Yuma is a city with a mix of historical significance, natural wonders, and agricultural prowess. Often recognized for its sunny weather, Yuma is an excellent destination for travelers and a warm home for locals.
Yuma is not just a spot on the map, but a living museum and an outdoor enthusiast’s playground, offering a ton of activities and sights that just can’t be found elsewhere. From its days as a Wild West outpost to its current status as a powerhouse of domestic lettuce production, Yuma’s multifaceted identity is sure to surprise and delight.
Whether you’re a history buff, an outdoorsy type, or someone in search of an apartment somewhere warm, Yuma has what you’re looking for. Join us as we uncover ten of the top things this scenic city is known for.
1. Yuma Territorial Prison
The Yuma Territorial Prison, which opened in 1876, is a must-visit landmark that provides a glimpse into the Wild West’s rugged history. Today, it operates as a museum where visitors can explore the original cell blocks, guard towers, and gates. This once-feared prison held some of the most notorious outlaws in the American West.
2. Colorado River
Flowing gracefully alongside Yuma, the Colorado River adds a layer of depth to the city. It’s a popular spot for a variety of water activities like fishing, boating, and kayaking. The river’s banks are solid picnic spots and are surrounded by trails for biking and walking. The Colorado River provides a refreshing natural oasis in the desert landscape, inviting locals and visitors to enjoy its beauty in peace.
3. Lettuce Fields
Yuma proudly holds the title of the “Winter Lettuce Capital of the World.” The city’s agricultural fields stretch as far as the eye can see, with a significant portion dedicated to growing crisp, green lettuce. During the harvesting season, the fields are full of activity. Tours are available for those interested in learning about the farming practices and the immense scale of production that feeds a substantial portion of the United States during winter.
4. Yuma Medjool Date Festival
Celebrating one of the region’s sweetest harvests, the Yuma Medjool Date Festival is an annual event that showcases the versatility and importance of dates in Yuma’s agriculture. The festival is not only a testament to the local community’s hard work but also an experience that is ultra unique to Yuma.
5. Historic Downtown
Yuma’s historic downtown area is a charming combination of the old and the new. With buildings that date back to the late 1800s, the area is home to a variety of shops, restaurants, and cafes. Main Street is often bustling with activity, hosting farmers’ markets and cultural events that bring the community together. This historic district offers a cozy, small-town feel amidst its desert surroundings.
6. Sanguinetti House Museum and Gardens
The Sanguinetti House Museum and Gardens provide a welcome escape in the heart of Yuma. This late 19th-century home was once the residence of E.F. Sanguinetti, a prominent local merchant. Today, it serves as a museum showcasing Yuma’s history and culture. The lush gardens surrounding the house are a beautiful example of what can bloom in the desert with a little care and effort.
7. Imperial Sand Dunes
Just a short drive from Yuma, the Imperial Sand Dunes are a breathtaking natural wonder. This vast expanse of golden sands is a favorite among off-roaders and filmmakers alike. The dunes offer a dramatic landscape for photography, hiking, and dune buggy rides. Visiting the Imperial Sand Dunes feels like stepping onto another planet, providing an unforgettable adventure.
8. Gateway Park
Situated along the banks of the Colorado River, Gateway Park is a family-friendly spot with sandy beaches, picnic areas, and playgrounds. It’s the perfect place for a day out with the family.
9. Yuma Art Center
The Yuma Art Center is a beacon of creativity in the community. It’s a place where local artists and artisans can showcase their work, and art enthusiasts can immerse themselves in the local culture. The center’s commitment to fostering artistic expression makes it a vital part of Yuma’s culture.
10. Yuma Crossing National Heritage Area
Yuma Crossing National Heritage Area tells the story of the region’s development and its significance in American history. This area includes several historical sites and parks that highlight Yuma’s role as a strategic crossing point over the Colorado River. The heritage area not only preserves important landmarks but also educates visitors on the pivotal moments and figures that shaped the American Southwest we know today.
If you are offered a relatively low mortgage rate, locking it in can secure it and potentially save you a bundle of money over the life of your loan. In other words, it can be a smart move.
That said, when applying for a mortgage, you only have so much control over the mortgage rate, as lenders will consider your credit score, income, and assets to determine your risk as a borrower. What’s more, mortgage rates change daily based on external economic factors like investment activity and inflation.
Read on to learn how a mortgage rate lock works and the benefits and downsides of using this option.
What Is a Mortgage Rate Lock?
A mortgage rate lock is an agreement between a borrower and lender to secure an interest rate on a mortgage for a set period of time. Locking in your mortgage rate safeguards you from market fluctuations while the lender underwrites and processes your loan.
Interest rates can rise and fall significantly between mortgage preapproval and closing on a property.
Remember that in the home-buying process, when you’re pre-approved for a mortgage, you will know exactly how much you most likely can borrow, and then you can shop for a home in that range.
So when can you lock in a mortgage rate? Depending on the lender, you may have the option to lock in the rate any time between preapproval and when underwriting begins.
Before preapproval and locking in, it’s recommended to get multiple offers when shopping for a mortgage to find a competitive rate. 💡 Quick Tip: Want the comforts of home and to feel comfortable with your home loan? SoFi has a simple online application and a team dedicated to closing your loan on time. No surprise SoFi has been named a Top Online Lender in 2024 by LendingTree/Newsweek.
How a Mortgage Rate Lock Works
Mortgage rate locks are more complicated than simply securing a set rate in perpetuity. How the rate lock works in practice will vary among lenders, loan terms, different types of mortgages, and geographic locations.
Once you lock a mortgage rate, there are three possible scenarios: Interest rates will increase, decrease, or stay the same. The ideal outcome is securing a lower rate than the prevailing market interest rate at the time of closing.
Here are some key points to know if you are considering a rate lock:
• Rate locks are sometimes free but often cost between 0.25% and 0.50% of the loan amount.
• When you choose to lock in your rate, it’s stabilized for a set period of time — usually for 30 to 60 days, but up to 120 days may be available.
• If the rate lock expires before closing on the property, the ability to extend is subject to the lender.
• Time it right. The average mortgage took 44 days to close as of February 2024, according to ICE Mortgage Technology, underscoring the importance of timing a mortgage rate lock with your expected closing date. Otherwise, you could face fees for extending the rate lock or have to settle for a new, potentially higher rate.
• Whether borrowers are charged for a rate lock depends on the lender. It could be baked into the cost of the offer or tacked on as a flat fee or percentage of the loan amount. The longer the lock period, the higher the fees, generally speaking.
• Lenders have the discretion to void the rate lock and change your rate based on your personal financial situation. Say you take out a new line of credit to cover an emergency expense during the mortgage underwriting process. This could affect your credit and debt-to-income ratio, causing the lender to reevaluate your eligibility for the offered rate and financing.
• Lenders also determine the mortgage rate based on the types of houses a borrower is looking at: A primary residence vs. a vacation home or investment property, for example, would influence the interest rate.
Recommended: A Guide to Buying a Duplex
Consequences of Not Locking in Your Mortgage Rate
There are risks to not locking in a mortgage rate before closing.
If you don’t lock in a rate, it can change at any time. An uptick in interest rates would translate to a higher monthly mortgage payment. Granted, a slight bump to your monthly payment may not lead to mortgage relief, but it could cost thousands over time.
Example: The monthly payment on a $300,000 loan at a 30-year fixed rate would go up by $88 if the interest rate increased from 4% to 4.5%. This would add up to an extra $31,611 in interest paid over the life of the loan.
You can use a mortgage calculator tool to see how much a rise in rates could affect your mortgage payment.
Furthermore, a higher monthly payment might potentially disqualify you from financing, depending on the impact on your debt-to-income ratio. After a jump in interest rates, borrowers may need to make a larger down payment or buy mortgage points upfront to obtain financing.
Even if you lock in a mortgage rate early on, you could face these consequences if it expires before closing. Deciding when to lock in a mortgage rate should account for any potential contingencies that could delay the process. If you’re unsure, ask your lender for guidance on when you should lock in. 💡 Quick Tip: Generally, the lower your debt-to-income ratio, the better loan terms you’ll be offered. One way to improve your ratio is to increase your income (hello, side hustle!). Another way is to consolidate your debt and lower your monthly debt payments.
What to Do if Interest Rates Fall After Your Rate Lock
The main concern with mortgage rate locks is that you could miss out on a lower rate. In most cases, buyers will pay the rate they are locked in at if the prevailing interest rate is less.
A float-down option, however, protects you from rate increases while letting you switch to the lower interest rate at closing.
• Float-down policies vary by lender but generally cost more than a conventional rate lock for the added flexibility and assurance.
• It’s also possible that a float-down option won’t be triggered unless a certain threshold is met for the drop in rates.
• It’s worth noting that borrowers aren’t committed to the mortgage lender until closing, so reapplying elsewhere is an option if rates change considerably.
Pros and Cons of Mortgage Rate Lock
Back to the big question: Should I lock my mortgage rate today? It’s important to weigh the pros and cons to decide when to lock in a mortgage rate.
Pros
Cons
Locking in a rate you can afford can lessen money stress during the closing process
A rate lock might prevent you from getting a better deal if rates fall later on
You could save money on interest if you lock in before rates go up
If a rate lock expires, you may have to pay for an extension or get stuck with a potentially higher rate
Lenders may offer a short-term rate lock for free, providing a window to close the deal if rates spike but an opportunity to wait it out if they drop
Rate locks can involve a fee of 0.25% to 0.50% of the loan amount.
The Takeaway
A favorable interest rate can make a difference in your home-buying budget. If you’re considering a rate lock because you’re concerned that rates will be rising, it’s important to choose a lock period that gives the lender ample time to process the loan to avoid extra fees or a potentially higher rate.
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.
FAQ
How long does a rate lock period last?
Rate locks usually last 30 to 60 days but can be shorter or longer depending on the agreement. It’s not uncommon for lenders to offer a free rate lock for a designated time frame.
Should you use a mortgage rate “float-down”?
If you’re worried about missing out on low interest rates, a mortgage rate float-down option could let you secure the current rate with the option to take a lower one if rates drop. Take note that these agreements usually outline a specified period and minimum amount the rate must drop to activate the float-down.
How much does a rate lock cost?
Lenders don’t always charge for a rate lock. If they do, you can expect costs to range from 0.25% to 0.50% of the loan amount for a lock period (usually 30 to 60 days). A longer lock period or adding a float-down option typically increases the rate lock cost.
What happens if my rate lock expires?
If your rate lock expires before you’ve finalized the deal, you can choose to extend the lock period (usually for a fee) or take the prevailing rate when you close on the loan.
Photo credit: iStock/Vertigo3d
*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 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 Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
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.
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.
Do you find yourself thinking, “Should I move to Los Angeles, CA”? If you do, then you know that Los Angeles is not just any city. It’s a dynamic place where dreams take flight, and the sun almost always shines. From the iconic Hollywood sign to the bustling streets of downtown, LA is full of life and diverse cultures, making it a melting pot of ideas and creativity. Living here means you’re never far from the beach or a stunning hiking trail, offering a unique blend of urban living and nature’s beauty. Plus, with its world-famous entertainment industry, you might just bump into a celebrity while grabbing your morning coffee.
If you’re considering making the move to the City of Angels, you’re in the right place. In this article, we’ll discuss the pros and cons of living in Los Angeles to help you decide if it’s the right place for you. Let’s dive in.
Los Angeles at a Glance
Walk Score: 69 | Bike Score: 59 | Transit Score: 53
Median Sale Price: $975,000 | Average Rent for 1-Bedroom Apartment: $2,687
Explore Los Angeles neighborhoods | homes for sale in Los Angeles | houses for rent in Los Angeles | apartments for rent in Los Angeles
Pro: Diverse culinary scene
Los Angeles boasts an incredibly diverse culinary scene, reflecting its multicultural population. From authentic Mexican tacos in East L.A. to Korean BBQ in Koreatown and innovative vegan options scattered throughout the city, there’s something to satisfy every palate. The city is also home to numerous Michelin-starred restaurants, including Providence, Mélisse, and Somni. These exquisite dining experiences draw food enthusiasts from around the globe to LA.
Con: Traffic congestion
One of the most notorious aspects of living in Los Angeles is its traffic congestion. With a lower Transit Score of 53, the city’s sprawling layout, and heavy reliance on car transportation mean residents often face long commute times. This problem becomes more intense, especially during rush hours. This can lead to increased stress and less free time for leisure activities or family. Despite efforts to improve public transportation, traffic remains a significant challenge for the city.
Pro: Entertainment industry hub
Los Angeles is globally recognized as the heart of the entertainment industry. Home to Hollywood, it offers unparalleled opportunities for those aspiring to careers in film, television, music, and beyond. Similarly, musicians have a lot of opportunities with renowned music venues like the Troubadour and the Hollywood Bowl nearby. The city also hosts numerous film premieres, award shows, and industry events, providing locals with a front-row seat to the entertainment world. This vital sector also contributes to the city’s dynamic cultural landscape and economy.
Con: High cost of living
The cost of living in Los Angeles is 50% higher than the national average. From housing to groceries, nearly every aspect of daily life tends to come with a hefty price tag. The city consistently ranks among the most expensive places to buy a home in the United States, with sky-high rents and property values making homeownership a distant dream for many. The exorbitant cost of living in Los Angeles poses a significant challenge for residents, especially those with modest incomes or limited financial resources.
Pro: Beautiful weather
Los Angeles is famed for its mild, sunny climate year-round, making it an ideal location for outdoor enthusiasts. The city boasts an average of 284 sunny days per year, allowing residents to enjoy beaches, hiking trails, and parks regularly. This pleasant weather also supports a lively outdoor dining and social scene, contributing to the overall quality of life in the city.
Con: Air quality issues
Despite its sunny skies, Los Angeles struggles with air quality issues, primarily due to vehicle emissions and industrial pollution. The city frequently ranks among those with the worst air pollution in the nation, which can pose health risks, particularly for individuals with respiratory conditions. Efforts are ongoing to improve air quality, but it remains a concern for residents.
Pro: Cultural diversity
Los Angeles is a melting pot of cultures, offering a rich tapestry of experiences that reflect its diverse population. The city celebrates this diversity through numerous cultural festivals, museums, and neighborhoods like Little Tokyo and Little Armenia. This cultural richness enhances the social fabric of Los Angeles, fostering a sense of global community and understanding among its residents.
Con: Water scarcity
Located in a region prone to droughts, Los Angeles faces ongoing challenges with water scarcity. This environmental issue affects everything from residential water use to the sustainability of local agriculture. Residents are often subject to water usage restrictions and are encouraged to adopt water-saving measures, highlighting the importance of conservation in the city’s daily life.
Pro: Innovative tech scene
Should I move to Los Angeles if I don’t want to be in entertainment business? Los Angeles is not just about entertainment; it’s also a growing hub for the tech industry, often referred to as Silicon Beach. The city attracts startups and established tech companies alike, offering opportunities in digital media, aerospace, biotech, and more. This burgeoning tech scene provides a wealth of employment opportunities and fosters a culture of innovation and entrepreneurship.
Con: Seismic activity
Los Angeles is situated in a region with significant seismic activity, making earthquakes a reality of life in the city. While strict building codes and emergency preparedness efforts aim to mitigate the impact, the threat of a major earthquake is an ever-present concern for residents. This geological reality influences everything from insurance costs to personal and community safety measures.
Pro: Access to nature and recreation
Los Angeles offers easy access to a wide range of natural landscapes and recreational activities. From the beaches of Santa Monica and Malibu to the hiking trails in the Santa Monica Mountains and skiing opportunities just a few hours away, the city is perfectly positioned for those who love the outdoors. This access to nature contributes significantly to the lifestyle benefits of living in Los Angeles.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
California-based multichannel mortgage lender HighTechLending appointed reverse mortgage industry veteran Brian Boccia to serve as a senior account executive in its third-party origination (TPO) channel. He joins the company after prior experience at companies like Mutual of Omaha Mortgage and Reverse Mortgage Funding (RMF).
Aiming to keep in mind the financial difficulties that seniors may be facing, Boccia expressed a commitment to the reverse mortgage space and a need to understand senior pain points as key elements of his new position. To get a better understanding of all the dynamics in play, RMD sat down with Boccia and Eric Ellsworth, HighTechLending’s executive vice president of national sales.
Coming aboard
After working at RMF for more than nine years, Boccia transitioned to serve as an AE at Mutual of Omaha and helped to add reverse mortgages to the product mix for brokers there. This past month, he joined HighTechLending, along with some of his former colleagues at RMF, including Ellsworth and soon-to-be company co-owner David Peskin.
“With nearly two decades of experience, Brian brings a wealth of knowledge and expertise to our team,” Peskin said in the announcement of Boccia’s hiring.
When asked about the importance of the wholesale division to the overall plan that HighTech has for reverse mortgage business this year, Ellsworth said Boccia is a key player in the plan.
“The wholesale business is a huge part of our strategy coming into 2024,” he said. “David and I had our eye on Brian coming into this year, and we needed to hire somebody that has the customer service skills as well as the industry expertise. Brian has both of those, which we’re really excited about.”
Ellsworth also credits Boccia’s energy as an intangible element that can help lift the entire sales team, he said.
“That’s one of those non-resume things that you can bring to a sales team, an excitement,” he said. “Brian has the ability to elevate that with a team. So, it’s not just his ability to go out and develop relationships with brokers and create business, but just the impact of his energy on the team. We’re really excited about that.”
Customer-centric mentality
For Boccia, dedication to the customer base is key, he explained.
“All that matters is that we’re there for the senior client,” he said. “And that’s what matters to me. I’ve been working with David for 20 years now, so we kind of know each other. I told him I’ll bring knowledge, since I was a broker before I came to the TPO side. I know what it’s like from both sides. So, I feel like that, coupled with my experience of 15 years now doing the AE job, I can bring some energy and, quite frankly, I’m going to make some people laugh.”
Levity helps to keep customers engaged and builds trust, Boccia said.
“I don’t think it needs to be that serious of a situation if we’re all working together and getting the loans done for the senior,” he said. “We’re just trying to help people out. So, I think I’ll bring energy, especially, but maybe also the right frame of mind.”
If someone at the company hasn’t worked as either an AE or broker before, then being able to offer both of these perspectives should be beneficial for people at HighTechLending, he said.
“I can give them both sides of the fence,” he explained. “I’m looking forward to maybe giving them a few tips to help them grow a business. Simple as that — being part of a team.”
The business climate
When asked to explain what the business climate has been like so far this year, Ellsworth said that things started slow before accelerating into March.
“We started off the year with a nice little rate drop, and we were anticipating that this might be a better year. But quickly, those rates started to go back up,” he said. “In January, we saw a little bit of an uptick; it came back down a little bit in February. But I’ll say March is definitely headed in the right direction.”
Ellsworth described more application volume overall in March, which should lead to a good month.
“I was just talking to somebody about it today, and was thinking people are finally realizing that rates are not going to go down anytime soon,” he said. “We might see some rate drops like we saw this past week, and the Fed came out and announced that they’re still anticipating the three rate drops. Whether or not that makes a big, significant impact to the principal limit, I’m not sure.”
But having these conversations openly with borrowers helps to crystallize their understanding of rate dynamics, he said.
The new normal
“I think everybody understands that interest rates are higher than they have been in years past, especially during COVID,” Ellsworth said. “And because of that, I think people are more open to moving forward with a little bit of a higher interest rate than what they could have gotten three years ago.
“It’s really not as big of an issue as it was two years ago. I think it’s just a matter of whether or not somebody qualifies because of the impact that that rate has on the principal limit.”
Boccia said that seniors are being pragmatic based on other costs — especially the cost of living.
“Seniors are more looking at living a healthy retirement,” he said. “We’re in a little bit of a high interest rate environment, but you’ve got to remember something: The line of credit on the HECM grows at the same interest rate at which they’re being charged. So, it’s not all negative. [Some borrowers might] take whatever [they] can upfront, leave something in a line of credit, and have that grow at 7.5% to 8%.”
On the shores of Lake Superior, Duluth stands proud as a true gem in the Land of 10,000 Lakes. From its iconic lift bridge to the sheer beauty of the North Shore, Duluth offers a variety of experiences that draw visitors from all over and entice people to lay down roots for life.
Whether you’re a history buff, outdoor enthusiast, or someone who appreciates the subtler things in life, living in Duluth just might be for you.
1. Aerial Lift Bridge
One of Duluth’s most recognizable landmarks is the Aerial Lift Bridge. This engineering marvel, originally built in 1905, connects Canal Park with Park Point, and serves as a critical transportation link and a tourist attraction. Visitors can watch in awe as the bridge rises to allow ships to pass through from Lake Superior to the Duluth Harbor.
2. Canal Park
Canal Park is Duluth’s lively waterfront district, where old meets new in a seamless way. Once an industrial area, it’s now a buzzing spot with restaurants, cafes, shops, and hotels. The area is famous for its lakeside walking paths, the Maritime Visitor Center, and a series of festivals throughout the year. Watching ships navigate the canal, exploring the local art scene, or enjoying fresh lake fish are just a few ways visitors can really enjoy a day in Duluth to the fullest.
3. Duluth Lakewalk
The Duluth Lakewalk is a scenic pathway that offers breathtaking views of Lake Superior and the city skyline. Stretching for miles, it provides the perfect environment for walking, jogging, or simply sitting on one of its many benches to take in the view. Along the way, landmarks like the Leif Erikson Park and Rose Garden add to the experience, making it a must-visit for anyone looking to connect with Duluth’s natural beauty and peaceful atmosphere.
4. Glensheen Mansion
The historic Glensheen Mansion is a window into the opulent past of Duluth’s wealthy Congdon family. This 20th-century estate sits on the shore of Lake Superior and is meticulously preserved, offering visitors a glimpse into the lifestyle of the era. Guided tours reveal the mansion’s elaborate interiors, lush gardens, and fascinating history, making it a captivating experience for history buffs and passersby alike.
5. North Shore Scenic Drive
For those who love road trips, the North Shore Scenic Drive is a journey through some of Minnesota’s most spectacular landscapes. Starting in Duluth and winding its way along the coast of Lake Superior, this route showcases cliffs, waterfalls, and forests. Stops at state parks, like Gooseberry Falls and Split Rock Lighthouse, offer opportunities for hiking, picnicking, and photography, making the drive a day-long adventure into the heart of Minnesota’s natural wonders.
6. Park Point Beach
Park Point Beach provides a surprising coastal experience in the heart of the Midwest. As one of the longest freshwater sandbars in the world, it offers miles of sandy beach for sunbathing, swimming, and volleyball. The beach also has picnic areas and is a popular spot for watching the sunrise or sunset over Lake Superior. It’s a slice of beach paradise that contrasts beautifully with the surrounding northern landscape.
7. Bent Paddle Brewing Co.
Craft beer fans should always make a stop at Bent Paddle Brewing Co., a cornerstone of Duluth’s thriving craft brewery scene. Known for its innovative and sustainable brewing practices, Bent Paddle offers a variety of beers that capture the essence of the region. The taproom is a welcoming space where visitors can sample a wide range of brews, from velvety stouts to crisp lagers, reflecting the community’s passion for quality and respect for well executed creativity.
8. Spirit Mountain
Spirit Mountain offers outdoor adventure year-round, with skiing, snowboarding, and snow tubing in the winter, and mountain biking, hiking, and a thrilling alpine coaster during the warmer months. Overlooking the city and Lake Superior, Spirit Mountain provides some of the best views in the area. The mountain is a destination for families, thrill-seekers, and anyone looking to enjoy the great outdoors while taking in the scenic beauty of Duluth.
9. Lake Superior Railroad Museum
At the heart of Duluth’s historic Union Depot, the Lake Superior Railroad Museum preserves the region’s rich railroading history. Visitors can explore a vast collection of locomotives, passenger cars, and freight equipment, some of which date back to the early days of rail travel. The museum not only tells the story of how railroads shaped the area but also offers rides on vintage trains, allowing guests to experience history in motion.
10. Duluth Entertainment Convention Center (DECC)
The DECC is a central spot for entertainment, hosting a wide range of events from concerts and conventions to sports and theatrical performances. Its location, overlooking the harbor, adds to the allure of attending an event here. The DECC is also home to the AMSOIL Arena, where the University of Minnesota Duluth’s hockey teams play.
Do you want to learn how to move out at 18 with no credit, little money, or even no money? Here’s what you need to know. There are many reasons for why you may want to move out at a young age – perhaps you have a difficult home life, you want to move somewhere…
Do you want to learn how to move out at 18 with no credit, little money, or even no money? Here’s what you need to know.
There are many reasons for why you may want to move out at a young age – perhaps you have a difficult home life, you want to move somewhere new, or you just want your own space.
I moved out shortly after turning 18 (about a week or so after my 18th birthday) into a rental home, and while I was not prepared at all, I do think being prepared to move out at a young age is extremely helpful. I made many mistakes that led to many, many tears, money wasted, stress, and more.
Today, I want to help you avoid as many problems as you can.
After all, moving out at 18 years old (or any other young age) is already really hard, and there is such a huge learning curve.
Moving out when you turn 18 is a big step into becoming an adult. Even though it can be exciting, moving out for the first time needs to be planned carefully. Before you leave, it’s important to make a plan to make sure you can afford it and stay on your own.
This means finding a job, making a budget you can stick to, and saving money for unexpected costs.
How To Move Out at 18
Below are ways to move out at 18.
Recommended reading: Buying a House at 20 (How I did it)
Make a plan to move out at 18
I highly recommend having a plan if you want to move out at 18 years old.
Moving out at 18 is a big step, and making a plan will help everything go a little more smoothly.
You will want to think about things such as:
Where you will work
How you will pay your bills
If you will live with a roommate or on your own
What your budget will be like
What you’ll do if things get tough, such as if you can’t afford your rent
What you will do for health insurance and medical bills
And so much more.
I will be going further in-depth on many of these below.
Find ways to make money
If you are 18 and want to move out, then you will need to have a stable source of income, of course. There are many options for earning money, from traditional jobs to more flexible side hustles.
A full-time job typically gives you more hours and benefits like health insurance, which are helpful when you’re living on your own. If you have other things going on, a part-time job might be better because it offers more flexibility while still giving you money (but, you may not earn as much money). You can find job openings online, at job fairs, or on community bulletin boards. Jobs like delivering food can be either full-time or part-time, and companies tend to need people.
If you want to make more money, you can side hustle to make extra income – a way to make extra cash that you do alongside your main job. You could freelance by doing things like writing, teaching tutoring lessons, or designing graphics. Or, you could babysit for families nearby, walk dogs, or help people with tasks or errands. These little jobs can add up to a lot of money and give you the flexibility to work when you want.
When I was young and first moved out, I worked full-time at a retail store. I also eventually started a few side hustles (like blogging, freelance writing, and selling stuff online) so that I could pay off my student loans quickly. Living on your own is not easy, especially when you are young and your income is not that high – so side hustles may be needed so that you can make enough money to pay your bills.
Some helpful articles to read include:
Create a budget
When you’re ready to step out into the world at 18, you need a budget. I can’t think of any young adult who would not need a budget.
Budgets are great because they help you keep track of your money coming in and going out. With a monthly budget, you’ll know exactly how much you can spend on different things each month as it helps you see how much money you have and where you might need to cut back on spending.
A budget will help you to figure out if you can afford to live on your own, if you need to have roommates, or if you need to find a cheaper living arrangement.
Making a budget is easy. First, write down how much money you make each month from your job or other places. Then, write down what you need to spend money on each month, like:
monthly rent
food
phone bill
internet
car
fuel
utilities like electrical, water, trash, sewer, gas/propane
car insurance
medical/health
pet care
restaurants
cable, satellite, or any TV monthly subscriptions
household essential items, like toilet paper, trash bags, etc.
and some money for fun stuff too
Knowing your monthly expenses will help you to better manage your money so that you won’t go into credit card debt.
Recommended reading: The Complete Budgeting Guide: How To Create A Budget That Works
Save for the move (and open a bank account)
When you’re getting ready to move out at 18, saving money is obviously very important. If you can help it, I do not recommend moving out with no money saved.
Think about all the costs you’ll face – like rent, your first security deposit, food, and any unexpected things that pop up. You’ll want to tuck away money for this.
How much should you save to move out? A good rule is to save at least three to six months of living expenses. For example, if you spend $1,500 a month, aim to save between $4,500 and $9,000 before you head out on your own.
This will be your emergency fund. An emergency fund is money you save up for unexpected things that might happen. This could be paying bills if you lose your job or if your hours or pay get reduced. It could also cover unexpected expenses like a car repair, medical bill, or fixing a broken window.
An emergency isn’t something like buying a birthday present, a new TV, or going on vacation.
Having an emergency fund is smart because it can stop you from getting into debt you don’t need. Some people rely on their credit cards for emergencies, but that’s not a good plan.
I also recommend getting your own bank account for all of the money you save. It’s a safe place for your money, and it helps you track what you earn and spend. Plus, you’ll need it for things like direct deposit from jobs or paying bills online.
I personally use Marcus by Goldman Sachs for my savings account as they have a very high rate. You can get up to 5.50% at the time of this writing through a referral link bonus. According to this high-yield savings account calculator, if you have $10,000 saved, you could earn $550 with a high-yield savings account in a year. Whereas with normal banks, your earnings would only be $46.
Improve your credit score and history
When you’re moving out of your parents’ home, having a good credit score is super helpful. This is because your credit score and credit history may be used for things like getting approved for an apartment and getting signed up for utility bills.
If your credit score is low, then you may be denied an apartment and even have to pay large deposits to get signed up for utilities (like water and electric).
Here are some important things to know:
Understand credit utilization – This is all about how much credit you’re using compared to how much you have. Try to use less than 30% of your credit limit. Say your card has a $1,000 limit. Aim to spend no more than $300.
Always pay on time – You should pay every bill on time, every time. Even being a little late can hurt your credit score a LOT!
There are other ways to improve your credit, such as by getting a secured credit card or becoming an authorized user on a family member’s credit card.
Here are two really helpful articles I recommend reading:
I also recommend keeping an eye on your credit by checking your score and report. Sites offer free checks, and it’s good to know where you stand. That way, you can fix any mistakes fast.
Think about where you’ll live
When planning to move out at 18, picking where you’ll live is a huge step.
Here are some things to think about:
Think about who you’ll live with. Living by yourself can be expensive so sharing rent and other bills with roommates can save you money, but make sure you choose your roommates wisely. You’ll be sharing your space with them, so it’s important to pick people who are responsible and trustworthy (and will actually pay the bills!).
Try using online tools to compare different areas. You can check things like crime rates, public transportation options, and how close they are to places you need, like grocery stores.
Think about the cost. Can you pay the rent and utility bills every month? Make sure to include these costs in your budget. Sometimes, living a bit farther from popular areas can be cheaper.
For my first home, I rented a very small 400-square-foot home with no real bedroom. But, it was within my budget and next to my college (I lived a few miles away), and surprisingly affordable.
Talk to your parents
When you’re getting ready to move out at 18, it’s important to have a conversation with your parents. This might feel hard or even impossible, but remember that clear communication is important.
I recommend choosing a time to tell them when your parents aren’t too busy or stressed as having this conversation when everyone is relaxed can make it easier for everyone to talk openly.
I think it is also helpful to think about how your parents might feel. If you’re the first to leave the home, they might find it tough. Try to understand their perspective and mention that you’ll stay in touch and visit.
And, be ready to show them your plan. Your parents will want to know you’ve thought things through. If you’ve been saving money, let them know. Talk about your job and how you’re managing to support yourself. It’s good to tell them about the place you’re planning to move into and how you chose it.
How to move out of your parents if it isn’t safe
So, after reading the above, I know that some of you may not have a good home life. You may not feel safe telling your parents that you are moving out.
If that’s the case, then I recommend reading this section.
Sometimes, home isn’t the safe place that it’s supposed to be. If you’re in a tough situation and need to leave at 18 but can’t talk to your parents about it, you’re not alone.
Here’s what you can do:
Find an adult you trust – Look for someone you trust, like a teacher, counselor, or family friend. They can maybe give you support and help you figure out your options.
Plan ahead – Start thinking about where you’ll go and how you’ll support yourself. Look into shelters, transitional housing programs, or staying with a trusted friend or relative.
Know your rights – As you turn 18, you have rights. Learn about your options for housing, education, and employment because there may be resources available to help you.
Stay safe – If you’re in danger at home, prioritize your safety. Contact local authorities or organizations that can help you leave safely.
Take care of yourself – Moving out can be tough, but remember to take care of yourself emotionally and physically, such as by talking to friends, finding support groups, or talking to a counselor if you need to.
Leaving home at 18 without being able to talk to your parents is hard, but it’s not impossible. Reach out for help, make a plan, and remember that you deserve to live in a safe and supportive environment.
Get free stuff for your new home
One of the big challenges of moving out on your own is affording all of the different things that you need.
Luckily, there are ways to get things for free or really cheap.
Some of the top ways include:
Facebook Buy Nothing groups – This is my favorite place to start if you want to get things for free. These groups promote recycling and reusing items instead of throwing them away when you’re done with them. To begin, look for and join a local Buy Nothing group on Facebook. You can search for groups for your city. People list their free stuff all the time, such as furniture, electronics, clothes, and more. You can even make a post asking if anyone has something that you need.
Ask family and friends – Your family and friends might have extra stuff they’re willing to part with. They might even be happy to see it go to a good home – your new home!
Check online platforms – Websites like Craigslist, Freecycle, and Facebook Marketplace can be goldmines for free furniture. People often list items they want to get rid of quickly.
Visit thrift stores and yard sales – Thrift stores and yard sales sometimes offer “free bins” or low-cost items they want to get rid of fast.
Attend college move-out days – If you live near a university, go there on move-out day. Students tend to leave behind perfectly good furniture that’s yours for the taking.
Community centers and churches – These places often have bulletin boards with listings for free items.
Always be safe when arranging pickups, especially with strangers. Always bring a friend or let someone know where you’re going.
Helpful articles:
Handling utilities and bills
Dealing with utilities and bills is a big step in moving out. Utilities are services you need like water, electricity, gas, and the internet.
Before you move, call or visit the websites of local utility companies. You’ll need to set up accounts in your name. This might include a deposit fee, so be ready for that.
I recommend making a list of all your expected bills. Rent, electricity, water, internet, and maybe gas are usually the basics. Add them up to see how much you’ll spend each month.
After you move in, you will want to find out when each bill is due. It’s your job to pay them on time as paying late can lead to extra fees or even getting your services turned off. Some companies let you set up automatic payments, and this means the money comes out of your bank account on its own each month. This can make sure you’re always on time.
You will want to hold onto your bills and receipts. This way, if there’s ever a mistake with a bill, your records will help fix it.
You can save money by being smart about using your services. Turn off lights when you leave a room and unplug electronics that you’re not using. You might also shop around for better deals on services like the internet.
After you get your first set of bills, you will understand why your parents wanted to keep the air conditioning off or why they always asked you to turn the lights off – things can be expensive!
Also, remember that different times of the year will impact your bills. For example, your electric bill will most likely be a lot more expensive in the summer than it will be in the spring or fall.
Maintain your home (housekeeping)
Moving out at 18 means taking on the responsibility of housekeeping. You might be surprised how quickly your new home can become cluttered and get dirty.
Keeping your home nice starts with regular cleaning, and I recommend setting aside some time each day for tasks like washing dishes, making your bed, and tidying up the living area. This way, messes won’t pile up and become overwhelming.
Then, once a week, dedicate your time to deeper cleaning such as vacuuming, mopping floors, cleaning the bathroom, dusting, and doing laundry.
Housekeeping also requires tools and supplies, so you will want to plan your budget to include items like sponges, cleaners, and trash bags.
Make friends in your new community
Moving out at 18 is a big step, and making friends in your new community is important. It can make your new place feel like home. When you move, you might not know many people, but there are fun and simple ways to meet people.
Here are some tips:
Get to know your neighbors – Start with a smile and say hi to your neighbors.
Join local groups or classes – Look for groups that interest you. Love to paint? Find an art class. Enjoy cooking? Maybe there’s a cooking group nearby. Like rock climbing? Go to the local climbing gym. This way, you meet people who like what you like.
Visit community centers – Many towns have a community center. They have activities like sports, games, and events.
Making friends might take time, but it’s totally possible! Just be yourself and be open to talking to new people.
Balancing work and personal life
I’m guessing you will have a lot going on, between trying to work full-time and enjoying your life, and even possibly furthering your education.
I recommend trying to schedule your time so you don’t get too busy. Use a calendar or app to make sure you’ve got time for work, taking care of your place, and doing fun things too.
It’s okay to say no if you’re too busy. If you’re working a full-time job, you might not be able to hang out with your friends all the time. It’s all about finding a healthy balance between earning money and enjoying life. I had to say no to my friends many times because I was simply too busy. If your friends still live at home, it may be hard for them to understand this unless you explain your situation.
Plus, remember to take breaks. When you’re planning your week, set aside some time just for relaxing. Watching a movie, reading, or hanging out in the park are all great ways to unwind and give your mind a break.
Frequently Asked Questions
Below are common questions about how to move out at 18 years old with little money.
How can I move out fast at 18?
To move out quickly, focus on making a steady income and finding affordable housing. Create a budget to manage your expenses and look for immediate job openings or housing options. Saving as much money as you can right now is also super helpful.
How much money should I have saved by 18 to move out?
Aim to save at least 3 to 6 months of living expenses before moving out. This safety net can cover rent, groceries, and unexpected costs, giving you financial stability as you start on your own.
Can you move out at 18 while still in high school?
Yes, you can move out at 18 while in high school, but make sure you have a support system in place. Balancing school responsibilities with living independently can be very hard.
How to move out at 18 with strict parents?
When moving out at 18 with strict parents, communicate your plans clearly and respectfully. Prepare a well-thought-out plan to show them you’re serious and capable of managing your own life.
Can your parents not let you move out at 18?
When you turn 18, you’re legally an adult in most places, and you can decide to move out even if your parents don’t agree. However, it’s important to respect their opinion and explain your reasons. There are some places where you have to be older, so make sure you do your research.
Do I have to tell my parents I’m moving out?
While you’re not legally required to inform your parents in most places, it’s nice to talk about your decision with them, as transparent communication helps maintain a positive relationship after you leave.
Can I move out at 18 without parental consent?
Yes, in most places, at 18 you’re legally permitted to move out without parental consent. You will want to make sure this applies to your local area.
What things do you need when moving out of your parents’ house?
There are many things that you will need to move out of your parents’ house such as a bed, blanket, pillow, kitchen supplies, towels, a place to eat, a dresser, cleaning supplies, groceries, and more.
Is it realistic to move out at 18?
It is realistic to move out at 18 if you have a reliable income, a budget, and a plan for handling responsibilities. You will want to be as prepared as possible to move out at a young age because there will be many hurdles thrown your way, most likely.
How To Move Out At 18 – Summary
I hope you enjoyed this article on how to move out at 18 years old.
It’s really important to have a plan for a successful move when you are just 18 years old.
You’ll need to find ways to earn money regularly, like getting a job and even doing extra work on the side.
Having savings in the bank and an emergency fund will help you handle unexpected expenses without ruining your plans.
There are also many other things to think about, such as the cost of living, utility bills, your credit score, and more.
I moved out when I was just 18 years old, so I completely understand where you are coming from. I had no financial help from my parents and found and did everything on my own – from making money to finding a place to live, making all of my own meals, and more. It was hard, but it was what needed to be done.
Do you plan on moving out soon? Do you have any questions for me on how to move out at 18?
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
An authorized user is an individual added to a credit card by the owner of the account or primary cardholder. The authorized user, also referred to as the additional cardholder, can make purchases using the credit card, although the responsibility to make payments falls on the primary cardholder.
Building credit from scratch can be a difficult task, especially for those with limited credit knowledge. One way to get your feet wet with credit is by becoming an authorized user on someone else’s account. As an authorized user, you can leverage someone else’s positive credit habits to improve your own creditworthiness.
However, there are important factors to consider before becoming an authorized user yourself or adding an authorized user to your account. Read on to learn more.
Table of contents:
What is an authorized user?
An authorized user is a person added to someone else’s credit card account who has permission to make charges. The main user who owns the account is the primary cardholder, while an authorized user is sometimes referred to as an additional cardholder.
Who can be an authorized user?
Anyone can be an authorized user, provided they meet the card issuer’s requirements and the primary cardholder adds them to the account. Typically, the primary cardholder and authorized user have an established, trusted relationship.
Here are the most common scenarios where adding an individual to your account is beneficial.
Parent/child: Parents may add their children as authorized users to their account to help them build credit history and give them access to the line of credit for emergencies or family expenses.
Employer/employee: Business owners may add trusted employees as authorized users for business-related expenses.
Couples: Couples may designate one spouse as the primary cardholder and the other spouse as the authorized user, especially when one partner has a higher credit score than the other.
Is an authorized user responsible for credit card debt?
No, being an authorized user doesn’t make you responsible for paying credit card debt. While an authorized user can make purchases, payment responsibilities fall to the primary cardholder. Authorized users have no legal responsibility to make payments.
How does being an authorized user affect your credit?
Accounts you’re an authorized user of are typically included in your credit report, which can help you build credit history. Also known as piggybacking credit, this allows you to use the primary cardholder’s positive credit habits to build your credit.
While being an authorized user can help increase your credit score, it can also have the opposite effect. If the primary cardholder falls behind on payments or maintains a high credit utilization ratio, this can negatively impact your credit.
It’s important to note that not all credit card issuers report authorized user activity to the three major credit bureaus. Consider checking with the primary cardholder’s issuer before becoming an authorized user to make sure they report to the credit bureaus.
How to add an authorized user
To add an authorized user, reach out to your credit card company online, by phone or in-person. Your credit card company will likely require the authorized user’s name, address, birth date and Social Security number to add them to the account.
Once you add someone as an authorized user, your credit card company will mail you a second card that the authorized user can use, although you can decide whether or not you give it to them. Keep in mind that you don’t need to give the authorized user a physical card for them to receive the credit-building benefits.
Here are additional tips to remember when adding an authorized user:
Only add authorized users you trust since they will have access to your credit line.
If your credit card company offers this option, consider setting up spending limits for authorized users to prevent overspending.
Set up alerts to notify you when an authorized user makes a purchase.
How to remove an authorized user
You can easily remove an authorized user if your circumstances have changed. Similarly to adding an authorized user, just contact your credit card company and request the authorized user be removed from the account. Consider also contacting the authorized user to notify them that you’re removing them from the account.
Here are some circumstances in which you may want to remove an authorized user from your account:
There’s been a change in relationship: For example, if your partner is an authorized user on your account and you break up
The account has been misused: If an authorized user is overspending on your account and negatively affecting your finances. For example, if your teen’s spending habits are out of control
There are also scenarios in which you may want to remove yourself as an authorized user from someone else’s account, such as:
You achieved financial independence: If you’ve established a credit history and no longer need access to the account, consider removing yourself to manage your finances independently.
The primary cardholder’s poor credit habits are affecting your credit score: If the primary cardholder is falling behind on payments, your credit could also take a hit, so it’s best to cut ties.
Joint credit card vs. authorized user
A joint credit card allows two people to share one account equally. The main difference between an authorized user and a joint credit card is who is legally obligated to make payments. While both parties are responsible for paying debt on a joint card, an authorized user isn’t required to make payments.
Keep in mind that fewer credit card issuers are offering joint accounts since companies prefer that only one individual is liable for the account. Meanwhile, most credit card issuers offer the option to add authorized users.
Authorized user FAQ
Still unsure whether becoming an authorized user is right for you? We’ve answered some common questions below.
How old do you have to be to be an authorized user on a credit card?
Some credit card issuers have age requirements ranging from 13 to 16, while others have no minimum age requirement.
How long does it take for authorized user accounts to show on your credit report?
Authorized user accounts will typically appear on your credit report within 30 to 45 days after you’re added to the account, as long as your credit card issuer reports to the credit bureaus.
What is the difference between having a cosigner and becoming an authorized user?
A cosigner shares responsibility for repaying the debt, while an authorized user isn’t legally obligated to make payments.
Monitoring your credit as an authorized user
Becoming an authorized user is a great way to kick-start your credit journey. As you start to build credit, it’s important to monitor your credit and ensure that no inaccurate negative items are impacting your score.
When you sign up for a free credit assessment with Lexington Law Firm, you’ll receive your credit score, credit report summary and a credit repair recommendation. View your credit snapshot today.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Reviewed By
Brittany Sifontes
Attorney
Prior to joining Lexington, Brittany practiced a mix of criminal law and family law.
Brittany began her legal career at the Maricopa County Public Defender’s Office, and then moved into private practice. Brittany represented clients with charges ranging from drug sales, to sexual related offenses, to homicides. Brittany appeared in several hundred criminal court hearings, including felony and misdemeanor trials, evidentiary hearings, and pretrial hearings. In addition to criminal cases, Brittany also represented persons and families in a variety of family court matters including dissolution of marriage, legal separation, child support, paternity, parenting time, legal decision-making (formerly “custody”), spousal maintenance, modifications and enforcement of existing orders, relocation, and orders of protection. As a result, Brittany has extensive courtroom experience. Brittany attended the University of Colorado at Boulder for her undergraduate degree and attended Arizona Summit Law School for her law degree. At Arizona Summit Law school, Brittany graduated Summa Cum Laude and ranked 11th in her graduating class.
Returned item charges are bank fees that are assessed when you don’t have enough money in your account to cover a check (or online payment) and the bank doesn’t cover that payment. Instead, they return the check or deny the electronic payment, and hit you with a penalty fee. Returned item fees are also called non-sufficient funds (NSF) fees. While these fees used to be ubiquitous, some banks have chosen to eliminate them.
Read on to learn exactly what NSF/returned item fees are and how you can avoid paying them.
What Is a Non-Sufficient Funds (NSF) Fee?
A non-sufficient fund or NSF fee is the same thing as a returned item fee. These are fees banks charge when someone does not have enough money in their checking account to cover a paper check, e-check, or electronic payment. They are assessed because the bank has to put forth additional work to deal with this situation. They also serve as a way for banks to make money. The average NSF fee is $19.94.
In addition to being hit with an NSF fee from the bank, having bounced checks and rejected electronic payments can cause you to receive returned check fees, late fees, or interest charges from the service provider or company you were attempting to pay. 💡 Quick Tip: Banish bank fees. Open a new bank account with SoFi and you’ll pay no overdraft, minimum balance, or any monthly fees.
How Do Non-Sufficient Fund Fees Work?
Here’s a basic example. Let’s say that someone has $500 in the bank. They withdraw $100 from an ATM and forget to record that transaction. Then, they write a check for $425, believing that those funds are available:
• Original balance: $500
• ATM withdrawal: $100
• New actual balance: $400
• Check amount: $425
• Problem: The check is for $25 more than what is currently available.
The financial institution could refuse to honor this check (in other words, the check would “bounce” or be considered a “bad check”) and charge an NSF fee to the account holder. This is not the same thing as an overdraft fee.
An overdraft fee comes into play when you sign up for overdraft protection. Overdraft protection is an agreement with the bank to cover overdrafts on a checking account. This service typically involves a fee (called an overdraft fee) and is generally limited to a preset maximum amount.
Are NSF Fees Legal?
Yes, NSF or returned item fees are legal on bounced checks and returned electronic bill payments. However, they should not be charged on debit card transactions or ATM withdrawals.
If you don’t opt in to overdraft coverage (i.e., agree to pay overdraft fees for certain transactions), then the financial institution cannot legally charge overdraft (or NSF) fees for debit card transactions or ATM withdrawals. Instead, the institution would simply decline the transaction when you try to make it.
No federal law states a maximum NSF fee. But The Truth in Lending Act does require banks to disclose their fees to customers when they open an account.
The Consumer Financial Protection Bureau has been pushing banks to eliminate NSF fees, and their efforts have paid off. Many banks have done away with NSF fees and others have lowered them.
Are NSF Fees Refundable?
You can always ask for a refund. If you’ve been with a financial institution for a while and this is your first NSF fee, you could contact the bank and ask for a refund. The financial institution may see you as a loyal customer that they don’t want to lose, so they may say “yes.” That said, it’s entirely up to them — and, even if they agree the first time, they will probably be less willing if it becomes a pattern. (Or, they may say “no” to the very first request.)
Recommended: Common Bank Fees and How to Avoid Them
Do NSF Fees Affect Your Credit?
Not directly, no. Banking history isn’t reported to the consumer credit bureaus. Indirectly, however, NSF fees could hurt your credit. If a check bounces — say, one to pay your mortgage, car payment, credit card bill, or personal loan — this may cause that payment to be late. If payments are at least 30 days late, loans and credit cards can be reported as delinquent, which can hurt your credit.
And if a payment bounces more than once, a company might send the bill to a collections agency. This information could appear on a credit report and damage your credit. If you don’t pay your NSF fees, the bank may send your debt to a collection agency, which could be reported to the credit bureaus.
Also, keep in mind that any bounced checks or overdrafts could be reported to ChexSystems, a banking reporting agency that works similarly to the credit bureaus. Too many bounced checks or overdrafts could make it hard to open a bank account in the future.
What Happens if You Don’t Pay Your NSF Fees?
If you don’t pay your NSF fees, the bank could suspend or close your account and report your negative banking history to ChexSystems. This could make it difficult for you to open a checking or savings account at another bank or credit union in the future. In addition, the bank may send your debt to a collection agency, which can be reported to the credit bureaus.
How Much Are NSF Fees?
NSF were once as high as $35 per incident but have come down in recent years. The average NSF is now $19.94, which is an historical low.
When Might I Get an NSF Fee?
NSF fees can be charged when there are insufficient funds in your account to cover a check or electronic payment as long as the bank’s policy includes those fees.
Recommended: Negative Bank Balance: What Happens to Your Account?
What’s the Difference Between an NSF and an Overdraft Fee?
An NSF fee can be charged if there aren’t enough funds in your account to cover a transaction and no overdraft protection exists. The check or transaction will not go through, and the fee may be charged.
Some financial institutions, though, do provide overdraft protection. If you opt in to overdraft protection and you have insufficient funds in your account to cover a payment, the bank would cover the amount (which means there is no bounced check or rejected payment), and then the financial institution may charge an overdraft fee. So with overdraft, the transaction you initiated does go through; with an NSF or returned item situation, the transaction does not go through and you need to redo it. Fees may be assessed, however, in both scenarios.
How to Avoid NSF Fees
There are ways to avoid overdraft fees or NSF fees. Here are some strategies to try.
Closely Watch Your Balances
If you know your bank balance, including what’s outstanding in checks, withdrawals, and transfers, then a NSF situation shouldn’t arise. Using your bank’s mobile app or other online access to your accounts can streamline the process of checking your account. Try to get in the habit of looking every few days or at least once a week.
Keep a Cushion Amount
With this strategy, you always keep a certain dollar amount in your account that’s above and beyond what you spend. If it’s significant enough, a minor slip up still shouldn’t trigger an NSF scenario. 💡 Quick Tip: If your checking account doesn’t offer decent rates, why not apply for an online checking account with SoFi to earn 0.50% APY. That’s 7x the national checking account average.
Set Up Automatic Alerts
Many financial institutions allow you to sign up for customized banking alerts, either online or via your banking app. It’s a good idea to set up an alert for whenever your balance dips below a certain threshold. That way, you can transfer funds into the account to prevent getting hit with an NSF fee.
Link to a Backup Account
Your financial institution may allow you to link your savings account to your checking account. If so, should the checking balance go below zero, they’d transfer funds from your savings account to cover the difference.
Use Debit Cards Strategically
If you use your debit card to rent a car or check into a hotel, they may place a hold on a certain dollar amount to ensure payment. It may even be bigger than your actual bill. Depending upon your account balance, this could cause something else to bounce. So be careful in how you use your debit cards.
Look for No-Fee Overdraft Coverage
You can avoid NSF fees by shopping around for a bank that offers no-fee overdraft coverage.
The Takeaway
Returned item fees (also known as NSF fees) can be charged when there are insufficient funds in your account to cover your checks and electronic payments. When you get hit with an NSF fee, you’re essentially getting charged money for not having enough money in your account — a double bummer. To avoid these annoying fees, keep an eye on your balance, know when automatic bill payments go through, and try to find a bank that does not charge NSF fees.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.
FAQ
What happens when you get an NSF?
If you get charged an non-sufficient funds (or NSF) fee, it means that a financial transaction has bounced because of insufficient funds in your account. You will owe the fee that’s listed in your bank’s policy.
Is an NSF bad?
If a financial transaction doesn’t go through because of insufficient funds, then this can trigger returned item charges (NSF fees). This means you’re paying a fee for not having enough money in your account to cover your payments, a scenario you generally want to avoid.
Does an NSF affect your credit?
An NSF fee does not directly affect your credit, since banking information isn’t reported to the consumer credit agencies. However, if a bounced check or rejected electronic payment leads to a late payment, the company you paid could report the late payment to the credit bureaus, which could impact your credit.
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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 https://www.sofi.com/legal/banking-rate-sheet.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
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Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Have you ever wondered, “Should I move to Chicago, IL?” Living in the Windy City is like being in a giant playground with endless adventures around every corner. The city is famous for its vibrant arts scene, diverse neighborhoods, and passionate sports fans. From the towering skyscrapers that touch the clouds to the deep-dish pizza that’ll make your taste buds dance, Chicago is truly one-of-a-kind.
Whether you’re exploring the museums, taking a stroll by Lake Michigan, or cheering at a baseball game, Chicago has a unique way of making everyone feel at home. In this article, we’ll discuss 11 pros and cons of living in Chicago to help you decide if it’s the right place for you. Let’s get started.
Chicago at a Glance
Walk Score: 77 | Bike Score: 72 | Transit Score: 65
Median Sale Price: $335,000 | Average Rent for 1-Bedroom Apartment: $1,835
Chicago neighborhoods | houses for rent in Chicago | apartments for rent in Chicago | homes for sale in Chicago
Pro: Rich historical heritage
Chicago’s rich historical heritage is evident in its architecture, museums, and landmarks. The city played a pivotal role in the development of skyscrapers, and a walk through its downtown area reveals architectural marvels like the Willis Tower and the John Hancock Center. Chicago’s history is also preserved in institutions like the Chicago History Museum and the DuSable Black History Museum, offering residents and visitors the opportunity to deep dive into the city’s past.
Con: Harsh winters
One of the most challenging aspects of living in Chicago is its notoriously harsh winters. Temperatures can plummet well below freezing, and the city often experiences heavy snowfall, ice storms, and biting winds that come off Lake Michigan, making it feel even colder. These conditions can make daily commutes and outdoor activities quite daunting from late November through March.
Pro: Outstanding dining and culinary scene
Chicago’s dining scene is second to none, offering a diverse array of culinary experiences that cater to all tastes and budgets. From the legendary deep-dish pizza to Michelin-starred restaurants like Alinea and Chicago Cut Steakhouse, the city’s food landscape is rich and varied. Chicago is also home to a thriving street food scene, with food trucks and pop-up markets offering everything from gourmet sandwiches to international delicacies.
Con: Traffic congestion
Chicago is notorious for its heavy traffic congestion, especially during rush hours and peak travel times. The city’s extensive network of highways, streets, and intersections can become gridlocked, leading to frustrating delays and longer commute times for residents and commuters. This congestion is exacerbated by ongoing road construction projects, lane closures, and infrastructure repairs, which further disrupt traffic flow and contribute to traffic-related stress. For example, the Kennedy Expressway, one of the busiest highways in the city, experiences frequent congestion, causing significant delays for drivers traveling to and from the downtown area.
Pro: Extensive park system
Chicago is renowned for its extensive park system, offering residents and visitors alike a green escape within the urban environment. The city’s crown jewel, Grant Park, hosts the iconic Buckingham Fountain and provides a stunning backdrop to the Chicago skyline. Additionally, the 18-mile-long Lakefront Trail offers unparalleled access to beaches, parks, and recreational activities along Lake Michigan, making it a favorite among outdoor enthusiasts.
Con: High cost of living
The cost of living in Chicago is 14% higher than the national average. Rent and real estate prices in desirable neighborhoods can be steep, making it challenging for some residents to find affordable living spaces. Additionally, the city’s sales tax is one of the highest in the nation, which can further strain budgets, especially for those already struggling with the high costs associated with urban living.
Pro: Diverse neighborhoods
One of Chicago’s greatest strengths is its diversity, reflected in the city’s wide array of neighborhoods, each with its own unique character and cultural heritage. From the historic architecture of the Gold Coast to the vibrant murals of Pilsen, Chicago’s neighborhoods offer a mosaic of experiences. This diversity fosters a rich community life where various cultural traditions and cuisines are celebrated, making it a fascinating city to explore and live in.
Con: Seasonal allergies
For those sensitive to seasonal changes, Chicago’s diverse plant life and weather patterns can trigger significant allergy symptoms. Spring and fall are particularly challenging times for allergy sufferers. The city’s abundant parks and green spaces contribute to higher pollen counts. This can be a minor inconvenience for some but a major health issue for others, affecting their ability to enjoy the city’s outdoor amenities.
Pro: Vibrant arts and culture scene
Chicago boasts an incredibly vibrant arts and culture scene that is hard to match. From the world-renowned Art Institute of Chicago, which houses masterpieces spanning centuries. To the eclectic music scene that has birthed genres like Chicago blues and house music, the city is a haven for art lovers and musicians alike. The city also hosts numerous festivals throughout the year, including the Chicago Jazz Festival and Lollapalooza, drawing in crowds from all over the globe.
Con: Noise pollution
Should I move to Chicago if I like peace and quite? Maybe not. As a bustling metropolis, Chicago experiences a significant amount of noise pollution. From the constant hum of traffic to the sounds of construction and urban development, noise is a constant presence. This can be particularly challenging for those living in denser neighborhoods or near major roads.
Pro: Access to world-class healthcare
Residents of Chicago have access to some of the best healthcare facilities in the country. The city is home to top-ranked hospitals such as Northwestern Memorial Hospital and the University of Chicago Medical Center. Each of which are renowned for their research, specialty care, and medical education programs. This access to high-quality healthcare is a significant advantage for those living in and around Chicago.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
Los Angeles is an undeniable international creativity, entertainment, and innovation hub. Known for its sprawling footprint, the city offers a unique blend of glamor, culture, and cutting-edge industry, attracting millions of visitors and new residents each year.
From the iconic Hollywood sign to the bustling streets of Downtown LA, the city is a hotspot for artists, entrepreneurs, and dreamers.
Whether you’re soaking up the sun on one of its world-famous beaches or moving to the City of Angels to pursue your loftiest dreams, Los Angeles promises an unforgettable experience. Let’s dive into ten specific things that make Los Angeles a city like no other.
1. Hollywood Sign
The Hollywood Sign is not just the landmark of one of LA’s most iconic neighborhoods; it’s a symbol of dreams, ambition, and the global entertainment industry. Perched on Mount Lee in the Hollywood Hills, this iconic sign originally advertised a local real estate development in 1923. Today, it’s a must-see for tourists and a constant reminder of the city’s pivotal role in film and television. The sign’s towering letters have watched over countless film productions and continue to inspire those who come to Los Angeles hoping to make a mark in the entertainment world.
2. Griffith Observatory
Griffith Observatory offers breathtaking views of Los Angeles and the cosmos. Situated on the southern slope of Mount Hollywood in Griffith Park, this observatory is as much a gateway to the stars as it is a stunning vantage point for viewing the city’s expansive landscape. Inside, visitors can explore exhibits about space and science, watch live shows in the planetarium, and peer through telescopes to gaze at the celestial wonders.
3. Venice Beach
Venice Beach is renowned for its eclectic boardwalk, talented street performers, and picturesque canals that mirror its Italian namesake. This beachfront neighborhood captures the essence of California’s free spirit with its skate parks, mural-covered buildings, and boutique shops. Whether you’re watching the skilled skateboarders, shopping for unique souvenirs, or simply enjoying the sun, sand, and surf, Venice Beach provides an unforgettable slice of Los Angeles’ laid-back lifestyle.
4. The Getty Center
The Getty Center stands out as a monumental testament to art, architecture, and stunning gardens. Sitting atop the Santa Monica Mountains, it has panoramic views of Los Angeles and houses an impressive collection of artworks spanning centuries. From European paintings to modern sculptures, the Getty’s exhibits are as diverse as the city itself.
5. Los Angeles County Museum of Art (LACMA)
Los Angeles County Museum of Art, or LACMA, is the largest art museum in the western United States, showcasing an extensive collection that spans geographical boundaries and historical periods. From ancient artifacts to contemporary pieces, LACMA offers something for every type of art enthusiast. The museum is also home to Chris Burden’s “Urban Light,” a captivating installation of restored street lamps that has become an iconic photo spot for visitors and locals alike.
6. Universal Studios Hollywood
Universal Studios Hollywood is a thrilling blend of an amusement park and a working movie studio, providing visitors with an immersive entertainment experience. Here, you can explore the wizarding world of Harry Potter, face off against dinosaurs in Jurassic Park, or take a behind-the-scenes tour of real film sets. It’s a unique opportunity to dive into the magic of movie-making and enjoy rides and shows based on popular films and TV shows.
7. Hollywood Walk of Fame
The Hollywood Walk of Fame stretches along Hollywood Boulevard, paying tribute to stars from the entertainment industry. With over 2,600 brass stars embedded in the sidewalks, it honors actors, musicians, directors, producers, and fictional characters. Tourists flock here to find the stars of their favorite celebrities and capture a piece of Hollywood history. The Walk of Fame is a testament to the city’s enduring impact on entertainment.
8. Santa Monica Pier
Santa Monica Pier is a classic symbol of California’s beach culture, with amusement park attractions, family-friendly restaurants, and stunning ocean views. The pier’s Ferris wheel and roller coaster add a nostalgic charm to the seaside setting. It’s a popular spot for fishing and, at night, the lit-up Ferris wheel creates a magical backdrop against the Pacific Ocean.
9. The Broad
The Broad is a contemporary art museum in Downtown Los Angeles, known for its innovative architecture and extensive collection of post-war and modern art. Founded by philanthropists Eli and Edythe Broad, the museum houses over 2,000 works of art, including pieces by Andy Warhol, Jeff Koons, and Roy Lichtenstein. Admission is free, making it an accessible destination for artsy types and casual visitors alike.
10. Dodger Stadium
Dodger Stadium is the historic home of the Los Angeles Dodgers and so much more than just a ballpark. Located in the Elysian Park neighborhood, it offers stunning views of the downtown skyline and the San Gabriel Mountains. Attending a game here is a quintessential LA experience, complete with sunny skies, cheering fans, and the chance to catch a fly ball. Beyond baseball, Dodger Stadium hosts concerts and events, making it a versatile venue in the heart of Los Angeles.