you money, too.When you’re looking to outsource your Thanksgiving mealEven if you’re someone who likes to cook, being in charge of Thanksgiving isn’t easy. There’s a lot of pressure to throw together a massive feast, and you may not have the time or desire to spend an entire day preparing food. If you’re not at all looking forward to a day of cooking, let Costco come to your rescue. For $199.99, you’ll get the following:Five pounds of skin-on turkey breastA two-pound tray of stuffingA 1.5-pound trap for mashed potatoes with a side of gravyA 1.6-pound tray of macaroni and cheese A two-pound pack of sweet cornA two-pound pack of green beansCranberry relish12 dinner rollsOne pumpkin pieOne apple pieAll of this food will ship frozen, and you can expect delivery to your home between Nov. 8 and 17. Will Costco’s Thanksgiving meal kit save you money?You probably won’t save money by purchasing Costco’s meal kit compared to buying ingredients for the above dishes at Costco, or even elsewhere. At your local grocery store, turkey might cost about $3.50 per pound. So a five-pound turkey might cost you just $17.50. A Costco pumpkin pie, meanwhile, is generally only $5.99 (though prices can vary). So right there, you’re looking at $23.50 for 20% of your meal. The cost of the other items included in Costco’s Thanksgiving dinner kit can vary based on how you prepare your sides. But macaroni and cheese, for example, can be an extremely inexpensive dish to prepare. A single box of Kraft might cost under $1.50, so even if you need five boxes, you’re looking at $7.50 or less in total. (Of course, if you insist on making yours from scratch with high-end cheese, that’s a different story.)All told, you can probably throw together a Thanksgiving meal for eight for under $200 — but not so much under. So the question you’ll want to ask yourself is how much time you want to save.Also, if you’re so not looking forward to cooking to the point where you think you’ll pay to cater your Thanksgiving dinner, then you’re likely to put more than $200 on your credit card by going that route through a local restaurant or caterer. In that regard, Costco’s offering could save you some money.All told, Costco’s Thanksgiving dinner kit may be worth considering if you’re not excited to cook for the holiday this year. But chances are, this meal kit is going to be a popular item, which means it may sell out soon. If you are interested in ordering it, do so quickly so you don’t miss out.

3 Costco Perks You Aren’t Taking Advantage of — but You Should

By: Brittney Myers |
Updated
Oct. 23, 2023 – First published on Oct. 23, 2023

Just $250 a month at Costco would earn enough back to pay for the upgrade. In other words, if you spend more than $250 a month at Costco, upgrading makes financial sense.If that sounds like a ton of money to you, then definitely stay with your regular membership. But if your family goes through Kirkland Signature toilet paper like they flush it down the toilet, and you’re one of the people who actually finishes that 3-liter bottle of olive oil, then a membership upgrade could be a smart idea.Double up with rewards cardsWhether an Executive membership is right for you or not, there’s another way to earn rewards that everyone should be taking advantage of: rewards credit cards.Unfortunately, you can only use Visa credit cards in a Costco warehouse. If you’re shopping at Costco.com, you can use Visa or Mastercard credit cards. While these restrictions certainly stymie some of my favorite rewards cards, you’re not completely out of luck. There are still some great options from either issuer. Costco even offers its own cobranded Visa card, which can be especially rewarding when it comes to gas purchases. I prefer to use my Chase Freedom Unlimited®, however, for 1.5x points per $1.

I Bought a $278.99 Walmart Mattress. Here’s How It Compares to My Expensive Tempur-Pedic

By: Christy Bieber |
Updated
Oct. 27, 2023 – First published on Oct. 27, 2023

Recently, we bought a mattress that we plan to use temporarily for a few months as most of our furniture is in storage while we complete a remodeling project. We didn’t want to spend a lot of money since this mattress will be relegated to a guest room, if it is used at all, once we get our furniture back in place.We opted to buy a memory foam mattress from Walmart and paid $278.99 for a king size. This was a fraction of the cost of our regular mattress, which is a Tempur-Pedic that cost several thousand dollars.After sleeping on the cheap mattress for a while, here’s how they compare.Both are equally comfortableFirst and most importantly, my husband and I have found that both of the mattresses are equally comfortable to sleep on. Both provide a similar level of firmness and support. And, we don’t feel the other person moving around in either bed. In fact, if forced to pick which of the two we like better, we would not be able to based on the comfort factor alone.Both have the same warrantyOur Tempur-Pedic mattress came with a 10-year warranty. We didn’t expect our new bed to offer this same guarantee since it cost so much less. But, we were wrong. The new, inexpensive mattress also has a 10-year warranty and a 30-day refund policy to make sure we’re comfortable with it.Both have multiple layersOur Tempur-Pedic came with multiple different layers of material including a comfort layer on the top, a support layer in the middle, and a base layer. Each of these layers is supposed to serve a purpose, like distributing body weight evenly along the mattress or dispersing heat.Our inexpensive mattress actually comes with more layers, referred to as the “five floors of comfort.” There’s a top breathable fabric, a second layer to avoid heat, two separate support layers, and a non-slip layer at the bottom.I’m not exactly sure if all of these layers are serving their exact purpose, but I have noticed that neither bed sleeps warm and both feel like they provide adequate support. The non-slip layer on the cheaper mattress also seems to help it stay in place on my box springs.The Tempur-Pedic feels heavier and more substantialThe Tempur-Pedic stands out by feeling more substantial. The cheaper mattress came vacuum packed in a tiny little package and it took a while to fluff up. And it just doesn’t have the same heft as the Tempur-Pedic mattress.However, while this is a point in the Tempur-Pedic’s favor because the substance has me feeling like it may last longer, it also means the Tempur-Pedic is more of a pain to move around.Ultimately, I feel like the cheaper mattress was a better buy. It left more money in my bank account than the Tempur-Pedic, and it provides a similar level of comfort as well as the same warranty.The experience has shown that buying a more expensive bed isn’t always the best option, so before breaking out your credit cards, be sure to explore and fully compare different mattresses to find one that feels the best at a fair price. Visit some stores and try them out. Don’t immediately dismiss one just due to a lower price point, as you might miss out on a comfortable mattress at a great discount. And don’t forget to consider the return policy and warranty so you end up happy with your purchase in the long run.

Mark Cuban Thinks You Should Buy a 2-Year Supply of Toothpaste. Here’s Why

By: Christy Bieber |
Updated
Oct. 27, 2023 – First published on Oct. 27, 2023

Mark Cuban is the owner of the Dallas Mavericks and is well-known for his business skills and investing prowess. Over the years, he has provided some tips to others who want to get rich, and one of them was a pretty surprising one.His advice: Buy a two-year supply of toothpaste. Here’s why the billionaire suggested making this unconventional move.Cuban has a simple reason for buying so much toothpasteMark Cuban doesn’t just want your teeth to be really clean. He had a good reason for suggesting purchasing such a large stockpile. Specifically, he advised doing this if you use the same brand of toothpaste regularly and can find it at a deep discount.”If we, hopefully we’re all using toothpaste every day, right, couple times a day, and we’re gonna go through toothpaste every month, whatever it may be, you’re better off buying two years’ worth of toothpaste when it’s on 50% discount,” he said. “That’s an immediate return on your money.”Cuban’s point was that the prices of items go up over time, so you’re better off purchasing them at the lowest possible price as this puts guaranteed money in your pocket. You also immediately benefit from the savings since you get to spend less now and in the coming years, keeping more cash in your bank account.Toothpaste isn’t the only item Cuban believes you should stock up on. “Any of your reusables, consumables that you have to have, when they’re on a huge sale on Amazon, buy them, because chances are, their prices are gonna go up, but that’s a real savings that you get to put in your pocket.”Cuban said that while it can feel difficult to make a profit by investing in a brokerage account, this is a simple step that anyone can take that will have an immediate positive impact on their personal finances.Should you follow Cuban’s advice?Listening to Cuban just makes good sense — especially as the recent few years of rising prices and surging inflation have demonstrated that routine products and services that we use every day can and do see big price increases.If you’re able to get many of your consumer products at discounted prices, this can make a noticeable difference in your personal finances. It’s not difficult to do either. Most stores put items on sale on a predictable schedule, such as marking down a product once every six or eight weeks. If you can stock up when there’s a good price — and especially if there’s a deep discount, then you’ll be able to slash what you spend on groceries and personal care.Use this extra money wisely to do things like repay debt or invest for your future, and you will end up being able to build wealth without changing your lifestyle at all. But, no matter what you do with the money, you probably have better stuff to spend it on than paying full price for toothpaste.

Source: fool.com

Apache is functioning normally

October 31, 2023 by Brett Tams

Want to learn how to make money on maternity leave? Parental leave can be a time of joy and excitement with a new baby around, but it can also mean money stress for parents. While you spend time taking care of your newborn, you may also need to find ways to make extra money to…

Want to learn how to make money on maternity leave?

Parental leave can be a time of joy and excitement with a new baby around, but it can also mean money stress for parents. While you spend time taking care of your newborn, you may also need to find ways to make extra money to pay for your expenses.

I had a baby not too long ago (she is currently 1.5 years old – time flies!), and being able to work while taking care of her has been a lifesaver. So, I understand why you’re reading this article – because I also had to work with a newborn.

The good news is that there are plenty of ways to make extra money while still being present for those early months with your new baby.

Why You May Need Extra Money On Maternity Leave

Many families have to take unpaid maternity leave, and others may find their leave is simply not long enough and want to extend it longer (many families in the U.S. get 3 months or even much less time).

Not only that, but maternity leave is an expensive time with medical bills coming in, the cost of baby essentials (diapers aren’t free!), and everyday living costs.

Also, there might be unexpected costs that weren’t part of your maternity leave budget. Perhaps your baby needs special formula or medication, or maybe your car broke down. These unplanned costs can put a dent in your finances, especially when your income may already be reduced during your maternity leave.

Or, you might also be looking to create a financial cushion for the future such as by saving for vacations or even starting a college fund for your baby. So, finding ways to make extra money during your maternity leave can be very helpful.

Recommended reading:

How To Make Money On Maternity Leave

When trying to earn money during maternity leave, here are three things to think about:

Flexibility is key – Choose work that can adapt to unexpected baby-related needs. It should let you manage your time effectively.
Think about earnings and growth – Think about how much you can make, how quickly, and if there’s room to grow.
Pick something you like and fits your goals – Do you enjoy the work? You may want to find work that matches your interests, skills, and future plans.

Read further to learn how to make money on maternity leave.

Top ways to make money on maternity leave

There are 27 ways to earn extra money on maternity leave listed below. If you want to skip the list, here are some jobs that you may want to start learning more about first:

1. Start a blog

Blogging is my favorite way to make money from home, and this is what I do while also raising my daughter.

Being a blogger involves creating content for online readers. You have the freedom to write about a topic you’re interested in (such as finance, travel, lifestyle, or family,) and freedom to decide how you want to make money on your blog – there are many different ways available such as affiliate marketing or displaying ads.

Blogging is my main source of income, and it has completely changed my life. I have the freedom to travel whenever I want, set my schedule, be my own boss, and I can spend all day with my daughter.

Learn more at How To Start A Blog FREE Course.

2. Sell printables on Etsy

Creating and selling digital printables on Etsy is a great way to work on your own schedule and earn money.

Plus, it is fairly passive income as you only have to make one digital file for each printable, and you can sell it as many times as you like. Another positive is that you can start it very affordably because you only need a laptop and internet.

So, what is a printable? They are digital items that you can download and print at home, such as grocery shopping checklists, budget planners, wedding invitations, wall art, and more.

I recommend signing up for Free Workshop: How To Earn Money Selling Printables. This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.

Recommended reading: How I Make Money Selling Printables On Etsy

Other than printables, there are many other things you can sell on Etsy as well, such as soap, candles, jewelry, and more.

3. Transcription work

Transcription jobs are flexible and can be done from home. By turning audio files into text, you can earn money when it’s most convenient for you.

An online transcriptionist listens to audio or video recordings and writes down exactly what is being said. This process is called transcribing. The goal is to do this without any errors in spelling, grammar, or punctuation.

If you want to learn how to make money on maternity leave, this can be a great option as you can do this at home.

I recommend watching Free Workshop: Is a Career in Transcription Right for You? to learn more.

Recommended reading: 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly

4. Freelance writing

Freelance writers write articles, website content, social media posts, or even ebooks for clients.

I was a freelance writer for many years before switching to working full-time at writing here on Making Sense of Cents. It is a great career path where you can work from home and make your own schedule, such as writing while your baby is sleeping.

Recommended reading: 14 Places To Find Freelance Writing Jobs For Beginners

5. Virtual assistant

One of my first side hustles was working from home as a virtual assistant. This is a great way to work from home and have your own schedule.

Virtual assistants do many different kinds of tasks for clients, such as answering emails, scheduling appointments, managing websites, sending invoices, and so much more. It simply depends on what the person who is hiring you needs done.

If you want to become a virtual assistant, I recommend watching the free training 5 Steps To Become a Virtual Assistant.

Recommended reading: Best Ways To Find Virtual Assistant Jobs

6. Bookkeeper

If you’re good with numbers, you could sell bookkeeping services online or for small businesses, either on a freelance or part-time basis.

Bookkeepers are individuals responsible for managing financial things for businesses. This includes recording sales, tracking expenses, and generating financial reports.

If you want to become a bookkeeper, I recommend watching the free training How To Become A Bookkeeper.

Recommended reading: How To Find Online Bookkeeping Jobs

7. Freelance graphic design

With design skills, you can create logos, website designs, business cards, marketing materials, and more for clients and make money even during your maternity leave.

Recommended reading: How To Make Money As A Digital Designer

8. Data entry

Data entry clerks are like computer organizers. They enter, update, and double-check information in lists or tables. They type things like numbers and names to keep everything neat and organized.

Data entry jobs pay around $15 to $20 an hour, on average.

9. Create Canva templates

A Canva template is a pre-made design you can sell for things like social media graphics, ebooks, and presentations. It’s a handy starting point if a person is not great at designing from scratch.

Businesses, advertising professionals, social media influencers, and more all buy Canva templates all the time.

Canva templates have blank spaces where you can add your own words and pictures. You can also change colors and fonts to suit your preferences. They’re really useful for making things look good without spending a long time on it.

With Canva templates, you can sell a single design an unlimited amount of times. If you are looking for something passive, this is a great way to learn how to make money on maternity leave.

Recommended reading: How I Make $2,000+ Monthly Selling Canva Templates

10. Tutor

Tutoring students can be a great way to make money while on maternity leave, as there are many options to tutor from home. You may be able to create your own schedule and pick how much or how little you would like to work.

You can find online tutor jobs on websites such as Tutor.com. If you’d prefer to do in-person tutoring, you can call or email local tutoring companies in your area or share your tutoring services on social media or in local Facebook parent groups for your area.

Recommended reading: 11 Best Places To Find Online Tutoring Jobs (Make $100+ an hour)

11. Rent out your baby gear

Since you have a baby, you probably have a lot of baby gear.

Did you know that you can make extra money by renting it out?!

Renting out your baby gear on sites like BabyQuip can be a game changer when it comes to making extra income during maternity leave. This site allows you to share your baby items with families in need (such as a person on vacation), turning your baby gear into a source of income.

From strollers and cribs to high chairs and toys and more, you can list many different items on BabyQuip’s site.

Plus, you don’t need to have a lot of baby gear in order to get started – you can start with as little as a crib (which is the most commonly rented item).

According to BabyQuip, the average person can earn around $1,000 a month, and some are able to make over $10,000 per month.

12. Baby sleep consultant

As you already know, sleep is so important for a baby (and for the parents!).

You can earn a living while on maternity leave by becoming a sleep consultant. This is where you help other parents by helping them improve their baby’s sleep habits and routines.

Pediatric sleep consultants are experts in helping children sleep better and they make a big difference in families’ rest.

Read more at How To Become A Sleep Consultant And Make $10,000 Each Month.

13. Deliver groceries

If you want a flexible side gig while on maternity leave (and you also have someone to watch your child), then you may want to look into delivering groceries and food.

This can be a flexible side hustle because you can choose your hours and how much you’d like to work each week.

Services like Instacart need grocery shoppers, and the average shopper makes $15 to $20 an hour to deliver groceries. Drivers are paid per order, and you get to keep 100% of your tips. With Instacart, you would be physically going into grocery stores, picking out the food items yourself, checking out, and then delivering the groceries to your customer.

You can also learn more at Instacart Shopper Review: How much do Instacart Shoppers earn?

There are other food delivery gigs that you can do as well, such as GrubHub, Uber Eats, and DoorDash.

14. Airbnb host

If you have a separate space to rent in your home, such as an in-law’s quarters or an apartment above a garage, then you may be able to make money during your maternity leave by renting this space out.

You can learn more about this at What You Need To Know About Renting A Room In Your House.

15. Pet sit

If you are a pet lover, consider pet sitting for friends, family, or through an online service. It’s a great way to make some extra cash while you’re home and can be a fun addition to your day if you already have pets and babies at home.

If you’re interested in watching pets or dog walking, Rover is a platform where you can list your services and find clients.

16. Answer surveys

While answering online surveys and focus groups isn’t a way to make a ton of money, it can be a way to earn some extra money with whatever spare time you have from your newborn (such as when they are sleeping).

You simply share your opinions and answer simple questions, and in return, you can get cash or rewards like Amazon gift cards.

The survey companies I recommend include:

Survey Junkie
Swagbucks
Branded Surveys
InboxDollars
PrizeRebel
American Consumer Opinion
User Interviews – These are the highest paying surveys with the average being around $60.

Recommended reading: 18 Best Paid Survey Sites To Make $100+ Per Month

17. Affiliate marketing

If you want to learn how to make money while on maternity leave, one of my favorites is affiliate marketing.

I have been an affiliate marketer for years through this blog, and it is what allows me to stay at home with my daughter.

Affiliate marketing means making money by sharing a referral link on your website, YouTube channel, social media account, and more. When people use your referral link to purchase something, you then earn money.

For instance, consider sharing books from Amazon on your blog. You give your readers a link to a particular book and encourage people to buy it through your affiliate link. Companies like Amazon value affiliates who bring in high-quality traffic because they appreciate the extra support in helping them make more sales.

If you want to learn more about affiliate marketing, I recommend Affiliate Marketing Tips For Bloggers – Free eBook.

18. Proofread and edit

If you have an eye for detail, you may be able to sell your services as a proofreader or editor for different types of content.

Writers, business owners, and more hire proofreaders and editors to improve their work. There’s a big need for these types of positions, and you can find jobs through many different platforms.

If you want to become a proofreader, I recommend joining the free 76-minute workshop – Learn How to Become a Proofreader…and Start a Freelance Proofreading Business.

Recommended reading: 20 Best Online Proofreading Jobs For Beginners (Earn $40,000+ A Year)

19. In-home childcare

One great way to make money while on maternity leave is to provide childcare services for other families in your area, either part-time or full-time.

This is one of the best stay at home jobs for someone on maternity or paternity leave because it allows you to stay home with your kids while making money at the same time.

Depending on your location, you might need specific licenses. But you could potentially begin without the extra legal steps by working with just one or two children. Just be sure to verify with your local city or state regulations beforehand. It’s also very important to make sure that your home is safe for children and that you are CPR certified.

20. Sell baked goods

Do you like to cook? You may be able to make money at home by starting a home bakery for people and/or pets. You can sell homemade baked goods at local farmers’ markets or online too.

You can read more at How To Make Extra Money By Starting A Home Bakery. Here, you’ll learn about the equipment you need to start a home bakery, food laws, how much to price your baked goods at, and more.

If you are interested in baking goods for pets, then I recommend reading How I Earned Up to $4,000 Per Month Baking Dog Treats (With Zero Baking Experience!).

21. Stock photo photography

Selling stock photo photography can be a great way to learn how to make money on maternity leave. This is because you would be working for yourself and can take pictures in your free time.

Stock image sites are popular sites for photographers to sell their photos. These sites allow customers to purchase pictures for various uses like websites, TV shows, books, and social media.

One great thing about stock photo sites is that they can be a great form of passive income. You can take pictures, upload them, and earn money from an older photo for months or even years in the future.

Recommended reading: 18 Ways You Can Get Paid To Take Pictures

22. Social media manager

Social media managers handle businesses’ social media accounts with the goal of attracting new customers and helping a business grow.

They might share images or videos showcasing products or the company, take part in popular social media trends (like on TikTok) to increase visibility, and respond to common customer questions.

23. Book reviewer

Book reviewers read books and share what they think through paid reviews.

Yes, there are websites where you can receive payment (as well as a free book) for sharing your thoughts about books. Some companies that pay for book reviews are Online Book Club, Kirkus Reviews, and BookBrowse.

Recommended reading: 16 Best Ways To Get Paid To Read Books

24. Flea market flipper

A flipper buys items from places such as garage sales, Facebook Marketplace, or thrift stores and resells them online for a profit.

You may be able to earn extra money by flipping items for resale or possibly earn a full-time income! You can even be able to make this a more flexible gig, such as only working during nap times.

A helpful free training that I recommend is Turn Your Passion For Visiting Thrift Stores, Yard Sales & Flea Markets Into A Profitable Reselling Business In As Little As 14 Days.

25. Rent out storage space

If you have unused space in your home, you can sell it as storage for rent to people in your local area. This can be a garage, driveway, closet, basement, or even an attic.

You can use a site called Neighbor to list any extra space you have available for rent and have the potential to make up to $15,000 per year.

You can sign up at Neighbor for free here and list your space.

You can also learn more about Neighbor at Neighbor Review: Make Money Renting Your Storage Space.

26. Sell an online course

Selling an online course is a great option for stay-at-home moms and dads who want to have control over their schedule and earn a somewhat passive income.

Some topics that you can teach in a course are:

Fitness and exercise programs
Time management and productivity hacks
Parenting
Arts and crafts
Languages
Programming
Personal finance
Traveling
Photography and photo editing
Plants and gardening
Baking and pastry making

And so much more!

You can sell a course in many different ways, such as through Udemy or Teachable.

27. Rent out your unused RV

Instead of letting your RV sit in your driveway unused, you can list it on RVshare and make some semi-passive income. My sister has rented a few RVs from this site, and she has had a great experience each time!

Renting out an RV can earn you anywhere from a couple hundred dollars to a couple thousand dollars each month.

How To Manage Your Money On Maternity Leave

Managing your money while on maternity leave can be tough at times. If you are looking for more things that you can do other than only learning how to make money on maternity leave, you do have some options.

Below, I will be talking about how to cut your budget so that you can save money, as well as your rights and benefits on maternity leave.

Cut your budget

During parental leave, cutting your budget can be a great way to manage your finances while adapting to life with a newborn.

Here are a few ideas to help reduce your expenses during this time:

Evaluate your current spending habits to determine where you can make adjustments – This might involve tracking your spending for a month or looking back at bank statements. You’ll likely find areas where you can save, such as dining out, entertainment, or shopping.
Cut back on subscriptions and memberships – Assess each subscription and determine the must-haves and those you can temporarily suspend or cancel.
Batch cook freezer meals before the baby comes – This is where you make a bunch of meals before the baby is born and freeze them. This can give you an easy meal to pop in the oven before the baby comes.
Cook at home – Getting food delivered can be convenient, but it’s usually more expensive than making your meals at home. Plus, cooking allows you to control ingredients and portion sizes.
Buy in bulk – When possible, get the items you use most frequently in bulk. Items like diapers, baby wipes, and nonperishable foods have a longer shelf life, and buying them in larger quantities can offer considerable savings.
Get secondhand and borrowed items – Instead of buying new baby gear and clothing, try borrowing from friends or family, or shopping at thrift stores like Once Upon A Child. Babies grow quickly, and they often outgrow items before they wear out.
Negotiate medical costs – If you have medical bills, you can try to negotiate them. Medical providers may be open to setting up payment plans or giving discounts for paying up front.

Short-term disability insurance

You may want to look into short-term disability insurance options before your maternity leave starts to help cover lost wages during your time off.

In some cases, your employer may provide this benefit, or you can purchase a policy separately. These policies typically cover around 60% to 80% of your regular income and may have a waiting period before benefits start (so, you will need to have the policy before you get pregnant).

Government assistance programs

There are government assistance programs that could help you during your maternity leave. For example, the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) has nutrition education, breastfeeding support, and healthy food benefits for eligible families.

You can also check to see if you qualify for financial assistance from your state or other programs related to maternity and family support.

Find charities for help

During maternity leave, managing money might be tricky, but there are places that can help, like charities and groups that want to support new parents. You can find them online or at local community centers. Libraries, online parent groups, and special organizations are also great places to get help.

Remember, asking for help is a strong and smart thing to do, and there are lots of resources out there to help parents during this special time.

I recommend reading:

Know your state and federal law rights

I recommend learning about relevant state and federal laws governing maternity and family leave. The Family and Medical Leave Act (FMLA) allows eligible employees to take up to 12 weeks of unpaid, job-protected leave for the birth or adoption of a child. The law also says that you cannot be replaced or overlooked for pay raises and other promotions during your leave.

However, paid maternity leave policies differ by state and company. Some employers may offer a certain amount of paid leave, while others may offer none. Make sure to review your state’s laws and your employer’s policies to understand your rights during your maternity leave.

By knowing your rights, insurance options, and the benefits available to you, you can better plan your financial strategy during your maternity leave.

Frequently Asked Questions About How To Make Money on Maternity Leave

Below are commonly asked questions about how to make money while on maternity leave.

Can I make money while on maternity leave? Are you allowed to make money while on maternity leave?

If you are in the U.S., then yes, you should be able to make money on maternity leave. If you are unsure, check your employment contract or talk to your employer’s human resources department to be positive.

Before starting any side income streams, if you’re worried about whether or not you are allowed to make extra money while on maternity leave, then double-check your company’s policies and your leave agreement to make sure that earning money during your time off is permissible. Some employers may have restrictions on outside work or income during your leave.

How do I survive financially during maternity leave?

To survive financially during your maternity leave, you may need to find ways to cut your budget as well as learn how to make money on maternity leave.

Does unpaid maternity leave qualify for unemployment? Can you collect unemployment after having a baby?

This depends on why you are no longer working at your job. If you simply stopped working because of your pregnancy, then you may not be able to receive unemployment pay.

However, if you are pregnant or recently had a baby and were fired or laid off, then you may qualify for unemployment pay.

What are some ways to make money while on maternity leave? How can I make money while taking care of my baby?

There are many ways to make money while on parental leave, such as by working online, selling photography, renting out storage space or an RV, and more.

How can new mothers use their time efficiently while working from home?

Time management is important for new moms working from home. I recommend creating a routine, setting realistic goals (if you are working and watching your baby, it won’t always go perfectly), and designating work hours during the baby’s nap time to help manage work alongside childcare responsibilities. It’s also important to take regular breaks to avoid burnout and feeling stressed. Working while also taking care of a child can be very tiring.

How to Make Money on Maternity Leave – Summary

Federal law, specifically the Family and Medical Leave Act (FMLA), does not require employers to give paid maternity leave. Eligible employees are allowed to take up to 12 weeks of unpaid leave, and because of this, you might be worried about money during your maternity leave or feel like you can’t afford to take the full 12 weeks.

There are many ways to make money while on maternity leave, which may help you to pay your bills without sacrificing quality time with your new baby.

For example, you can sell handmade items or even sell consulting services. Remote jobs and work-from-home jobs are also an option (and my favorite), allowing you to use skills like graphic design or writing to make money.

Remember, it is possible to make money while on maternity leave. Yes, it will most likely be very hard at times and even feel impossible. But, you do have many options to try and make it work.

Do you want to learn how to make money on maternity leave?

Source: makingsenseofcents.com

Apache is functioning normally

October 30, 2023 by Brett Tams

Hedging, Webinars, HELOC, Prequal Tools; STRATMOR on Servicing; Lunches and RESPA

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Hedging, Webinars, HELOC, Prequal Tools; STRATMOR on Servicing; Lunches and RESPA

By:
Rob Chrisman

Thu, Oct 26 2023, 12:32 PM

It is said that if all the hunters on opening day(s) of deer season in Wisconsin were grouped together, they would comprise the sixth largest army in the world! Sometimes lenders feel that they have a target on their backs, and here at the WMBA’s 49th Annual Real Estate & Finance Conference in Milwaukee, some of the informal talk in the hallways is about avoiding redlining, a focus of audits and exams. Another is RESPA. When does “As you wish” or “intent” figure into lending? “Rob, is it true that the same business lunch can either be a RESPA violation, or not?” I am not an expert in compliance, but yes, that is true. If you’re an LO who takes a real estate agent to a nice lunch as a thank you for sending business your way, that is seen as a thing of value and would be a RESPA violation. If the same nice lunch is used to discuss new programs and training that your company offers real estate agents, then it is copacetic. Make sense? (For more RESPA tips, read this edition of attorney Brian Levy’s Mortgage Musings focused on Ted Lasso.) Today’s podcast can be found here, sponsored by Visio Lending and its top notch broker program. Visio is the nation’s premier lender for buy and hold investors with over 2.5 billion closed loans for single-family rental properties, including vacation rentals. Listen to an interview with Selene Finance’s John Vella on revenue targets and P&L examinations going on at mortgage companies and what is setting apart successful from less successful mortgage service providers at a time like this.

Lender and Broker Software, Products, and Services

Great mortgage professionals aren’t always great marketers, and most mortgage companies’ in-house marketing teams lack the bandwidth to create new creative content week after week, month after month and year after year. ICE understands these challenges, which is why its Surefire℠ CRM and Mortgage Marketing Engine creative team works nonstop to deliver an ever-growing library of timely, relevant, on-brand content that captures borrower interest and keeps relationships warm long after close. With turnkey automated marketing campaigns, a single marketing administrator can automatically customize and deploy award-winning, multi-channel campaigns for hundreds of loan officers. Schedule a demo with the ICE team to discover how Surefire works around the clock to help keep loans coming in.

Uplist Unveils Revolutionary Real Estate Technology to Empower Loan Officers. In a difficult market where efficiency and speed are more crucial than ever, Uplist is setting a new standard in real estate technology for lenders. The platform’s unique suite of features eliminates the need for loan officers to spend time on mundane tasks, like updating listing flyers with accurate rate and payment information. The patent-pending technology, with real-time rates thru Uplist SmartView™ listing flyers, makes it easier for homebuyers to receive immediate, accurate payment information, thereby accelerating the sales process and cultivating stronger business relationships. Loan officers who are interested in taking their business to the next level with Uplist can visit GetUplist.com to schedule a demo. Don’t like forms? Email your questions at [email protected].

If Amazon were a mortgage lender, do you think its borrowers would have to call loan officers to get payment and closing cost summaries? Do you think its borrowers would have to wait around on nights and weekends to get updated PDF pre-approval letters? Obviously not. The good news is that you can stay ahead of the curve with QuickQual by LenderLogix. It’s already integrated into Encompass® by ICE Mortgage Technology™ and you can be up and running in days. Check it out here and they’ll text a sample to your phone.

A Consumer Rewards program at The Loan Store?! That’s right, word is that TLS is enabling its mortgage broker and non-delegated correspondent partners to offer homebuyers up to 40 bps in pricing enhancements (plus other money-saving rewards) on first-lien loans. It’s clear that The Loan Store is in a giving mood with its wholesale loan originator partners, considering this program PLUS the fact that TLS is compensating originators 200 bps on HELOCs. Make your money on HELOCs, and save your customers money on first-liens, by getting signed up with The Loan Store!

Training and Webinars

Lending operations leaders who care about driving greater efficiency and profitability, while optimizing the borrower journey, join your tribe in this live event. We will dive into specific examples that lenders can take back to their teams, today, and improve their businesses. Some of these strategies are saving 50-80 percent per month on the larger costs that lenders face. Others allow for greater automation, reducing the load on reduced teams, and allowing them to do even more. Efficiency and optimization aren’t the keys to winning in this market. They are the requirements to survive! On November 2, 2023 at 1 PM EST, Join Femi Ayi, EVP of Operations at Revolution Mortgage, Kirill Klokov, CEO at TRUV, and Jason Perkins, CEO at Bonzo as they break down efficiency and optimization strategies that you can put into practice today!

Do your borrowers need payment relief? Newfi Wholesale designed the Graduated Payment Mortgage to help! This 30-Year Fixed solution has lower initial payments than the interest only option and can be used on purchases or refinances. More brokers and loan officers are asking about this product than ever…to learn more call John Wise EVP, Sales at (818) 391-4131 or register to join our free webinar Wednesday, November 1st!

Mortgage lenders are at a pivotal juncture. The MBA forecasts that next year interest rates will soften after an extended bout of exceptionally challenging market conditions. To help you take the reins of fresh opportunity, TrustEngine is proud to present the final part of its Path to Profitability webinar series. On Thursday, November 9 at 2 pm ET, join Dave Savage, Steve Majerus of Synergy One Lending, and Brett Brumley of Lender Toolkit, for a session on how AI will be critical to conversion in 2024. Tune in for expert insights, best practices and actionable steps leaders can be taking to leverage emerging opportunities in the year ahead. Register now to grab a front row seat.

STRATMOR on Servicing Strategies

It’s no secret that lenders are not making enough money on originations to sustain their organizations. Many are losing money on each loan originated and need to leverage revenues earned from servicing rights to balance profitability. This is why developing and deploying an effective servicing strategy is a mission critical priority. In STRATMOR Group’s October Insights Report, Senior Partner Michael Grad offers insight into creating a sustainable servicing strategy. Grad discusses the servicing quadrant model that STRATMOR employs in the strategy development process and provides an overview of what’s involved in a transfer of servicing. Lenders, if you would like to discuss your servicing strategies, contact us, and don’t miss Grad’s article, “Maximizing Lender Profitability: Transferring the Servicing Asset” in the October Insights Report.

Capital Markets

Maintaining optimal hedge coverage mitigates the risk between mortgage rate lock and funding. This forecast equation is one of the most important responsibilities of the Secondary Manager (and their hedge advisor). In this article, Pipeline Pull Through Rate Analysis Explained, MCT reviews key concepts related to pull-through rate analysis, mortgage pipeline forecasting, and its importance in deriving an accurate mortgage pipeline hedging recommendation. For additional information on improving pipeline profitability, view MCT’s recent webinar on maximizing loan trading profits. In the webinar, panelists provide a current market overview and review strategies for improving loan sale performance. You’ll leave ready to analyze performance and make actionable changes to boost profitability.

Well, with the election of a Speaker of the House the odds of a government shutdown have lessened. There’s a tentative autoworker’s strike end. Both of these pieces of news would help the economy. Jobs and housing drive the U.S. economy, so what’s going on there?

We learned yesterday that new home sales jumped 12.3 percent in September and 34 percent year-over-year to a seasonally adjusted annualized rate of 759k units, according to the Census Bureau. This marks the largest monthly jump in over a year and the highest level of new home sales since February 2022.

Even though the series is notoriously volatile (there was a decline of 8.2 percent in August), it points to continued resilience in the new home sales market. Of note is that the year-over-year change in the median sales price was -12.3 to $418,800, the largest decline since February 2009 and consistent with anecdotes of homebuilders offering price discounts and mortgage rate buydowns to drive sales and further changing the mix of homes being offered to more modest products.

Keep in mind that new home sales make up a much smaller chunk of overall sales in the housing market than existing home sales, where the trailing 12-month average has been on a downward trend since May 2021 (when it reached 898k). The September reading of existing home sales came in close to the trailing average this millennium (699k) to show the housing market is holding up despite higher mortgage rates. Markets do receive the release of pending home sales later this morning, which will provide more housing market clarity after the figure was down almost 19 percent year-over-year in the last report.

Today’s economic calendar kicked off with the European Central Bank leaving its rates unchanged. In this country, we had the first look at Q3 GDP (4.9 percent growth rate, stronger than expected), durable goods orders (+4.7 percent for September), and weekly jobless claims (210k, up from 200k, 1.79 million continuing claims). In addition to the Pending Home Sales Index, today also brings Kansas City Fed manufacturing for October, a Treasury auction of $38 billion 7-year notes, Freddie Mac’s latest Primary Mortgage Market Survey, and more earnings from Wall Street. We begin the day with Agency MBS prices unchanged from Wednesday, the 10-year yielding 4.95 after closing yesterday at 4.95 percent, and the 2-year at 5.11.

Jobs

Are you ready to enhance your company’s marketing and success? Meet an experienced marketing leader on the lookout for their next career opportunity! This executive-level marketing professional is known for energy, passion, and an impressive track record of increasing growth, engagement, revenue and volume (generating over $425 million). They have a proven history of building marketing teams, focusing on loan officer needs, brand building and development, creative design and content marketing, and their hands-on experience with leading mortgage technology tools plus a keen eye for reputation management can elevate your company’s marketing efforts. Plus, their cross training in multiple marketing disciplines guarantees they are never afraid to get their hands dirty. If you’re looking for a new SVP/VP/CMO to bring fresh energy and expertise to your team, reach out to Anjelica Nixt (specify the position) for a confidential discussion. Please note that this professional is interested in remote opportunities but is open to occasional travel to corporate headquarters and branches as needed.

Please join us in congratulating Steven A. Milner on being named the new Chairman of the Lender Board of The Mortgage Collaborative! With decades of experience and outstanding leadership as the Founder and CEO of US Mortgage Corporation, Steven is the perfect fit for this important role. As Chairman, he will help guide The Mortgage Collaborative’s continued growth and innovation in connecting top mortgage lenders with premier service providers. We are thrilled to see Steven take on this position and know that under his direction, The Mortgage Collaborative is sure to achieve even greater success. His commitment to helping Lenders operate at a high level is invaluable. Congratulations on this well-deserved appointment, Steven! We look forward to seeing all that will be accomplished under your leadership as Chairman and your continued success as the Founder & CEO Of US Mortgage Corporation. Feel free to send a congratulatory note to Steve directly.

An independent mortgage bank is searching for a Servicing Manager to lead its servicing group. Qualified candidates should have a minimum of 5 years of direct hands-on servicing experience with FNMA, FHLMC and GNMA loans as well as sub-servicer oversight. This is a remote position and confidential inquiries should be sent to Anjelica Nixt for more details and specify this opportunity.

Independent Mortgage Banker owners: If you are uncertain how you will survive this winter if rates remain higher, please confidentially contact us to discuss a win-win opportunity. We are a very well-established and privately owned mortgage banking company that has been in business for 30 years, a direct seller with Fannie and Freddie and issue our own government securities. We do service the majority of our closed loans, and offer a full marketing team, social media team, and a media/video production team to provide best in class support to our loan officers and referral partners. Our history and culture are exceptionally important so let’s have a conversation to see if we may be a fit. We are large enough to offer exceptionally sharp pricing, products, a dedicated marketing team, and an exceptional operational team, yet, we have a boutique feel where you may talk to the owner of the company at any time. Partner with a company where your voice and input is valued! We have a successful history of incorporating other companies into our model. For a confidential conversation please contact Anjelica Nixt and specify this opportunity.

Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

October 30, 2023 by Brett Tams

Wholesale lender The Loan Store launched a consumer rewards program designed to help mortgage brokers offer competitive mortgage rates.

Buyers can save up to 40 basis points on any agency, government or non-qualified mortgage (non-QM) first-lien loans when working with a wholesale loan origination partner approved by The Loan Store, the Arizona-headquartered lender said.

Consumers will also have access to the consumer rewards program through non-delegated correspondents in the wholesale channel.

“Our singular focus at The Loan Store is to equip our partners with tools and products that enable them to cast a wider net and support more homebuyers in their respective communities,” Phil Shoemaker, CEO of The Loan Store, said.

Mortgage brokers using the new consumer rewards program can provide enhanced credit options for selected interest rates, reduce or eliminate administrative fees on a loan and offset costs associated with lock extensions and appraisals, according to the lender.

Founded in 2019, The Loan Store offers mortgage products including conventional, jumbo, VA and non-QM loans. The lender’s newly launched products include a home equity line of credit (HELOC) in 25 states and Washington, D.C.

In April, the lender bought the wholesale lending business from the now-defunct Home Point Capital.

About 100 employees from Homepoint — including operations personnel and account executives — joined the wholesale lender, which produced about $302 million in volume, according to the company.

Source: housingwire.com

Apache is functioning normally

October 30, 2023 by Brett Tams

Update 10/30/23: Increased to 60,000/70,000 points.

Barclays has increased the sign up bonuses on the Barclays Emirates cards to 50,000 and 60,000 points.

Contents

Emirates Skywards Premium World Elite Mastercard

Annual fee of $499
Sign up bonus of 60,000 miles after $3,000 in spend within the first 90 days
Emirates Skywards Gold Status (you get this instantly in your first year and then need to spend $40,000 per cardmember year to keep it)
10,000 anniversary miles when you spend $30,000 each cardmember year
Priority Pass Select membership
Global Entry or TSA PreCheck (once every 5 years up to $100 )
Card earns at the following rates:
- 3x miles per $1 spent on emirates.com or at the Emirates Sales office
- 2x miles per $1 spent on airfares, hotel stays and car rentals
- 1x miles per $1 spent on all other purchases
25% savings when you purchase or gift miles

Emirates Skywards Rewards World Elite Mastercard

Annual fee of $99
Sign up bonus of 50,000 miles after $3,000 in spend within the first 90 days
Emirates Skywards Silver Status (you get this instantly in your first year and then need to spend $20,000 per cardmember year to keep it)
Card earns at the following rates:
- 3x miles per $1 spent on emirates.com or at the Emirates Sales office
- 2x miles per $1 spent on airfares, hotel stays and car rentals
- 1x miles per $1 spent on all other purchases
25% savings when you purchase or gift miles

Our Verdict

When these cards launched the bonuses were 30,000 and 50,000 miles respectively so this is a nice increase for the Silver card. Might be worth considering that card now if you have a use for Emirates miles. We will add that card to the best credit card bonus page. As always before applying for any Barclays card, make sure to read these things everybody should know about Barclays.

Hat tip to reader Daniel H

Source: doctorofcredit.com

Apache is functioning normally

October 30, 2023 by Brett Tams

It feels like 2008 all over again…

Attorney General Kamala Harris wants to put the brakes on most foreclosure sales in the state of California, according to a letter obtained by Bloomberg.

Apparently Harris sent a letter to Edward DeMarco last week, the acting director of the FHFA (which oversees Fannie Mae and Freddie Mac), asking that foreclosure sales be suspended while the agency determines if principal reductions are in the best interest of homeowners.

Long story short, DeMarco has been against offering principal reductions to distressed homeowners who hold Fannie and Freddie backed mortgages, mainly because of the cost burden to taxpayers, and also over concerns it may lead others to strategically default.

Principal Reductions Only Go to Those Behind on the Mortgage

You see, principal reductions probably wouldn’t be offered to homeowners unless they were behind on mortgage payments, and/or in the process of foreclosure.

This has led many to call the practice unfair, as it rewards the “irresponsible homeowners” and punishes those who keep up with their obligations.

However, the recently agreed upon National Mortgage Settlement includes $10 billion directed toward principal balance reductions (the lion’s share), which calls into question what should be offered to those with Fannie and Freddie backed loans.

That settlement doesn’t cover Fannie and Freddie loans, and is only good for mortgages tied to the nation’s five largest mortgage loan servicers, including Ally/GMAC, Bank of America, Chase, Citi, and Wells Fargo.

Harris pointed out in the letter that California has already secured a minimum of $12 billion in principal reductions from banks, and noted that they are the most meaningful solution for homeowners and most cost effective for investors.

Additionally, she said the FHFA’s data itself revealed that principal reductions would best serve taxpayer interests, who happen to be on the hook for Fannie and Freddie’s losses.

Are Principal Reductions the Answer?

A month or so ago, I actually argued against principal reductions on loan modifications (shocking I know). For the record, it’s not about politics.

I noted that the cost of refinancing high-cost mortgages to today’s ultra low mortgage rates is much cheaper compared to offering principal reductions, and more equitable.

It’s easier to swallow for other homeowners, including the underwater ones that aren’t behind on their mortgages but also need payment relief.

The lower rates alone can serve as a means to lower payments and keep borrowers in their homes. And also increase homeowner optimism.

Principal reductions, on the other hand, may just be a drop in the bucket for many California homeowners.

After all, data from way back in 2009 revealed that the average negative equity on foreclosed properties in the state was a staggering $200,000.

So if the average underwater homeowner receives $20,000 off their mortgage, will it have any meaningful impact? I doubt it.

The smaller principal reductions may work in other lower-cost regions of the nation, but in California, where home prices were/are sky-high, I doubt there will be enough money on hand to justify such a move.

Roughly 60 percent of the mortgages in the state of California are backed by Fannie Mae and Freddie Mac, so any action they take will be significant.

Source: thetruthaboutmortgage.com

Apache is functioning normally

October 29, 2023 by Brett Tams

You may not think of saving money as being a creative pursuit, but with a little effort, you can find fresh (and even fun) ways to help you stash away some cash. This can make the pursuit more engaging and motivating.

Perhaps your goal is to save for the down payment on a house or build up your kid’s college fund or simply take a great vacation next year. You can try some clever methods to make saving money more interesting and maybe a bit exciting.

Read on to learn such tactics as partnering up with a savings buddy and tapping your DIY skills. You’ll also learn ways to make the most of the cash you sock away. Get set to save more.

15 Creative Ideas to Save Money

You are probably familiar with some of the usual tactics for saving money, such as comparison shopping and clipping coupons. If you’re ready to mix things up and try some less common tactics, consider the following 15 quirky but effective ideas.

1. Identifying Your Saving Goals

2. Finding a Saving Buddy

3. Seeking Out Free Activities

4. Getting Creative and DIY

5. Gamifying Savings

6. Swapping Goods and Trading Skills

7. Increasing Income

8. Switch Your Bank

9. Split Your Direct Deposit into Checking and Savings

10. Change Your Due Dates for Bills

11. Save Every $5 Bill

12. Take Advantage of Cash Back Credit Cards

13. Round Up Your Purchases Automatically

14. Consolidate Credit Card Debt with a Personal Loan

15. Automate Your Savings into an Investment Account

💡 Quick Tip: An online bank account with SoFi can help your money earn more — up to 4.60% APY, with no minimum balance required.

1. Identifying Your Saving Goals

Not sure how to make saving money fun or prioritize it? You could start by identifying your goals. Are you saving up for a big purchase, like a down payment on a house? Are you saving for your child’s future education?

Once you’ve figured out what you want to accomplish, you could determine a target amount of money you’d like to save. While this number might change over the course of your savings journey, you can always readjust your plan.

If you have an idea of how much money you’d like to work toward saving, you can consider diving deeper into your finances to pinpoint realistic objectives. You can use a tracking and budgeting tool, such as SoFi Insights, to get a big-picture snapshot of your money and drill down on ways to save.

Once you’ve reviewed your individual financial circumstances and have a better idea of your savings goal(s), you could try these fun ways to save money.

2. Finding a Saving Buddy

With the right company, even the most mundane tasks can be enjoyable. You could talk about your savings goals with your friends and family members to potentially identify a saving buddy with similar objectives.

An ideal saving buddy will be supportive of your financial goals, offer good advice, and have a positive money mindset.

Checking in with your buddy regularly could help keep you both stay on track and you can celebrate each other’s accomplishments. This person might also be able to talk you down if you’re on the verge of making a big impulse buy. If you’re stressed about how to make saving money fun, you could brainstorm creative tactics with your saving buddy and implement them together.

3. Seeking Out Free Activities

Saving money does not have to be synonymous with missing out on exciting opportunities around you. You could enjoy free activities offered in your area.

Perhaps your local park offers free theater performances or concerts in the summer, or your area bookstore hosts interesting literary panels and author discussions with no attendance fee. Think about the resources provided by your local library, such as book clubs, language exchange programs, craft nights, and movie screenings.

This can be a great option to pricey movie or concert tickets. And here’s a way to save money on streaming services: You could try a free service like Hoopla or Kanopy, which are offered at no cost to library card holders.

4. Getting Creative and DIY

Here’s another clever way to save money: Adopt a DIY (do-it-yourself) attitude. You could create things using materials you already own instead of buying new products. You can save money on food by meal-prepping for the week ahead; think about recipes that incorporate ingredients you already have in your pantry.

You could make your own household cleaners out of vinegar, lemon rinds, and herbs or face masks using fresh ingredients like avocado, tea, honey, and oatmeal. There are ways to reuse materials that might otherwise be thrown out or recycled: Newspapers and coupon booklets could make fun wrapping paper, for instance.

5. Gamifying Savings

If you’re looking to break up the monotony of saving, you could consider incorporating games and challenges into your overall savings plan. A friendly competition with your saving buddy could be seeing who can save the most money every week, month, and/or year.

Creating small rewards for reaching your goals might be an incentive, too. (Bonus points if these rewards are free!) No-spend weeks, where you refrain from spending any money for seven days, also might help with saving. If you succeed at that, you might want to ramp up to a 30-day no-spend challenge. You can tailor this to cut down on all discretionary spending or just a single category, such as dining out.

6. Swapping Goods and Trading Skills

Getting serious about saving money doesn’t mean you need to give up “luxuries” such as exercising, new clothes and accessories, or home goods. Trading skills and swapping goods are two potential examples of how to make saving money fun while not depriving yourself of the things you want.

You could go to your favorite yoga studio and ask if they have a work-trade program where you can do administrative duties in exchange for classes. A clothing swap with your friends could refresh your closet at no cost.

You might also consider an informal exchange with skilled friends. For example, if you’ve been eyeing an original painting from your artist pal but don’t have the funds to pay her, you could offer your website design services (or some other helpful skills) for the painting.

7. Increasing Income

Sometimes, cutting down on expenses might not be the most effective way to reach a savings goal. It might be easier, in some cases, to make a bit more money than to reduce costs, especially if you are spending more than 50% of your income on non-discretionary expenses like groceries and debt payments. (That’s the figure established by the popular 50/30/20 budget rule, that half of your take-home income goes toward necessities.)

You could reflect on your particular skills and/or hobbies to see if there is a way to translate one of them into an income stream. For example, if you love to knit, you could start an online store for your yarn creations. Or you could offer your writing or editing services in a freelance capacity. A successful low-cost side hustle could help bring additional money into your bank account and add more fun and enjoyment in your life.

Recommended: 39 Passive Income Ideas to Build Wealth

8. Switch Your Bank

If your financial institution seems to be charging you endless fees and offers little interest on your savings account, consider switching banks.

You might consider an online bank. Because these institutions don’t have brick-and-mortar locations to fund, they can pass those savings along to customers in the form of lower or no fees and higher interest rates.

You might also consider a credit union instead of a big name bank. Credit unions are run as financial co-ops, meaning each member has a stake in business. As nonprofits, they are designed to serve their members, typically paying higher interest rates on deposits and charging lower fees.

Ready for a Better Banking Experience?

Open a SoFi Checking and Savings Account and start earning up to 4.60% APY on your cash!

9. Split Your Direct Deposit into Checking and Savings

If you have regular paychecks, one of the easiest ways to start saving a bit more money is to guarantee some automatically ends up in a separate savings account, making it that much harder to spend. If you have a checking account, odds are you have a savings account too, or at least access to one.

Maybe you find it hard to remember to put some money away into savings or harder still to force yourself to part with it. If so, splitting your direct deposit into two accounts helps make sure your savings grows every paycheck, without you needing to worry about transferring the money. Check with your HR department or your online pay system to see if you can add a bank account and designate a certain amount of each paycheck to go into your savings account as part of your direct deposit.

Most banks also have the option to set up recurring transfers yourself between your accounts. If you don’t have the option to split up your paycheck or would prefer not to, your bank can likely automate your savings with a transfer the day after you get paid. You won’t have to think twice about stashing money away.

💡 Quick Tip: As opposed to a physical check that can take time to clear, you don’t have to wait days to access a direct deposit. Usually, you can use the money the day it is sent. What’s more, you don’t have to remember to go to the bank or use your app to deposit your check.

10. Change Your Due Dates for Bills

Having extra money in your savings account doesn’t help if you are constantly pulling from it to pay bills.

If you are overdrafting frequently or borrowing from savings, especially at certain times of the month when big payments are due, consider this unique way to save money: Change the due dates of some of your bills. Sometimes spreading out your larger payments — like credit card bills or student loans — throughout the month can help when those more inflexible due dates, like rent, roll around.

By changing the date of some of your bills, you will hopefully avoid overdraft or NSF fees. This will encourage you to not touch your savings account, as opposed to pulling from it every time your checking account balance gets precariously low.

11. Save Every $5 Bill

This is a classic adult remix of the piggy bank you had as a kid. Only this time, instead of squirreling away quarters, take every $5 you get and put it in a separate drawer at home. Keep all of these $5 in the back of a closet somewhere, tucked away and out of sight.

Once you get into the habit of identifying $5 as “no spend” bills, you’ll find it can really be a creative way to save money — depending on how much cash you use in a typical day, of course.

The benefit of this method is that $5 isn’t really enough to miss if you are just putting away a bill or two, but that at the end of the year, it can easily add up to enough cash to help with holiday shopping, a loan payment, or even a nice charity donation without having to touch your savings in the bank.

12. Take Advantage of Cash Back Credit Cards

Need another clever way to save money? Simply put, if you have a credit card that has a decent rewards program, you can likely get your rewards in cash. While getting cash back won’t boost your savings directly, it can allow you to spend rewards points instead of your savings.

However, if you tend to carry over a balance on your credit card, cash back cards may not be a good solution for you right now.

13. Round Up Your Purchases Automatically

There are plenty of apps available to round up your purchase to the nearest dollar and then save the change for you. Your bank may offer this kind of savings tool, which can be an easy way to save money automatically.

The amount these apps save for you is small, so you aren’t likely to notice $1 or even a few cents when it transfers, but it can add up to hundreds stashed away per year.

14. Consolidate Credit Card Debt with a Personal Loan

If your credit card debt is preventing you from saving as much as you would like, you might use a personal loan as a creative way to shake up your finances.

If you owe money on more than one credit card or have a high balance relative to your credit limit, the rates on a personal loan could help lower your monthly payments. Often, taking out one personal loan to pay off credit cards can help you with savings in the long run. While you’ll still be paying off the personal loan, the interest rate is likely to be significantly lower than that of the credit cards. That means you can probably pay off the total sooner, leaving more cash free for savings.

15. Automate Your Savings into an Investment Account

It’s the age-old financial advice worth repeating here: If your company offers a match on your 401(k) savings, take advantage of it! If your company match is 6%, you should set your contribution for at least 6% to get the most out of your retirement funds.

It can be simple to creatively save money using the following technique. Most company wealth management accounts can be set to automatically deduct contributions from your paycheck, but you can schedule other automatic investments too. You can make scheduled, recurring transfers between your bank account and your wealth management account.

You get to select the dollar amount, the date and the frequency you want. This is a great way to put your savings to good use — send it into an investment account. There are plenty of other technologies available to help make this easy, too.

Why Is Making Saving Money Fun Important?

Trying tactics like the ones above can help make it fun to save money. That’s important for a couple of good reasons. Shaking up your savings routine can make socking away cash seem fresh and more engaging, meaning you are more likely to get the job done. Basically, it can rev up your motivation to save money.

Also, when you find a technique that is fun, such as a no-spend challenge, it can help encode the new savings behavior in your routine. If it’s enjoyable, you are more likely to keep up the good work.

How Can You Make the Most of the Money You Save?

When you save money, you likely want it to grow over time, not just sit there. One good way to do that is to stash your money in an interest-earning account. This will be especially effective if the financial institution where you save charges low or no fees and doesn’t have high minimum opening deposit or balance requirements.

You might look for a high-interest or high-yield savings account. These can pay a significantly higher rate than standard savings accounts, and your money will be accessible and likely insured by the Federal Deposit Insurance Corporation, or FDIC, or NCUA (the National Credit Union Administration).

Optimizing Your Savings

Beyond the creative ways to save that you just learned, there are other important ways to optimize your savings.

• Budgeting wisely can help you better understand your personal finances. It can help you get a grip on your earnings, spending, and savings. When you see where your money goes, you can tweak your spending to help funnel more towards savings.

• Putting a spending limit on your credit card (or cards) can help you rein in spending, which can reduce high-interest credit card debt and allow you to save more.

• Lastly, it you are struggling to put away money, one dramatic move that can help you save more is to move to an area with a lower cost of living. Whether that means moving across town or across the country, it could make a major difference in your finances.

The Takeaway

Putting away money for your future does not need to be a boring task; there are countless fun ways to save money that could be customized to your specific financial needs and wants. From finding a savings buddy to gamifying your saving, creative tactics can help enhance your motivation and your ability to put away cash.

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FAQ

What is a clever way to save money?

There are several clever ways to save money. Automating savings so you don’t have to remember to transfer funds is one good tactic; so is giving yourself a no-spend challenge, finding free activities, and doing a skills swap to reduce spending.

How can you save $1000 in 30 days?

To save $1,000 in 30 days, you can try a spending freeze, a savings challenge, and/or use a card that gives you cash back. Make sure you are keeping the money you save in a high-yield savings account.

What is the 50 30 20 rule?

The 50/30/20 budget rule is a popular technique for managing your money. It advises spending 50% of your take-home pay on the needs of life (housing, food, healthcare, etc.), 30% on the wants in life (such as dining out, Ubers instead of public transportation, travel, and so forth), and 20% goes into sayings.