Images of devastation emerged after the Japanese earthquake and tsunami. We watched water sweep away vehicles and houses; we saw stunned men and weeping women in the ruins. But we also heard about survivors whose homes weren’t flattened or inundated, people who subsisted on stockpiled food and water while waiting for help. Living on the “Ring of Fire” means temblors and tidal waves are a fact of life — and so is disaster preparedness.
We need to be prepared, too. The Department of Homeland Security’s Ready America program says we should be able to sustain ourselves for at least three days after an emergency, whether that’s a hundred-year storm or a civil insurrection. How ready are you?
Right now, before anything bad happens, is the time to build your emergency kit — and you can do it on a budget. In fact, you probably already have some (or a lot) of what you need.
The (Sometimes Icky) Basics
During those three days you need to be fed, hydrated and sheltered. You also need a place to poop.
Yeah, that’s gross. You know what else is gross? The idea of everyone in your apartment building or subdivision yelling “Gardyloo!” and flinging slops out the window. Cholera epidemic, anyone?
When I was a kid, predictions of bad weather had us filling bathtub and buckets. That’s because if we lost power we lost our well pump, i.e., no way to flush the toilets. That’s still the first line of short-term defense; if you have any warning, stash yourself some water.
When that’s gone you’ll need at least one large container into which everyone can evacuate. Maybe a repurposed five-gallon detergent, paint or pet-litter bucket? If you don’t have one:
It’s possible to buy a toilet seat that snaps onto a bucket, which makes things easier. Or buy a prefab one (search online for “bucket toilet”) for $20 or less. Decide now where you’ll put your temporary toilet. The garage? The back porch? Maybe even in the actual bathroom? Anywhere but the place where you plan to eat and sleep. Trust me on this.
Ready for an overshare? Here’s how I’d handle disposal if the you-know-what hits the fan here in Seattle:
Use the bucket (in a former life, it held detergent)
Put soiled paper into a garbage bag (and tie it really tightly between uses)
Flush the contents of each, little by little, once the emergency has abated
Please do not do your business in the condo-complex yard, no matter how much fun it is to pee outdoors.
Important: You’ll want a bottle of hand sanitizer close to the bucket. Really close. E. coli is nothing to fool with.
Food and Drink
Ready America recommends one gallon of water per person per day. It’s easy to buy bottled water but much cheaper to fill up two-liter soda bottles, or inexpensive pitchers or jugs. (Don’t drink soda? Surely someone you know does.)
Refill the containers every few months; mark it on the calendar so you don’t forget. Don’t just dump the old water, though. Use it in some way, such as:
Watering houseplants or your garden
Bathing (add hot water unless you like your tub-time tepid)
Cooking
Filling pet dishes
Doing hand laundry
Washing vegetables or fruit
When it comes to emergency rations, you can go as stripped-down or as fancy as you like. But it must be something you’d eat anyway, because you’ll need to rotate and replace your stock. If an earthquake happens six years from now, do you want to be eating 2011 ramen?
Some obvious choices:
Canned beans, stews, soups, fruits, vegetables, meats and/or fish
Protein bars, granola bars, dried fruit
Powdered milk and cereal
Peanut butter or other nut butters
Crackers or pilot bread; I recommend the latter, because it lasts for-freakin’-ever
Note: For more on pilot bread, see this funny video from The Anchorage Daily News.
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Then watch a second, even funnier video from the same source.
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If you’ll have a way to heat water, consider a few instant soups or other dehydrated foods such as hummus or bean dip. Flavored noodle cups/bowls do go on sale; check Asian markets for the best selection. Hot drinks are both warming and soothing, so stock up on bouillon cubes, teabags, instant coffee and hot chocolate mix.
Survival Shopping at Bargain Prices
The camping section of your local sporting-goods stores has quite a selection of dehydrated meals. So do online stores that sell survival/disaster preparedness supplies. But I’m focusing on inexpensive ways to prepare.
So watch for sales and use coupons and/or rebates when possible. A few of my better supermarket deals: envelopes of pre-drained tuna for free, granola bars for a penny each, cocoa mix for 5 cents per serving, a large bag of M&Ms for 50 cents, 12 ounces of peanuts for 69 cents.
Olives, marinated veggies, sun-dried tomatoes and other fancy foodstuffs from the dollar store will liven up your basic grub. After two days of PBJs and canned beans, a few pickled vegetable will taste like manna.
The dollar store has cheap bandages and rubbing alcohol, too. So do places like CVS, Walgreens and Rite Aid; I’ve obtained baby wipes (aka “shower in a pouch”), hand sanitizer, analgesics, energy bars, crackers and batteries free or nearly free thanks to rebate programs at those stores.
About those batteries: Aim for at least one flashlight per room. Hand-cranked flashlights (and radios) don’t need batteries. If you can’t afford one right now, put it on your wish list; maybe Great-Aunt Irene will give you that instead of a cheese log next Christmas.
If you must use candles, select votive-type ones and set them inside wide-mouthed jars, placed in areas where no one can accidentally knock them down. Buy the votives for pennies at post-holiday clearance sales. Those sales are also good for cheap paper plates and bowls — not eco-friendly but really useful if you can’t do dishes for days.
Layering is essential in cool or cold temperatures. Watch for thermal underwear, wool pants and other useful items on Craigslist/Freecycle or at yard sales. I bought polypropylene longhandles and a down vest at a thrift store. Make sure everyone has a stocking cap, too.
Look around your house to see how much of this stuff you already own. Most of us at least have sweaters or sweatshirts. If you’re not in a super-cold area, a comforter might double as a sleeping bag. A hibachi could substitute for a bottled-gas camp stove — but remember you can use these things outdoors only, because carbon monoxide is deadly.
Miscellaneous Tips
You can’t truly be ready for a disaster. It’s always stressful and often terrifying. However, you can at least be prepared. Here are a few more items to keep in mind:
Learn the location of your local/regional emergency shelter, just in case.
Keep a cache of cash — smalls bills and coins — on hand. No power means no debit or credit if you do find a store that’s open.
Put supplies where you can get at them easily, not down in the crawlspace or up in the rafters.
Wheeled garbage cans make great storage: Your items will be protected and movable. Label each one so you can find what you need, fast.
Water left over after making tea? Don’t let it get cold again — pour it into a thermos.
You’ll want basic first-aid supplies, including an anti-diarrheal medication. Many of these items can also be bought cheaply or free with those drugstore rebates.
On maintenance meds? Get in the habit of refilling as soon as you’re allowed, i.e., don’t wait until you take your last pill to call it in.
Choose no-salt canned vegetables. Not only are they healthier, you can use the drained-off liquid to dilute canned soup. Save the syrup from canned fruits, too, to sip for quick energy, settle an upset stomach or sweeten a cup of tea.
Don’t forget pet food and litter. Factor in extra water for Fido and Fluffy, too.
Have some playing cards or small games that everyone can play. I suggest Mad Libs.
Make sure you have a manual can opener. You’ll feel darned stupid asking to borrow a neighbor’s.
How about it, readers: Any ideas for getting ready without breaking the bank?
Inside: A biweekly budget is a budget that is broken into two-week periods. Learn how to create biweekly budgets and download your free template.
Many people create budgets, but only a few budget on a biweekly basis.
That is an interesting statistic because 43% of Americans are paid on a biweekly pay period (source).
So, the thought process is more people should be interested in learning knowing how to create a biweekly budget. But, in reality, most people give up on budgeting or move to a budget-by-paycheck method.
Recently, we moved over to a biweekly pay period. And thus, we quickly had to change how we focused on budgeting.
While most financial bloggers and gurus would agree, budgeting with biweekly paychecks makes the whole concept of budgeting hard.
While biweekly budgeting isn’t easy, it can be done!
This post will show you how to create an easy-to-manage and effective biweekly budget so that you can conquer your financial goals in the most efficient way possible!
We will go through the exact steps I use to create a biweekly budget to cover two weeks’ worth of expenses, get one month ahead on your bills, or adjust your planning to cover your monthly expenses.
This is a basic example, and you should use your own personal situation when developing your own budget.
Do you struggle to keep your finances on track? If so, here are some tips for creating a biweekly budget.
What is a biweekly budget?
A biweekly budget is a budget that takes into account a person collecting a paycheck every 14 days. This type of budget is beneficial for those who are paid on a biweekly schedule, as it allows them to plan their spending more effectively.
However, many people find it difficult when bills are due on a monthly basis.
Difference between biweekly and semi-monthly paychecks
When receiving paychecks twice a month happens with two types of pay schedules either biweekly or twice-per-month. The difference between these two schedules is the number of checks per year.
Those who are paid biweekly receive 26 checks per year, while those who are paid twice-per-month receive 24 checks per year.
Making a budget on a biweekly income can be difficult because the total number of checks received in a year varies depending on the pay schedule you have.
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How does a biweekly budget work?
A biweekly budget divides your budget into two parts, one for each paycheck that is received. This can be helpful for those who want to better track their spending or for those who want to save money.
It can be helpful to think of your biweekly budget as two separate budgets – one for bills and one for everything else.
When you create a biweekly budget, you are essentially creating two budgets over the span of ten months. Then, in the other two months, you will receive three paychecks; thus, need to create three budgets.
Since many monthly expenses remain the same when switching from a month budget to a biweekly budget, knowing which expenses should be increased or decreased beforehand can make the process smoother.
Additionally, it is helpful to know how much money you will need for each check. That way, you won’t have to worry about bouncing checks or accidentally overdrawing your account.
How to create a biweekly budget
Creating a biweekly budget is a great way to start getting your finances in order. You can either create your own template or use one of the many templates that are available online for free.
One popular template is ours!
Money Bliss Biweekly Budget Template (see below to get your copy). This template is available as a free download and can be used in conjunction with our budget binder. The planner allows you to track your income and expenses, as well as financial documents such as bills and bank statements.
There are a few key things to keep in mind when creating a biweekly budget:
Adjust your budget as needed.
Be flexible when adjusting to this 2 week budget style.
Compare your regular expenses to your spending from the past month.
Now, here are the steps to creating a biweekly budget that works.
Step 1: Print out a calendar
You need to print out the dates you get paid from your employer. On the biweekly paycheck, Fridays are usually pay dates; you just need to know which Fridays!
So, print out a blank calendar. Write down when you get paid along with when your bills and expenses are due.
This will help you get an idea of where you are spending your money and where you can cut back.
Many people find it helpful to color code by category and add stickers. This will help you see your budget at a glance.
Step 2: Put in a buffer
This will help ensure that you don’t have to worry about going into debt if something unexpected comes up.
Ideally, you should try to save at least two weeks’ worth of living expenses so that you know you’ll be able to cover your costs even if something goes wrong.
For us, all of our income goes into an “income checking” account. Then, at the beginning of the month, we transfer money into our “bills checking” to cover our expenses for the month.
Then, we always have at least one month of expenses on hand – just in case.
Step 3: Organize expenses
The easiest way to do this is by category. There are a few different ways to categorize your expenses, but the most common are:
Fixed or recurring expenses: These are expenses that happen every month, like rent or utilities
Variable or occasional expenses: These are expenses that happen each month but vary in amount, like groceries or entertainment
Annual or quarterly expenses: These costs are less frequent, but take a good chunk of your budget like an annual insurance payment or kid’s sports fees
One-time only expenses: These are one-time only costs and you don’t anticipate them again.
For most people, the struggle happens when organizing expenses. The expenses you “forgot” about are what blow your budget. Honestly, these are not forgotten expenses – just something you forgot to plan for.
Step 4: Focus on Zero Based Budgeting
Additionally, it’s important to use a zero-based budgeting approach.
With this method, you start by assigning every penny of income a job, whether it be for rent, groceries, or savings. This way, you can make sure that you’re not overspending each month.
A zero-based budget is a type of budget that starts with the assumption that there is nothing in your bank account.
This includes both predictable and unpredictable costs.
In the next steps, you will lay out what paycheck will cover what bills.
For example, some costs, like your rent or mortgage payment, will likely stay the same from one biweekly period to the next. By taking into account both types of expenses, you can get a more accurate picture of how much money you will need each pay period.
Learn more about zero based budgeting.
Step 5: Write your first biweekly budget
Writing a biweekly budget is the first step to creating financial stability. It’s important that you set up a plan for each paycheck to make sure your bills get paid.
When creating your first biweekly zero-based budget, you’ll want to start by paying your immediate obligations. This includes any bills or fixed expenses like rent or car payments that are due during the first pay period. After that, focus on covering your variable expenses such as groceries, gas, or eating out.
To make sure every dollar has a job, you should consider these tips:
If you have any leftover money at the end of the month, send it to your savings or make extra debt payments.
Make sure that each category in your budget has a specific amount assigned to it.
Keep track of your spending so that you can stay on track and adjust as needed.
Paying your most important bills first is a crucial step in making sure that your finances are on track.
Step 6: Write Your second biweekly budget
The second biweekly budget is a budget that’s typically created for the 2nd paycheck of the month. This budget would cover the next two weeks and may need to cover expenses at the beginning of next month before you get paid again.
Just like creating a budget plan for the 1st paycheck, you will do the same again. Prioritize any fixed expenses first, then add in variable expenses or sinking funds to contribute to.
In order to make your budget as accurate as possible, you should account for fluctuations in your expenses. This is where the buffer comes in – you put a certain amount of money aside each month to cover any unexpected costs. Then, you can start planning for them in the upcoming months.
Once again, if you have leftover money after budgeting for the two weeks, you can either send it to your savings account or start paying down your debt. If you choose to save, make sure that the money is in a place where it will earn interest and grow over time. If you choose to pay down debt, make sure that the payments are more than the minimum amount due so that you can see results quickly.
Step 7: Start tracking
Now that you have your biweekly budget template set up, it’s time to start filling in the numbers and track your budget. This part can be a little tricky, but with a little effort, you’ll be able to save money and get ahead on your debt payments.
First, take a look at your income and expenses for the month. How does this compare to what you’ve budgeted? If you’re coming in under budget in some areas, great! You can either use this extra money to bolster your savings or make extra debt payments. However, if you’re over budget in some areas, don’t worry – we’ll work through that below.
Next, take a look at your sinking funds.
These are accounts where you save money each month to cover specific expenses. How much money do you need to save each month in order to cover your bills? If you’re not sure, take a look at your past bills and use that as a guide. Once you know how much money you need to save, divide it by two and put that amount into your biweekly budget.
This will help ensure that you always have the money you need saved when the bill comes due.
If you have any leftover money after filling in your budget, send it to savings or make extra debt payments.
You can also use this extra money to invest in yourself (by taking classes, for example), but be careful not to overspend!
Creating and sticking to a biweekly budget is a great way to start saving money and getting your finances under control.
Biweekly budgeting tips
When it comes to budgeting, biweekly budgets can be a helpful way to streamline the process. By taking an hour or so at the beginning of each month to set up your budget, you can avoid potential headaches down the road.
It’s also important to remember to write everything down! This includes both fixed and variable expenses.
Tip #1 – Change Due Dates of Bills
If you’re having trouble with your bills, don’t hesitate to call companies and ask them to change the due dates.
This is something I do whenever I open a new credit card. I want the credit card date to close at the end of the month.
Tip #2 – Age Your Money
You may also want to save up for one month’s worth of expenses so that you always have a cushion in case something unexpected comes up.
This is also the first step to stop living paycheck to paycheck.
When you have a cushion of savings, you’re less likely to fall into debt if something unexpected happens.
Tip #3 – Track Your 2 Week Budget
There are plenty of tools for budgeting out there. In fact, here are the best budgeting apps available.
It offers a variety of helpful tips for getting started, as well as ways to automate time-consuming tasks. With this tool, you’ll be able to improve your budgeting and financial insights in no time!
Many popular options include a budgeting app, Excel, or Google Sheets. Pick what works best for you
Tip #4 – Focus on Your Goals & Finances
In order to be successful, you’ll need to set financial goals for yourself and make plans to achieve them.
As with any other goal, it’s easier said than done! It can take a lot of time, work, and effort to reach your goal.
If you’re not sure where to begin or what goals are right for you, here are some examples:
This is just a sample of the types of goals you can set. If you’re not sure where to start, just think about what’s important to you and your family.
What are some financial goals that you have? Write down your goals and make a plan to achieve them.
What to avoid when you’re paid biweekly
When you’re paid biweekly, there are a few things you should avoid in order to make the most of your money.
You need to learn which payment type is best if you are trying to stick to a budget.
Since biweekly budgeting can be more difficult, you need to know the pitfalls to avoid.
Pitfall #1 – Spending All your Money Too Quick
First, don’t spend your money as soon as you get it. This will leave you with nothing left for the following two weeks.
When having to use one paycheck to cover most of your big expenses like mortgage/rent or insurance, that leaves very little money for groceries or gas
Try to have a savings goal and save for that.
For example, don’t wait until the end of the month to spend all your money. This can help you save more money and have something left over at the end of the month.
Pitfall #2 – Forgetting Bills
Second, don’t forget to budget for bills and other expenses. Make sure you have enough money to cover your costs, especially those non-frequent bills like car registration.
By doing this, you’ll be able to ensure that you have enough money each week to cover what you need.
Pitful # 3 – Quit Bi-Weekly Budget Completely
Yep, I get it budgeting your paycheck over a 2-week budget is difficult. It may feel like pushing a square through a circle. It takes a different mindset and a little more planning to make it happen.
If anything, try to avoid impulse buys. Wait until the next paycheck and see if you still want the purchase. That will help you not to overspend on unnecessary items.
What to do when you have a third paycheck?
This is the BEST benefit of a biweekly paycheck. Twice a year, you will receive 3 paychecks in a month instead of just two.
Looking forward to having a third paycheck, you can either save it or spend it.
If you save it, you can use it as a down payment on a house or invest it in a retirement fund. If you spend it, you can use it to pay down debt, remodel a house, buy a new-to-you car, or go on a vacation.
There are a few things you can do when you have an extra paycheck:
Use it to pay down debt: If you have high-interest debts, using your third paycheck to pay them off can save you a lot of money in the long run.
Invest it: If you’re comfortable with taking on some risk, investing your extra paycheck could lead to bigger returns down the road.
Sinking Funds: Those yearly expenses can weigh heavily on your budget. So, set extra money aside for those payments.
Put the money towards your goals: Whatever your ambition is, here is money to help you get there faster.
Spend it on something fun: Obviously, this isn’t the smartest option, but if you’ve been working hard and deserve a little treat, go for it!
Just make sure that you’re not spending more than you can afford.
Free Printable Bi weekly Budget Templates
There are a number of different printable 2 week budget templates that can help you get your finances in order. Most of them are simple and easy-to-use, and they’re not scary to look at. In addition, many of them have templates that you can download and/or punch holes into so that you can use them as binders or notebooks.
One great option is the budget tracking worksheet. This cute template is simple yet effective, and it will help you track your spending each month.
How do you make a monthly budget with biweekly pay?
There are a couple of ways to make a monthly budget if you receive biweekly paychecks. You can either budget by paycheck, divide out your expenses between biweekly paychecks, or focus on a monthly budget.
If you choose to budget by paycheck, you’ll create a new budget for each pay period and then stick to it. This method gives you a better understanding of the flow of money in your bank account and will help you keep track of your bills more carefully.
The other option is to budget monthly, which is for people who live paycheck to paycheck. In this case, you would budget off 24 paychecks and make plans for your two budget paychecks. Then, two of your paychecks would be budgeted for the monthly budget.
However, many people argue the Budget-By-Paycheck method can help reduce stress since it allows for more flexibility.
In either case, it’s important that you track your spending throughout the month so that you can make adjustments as needed.
Time to Create Your Bi weekly Budget Calendar
This budget will be a little more complicated than your monthly budget because your paychecks are not always going to be paid on the same day of the month. However, most of your bills are usually fixed and don’t change from month to month.
So, you need to plot out which bills you will pay with each paycheck ahead of time in order to make sure you have enough money to pay them all and keep them organized.
It is important to remember that when creating your budget, you need to give yourself some grace to make sure it works for you while you work on perfecting your budgeting style.
For us, having a buffer of money in our “income checking” account takes away the stress of bills and anxiety that we will run out of money. We understand that we need to use sinking funds for those variable expenses.
However, it is important to note that a biweekly budget tends to forget events such as birthdays or vacations from being considered in spending plans. So, make sure to include them.
Now that you have a good idea of how much money you make and how much money you need to live comfortably, it’s time to start creating your biweekly budget.
Also, taking time to understand your personal financial statement is important.
From all of the free and paid budgeting apps, here are our top budgeting apps to check out!
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Mortgage rates are trending about the same across the board. Here are today’s average mortgage rates:
30-year fixed: 7.17%
15-year fixed: 6.33%
30-year jumbo: 6.89%
Current mortgage rates for June 2, 2023
*Data accurate as of June 1, 2023, the latest data available.
30-year fixed mortgage rates
Today’s 30-year fixed mortgage rate is 7.17%, which is lower than last week’s 7.35%, according to data from Curinos. This is an increase from last month’s 5.95%. Last year around the same time, 30-year fixed rates were 4.85%, which makes today’s rate much higher than it was a year ago.
At the current 30-year fixed rate, you’ll pay about $677 each month for every $100,000 you borrow — down from about $688 last week.
15-year fixed mortgage rates
The mortgage rates for 15-year fixed loans dropped today to 6.33% from 6.48% last week. Today’s rate is up from last month’s 5.35% and up from a year ago when it was 4.11%.
At the current 15-year fixed rate, you’ll pay about $862 each month for every $100,000 you borrow, down from about $870 last week.
30-year jumbo mortgage rates
The mortgage rates for 30-year jumbo loans dropped today to 6.89% from 6.93% last week. This is up from last month’s 5.79% and up from 4.50% last year.
At the current 30-year jumbo rate, you’ll pay around $658 each month for every $100,000 you borrow, up from about $660 last week.
Methodology
To determine average mortgage rates, Curinos uses a standardized set of parameters. For conventional mortgages, the calculations are based on an owner-occupied, one-unit property with a loan amount of $350,000. For jumbo mortgages, the loan amount is $750,000. These calculations assume an 80% loan-to-value ratio, a credit score of 740 or higher and a 60-day lock period.
Frequently asked questions (FAQs)
Mortgage rates are determined by a variety of factors, including the overall economy, inflation and the actions of the Federal Reserve. Mortgage lenders then set their loan rates based on these economic elements.
The rate you’re offered on a mortgage will also depend not only on the lender but also on your credit score, income, debt-to-income (DTI) ratio and other parts of your financial profile.
If you opt for a rate lock, you can typically do so for 30 to 60 days, depending on the lender. In some cases, you might be able to lock in your rate for up to 120 days.
Keep in mind that while some lenders allow you to lock in a mortgage rate for free, you’ll likely have to pay a fee for a longer lock period. This fee generally ranges from 0.25% to 0.5% of your loan amount. You could also be charged a fee if you want to extend the lock period — usually 0.375% of the loan amount.
There are several strategies that could help you qualify for the best mortgage rate, such as:
Checking your credit: When you apply for a mortgage, the lender will review your credit to determine your creditworthiness as well as your interest rate. In general, the higher your credit score, the lower your rate will be. So before you apply, it’s a good idea to check your credit to see where you stand. If you find any errors in your credit report, dispute them with the appropriate credit bureau to potentially boost your score.
Comparing lenders: Taking the time to shop around and compare your options from as many lenders as possible can help you find the best deal. In addition to rates, make sure to also consider each lender’s terms, fees and eligibility requirements.
Improving your credit score: If you have less-than-perfect credit and can wait to apply for a mortgage, it could be worth working to improve your credit beforehand to qualify for better rates in the future. Some possible ways to boost your credit include paying all of your bills on time and aiming to keep your credit utilization (the amount of credit you’ve used compared to your credit limits) on credit cards and lines of credit at 30% or less.
Reducing debt: Paying down debt could help lower your DTI ratio, which is how much you owe in monthly debt payments compared to your income. Having a lower DTI ratio can make you look like less of a risk in the eyes of a lender, which can result in a lower rate.
Choosing a shorter repayment term: Lenders typically offer lower rates to borrowers who opt for shorter terms. For example, you’ll likely get a lower rate on a 15-year mortgage compared to a 30-year loan.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
Jamie Young is lead editor of loans and mortgages at USA TODAY Blueprint who has been writing and editing for online media for 12 years. Previously, she worked for Forbes Advisor, Credible, LendingTree, Student Loan Hero, and GOBankingRates. Her work has also appeared on some of the best-known media outlets including Yahoo, Fox Business, Time, CBS News, AOL, MSN, and more. Jamie is passionate about finance, technology, and the Oxford comma. In her free time, she takes care of her two crazy cats and ever-growing collection of plants. You can follow her on Twitter @atjamie.
Megan Horner is editorial director at USA TODAY Blueprint. She has over 10 years of experience in online publishing, mostly focused on credit cards and banking. Previously, she was the head of publishing at Finder.com where she led the team to publish personal finance content on credit cards, banking, loans, mortgages and more. Prior to that, she was an editor at Credit Karma. Megan has been featured in CreditCards.com, American Banker, Lifehacker and news broadcasts across the country. She has a bachelor’s degree in English and editing.
MARSHFIELD, WI (OnFocus) – Credit scores are numerical ratings that lenders use to evaluate a borrower’s creditworthiness. They are calculated based on a variety of factors, including payment history, credit utilization, length of credit history, and types of credit accounts. The most commonly used credit score model is the FICO score, which ranges from 300 to 850. The higher the score, the more creditworthy the borrower is considered to be.
“When it comes to home-buying, credit scores play a significant role in determining whether a borrower will qualify for a mortgage and at what interest rate,” said Josh Kilty, Mortgage Loan Officer with Fairway in Marshfield. “Our experienced mortgage advisers have a keen understanding of the loans that will be the best fit for your unique situation. And one of the biggest factors in finding the loan most suitable for you is your credit score. Based on your credit score, you will be a candidate for some types of loans but not others.”
Credit scores and mortgages have been in the news a lot lately, due to LLPA’s.
Loan-Level Price Adjustments are fees that are added to the interest rate of a mortgage loan, based on various risk factors associated with the borrower and the property being mortgaged. These adjustments are determined by the mortgage investor or servicer and are typically applied to loans that do not meet certain criteria, such as having a lower credit score or a higher loan-to-value ratio.
For example, if a borrower has a credit score below a certain threshold or if the property being mortgaged is considered to be in a high-risk area, such as a flood zone or an area with high foreclosure rates, the mortgage investor may apply an LLPAs to the loan, which will result in a higher interest rate.
Loan-Level Price Adjustments can vary depending on the lender and the type of mortgage being offered, and they can significantly impact the total cost of the loan over time. It’s important for borrowers to understand the LLPAs associated with their mortgage loan and to shop around for the best loan terms and interest rates.
Fairway Mortgage professionals can help home-buyers navigate the credit score requirements for obtaining a mortgage. They can provide guidance on improving credit scores, such as paying bills on time, paying down credit card balances, and avoiding new credit applications. Additionally, they can help borrowers understand the different types of mortgage loans available and the specific credit score requirements for each.
Conventional Loans
These are loans not created by a government entity. Also known as conforming conventional loans, they simply “conform” to the guidelines put in place by Fannie Mae and Freddie Mac. A conventional loan also involves borrowing no more than $548,250. Minimum credit score: 620.
USDA Loans
Insured by the federal government, USDA loans are limited to certain “rural” areas. However, these areas are often near more urban areas. Since this loan is one of the few that requires no down payment, it is known for its affordability. Therefore, it tends to be popular among first-time buyers. Minimum credit score: None officially, but most lenders will require 640 or greater.
FHA Loans
Also backed by the U.S. government, FHA loans offer flexible qualification guidelines that help buyers who may not qualify for a conventional mortgage. This flexibility enables lenders to provide home loans with down payments as low as 3.5% of the purchase price. Minimum credit score: 580 (with 3.5% down).
VA Loans
The U.S. Department of Veterans Affairs (VA) provides this affordable home financing option for service members, veterans and their surviving spouses. Fairway’s minimum credit score for VA-loan eligibility is just 580 — less than the 620 required by many other lenders.
Jumbo Loans
Available for home purchases over $726,200 and up to $2,000,000, jumbo loans require a higher credit score than pretty much any other loan you’ll ever find. Minimum credit score: 680.
Credit scores are a crucial factor in the home-buying process, and Fairway Mortgage professionals can help borrowers understand and improve their credit scores to increase their chances of qualifying for a mortgage and obtaining favorable loan terms. If you’re concerned about your credit score being too low, ask your Fairway mortgage adviser for assistance.
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Whether you’re religious or not, Easter can be an incredibly fun time of year — delicious candy, beautiful eggs, fluffy bunnies, and pastel everything.
But if you’re not careful, it can also be an expensive time of year.
A lot of things that people love to do to celebrate Easter will come back to bite them in the financial behind sooner or later (most likely “sooner”).
Here’s a quick rundown of things to avoid doing, if you want to keep your Easter under budget:
Hire an Easter Bunny
The world is chock-full of entertainers that will gladly dress up as the Easter Bunny for your child’s party — for a price, naturally.
Usually, this price is a rather hefty one. There is absolutely no need to hire any of these people, even if they’re really, really good at hopping.
Either create your own Easter Bunny costume, find a mall or shop where the kids can get free pictures with the Bunny, or just sit back and fire up some old Bugs Bunny cartoons for an afternoon.
That wascawwy wabbit is the gift that keeps on giving.
Buy Too Much Chocolate
As blasphemous as it may sound, there is such a thing as too much chocolate, especially when that chocolate can run you a pretty penny.
If you buy a dozen chocolate bunnies at five bucks each, that’s $60 on chocolate rabbits alone.
That’s way too much candy for any family (kids should probably just have a few small pieces each, holiday or no,) and that money could easily have gone to other, more important matters, like bills or ingredients for a delicious, homemade Easter dinner.
Hey, speaking of …
Eat Easter Dinner at an Expensive Restaurant
Any restaurant higher up on the food chain than McDonald’s will have an Easter dinner ready for you to enjoy. Of course, it’ll cost you some dough.
Depending on the size of your family, you could easily drop $50-100 on one night’s meal.
What’s the point, when you can just as easily create your own meal at home?
Buy the meat you want, cook it the way you like it, garnish it with whatever sides suit your fancy, and top it off with a dessert that’s bound to be way better (and cheaper) than whatever the local eateries would whip up.
Rent Top-of-the-Line Church Clothing You’ll Never Wear Again
Pastel dresses and formal tuxedos aren’t usually found in your typical closet, and so many people rent them for their Sunday church activities, return them the next day, and not think about it until next year.
Or, until the next credit card bill comes along, either or.
It doesn’t matter how cute or precious your little girl looks in a $90 outfit. It’s still a $90 outfit that ultimately doesn’t matter much.
Most people (well, the good ones anyway) will welcome and embrace you and your family regardless of what you wear to church. Just wear what you normally do and everyone will be happy.
Well, the rented formal wear company probably won’t be happy, but too bad.
Buy a Pet Bunny (if You’re Not Ready)
This could be the single dumbest purchase of your Easter, in addition to being the most expensive.
Unless you were planning to get a bunny for a while, knew what you were getting into, had all the right supplies, and budgeted accordingly for it, bringing home a pet rabbit for Easter is a horrid idea indeed.
The actual rabbit might not cost a lot, but caring for it, feeding it, bringing it to the vet when need be, and just being a good pet owner in general can cost a ton of money.
If you are truly ready to bring a bunny into your world, and have budgeted accordingly, then Easter is a tremendously symbolic time to begin.
But otherwise, just stick with chocolate bunnies. Just don’t get too many, since they’re not exactly cheap either.
Mary Hiers is a personal finance writer who helps people earn more and spend less.
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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.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
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!!