Everyone wants to be the next big thing in the mortgage industry, promising a digital experience or even a funded loan in days as opposed to weeks.
We’ve seen signs of this disruption for years now, and while it has improved the customer experience somewhat and shortened turn times, things aren’t much different.
You still have to fill out a loan application, often with the assistance of a human, submit financial documents, and wait for weeks (or over a month) to get your loan funded.
The difference now is you can do some of these tasks remotely, or better yet, authorize your financial accounts to be plugged into the application so you don’t need to track down documents yourself.
But there’s still the usual frustration and timelines that have long plagued the mortgage industry.
While most disruptors have focused on speed and convenience, an emerging company called “LoanSnap” is focused on originating “smart loans” as opposed to “dumb loans” that cost consumers billions annually.
What Is LoanSnap?
A direct mortgage lender and tech company based in Costa Mesa, CA
It was formed after acquiring Irvine, CA-based DLJ Financial
Currently licensed to do business in 19 states including AZ, CA, CO, FL, IL, and TN
Relies on artificial intelligence (AI) to offer a so-called smart home loan to consumers
LoanSnap was formed after acquiring DLJ Financial, a mortgage lender that had been based in Irvine, California for some 21 years.
The company’s current location is in nearby Costa Mesa, CA, with corporate headquarters in tech-rich San Francisco.
It makes sense that they have locations in both cities, as the Bay Area is where startups are born and Orange County has long been mortgage-central.
They offer a so-called “smart loan” that factors in all your monthly bills, such as credit cards and student loans, to ensure you get the best home loan.
In LoanSnap’s own words, it’s a mortgage that relies upon artificial intelligence (AI) “to analyze a consumer’s financial situation instantly and recommend the best options for their unique needs — all while addressing common financial issues like too much debt.”
Put another way, it goes beyond just the lowest mortgage rate or the fastest turn times and considers a customer’s entire financial situation.
After all, the borrower’s home and accompanying mortgage can often serve as their nest egg, dictating other investments and financial decisions.
It can also be leveraged to pay off other high-interest debt, which is where LoanSnap figures in.
At the start of the loan application on their website, they say, “Welcome! Let’s start by identifying where you’re losing money so we can help you own your financial future.”
What they mean by that is you’re probably paying more interest on your credit cards, student loans, and car loans than you are/would be with a low-rate mortgage.
After all, mortgage rates are close to 3%, while credit cards are often 20%+ and auto loans and student loans are maybe 5%+.
They add that most folks “don’t realize they can move their credit cards or loans to their mortgage and save thousands in interest payments.”
So instead of pitching the lowest interest rates, they give you a full view of all your accounts to help their customers avoid losing money.
What Types of Mortgages Does LoanSnap Offer?
Home purchase loans, mortgage refinances, and HELOCs
The cash out refinance appears to be their chief offering
You can get a conventional loan, non-conforming loan, FHA loan, or a VA loan
Available on single-family homes and condos/townhomes
At the moment, they offer home purchase loans, mortgage refinances, and HELOCs.
That includes both rate and term refinances and cash out refinances, the latter of which is utilized to pay off other high-interest bills you may have.
The cash out refinance seems to be their weapon of choice to eliminate other debt, and explains the how and why of analyzing a consumer’s complete financial situation.
Once they know about your other debts, they can instantly recommend the best loan options that consider interest rates on all your outstanding debt, thereby saving you money.
In a sense, it’s marketing the cash out refinance as something unique to the company, while just about every mortgage lenders offers them.
Of course, things are a little less liquid in that department at the moment due to COVID-19, but that will likely change over time as the situation normalize.
It also means larger loan amounts for LoanSnap, which equates to more money for them.
In terms of loan type, they offer FHA loans, VA loans, and non-conforming loans. I assume they offer conforming loans backed by Fannie Mae and Freddie Mac as well.
They also offer second mortgages in the form of a home equity line of credit (HELOC), which can be used to pay off other bills like student loans, auto loans, and credit cards.
You can get a home loan on a single-family residence or a condo/townhouse. It’s unclear if they lend on second homes and investment properties.
In terms of where they’re available, they lend in 19 states with plans to expand to more soon.
At the moment, they’re licensed in Arizona, California, Colorado, Florida, Georgia, Illinois, Iowa, Kansas, Michigan, Nebraska, Ohio, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Washington, and Wisconsin.
LoanSnap Mortgage Rates
While LoanSnap says it looks beyond mortgage rates to help its customers save money, essentially by saving them on other, higher-cost loans, it doesn’t reveal its rates.
Obviously it’d be nice to get an idea of where they stand pricing-wise, but there’s no daily rate section on their website as of now.
So if you want to pricing, you’ll need to either apply or give them a call. My recommendation is to get pricing first before spending time on an application.
Note that cash out refinance rates are often higher than purchase rates, so if you’re comparing rates among lenders, be sure it’s apples-to-apples.
Also take a look at their customer reviews to see what other customers thought about their interest rates and fees for more clues.
With regard to lender fees, they also leave us in the dark, so be sure to inquire about fees and rates when you call and speak with a loan officer.
LoanSnap Reviews
Despite being a relatively young company, they’ve already amassed a decent number of customer reviews.
On LendingTree, they’ve got a 4.6-star rating out of 5 from nearly 300 reviews, with a 92% recommended score.
At Trustpilot, they have a 3.8-star rating, which the site considers “great,” but not quite excellent.
Over at Google, it’s a similar 4.1-star rating, which is certainly good but not the highest customer satisfaction tier.
On Zillow, they have just a dozen or so reviews and a 4.27-star rating.
While they’ve been accredited with the Better Business Bureau since 2009, they aren’t currently rated.
LoanSnap Received an Investment from The Chainsmokers
Company has raised millions of dollars via several funding rounds
Latest investment comes from fund backed by pop group The Chainsmokers
Also supported by True Ventures, group behind Peloton and Fitbit
Expect them to become a household name in the mortgage world with that backing
In a bid to perhaps become the coolest mortgage lender out there, aside from maybe Rocket Mortgage, they announced a new investment round that included pop duo The Chainsmokers.
The popular group that makes electronic music is apparently also interested in making money, as evidenced by their early stage technology investment firm known as MANTIS.
In mid-May, LoanSnap raised an additional $10 million, co-led by True Ventures and MANTIS.
To show just how serious they are, True Ventures is the Silicon Valley-based venture capital firm behind Peloton, Blue Bottle coffee, and Fitbit.
Their backers also include Richard Branson and Joe Montana’s Liquid 2 Ventures, so it appears they came to play.
Expect to hear the name LoanSnap if and when searching for a mortgage in the near future.
Connecticut is a great place to live and work. It’s in a prime location that makes it easy to get to large cities like New York and Boston. Plus, there are plenty of outdoor recreation opportunities thanks to all the mountains, lakes, and beaches as well as top-notch schools.
Whether you’re new to the Constitution State or have lived there for years, you might be in search of a bank to manage and store your hard-earned money. Fortunately, you’ve come to the right place as we’ve researched the various regional banks and national banks available.
12 Best Banks in Connecticut
Below is our carefully curated list of the best banks in Connecticut. This list is compiled based on a variety of factors such as customer feedback, range of services, accessibility, and financial strength.
1. Liberty Bank
Based in Middletown, Liberty Bank has more than 50 branches in Connecticut. It’s been around for more than 200 years and provides a plethora of financial products and services. These include personal banking, business banking, mortgages, personal and business loans, insurance, and wealth management.
No matter which one of its four checking accounts you can choose, you can expect digital wallet access and online bill pay with no minimum balance requirement.
In addition, Liberty Bank offers three savings accounts with tiered interest rates. While you can visit a local branch, another option is to take advantage of online and mobile banking. With online and mobile banking, you’ll be able to pay bills, set up account alerts for if your account dips below a certain amount, and more.
2. Bank of America
Bank of America is one of the largest banks in the country. It has many branches with local people in more than 60 cities and towns throughout Connecticut, like Hartford, Bridgeport, New Haven, and Danbury.
With Bank of America, you can also manage your cash on the go with its highly rated mobile banking app. When it comes to checking accounts, you have three options, including the Advantage Plus Checking, which is the most popular option.
You can also save your money in the Advantage Savings account, which requires a $100 initial deposit and $8 monthly maintenance fee that you can avoid if you maintain a daily balance of $500 or more or join the Preferred Rewards program.
As a Preferred Rewards member, you’ll lock in perks, such as higher interest rates, waived or discounted fees with a special promo code, and cash back rewards for qualifying transactions.
3. CIT Bank
CIT Bank is an online bank with a focus on savings. If you’d like a checking and savings account, you might consider the CIT Money Market account. You’ll be able to earn interest and access your funds at any time.
CIT also offers the Premium High Yield Savings and Savings Builder accounts. Even though there are no physical branches in Connecticut, you can bank online or via a mobile app. CIT Bank also offers CDs and home loans.
4. Webster Bank
Headquartered in Stamford, Webster Bank has hundreds of branches and ATMs throughout the state. Its checking accounts come with low minimum balance requirements and free online bill pay. If you sign up for the Webster Bank Visa and use it to make everyday purchases, you’ll earn one point for every dollar you spend and won’t have to pay an annual fee.
Webster Bank also offers a wide variety of other products and services, such as savings accounts, Certificates of Deposit (CDs), Health Savings Accounts (HSAs), loans, wealth management services, and commercial banking.
5. Citizens Bank
Citizens Bank is a national bank with more than 30 branches in Connecticut. Its One Deposit checking account is a solid choice because you won’t have to pay monthly maintenance fees as long as you make one deposit per month. Plus you can open the account without a minimum balance requirement. Other popular products include savings accounts, money market accounts, CDs, and IRAs.
With the Citizens Peace of Mind overdraft protection program, you’ll receive an alert if you overdraft your account. In addition, the bank will provide a grace period so you can avoid overdraft fees. Also, if you set up direct deposit with Citizens, you can get paid two days early during every statement cycle.
6. M&T Bank
M&T Bank’s branches and ATMs can be found in many Connecticut cities, such as Stratford, Fairfield, Westport, Monroe, and Trumbull. Its personal banking products include checking accounts, savings accounts, CDs, credit cards, loans, mortgages, and insurance.
If you download its mobile app, you’ll be able to send and receive money via Zelle, deposit checks on the go, and keep tabs on your spending habits. The bank also offers mortgage assistance programs to help you cover your mortgage costs as you deal with financial hardship.
In addition, its lineup of small business banking products for small businesses, like business checking accounts, business credit cards, and merchant services can help you meet your business goals.
7. Union Savings Bank
Union Savings Bank is a local bank in Connecticut with a focus on customer relationships and customizable banking solutions. It has branch locations in Bethel, Brookfield, Danbury, Canton, Goshen, Litchfield, and many other cities throughout the Constitution State.
Union’s lineup of personal banking products is vast and features checking accounts, savings accounts, credit cards, mortgages, and HELOCs. This hometown bank has robust digital services including digital wallets, Spending Insights, online banking, mobile banking, and Zelle. As a Union customer, you can work with a certified FutureTrack coach, design a customized plan, and meet your financial goals.
8. Bankwell Bank
Bankwell Bank was established in 2002 and serves individuals and small business owners in Fairfield and New Haven County. You can choose from its personal banking products, such as the Smart Checking, Smart Savings, Smart Money Market, and Smart IRA accounts.
The bank also offers a Switch Kit so you can easily transition to it. Additionally, you may opt for its treasury management services to manage your business finances. Treasury management services include business banking online, account analysis, account reconciliation, wire transfers, ACH origination, commercial credit cards, mobile check deposit, and zero balance accounts.
9. First County Bank
First County Bank is an independent bank in Fairfield. It strives to make money management easy through checking accounts, savings accounts, credit cards, loans, insurance, and online banking.
If you’re in the market for a home, you’ll appreciate First County’s mortgage center, which offers mortgages with attractive rates and terms, home equity products, and a plethora of mortgage resources.
Its wealth management services are specifically tailored to individuals and families, women, family businesses, and nonprofit organizations. In addition, the First County Foundation awards grants to support a variety of causes.
10. Dime Bank
Dime Bank serves southeastern Connecticut and Rhode Island. As a Dime customer, you can choose from five checking accounts that come with perks like free ATM withdrawals, a cell phone protection plan, digital banking tools, and roadside assistance.
If you’re in need of a savings account, you may opt for a traditional savings account, Club accounts for holidays and special trips, and a money market account with higher returns. Dime also offers a plethora of consumer loans, such as mortgages, home equity loans, home equity lines of credit, construction loans, vehicle loans, and personal loans.
11. Capital One
Capital One is a national bank with a variety of banking products like accounts for adults, children, and teens, credit cards, loans, and CDs. Even though there are no branches in Connecticut, we still believe it qualifies as a best bank in Connecticut because you can enjoy online banking via an online portal or banking app.
Additionally, you’ll have access to over a hundred fee-free ATMs in the state. The Capital One 360 Checking is a free checking account with no monthly service fee or minimum balance requirements. There’s also the 360 Performance Savings, which is a high-yield savings account with a competitive APY. Additionally, Capital One does not charge overdraft fees.
12. Chase Bank
Chase Bank has a large presence in the U.S. and over 50 branches in Connecticut to help you meet various banking needs. Its full suite of products includes checking accounts, credit cards, loans, and wealth management services. The bank also provides banking solutions for children, teens, and young adults.
The most popular account at Chase is the Total Checking account, which comes with perks like online bill pay, mobile check deposit, account alerts, free credit reports, and Zelle transfers. If you open a new checking account, you may qualify for a generous sign-on bonus.
Bottom Line
Connecticut is home to a variety of banks. The best bank for you depends on the products you’re seeking, whether you prefer in-person or online banking, and your particular financial goals. Best of luck in your search for a bank in the Constitution State.
Frequently Asked Questions
What are the largest banks in Connecticut?
The largest banks in Connecticut are M&T Bank, Webster Bank, and Bank of America. While a large bank has many advantages, like a vast selection of banking products, it might not be the best choice if your goal is personalized banking service.
How do I open a bank account in Connecticut?
It’s easy to open a bank account in the Constitution State. All you need is a government-issued ID like a driver’s license or passport, your Social Security, and some money to fund the account. Some online banks will also require you to set up direct deposit.
Should I choose a bank or credit union in Connecticut?
A bank is typically a solid option if you’re looking for diverse products and services. However, credit unions might make more sense if you want to become a member in exchange for personal advice and service.
What is the oldest bank in Connecticut?
Liberty Bank is the oldest bank in Connecticut. It was founded in 1825 and offers a plethora of personal and business banking products.
What are some regional banks in Connecticut?
There are many regional banks in Connecticut. Several examples include Bankwell Bank, Dime Bank, Jewett City Savings Bank, Newtown Savings Bank, Eastern Connecticut Savings Bank, Northwest Community Bank, Ion Bank, Chelsea Groton Bank, and Milford Bank.
Are online banks safe?
Absolutely! Even though online banks use mobile apps and online portals, most of them are member FDIC, which means your money will be covered by the federal government if the bank shuts down for any reason. As an added bonus, online banks have lower fees than brick-and-mortar banks.
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Do you struggle with budgeting?
Many people do, too.
What I have found is that it is important to plan ahead so that you know where your money will come from and when.
Since most of us live paycheck-to-paycheck, in fact, 64% of Americans struggle each month with this issue (source).
This can be difficult because our paychecks only arrive once every two weeks or four times per month – but if we don’t plan accordingly, then there’s a good chance we’ll run out of money before the next paycheck arrives.
Have you ever wondered how much money is sitting in your checking account? Just because you are stressed and wonder whether or not, you have enough money until the next payday?
How would it feel to know what was going out of your wallet could be funneled into savings instead and then only spend what is leftover on necessary expenses?
This may seem like an unattainable goal, but it can actually be done with a little planning and discipline.
Here are the practical ways to start budgeting by paycheck…
What is budget by paycheck?
Budget by paycheck is a budgeting technique that helps people to better manage their money by breaking their budget down into smaller, more manageable chunks. This technique helps people to stay on track with their budget by knowing how much money they have to spend on a paycheck basis.
Budget by paycheck is a new way of budgeting that has become popular in recent years – thanks to The Budget Mom. It’s a system where you budget from your paycheck to your next paycheck. This type of budgeting takes the guesswork out of budgeting because it uses your regular paychecks as a guide.
How do I budget my weekly salary?
There is no one-size-fits-all answer to this question, as everyone’s budget will differ depending on their individual circumstances. However, some tips on how to budget your weekly salary include setting aside money for bills, groceries, and other necessary expenses, as well as setting aside money for savings and/or investments.
There are a couple of different ways to budget your weekly salary. You can either budget by paycheck, which means you budget every time you get paid.
The budget by paycheck method is perfect for people who have weekly or bi-weekly paychecks.
This way, you’ll know exactly how much money you have to spend each week and you won’t have to worry about going over your budget.
Why Budget by Paycheck?
There are several benefits to using this type of budgeting method: it’s simple, you always have money for emergencies, and you are less likely to overspend.
There are also some drawbacks: you might not have enough money saved up for larger purchases, and you need to be disciplined about sticking to the budget and the time to manage it.
Overall, Budget by Paycheck is an easy way to stay on top of your finances without too much hassle.
Who is the paycheck budget method right for?
This budgeting method is perfect for people who want to see their money last until the next paycheck.
The paycheck budget method is ideal for people in a few specific financial situations:
Variable income
Trying to get out of debt
Want more control over their spending
If you have a variable income like freelancers–meaning your income changes from month to month–then the paycheck budget method is a great way to ensure that you’re never spending more than you can afford.
This system also helps people who are trying to get out of debt because it enables them to put extra payments to their debts when they are able to. Finally, if you want more control over your spending, then the paycheck budget method is a great way to achieve that goal.
People who are paid on inconsistent days
When you are paid more than once per month and those days are different each month, it’s easy to forget how much money you have already been paid. With the paycheck budget method, you will know exactly how much money you have each month and what bills need to be paid.
This includes rent or mortgage, car payments, insurance, utilities, and any other regular monthly bills that you have.
People who live paycheck to paycheck
People who live paycheck to paycheck are often forced to make tough choices when it comes to their finances. They may have to choose between paying their bills and buying groceries, for example. This can be a difficult way to live and can often lead to stress and anxiety.
It can help you build up your savings and get ahead financially. The basic idea is to break your net income into four parts: fixed costs, essentials, savings, and debt. You then use this breakdown to create a budget that helps you stay on track each month.
It will require some effort on your part, but it’s worth it if you want to get out of debt or save for the future.
People who are new to budgeting
People who are new to budgeting may find it helpful to start by tracking their spending for a month. This will give them a good understanding of where their money is going. They can then use this information to create a budget that works for them.
It’s simple and straightforward, and it makes it easy to track your spending and stay on track. With this method, you divide your income into four categories: fixed expenses, variable expenses, savings, and debt payments. This approach helps you stay mindful of how much money you have left each month after covering your essential costs.
With this approach, you further break down your expenses into different categories (e.g., groceries, transportation, housing) and put a set amount of cash into envelopes each month to cover those costs. When the cash runs out, you can’t spend any more money in that category until the next month.
How the Budget by Paycheck Method Works
The budget by paycheck method is a great way to manage your money.
It is helpful to see your expenses and budget them down each month.
The system can be combined with other methods, such as the calendar method, to help you visualize your plan.
The Budget by Paycheck Method is popular because it allows you to budget in smaller, more manageable chunks.
This system is helpful because it gives you control over your paycheck- when there are times when one paycheck won’t cover all of the expenses, you’ll know that earlier in the year. The monthly calendar is still useful because you may need to save up before a big expense comes due or be able to spend more on others if they aren’t covered by future paychecks.
The Budget by Paycheck Method can help you see how much money is coming in and going out each month. You can also use this method as a plan to track your monthly expenses so that you’re always aware of where your money is going!
Step #1: Track your spending
It is important to track your spending in order to understand where your money goes each month.
This will help you figure out where you can cut back and save money. It may take a month or two for you to get an accurate picture, but it will be worth it in the long run. You can use a variety of tools and techniques to track your spending, including budgeting apps, spreadsheets, and tracking your net worth.
Alternatively, one can use bank statements, credit card bills, and old receipts to retroactively take inventory of spending habits. Whichever way you choose, being aware of where your money is going is the first step to taking control of your finances.
Step #2: Start with a Blank Budget Calendar
There are many different types of calendars that can be used to create a budget.
A person might choose to use a blank calendar and write in their own budget goals, or they might prefer a monthly planner that breaks down the month into specific days and includes room for notes. Alternatively, many people now use digital calendars on their phones or computers which can also be helpful for budgeting.
By using a calendar, you can visually see when you need to save money from one paycheck in order to have enough for expenses during the next paycheck.
This is where the budget by paycheck method comes in handy. In this system, you plan out your expenses and figure out how much you need to save from each paycheck in order to make your goals work.
Step #3: Add your paychecks and bills amount
This will help you keep track of when money is coming in and going out so that you can better plan for the future. It may also be helpful to set up reminders for yourself to help make sure you don’t forget about any important payments.
For example, on this paycheck, you pay your cell phone, car insurance, water, life insurance, and internet bill. This leaves a net balance that can be used for food/clothing/entertainment or other needs that come up throughout the month.
With this paycheck budget method, you will create a workbook with all of your past budgets and calendars.
Step #4: Create a Budget For Each Paycheck
Creating and following a budget is an important part of financial stability. It can be customized to your needs as you grow and change, so it always reflects your current goals and situation.
First, you should make a budget for each paycheck. This will help you stay organized and aware of your spending.
Second, your budget is customizable- that means it can be tailored to fit your wants, values, beliefs, and feelings.
Finally, remember that budgeting is an ongoing process- it’s not something you do once and forget about!
Add up all of your expenses for the month, including rent or mortgage, car payments, insurance, groceries, and everything else. This is your total monthly spending.
Now, you need to divide each paycheck to meet your expenses.
When you are trying to pay off debt, your savings should be your number one priority. This is because if an emergency situation arises, you will have the money saved up to cover it without having to go into more debt.
Step #5: Set Money Aside in Sinking Funds for Variable Expenses
Sinking funds are important for anyone trying to budget their money because they help cover variable expenses that may come up unexpectedly. This can be anything from clothing and transportation costs to unexpected medical bills.
The variety of sinking funds you can create is up to you, depending on your needs. This is an important step to include in any budget.
Many people use cash envelopes to divide their money.
However, more and more people want a cashless envelope system and that is something we use, too.
Step #6 – Make Time for an End-of-Month Budget Review
It’s important to review your budget at the end of every month to ensure that you are on track with your financial goals. This will help you make adjustments for upcoming months, as well as avoid any costly mistakes.
In fact, it’s imperative that you do so for a few reasons:
You might be spending more than you need to.
You may have extra money left over at the end of the month.
Your money goals may have transformed.
Your budget will change as your life changes.
Set a date on the calendar to plan your paychecks and review past spending.
Step # 7 – Be Realistic about Your Finances
Creating a budget that works for you can be difficult, but it is important to be realistic when doing so.
One way to help make your budget more achievable is to track your spending and see where you are overspending. Once you have an understanding of your spending habits, you can begin to make changes that will allow you to save more money.
Another way to be realistic in your budgeting is to think about what is important to you and what compromises you are willing to make.
For example, if you plan to spend $300 a month on groceries while previously spending $750 a month. That is an unrealistic expectation to start from.
Budget by Paycheck Printables
The Budget by Paycheck printable provides a helpful way to create a budget. It is intended for people looking for an easy way to spend their money on groceries, gas, and other necessities.
You can use our budget by paycheck printable templates and spreadsheets to help you stay on top of your finances. Alternatively, you can also use a pen and paper and create your own.
Just be sure to track your spending and income so you can make the most of your money!
Tools Needed to Create your Budgeting by Paycheck
There are digital tools available for creating a budget using your pay dates as a guide.
This will help you avoid overspending, and going into debt into actually saving and reaching your financial goals.
You can use these tools to take back control of your money.
A monthly calendar
Just remember, a monthly calendar can be helpful in visualizing your paydays and monthly bills.
You can list out all of your bills and due dates on the calendar, as well as when you get paid. This will help you to stay organized and ensure that you are able to pay all of your bills on time.
Additionally, it can be helpful to set a budget for each month and try to stick to it. Having a monthly calendar can be a great way to stay on top of your finances and keep your budgeting goals in check.
Budget templates
You can use a budget template, or you can create your own budget from scratch. If you’re looking for a quick and easy way to get started, using a budget template might be the best option for you.
Some templates are geared toward people who have a lot of debt, while others are designed for people who want to save money. It’s important to find one that works best for your unique situation.
Cash Envelopes
Cash envelopes can help manage your spending.
When the envelopes are empty, that means you have no more money to spend. This will help you from going over budget immensely.
A budgeting app
You can use a simple spreadsheet or one of the many specialized budgeting apps on the market. The important thing is to find one that fits your needs and makes it easy for you to track your spending.
Some apps allow you to set financial goals and track your progress over time. Others let you create budgets for specific categories (e.g., groceries, entertainment, rent) and warn you when you’re getting close to your limit.
Whatever app you choose, make sure it’s easy to use and provides the information you need to stay in control of your finances.
Here are our popular budgeting apps:
Ready to Plan with the Paycheck Budgeting Method?
For a long time, I was trying to stick to a budget that only allowed me a certain amount of money to spend each month. However, this was very difficult because my expenses varied from month to month. After tallying up my total expenses for the year, I realized that it would be much easier to just allow myself a flexible budget that could adjust with my monthly spending.
The budget by paycheck system is different from other popular methods in that it doesn’t dictate how much people should spend in each category or what percentage of income should go toward which goal.
Rather, it allows individuals to figure out what they can afford and then work within those constraints. This method can be especially helpful for people who have variable incomes or who want more flexibility in their spending.
This budgeting method is perfect for those who have an irregular income and want to make sure they’re not spending more than they’re making. Or for those with a stable income, but a knack for spending too much money.
More importantly, you need to dedicate the time needed to stay on top of your budgeting and spending.
Know someone else that needs this, too? Then, please share!!
Last week we saw a noticeable slowdown in housing inventory growth that I hope has more to do with a holiday week than a trend. Mortgage rates fell last week after the debt ceiling issues were resolved, but the damage from higher rates took its toll on purchase application data again.
Here’s a quick rundown of the last week:
Active inventory grew 3,180 weekly, and new listing data fell week to week and is still trending at an all-time low in 2023.
Mortgage rates fell during the week from a year-to-date high of 7.14% to 6.85% but ended at 6.90%
Purchase application data had its third straight week of negative data as the constant theme of higher rates impacted the weekly data.
Weekly housing inventory
This year’s growth in active listing inventory has been so slow that I am willing to bet that a zombie from The Walking Dead could outrun it. However, I am grateful we even saw some traditional spring inventory growth this year because new listing data is trending at all-time lows.
Weekly inventory change (May 26-June 2): Inventory rose from 433,104 to 436,284
Same week last year (May 27-June 3): Inventory rose from 357,582 to 368,436
The inventory bottom for 2022 was 240,194
The peak for 2023 so far is 472,680
For context, active listings for this week in 2015 were 1,131,405
It’s been such a different year for inventory from 2023 versus 2022 that we are heading toward an event that would have seemed impossible in earlier years: If the current inventory trend continues, we will see some negative year-over-year inventory data soon for the weekly single-family listing data.
the chart below shows the clear trend, which is why tracking inventory with rates higher now will be critical to see if there is any way to stop this reality.
One big reason for this lack of inventory growth has been new listing data, which has trended at all-time lows since the second half of 2022, continuing into 2023. We had another bad week, which I am hoping is due to the holiday. With so few new listings and stable housing demand, it’s been hard getting much of a kick in inventory growth.
Here are the number of new listings for this week over the last several years:
2021 72,643
2022 71,113
2023 55,226
With higher mortgage rates, active inventory should be growing more. This week’s data includes a holiday, so I’m looking for better numbers next week.
Purchase application data
As mortgage rates surpassed 7%, purchase application data had its third straight negative week-to-week print. The only thing that surprised me this time was that I thought purchase application data would actually decline much more than what we saw in the past three weeks. Earlier in the year, the cumulative average of the weekly declines when rates first spiked to 7.10% was -10%. Over these last three weeks, the cumulative decline was -3.93%.
For the year, we are at a wash: after making some holiday adjustments, we have had 10 positive prints versus 10 negative prints. Since Nov. 9, 2020, we have had 17 positive and 10 negative prints. After the big existing home sales report in March, we haven’t had much going on with purchase applications and it will be interesting to see if we get a positive print this week.
Mortgage rates fell and this year purchase applications have traditionally come back with a positive print after a week where the 10-year yield fell, something I talked about earlier in the year on CNBC.
The 10-year yield and mortgage rates
We had a keystone cops week with the bond market and mortgage rates. After the debt ceiling drama ended, we saw a noticeable move lower in bond yields, and rates fell. After the jobs report, the yield increased on Friday, leading to higher mortgage rates.
In my 2023 forecast, I wrote that if the economy stays firm, the 10-year yield range should be between 3.21% and 4.25%, equating tomortgage rates between 5.75% and 7.25%. I have also stressed that the 10-year level between 3.37% and 3.42% would be hard to break lower. I call it the Gandalf line in the sand: “You shall not pass.”
So far in 2023, that line has held up, as the red line in the chart below shows. Mortgage rates have been in the range of 5.99%-7.14%. However, we do have some issues in the mortgage market.
Since the banking crisis started, the spreads between the 10-year yield and 30-year fixed mortgage rates have gotten worse, keeping mortgage rates higher than usual. This has been going on for some time, but the spreads were getting better before the banking crisis started and the Federal Reserve went into emergency clean-up mode.
Getting better spreads can send mortgage rates back to the low 6% level without any help from the bond market. However, there is no sign of that happening anytime soon.
Another aspect of my 2023 forecast was that if jobless claims break over 323,000 on the four-week moving average, the 10-year yield could break under 3.21% and head toward 2.73%. This would send mortgage rates significantly lower than we have seen in 2023 if the spreads improve.
From the St. Louis Fed: Initial claims for unemployment insurance benefits increased by 2,000 in the week ended May 27, to 232,000. The four-week moving average declined, to 229,500.
The week ahead: A light economic week
This week doesn’t have much economic news, just the traditional purchase application data and jobless claims with some ISM reports. However, we should have some exciting bond market auctions after the debt ceiling drama ended since the government was running on fumes and needed to issue bonds to pay the bills. Also, it will be interesting to see how the bond market reacts after the last labor report, which I wrote about here.
OPEC is making one of its occasional cuts in oil production because a few countries need oil prices to be above $83 a barrel to make the math work for their budgets. We’ll see how the market responds to that. However, outside of that, we will be tracking to see if the lower mortgage rates helped the weekly purchase application demand data, and, hopefully, inventory growth will pick up this week.
As we get closer and closer to July 4th, I will be keeping an eye on the new listing data, as we are getting closer to the time when we start the seasonal decline in new listing data since we are trending at all-time lows already. the last thing I want to see is this data line take another leg lower toward the end of the year.
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As you enter the world of improving your life, countless thoughts fill your head. You are afraid that you will not succeed, you will fail over and over again, and it will just be a waste of time.
You wonder how people can be successful? Deep down, you want to prove to others you will be prosperous with money or fame. Your goal isn’t to be revengeful, you just want to prove you can do it.
Well, maybe being successful is not about making money or becoming popular; it’s about having something to say and sharing those secrets with others so they too—can use their smarts to make themselves successful.
As quoted by Frank Sinatra, “the best revenge is success.”
When wanting to succeed, it’s easy to be discouraged and think that your goals are unobtainable or too far away.
You can beat those feelings of doubt by reminding yourself how hard you’ve already worked for what you have today-and who knows where your life will be in a few short years if all goes well?
You deserve to feel why success is the best revenge.
Success can be a powerful motivator, and revenge can be the perfect way to achieve it.
Many people believe that success is defined by achievement or wealth, but this isn’t always the case. Success is a feeling, and it’s often determined by how hard you work and how dedicated you are.
Here are motivation tips to begin your steps of starting your thoughts of thriving.
Why Success Is the Best Revenge
Success is the best revenge because it gives you the opportunity to prove exactly what you’re capable of.
Most successful people are a lot more focused on themselves and achieving their dreams than on truly seeking revenge. You are more focused on proving your naysayers wrong.
Do You Want Success or Revenge?
Revenge can provide a sense of satisfaction and some control over events that have happened in the past.
Satisfaction from achieving success often lasts longer than the satisfaction from achieving revenge.
At the end of the day, most people just want success more than finding revenge. It is just a nice kicker to have success as well.
Is Success the Best Revenge?
Retribution can be a motivating factor to achieve success.
Revenge can indeed be sweet, as the saying goes, but it can also be profitable. However, revenge is often more costly, both emotionally and financially when the end result is hurting others.
Success is the best revenge for those who have faced many enemies along their way to the top. It serves as a form of motivation and proves that hard work and dedication will pay off in the end.
Should You Use Success as the Best Revenge?
Success is not the answer to all of life’s problems, but it can be an alternative that works for some people.
Revenge may not be the ultimate way to get back at those who have hurt you in some way, but it can be a powerful motivation.
You need to take time for self-reflection on yourself and your situation.
For many, they view this when they become financially independent.
Who said the best revenge is success?
Success can be a great motivator.
Frank Sinatra is quoted as saying “the best revenge is success.”
On the surface, we remember Frank Sinatra for being one of the best-selling music artists of all time. However, his early successes were stalled and he needed to find a way to make a comeback that we all watch unfold.
Don’t try to seek revenge on others.
Figure out what success means to you and go after it.
How to Make Success The Best Revenge
When you are focused on success, it consequentially will become the best revenge. You stop caring about what others think or say about you and start focusing on what you can control. This will help you achieve your income and be successful.
There are many different ways to achieve success in life.
What works for one person might not for another, so it is important to find what makes you happy and go for it. Success is attainable by anyone who sets their mindset to it and toils hard for it. Don’t let anyone tell you that you can’t do something-success is the best revenge!
Motivation Tip #1: Make a list of your goals and dreams.
Start with the long-term ones, then build on those that are within reach.
The most important goal is to find your dream.
To find success in life, one must first set their mindset to it and grind hard for it. Success is attainable by anyone who sets their mind to it and labors hard for it.
Motivation Tip #2: Be very specific in what you want
You must be specific about your dreams and how you’ll achieve them. Staying safe with just general feelings and ideas will not perform true success.
This is the best kind of motivation because it leads you to make tiny, personal steps that are not only achievable but will also prepare you for a life that may vary unexpectedly in the future. This motivates you to achieve your current modest goal and also grants you the self-confidence necessary to conquer bigger ones.
For example, I want to earn double my current annual income in three years.
Motivation Tip #3: Take action with visible goals
Make sure you write down your ambitions and dreams in a place where you can see them every day.
This may mean writing your goals down on a piece of paper and carrying them with you. Maybe have sticky notes around your computer. Or on your mirror, when you get up in the morning.
This will help keep them top of mind and motivate you to take the actions you need to achieve them.
Motivation Tip #4: Silence Is Wisdom
Successful people let their achievements do the talking.
One of the reasons to avoid social media is because you don’t want to attract fakers, posers, and “wantrepreneurs.” These people are only going to waste your time and energy.
Success can be achieved through organic methods or by word of mouth- you don’t need the extra noise that naysayers will create.
Motivation Tip #5: Uncover Your True Self Motivation
Revenge can be the fuel to drive you to accomplish great things, but it’s important to be kept in mind WHO you are doing this for.
Don’t make your success, just about revenge. That is not the person you strive to be.
However, if your only motivation for success is revenge, it can consume you and make you lose sight of what you’re working for.
If you are wondering why you want success, then it is important to identify your true motivation. You need to be able to answer this question in order for you to understand your true purpose and understand how to stay on track.
Motivation Tip #6: More Time Freedom
Time freedom, as a measure of success, is subjective and difficult to put into words.
Some people may define it by saying they are able to do what they love while maintaining their job or they have enough time to pursue their passions while still maintaining a stable income. Other people may define it by saying they are able to spend more time with family and friends or have fewer bills and stress.
You need to uncover time freedom as motivation in your path to success.
Motivation Tip #7: Show Gratitude For The Important Things
Appreciation for the important things in life is key to success.
Having a gratitude journal can help you keep track of all the people, places, and events that have had an impact on your life. You can also take pictures of these things and write a list of why you appreciate them.
It takes a lot of hard work to achieve success and it’s important to remember that not everyone will appreciate it as you do. People may be jealous or resent your success, but the only way you can change that is by continuing to labor hard and showing them what you’ve accomplished.
Saying I appreciate you is important.
Motivation Tip #8: Perseverance is Key
It is important to not give up on your ambitions and always keep going, no matter what.
Achievement is sweet-tasting because of perseverance.
When someone has to turn around and give up, the achievement they finally accomplish is all the sweeter because it was only possible through their own efforts.
That is the high value of achievement is that it’s a result of hard work and perseverance.
Motivation Tip #9: Life Will Throw You Curveballs
The path to success is a narrow road filled with obstacles and checkpoints that test your willpower.
It’s up to you to tell yourself that quitting is an option, and only you can decide if you accept or reject the obstacles on your way to success.
Especially if you are looking to double 10k quickly, your path will be anything but linear.
Motivation Tip #10: Be Prepared for Unmotivation Thoughts
When you feel unmotivated, pull out your dream goals and look at them. It will give you a boost of energy to get back on track.
Failure should be motivated to keep pushing your dream and actually achieve it.
Also, realizing who you are is important in achieving success.
Success is the product of unlocking your mindset and being open to achieving prosperity.
Why they say success is the best revenge?
It is said that success is the best revenge.
The reason behind this is that the people who have succeeded in life have had a lot of problems to go through. Therefore, they would have been very angry at the world and would have wanted to make the world pay for what they did to them. Therefore, when they succeed, they are taking revenge on the world for all the suffering they had to go through.
Success is all about you. Revenge is a waste of time.
Success is the best revenge because it gets you focused back on your mission.
Part of the reason the 100 envelope challenge has skyrocketed in popularity is due to others wanting to prove themselves on social media.
What revenge is massive success?
Massive success is when you achieve a lot of things in your life. Success should be the goal you pursue, not revenge.
Revenge can be a strong motivator, but it should not be the only thing that drives you.
The promise of success is often enough to keep people going, and when they finally achieve their goals, it’s a great feeling.
However, using this sense of accomplishment as revenge against those who have wronged you in the past can backfire in the long-term.
Instead, focus on your own success and let that be your motivation.
Take a look at the billionaire morning routines to set you up for quicker success.
Successful is the Best Revenge with Money
Revenge can be a very powerful motivator, but it should not be the goal you pursue in life. Instead, focus on achieving massive success so that you can feel vindicated.
Success is the best revenge, and it is also more rewarding and satisfying than any other form of retribution.
Focus on what you can control and what will help you achieve your goals.
One of the best ways to motivate yourself is to remind yourself of all the times you felt like giving up, but finally succeeded in your success. By reminding ourselves of this on an ongoing basis, we find enjoyment for the lesson, and a desire to help others succeed as well.
The idea of success is an idea that many people want.
Success means achieving the things you want or the goals you set out to accomplish in life.
Success creates rewards and financial, personal, and even health benefits. Sometimes, depending on the lifestyle of your goals and pursuits, there might be no better feeling than realizing your search for a particular reward has been successful.
Know someone else that needs this, too? Then, please share!!
It’s no secret here on Making Sense of Cents that I am a homeowner.
However, what some people might not know is that I bought my home at the age of 20.
Yes, I was TWENTY YEARS OLD.
I know this isn’t the norm for most people, and I know that just because some are able to do it and make it work doesn’t mean that it’s for everyone. Most of my friends bought homes when they were around my age as well, so maybe it’s a St. Louis thing? 🙂
Anyway, we both had okay full-time jobs at the time. Buying a house at a young age was possible for us.
We moved into our home in October of 2009, and I graduated in May of 2010, so we did buy our home thinking that we would have a higher income coming May 2010. Luckily, that worked out in our favor, but I don’t think I would ever recommend buying on an expected higher income unless you knew for sure (150%!) that it would happen.
We bought in 2009, when there was the $8,000 first-time homebuyer tax credit and when the housing market was cheap for buyers. Also, buying a home where I live is cheaper than renting, so that was something that definitely influenced us.
Before we bought, we were renting a house (for super cheap – like $350 a month, if I remember correctly) but had to move because we had a crazy neighbor who had the SWAT team at his house on a monthly basis and he started to threaten our lives as well (some of you know exactly how that ended – not good at all).
Also, I found a snake in my bed one night (yes, an actual SNAKE!) and I was pretty much scared to sleep in that house ever again because of the neighbor and the snake.
Even though we were both very young, houses were a steal at the time, and we needed a new place to live.
Here are my tips to help you buy your next home. If you want to buy a house at a young age, or any age, there are things you might want to think about.
Do you actually want to buy? Or should you rent?
Before you decide that you absolutely want to buy your next home, you should stop and think about the positives and negatives of both home ownership and renting. Not everyone is meant to be a homeowner. And not everyone wants to rent.
Some different things that you should think about include:
Do you want to travel a lot? If you want to travel, then having a permanent home where you have to pay the bills even if no one is there may be a waste of money for you.
Do you plan on moving for your career? If you are young, then you may still be early in your career and you may decide that you want to leave your home city one day. I actually was offered a position right after I graduated from college (around 6 months after we bought our house) and they wanted me to move. Luckily, the position kind of sucked and the town they wanted me to move to sounded absolutely horrible (I think there were around 100 people that lived in the whole COUNTY of where the position was located) so I didn’t give the position any thought.
How’s your credit? If you are young, then you may not have even established any credit. It would be very hard, if not impossible, to buy a home without a good credit score.
Do you have time and/or money for home maintenance? If you own your home, then there will be home maintenance that goes along with it – it doesn’t matter if your house is new or old, stuff happens. Something may break, grass needs to be mowed, and so on.
What kind of home do you want?
Each person is different. Just because the “American Dream” is said to be a suburban house with a white picket fence, doesn’t mean that it’s everyone’s dream.
You should really think about where you want to live and what kind of home you want.
Do you want to live in the suburbs? Maybe you want to live right on the beach? Or is city living more for you? Or do you want to live far away from everyone and live 20 minutes away from the closest grocery store?
Do you want a house, a condominium, a townhouse, a duplex, a farm, or something else? Maybe you want to live on a boat? I don’t know! There are so many different options out there
Find a realtor.
If you are buying a home, please find a realtor! I have met a few people who think that they have to pay the realtor if they are a potential homebuyer. That is not true.
The realtor receives a commission from the seller, at no cost to you. Or at least this is how it is in the United States. Can others in other countries chime in about this?
There are many positives of having a real estate agent. They can help you negotiate (they are professionals at this), they can help you find the perfect home for you, they have experience in buying homes, and they can help you with all of the paperwork that will need to be done (and trust me, there is so much paperwork!).
Think about the total cost of the home that you want to buy.
This is something that some/many people do not think about when they buy a home. When you buy a home, there are so many factors that go into how much a home truly costs.
These include:
The home price. This is the number one thing that potential homebuyers look at, but don’t forget about the below!
Utility bills. You would be surprised to see how much utility bills can vary. One home may have utility bills of $200, and another may have utility bills of $700. You should be able to get a detailed past expense list or at least a realistic estimation of how much utility bills will cost you for that specific house from the current homeowners.
Private Mortgage Insurance. If you didn’t put a 20% down payment on your home, then you may have to pay PMI.
Property insurance. Insurance can vary greatly depending on where you live and what type of home you have. I pay around $700 a year for property insurance, but I know others who pay over $2,000 a year.
Property taxes. This can be a rather large amount of your monthly mortgage each month. I pay around $150 each month towards property taxes, but I know others who pay over $500 each month (and that is just crazy to me!).
Maintenance. Things will break in homes, like I said earlier. Also, you may need to paint eventually, mow the lawn, buy more efficient appliances, and more.
Rent out a room in your home for some extra money.
I wouldn’t recommend buying a home unless you can truly afford it. However, if you are young and there is plenty of extra space in your home, then it probably wouldn’t hurt you to rent out some of that extra space.
Renting out a room in your home can add an extra few hundred dollars to your income each month, which can be really helpful if you are a homeowner.
We have four bedrooms in our house and we only use one (our bedroom). So when my sister needed a place to live a few years ago, we invited her to live with us. It’s been working out very well. She’s been living with us since May of 2012 and pays around $325 per month.
We also haven’t really noticed an increase in any of our bills, but with some renters you may notice that. It’s always a good idea to try to estimate how much things will increase, wear and tear, and more in order to see whether renting a room in your home is worth it for you.
Is it a good idea to buy a house at a young age?
There are many things to think about when buying a house when you’re young, such as:
How long do you think you will live in the area?
Can you afford the house?
Do you want to travel?
Do you plan on having a family?
And so on.
Buying a house in your early 20s, or whatever you consider to be a young age is possible, but you’ll just want to be smart with your decision.
What advice would you give to someone looking for a home? Is there anything that you wish you would have done differently when home shopping?
Are you looking for ways to start improving your credit score?
Check your credit score with Credit Sesame for free!
Whether you want to believe it or not, your credit score can play a major role in your family’s life.
While you shouldn’t go crazy and completely obsess over improving your credit score, it is important to learn more about them due to the impact they may have.
Your credit score can influence the interest rate you receive on a loan, buying a home, finding a rental home, attaining certain jobs, your insurance rates, and more.
Even though your credit score can impact your life in a big way, that doesn’t mean it’s hard to improve your credit score. Yes, it can be easy to wreck your credit score, but it can be easy to improve your credit score as well.
Due to this, I believe a credit score can be used to a person’s advantage.
Below is my complete guide to credit scores, so you can improve your credit score, receive your annual free credit report, learn how to use your credit score to your advantage, and more.
Check your credit score with Credit Sesame for free!
Here is how to start improving your credit score:
What is a credit score?
A credit score is a three digit number showing others your creditworthiness, and is often used as an indicator of how risky you are.
There are three main credit bureaus, which is why you may occasionally see different numbers. The main three (Equifax, TransUnion, and Experian) calculate scores depending on the information they have about you, and your file may be slightly different at each of them.
What is a good credit score?
Lenders and people who are checking your credit score usually have varying opinions about what a good credit score is.
In general, though, a good credit score is usually 720+. The higher your number, the better your credit score.
Is it easy to damage your credit score?
Improving your credit score usually takes a little more work than it does to damage your credit score.
You may be hurting your credit score if:
You have a high utilization rate. Keeping your balances below 20% of what you can borrow is important. For example, if your credit card limit is $1,000, try not to have a balance over $200. Lenders like to see a low utilization rate as it shows that you are not maxing out your debt.
You cancel credit cards that may be helping your credit history.
You pay your bills late or not at all.
You never check your credit report and have errors listed.
Read more at These 4 Mistakes May Be Holding You Back From A Good Credit Score.
Can my credit score impact buying a home?
YES!
This is a big reason why improving your credit score is so important.
Your credit score can impact whether or not you are approved for a home loan.
Your credit score can impact how large of a home loan you are given.
Your credit score can impact the size of the down payment you are required to put down.
Your credit score can impact your interest rate.
Read more at How Your Credit Score Impacts Your Home Buying Process.
Why is improving your credit score important? What else can it impact?
There are many instances in which your credit score and/or credit report may be looked at, and sometimes they have nothing to do with a loan. It is important to work on improving your credit score, because you never know when you may need it.
Plus, it’s something you can personally control, so why not work on improving your credit score?
Home and car insurance – If you have home or car insurance, your rate may be calculated on a factor you didn’t know about – your credit score. If your credit score isn’t good, then you may actually be paying more because companies consider you to be riskier.
Employer – This may be shocking to hear, but there are some employers out there who will check your credit report (with your permission). Industries that often check your credit report include those dealing with financial services, chemical, and defense. I recently read a statistic that around 30% of companies will check a potential new hire’s credit report before making a hiring decision.
Renting a home – If you have decided you don’t want to own a home, do not think you have escaped having your credit history checked. Your landlord will most likely check your credit history. They will want to know if you pay your bills on time or if you have ever skipped one completely. This will say a lot about you as a renter, whether you want to believe it or not. If your credit history is not up to their standards, you may be denied the rental altogether, you may be asked to pay multiple months at once, or you may be asked to find a co-signer just in case you fail to pay your rent.
Credit cards – If you don’t care about credit, then you probably will not care about this one. However, if you want a credit card, especially one with a good rewards system in place, then you will want to work on improving your credit score. The good reward credit card offers are usually only available to those with good or excellent credit scores.
Loans (home, car, etc.) – If you apply for a loan, your credit score and credit history will definitely be checked. Before you are approved for a loan of any sort, the lending institution is going to thoroughly check your financial history so they don’t end up losing money on your loan.
The interest rate you receive – A good credit score can mean you qualify for a good interest rate, and a bad credit score may mean that you get a very high rate. I have seen a 24% interest rate for a car loan for someone before! A higher interest rate can mean paying thousands of dollars extra, so it is always best to work on improving your credit score.
How can I check my credit score and my credit report?
My favorite site for checking my credit score is Credit Sesame. Credit Sesame makes it extremely easy to check your score and both me and my husband have active accounts.
You can also receive one annual free credit report from the three main credit bureaus mentioned above. Yes, this means that you get one from EACH, so three each year. I recommend spacing it out so you can get one every 4 months. You can read more about this here.
What makes up a credit score?
There are five categories that make up your credit score. Your payment history and amounts owed equate to 65% of your credit history, but don’t forget the others as they still have an impact.
If you want to work on improving your credit score, you will want to keep the below credit score breakdown in mind:
35% Payment History. Your payment history has the biggest impact on your credit score. This includes if you pay your bills on time, if you have missed a payment, if any of your bills have been sent to collections, and so on.
30% Amounts Owed. This is the next largest category when it comes to your credit score. This includes your balances, your utilization rate, and more.
15% Length of Credit History. The age of your accounts come into play here. This is why it’s usually a good idea to keep a credit card that you’ve had for a long time. I still have a credit card I opened when I was 18. It has no rewards, but it improves my average account age. However, only do this if you know you won’t go into debt.
10% New Credit. This category includes things such as how many hard credit inquiries you have and how long it’s been since you last opened a new credit account. It is important to remember that checking your own credit score does NOT impact this category as long as you receive your credit report from a company that is authorized to give you your credit report.
10% Credit Mix. This includes the type of accounts you have, such as whether or not you have credit cards, a mortgage, car loan, and so on.
Check your credit score with Credit Sesame for free!
So, how can I improve my credit score?
After reading all of the above, I’m sure you’re wondering how YOU can increase your credit score.
Improving your credit score is not extremely difficult. Once you realize what can impact your credit score, you can make relatively easy changes that will begin to improve your credit score.
Here are my general tips for improving your credit score:
Make sure you pay all of your bills on time.
Regularly check your credit report. There is a chance that mistakes may pop up on your credit report, and this may be hurting you. If you find an error, you should fix it as soon as possible.
Keep your balances and utilization rate low. I recommend spending less than 20% of your available credit.
Ask for your credit limits to be raised.
Pay before your credit card balance is reported. Even if you pay your credit cards in full each month, your balances are still reported. To improve your credit score, you should pay your credit card in full before your balances are reported.
Keep your credit card accounts open if it makes sense (if you think you’ll go into debt with them open or if the annual fees aren’t worth it, you may want to think about closing them instead), so that you can lengthen your credit history.
When shopping for a loan, apply for loans within a short period of time instead of over several months.
This advice gives you the opportunity to improve your credit score so you can begin to use it to your advantage. Like I always say, though, make sure you are wise when it comes to your loan and credit card habits as you don’t want to go into debt.
Improving your credit score can be worthwhile, but taking on debt to do so is not.
Check your credit score with Credit Sesame for free!
Do you know what your credit score is? How has your credit score impacted you?
Editor’s note: TPG’s Erica Silverstein accepted a free trip from Oceania Cruises to attend the unveiling of Vista. The opinions expressed below are entirely hers and weren’t subject to review by the line.
“Is this a luxury cruise ship?” That was the question on everyone’s lips during the maiden sailing of Oceania Cruises’ Vista, the first new Allura-class vessel to debut for the upscale cruise brand.
We gawked at the beautifully designed public spaces, with their detail-oriented accents, eye-catching light fixtures and highly textured materials. (Yes, I petted the walls of the elevators and stroked every chair.) We luxuriated in enormous standard cabin bathrooms and sumptuous Tranquility Beds. We dined on exquisite freshly made pasta, perfectly cooked fish and decadent desserts. We ordered smoked, bubbled, herbed and ice-balled cocktails at the ship’s craft cocktail bar and took photos of each creative concoction.
Vista is clearly a ship for travelers who love to explore new destinations, prioritize fine dining and premium beverages and immerse themselves in chic surroundings. However, in the cruise space, this ship is clearly in the upscale category and not true luxury.
Then again, when you’re curled up on a circular day bed, drink in hand, on a resort-style pool deck in the Mediterranean, Vista might just provide all the luxury you need.
Overview of Vista
Vista debuted in May 2023, the first new ship for Oceania Cruises in a decade and the flagship of the line’s new Allura class. It carries 1,200 passengers in cabins and suites that all have either a true balcony or a French veranda (meaning you can open doors to the fresh air but can’t step outside).
The ship’s target demographic is well-off, mature couples who are looking for destination-focused itineraries on a ship with elevated dining. For a small, 67,000-ton ship, Vista wows with eight restaurants, plus a bakery and private dining rooms for wine-paired meals. It also stands out for its expanded Culinary Center, for cooking classes and demos, and Artist Loft, where passengers can get crafty under the tutelage of resident artists.
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Fans of the line will appreciate that Vista is modeled from sister ships Marina and Riviera, and the layout is strikingly similar.
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Vista is not an all-inclusive ship, but it’s more inclusive than lines such as Celebrity Cruises or Holland America. Its fares cover all dining (except for private, wine-paired dinners), fitness classes, nonalcoholic beverages and in-port shuttles. Its booking promotions may offer additional inclusions, like free Wi-Fi, airfare, excursions, beverage package or shipboard credit.
What I loved about Vista
Dining choice
Some people love to return again and again to their favorite restaurants; others prefer to try a new venue every time. I fall into the latter category, so I loved that I could eat at a different restaurant each night of my cruise on Vista.
I could get dolled up and go to a steakhouse or Italian restaurant, or I could play it casual and eat on the buffet’s outdoor terrace or at the pizzeria. I could enjoy a multi-course sit-down lunch or take my pick of eight burgers at the grill. Vista also had plenty of options for between-meal grazing – a quiche from the Bakery, a scone at Horizons’ afternoon tea, or a cookie from the Concierge Lounge.
Not only did Vista’s large selection of eateries keep my meals interesting, but there wasn’t a bad option in the bunch. Sure, sometimes I didn’t order the right dish, but I enjoyed every meal I ate on board.
Design
Vista will wow you with its gorgeous looks from the moment you step on board. The atrium gives a knockout first impression with its stunning floor-to-ceiling sculpture with a changing light display.
The bold center archway of the Grand Dining Room will immediately catch your eye, as will the ceiling design of the intimate Privee dining room. Each specialty restaurant has been designed with care, from the brick oven-inspired ceilings of Ember to the pagoda-style floor lamps in Red Ginger.
The noteworthy Grand Lounge sports geometric chandeliers and glass shelves of vases and glass sculptures, while the faux wood paneling on the pool deck sets it apart from any cruise ship Lido you’ve ever seen. The glam settings make you feel like you’re a movie star and add to the decadent feeling of being on vacation.
Cocktails and mixology program
The new mixology program on Vista is one of its standout features. I happily ordered cocktail after craft cocktail at the Founders Bar in the name of research, trying drinks with smoke bubbles on top, frozen fruit balls in their center and unique ingredients (like tea) in their centers. The concept turns your standard pre-dinner drink into a playful and exciting event. It also makes a ship carrying mainly retirees feel hip and trendy.
Vista also carries a line of nonalcoholic “liquors” to make zero-proof cocktails that taste like the real deal, as well as nonalcoholic beer. It’s a fabulous option for sober cruisers or travelers who need to rest their livers after a lively evening. Unfortunately, not all bars carry nonalcoholic cocktails. On my cruise, I found them on the menu at the new Aquamar restaurant and Horizons observation lounge.
What I didn’t love about Vista
Nightlife
I failed to find anything serious to critique about Vista, so what I didn’t love about the ship is more about my personality than any real failing of the cruise line.
Evenings on Vista do not offer a variety of pursuits. You can go to a bar, with or without music. You can try your luck at the casino. You can attend the one show each evening, but only if your dinner time allows for it. That’s pretty much it.
My cruise did not offer karaoke night, evening trivia and games, or a pool deck party. I missed the two special-guest acts, a pianist and a guitarist, and the song-and-dance performances by the onboard cast failed to impress. The ship didn’t offer any secondary shows at night — no comedians or musical acts you came to listen to and not talk over.
To be fair, small-ship upscale cruising isn’t about nightlife, and most travelers on Oceania are perfectly content with a long dinner, an evening dancing or drinking in Horizons and an early bedtime. The library does have some board games you can borrow, so consider that as an alternative activity.
Service
One should never judge a ship’s service based on its first sailings when the crew is still getting used to each other and the layout and procedures of a new ship. I mention service solely to answer the question of why Vista isn’t considered a luxury ship.
In terms of hardware, Vista is one fine ship, which rivals the vessels belonging to luxury lines like Silversea Cruises and Seabourn, even nipping at the heels of over-the-top sister line Regent Seven Seas Cruises. It’s in the “software,” so to speak, where the line relegates itself to the upscale sector. And that’s fine.
In addition to not offering truly all-inclusive fares, Vista doesn’t offer the personal, often fawning service you find on true luxury lines. I barely met my room steward. No one offered to carry my plate at the buffet. The chefs weren’t offering to make me dishes off-menu, and on occasion, I had to work to flag down a waiter to bring me a drink. Personally, I’m fine with this level of service, but it does not put Vista in competition with ultra-luxury ships.
The few service issues will improve over time. But Vista, by nature, will never offer the crew-to-guest ratio or over-the-top service levels you’d expect to find on a more expensive cruise line.
Vista cabins and suites
Vista has only eight major cabin and suite types, making cabin selection a relatively straightforward process. Its three main non-suite cabin types – French Veranda, Veranda and Concierge Level staterooms – have identical interior layouts, so you’re really only choosing between perks and exterior space.
New and noteworthy on Vista are Oceania’s first dedicated solo cabins, 270-square-foot balcony cabins with a twin bed, smaller bathroom and slightly narrower design than a regular veranda room. They’re Concierge Level rooms, so solo travelers get extra benefits, such as access to the Concierge Lounge and Aquamar Spa Terrace.
My cabin was a regular Concierge Level room with a private veranda. At 291 square feet, it was the same size as a Veranda room, but with a slightly nicer interior design. (French Veranda rooms are identical to Veranda rooms in design, but where the Veranda cabins have a private balcony, French Veranda rooms have floor-to-ceiling glass doors that open to a railing; you can get fresh air but you can’t step out.)
I was very happy in my Concierge Level room on Vista. Oceania’s Tranquility Beds are some of the best in the business, and I loved falling asleep between a snuggly duvet and 1,000-thread-count sheets. Even better, the bed is flanked by three-drawer nightstands, 100V plugs and USB ports and reading lights.
Storage is decent with a two-door closet, two deep drawers in the desk, two coat hooks on the wall and a few additional shelves. It was the perfect amount of space for me, but I could see how a couple might fight over the drawer space.
The room had a mostly forgettable love seat, other than it looked nice and pulled out into an extra bed. The oval marble table was a perfect size for room service breakfast.
The highlight of the room, in my opinion, was the spacious, marble-tiled bathroom. Here, there was storage in spades: two glass shelves in the large shower, one large drawer and shelf space in the vanity and a corner unit with four deep drawers and three shelves in a mirrored cabinet. The shower had a rain head and a wand on an adjustable mount. The large no-fog mirror lit up at the touch of a button, perfect for putting on makeup.
I also appreciated the comfortable, padded balcony furniture. Standard balconies on Vista come with two upright chairs and a round drinks table, but the cushions made the seating comfier than the mesh-and-metal versions you find on many big-ship cruise lines.
Other thoughtful touches in the room include an electronic thermometer and do not disturb sign touchpad, quiet-close drawers, wooden hangers and carafes of Vero water, plus reusable water bottles to take on tour (to reduce single-use plastic water bottles). The mini fridge was stocked with soft drinks, though my cabin attendant didn’t seem to notice that I was drinking exclusively club soda. You’ll also find the requisite safe and hair dryer (neither of which I used), an umbrella and a shoehorn.
Concierge Level rooms come with extra perks, most of which are useful but not necessary. You get access to the lovely Aquamar Spa Terrace, with its hot tubs, day beds and thalassotherapy pool. You also get access to the Concierge Lounge on Deck 9; I don’t know why you’d want to watch TV in this windowless lounge, but I appreciated the 24/7 drinks and snacks and access to a concierge.
Other amenities include a welcome bottle of Champagne, pashmina-style cashmere lap blankets for use in your cabin and a tote bag. Perks include priority embarkation, lunch and dinner room service from the Grand Dining Room menu (I totally missed this one), priority specialty restaurant reservations, and complimentary laundry (up to three bags), pressing (on embarkation day) and shoeshine service.
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Penthouse Suite on Vista. ERICA SILVERSTEIN/THE POINTS GUY
For those with an urge to splurge, Oceania has four additional suite categories, each with butler service and access to an Executive Lounge. The Penthouse Suites are simply an expanded version of the balcony rooms, with additional closet and seating areas. The Oceania Suites have a full living and dining room, a separate guest or TV room, large balcony, guest bathroom and marble-clad master bath and dressing area. They are mostly found on Deck 12, but two on Deck 11 aft have wraparound corner balconies.
The eight Vista Suites, which I didn’t see, are even bigger than the Oceania Suites and located at the front of the ship, so they have extra-long wraparound balconies. The three Owner’s Suites span the entire aft width of the ship, with two balconies, and are designed by Ralph Lauren Home. A light-filled grand foyer opens onto the living, dining and bar area on one side and the enormous master bedroom with king-sized bed, walk-in closet and generous bathroom with soaking tub and ocean-view shower.
Vista restaurants and bars
Oceania prides itself on being a foodie cruise line, and Vista carries on the line’s tradition with six major dining venues included in the cruise fare, over-the-top extra-fee wine-paired private dinners and a new mixology program that goes above and beyond what its competitors are offering.
It’s hard not to nitpick a line that brags it has “the finest cuisine at sea” (and has even trademarked that tagline). Each meal may not be the best you’ve ever had on a cruise ship, but each meal you have will be solid, with plenty of choice of both where to dine and what to select from the menu. Vista is certainly a ship foodies will appreciate.
Restaurants
I made a point to try every restaurant on board during my weeklong cruise, and it actually took some scheduling to make it happen. It’s a good thing most of Vista’s sailings are 10 days or longer, so you have ample time to sample all the dining venues and even make repeat visits to your favorites.
You are allowed to make at least one advance reservation for each of Vista’s four specialty restaurants — possibly more depending on the length of the cruise and the type of cabin or suite you book. Once on board, you can ask if there’s walk-in availability for additional meals.
The Grand Dining Room is perhaps the most gorgeous main restaurant I’ve ever seen on a cruise ship. The design, with white archways in the center of the room, is also functional; it separates the giant venue into nooks, so it doesn’t have that hotel ballroom feel.
At breakfast, you can order everything from grilled lamb chops and broiled kippers to omelets, pancakes and lighter fare, such as yogurt parfaits. The highlight of the lunch menu is the “Taste of the World” sampler platter themed around a different country each day.
The dinner menu makes three suggestions for themed meals: selections from Jacques Pepin’s namesake French restaurant on Vista’s sister ships, global cuisine and Aquamar Vitality cuisine (ie lighter dishes). Don’t miss the creative Humphry Slocombe ice cream for dessert, with flavors like Elvis the Fat Years and Harvey Milk & Honey Graham.
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Terrace Cafe on Oceania’s Vista. ERICA SILVERSTEIN/THE POINTS GUY
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The Terrace Café is Vista’s buffet venue with indoor and outdoor seating. The stunning wall mosaics set the tone for the sophisticated spread you can sample here. Think daily sushi, an array of fine cheeses, made-to-order omelets, pasta and steaks and premium ice cream (including one Humphry Slocombe flavor at lunch and dinner). The vegetarian options weren’t always the best at the Terrace Café, though it often had gluten-free pasta.
On either side of the Terrace Café are several new and returning casual dining venues that should not be overlooked.
Waves Grill has always been one of my favorite grill venues at sea. Midday, it serves sandwiches, hot dogs, grilled entrees (mahi mahi, cajun chicken) and a huge selection of burgers, including Wagyu, veggie and salmon, in addition to the classic cheeseburger.
In the morning, it offers a downsized breakfast buffet with made-to-order omelets. At night, it transforms into a pizzeria with Italian-style pizza, a burrata menu (do not miss the burrata and tartufo dish) and a sinful Nutella pizza dessert. Pro tip: You can place an order at Waves and ask for your dish to be delivered to your table at the Terrace Café, so you don’t have to choose between the options.
Past Oceania cruisers might wonder where Waves’ famous smoothies and power bowls got to. The answer is Vista’s new “healthy” dining venue, Aquamar, set up on the opposite side of the Terrace Café from the Waves Grill.
In the morning, don’t miss Aquamar’s selection of avocado toast or its freshly made juices, unusual lattes and smoothies. (You haven’t lived until you’ve spiked your morning OJ with turmeric and cayenne pepper.) Energy bowls, banana pancakes and omelets round out the breakfast menu.
The lunch menu at Aquamar is vast. You can order poke-style bowls or compose your own, do a breakfast repeat with omelets and avocado toast, or order sandwiches from around the world, including tuna tacos, falafel pita, a Mexican chicken wrap or an Impossible burger. Wash it all down with a nonalcoholic cocktail that will have you convinced you’re drinking the real thing.
All the previously mentioned restaurants allow you to dine at will, but Vista has four reservations-required dinner spots that are the stars of the show. Three return from sister ships Marina and Riviera, while one is new, replacing French restaurant Jacques.
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Ember restaurant on Oceania’s Vista. ERICA SILVERSTEIN/THE POINTS GUY
The new entrant to Oceania’s food scene is Ember, serving inventive American fare. Though the venue is one of Vista’s signature restaurants, it has a more casual vibe than the others, and meals here don’t take quite as long. Consensus on my sailing is the standout dishes are the spinach and artichoke dip, lobster mac and cheese (with an actual hunk of lobster-in-the-shell on top) and the triple chocolate brownie sundae.
On the opposite end of the spectrum is Polo Grill, Vista’s fanciest restaurant, where dinners can take hours. It’s a classic steakhouse in a dimly lit setting with an enormous menu where protein is the star.
While it was perhaps not my favorite dining venue on board, the salmon I ordered was cooked perfectly, so moist and tender that I raved about it for the rest of the cruise. Folks at my table ordered everything from filet mignon to a whole Maine lobster, and everyone was satisfied with their choices.
Also, you may be understandably tempted to order the Polo Quartet of four desserts to finish your meal. I will save you the trouble by telling you the key lime pie is hands down the best of the bunch, and you should order the full-size version and skip the tasting plate.
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Polo Grill on Oceania’s Vista. ERICA SILVERSTEIN/THE POINTS GUY
Toscana is Oceania’s long-standing Italian restaurant, but on Vista, it’s newly enhanced with dishes created by the ship’s godmother, Italian food star Giada De Laurentiis. If you enjoy veal, this is your spot; nearly half of the secondi menu consists of veal dishes (you can also order lamb and roast suckling pig here). I tried Giada’s branzino and wasn’t wowed.
Whatever you order, make sure to order at least one pasta dish with Toscana’s incredible ship-made pasta. You can’t go wrong with Giada’s lemon spaghetti or the pesto gnocchi. If you need to skip dessert at one specialty restaurant, this is where I’d pass … unless you are a die-hard tiramisu fan.
The final specialty restaurant is Red Ginger, a pan-Asian dining experience. Perhaps it’s because I love Asian food, but I have a hard time choosing what to eat at Red Ginger because everything looks so good. You could make a meal on appetizers alone.
To start, try the sushi, duck and watermelon salad or summer rolls. For your main, consider the miso-glazed sea bass, lobster pad thai, bulgogi ribeye steak or red curry chicken. You might think dessert is a non-starter, but the caramel tapioca was tasty, and the soft ice cream with Japanese togarashi is a fun mix of sweet and spicy.
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Red Ginger on Oceania’s Vista. ERICA SILVERSTEIN/THE POINTS GUY
Vista also offers multiple options for intimate or private wine-pairing lunches and dinners on board. They include a wine-pairing lunch at Ember and wine-themed dinners in private dining rooms attached to Toscana and Polo Grill. Hidden between those two restaurants is Privee, another intimate dining room where two special dinners are held: Odyssey (described as a “gustatory journey for the senses”) and the Dom Perignon Experience that pairs special Champagnes with equally special dishes.
But the food options don’t end with the restaurants. The Bakery by Baristas was a popular spot for daily beignets, quiches and pastries. Afternoon tea in Horizons is an Oceania specialty, with your choice of Twinings tea, scones with jam and clotted cream, tea sandwiches and cakes and petits fours all wheeled around in glass carts by formally dressed waiters.
Bars
Vista’s bars are hopping before and after dinner because there’s not much else to do on board at night.
The Martini Bar is the most happening lounge, located near the Grand Dining Room, several specialty restaurants and the casino. A pianist performs here on and off throughout the evening. You can find all your standard mixed drinks here, as well as a special martini menu. At peak times, you might not be able to find a seat.
On the other side of the casino is the Founders Bar, a new concept for Oceania, dedicated to creative craft cocktails. If you like your drinks topped with smoke bubbles, frozen balls of fruit or sprigs of herb or dried fruit slices, this is your spot. Seating is limited, but you can request your drink be delivered around the corner to the Grand Lounge, a stunning scenery area where a classical string quartet plays in the evening.
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Founder Bars on Oceania’s Vista. ERICA SILVERSTEIN/THE POINTS GUY
Be careful — it’s so fun trying out all the crazy concoctions that you might bust your drink budget if you haven’t upgraded to the premium beverage package.
Horizons is the observation lounge at the top of the ship, looking forward. We heard rave reviews of the live band here and some choice words about the resident DJ, but if you want to watch the sunset or get your groove on after deck, Horizons is the bar for you.
Baristas is the coffee bar by day and aperitif bar by night. Get your daytime caffeine fix with Illy espresso, macchiatos, cremas and more, including coffees spiked with booze. After 6 p.m., you’ll find an Italian-influenced list of aperitifs and digestifs (amaretto, Campari, limoncello), as well as wines and cocktails (such as an Aperol spritz or negroni).
The pool bar serves all the daiquiris and coladas you can drink while lounging on Vista’s gorgeous, resort-style pool deck. You can also order drinks at any of the restaurants. Aquamar has a lovely menu of nonalcoholic cocktails, fresh juices, lattes and smoothies.
Vista is also introducing new immersive cocktail experiences for the cruise line, which unfortunately had not yet debuted on my sailing. These will include a customizable Bubbly Bar in Baristas, a Bloody Mary Bar at lunch in the Terrace Café, a Macallan whisky and chocolate pairing, and cocktail-making seminars pairing Brugal 1888 rum with ice cream or tea.
Vista activities and shows
An Oceania cruise is a destination-focused trip, so onboard activities are kept to a minimum. You’ll find trivia contests, spa seminars, casino tournaments and technology classes at the LYNC Digital Center, such as travel photography and photo editing for social media.
Where Oceania excels in onboard activities are with cooking classes and demos in the Culinary Center and art classes at the Artist Loft. Oceania brings on real chefs and working artists to lead the workshops. Sign up as soon as you get on board because these popular classes fill up quickly.
I tried a “drip technique” painting class where we decorated glass plates, and it was a far cry from the watercolor or needlepoint classes you might find on other ships. The two-part class explored a unique technique, and even though I’m not experienced in crafting and my plate looked pretty bad after the first class, the artist knew what he was doing, and my final product was surprisingly good. It’s also a fun way to socialize with other passengers and the artists in residence.
Vista’s culinary center is three times larger than the versions found on sister ships Marina and Riviera. In addition to the test kitchen with 24 individual cooking stations, a second room can be arranged for lectures or even dinners. Classes are themed, often related to the ship’s destination, and yes, you can eat what you cook. They do cost extra; fees start at $79.
On a warm, sunny day, Oceania’s gorgeous resort-style pool deck is the place to be with padded loungers and day beds, a main pool with a wading area around it and a couple of hot tubs. Sporty types should head to the ship’s topmost half decks for an outdoor running track, shuffleboard, croquet/bocce, pickleball, mini-golf and a golf-driving cage.
The Aquamar Spa on Deck 15 offers a barber shop, salon, fitness center with aerobics studio and sauna and steam rooms in the men’s and women’s locker rooms. Concierge Level and suite guests receive complimentary access to the Aquamar Spa Terrace at the front of the ship, with two hot tubs and a thalassotherapy pool.
If it’s cool and rainy, consider decamping to the nook- and book-filled library, where you can borrow games, settle in with your laptop or peruse guidebooks. Baristas is right around the corner. The ship also has the requisite shops selling fine jewelry and logo items.
In the evenings, you can find a singer-pianist in Martinis, a string quartet in the Grand Lounge and a band followed by a DJ in Horizons. I heard great things about Vista’s Music Station Band, but somehow I was always eating dinner when they were performing.
Each night, there’s a show in the Vista Lounge, either a guest performer or a typical cruise ship song and dance show by the onboard performers. One of the new shows on Vista was choreographed by Britt Stewart, a professional dancer who’s worked with “Dancing with the Stars.”
Vista itineraries and pricing
Vista will spend its summers in the Mediterranean and winters in the Caribbean. In fall 2023, the ship will also visit Canada and New England and transit the Panama Canal twice. Cruises range in length from seven to 90 days, but most are one to three weeks in length.
Cruise-only prices start from $1,799 for a French Veranda cabin or $2,049 for the lowest-category balcony room on a seven-night Caribbean cruise. Alternatively, you can choose Oceania’s more inclusive and expensive OLife fares; these start from $2,599 for the French Veranda cabin or $2,849 for a regular balcony room.
The current OLife promotion runs through June 30 and includes round-trip airfare and transfers, plus your choice of four shore excursions, a beverage package or $400 onboard credit per cabin. Starting in July, the line will offer a set of included perks, without the need to choose, but the actual inclusions may change during promotional periods.
What to know before you go
Required documents
The travel documents you need for your Vista cruise are determined by your itinerary and homeports. For most cruises, you will need a passport that is valid for six months after your trip ends. For round-trip sailings out of U.S. homeports, a birth certificate and government photo ID will suffice. It’s up to each passenger to determine if any of the ports of call require additional visas.
When you finish checking in online for your cruise, Oceania will email you a boarding pass that you should print out and bring with you to the terminal.
Gratuities
Crew gratuities are added to your onboard bill and amount to $18 per person, per day, in Concierge-class rooms and below, or $23 per person, per day, in upper-level suites. Gratuities can be prepaid. You are always welcome to tip above the auto-gratuity for exceptional service. All tour guides should be tipped in cash at the end of a tour.
A 20% gratuity is added to onboard bar and spa bills.
Wi-Fi
Vista is one of the first Oceania cruise ships to use Starlink high-speed internet. I can attest to the speed of Oceania’s premium plan after attending a 90-minute Zoom meeting with only the slightest of lag.
Every cabin comes with one free Wi-Fi login (for one device at a time), or you can pay to add additional devices or for the premium plan that accommodates music and video streaming.
Carry-on drinks policy
Passengers can bring up to six bottles of wine per cabin for consumption in their room. If you wish to drink your own wine in a restaurant or public area of the ship, you will need to pay a $25 per bottle corkage fee.
Smoking policy
Vista offers designated areas on the Deck 12 pool deck (forward, starboard corner) and in the smoking lounge on Deck 14 forward, outside Horizons. The latter is a gorgeous space with forest-green walls, but it is entirely indoors. This policy applies to e-cigarettes, pipes and cigars, in addition to regular cigarettes.
Smoking is forbidden everywhere else on board, including in cabins and on private balconies. Passengers who are caught in violation of the smoking policy will be disembarked at the next port of call and may also be required to pay additional fees to cover costs for cleaning or replacing damaged furniture or decking.
Laundry
Vista has complimentary self-service launderettes on decks 7, 8, 9, 10 and 11. Each is outfitted with a detergent dispenser, washers and dryers, an ironing board and a seating area with a TV if you choose to wait for your load to finish. You can walk away while your load runs, but set a timer because folks will remove your clothes if you don’t pick them up in a timely fashion.
Alternatively, you can pay to send out your clothes to have them washed and/or pressed.
Electrical outlets
Vista’s cabins and suites offer electrical outlets and USB ports on both sides of the bed and by the desk. You’ll find both U.S. 110V and European 220V outlets. Americans may want to bring an adapter for charging devices in public rooms where the outlets are all European-style.
Currency
The onboard currency is the U.S. dollar. The reception desk can change dollars for the local currency.
Drinking age
You must be 21+ to drink alcohol onboard all Oceania cruises. When the ship is in international waters, young adults ages 18 to 20 may purchase and drink beer or wine (as well as the House Select beverage package).
Dress code
Oceania does not have a complicated dress code with specific attire required on certain evenings. Instead, the line suggests “elegant casual resort wear” for evenings and requests that guests do not wear casual jeans, shorts, T-shirts, baseball caps, casual sandals or sneakers in the restaurants after 6 p.m.
For casual dining, choose the Pizzeria or Terrace Café for your evening meal. Shorts and baseball caps are allowed; athletic wear is not.
Elegant casual resort wear translates into date-night dresses (but not full-on cocktail attire), skirts and blouses or dressy pants and tops for women, and collared shirts and slacks for men. Jackets and ties are not required.
During the day, casual attire is fine, but please don’t wear swimwear, bathrobes or pajamas in public areas. You’ll need footwear if you leave the pool deck.
Bottom line
Vista is an elegant mid-size cruise ship that’s the perfect home base for travelers who appreciate dining variety, enjoy interesting cocktails and fine wines and wish to explore the Mediterranean and the Caribbean.
Cabins and suites are thoughtfully designed, though, for longer voyages, you might need to take advantage of onboard launderettes as cabin storage might be tight.
Vista offers a high-end experience on a beautifully designed ship, but you’ll have a choice in how you spend your vacation budget rather than paying upfront for all-inclusive fares.
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What is Your Pre-existing Condition?
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Avoid The Fuss With No Medical Exam Life Insurance
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It’s Best to Compare Between Different Insurance Companies
Perhaps the biggest factor related to a pre-existing condition that there is no way around is the higher cost. Insurance companies need a way to compensate for the additional risk. However, many companies will treat certain conditions differently than other. For example, there are some companies that view conditions like diabetes more favorably than others. With some companies, if you have well-controlled type 2 diabetes, you could get great rates, but other companies are automatically going to skyrocket your rates because of the diabetes diagnosis.
The best course of action is to be proactive with your condition and try to manage it the best way that you can. Insurance companies have been known to consider these types of things and reduce your premium over time as it is demonstrated that you are getting your condition under control.
Thankfully for advances in the medical community it is no longer the case that pre-existing means denial. It is still a good idea to shop around and find the best fit for your particular condition. Spending the extra time up front can save you a lot of money in the long run and the peace of mind that comes with knowing you are insured is invaluable.
The benefits of finding the perfect company are obvious, lower insurance rates. But finding the right company isn’t as easy as that. This is why you need an expert, like our independent agents. Not only can they represent several different companies, but they are also knowledgeable about the different companies and which one will view your pre-existing condition more favorably.
Getting the Lowest Rates Possible
We just mentioned a great way to get lower monthly rates, by working with an independent agent, but that isn’t the only way.
The first thing is to do is improve your health. Sure, you have a health problem, it’s going to impact your monthly rates, but there are still some health factors that you can improve to get a better classification from the insurance company.
The best thing you can do is to shed a couple of pounds. The majority of life insurance applicants are keeping a few more pounds than they should, and losing that weight could have an extremely beneficial impact on your insurance plan. Start a healthy diet and exercise program, it will save you money.
Deciding how much Life Insurance you need
The next most important decision is determining how my life insurance coverage you’re going to need. The bigger your policy, the more you’re going to pay for your coverage.
If you don’t have enough coverage, you could leave your loved ones paying for all of those debts you would leave behind. How are you supposed to know if you have enough coverage? There are several different questions that you can ask yourself to ensure that you’ve bought a large enough life insurance policy.
The first question is, “how much debt would I leave behind?” Before you buy a plan, make sure the policy will provide enough protection. Make sure that you add up your mortgage, car payments, credit card bills, student loans, and anything else your loved ones would be responsible for paying.
The other questions that you have to ask is, “how would my family suffer if they lost my salary?” the other main purpose of life insurance is to help your family find a way to replace your annual income. Your family could have a difficult time finding a way to permanently replace that income without experiencing serious financial strain.
Digital nomads enjoy the freedom and flexibility of being able to work from anywhere with an internet connection, allowing them to balance work and leisure in a way that suits their lifestyle. They travel frequently, often staying in one place for a few weeks or months before moving on to the next destination.
However, expats and digital nomads face unique challenges when it comes to managing their finances. They need a bank that understands their lifestyle and offers services that cater to their needs.
For example, digital nomads require a bank that offers low fees and transaction charges since they frequently move money across borders. They also need a bank that provides easy access to their accounts from anywhere in the world, with mobile banking features that allow them to make transactions on the go.
10 Best Banks for Digital Nomads
Without further ado, here’s our lineup of the best bank accounts for digital nomads.
1. Revolut
Revolut is a digital bank that’s headquartered in London. While it doesn’t offer a traditional bank account, its money management app can be a great option. Once you download it, you can make global exchanges with more than 30 currencies and transfer money abroad instantly. Revolut will give you 10 free international transfers per month plus a debit card with cash back rewards.
Also, if you invest in a Premium or Metal plan, you can enjoy additional perks, like travel insurance and access to airport lounges while you wait for your flights. In addition, you’ll get to use 55,000 fee-free ATMs and be able to withdraw up to $1,200 from out-of-network ATMs each month. If you’re interested in a Revolut account, you’ll need to provide a name, address, and ID. The bank does not require a credit check or proof of address.
2. Chime
When most people think of international financial accounts, Chime doesn’t typically come to mind first as it’s a financial technology or fintech company in the U.S. Even though it doesn’t provide a multi-currency account, its cards don’t charge foreign transaction fees and offers free cash withdrawals at ATMs across the globe.
This is great news if you’re looking for an affordable way to cover your international purchases. Chime’s main offerings you might want to consider include the Chime Checking Account, the Chime High Yield Savings Account, and the Secured Chime Credit Builder Visa® Credit Card.
It’s important to note that Chime is designed to be used as a mobile app so it could be a solid pick if you like the idea of mobile banking. The app will send you daily notifications on your account balance and international transactions. Rest assured you can disable them at any time.
3. Capital One
Capital One is one of the largest banks in the U.S. but we had to include it in this list because of its primary checking account, the Capital One 360 Checking. If you consider yourself an expat, often make online purchases from different countries, and would like to avoid a monthly fee or foreign transaction fee, this account can make sense.
You won’t have to pay any transaction fees if you use your card overseas, plus you may open the account without a minimum opening deposit requirement or monthly fees. To reap the benefits of the Capital One 360 Checking, you must be a U.S. resident with a U.S. mailing address and Social Security number.
4. Wise
Wise, which was formerly known as Transferwise, should be on your radar if you do business abroad. The UK-based fintech company will let you create a local bank account that accepts multiple currencies, making it a breeze to meet your digital nomad banking needs. Wise also integrates with popular payment platforms, such as Amazon Payments and Stripe for easy direct deposits.
We can’t forget to mention the Wise borderless account that may be worthwhile whether you’re studying abroad, an expat, or a freelancer with international clients. It comes with low fees and can be accessed by just about anyone. However, Wise is not an actual bank account so you may have trouble receiving direct deposit payments. For this reason, it might be a good supplement to an existing bank account.
To take advantage of Wise, you’ll need a bank or credit card statement, tax bill, proof of address, driver’s license, or government document.
5. Chase
Chase is an excellent choice for digital nomads and expats living abroad due to its global presence and user-friendly digital banking platform. Chase’s online banking system is user-friendly and provides a range of features, including bill pay, mobile check deposit, and international money transfers.
For those living abroad, Chase’s credit and debit cards also offer no foreign transaction fees, making it an affordable option for international travelers. In particular, the Chase Sapphire Preferred and Chase Sapphire Reserve are widely considered to be among the best credit cards available.
Furthermore, Chase Bank provides 24/7 customer service support, ensuring that its customers can get assistance with any issues they may encounter, regardless of their time zone.
6. HSBC
HSBC serves about 40 million customers across 63 countries in Europe, Asia, the Middle East and Africa, North America and Latin America. If you’re an international traveler, you can’t go wrong with the HSBC Everyday Global Account, which makes it easy to make purchases in 10 different foreign currencies with no transaction fees or monthly service fees. It truly offers a fee-free banking experience.
In addition, there are no ATM fees so you can enjoy fee free ATM withdrawals and many promotions throughout the year. HSBC also offers Visa Zero Liability, which can protect you from fraud and give you some much-needed peace of mind. We can’t forget that HSBC offers over 55,000 ATMs, many of which are in the Allpoint network, as well as 24/7 customer support via phone and Twitter.
7. Citibank
There’s a good chance you’ve heard of Citibank as it’s a well-known bank in the U.S. It has a presence in 97 markets and supports clients in more than 160 countries. With the Citibank Plus account, you can manage your money in up to 21 different currencies.
Citibank will waive your maintenance fee as long as you maintain a certain balance and reimburse you for foreign ATM withdrawals when you use ATMs outside its network. Additionally, you may send money abroad quickly and won’t have to pay a penny if you’re sending the funds to another Citibank account. Another great perk is the handy mobile app that offers convenient banking while on the go.
8. Monzo
Monzo is a challenger bank in the UK that’s recently increased in popularity. You can open an account for free, divide it into “pots” to better manage and save your money, and get a free debit card, which can be sent to any address in the UK. You can use it for a variety of debit card transactions and ATM withdrawals abroad.
You won’t pay any fees when you make purchases on your card and can receive a limited amount of free ATM withdrawals every month. Monzo is also compatible with Apple Pay and Google Pay. Plus, there’s a convenient mobile app with useful budgeting tools that may help you take control of your spending. Note that Monzo is fully digital so you can’t count on it for in-person support or local branches.
9. Charles Schwab Bank
You can open a U.S. bank account through Charles Schwab and won’t have to worry about foreign transaction fees or opening fees. Plus, you can enjoy unlimited rebates on international withdrawals.
In the event you move to a different country, you can open another Charles Schwab account but you may have to meet a high minimum deposit threshold. If you need assistance while you’re traveling, you’ll be thrilled to know you can receive it via phone or email.
10. Bank of America
Despite the word America in its name, Bank of America can be a smart option if you’re looking for a digital nomad bank account. In fact, it attracts many frequent travelers.
It serves more than 35 countries and has locations throughout Europe, Asia, and the Middle Each so you shouldn’t have an issue finding a branch near you. Bank of America offers a variety of bank accounts you may find appealing as well as a well-designed mobile app.
Features to Consider When Choosing the Best Bank for Digital Nomads
When exploring different digital nomad banks, consider these features.
Banking Experience
Every financial institution provides its own unique experience. First, think about whether you’d like an online-only bank or one with branches you can visit. Then, think about the size of the bank that would be best for you.
A smaller bank might be a better fit if you prefer personal service as well as better rates and lower fees. A larger bank, however, might make more sense if you’d like access to a wider range of products and resources.
Account Types
Some banks offer a few accounts and banking services while others pride themselves on a long list of offerings, like checking accounts, savings accounts, investment accounts, and many others. To determine the account types you need, think about your goals.
Are you looking for someone to park your cash so you can access it while you’re abroad? If so, you might be in the market for a basic checking account or high yield investor checking account with no foreign transaction fees and ATM fee reimbursement.
If you’re a business owner, you may require additional services like international wire transfers between accounts and countries without paying costly fees.
ATMs and Debit Cards
Chances are you can benefit from a digital nomad bank account with ATM access. If you need to make purchases abroad frequently or every once in a while, you should opt for an account with debit cards that are compatible everywhere. This usually means you’re in the market for a Visa, Mastercard, Discover, or American Express debit card.
Keep in mind that many countries don’t accept cards with magnetic strips so you will need a card with an EMV chip. Ideally, it would also allow for contactless payments, which are quite popular abroad.
Note that while debit card purchases may make sense in some situations, credit cards come with greater protections, which can be helpful if your card gets lost or stolen. If possible, use your debit card at ATMs and credit card every time you make a purchase.
Fees
At the end of the day, you don’t want to be stuck with sky-high fees that deter you from your financial goals. Here are some fees to be aware of as you search for the best banks for digital nomads.
Foreign transaction fees: These fees can kick in whenever you make a withdrawal or purchase in a foreign currency. Your bank might charge them all the time, in certain situations, or not at all.
ATM fees: If you need to withdraw money from an ATM, you may be on the hook for ATM fees. The chances of this are higher if you opt for an out-of-network ATM. The good news is some banks offer free withdrawals or will reimburse you for ATM fees while you’re abroad.
Monthly maintenance fees: You may face a monthly maintenance fee or service fee to keep your account open. Typically, the more features your account has, the more expensive this fee will be. Fortunately, some banks pride themselves on low banking costs and zero monthly fees.
Interest Rates
Depending on what you plan to do with the bank account you open, interest rates may or may not be important. If your sole purpose is to get easy access to cash while you’re traveling to a different country, interest rates probably aren’t a big deal. But if you’d like to use your account for saving or investment purposes, a higher rate is ideal. The higher the rate, the easier it will be for you to meet your goals.
Security
Security should be a top priority when you explore digital nomad bank accounts. Reputable banks have certain account holders protections in place for if your debit or credit card gets lost or stolen, for example. They also make it a breeze to report fraudulent activity from anywhere.
Some banks also have a security feature known as two-factor authentication. This requires you to use your password and a special code you receive via call or text every time you log in. It provides extra security in the event your device gets lost or stolen.
Customer Service
In a perfect world, you’d never have any questions or issues with your bank account. Since this is unlikely, you shouldn’t overlook the importance of customer service. The bank you choose will determine how easy or difficult it is to receive assistance.
If you can, opt for a digital bank with 24/7 customer service. Otherwise, you may get stuck if you have an urgent need and customer service is only available during select business hours.
Reviews
If you visit a bank’s website, you’ll find no shortage of information on its benefits and why you should become a customer. However, one of the best ways to determine whether a bank account is worth it is through customer reviews. Do your due diligence and read real reviews on reputable, third-party websites.
Also, look at ratings on websites like the Better Business Bureau (BBB) to get a better idea of a bank’s reputation. If you notice a lot of negative reviews and poor ratings, you may want to look elsewhere.
Online Banking Features
As a digital nomad, you’ll likely be doing a lot of your banking online. Look for a bank that offers robust online banking features, such as the ability to view account balances and transaction histories, transfer funds, and pay bills online.
Bottom Line
Choosing a good bank is essential for digital nomads who need access to their money while traveling the world. With the right bank, you can manage your finances easily and efficiently while enjoying the freedom of a location-independent lifestyle.
Frequently Asked Questions
What is a digital nomad?
A digital nomad is someone who works remotely and has the ability to work from anywhere in the world as long as they have an internet connection. They often travel frequently and have a location-independent lifestyle.
Why do digital nomads need a specific bank?
As a digital nomad, you’ll need to find a bank that caters to your specific financial needs; one that offers easy online access, enables low-fee transactions, and facilitates international transfers without hefty costs. Traditional banks may not be able to provide you with these services, which is why it’s important to investigate other options.
What is the best bank for digital nomads and expats?
There is not one bank that checks off everyone’s boxes. The right option for you depends on your goals. You may choose an account that allows for easy money transfer abroad. Or you may prefer one that eliminates foreign transaction fees. It’s up to you and what you hope to accomplish.
How can I avoid transaction fees when banking as a digital nomad?
To avoid transaction fees when banking as a digital nomad, you should look for a bank that offers fee-free ATM withdrawals and has low foreign transaction fees. You may also want to consider using a debit or credit card that doesn’t charge foreign transaction fees.
Do I need to have a permanent address to open a bank account as a digital nomad?
You do not necessarily need a permanent address to open a bank account as a digital nomad. Some banks allow you to use a post office box or a friend’s address as your mailing address. You may also be able to use a virtual mailbox service.
Can I open a bank account in a foreign country as a digital nomad?
Most countries prohibit non-residents from opening bank accounts. You’ll find that you’ll likely need a local mailing address. Unfortunately, financial institutions don’t typically accept hotel or short-term rental addresses.
Can I use my digital nomad bank account for personal transactions?
Yes, you can use your digital nomad bank account for personal transactions. However, it’s best to keep your business and personal finances separate to make accounting and tax reporting easier.
Will my digital nomad bank account have all the features of a traditional bank account?
Your digital nomad bank account may not have all the features of a traditional bank account, but it should have the features that are most important for your lifestyle, such as online banking and low transaction fees. Be sure to research the banks you’re considering to ensure they offer the services you need.
What should I do if I lose my debit card while traveling?
If you lose your debit card while traveling, you should contact your bank immediately to report the loss and request a replacement card. You should also carry a backup debit card or credit card in case of emergencies.
What are the best banks for international wire transfers?
If you’d like to make many international wire transfers, there are certain banks with solid bank transfer rules you should explore. Several examples are Bank of America, Chase, Citibank, Wells Fargo, Citibank, PNC, and U.S. Bank.