With several new products coming to the U.S. this year, the Visa payment network is working to propel consumers into a future where purses are lighter, pockets are emptier and payments are easier. Most notable among the company’s plans: one “credential” that gives users the option to pay with a credit card, debit card, rewards points, or a “buy now, pay later” plan.
“No one wants a thick wallet. It’s the George Constanza problem,” says Matthew Goldman, founder of the financial technology consulting firm Totavi, referencing an episode of “Seinfeld” where one character’s overstuffed wallet causes him back pain.
If you’re one of the 48% of Americans who used a digital wallet in the past 90 days, per March 2024 data from J.D. Power, you’re already experiencing technology’s wallet-slimming potential. However, merchant acceptance is still iffy, especially when it comes to small businesses. The J.D. Power 2024 Merchant Services Satisfaction Study found that only 57% of small businesses now accept digital wallets.
Still, this has been a busy spring when it comes to digital payment innovation. Just a week after Visa announced its new suite of services, Google Pay announced the launch of new features, too. The Google Pay app will now show your cards’ benefits at checkout so you can pick the one that will earn the most rewards for the purchase (for now, this is limited to American Express or Capital One cards when checking out on the Chrome browser). You’ll also be shown buy now, pay later options for more merchants than before. Plus, you can autofill details like shipping and billing information with a fingerprint, face scan or screen lock PIN.
Visa’s launch is part of a larger trend of making it effortless to make purchases. “These innovations are all designed to streamline payment actions and make it easier and safer for consumers to transact across different environments in a more consistent manner,” said Beth Robertson, managing director at Keynova, a financial services intelligence firm, in an email.
Visa’s new services
Visa is launching several new services, some of which pertain to electronic bill payments and data security. Here are the ones with the most potential to change your shopping experience:
Visa Flexible Credential
The service that might get the most notice from anyone who carts around a card-filled wallet is Visa Flexible Credential. It allows you to access multiple payment options — including debit and credit cards, loyalty points, and buy now, pay later plans — from one payment source. You can also set some parameters, like paying with debit if a purchase is below a certain amount and paying with credit if it exceeds that amount.
Tap to Everything
You’re likely already growing more accustomed to tapping your card, as opposed to dipping it into a chip reader, as merchants update their point-of-sale (POS) terminals to access contactless payments. Tap to Everything expands upon this idea, with the promise that “any device can now be a POS device,” per Visa’s news release. For instance, merchants will be able to take payments by letting consumers tap their cards to the merchant’s mobile device.
That tapping process may even translate to peer-to-peer payments, allowing “money to be sent between family and friends” in a similar way, Visa’s release notes.
You’ll also be able to tap your card to your own phone to securely add it to a digital wallet, or to add it as a payment method on a merchant’s website.
Visa Payment Passkey Service
Instead of entering passwords or one-time security codes when shopping online, Visa Payment Passkey Service allows you to use your face or fingerprint to authorize the transaction.
What will change for consumers?
These products will begin coming to the market later this year. Some details about how they’ll work are still unclear, like which cards may be eligible to use with Visa Flexible Credential. How quickly consumers adopt new ways of paying can also come down to merchant acceptance.
“I think it’s important for leading issuers to promote options like these and to educate their customers about their value,” Robertson said. She added that merchants prominently mentioning these payment options on their own websites will make them more visible to consumers.
Ultimately, these are steps toward a future where picking the right payment method for each purchase, and authenticating those purchases so your bank knows they aren’t fraudulent, will be faster and easier than ever before. According to Robertson, we’ve already seen some of these innovations elsewhere, like credit cards that offer buy now, pay later plans for eligible purchases, and your face or fingerprint being used to initiate a payment.
As consumers and merchants more fully embrace digital wallets, innovations that reduce friction during the checkout process will continue to come to the market.
“I think the physical form factor of the card is going to go away,” Goldman says. “We’ll still call them cards, I suppose.”
CHARLESTON, S.C., Feb. 26, 2024 /PRNewswire/ — In a groundbreaking study that could redefine ecommerce strategies, the 2024 Home Decor Ecommerce Market Research Report by 2 Visions has revealed a significant willingness among consumers to purchase home decor items online, with an astounding 82.46% expressing openness to online shopping. This finding challenges the long-held belief that physical retail spaces hold undisputed dominance in the home decor sector.
View the full 2024 Home Décor Ecommerce Market Research Report.
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a mortgage research firm that collects data from more than 250 lenders. For more details on how we compile daily mortgage data, check out our methodology here.
Mortgage rates continue their modest decline this week, although 30-year fixed rates continue to hover well above 7%. According to data from Curinos analyzed by MarketWatch Guides, today’s 30-year fixed rate is down to 7.22% APR.
On Friday, a stronger-than-expected jobs report led Lawrence Yun, chief economist for the National Association of Realtors, to predict rates will continue to remain above 7% for the next month.
While high rates continue to affect the housing market, there’s a silver lining for younger and first-time homebuyers. Real estate marketplace Realtor.com released data Tuesday indicating there are more smaller and lower-priced homes on the market than this time last year, based on price-per-square-foot data. Since last May, there has been a 46.6% increase in the amount of homes in the $200,000 to $350,000 price range across the U.S.
Here are today’s average mortgage rates:
30-year fixed mortgage rate: 7.22%
15-year fixed mortgage rate: 6.47%
5/6 ARM mortgage rate: 7.09%
Jumbo mortgage rate: 7.15%
Current Mortgage Rates
Product
Rate
Last Week
Change
30-Year Fixed Rate
7.22%
7.40%
-0.18
15-Year Fixed Rate
6.47%
6.71%
-0.24
5/6 ARM
7.09%
7.07%
+0.02
7/6 ARM
7.20%
7.24%
-0.04
10/6 ARM
7.27%
7.30%
-0.03
30-Year Fixed Rate Jumbo
7.15%
7.25%
-0.10
30-Year Fixed Rate FHA
6.89%
7.02%
-0.13
30-Year Fixed Rate VA
6.91%
7.04%
-0.13
Disclaimer: The rates above are based on data from Curinos, LLC. All rate data is accurate as of Friday, June 14, 2024. Actual rates may vary.
>> View historical mortgage rate trends
Mortgage Rates for Home Purchase
30-year fixed-rate mortgages are down, -0.18
The average 30-year fixed-mortgage rate is 7.22%. Since the same time last week, the rate is down, changing -0.18 percentage points.
At the current average rate, you’ll pay $680.14 per month in principal and interest for every $100,000 you borrow. You’re paying less compared to last week when the average rate was 7.40%.
15-year fixed-rate mortgages are down, -0.24
The average rate you’ll pay for a 15-year fixed-mortgage is 6.47%, a decrease of-0.24 percentage points compared to last week.
Monthly payments on a 15-year fixed-mortgage at a rate of 6.47% will cost approximately $869.46 per $100,000 borrowed. With the rate of 6.71% last week, you would’ve paid $882.69 per month.
5/6 adjustable-rate mortgages are up, +0.02
The average rate on a 5/6 adjustable rate mortgage is 7.09%, an increase of+0.02 percentage points over the last seven days.
Adjustable-rate mortgages, commonly referred to as ARMs, are mortgages with a fixed interest rate for a set period of time followed by a rate that adjusts on a regular basis. With a 5/6 ARM, the rate is fixed for the first 5 years and then adjusts every six months over the next 25 years.
Monthly payments on a 5/6 ARM at a rate of 7.09% will cost approximately $671.36 per $100,000 borrowed over the first 5 years of the loan.
Jumbo loan interest rates are down, -0.10
The average jumbo mortgage rate today is 7.15%, a decrease of-0.10 percentage points over the past week.
Jumbo loans are mortgages that exceed loan limits set by the Federal Housing Finance Agency (FHFA) and funding criteria of Freddie Mac and Fannie Mae. This generally means that the amount of money borrowed is higher than $726,200.
Product
Monthly P&I per $100,000
Last Week
Change
30-Year Fixed Rate
$680.14
$692.38
-$12.24
15-Year Fixed Rate
$869.46
$882.69
-$13.23
5/6 ARM
$671.36
$670.01
+$1.35
7/6 ARM
$678.79
$681.50
-$2.71
10/6 ARM
$683.53
$685.57
-$2.04
30-Year Fixed Rate Jumbo
$675.41
$682.18
-$6.77
30-Year Fixed Rate FHA
$657.93
$666.65
-$8.72
30-Year Fixed Rate VA
$659.27
$667.99
-$8.72
Note: Monthly payments on adjustable-rate mortgages are shown for the first five, seven and 10 years of the loan, respectively.
Factors That Affect Your Mortgage Rate
Mortgage rates change frequently based on the economic environment. Inflation, the federal funds rate, housing market conditions and other factors all play into how rates move from week-to-week and month-to-month.
But outside of macroeconomic trends, several other factors specific to the borrower will affect the mortgage interest rate. They include:
Financial situation: Mortgage lenders use past financial decisions of borrowers as a way to evaluate the risk of loaning money.
Loan amount and structure: The amount of money that bank or mortgage lender loans and its structure (including both the term and whether its a fixed-rate or adjustable-rate).
Location: Mortgage rates vary by where you are buying a home. Areas with more lenders, and thus more competition, may have lower rates. Foreclosure laws can also impact a lender’s risk, affecting rates.
Whether borrowers are first-time homebuyers: Oftentimes first-time homebuyer programs will offer new homeowners lower rates.
Lenders: Banks, credit unions and online lenders all may offer slightly different rates depending on their internal determination.
How To Shop for the Best Mortgage Rate
Comparison shopping for a mortgage can be overwhelming, but it’s shown to be worth the effort. Homeowners may be able to save between $600 and $1,200 annually by shopping around for the best rate, researchers found in a recent study by Freddie Mac. That’s why we put together steps on how to shop for the best mortgage rate.
1. Check credit scores and credit reports
A borrower’s credit situation will likely determine the type of mortgage they can pursue, as well as their rate. Conventional loans are typically only offered to borrowers with a credit score of 620 or higher, while FHA loans may be the best option for borrowers with a FICO score between 500 and 619. Additionally, individuals with higher credit scores are more likely to be offered a lower mortgage interest rate.
Mortgage lenders often review scores from the three major credit bureaus: Equifax, Experian and TransUnion. By viewing your scores ahead of lenders considering you for a loan, you can check for errors and even work to improve your score by paying down balances and limiting new credit cards and loans.
2. Know the options
There are four standard mortgage programs: conventional, FHA, VA and USDA. To get the best mortgage rate and increase your odds of approval, it’s important for potential borrowers to do their research and apply for the mortgage program that best fits their financial situation.
The table below describes each program, highlighting minimum credit score and down payment requirements.
Though conventional mortgages are most common, borrowers will also need to consider their repayment plan and term. Rates can be either fixed or adjustable and terms can range from 10 to 30 years, though most homeowners opt for a 15- or 30-year mortgage.
3. Compare quotes across multiple lenders
Shopping around for a mortgage goes beyond comparing rates online. We recommend reaching out to lenders directly to see the “real” rate as figures listed online may not be representative of a borrower’s particular situation. While most experts recommend getting quotes from three to five lenders, there is no limit on the number of mortgage companies you can apply with. In many cases, lenders will allow borrowers to prequalify for a mortgage and receive a tentative loan offer with no impact to their credit score.
After gathering your loan documents – including proof of income, assets and credit – borrowers may also apply for pre-approval. Pre-approval will let them know where they stand with lenders and may also improve negotiating power with home sellers.
4. Review loan estimates
To fully understand which lender is offering the cheapest loan overall, take a look at the loan estimate provided by each lender. A loan estimate will list not only the mortgage rate, but also a borrower’s annual percentage rate (APR), which includes the interest rate and other lender fees such as closing costs and discount points.
By comparing loan estimates across lenders, borrowers can see the full breakdown of their possible costs. One lender may offer lower interest rates, but higher fees and vice versa. Looking at the loan’s APR can give you a good apples-to-apples comparison between lenders that takes into account both rates and fees.
5. Consider negotiating with lenders on rates
Mortgage lenders want to do business. This means that borrowers may use competing offers as leverage to adjust fees and interest rates. Many lenders may not lower their offered rate by much, but even a few basis points may save borrowers more than they might think in the long run. For instance, the difference between 6.8% and 7.0% on a 30-year, fixed-rate $100,000 mortgage is roughly $5,000 over the life of the loan.
Expert Forecasts for Mortgage Rates
Mortgage rates have cooled significantly over the past several months. After the 30-year fixed-rate mortgage hit 8% last October, it ended 2023 closer to 7%. In fact, the average for Q4 2023 was 7.3%.
Analysts with Fannie Mae and the Mortgage Bankers Association (MBA) both project that rates will fall going into 2024 and throughout next year.
Fannie Mae economists expect rates to drop more quickly, falling below 6% by Q4 2024. Meanwhile, the MBA’s forecast for Q4 2024 is 6.1% and 5.9% for Q1 2025.
More Mortgage Resources
Methodology
Every weekday, MarketWatch Guides provides readers with the latest rates on 11 different types of mortgages. Data for these daily averages comes from Curinos, LLC, a leading provider of mortgage research that collects data from more than 250 lenders. For more details on how we compile daily mortgage data, check out our comprehensive methodology here. Editor’s Note: Before making significant financial decisions, consider reviewing your options with someone you trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
These summery home decor finds are so chic — and available at Walmart
Sometimes you just want to give your home a little bit of a makeover. The problem with that is keeping up with the latest trends in home decor — and regularly swapping out your furniture and decor pieces for the newest styles — can get very expensive, very quickly. Luckily, you can get tons of chic pieces at surprisingly affordable prices from Walmart.
Right now, Walmart has trendy furniture and decor that’s perfect for anyone looking to give their home a summer refresh. These pieces are light, bright and perfectly on trend — and you won’t be able to resist grabbing some of them for your home once you see these low prices. From side tables with trendy cane accents to Moroccan-inspired area rugs, arched full-length mirrors perfect for checking out your summer outfits and more, you can get everything you need for a mini home makeover fit for the season — and all without breaking the bank.
In this article: Better Homes & Gardens Springwood Caning Side Table, Light Honey Finish, Seven Six Home 5’x7′ Area Rugs for Living Room Washable Rugs Boho Moroccan Area Rug and BEAUTYPEAK Arched Full-Length Floor Mirror 64″x21.1″ Full-Body Standing Mirror
Scroll down below to check out 10 of our favorite summer finds from Walmart. These are so trendy and chic, people won’t believe where you got them — but you’ll love the savings.
If your home needs a refresh, you’ll want to check out these chic, affordable home decor pieces from Walmart
Better Homes & Gardens Springwood Caning Side Table, Light Honey Finish
This light and bright side table features two shelves for storage and trendy cane accents.
Seven Six Home 5’x7′ Area Rugs for Living Room Washable Rugs Boho Moroccan Area Rug
This Moroccan-inspired area rug has a neutral-colored geometric pattern that adds texture to your space but goes with any color palette.
This coffee table provides a storage shelf for conveniently tucking away items you don’t use every day behind trendy cane webbing, so they’re partially out of sight.
Crystal Art Gallery Midcentury Modern Geometric Potted Plants, Neutrals
Add some art to your walls with this neutral print of two potted plants inspired by midcentury designs.
Better Homes & Gardens Beige Cactus 20″ x 20″ Pillow by Dave & Jenny Marrs
This linen throw pillow is embroidered with a geometric print to add texture and visual interest to any space.
Prices listed reflect time and date of publication and are subject to change.
Check out our Daily Deals for the best products at the best prices and sign up here to receive the BestReviews weekly newsletter full of shopping inspo and sales.
Copyright 2024 BestReviews, a Nexstar company. All rights reserved.
Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.
Home equity loan
Home equity line of credit (HELOC)
Interest rate
Fixed
Variable
Monthly payment amount
Fixed
Variable
Closing costs and fees
Yes
Yes, might be lower than other loan types
Repayment period
Typically 5-30 years
Typically 10-20 years
FAQ
What is a rate lock?
Interest rates on mortgages fluctuate all the time, but a rate lock allows you to lock in your current rate for a set amount of time. This ensures you get the rate you want as you complete the homebuying process.
What are mortgage points?
Mortgage points are a type of prepaid interest that you can pay upfront — often as part of your closing costs — for a lower overall interest rate. This can lower your APR and monthly payments.
What are closing costs?
Closing costs are the fees you, as the buyer, need to pay before getting a loan. Common fees include attorney fees, home appraisal fees, origination fees, and application fees.
If you’re trying to find the right mortgage rate, consider using Credible. You can use Credible’s free online tool to easily compare multiple lenders and see prequalified rates in just a few minutes.
Hello! Today, I have a great debt payoff story to share from Davina (from the blog Davinas Finance Corner). Here’s how Davina went from being in payday loan debt for 1.5 years to being debt-free, saving over $50,000 and building a five-figure investment portfolio. Enjoy! In this post, I will share how being stuck in…
Hello! Today, I have a great debt payoff story to share from Davina (from the blog Davinas Finance Corner). Here’s how Davina went from being in payday loan debt for 1.5 years to being debt-free, saving over $50,000 and building a five-figure investment portfolio. Enjoy!
In this post, I will share how being stuck in payday loan debt for 1.5 years completely changed my relationship with money. I will detail how I saved over $50,000, became debt free and built a five-figure investment portfolio.
I’ll talk about the mistakes I made, the lessons I learned, and the crucial changes that helped me turn my financial life around.
I understand that many people struggle with their finances and I want to share my story to inspire you.
I want to show you that no matter how bad your situation may seem, you can make changes and achieve your goals. You don’t have to deprive yourself, it’s possible to create a plan that works for you and still enjoy life.
Related:
My Story
I grew up in a single-parent household with my mum and older brother and we did ok. We had everything we needed but I was aware that we were a low-income household.
My friends had the latest name-brand shoes and clothes, but my mum couldn’t afford to buy those things for us. FOMO is real when you’re in school so I felt it.
I remember thinking when I get older I want to create a life for myself where I don’t have financial restrictions.
When I was younger I was actually good at managing my money. My mum drilled the importance of saving into my head, so when I got my first job that is what I did.
I had a part-time retail job while I was a college student and we were paid weekly. Each week I would calculate my hours to work out how much I would be paid and plan my spending.
You would think that I was destined to have a good relationship with money but somewhere along the way, my good money habits got lost.
How I got into debt
I got my first credit card when I was 18, I didn’t need it for any particular reason I just signed up because the bank offered it to me. When I received it in the mail I didn’t use it, it was just sitting there.
Then a few months later I was made redundant from my job so I activated the credit card and used it to maintain my lifestyle. This was my first mistake.
I was unemployed so I had no money to repay the balance, but I wasn’t thinking about that. All I cared about was maintaining my lifestyle which consisted of socialising with friends.
Eventually, I got another job and was back on my feet but I didn’t pay off the credit card I just ignored it. For a very long time!
A few years later I turned 21 and wanted to buy a car but instead of saving up for it, I decided to get a loan. So I took out the loan, bought a second-hand car and less than a year later I was made redundant again!
I didn’t have any savings (clearly I didn’t learn from the past) so I was back to square one. I was unemployed, but this time I had $6,200 debt ($2,000 credit card, $1,200 overdraft and $3,000 loan). The banks were chasing me for payment but I told them I wasn’t working and ignored the payment demands.
The final debt I incurred was the worst. It was a few years later and I had a good job. I was making decent money for someone in their 20s who still lived at home and my expenses were low.
I was living life and having fun, but that fun was expensive. Every weekend I was out with friends. We were going out to clubs, dinners, concerts, festivals and going on holidays.
I was living paycheck to paycheck and still didn’t have any savings so if I ran out of money I had to borrow it from family or friends. Some months were ok and I could get by, but it was tight. Then one month I made a terrible mistake.
It was the week between Christmas and New Year’s and I was broke. We were paid a week early and I had spent all my money on Christmas presents and festivities.
My cousin asked me to go out, I had no money so I should have said no. But instead, I said yes and I took out a payday loan. I received the money instantly so I got ready and went out.
The next month the company took the loan repayment plus a lot of interest from my account so I was broke again. But it was my birthday month so I got another payday loan so I could fund my celebrations.
The next month, the same thing happens. The loan repayment was taken so I took out another loan to get by and this cycle continued for the next 1.5 years!
Every month once I repaid the loan I was left with no money. I had no savings to fall back on and I had debts that I had ignored for years so I was stuck.
At this point, I started to feel the weight of the mistakes I had made (finally). Every month I was worried about how I would get by. I felt embarrassed and stressed. I also felt disappointed with myself because I was making decent money and I knew better.
So I finally decided to do something about it. I needed to figure out a way to get out of the hole I had been digging myself over the past few years.
I Got Help
I did a Google search to try and find some resources. I found a debt charity that could help so I called them up and explained my situation.
We went through all of my debts explored my options and agreed the best option would be to go on a debt management plan.
The way this worked is I would make a monthly payment of what I could afford to the charity and they would distribute it among all of my creditors.
This wasn’t going to pay off my debt fast, in fact, it barely made a dent in the balance. But it was a step in the right direction and it would stop the creditors from chasing me and ease my stress.
A Lucky Break
Side note: Have you read The Alchemist? If you haven’t I highly recommend you do. In the book, there is a quote that says “When you want something the universe conspires in helping you achieve it.” That is what this lucky break felt like.
The following year I found out I was being made redundant again! (Clearly, I have bad luck with jobs lol) But this time I was going to receive a payout. Initially, I was excited and thought yes big payout I can use the money to buy a new car.
But the whole process took about three months and during that period I had time to think. And I decided to use the money to pay off some of my debt and save the rest.
At this point, I didn’t want to make the same mistakes and I knew that I needed to build up my savings and change my spending habits.
Once I received the redundancy payment I stuck to my plan and repaid the payday loans and the overdraft and I put the rest in my savings account.
Debt recap:
Credit card – $2,000
Loan for the car – $3,000
Overdraft $1,200
Payday loans – $3,600
Total debt = $9,800
Redundancy payment = $7,000 – $4,800 towards debt and – $2,000 in savings – $200 to spend on myself.
Remaining debt = $5,000
I wasn’t completely debt-free at this point, but I reduced my debts and finally had some money in savings. I got a new job shortly after and every month I made sure I contributed to my savings.
I was determined to change my relationship with money so I tried to learn as much as I could about personal finance. Once I applied my learnings I was able to pay off all my debt, completely change my relationship with money and save over $50,000.
How I paid off my debt and saved over $50k
To put things in perspective, I work in Finance and make decent money but I’m not well off. I did get a lucky break with the redundancy payout which I am very grateful for. But it wasn’t enough to pay off all my debts. And it took me about 3 years to save this money.
The most important thing I did to help me was to educate myself about money, change my money mindset and create a plan that worked for me.
Below, I will share the steps I took to get there.
Changed My Mindset
Before I received the redundancy payment I had a reality check. I had to admit to myself that I was living above my means and I had to take responsibility. No one was going to save me I had to make changes to get out of this mess.
I looked at the facts and thought to myself I make decent money so there is no reason I can’t build up my savings and spend money on things I enjoy. But I needed to learn how to manage my money and stop letting my money manage me.
This meant making changes to my lifestyle and sometimes saying no to social invitations. I didn’t like the way I felt when I was stuck in the payday loan cycle so I was committed to this new journey.
If you’re in a similar situation the first step is to understand what got you to where you are. Once you understand this you can put things in place to help you improve.
I Educated Myself About Money
Now that I was committed to making changes I started to research how money really works. I wanted to understand how people manage their money, learn healthy money habits and implement them into my life.
I started to listen to podcasts and watch finance YouTube videos and came across a lot of people who were once in debt but managed to create financial freedom.
This was super helpful for me because they were regular people who managed to change their circumstances and they were sharing the blueprint.
I also started reading books about money. I read the classic personal finance book Rich Dad Poor Dad I also read The Psychology of Money and The Millionaire Next Door. Here is what I learned from all of the information I consumed.
To create financial stability or financial freedom you need to do the following.
Stick to a budget
Live below your means
Avoid spending money on liabilities
Find ways to grow your money
Invest in yourself
One thing I did and I recommend others do the same is I took the information I learned and adjusted it to fit my lifestyle. I didn’t take everything I heard and copy it. Instead, I used it as inspiration. Personal finance is personal so always do what works best for you.
For example, investing in the stock market was highly recommended, but I wasn’t ready at the time. So I focused on saving instead but I made sure I used a high-yield savings account. This way I could earn interest so money was still growing.
Here are the YouTube channels that I learned the most from:
Nischa
Jennifer Thompson
Earn Your Leisure
I Got My Priorities In Order
My number one priority on this journey was to build up my savings. I understood that aside from my poor spending habits not having money set aside led me to get into debt. So that is what I focused on.
I didn’t have a specific amount I wanted to save, I just wanted to have a cushion to fall back on. So every month when I got paid I made sure I contributed to my savings. I started off small but once I changed my spending habits and cleared all my debt I was saving about 50% of my income.
Looked at My Spending Habits
My spending habits were the biggest factor for me so once I committed to repaying my debt through the charity I knew that I needed to make some changes and get my spending under control.
I got my bank statements, looked at my spending over the last few months and used an Excel spreadsheet to categorise everything.
Most of my money was being spent on eating out, takeaways, shopping and socialising. The most shocking part for me was the amount of money I was spending on food.
I was spending over $300 a month on eating out with friends and takeaways! I knew I was spending too much, but seeing the actual number was the wake-up call I needed.
This was something I could change so I started planning my meals and doing weekly grocery shopping. Having my meals planned saved me so much money because at meal times I didn’t have to overthink about what to eat. And it helped me reduce the amount of takeaways I was eating. I also cut back on going to dinner with friends.
I didn’t change everything at once, I focused on the areas that made the biggest difference and over time I made more changes. It can be overwhelming to change everything at once so you can start small and build up over time.
Once I started to see improvements like having money left over in my account before payday and seeing my savings build up I was hooked and wanted to keep going.
Created a budget
I knew that I needed to create a budget to help me manage my spending. But it had to be the right budget for me.
I didn’t want to be rigid and stop doing the things I enjoy. I believe in balance and knew that if I restricted myself I wouldn’t stick to it.
So I thought about the things that I valued and found a way to include them in my budget. For me, those things were travelling, going to the theatre and having dinner with friends.
I sat down at my laptop and put all of my numbers in an Excel sheet. It looked a bit tight but I knew if I made some changes I could make it work.
I Made Some Changes
I looked at my monthly direct debits and subscriptions and got rid of what I didn’t need. I was paying $90 for a gym membership that I was hardly using so I cancelled it.
I had cable for over a decade but I found a cheaper TV alternative so I made the switch.
Once my phone contract expired I switched to a SIM-only contract and saved $50 a month.
To optimise my budget, I paid any bills I could upfront instead of on a monthly basis. This included bills like car tax and insurance and Amazon Prime. By doing so I was able to take advantage of discounts offered by providers as an incentive for full payment. And it meant I had fewer expenses every month.
Doing weekly grocery shopping was working well for me, but I was spending about $250 a month which is a lot for one person. So I fined-tuned my grocery items and switched to a cheaper grocery store which saved me over $100 a month.
I also signed up for a loyalty card at the grocery store so I would get discounts and collect points when I was shopping.
I gave myself a monthly personal allowance to spend on fun so I was still able to do the things I enjoyed, I just did it within a budget. And once that allowance was finished so was my fun for that month lol I used a separate bank card for this allowance to help me stay accountable.
I created a sinking fund for my holidays and I made sure I saved a portion of my paycheck every month no matter what. I treated it like a bill.
Another change I made was I started working as an independent contractor which increased my income by about $20,000 a year. I was doing the same job, I just figured out a way to work smarter.
Even though I was making more money, I didn’t increase my spending, instead, I increased my savings. This is one of the best tips I can give to avoid lifestyle creep.
Once I started seeing the impact of these changes I became obsessed. I turned into a savvy spender and was always looking for ways to spend smarter and save money.
At this point, I was managing my money well and my spending habits were under control. So I finally called up the debt collectors and agreed to repay the rest of my debt in equal payments over 6 months. I was so happy and relieved when I made the final payment!
I put my money in places to grow
Once I paid off the rest of my debt and had saved up about $20,000 I knew the next step was to invest my money. So I did more research and decided the best option for me was to invest in index funds.
I am risk averse so I took a long-term approach and committed to investing an amount I could afford consistently every month. I also put my savings in a high-yield account so I was earning interest on my savings.
I was able to do this because I finally had some room to breathe in my budget. I wasn’t living paycheck to paycheck. Also, my mindset and my priorities had changed.
It Worked
By the middle of 2023, I was completely debt-free, had $54,000 in savings and had built a five-figure investment portfolio. It wasn’t easy, but I am proud of myself because I came a long way.
Upon reflection, I am grateful for the lessons I learned because they completely changed my relationship with money. It also helped me learn to prioritise spending money on things I value instead of material things.
I love to travel and now I can afford to travel at least twice a year. I have been on some amazing trips and I am looking forward to many more.
This money journey also taught me that sometimes less is more. Now I buy less stuff because I am content with what I have. I only buy what I need and I feel lighter and more free.
Here is a picture of me in Thailand. I felt so happy on this trip because I could afford to do the things I enjoy and wasn’t stressing about money.
Future Plans
I plan to use some of the money I have saved to buy an investment property because I understand the importance of buying assets. And I will continue to invest in the stock market. I am also working on my blog davinasfinancecorner and hope to monetise it this year.
Having financial stability is priceless and it has given me more options. I am intrigued by digital nomads at the moment so we’ll see where the future takes me 🙂
Do you have debt? Do you have a plan to pay it off?
Author Bio: Hey there! I’m Davina. I have worked in accounting and finance for over a decade and have learned the best ways to budget, save and make more money. Now I have created Davinas Finance Corner to help you do the same. I have experienced first-hand the struggle of being in debt, living paycheck to paycheck and not having enough money to do the things I enjoy.
I didn’t like that feeling so I was determined to break free from that cycle and change my circumstances. Once I applied the principles I learned from my career in accounting and personal finance I was able to pay off my debt, save my first $50,000 and build an investment portfolio.
Through my blog, I aim to empower women to take control of their finances, build wealth and work on their personal growth. Whether it is finding ways to save more, make extra money or improve yourself I am here to provide information to help you on your journey.
Proud of your new high school graduate but still wondering how you’ll pay for college? If you’re a homeowner, you might be eying your home equity, the current value of your home minus the amount still owed on your mortgage.
College tuition has been on the rise, but so have home values, and in March 2024 real estate data provider ICE Mortgage Technology estimated that American homeowners are sitting atop roughly $11 trillion dollars in tappable equity.
A home equity line of credit, or HELOC, is one way to turn that equity into usable funds. Because a HELOC is a second mortgage, your primary home loan’s interest rate — which for a majority of homeowners is well below current mortgage rates — remains intact.
So if you’re trying to figure out how you’re going to come up with cash for those tuition bills before back-to-school season, should you consider a HELOC? Before you decide, weigh the possible benefits against the drawbacks — including a huge one — and review all your options.
Why equity borrowing is tempting
HELOC benefits go beyond keeping your current mortgage interest rate. For one, a HELOC may enable you to borrow a sizable sum. Lenders will usually let well-qualified homeowners borrow up to 80% of their home equity.
For example, say you have a $350,000 home and you still owe $150,000 on the mortgage. That means you have $200,000 in equity and could get a HELOC that goes up to $160,000. In contrast, with a federal Parent PLUS loan, you’re limited to exactly what’s needed: your student’s school-determined cost of attendance minus any other assistance they receive.
And because you aren’t required to use the money for educational expenses, as you are with federal student loans, you could use cash from a HELOC for other necessary expenses.
With a HELOC, you don’t take out all the money at once. Instead, you borrow from the line of credit as needed during what’s known as the draw period. You could borrow as the bills come in, and it may be easier to roll with unexpected costs, like a summer study abroad program.
Interest rates on Parent PLUS loans hit a record high for the 2024-2025 school year, and private student loan interest rates may also be in the 8% to 9% range, if not higher.
“Since interest rates are comparable, it may be a better fit to pursue a HELOC,” Noah Damsky, a chartered financial analyst at Marina Wealth Advisors in Los Angeles, said in an email. But, Damsky emphasized, “Parents need to evaluate alternatives to borrowing against their homes.”
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Risks and drawbacks
Failure to repay any loan against your home, including a HELOC, can result in foreclosure.
“While the interest rates might be competitive or even better than a private student loan or a Parent Plus loan, the ramifications of something going wrong [are] far too great,” says certified financial planner Nick Marino, CEO of Breakaway Wealth Planning in Columbus, Ohio. Think through the risk, he advises. “You have kids at college, but they don’t have a home to go back to. Was it worth it?”
Second mortgages are not the fastest or easiest way to get cash. HELOC borrowers may wait more than a month between applying and accessing funds. You’ll benefit from shopping lenders and getting multiple rate quotes, and you’ll want your financial stats — like your credit score and debt-to-income ratio — to be in solid shape. That’s comparable to shopping for private student loans, but it’s much tougher than qualifying for a federal Parent PLUS loan. Though you’ll go through a credit check for Parent PLUS loans, there’s no minimum credit score, and borrowers may even be eligible despite previous credit challenges.
HELOCs generally have adjustable interest rates, which can make it hard to predict what your monthly loan payments will be. In contrast, with a Parent PLUS loan, you lock in the interest rate when you take out the loan. Borrowers may choose a fixed rate for private student loans, and refinancing is an option for private loans if rates drop.
How to make a smart choice
Start by taking a step back and assessing your financial needs. Prioritizing retirement savings is crucial, says Stacy Dervin, a CFP and CFA at Tailored Financial Planning in Eugene, Oregon.
“Underfunding your retirement to fund your child’s education now may only delay financial costs for your child,” Dervin said in an email. “If parents outlive their money, their adult children can end up paying for the parent’s late-in-life health care or living expenses.”
Here’s a practical guide to sorting through how to find money for college.
1. Start with the FAFSA
No matter how you think you’ll pay for college — and despite the past year’s issues — start by filling out and submitting the Free Application for Federal Student Aid, or FAFSA. This will allow you to see how much money your kid could receive from grants, programs like work-study and some scholarships, none of which have to be repaid.
2. Consider federal loans
Federal loans, whether student loans or Parent PLUS, should be considered next. Federal student loans have fixed interest rates that are set based on the year they’re originated, not your financial characteristics. That can be especially helpful for borrowers who don’t have much credit history, but federal loans are a solid choice regardless of your credit score.
3. Use private loans sparingly
Even if you think you could get a better rate elsewhere, federal loans offer borrower protections and flexible repayment options that you’re unlikely to find on a private student loan. Federal loans also may be eligible for eventual forgiveness. But if you’ve hit federal loan limits and it’s not enough, private student loans could be an option to fill those gaps.
4. Exercise caution with other financing sources, including HELOCs
If you consider the risks and decide to use a HELOC to help pay for college, take the time to run all the numbers, figuring out how much you’ll borrow and what your repayment strategy will be. HELOCs often require interest-only payments while you’re withdrawing money, but putting off paying back the principal could leave you strapped for cash when the repayment period kicks in.
Because it can’t be said enough: A HELOC is secured by your home, and failure to repay has dire consequences. Marino notes that even if a HELOC was a client’s least expensive option for education funding and they had sufficient assets to repay the HELOC at any time, “I still probably wouldn’t necessarily recommend it, but I could get more on board with it.”
It’s hard to believe, but 2024’s halfway done. And although the last six months have sped by, the interior design world has kept quite busy.
We’ve leaned into our love for literature by embracing bookshelf wealth, and tried a bit of rouge around our homes using the unexpected red theory. We’ve been a bit playful, trying out the eclectic interiors trend, and have fallen for vintage, analog interiors that channel the ’70s (and prioritize all things calm). And looking back, the consensus couldn’t be more clear: vibrant, characterful interiors are back.
interior design trends that Pinterest predicts will last us through summer and beyond.
6 Pinterest trend predictions we can’t get enough of
2024 has been all about making your home feel more like you, and Pinterest’s trending searches prove it. Neutral, pared-back spaces are timeless, and certainly aren’t going anywhere. But this year’s bringing out more design creativity (and fun) than ever.
‘Gone are the days of bland and generic beige interiors. People are yearning for spaces that burst with color, comfort and character, reflecting their individual personalities and creating a welcoming sanctuary that feels uniquely their own,’ reads the brand’s trend report. ‘This trend toward personalized, eclectic and inviting home decor is driven by a desire to create environments that evoke a sense of joy.’
1. Nancy Meyers
(Image credit: Future / Brent Darby Photography)
The Nancy Meyers aesthetic is a relatively new interiors trend on the scene, but it’s based on a timeless design style that we’re sure will stick around. Based on the nostalgic, welcoming set designs featured in the filmmaker’s work, the aesthetic features warm color schemes, pared-back pattern and a bit of vintage charm. The Nancy Meyers-inspired trend fits perfectly with homeowners’ top priorities, offering a timeless look and inviting design features.
Pinterest reports that searches for ‘Nancy Meyers living room’ have increased by 2,090% since this time last year, with searches for ‘Nancy Meyers homes’ trailing just behind at 2,055%. Bedrooms and kitchens channeling the look aren’t far off either, garnering 1,505% and 620% increases respectively.
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2. Whimsical decor
(Image credit: deVOL)
If you’re done taking your home too seriously, this one’s for you. Our home decor should always include a fair share of whimsy and fun, and Pinterest predicts that whimsical decor will remain at the top of users’ lists.
This exciting, expressive style has a sense of humor, and relies on pairings of distinct, unexpected styles. With ‘whimsical decor’ up 4,690% since last year, and the long-lasting ‘dopamine decor’ trend up 280%, now’s the time to create a space that boosts your mood and makes you happy. Bright colors, bold patterns, and mismatched styles are all fair game.
Dopamine decor is one of the longest-lasting trends on the list, and for good reason. The fun-forward, anti-boring look is all about what makes you (and only you) happy. A trend that, at its core, pushes back against the endless cycle of what’s in, out, or back in again, dopamine decor can be whatever you’d like it to be.
As long as your home makes you feel good, you’re right on track. Typically, bright colors and unique shapes make up the bulk of this style, with bold wallpaper and lush textures making tasteful appearances.
4. Color drenching
(Image credit: Julie Soefer / Marie Flanigan Interiors)
Searches for ‘color drenching’ are up 990% since this time last year, yet another indication that bold shades are here to stay. This painting technique is impactful and gives interiors a high-end, design-forward look that’s hard to beat.
In this gorgeous home library, designed by Marie Flanigan Interiors, color drenching can be seen in full force. With a deep, maroon hue covering the walls, trim, windowpanes, and ceiling, this room is a statement of its own. Different finishes on different surfaces prevent color drenching from becoming too intense for everyday enjoyment. If you’re after a dynamic, cocooning space, color drenching is a timeless, enduring technique to take on.
5. Eclectic decor
(Image credit: Fanny Radvik / Cathy Nordstrom)
The eclectic interiors trend feels like a natural offshoot of the bookshelf wealth aesthetic (which skyrocketed in popularity earlier this year), as it embraces characterful, personality-driven, and collected approaches to interior design. Decorating with family heirlooms, exciting pattern, and generally unusual furniture and decor is the name of the eclectic interiors game.
This trend also goes hand in hand with a renewed love of all things vintage, and Pinterest reports that searches for ‘vintage eclectic home’ increased by 1,418% since this time last year. ‘Pastel eclectic decor’ was up 130% too, a nod to the recent love that vintage, pastel kitchens and bathrooms have received.
Vintage furniture and decor has never, and will never, go out of style, but more and more designers and homeowners are turning to pre-loved items to spruce up their design schemes this year. With retro looks on the rise, and transitional style – a considered mix of vintage and contemporary elements – back in fashion, it’s no surprise that searches are up for all things vintage.
Pinterest reports that searches for ‘vintage plates on walls’ are up 119% from last year, with ‘vintage dinnerware’ just ahead at 212%. ‘Vintage Americana,’ too, is up by 164% this year. What’s more, ‘grandma-core bedroom’ has been searched for 2,605% more this year than last, indicating that people are looking for the lived-in, collected-over-time aesthetic that embraces vintage charm.
Vintage can be quite the bargain and adds characterful charm to any interior. Try mixing styles and time periods for a homey look that’ll never date.
Interior design is not all about the trends, but these Pinterest picks are promising – they all rely on personality-driven design choices rather than fleeting fads. If spent devoting more attention to fun-forward design features and seeking out vintage charm, this summer will be one to remember.
Have you always dreamed of owning your own home? It’s not an uncommon goal. But one of the greatest challenges is saving up enough for a down payment.
Does this mean you’ll have to wait several years to buy a home? Not quite. Read on to discover the best ways to save up for a down payment.
How to Save for Down Payment on a House
Before you begin saving for a down payment on a house, you need to know how much house you can afford. There are several things you will need to plan for. Your monthly mortgage payment will include the following:
Mortgage principal and interest
Real estate taxes
Private mortgage insurance (PMI)
Homeowners insurance
Homeowners’ Association (HOA) fees, if any.
You will also have closing costs and possibly moving expenses.
Furthermore, remember that for a conventional mortgage, you’ll typically need to save up to 20% of a home’s purchase price for a down payment. That means you’ll likely need to come up with tens of thousands of dollars.
1. Make a Plan
Making a plan can be helpful in saving money, even if you are unsure of where the funds will come from. It allows you to set a timeline for reaching your savings goals and helps to keep you motivated. Additionally, having a plan can help you track your progress and make measurable progress towards your financial goals.
To illustrate, if you need to save $6,000 in 12 months for a down payment, you must find a way to come up with $500 each month.
Some may be able to do this by cutting a few expenses. Others may have to get creative and find other ways to earn money. Either way, breaking it down into small chunks makes meeting the goal a lot more workable.
So, start by figuring out how much you need, come up with a plan, and execute. And remember that discipline is a must. If you have the right mindset and commit to the plan, you’ll be closing on your new home in no time.
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2. Prepare for the Unexpected
Life happens, and sometimes those unexpected occurrences can wreak havoc on your finances. This makes it near impossible to achieve your savings goals. But you can cut the chances of this happening by creating a safety net before you start saving for a down payment. That way, your dreams of buying a home won’t crash and burn if a financial emergency comes up.
3. Pay Yourself First
Have you ever tried saving money at the end of the month only to have your plans go up in smoke? It usually goes a little something like this: you make a budget for the month and vow to follow it line by line. And whatever is remains at the end of the month gets deposited into your savings, CD, or money market account.
Sounds good, but that’s not typically how it goes. A more realistic chain of events: you create a budget and all is well until life happens. By the end of the month, your wallet is empty and you’re awaiting the next paycheck.
We’re talking about saving up thousands of dollars for a down payment fund. For this reason, you want to save money at the beginning of the month or pay yourself first. This ensures a busted budget doesn’t get in the way of saving up for a down-payment on a home.
4. Start a Side Hustle
Starting a side hustle can be a great way to earn extra money and save for a down payment on a house. If you have a particular skill or talent, you may be able to offer your services as a freelancer or independent contractor. This could include writing, design, photography, or any other service that you have experience in and can offer to others.
You might also consider starting a small business on the side, such as selling handmade crafts or offering a service like pet sitting or tutoring. This allows you to diversify your income streams and potentially increase your overall earning potential.
5. Make It Fun
Did you discover a brand-new savings challenge at the beginning of the year? You don’t have to wait until the new year to partake in the fun. Put a savings challenge in place now to help accomplish your goal. A few ideas:
Gather a group of friends to join in as you embark on the challenge. You can come up with some sort of small incentive to award the person who reaches their target goal the fastest. Even if you don’t win, having that sort of accountability will help reach your goals faster.
Keep the change. You won’t get very far saving coins from transactions. But committing to saving every $1 or $5 bill could be effective. (This approach is most effective when you only use cash for everyday transactions).
Commit to no-spend days. Pick one day of the week to not spend a single dollar (unless it’s an emergency).
Rotating spending category months.
Use financial windfalls wisely. If you receive an unexpected financial gift or a lump sum of cash, put it in your down payment savings account.
Participate in a 52-week challenge with weekly increases. You don’t have to wait until the first of the year to get started. Start on your next payday and stretch it out for an entire year.
6. Look at Your Budget
When was the last time you took a close look at your budget? If it’s been a while, you may be wasting money on items or services that are no longer needed or beneficial to you. Or you can stand to reduce some expenses and reach your savings goal faster. Some tips to cut costs:
Bundle cable, internet, and phone services or cut them altogether.
Request a free energy-audit to identify problem areas in your home.
Increase the deductible on your insurance policies to decrease premiums.
Create weekly meal plans to decrease grocery expenditures.
Ditch eating out for home cooked meals.
Use coupons and shop for bargains.
Avoid impulse spending.
Downgrade your cell phone or opt-in for a low-cost prepaid plan.
7. Get a Roommate
Having a roommate can be a great way to reduce your living expenses and free up more money to put towards a down payment on a house. By sharing the cost of rent and other expenses, you can significantly reduce your monthly expenses and save more money each month.
Additionally, if you are able to find a roommate who is willing to pay more than their share of the expenses, you may be able to increase your overall income and save even more.
8. Boost Your Income
Worried about stretching yourself too thin from your savings plan? Explore other ways to boost your income, so your efforts won’t interfere with your budget. Some ways to pull this off:
Work overtime to earn some extra cash.
Ask for a raise if it’s been awhile and your latest evaluation was stellar.
Get a part-time job and work when you have spare time.
Find odd jobs on Craigslist.
9. Sell Your Unwanted Stuff
Selling items that you no longer use or need can be a good way to raise extra money to put towards a down payment on a house. Here are a few ideas for items that you might consider selling:
Clothing and accessories: Do you have clothes, shoes, or accessories that you no longer wear or that no longer fit?
Home decor and furniture: Do you have furniture or home decor items that you no longer need or that no longer fit your style?
Electronics: Are there any electronic devices that you no longer use or need, such as an outdated phone or laptop?
Books, CDs, and DVDs: Do you have a collection of books, CDs, or DVDs that you no longer want or need?
Collectibles and antiques: Do you have collectibles or antiques that you no longer want or that you think may be worth a lot of money?
Consider selling these items through an online consignment shop or online marketplace like eBay or Craigslist.
10. Refinance Existing Loans
Are you paying too much in interest for your current debt obligations? The only way to find out is by reaching out to your lenders to determine if you’re eligible for lower interest rates.
If not, consider refinancing your loans, especially student loans, to lower the monthly payment and free up funds to go towards your down payment. (Keep in mind that extending the loan term could mean more interest paid over the life of the mortgage loan unless the new interest rate is lower).
11. Consolidate Your Debt
What about credit card debt with exorbitant APRs that are costing you a fortune? Explore debt consolidation options to determine if you qualify for a loan with a competitive rate. By going this route, you could shave hundreds off your monthly expenses, and pay off the credit cards much faster while saving for a down payment on a house.
12. Automate Savings
One simple way to boost your savings is by setting up an automatic deposit from your paycheck. By transferring a predetermined amount from your checking account into a high-yield savings account on a regular basis, you can watch your savings grow over time. This way, you don’t have to actively remember to transfer the funds yourself.
13. Explore First-Time Home Buyer Programs
If you are a first-time home buyer working towards the goal of homeownership, it can be helpful to research first-time home buyer programs that may be available to you. These programs may offer assistance with a down payment or low down payment options.
Some examples include Fannie Mae and Freddie Mac’s down payment assistance programs, VA loans, USDA loans, and FHA loans.
By considering these options, you may be able to significantly reduce the amount of money you need for a down payment on a home. It’s worth taking the time to research and see what kind of help may be available to you based on your personal financial situation.
14. Save on Transportation
Consider switching to cheaper forms of transportation, such as biking or public transit, if you live within a reasonable distance from your workplace. This will this save you money on gas and parking fees. It can also improve your physical fitness if you choose to ride a bike.
If you live in an urban area, using the subway or bus as an alternative to driving can also help reduce air pollution and traffic congestion, benefiting both your personal well-being and the environment.
15. Save Money on Your Purchases
There are several ways to save money while shopping, both online and in-store. Here are some suggestions:
Use online browser extensions like Honey or Rakuten to find and apply coupon codes automatically at checkout. These extensions can also alert you to price drops and help you find the best deals.
Look for sales and clearance items, and consider buying in bulk when it makes sense.
Compare prices across different retailers before making a purchase. Websites like PriceGrabber and CamelCamelCamel can help you find the best prices online.
Use cashback credit cards or apps like Ibotta and Dosh to earn money back on your purchases.
When shopping for groceries, try to plan your meals in advance and make a list of the items you need to purchase. This can help you avoid buying unnecessary items and sticking to a budget.
Consider buying generic or store-brand products, which can often be just as good as name-brand items but at a lower price.
Look for deals and discounts, such as buy-one-get-one-free offers or discounts for purchasing a certain number of items.
Use coupons and take advantage of loyalty programs if the store offers them.
Consider purchasing items that are in-season, as they are often cheaper than out-of-season items.
Shop at discount stores or warehouse clubs such as Costco or Sam’s. They often offer lower prices on a wide range of products.
Bottom Line
While it may be intimidating to save for a down payment, you can pull it off if you have a solid plan. It may take a bit longer than you’d like, but the benefits of homeownership will make your efforts worthwhile.
Get ready to be blown away by this brand-new, jaw-dropping California Modernism-inspired compound in the heart of Pacific Palisades.
Freshly landed on the market for a cool $34 million, this 2024 stunner offers the ultimate blend of luxury, style, and convenience — with a distinct architecture that makes it fit right in with area’s many notable properties, which include four Case Study House Program residences and National Register of Historic Places-designated houses.
Listed by Jacqueline Chernov at Compass and David Berg, Kristin Alexander, and F. Ron Smith of Smith & Berg Partners, the newly built marvel offers 15,681 square feet of luxury living space and some standout amenities, not to mention a killer location in the Palisades.
Here’s a peek inside this posh pad.
Specs & features
Photo credit: Chris Nolasco / Compass
Price: $34,000,000 Location: Between Riviera Country Club, Palisades Village, and Will Rogers State Beach Size: 15,681 sq ft Bedrooms: 6 Bathrooms: 12 Lot size: 0.52 acres Notable features: elevator, subterranean 6-car garage, home automation system Select amenities: Ocean views, home theater, wine-tasting room, full spa with a gym, massage room, sauna, resort-like backyard with zero-edge infinity pool & cabana
Set in an enclave of architecture
Photo credit: Chris Nolasco / Compass
The estate sits on the architecturally significant Chautauqua Boulevard, best known for its four iconic midcentury houses built under the auspices of Arts & Architecture magazine’s Case Study House program.
Bearing the signatures of lauded architects like Charles Eames, Eero Saarinen, Rodney Walker, and Richard Neutra, several of them have been listed in the National Register of Historic Places. That includes the Eames House, the famous mid-century modern home of well-known designers Charles and Ray Eames, now open to visitors.
Paying tribute to the area’s architectural past
Photo credit: Chris Nolasco / Compass
While 538 Chautauqua Boulevard might not align itself with its neighbors’s midcentury modern aesthetics, its architecture does adopt (or rather, adapt) their California Modernism elements.
Drawing heavily on the principles of California Modernism, it features clean lines, open spaces, and a seamless connection with the outdoors. It also heavy showcases certain hallmarks of this style like the extensive use of glass.
Inside the main level
Photo credit: Chris Nolasco / Compass
Walking through the front door, you’re greeted by soaring 12-foot ceilings and steel-framed doors that flood the space with natural light.
The gourmet kitchen, complete with a butler’s pantry, is a chef’s dream come true, and the multiple living areas make this home perfect for hosting grand events or cozy family gatherings.
Luxury amenities galore
Head downstairs to find a bar, lounge, wine-tasting room, home theater, and a full spa with every other wellness amenity imaginable. Think gym, massage room, sauna, and steam room. Talk about living the high life!
Photo credit: Chris Nolasco / CompassPhoto credit: Chris Nolasco / CompassPhoto credit: Chris Nolasco / Compass
Sophisticated interior finishes
The interior of this home is a masterclass in sophisticated design. From the warm, monochromatic palette to the high-end finishes, every detail has been carefully selected.
Highlights include Taj Mahal slab stone, which adds a touch of elegance and durability, and Apparatus lighting that provides both function and a modern aesthetic. These elements come together to create a cohesive and luxurious living environment.
Photo credit: Chris Nolasco / Compass
Standout design elements
Some of the most striking features of this home are the soaring 12-foot ceilings and the walls of steel-framed doors that flood the space with natural light.
Photo credit: Chris Nolasco / Compass
These architectural choices enhance the feeling of openness but also highlight the brilliant millwork of the artisan-crafted walnut staircase and custom built-ins. The design elements are both visually stunning and add practical elegance to the spaces.
The primary suite
Photo credit: Chris Nolasco / Compass
The primary suite is nothing short of a personal oasis. With its high vaulted ceilings, you’re enveloped in an atmosphere of tranquility and spaciousness. Imagine waking up to panoramic ocean views and enjoying your morning coffee from your private sitting room.
The suite also boasts dual custom closets, offering ample space for even the most extensive wardrobes, and a stone-clad bath that creates a spa-like experience right at home.
Bathrooms are equally luxurious
Every bathroom has been crafted with attention to detail, featuring high-end fixtures and finishes, and a luxurious design that seems taken straight out of the most expensive hotels in the world.
Photo credit: Chris Nolasco / Compass
Heading outside to the zero edge pool
Step outside, and you’re greeted by a resort-like backyard that rivals any high-end vacation destination. The zero-edge infinity pool seems to blend seamlessly with the ocean views, providing a perfect spot to unwind.
Photo credit: Chris Nolasco / Compass
More outdoor amenities
The outdoor kitchen and private cabana make entertaining a breeze, whether it’s for hosting a summer barbecue or a sophisticated evening gathering. The outdoor space is designed for both relaxation and recreation, making it an ideal extension of the luxurious indoor living areas.
Our favorite part? The sunken outdoor living area with plenty of seating, which I’m sure makes for one hell of a party spot.
Photo credit: Chris Nolasco / Compass
A great location in the Palisades
The newly built home is located in the affluent neighborhood of Pacific Palisades, known for its tranquil ambiance, breathtaking ocean views, and large, private homes — that sport a hefty median listing price of $5 million, per Realtor.com.
Photo credit: Chris Nolasco / Compass
Conveniently nestled between the Riviera Country Club, Palisades Village, and Will Rogers State Beach, 538 Chautauqua Boulevard offers easy access to some of the area’s top attractions. Whether future owners will be into golfing, shopping, or beach lounging, everything is just a stone’s throw away.
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