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Most business bank accounts aren’t built with very small businesses in mind, let alone freelancers and solo entrepreneurs. If you have big plans for your company or independent professional practice but haven’t grown to the point where a traditional business bank account makes sense, you’re probably a bit frustrated by your options.
If that’s the case, look to the NorthOne Deposit Account. It’s a flexible business account with a reasonable monthly fee, no minimums, and some useful built-in tools. It can’t do everything and might not be appropriate for every growing business, but it’s definitely worth a closer look.
What Is the NorthOne Deposit Account?
Also known as the NorthOne Business Account or simply the NorthOne Account, the NorthOne Deposit Account is a small-business checking account. It has a flat $10 monthly fee that can’t be waived but has few additional fees, which makes it a lower-cost alternative to most traditional business bank accounts.
The NorthOne Deposit Account is a fully online bank account. NorthOne itself is a financial technology app; banking services and FDIC insurance come courtesy of The Bancorp Bank, NorthOne’s banking partner. The NorthOne Deposit Account is NorthOne’s only deposit account product.
Despite having no physical branches, NorthOne offers a comprehensive lineup of business banking services, including remote check deposit and bill payments, same-day ACH transfers, built-in budgeting tools, and external integrations with third-party accounting and payroll apps. Other benefits include no NorthOne ATM fees at any ATM in the United States (though third-party fees may still apply) and virtual debit cards on demand.
What Sets the NorthOne Deposit Account Apart?
The NorthOne Deposit Account stands out from other business accounts for several reasons:
No ATM fees charged by NorthOne. You can use your NorthOne debit card to withdraw cash at any U.S. ATM without paying any fees to NorthOne. Some ATMs may charge third-party fees that NorthOne can’t control, but this is still a big advantage over most business banks.
Built-in budgeting tools. NorthOne has a built-in envelope budgeting system that makes it easy to track and control business expenses through the month.
Unlimited virtual card numbers for account owners. You can create unlimited virtual card numbers on demand, which is a huge plus if you make a lot of online purchases with vendors you don’t fully trust.
Few additional fees. This account comes with some additional fees, like for wire transfers and instant ACH transfers, but it’s a far cry from the long, convoluted fee schedules found at most traditional business banks.
No way to avoid the $10 monthly fee. This account’s biggest downside: there’s no way to avoid the $10 monthly maintenance fee. But you get what you pay for.
Key Features of the NorthOne Deposit Account
The NorthOne Deposit Account is simple enough as business bank accounts go, but do take the time to understand its core features and capabilities before opening an account.
Account Fees & Minimums
The NorthOne Deposit Account has a $10 monthly fee that can’t be waived. There’s no minimum opening deposit or ongoing balance.
Debit Card & ATM Access
This account comes with a free Mastercard debit card accepted wherever Mastercard is. You can use it to deposit or withdraw cash at any U.S. ATM with no fees charged by NorthOne. ATM owners may still charge fees that are out of NorthOne’s control.
Envelope Budgeting
NorthOne has a built-in envelope budgeting tool that lets you create pools of cash earmarked for specific expenses or goals, such as payroll, rent, and debt service. Each envelope remains part of your main account, but you can pay bills directly from them to avoid commingling funds.
Payments & Transfers
The NorthOne Deposit Account allows you to cut physical checks to third-party payees directly from your account. There’s no fee for this service.
Standard ACH transfers also cost nothing. However, same-day ACH transfers cost 1.5% of the transaction amount (maximum $15) and domestic wire transfers cost $20 to send.
Third-Party Software Integrations
The NorthOne Deposit Account integrates directly with more than a dozen business and consumer software apps:
Accounting tools like QuickBooks
E-commerce platforms like Amazon, Etsy, and Shopify
Payment processors like Square, Stripe, PayPal, and Venmo
Payroll processors like Gusto
There’s no cost to link your NorthOne account to any external platform, though all charge fees for their services.
Mobile Features
NorthOne has a comprehensive mobile app that’s well-reviewed (over 4.5 stars) by thousands of verified users and has a long history of reliability and usability. Anything you can do with the desktop interface, you can do with the mobile app.
Deposit Insurance
This account comes with FDIC insurance coverage up to $250,000. If NorthOne or its banking partner go out of business, the federal government reimburses you up to this amount.
Pros & Cons
There’s more to like than dislike about the NorthOne Deposit Account, but no business bank account is perfect.
No minimum balance
No NorthOne ATM fees
Built-in budgeting capabilities
Numerous third-party software integrations
No way to avoid the $10 monthly fee
No interest on balances
Extra fees for certain account activities
Pros
The NorthOne Deposit Account is a flexible, relatively low-cost deposit account for small, growing businesses.
No minimum balance requirement. This account has no minimum deposit or ongoing balance requirement. You can fund your account in any amount and keep as little cash in it as you wish.
No ATM fees charged by NorthOne. NorthOne charges no ATM fees at any U.S. machine. ATM owners may still charge fees that NorthOne can’t control, but your overall cash withdrawal costs should still be lower than with a traditional bank.
Free remote check deposit and payments. You can deposit checks on your phone with NorthOne and cut physical checks to send to vendors right in the app. There’s no fee for either action.
Built-in budgeting capabilities. NorthOne has a built-in envelope budgeting system that helps you keep your expenses straight and identify potential problem spending areas. Many business accounts have nothing similar.
Easy integration with third-party business software. The NorthOne Deposit Account integrates with more than a dozen third-party business apps, including QuickBooks, Shopify, Stripe, Square, and Gusto.
Cons
The NorthOne Deposit Account has an unavoidable monthly cost and some important limitations that could give you pause.
No way to avoid the $10 monthly fee. This account’s $10 monthly fee is unavoidable. There’s no way to avoid it with a minimum balance or transaction activity.
No interest on balances. This account pays no interest on balances. This is a big downside if you’re looking to put your company’s cash reserves to work.
Fees for some account activities. NorthOne doesn’t charge a ton of extra fees, but it does charge for activities like instant ACH transfers and wire transfers, both of which you may need to do as your business grows.
How the NorthOne Deposit Account Stacks Up
Before you open a NorthOne Deposit Account, see how it stacks up against other popular business bank accounts. One popular alternative is Bluevine Business Checking, which also has no minimums and relatively low fees.
NorthOne Deposit Account
Bluevine Business Checking
Monthly Fee
$10
$0
Minimum Balance
$0
$0
Subaccounts
No, but Envelopes have similar function
Yes, up to five
Yield
None
2.00% APY on eligible balances
ATM Access
Unlimited
120,000+
NorthOne beats Bluevine on ATM access and subaccount availability (if you count Envelopes as subaccounts, which they basically are). But it falls short on the monthly fee (Bluevine is free month-to-month) and account yield (NorthOne doesn’t pay interest).
Final Word
The NorthOne Deposit Account is a flexible, user-friendly account for independent professionals and small businesses. While it’s not appropriate for larger companies, or even for small businesses with really complex finances, it nevertheless appeals to millions of people who aren’t well-served by traditional bank accounts.
If you’re among them, the NorthOne Deposit Account isn’t your only option. But it’s one of the better ones.
The Verdict
Our rating
NorthOne Deposit Account
The NorthOne Deposit Account is a flexible, easy-to-use business bank account for small, growing businesses and sole proprietors, including freelancers. Although it has an unavoidable monthly maintenance fee, capabilities like built-in budgeting and external software integrations justify the price tag. Just don’t expect to earn any interest on your balance.
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
Sara’s been reading personal finance blogs for a while now, and she’s ready to set up a budget. She’s come to us for help. She writes:
I would like to start listing my spending totals into a spreadsheet budget along with setting goals for ‘bigger things’ (trips, winter tires etc). Do you have a budget template that works for you, or could you please recommend a few tips on getting started?
A budget can be an excellent tool not only for planning your spending, but also for planning your saving. Over the past 2½ years, I’ve shared a variety of budgets and budgeting tools — here are some of my favorite.
3 Budget Frameworks
A budget doesn’t have to be complicated. In fact, readers have recommended three very simple budgets to me in the past. Most people will need more detail than these provide, but each provides a framework on which to build something more personal. (Notice that each of these allocates 20% to savings. If you can pick that habit up early, you’ll be way ahead of the game.)
In The Only Investment Guide You’ll Ever Need, Andrew Tobias offers the following simple yet effective budget:
Destroy all your credit cards.
Invest 20% of all that you earn. Never touch it.
Live on the remaining 80%, no matter what.
Although Tobias is being glib, this is actually an excellent system. If you can develop the discipline to follow just these three steps, you can become rich.
In All Your Worth: The Ultimate Lifetime Money Plan, the authors argue that in order to succeed financially, you must keep three broad areas of your finances “in balance”. They say to divide your net income (after-tax income) as follows:
Allocate 50% to Needs (which the authors call Must-Haves). Needs include housing, transportation, groceries, insurance, and clothes you really need.
Spend 30% on Wants. Wants include cable television, clothing beyond the basics, restaurant meals, concert tickets, comic books, knitting supplies, etc.
Set aside 20% for Savings, including debt repayment.
This budget is designed so that you can save a lot and have fun. To achieve this, the authors encourage you to reduce your Needs. In fact, reducing Needs is the cornerstone of their advice.
At MSN Money, Richard Jenkins offers his 60% solution. He suggests your budget should divide monthly gross (pre-tax) income like this:
60% to Committed Expenses such as taxes, clothing, basic living expenses, insurance, charity (including tithe), and regular bills (including things like cable).
10% to Retirement.
10% to Irregular Expenses such as vacations, major repair bills, new appliances, etc.
10% to Long-Term Savings/Debt — money set aside for car purchases, home renovations, or to pay down substantial debt loads.
10% for Fun Money to be used for dining out, hobbies, indulgences, etc.
Jenkins believes that the best way to relieve money pressure is to reduce Committed Expenses: cut the cable TV, spend less on clothing, reduce your housing expense, etc.
4 Budget Spreadsheets
Once you’ve picked a framework on which to build, there are a host of budget spreadsheets to choose from. My top recommendation is the PearBudget spreadsheet, a detailed, polished work of Excel art. If this doesn’t meet your needs, move on to another option.
One of those options is the free and simple budget planner that Jeff M. shared with Get Rich Slowly readers last February. It’s available in two formats:
Microsoft Excel (70kb) — right-click and choose “Save as…” to download. This file should also work with Open Office.
Google Docs — select “File -> Copy spreadsheet…” to save to your account.
Jeff’s spreadsheet is designed solely to keep you on a budget you’ve already set, not to help you create a budget. Budgets vary from person-to-person. Create one that works for you, and use this planner to track your progress. If you need help developing a budget, try this Google Docs budget estimator from GRS-reader Justin M.
Finally, GRS forum administrator Stephen Popick shared his homegrown budget workbook last year. This highly customizable spreadsheet has tabs for your budget and your spouse’s budget.
(If you’re looking for other financial tools, It’s Your Money offers an additional 33 personal-finance spreadsheets for a variety of uses, from budgeting to fuel tracking to CD laddering.)
3 Web-Based Budget Tools
Naturally, there are web-based tools for budgeting, too. Here are three excellent choices:
The afore-mentioned PearBudget comes in a web version that receives rave reviews.
NeoBudget is an online budget manager that uses the envelope method to help you track your spending habits and stick to a budget.
Finally, You Need a Budget offers a robust feature set, and is probably most appropriate for advanced budgeters.
I’ve never used any of these products. If you have tried one (or more), leave feedback to let us know your impressions.
A Few Words of Advice
Last March, Joshua explained why he believes budgeting is the most important thing you can do with your money, and offered hints on how to get started. More recently, Trent at The Simple Dollar shared his 10 tips for a successful budget:
Know why you are budgeting. Don’t do it just because you think you should — do it to help yourself spend less than you earn.
Have a specific, concrete long-term goal in mind. Remember: the road to wealth is paved with goals.
Know how much you actually make.
Have accurate data for both your monthly spending and your irregular spending. You can get this data by learning to track your spending.
Choose checking and savings accounts that include useful budgeting tools by default. ING Direct, for example, makes it easy to open multiple accounts.
Use a simple budgeting tool that you’re able to understand. “Start with pencil and paper if you have to,” Trent says. (Any of the tools I listed above would be a good choice.)
Be realistic. Don’t start by promising yourself to be a super saver. Take small steps, and work up from there.
Get support from at least one other person.
Set some short-term goals that will be easy to achieve if you stay on budget. These will give you a psychological boost so that you’re more likely to stick to the program.
Don’t be afraid to adjust your budget (even radically). Be flexible. Your goal is to find a system that works for you.
Trent’s advice is great. I’d add that, if possible, you should base your budget on yearly expenses. The Journal of Consumer Research found that people are more accurate when constructing an annual budget than a monthly budget.
Reader Hints and Tips
All of these tools are excellent resources to help Sara start budgeting. I think her best bet, however, is to pick the brains of Get Rich Slowly readers. You are real people with real lives who have implemented real budgets. You’re not some personal finance writer pushing a theoretical model to sell books.
If you keep a budget (or have in the past), what’s the best way to get started? What works? What doesn’t? What should Sara do to ensure ongoing budgeting success?
New Mexico’s rich, fascinating history makes it popular with both visitors and new residents. Whether you work for the federal government or one of the state’s many small businesses, banking services are an essential part of life. That’s why we’ve pulled together a list of the best banks in New Mexico to help you find the right bank to fit your needs.
10 Best Banks in New Mexico
From online and mobile banking to traditional banks with branches across the country, there’s a bit of everything in New Mexico. It’s important to take a look at the closest bank branch to your house, but you should also pay attention to which banks charge monthly maintenance fees to make sure you’re getting the best deal. The below list can help you kick off your search for the best bank.
1. U.S. Bank
With its vast array of branches and ATMs, U.S. Bank is a major player in the banking sector of the state.
Of particular interest to residents of New Mexico is the Bank Smartly® Checking account. This account provides the opportunity to gain up to $300, provided certain criteria are met. Specifically, within a span of 90 days from creating your new Bank Smartly® Checking account online, you are required to:
Successfully process two or more direct deposits that cumulatively total $6,000 or more
Sign up for either online banking or the U.S. Bank Mobile App
This promotional offer, valid until July 11, 2023, comes with particular terms and conditions. U.S. Bank is an FDIC member.
In addition to these enticing offers, U.S. Bank provides a broad spectrum of financial services, which include checking and savings accounts, loans, investments, and more. These services can be easily accessed through their user-friendly online and mobile banking platforms.
Fees:
$6.95 monthly service fee (waived with direct deposits or balance minimums)
No-fee overdraft protection transfers from a linked deposit account
Balance requirements:
$25 opening deposit
$1,500 minimum daily balance or $1,000 in direct deposits to waive service fee
ATMs:
Fee-free at U.S. Bank, MoneyPass, and Cardtronics locations nationwide
$2.50 charge per transaction at out-of-network ATMs
Interest on balance:
Up to 4.50% APY on money market accounts
Up to 4.75% APY on CDs
Additional perks:
Extensive mobile banking features
Money management tools available
2. New Mexico Bank & Trust
New Mexico Bank & Trust is a traditional bank with locations across New Mexico. This free checking account has no minimum balance, but if you frequently access cash, you’ll want to consider upgrading to a New Mexico Bank & Trust higher-tier account.
With direct deposit, both the Platinum and Signature Series checking accounts refund up to $20 in non-New Mexico Bank & Trust ATM fees each month. Currently, you can earn a $300 bonus on a new free checking account as long as you receive at least two monthly $300 direct deposits.
Fees:
No monthly service fees
$35 overdraft fee
Balance requirements:
$25 minimum deposit to open
No minimum daily balance requirements
ATMs:
Fee-free at New Mexico Bank & Trust ATMs
No out-of-network ATM fees
Interest on balance:
Up to 1.25% APY on savings account
Up to 4.75% APY on CDs
0.10% APY on money market savings account
Additional perks:
Up to $600 bonus with new checking account
New Mexico Bank & Trust cash-back rewards credit card comes with no annual fee
3. Chime
If online banking is how you get banking services, Chime is worth considering. The basic checking account is fee-free and includes all the features you need. Although Chime doesn’t feature the in-person service you get with brick-and-mortar banks, you can withdraw cash for free at more than 60,000 ATMs nationwide.
Fees:
No monthly maintenance fees
$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum daily balance required
ATMs:
Fee-free at 60,000 ATMs nationwide
$2.50 for each out-of-network ATM transaction
Interest on balance:
2.00% APY on savings accounts
Additional perks:
Secured credit card helps you build credit with no credit check required
SpotMe covers up to $200 in overdrafts
4. Bank of Albuquerque
If you live in Albuquerque, the Bank of Albuquerque has bank branches throughout the area. You’ll find a fee-free checking account with nationwide access to cash at more than 32,000 locations in the MoneyPass ATM network.
One standout feature of this traditional bank is its youth account. Designed for those under the age of 18, this account features a Visa debit card, online and mobile banking tools (for ages 13+ only), and a savings account that pays 0.25% APY.
Fees:
No monthly maintenance fees
$34.50 overdraft fee
Balance requirements:
$50 minimum deposit to open
No minimum balance requirements
ATMs:
Fee-free at Bank of Albuquerque ATMs
Fee-free at 32,000+ MoneyPass locations nationwide
$2 fee for each out-of-network ATM transaction
Interest on balance:
Up to 0.20% APY on savings account
Up to 4.85% APY on CDs
Up to 1.50% APY on money market accounts
Additional perks:
Same-day credit for deposits at any Bank of Albuquerque ATM
Wealth management services available
5. GO2bank
Another online bank available to New Mexico residents is GO2bank. For those who regularly deal with cash, GO2bank is a great option. You can not only withdraw money at any Allpoint ATM, but you can deposit cash at more than 90,000 retailers nationwide. GO2bank will waive monthly fees on your checking account as long as you set up a qualifying direct deposit.
Fees:
$5 monthly fee (waived with requirements)
$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance required
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 fee for each out-of-network ATM withdrawal
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Deposit cash at 90,000+ partner retailers nationwide
Up to 7% cash back on gift card purchases
6. WaFd
If you’re looking for the expanded services of a national bank with the personal touch of a local bank, Washington Federal Bank is worth considering. With bank branches across New Mexico, WaFd Bank makes an effort to connect with each community it serves. But if you’re in the market for a new CD, WaFd is currently offering up to 5.00% APY on 3-month CDs and up to 4.45% APY on 7-month CDs.
Fees:
No monthly service charges
$30 overdraft fee
Balance requirements:
$25 minimum opening deposit
No minimum balance required
ATMs:
Fee-free at WaFd Bank ATMs
Fee-free at 40,000+ MoneyPass ATMs nationwide
Interest on balance:
0.10% APY on savings accounts
Up to 5.00% APY on CDs
Up to 2.00% APY on money market accounts
Additional perks:
Three debit card style options available
Budgeting tools available in mobile banking app
7. Wells Fargo
With bank branches in 33 states and the District of Columbia, Wells Fargo is a national bank with plenty to offer. Currently, you can open a free checking account as long as you maintain a $500 daily balance, receive at least $500 in direct deposits each month, are 17-24 years old, or have a Wells Fargo campus ATM card linked to your checking account.
New checking customers can earn $300 by receiving at least $1,000 in qualifying deposits in the first 90 days.
Fees:
$10 monthly fee (waived with requirements)
$35 overdraft fee
Balance requirements:
$25 minimum opening deposit
No minimum balance required
ATMs:
Fee-free at Wells Fargo ATMs nationwide
$2.50 out-of-network ATM fee
Interest on balance:
Up to 2.51% APY on savings accounts
Up to 4.51% APY on CDs
Additional perks:
$300 bonus on new checking accounts
Robust mobile banking services
8. Century Bank
If you prefer banks in New Mexico with a long history in the state, consider Century Bank. The bank has served New Mexico since 1887. Century Bank has a wealth of financial products, including personal loans, business accounts, and retirement savings options. Currently, Century Bank is offering higher-than average rates on CDs, including 7-month CDs that earn interest at a rate of 5.00% APY.
Fees:
No monthly fees
Balance requirements:
$25 opening deposit
No minimum balance required
ATMs:
Fee-free at Century Bank ATMs
Fee-free at MoneyPass ATMs nationwide
$2 fee for each out-of-network ATM withdrawal
Interest on balance:
Up to 0.03% APY on savings accounts
Up to 5.00% APY on CDs
Up to 3.50% APY on money market accounts
Additional perks:
Multiple account options for small businesses
Great rates on personal and auto loans
9. Bank of America
One of the best traditional banks is Bank of America, which has branches throughout New Mexico. What sets Bank of America apart from other banks is its top-rated mobile banking options. You’ll get features like budgeting tools, debit card lock/unlock, and custom alerts. Frequent travelers appreciate Bank of America’s nationwide network of branches and ATMs.
Fees:
$12 monthly service fee (waived with requirements)
$10 overdraft fee
Balance requirements:
$100 minimum opening deposit
No minimum balance required
ATMs:
Fee-free at 15,000+ Bank of America ATMs nationwide
$5 out-of-network ATM fee
Interest on balance:
Up to 0.04% APY on savings accounts
Up to 4.75% APY on CDs
Additional perks:
Generous credit card bonuses and rewards
Wealth management services available
10. Nusenda Credit Union
Credit unions offer benefits like low interest rates on loans and high interest rates on savings accounts. With Nusenda Credit Union, you can not only get service at a bank branch bearing the credit union’s name, but at credit unions across the country that are part of the Co-Op Network. This network also includes more than 30,000 ATMs nationwide.
Fees:
$5 monthly service fee (waived with requirements)
$29 overdraft fee
ATMs:
Fee-free at Nusenda Credit Union ATMs
Fee-free at 30,000+ Co-Op ATMs nationwide
Interest on balance:
Up to 4.50% APY on CDs
Additional perks:
More flexible membership requirements than other credit unions
Competitive rates on loans
How We Picked: Methodology
It can be tough to choose the best bank in New Mexico since needs vary from one person to the next. That’s why we made every attempt to choose a variety of banks, from online banking providers to local banks and credit unions.
We also looked at the banking products each bank offers to make sure you’re getting the best variety. Here are a few criteria we considered when putting together this list of banks.
Interest Rates
A bank keeps your money safe, but it’s also a way to build on what you already have. If you’re going to save money, why not earn a little interest on that balance?
In building the above list, we looked at which savings account paid the most, finding that often the best bank for that was an online-only bank. We also looked at which bank offers the best rates on CD accounts and found many local banks had the best deal on those.
We also paid attention to the interest rates that banks charge on loans and credit cards. Smaller financial institutions like credit unions often compete with large banks by offering reduced rates on these products as an account holder perk.
Large Branch Network
You might never need in-person help with your account, but when you do, it’s important to be able to find a branch. You don’t need a large bank to get a national network of branches, though. Many online banks and credit unions are part of a partner agreement that offers branches across the country, both in major cities and more rural areas.
Large ATM Network
While you’re looking into coverage areas, withdrawing money should also be a priority. Make sure your bank has an ATM network that will cover you even when you’re away from home. Online or mobile banking can take care of services like online bill pay and mobile check deposit, but mobile services can’t handle banking transactions like cash deposits and withdrawals.
New Mexico residents have no shortage of banking options, from big banks to small community banks. Whether your priority is to earn interest on your balance or enjoy low fees on your checking account, you can easily find a bank that fits your needs.
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.
The ripple effect of a financial mindset can be seen in every aspect of your life.
Think about it: If you are not mindful of how you spend and save money, then you will be in a constant struggle each and every month.
If you are simply someone who is struggling to make ends meet, there are many things we can do to save money. If you are trying desperately to reach financial freedom sooner, then you need these best money hacks to make it happen sooner.
Around here at Money Bliss, we spend a lot of time on our money mindset and setting goals.
Everyone is in a different season with their finances.
But, one thing is true… Most of us never learned proper money management.
Do you find yourself in a constant cycle of financial struggle? Do you feel like you are constantly trying to live up to unrealistic standards?
It is easy for people to feel that they are constantly broke, and in some cases this is true. But, it is also important to remember that there are ways in which you can make more money and start saving for your future.
Since changing money habits does not always come easy and often requires some serious changes in our mindset, we are here to support you to find the top money hacks.
Read on as we share 50+ ways you can start saving more money as well as making more money while also saving your sanity!
What are Money Hacks?
Money hacks are the ways in which people stretch their money.
These money hacks can come from a variety of sources, such as personal experience, family members or friends, and other individuals on social media.
Money hacks can come in many forms such as:
Simple money saving hacks
Ways to make money on the side
Strategies to make every dollar count
Thrifty ideas to be more frugal
Ideas to be more conscious of our waste
All in all, money hacks will help you to spend less money. Thus, saving more money.
As you will learn at Money Bliss, saving money opens up doors of opportunities
Best Money Hacks
Money hacks are ways to build long-term wealth.
Even though most of the hacks for money include quick saving wins, over the long term, you will actually start a snowball effect of more money in your bank account.
Sometimes, it can be difficult to find the motivation to save money, but these 7 best real money hacks will help you reset your financial mindset and start saving!
The best money hacks are the overarching big picture concepts that you must master for long-term success.
1. Think Big
Open up your mind.
One way to reset your financial mindset is by opening yourself up to new ways of thinking about spending and saving.
Too often, we are focused on what is directly in front of us instead of thinking about the big picture.
A great way to think big with your finances is to decide how you want to live life with intention.
2. Habit of Saving Money
Get back in the habit of saving.
If you have been beyond your means or barely scraping by, the best way to get back on track is by saving at least 20% of your income.
This may seem a little ludicrous. However, by prioritizing saving first, you will be pleasantly surprised how well you live off the rest.
In this post, there will be so many simple and easy ways to start saving today.
3. Make a Plan for Your Money
Create a spending plan (aka that dreaded word budget).
Creating an outline for what you want and need will help you to make smarter decisions about your spending.
This concept has been made too difficult over the years.
The bottom line is you want to spend less than you make. So, make a plan for that to happen today.
4. Make Money on the Side
This one is huge!
Personally, making extra money has been a priority for the last 5 years. We spent many years trying to cut our expenses and hating our inability to actually spend less as a growing family. So, we changed our focus to finding ways to make more money instead.
Start a side hustle. If you are not making enough to live comfortably, start a side hustle! Use your unique skill set to make extra cash.
Pick up a second job or ask for more hours.
There are plenty of ways to make money fast.
5. Invest in Stock Market
This means a way to make money or increase your net worth. AKA make your money work for you.
Too many times, the concept of investing is big and scary. The thought of starting is way too overwhelming. So you put it off until next week or next month. Then, a couple of years go by and you have not invested your money.
That is the biggest financial mistake you can make.
Start small by investing in an index fund. Each month consistently add more money.
If you want to learn to trade stocks, then you must enroll in the best investing course I have found.
Read my in-depth investing course review.
6. Pay Off Debt
Ugh… debt is the cash flow killer.
You are unable to make forward progress if you are straddled by debt.
Figure out how to pay off debt ASAP.
When calculating how long it will take to pay off high-interest debt, you should consider paying the highest interest rate first. Here is the best debt payoff app available.
7. Watch Your Spending
Be mindful of your spending.
This is a great practice that many people need to start doing again, regardless of how much money or how little money they have.
Every few months, you need to evaluate your spending to see if it matches up with your values.
As you can imagine there are many money hacks that can help you save, but the list above is the money hacks that will make the biggest difference the quickest. Below we have many more money hacks for you to explore.
Hacks for Saving Money
Money app hacks are small, quick, and easy ways to improve your finances.
They can range from things like automating your budget or creating a money jar that pays for itself, to more complex solutions like changing your tax withholding or moving money around to get a higher return.
Honestly, there are so many life hacks for saving money.
8. Automatic Savings
This is a practice of automatically transferring money from your checking account into your savings account on a regular basis.
It is best to set a transfer amount and stick to it.
Since it is easier to save your money before you spend it, you must save as much money as possible in order for this strategy to be effective.
9. Financial goals
A financial goal is a long-term, quantifiable expectation for how much money you want to have, or what you plan on doing with your money. Your goals can be as simple as saving for the down payment on a house or as involved as saving for retirement.
Our financial goals allow us to set specific, numerical targets that help us achieve our desired lifestyle in a more concrete way.
You must set smart financial goals.
10. What brings you joy?
At the end of the day, it is important to remember that life is all about finding what brings you joy.
The question is open-ended, but your money must line up with what brings you joy.
Spend a few minutes and stew on the question.
11. Build an emergency savings fund
Building an emergency savings fund is a great idea if you are in the habit of saving money and want to make sure that you have some money saved up when times get rough.
If you are struggling to save, there are a few ways you can increase your savings.
For example, you might be able to set up automatic transfers from your checking account into an investment account. You should also make sure that you have a way to save money outside of your checking account.
Saving cash in a jar or saving up coins are ideas for some people.
12. Invest spare change
If you go shopping and buy something, most stores will give you change. If you use a debit or credit card, you can do the same thing with help of a popular app!
Simple money hack: investing your spare change.
In order to invest your spare change in an account, you can open one for as little as $5. Acorns then automatically invest the money from your checking account and into a savings acorn account.
As the round-up feature continues to add upon each purchase, it is a good idea to invest in this app so that you can save more dollars!
13. Challenge Yourself to Save
If you are looking to save money, it is best to set up a budget that includes challenging yourself.
A great way to do this is with the no spend challenge.
A no-buy is when you decide to simply not make any purchases for a certain amount of time.
A no-spend is when someone decides to not spend any money in a certain period of time.
When you are struggling with spending too much money and want to reset your wallet, then give up spending money. Period.
14. Join a buy nothing group
The buy nothing groups are a growing movement that started in order to help people cut their ecological footprint, save money, and break free of consumerism.
This is a great way to find things you need as well as declutter your house.
15. Negotiate everything
The key to successful negotiation is preparation.
Research the company’s past sales, price changes, and discounts offered in order to get a better understanding of what you’re negotiating for.
Don’t be afraid to negotiate.
What is the worst thing that can happen when someone says no!?!
16. Refinance Your Mortgage
It is never too late to refinance your mortgage.
In fact, it might be a good idea if you’re in the market for a new home or refinancing your loan on an existing property.
You must weigh the costs of refinancing to how much you will save over the time period of the loan.
Ask around for mortgage broker recommendations and get at least two quotes.
17. Downsize your Home
Downsize your home is the term for reducing a residence in size. This can be done by either moving to an apartment or buying a smaller house. There are many benefits of downsizing, including living a more affordable lifestyle and having less upkeep.
Downsizers use their homes as investments and save money on rent or mortgage payments.
18. Cut the cord
With the internet becoming accessible to everyone, people have started cutting their cable and watching shows online. People can save up to $500 a year by cutting cable from their bills.
Cut the cable & stop watching TV!
19. Learn about Finances
Ask for help.
If you are struggling, there is no shame in asking for assistance from your friends or family members.
The goal is to get ahead with money and not keep digging further into a hole.
Check out any of our courses to help you.
20. Save for What You Want
Decide what you want most and work towards it with the money you have now, instead of waiting for a windfall or a large inheritance.
This may mean setting aside $200 a month.
For example, as a reminder of your long-term goal of buying a beach property, you may buy something you would hang in the new place. Every time you see it, you will be reminded of what you are saving towards.
Budget Hacks
Financial hacks are not unusual.
Since it is so easy to overspend, you must know a few budgeting hacks ahead of time.
21. Need vs Want
A want is a desire for something, while a need is something that fulfills the requirement of your body like food or shelter.
When you think about buying something, ask yourself if it is a want or a need.
By uncovering needs vs wants, you are quickly able to find ways to spend less and save more.
22. Avoid Temptation
To avoid temptation, it is important to maintain a healthy amount of physical and emotional distance from the things that tempt you.
Sometimes, spending triggers are easy to avoid but other times they’re not.
However, people should always be aware of their temptations and try to stay away from them because it will lead to unnecessary debt or stress in the long run.
23. Practice the 30-day rule
Many people wonder what’s the 30 day rule with money…
The 30-day rule is the principle that states that you should practice a new habit or stop an old habit for at least thirty days before expecting success.
When it comes to your money, it means to wait thirty days before making big purchases or changes.
24. Keep a Budget Binder
A budget binder is an important tool that helps people keep track of their finances.
The binder can help people plan out their finances by providing a place to record expenses and income.
Keeping a budget binder is an effective way to track your spending and keep yourself accountable.
By keeping it, you can easily plan for future expenses in advance as well as see what money could be saved or spent on different items over time.
25. Get a spend tracker and use it regularly
Track your spending for 30 days. It can be a good idea to track your spending for at least a month to get an idea of what you’re spending and where.
A spending tracker is a tool that helps people keep track of how much they are spending on a certain item. It is important to use this tool regularly in order to be able to see patterns in your spending.
Then, review your spending. Share it with a trusted friend or family member to come up with some goals to reduce expenses in order to save money.
26. Create a budget
Create a budget, and follow it.
When you schedule your spending, make sure to leave room for savings. This is the easiest way to ensure that you can stick to your budget.
Find more budgeting resources on our site.
27. Pay Bills on Time
This should be a simple statement that we all know. However, life can throw curveballs.
Try to pay your bills on time and in full every month, and make sure all of your bills are paid each month.
This will show lenders that you are responsible and that you are taking care of your credit. Plus you don’t rack up those pesky late fees and high interest rates.
28. Avoid Missed Payments
Don’t miss any payments, and pay off your balances each month to avoid paying high interest rates or fees on late or missed payments.
Read again… do not miss paying your bills.
29. Reconcile Your Checking Account
Balance your checkbook monthly. Okay, no one really uses a checkbook anymore, but you can still do this with pen and paper.
Even better, use Quicken as a simple way to balance your checking account. Read my Quicken review.
This is a great way to check for being charged too much or find a subscription you don’t use anymore.
30. Avoid Summer Budget Busters
Avoid spending money for the summer by just being conscious of your spending and reviewing what is different than the norm.
It is too easy to get into the trap of spending money because the weather is warm.
31. Review your Credit Card Statements
If you’re like most people, you probably review your credit card statements once every six months.
What’s the best way to go about reviewing them?
It depends on how often you use your credit card, how much debt you have, and what your credit score is. You should review your statements at least once a year if you’re carrying a balance on your credit cards.
If you use your credit card, then you should review your statements at least monthly.
32. Use the Cents Plan Formula
While the 50/30/20 budgeting rule is popular, our method of budgeting your money will be more helpful.
Learn how to divide your income into various categories.
Check out the Cents Plan Formula.
33. Use Cash
Use cash instead of credit cards to spend, which will make it easier to limit yourself to how much you can spend.
The envelope system helps you save money by only spending from one designated cash stash each month and withdrawing a set amount for different types of expenses (like groceries).
34. Spending Freeze
Implement a spending freeze, which helps you get used to not buying things for an allotted time so that when the freeze is over, it’s easier to buy what you want.
You will be surprised how much random online shopping you do.
Begin your spending freeze now.
35. Use a Budgeting App
Use your bank’s budgeting tools, like Quicken, which can help you track how much money is coming in and out of your account.
This is the simplest way to manage your money wisely.
Using a money app or a personal finance website can help you to stay organized and get more creative about your budgeting.
Check out this list of the best budgeting apps available.
Hacks to Make Money
Hacks to make money are a list of ways to generate income for yourself. Many ways to make money include blogging, affiliate marketing, or day trading. These money making hacks are great, but they can take more time and energy invested.
36. Use cash back apps
Cash back reward apps like Ibotta are a way to get extra money for your purchases.
They take some time getting used to and you only have access to partner stores that offer cash-back offers. It only takes a few seconds to make some extra cash.
Check out the best cash back apps available.
37. Ask for a Raise
A raise is an increase in pay for a job, labor, or service.
If you are concerned about asking for a raise, then you are missing out on lost money.
Your boss may be receptive to it, then try negotiating more money. Not only will this be good for your career, but also the relationship between you two can improve as well.
38. Get a side hustle
A side hustle is an additional job or career, usually, one that requires only a small amount of time and effort.
For example, someone who wants to work on the weekends might start a side hustle as a bartender.
Side hustles are a form of entrepreneurship that allows you to earn money and do little tasks. They are not difficult or time-consuming, but they can still help you make extra cash on the side.
Pick one of the best gig economy jobs.
39. Rent out a part of your home
A part of your home is often a room, which can be rented out on Airbnb.
Airbnb is the largest and most successful company in the world that lets people rent their extra space or properties. They are a well-known company that provides an easy way for people to make money from their extra space.
Use Neighbor to lend out your space in your home.
40. Declutter: sell your junk for cash
Decluttering is the act of getting rid of excess or unnecessary items.
In order to declutter, you must be willing to give up something that has been a part of your life for a long time. It is important to remember that decluttering does not have to be a quick or easy process.
Then, sell your stuff on Facebook Marketplace, Nextdoor, eBay, etc.
Learn more at Flea Market Flippers.
41. Earn Money While Watching TV
Although it is not a fast way to get rich, this can be used as a side hustle.
It’s better to use the money earned from watching TV or something else that takes up your time for other things like bills and groceries.
Survey platforms are online sites that allow people to earn money while watching TV.
The survey platform will send surveys through the mail or email, and then they can choose whether they want to take the survey for a set reward amount or if they would like cash back on their purchase.
One of these options is MyPoints, which allows users to earn points by completing tasks such as taking surveys and shopping online at specific retailers.
Others include:
42. Maximize Your Income
Find ways to increase the amount of money you bring in, whether that’s through a side hustle, increasing hours at work, or asking for a raise.
In today’s society, there are plenty of ways to make more money.
Only you put a limit on what you are capable of earning.
43. Build Your Credit
Building your credit can be a long process, but it’s worth the effort. If you’re trying to establish or improve your credit score, here are some tips that might help:
Try to keep your credit utilization rate below 30% at all times.
Do not open too many new lines of credit in a short period of time.
Pay your bills on time.
This will help you avoid damaging your credit score.
Hacks for Free Money
Hacks for free money are a form of fraud wherein the perpetrator solicits payment via PayPal, credit card, or other methods in exchange for access to what they promise will be a legitimate business opportunity.
Hacking free money is a way to make more cash, fund your financial goals, or help you pay off debt. There are lots of ways that people hack their finances and use cash back apps for some extra income.
Other options include signing up for bank bonuses or credit card bonuses.
Honestly, real free money hacks are more likely to be scams. So, beware when searching online.
Money Hacks in the Kitchen
You can save the most money by looking at what you eat.
Typically, people waste over 25% of their grocery budget and throw out food. Would you willingly throw out $250 a month? Probably not.
So, learn how to stretch your money for food.
44. Start meal planning
Meal planning is a money-saving strategy that can help in the long run. It’s also important to eat healthily and reduce food waste when meal planning.
But planning ahead will help save on the grocery budget, and it’s not too late to start now.
Start meal planning by deciding what you want to eat for each day. Then, make a list.
45. Say no to prepackaged foods
Packing your lunch for work or school can be time-consuming, especially if you have a family.
Some people prefer to buy prepackaged foods because they save time, but this is not always the best option.
A better choice is to make your own food at home and pack it for lunch, which you can then eat in peace without worrying about what other people might be saying about the food you packed.
46. Eat at home
Eating at home is a way to save money. It may be uncomfortable for those who do not enjoy cooking as it requires extra effort and time.
Instead of getting food at restaurants, consider cooking your favorite meals at home.
You can save money and time by eating the same meal over and over again.
Learn about the frugal home must haves.
47. Grow your own herbs and food
The most common methods of gardening include container gardening, hydroponics, and both indoor and outdoor gardening.
Many people are growing their own herbs and food for the satisfaction of being able to eat something that was grown with their hands.
48. Take your lunch
If you are interested in saving money, consider taking your lunch. This will save you up to $1,000 a year on work lunches and make it easier to meet the recommended daily intake of fruits and vegetables as well.
“Take your lunch” is an invitation to eat at home. There are many benefits of eating out less often, such as saving money and gaining more control over food choices.
Travel Hacks to Save Money
The following are travel hacks that can help you save money on your next trip.
Some of these hacks include traveling during weekdays, using public transportation, staying at hostels and Airbnb instead of hotels, and using a travel credit card.
49. Use foreign websites for lower prices abroad
Foreign websites are websites that have been created by people from other countries, and they sell products in the language of their country. These websites often offer lower prices on products than what is offered in the United States.
If you’re traveling abroad and need to find a place to stay, there are plenty of websites that can help. A few websites have deals on places where travelers often stay while they travel internationally.
50. Stay for free or get paid to house sit abroad
A house sitter is someone who looks after someone’s property for a certain amount of time in exchange for the promise of payment.
House sitting is typically offered by homeowners to travelers and others who are looking to stay in a particular location for an extended period of time.
The main types of house sitting include:
– full-time house sitters, who are responsible for all aspects of the house and who are typically paid a monthly salary,
– part-time house sitters, who may be responsible for taking care of one or more specific tasks such as gardening or handling the mail
51. Hide your search
To avoid being taken advantage of by airlines, it is best to open a new incognito or private window between searches.
This will make sure that you are not tricked into buying tickets that may be significantly more expensive than they need to be.
Airlines use cookies in your browser to make you believe the prices are going up and up.
Money App Hacks
Money app hacks are ways that people have figured out to make their money work for them in terms of saving and spending. These apps offer different features, such as budgeting, tracking your spending, and saving money.
If you want a simple way to save money, then any of these money apps are designed to find excessive spending.
52. Billshark
This is a legitimate way to save money on monthly bills. Billshark offers you the opportunity to save up to 25% each month (when compared with regular bill payments).
All of this can be done for you by BillShark team, and there are no fees involved!
Try Billshark for free!
53. Trim
Review your spending habits to find what you can cut out, like subscriptions.
Find other ways to save by looking for ways to reduce costly bank fees or getting a discount on your cell phone plan. By using Trim, you are saving money and improving your financial health.
Sign up with Trim now.
54. Truebill
Truebill can help you to track your spending, save money and get a clear picture of your financial life.
This helps you identify services that you are no longer using but continue to pay for. It will help save money by automatically negotiating prices with your service providers and receiving a refund of the money going to waste, which is free money.
Get started with Truebill.
Which Life Money Hacks Can You Start?
This is a lot to take in, but don’t worry.
Take the time to read through each suggestion and consider how you can implement it into your life.
The more hacks you try out, the closer you’ll get to a healthy financial mindset.
These are the life hacks to save money I have found to work for me and my family in order to reset our financial mindsets and grow our net worth.
Everyone will find their niche and what will work best for them.
Personally, you need to figure out how do I make more money. That will make the biggest impact the fastest.
What have you done with your money lately?
Know someone else that needs this, too? Then, please share!!
It doesn’t matter how you slice it, parenting is an extremely difficult job. Which isn’t made any easier by having to discuss difficult topics with your children. Finances and financial hardship are just a couple of these topics that fall into that category. However, when you find ourselves in a state of financial hardship, that can be the best time to teach your children.
How you teach our children about financial hardship can look very different depending upon their ages and maturity level. So, before you begin giving an in-depth lesson about financial hardship to your children, please read on.
I get into the nitty-gritty of what sorts of lessons may be appropriate for each age level for the best understanding and long-term retention.
What’s Ahead:
Why should you talk to your children about financial hardship?
There are many different reasons why you could choose to discuss financial hardship with your children. But, the main reason should be to help educate them now for their potential maximum long term financial wellness. Since we, as parents, only want what’s best for our kids and for them to live a better life than we have had, teaching them about finances falls right in line with that ideology.
They’ll learn how finances affect credit scores
One of the first lessons you could teach your children about financial hardship is how it directly affects your credit score. While a lot of children have never even heard of a credit score yet, this would be a good place to begin. An easy way to break this down to your children is to explain:
A credit score is a rating of your responsibility with credit.
Your credit report begins the first time you take out any credit in your name (such as a credit card, loan, rent/mortgage, etc).
A credit report tracks when you make an on-time payment, a late payment, apply for new credit, overdraw your account, use too much of your revolving credit, etc.
The more mistakes you make with your credit, the lower your overall credit score.
The lower your credit score, the harder it is to get any future loans.
Once they grasp the concept of a credit report and credit score, then you can go on to explain how your financial hardship has affected your credit score. This is the point where you want to be as blatantly honest as possible. Since children learn best by example, your own credit score, and things that have affected it, will carry more weight with them.
Open up your latest credit report and go through everything line by line with them. If your children are much younger, they may not be able to grasp the more intricate details you want to convey, so stick with a broader description. But, if they are older, they will more than likely be able to understand the full credit report diagnosis.
While being this open and honest with your children may make you feel shameful, it shouldn’t. This is the prime opportunity for a true life lesson that directly affects their life right now.
They can understand how financial hardship directly affects day-to-day living
Most children won’t have a concept of how financial hardship can affect our day to day lives. But that is because they aren’t living in an adult world full of responsibility yet. Of course, you want them to be kids as long as they can and fully enjoy their childhood. But, it’s also a great time to teach them about financial consequences while the stakes aren’t as high.
Since most children want everything right away, this is a good time to dive into this lesson with them. Explain to your children that most of us don’t get to have everything we want as soon as we want it because things cost money. And if you’re in a position of financial hardship, you probably don’t have any to spare. This can lead to a great discussion about disposable income, and lack thereof.
When you are living in a state of financial hardship, you are playing a juggling game every day. A great way to explain this to your children is to show them exactly how much you make for the month. Then, break down your monthly living expenses for them. These should include:
Mortgage or rent.
Homeowner’s or renter’s insurance.
Car payment(s).
Car insurance.
Electricity.
Water.
Trash.
Gas.
Phone.
Internet.
Gas.
Groceries.
Streaming services (if any).
No matter what their age, you can help them do the basic addition and subtraction math to figure out how much money is left, if any. Next, you should go through any other loan or credit card payments you have to make each month also. Once they see these numbers, they should be able to understand that there is simply not enough money to cover everything.
After you have laid everything out for them in this way, then it’s time to explain how all of these bills happened. You should give them as much detail as they can handle, based on age and maturity level. This way they can see how easily a situation like this can, and does, occur.
They’ll know how financial hardship affects relationships
If you are in a position of financial hardship, it is likely that this has affected a lot of your personal relationships. When you find ourselves in this position, you don’t always like to talk about it with others. So, instead, you avoid the topic and pretend like everything is just fine.
But, you know that you can’t do a lot of the things with our friends and family that you may have previously been able to. Which, therefore, begins to affect our relationships. I can tell you that when I was going through my own period of financial hardship, most of my friends didn’t understand. They wanted me to go meet them for coffee, dinner, or a drink to socialize. But I didn’t even have enough money to pay for the gas to drive there.
Sometimes friends and family will foot the bill for you just so you can join them. But, for a lot of us (me included), that creates a feeling of guilt during the whole experience. So, it’s just easier to turn down the offer instead. But, that means weakening the bonds of your relationship because you are distancing yourself.
It can be a slippery slope which could potentially lead to a further downward spiral. Therefore, as painful as it may be, it’s much better to be as honest with your friends and family as you can be about your financial hardship situation. Instead, give alternatives to spend time together that don’t cost any extra money. Some great ideas include:
Hiking.
Watching movies/documentaries at home.
Game night.
Swimming in a local lake or river.
Having a potluck meal at your house.
Listening to music and catching up at your house.
Whatever you choose to do, get creative, and just focus on keeping your relationship bonds strong. The message you should try to convey to your children is that a good support system can really help you get through the financial hardship.
When should you talk to your children about financial hardship?
There may not be a right time to discuss financial hardship with your children. But, the best time to begin discussing it is as soon as possible. Before you approach the subject with them, though, you need to make sure you are in the right state of mind. Figure out what you want to convey to your children before you ever begin a conversation about your finances.
It might be best to write down some bullet points prior to your first conversation. Tell your children that you want to schedule a meeting with them at a certain place and time. Choose a place that is comfortable for all of you, since this will likely be a longer conversation.
When you begin the conversation, you will need to be as honest with them about your situation as possible. After all, children are like little sponges and will be eager to soak up the information you are doling out to them. Make sure to convey that your financial situation is in no way, shape or form a direct result of them. Because children will naturally take on responsibility and blame that doesn’t actually belong to them. So you might need to reiterate this point, depending upon your child’s personality.
Also, explain that you aren’t asking for their help with solving the financial hardship issue. You just want to use your current situation as a learning tool for them so that they don’t end up in the same place you have found yourself. This is the primary objective for sharing all of this in-depth information with your children about your financial hardship.
And the earlier you can do it, the better. Because then they can go along for the ride and see how you ultimately get yourself out of the situation.
How should you talk to your children in age-appropriate ways about financial hardship?
With different ages and stages of childhood come different financial lessons that will work better. After all, trying to teach a preschooler about investing may be a bit outside their capacity. Therefore, how you explain different topics regarding financial hardship should have a direct correlation to the ages of your children.
Toddler
Having a toddler can be one of the most challenging time periods as a parent. They are testing all of the boundaries and want to be completely autonomous. It is fantastic to watch their independence and confidence grow and see how fast they learn. But they need to learn smaller lessons in order to retain the information for the long-term.
This means that there are some great smaller, more basic lessons you can begin to work with them on now. Some of the best ways to teach your toddler about finances and financial hardship can include:
Saving their money in a piggy bank.
Help them count their money every month so they can see how it grows when they leave it alone.
Taking them shopping with you and having them use their own money to buy something.
Lead by example by paying with cash whenever they are around so they can grasp the monetary exchange.
These options may not seem like a lot, especially with regards to financial hardship. But, these are the building blocks of their financial education.
Preschooler
Preschoolers have begun to grasp more complex concepts than they did when they were toddlers. If you didn’t start teaching them about money when they were toddlers, I would suggest starting with the aforementioned lessons first.
However, if you started with your children when they were toddlers, now it is time to build upon those lessons. Some great ways to do this can be:
Have them split their piggy bank up into three (spend, save, donate) different piggy banks.
Explain the importance of saving and donating vs. spending and have your child figure out how much to put in each category based on the level of importance to them.
Take your children grocery shopping and have them help you determine the best values.
Have your kids help you count out the money and pay the cashier for groceries.
By adding on to previous financial lessons you have already taught them, you are just solidifying the concepts for them. And this will definitely help with mirroring behavior and long-term retention.
School-aged
If you have been involving your school-aged child in all of these lessons since they were a toddler, then kudos to you! It can be extremely difficult to teach toddlers and preschoolers because of their shorter attention spans. But it gets a bit easier once your children are school-aged.
They have a higher capacity for reasoning and problem-solving now. So you can throw some higher-level financial concepts at them. Some of these can include:
Waiting to make any purchases for at least 24 hours.
Make them use a percentage of their own money to purchase any items they want.
Explain about opportunity costs and how if they purchase an item they want now, they might not have the money needed for another item in the future.
Pay them for work they have actually done (chores), as opposed to money for nothing (allowance).
At this age, it is good to have them more involved with their own purchases. This way they feel it more deeply and have a more solid idea of how much things actually cost. It also reiterates to them that there is no magic money tree growing in the yard that will fund their every wish and dream. Therefore, it brings the concept of money and how we use it in today’s world into a more realistic space.
Preteen
Preteens are at the age where they have begun to know everything! While it’s great that they are so much more cognizant of how the world around them works, sometimes you have to bring them back down to reality.
At this age, I like to get each child a checking account that I am a co-signer on. This way they can begin to spend only their own money on things they want. However, I don’t give them access to see what is in their account. They also have to ask permission to make any purchases ahead of time. If they don’t, I revoke the access temporarily.
Besides getting your preteen a checking account, here are a few other great options to help teach them about finances:
Have them start putting a larger chunk of money away in savings for larger items they may want in the future.
Dive deep into the compound interest topic. (I wish my parents had done this for me because it would have changed how I looked at money when I got my first real job).
Since they are at the point now where they have gotten into more difficult mathematical equations, compounding should be an easy concept for them to grasp. In fact, we started talking about it with some of our kids when they were a little bit younger, and they still seemed to get it. If you are still having a difficult time explaining here, here is a great compound interest calculator that you can play on with your kids. It has really made a huge difference in our children’s financial mindset!
Teenager
If you thought your preteen knew everything, then your teenager is a guru. They have surpassed your intelligence level, or so they think, and wonder how you have made it this far. While they are close to being out in the big, bad world all on their own, they still have a thing or two to learn.
The best lessons you can give them now are about how the bigger things in life can really affect them financially. Some of these can include:
These lessons are going to take a lot more work on your end because they are more in-depth concepts. But, these will be some of the final financial lessons you leave your children with before they fly the coop, so you want them to be good.
Important budgeting tools to help explain financial hardship
One of the first places to start when dealing with financial hardship is a budget. Not everybody has one or wants to stick with one. But I have found that continually having a budget, and visiting it weekly, has really helped us stay on track. In fact, creating a budget and sticking to it helped us get out of debt much faster than we otherwise thought possible. So I am a huge proponent of a budget.
No matter which budget you decide to use, just make sure that it works for you and your lifestyle. If you don’t have a budget yet, then this might be a great time to include your children in the process, depending upon their ages. And if you already have one, then going through your budget with them is a great built-in teachable moment.
Savings tools to include in your explanation of finances
Another topic that simply must be broached with your child is saving their money. This can be one of the most difficult topics to discuss because most kids want to spend every dime they have. Expressing just how important saving their money for a rainy day is might be more difficult to get across to them.
Using yourself and your current financial hardship situation as an example is the best way to get this message across. Explain why not having a decent emergency fund can only hinder them financially in the future.
Easy investment tools to explain getting back on track with your finances
Teaching your children about investing while they are young is the best time to introduce them to the subject. After all, we all want to retire someday. And for most of us, the sooner the better.
While investing may be near impossible when you are in a state of financial hardship, it’s still a good thing to have in the back of your mind. Because getting to the point where you can invest in your future can help possibly prevent any future financial hardship situations from occurring. Investing is much easier with today’s app friendly age also.
A couple of great places to start an investment portfolio are M1 and Betterment. Both of these sites have multiple account type options, such as:
Individual taxable account.
Roth IRA.
SEP.
Traditional IRA.
Trust investments.
If your child is at working age and making some of their own money, then opening a Roth IRA account may be the best option. No matter which accounts they, and you, choose to open, these accounts can only help solidify future financial wellness.
Summary
Overall, explaining financial hardship can be a very sticky subject to tackle with your child. But, imparting our financial mistakes and wisdom onto our children is one of our most important jobs. So, include your children in your discussions about your financial hardship. Explain how you got there and how you plan to get out.
At some point, our kids will become adults and have plenty of opportunities to make their own mistakes. But, it would be great if they didn’t relive our mistakes. If we can help them live more financially stable lives than we have, then we have done our parenting job well.
It may be known for blues music and catfish farming, but the Magnolia State has plenty to offer when it comes to work and play. Mississippi is home to industries from technology to agriculture, with everything in between.
If you live in the state, you’re likely hoping to find the best banks in Mississippi to fit your checking and savings account needs.
12 Best Banks in Mississippi
Whether you’re looking for a national bank, a regional bank, or a small community bank, there are so many banks in Mississippi, it’s easy to find one that meets all your needs. You may even find the options overwhelming. Here’s a list of some of the best bank accounts in the state to help you narrow it down.
1. BankPlus
Local banks bring benefits like personalized customer service. BankPlus is a local bank with branches and ATMs throughout Mississippi. One downside to BankPlus, though, is its ATM availability. If you need to withdraw cash from your checking account, you’ll have to find a BankPlus ATM to avoid the fee.
Fees:
$6 monthly service fee
$36 overdraft fee
Balance requirements:
$100 minimum opening deposit
No minimum balance requirements
ATMs:
Fee-free at BankPlus ATMs
Interest on balance:
Up to 0.05% APY on savings accounts
Up to 0.55% APY on CDs
Additional perks:
Interactive teller machines connect you with live bank representatives
Up to $1,200 in cell phone protection per year
2. Planters Bank
Planters Bank could be a great option if you’re looking for a bank with physical branches. You’ll find physical locations across Mississippi, as well as in Tennessee and Louisiana.
This bank is better for those who don’t need to regularly make cash deposits and withdrawals while traveling. You’ll have to track down a SUM Network ATM, and even then, Planters charges a $1.50 fee in addition to what the third-party bank charges.
Fees:
No monthly maintenance fees
$36 overdraft fee
Balance requirements:
$50 minimum opening deposit
No minimum balance requirements
ATMs:
Interest on balance:
Up to 2.50% APY on money market accounts
Additional perks:
Robust mobile banking features
Unlimited check writing
3. Chime
Chime is an online and mobile banking solution that has everything you need to manage your accounts in its mobile banking app. You’ll get a fee-free1 checking account and access to a savings account that pays 2.00% APY3. With qualifying direct deposits in place, Chime will spot you in up to $2005 on debit card purchases with no overdraft fees.
Fees:
No monthly fees
No fees for overdrafts
Balance requirements:
No minimum opening deposit
No minimum balance required
ATMs:
Fee-free at 60,000+ ATMs nationwide
$2.50 for each out-of-network ATM transaction
Interest on balance:
2.00% APY on savings accounts
Additional perks:
4. Renasant Bank
Renasant Bank is a regional bank based in Tupelo. You’ll find 195 branches in seven states, including throughout Mississippi. There are multiple checking accounts, including a basic account that’s fee-free as long as you enroll in eStatements, have at least one direct deposit a month, or maintain a daily balance of $1,000.
Fees:
$10 monthly fee (waived with requirements)
$36 overdraft fee
Balance requirements:
$50 minimum deposit to open
No minimum balance requirement
ATMs:
Fee-free at 225 Renasant Bank ATMs and ITMs
$3 per out-of-network ATM transaction
Interest on balance:
0.05% APY on savings accounts
Up to 4.46% APY on CDs
Additional perks:
Small business owners have a wide range of checking and loan options
Children’s savings accounts available
5. GO2bank
Another online bank is GO2bank, which offers fee-free cash withdrawals through the Allpoint ATM network. If you need to deposit cash, you can take your free debit card to one of 90,000+ retail partners nationwide.
GO2bank’s checking account is free as long as you receive at least one payroll or government benefits electronic deposit each month.
Fees:
$5 monthly maintenance fee (waived with requirements)
$15 fee for overdrafts
Balance requirements:
No minimum opening deposit
No minimum balance required
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 for each out-of-network ATM withdrawal
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Secured credit card helps you build credit with no credit check required
Up to 7% cash back on gift card purchases
6. Cadence Bank
Cadence Bank began at the back of a hardware store in Verona, Mississippi in 1876. Over the years, Cadence has expanded to a regional bank and now has branches in Mississippi, Alabama, Arkansas, Florida, Georgia, Louisiana, Missouri, Tennessee, Texas, and Illinois.
The My Way checking account waives service fees as long as you maintain a $250 balance, have five debit card purchases monthly or at least one $100+ direct deposit, or are a student under 25.
Fees:
$8 monthly service fee (waived with requirements)
$36 overdraft fee
Balance requirements:
$50 minimum deposit to open
$250 minimum balance required
ATMs:
Fee-free at 400+ Cadence ATMs and ITMs
Interest on balance:
Up to 4.49% APY on CDs
Additional perks:
Special checking account option for seniors 62 and over
Wealth management services available
7. Ally Bank
Online and mobile banking have created an appealing alternative to big banks. Ally Bank gives you a checking account with no monthly maintenance fees and no minimum balance required.
You’ll have everything you need in the mobile app, as well as access to cash at Allpoint ATMs nationwide. But one of Ally’s best features is its competitive rates on savings accounts, CDs, and money market accounts.
Fees:
No monthly maintenance fees
No overdraft fees
Balance requirements:
No minimum deposit to open
No minimum balance requirement
ATMs:
Fee-free at 53,000+ Allpoint ATMs nationwide
Up to $10 in third-party ATM fees reimbursed monthly
Interest on balance:
0.25% APY on checking accounts
3.85% APY on savings accounts
Up to 4.80% APY on CDs
4.15% APY on money market accounts
Additional perks:
Paycheck funds available up to two days early
SpotMe covers you for up to $200 in overdrafts
8. Wells Fargo
National banks bring their own benefits, including a wide range of banking services and a vast branch and ATM network. Wells Fargo is one of the largest banks in the country, and you’ll likely find a bank branch near you.
Wells Fargo has a checking account with no monthly service fees as long as you keep a $500 balance, receive $500 or more in qualifying electronic deposits monthly, or you’re between the ages of 17 and 24. If you’re attending college, you can also enjoy a free checking account by linking your checking account to a Wells Fargo campus card.
Fees:
$10 monthly fee (waived with requirements)
$35 fee for overdrafts
Balance requirements:
$25 opening deposit required
No minimum daily balance
ATMs:
Fee-free at Wells Fargo ATMs nationwide
$2.50 fee for out-of-network transactions
Interest on balance:
Up to 2.51% APY on savings
Up to 4.51% APY on CDs
Additional perks:
$300 for new checking accounts
Earn 20,000 bonus points with the new Wells Fargo VISA
9. Regions Bank
Regions Bank is a regional bank that operates throughout the South, Midwest, and Texas. You’ll find branches and ATMs throughout Mississippi, including DepositSmart ATMs that make it easy to make check and cash deposits.
The Regions Bank LifeGreen eAccess Account is an online and mobile banking option with no monthly maintenance fees as long as you make at least 10 debit or credit card purchases each month.
Fees:
$8 monthly maintenance fee (waived with requirements)
$36 overdraft fee
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at Regions Bank ATMs
$3 out-of-network ATM fee
Interest on balance:
0.01% APY on savings accounts
Up to 4.75% APY on CDs
Up to 1.50% APY on money market accounts
Additional perks:
DepositSmart ATMs make it easy to deposit cash and checks
Wealth management services available
10. PriorityOne Bank
For a smaller, community bank, look at PriorityOne Bank, which has 16 locations across Mississippi. PriorityOne offers multiple checking account options, including a basic account with all the mobile banking features you’ll need, as well as unlimited check writing. This account is $7 a month, but you can have the fee waived if you keep at least a $100 daily balance.
Fees:
$7 service fee (waived with requirements)
$35 overdraft fee
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at PriorityOne Bank ATMs
Interest on balance:
Up to 0.10% APY on savings accounts
Up to 1.00% APY on CDs
Up to 0.20% APY on money market accounts
Additional perks:
Check Buy-Back program pays for unused check and debit cards from your previous bank
Variety of banking options for small business owners
11. Trustmark National Bank
Another option is Trustmark National Bank, which is headquartered in Jackson. Although Trustmark National Bank qualifies as one of the big banks, it’s confined to the Southeast U.S., with 180 branches, ATMs, and ITMs.
You’ll enjoy a free checking account as long as you make at least 15 debit transactions monthly, receive at least $100 in electronic deposits monthly, or keep an average balance of $1,500. Trustmark National Bank also currently has account options for both students and small business owners.
Fees:
$10 monthly fee (waived with requirements)
$36 fee for overdrafts
Balance requirements:
$50 minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at Trustmark National Bank ATMs
$2.50 for each non-Trustmark National Bank ATM withdrawal
Interest on balance:
Rates not publicly disclosed
Additional perks:
$50 bonus for opening Trustmark National Bank student checking account
Banking options for small business owners available
12. First State Bank
Another community bank option is First State Bank, which has multiple branches in Waynesboro, as well as in Ellisville, Laurel, Leakesville, Lucedale, Meridian, Quitman, and State Line. There are multiple checking options, but the best checking account if you’re looking for a fee-free option is Kasasa Cash Checking.
Although there’s no opening deposit, you’ll have no monthly fees. Best of all, it’s a rewards checking account. You’ll also earn up to 1.00% APY on your balance.
Fees:
No monthly fees
$37 fee for overdrafts
Balance requirements:
$100 minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at First State Bank ATMs
Up to $25 in out-of-network ATM fees refunded each cycle
Interest on balance:
Up to 1.00% APY on checking account
Up to 0.25% APY on savings account
Additional perks:
Rewards checking account with no monthly fees
Travel and Leisure Club open to account holders aged 50 and over
How We Determined the Best Banks in Mississippi
Personal preferences can vary widely when it comes to a bank account. For that reason, we looked at a variety of options, including national bank branches in Mississippi and small but powerful local options.
The banks we looked at had as many as six different checking accounts and four different savings accounts. To make a fair comparison, we looked at the simplest checking account at each bank. However, in your search, you may be willing to pay a monthly fee or maintain a high minimum daily balance in exchange for features like high interest rates and cash back rewards checking account options.
We also looked at rates on savings accounts, CDs, and money markets, but if you’re interested in those features, you may want to compare the minimum opening deposit, required balance, and fees that go with those account types.
Finding Your Ideal Checking Account
If you’re shopping for a bank, chances are you want a place to park your paycheck. From there, you can add on the savings accounts and other financial products you want. Here are some things to consider as you’re researching banks in Mississippi.
Big Banks vs. Online Banks
There are benefits to a big bank with physical branches across the country. You’ll typically see a large number of checking options, which means you’re likely to find the best checking account to fit your needs. Having access to cash and in-person customer service while you’re traveling is also a big bonus.
But there are benefits to an online bank account as well. Since a free debit card is a standard feature on both online and traditional bank accounts, mobile banking is often as full-featured as a brick-and-mortar financial institution. If you’re concerned about cash access, many checking accounts now feature partnerships with national ATM networks that let you withdraw cash without paying extra account fees.
Difficult to Meet Fee-Waiver Requirements
Free checking accounts sometimes come with requirements. This may be maintaining a balance every day. That means the monthly fees will kick in if your account ever drops below that minimum.
These days, though, many banks offer an alternative to that balance minimum. The best checking accounts also allow you to waive the fee by receiving a certain number of electronic deposits each month. If your paycheck or government benefits check goes into your account once or twice a month, this should qualify you for fee-free checking.
Access to Mobile Banking Services
What matters in a bank is what you can do through your mobile device. It’s important to not only look for features like bill pay and remote check deposit, but also check to see if an account offers budgeting tools and financial advice services. This is where some banks stand out. Online-only banks and large, corporate banks may have state-of-the-art mobile services, while small banks may struggle to keep up.
When you’re looking for the best checking accounts and savings vehicles, it’s important to consider the features you need, then look for the account that will fill those needs. National banks, regional banks, credit unions, and local banks each have their own benefits. But the best banks in Mississippi are the ones who give you the conveniences you need, whether you’re traveling or staying close to home.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
3. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of May, 22, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
When it comes to smart money decisions, understanding a ledger balance is key. A ledger balance is an important tool for small business owners and investors that helps track their financial health in real-time. It’s the foundation of any successful budgeting or investing strategy, but how exactly do you calculate your own? In this article, we’ll discuss what a ledger balance is, why it matters and how to calculate yours accurately – so you can make better-informed money decisions!
What’s Ahead:
What is a Ledger Balance?
A ledger balance is a record of all the financial transactions that have taken place in an account. It is used to track and monitor the money coming into and out of an account, such as income, expenses, investments, loans, etc. You can use the ledger balance to determine how much money is available for spending or investing at any given time.
Definition of a Ledger Balance
A ledger balance summarizes all financial activity within an account over a certain period. It shows the total amount owed (debits) versus the total amount received (credits).
Components of a Ledger Balance
The components of a ledger balance include debits and credits from various sources, such as deposits, withdrawals, transfers between accounts, or payments for goods/services. Debits are amounts subtracted from your account, while credits are amounts added.
For example, if you make two payments on your credit card bill totaling $200 each month, your debit would be $400 ($200 x 2). If you also deposit $500 into your checking account during this same period, your credit would be $500 ($500 x 1). Your net ledger balance after these transactions would be +$100 ($500 – 400 = +$100). This means that you now have an extra $100 in your checking account compared to before these transactions took place.
A ledger balance is integral to understanding your financial situation and making smart money decisions. In the next section, we’ll discuss using a ledger balance to help you make informed decisions about your finances.
Benefits of Maintaining a Ledger Balance
Maintaining a ledger balance is essential to the financial organization and record keeping. It can help you keep track of your finances, save time when preparing taxes, and ensure accuracy in all your financial transactions.
Improved Financial Organization
A ledger balance helps you stay organized by tracking all the money in and out of your accounts. You can easily view where each dollar goes and how much you have left to spend or save for future goals. This will give you a better understanding of your overall financial picture so that you can make informed decisions about spending, saving, investing, etc.
Accurate Record Keeping
By maintaining a ledger balance, you can accurately document every transaction made from each account – income or expenses – making it easier to audit if needed. This also allows for more efficient tax preparation since everything is already documented in one place instead of searching multiple documents for the same information.
Easier Tax Preparation
When filing taxes with accurate records on hand, such as those found in a ledger balance, it eliminates any guesswork or potential errors that could occur while manually entering data into forms or spreadsheets used during tax season. This information readily available saves time when filing taxes because there is no need to go back and look up specific details regarding certain transactions throughout the year; they are already recorded within the ledger balance!
By maintaining a detailed ledger balance throughout the year, individuals and small business owners can benefit from improved financial organization, accurate record-keeping practices, and easier tax preparation processes come April 15th. These benefits will help ensure that all finances are properly tracked and documented for future reference and provide an efficient way to file taxes without any guesswork or potential errors.
Maintaining a ledger balance is essential to keeping your finances organized and up-to-date. In the next section, we’ll discuss setting up a ledger balance and tracking your transactions.
The Gist: Maintaining a ledger balance is essential to the financial organization and record keeping. It can help you stay organized, accurately document transactions, and simplify tax preparation: • Improved Financial Organization • Accurate Record Keeping • Easier Tax Preparation. A detailed ledger balance throughout the year provides individuals and small business owners with efficient ways to track finances, ensure accuracy in all their financial transactions, and save time when filing taxes.
How to Calculate Your Ledger Balance
It helps you stay organized and keep accurate records, making tax preparation easier. Knowing how to calculate your ledger balance is essential for small business owners and investors. Here’s what you need to know about calculating your ledger balance:
Step 1: Gather All Relevant Financial Documents
The first step in calculating your ledger balance is gathering all the relevant financial documents related to the account or accounts you want to track. This includes bank statements, credit card bills, investment portfolios, loan agreements, etc. Make sure all these documents are up-to-date so that you have an accurate picture of where you stand financially.
Step 2: Add Up All Debits and Credits
Once you have gathered all the necessary documents, it’s time to add up all debits and credits associated with each account or transaction. A debit is any money taken out of an account, while a credit is any money put into an account (including interest earned). When adding debits and credits for each transaction or account, be sure to include fees and taxes paid on investments, if applicable.
Step 3: Subtract Debits from Credits To Get The Final Amount
After adding debits and credits for each transaction or account, it’s time to subtract them from one another to get the final amount owed or due on each item/account/transaction listed in Step 1 above. For example, if there were $500 worth of debits associated with a particular bank statement, subtracting this number from $1000 worth of credits would give us a total remaining balance due on that particular statement of $500 ($1000 -$500 = $500). Once we do this for every document we gathered in Step 1, our overall ledger balance should be accurately calculated!
Knowing how to calculate your ledger balance can help ensure everything adds up correctly when it comes time to file taxes or make other financial decisions, such as investing in stocks and bonds. Keeping track of income versus expenses will also help small business owners budget accordingly, so they don’t overspend beyond their means.
Once you have gathered all your financial documents, added up the debits and credits, and subtracted them to get the final amount, you will be able to calculate your ledger balance. Next, we’ll look at how to use this information to make intelligent money decisions.
The Gist: Calculating your ledger balance is integral to managing finances. It helps you stay organized and make accurate records for tax preparation, budgeting, and investing decisions. Here are the following steps: 1. Gather all relevant financial documents 2. Add up all debits and credits 3. Subtract debits from credits to get the final amount owed or due
Tips for Maintaining an Accurate Ledger Balance
Maintaining an accurate ledger balance is essential for any individual or business to ensure their financial records are up-to-date and accurate. Here are some tips that can help you stay on top of your finances:
Keep Track of All Transactions Regularly
It’s essential to keep track of all incoming and outgoing transactions to understand where your money is going clearly. This includes recording deposits, withdrawals, transfers, bills paid, etc. Doing this regularly will help you stay organized and prevent errors from slipping through the cracks. Additionally, reviewing these transactions periodically ensures everything adds up correctly.
Double Check Your Math Before Finalizing Entries
When entering numbers into your ledger balance sheet or other financial documents, it’s always best practice to double-check your math before finalizing entries. Even if you think something looks correct at first glance – take the extra time to verify accuracy by running calculations twice just in case you made any mistakes. This will save you time and energy when reconciling accounts or preparing tax returns!
Utilize Automated Accounting Software When Possible
Technology has come a long way in recent years, making tracking finances more manageable! Utilizing automated accounting software such as QuickBooks or Xero can be extremely helpful when managing multiple accounts simultaneously, as they provide real-time updates with each transaction entered into them. Not only does this save time, but it also helps reduce the human error associated with manual entry processes – making it much more efficient overall!
Overall, maintaining an accurate ledger balance is key for anyone looking to manage their finances properly and efficiently over time – whether they’re a small business owner or simply trying to budget better personally. By following these simple tips outlined above (keeping track of all transactions regularly, double checking math, utilizing automated accounting software), individuals should be able to set themselves up for success in no time.
Maintaining an accurate ledger balance is essential for making sound financial decisions. With these tips, you can stay on top of your finances and make smart money moves.
The Gist: Maintaining an accurate ledger balance is essential for any individual or business to keep their financial records up-to-date and accurate. To do this, it’s vital to • Keep track of all transactions regularly • Double check math before finalizing entries • Utilize automated accounting software when possible By following these tips, individuals can set themselves up for success in managing their finances efficiently over time.
The Importance of a Ledger Balance for Small Business Owners and Investors
A ledger balance is integral to managing your finances, especially for small business owners and investors. A ledger balance is the total amount of money combined in all accounts. It’s calculated by subtracting all debits from credits to get the final amount. A clear understanding of your ledger balance can help you make better financial decisions and stay on top of your finances.
Why It Matters for Small Business Owners
For small business owners, having an accurate record of their ledger balance is essential to running their businesses efficiently and effectively. Knowing exactly how much money they have in each account helps them plan for budgeting, taxes, payroll, and other expenses. Additionally, keeping track of their ledgers allows them to quickly identify any discrepancies or errors so they can be addressed immediately before they become more significant problems.
Why It Matters for Investors
Investors also need to keep close tabs on their ledger balances because it gives them insight into how well their investments perform over time. By regularly monitoring changes in their ledgers, investors can determine if certain investments are worth continuing or if adjustments need to be made based on current market conditions or other factors that may affect returns on investment (ROI). This information can then be used as a guide when making future investing decisions.
Overall, a good understanding of one’s ledger balance is critical for small business owners and investors alike, as it provides valuable insights into where funds are coming from and going at any given moment in time. This ultimately leads to more informed decision-making about personal finance management strategies.
A clear understanding of your ledger balance is essential for small business owners and investors alike, as it allows them to make informed decisions about their financial future. Next, we’ll discuss why it matters for small business owners.
The Gist: A clear understanding of your ledger balance is essential for small business owners and investors. It allows them to keep track of all their accounts, quickly identify discrepancies or errors, monitor investments’ changes over time, and make more informed decisions regarding budgeting, taxes, payrolls, and other expenses. Key takeaways include: • Subtracting debits from credits to get the total amount • Monitoring ledgers regularly for any discrepancies or errors • Keeping track of investments’ performance over time • Using ledger information as a guide when making future investing decisions.
FAQs about What Is a Ledger Balance
Can we withdraw money from the ledger balance?
No, you cannot withdraw money from your ledger balance. Ledger balances are a record of the transactions that have occurred in an account and do not represent actual funds available for withdrawal. You must transfer funds to another account or use a payment method such as a debit card or check to access funds.
How long does the ledger balance take to be available?
The availability of a ledger balance depends on the financial institution you are using. Generally, most banks and credit unions will update your account information within 24 hours. However, if you have recently made a deposit or withdrawal from an ATM, it may take up to 3 business days for the transaction to be reflected in your ledger balance. Additionally, suppose you have recently transferred funds between accounts at different institutions. In that case, it could take up to 5 business days for the transfer to be completed and reflected in your ledger balance.
How do I make my ledger balance available?
The best way to make your ledger balance available is to use online accounting software such as QuickBooks or Xero. These programs allow you to easily track and monitor your financial transactions, giving you a real-time view of your current finances. Additionally, they provide helpful features like budgeting tools and automated reminders to help you stay on top of your money management goals. With these services, you’ll be able to quickly access and review your ledger balance whenever needed.
Can I transfer the ledger balance to the bank account?
Yes, you can transfer your ledger balance to a bank account. This is typically done through an online banking platform or app. It’s important to double-check the transaction details before confirming it, as mistakes may be costly and time-consuming to fix. Additionally, there may be fees associated with transferring money from one account to another, so understand those costs beforehand.
Conclusion
It allows you to track your financial activity and make informed decisions about where to invest or how much money to allocate for certain expenses. By understanding the basics of calculating and maintaining a ledger balance, you can ensure that your finances are in order and that you’re making smart money decisions. So take some time today to review your ledger balance and get on the path toward financial success!
Cash advance apps have become a vital financial tool, offering a lifeline to those needing early access to earned wages. These apps allow users to borrow money ahead of their pay period, helping them bridge financial gaps and avoid costly overdraft fees or high-interest payday loans.
These apps function by connecting to a user’s bank account, tracking income, and spending patterns. Some require setting up direct deposit through the app. Once connected, users can request an advance on their paycheck, which typically lands in their bank account instantly or within a few business days.
Cash advance apps provide several benefits, including saving users from costly bank charges and providing budgeting tools and savings accounts. However, potential drawbacks include the possibility of falling into a cycle of debt and privacy concerns.
Despite these risks, cash advance apps, when used responsibly, can serve as a valuable financial management tool.
12 Best Cash Advance Apps
We’ve reviewed some of the best cash advance apps available, highlighting key features and who they might be best suited for.
1. Dave – Best for Small Cash Advances
Borrow up to $500 with no interest.
Dave checking account: No fees at 37K MoneyPass ATMs
Tools to help manage spending and anticipate upcoming expenses.
Automated savings: Automatically plans for future financial goals.
Bill alerts: Gives heads up on upcoming bills to prevent overdrafts.
Dave is a financial app well-suited for individuals who occasionally need a small, quick paycheck advance to tide them over until the next paycheck. It’s a reliable tool for managing finances and avoiding overdraft fees.
Dave allows users to borrow up to $500 as a cash advance to cover small expenses or to prevent an account from going negative.
Advances are provided without interest and are automatically repaid on your next payday. Funds are typically available within one to three days, though instant access is available if you choose to pay an express fee.
The Dave app also offers a checking account with no minimum balance, budgeting tools, and an automated savings feature.
The app also alerts users about upcoming bills, helping them better manage their finances and avoid unexpected charges.
2. Brigit – Best for Budgeting Features
Borrow up to $250 with no interest.
Credit builder loans to build credit
Auto-advance: Automatic cash infusion when your balance is low.
Expense forecasting: Predicts future expenses and warns against overspending.
No late fees or penalties: Offers a flexible repayment policy.
Brigit is a cash advance app that stands out due to its strong emphasis on financial tools, making it ideal for individuals who want to better manage their finances while having access to cash.
With Brigit, users can access cash advances up to $250 when their balance is low. The app features an auto-advance option, providing an automatic cash infusion when the user’s bank balance is in danger of dipping below zero.
Brigit also offers a free tool called ‘Finance Helper’ that provides a financial health snapshot and tracks your spending. The app’s algorithm also predicts future expenses and warns users if they’re at risk of overspending.
3. EarnIn – Best for Low Fees
Tip-based fee structure: Pay what you believe is fair.
Daily cash outs: Borrow up to $100 per day based on hours worked.
Balance Shield: Prevents overdrafts with automatic cash infusions.
No credit check: Your credit score isn’t affected by using the app.
Direct deposits: Pay is received directly into your checking account.
EarnIn stands out among cash advance apps for its low-cost structure, making it an ideal choice for those looking to avoid high fees.
Rather than charging a standard fee or interest, EarnIn operates on a tip-based system. This means that users can pay what they believe is fair for the service, even if that amount is zero.
This app works by allowing users to cash out up to $100 per day (up to $750 per pay period) based on the hours they’ve already worked. It’s a great tool to help avoid overdraft fees or cover unexpected expenses between paychecks.
EarnIn also integrates a Balance Shield feature that prevents overdrafts by offering a $100 cash infusion when the user’s bank account falls below a specific amount.
4. Chime – Best for Banking
SpotMe: Allows overdrafts up to $200 without overdraft fees.
Full-service banking: Includes checking and savings accounts with no monthly fees.
Early Direct Deposit: Access your paycheck up to 2 days early with direct deposit.
Automated Savings: Automatic rounding up of transactions to the nearest dollar with transfer to savings.
Secured credit card: Helps build credit score over time.
Chime is a full-service financial technology company that provides users with a banking platform.
Chime’s SpotMe feature allows eligible account holders to overdraft their accounts by up to $200 on debit card purchases without incurring an overdraft fee.
Additionally, Chime offers banking services provided by The Bancorp Bank and Stride Bank, including a no-fee checking account, an automatic savings account, and secured card offerings.
These services, combined with all of Chime’s other features, make it a well-rounded choice for individuals looking to streamline their banking experiences.
5. Current – Best for Quick Cash Advance Processing
Overdraft up to $200 with no fees.
Full-service banking: Provides checking accounts and savings tools.
Spending insights: Offers personalized breakdowns of spending habits.
Teen banking: Offers accounts for teens managed by parents.
No hidden fees: Current is upfront about all its charges.
Current is a comprehensive banking app that stands out due to its impressive speed in processing cash advances.
With Current, you can overdraft up to $200 without incurring overdraft fees. It also provides a checking account, savings tools, and personalized insights into spending patterns.
The lightning-fast processing times and user-friendly platform make Current a reliable choice for individuals who need speedy access to cash.
6. MoneyLion – Best for Comprehensive Financial Services
Instacash: Get up to $1,000 instantly with 0% APR.
Full-service banking: Offers a RoarMoney account for seamless banking.
Credit Builder Plus: Access to a secured credit card to help build credit.
Investment accounts: Provides an opportunity to grow your savings.
Credit monitoring: Keeps an eye on your credit score and provides advice.
MoneyLion sets itself apart as a financial technology company that provides a wide array of services, making it a standout for those seeking comprehensive financial tools in addition to cash advances.
MoneyLion offers a feature known as Instacash, which allows users to borrow up to $1,000 with 0% APR. The requested funds are transferred instantly to the user’s MoneyLion checking account, providing immediate financial relief.
MoneyLion also offers banking services, including a RoarMoney account and a secured card to help build credit.
Investment accounts are also part of its suite of services, making MoneyLion a one-stop solution for numerous financial needs.
7. Albert – Best for Personal Finance Management
Access up to $250 from your next paycheck.
Automated transfers to help you save money effortlessly.
Albert Geniuses: Subscribers can get personalized financial advice.
Keep track of your spending and set budget goals.
Invest in stocks and funds
Albert shines as a financial app focused on overall personal finance management while also offering a cash advance feature. This makes it an excellent choice for users who seek to enhance their financial literacy and stability.
Albert’s cash advance feature, Albert Instant, allows users to advance up to $250 from their next paycheck. This provides a handy buffer against unexpected expenses or potential overdraft fees.
Albert also offers an array of tools, including an automatic savings feature, budgeting help, and a subscription service that provides access to financial advisors for personalized advice.
Furthermore, Albert Geniuses, the app’s text-based financial advice feature, is a unique tool that helps users make more informed financial decisions.
8. Empower – Best for High Cash Advance Limits
Borrow up to $250* with no interest or late fees.
Free credit monitoring
Sets aside savings automatically based on your spending habits.
Spending tracking: Monitors spending to provide insights and alerts.
Personalized tips: Provides suggestions tailored to the user’s spending patterns.
Empower is an app that caters to those who might need larger cash advances, standing out with its high cash advance limits.
Empower offers qualified users advances up to $250* with no late fees or interest. The Cash Advance feature can be a lifesaver for individuals facing unexpected expenses or dealing with high living costs, providing a buffer until the next payday.
In addition, Empower provides a host of banking and financial services. It offers automated saving features and spending tracking to help users manage their finances more effectively.
* Eligibility requirements apply. Minimum direct deposits to an Empower checking account, among other conditions, may be required.
9. Payactiv – Best for Direct Deposit Advances
Direct deposit advances: Access up to 50% of earned wages before payday.
Financial counseling: Offers assistance to help manage finances.
Budgeting tools: Provides tools to monitor spending and set budget goals.
Discounts: Offers discounts on healthcare, retail, and commuting services.
Payactiv is a standout cash advance app for those seeking direct deposit advances, offering a unique system for accessing earned but unpaid income.
With Payactiv, users can access up to 50% of their earned income before payday, providing flexibility and a safety net for those with unpredictable expenses. This advance is automatically repaid from the user’s next paycheck, making it a seamless solution.
Payactiv also offers financial counseling, a Visa debit card, and a savings program. It also provides discounts for healthcare, retail, and commuting services.
Its comprehensive approach to financial wellness makes Payactiv a robust tool for managing personal finance.
10. Vola – Best for Students
Cash advances for students: Offers advances up to $300.
Financial learning resources: Provides educational content to enhance financial literacy.
Budgeting insights: Helps manage finances and plan for future expenses.
Overdraft prediction: Alerts users if they’re at risk of overdrawing their account.
Subscription model: Flat monthly fee provides access to all features.
Vola is a financial app specifically tailored to meet the needs of students, making it the ideal choice for students seeking cash advances.
The app understands the unique financial challenges faced by students and offers solutions to help them navigate their financial journey.
With Vola, students can borrow up to $300. It uses a subscription-based model, which also provides access to various financial tools and learning resources that are especially beneficial for students.
Vola also offers a suite of financial learning resources, money management tools, and an overdraft prediction feature.
These resources empower students to learn about personal finance management while providing a financial safety net when needed.
11. Kora – Best for User Experience
User-friendly: Simple and intuitive interface for ease of use.
Cash advances: Provides advances up to $500 to cover unexpected expenses.
Budgeting tool: Helps users manage their spending and save money.
Bill tracker: Helps users keep track of upcoming bill payments.
No hidden fees: Kora offers transparency in its fee structure.
Kora sets itself apart with its user-friendly interface and experience, making it the best choice for individuals who prioritize a seamless and intuitive user experience when it comes to cash advance apps.
With Kora, students can get up to $3,000, or as little as $25 to start building their credit history. The app’s interface is designed to be straightforward and easy to navigate, allowing users to request an advance with just a few taps.
Kora also offers financial planning tools, including a budgeting feature and a bill payment tracker. The simple, user-friendly layout makes it easy for users to manage their financial activity and plan ahead.
12. Varo – Best for No Overdraft Fees
Overdraft fee-free: Users are not charged for overdrafts.
Cash advances: Provides advances up to $250 to cover unexpected expenses.
Savings Account: Earn 5% APY on up to $5,000.
No hidden fees: Transparent about all charges and costs.
All-in-one banking: Combines a range of banking services in one app.
Varo is a standout for those who wish to avoid overdraft fees while getting cash advances. As a financial technology company that offers online banking, Varo’s cash advance app is an excellent choice for users seeking straightforward, cost-effective solutions.
With Varo, users can access a cash advance of up to $250. It’s also worth noting that Varo, unlike most cash advance apps, does not charge overdraft fees, making it a great option for those who are concerned about accruing extra charges.
Varo also offers a 5% APY savings account, allowing users to manage all their banking needs in one place.
Criteria for Evaluating Cash Advance Apps
When evaluating the best cash advance apps, several critical factors were considered to ensure a comprehensive and accurate review. These apps were assessed based on the following criteria:
Fees: The cost to use the app is a significant factor. This includes any charges for cash advances, subscription fees, late fees, or any other additional costs that could be incurred by the user.
User Experience: The design and functionality of the loan app plays a pivotal role in its effectiveness. A well-designed app should be easy to navigate, intuitive, and user-friendly. This includes the process of requesting a cash advance, accessing available features, and obtaining customer support.
Cash Advance Features: The primary function of these apps is to offer cash advances. Key considerations when assessing these features include maximum advance amounts, fees, repayment terms, and speed of delivery.
Additional Features: Many cash advance apps offer extra features, such as credit building tools, financial guidance, and more. These were evaluated based on their usefulness and how well they integrate with the cash advance function.
Customer Service: Good customer service is essential for any app. The availability, responsiveness, and helpfulness of the customer service team were considered.
Customer Reviews and Reputation: Online reviews and the overall reputation of the app provide insight into user satisfaction and potential issues.
Security: As these apps handle sensitive financial data, the security measures in place were evaluated to ensure they protect user information effectively.
By assessing each app based on these criteria, we aimed to provide a comprehensive overview to help you select the cash advance app that best suits your needs.
How to Choose the Right Cash Advance App for You
As you consider which cash advance app is right for you, it’s important to note a key difference between these apps and traditional payday lenders. Most cash advance apps do not charge interest, unlike payday lenders.
This makes cash apps typically a more cost-effective solution for short-term cash needs. Choosing the right cash advance app requires understanding your financial needs, habits, and goals. Here are a few steps to guide you:
Identify Your Needs: The first step is to define what you need from a cash advance app. Do you need a large advance, or will a small amount suffice? How quickly do you need access to the funds? Are you interested in the other features they offer?
Evaluate the Costs: Understanding the cost structure of the loan app is essential. Some apps might have high fees that can add up over time. Remember to consider both the upfront costs.
Assess the Features: Look beyond the cash advance function. Many apps offer useful features that can help you manage your finances better. Some have financial planning tools, bank accounts, and even financial education resources. If these features are important to you, they should be a significant factor in your decision.
Consider User Experience: The app should be easy to use and navigate. Read online reviews or try out the app to see if you find it user-friendly.
Check the Customer Service: Good customer service is crucial, especially when dealing with financial services. Check if the app provides timely and effective support when needed.
Think About Your Financial Future: Consider whether the app can grow with you. Some cash advance apps include features that can help you improve your financial health in the long term, such as bank accounts, credit building tools, or investment options.
By taking the time to consider these factors, you’ll be well-positioned to choose an app that fits your personal needs and helps enhance your financial situation. Remember, while cash advance apps can provide quick relief in times of need, they’re not a sustainable solution for financial difficulties. If you frequently find yourself needing to borrow money, it may be worth seeking advice from a financial advisor.
Bottom Line
Cash advance apps like Earning, Chime, and Current offer a variety of features and services to meet different financial needs. From low fees and banking features to high cash advance limits and user-friendly experiences, these apps provide convenient solutions for those in need of quick cash access.
The right app for you depends on your individual financial needs, habits, and goals. It’s crucial to consider the costs, available features, user experience, and customer service when choosing an app.
However, it’s important to remember that while these apps can provide immediate financial relief, they should be used responsibly. Cash advances are a temporary solution and not a replacement for sound financial management or long-term financial planning. Frequent reliance on money loan apps may indicate deeper financial issues that need to be addressed.
Lastly, remember to carefully read and understand all terms and conditions before using a cash advance app. Make sure you fully understand the app’s features, fees, and repayment terms can prevent unpleasant surprises down the line.
The Dave app is a personal finance service including a bank account with no fees for overdrafts. It doesn’t require a minimum balance, and users can access a short-term $500 advance if necessary.
Users can withdraw from ATMs, and the app sends updates on side-hustle opportunities. It provides notifications to help users manage their money sensibly.
Life has a habit of throwing curveballs, and if you’re like most of us, you’ve found yourself with unexpected expenses when your bank account is running low, putting you in danger of overdraft fees.
Cash advances can be your lifeline in the last week or so before your pay comes in. But many payday lenders charge interest that pulls you deeper into debt.
Dave claims to provide the advance you need until your next paycheck is paid without exorbitant fees. At present, around millions of people are registered with Dave..
Here’s our Dave app review.
What’s Ahead:
What is Dave app?
Three friends were dissatisfied with certain aspects of traditional banking, especially overdraft fees, due to difficulty monitoring monthly expenses and their remaining bank balance.
Backed by celebrity investor Mark Cuban, they developed the Dave cash app as a “David vs. Goliath” solution for the majority of Americans to avoid overdraft fees and exorbitant payday loans.
With Americans paying as much as $12.4 billion in overdraft fees in 2020, such an innovation addressed a real consumer pain point.
Dave app is an entirely mobile platform available for iPhones running iOS (download from Apple App Store) and Android phones (download from Google Play Store). It isn’t available on computers.
Get Dave app here.
Pros and cons
Pros
No credit check to qualify
ExtraCash™ advances up to $500
Easy sign-upprocess and instant access to advances
No overdraft fee (settlement cheaper than overdraft fees)
No low balance fees
Potentially low fee/zero-fee way of borrowing money
Very useful for occasional emergency expenses
Early direct deposit funds
Round-the-clock support from trained financial professionals
Dave Spending Account and Dave Debit Card may not be used for internet gambling
Cons
Problems with transfers or deposits into your account can result in it becoming overdrawn (this must be rectified within 60 calendar days)
$1/month Dave membership fee (although compared to most monthly fees, this is low).
Tips are optional, however they are effectively interest on the advance if you choose to leave a tip
Instant access to cash advances in your Dave account or another account requires you to pay express fees
Dave requires bank account access (if you use it in addition to your existing bank account) You must share your Social Security number or Tax Identification Number
Using Dave may encourage people to borrow money against future earnings rather than accumulating emergency savings
Short repayment terms
How the Dave app works
The Dave app is a fully mobile interface for banking products provided by the financial institution Evolve Bank & Trust, partnering with Dave Inc.
It has two main products: a spending account and Extra Cash. The spending account functions as a checking account and you can get your direct deposit up to two days early if you choose to have your direct deposit sent there.
ExtraCash allows you to get an advance of up to $500 that is paid back automatically on your next payday. For a small fee, you can spend it out of your spending account with your Dave debit card or transfer it to another checking account for free.
Learn more at the Dave app website.
The Dave account: Setting up a bank account
Download the Dave App and link your bank account to determine whether you qualify for an ExtraCash advance.
Dave spending account
This account is Dave’s primary product. Calling it a spending account emphasizes that it is similar to a checking account, without checking. Evolve charges no overdraft fee or low-balance fees.
You can use this account alone or with a linked bank account. The linked account may be a checking account or another type of bank account, such as a savings account.
The Dave Debit Card, backed by Mastercard®, is linked with this account, and you can make debit card purchases with it like with any other debit card and withdraw from MoneyPass® ATMs.
You can use your Dave Debit Card in Canada, Mexico, and the UK to pay or withdraw cash from ATMs; foreign transaction fees apply for both uses as specified in the deposit account agreement.
The app provides you with a Virtual Dave Debit Card on your phone.
The Dave Rewards program, linked to the Dave Debit Card, offers cashback opportunities for spending ExtraCash advances via this card.
Learn more at the Dave app website.
Set up an ExtraCash account
Within the Dave app, will answer some verification questions and then you can set up an ExtraCash Account.
Qualification requirements for an ExtraCash advance
Dave uses a proprietary underwriting model to analyze your bank account for markers of financial health so as not to plunge you into a worse financial position.
This model determines your monthly income, account balance, and typical spending habits and uses this information to decide whether or not you qualify for a advance and how much. It does not do a credit check with the credit bureaus.
Your bank account must be at least 60 days old, have a minimum of three recurring deposits, and monthly deposits must total at least $1,000.
You must also verify your identity.
You may use the money for rent, gas, buying a Black Friday special, attending a friend’s wedding, and other personal and household expenses that can’t wait till the next payday.
However, you may not cover business or educational expenses with this money.
Does Dave app give you money instantly?
When requesting a advance from Dave’s ExtraCash account, you can elect to send money to any account you wish at no charge (but a two to three business day period to clear), or you can access funds instantly.
With express delivery, you can send it to your Dave Account, where it is available within minutes, or to an external bank account and external debit card, within an hour.
However, this instant access to cash requires you to pay an express fee that depends on the amount of the transfer money, with transfers to external bank accounts costing more than those to a Dave Spending Account.
How much eoes Dave let you advance?
The service has gradually increased the advance amount. Although a maximum of $75 is often quoted online, this amount is outdated, and the current maximum advance Dave offers is $500.
The average cash advance offered as of October 10, 2022, was $120. Eligibility on your account resets at midnight.
Learn more at the Dave app website.
How long do you have to pay Dave back?
When you take an advance, your ExtraCash Account balance goes into the negative; the agreement between you and Dave is that you will return the balance in this account to $0 (settle the account).
If you have a fixed pay period, you will be required to settle on your paydays; should you have no fixed pay period, you must usually settle on the nearest Friday after you take the advance. Users who cannot settle at these times incur no late fees for settling later; the platform may take partial payments to cover the amount advanced.
Once your settlement has reflected, bringing the balance back to $0, you could beeligible for another advance. You can have a positive balance in your ExtraCash account, up to a maximum of $500.
How much must you pay back to Dave?
On your settlement date, or as soon as possible afterward, you must repay the advance, any express fee for immediate access to cash, and a tip (the app defaults to 10%; you can set it to anything between 0% and 25%).
This tip allows you to reward Dave for helping you while remaining in control of your expenses. A portion of your tip goes to Feeding America, which feeds the hungry via a network of community food banks.
In addition, Dave charges a monthly fee of $1. As a result, these are not entirely free advances, but they are still more affordable advances than traditional payday loans.
Dave app features
The app has several useful features for savers. Let’s take a look.
Insights
Insights provide automatic account monitoring that analyzes your paycheck or wages, monthly debits for rent, utilities, and other services, and your monthly average spend on things like gas and food.
You can also manually add expenses to the tool. The budgeting tools let you view your budget and see how much you can still spend before your next paycheck is paid into your savings account.
Dave’s notification services can send you a warning text if a bill could put you in danger of an overdraft fee.
Learn more at the Dave app website.
Side hustle
If you regularly find yourself anxiously waiting for the next payday to come, why not take on a side job to earn a bit more money?
Dave has partnered with scores of partner businesses that offer flexible, local jobs in your area through Dave’s Side Hustle feature. You can also fill out Dave Surveys and get paid for each survey completed.
Early direct deposit
Depending on your employer’s specific payroll policies, Dave may be able to get you access to your paycheck up to two days early via an early direct deposit.
Dave app fees
For a $1 monthly membership fee, Dave analyzes your spending patterns to predict whether you’re in danger of becoming overdrawn and avoid an overdraft fee by giving you a advance of up to $5o0.
The app itself has no minimum balance requirement, late fees, or overdraft fees (although it is possible for your account to become overdrawn).
You can withdraw money at 37 thousand MoneyPass ATMs nationwide, with no ATM fees. When repaying advances (a process referred to by Dave as settlement), you are encouraged to leave a tip (between 1% and 25% of the advance amount).
Learn more at the Dave app website.
What people are saying about Dave app: Customer reviews
The Dave app has 575.8k ratings on Apple App Store, with an average rating of five stars. On Google Play Store, 426k people have rated this app, with an average rating of four-and-a-half stars.
Is Dave right for you?
Being a Dave member can be very useful if you have occasional small emergency expenses; you can use the advances instead of personal loans that would take longer to apply for and access.
It is also a money-saver when you use it to avoid overdraft fees that would otherwise gobble up an appreciable chunk of your pay.
However, using it as an adjunct to an emergency savings account is best.
Ensure that your next paycheck will cover the settlement and your monthly expenses and that you have a checking account that receives recurring direct deposits.
Get started with the Dave app.
Who the Dave app isn’t right for
The Dave app isn’t right for everyone. If you know you have a habit of spending more money than you earn, you should know that the app isn’t a quick fix for these habits. Dave’s advance feature is also not ideal if you need same-day cash with low repayments (due to the express fees Dave charges). Same-day personal loans are probably a better solution in this case.
If you need a longer repayment term than the service offers, personal loans or a credit card are a better option.
Some people prefer not to share their bank account details, Tax Identification Number, or Social Security number with Dave.
Is Dave a trustworthy app?
Dave uses various banking-level security measures, such as 2048-bit encryption, to protect data transmission (including your SSN and password). Banking credentials are used once for authentication purposes.
The data center housing the Dave servers is monitored by security personnel around the clock. Independent security experts are engaged to assess and test site security.
FDIC insures every account up to $250,000.
Get started with the Dave app.
Dave vs. other cash advance apps
Here’s a quick comparison of the app versus similar services.
Dave vs. Earnin
Earnin gives cash advances up to $500/month, but its fees are not transparent.
Earnin also requires users to provide an electronic timesheet or geographic location data to confirm that they’ve been working.
Here’s our full Earnin review.
Dave vs. Brigit
Brigit also offers budgeting tools and cash advances up to $250. However, its monthly fee is $9.99, and its encryption is only 256-bit.
Learn more at Brigit.
Dave vs. Branch
Branch offers advances up to $150/day or a maximum of $500 of your paycheck, but you may not work remotely.
Learn more at Branch.
Summary
The Dave app provides a basic yet effective debit account with a low monthly fee, an associated debit card, an insightful budgeting tool, and advances that help you pay for an emergency or avoid overdraft fees.
Download the app and sign up today!
*ExtraCash™ is a DDA account with overdraft utility, advances are subject to eligibility requirements and identity verification. Taking an ExtraCash™ advance will make your account balance negative. Express delivery fees apply to instant transfers. Average approved advance is $120 as of October 10, 2022. See the Extra Cash Account Agreement for more details.
**Early access to direct deposit funds depends on timing and availability of the payroll files sent from your employer. These funds can be made available up to 2 days in advance.
The Sunshine State is a great place to call home. Whether you’re an individual or small business owner, rest assured there are many banks available to help you meet your financial goals.
While some banks have brick-and-mortar locations in Miami, Tampa, Jacksonville, Orlando, and other parts of the state, others are online-only, meaning you’ll need to use an online portal or mobile banking app to manage your accounts.
15 Best Banks in Florida
We’ve done all the research and compiled this list of the best banks in Florida so you can make the most informed decision for your unique situation.
1. Huntington Bank
Huntington Bank has been around since 1866 and primarily services Southwest Florida. Its solo Florida branch can be found in Naples but you can bank from anywhere, thanks to a robust digital banking program.
Huntington’s checking accounts come with many benefits, such as 24-hour grace overdraft fee relief, platinum debit cards, mobile pay, and early pay. You can make deposits to them directly or through an ATM or mobile device.
If you’re looking for the ideal savings account, you may choose from several money market accounts, IRAs and other retirement accounts, and certificates of deposit. Huntington serves small business owners in Florida as well through business checking accounts, business credit cards, business loans, insurance products, and more.
2. Chime
Chime isn’t a traditional bank or credit union. However, it’s a mobile banking app you can take advantage of in Florida. It made its debut in 2013 and offers online banking services through Bancorp Bank, N.A. and Stride Bank.
With the Chime Checking account, you can enjoy early direct deposit, automated savings tools, free debit card replacement, and access to over 60,000 fee free ATMs across the county. If you opt for the Chime High-Yield Savings account, you’ll lock in a competitive interest rate and won’t have to pay monthly fees or meet a minimum balance requirement. Plus, there is no cap on how much interest you may earn.
3. Revolut
Revolut is another non-traditional banking opinion that serves Floridians from the U.K. With Revolut, you can access your paycheck up to two days early and won’t be charged fees for withdrawals at 55,000 ATMs across the nation.
If you consider yourself an avid traveler, you’re sure to appreciate its travel perks, such as currency exchange, overseas health insurance, delayed baggage and flight insurance, and the ability to make purchases in numerous currencies.
With the Smart Delay feature, you’ll get to hang out in airport lounges if your flight is delayed. Additionally, Revolut offers budgeting and analytics tools so you can keep your finances in check as well as cash back when you make purchases at select retailers.
4. Ally Bank
Ally Bank is an online bank with rates that are about 10 times the national average. Even though there are no Ally branches in Florida, it’s a solid pick if you’d like your money to grow quickly. Unlike most brick-and-mortar financial institutions in the Sunshine State, Ally doesn’t charge monthly fees or impose minimum balance requirements.
You can open an Ally account with any deposit amount. In addition to a savings account, you may take advantage of an interest bearing checking account and credit cards with rewards like cash back and travel points. We can’t forget Ally’s retirement and investment services, which include self-directed trading, robo portfolios, IRAs, stocks, commission-free ETFs, and even cryptocurrency.
5. Regions Bank
Regions Bank is a regional bank with more than 300 branches and 500 ATMs in Florida. If you’re an avid traveler, rest accrued the bank also has many locations in the Midwest, South, and Texas. Regions stands out from other, larger financial institutions for its checking account rewards program and LifeGreen Savings account, which is free of monthly maintenance fees and service fees.
In addition to the LifeGreen Savings account, you may opt for a Regions Savings account. This account offers a discount on a safe deposit box, a minor account for children under 18, and the Now Savings account, which is specifically for those with a Regions prepaid Visa card.
Furthermore, Regions offers CDs with terms that range from seven days and 72 months. Other perks include a robust mobile app and 24/7 customer service through an online secure messaging system.
6. Bank of America
Bank of America is a large bank with nearly 500 branches throughout the Sunshine State and no shortage of ATMs across the country. Thanks to its handy mobile app, you can cash checks, pay bills, and manage your accounts while you’re on the go. Speaking of accounts, there’s something for everyone at Bank of America.
The Bank of America Advantage Banking account is a checking account with three features: SafeBalance, Advantage Plus, and Advantage Relationship. With SafeBalance, which is ideal for students, you don’t have to worry about overdraft fees.
Advantage Plus offers several ways to waive monthly fees and Advantage Relationship rewards you with interest and other perks for higher balances. In addition, Bank of America boasts credit cards with generous sign on bonuses for new checking account customers, a variety of mortgages, and investment management services.
7. Chase Bank
Chase Bank is a part of JPMorgan Chase and has more than 400 branches in Florida. With Chase, you can expect a large ATM network of over 16,000 ATMs across the country and a number of online and mobile banking tools. If you decide to become a Chase customer, you’ll have access to two savings accounts: the Chase Savings account and the Chase Premier Savings account.
While Chase Savings comes with a low monthly fee, the Chase Premier Savings is a solid pick if you’re looking for a competitive interest rate on a large balance. When it comes to checking accounts, Chase offers several options, like the Chase Total Checking account and the Chase Sapphire Checking account with perks like attractive interest rates and no ATM fees.
Note that the Chase Sapphire Checking account is only available for Sapphire members with an average balance of $75,000 average balance.
8. Fifth Third Bank
Fifth Third Bank is a national bank that was recognized by J.D. Power for the great banking experience it provides in Florida. It has numerous branches in Bradenton, Lakeland, Apopka, Orlando, and other cities throughout the state.
You can open a checking or online savings account without having to worry about an opening deposit requirement and won’t be charged a monthly fee for any checking account.
If you do face a fee for a savings account, there are several ways to get it waived. Fifth Third also offers an extensive ATM network, which will give you access to more than 50,000 ATMs across the country.
Additionally, if you get paid via direct deposit in a Fifth Third account, you may access your paycheck up to two days early. For questions and concerns, you can reach out to Fifth Third’s customer service team 6-days a week.
9. TIAA Bank
TIAA Bank is the largest regional bank in the Sunshine State. You can find its financial centers in Jacksonville, Clearwater, Boca Raton, Coral Gables, Fort Lauderdale, Naples, and Fort Myers.
In addition to a personalized banking experience, this Florida bank provides a checking account featuring low fees and no transaction limits, a savings account with no monthly account fees and competitive rates, and three different types of CDs.
Plus, the bank is digitally savvy and provides online banking tools so you can keep tabs on your accounts, set a budget and savings goals, make transfers, pay bills, and send money with Zelle. If you’re interested in investing, TIAA Bank will give you the opportunity to invest in precious metals and foreign currencies.
10. Capital One
Capital One is a national bank that’s known for its flagship 360 Checking account. With a 360 Checking account, you can enjoy an attractive interest rate, access to more than 70,000 fee-free ATMs across the U.S., and 24/7 mobile banking.
You also won’t be on the hook for any monthly fees and Capital One will automatically decline any transitions that overdraw your balance for no extra charge.
Even though Capital One does not have any physical branches in Florida, you can apply for and manage your accounts online. Other benefits of Capital One include early paycheck, which can allow you to receive your incoming funds up to two days early, free financial coaching sessions, and a well-designed mobile app.
11. Raymond James Bank
Raymond James Bank is based in Florida. It’s an affiliate of Raymond James, which is a financial company with headquarters and one branch location in St. Petersburg. Through its Enhanced Savings Program, you’ll be able to earn interest on certain cash if you link your brokerage account to a high-yield Raymond James bank account.
You can also receive yields that are higher than traditional checking or savings accounts without bank fees or holding periods. Raymond James also offers a plethora of mortgage products, such as fixed rate and adjustable rate mortgages, interest-only mortgages, jumbo mortgages, pledged securities mortgages, construction mortgages, and home equity lines.
12. PNC Bank
PNC Bank is one of the largest traditional banks in the U.S. with nearly 200 branches in Florida. It offers the PNC Standard Savings account, a children’s savings account, and Virtual Wallet, which pairs a traditional checking and savings account. If you decide on the Virtual Wallet, you can enjoy a generous sign-up bonus and no fees.
When it comes to CDs, you can choose from a plethora of options including fixed rate CDs, ready access CDs, fixed rate IRA CDs, callable CDs, variable CDs, and stepped rate CDs. Additionally, the bank goes the extra mile with free budgeting tools and competitive interest rates for account holders that meet certain criteria. As an added bonus, PNC has a reputation for stellar customer service.
13. Discover Bank
Discover Bank is known for its credit cards. However, it’s an online bank with other banking products for Florida residents. Not only does Discover offer cash back on debit card purchases, it doesn’t charge monthly maintenance fees, insufficient funds fees, or overdraft fees.
While there are no branch locations in Florida, Discover has an intuitive mobile banking app and is part of a large ATM network of more than 60,000 fee free ATMs. In addition to checking accounts and savings accounts, you can turn to Discover for credit cards with various rewards and loans, like personal loans, student loans, home equity loans, and mortgage refinancing.
14. Wells Fargo
Wells Fargo is a major financial institution with more than 600 branches and thousands of ATMs throughout Florida. At Wells, you’ll find a full suite of banking products and services, such as checking accounts, savings accounts, certificates of deposit (CDs), credit cards, personal loans, and home loans.
You can choose from a basic, no-frills free checking account or opt for an interest checking account or a checking account for a teen or young adult. There are also a few saving account options, like a goal-based savings account and a high-interest savings account.
While you can visit a local branch if you prefer an in-person banking experience, you may also take advantage of online and mobile banking. In addition, Wells offers other conveniences like Zelle money transfers and online bill pay.
15. My eBanc
My eBanc is an online savings bank that serves customers in Florida and other parts of the U.S. It’s part of Banco Bradesco, a large bank in Latin America, which is an FDIC insured institution chartered in Florida. As a My eBanc customer, you’ll have access to several products that can help you save money and achieve various financial goals.
The SuperSaver Money Market account requires a $5,000 minimum deposit but offers perks such as a competitive interest rate, unlimited deposits, money management tools, and mobile check deposit. Other popular accounts you might consider include the eRelationship Savings account and Advantage Checking account. My eBanc also offers online time deposits with terms between 6 months and 36 months.
Types of Banks in Florida
The ideal bank depends on your particular banking preferences. In the Sunshine State, most banks are either national banks, regional banks, community banks, or online banks. Let’s take a closer look at how each banking option works.
National Banks
National banks are common in larger cities throughout Florida. If you’re looking for a wide range of banking products, you’re sure to find them at national banks, such as Wells Fargo, PNC Bank, and Wells Fargo.
Regional Banks
Regional banks have branches in certain regions of the U.S. In most cases, these banks are mid sized and offer a good mix of personal banking and business banking products. A few examples of regional banks in Florida include Regions Bank and TIAA Bank.
Community Banks
Community banks serve customers in specific geographic areas. Also known as local banks, community banks are similar to credit unions in that they focus on personal customer service and community outreach. Community Bank of the South and Mainstreet Community Bank of Florida are two community banks in Florida.
Online Banks
Online banks don’t have physical locations in Florida but serve individuals and businesses with online banking services. Since they have less overhead costs than banks with brick-and-mortar locations, online banks tend to offer more competitive interest rates and minimal to no fees.
Bottom Line
If you live or work in Florida, there are many reputable banking options available to you. As you explore various banks and credit unions, consider their accounts and services, fees, interest rates, customer service, and perks. Good luck in your search for the best bank in Florida.
Frequently Asked Questions
What are the largest banks in Florida?
The largest banks in the Sunshine State include Bank of America, Wells Fargo, and Fifth Third Bank. These banks have many branches throughout the state.
Should I choose an online bank?
If you’re comfortable with the internet or mobile apps, online banking from a place like Ally Bank and CIT Bank can be a smart choice. This is particularly if you can find the products you need with competitive interest rates and low fees.
What is the best bank for in person service?
Florida offers many great options if you prefer an in-person banking experience. You might want to consider Regions Bank, TIAA Bank, or Raymond James Bank.
How do I open a bank account in Florida?
Most banks allow you to open a deposit account online, from the comfort of your own home or office. Be prepared to make a minimum opening deposit and provide basic personal information, like your name and Social Security number.
Do Florida banks charge fees?
In most cases, larger brick and mortar banks require customers to pay fees like monthly service fees, wire transfer fees, overdraft fees, excessive withdrawal fees, ATM fees, and late payment fees. You might be able to get them waived, depending on the bank and the type of account you open.
What is the best local bank in Florida?
There are many local banks in the Sunshine State that each come with their own benefits and drawbacks. Several options you might want to explore include Florida Shores Bank, Seaside Bank and Trust, and One Florida Bank.
What is the difference between a bank and a credit union?
Anyone can become a customer at a bank. If you want to take advantage of the products and services at a credit union, you’ll need to meet certain criteria and join it.