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February 1, 2024 by Brett Tams

Inside: Learn what 11 an hour is how much a year, month, and day. Plus tips to budget your money. Don’t miss the ways to increase your income.

We are going to under the cover and discover $11 an hour is how much per year.

For most Americans, this is hovering near minimum wage.

Let’s get this straight… This is not a livable wage.

If you are in high school or college and have support from your parents, then this is great spending money for you.

However, if you are making it on your own, $11 per hour will not make ends meet each month.

For most people, being at minimum wage is common and the goal is to make your way up the payscale and quickly!

In this post, we’re going to detail exactly what $11 an hour is how much a year. Also, we are going to break it down to know how much is made per month, bi-weekly, per week, and daily.

That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.

When living close to minimum wage, you must know how to manage money wisely.

More than likely, you are living paycheck to paycheck and struggling to survive to the next paycheck. Take a deep breath and make this minimum wage just a season.

The ultimate goal is to make the most of your hourly wage with inspirations to make more money.

If that is something you want to do, then keep reading. You are in the right place.

$11 an Hour is How Much a Year?

When we ran all of our numbers to figure out how much is $11 per hour is as annual salary, we used the average working day of 40 hours a week.

40 hours x 52 weeks x $11 = $22,880

$22,880 is the gross annual salary with a $11 per hour wage.

As of June 2023, the average hourly wage is $33.58 (source).

This you are making WAY LESS than the average wage.

Let’s breakdown how that number is calculated

Typically, the average work week is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiply the hourly salary of $11 times 2,080 working hours and the result is $22,880.

That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.

Work Part Time?

But you may think, oh wait, I’m only working part time. So if you’re working part time, the assumption is working 20 hours a week at $11 an hour.

Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $11 times 1,040 working hours and the result is $11,440.

How Much is $11 Per Month?

On average, the monthly amount would average $1,907.

Annual Amount of $22,880 ÷ 12 months = $1,907 per month

Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid on and on which days you get paid.

Work Part Time?

Only 20 hours per week. Then, the monthly amount would average $953.

How Much is $11 per Hour Per Week

This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?

Once again, the assumption is 40 hours worked.

40 hours x $11 = $440 per week.

Work Part Time?

Only 20 hours per week. Then, the weekly amount would be $220.

How Much is $11 per Hour Bi-Weekly

For this calculation, take the average weekly pay of $440 and double it.

$440 per week x 2 = $880

Also, the other way to calculate this is:

40 hours x 2 weeks x $11 an hour = $880

Work Part Time?

Only 20 hours per week. Then, the bi-weekly amount would be $440.

How Much is $11 Per Hour Per Day

This depends on how many hours you work in a day. For this example, we are going to use an eight hour work day.

8 hours x $11 per hour = $88 per day.

If you work 10 hours a day for four days, then you would make $110 per day. (10 hours x $11 per hour)

Work Part Time?

Only 4 hours per day. Then, the daily amount would be $44.

$11 Per Hour is…

$11 per Hour – Full Time	Total Income
Yearly (52 weeks)	$22,880
Yearly (50 weeks)	$22,000
Monthly (173 hours)	$1,907
Weekly (40 Hours)	$440
Bi-Weekly (80 Hours)	$880
Daily Wage (8 Hours)	$88
Net Estimated Monthly Income	$1,455

^{**These are assumptions based on simple scenarios.}

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Paid Time Off Earning 11 Dollars an Hour

Does your employer offer paid time off?

As an hourly, close to minimum wage employee, more than likely you will not get paid time off.

So, here are the scenarios for both cases.

For general purposes, we are going to assume you work 40 hours per week over the course of the year.

Case # 1 – With Paid Time Off

Most hourly employees get two weeks of paid time off, equivalent to 2 weeks of paid time off.

In this case, you would make $22,800 per year.

This is the same as the example above for annual salary making $11 per hour.

Case #2 – No Paid Time Off

Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.

Life happens. There will be times you need to take time off for numerous reasons – sick time, handling an emergency, or even vacation.

So, let’s assume you take 2 weeks off without paid time off.

That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiply the hourly salary of $11 times 2,000 working hours, and the result is $22,000.

40 hours x 50 weeks x $11 = $22,000

You would average $88 per working day and nothing when you don’t work.

$11 an Hour is How Much a year After Taxes

Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.

This is why you always wondering why your take-home pay is so much less.

Also, every single person’s tax situation is different.

On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.

Gross Annual Salary: $22,880

Federal Taxes of 12%: $2,746
State Taxes of 4%: $915
Social Security and Medicare of 7.65%: $1,750

$11 an Hour per Year after Taxes: $17,469

This would be your net annual salary after taxes.

To turn that back into an hourly wage, the assumption is working 2,080 hours.

$17469 ÷ 2080 hours = $8.40 per hour

After estimated taxes and FICA, you are netting $8.40 an hour. That is $2.60 an hour less than what you planned.

This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.

$11 an Hour Budget – Example

You are probably wondering can I live on my own making 11 dollars an hour? How much rent can you afford at 11 an hour?

Using our Cents Plan Formula, this is the best case scenario on how to budget your $11 per hour paycheck.

When using these percentages, it is best to use net income because taxes must be paid.

In this example, we calculated $11 an hour was $8.40 after taxes. That would average $1455 per month.

According to the Cents Plan Formula, here is the high level view of a $11 per hour budget:

Basic Expenses of 50% = $728
Save Money of 20% = $291
Give Money of 10% = $146
Fun Spending of 20% = $291
Debt of 0% = $0

Obviously, that is not doable when living so close to minimum wage. So, you have to be strategic on ways to decrease your basic expenses and debt. Then, it will allow you more money to save and fun spending.

To further break down an example budget of $11 per hour, then using the ideal household percentages is extremely helpful.

recommended budget percentages based on $11 per hour wage:

Category	Ideal Percentages	Sample Monthly Budget
Giving	10%	$76
Savings	15-25%	$114
Housing	20-30%	$572
Utilities	4-7%	$114
Groceries	5-12%	$153
Clothing	1-4%	$19
Transportation	4-10%	$114
Medical	5-12%	$191
Life Insurance	1%	$16
Education	1-4%	$10
Personal	2-7%	$29
Recreation / Entertainment	3-8%	$48
Debts	0% – Goal	$0
Government Tax (including Income Taxes, Social Security & Medicare)	15-25%	$451
Total Gross Income		$1,907

^**^{In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.}

Living on $11 Per Hour

Living close to minimum wage can be a very difficult situation.

Is it doable? Probably not for long.

You just have to be wiser (or frugal) with your money and how you spend the hard-earned cash you have been blessed with.

A lot of times when people are making under the minimum wage mark, they feel like they are in this constant cycle that they can never keep up (which completely makes sense it is hard!).

When your thoughts are constantly focused on how you are struggling to keep up with bills and expenses, that is all you focus on.

You need to do is change your money mindset.

This is what you say to yourself… Okay, I am making near minimum wage for now. I have aspirations and goals to increase how much I make. For now, I am going to make sure that I am able to live on my 11 dollars per hour. I’m going to try and avoid debt and payday loans at all costs.

Other Tips to Help You:

Check your minimum wage for your state and city. You might find a higher minimum wage in a nearby city.
Look to living in a lower cost of living area to stretch your money.
Find ways to minimize your basic expenses.
Thrive with a minimalist lifestyle.
Decide if a roommate or moving back with your parents would help.
Bike or walk to work.

In the next section, we will dig into ways to increase your income, but for now, you must focus on living on $11 an hour.

5 Ways to Increase Your Hourly Wage

This right here is the most important section of this post.

You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.

Even an increase of 50 cents to $11.50 will add up over the year. Even better $12 an hour!

1. Ask for a Raise

The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.

If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.

2. Look for A New Job

Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.

It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $11 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.

3. Find a New Career

Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.

For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.

4. Find Alternative Ways to Make Money

In today’s society, you need to find ways to make more money. Period.

There is no way to get around it. You need to find additional income outside a traditional nine-to-five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.

So, you need to find a side hustle – another way to make money.

Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.

5. Earn Passive Income

The last way to increase your hourly wage is to start earning passive income.

This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and being financially sound happens.

By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.

Here is an example:

You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.

One gentleman started with $5,000 in his trading account and now has well over $36,000 in a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.

Tips to Live on $11 an Hour

In this last section, grasp these tips on how to live on $11 an hour. On our site, you can find lots of money saving tips to help stretch your income further.

Here are the most important tips to live on $11 an hour. Highlight these!

1. Spend Less Than You Make

First, you must learn to spend less than you make.

If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.

In order to break that dreadful cycle, it means your expenses must be less than your income.

And when I say income, it’s not the $11 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is $11 an hour minus all the taxes, FICA, Social Security, and Medicare is taken out. That is your net income.

So, your net income has to be less than your net income.

2. Living Below Your Means

You need to be happy. And living on less can actually make you happier. Studies prove that less is better.

Finding contentment in life is one thing that is a struggle for most.

We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.

Have you ever taken a step back and looked at what you really need?

Once you are able to find contentment with life, then you are going to be set for the long term with your finances.

Here is our story on owning less stuff. We have been happier since.

3. Make Saving Money Fun

You need to make saving money fun. Period.

It could be participating in a no spend challenge for the month.
Check out the 200 envelope challenge (which is doable on your income)
It could be challenging your friends not to go to Target for a week.
Maybe changing your habits and not picking up takeout and planning meals.
Whatever it is challenge yourself.

Find new ways of saving money and have fun with it.

Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.

Here are 101 things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.

And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.

4. Make More Money

If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.

You need to be an advocate for yourself.

Find ways to make more money.

It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.

Whatever path you take, that’s fine. Just find ways to make more money. Period.

5. No State Taxes

Paying taxes is one option to increase what you take home in each paycheck.

These are the states that don’t pay state income taxes on wages:

Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming

It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.

Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.

6. Stick to a Budget

You need to learn how to start a budget. We have tons of budgeting resources for you.

While creating a budget is great, you need to learn how to use one.

You do not have to budget down to every last penny.

You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.

Budget Help:

7. Pay Off Debt Quickly

The amount that you pay interest on debt is absolutely absurd.

Unfortunately, that is how many of these companies make their money from the interest you pay on debt.

If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.

Here’s a debt calculator to help you. Figure out your debt free date.

Paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until we paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.

It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt free journey.

Here are resources now for you to pay off your debt:

Jobs that Pay $11 an Hour

You can always find jobs that pay $11 per hour. Polish up that smile, fill out the application and be prepared with your interview skills.

Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.

First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.

Possible Ideas:

Cashiers
Back of the house restaurant staff
Landscape Laborer
Retail jobs
Paraeducators at schools
Janitors
Farm help
Warehouse workers

$11 Per Hour Annual Salary

In this post, we detailed 11 an hour is how much a year. Plus all of the variables that can impact your net income. This is something that you can live off.

$22,800

In this post, we highlighted ways to increase your income as well as tips for living off your wage.

Use the sample budget as a starting point with your expenses.

You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!

Try one of these ways to make money quickly to help you in the interim.

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

Apache is functioning normally

January 10, 2024 by Brett Tams

Inside: Looking for delicious, budget-friendly meals? Look no further! This guide has 100+ delicious and frugal recipes that will help you stick to your food budget.

When it comes to keeping your grocery budget in check, meal planning is a powerful tool. It can simplify your life, save you precious time, and stretch your dollars further.

You don’t always need pricey ingredients to whip up something delicious. Creating frugal meals doesn’t mean you have to compromise on flavor.

Sometimes, a frugal meal could mean something cheaper but equally, if not more, delicious than takeout! The key to this art is using simple, inexpensive ingredients, being creative in their application, and not shying away from condiments, herbs, and spices that can elevate your dish.

Remember, eating frugally is not just cost-effective but also simple and stress-free, utilizing common kitchen staples, and easy-to-locate items.

Join me on my mission to make frugal meals that are adored by my family and my thrifty self appreciates.

Frugal Breakfast Ideas:

A frugal breakfast should not equate to boring. Here are a few ways to start your day off right without stressing your wallet:

Waffles/Pancakes: These could be made with basic ingredients like flour, eggs, and baking powder. Top with peanut butter or dust of cinnamon sugar for extra flavor!

Eggs: Cooked to your preference, be it fried, boiled, or scrambled, they are not only easy on the pocket but also a rich source of protein.

Oatmeal: Buy oats in bulk and pair them with over-ripe bananas, pumpkin butter, or a sprinkle of brown sugar. It’s a hearty and filling for just about anyone.

Muffins: Basic muffin ingredients include flour, eggs, and baking powder. For an element of surprise, add in nuts, blueberries, or mashed bananas.

French Toast: With eggs, cinnamon, and loaves of French bread, you can whip up a scrumptious breakfast.

Homemade Bread/Toast: If you’re up to the task, making your own bread could be a money-saving option. This is something I do with sourdough bread. Pair the fresh bread with either sweet or savory toppings.

Omelets: Eggs are a cheap source of protein. Whip up an omelet and serve it with your choice of inexpensive veggies.

Homemade Biscuits: Biscuits are a great addition to any frugal breakfast, with just “milk” and flour ingredients. Pair them with a little meat or enjoy them in butter. Just like my great Aunt Marie made at the ranch.

Choose Spice for Breakfast: This recipe for Mexican baked eggs uses budget friendly canned beans and eggs as a protein source. It’s super simple to make in less than 30 minutes, with eggs baked in a smoky, spicy tomato sauce with black beans, poblanos, and corn. Serve with plenty of corn tortillas for a super satisfying meal.

Frugal Lunch Ideas:

Lunch should be something to look forward to, even if you’re on a tight budget. Here are frugal lunch ideas that keep your tummy and your wallet happy.

Salad: A salad is an excellent choice for a frugal lunch, it’s both cost-effective and healthy. Based on what’s available in your fridge, you can combine different vegetables, proteins, and dressings to create a filling and tasty meal every day.

Sandwiches: The humble sandwich can be as frugal or as lavish as you like. Tuna, grilled cheese, peanut butter, and jelly, ham… you name it, sandwiches offer a great variety.

Homemade Soup: Consider creamy potato soup, creamy vegetable soup, or even curried cauliflower soup. They can be light yet fulfilling, and the ingredients are reasonably priced.

Toast Pizza: Save money by using toast as your pizza base, add what you have in the fridge, top it off with cheese, and cook it under the grill or in the oven.

Baked Potatoes: A toasty baked potato with butter is a delightful, inexpensive lunch. Top it up with fillings such as cheese or broccoli.

Remember, lunch doesn’t have to be expensive to be delicious! Use what you have at home for a more sustainable, economical, and satisfying meal.

Frugal Dinner Ideas:

Dinner is the time when families come together, share their day, and unite over food. There’s a common misconception that frugal foods are bland and monotonous. However, you don’t have to spend a fortune to make dinner delicious and satisfying.

Spaghetti: Who knew that the ultimate comfort food could be so cheap? Combine spaghetti with homemade tomato sauce or cheese, add your favorite seasonings, and voila! You have a delicious meal.

Baked potatoes: Fully customizable and super simple to be a dinner game-changer. Top them with cheese, sour cream, or any other leftovers like chili!

Stir Fry: This is a perfect way to use up any veggies you have. Throw in some meat if you have it, cook with rice and tasty sauce, and your stir fry is ready!

Tacos: Pick up tortillas, get ground beef, or use dried beans, lettuce, and salsa, and there you have your Taco night. You can also swap out the beef for beans, and it’ll still taste delightful.

Breakfast for Dinner: Who said breakfast foods are only for mornings? Whip up scrambled eggs, toast, or pancakes, and enjoy a breakfast-style dinner!

Creating a delicious, nutritious, and frugal dinner can be easier than you might think. It’s all about making the most out of the resources you have, every day.

Recipe Breakdown : Variety Of Frugal Meals

Satisfying Soup & Salad Recipes on a Shoestring

When it comes to frugality, nothing beats the soup and salad combination. These meals are not only hearty and satisfying but also easy on your wallet. With just a few ingredients, these recipes will bring variety and nutrition to your kitchen without putting a strain on your wallet.

Here are a few of our favorite frugal soup and salad recipes:

The Best Chicken Soup Recipe: Simplicity meets flavor without breaking the bank. Utilizing affordable ingredients and leftover chicken, this soup is a testament to how economical choices can still yield rich, comforting results.
Cauliflower and Bacon Soup:
Instant Pot Three Sisters Soup: A blend of corn, beans, and squash.
Root Vegetable Soup: Healthy, comforting, and made with only a few simple and inexpensive ingredients! It’s prepared with veggies like carrots, parsnips, rutabaga, and potatoes simmered in a savory broth.
Healthy Roast Pumpkin and Sweet Potato Soup: Winter favorite loaded with nutrients.
Instant Pot Cabbage Roll Soup: Comfort food at its best.
Smoky Black Bean Soup: Protein packed, tasty, and hearty.
Hearty Lentil Soup: Healthy and will keep you warm during the winter! It’s made with only a few ingredients and requires no special equipment. This soup is made with lentils, veggies, and spices simmered in a savory tomato broth.
Vegan Coconut Curry Lentil Soup: Exotic, aromatic, and down-right delicious.
Instant Pot Split Pea Soup Recipe: Classic soup, ready in no time.
Vegetable Barley Soup: With protein-rich chickpeas, cabbage, potatoes, and the twist of curry spices, this soup is easy, comforting, and delicious!
The Very Best Ham And Potato Soup With Peas: Savory, delicious and economical.
Cheap and Easy Hamburger Soup: Mouthwatering and super easy to prepare.
Creamy Vegetarian Potato Soup: Originally named 45-Cent Potato Soup because that was how much it cost per serving over a decade ago! The cost has increased a bit but this hearty potato soup is still a keeper. Creamy potato soup with veggies and milk – thick, velvety, and hearty. It’s on constant rotation at our house!

Moreover, when it comes to salads, using seasonal produce, beans, or leftover veggies can be an affordable way to create nutritious meals. Add chicken, tuna, or boiled eggs for protein, or keep it simple with fresh greens and a homemade dressing.

Remember, a frugal lifestyle does not mean you have to compromise on taste or variety. It’s about being creative with what you have!

Cut Costs with these Cheap ‘n Cheerful Chicken Recipes

Dinner necessity is the mother of so many amazing chicken dinners! Plus it is an excellent protein option that can be inexpensive, especially if you seize sales or buy in bulk.

Maple Chicken & Potato Supper: This recipe turns an affordable cut of chicken and two types of potatoes into a family favorite.
One-Pot Chicken and Potatoes: Chicken thighs are cheap, add in potatoes, onions, and carrots for a hearty comfort meal.
Leftover Chicken Curry and Vegetables: Lots of recipes use leftover chicken or turkey. But this “All the Leftovers” Chicken Curry also uses your leftover vegetables. Clean out your refrigerator today!
Instant Pot Chicken Tortilla Soup: A quick, deliciously rich, and slightly spicy meal made up of chicken, black beans, and stewed tomatoes.
Crockpot Chicken Tacos: With just 3 ingredients and 5 minutes of prep, this is a lifesaver for busy nights.
Chicken Curry and Quinoa: Simple, tasty, and feels like a treat without the expense.
One Pan Baked Chicken Thigh Recipe with Green Beans and Red Potatoes: This recipe is easy and inexpensive when you grab the chicken thighs on sale! It is easy to prepare, a healthier option and a family favorite!
Cheesy Chicken Quesadillas: A perfect, weeknight meal.
Slow Cooker Chicken Thighs with Potatoes and Carrots: A value for money meal with chicken thighs – one of the cheapest chicken cuts.
One-Pan Chicken Legs with Chickpeas and Quinoa: A wholesome, naturally sweet dish with a few spices.
Easy Cheesy Chicken Taco Spaghetti: Made with pantry staples, this comforting dinner recipe is frugal and filling. Full of pasta, creamy sauce, and canned chicken, your family will be asking for seconds!
Chicken Fried Rice: Uses leftovers efficiently, add veggies, and you have a meal.
Easy Pizza Chicken Recipe: A low carb and high protein meal, especially when you use ordinary cheddar.

Remember, maximizing flavor in cheap chicken recipes often relies on using good quality, inexpensive ingredients, and cooking techniques like slow cooking or sautéing. Happy cooking!

Beautiful Beef Dishes that Benefit Your Wallet

When trying to maintain a frugal lifestyle, using affordable cuts of beef like ground beef, shin, or skirt steak can yield mouth-watering meals that don’t bust the budget. Here are a few beef recipes that are both economical and satisfying:

Ground Beef Stroganoff: A classic comfort food that is simple, quick, and incredibly hearty.
Poor Man’s Stew: An excellent choice for a filling, cheap, and tasty meal for a whole family.
Simple Hamburger Hotdish: This simple hamburger hotdish (casserole) makes delicious use of affordable and easy-to-find ingredients like ground beef, pasta, and tomato sauce. This is a great meal idea to feed a family.
Beef Skillet Nachos: Layer chips, ground beef, and cheese in a skillet for an easy, cost-effective meal.
Homemade Beef and Noodles: An economical-friendly classic that can serve a good number of people.
Tortellini Bake: This 4 ingredient Tortellini Bake uses common ingredients like ground beef and marinara sauce to make a satisfying and hearty meal for families!
Cheesy Ground Beef and Rice Casserole: Across the realms of deliciousness and frugality, this casserole rings the bell.
Beef and Tomato Macaroni Soup: Combining the wholesome elements of beef, macaroni, and tomatoes provides a satiating meal at an affordable cost.
Beef and Vegetable Stir Fry: Brimming with colorful vegetables and protein-rich beef, this dish is a delight to both the stomach and the wallet.
Taco Skillet: It’s the taste of tacos in a convenient and cost-friendly rice skillet.
Classic Stuffed Peppers: Filled with a mixture of ground beef, rice, and a zesty sauce, it’s a comfort meal that’s easy on the pocket.
Sesame-Ginger Beef: This dinner calls for an inexpensive cut of meat.

By creatively utilizing budget cuts and leftovers, you can create economical, hearty, and tasty beef dishes for yourself and your family, fostering a love for cooking while sticking to a money plan.

Money-saving Meatless Meal Marvels

When it comes to cost-saving, meatless or vegetarian dishes are a winner. Not only are they usually cost-effective, but they’re also often packed with nutrients. Here are meatless recipes that are sure to delight your taste buds, without denting your wallet:

Quinoa Edamame Salad with Peanut Sauce: Use cabbage and edamame to make a balanced lunch. The peanut sauce is flavor-packed and uses pantry staples, and the quinoa is easy to swap with rice or pasta.
Vegan Lentil Curry: Packed with nutrition, this dish makes an inexpensive, protein-rich meal.
Jamaican Rice and Peas: Economical rice and beans doesn’t need to be boring. Jamaican rice and peas are easy to make in the slow cooker. This flavorful, easy recipe brings delicious Caribbean flavor to any meal as a side dish or a complete meal on its own.
Spinach Lasagna Roll-Ups: Proof that vegetarian dinners can be delightfully hearty, this twist on classic lasagna is a crowd-pleaser.
Bean, Tomato, and Spinach Stew: A hearty and richly flavored dish that is low cost and satisfying.
Vegan Texas Tamale Pie: Great down-home, budget-friendly meal is perfect to whip up when you need something hearty, healthy, and filling to serve to your hungry family or friends in under an hour. Prepared with basic canned ingredients you might keep in your cupboard, this simple recipe can be easily adjusted to suit your tastes with the groceries you have on hand.
Stuffed Bell Peppers: Fill peppers with a delicious mixture of quinoa, black beans, tomatoes, and spices.
Eggplant Parmesan: Classic Italian dish, easy to make, and delicious to eat.
Pasta e Fagioli aka Pasta and Beans: Feed your family for pennies a bowl with pasta e fagioli. Cucina povera Italian food is the food of peasants, but it is so delicious! Only three inexpensive ingredients are needed to make this quick and easy, nutritious, one pot weeknight meal.
Potato & Zucchini Frittata: Use up your leftover veggies and whip up a quick frittata for dinner.
Tomato Basil Soup with Grilled Cheese: A classic that’s both inexpensive and palate-pleasing.
Vegetarian Stir-Fry: A colorful medley of veggies stir-fried in a savory sauce served over rice.
Spaghetti aglio e olio: This spaghetti aglio olio (with garlic and olive oil) is probably one of the most popular classic Italian pasta recipes and yet it’s so simple, budget friendly and super easy to make!
Butternut Squash Risotto: This dish, while sounding fancy, is frugal and straightforward to make.
Vegan Spaghetti Bolognese: This is a rich, hearty, and flavorful dish that’s lighter on the wallet than traditional bolognese.
Crispy Pan Fried Gnocchi: A simple and quick & inexpensive recipe to make in only 20 minutes for an easy weeknight meal. Crispy gnocchi coated in a light sauce made with garlic, herbs, butter and parmesan.

Implementing meatless meals can significantly cut down on grocery bills, with the added bonus of being healthier and environmentally friendly.

So why not give these recipes a try for your next frugal feast?

Luscious Low-Budget Lunch Ideas

The midday meal can often be overlooked when planning budget-friendly meals. Don’t let lunch blow your allowance! Here are a few low-cost, lip-smacking lunch ideas:

Bean Burritos: Beans and cheese wrapped in a tortilla can be quite satisfying and light on the pocket too.
Tuna Salad Sandwiches: A classic frugal lunch option that’s rich in protein.
Egg Salad Wraps: Egg salad in a wrap is a fulfilling lunch that’s economical.
Homemade Hummus and Veggies: Prepare hummus at home and pair it with fresh veggies for a light and inexpensive lunch.
Mixed Bean Salad: Beans are a powerhouse of nutrition and offer a low-cost lunch option. Mix different beans and dress them up with herbs and spices for a flavorful lunch.
Veggie and Cheese Stuffed Potatoes: A cheesy baked potato with veggies is filling and affordable.
PB&J: Peanut butter and jelly never go out of style and are a great low-cost lunch option.
Tuna Tomato Pasta: Tuna tomato pasta is a delicious healthy and easy recipe that only takes 20 minutes to make. With just a few basic ingredients it’s budget friendly too!
Falafel Wraps: Homemade falafel is quite reasonable and can be wrapped up with pita and fresh veggies for a satisfying meal.
Pasta Salad: Cold pasta salad with veggies is a cheap and filling lunch idea.
Vegetable Fried Rice: Leftover rice, mixed with whatever veggies you have on hand, makes for a delectable and affordable lunch.

When your lunch is as tasty as it is affordable, you’re winning at the game of frugality. Enjoy these luscious lunch ideas without breaking the bank!

Delightful Dinner Recipes That Don’t Dig A Hole In Your Pocket

Dinner is the meal you eagerly look forward to after a long day. Unfortunately, it can also be the priciest meal of the day. But it doesn’t have to be! Here are delightful, cost-effective dinner recipes:

Sloppy Joe Pasta: A homemade mix of pantry staples for a mouth-wateringly filling, budget-friendly twist on the classic Sloppy Joe.
Easy Chilaquiles: Fresh made tortilla chips smothered in homemade salsa, chilaquiles are the best way to make a flavor-packed meal on a budget!
Cottage Pie: Make a delicious cottage pie in the instant pot pressure cooker from scratch. Ideal for using up leftovers and easy to make!
Chicken Pot Pie: Homemade and padded out with cheap, seasonal veggies, it’s a classic favorite, perfect for a weeknight dinner.
Mince & Potato Stew: Heartwarming, flavorful dish that’s easy to make and easier on the pocket.
Linguine with Clam Sauce: Using canned or jarred clams, this linguine dish is made from simple pantry ingredients that won’t break the bank. Dive into a dinner of delicious choice for yumminess.
One Pot Sausage, White Beans, and Kale: It combines flavorful sausage, rich canned tomatoes, white beans, fresh kale, and a few herbs and spices – a cupboard-friendly, inexpensive dinner option.
Tacos: They’re versatile, they’re delicious, and most importantly, they’re cheap.
Potato and Salmon Fish Cakes: Canned salmon and potatoes create a delicious, inexpensive dinner the family will love. They are super easy to make and you can freeze them, too. Even those who dislike salmon enjoy these fish cakes!
Asian-Style Chicken Noodles: This recipe uses leftover chicken and packs a lot of flavors without a lot of cost.
Pasta Arrabbiata: This inexpensive pasta dish is full of garlic, tomatoes, and spicy red pepper flakes. Simple, yet incredibly delicious.
Garlicky Spinach and White Bean Pasta: This recipe is packed with flavor thanks to a surprise, budget-friendly ingredient – tinned anchovies! Simply toss cooked pasta with spinach, white beans, and a garlicky anchovy sauce. It’s easy to throw together for a satisfying weeknight dinner.
Egg Fried Rice: It’s a quick, healthy meal that anyone can cook.
Leftover Pasta Bake: Don’t waste food! Turn your leftovers into a treat with our leftover pasta bake!
Vegetable Stir Fry with Noodles: A quick, healthy dinner full of veggies and flavor.

Low-cost does not mean low taste. These dinner recipes prove just that. So get cooking and start saving!

Put it in Pot and Forget It – Cheap and Easy Crockpot Creations

Using a crockpot or slow cooker can be a real lifesaver for busy individuals or families. Not only does it save time but it’s also a great way to save money by making inexpensive cuts of meat tender and flavorful.

Slow Cooker Spicy Chicken Soup: A simple 4 ingredient recipe that’s inexpensive yet tastes amazing.
Slow Cooker Sausage and Peppers: Slowly simmered in marinara sauce for a frugal dinner that’s hard to beat! Just serve over pasta or polenta for an easy dinner. Plus, the leftovers are just as delicious for lunches.
Crockpot Beef and Broccoli: The economical version of your favorite takeout dish.
Slow Cooker Black Bean Soup: Inexpensive, full of flavor, and so hearty!
Creamy Crockpot Chicken: Warm shredded chicken and gravy in your slow cooker for the win.
Crockpot Baked Beans: Cheaper and healthier than store-bought!
Crockpot BBQ Chicken: Sweet, tangy, and made with a handful of pantry staples.
Crockpot Lentil Soup: Super hearty, packed with nutrients, and so easy to whip up!
Slow Cooker Pot Roast: The easiest one pot meal and is an instant win for family dinner! Plus, it’s budget-friendly! Easy to prepare for weeknight meals or special occasions alike, this easy pot roast recipe is always a crowd-pleaser!
Slow Cooker Salsa Chicken: Just two ingredients are required for this super versatile recipe.
Crockpot Vegetable Beef Soup: Healthy, hearty, and incredibly easy to make.
Chicken Paprikas Recipe: Use chicken thighs and cauliflower which make it a super frugal meal. If you prefer you can serve it over rice instead of the cauliflower but even her kids agree that the cauliflower version is delicious.
Slow Cooker Mac and Cheese: Yes, even mac and cheese can be done in a crockpot! Even better try this Broccoli Mac Kielbasa Casserole.
Crockpot Ham and Bean Soup: This recipe uses inexpensive and filling beans and veggies, perfect for when you’ve leftover ham.
Slow Cooker Vegan Chili: A vegan twist on this classic comfort food for those chilly days ahead makes for a healthy dinner packed with nutrients brimming with flavor!

Each of these meals will serve you without making a significant dent in your grocery budget. Enjoy the convenience and frugality that slow cooking brings!

Make It Snappy With Instant Pot Recipes

The Instant Pot is a versatile kitchen appliance that’s excellent for fast, delicious meals when you’re on a budget.

Instant Pot Ground Beef Enchilada Pasta: This easy dish combines a few affordable ingredients into a hearty meal that your family will love.
BBQ Beans Instant Pot Recipe: A frugal recipe that’s great as a main dish or a filler for burritos.
Easy Pizza Potatoes in the Instant Pot: A simple pairing of pizza flavors and potatoes for a wallet-friendly dish.
Air Fryer Pita Bread Pizza: Only 5 minutes and a handful of low-cost ingredients to a delicious DIY pizza.
Sweet Potato, Lentil and Chickpea Curry: This vegan instant pot recipe is full of flavor, super hearty and delicious, and extremely reasonable to make.
Mushroom Masala- Mushroom Curry: An exotic and easy-to-prepare mushroom curry that satisfies without stretching the dollars.
Chicken and Sausage Paella in the Instant Pot: Cut down cost by using sausage and chicken thighs for this easy, savory dish.
Instant Pot Tuna Casserole: Comfort on the cheap, using pantry staples.
Fast and Easy Instant Pot Chicken and Rice: Made using basic pantry staples and suitable for both adult and kid taste buds.

These Instant Pot ideas are not only quick and easy to prepare but also budget-friendly. They’re proof that frugal doesn’t mean boring!

Handy Kitchen Tools for Budget-Savvy Cooking

When it comes to frugal cooking, your kitchen gadgets can be your best companions. These tools can save you both time and produce restaurant-quality dishes at home for a fraction of the cost.

Many are the same as frugal home must haves!

Only rely on tools that you use regularly in order to maximize their cost. So, equip your kitchen with these practical, cost-effective tools, and enjoy a more manageable culinary journey.

FAQs: Navigate Your Approach to Cost-Efficient Eats

Eating lunch at work doesn’t have to mean spending a fortune, following these tricks can save you a lot of money:

Meal prep: Plan your meals ahead of time. Invest in a few hours during the weekend or your day off to cook large amounts and portion them out for the week ahead.
Leftovers Are Your Best Friend: Make a bit extra while cooking dinner, and voila, you’ve got lunch for the next day. A yummy, cheap, no-fuss, and no-waste solution!
Pack Your Own Snacks: Trade small shop-bought packs of snacks for a large bag or bulk-buy from a wholesale store. Divide them into small reusable containers for your daily hunger itch.
Invest in a Flask: A good quality thermos flask can keep your homemade soup or stew warm until lunchtime and it’s a lot cheaper than buying soup from a cafe.

Remember, the key is not to take complicated dinners which takes a lot of time. Rather, simple sandwiches, yogurt with fruits, homemade soup even boiled eggs can make great inexpensive lunch options. Planning ahead is key when you’re trying to eat on a budget.

There are several cheap meals you can whip up using budget-friendly ingredients. The absolute cheapest would depend on what you already have on hand in your pantry or the cost of ingredients in your locality.

Rice & Beans: This is a universally cheap and filling meal that can be flavored with some stock, onions, and spices.
Pasta with Tomato Sauce: This is a popular choice when it comes to cheap ideas. All it takes is a rigatoni of your choice, a basic tomato sauce made from canned tomatoes, garlic, and herbs.
Cereal & Milk: A bowl of generic brand cereal and milk is an incredibly cheap meal. It lacks in terms of proteins and fats, but it can be a good quick fix.
Eggs on Toast: Eggs and bread are both cheap elements. Whip up scrambled eggs or make a simple boiled egg sandwich.
Potato Soup: One of the cheapest vegetables around, and they make a filling, simple potato soup.
Homemade Pizza: Using basic homemade dough and simple tomato sauce, you can add anything you have on hand to make a delicious pizza.

Remember, the cheapest dinners typically use basic pantry staples. By having a well-stocked pantry, you’ll be able to whip up a variety of low-cost dinner ideas.

A frugal meal doesn’t equate to scanty or tasteless. Here’s what defines a frugal meal:

Inexpensive Ingredients: Frugal meals predominantly use cheaper ingredients. Find plenty of cheap foods when broke (and you don’t need to be broke).
Fewer Ingredients: Meals with minimal ingredients are typically more economical. They aren’t stuffed with fancy extras, but they make up for it in hearty flavor.
Uses Pantry Staples: Rely on pantry staples like rice, dried pasta, canned goods, and dry baking ingredients.
Repurposes Leftovers: Instead of wasting ingredients incorporate leftovers in innovative ways.
Meal Prep and Batch Cooking: Cooking in bulk and freezing dinners for later can be a massive money saver, reducing waste and reducing the number of ingredients needed overall.
Limited Meat or Vegetarian: As meat is typically one of the more expensive ingredients, frugal cooking is often vegetarian or uses meat sparingly.

While frugal meals won’t always hit all these factors, if they contain a few of these aspects, you can be assured they will provide a cost-effective dining experience. A frugal meal strives to offer nutritional balance, satisfying taste, and minimal impact on your wallet.

Perfecting the Art of Frugal Cooking

Preparing budget-friendly cooking not only saves money but also reduces food waste and can create a warm, comfortable home. This is how to be frugal with food. Here are some expert tips to get you rolling:

Plan Your Meal Calendar: Plan out your menu for the week, keeping in mind what ingredients you already have.
Shop Smart: Shop for groceries with a list in hand so you don’t end up buying unnecessary items. Look out for sales, and discounts, and try to shop in bulk.
Utilize Leftovers: Don’t throw away leftovers. Repurpose them into a new meal or use them as an ingredient in another dish.
Use More Vegetables and Grains: Vegetables and grains are generally cheaper than meat and can be used to bulk out dinners.
Freeze Extras: If you cook in bulk, freeze the extra portions for a later date. This can act as a lifesaver during busy periods.
Use Cheap Cuts of Meat: Cheap cuts, such as chicken thighs, can be just as delicious as expensive ones, especially when slow-cooked.
Cook from Scratch: Convenience foods often cost a lot more than the sum of their parts.
Grow Your Own: If you have a garden, consider growing your own vegetables and herbs.
Reduce Waste: Get creative in the kitchen and use parts of food that you’d otherwise throw away.

Remember, with a bit of planning and creativity, you can prepare delicious, healthful meals without breaking the bank! It’s all about making smart choices.

Which Filling Cheap Meals are You Going to Try?

Embarking on these frugal meals can help stretch the budget while still enjoying a variety of flavorful and satisfying dishes.

Whether you are budgeting on a low income or just want to stretch your dollar further with going teens, we have given you plenty of options to eat well and healthy.

Many on this list are my personal favorites. This is how we stay on our grocery budget.

The biggest step is learning how to meal plan and stick to the menu! Now, off to move frugal living tips to save money!

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

Apache is functioning normally

January 2, 2024 by Brett Tams

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode:

Wondering how to set financial goals you’ll actually follow through on? Have questions about how to avoid end-of-year financial regrets? The Nerds have you covered! Take your New Year’s Resolutions to the next level by establishing SMARTR financial goals that you can achieve in 2024.

Explore strategies for setting realistic goals in 2024 with hosts Sean Pyles and Elizabeth Renter as they discuss “regrets and resolutions” and share ideas to help you take your 2023 experiences in stride, learn from them, and use them as stepping stones for creating a stable financial future.

They explore some of the financial regrets that haunted many Americans in 2023, including overspending and saving too little, and provide tips for avoiding common financial regrets, such as taking on too much credit card debt. Sean also explains his SMARTR framework for setting and achieving goals, which you can apply to your New Year’s Resolutions or any other goal you have in 2024.

In their conversation, the Nerds discuss: SMARTR financial goal setting, financial regrets, setting realistic goals, budgeting, saving, credit card debt, large expenses, New Year’s resolutions, goal setting framework, emergency funds, and retirement savings.

Check out this episode on your favorite podcast platform, including:

NerdWallet stories related to this episode:

Episode transcript

This transcript was generated from podcast audio by an AI tool.

Sean Pyles:

Happy New Year, dear listener. I hope you’re recovering from any festivities that helped you bring in 2024. Did you make any resolutions? Here at Smart Money, we’re not really into those, but goals are okay, and so is looking back at the mistakes you made last year, so you hopefully don’t make them again.

Elizabeth Renter:

I like to think of my financial goals similarly to how I think about my health goals. I can’t do this all or nothing stuff. It’s totally unsustainable and it creates this very unhealthy pattern of extreme restriction and then indulgence. So not spending anything on takeout is very unrealistic for me, and I know that, just like totally giving up pizza.

Sean Pyles:

Welcome to NerdWallet’s Smart Money Podcast. I’m Sean Pyles.

Elizabeth Renter:

And I’m Elizabeth Renter.

Sean Pyles:

This episode kicks off our Nerdy deep dive into your money in 2024. In this special series throughout the month, we’ll be looking at everything from investing to the housing market to how to manage credit as you move through this year. Elizabeth, any money, hopes and dreams for 2024?

Elizabeth Renter:

Well, I am planning a lot of travel in the coming year, so I suppose the money, hopes and dreams of that would be finding the right flights and hotels to do it in style without overpaying. I’m actually planning the strategic opening of a new credit card account to help make this happen.

Sean Pyles:

Very Nerdy, Elizabeth. Well, I’m with you. I’d say my main financial hopes and dreams are to finish up school to become a certified financial planner professional. Still about 10 months to go on that. And as ever, I’m trying to tame the internal beast that is my desire for the impulse purchase.

Elizabeth Renter:

Well, congrats in advance on the CFP, Sean. I’m actually finishing grad school this year, so we will absolutely have to toast to achieving these goals when we get there.

Sean Pyles:

Absolutely, because I am sure we will need it then.

Elizabeth Renter:

100%, Sean. I like that we’re talking about hopes and dreams here instead of resolutions. New Year’s resolutions seem to be such an overdone hoopla at the beginning of the year, and it does give you some early motivation, but that motivation fizzles out by March. So we start each year with these huge new year, new me resolutions, and then life or the economy gets in the way and falling short feels really, really bad. Life happens to all of us and we really shouldn’t beat ourselves up with these regrets. But maybe instead look at what went wrong and how to adjust moving forward on any schedule, not just the calendar year.

Sean Pyles:

Totally. I mean, I’m all for goal setting and having a well-planned approach for accomplishing goals because in fact, goal setting is one of the most important things that we need to do in our financial lives because money is just a means to an end. And if we don’t know what we want from our money or how we will accomplish it, making meaningful progress in life can be quite difficult. But that said, the resolution framing can be overly rigid or lead people to make unrealistic goals that lead to self-flagellation when you don’t accomplish them.

Elizabeth Renter:

Yes, for sure, Sean. Listen, goals are my love language, my love language to me. When I whisper sweet nothings to myself, it seriously often involves big goals.

Sean Pyles:

Whatever helps you accomplish them, I suppose. But practicing self-care and self-love is important and we are going to follow that advice today, although we are going to look back at some regrets, but only in the way that we can learn from them going forward. And we’re going to call it Regrets and Resolutions because that just scratches the alliteration itch in my brain. But really it’s all about goals this episode. All right, well listener, we want to hear what you think too. Send us your financial hopes and dreams for 2024. Leave us a voicemail or text the Nerd hotline at 901-730-6373. That’s 901-730-NERD, or email a voice memo to [email protected]. Stay with us. We’re back in just a moment with some ways to plan a good year in money.

Elizabeth Renter:

Sean, I wish I ended the year with more in the bank, but I think that’s pretty true every year. I can’t really point to one thing and say I wish I would’ve done it differently. So maybe no true regrets. How about you?

Sean Pyles:

No “regerts.” Well, I regret that I have to pay my student loans again. But on the whole, I’m feeling pretty good about how I managed my finances last year, although I guess the real test will be when I go to file my taxes.

Elizabeth Renter:

For sure. Well, interestingly, about two thirds of Americans do have some money regrets from 2023. At NerdWallet, we commissioned a survey with The Harris Poll towards the end of last year. And one silver lining of all of those regrets is that 75% of those people say they’re going to use them to do better this year. And Sean, we had a lot of headwinds to contend with last year.

Sean Pyles:

Yeah, we started off 2023 with high inflation and then to combat that, the Fed kept hiking interest rates, and throughout the year, everything from credit cards to mortgages became more expensive. So Elizabeth, let’s talk about some of those regrets people had. What is the biggest one?

Elizabeth Renter:

Americans wish they had saved more in 2023. Almost one fourth regret not saving enough for their financial goals and 21% regret not saving more for emergencies.

Sean Pyles:

That makes sense. American’s personal savings rate or the amount of disposable income that we save went through the roof early in the pandemic, spiking as high as 32% in April 2020, but we’re saving a lot less now. In October 2023, the personal savings rate was a lot lower at nearly 4%. So is it possible to say how likely it is that people will be able to save more money this year?

Elizabeth Renter:

Well, it depends. As you said going into 2023, some households still had that excess savings from pandemic stimulus payments and student loan forbearances. So if you’re coming into 2024 with less in the bank and higher debt payments, it could be more difficult. That said, inflation is moderating. So the costs that were rising at a pretty considerable clip one year ago have slowed and wages in some cases have caught up.

Sean Pyles:

Okay, well, let’s give a few tips for fixing this regret.

Elizabeth Renter:

Sure. Well, I’d like to focus the biggest piece of advice on that one in five Americans who regret not saving for emergencies. That’s definitely where you should start. Ideally, you’ll have several months worth of living expenses set aside in case of emergencies, but that can be a very tall order, especially if you’re starting from zero. So start small, aim for a few hundred dollars and then up it to $500 and then $1,000 and so on. And whether you’re saving for emergencies or a home down payment, set specific benchmarks to help you get there. For example, that could mean setting up a direct deposit into a savings account for $100 out of every paycheck with the goal of having $1,200 by mid-year. So you’re setting specific dollar amounts and timelines and it’s automated.

Sean Pyles:

Love it. And we’ll talk later on about how important it is to take small steps when you’re trying to achieve big goals like building a solid emergency fund. So Elizabeth, what is next on the list of Americans’ money regrets from 2023?

Elizabeth Renter:

Overspending. 22% of Americans regret overspending on entertainment in 2023. So that includes dining out, going out for drinks, going to the movies and that sort of thing. Also, about 1 in 10 regret overspending on travel and 11% regret overspending on an event like a wedding or a graduation party.

Sean Pyles:

We had a lot of big events in 2023. I mean between Taylor Swift’s Eras tour and Beyonce’s Renaissance tour, there were some expensive events last year. Although I bet the folks who got tickets to those concerts do not regret spending a single penny on those experiences. Elizabeth, did you see any expensive concerts last year?

Elizabeth Renter:

Unfortunately, no. I currently live in a really small town with exactly zero venues. So had I gone to a concert, it definitely would’ve cost a pretty penny. What about you, Sean?

Sean Pyles:

Well, I did see Diana Ross when she came to town, but to be honest, I actually have no idea how much those tickets were because my partner bought them. I kind of just wanted to brag about seeing the boss on tour. Anyway, I guess the overspending regret isn’t totally surprising. Part of the reason people can’t save is that they’re potentially overspending.

Elizabeth Renter:

Yeah, for sure, Sean. Those things often go hand in hand, especially when prices are rising.

Sean Pyles:

And frankly, if you were overspending last year, you were part of the reason the economy kept humming along. So thank you, but maybe don’t do it as much this year. So Elizabeth, any ideas to make that happen or more to the point, not happen?

Elizabeth Renter:

Well, Sean, the answer to this regret is the very unsexy panacea: a budget. Listen, some people love a budget. They have spreadsheets outlining their spending limits and where all of their money is going. Here’s looking at you, Nerds. But you don’t have to go that far if you know that’s unrealistic for you. Instead, set a budget for the things you need budgeting help on. If you overspend on dining out, set a weekly limit for that. If you overspend on travel, set an annual travel budget. Sometimes the idea of a capital B budget is super off-putting, but you can benefit from these very specific targeted spending limits too.

Sean Pyles:

Yeah, people’s eyes, or I guess in the case of a podcast, people’s ears, can glaze over when you talk about budgets, but I like to think of them more as a conversation that you’re having with your finances. You are figuring out what money you have to work with, where you’re going to allocate it and determining how to live your values through your daily spending. And I find that really empowering, personally.

Elizabeth Renter:

Sean, as a Nerd, you would. That totally tracks.

Sean Pyles:

Yes. Fair enough. Well, let’s move on to regret number three.

Elizabeth Renter:

In 2023, 16% of Americans regret not reducing or paying off their credit card debt and 16% regret taking on too much credit card debt.

Sean Pyles:

And this is just perennial. I mean, this is something people struggle with and come to regret year in and year out. What would be your top things to keep in mind in 2024 if you’re struggling with this?

Elizabeth Renter:

Well, you’re absolutely right, Sean, but we did see credit card debt shrink during 2020 and 2021. So as we spent down that excess savings and embarked on revenge travel in 2023, we may have seen folks go back to relying on cards the way that they did before the pandemic, and now we have high interest to go with it. So if you’re taking on more debt, it could be more difficult to pay it off. So first off, if you’re hoping to pay down debt, I’d refer back to my earlier suggestion about making very clear targets, specific amounts and timelines. But if you’ve begun using credit cards in lieu of an emergency fund, the problem could be bigger. In that case, you may want to look into debt relief options like consolidation or debt management to help identify resources and formulate a plan to get your finances back on track.

Sean Pyles:

Well now that we’ve dealt with regret, how about some resolutions or let’s call them goals, even though I still love the alliteration of regrets and resolutions. Elizabeth, you mentioned earlier in the show that you don’t really like to make resolutions and I don’t really either, frankly. Can you talk a bit about why, especially in the realm of personal finance?

Elizabeth Renter:

Yes. So I like to think of my financial goals similarly to how I think about my health goals. I can’t do this all or nothing stuff. It’s totally unsustainable and it creates this very unhealthy pattern of extreme restriction and then indulgence. So not spending anything on takeout is very unrealistic for me, and I know that just totally giving up pizza. If I restrict myself this way, I won’t just fall off the wagon, I will absolutely crash the wagon and burn down the entire village. I’ll celebrate not having takeout for a month by splurging on takeout that costs twice as much.

Sean Pyles:

Yeah. One extreme to the other.

Elizabeth Renter:

Right, exactly. And then you’re dealing with the regret of all of it too. So I try to find balance between what’s going to get me closer to my long-term objectives while not making my life miserable.

Sean Pyles:

Yes, I am also all about going slow and steady while giving myself room to just be human and mess up every once in a while. Also, Elizabeth, something that our listeners might not know is that you’re a competitive powerlifter, so you know a thing or two about sticking to ambitious health goals.

Elizabeth Renter:

I try. I try.

Sean Pyles:

Yes. Within reason that you’re not lifting too much weight, hopefully injuring yourself. But going back to the resolution versus goal thing, I think the time box of a resolution as something that you focus on for only one year or realistically, maybe a single month before you totally forget about it, can be really limiting when it comes to financial goals. The resolution framing can lead people to expect huge and dramatic changes in their finances a lot faster than is actually possible. The truth is that it can take years to build up that solid emergency fund, not to mention how long it takes to save for retirement, but that is not to say that you can’t take steps today or tomorrow and the next day to better your finances. In fact, those steps that you do take today are in all likelihood the only things that will get you there.

Elizabeth Renter:

You’re absolutely right, Sean. Those incremental changes and growth really do build up over time, whether we’re talking about money or power lifting. You just keep plugging away and accept sometimes that that path is not going to be linear.

Sean Pyles:

Yeah, for sure. Well, we kind of went through some advice for not repeating the regrets we might’ve had in 2023. How do you think about that as different from goal setting?

Elizabeth Renter:

From my perspective, regrets and setbacks are really just things that happen on your way to a goal. You’re going to have periods of progress and periods that don’t go quite like you wanted. Sometimes those setbacks are your doing entirely and other times they’re not. But they generally don’t upend your ability to attain your goals altogether. Maybe I had to divert some of my monthly savings towards an unexpected car repair, or maybe I went over my travel budget. Does that mean I won’t hit my savings or spending goals? Not necessarily. It might set them back by a few months, but it doesn’t quash my goals. They’re still attainable.

Sean Pyles:

Yeah, it’s all about giving yourself grace and focusing on that long-term. All right, well let’s suggest a few financial goals that people could endeavor to achieve over the coming year. What would be your first suggestion?

Elizabeth Renter:

Well, Sean, I’m going to give the mom advice that we probably all need to hear, and that is try your best. Set a goal to just try your best, but don’t just give that lip service. Really try your best. And the thing I like about this goal is that it looks entirely different for different people. For some, setting aside, $50 a month for 6 months into a brand new emergency fund will be their baseline goal. And for others it might be bumping up their retirement contributions to, I don’t know, 12% of their salary. In either case, you could hit a tough month and have to adapt, but don’t in that situation just throw up your hands and exclaim, “Yeah, all bets are off. I guess I’ll try again next year.” Keep going. Just keep doing the best you can. What about you, Sean?

Sean Pyles:

Well, I touched on this earlier, but I’d recommend people spend time getting more acquainted with their relationship between their spending and their values. It can be easy to just spend in a way that’s not super thoughtful or not aligned with the values that we hope to embody each day. So going back to that budget conversation you’re having with yourself, think about what you want from your life and what kind of world you want to live in. And then ask yourself if you are directing your money accordingly. That’s a question that I try to ask myself a lot, and the answer isn’t always going to be yes, but it’s something to be mindful of. Okay, how about one more?

Elizabeth Renter:

Well, I like what you just said, Sean. Being more mindful of how you spend can help keep you from those overspending regrets. And building on that, I’d suggest taking steps to literally slow down when you’re spending. If you just loaded up a cart at an online retailer, make a practice or a goal of just walking away and coming back tomorrow. Give it a day before you check out. I do this and frequently find I’ve mindlessly thrown things in the cart that I really don’t want to spend my money on.

Sean Pyles:

Yeah, I love that. And as a person of the ADHD experience, I can sometimes get hyper fixated on a purchase that I want to make, but if I build in that buffer of a day or two, I’ll find that I actually don’t want that thing after all. And if I don’t buy it, that means I have more money for things I actually do care about. So as we make these suggestions for resolutions/goals, how about we provide some advice for how to actually make them happen? What do you do on that front? Any personal tips, Elizabeth?

Elizabeth Renter:

Yeah. Well, for the big goals, I tell somebody, I have a seriously big fear of looking like I fell short. And by telling someone what I’m trying to achieve, I build in that accountability. Sean, I know accomplishing goals is something of a pet topic of yours. So what about you?

Sean Pyles:

Yes, I do also love an accountability partner. I’ve made my life partner, Garrett, my accountability partner for my CFP coursework. I’ll tell him that I’m going to do X assignment. And even if I don’t feel like doing it, just knowing that I told him that I would do it can push me to actually get that work done and do it in a way that’s meaningful. So I’m learning what I need to learn.

Elizabeth Renter:

Exactly. Sean, so you want to give us the rundown of how to actually accomplish goals this year?

Sean Pyles:

Yes, I would love to. So we use the SMART goal setting framework here at Smart Money, perhaps not totally surprising, and I add my own twist by making them SMARTR goals. So for those who are not familiar, SMART is an acronym for Specific, Measurable, Attainable, Relevant, and Time-Bound. And the extra R that I add at the end is for Rewarded. And I’ll explain why in a little bit.

Elizabeth Renter:

I’m excited to hear this, Sean. So walk us through how it all works.

Sean Pyles:

Okay, starting with the S, specific, make your goal very clear and tangible. For example, maybe you have a goal of investing more this year. Okay, great, but what does that really mean? Are you going to max out your IRA or 401(k)? Or get set up with a robo-advisor account? The more precisely you can envision your goal, the easier it will be to map out the path to get there.

Elizabeth Renter:

That makes perfect sense. You can’t accomplish a goal if you don’t know what it is.

Sean Pyles:

Yeah, exactly. So now onto the M, measurable, you need a way to quantify your goals and track the progress that you’re making. So to continue that investing example, if you want to max out your IRA, the maximum you can contribute in 2024 is $7,000 or $7,500 if you’re 50 and older. Figure out how much you would need to contribute each month to hit that goal.

Elizabeth Renter:

So quick mental math. Totally not using a calculator here. If you want to hit that $7,000 amount, you’d need to contribute about $583 each month and then track your progress throughout the year, maybe on a spreadsheet or in a journal.

Sean Pyles:

Yep. Okay. And that brings me to the A in SMARTR goals, attainable. For a lot of people contributing $583 a month into a retirement account just is not feasible. So in that case, what’s a more affordable option? Look into your monthly income and expenses, that whole budgeting conversation we’ve been talking about, and see how much you could actually contribute. Maybe it’s $200 a month, so you would contribute a total of $2,400 to your IRA over the year, which is still awesome.

Elizabeth Renter:

Very awesome. Okay, Sean, we have the specific, the measurable, the attainable. What about the rest? This is testing my spelling as much as anything.

Sean Pyles:

Yes. So the R and the T stand for relevant and time-bound. You want your financial goal to be something that’s actually relevant to your life goals, your passions, and your values. If you’re contributing to a retirement account because you think it’s what you should be doing and it’s not something you actually care about, you’re not really likely to meet that goal. And with time-bound, that is when you put a time box on your goal. So to round out this example, if you want to save a certain amount for retirement in the calendar year of 2024, you’d have the monthly steps that you take to meet your annual goal. And at the end of the year, guess what? You did it. Goal accomplished.

Elizabeth Renter:

Yay. Congratulations. But wait, Sean, you mentioned that R, your finishing touch. What’s that all about?

Sean Pyles:

Yes, I’m so glad you didn’t forget that, Elizabeth. The final R is for Rewarded. As the child of behavioral psychologists, I am a big proponent of positive reinforcement and making the process of accomplishing your goals as enjoyable as possible. Because the more you like doing something, the more likely you are to keep doing it. So build in rewards as you take the small daily or monthly steps towards achieving your goal.

Elizabeth Renter:

I love that idea. So when someone makes that monthly deposit into their IRA, maybe they go out for ice cream or do a shot of tequila, whatever makes them happy.

Sean Pyles:

Exactly. Yeah, just don’t go too wild. You don’t want to blow your retirement savings budget on that top shelf tequila. So that is the SMARTR framework, and it can be really helpful as you accomplish goals over the coming year. But also as you’re working away to save for retirement or whatever, I want to encourage you, listener, to give yourself grace if you’re not able to fulfill all of those goals this year. Like Elizabeth said, life happens. You might have a big expense one month that sucks up the money you would’ve put toward retirement. That’s okay. Take a breath, regroup, and just pick up the pieces next month. No matter what, just please don’t be harsh with yourself. It is simply not worth it. Try your best. That’s all you can do.

Elizabeth Renter:

Well said, Sean, do your best and keep going. You might not see other people struggling towards their goals, but they are. Remember all those Americans who had money regrets last year? This isn’t a linear process. Sometimes things are hard and sometimes they surprise you with how well they go.

Sean Pyles:

So what we’ve learned today is that A, lot of people have money regrets from 2023. B, you can use those to change habits in 2024. And C, make some SMARTR goals instead of resolutions when it comes to your finances.

Elizabeth Renter:

I like it, Sean. So what’s next for this 2024 look ahead series?

Sean Pyles:

Well, Elizabeth, we are going to take a look at what this year might bring in investing. Not that anyone can predict the markets, but that’s kind of the point.

Alana Benson:

If you have a well diversified portfolio and you’re investing for the long-term, like for retirement, there’s no real reason to stress about the ups and downs of the market in the short term. And yes, in this instance, again, one year is the short term.

Elizabeth Renter:

For now, that’s all we have for this episode. Do you have a money question of your own? Turn to the Nerds and call or text us your questions at 901-730-6373. That’s 901-730-NERD. You can also email us at [email protected]. Also visit nerdwallet.com/podcast for more info on this episode. And remember to follow, rate and review us wherever you’re getting this podcast.

Sean Pyles:

This episode was produced by Tess Vigeland and Elizabeth. I helped with editing. Kathy Hinson helped with fact-checking. Kaely Monahan mixed our audio. And a big thank you to NerdWallet editors for all their help.

Elizabeth Renter:

And here’s our brief disclaimer. We are not financial or investment advisors. This nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.

Sean Pyles:

And with that said, until next time, turn to the Nerds.

Source: nerdwallet.com

Apache is functioning normally

January 1, 2024 by Brett Tams

Has your soon-to-be college student chosen the school they’d like to attend in the fall? Or, are they just starting to think about the application process? Either way, it’s never too early to research ways to pay for college.

Student loans, federal and private, are one common method that students and their families use to cover the cost of higher education. Typically, students are the ones who take out these loans (and are responsible for repaying them). However, there are also student loans, both federal and private, available for parents.

Also keep in mind that if your child takes out a private student loan, you will likely need to act as a cosigner, which means you will be responsible for repayment if your child is unable to make payments.

No matter who acts as borrower, it’s important for parents to be in the loop when it comes to student loans. Here’s what you need to know.

Not All Loans Are Created Equally

When it comes to student loans, there are two main options:

• Federal loans (funded by the federal government)

• Private student loans (funded by private lenders)

Federal Student Loans

Federal student loans are provided by the U.S. Department of Education and come in several forms:

• Direct Subsidized Loans These are for undergraduate students and are awarded based on financial need. The government pays the interest on these loans while the student is in school and for six months after they graduate (known as the grace period).

• Direct Unsubsidized Loans These are available to undergraduates, graduate students, and professional students and are not awarded based on need. The borrower is responsible for paying all interest that accrues on the loan.

• Direct PLUS Loans These are for graduate and professional students and parents of dependent undergraduates. They are not based on financial need and a credit check is required.

• Direct Consolidation Loans This option allows you to combine all your federal loans into one loan payment under a single loan servicer.

All federal loans come with fixed interest rates, which means the rate won’t change over the life of the loan. Interest rates are set by Congress each year on July 1st. For most students, federal loan repayment starts after the post-graduation grace period.

To apply for federal student loans, you need to submit the Free Application for Federal Student Aid (FAFSA).
💡 Quick Tip: Make no payments on SoFi private student loans for six months after graduation.

Private Student Loans

Private student loans are available through banks, credit unions, and online lenders. Many private student loans mirror the terms and repayment periods of federal student loans, but not always. Differences between federal versus private loans include:

• Credit checks Most federal student loans don’t require a credit check (except PLUS loans) but it’s required for private student loans. To qualify for a private student loan, you’ll need to meet the lender’s credit and other eligibility requirements.

• Repayment start date Some lenders might allow you to defer making payments until six months after you graduate, while others may require you to begin repayment while you’re still in school.

• Interest rates Federal student loans have fixed interest rates that don’t change over the life of the loan; private student loans offer fixed or variable interest rates.

• Repayment terms Federal loans have long repayment terms — from 10 to 30 years, depending on your plan. Private student loans also vary in term length, but might not be as long.

• Loan forgiveness Some federal student loans offer forgiveness options for certain career paths, or after you’ve made a certain number of payments on an income-driven repayment plan. Private student loans aren’t required to offer this option to borrowers.

How Parents Can Help

If your student has tapped all available financial aid, including federal student loans, you might look into student loans for parents.

The federal government offers Direct PLUS Loans for parents. They have higher interest rates and fees and qualify for fewer repayment plans than federal direct subsidized and unsubsidized loans for students. The interest rate for federal direct PLUS loans is 8.05% for the 2023-24 academic year. There is also an origination fee of 4.228%, which is deducted from each loan disbursement.

To get a PLUS loan, you can’t have an adverse credit history (there may be exceptions to this rule if you meet other eligibility requirements) and you must complete the FAFSA with your child.

It’s important to note that a parent PLUS Loan will ultimately be your responsibility to repay. The only way to transfer parent loans is to have your child refinance the loan with a private lender in their name.

You also have the option of getting a parent student loan through a private lender, such as a bank or credit union.

If you have solid finances and expect to be able to work the entirety of your loan term, a private student loan may be a better deal. Private student loans often offer lower interest rates and typically don’t have origination fees. However, they generally don’t offer as many protections should you lose your income and have trouble repaying the loan.

You Can Use Loan Money Only for Certain Things

Typically, student loans are paid out directly to the school. The school will then apply your loan money to tuition, fees, and room and board (if your student lives on campus), and give any remainder to your student. They can then use the surplus funds but only for education-related expenses. This includes textbooks, computers/software, transportation to and from school, housing, meal plans or groceries, and housing supplies (e.g., sheets, towels, etc.).

Students can’t, however, use the proceeds of a student loan to pay for entertainment, going out to dinner, takeout meals, clothing, or vacations.

Federal Loans Offer More Forgiveness Options

Some student loan repayment plans, like income-driven plans, give graduates the opportunity to have their loans forgiven if they aren’t fully repaid at the end of the repayment period, which may be 20 or 25 years.

Depending on the field of work your student may enter, there may be other forgiveness options. For example, under Public Service Loan Forgiveness (PSLF), borrowers can have their loans forgiven after 120 monthly loan payments. To qualify, you must work for an eligible non-profit organization or government agency full-time while making those qualifying payments.

With the Teacher Loan Forgiveness Program, borrowers can qualify for up to $17,500 in loan forgiveness if they teach full-time for five full and consecutive academic years in a low-income elementary or secondary school or educational agency.

There are far fewer student loan forgiveness programs available for private student loans than federal loans. However, some private lenders offer loan modification or repayment assistance programs.
💡 Quick Tip: Would-be borrowers will want to understand the different types of student loans that are available: private student loans, federal Direct Subsidized and Unsubsidized loans, Direct PLUS loans, and more.

The Takeaway

You and your student will generally only want to look into student loans after you’ve tapped more cost-effective forms of funding, such as scholarships, fellowships, and grants — since that’s money you don’t have to pay back.

After that, you might consider federal student loans. You don’t need a credit history to qualify, and they come with low interest rates and programs, like income-driven repayment plans and loan forgiveness, that private loans don’t offer. If you still have gaps in funding, you might next look at private student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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.

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

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Source: sofi.com

Apache is functioning normally

January 1, 2024 by Brett Tams

SoMa San Francisco, which stands for South of Market San Francisco, represents the most central part of the city. The area is home to techies, Michelin-starred restaurants and high-rise apartment buildings. The location and close proximity to downtown, public transportation, entertainment and restaurants make SoMa a highly walkable and convenient place to live.

Where is SoMa in San Francisco?

As its name suggests, SoMa is nestled south of San Francisco’s main street, also known as Market Street. The area includes a few smaller neighborhoods as well, including South Beach, Yerba Buena and Rincon Hill.

SoMa stretches all the way down to 11th Street, and along the way, you can find plenty of shopping, dining, museums and San Francisco’s famous Moscone Center. The neighborhood is also adjacent to Embarcadero, which is the city’s famous waterfront that faces the Bay Bridge and further down, the city’s tourist attraction, Fisherman’s Wharf.

Source: Rent.

Like many neighborhoods in San Francisco, SoMa has withstood earthquakes, financial fallout and now a pandemic. It has survived and thrived and is now a destination for both techies and tourists.

SOMA has about 12,000 residents, compared to the general San Francisco population of 881,549.

Studio average rent: $3,040
One-bedroom average rent: $3,635
Two-bedroom average rent: $4,692
Walk score: 97
Bike score: 83
Transit score: 85

Living in SoMa San Francisco

SoMa represents a complete spectrum of San Francisco, with accessibility and comforts of the city just a short walk away. Here are a few things to know about living in SoMa San Francisco.

Crime and safety in SoMa

Like parts of any big city, SoMa is perfectly safe to walk around during the day. Because the area is always bustling with lots of people and activity, it’s considered safe. There are, however, parts of Market Street that can get dicey, including going past 6th Street.

You may encounter some of San Francisco’s homeless population, which tends to gather in this area. If you need to go through this area at night, the best thing to do would be to either avoid Market Street or take public transportation if you need to go beyond 6th Street.

Entertainment and shopping in SoMa

If you’re in search of shopping or entertainment, SoMa is trendy and has plenty to offer. The most popular destination is Union Square and San Francisco’s Westfield Centre. At this mall you’ll find high-end brands like Bloomingdales and Nordstrom. The shopping continues in the outdoor part of Union Square, with the famous cable trolley available to ride, right outside of The Gap.

For more of a local shopping experience, there’s also the city’s beloved Alexander Book Company, Foto-Grafix Books and The Green Arcade.

Like the rest of the city, SoMa has its fair share of parks and places to relax. Locals enjoy the lawn outside of the Metreon, Salesforce Park and — just a short walk away — the Embarcadero.

Dining and restaurants

Although the pandemic has caused a shift in the way restaurants serve their food, there’s still plenty of ways to enjoy a nice takeout meal and beverage from local eateries and artisan coffee shops. The neighborhood’s dining scene offers delicious food at every price point, craft cocktail bars and incredible bakeries.

Here’s a glimpse into SoMa’s food and drink scene:

The Bird: There’s often a line out the door for this hotspot that offers fried chicken and slaw. Top it off with a beer and curly fries.
Dottie’s True Blue Cafe: If brunch is more your thing, Dottie’s is a staple in SoMa. Get a ginormous order of pancakes and settle in at this San Francisco institution.
Birdsong: For some fine dining and a look at an open kitchen, check out Birdsong. The chefs prepare delicious chicken-based meals in front of you. Try any of the perfectly crispy fried chicken sandwiches and don’t forget to eat the huge flakes of batter that fall out of the sandwich with each bite.
The View Lounge: For one of the best hotel rooftops in the U.S., make your way to the 39th floor of the Marriott Marquis Hotel in SoMa. It’s a fantastic way to soak up the city’s stunning views with a delicious cocktail and light meal.

Transportation

Fact: The trolley is definitely not the best way to get around San Francisco but is a blast to ride.

One of the best things about being in SoMa is that you have any number of public transportation options to get to your destination. From jumping on the ferry from Embarcadero to get across the bay to Marin or taking BART to shuttle down to the East Bay, SoMa offers it all.

If you have a car, you can easily hop on the 101 Freeway or take Interstate 80 to get to the East Bay or Sacramento.

The main forms of transportation include:

Bus: 14, 14R, 5, KBUS, LBUS, NBUS
MUNI: To get anywhere within the city, including Ocean Beach and Dogpatch
BART: Subway that goes south to SFO or to the East Bay
Ferry: East Bay or north of San Francisco, such as Sausalito or Marin
Scooters and public bikes: They’re everywhere!

Education

Although for the moment, many schools are offering online courses only, there are a number of continued educational institutions housed in the heart of SoMa.

The SoMa area offers a number of universities, art schools, and trade colleges that are conveniently located for people living in the area. These include:

The California Institute of Studies (CIIS)
San Francisco State University Downtown
Golden Gate University
City College of San Francisco – Downtown Center
Academy of Art University
Wharton School – University of Pennsylvania

Weather in SoMa

SoMa has arguably the best weather in San Francisco — which is known for its micro-climates. Generally speaking, SoMa is slightly warmer and has more sun than other parts of the city, such as Ingleside or Oceanview, which both get an average of 12 hours of fog, daily! The fog is such a prominent force in the city, it’s called Karl and has its own Twitter account, @KarlTheFog.

San Francisco weather is mild, with moist winters, dry summers and an average temperature around 60 degrees. If you’re not familiar with San Francisco weather, prepare for foggy, chilly summers. The summer doesn’t really start until September, also known as San Francisco’s Indian Summer.

10 things to do in SoMa

From shopping, checking out local eateries, and soaking in the picturesque waterfront, there is so much to do and see in SoMa.

SFMOMA: Spend a day browsing through 30,000 pieces of modern artwork across seven gallery floors and 45,000 square feet of free, art-filled public space open to all.
Press Club: In the mood for a full-bodied glass of wine with dinner? Count on Press Club to offer an incredible selection of tastings and wines.
Yerba Buena Gardens: Take advantage of San Francisco’s fantastic weather by spending an afternoon on the lush green grass.
Salesforce Park: Stroll along a 5.4-acre elevated park, four stories above the streets on top of the Salesforce Transit Tower. Enjoy the view and check out the botanical gardens and public art.
Oracle Park: This is where the Giants play! Even if you’re not into baseball games, you’ll still appreciate the beautiful view of the bay and can take a behind-the-scenes tour of the stadium.
Alice Street Community Gardens: This is a small but surprisingly serene urban garden that is kept and manicured by seniors and younger disabled people from the neighborhood. Each person gets a plot for creative expression.
California Historical Society: This organization has galleries that showcase the history of California through photography, manuscripts, posters and artwork.
Walk the Barbary Coast: This is a four-mile walking tour connecting 20 historic sites and local history museums. There are approximately 180 bronze medallions and arrows embedded in the sidewalk mark the trail.
Deli Board: This SoMa staple will satisfy your sandwich cravings with plenty of surprises to boot. The menu changes daily and includes piles of delicious meats spilling out of fluffy, hot rolls.
Ice skate or bowl: Near the Yerba Buena Center for the Arts, there’s a year-round ice skating rink and bowling center.

Finding an apartment in SoMa

Finding an apartment in SoMa starts with your budget for rent and what kind of building you want to live in. On smaller side streets you’ll occasionally find a Victorian or a modern condominium. Brick walk-ups are common, as are high-rises—these are more common the further west you go.

SoMa isn’t the most car-friendly part of San Francisco, but the newer high rises offer parking, usually with a monthly fee.

Convenience is the main theme when living in SoMa, but if a balcony overlooking a beautiful, innovative city appeals to you, then it may just be your next place to live.

Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory of one-bedroom apartments. We pulled our data in May 2021, and it goes back for one year. Our team uses a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.

The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

Claire Tak is a writer who previously served as head of content and chief editor for FinTech companies in New York and San Francisco. Her work has appeared on FOX Business, Bloomberg and Forbes. She writes regularly about travel, money and being a good human. Traveling and snowboarding are her two favorite things to do.

Source: rent.com

Apache is functioning normally

November 20, 2023 by Brett Tams

HelloFresh is a popular meal kit delivery subscription service that delivers weekly boxes filled with the pre-portioned ingredients needed to make a complete meal.

HelloFresh costs between $8.99 and $12.49 per serving, depending on how many meals you order. In addition, a shipping fee and potentially sales tax, depending on your location, will be added to the meal cost; the amount will vary from week to week, depending on box contents.

Meal kit services aim to reduce the headache of planning meals, grocery shopping and prepping ingredients. HelloFresh might even help you save money by reducing how often you eat out. But first, you’ll need to learn more about what HelloFresh costs to ensure it fits your budget.

Before you build a budget

NerdWallet breaks down your spending and shows you ways to save.

How much is HelloFresh?

HelloFresh costs vary based on how many meals per week you order and the number of people you want to feed. HelloFresh lets you order between two and six meals per week and choose kits for two or four people.

You can choose any of the following menu options:

Meat & Veggies.
Family Friendly.
Fit & Wholesome.
Quick & Easy.
Pescatarian.

The more recipe types you pick, the more diverse your boxes will be. However, the meal type does not impact per-meal pricing.

How much does HelloFresh cost for two people?

HelloFresh offers weekly boxes for two. When building your box, you can choose from two to six meals per week (4 to 12 servings).

The cheapest base price before shipping and tax is $49.96 and includes two meals for two people at a per-serving price of $12.49. Upping your order to three meals per week drops the per-serving price to $9.99, while the four-, five-, and six-meal options have a per-serving cost of $9.79.

The “Personalize your plan” page of the website will break down the per-serving cost, base price of the box and overall price once shipping and any taxes are applied.

How much does HelloFresh cost for four people?

Ordering more meals drives down your per-serving cost. For instance, if you order two meals per week for four people, the per-serving cost drops to just $9.79 rather than the $12.49 per serving for two meals for two people.

HelloFresh’s most expensive plan also offers the cheapest per-serving price. This box costs $215.76 before shipping and tax and includes 24 total servings at a per-serving cost of $8.99. It includes six meals for four people. Again, check the “Personalize your plan” display to understand per-serving, per-box and overall costs.

Is HelloFresh worth it?

Whether HelloFresh is worth it depends entirely on your budget, eating habits and meal preferences. Calculate how much you usually spend per meal to get a sense of whether HelloFresh would work for you.

For instance, let’s say you and your partner typically spend about $8 per serving on home-cooked dinners. (You can estimate this from your grocery receipts.) However, you find it hard to fit grocery shopping and meal planning into your busy schedules, and you end up getting expensive takeout several times per week. Average what you’re paying overall, then see whether subbing meal prep kits for some take-out meals might lower your costs.

How to work HelloFresh costs into your budget

You may be able to reduce your costs by watching for deals. Check the HelloFresh site for discounts and offers, which can cut the price of a delivery. For instance, the “Hero Discount Program” offers 55% off and free shipping for your first box, then 15% off subsequent boxes for a year. It’s open to military personnel and veterans, as well as medical providers, nurses and hospital employees.

You can also use discount and coupon apps to check for deals. Note that these often must be used when signing up initially and may not apply to established accounts.

Using discounts to cut the cost could help you fit HelloFresh or another meal kit service into your budget for discretionary purchases. Under the popular 50/30/20 approach to budgeting, 50% of spending goes toward needs (rent, utility bills, etc.), 30% goes toward discretionary purchases (such as eating out or meal delivery), and 20% goes toward savings.

Source: nerdwallet.com

Apache is functioning normally

November 18, 2023 by Brett Tams

Owning your own home is typically a foundation of the American Dream, and many people are saving for a down payment right this minute. But when you are already paying rent, it can be a challenge to save for a down payment on a house, especially if you live in an area with a high cost of living or are dealing with the impact of inflation.

But that doesn’t mean it can’t be done. You can save up for your home purchase by following some wise financial advice and simplifying the process of socking away your cash.

If buying a home is a priority for you, read on. You’ll learn how to grow your down payment savings while still paying rent.

5 Tips to Save for a Home While You’re Still Renting

Rent can take a big bite out of your take-home pay, but it doesn’t rule out saving for a down payment on a house. Here’s some smart budgeting advice to help you set aside money for your future homeownership.

💡 Quick Tip: You deserve a more zen mortgage. Look for a mortgage lender who’s dedicated to closing your loan on time.

1. Pay Down Your Debt First

In order to save for a house, it’s wise to figure out a plan to pay down your existing debt. This will free up more money for you to save for that down payment. Also, when you do apply for a mortgage, you will likely have a lower debt-to-income ratio, or DTI ratio. Reducing you DTI ratio can help your application get approved.

Student loan debt is a common kind of debt to have; the average American right now has $37,338 in loans. If you’re a full-time employee, reach out to your company’s HR department to learn more about student debt repayment assistance. A recent survey by the Employee Benefit Research Institute found that 17% of companies in the U.S. currently have this type of assistance, so it’s worth a try.

Gain home-buying insights
with the latest housing
market trends.

As a more drastic measure, you could always think about going into a profession that offers partial or total student loan forgiveness (such as teaching in certain public schools) or moving to a state that will help pay off your student loan debt just for moving there (currently Kansas, Maine, Maryland, and Michigan).

For an easier fix, you could consider student loan refinancing options, which might lower your rate. By dropping your interest rates, you could significantly reduce both your payments and the length of time you’ll be making them.

However, a couple of points to note. If you extend your term to lower the payment, you will pay more interest over the life of the loan. Also, do be aware that, when refinancing federal loans to private ones, you may then no longer be eligible for federal benefits and protections. However, by getting a lower interest rate, you may accelerate your path to saving for your down payment and getting keys to your very own home.

Credit card debt can also play a role in preventing you from saving for a down payment. This is typically high-interest debt, with rates currently hovering just below 25%.

There are a variety of ways to pay down this debt, such as the debt avalanche method, which has you focus on your highest-interest debt first; the debt snowball; and the debt fireball methods.

If none of these techniques seems right for you, you might look into getting a balance transfer credit card, which will give you a period of zero interest in which you may pay down debt. Or you might take out a personal loan to pay off the credit card debt and then potentially have a lower interest loan to manage.

2. Create a Budget That Will Help You Spend Less and Save More

Another way to free up funds for that down payment is to budget well. Creating and sticking to a realistic budget can help you spend less while saving for a house. While budgeting can sound like a no-fun, punitive exercise, that really doesn’t have to be the case. A budget is actually a helpful tool that allows you to manage your income, spending, and saving optimally.

To get there, you can pick from the different budgeting methods. Most involve these simple steps.

Gather your data: Figure out how much you’re earning each month (after taxes), along with how much you’re currently spending. Add it all up including cell phone bills, insurance, grocery bills, rent, utilities, your coffee habit, the dog walker, gym membership, etc. Don’t miss a dime.

List your current savings: Are you currently putting money into an IRA, 401(k), or other savings plan? List it, so you can see what you’ve already got in the bank.

Really dig into and optimize your spending: Can you cut back anywhere? You might trim some spending by bundling your renters and car insurance with one provider. Perhaps you can save on streaming services by dropping a platform or two. And how’s your takeout habit? If you really want to save for a house, you may need to learn to cook. You might even consider taking in a roommate or moving to a less expensive place to turbocharge your savings for your down payment while renting.

Making cuts, admittedly, can be the toughest step in the budgeting process, but it’s crucial to be honest with yourself about your spending. Remember: However much you cut back can help you get a new home that much sooner.

Finally, check in on your budget every so often and adjust as needed. For example, if you land a new job, get a promotion, or are given an annual raise, perhaps you can add that money to your savings account or put it toward paying off your loans. Whichever one feels more important to you is OK, so long as that extra cash isn’t vanishing on impulse buys.

3. Investigate How Big a Down Payment You Actually Need

Many prospective homebuyers think they must have 20% down to buy a house, but that is not always the case. That is how much you need to avoid paying for private mortgage insurance (PMI) with a conventional conforming loan. Private mortgage insurance typically ranges from 0.5% to 2% of the loan amount, and it’s automatically canceled when your equity reaches 78% of the home’s original value.

Here are some valuable facts: You may be able to take out a conforming loan with as little as 3% down, plus PMI. Certainly, that’s a sum that can be easier to wrangle than 20%, though your mortgage principal will be higher. According to National Association of Realtors data, the average first-time homebuyer puts down about 6%.

In addition, you might qualify for government loans that don’t require any down payment at all, such as VA and USDA loans.

You might also look into regional first-time homebuyer programs that can provide favorable terms and help you own a property sooner.

💡 Quick Tip: Don’t have a lot of cash on hand for a down payment? The minimum down payment for an FHA mortgage loan is as little as 3.5%.

4. Grow Your Savings

If you’ve paid off your debt, set realistic budgeting goals, and are raking in some dough to add to a savings account, you’re already on the right track. A good next move is to put your money to work for you. Among your options:

• Open a high-interest savings account. These can pay multiples of the average interest rate earned by a standard savings account. You will frequently find these accounts at online vs. traditional banks. Since they don’t have brick-and-mortar branches, online financial institutions can save on operating costs and can pass that along to consumers. Just be sure to look into such points as any account fees, as well as opening balance and monthly balance requirements. (Features such as round-up savings can also help you save more quickly.)

You can also look into certificates of deposit (CDs) and see what interest rates you might get there. These products typically require you to keep your funds on deposit for a set period of time with the interest rate known in advance.

• If you have a fairly long timeline, you might consider opening an investment account to grow your savings. The market has a historical 10% rate of return, though past performance isn’t a guarantee of future returns. You could try using a robo advisor, or you could work with a financial advisor who will walk you through investment strategies for beginners and beyond and help you invest. Just be aware that investments are insured against insolvency of the broker-dealer but not against loss.

Recommended: First-time Homebuyer Guide

5. Automate as Much of Your Finances as Possible

This is a lot of information to process, but once you get through all the work upfront, you can start automating as much as possible. For example, have a portion of your paycheck automatically go into your savings account each month to plump up that down payment fund.

You might set up the direct deposit of your paycheck to send most of your pay to your checking account and a portion to a savings account earmarked for your down payment. You can check with your HR or Benefits department to see if this is possible.

Another way to automate your savings is to have your bank set up a recurring transfer from your checking account, as close to payday as possible. That can route some funds to your down payment savings without any effort on your part. Nor will you see the cash sitting in your checking account, tempting you to spend it.

The Takeaway

While saving for a down payment isn’t exactly a piece of cake, it doesn’t have to feel overwhelming. By trying five effective strategies, which can include budgeting, paying down debt, and automating your savings, you can accumulate enough money to start on your path to homeownership.

Once you have the down payment taken care of, you’ll be ready to shop for a home mortgage that suits you.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

^¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.

SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.

SOHL1023251

Source: sofi.com

Apache is functioning normally

November 18, 2023 by Brett Tams

Inside: Are you struggling to make ends meet on a low income? This guide will teach you how to budget money effectively on a low income, so you can live a comfortable life without having to skimp on important expenses.

Let’s face it… Navigating through the budgeting on a low income can often feel overwhelming.

The fear of insurmountable bills, the anxiety associated with rising living costs, and the overall foreboding nature of budgeting often make for a persistently stressful experience.

However, it is crucial to understand that you are not alone in this journey. I have been in your spot as well as many Money Bliss readers.

Regardless of how daunting the budgeting task may appear, we truly believe that with the right guidance and adherence to solid financial principles, you are capable of achieving financial peace of mind.

This process will simply require patience, persistence, and strategic planning. This guide aims not only to shine a light on the struggles of budgeting with a low income but also to offer a beacon of hope.

How to Budget Money on a Low Income

While it’s true that budgeting with a low income can be tough, proper money management can make it doable.

When you have less disposable income, it leaves you with less leeway in your budget. That’s why you have to be accountable and meticulously plan your spending to ensure financial stability.

So, let’s dig in and you can find success.

Step #1 – Figure out Your Monthly Income

Developing an effective budget starts with understanding your monthly income.

Here’s a step-by-step guide:

List out all income sources: This includes all your regular paychecks, part-time jobs, side hustles, social security, child support, or any other form of income you have. If your income is irregular, say from commissions or seasonal work, it’s advisable to base your budget on your lowest monthly income.
Account for taxes and deductions: To get an accurate picture of your disposable income, you need to factor in taxes and deductions from your earnings. You need to make sure you understand the difference between gross pay and net pay.
Include irregular income: If you occasionally get money from gifts, or sporadically earn from passive income sources like investments, be sure to include these too. As these are inconsistent, it is best to fund discretionary spending with this money.

Personally, I recommend using your net income with budgeting. This will give you an accurate budget that you can truly follow.

This knowledge is powerful when it comes to effective budgeting.

Step #2 – Define your bills and Expenses

Knowing how much you spend and what you spend your money on is another crucial step in budget planning.

The key is to define ALL your bills and expenses. Here are the personal budget categories that cover almost everything you can think of.

Now, you must do the following:

Identify your fixed costs: These are basics that you have to pay monthly and remain fairly constant, such as rent, car payments, and student loans.
Consider flexible costs: These expenses vary from month to month. Examples include groceries, transportation, electricity, water, and gas bills.
Remember periodic costs: Some costs only appear annually or semi-annually. For instance, insurance premiums, car registrations, and property taxes. It’s important to set aside money each month to cover these expenses when they arise. A sinking fund is great for these expenses.
Account for daily spending: Beyond fixed and flexible bills, consider your day-to-day expenses like shopping, subscriptions, and entertainment. Be honest about the little expenses. It’s often the small, frequent purchases that can derail a budget.
Prepare for unplanned costs: Finally, remember to budget for unexpected expenditures such as car repairs or medical bills.

By defining and categorizing your bills and expenses, you can see where your money is going and better manage your spending.

Step #3 – Reach a Zero Budget

A zero-based budget is a strategy that requires you to assign every dollar you earn to a specific expense or savings category, with the goal of having your income minus your expenses equal zero by the end of the month.

Write down your income: From the step before, you already know your total monthly income.
Subtract your expenses: Subtract the total of your monthly expenses (including savings) from your total monthly income. If you’ve correctly accounted for your income and expenses, the result should be zero. This is what it means to have a “zero-based budget”.
Balance the budget: If your income and expenditure don’t balance, adjust your variable expenses and other discretionary spending until they do. This can involve cutting back on nonessential overspending, like takeout meals or unnecessary purchases.
Allocate every dollar: With your budget balanced, each dollar should now have a purpose, whether it’s paying bills, going into savings, or providing for your daily needs.

Many people struggle to hit a zero based budget on the first try. It is common for your expenses to be higher than your income. Thus, a no spend challenge may help you identify what is important to actually spend your money.

Reaching a zero-based budget equips you with a clear picture of your financial status.

Thus, it allows you to use your money purposefully and prevents unnecessary spending. This way, even with a low income, you can still meet all your needs and work towards your financial goals.

What do you do if your budget shows your expenses are more than your income?

When your monthly spending exceeds your monthly income, immediate attention is needed to prevent worsening financial issues. Before panic sets in, consider taking the following steps:

Analyze your budget: Reevaluate and scrutinize your budget. There might be necessary adjustments overlooked or expenses incorrectly categorized. This will give you a clearer understanding of where your money is going.
Prioritize essential expenses: Allocate money to necessities like housing, food, utilities, and debt repayments first. Other less necessary expenditures, like entertainment and dining out, can be reduced or eliminated.
Reduce expenses: After prioritizing, identify areas where cuts can be made. Impulse buys, unnecessary subscriptions, or expensive habits might need to go.
Increase your income: Consider part-time jobs, side hustles, selling unused items, or picking up freelance work to bring in more money.
Seek advice if debt is weighing you down: As a last resort, you may look at ways to lower your interest rate on your debt. These strategies like debt consolidation or restructuring could help make your situation more manageable.

Remember, this situation, while stressful, is not permanent. With careful planning and disciplined execution, you can turn this around and regain financial stability.

Taking Control of Your Budget When Income Doesn’t Cover Your Expenses

Now, this is where you need to learn to manage your money wisely. You are in control of where you spend your money.

Many truly believe with a higher income all of their financial problems go away. From my research, most people end up with bigger money problems, the same spending habits, and still living paycheck to paycheck even with a higher income.

So, let’s reign in what you can do today to make your budget feasible.

1. Prioritize Essential Bills and Expenses. The key is to identify which expenses are truly essential to your livelihood. All remaining expenses, like entertainment or eating out, should be considered secondary and only met after the primary expenses have been satisfied.

2. Participate in a No Spend Challenge. A No Spend Challenge not only helps you save money rapidly but also makes you cognizant of your spending habits, helps identify non-essential expenses, and guides you towards a minimalist, sustainable lifestyle. Start with a no spend month.

3. Reduce your Housing Expenses. Housing costs can be one of the most significant expenses. Look at ways to downsize, negotiate rent, refinance your mortgage, or get roommates. Or even housesit permanently.

4. Be Cognizant of Bad Spending Habits. Some examples include impulse purchases, expensive convenience, not comparison shopping, or paying too much. By becoming aware of your spending habits and making conscious choices, you can break the cycle of unnecessary spending and start saving money with the penny challenge.

5. Skip the Expensive Coffee Shop. Choosing to forgo your daily coffee shop run can result in surprisingly significant savings. Implementing just this one change could save you over $600 a year!

6. Use Public Transportation to Save Money. The costs of owning a car – gas, maintenance, parking, and insurance – can quickly add up. So, look for public transportation as an alternative or even cycling, carpooling, or walking.

7. Take Advantage of Free or Cheap Entertainment. When living with a low income, entertainment expenses can quickly eat into your budget. Good news for you! There are plenty of things to do that don’t cost money.

8. Cut Back on Grocery Spending. By implementing simple strategies such as meal planning, cooking at home, cutting down on processed food and reducing waste, you can maintain a healthy diet while significantly reducing your grocery bills. Don’t forget to use those discounts and coupons!

9. Stick to Your Shopping List. Preplan your purchases before stepping into a store. This is a powerful tool in curbing those impulse purchases which can inflate your expenses substantially.

10. Start Meal Planning. Meal planning is a practical and economical way to manage your food budget. By planning your meals for the week, you can control your grocery spending and eliminate waste.

11. Stockpile Goods That Will Stay Stocked Up Long Term. Remember, the goal of stockpiling is to save money, not to transform your home into a supermarket. Purchase enough to last a few months and focus on items that you’re certain to utilize. Here are the best foods to buy when broke.

12. Pack Your Own Lunch and Skip Eating Out. With an average meal out costing around $10, you could easily save $200 a month by packing lunch from home. Over a year, that’s $2,400 in savings!

13. Drink Water and Avoid Processed Foods. Shifting dietary habits can be a significant change, but your commitment to a healthier lifestyle can reap both health and financial dividends. It’s an investment in a life of wellness and economic sustainability.

14. Take Advantage of Discounts when Shopping. Remember, the goal of shopping with discounts is to spend less on what you need, not to buy more than you need. So, make sure to use coupons wisely, shop sales, buy off season, and use Cashback apps like Rakuten and BeFrugal.

15. Avoid Impulse Purchases. By avoiding impulse purchases, you give your budget room to breathe and create an opportunity for savings. This makes a significant difference over time, especially when money is tight.

16. Apply for Discounts on Utilities and Services. Many utility companies provide low-income home energy assistance programs. The same is true for internet service. Contact your service providers to check your eligibility.

17. Get Free or Discounted Goods Through Charities. Charities, faith, professional, and local organizations often offer grants for people experiencing financial hardship. Utilizing them can be a lifetime as they help you stretch your budget further and provide necessary support in times of financial struggle. Don’t be afraid or too proud to ask for help when you need it.

18. Get Outside. Reconnecting with nature can provide you with cost-free entertainment and a sense of tranquility that’s hard to find elsewhere.

19. Avoid Unnecessary Expenditure. While each person’s definition of “unnecessary” may differ, the key to budget management is curbing expenditures that don’t add substantial value to your life. A common culprit could be brand-name goods or late fees.

20. Start the Practice of Saving with a Mini Savings Challenge. The Mini-Savings Challenge can pave the way to a habit of saving regularly, even on a tight budget. Essentially, this challenge consists of setting aside a small amount of money each day or week, gradually increasing the amount over time.

21. Show Gratitude. While it may seem less directly related to finance, practicing gratitude is indeed integral to efficient budgeting and financial wellness. Remember, financial success isn’t just about making more money. It’s also about appreciating what you have and recognizing the steps you’re taking towards your goals.

Inciting Additional Income Avenues

Okay, this section is how you take a low income and increase your money. While cutting back spending is helpful, creating more money will help you to reach money success faster. This will take the strain off.

1. Look for Ways to Earn Extra Income

Boosting your income, no matter how minimal the increase, can help cover necessary costs and elevate your financial standing.

Here are some ideas using your current job:

Work Overtime: If possible, consider getting more extra hours at your current job. Earnings from overtime or extra shifts can be significant.
Negotiate a Raise: If you’ve been with a company for a while and demonstrated your worth, it might be time to discuss a raise. Prepare well for this conversation with evidence of your productivity and value.

Every extra dollar earned can be put towards savings, paying down debt, and creating better financial stability.

2. Leverage Side Hustles for Extra Money

Side hustles have become an increasingly popular way to earn extra money online in your spare time. They allow for flexibility and can be a great supplement to your current income.

Start a Side Hustle: These can be a great way to make use of spare time to earn extra cash. This could be anything from driving for a rideshare company, offering freelance services, tutoring, delivering food or groceries to selling homemade goods online.
Sell Unused Items: You probably have items in your home that you no longer need. Selling anything from clothes to electronics or furniture can be a good source of income.
Passive Income: From writing an eBook to renting out a room in your house or investing in stocks, creating passive income streams can provide extra money over time.

Remember to choose a side gig that fits your schedule, interests, and skill set. Not only could it bring in extra money, but it could also turn into a passion project, making the work feel less like a chore.

3. House Sit for Extra Income

House sitting can be a viable option for those looking to generate extra income, especially if you’re flexible with your time and location. It typically involves looking after someone’s home (and sometimes their pets) while they’re away.

Not only is house-sitting a way to earn money, but it can also offer a free place to stay. Hello – you just lowered the biggest expense in your budget. However, remember that taking care of someone else’s home is a huge responsibility, so only take on tasks you’re confident you can handle.

Get started by building your profile on Trusted Housesitters.

4. Items You Don’t Need Anymore

Selling items you no longer need or use can both declutter your home and add to your income. It doesn’t just have to be big-ticket items; even small routine household items can yield returns.

While this may be difficult to do, look for items in good condition that you and your family no longer need or use. If you have extra baby stuff, you can rent it on BabyQuip for extra money.

Remember, while selling items won’t provide a consistent income, it can be a great one-time source of extra cash especially if you have these highly popular flipping items in your house.

Baby Equipment Rentals with BabyQuip

Have you heard about BabyQuip? They are the #1 baby equipment rental service offering clean, safe, and insured baby gear.

Whether you are traveling or just don’t want to purchase, this is a great idea to check out.

Learn More

5. Pick up a Part-time Job

When you’re on a limited income, picking up a part-time job can be a reliable way to supplement your earnings. You are trading your time for money.

Many of these jobs that pay weekly offer valuable experiences, skills, and possibly even room for growth and advancement. Remember to save and plan for any taxes due as a result of your increased earnings.

Smart Use of Technology in Budgeting

Taking advantage of personal budgeting tools can make managing your finances easier. They can help track expenses, create a budget, and set saving goals. Here are some popular options:

You Need a Budget (YNAB): YNAB helps you create a budget and live within your means, educating you on effective money management along the way.
Simplifi by Quicken: This app crunches the numbers to show how much money you have for day-to-day spending after accounting for bills, goals, and savings.
Empower: This free tool offers a comprehensive financial dashboard that includes budgeting features and investment tracking.
Tiller Money: If you want a more manual approach, you can use Google Sheets or Excel to create a customizable budget spreadsheet.

Remember, the best tool is the one you use consistently. Try a few options to see which one best meets your needs and preferences. Every tool has its pros and cons, but all aim to help you control your finances effectively.

Empower Personal Wealth, LLC (“EPW”) compensates Money Bliss for new leads. Money Bliss is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.

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Access Paychecks Early with Digital Banking Apps

With the rise of digital banking, access to innovative financial tools like early direct deposit has become more accessible, even for those with low incomes. These services can be crucial lifelines between paychecks or in case of emergencies.

Here are a few platforms that offer such services:

Chime: Once you set up direct deposit with Chime, you may get your paycheck up to two days earlier than at a traditional bank.
Current: Current, a mobile bank account, provides users with paychecks up to two days in advance.
Varo: Varo also offers early direct deposit for its users, helping you gain access to your money more quickly.
Clair: Clair’s on-demand pay solution lets you advance a portion of your paycheck before payday. This can be particularly helpful when navigating financial crunches.

It’s important to note that while accessing your paycheck early doesn’t give you extra money, it does provide more flexibility in managing your finances and can help avoid overdraft fees or high-interest loan options in times of need. As with any financial tool, it’s essential to use early paycheck access wisely and not rely on it for regular spending.

Current | Future of Banking

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FAQs

Saving money on a low income can seem challenging, but a few strategic changes and smart habits can make it achievable.

Engaging in a money-saving challenge can be a motivating way to encourage disciplined saving, helping you to creatively manage your finances and significantly boost your savings plan over time.

Remember, the key to saving on a low income is to stay consistent, patient, and adaptable in your approach.

Surviving on a low income budget can be challenging, but strategic planning and careful spending can help you manage your finances effectively.

The focus as Dave Ramsey likes to say is on your four walls – food, utilities, shelter, and transportation.

Remember that it’s okay to adjust your budget as you go. Circumstances change, and so should your budget. Review your budget regularly to ensure it’s still working for you and adjust as needed.

Budgeting when you’re broke might seem like an uphill battle.

The key is to make sure you stick to your budget and track your spending consistently. Don’t hesitate to reach out to local charities, government programs, and non-profit organizations for assistance.

Remember, being broke is often a temporary situation, and even small steps towards better budgeting can compound into big changes over time. Try to stay positive and focused on your financial goals.

Now, How do you Survive on a Low Budget?

Surviving on a low income involves careful planning, budgeting, and making the most of available resources. While it may seem challenging, it is indeed possible.

Every small step you take towards frugal living, such as sticking to a budget, reducing unnecessary expenses, or earning extra cash, can lead to considerable savings in the long run.

Remember, it’s also important to invest in yourself – whether that’s asking for a raise at work, learning a new skill, or starting a side hustle.

The journey of living on a low income can be tough, but it also offers an opportunity for creativity and gratitude for the essential things in life. With a positive mindset, some patience, and careful budgeting, you can not only survive but thrive, even on a low income.

The goal isn’t to just get by but to build a financially stable future.

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

Apache is functioning normally

November 15, 2023 by Brett Tams

Most of us have hopes and plans for the future, and they often require a degree of financial success. Whether your aspiration is relatively small and close to home (say, hosting an amazing 30th birthday party for your sweetie at their favorite restaurant) or considerably grander (owning multiple homes and retiring by age 50), it takes planning and discipline to achieve them.

In a nutshell, smart money habits can start you on the path to achieving financial success and realizing your dreams. Adopting small (and repeated) changes in behavior can be one way to start building good financial habits that can last a lifetime.

Read on to learn six of the most important money habits that can help steer you to financial success and realizing your money goals.

Why Good Money Habits Matter

Good money habits can set you up for financial success. They act like guardrails, keeping you moving towards positives (like an impressive retirement fund) and away from potential challenges (say, too much credit card debt). They are, in fact, similar to other wise habits in your life, whether that means eating well, exercising regularly, not staying up too late watching Netflix, or remembering to call your folks often.

Yes, good habits can require some time and energy to establish, and then you likely need to maintain focus to stay on track. Some will become second nature or no-brainers; others may require more ongoing effort. But by sticking with them, good money habits can guide you to help manage your personal finances well, make smart decisions with your funds, and achieve your future goals.

💡 Quick Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.

6 Good Money Habits to Adopt

Here’s a closer look at six key money habits that can help you develop financial success.

1. Set Financial Goals

Formulating your financial goals can be an important step. Goals can guide you as you go about building a financial plan for the years ahead.

One person’s goals might be to pay off their student loans and save for a down payment on a house; another might want to sock away enough cash to start their own business down the road; and yet another might want to achieve a lifestyle where they can pay for their child’s college education and take ski vacations every winter.

Putting pen to paper or opening a document on your laptop can be a helpful way to focus and define specific financial goals to work towards. This can give you clarity and boost your motivation vs. simply saving in the abstract.

Once you have goals in mind, you can begin saving toward them and tracking your progress.

2. Budget Well and Track Your Spending

If you are just winging it in terms of your finances, it’s probably wise to prioritize setting up a budget. The word “budget” can cause a knee-jerk reaction because it smacks of deprivation (as in, no more lattes, ever!) but that’s not what it’s about.

Rather, a budget involves understanding how much money you have coming in and where it’s going (typically towards spending and saving). It can help you be more aware of your finances and balance them, too.

Out of the various techniques, the 50/30/20 budget rule is a popular option. It spells out that 50% of your take-home pay goes towards your needs (housing, food, and healthcare, for instance), 30% towards your wants (dining out, those lattes mentioned above, travel), and 20% towards savings.

There are plenty of other different budgeting methods to try and tools you can use to track your spending, which is an important facet of good budgeting. Your bank may even offer a convenient system for this. By tracking your spending, you can see where you may be spending too much (say, your once-a-week takeout habit has crept up to four times a week), be more mindful with money, and optimize your finances. Perhaps you can put more towards debt payments, for example, than you realized.

It can also be wise to get in the habit of checking in with your money regularly; many people find that a couple of times a week is a good frequency.

💡 Quick Tip: If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.

3. Consolidate Debt

As you work on your budget, you may want to cultivate another money habit to develop financial success. That involves dealing with debt.

This might mean paying off credit card balances in full and making all other necessary debt payments on time, such as mortgage installments and student loan payments. Calendar reminders can help ensure that all payments get made on time, as can automating your payments (more on that below). It may even help to arrange to have all payments due on the same day. Some lenders are willing to move a monthly due date.

If you have student loan debt, you might look into refinancing options. You might, say, be able to lower your monthly payment, though that could extend the term of your loan and cost you more in interest over the life of the loan. However, doing so may be the right move for some people. (Also keep in mind that if you refinance federal loans as private student loans you will lose access to federal benefits and protections.)

Facing and managing your debt is an important step, regardless of the specific solution you decide upon. It’s a habit that allows you to take control of your money. And it can keep your debt-to-income ratio low, which can be an important factor when you want to borrow money at as low a rate as possible.

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4. Know When to Consider Balance Transfer vs. Personal Loans

Building on the idea of consolidating debt is the next financial habit. This one involves knowing the warning signs when your debt is getting uncomfortably high and then taking steps to rein it in.

Sometimes, the steps above aren’t enough. If that’s the case, it’s wise to consider your options vs. taking a wait and see approach. Currently, credit card interest rates are over 20% which can be hard for some people to pay off.

So if you see your balance rising to a level you are worried about, consider the following options as you take control of your debt:

• You might try a balance-transfer credit card, which can give you a reprieve from high interest accruing for a period of time (often 18 months), allowing you to pay down your debt.

• You might consider taking out a personal loan and using those funds to pay off your credit card debt. The goal here is to have a lower monthly payment on the personal loan than what your credit card bill amounted to.

• Contact a nonprofit credit counseling service, such as the National Foundation for Credit Counseling, or nfcc.org.
Getting in this habit before debt gets deeper can help you in the long run.

5. Automate Your Finances

It can be a good idea to save money right after getting paid — before the cash sits in checking long enough to spark the urge to spend it. So why not make it simple and save automatically upfront?

A person interested in saving might begin by automating just one kind of transaction. For example, they may opt to have $50 moved from a checking account to a different savings-oriented account each month. If that money remains unspent each month, those monthly automatic savings would total to $600 at the end of the year.

That could be a good way to start an emergency fund without expending much effort. You can also automate payments of, say, your utilities and housing costs or your car loan. Paying bills on time this way can help build your credit.

There are also numerous ways to automate your investments. A workplace plan, like a 401(k), may already be doing this. For someone who’s on their own, mutual funds can make auto-investment really easy. Alternatively, a robo-advisor service can automatically invest contributions on behalf of the investor. (Note: This automation may be challenging for those paid irregularly, such as freelancers and seasonal workers.)

By embracing automation, you can nail an important money habit. You can pay yourself first and stash cash away in savings. And you can avoid such bad money habits as not saving enough, paying bills late, or forgetting to pay them at all.

Recommended: How to Become Financially Independent

6. Investing Early and Often

“I invested too much money for retirement,” said no one, ever. Arguably, there’s no other financial goal that requires more habitual action — spread over decades — than saving and investing for retirement.

It can be tempting to push off planning for retirement until tomorrow. After all, when someone’s in their 20s or 30s, retirement is likely decades and decades away. Psychologically, it’s simple to presume that it’s just not worth thinking about in the now.

But, for many, retirement can be one of life’s biggest and most important expenses. It can secure your comfortable future. Investing early, often, and wisely, can help accomplish that goal.

Adopting this habit ASAP can be a big help; it allows for more time for money to grow via compounding. Compound returns are earnings on both the original amount invested (the principal) and the money earned via investing (the profit). The more months (or years) a person invests, the higher the potential for profits to compound. Note: It is important to note that all investing carries risk as the stock market can fluctuate.

Being consistent about moving money into your portfolio is important, too. Luckily, there are easy and affordable ways to get started investing. First, open an account, like a brokerage or a retirement account. (Investing in a 401(k) also counts as investing.) Then, investors can purchase investments like stocks and funds to achieve their goals. Or investors can use an automated investing service.

The Takeaway

Building good financial habits can be rewarding. There are more technological tools than ever to help with budgeting or expense tracking. From digital apps to automatic investing, building healthy financial habits has never been more accessible.

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.

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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..

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SOBK1023030

Source: sofi.com

Apache is functioning normally

October 16, 2023 by Brett Tams

The difference between the two travel cards mostly comes down to basic math: As a mid-tier travel card, the Sapphire Preferred has a$95 annual fee, but the Venture X is considered a premium travel card — and has the hefty price tag to match. The Venture X certainly delivers when it comes to luxury perks, but the card won’t be the right choice if you won’t make use of any of those benefits, or aren’t willing to pay for them.

Here’s how to decide between the Chase Sapphire Preferred® Card and Capital One Venture X Rewards Credit Card.

At a glance

How the cards compare

Capital One Venture X Rewards Credit Card

Chase Sapphire Preferred® Card

on Chase’s website

Annual fee

Welcome bonus

Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel.

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 toward travel when you redeem through Chase Ultimate Rewards®.

Rewards

10X miles on hotels and rental cars booked through Capital One Travel.
5X miles on flights booked through Capital One Travel.
2X miles on all other purchases.

Earn 5X points on travel purchased through Chase Ultimate Rewards®, excluding hotel purchases that qualify for the $50 annual Ultimate Rewards® hotel credit.
Earn 3X points on dining, including eligible delivery services, takeout and dining out.
Earn 3X points on online grocery purchases (excluding Target, Walmart and wholesale clubs).
Earn 3X points on select streaming services.
Earn 2X on travel purchases not booked through Chase Ultimate Rewards® .
Earn 1X per dollar spent on all other purchases.

Extra benefits

$300 annual credit for bookings through Capital One Travel.
$100 credit for Global Entry or TSA PreCheck.
Get 10,000 bonus miles (equal to $100 toward travel) every year, starting on your first anniversary.

Every year, earn bonus points equal to 10% of your total purchases made the previous year.
Up to $50 in statement credits each account anniversary year for hotel stays purchased through Chase Ultimate Rewards.

Still not sure?

Why Chase Sapphire Preferred® Card is better for most people

Lower annual fee

Annual fees for credit cards aren’t inherently bad, and in most cases the more you pay, the more you get. Still, forking over a large fee for a travel card can be a tough pill to swallow. The annual fee for the Chase Sapphire Preferred® Card is several hundred dollars less than the Venture X’s. And when you consider how much value you get for the Chase Sapphire Preferred® Card and its $95 annual fee, many people will find it hard to justify paying hundreds more for another travel credit card.

Better transfer partners

Transfering points to a partner airline or hotel is one of the best ways to squeeze more value out of them. While Chase has fewer transfer partners than Capital One, most travelers will find Chase’s to be more attractive. For example, only Chase partners with United and Hyatt, and Hyatt boasts perhaps the best transfer value at 2.3 cents per point, according to NerdWallet’s analysis.

Capital One also boasts an array of airline and hotel transfer partners, but they are largely foreign brands. Savvy travelers can find outsize value from Capital One’s partners, but many travelers will find Chase’s options more accessible.

Full list of Chase transfer partners

Aer Lingus (1:1 ratio).
Air Canada (1:1 ratio).
Air France-KLM (1:1 ratio).
British Airways (1:1 ratio).
Emirates (1:1 ratio).
Iberia (1:1 ratio).
JetBlue (1:1 ratio).
Singapore (1:1 ratio).
Southwest (1:1 ratio).
United (1:1 ratio).
Virgin Atlantic (1:1 ratio).

Hyatt (1:1 ratio).
InterContinental Hotels Group (1:1 ratio).
Marriott (1:1 ratio).

Full list of Capital One transfer partners

Aeromexico (1:1 ratio).
Air Canada (1:1 ratio).
Air France-KLM (1:1 ratio).
Avianca (1:1 ratio).
British Airways (1:1 ratio).
Cathay Pacific (1:1 ratio).
Emirates (1:1 ratio).
Etihad (1:1 ratio).
EVA (2:1.5 ratio).
Finnair (1:1 ratio).
Qantas (1:1 ratio).
Singapore Airlines (1:1 ratio).
TAP Air Portugal (1:1 ratio).
Turkish Airlines (1:1 ratio).

Accor (2:1 ratio).
Choice Privileges Hotels (1:1 ratio).
Wyndham Rewards (1:1 ratio).

Broader rewards structure

The rewards structure on the Chase Sapphire Preferred® Card makes the card more suited for everyday spending than the Venture X. The latter has the potential to earn up to an eye-popping 10x on travel, but you’ll have to book that travel through the Capital One portal. The card earns a respectable 2x on everything.

With the Chase Sapphire Preferred® Card you’ll earn 3x points on dining, including delivery services and takeout; streaming services; and online grocery purchases. If your spending habits sync with the Sapphire Preferred’s rewards structure, you’ll be able to effortlessly rack up points to pay for your next vacation.

🤓Nerdy Tip

By adding another no-fee card or two to your wallet, you can create a Chase Trifecta and supercharge your Ultimate Rewards® earnings. The Chase Freedom Flex℠ earns 5x up to $1,500 per quarter in rotating bonus categories when you activate (1x on everything else), plus 3x at drugstores.

Points worth 25% more

As major card issuers, both Chase and Capital One have their own travel portals through which cardholders can book flights, hotels and car rentals. However, Chase’s Ultimate Rewards® travel portal offers slightly better value. Points are worth 1.25 cents each when used to book through Chase while one Capital One mile is worth 1 cent.

Who might prefer the Capital One Venture X Rewards Credit Card

You want lounge access

True to its classification as a premium travel card, the Venture X grants its cardholders and two guests unlimited access to more than 1,000 airport lounges including Priority Pass lounges and Capital One lounges.

If you want lounge access but prefer Chase’s lineup of credit cards, your only option is the $550-annual-fee Chase Sapphire Reserve®.

You like Capital One’s travel portal

Booking travel through Capital One’s portal is the best way to offset most of the Venture X’s annual fee. Cardholders will receive a $300 annual credit toward travel expenses, which can be used in a single transaction or across multiple purchases. If you don’t mind booking through the portal, the $300 credit plus the 10,000 anniversary points you’ll get each year you renew (worth $100) will cover the entire annual fee of the card.

The Chase Sapphire Preferred® Card offers an annual credit, too, but it’s $50 and only good for hotel bookings through the Ultimate Rewards® portal.

You want trusted traveler program credit

Skipping the line in a crowded airport can be a huge perk, and Capital One Venture X Rewards Credit Card cardholders get a $100 credit for Global Entry or TSA PreCheck. The Chase Sapphire Preferred® Card offers no such reimbursement. Note, though, that you must pay for the Global Entry or TSA PreCheck fee with the Venture X card, and the $100 credit renews every four years, not annually.

Which card should you get?

The Chase Sapphire Preferred® Card, with its reasonable annual fee, top-tier travel partners and access to Chase’s travel portal, is the perfect entree into the world of travel credit cards. Plus, the $95 annual fee can be partly recouped by redeeming the hotel travel credit. Only if you’re after luxury perks and are comfortable paying a triple-digit annual fee should you commit to the Capital One Venture X Rewards Credit Card.

Source: nerdwallet.com

$11 an Hour is How Much a Year?

Let’s breakdown how that number is calculated

Work Part Time?

How Much is $11 Per Month?

How Much is $11 per Hour Per Week

How Much is $11 per Hour Bi-Weekly

How Much is $11 Per Hour Per Day

$11 Per Hour is…

Paid Time Off Earning 11 Dollars an Hour

Case # 1 – With Paid Time Off

Case #2 – No Paid Time Off

$11 an Hour is How Much a year After Taxes

$11 an Hour Budget – Example

recommended budget percentages based on $11 per hour wage:

Living on $11 Per Hour

5 Ways to Increase Your Hourly Wage

1. Ask for a Raise

2. Look for A New Job

3. Find a New Career

4. Find Alternative Ways to Make Money

5. Earn Passive Income

Tips to Live on $11 an Hour

1. Spend Less Than You Make

2. Living Below Your Means

3. Make Saving Money Fun

4. Make More Money

5. No State Taxes

6. Stick to a Budget

7. Pay Off Debt Quickly

Jobs that Pay $11 an Hour

$11 Per Hour Annual Salary

Did the post resonate with you?

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Episode transcript

Not All Loans Are Created Equally

Federal Student Loans

Private Student Loans

How Parents Can Help

The Takeaway

Where is SoMa in San Francisco?

Source: Rent.

Living in SoMa San Francisco

Crime and safety in SoMa

Entertainment and shopping in SoMa

Dining and restaurants

Transportation

Education

Weather in SoMa

10 things to do in SoMa

Finding an apartment in SoMa

The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

How much is HelloFresh?

How much does HelloFresh cost for two people?

How much does HelloFresh cost for four people?

Is HelloFresh worth it?

How to work HelloFresh costs into your budget

5 Tips to Save for a Home While You’re Still Renting

1. Pay Down Your Debt First

Gain home-buying insightswith the latest housingmarket trends.

2. Create a Budget That Will Help You Spend Less and Save More

3. Investigate How Big a Down Payment You Actually Need

4. Grow Your Savings

5. Automate as Much of Your Finances as Possible

The Takeaway

Gain home-buying insights
with the latest housing
market trends.