In need of cash? Some apps can help — but they want to be your bank account, too.
Apps at banking fintech firms Dave and MoneyLion offer small, short-term cash advances to eligible consumers. If you open a bank account or set up direct deposit, the apps sweeten the deal with lower fees or larger borrowing amounts. Apps at other firms, such as Chime, Current and Albert, offer a similar perk for those with accounts: No-fee overdraft services that cover an expense when your account has nonsufficient funds.
But a single feature like extra cash between paychecks is likely not a good reason to wed yourself to a new bank account, says Adam Rust, director of financial services with the Consumer Federation of America, a nonprofit that represents consumer advocacy organizations.
Between banks and credit unions, consumers can choose from more than 8,000 federally insured banking institutions, he says. The flexibility to overspend may be one of many qualities you look for in a new bank.
Here’s how to think through these two separate financial decisions: Getting extra cash and choosing a bank account.
Extra cash: An enticing offer, but with strings
When you urgently need extra money, a hurdle like setting up a bank account — and potentially adding direct deposit — may seem easy to clear if it means getting the cash you need.
Dave’s fee for immediate funding is 5% of the advance amount for users with an external bank account, but just 3% for users with a Dave checking account. MoneyLion offers cash advances of up to $500 to users with external bank accounts, but increases the eligible advance amount to $1,000 if they set up direct deposit to a MoneyLion checking account.
The fee-free overdraft feature from Chime, Current and Albert will pay for certain customers’ transactions when they don’t have enough funds in their account, but only if they have a bank account that receives direct deposits. Chime requires at least $200 a month in direct deposits, and Current requires at least $500 a month. Albert requires direct deposits plus a subscription.
Apps with cash advances or overdraft coverage seem like helpful tools to bridge an income gap. They don’t check credit or charge late fees, and you can usually get a small amount of money — up to $250 covered for overdrafts and up to $500 from a cash advance app — on short notice. Your next paycheck or bank account deposit typically repays what you borrowed. And none of these apps have overdraft fees, which can be around $35 at banks.
But opening a new bank account just for a cash advance or overdraft feature might lead to unexpected inconveniences or worse. Switching banks is hard for a reason: You set up a relationship with a bank or firm, including using your bank account to pay your ongoing bills and subscriptions.
“That’s such a significant part of your financial life — it’s the foundation of your financial life — and to pick that because of a once-every-direct-deposit transaction seems, to me, like a risk of making a mistake,” Rust says.
Compare bank accounts based on low fees and available features
Choosing where to bank involves assessing available features and their associated costs. A good checking account typically has low or no monthly fees, low or no minimum balance requirements, a free ATM network and cheap ways to move money around.
Banking fintech firms — or neobanks — tend to check many of the boxes for a desirable checking account: low costs and some perks not often available at traditional banks. Dave and MoneyLion have $1 monthly fees, either as part of membership or for bank account usage. Chime and Current have no monthly fees. These four offer free ATM withdrawals nationwide through third-party networks, direct deposits up to two days early and cash-back rewards. Albert has all of these features but charges a nearly $15 monthly fee.
Consider features they lack, too
Banking fintech firms often focus on a narrow set of accounts and features. None of the five mentioned offer joint accounts or business bank accounts, in case you manage money with a partner or run a small business. These firms don’t have branch networks for in-person services as an alternative to online or phone support. They’re also not part of the Zelle network, which enables nearly instant transfers across different banks. Other features, such as paper checkbooks, foreign currency and cashier’s checks, aren’t available either.
Most banking fintech firms have federally insured accounts through partner banks instead of being banks themselves. If the firms fail, there can be risks that bank failures don’t have. The Federal Deposit Insurance Corp. (FDIC) sweeps in to protect customers at failed banks to prevent any loss or delay to money access, but that doesn’t happen for bankrupt companies that partner with banks. Neobank failures can result in delays to accessing your money or bank accounts.
Even credit-related perks have limits. Dave and MoneyLion set caps on the amount users can borrow between paychecks. Overdraft features at Chime, Current and Albert have maximum coverage amounts — starting as low as $20 — and some transactions, like online bill payments or transfers, aren’t covered.
Bear in mind, too, that setting up direct deposit with a cash advance app’s bank account just to meet the criteria for a larger advance could disrupt your finances. Funneling your paycheck to two different banks may mean you’ll need another set of login credentials to access your account online, you may need another debit card — and things get even more complex if transfers take days to move from your new account to your primary one.
“It can obviously be a loss of convenience for the consumer to have multiple accounts or to have to only use their MoneyLion account because it could get them greater advances,” says Andrew Kushner, senior policy counsel with the Center for Responsible Lending.
Find alternatives for extra cash
Cash advances and overdraft coverage can be helpful if they’re used occasionally, but if you’re struggling to cover everyday expenses like gas and groceries, consider alternatives that require less commitment to an app and low or no fees.
Some national banks offer small, affordable loans to existing customers, and federal credit unions may provide low-cost payday alternative loans. Financial assistance programs from local nonprofits can help with necessities like food and clothing. Or consider taking out a low- or no-interest loan from a family member.
Moving into an apartment with roommates is never a simple task. For starters, space is almost always hard to come by. Then comes the difficult task of keeping that limited space organized. It’s easy for an apartment to devolve into a cluttered mess if you aren’t intentional about keeping it in order.
To prevent this, here are some tips for how to keep your apartment organized while living with roommates. Whether you‘re renting a house in Houston or moving into an apartment in Seattle, these tips from ApartmentGuide and experts will help you and your roommates coexist and stay organized.
1. Utilize versatile furniture
“Don’t underestimate the power of furniture that does double duty,” says Melanie Summers, owner of I Speak Organized. “A coffee table that doubles as a storage ottoman is a game-changer for keeping board games or cozy throws out of sight but close at hand.
Or how about a bookshelf that transforms into a desk? It’s perfect for those days when you need to switch from relaxation mode to work mode in a snap. These clever pieces of furniture are not only practical for saving space but they also add a fun and creative touch to your apartment, making staying organized feel like a breeze.”
2. Organize shared expenses
Manage shared expenses such as rent, utilities, and groceries efficiently to avoid conflicts and financial strain. Consider using apps or platforms designed for splitting bills to track expenses and ensure that everyone pays their fair share on time.
3. Create a shared calendar
Keep track of everyone’s schedules by creating a shared calendar. Whether it’s a physical wall calendar or a digital one accessible to all roommates, noting important dates, events, and responsibilities ensures that everyone stays informed and can plan accordingly.
4. Divide chores fairly
Establish a system for dividing household chores that feels equitable to everyone. Whether you rotate tasks weekly, assign specific duties based on individual preferences or abilities, or use a chore chart, clear expectations help prevent resentment and ensure that responsibilities are evenly divided.
5. Designate personal spaces
While shared living spaces foster camaraderie, it’s essential to respect each other’s need for privacy and personal space. Designate specific areas or shelves for each roommate to store their personal belongings, minimizing clutter and confusion.
“I am a huge believer in cubby systems,” says Beth Blacker, founder of It’s Just Stuff, a Boulder, CO-based home organizer. “They are great for anyone whether living with others or not. But in houseshare situations, I think they are definitely the key to keeping certain things contained and hidden but still readily available for each housemate. Many of the bins that fit into the cubbies have slots to insert a label to identify the owner and what is actually in the bin.”
6. Implement a cleaning schedule
Maintain a clean and tidy living environment by implementing a regular cleaning schedule. Determine how often common areas such as the kitchen, living room, and bathroom should be cleaned, and establish guidelines for keeping them tidy. Rotating cleaning duties among roommates ensures that no one person does all the work.
7. Set boundaries and respect each other’s space
Set clear boundaries regarding noise levels, guests, and personal items. Respect each other’s need for quiet time, privacy, and personal possessions to create a harmonious living environment where everyone feels comfortable and valued.
8. Establish clear communication channels
Communication is the cornerstone of any successful roommate arrangement. Set up regular meetings or establish a group chat where everyone can discuss important issues, such as chores, bills, and house rules. Open and honest communication helps prevent misunderstandings and creates a sense of accountability among roommates.
“To stay organized with a roommate, schedule a regular time to communicate about household issues,” advises Dara Zycherman, owner of Less Equals More. “Address problems before they begin and clarify roles and responsibilities, like who cleans what and who takes out the trash.”
9. Utilize vertical space
Maximize your apartment’s storage potential by utilizing vertical space. Install shelves, hooks, or hanging organizers on walls to store items like coats, bags, and kitchen utensils. This not only frees up floor space but also keeps commonly used items easily accessible.
10. Utilize storage solutions
Maximize space and cut down on clutter with smart storage solutions. Invest in storage bins, shelves, and organizers to keep shared spaces neat and organized. Encourage roommates to label their belongings and maintain a clutter-free environment for peace of mind.
11. Create a cleaning schedule
Develop a rotating cleaning schedule that assigns specific tasks to each roommate on a weekly or monthly basis. This ensures that cleaning duties are evenly distributed and helps prevent conflicts over who’s responsible for what. Be flexible and willing to adjust the schedule as needed.
Living with roommates can be a rewarding experience when approached with patience, respect, and organization. By implementing these 11 tips, you can create a harmonious living environment where everyone feels valued, respected, and organized. Effective communication, clear expectations, and mutual respect are the keys to successful cohabitation with roommates.
Mortgage rates had a chance to break to new highs this year, but the Federal Reserve took a moderate tone at the last Fed meeting. We saw the benefit of lower mortgage rates with the last two existing home sales reports, which showed growth. Then mortgage rates rose, facilitating five weeks of negative purchase application data.
As rates were hitting year-to-date highs, the fear was that the Fed would go hawkish in their March meeting, which could push mortgage rates toward 8% and tank 2024 demand. Thankfully, that didn’t happen, and — as I said on the HousingWire Daily podcast last week —we dodged a bullet.
Let’s look at the tracker data to see how mortgage rates are impacting the housing data as we settle into spring.
10-year yield and mortgage rate talk
For those of you who have me for the last 12 months, you know how important the 4.34% level on the 10-year yield is for my economic work. A break of this level could send mortgage rates toward 7.5%-8% for spring 2024. Not only did this not happen last week, but bond yields fell during the week. As we can see below, we have held the line once again, but we aren’t out of the dark forest yet.
As we can see in the chart below, the 10-year yield and mortgage rates have made a massive move higher since 2022. However, whenever the 10-year yield falls with duration, as we saw toward the end of 2022 and into 2023, it sends mortgage rates lower, and we can grow sales from these record-low levels.
Purchase application data
Purchase application data really moves on mortgage rates — something we saw in late 2022 and into 2023. As rates ticked up recently, purchase apps were down 1% week to week and down 14% year over year.
Since November 2023, we have had 10 positive and six negative purchase application prints after making holiday adjustments. Year to date, we have had four positive prints versus six negative prints. What have 2022, 2023, and 2024 shown us? When mortgage rates fall, demand picks up. Imagine a housing market with just 6% mortgage rates or lower — it would be growing like what we see in the new home sales market.
Weekly housing inventory data
The best housing story for 2024 so far is that inventory is growing yearly. The growth isn’t just in active inventory but also new listings. We’re not seeing seller stress in the inventory data but just a typical increase in inventory when rates are higher, which looks perfectly normal.
Here is a look at the inventory last week:
Weekly inventory change (March 15-22): Inventory rose from 507,160 to 512,759
The same week last year (March 16-23): Inventory fell from 414,967 to 413,883
The all-time inventory bottom was in 2022 at 240,194
The inventory peak for 2023 was 569,898
For some context, active listings for this week in 2015 were 985,141
New listings data
New listing data is growing! This data line is slightly lower than I hoped for for 2024, but we are still growing. Right now we are a tad below the levels we saw in 2022 before mortgage rates spiked over 6%. Here’s the weekly new listing data for last week over several previous years:
2024: 60,328
2023: 49,933
2022: 61,862
For some historical context, in 2011, new listings this week were at 362,339 .
Price-cut percentage
Every year, one-third of all homes take a price cut before selling — this is regular housing activity and this data line is very seasonal. The price-cut percentage can grow when mortgage rates move higher and demand gets hit. When rates fall, they go lower than an average year.
Keep it simple here, folks: inventory is growing year over year; if demand stays weaker with higher rates, the price-cut percentage data should increase faster, and if demand picks up with lower rates, it shouldn’t. As we can see below, the data line is very seasonal, like most housing data.
2024: 31.4%
2023: 30.4%
2022: 17%
The week ahead: Housing and inflation data
Next week, we have new home sales, pending home sales and the national home price index data. I will be on CNBC Monday morning to discuss the new home sales report. Of course, the Fed’s main inflation indicator, the PCE, will come out on Friday, which is a trading holiday, which will be key for rates short-term until we have the next Fed meeting. So, we have a lot of data to work with this week.
Your mind and body may be ready for a sunny beachside spring break in Cancun, but if you’re living that broke college kid life, you may imagine your spring break looking more like a week at home, scrolling through Instagram and binging Netflix.
However, it is possible to plan a spring break trip on a limited budget. And yes, even a college student’s budget can be stretched for spring break fun! If you’re wondering how to plan a spring break trip without living off instant noodles for the next month, we have some tips to help you get a well-deserved vacation from those long nights spent studying in your dorm room.
Keep reading for some of our best tips on making your spring break trip dreams happen on a budget.
1. Start Planning Early
Waiting until the last minute to plan a trip could mean missing out on cheaper flights, hotels, and even popular ticketed attractions. If you’re going to a hot destination during a peak travel season, which includes spring break for many destinations, then you could blow your travel budget on the flight alone, leaving you without enough money for food and lodging.
2. Make a Budget & Stick to It
Before you even leave for your destination, it’s smart to create a travel budget. What can you reasonably afford to spend on accommodations, transportation, entertainment, meals, and shopping? Having a budget could help you avoid splurging on expensive dinners or overspending at local shops.
Recommended: How to Save for a Vacation: Creating a Travel Fund
3. Find Off-Season Destinations
If Cancun for spring break is too pricey for your college student budget, don’t stress. There are a number of great destinations that are off-season in the spring, ranging from the more rugged Jackson County, North Carolina to the Big Apple.
4. Only Travel as Far as You Can Drive
It’s about the journey, not the destination, right? You can make that (semi) true by taking a road trip with a few friends. On a road trip, you don’t need to follow any set schedule. Since there’s no flight or train to catch, and often no hurry to reach a destination, you can make spontaneous decisions and discover hidden gems along the way.
5. Avoid Tourist Traps
Doing spring break on a budget generally means skipping touristy destinations like Miami, New Orleans, and Cabo. However, there are plenty of cheaper alternatives to these locations that can save you money and that will probably be far less crowded, too.
6. Reach out to Friends & Family
If you have friends or family in another city, reach out and ask if they’d be willing to host you. If they agree, you could get some free lodging and meals out of it. Plus, you’d be connecting with locals who could guide you through the city and give some tips on cool and free stuff to do that you might not have found otherwise.
Recommended: How to Balance the Urge to Travel and the Need to Save
7. Ditch the Plane Ticket
Planes and cars aren’t the only way to land at your tourist destination. You can do spring break on a budget by hopping on an Amtrak train or a Greyhound bus, both of which have destinations all over the country. The best part? You can catch up on some work, sleep, or relaxation while you enjoy the ride.
8. Don’t Forget about Cruises
You could spend a fortune going to just Miami or Los Angeles. Or, you could check out some cheaper cruise options that could potentially take you all over Alaska, the Caribbean islands, or a slew of other destinations for less. There are even cruise options designed specifically for college students.
9. Consider Pitching a Tent
Do you get motion sickness in cars or boats? With camping, your feet will be firmly planted on the ground, and your budget will also likely stay down to earth. You can camp out in many destinations across the U.S. and even abroad, be it under the stars near a national park or near a great fishing hole in the Carolinas.
10. Look For a Deal
Sites like Groupon and LivingSocial offer a number of travel and hotel deals both for individuals and for group travel. Checking out which hotels are offering promotions could help you save when booking accommodations. You can also find deals on attractions near where you’re vacationing, too.
11. Sign Up for a Spring Break Volunteer Experience
Many colleges offer a program called “alternative break,” which allows students to travel and volunteer during their spring break. If your college doesn’t offer any alternative break trips, you can still find some opportunities through organizations like Habitat for Humanity and United Way .
12. Be a Tourist in Your Own State
If airfare is out of the question for your spring break budget, a budget-friendly alternative could be touring your own state. You can take a spring break road trip around your state or even take multiple day trips, the latter of which could allow you to have most of your meals at home with no hotel needed.
13. Fly on Unpopular Days
No, it’s not just your imagination: There are some days that are cheaper to fly on than others. If you’re not tied to a set departure and/or return date, use the flexible date search on a travel or airline site. This can help you find the cheapest travel dates for your trip.
14. Sign Up for Price Alerts
One helpful way to ensure you’re getting the best possible deal on your trip is to sign up for price alerts, a free service offered by several travel companies, such as Kayak, Skyscanner, and Google Flights. These sites track prices daily and alert you in real-time when the price changes for a flight, hotel, or rental car you want.
15. Ask for Extra Snacks
If you’re flying to your destination, be sure to grab the airplane snacks. And if you like the snacks, ask for seconds! You may be able to snag a free snack to help tide you over between meals when you land. The worst thing that can happen is that they say no.
16. Consider Airbnbs or Hostels
For those looking for the best tips on how to plan a spring break trip, one not-so-obvious one may be skipping hotels altogether. Staying at an Airbnb or hostel could be a cheaper travel hack than even a budget motel, especially if you don’t plan on spending much time in your room anyway.
17. Use Public Transportation
While Uber may be one of the handiest apps to have while traveling, relying on ridesharing and taxis could end up costing you a small fortune, especially if you’re traveling in a big city. Using public transportation could cost you a fraction of the price of an Uber, plus it will allow you to explore more of your destination as you navigate around subway and bus stations.
18. Bring Your Own Food
Grocery costs may be on the rise, but the cost of dining out can really wreak havoc on your spring break budget. If you want to try the local cuisine, you can typically do so much cheaper by going to a local grocery store and buying premade meals there or, better yet, making your own meals using fresh, local ingredients. This option may only be available if you’re staying at an Airbnb or hotel with a kitchenette, though.
19. Eat Out for Lunch, not Dinner
Eating out for dinner will often cost you far more than eating out for breakfast or lunch. And if you decide to eat out for dinner still, skip the drinks and desserts. These items typically have higher markups than other items on the menu. Plus, when it comes to desserts, the quality (and quantity!) may not be worth it — many restaurants don’t even make the desserts they serve.
20. Ask About Complimentary Hotel Meals
Students looking for spring break trips on a budget won’t want to miss out on this tried-and-true travel budget saver: Before booking your hotel, ask if they have any complimentary meals, such as a continental breakfast. It may not be as fancy or Instagram-worthy as the hottest brunch spot in town, but it will likely be a lot better for your budget.
21. Use The Free Hotel Coffee
Most hotels offer free coffee either in the lobby in the mornings or through small coffee makers in your room. It may not be as fancy as your usual Venti Coconutmilk Latte with two pumps of salted caramel, but it won’t cost you anything.
22. Look out for Free Samples
Looking to score some more free snacks? Add local farmers’ markets to your itinerary. Many markets are full of free samples, so you may even be able to scrounge together a free lunch. You may also be able to score free swag, like t-shirts and reusable bags, from local vendors and businesses, your hotel, or the local visitor’s center.
23. Prioritize Free Activities
Sure, you can spend $50 for a museum ticket. Or, you could search online for some free museums nearby. Many hot spring break destinations offer free walking tours, free museum days, and a plethora of other free activities, such as parks and beaches.
24. Find a Travel Buddy (or Four!)
You’ll find that going on a budget-friendly spring break trip can be a lot easier if you team up with friends. Pooling your college budgets together may even help you to afford nicer accommodations or a more far-flung destination.
25. Cash in Credit Card Rewards…
If you have a rewards or cashback credit card, you may want to save up your points to help fund your epic spring break. Having a travel rewards card can be an easy way to save on travel, especially if you’re able to use that card on purchases before heading out on vacation, which could help you build up even more rewards points.
26. …And Earn More Rewards While Traveling!
Using your rewards credit card on vacation may not help you save for your current trip. But if you rack up more rewards during your trip, you’ll already have a new vacation fund started before you even come back from spring break.
27. Research Student Discounts
Catching a movie or eating out during spring break? Ask about a student discount! You may be able to score some sweet savings even before your vacation, as companies like Expedia often offer student-only travel deals. You can also try StudentUniverse , which helps students get discounts on hotels, airfare, and more.
28. Ask About Membership Discounts
A ton of college discounts exist, but don’t rule out membership discounts you could get from family members. For instance, Costco, Sam’s Club, AAA, and AARP all offer travel discounts to their members. It may be worth asking some relatives about their memberships to save big on your spring break trip.
29. Avoid Transaction Fees
Transaction fees can be a real budget-killer if you’re traveling abroad. And even if you’re stateside, ATM fees can also put a dent in your spring break savings. So you may want to ask your card issuer about fees and plan accordingly to make sure you have enough cash on hand to avoid them.
30. Use Hotel Toiletries
TSA-approved toiletries can be overpriced, and buying them when you arrive at your destination may also mean overpaying for toiletries that you have loads of at home. The best alternative? Decant your own shampoo and conditioner into smaller bottles you can snag at The Dollar Store. Or, better yet, just use the hotel toiletries. They may not be what you’re used to, but your budget will thank you.
The Takeaway
Wondering how to plan a spring break trip on a budget? It may not be as hard as you think. If you’re willing to try off-peak destinations and hunt for discounts, you can save a ton of cash. Spring break trips on a budget don’t have to be a drag, either. You can still go to popular destinations if you create (and stick to) a spring break travel budget. Using rewards and cashback cards can also help you save on airfare and other travel expenses.
SoFi Travel has teamed up with Expedia to bring even more to your one-stop finance app, helping you book reservations — for flights, hotels, car rentals, and more — all in one place. SoFi Members also have exclusive access to premium savings, with 10% or more off on select hotels. Plus, earn unlimited 3%** cash back rewards when you book with your SoFi Unlimited 2% Credit Card through SoFi Travel.
Wherever you’re going, get there with SoFi Travel.
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Eligibility:
You must be a SoFi registered user. You must agree to SoFi’s privacy consent agreement. You must book the travel on SoFi’s Travel Portal reached directly through a link on the SoFi website or mobile application. Travel booked directly on Expedia’s website or app, or any other site operated or powered by Expedia is not eligible. You must pay using your SoFi Credit Card.
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Personal Capital is a client-centric robo-advisor offering investment and wealth management services. The company distinguishes itself from the competition by combining automation with personal service. With over 2.7 million users, Personal Capital currently holds $16 billion in assets under management.
Unlike many financial apps designed to make investing more accessible, Personal Capital is a robo-advisor for those who already have some established wealth. They’ve gone back and forth on the minimum investment required, which is now set at $100,000.
Get started with Personal Capital
on Personal Capital’s secure website
Its goal is to provide a more transparent and affordable investment platform. However, its wealth management service does target clients with larger assets, with higher fees being assessed with the fewer assets you let the company manage.
In this Personal Capital review, we’ll get into the specifics shortly, but the upside to potentially paying higher fees is the access you get to financial advisors to help with your investment strategy.
The company utilizes five principles for investing:
the modern portfolio theory
personalized asset allocation
tax optimization
equal sector and style weighting
disciplined rebalancing
No matter how much in assets you’re looking to invest, consider Personal Capital if you prefer a hands-on experience or if you have a large portfolio to open or transfer. Either way, we’ll take you step-by-step through the different types of accounts you can have with Personal Capital, as well as the fees you’ll pay at different asset levels.
You’ll also learn about the special features that make Personal Capital unique, including financial tools and expertise. If you’re looking for an online advisor for any or all of your wealth management, see if Personal Capital is right for you.
Available Plans at Personal Capital
There are three different plans available at Personal Capital, which are divided up based on the amount of investable assets you have. If you know how much you’d like to invest, find the correct category to learn about the benefits and services you’d receive from Personal Capital. Then keep reading to learn more about the fee structure.
Investment Service Plan
The first plan is targeted for those with up to $200,000 in assets to be invested. Services include access to a financial advisory team, a tax-efficient ETF portfolio, dynamic tactical weighting, 401k advice, and cash flow & spending insights.
You’ll also get to use Personal Capital’s free wealth management tools. You do, however, need a minimum of $100,000 to get started investing with Personal Capital.
Wealth Management Plan
The next option is the Wealth Management plan, for those with investable assets between $200,000 and $1 million. You get access to all the benefits from the Investment Service plan, plus several others.
The Wealth Management service includes two dedicated financial advisors, customizable stocks and ETFs, a full financial and retirement plan, college savings and 529 planning, tax-loss harvesting and tax location, and financial decisions support.
The financial decisions support refers to help with insurance, home financing, stock options, and compensation. Also, note while your financial advisors can help you plan for investment accounts like a 401k for retirement or a 529 for college savings, Personal Capital doesn’t actually offer these accounts.
Private Client Plan
If you invest more than $1 million, you qualify for the Private Client Plan. Again, you receive all the perks of the previous two plans, in addition to several more.
To begin, you’ll get priority access to CFP, financial advisors, investment committee, and support, plus an investment portfolio mix of ETFs, individual stocks, and individual bonds (in certain situations).
You also receive family tiered billing; private banking services; estate, tax, and legacy portfolio construction; and donor-advised funds. Personal Capital also offers private clients a private equity and hedge fund review, deferred compensation strategy, as well as estate attorney and CPA collaboration.
Get started with Personal Capital
on Personal Capital’s secure website
Fee Structure and Accounts
The more money you invest through Personal Capital, the more money you’ll save in fees. If you invest up to $1 million, your fee comes to 0.89% of the assets being managed. If you invest more than $1 million, your first $3 million in assets are only charged a 0.79% fee. Then, your next $2 million is charged 0.69%.
The $5 million after that are charged 0.59% and the next $10 million are charged 0.49%. However, there aren’t any charged beyond the account management fees, so you don’t have to worry about annual, transfer, or closing fees.
So what types of investment accounts are supported through Personal Capital? There are many: both individual and joint non-retirement counts; Roth, traditional, SEP, and rollover IRAs; and trusts.
Through your Personal Capital investments, you can expect a healthy range in your portfolio. For example, when buying U.S. equities, they buy a diversified sample of at least 70 individual stocks that epitomize their tactical weighting approach and optimize your account for tax purposes.
Personal Capital also only purchases liquid securities, so that if you ever need to access cash quickly, you can receive funds within a settlement period of just one to three days.
Funds are held by Pershing Advisor Solutions, a Bank of New York Mellon Company. It is one of the largest U.S. custodians and currently holds more than a trillion dollars in global client assets.
Tax Optimization Strategies
Personal Capital uses several techniques and strategies to ensure clients are optimizing their taxes on investments. First, they entirely avoid mutual funds, which they regard as inefficient for tax purposes. Their asset location is personalized whether you have taxable accounts or retirement accounts.
For example, Personal Capital typically places high-yielding accounts and fixed income into a tax-deferred or exempt account. REITs are also generally placed in a retirement account because they pay nonqualified dividends.
Finally, Personal Capital utilizes tax-loss harvesting, meaning they use individual securities that realize losses and can, therefore, offset gains or provide a tax deduction.
Special Features
You can take advantage of some of Personal Capital’s online resources without even becoming a client. Just by creating a Personal Capital account, you can link all of your financial accounts for an investment checkup.
The program analyzes your bank accounts, credit cards, and investments to create recommendations on your asset allocations. You can then choose whether to make those adjustments to your investments.
Additionally, you can check holistically on how your investments are performing by considering how much you’re charged in fees. You can do this in one of two ways.
The first is through the Mutual Fund Analyzer, which you can compare performance (with fees) against the broader markets. Then you can use the general Fee Analyzer to see what you’re being charged on your non-taxable retirement accounts.
You can also use Personal Capital for a budget check-up that analyzes your saving and spending. You can even incorporate their Retirement Planner for long-term savings projections.
You’ll be provided with several scenarios, including best-case, worst-case, and most likely. It gives you a good idea of what you could potentially expect when you’re finally ready to retire.
All of these features run through the Personal Capital financial dashboard, so you can get a holistic view of your entire financial picture. You can use them on their mobile app or website.
Some of their investment management tools include a 401(k) Analyzer, Retirement Planner, Investment Checkup, Net Worth Calculator. Moreover, you still have the ability to contact a personal financial advisor.
As we mentioned earlier, Personal Capital implements five distinct strategies for investing. Learn a bit more about each one to get a better grasp of how your money would be managed by this advisor.
Modern Portfolio Theory
The prime directive here is to create an efficient portfolio for clients while yielding the highest possible return for the lowest possible risk.
Personal Capital works with six asset classes to provide this equilibrium, which are all meant to be liquid and broadly investible. These asset classes are U.S. stocks and bonds, international stocks and bonds, alternatives (including ETFs and commodities), and cash for liquidity.
Personalized Asset Allocation
There’s a reason the company is called Personal Capital: they understand that no two investors are exactly alike. That’s why they look at your individual data and financial goals to balance your portfolio’s risk and growth.
They use a proprietary Retirement Planner software that analyzes your spending and savings habits in addition to your projected income. This helps you determine what your financial future looks like and what you may need to change to reach your future goals.
Tax Optimization
We mentioned earlier that Personal Capital optimizes your taxes by using tax-loss harvesting and asset location, as well as avoiding mutual funds.
In fact, these steps could boost your annual returns by as much as 1%. While many financial advisors use one or two of these tactics, Personal Capital offers a truly robust strategy to make your portfolio more tax efficient.
Equal Sector and Style Weighting
Personal Capital’s strategy for diversification involves equalizing the composition of your portfolio by sector, size, and style.
The goal is to prevent bubbles and other volatile conditions from adversely affecting your investments too much. Likewise, they don’t rely on a few large companies, but instead spread out U.S. stock investments between 70 and 100 different stocks.
Disciplined Rebalancing
Your portfolio receives a daily review for any potential rebalancing needs. For high-level assets, they’re typically rebalanced when they deviate more than a few percentage points from the target.
Specific securities receive a smaller margin and are reviewed after just a 0.5% move from the target. Having a systematic review allows you to maximize your ability to buy low and sell high.
Who is Personal Capital best for?
Personal Capital offers truly extensive services for high net worth investors, particularly considering the low percentage of fees charged. This is especially true if you’re an investor with several million dollars in assets and who likes to have easy access to a dedicated financial advisory.
After all, in the Private Client tier of $1 million+, you can get advice on just about anything related to your finances, whether it’s about retirement, real estate, or anything in between.
That’s on top of the personalized asset management, so you have a one-stop-shop of both automated algorithms and a human point of contact who understands the larger picture concerning your finances.
Personal Capital also makes it easy for this type of investor to remain passive. If you appreciate their investment management and like how the allocation and review processes, then you don’t have to do much on your own.
Want to learn how to make money online without paying anything? Here are ways to earn money online for free. Making money online without putting in money up front is doable for many people. Thanks to the growth of online jobs and businesses, you can make extra money or create a full-time job from home….
Want to learn how to make money online without paying anything? Here are ways to earn money online for free.
Making money online without putting in money up front is doable for many people. Thanks to the growth of online jobs and businesses, you can make extra money or create a full-time job from home.
It doesn’t matter if you’re skilled or just getting started – there are ways to make money without paying anything at the beginning. You can use your creativity and skills in things like making content, providing digital services, and selling stuff online to make a steady income.
I personally have made money online in many different ways without paying anything to get started, so I know that this truly does exist.
Best Ways To Make Money Online Without Paying Anything
Here’s a quick summary of my favorite ways to make money without investment:
Best way to make money online freelancing – Proofreading
My favorite way to make money online for free – Blogging
Best way to make money online for passive income – Selling printables
Best way to make money online for those who like numbers – Bookkeeping
Below are the best ways to make money online without paying anything.
1. Blogging
Blogging is exactly what I started years ago, and I didn’t pay any money in the beginning to get started.
If you want to make money with a laptop, then this is what I recommend.
I began Making Sense of Cents in 2011, and it has helped me earn over $5,000,000 since then. I started my blog on a whim to share my own money journey, not even knowing that people could make money from blogs or how to make a successful one.
Now, it’s my full-time job!
Eventually, you will have costs with a blog, just like with most of the businesses listed below, if you want to grow and make more money. But, the expenses are low compared to how much money you may be able to make.
So, what’s a blog? A blog is like this content you’re reading now – it’s writing on a website. You can blog about something you’re passionate about, something you know a lot about, or even something you want to learn more about (people enjoy following firsthand journeys!).
There are many different niches (topics) that you can write about too, such as travel, personal finance, home, lifestyle, family, food, and more.
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
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Want to see how I built a $5,000,000 blog?
In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
2. Printables
Selling printables is a way to make passive income from home without upfront costs.
This is because printables are digital files that you can download and print at home. You only need to make one digital file for each product, and then you can sell it multiple times.
They can be things like grocery shopping lists, invites, thank you cards, digital art, or gift tags.
I have bought many printables myself, and many others do too. Recently, I purchased a printable to help teach my daughter the alphabet. It was a useful tool, and I could easily print it at home.
You can learn more about this at How I Make Money Selling Printables On Etsy.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
3. Proofreading
If you like finding mistakes in written content and want to start a business without spending a lot of money, then proofreading might be a good choice for you. This can be a part-time job or a full-time career working from home.
Many proofreaders earn around $40,000 a year or even more.
Proofreaders look for errors in articles, ads, books, student papers, emails, transcripts, and more.
To become a proofreader, all you need is a laptop or tablet, an internet connection, and the ability to spot mistakes and errors. So, you probably already have everything you need to get started.
I recommend signing up for a free 76-minute workshop, where you can learn more about becoming a proofreader. You can sign up for the free How To Become a Proofreader workshop here.
Recommended reading: How To Become A Proofreader And Work From Anywhere
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This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
4. Freelance writing
Freelance writing is a great way to make money online without any upfront costs, as you don’t need any expensive equipment to get started.
A freelance writer is someone who writes for different places like websites, blogs, magazines, ads, books, and other things.
I have been a freelance writer for many years now, all from my laptop. I really enjoy being a freelance writer, and I have many friends who do this as well. I started this job because I wanted to make money from home and not spend money trying to figure it out. And, it worked!
This job can earn you more than $50,000 a year. Some of my friends who are freelance writers make over $200,000 a year.
Recommended reading: 14 Places To Find Freelance Writing Jobs
5. Opening an online store
Starting an online store is a way to make money without upfront costs, and sites like Etsy and Shopify make this possible.
On Etsy, you can sell things like handmade or vintage items and craft supplies. This online marketplace is great if you’re creative and want to sell unique, one-of-a-kind products. Shopify, on the other hand, has more flexibility in what you can sell and allows you to build your personal storefront.
There are many different types of things you can sell, such as digital products like ebooks or web design templates, which don’t require inventory and can be sold repeatedly without additional cost. Physical products, on the other hand, can also be sold but keep in mind that you’ll need a plan for shipping, and you may have to spend money in order to have them as inventory to list on your store.
Another idea is dropshipping. This is a business model where you don’t need to keep inventory or ship products yourself. Instead, you work with suppliers who take care of inventory and shipping for you.
Below are some ideas for things you could sell through an online dropshipping store:
Travel items such as portable luggage scales, neck pillows, or travel cubes
Fitness equipment like yoga mats, weights, or resistance bands
Sustainable products such as reusable utensils, bamboo toothbrushes, tote bags, or eco-friendly cleaning supplies
Camping-related items like hammocks, lanterns, cookware sets, and survival kits
Jewelry such as stackable rings, layered bracelets, anklets, and statement earrings
6. Print-on-demand
Similar to the above, print-on-demand (POD) is a business model where you sell your custom designs on products like T-shirts, mugs, and books, but only print them once an order is placed.
It’s a popular way to start an online business with minimal upfront costs because you don’t have to worry about inventory. Your job is to create the designs and set up your online store.
Once a customer buys a product, the order goes straight to your POD supplier who prints and ships it under your brand name.
7. Stock photography
Stock photography is a way to make money online without any cash up front. If you already have a camera or even just a cell phone, you can get started selling stock photographs.
You are simply taking photos, putting them on a stock photo website, and selling them to people and companies.
People buy stock images from websites like Shutterstock, Getty Images, or Adobe Stock for many reasons, such as adding them to their websites, articles, blog posts, advertisements, and social media.
You can sell many types of pictures, including travel, business, people, food, animals, health, fashion, sports, and more.
For example, if I write a blog post about making money with a laptop, I might buy a stock photo of a laptop. Or, if I need a picture related to making money while traveling, I’d find a picture of a vacation to include in my blog post. Stock images can make a blog post more enjoyable to read.
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
8. Affiliate marketing
Affiliate marketing is a way for you to earn money by promoting products or services online, and you don’t need anything special to get started.
With affiliate marketing, if your friend or follower buys a product through a referral link you share, you get paid a commission – it’s as simple as that.
First, pick products you love and are sure others will benefit from. Then, sign up for their affiliate program. Each program gives you an affiliate link. This link tracks who clicks and buys from your recommendation.
Your job is to share your affiliate link with as many interested people as possible. You could write about it on your blog, make videos, or even just share it on social media.
I recommend signing up for Affiliate Marketing Tips For Bloggers – Free eBook to learn more.
9. Playing games and watching videos for money
There are lots of money-making apps that let you earn cash by playing games or watching videos on your phone.
These apps pay you real money because they make money from ads and in-app purchases. To get you to keep playing, they give you a share of their earnings. For watching videos, the sites reward you with points for watching sponsored videos, and these videos can range from ads to short clips.
Now, these won’t make you rich, but it is a way to make money from your phone without upfront costs.
Here’s a quick list of the top video and game apps that pay real cash:
KashKick
Swagbucks
InboxDollars
Recommended reading: 15 Ways To Make Money From Your Phone
10. Market research and focus groups
If you love sharing your opinions, market research and focus groups are great ways for you to earn cash online without paying anything. This kind of work connects you with companies seeking feedback on their products or services. It’s all about understanding what you think as a consumer.
Lots of companies want to hear from people like you and me, and you can share your opinions with them using just a laptop or phone, some free time, and a good internet connection.
When I was paying off my student loans, I took online surveys almost every day. I did them before work, during lunch, or after work. Even though they didn’t make me a lot of money, they were flexible because I could do them whenever I had time. Plus, they were really easy and didn’t require much thinking!
Here are some survey companies I suggest:
American Consumer Opinion
Survey Junkie
Swagbucks
InboxDollars
Branded Surveys
PrizeRebel
User Interviews – This one pays on average around $60 per assignment (much higher than the rest, but it is a little more work for participants as these are usually video calls or on the phone)
Signing up for these survey sites is free, and typically, they pay about $1 to $3 for each survey you finish.
11. Online tutoring
As an online tutor, you get to teach students from the comfort of your home. Your job is to share your knowledge and help in a subject you know well. You don’t have to worry about traveling or a strict schedule; you can choose when to do your online tutoring gig.
You can make between $30 and $60 per hour or more, depending on the subject’s difficulty and your expertise. And you don’t need to spend any money up front, so it’s a way to earn online without extra costs.
As a tutor, you might spend 30 minutes to an hour giving a lesson, answering questions online, or working one-on-one with a student in a video lesson.
12. Virtual assistant job
You can make money from home as a virtual assistant by doing administrative tasks for clients online. You don’t need anything to get started other than a computer or laptop.
Virtual assistants, or VAs, do tasks similar to administrative assistants, but they work from home or anywhere with internet.
Virtual assistants do things like:
Email management – Answering and organizing emails
Calendar management – Scheduling appointments, meetings, and events
Administrative support – Preparing reports, presentations, and documents
Travel arrangements – Booking flights, hotels, and transportation for business trips
Internet research – Doing online research on topics to write about, competitors, products, etc.
Personal tasks – Booking appointments or making dinner reservations
I’ve been a virtual assistant before (it was actually one of my first online jobs, and I liked how I didn’t have to spend money to become a VA), and I also have one who works for me, so I know how useful they can be! Plus, you don’t need anything expensive to get started.
13. Social media influencer
Being a social media influencer is a real way to make money online without any initial cost, and plenty of people have started their social media accounts by spending absolutely $0. In fact, I think most people start as just a hobby!
You can start with just your phone, by taking pictures and sharing your thoughts on social media accounts like Instagram, TikTok, and Facebook.
You can earn money as a social media influencer through sponsored posts, where brands pay you to promote their products or services in your posts. You can also make money through affiliate marketing, where you earn commissions from sales made through your referral links. Plus, you can sell digital products like ebooks or online courses.
I’ve been a social media influencer for years, monetizing my Instagram and Facebook accounts. It’s allowed me to collaborate with brands I love and promote products I already use.
14. Transcriptionist
Becoming a transcriptionist can be a good choice to make money online without upfront costs. This is something that you can learn to do, and transcriptionists usually make around $15 per hour.
As a transcriptionist, you can earn money from home by turning audio files or video files into written documents. Clients can include marketers, authors, filmmakers, academics, speakers, and conferences.
To find transcription jobs, some places to start include:
Rev – Transcribers on Rev earn an average of $245 per month, with top earners making up to $1,495.
CrowdSurf – CrowdSurf pays for short transcription tasks, which are great for those looking for quick, manageable projects.
TranscribeMe – This platform is good for beginners as they give training and only require a reliable internet connection and computer.
Recommended reading: 18 Top Online Transcription Jobs For Beginners
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In this free training, you will learn what transcription is, why it’s a highly in-demand skill, who hires transcriptionists, how to become a transcriptionist, and more.
15. Video gaming livestreams
Yes, you can make money online with no upfront costs by live streaming (such as a video game that you like to play). Eventually, you may want to upgrade to higher-quality equipment, but you can start right away with what you already have – your computer and phone.
Twitch is a website where you can make money by playing video games, talking with viewers in real time through live streams, and more.
As your viewer count grows, you can start making money. Streamers can earn through ways such as:
Subscriptions – Your fans can pay a monthly fee to support you as subscribers.
Donations – Viewers can send you tips if they enjoy your stream.
Advertisements – You can get paid from ads that run on your live stream.
Sponsorships – Companies may pay you to promote their products.
Recommended reading: How Much Do Twitch Streamers Make?
16. YouTube
Starting a YouTube channel is a popular way to make money online without any initial investment. You can record videos from your phone or camera, and you don’t really need anything else to get started in the beginning.
You can start a YouTube channel about many different topics like finance, home, travel, toys, pets, and more. There’s a YouTube channel for almost anything nowadays, and there’s still space for more!
In your YouTube videos, you can include links to products you recommend, earn money from ads that play during your videos, get paid by brands to feature their products, and even sell your own stuff.
17. Freelance graphic design
As a graphic designer, you can earn money online without investing any money up front. You can create designs such as logos, social media graphics, and branding materials for clients.
To start, you will most likely want to create a simple but impactful portfolio to display your work. This is your opportunity to show your abilities to potential clients, so you will want to include your favorite projects and what reflects your design style.
You can also sign up on freelance sites like Fiverr where businesses look for designers like you.
18. Virtual bookkeeping
Bookkeepers manage financial records, track expenses, and generate financial reports; it requires attention to detail and strong organizational skills.
This job typically pays more than $40,000 a year. Plus, many types of businesses require bookkeepers, making it a great career choice with opportunities for growth.
Even better, you can do this job from home using your computer and the internet.
Yes, you don’t need a degree to be a bookkeeper. You can start by learning basic bookkeeping and the software most businesses use.
If you want to become a bookkeeper, there is a free workshop all about finding a virtual bookkeeping job, and you can sign up for free here.
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This free training will teach you what you need to know to become a virtual bookkeeper and make money from home.
19. Write an ebook
Writing an ebook can be a way to make money without needing upfront investment, other than your time and effort. This is something you can do yourself too, such as through the self-publishing route on Amazon.
Ebooks are digital books that you can download and read on devices like tablets, phones, e-readers, or laptops. They’ve become very popular because they’re affordable and easy to access.
I’ve purchased many ebooks myself, ranging from nonfiction to fiction, and many, many other people have as well.
Recommended reading: How this person is making $200 a day in book sales passively.
20. Online travel agent
A travel agent is a professional who helps people plan and book trips, vacations, and other travel arrangements. They give their expertise and support in finding the best deals on transportation, accommodations, and activities, considering their clients’ preferences, budgets, and needs.
Travel agents also give helpful advice on destinations, suggest itineraries, arrange tours and excursions, and handle logistics such as flights, hotels, car rentals, and travel insurance.
There are many different kinds of niches you can sell vacations and trips in, such as luxury travel, cruises, Disney, budget travel, and adventure holidays.
21. Write book reviews
If you enjoy reading and talking about books, you can make money by writing reviews at home. Authors and publishers want to hear your honest opinions because they help other readers choose their next book. Readers also like these reviews, so it benefits everyone involved.
You don’t need anything other than your computer (or even just your cell phone) to write the reviews. Many times, the book is given to you to review, so you don’t even have to pay for that.
This is typically more of a side gig for spare cash and free books.
Here are some websites where you can make money online by writing book reviews:
OnlineBookClub.org – They give free books for your first book review (and no other payment). After your first review, you can earn cash for each review, usually between $5 and $60.
Kirkus Media – They look for reviewers for both English and Spanish books, particularly in the Kirkus indie section. Reviews involve around 350-word summaries due two weeks after receiving the book. They cover all genres, with over 10,000 books reviewed annually.
Upwork – Create a profile as a book reviewer on this freelance platform. You can choose projects that interest you and set your own rates.
The US Review of Books – They hire freelance writers for 250- to 300-word reviews that go beyond summarizing to provide insights into the book. To join, submit a resume, writing samples, and a couple of references.
Reedsy Discovery – Review books before they are published and get paid through tips from readers, ranging from $1 to $5. It’s an exciting way to influence which books become popular.
Learn more at 16 Best Ways To Get Paid To Read Books.
22. Online job opportunities
There are many more ways to make money online that won’t cost you money to get started, and these include:
Finding remote part-time or full-time jobs – If you want a full-time income or are interested in part-time work, popular job search platforms like Indeed can help. They help you find jobs that fit your schedule where you work for someone else as an employee, such as software engineer, developer, human resources manager, IT manager, and more.
Customer service and support jobs – As an at-home customer service rep, you would work for companies, answering customer questions and issues that they may be having.
Data entry and administrative jobs – Data entry jobs are ideal for you if you have a good eye for detail and can work independently.
These are all jobs where you would be working for someone else, but online from home. The company would normally provide you everything you need to get started, such as any software and possibly even the laptop as well.
Frequently Asked Questions
Below are answers to common questions about how to make money online without paying anything.
How can I make money online completely for free?
There are many ways to make money online completely for free. You can start a blog, freelance write, bookkeep, write book reviews, sell stock photography, or become a virtual assistant.
How can students earn money online without any investment?
Students can make money online without any investment by answering online surveys, tutoring online, freelance writing, proofreading, blogging, and more. Whether you want to make extra cash or a full-time income, there are many options for students.
How to Make Money Online Without Paying Anything – Summary
I hope you enjoyed this article on how to make money online without paying anything.
Getting started with making money online might feel overwhelming and impossible, but it’s not impossible if you do it right.
The internet has many places where you can show off your skills as a writer, artist, or tutor. You can also sell items online, or even play games and give your opinion in surveys.
What other ways are there to make money online for free without investment?
Inside: Discover the keys to successful budgeting with our guide on budget tools, adjusting strategies, and setting financial goals for transformative money management. Creating budgets with your expenses allows you freedom.
Budgeting is one of the parts of managing money that everyone dreads. However, a well-thought-out budget lays the groundwork for mindful spending that reflects your values and paves the way toward accumulating significant wealth.
So, you need to learn the key components of a successful budget.
Budgeting is the cornerstone of building a sustainable financial future where every dollar is assigned a purpose, ensuring that saving and investing become routine, not afterthoughts.
By committing to the principles of disciplined budget tracking and adjustment, you can craft a monetary trajectory that systematically demolishes debt and expands your assets.
Thus, inching you closer to the coveted millionaire status that started with no money with every financial decision you make.
Mastering the art of budgeting requires patience, insight, and the will to see your financial goals come to fruition.
What is the key to good budgeting?
The cornerstone of good budgeting lies in understanding your monetary landscape and wielding control over it.
This means not just noting down numbers, but analyzing your income, expenses, and financial objectives. It’s about crafting a financial map that leads you to your desired destination, be it debt freedom, investment, or saving for something grand.
Remember, a sturdy budget plan is your ally in the financial journey—it helps you stay disciplined, steer clear of fiscal pitfalls, and ensure that your hard-earned money is working for you.
How Mastering Your Finances Can Transform Your Life
First of all, I can attest to starting a budget, sticking to the process, and how my life is now much different than I started. It was hard work and always not fun. But, now, I can experience time freedom like never before.
The magic of mastering your finances is that it does more than just balance your books; it has the potential to utterly transform your life.
Empowered by financial knowledge and a well-executed budget, you can pave the path to your dreams, whether that’s retiring early, traveling the world, or providing a stable future for your loved ones. It instills a sense of financial confidence and peace of mind, knowing that you are in control of your financial destiny.
Element 1: Set Clear Financial Objectives
Setting clear financial goals is like having a compass that guides you through your journey. It involves delineating what you aspire to achieve with your money both in the short term and long term.
You need to plan for and consider variables like inflation and economic shifts.
Identifying Short-Term and Long-Term Financial Goals
To cover your bases, you need to address both immediate and future needs:
Identifying short-term financial goals, typically achievable within one to three years like saving for a vacation or paying off credit card debt.
Long-term financial goals, are usually set for five years or more, such as saving for retirement or a child’s education.
The Role of Specific Goals in Successful Budgeting
Having specific financial goals ensures that each dollar in your budget is assigned a clear purpose, enhancing the likelihood of sticking to your budgeting plan and achieving financial stability.
You can set precise targets such as saving a particular amount for a home down payment and measure your progress and adjust your spending habits accordingly. Thus, making the budgeting process more effective and goal-oriented.
Element 2: Track Your Income and Expenses Religiously
Tracking my income and expenses allows me to identify patterns in my financial behavior. Thus, I can make informed decisions to ensure I adhere to my budget and achieve my monetary goals.
This forms a clear roadmap for financial growth and stability.
Tools and Strategies for Keeping Tabs on Financial Flow
You need to find a way to track your money.
Whether it is utilizing financial software/budgeting apps or paper and pencils. Either allows for efficient tracking of expenses and income, ensuring that you maintain a clear view of your cash flow.
Start with how to budget with a low income.
Differentiating Between Essential and Non-Essential Spending
When creating a budget, it’s vital to differentiate between fixed spending on necessities like housing, utilities, groceries, and transportation, and non-essential spending on items such as dining out, entertainment, and other luxury items.
Essential expenses are critical for maintaining your basic living standards and meeting financial obligations.
Whereas non-essential expenses are discretionary and can often be adjusted or eliminated to achieve financial goals.
By tracking actual expenditure and distinguishing between these two categories, you can prioritize funding towards essentials and savings, ensuring financial stability and progress towards long-term objectives. Just like I have.
Element 3: Prioritize Saving and Prepare for Emergencies
By prioritizing savings, I am investing in my future, taking advantage of compound interest, and building a foundation that helps secure my long-term financial goals. Unfortunately, this took me a while to learn, and the most important financial advice for young adults.
Putting a portion of my income into savings consistently is like paying a bill that benefits my future self, which in turn provides peace of mind and financial independence.
Deciding How Much to Save and Where to Allocate Funds
Apply the 50/30/20 budgeting rule to allocate funds wisely, directing at least 20% of your income towards savings.
The goal is to increase your savings percentage each year. To maximize your savings, analyze your expenses frequently, dividing them by necessity and frequency, to ensure that your saving goals are met without compromising your essential needs.
The Significance of an Emergency Fund in Financial Planning
An emergency fund is a financial lifeline, offering stability in the face of unforeseen circumstances such as job loss or medical emergencies, ensuring that such events don’t derail your financial plans.
Additionally, an emergency fund contributes to peace of mind, knowing they have a monetary cushion to fall back on.
A rainy day fund, or holding three to six months’ worth of living expenses, this fund acts as a buffer against debt, reducing the need to rely on credit cards or loans during crises.
Element 4: Regularly Monitor and Adjust Your Budget
I regularly monitor and adjust my budget to maintain a clear understanding of my financial health and to catch any discrepancies between my planned and actual expenditures. This consistent review allows me to quickly identify areas where I can optimize spending or need to reallocate funds.
Then, I ensure my financial goals remain within reach and adaptable to life’s changing circumstances.
Techniques for Reviewing Budget Performance Over Time
Implement a system for tracking financial transactions that aligns with your budget categories, which provides clear data to analyze spending habits and make informed adjustments as needed.
To effectively review budget performance over time, I recommend scheduling routine assessments, such as monthly or quarterly reviews.
Compare actual expenses with your budgeted figures to pinpoint variances and trends.
Dealing with Financial Changes and Maintaining Budget Discipline
Life’s unpredictable nature means financial conditions can fluctuate, demanding swift adjustments to your budget for events such as a new addition to the family or changes in employment.
These changes could be an increase in income or an unplanned decrease in annual net income.
You must embrace flexibility while holding onto your long-term objectives allowing you to navigate unexpected financial changes without deviating from the path of fiscal responsibility and discipline.
Element 5: Embrace Technology and Automation in Budgeting
I use Quicken to manage my budgeting because it provides an all-encompassing financial picture by integrating income, expenses, investments, and retirement accounts in one place.
The software automates expense tracking and categorization, making it easier for me to monitor my financial health and adjust my spending habits accordingly.
Budgeting Apps and Digital Tools That Simplify Managing Finances
Budgeting apps like YNAB leverage technology to automatically track user expenses by linking to bank accounts, simplifying the process of managing personal finances with features such as expense categorization and financial planning tools.
With features such as bill reminders, debt payoff calculators, and investment trackers, these budgeting apps not only streamline financial oversight but also assist users in setting and achieving their financial goals.
The Advantages of Automating Savings and Bill Payments
This is something I do all the time! Automate your bills and contribute to your savings.
As such, this is a highly efficient method to streamline your finances and ensure that you consistently put your money to work like you planned.
This approach not only helps in avoiding late fees by timely paying bills but also reduces the risk of human error or forgetfulness.
FAQ: Unwrapping the Mysteries of Budgeting
The first method is to start a no spend challenge. This will help you cut back on non-essential spending, such as dining out or premium entertainment subscriptions.
Next, start to live on a shoestring budget. This will help you to compare and negotiate rates for recurring bills like utilities, insurance, and phone plans to secure lower payments.
Additionally, employing cost-saving methods such as utilizing coupons, buying in bulk, and opting for generic brands can significantly decrease monthly grocery expenses.
It’s wise to review and adjust your budget at least once a year or with any major changes. This helps ensure your budget stays aligned with any shifts in income, unexpected expenses, or alterations to your financial goals.
If your lifestyle or income varies significantly, more frequent adjustments might be necessary.
Just remember, it will take a few months for your budget to work.
If you find sticking to your budget is a constant struggle, it might be time to reach out for help. Consider partnering with a budgeting buddy or joining an online community for accountability.
Aim to understand what triggers your spending and devise strategies to avoid these pitfalls. Adjust your budget where needed and prioritize building a buffer for unforeseen expenses.
Creating a budget helps manage finances with a clear view of income and expenses, reduces unnecessary spending, and facilitates goal setting.
It acts as a roadmap for managing monthly financial flows, encourages disciplined spending, and aids in achieving long-term financial aspirations with less stress.
Elements of Budgeting You Will Embrace?
You might wonder, is always keeping a close eye on your finances truly worth it? The answer is a resounding yes.
Gaining mastery over your personal finances is like being the captain of your destiny in the vast sea of economic uncertainty. It’s not just about surviving; it’s about thriving. The result is often an enriched life, free from the shackles of financial stress.
Financial literacy allows you to make smarter choices and enables you to capitalize on opportunities that come your way.
Imagine breaking free from living paycheck to paycheck or being able to take that dream vacation without plunging into debt. These are not just dreams. They can become your reality with financial mastery. It’s about creating a life where you call the shots, secure from the economic twists and turns life may throw at you.
Find success with the zero based budgeting method.
I have done it. And you can too.
Know someone else that needs this, too? Then, please share!!
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.
Are you wondering where to sell jewelry that you don’t need? Here are the best places to sell jewelry online and near you to make extra money. If you want to sell your stuff and make money, you can sell engagement rings, necklaces, rings, bracelets, and whatever else you have. Selling jewelry can help you…
Are you wondering where to sell jewelry that you don’t need? Here are the best places to sell jewelry online and near you to make extra money.
If you want to sell your stuff and make money, you can sell engagement rings, necklaces, rings, bracelets, and whatever else you have.
Selling jewelry can help you make money when you have items that you don’t need anymore. There are different ways to do it, both online and in your local area.
You can use websites like eBay or Facebook Marketplace for a broad audience. If you have expensive jewelry, sites like Worthy or TheRealReal might be a good fit. You can also sell directly to local places like jewelry stores, pawn shops, or at craft fairs, if you need cash right away. They all have their advantages and disadvantages, and I will be going over each below.
Best Places To Sell Jewelry Online and In Person
Below are the best places to sell jewelry online through selling apps and online marketplaces, as well as in person near you.
1. Worthy
I think that one of the best places to sell jewelry online is Worthy.
Selling jewelry like diamond engagement rings or fancy watches can be a way to make money on jewelry that you do not need anymore.
Worthy uses an auction setup, which means many people will see your jewelry, with a good chance of getting a higher price than at your local pawn shop or other online marketplaces.
You can sell items like the below on Worthy:
Earrings
Wedding or engagement rings
Necklaces, pearls, and more
Bracelets
Loose diamonds and gemstones
Watches
You start by telling Worthy what you’ve got (necklace, ring, etc.). They give you free shipping (insurance included) to send it to them. Once your jewelry is in their hands, they clean it up, have it evaluated, take some quality photos, and even get an appraisal.
You get to set a minimum price you’re okay with – called a reserve price – before your jewelry hits the online auction stage.
The whole process typically takes around 2 weeks from shipping to getting paid.
2. Local jewelry stores
When you decide to sell your jewelry, one way is with local jewelry stores. These shops tend to have personalized service and can give you immediate payment for your jewelry pieces. So, if you want to sell your jewelry in person, then this may be the best option for you.
You’ll want to start by researching local jewelry stores near you with good reputations, such as by looking for reviews online or asking people you know for recommendations.
Prior to visiting, understand the value of your jewelry. Some stores might do appraisals, but getting an independent one is often better for comparison so that you know how much money you should be asking for.
And, don’t hesitate to negotiate the price offered. Store owners expect it, and you might be able to get more money for your jewelry.
Some local stores offer trade-in options too. You might receive a higher value if you choose store credit instead of cash.
Make sure to bring your ID with you, as most jewelry stores will require it to process the transaction.
By choosing to sell your jewelry locally, you can typically make money a lot faster than if you sold your jewelry online, which is a huge benefit.
3. Pawn shops
If you want to know where to sell jewelry near you for cash, then pawn shops are typically the first choice.
Pawn shops are local businesses that give cash right away for items, such as fine jewelry, high-end collectibles, and electronics. Pawn shops operate by providing you with a loan based on the collateral value of your item or by purchasing it from you outright.
At a pawn shop, you’ll find a process that’s usually quick and straightforward. Whether you decide to pawn or sell, the staff will assess your jewelry’s value. This value depends on current market prices, the item’s condition, and more. Gold, silver, platinum, diamonds, and gemstones are typically accepted, regardless of their condition.
Before you visit, clean your jewelry to make sure it looks its best, and gather any certifications or paperwork that verifies its authenticity or value. This preparation can help you get a better offer.
Selling vs. pawning:
Selling: You receive cash immediately for your item without any obligation to repay.
Pawning: You get a loan based on the value of your jewelry, with the chance to reclaim your item once you repay the loan plus interest.
4. Selling at auctions
If you want to know where to sell your jewelry to get the most amount of money, then an auction may be it because there is usually a wide audience to bid on your pieces.
You will want to find an auction house and contact a jewelry specialist. It’s important to understand that your jewelry will be sold to the highest bidder once the auctioneer concludes the bidding.
Fees vary, so it’s important to ask about buyer’s premiums and seller’s commissions, as these will impact your final take-home amount. Also, carefully read the terms and conditions before you agree to auction your jewelry, as you need to be aware of payment procedures and timing.
5. eBay
If you’re thinking about selling your jewelry, eBay can be a good place to sell it. It’s an online marketplace (I’m sure you’ve heard of it) with lots of people looking for all different kinds of things around the world.
I have personally sold many items on eBay over the years, including jewelry (nothing too expensive, as I’ve never had expensive jewelry, but there is more expensive jewelry listed on eBay as well). It’s an easy way to list your jewelry online and see if people around the world are interested in buying it.
When you want to sell, take clear pictures of your jewelry from all sides and focus on any logos, textures, or stones. You can also show how the jewelry looks on real people or mannequins to help buyers see how it fits.
To price your pieces competitively, research what similar items are selling for. This may include looking at sold listings to understand how other sellers title and describe their items.
eBay charges a final value fee when your jewelry sells, so factor this into your pricing. With the right approach, eBay can be the perfect place to earn money while clearing out your jewelry box.
6. Consignment shops
Consignment shops are another popular place to sell jewelry.
Consignment means the shop will sell your jewelry for you and take a percentage of the sale price as their fee. This fee can range from 10% to 70%, so it’s important to ask about the commission rates before agreeing to sell your items.
When choosing a consignment shop, remember to:
Check their reputation and reviews.
Understand their commission rates and payment methods.
Ask about their process for valuing jewelry.
Ask about how they secure and insure your items while in their possession, just in case a customer walks away with it.
What makes consignment shops different from the others is that you will not receive any money until someone actually buys the jewelry. So, if it’s an in-person consignment shop, that could be weeks or even months.
7. Yard sales
When you’re looking to sell your costume or lower-value jewelry, you may want to set up a yard sale.
These local events are perfect for selling items that range from playful dress-up accessories to the everyday pieces you no longer wear.
I recommend putting a mirror near where you have your jewelry for sale at your garage sale so that people can see how they look with your jewelry. This can help on-the-spot decisions and give individuals a “try before you buy” experience.
Now, jewelry at a yard sale typically does not sell for much. You may get just a few dollars for your jewelry pieces. But, if you have a lot of jewelry that is not worth a lot, this is an option to sell it fast and earn at least a little bit of money.
8. Facebook Marketplace
Facebook Marketplace can be a convenient online platform if you want to sell your jewelry. With local and nationwide reach, it allows you to list your jewelry easily.
All you have to do is take some pictures of your jewelry from different angles and write a title with a quick description. You will also want to include the type of jewelry, the brand, condition, and mention any certificates or appraisals that it has.
Start by taking clear photos of your jewelry from different angles, and make sure to include close-up shots to highlight details and any craftsmanship.
Because Facebook Marketplace typically means that you will be meeting buyers in person, I highly recommend meeting in well-lit public places for local transactions or using secured payment and shipping methods for long-distance sales.
9. Local craft fairs or markets
If you have a lot of handmade jewelry to sell, then you may want to try setting up a stand at a local craft fair or market. These events give you a chance to present your handmade pieces to a community that appreciates more unique and artisanal items.
To find the right venue, research local fairs and markets that attract buyers interested in jewelry. Look for events that have a history of successful artisan sales. Remember, not all fairs are created equal, so pick ones that match your style and audience.
10. TheRealReal
If you have luxury jewelry you’re ready to part with, you can try selling through TheRealReal.
The RealReal is a high-end consignment online store that sells luxury items, such as designer clothing, shoes, and jewelry. You can earn up to 85% of the selling price for your items.
This marketplace specializes in consignment sales of high-end items. If brands like Chanel, Cartier, Van Cleef & Arpels, Tiffany & Co., and Rolex are in your collection, you’re in luck, as TheRealReal is known for these luxury names.
11. Sotheby’s
If you want to sell your valuable jewelry, Sotheby’s is a respected auction house known for selling fine art, jewels, watches, and wine. They are well-known globally, with offices in cities like Geneva, New York, Los Angeles, and Hong Kong.
Sotheby’s is known for handling the sale of expensive jewelry, and they have made headlines with the auction of the Royal Jewels from the Bourbon Parma Family, which fetched millions of dollars.
They have specialists who are experts who can help you understand the value of your jewelry and guide you through the consignment process. They’re always ready to view pieces in person, and you can schedule an appointment or ask about a visit.
12. Cash for Gold USA
Cash for Gold USA is a company that buys gold jewelry, such as gold necklaces. They also buy silver jewelry and diamond jewelry.
Cash for Gold USA gives out free appraisal kits, and these kits are the first step to figuring out how much your items are worth. It doesn’t matter if your jewelry is in excellent condition or a bit damaged; they are interested in buying a lot of gold and silver jewelry.
The mail-in system they have makes sure that you can send your gold without worry that it will be lost. They prioritize making it an easy and secure process for you. Here is what you need to do:
Request an appraisal kit or download the shipping form from their website.
Mail your gold or silver jewelry safely.
Wait for an offer.
Get paid.
If you decide to accept their offer, you will receive payment for your jewelry. Keep in mind that the current market price and the condition of your jewelry will affect the offer you get.
It’s important to note that Cash for Gold USA also buys other forms of gold, not just jewelry. They accept coins, watches, and even scrap gold. They claim to offer competitive prices and a 10% bonus on your quote when you obtain a certified appraisal from the Gemological Institute of America (GIA). This can potentially give you more cash compared to other competitors.
Tips for Selling Your Jewelry
Before you sell your jewelry, it’s important to know its value, make it look its best, and showcase it well with good photos. Skipping these steps might put you at a disadvantage when selling.
How to find out how much your jewelry is worth
Knowing how much your jewelry is worth is important because it affects where and how you sell it.
If your jewelry is valuable, you might get better offers at places like Sotheby’s auction house or specialized services for fine jewelry.
On the other hand, if your jewelry has a lower market value, then local options or online marketplaces could be faster and easier for selling.
To find out how much your jewelry is worth, try getting an appraisal from a certified professional. They look at things like quality, gold content, and whether there are diamonds or other precious metals to figure out the value.
You can find a good appraiser through groups like the American Gem Society.
Preparing jewelry for sale
After you find out the value, make sure your jewelry is ready to sell.
Cleaning is important; you could even think about professional services to make it shine, especially for valuable items like diamond pieces. Check if any repairs are needed, and keep records of the jewelry’s quality and materials.
These details will help convince potential buyers of its value.
Photographing your jewelry for listings
Take photos that show off the sparkle and details of your jewelry, making them really appealing to buyers.
Use a high-quality camera, and take pictures in natural light when you can get the most accurate representation of your jewelry.
If you’re selling online, make sure your pictures are sharp, clear, and show the true condition and quality of the piece.
Frequently Asked Questions
Below are answers to common questions about where to sell jewelry.
What is the best way to sell jewelry?
The best way to sell jewelry depends on what you have. If you have an engagement ring to sell, then I recommend trying to sell it on Worthy. If you need cash right away (such as the same day), then finding a local jewelry shop or a pawn shop near you may be good options. If you have a lot of cheap jewelry, such as costume jewelry, then Craigslist or Facebook may be good options.
Where can I get the most money for selling jewelry?
To get the most amount of money for your jewelry, think about selling your jewelry directly to consumers on online platforms. This skips the middleman and lets you set competitive prices.
How can I sell my jewelry without getting ripped off?
To avoid being ripped off, research the current market for similar jewelry, set a fair price, and always use secure payment methods and platforms with protections for sellers. If you’re selling high-value items, getting an appraisal from a certified gemologist or a trusted jeweler can also provide proof of your jewelry’s value.
Is it better to sell jewelry to a pawn shop or jewelry store?
Selling to a jewelry store might get you a better amount of money if the store is interested in the resale value of your pieces. However, pawn shops usually pay you faster. If you need quick cash and are willing to accept a potentially lower price, pawn shops can be an option.
Do local jewelers buy jewelry?
Many local jewelers buy jewelry, especially if it’s a piece they can resell or use for parts. It’s always a good idea to have a few consultations with different jewelers in your area to compare offers.
What is the best place to sell jewelry near me?
The best place to sell your jewelry near you depends on the type of jewelry you have. If it’s modern or in high demand, local jewelers or consignment shops might give you good prices. But if it’s unique or antique, you might get better results from specialized markets or online platforms that target specific audiences.
Best Places Where To Sell Jewelry – Summary
I hope you enjoyed this article on where to sell jewelry online and in person.
As you can see, there are many places to sell your jewelry. Whether you have sterling silver, an engagement ring, a diamond necklace, sapphires, rubies, or even historical or estate jewelry for sale, there are many jewelry buyers who may be interested in the jewelry pieces that you no longer want.
Have you sold jewelry before? Where is your favorite place to sell jewelry?
Having multiple credit cards brings certain benefits. On average, Americans use two to three credit cards at a time, often to take advantage of various perks and rewards programs. Another reason to own multiple credit cards is they can boost your credit score when managed sensibly.
That said, juggling credit lines can get out of hand, and it’s easy to fall behind with payments and face hefty interest charges. Here’s a guide to managing multiple credit cards: when to use certain cards, how to know if you have too many, and more.
Steps for Managing Multiple Credit Cards
Here’s how to manage your credit cards wisely and the steps to take to avoid unnecessary interest charges and fees.
Keep Track of Terms
Know what you are signing up for when you apply for a credit card. While a card may offer perks like sign-up bonuses, free vacations, and 0% interest rates initially, it may also charge high fees and exorbitant interest rates later on. Every credit card has different terms and conditions that are often buried in the small print.
Before applying for a new credit card, check the interest rate, or APR. Also look for penalty APRs, purchase APRs, and cash advance APRs. A penalty APR is charged if you don’t comply with the card’s terms and conditions. A purchase APR is the interest rate charged for purchases or carrying the balance over to the next month. A cash advance APR applies if you use your credit card to borrow cash.
A card may also offer an introductory 0% APR, for a limited period. However, once that period is over — or if you miss a payment — the interest rate can skyrocket. Many cards also charge an annual fee for card ownership, a maintenance fee, cash advance fees, foreign transaction fees, returned payment fees, and late payment fees.
If a card offers cash back, find out how much you need to spend to accumulate points or cash back. Check the fine print to find out what types of purchases are qualified and if there are any caps on earning cash and points. Also, read the rules on redeeming rewards, such as when they might expire or be forfeited.
For a sign-up bonus, you might be ineligible if you have owned the same card previously or another family member has the same card. 💡 Quick Tip: Check your credit report at least once a year to ensure there are no errors that can damage your credit score.
Pay on Time and in Full
You will likely incur fees if you miss payments due on your credit card. Also, if you make only the minimum payment on your credit card, you will increase your debt and pay unnecessary interest. But if you pay off your balance in full each month, you are in effect getting a free loan.
If you have multiple credit cards to juggle, it will take dedication to monitor the balances and due dates to avoid late payments, interest charges, and fees. However, managing credit cards responsibly can build your credit history.
Set Up Autopay
Once you understand the terms, conditions, and payment due dates of your various credit cards, set up automatic payments to avoid missing a payment. Missing a payment will mean that you are charged interest, and depending on the balance on the card, the interest payments can be steep.
Set Reminders
Managing multiple credit cards may require setting reminders. For example, if you signed up for a card with an initial period of 0%, you should know when that period ends. Also, keep track of when rewards expire, and when you should redeem points or rewards.
Recommended: What Is a FICO Score?
Simplify Your Payment Due Dates
You may want to change the payment due dates for your cards to make budgeting easier. For example, if the payments for multiple cards all fall on the same day or week, it can be difficult keeping enough cash on hand.
Consider scheduling due dates close to a payday or soon after a direct deposit. It might take one or two billing cycles for your request to take effect.
Know When to Use Each Card
There’s little point juggling multiple credit cards if you don’t use the right card for the right purpose. That’s why studying each card’s terms and conditions is crucial to optimizing the benefits of your cards. For example, some travel cards come with travel protections that will reimburse you if a trip has to be canceled, and co-branded airline cards may offer free checked bags or upgrades.
Keep a Record of Your Credit Card Features
Organization is the key to managing multiple credit cards. You can use a notebook, spreadsheet, or a personal finance app — whatever it takes for you to be able to access the information you need easily.
Some key data to have at your fingertips are the interest rate, credit limit, issue date, annual fees, and payment due dates, the balance from month to month, and the key facts about the rewards program (minimum spending limits, expiration dates, qualified items).
Give Each Card a Purpose
Allocating a purpose for each card will tell you what type of card you might want to get next. For example, you might have a card that offers travel rewards, another card for cash back on groceries, but you might want to also get a card that offers rewards for buying gas. Keep a record of which card serves what purpose.
Carry Only the Cards You Use
Don’t carry all your cards with you all the time. You risk losing them, plus it will make your wallet uncomfortable to carry! There’s no need to carry an airline card that you only use to book flights. Make sure you know which cards charge an inactivity fee, and set up reminders to use the card to avoid such penalties.
Recommended: Find Out Your Credit Score for Free
Use an App to Track Your Card Balances
It’s a good idea to use an app to track your card balances. Apps are particularly useful because they alert you when a payment is due or delinquent. Some apps perform free credit monitoring, help you find a credit card for a specific merchant, and track your loyalty programs.
Signs You Have Too Many Cards
How many cards is too many? That depends on how well you manage them. Here are some indicators that you should consider closing some accounts.
You Can’t Pay the Balance Off Each Month
If you can’t pay off all the balances on your cards each month, you are in danger of falling deeper into debt and having to pay interest. You also risk increasing your credit utilization ratio. When your ratio gets too high, credit card companies may turn you down and credit checks for future employment may be affected..
You’re Missing Payments
If you find it hard to keep track of your credit cards, miss payments, or lose rewards, it’s a sign you might have bitten off more than you can chew. Simplify your financial management by choosing three or four of the most advantageous cards for your lifestyle and cancel the rest.
You’re Earning Too Few Rewards
If you rarely redeem rewards, it might not be worth keeping the card. Not only are you paying a fee for a card that gives you little benefit, but you also have the hassle of keeping track of the card’s features and balance. It might be best to nix these credit cards.
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Which Cards Should You Stop Using?
When deciding which credit cards to stop using, list out the benefits of each card. Look at your spending history with that card over the past year and look at what you have gained. If you have spent little and gained little, it’s time to lose the card.
Similarly, if a card charges high annual fees and provides few benefits, don’t keep the card. Also look at the interest rate. If you have a balance on a high-interest card, pay off that debt and close down the card.
When Does It Make Sense to Close a Card?
It makes sense to close a card when you only use it to avoid an inactivity fee, if it provides few benefits, if the fees and interest rate are high, or if you are having trouble paying off the balance each month. 💡 Quick Tip: One way to raise your credit score? Pay your bills on time. Setting up autopay can help you keep your account in good standing.
The Takeaway
Having various cards can be advantageous because you can benefit from rewards and loyalty programs, build your credit history, and take advantage of interest-free credit if you pay off the balance each month. However, each credit card charges various fees, and managing multiple credit cards can be a headache.
When opening a new credit card, make sure the fees, rewards, limitations, and penalties that come with the card make sense for you. Also consider if you can manage the card and pay off the balance each month on time. Lastly, review your portfolio of cards regularly in case it makes sense to close down an account.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
See exactly how your money comes and goes at a glance.
FAQ
How do I manage multiple credit cards?
Managing multiple credit cards comes down to organization. Keep track of all your cards and their various features, including due dates, what you should use them for, the rewards they offer, balances, interest rate, and penalties and fees. There are apps and online tools that help you to manage cards and monitor your credit score.
What is the 15/3 credit card rule?
The 15/3 credit card rule is a strategy to lower your credit utilization ratio. A credit utilization ratio of 30% or below makes you more attractive to lenders. Most people make one credit card payment a month by the due date, but with this strategy, a cardholder makes two payments each month, which reduces your credit utilization ratio significantly. Even if you regularly pay your credit card balance in full each and every month, you may still be carrying a large balance throughout the month, and your credit score may be affected.
How many credit cards is too many?
How many credit cards you should have depends on your lifestyle and how well you manage them. Feeling overwhelmed and making mistakes like not paying off balances on time are indicators that you cannot keep track of your cards. Other indicators that you may have too many credit cards are that you are not seeing much benefit in the way of rewards but are paying high fees, or you have a significant balance on a card with a high interest rate.
Photo credit: iStock/Sitthiphong
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Looking for the best business ideas for teens? Whether you’re a teenager trying to find ways to make extra money or if you’re a parent trying to help your child start a business to learn about money, there are many positives of starting your own business young. Whether it’s in the summer, after school, or…
Looking for the best business ideas for teens?
Whether you’re a teenager trying to find ways to make extra money or if you’re a parent trying to help your child start a business to learn about money, there are many positives of starting your own business young.
Whether it’s in the summer, after school, or on weekends, having a small business can be a fun and educational thing to start.
I did many different things as a teen to make extra money, and they all taught me so much. There are many different ways for teens to make money, as you will learn below.
Best Business Ideas for Teens
There are many business ideas for teens listed below. If you want to skip the list, here are some ways for teens to make money that you may want to start learning more about first:
Below are the best small business ideas for teenagers to start.
Recommended reading:
1. Babysitting
Babysitting is an obvious job for teenagers, and it can be a great way to make money. I was a babysitter when I was a teenager and regularly earned over $1,000 a month by babysitting (mainly in the summer).
Starting a babysitting business is a smart choice for teens as it’s simple to start with very few costs. Your main investment is the time and effort you spend taking care of children.
To get started, you’ll need to let people know you’re available. Reach out to your parents’ friends, neighbors, or family members. After a while, word of mouth can help you find more jobs.
Safety is really important too, of course. So, you will most likely want to get certified in first aid or CPR. This not only makes you more trustworthy but also helps you handle emergencies.
2. Car washing services
Starting a car washing business can be a great business for a teen entrepreneur.
To start, you just need basic supplies: a bucket, a soft sponge, window cleaner, and cloths for drying and polishing.
With a straightforward service like car washing, you can operate right in your driveway or travel to clients’ homes for convenience.
3. Start a blog
Starting a blog is a great way for you to share your thoughts and ideas while potentially earning money. Your blog can cover any topic you’re passionate about, whether it’s fashion, sports, technology, or your daily experiences.
While I was around 21 years old when I started my blog, I know a few people who started theirs as teenagers.
A blog can be a great business idea to start when you’re young, as you can decide how to build your blog, how you earn an income, and the schedule you put toward it.
You can easily learn how to start a blog with my free How To Create a Blog Course.
Here’s a quick outline of what you will learn:
Day 1: Why you should start a blog today
Day 2: What topic to blog about
Day 3: Tutorial on how to start a blog on WordPress
Day 4: How to make money with your blog
Day 5: How to make passive income on your blog
Day 6: How to get pageviews to your blog
Day 7: Tips to see success with your blog
Out of all of these business ideas for teens, blogging is by far my favorite. It does take more time to start making money, but it’s very flexible and fits with any kind of schedule.
4. Tutoring and teaching
If you’re a teen who’s really good at a certain subject, tutoring could be a great way to start a rewarding business. You can use your knowledge to help others do well in areas you’re good at.
Your friends or younger students might find it helpful to have one-on-one sessions where you explain difficult topics in simple ways.
Subjects you may be able to tutor in include:
Math
Science
Foreign languages
English
Many tutors are teenagers, so this may be a great fit for you!
5. Photography
If you love capturing moments through a lens, starting a photography business could be a perfect fit for you.
Starting a business as a photographer can kick off with a relatively low investment. Initially, you might need to spend between $500 to $2,000 on equipment like a good camera, lenses, and editing software. But, if you already have a camera, then that is the bulk of the cost.
You can take pictures at events like birthdays or graduations, capture stunning portraits, or create art through landscape and wildlife photography.
6. Home care services in your neighborhood
When you start a home care services business, you’re stepping into a role that helps busy homeowners manage their households.
This can include a range of services that assist with the upkeep of a home, such as:
Housecleaning – You can offer to dust, vacuum, and clean the different areas of a home. People always appreciate coming back to a sparkling clean space.
Laundry – Washing, drying, and folding clothes are tasks that many would gladly outsource to you. Organizing wardrobes or ironing clothes can be added services.
Plant care – Have a green thumb? Offer to water plants, prune leaves, and take care of any garden needs.
Raking leaves – Raking leaves is a good business idea for teens, especially during the fall. Trees drop their leaves and many homeowners need help gathering and disposing of them.
Errand runner – As an errand runner, you’ll help people in your community with tasks they might not have time for, like grocery shopping, picking up prescriptions, or mailing packages.
When I was a teen, I had a friend who was a personal assistant for someone in her neighborhood. She would pick up their dry cleaning, take care of their plants, walk their dogs, and more.
7. Pet care (pet sitting and dog walking)
If you’re a teen who loves animals, starting a pet care business can be a great way to earn some extra cash. Pet sitting and dog walking services are in high demand and can be both fun and rewarding.
To start, you can join a dog walking app-based service. Rover is a user-friendly option that connects you with pet owners. You can create a profile, set your own prices, and specify the types of services you feel comfortable providing, such as dog walking or pet sitting.
You can typically earn between $15 and $30 for each hour spent with a pet, considering you might need to commute to the pet’s location.
8. Graphic design
If you’re interested in art and technology, you can start a graphic design business.
Graphic design is about creating visual content for companies and individuals. You’ll use software to make logos, social media graphics, posters, and much more.
As a teen graphic designer, your income will vary. Typically, you can make anywhere from $5 to $100 per project when starting. As your skills grow, so can your rates. The market for design work is expanding, making room for you to succeed.
9. Music and art lessons
Can you play piano, guitar, or violin? Or maybe you’re skilled in drawing or painting?
If you’re a teen with a talent for music or art, teaching art or music lessons can be a great business idea. Whether you play an instrument or paint like a pro, other kids and parents might pay for your expertise.
10. Sell handmade goods and crafts
If you like being creative and making things with your hands, selling arts and crafts can be a great business idea for teens.
Here are some crafts that teens can create and sell for extra money:
Jewelry – You can make necklaces and bracelets.
Homemade candles – Candles are simple to make and can be sold to people who like to add a cozy feel to their homes.
Paintings – If you like to paint or draw, you can create artwork to sell.
Slime – Slime is really popular and fun to play with. Teens can make and sell their own slime in different colors and maybe even add things like glitter to make it unique.
Soap – Homemade soap is always nice to have, and people love to buy it.
Stickers – Everyone loves stickers and this can be a fun way to make extra money on Etsy or in person.
You may be able to sell your homemade items at local craft fairs or online on Etsy.
Recommended reading: 16 Best Things To Sell On Etsy To Make Money
11. Providing technical support
If you’re good with technology, starting a technical support service can be a choice to look into. Lots of people have trouble with technology and need help. As a teen, you can meet this demand by selling your tech-savvy skills and knowledge.
Services you can sell include:
Software installation and updates
Virus and malware removal
Hardware troubleshooting
Help with using different programs and apps
You can market your business by telling your friends, family, and neighbors about your services, and even by creating flyers to distribute and post on local community boards and at local businesses.
12. Start a YouTube channel
Making a YouTube channel is a way for you to share what you love, your talents, and your ideas with the world. It can also become a fun way to earn some money.
Most people know about YouTube, and almost everyone has seen at least one video on the platform. According to YouTube, there are over 2 billion people who watch at least one video on YouTube every month.
Many people have goals of starting a YouTube channel and making money, but not many people ever actually start.
You can learn more at How I Grew From 0 Subscribers To Over $100,000 On YouTube In Less Than One Year.
13. Design and sell print-on-demand products
Starting a print-on-demand business lets you be creative and make money. You can make products that are inexpensive to create, such as posters or custom-designed mugs.
To begin, design things that show your interests or what customers like. After that, use a service like Printful to put these designs on different products. The company takes care of everything else, from printing to shipping.
14. Lawn care business
Starting a lawn mowing business is a great way for teens to make money and is one of the popular small business ideas for teens. It’s easy to get started, and you can make cash during spring and summer (or even year-round depending on where you live, like Florida, Texas, Arizona, and California).
All you need is a lawn mower, some fuel, and basic gardening tools.
You can talk to neighbors, family, and friends to find new lawn mowing jobs.
I know many families with teenagers who mow lawns to make money. Some even turn it into a full-time business as they grow up.
15. House sitting
For teenagers, starting a house sitting business is a smart way to make money. You’re responsible for looking after someone’s home while they’re away, which is a big job.
Trust is important due to this, and homeowners must feel sure that their property and pets are safe in your care.
When I was a teen, I had a friend who was a regular house sitter for several people. She would water their plants, walk their dogs, and stay overnight in their homes to make sure everything was fine with the house.
16. Sell printables on Etsy
If you want to earn money from home and be your own boss with low startup costs, creating printables could be a great option for you.
A printable is a digital product that can be downloaded and printed at home. You create them once and then sell them on a platform like Etsy for people to purchase. You don’t have to physically print anything; you’re just selling the digital download.
Printables include things like grocery shopping checklists, weekly meal plans that people can put on their fridges, gift tags, and quotes to be framed. These are digital products that users can download and print for their use.
Making money at home as a teenager through creating printables is great because you create one digital file download for each product, and then you can sell them an unlimited number of times.
I recommend reading about this further at How I Make Money Selling Printables On Etsy.
Important note: To sell on Etsy, you need to be at least 18 years old. If you’re between 13 and 17, you can still sell on Etsy with the proper permission and under the direct supervision of your parent or legal guardian. The Etsy account should be registered using the parent or legal guardian’s information.
17. Social media influencer
If you enjoy being in front of the camera and are good at connecting with people, you could possibly make money as a social media influencer.
This can include platforms such as TikTok, Instagram, and more.
Now, this is not a guaranteed way to make extra money as a teen, as not everyone makes it. But, you won’t know unless you give it a try.
It’s all about your image and your message (and some luck too, of course). Ask yourself, what are you passionate about? Fashion? Gaming? Fitness?
You’ll want to keep your posts consistent (for many platforms, this will include posting at least once a day) and your voice authentic. This is how you’ll attract followers who can’t wait to see what you post next.
You’ll also want to interact with your audience. Reply to comments, ask questions, and listen to what they want. An engaged audience is a loyal one, and brands notice this. The more you connect, the more your followers trust you.
As your following grows, companies might pay you to talk about their products. That’s because they see value in your ability to reach and engage with a dedicated audience.
You can learn more at How I Make Money On TikTok – How I Grew To 350,000 Followers and Made $60,000 In 6 Weeks.
18. Videography
If you love making videos, starting a videography business could be a perfect idea for you. As a young entrepreneur, you can begin this business idea with just a smartphone or a basic camera.
You can start this small business idea by practicing filming different events like school activities or community gatherings. This will help you to create a portfolio that highlights your unique style and skills.
19. Streaming
If you like playing video games and have a fun personality, you may be able to make money streaming. With platforms like Twitch, you can create a channel where you showcase your gaming skills or entertain an audience with your commentary.
Once you gather a following, you can monetize your channel through subscriptions, ads, sponsorships, and donations. Selling branded merchandise is another way to earn money.
Recommended reading: How Much Do Twitch Streamers Make?
20. Baking
If you love making treats that leave your friends and family asking for more, starting a baking business could be your path to success.
You could bake things like cookies, cakes, bread, and more.
Before selling, make sure you understand the legal requirements, such as if you need a permit or license.
21. Proofreader
A proofreader is someone who reads through written stuff like articles, books, or ads to find and fix any mistakes. Your job is to make sure everything’s correct before people see it.
If you love reading and often spot mistakes in written content, you might want to explore becoming a proofreader.
Freelance proofreading is a flexible and detail-oriented job that only requires a laptop or tablet, an internet connection, grammar skills, and a good eye for finding mistakes.
If you want to find online proofreading jobs, I recommend watching this free 76-minute workshop all about how to get started proofreading.
Recommended reading: 20 Best Online Proofreading Jobs For Beginners (Earn $40,000+ A Year).
22. Buy and sell flipper
Reselling items online on platforms like Craigslist, eBay, or Facebook Marketplace can be a great way to run your own business and make extra money.
Plus, it’s something that anyone can start because many of us own things that we could probably sell.
And, there are always things you can buy for a low price and potentially resell for a profit. You might even find free items that people are throwing away and sell those too.
There is a helpful free webinar that I recommend – Turn Your Passion For Visiting Thrift Stores, Yard Sales & Flea Markets Into A Profitable Reselling Business In As Little As 14 Days.
23. Answer online surveys
Okay, so this isn’t a business, but it is a way to make money online.
Taking surveys won’t make you rich, but it can help you earn a bit of extra money during your spare minutes throughout the day.
Companies pay you to take surveys because they want to know what people think about their product and their company. They want real opinions from real people.
Here are some of the survey companies that are open to teenagers (along with their minimum age requirements):
American Consumer Opinion – Age minimum – 14 years old
Survey Junkie – Age minimum – 12 years old
Branded Surveys – Age minimum – 16 years old
Swagbucks – Age minimum – 13 years old
InboxDollars – Age minimum – 12 years old
User Interviews – Age minimum – 16 years old
Things To Think About as a Teen Entrepreneur
As a teen wanting to start a business, it’s important to think about things like balancing schoolwork, managing finances, and making sure that you are staying safe.
Balancing school and business
Your school schedule is a priority, and finding a balance between it and your new business venture is important, so it’s important to plan out your week.
I recommend creating a visual where you can see your school time, study hours, and time for your business.
Example of a weekly schedule:
Day
School Hours
Study Time
Business Hours
Free Time
Monday
8 a.m. – 3 p.m.
4 – 6 p.m.
7 – 9 p.m.
Remaining
Tuesday
8 a.m. – 3 p.m.
4 – 6 p.m.
7 – 9 p.m.
Remaining
…
…
…
…
…
Sunday
None
Optional
Flexible
Flexible
Financial planning
It’s important to understand the basics of financial planning when it comes to your business so that you can make sure you are making money and not wasting money.
So, I recommend listing the resources and materials you’ll need along with their costs. This also includes keeping track of all your expenses and income using a spreadsheet or even just writing your expenses down.
Working safely
You should always be safe, and make sure not to fall for any scams or fall into business with someone that you do not want to. Keep parents up-to-date on what is going on in your business and make sure to meet strangers in public/safe places.
Frequently Asked Questions
Below are answers to common questions about starting a business as a teen.
What are some easy-to-start business ideas for high school students?
If you’re in high school and want to start a business, you can sell services like lawn care, dog walking, or car washing. These types of businesses require minimal money from you to get started and can be managed around your school schedule.
What are the business ideas for teens online?
For online business ideas for teens, there are many things you could do such as selling printables, starting a blog, online tutoring, selling handmade crafts on Etsy, and more.
What are the top business ideas for young adults?
The top business ideas for young adults include babysitting, car washing, lawn mowing, online tutoring, and starting a YouTube channel.
What types of businesses are suitable for 13 to 17-year-olds?
Teens between 13 and 17 can look into babysitting, pet sitting, tutoring, or crafting and selling homemade goods.
Business Ideas for Teens – Summary
I hope you enjoyed this article on the best business ideas for teens.
Starting a business when you’re a teenager can be fun and help you make some extra money. This can help you to save money for college, buy things that you want, hang out with your friends, buy clothing, and more.
Plus, it’s a chance to learn important skills and a good work ethic.
You can do different things to earn cash, like doing chores at home or trying out creative online projects. If you enjoy outdoor work, you can wash cars or take care of lawns. If you’re into technology, you might want to start a blog or a YouTube channel.
There are lots of options depending on what you like and what you’re good at!
What other business ideas for teens would you add to this list?