Save more, spend smarter, and make your money go further
While Financial Literacy Month may be over, we at Mint live for sharing personal finance tips and tricks all year long!
MintLife readers recently joined a group of consumer finance experts during our #Money411 Twitter chat to discuss better money habits. Did you miss it? Not to worry: we couldn’t pass up sharing some of our favorite chat highlights and money saving tips.
Q: What are the first steps to take when establishing a budget?
Write or type it down. Seeing it will help you see what you are missing. Don’t forget the small stuff either. – @DebbiKing
Start by adding up monthly expenses and subtract from monthly income, then plan how to spend remaining $$ – @hperez
Realize that sticking to a budget does not happen right after you make one. You have to live it. Try it out for 3-6mo. – @dougboneparth
Q: What are your #tips for first time young investors?
DON’T ignore your first job’s 401(k) plan, if they have one, even if you put in just a little bit of each paycheck. – @OurKidsandMoney
Make sure you’ve covered your expenses (include CC bills) and are saving for emergencies before you start investing. – @sharon_epperson
Q: What is more important: paying down #debt or #saving?
The sooner you pay off debt, the sooner you’ll have additional income you can dedicate to saving – @hperez
It’s hard to save when your extra income is going toward debt payments. If you have debt with high interest rates, focus on that. – @TeamFSINC
Remember, certain types of debt like mortgages and student loans (dep on your income) are deductible. If interest on a loan is deductible, it costs you less…so factor that in when prioritizing paying down hi to low debt. – @BethKobliner
Q: How can you teach your kids about the value of money? And at what age?
Kids as young as 3 years old can understand basics like making choices and delaying gratification! Important 2 start early – @BethKobliner
It’s never too early to teaching kids about #money and #finance. Financial literacy is paramount. Classroom it! – @dougboneparth
The topic of the tooth fairy is a time to talk to your children about money. Ask how much they plan to spend and encourage to save. – @TeamFSINC
Kids learn by example (any age) Show ’em anything acquired is earned not given. Make ’em feel pinch of spending their earned $ – @PurpleSky2002
Q: What is the best approach to tackling student loans?
#1 Priority. Try to refinance all of your loans into one lower rate loan. Sacrifice a new car, an expensive vacation. – @Reit_NotWrong
Don’t buy the stuff that your peers buy out of college. (Houses, cars etc.) I paid down $40,000 in a year and a half that way. – @GenYMoneyMan
Aggressively! They are not an asset & you do not need to hold on to them. Sacrifice and get rid of them as soon as possible – @DebbiKing
To catch the entire Twitter chat, just plug #Money411 in your Twitter search bar and get started on better money habits.
Save more, spend smarter, and make your money go further
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The best apartment gyms in Cincinnati have some unique features that you have to see to believe.
As the third-largest city in Ohio, Cincinnati is not short on options when it comes to finding the perfect place to rent. If you’re stuck between two or more places, however, it’s often the amenities that set your future apartment apart from the rest.
With that in mind, we found some of the best gyms in Cincinnati are actually located in apartments around the Queen City. From stationary bike studios to indoor basketball courts to top-quality machines, these apartment gyms have everything you need to crush your workout routine..
Source: Rent. / 4th & Race
The gym at 4th & Race is all about community. In fact, it’s one of the few apartment fitness centers in Cincinnati to provide residents with a group workout studio supported by Wellbeats® Cycling and on-demand fitness programming. All that comes in addition to a traditional community gym, making it easy to see why the fitness center at 4th & Race tops this list.
With motivational imagery, mirrored walls and one of the largest free weight racks you’re ever going to find in an apartment gym, this Downtown Cincinnati fitness center is fully equipped to handle the demands of dedicated lifters and cardio junkies alike.
Source: Rent. / Aspire Kenwood
The fitness center at Aspire Kenwood lives up to the apartment complex name by providing residents with all the resources they need to reach higher when it comes to physical fitness.
Located north of Cincinnati in nearby Deer Park, the recreational amenities at this high-end complex don’t stop at the fully-stocked fitness center. This building also boasts a Peloton® spin room, an indoor PGA golf simulator and a heated rectangular pool that’s perfect for early morning laps.
Source: Rent. / The Drexel at Oakley Apartments
The fitness center at The Drexel at Oakley Apartments features a full cardio station, a sizeable free weight rack and super-sized flat-screen TVs all accompanied by pool views from nearly every station in the gym.
With motivational messaging on the walls and more than enough machines to accompany the residents of this 200-unit Oakley apartment complex, there’s always something to do at this fitness center. Whether you’re an early morning treadmill jogger or simply looking to improve your everyday flexibility, the sky’s the limit in this thoughtfully designed gym.
Source: Rent. / Residences at AG47
Boasting a beautiful stationary bike room that would put your local SoulCycle to shame, the Residences at AG47 fitness center is far from basic. Floor-to-ceiling windows, multiple flat-screen TVs and Life Fitness-brand machinery all combine to ensure that this apartment complex fitness center stands head and shoulders above the rest.
Whether you’re looking to stretch out, pedal the problems of the day away or meditate for a few hours at the end of a long Monday, your options are plentiful at this Silverton fitness oasis.
Source: Rent. / Olde Montgomery
The focal point of the fitness center at Olde Montgomery is the huge floor-to-ceiling mirror that provides a vantage point to monitor form from anywhere within the gym. Featuring funky muraled walls, chest press and lat pulldown machines and more free weights than you’ll know what to do with, this gym has it all and then some.
Another feature firmly placing the Olde Montgomery on this list is the fact that the complex also boasts and Olympic-size swimming pool. This pool is the ideal place to swim laps or cool off on a hot summer day in Sixteen Mile Stand.
Source: Rent. / The Groton Lofts
Situated in Central Business District, the multi-room fitness center at The Groton Lofts makes the most of its ample space by providing residents with top-tier equipment and enough room to really get their sweat on.
A great place to get in shape, the recreational facilities at The Groton Lofts go beyond the treadmills and weight machines. The Groton Lofts also has a halfcourt basketball setup, a yoga/stretching room with a barre and a rectangular pool that’s ideal for early morning laps.
Source: Rent. / Crane Factory Flats
Located in the heart of Cincinnati’s hip Downtown in a beautiful brick building, Crane Factory Flats is an upscale, modern apartment complex designed to provide Cincinnati locals with luxury amenities at an unbeatable location. Not least among those luxury amenities is the well-equipped fitness center.
The gym at Crane Factory Flats has an upscale-industrial vibe and is equipped with everything an active person needs to stay in shape and not just meet, but exceed any and all fitness goals. From free weights to stationary bikes and stability balls, this fitness center is fully equipped to support whatever your workout schedule demands.
Source: Rent. / Arbors of Anderson
Vaulted ceilings, natural light and motivational messages adorning the walls all combine to make the fitness center at Arbors of Anderson an undeniably pleasant place to get a lift in. Located away from the hustle and bustle of Cincinnati in Withamsville and boasting an on-site yoga studio, the recreational amenities at Arbors of Anderson make this complex an active person’s ideal oasis.
This fitness center is on the larger side of what is typically expected of an apartment gym and, as such, is one of the better-equipped gyms on the list. With squat racks, stationary bikes and plenty of benches to move around when needed, this gym is made for those that take personal fitness seriously.
Source: Rent. / One41 Wellington
The One41 Wellington fitness center is working with a rectangular footprint and fills the light-filled space with only the highest-quality equipment. From a rowing machine to the Smith rack to mats with instructions for different stretches imprinted on them, this is a safe space for all to come in and get their sweat on.
At this gym, every treadmill and elliptical has a view, the machines have enough space in between them and there are separate areas for free weights and stretching. All of that makes this Mount Auburn fitness center one of the best places to bulk up or slim down in Cincinnati.
Source: Rent. / Echelon Luxury Apartments
The 24-hour fitness center at Echelon Luxury Apartments is a great place to stay toned, get back in shape or learn the basics about fitness. With a professional-grade stationary bike and rowing machine, a large rack of free weights and a kettlebell station for the more adventurous workout warriors, this gym has everything you need to get your fitness on.
Located on the Eastside in Batavia, the fitness center at Echelon Luxury Apartments lives up to the lofty name with intelligent design, quality equipment and flatscreen TVs in every corner. Sounds like a good space to get your workout in? We think so, too.
Stay fit at one of the best gyms in Cincinnati
Say sayonara to any and all excuses for not working out when you move into an apartment with a top-tier fitness center.
These fitness centers have the resources you need to up your cardio, blast your biceps or simply improve your flexibility. Find the one that suits your exercise style best and take those first steps toward signing your new lease in Cincinnati today.
Investment advisors help investors figure out their goals, create financial plans, and put those plans into action. There are a lot of them out there, too, meaning that finding the right professional for you or your family may seem daunting. But finding the best investment advisor for you can be a fairly painless process.
You’ll need to start with some basics, though, by learning the difference between an investment advisor and a registered investment advisor, what to look for when you hire an advisor, and more.
What Is an Investment Advisor?
An investment advisor is an individual or company that offers advice on investments for a fee. The term itself — “investment advisor” — is a legal term that appears in the Investment Advisers Act of 1940. It may be spelled either “advisor” or “adviser.”
Investment advisors might also be known as asset managers, investment counselors, investment managers, portfolio managers, or wealth managers. Investment advisor representatives are people who work for and offer advice on behalf of registered investment advisors (RIAs).
What Is a Registered Investment Advisor (RIA)?
A registered investment advisor, or RIA, is a financial firm that advises clients about investing in securities, and is registered with the Securities and Exchange Commission (SEC), or other financial regulator. While you may think of RIAs as people, an RIA is actually a company, and an investment advisor representative (IAR) is a financial professional who works for the RIA.
That said, an RIA might be a large financial planning firm, or it could be a single financial professional operating their own RIA.
An RIA has a fiduciary duty to its clients, which means they must put their clients’ interests above their own. The SEC describes this as “undivided loyalty.” This is different from non-RIA companies whose advisors are often held only to a suitability standard, meaning their recommendations must be suitable for a client’s situation. Under a suitability standard, an advisor might sell a client products that are suitable for their portfolio but which also result in a sales commission for the advisor.
RIAs generally offer a range of investment advice, from your portfolio mix to your retirement and estate planning.
What’s Required to Become a Registered Investment Advisor?
The following steps are required to become a registered investment advisor (RIA).
• Pass the Series 65 exam, or the Uniform Investment Adviser Law Exam, which is administered by the Financial Industry Regulatory Authority (FINRA). Some states waive the requirement for this exam if applicants already hold an advanced certification like the CFP® (CERTIFIED FINANCIAL PLANNER™) or CFA (Chartered Financial Analyst).
• Register with the state or SEC. If an RIA has $100 million in assets under management (AUM), they must register with the SEC — though there are sometimes exceptions to this requirement. If they hold less in AUM, they must register with the state of their principal place of business. This requires filing Form ADV.
• Set up the business. These steps require making a variety of decisions about company legal structure, compliance, logistics and operations, insurance, and policies and procedures.
How to Choose an Investment Advisor
Finding the right investment advisor is about finding the right fit for you. While personal preference plays a part, there are a variety of other things you might consider when you’re searching:
Start Local
Look to helpful databases of financial professionals that can help you pinpoint some advisors in your area. Here are a few to consider:
• Financial Planning Association. Advisors in this network are CERTIFIED FINANCIAL PLANNERS™ (CFP®s) and you can search by location, area of specialty, how they’re paid and any asset minimums that may exist.
• National Association of Personal Financial Advisors. All advisors in this database are fee-only financial planners, meaning they receive no commissions for selling products.
• Garrett Planning Network. All advisors in this network charge hourly.
Get Referrals
One of the best ways to find a financial professional is to ask friends, family, and acquaintances if they’ve worked with someone they can recommend. While there are ways to build wealth at any age, it may be beneficial to ask people who are in a similar financial situation or stage of life. For instance, if you’re relatively young with a lot of debt and very little savings, you may not want the same investment advisor who’s working with wealthy retirees.
Ask About Credentials
Ask investment advisors what certifications they have, what was required to get the certification, and whether any ongoing education is necessary to keep it. Some certifications require thousands of hours of professional experience or passing a rigorous exam, while others may only require a few hours of classroom time.
Other certifications are geared toward investors at a specific life stage or with specific questions. The Retirement Income Certified Professional (RIPC) certification, for instance, focuses on retirement financial planning. Those with a Certified Public Accountant (CPA) certification are probably good sources for tax planning.
Check Complaint History
Depending on who oversees the advisor or the firm, you should be able to check whether there are complaints on record. If FINRA provides oversight, you can research them on FINRA’s BrokerCheck tool. If the SEC oversees them, the SEC has an investment advisor search feature to find information on the advisor and the company. Remember: One complaint might not be a red flag, but multiple complaints might give you pause.
Find Out About Fees
Investment advisors may be paid, or charge fees, several different ways. They may charge a percentage of assets under management, meaning that the fee will depend on the assets they’re managing for you. For example, if the fee is 1% of assets under management and you’re having them manage $500,000, you’d pay $5,000 annually for their services.
Others may charge an hourly fee or a flat project fee for specific services. There are also advisors that are paid commissions from the products that they sell to clients. It’s important to understand how an investment advisor makes money and how much you’ll pay in fees each year, and then decide what you’re comfortable with.
Get Details on Their Work Style
Communication and working style may be just as important as credentials and expertise. For instance, how often do they want to meet with you? Would you be working with them directly or with a wider team of people? Do they like to communicate via phone call, email, or text? This is something else to consider.
Take a Test Drive
Many advisors will offer a phone consultation or in-person visit to see if you’re a good fit. You may want to take them up on it. Finding the right investment advisor is as much a matter of chemistry as credentials.
Questions to Ask an Investment Advisor Before Hiring Them
It can be a good idea to find out as much as possible about an investment advisor so you can make an informed decision. Here’s a list of questions you might want to ask:
• What are your qualifications?
• What type of clients do you typically work with?
• Are you a fiduciary?
• How are you paid? And how much will I be charged?
• Do you have any minimum asset requirements?
• Will you work with me, or will members of your team work with me?
• How (and how often) do you prefer to communicate? (Phone, email, text?)
• How often will we meet?
• What’s your investment philosophy?
• What services do you provide for your clients?
• How do you quantify success?
• Why would your clients say they like working with you?
The Takeaway
An investment advisor can help you think about investing for the future, plan to save enough for all your goals, and understand how to get it all done. Finding one isn’t hard, but it does take time and some research to connect with an investment advisor that meets your expectations and feels like a good match.
With that in mind, getting the right advice can be critical even before you start investing. Someone with experience in the markets helping guide you can be invaluable.
Ready to invest in your goals? It’s easy to get started when you open an Active Invest account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
For a limited time, opening and funding an account gives you the opportunity to win up to $1,000 in the stock of your choice.
SoFi Invest® The information provided is not meant to provide investment or financial advice. Also, past performance is no guarantee of future results. Investment decisions should be based on an individual’s specific financial needs, goals, and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below. 1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC registered investment advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).
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For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit www.sofi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or prequalification for any loan product offered by SoFi Bank, N.A. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. Third Party Trademarks: Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements. Claw Promotion: Customer must fund their Active Invest account with at least $10 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%. See full terms and conditions. SOIN0523030
In the past nine months I’ve found $12.89 in singles and specie. The cash has shown up in a number of places, but most of it is from coins I picked up.
As usual, I’ll squirrel away the found funds until Thanksgiving, at which time I’ll write a check to a food bank. I’ve been doing this for a couple of decades, including a span of several years during which I had neither a vessel into which to urinate nor a casement through which to dispose of it.
This was a painless way to help others at a time when I worried nonstop about my own ability to stay afloat. Giving to others got me out of my own head, reminding me that plenty of people lived with considerably fewer resources (financial, emotional, practical) than I had.
It also reminded me that despite my fears I actually did have enough to get by. In fact, I had so much enough that I could afford to share a little with others. What richness!
Maybe you’re in a tight spot of your own, or maybe your paycheck covers the basics without much left over. But writing a check isn’t the only way to give. Our time, our talents and even our frugal hacks can make a difference in the world.
The Ultimate Social Network Why give? Because there’s need — and because it’s as good for you as it is for the people to whom you contribute.
Helping others connects us with the bigger picture, i.e., life outside our own little circles of circumstance. Giving is the ultimate social network, because it connects us with the wider world vs. the virtual one.
Suppose you spent an hour driving a veteran to the doctor and back. For you it would be an hour you could spare. For the vet you drove, it would be a lifeline.
Note: You shouldn’t give anything — even your time — if it endangers your equilibrium or your budget. A single parent with one and a half jobs already has enough on his or her plate, and you should chase the wolf away from your own door before you pick a name off the Angel Tree.
The following tips are not one-size-fits-all. For example, maybe you:
Live in a high-rise and don’t know your neighbors.
Aren’t the kind of person who would ever pick up recyclables.
Can’t donate blood for medical reasons.
But surely one of these suggestions will resonate. And if not? Share your own ideas in the comment section.
“Used,” but still useful
Charity thrift shops. Goodwill and others can use clothing, housewares, books and maybe even furniture. However, keep in mind that the stuff you think “still has some use left in it” might not be saleable. Get a receipt in case this is the year you itemize; see “Getting the most from your charitable deductions” for specifics.
The Freecycle Network. Not all chapters are created equal, but I’ve had tremendous success with people coming to get stuff I no longer need.
Got books? This American Library Association fact sheet offers information on libraries that accept donated materials.
Got children’s books? Ask if you can leave your kids’ outgrown titles in the waiting room at a public health clinic or social service agency.
Periodical sharing. When you finish with magazines, ask if it’s OK to leave them at laundromats, job-source organizations or other places adults tend to sit and wait. Cut the mailing label off the front of the mag; it doesn’t hurt to be wary even though identity theft is generally more high-tech than that.
Rags that rock. Before tossing worn-out towels or blankets, see if pet rescue groups could use them.
Holidays for kids. This doesn’t have to cost a bundle. Shop the Black Friday or pre-Black Friday sales, or the loss leaders during the holiday season. If experience has shown you which stores have the best stuff, shave off a few more bucks by paying with a discounted gift card.
Holidays for adults. Social service agencies or places of worship will likely let you know who’s in need. Shop the same sales as noted in “gifts for kids,” above, and also watch daily deal sites like My Bargain Buddy and Dealnews.com.
Clothing drives. Got a second coat, a like-new hat, an extra scarf? If you’re in a cold climate a collection box is waiting somewhere. When I lived in Alaska I carried extra hats, scarves and mittens in the trunk of my car, in case I met a homeless person who needed them. (And I did.)
Pro bono es bueno. Lawyers and doctors aren’t the only ones who donate their time, incidentally. Whether it’s social media savvy or landscape architecture, your skills might be needed by a town landmark, a group home, an elementary school.
Helping hands. Not everyone has an in-demand skill, but just about any of us can stuff envelopes or help clean up after a PTA meeting.
Teach a class. Take stock of what you know well — web design, cake decorating, Excel spreadsheets? — and offer that knowledge to others through a club, afterschool program, fraternal organization or place of worship.
Be a youth-group leader. This is a huge time commitment, and some people (including me) aren’t nuts about certain organizations’ policies on gays and lesbians. But if you can find a match — scouting, 4-H, youth sports, Sunday school — your help is needed.
Mentoring. Big Brothers/Big Sisters is the group people most often choose, but other options exist. Maybe your place of worship has a way to match kids in need with caring adults. Perhaps a professional organization arranges job-shadows for teens interested in your industry. A recent college graduate in your field might need advice and/or networking.
Yard work. Got an elderly or chronically ill neighbor who can’t manage snow, leaves or lawn? Step up.
Give blood. If the bloodmobile comes to the workplace, well, score: You get a break from the job plus juice and cookies! If not, look for blood drives. Donation doesn’t take very long and it’s a literal lifesaver.
Frugal-hack giving
Use your coupon powers for good. By combining sale prices, coupons and instant store rebates, you can pay nothing or next to nothing for toiletries, cleaning products and food items. I’ve donated numerous bags of these things to a shelter and a couple of emergency pantries.
Coupon powers, part 2. Michael’s and Jo-Ann’s have dollar sections and they run “50% off any non-clearance item” coupons in their Sunday ads. Thus I pay 50 cents for knitted gloves that aren’t good to 30 below but do keep out the chill. Shelters can use these.
Clearance tables rule! Speaking of gloves: I found them priced at two pairs for 33 cents a couple of late-winters ago. (I bought 100 pairs to give away.) Clearance tables can also yield gifts for next year’s holiday donations.
Recycle for credit. Trade in spent ink cartridges for store credit at Office Max, Office Depot and Staples, then buy school supplies to donate. Deliver office supplies to your favorite local nonprofit. Drop off teabags or coffee filters at the senior center. (Cartridge trade-in policies vary, so be clear on the rules before you do this.)
Recycle for cash. If you walk for exercise, carry a bag and pick up cans and bottles along the way. Give the money you earn to your favorite cause.
Plant a little extra. If you have one zucchini plant you have enough; if you have two, you have enough to share. Seriously: Put a few extra seeds in the ground and donate extra produce to food bank or soup kitchen.
Calendar creep. Do charities send you calendars, greeting cards and notepads? Offer calendars to teachers (animal-themed ones are a big hit with younger kids), group homes, senior centers or nonprofits, or bundle up the cards and notepads and donate them to charity thrift shops.
A non-pay phone. Got a plan with unlimited minutes? Maybe someone in a veterans’ or long-term-care home wants to call family or friends but can’t afford it. Ask a social worker if you can temporarily donate your phone on a weekend afternoon.
House-caring hack. Next time someone offers you $50 to pick up the mail and feed the cat for a week, make a counter-offer: You’ll do those chores if he or she will make a donation to the charity of your choice. If you’re a cynic, just accept the money and donate it yourself.
Readers: How do you give on a budget — or for free?
Let’s say you buy a life insurance policy that has kicked in immediately or after a waiting period, and you meet your unfortunate demise a day, month, or several years later. Will your beneficiaries receive the entire amount? Broadly speaking, yes.
So, how long do you have to have life insurance before it pays out? If you have, say, a 25-year term life policy, then your loved ones are usually covered for 25 years. If you have an active permanent life policy, the entire death benefit is generally in place during your lifetime.
There’s a significant cost difference between term life and permanent life insurance, though. Stay tuned.
Life Insurance Basics
Life insurance is meant to protect a spouse or partner, children, or other family members upon your death. It is intended to replace your income and avoid a large financial loss while paying the costs of a funeral or a memorial service.
When it comes to life insurance plans, there are two main types: term life and permanent life. Both kinds of insurance are sold by the majority of life insurance companies.
No matter which type you have, when you die, your beneficiaries or the executor of your estate will need to file a claim with the insurance company in order to receive the death benefit. The payout may come in one lump sum or in another form, depending on the insurance company.
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How Does Term Life Work?
Term life insurance is often viewed as more cut and dried than permanent life insurance. Policy owners make regular monthly payments during the term. The insurance company pays a death benefit — or the amount of the coverage — if the policy owner dies during the term.
Term life insurance covers a set period, such as 20 or 30 years.
The coverage can range from $25,000 to several million dollars, depending on the insurer and your financial needs and plans. If the insured dies after the time period chosen, the insurance company will not provide the payout.
The intent of term life insurance is to ensure that your financial responsibilities are taken care of in case of an illness or tragedy. A policy can support the financial needs of children, help a stay-at-home parent find their footing, or cover a mortgage, credit card bills, or other outstanding debt.
Parents may decide to buy term life insurance while their children are younger and before they go to college or establish careers. Some people might also choose term life insurance because it typically costs less than permanent life insurance. Others may opt for term life because they believe they’ll be self-insured when the term ends or because they want to protect certain assets, such as paying off a mortgage.
What Is Permanent Life Insurance?
Unlike term life, permanent life insurance provides coverage for a lifetime. For example, when you purchase whole life insurance, a common kind of permanent life, the policy remains in effect for the rest of your life unless you cancel it or miss payments. Beneficiaries receive the death benefit after the insured passes away.
Permanent life insurance can be more complicated because there is a “cash value” included in the policy. These financial products are seen as a combination of insurance and savings.
One of the main differences between term life and permanent life insurance is the amount of the premium, or the money that you pay each month to maintain the policy. Permanent life insurance is usually more expensive than term life insurance because it provides longer coverage.
Recommended: 8 Popular Types of Life Insurance for Any Age
What to Consider When Choosing a Policy
There are several things to evaluate before you purchase either term or permanent life insurance. Examining the options will help you decide which type of insurance will meet your financial needs the best.
Waiting Periods
A waiting period is the length of time the insured person must wait before some or all of their coverage kicks in. Some life insurance companies will make policies effective immediately or as soon as the first payment is made.
Waiting periods were created to avoid fraud and are one way that insurance companies protect themselves. If the insurance company does not have a waiting period, the policy is likely to be more expensive than one that requires someone to wait.
When applying for any life insurance policy, it’s best to ask if there is a waiting period and whether any exceptions exist. Then, once a policy is issued, it’s smart to confirm the details.
Cost of Premiums
One major factor in weighing term life and permanent life insurance policies is the monthly premiums. Typically, term life insurance costs less — often much less — than permanent life insurance, even though the coverage amount is the same.
The difference is that permanent life insurance has a cash value component. If you need to take out a loan, you can use that money as collateral based on the interest rate given in a policy. The cash value part of a permanent life insurance policy generally grows tax-free, though in some cases withdrawals, loans, and surrenders may be taxed.
Permanent life insurance has a cash value component and costs more than term life.
One main difference between term life and permanent life is that if you live beyond the term that you chose, no money is paid out. Term life insurance policies have no cash value.
Recommended: How to Buy Life Insurance in 9 Steps
Making the Right Choice
Choosing between term life and permanent life insurance policies can be difficult. While permanent life insurance policies have a savings portion, the “cash value” is invested by the insurance companies and they choose what assets they want to invest in.
Other criteria that may help you make a decision are whether you are married or not, if you have children and how old they are, if you think your salary will increase over time, and how much debt you have, such as your mortgage, other loans, and credit card bills that would need to be paid off if you died.
Changing a Current Policy
You may already have a life insurance policy, but life circumstances can change rapidly. Some life insurance companies might allow you to either increase or decrease the amount of coverage.
Permanent life insurance policies tend to be more complicated, and changes may mean that you will have to pay administrative fees.
Most permanent life policies have a surrender charge, which is subtracted from the top of your cash value if you end, or surrender, the policy. Surrendering a policy means giving it up. You’ll receive the cash value, minus any fees. By canceling the life insurance policy, your heirs will receive nothing from it when you die.
The Takeaway
Life insurance can help protect your family from the financial impact of your death. Term life insurance provides coverage for a set amount of time. If the insured person dies during that time, their beneficiaries receive the entire payout. Permanent life, on the other hand, provides lifelong coverage and comes with a cash value. Beneficiaries receive the payout after the insured dies. As you consider policies, be sure to note the costs involved.
If you’re shopping for life insurance, SoFi has partnered with Ladder to offer competitive life insurance policies that are quick to set up and easy to understand. You can apply in just minutes and get an instant decision. As your circumstances change, you can easily change or cancel your policy with no fees and no hassles.
Complete an application and get your quote in just minutes.
Coverage and pricing is subject to eligibility and underwriting criteria.
Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers- for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.
Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, Social Finance. Inc. (SoFi) and Social Finance Life Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under Ladder Life™ policies. SoFi is compensated by Ladder for each issued term life policy.
SoFi Agency and its affiliates do not guarantee the services of any insurance company.
All services from Ladder Insurance Services, LLC are their own. Once you reach Ladder, SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice. SOPT0523005
These days, every week brings a new report, forecast or piece of news reminding us that the mortgage lending market is in uncharted waters. Mortgage demand fell 6% week over week at the end of July. Applications dropped 7% in the same period. The national inflation rate eclipsed 9% in June. Things have changed even more since then.
As lenders, we know these things to be true not just within the context of a recent market report — we see it happening every day on the ground, in the weeds with homebuyers, real estate agents and partners. In a field built on risk — like mortgage lending — the lack of control or agency can often feel like the biggest risk of all.
It can also be truly liberating. It can force lenders back to the basics — to refocus on the things they can control that have always been the most important element of the home-buying journey anyway: How customers feel when they work with you.
In the age of automation and analytics, altruism can often feel less quantifiable, and perhaps less important as a result. Even those who value it will often say something like, “You can’t put a price on experience.”
Except, you very much can.
The polarization of the lending market
The state of the housing market today has pushed homebuyers into one of two camps: those who feel they missed out on their opportunity to capitalize on low rates and high appreciation, and those who desperately need to move and will largely be undeterred from a negative market shift just by nature of their circumstances. Such a reality stands in stark contrast to what we saw even a few short months ago, when the FOMO (fear of missing out) was real and correctable and everybody wanted a piece of the action. The FOMO homebuyer is now just trying to weather the storm, as we’ve seen in recent weeks with the dips in demand and applications.
But the homebuyer that needs to move is still out there looking for the right home and the right partners to help them get it. They know the homebuying process right now is going to be more challenging both logistically and financially. They also know that a lender can compound those challenges or reduce them to a mere speed bump rather than an insurmountable hurdle.
For lenders who prioritize providing exceptional experiences, there’s never been a more perfect customer — or a better opportunity to capitalize on the value they deliver that many others don’t.
The greater the need, the better the service
How lenders, particularly local ones, service their customers and loans over the next six months will be the greatest factor in their ability to survive the market shift.
There are two reasons for this. First is their ability to maintain short-term profitability even as fewer people search for homes. That’s simple enough: When there aren’t as many loans, capitalizing on the ones that come through become exponentially more important.
With all other factors like rates and costs being relatively equal, the difference will always come down to the elements that comprise the customer experience: responsiveness, time to close, one-on-one engagement and education, local market expertise, transparency and human connection.
These things you can absolutely put a price on and brings me to my second point about the role customer service plays in survivability: future revenue.
How exceptional service creates long-term ROI
When the opportunity to refinance comes, it will come for just about everyone. As early as the first quarter of 2024, we may begin to see a seismic boom in refinancing for millions of homeowners. When they pick up phone, it’s easy to see how spending an extra couple hours with a customer now can increase their likelihood to call you instead of a new lender.
The same, of course, is true for the rest of the market. If lenders can push through the notable decline in retention. A 2021 report from Black Knight found that only 18% of borrowers kept the same servicer across multiple transactions at the end of 2020. Cash-out refinances fell to 11% retention, while rate-and-term refinances hovered at 23%.
The biggest reason? Poor service and an overreliance on digital tools. The latter often drives the former, as lenders over the last several years leaned so heavily into technology to meet heightened demand and volume that they inadvertently pigeon-holed customers and failed to compensate for a dominant digital experience with a more personable human one.
The decline in origination volume in recent weeks and for the foreseeable future only reinforces the need for lenders to invest in service as much as technology.
Because while repeat customers are a rarity in lending, they don’t have to be. It’s just been the price lenders have paid for not focusing on the thing their customers want most: better service.
Eric Bernstein is co-founder and president of LendFriend Home Loans.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.
To contact the authors of this story:
Eric Bernstein at [email protected]
To contact the editor responsible for this story: Sarah Wheeler at [email protected]
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Budgeting is not easy!
It can be stressful and complicated to stay on top of your finances.
It takes willpower, discipline, patience—but also creativity and flexibility in order for us to stick with it long enough that we start saving money as well.
A budget binder with envelopes is the perfect tool for keeping everything organized.
With this very simple and easy-to-use tool, you can organize all of your budgets and actual spending for multiple cash envelope categories in one place—all within an envelope that easily fits into a purse or wallet!
The hardest part is finding one that suits your needs.
In fact, 65% of Americans have no ideas how they spent their money last month.
In this post, we are going to review the topic budget binder with envelopes, so you can make a logical decision on what is best for you.
Why you should use a budget binder?
A budget binder is a great way to keep your finances organized. It can help you track your expenses, stay on budget, and save money.
In addition, with budgeting, you reduce your spending and plan for the future.
There are several ways to use a budget binder:
Set spending limits so you can save money
Label envelopes with category names like “groceries” and “dining out.”
Add money to an envelope as you spend it in that category, even if it’s not the last envelope for that category.
If there is leftover money at the end of the month, put it into savings or your emergency fund (or use it next month).
This type of detail will help you stay organized and aware of your spending habits. Learn more on how to create a budget binder.
Are budget binders worth it?
Though budget binders are not a new concept, they are still worth using to help you stay on top of your spending.
By recording where each penny goes, you can more easily track your progress and make necessary adjustments along the way.
Budget binders can be found in both digital and printed formats. They are often sold on Amazon, but they may also be bought online from other sellers like Etsy.
Budget binders are a popular way to stay organized and save money.
What to include in your budget binder
A budget binder is a place where you can keep all of your financial information in one spot–including accounts, receipts, and other important paperwork. This will help you stay up-to-date on your spending and make it easier to track expenses.
There are some key items that you should include in your budget binder so that it’s most effective for you.
It’s also helpful to have a section for current account statements and recent receipts.
When it comes to personal finance, the organization is key.
A great way to get your budget in order is by using a budget binder with cash envelopes. This method is very simple and can be customized to fit your own needs.
If you want to organize your budget in a simple way, then consider using a budget binder with envelopes. This will help you to easily separate your expenses into different categories.
Here are the best budget binders with cash envelopes to choose from.
This budget binder is a great way to organize your finances. It is lightweight and easy to carry, making it convenient for use at home, work, or school.
The A6 size fits easily in your handbag or backpack, and the money pocket and cards holder make it easy to keep your important documents safe and secure.
Additionally, waterproof sticker labels make it easy for you to categorize everything you need to carry with you.
This budget binder is a great way to organize your finances. It comes with money saving envelopes for cash, as well as inserts that can go into the A6 ring binder. You can also carry it with you anywhere thanks to its handy zipped up holders.
This SOUL MAMA A6 Budget Binder with Cash envelopes is the perfect way to budget your money. It comes with pre-printed inserts for saving money, and the color scheme is half holographic purple and half white. The labels are also written in beautiful rose gold font.
The material makes it both quality and tear-resistant, while the waterproof and soft-to-the-touch design keeps your documents safe. Plus, there’s a 100% satisfaction guarantee, so you can be sure that you’re making a sound investment.
This budget binder is a great way to organize your finances. The faux leather binder has a pen loop and card pockets, which are perfect for hiding passports, ID cards, bank cards, and other important things.
Plus, the personalized holographic design will make you feel like a boss!
There are a variety of cash envelope options to help organize your budget. The most common are envelopes for Mortgage/Rent, House bills, Car payments, Car insurance, and Groceries. You can find specialized envelopes or create your own system.
Label each envelope with the name of the category and the amount you plan to spend each month. When the money is gone, it’s gone!
You can find purchase add-ons with extra envelopes and budget tracking sheets in their shop.
Clever Fox cash envelopes are tear-resistant, water-resistant and durable, making them the perfect option for budgeting.
This Clever Fox cash envelope system is perfect for organizing your budget. The set includes a carrying case, 12 budget sheets, and enough envelopes to track all of your purchases and what you have left to spend. Each envelope has a different color for each budgeting category, so you can stay on top of your spending with ease.
I love the Clever Fox Cash Envelopes for Budget System because of its great features.
The tracker has a zippered storage case to keep everything together and each envelope has a blank category label. When you lift the flap, there’s another label with plenty of space to write down the details! Plus, the quality is fantastic and I love how they include purchase trackers with every set.
Recently, I stumbled upon this super cute budget book that is perfect for organizing your finances.
This A6 budget binder comes with a customized cash envelope system, which will help you stay on track with your budget.
You can choose the color of your binder, the font for your personalization, and the vinyl color. You can also choose to have your name printed on the front of the binder as well as a phrase of your choice.
The quality of the book exceeded my expectations, and the best part is that it’s just so darn cute! If you’re looking for a custom budget binder, I would highly recommend this one.
This SKYDUE Budget Binder comes with 12 envelopes for cash, which makes it easy to keep track of your budget. The binder also has 16 self-adhesive labels to help you stay organized, and it fits in your handbag, backpack, suitcase, or desk.
In addition, the SKYDUE Budget Binder with 12pcs Cash Envelopes is perfect for college students.
The binder and sleeves are made from durable materials that can withstand wear and tear, while the cash envelopes are a great way to start using the sinking funds saving method. Plus, the pouches are big enough to hold a decent amount of money without being too bulky.
A customized cover is a great way to personalize your budget binder!
This starter set gives you all the basics you need to get started. You can have a maximum of 8 envelopes in your binder for a comfortable fit, but feel free to adjust this number according to your needs.
The binder was well put together and the customer service was amazing. The money was well spent and there are many customers very happy with the final product.
A personalized cash envelope binder is a great way to organize your budget.
You can customize the binder with any name or wording in any font color! The set includes a binder and 5 personalized cash envelopes.
This is a great way to start budgeting and get your finances under control.
This cash envelope wallet is perfect for budgeting. It has RFID blocking to keep your cash safe and a heavy duty wristlet to make sure it stays with you.
There are 12 cash envelopes included so you can get started right away, and the vertical design of the envelope makes it easy to add and remove bills or track your spending.
Personally, I like the plastic tabbed cash envelopes because they are durable and small enough to be taken out of my planner system without getting squished. The vertical orientation is easier to see, which helps me keep track of how much money I have left in each category.
In addition, this binder comes with access to a library of 50+ A6 printable pages. There are 12 monthly budget sheets included helping you build your budget and get organized. With this system, you can take control of your finances and see where your money is going.
This budget binder from TNHomegrowndesigns is a great way to start organizing your finances. It includes everything you need to get started, including cash envelopes and a money holder. The cash envelope system is a simple way to budget your money, and this binder makes it easy to do.
You can choose the color and number of envelopes you want, as well as have it customized with your name. This is a great way to organize your budget in a simple way.
Budget Binders with Envelopes DIY
If you’re looking for a low-cost option to organize your finances, consider using a DIY budget binder with envelopes.
This approach allows you to maintain control over your spending even during income fluctuations. Plus, by using airtight plastic bags to store the envelopes, you can save money on buying new folders!
How do you make a budget binder with envelopes?
Honestly, it is just as easy to create your own budget binder as it is to buy one pre-made.
Here are the supplies you need:
The benefits of making your own are personal customization and adding what is important to your personal situation.
For more information, learn how to create a budget binder.
How to organize your budget in a simple way
There are a few different ways to organize your budget:
Income and Expenses: This is probably the most common way to organize a budget. It separates your income from your expenses, so you can see how much money you have coming in and going out.
Fixed and Variable Expenses: This way of organizing a budget separates your fixed expenses, like your rent or car payment, from your variable expenses, like your grocery bill. This can be helpful in seeing where you spend money.
There are a few different ways to organize your budget, but we think starting with a zero based budget is best.
How much money do you save with the envelope system?
The envelope system is a popular way to budget and helps people save money faster.
It works by allocating specific amounts of money to each category of expense and putting that money into an envelope. When the envelope is empty, you can’t spend any more money in that category. This helps people stay within their budget and avoid overspending.
If you need to save money on a tight budget, then the envelope system is helpful.
In fact, many people have had great success with saving over $5000 using the 100 envelope challenge.
Tips for sticking to your budgeting system
When it comes to sticking to your budget, there are a few things you can do to make it easier.
For starters, don’t spend more than you can afford.
If you have debts or other expenses, make sure you factor those into your budget as well.
Also, be sure to set realistic goals and limits for yourself- if you try to cut back too much, you’re likely to give up before you even start.
At the same time, don’t be afraid to experiment a little bit and try new things with the money you have. Just because something is outside of your budget doesn’t mean you can’t enjoy it sometimes!
By being smart about how you spend your money, you can stick to your budget without feeling too restricted.
Which Budget Binder with Cash Envelopes is your Favorite?
A budget binder is a great way to organize your finances and keep track of where your money is going.
Cash envelopes help to visually budget your money. You can use them to plan and budget for what you are going to spend each week or month. This will help you stay on track with your finances and change your future for the better.
In this system, you will have separate envelopes for each category of your budget, such as rent, groceries, and utilities. This will help you track your spending and stay within your budget by paycheck method.
Know someone else that needs this, too? Then, please share!!
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
52k salary is a solid hourly wage when you think about it.
When you get your first job and you are making just above minimum wage making over $52,000 a year seems like it would provide amazing opportunities for you. Right?
The median household income is $68,703 in 2019 and increased by 6.8% from the previous year (source). Think of it as a bell curve with $68K at the top; the median means half of the population makes less than that and half makes more money.
The average income in the U.S. is $48,672 for a 40-hour workweek; that is an increase of 4% from the previous year (source). That means if you take everyone’s income and divided the money out evenly between all of the people.
But, the question remains can you truly live off 52,000 per year in today’s society since it is barely above the average income and yet still below household incomes. The question you want to ask all of your friends is $52000 per year a good salary.
In this post, we are going to dive into everything that you need to know about a $52000 salary including hourly pay and a sample budget on how to spend and save your money.
These key facts will help you with money management and learn how much per hour $52k is as well as what you make per month, weekly, and biweekly.
Just like with any paycheck, it seems like money quickly goes out of your account to cover all of your bills and expenses, and you are left with a very small amount remaining. You may be disappointed that you were not able to reach your financial goals and you are left wondering…
Can I make a living on this salary?
$52000 a year is How Much an Hour?
When jumping from an hourly job to a salary for the first time, it is helpful to know how much is 52k a year hourly. That way you can decide whether or not the job is worthwhile for you.
For our calculations to figure out how much is 52K salary hourly, we used the average five working days of 40 hours a week.
52000 salary / 2080 hours = $25.00 per hour
$52000 a year is $25.00 per hour
Let’s breakdown how that 52000 salary to hourly number is calculated.
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, divide the yearly salary of $52000 by 2,080 working hours and the result is $25.00 per hour.
Exactly $25 an hour.
That number is the gross hourly income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
You must check with your employer on how they plan to pay you. For those on salary, typically companies pay on a monthly, semi-monthly, biweekly, or weekly basis.
What If I Increased My Salary?
Just an interesting note… if you were to increase your annual salary by $3K, it would increase your hourly wage to over $26 an hour – a difference of $1.44 per hour.
To break it down – 55k a year is how much an hour = $26.44
That difference will help you fund your savings account; just remember every dollar adds up.
How Much is $52K salary Per Month?
On average, the monthly amount would be $4,333.
Annual Salary of $52,000 ÷ 12 months = $4333.33 per month
This is how much you make a month if you get paid 52000 a year.
$52k a year is how much a week?
This is a great number to know! How much do I make each week? When I roll out of bed and do my job of $52k salary a year, how much can I expect to make at the end of the week for my effort?
Once again, the assumption is 40 hours worked.
Annual Salary of$52000/52 weeks = $1000 per week.
$52000 a year is how much biweekly?
For this calculation, take the average weekly pay of $1000 and double it.
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x 52 weeks = 260 working days
Annual Salary of$52000 / 260 working days = $200 per day
If you work a 10 hour day on 208 days throughout the year, you make $250 per day.
$52000 Salary is…
$52000 – Full Time
Total Income
Yearly Salary (52 weeks)
$52,000
Monthly Wage
$4333
Weekly Salary(40 Hours)
$1000
Bi-Weekly Wage (80 Hours)
$2000
Daily Wage (8 Hours)
$200
Daily Wage (10 Hours)
$250
Hourly Wage
$25.00
Net Estimated Monthly Income
$3308.50
Net Estimated Hourly Income
$19.09
**These are assumptions based on simple scenarios.
52k a year is how much an hour after taxes
Income taxes is one of the biggest culprits of reducing your take-home pay as well as FICA and Social Security. This is a true fact across the board with an all salary range up to $142,800.
When you make below the average household income, the amount of taxes taken out hurts your hourly wage.
Every single tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
So, how much an hour is 52000 a year after taxes?
Gross Annual Salary: $52,000
Federal Taxes of 12%: $6,240
State Taxes of 4%: $2,080
Social Security and Medicare of 7.65%: $3,978
$52k Per Year After Taxes is $39702
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$39702 ÷ 2,080 hours = $19.09 per hour
After estimated taxes and FICA, you are netting $39,702 per year, which is $12,298 per year less than what you expect.
***This is a very high-level example and can vary greatly depending on your personal situation and potential deductions. Therefore, here is a great tool to help you figure out how much your net paycheck would be.***
Taxes Based on Your State
In addition, if you live in a heavily taxed state like California or New York, then you have to pay way more money than somebody that lives in a no tax state like Texas or Florida. This is the debate of HCOL vs LCOL.
Thus, your yearly gross $52000 income can range from $35,542 to $41,782 depending on your state income taxes.
That is why it is important to realize the impact income taxes can have on your take home pay. It is one of those things that you should acknowledge and obviously you need to pay taxes. But, it can also put a huge dent in your ability to live the lifestyle you want on a $52,000 income.
My 52k Salary Hourly Calculator
More than likely, your salary is not a flat 52k, here is a tool to convert salary to hourly calculator.
Many of the starting freight broker salaries are in this range (and before commission)!
Many teachers are hovering in this range, which may make you wonder do teachers get paid in the summer?
52k salary lifestyle
Every person reading this post has a different upbringing and a different belief system about money. Therefore, what would be a lavish lifestyle to one person, maybe a frugal lifestyle to another person. And there’s no wrong or right, it is what works best for you.
One of the biggest factors to consider is your cost of living.
In another post, we detailed the differences between living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $52000 a year is going to be much more difficult because your basic expenses, housing, transportation, food, and clothing are going to be much more expensive than you would find in a lower cost area.
To stretch your dollar further in the high cost of living area, you would have to probably live a very frugal lifestyle and prioritize where you want to spend money and where you do not. Whereas, if you live in a low cost of living area, you can live a much more lavish lifestyle because the cost of living is less. Thus, you have more fun spending left in your account each month.
For many, this is when they are looking at upgrading their car to something nicer, but you must be aware of is a car an asset or liability.
As we noted earlier in the post, $52,000 a year is slightly below the average income that you would find in the United States. Thus, you still have to be wise with how you spend your money.
What a $52000 lifestyle will buy you:
If you are debt free and utilize smart money management skills, then you are able to enjoy the lifestyle you want.
You are able to rent in a decent neighborhood in LCOL and even MCOL city.
You should be able to meet your expenses each and every month.
Ability to make sure that saving money is a priority, and very possibly save $5000 in 52 weeks.
When A $52000 Salary Will Hold you Back:
However, if you are riddled with debt or unable to break the paycheck to paycheck cycle, then living off of 52k a year will be pretty darn difficult.
There are two factors that will keep holding you back:
You must pay off debt and cut all fun spending and extra expenses.
Break the paycheck to paycheck cycle.
Not using one of the millionaire quotes for motivation.
It is possible to get ahead with money!
It just comes with proper money management skills and a desire to have less stress around money. That is a winning combination regardless of your income level.
Find low-stress jobs that pay well without a degree now.
$52K a year Budget – Example
As always, here at Money Bliss, we focus on covering our basic expenses plus saving and giving first, and then our goal is to eliminate debt. The rest of the money leftover is left for fun spending.
This is how zero based budgeting works.
If you want to know how to manage 52k salary the best, then this is a prime example for you to compare your spending.
You can compare your budget to the ideal household budget percentages.
recommended budget percentages based on $52000 a year salary:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$202
Savings
15-25%
$780
Housing
20-30%
$1190
Utilities
4-7%
$152
Groceries
5-12%
$325
Clothing
1-4%
$26
Transportation
4-10%
$173
Medical
5-12%
$217
Life Insurance
1%
$11
Education
1-4%
$11
Personal
2-7%
$35
Recreation / Entertainment
3-8%
$87
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$1025
Total Gross Monthly Income
$4333
**In this budget, prioritization was given to basic expenses and no debt.
Is $52k a year a Good Salary?
As we stated earlier if you are able to make $52000 a year, that is a decent salary. You are making more money than the minimum wage and almost double in many cities.
While 52000 is a good salary starting out in your working years. It is a salary that you want to increase before your expenses go up or the people you provide for increase.
However, too many times people get stuck in the lifestyle trap of trying to keep up with the Joneses, and their lifestyle desires get out of hand compared to their salary. And what they thought used to be a great salary actually is not making ends meet at this time.
This $52k salary would be considered a lower middle class salary. This salary is something that you can live on if you are wise with money.
Check: Are you in the middle class?
In fact, this income level in the United States has enough buying power to put you in the top 95 percentile globally for per person income (source).
The question you need to ask yourself with your 52k salary is:
Am I maxed at the top of my career?
Is there more income potential?
What obstacles do I face if I want to try to increase my income?
In the future years and with possible inflation, in many modest cities 52,000 a year will not be a good salary because the cost of living is so high, whereas these are some of the cities where you can make a comfortable living at 52,000 per year.
If you are looking for a career change, you want to find jobs paying at least $60000 a year.
Is 52k a good salary for a Single Person?
Simply put, yes.
You can stretch your salary much further because you are only worried about your own expenses. A single person will spend much less than if you need to provide for someone else.
Your living expenses and ideal budget are much less. Thus, you can live extremely comfortably on $52000 per year.
And… most of us probably regret how much money wasted when we were single. Oh well, lesson learned.
Deep Dive: What Is A Good Salary For A Single Person in Today’s Society?
Is 52k a good salary for a family?
Many of the same principles apply above on whether $52000 is a good salary. The main difference with a family, you have more people to provide for than when you are single or have just one other person in your household.
The costs of raising children are high and will steeply cut into your income. As you can tell this is a huge dent in your income, specifically $12,980 annually per child.
That means that amount of money is coming out of the income that you earned.
So, the question really remains can you provide a good life for your family making $52,000 a year? This is the hardest part because each family has different choices, priorities, and values.
More or less, it comes down to two things:
The location where you live in.
Your lifestyle choices.
You can live comfortably as a family on this salary, but you will not be able to afford everything.
Many times when raising a family, it is helpful to have a dual-income household. That way you are able to provide the necessary expenses if both parties were making 52,000 per year, then the combined income for the household would be $104,000. Thus making your combined salary a very good income.
Learn how much money a family of 4 needs in each state.
Can you Live on $52000 Per Year?
As we outlined earlier in the post, $52,000 a year:
$25.00 Per Hour
$200-250 Per Day (depending on length of day worked)
$1000 Per Week
$1000 Per Biweekly
$4333 Per Month
Next up is making $55000 a year.
Like anything else in life, you get to decide how to spend, save and give your money.
That is the difference for each person on whether or not you can live a middle-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than in Oklahoma or even Texas.
In addition, if you are early in your career, starting out around 43,000 a year, that is a great place to be getting your career. However, if you have been in your career for over 20 years and still making under $45K, then you probably need to look at asking for pay increases, pick up a second job, or find a different career path.
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Regardless of the wage that you make, if you are not able to live the lifestyle that you want, then you have to find ways to make it work for you. Everybody has choices to make.
But one of the things that can help you the most is to stick to our ideal household budget percentages to make sure you stay on track.
Learn exactly how much do I make per year…
One of the best ways to improve your personal finance situation is to increase your income. Here are a variety of side hustles that are very lucrative. With time and effort, you can start enjoying the lifestyle you want.
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Save more, spend smarter, and make your money go further
The advent of fall serves as a good reminder that you may need to correct course and keep your financial responsibilities in mind. On the first day of fall, the autumnal equinox, the lengths of day and night are roughly equal, and the daylight grows shorter from there. Use the diminishing sunlit hours to get you and your money back on course after a summer of sun and fun.
Start over
Every year at back-to-school time, there are ads for notebooks, fancy pens and backpacks. Even if you don’t have children, the fall season brings to mind stacks of blank paper, waiting for you to write your story….or re-write it! Are you financially off-track and your money goals are nowhere in sight? Start with a clean slate and get back to basics. Create fresh goals. Redo your monthly budget. Commit anew.
Become a night owl
We turn our clocks back on November 1. Use that hour to reflect on your day, unwind and set action items for tomorrow that will keep you on the right financial path.
Spring cleaning isn’t just for spring
If you live in a cold climate, now is the time you are pulling winter gear out of storage. Purge ill-fitting or never-worn garments and gear and have a fall yard sale. You’ll clear space in your life and earn a bit of money you can put towards your saving goals.
Give your bills a checkup
Scrutinize your bills. Are you paying the right amount for utilities, cable or broadband, phone, and other recurring monthly expenses? Are there any hidden fees? This is a good time to get organized, adjust your data plan or cut some channels out of your satellite TV package to save a few more bucks.
Pay attention to open enrollment
Many employees benefit plans run open enrollment — the period when you can make changes or sign up for new benefits — at this time of year. Instead of ignoring those flyers or emails, open them! Make sure you are taking advantage of vision, dental, and health insurance, and contributing to your employer’s retirement plan. Look at how much you spent this year on healthcare costs and see if a healthcare savings account may benefit your family. Keep in mind that Health Insurance Marketplace open enrollment for 2016 is from November 1, 2015 through January 31, 2016.
Stock up for next year
Now is the time to purchase used summer gear like patio furniture, pool toys and bikes. When others are deciding what doesn’t get to stay in the garage for another year, you can snag a great bargain on something you’ve wanted to add to your warm-weather activities. Grab it now and look forward to using it next year.
Resist the pumpkin spice latte
You can’t open your eyes in September without seeing an ad for a pumpkin spice something. It can be tempting to embrace the fall flavor, but did you know that a pumpkin spice latte can be as much as $5.25? I don’t know about you, but every year I succumb to the advertising pressure and long for the tasty warm treat. It’s a good reminder to skip the coffee stop and make your latte at home and save a fiver. Or at least custom order yours, which could save you half the cost!
Watch the calendar
The countdown to Christmas is alive in social media feeds. Whatever winter holiday you celebrate, plan accordingly. They happen at the same time every year, so now’s the time to make your plan — don’t let them sneak up on you and force you into overspending on food, travel, or gifts at the last minute.
Snuggle and save
When it gets cold outside, we tend to stay in, watch movies or invite friends over. While this routine may get old by March, at least you’re not out somewhere spending money! Silver lining, right?
Kim Tracy Prince is a Los Angeles-based writer. If she didn’t have a husband and 2 young boys who love sports, she’d save money by staying in and reading all the books that she never has time for.
Save more, spend smarter, and make your money go further
Previous Post
My New Financial Reality in the “Real World”
Many people think of a pet as a member of their family. So of course pet owners want to be sure they’re providing the best possible care for their animals without having to worry about what a trip to the veterinarian might cost.
Pet insurance offers a way to help pay for that care — whether it’s a routine checkup or an emergency. However, just like health insurance for humans, choosing the right pet insurance policy can be complicated.
There’s a wide range of coverage options and policy costs to consider. And pet insurance may not be the right fit for every pet owner. Here’s what to know.
What Is Pet Insurance?
Though it has a lot in common with human health insurance coverage, a pet policy falls under the property and casualty insurance classification.
Pet insurance has been around for almost 100 years, but has only been available in the United States since 1982, when a subsidiary of Nationwide sold its first policy to cover the dog that played Lassie on TV.
As with health insurance for humans, pet insurance has a range of options and costs to consider.
And it’s growing in popularity: The North American Pet Health Insurance Association reports that the industry has more than doubled since 2018, and the number of pet insurance premiums in the U.S. grew by 30.4% from 2020 to 2021.
Most of the 4.4 million pets insured are dogs (82% in 2021) and cats (18%). But some insurers may offer coverage for birds, fish, and other pets.
Pet policies are designed to protect pet owners from the high cost of taking their animal to the vet. (If a pet bites another animal or person, those costs typically are covered by homeowner’s insurance.)
There are a few types of pet insurance. Coverage can be limited to accident-only care for an animal, or it can be more comprehensive and include treatment for injuries and illness.
Some policies also include wellness costs, such as vaccinations, dental care, and medical tests. A few include extra benefits, such as coverage for pet care when an owner has an emergency, or coverage for vet care when the owner travels out of the country with the pet.
But preexisting conditions and cosmetic procedures usually aren’t covered. And policies tend to come with a waiting period of 14 to 30 days, which means if a pet is diagnosed with an illness or is injured before that time is up, treatment for that condition won’t be covered.
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How Much Does Pet Insurance Cost?
The average cost of an accident and illness pet policy was $48.66 per month for a dog in 2021, or $583.91 per year, according to the North American Pet Health Insurance Association. For a cat, the average cost was $28.57 per month, or $342.84 per year. Adding wellness care and other benefits can increase the cost of a policy. So can the deductible, co-pay, and maximum coverage amounts the pet owner chooses. These costs are something to consider as you’re budgeting for a new dog or cat.
Reimbursement is typically 80%-90%, which means the insured pet owner can be reimbursed for up to 80%-90% of a qualifying claim. The deductible can be up to $1,000. Research shows many pet owners choose a deductible of $250.
The cost of coverage also may be affected by where the pet owner lives. In cities or regions where veterinary practices generally charge more for office visits or treatments, the cost of pet insurance may be higher.
And coverage may cost more based on a pet’s breed and age as well. Because some purebred cats and dogs may be more susceptible to certain medical conditions, they can be more expensive to insure.
Age is a factor. The older a pet is, the more it may cost to get coverage — both at the time of enrollment and as the pet ages.
The good news is, there are no “out-of-network” provider charges to worry about with pet insurance. As long as the pet owner takes Fido or Fluffy to a licensed vet, and the expenses for the visit qualify, it’s just a matter of filing a claim. Some insurance companies may pay the vet directly, but most reimburse the pet owner after the claim is submitted and verified.
Recommended: 19 Tips to Save Money on Pets
How Can Pet Owners Find Prices and Plans?
Because every pet and every plan is a little bit different, it can pay to do some research.
An increasing number of employers now offer pet insurance in their benefits packages, which could mean a lower premium. So pet owners may want to check with their human resources department to see what their company has to offer.
It’s also easy to get an online price quote from many of the companies that offer pet insurance. A quick search will turn up several well-known insurers (Nationwide, Progressive, Geico, Allstate) that offer coverage, along with insurance companies that are strictly for pets. The insurer will ask a few questions (the pet’s name, age, gender, breed, any preexisting conditions), and then provide quotes for three or more plans, along with some details about the benefits those plans include.
It also may help to have an idea of what it costs to treat common (and not-so-common) problems a certain type of pet might encounter.
For example, a physical for a dog can be as much as $300, and up to $200 for a cat, depending on your location and the pet’s age. Those bills might be daunting but not necessarily devastating for a family’s budget. But an emergency vet visit with multiple overnight stays in an emergency clinic could be as much as $3,500. And surgeries your pet might require can run into the hundreds and even thousands of dollars.
Planning for those costs could help pet owners decide if insurance is something they should consider. (Your vet also may be able to provide some helpful information that pertains to your specific pet.)
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So, Is Pet Insurance Worth It?
As with so many financial decisions, there are pros and cons to purchasing a pet health policy.
Insurance may take some of the stress out of making treatment decisions for a beloved pet based on the ability to pay. Although there still could be out-of-pocket expenses to consider, it might help avoid what the pet insurance association calls “economic euthanasia,” when a pet owner makes the heartbreaking choice to put down a sick or injured animal because the required care is just too expensive.
Insurance also might help a pet owner avoid taking on credit card debt or depleting their savings account to pay for their pet’s care.
Another plus: Because policies can be customized, it may be possible to find one that provides basic coverage and still works within the family budget. And pet owners who love their vet won’t have to switch to a new provider.
But pet insurance doesn’t cover pre-existing conditions, and premiums also may be higher for breeds that are vulnerable to costly health conditions. The cost also goes up as an animal gets older, which is when many pets start having problems that require expensive treatments.
And, as is the case for most types of insurance, if policyholders don’t use their benefits, they don’t get their money back. So, for example, if the pet owner opts for an accident and illness policy and the pet stays healthy for several years, the insurance bills could end up costing more than the vet bills. You may want to set up an emergency fund to help cover any healthcare costs for your pet instead.
Recommended: How to Pay for Medical Bills You Can’t Afford
The Takeaway
If you aren’t sure if pet insurance is right for you, it might help to look at how the cost would fit with your current finances. If money is tight, is there something you could or would give up in order to pay for a pet policy? Also, would pet insurance tackle financial stress by keeping you from worrying about what you’d do if your pet needed expensive care?
Think about these questions carefully. If you feel you won’t get your money’s worth out of a health insurance policy, you may want to skip it for now. But if it’s easier for you to pay a premium monthly, rather than having to come up with a hefty sum all at once if something happens, you may decide pet insurance is a good option.
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