The current average interest rate for a fixed-rate, 30-year conforming mortgage loan in the United States is 6.960%, according to the most recent data available from mortgage technology and data company Optimal Blue. Read on to see average rates for different types of mortgages and how the current rates compare with the last reported day prior.
Type of Mortgage
Current Rate
Rate Last Reported
30-year conforming
6.960%
6.992%
30-year jumbo
7.160%
7.269%
30-year FHA
6.737%
6.743%
30-year VA
6.500%
6.532%
30-year USDA
6.795%
6.696%
15-year conforming
6.431%
6.553%
30-year conforming
6.960%
6.992%
30-year jumbo
7.160%
7.269%
30-year FHA
6.737%
6.743%
30-year VA
6.500%
6.532%
30-year USDA
6.795%
6.696%
15-year conforming
6.431%
6.553%
30-year mortgage rates
30-year conforming
The average interest rate, per the most current data available as of this writing, is 6.960%. That’s down from 6.992% the last reported day prior.
30-year jumbo
What exactly is a “jumbo mortgage” or “jumbo loan”? Simply put, it exceeds the maximum amount for a normal (conforming) mortgage. Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency set this maximum.
The average jumbo mortgage rate, per the most current data available as of this writing, is 7.160%. That’s down from 7.269% the last reported day prior.
30-year FHA
The Federal Housing Administration provides mortgage insurance to certain lenders, and the lenders in turn can offer the consumer a better deal on aspects such as being able to qualify for a mortgage, potentially making a smaller down payment, and possibly getting a lower rate.
The average FHA mortgage rate, per the most current data available as of this writing, is 6.737%. That’s down from 6.743% the last reported day prior.
30-year VA
A VA home loan is offered by a private lender, but the Department of Veterans Affairs guarantees part of it (reducing risk for the lender). They are accessible if you’re a U.S. military servicemember, a veteran, or an eligible surviving spouse. Such loans may sometimes allow the purchase of a house with no down payment at all.
The average VA home loan rate, per the most current data available as of this writing, is 6.500%. That’s down from 6.532% the last reported day prior.
30-year USDA
The U.S. Department of Agriculture operates programs to help low-income applicants achieve homeownership. Such loans can help U.S. citizens and eligible noncitizens purchase a home with no down payment. Note that there are stringent requirements to be able to qualify for a USDA home loan, such as income limits and the home being in an eligible rural area.
The average USDA home loan rate, per the most current data available as of this writing, is 6.795%. That’s up from 6.696% the last reported day prior.
15-year mortgage rates
A 15-year mortgage will typically mean higher monthly payments but less interest paid over the life of the loan. The average rate for a 15-year conforming mortgage, per the most current data available as of this writing, is 6.431%. That’s down from 6.553% the last reported day prior.
Why do mortgage rates fluctuate?
While your personal credit score largely determines the mortgage rate you receive, several external factors also play a role. Important considerations include:
Actions by the Federal Reserve: When the Federal Reserve raises or lowers the federal funds rate, lenders typically adjust their interest rates in response. This strategy helps the Fed control the money supply and influence borrowing costs for both consumers and businesses.
Inflation levels: Although related, inflation and the Fed’s actions are distinct factors. The Fed raises or lowers rates to control inflation, but lenders may also adjust rates independently to protect their profits when inflation is high.
General economic conditions: Lenders consider factors like economic growth and housing supply and demand when setting mortgage rates. These are just a couple of the many puzzle pieces that can influence mortgage rate changes.
Learn more: How are mortgage interest rates set by lenders?
Choosing the right mortgage for you
There is no one-size-fits-all mortgage. While most mortgages are conventional, government-backed loans (FHA, VA and USDA home loans) can be a more affordable option if you qualify.
Here are a couple other terms you may encounter in your mortgage research:
Jumbo mortgages: These aptly named jumbo loans are ideal for purchasing homes that exceed the limits of conforming mortgages, although they may be more expensive in terms of interest paid over the long run.
Adjustable-rate mortgages (ARMs): ARMs typically offer low initial rates that can increase over time. Consider this option carefully.
The rate data provided in this article reflect averages for fixed-rate mortgages.
If you’re uncomfortable comparison shopping for rates on your own, a mortgage broker can assist you (for a fee) in finding the best mortgage offer for your situation.
How high have mortgage rates been in the past?
While mortgage rates may feel sky-high these days compared to the sub-3% rates some homebuyers scored in 2020 and 2021, what we’re seeing currently isn’t that strange when compared with historical data on mortgage rate averages. Below are a couple charts from the Federal Reserve Economic Data (FRED for short) online database for context.
30-year fixed-rate mortgage historical trends
If you think rates between 6% and 8% today are scary, consider September through November of 1981, which saw the average rate hovering between 18% and 19%, according to FRED.
Check out the FRED 30-year mortgage rate chart:
15-year fixed-rate mortgage historical trends
Rates today on 15-year mortgages, as shown in the Optimal Blue data above, are roughly on par or even slightly lower than what we see during many previous periods. For example, take a look at FRED data for the end of 1994 and beginning of 1995, when rates neared 9%.
See the FRED 15-year mortgage rate chart:
Frequently asked questions
What’s a good mortgage rate in 2024?
With current market conditions, applicants with excellent credit can expect rates between 6% and 8%. Those with lower credit scores, particularly in the low 600s, might see rates above 8%.
Keep in mind that credit score is just one factor affecting your mortgage rate. Other factors include your down payment, location, and loan term.
Learn more: Easy ways to check your credit score.
How does a mortgage rate lock work?
Due to potential daily fluctuations in mortgage rates, a mortgage rate lock (or lock-in) can help secure a favorable rate. These locks usually last 30, 45, or 60 days and can be extended if necessary.
However, rate locks have potential downsides. If rates decrease, you won’t benefit from the lower rates, and extending a lock can be costly if the initial period isn’t long enough.
Additionally, a rate lock doesn’t guarantee your rate won’t change. Factors like changes in your credit score or unexpected appraisal values can still affect your mortgage rate.
Why are interest rate and APR different?
The interest rate is the cost of borrowing, while the APR (annual percentage rate) includes any additional fees, making it higher. Although these terms are distinct for mortgages, they are often used interchangeably for credit card rates.
Teachers often find themselves with extra time during the summer break, making it the perfect opportunity to earn some extra money! If you’re looking to boost your income, there are plenty of side hustles that can fit seamlessly into your summer schedule. From tutoring to freelance work, these easy summer side hustles can help teachers make the most of their time off while supplementing their income. Let’s explore some of the best options to keep you busy and financially secure this summer.
Resell your Curriculum
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Teachers can make extra money by selling their lesson plans and study guides. Platforms like “Teachers Pay Teachers” and Etsy let you sell your materials to other educators. You might as well make money on lessons that work well in your own classroom!
Sell Printables
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Create and sell printables like habit trackers, meal planners, and chore charts. Use tools like Canva to design the printables and sell them on Etsy for extra cash.
To learn more: Digital Products to Sell on Etsy: Best Way to Make Money Online Fast
Rent Out Baby Gear
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Make money by renting out baby gear to parents and tourists. Use BabyQuip to list your items and help families while earning extra income.
Trade Stocks and Options
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Earn money by buying and selling stocks. It requires discipline and patience, but with learning and practice, it can be a profitable side hustle.
To learn more: How Fast Can you Make Money in Stocks? The Real Answer
Be the Party Planner
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Use your organizing skills to plan parties and events. From birthdays to weddings, help people celebrate while making extra money. Use your social skills to shine!
Get Paid to Housesit
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Housesitting is a great way to earn extra cash. Take care of homes and pets while homeowners are away. Platforms like HouseSitter.com can help you find gigs. Maybe even travel to a new destination and experience the culture!
To learn more: Get Paid to House Sit and Find Lucrative Housesitting Gigs Easily
Become a Referee or Umpire for Sports
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Combine your love for sports with extra income by becoming a referee or umpire. It’s a flexible job that fits well with a teacher’s schedule. There is a shortage of referees, so there are plenty of opportunities.
Start Tutoring
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Offer private tutoring services to help students with their schoolwork. You can tutor in person or online. This is probably the most logical side hustle for most teachers.
Dog Walking or Pet Sitting
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If you love animals, consider dog walking or pet sitting. Use platforms like Rover to find clients and make extra money while spending time with pets.
Be a Babysitter, Nanny, or Caretaker
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Earn money by babysitting or providing childcare. Parents need reliable and caring individuals to look after their children, making it a great side hustle for teachers. Great side hustle as children are off when the teachers are!
Find More Side Hustles Ideas for Teachers
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Teachers can explore these 50 side hustles to make extra money. From online opportunities to hands-on jobs, find the perfect fit to boost your income.
Find more ideas: 50 Best Side Hustles for Teachers to Make Extra Money
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
High inflation may well be here to stay — and it may force some consumers to reconsider nonessential purchases. But consumer staples are different, at least in theory. Even when the consumer price index (CPI) is off the charts, people still have to get groceries.
What are consumer staples stocks?
Consumer staples stocks are shares of publicly-traded companies that sell “needs.” Those needs include food, consumer products such as toothpaste, and basic clothing and furniture.
The line between consumer staples stocks and consumer discretionary stocks — shares of companies that sell “wants” such as designer clothing and luxury furniture — is blurry at times. Many retailers operate in both sectors at once.
But fundamentally, consumer staples stocks are companies that make most of their money selling things that people can’t live without. And advisors say that they may be more inflation-resistant than other sectors.
“In the case of a broad inflationary environment, core industries like food and medicine would do better, because they tend to be kind of inflation-proof. People still need to eat and see doctors,” says Satoru Asato, a Minneapolis-based certified financial planner.
Top 7 consumer staples stocks by one-year performance
Below is a list of the seven best-performing consumer staples stocks in the S&P 500 index, ordered by one-year returns.
Performance (Year)
Costco Wholesale Corp
Walmart Inc
Colgate-Palmolive Co.
Bunge Global SA
Tyson Foods, Inc.
Kroger Co.
Target Corp
Source: Finviz. Data is current as of July 3, 2024, and for informational purposes only.
How to buy consumer staples stocks
Individual consumer staples stocks have some potential appeal to investors. Many pay dividends, and a few in the table above are outperforming the S&P 500 index over the last year.
But if you’re just looking to get some exposure to consumer staples stocks as a hedge against high inflation, you can also consider the more diversified approach of investing in dozens of consumer staples stocks simultaneously through a consumer staples ETF.
Neither the author nor editor owned positions in the aforementioned investments at the time of publication.
Ready to achieve millionaire status without a cent to your name? Let’s kickstart your journey with these 15 genius strategies. Each step brings you closer to your goal, building wealth through dedication and strategic moves. It’s not just about money, but the lessons learned and connections made along the way that pave the path to financial success.
Create a Financial Plan
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Craft a financial plan that charts your path to millionaire status. It’s not just a dream but a calculated strategy based on your goals and timeframe. Establish clear objectives and a roadmap to reach financial independence.
Positive Mindset for Success
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Cultivate a positive mindset to unlock financial success. By fostering optimism and clarity, you empower yourself to manifest your aspirations with confidence. Maintain a can-do attitude to navigate challenges on the road to wealth.
To learn more: 125+ Money Affirmations to Attract More Money into Your Life
Start Saving – Even Small Amounts
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Kickstart your savings journey with small but consistent contributions. Embrace mini-saving challenges that gradually accumulate wealth without disrupting your daily life. These incremental savings lay the foundation for financial independence.
To learn more: 15 Mini Savings Challenge Printables To Save More Money
Pay Off Debts ASAP
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Prioritize debt repayment to accelerate your journey to financial freedom. Eliminating debt releases resources for wealth-building endeavors and boosts your net worth. Experience the transformative power of debt freedom on your path to millionaire status.
To learn more: How to Get Out of Debt in 5 Easy Steps
Find High Income Skills
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Discover lucrative skills to boost your earning potential. In today’s dynamic economy, capitalizing on your abilities can open doors to additional income streams. Invest in developing valuable skills that align with market demands for long-term financial success.
To learn more: Top High Income Skills Without a Degree to Learn
Grow Your Income with Side Hustles and Entrepreneurship
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Expand your earning capacity through diverse income streams. Side hustles and entrepreneurship offer flexible opportunities to leverage your talents and time, paving the way for financial abundance. Explore avenues to grow your income outside traditional employment.
To learn more: Find The Perfect Side Hustle for You
Learn Investing 101
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Master the fundamentals of investing to build wealth over time. Unlock the power of compound interest and passive income by venturing into the world of stocks and investments. Equip yourself with the knowledge and skills to navigate the financial markets effectively. Don’t delay!
To learn more: How To Invest In Stocks For Beginners: Investing Made Easy
Adopt a Growth Mindset
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Foster a growth mindset and learn from successful individuals. Embrace opportunities for personal and professional development to accelerate your wealth-building journey. Surround yourself with mentors and peers who inspire and challenge you to reach new heights.
Pick Your Community
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Surround yourself with like-minded individuals committed to financial success. Build a supportive community that encourages wealth accumulation and mutual growth. Engage with peers who share your aspirations and values to stay motivated on your path to millionaire status.
Stay Debt Free
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Maintain financial stability by avoiding debt traps. Free yourself from debt burdens to enhance your ability to save, invest, and accumulate wealth. Embrace a debt-free lifestyle that propels you toward financial independence and long-term prosperity.
To learn more: 7 Simplistic Habits Needed for Debt Free Living
Avoid Lifestyle Inflation
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Resist the temptation of lifestyle inflation to safeguard your financial future. Balance increasing income with disciplined spending habits to maximize savings and investments. By curbing lifestyle inflation, you preserve resources for wealth-building endeavors.
To learn more: Avoid the Trap of Lifestyle Creep and Reach Financial Freedom
Take Advantage of Compounding Interest
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Harness the power of compounding interest to grow your wealth exponentially. Let your investments generate returns that fuel further growth, accelerating your journey to millionaire status. Start early and leverage the magic of compounding for long-term financial success.
Focus on Your Long Term Vision
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Cultivating a long-term vision is important to know what you are striving towards. Develop a comprehensive financial plan that encompasses savings, investments, retirement, and estate planning. Stay committed to your vision and adapt your strategy as you progress towards millionaire status.
To learn more: Host a Vision Board Party: Plenty of Ideas for Success
Take Immediate Action
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Seize the moment and take proactive steps towards financial success. Avoid the pitfalls of procrastination by prioritizing saving, investing, and debt repayment. Embrace immediate action to overcome inertia and propel yourself towards your financial goals. Then, you will become a millionaire.
To learn more: How to Become a Millionaire with No Money
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
The current average interest rate for a fixed-rate, 30-year conforming mortgage loan in the United States is 6.853%, according to the most recent data available from mortgage technology and data company Optimal Blue. Read on to see average rates for different types of mortgages and how the current rates compare with the last reported day prior.
Type of Mortgage
Current Rate
Rate Last Reported
30-year conforming
6.853%
6.848%
30-year jumbo
7.129%
7.198%
30-year FHA
6.679%
6.680%
30-year VA
6.514%
6.393%
30-year USDA
6.760%
6.816%
15-year conforming
6.158%
6.229%
30-year conforming
6.853%
6.848%
30-year jumbo
7.129%
7.198%
30-year FHA
6.679%
6.680%
30-year VA
6.514%
6.393%
30-year USDA
6.760%
6.816%
15-year conforming
6.158%
6.229%
30-year mortgage rates
30-year conforming
The average interest rate, per the most current data available as of this writing, is 6.853%. That’s up from 6.848% the last reported day prior.
30-year jumbo
What exactly is a “jumbo mortgage” or “jumbo loan”? Simply put, it exceeds the maximum amount for a normal (conforming) mortgage. Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency set this maximum.
The average jumbo mortgage rate, per the most current data available as of this writing, is 7.129%. That’s down from 7.198% the last reported day prior.
30-year FHA
The Federal Housing Administration provides mortgage insurance to certain lenders, and the lenders in turn can offer the consumer a better deal on aspects such as being able to qualify for a mortgage, potentially making a smaller down payment, and possibly getting a lower rate.
The average FHA mortgage rate, per the most current data available as of this writing, is 6.679%. That’s down from 6.680% the last reported day prior.
30-year VA
A VA home loan is offered by a private lender, but the Department of Veterans Affairs guarantees part of it (reducing risk for the lender). They are accessible if you’re a U.S. military servicemember, a veteran, or an eligible surviving spouse. Such loans may sometimes allow the purchase of a house with no down payment at all.
The average VA home loan rate, per the most current data available as of this writing, is 6.514%. That’s up from 6.393% the last reported day prior.
30-year USDA
The U.S. Department of Agriculture operates programs to help low-income applicants achieve homeownership. Such loans can help U.S. citizens and eligible noncitizens purchase a home with no down payment. Note that there are stringent requirements to be able to qualify for a USDA home loan, such as income limits and the home being in an eligible rural area.
The average USDA home loan rate, per the most current data available as of this writing, is 6.760%. That’s down from 6.816% the last reported day prior.
15-year mortgage rates
A 15-year mortgage will typically mean higher monthly payments but less interest paid over the life of the loan. The average rate for a 15-year conforming mortgage, per the most current data available as of this writing, is 6.158%. That’s down from 6.229% the last reported day prior.
Why do mortgage rates fluctuate?
While your personal credit profile significantly influences the mortgage rate you’re offered, various external factors also play a role. Key influences include:
Federal Reserve actions: When the Federal Reserve adjusts the federal funds rate, lenders typically follow suit by raising or lowering the interest rates on their financial products. Essentially, the Fed uses this tool to control the money supply, making it easier or harder for consumers and businesses to borrow.
Inflation levels: You might wonder if inflation and the Fed’s actions in responding to it are essentially the same factor, but they’re not. The Fed manipulates rates to manage inflation, but lenders also respond independently. For instance, they might hike rates to maintain profitability when inflation is high.
Economic conditions: Lenders consider things like overall economic growth as well as housing supply and demand when determining mortgage rates. These are just a few examples of the factors that can influence lenders to make rate adjustments.
Learn more: How are mortgage interest rates set by lenders?
Which type of mortgage should you choose?
There’s no universal answer as to which is the best type of mortgage. Most mortgages are conventional, but government-backed loans can be more affordable if you qualify.
Meanwhile, jumbo mortgages are suitable for purchasing more expensive homes that exceed the limits of conforming mortgages, though they may cost more over the loan’s duration.
Adjustable-rate mortgages (ARMs) generally start with low, attractive rates that later increase. If you’re considering this option, make sure you’re comfortable with that possibility.
The rates in this article reflect averages for fixed-rate mortgages.
If you’re uncomfortable shopping for rates independently, a mortgage broker can help (for a fee) find the best mortgage deal for your situation.
How high have mortgage rates been in the past?
While mortgage rates may feel sky-high these days compared to the sub-3% rates some homebuyers scored in 2020 and 2021, what we’re seeing currently isn’t that strange when compared with historical data on mortgage rate averages. Below are a couple charts from the Federal Reserve Economic Data (FRED for short) online database for context.
30-year fixed-rate mortgage historical trends
If you think rates between 6% and 8% today are scary, consider September through November of 1981, which saw the average rate hovering between 18% and 19%, according to FRED.
Check out the FRED 30-year mortgage rate chart:
15-year fixed-rate mortgage historical trends
Rates today on 15-year mortgages, as shown in the Optimal Blue data above, are roughly on par or even slightly lower than what we see during many previous periods. For example, take a look at FRED data for the end of 1994 and beginning of 1995, when rates neared 9%.
See the FRED 15-year mortgage rate chart:
Frequently asked questions
What’s a good mortgage rate?
With current market conditions, those with good to excellent credit can expect interest rates between 6% and 8%. If your credit score is in the low 600s, rates above 8% might be more likely.
Remember, credit score is just one of several factors affecting your mortgage rate, including your down payment amount, state of residence, and loan term length.
Learn more: Easy ways to check your credit score.
What is a mortgage rate lock?
Given the potential for daily rate fluctuations, a mortgage rate lock (or lock-in) can secure a favorable rate for you. These locks typically last 30, 45, or 60 days, with options to extend if necessary.
However, rate locks have potential drawbacks. If rates drop, you could miss out on an even better rate. Additionally, if your initial lock period is insufficient, extending it could be costly.
Finally, rate locks don’t absolutely guarantee your rate. Changes in your credit score or unexpected appraisal values can still alter your mortgage rate.
What’s an APR vs. an interest rate?
The interest rate is a pretty self-explanatory part of borrowing, while the APR (annual percentage rate) includes any additional fees, making it higher. Although they’re distinct for mortgages, the terms are often used interchangeably for credit card rates.
U.S. Bank issues multiple Korean Air Skypass credit cards that offer cardholders the rare opportunity to earn Skypass miles without flying:
The SKYPASS SkyBlue Visa® Card.
The SKYPASS Visa® Signature Credit Card.
The SKYPASS Select Visa Signature® Card.
Korean Air doesn’t partner with any of the major transferable credit card programs, so if you’re looking to earn a slug of Skypass miles, one of these cards may be your best option. But if you’re not a Korean Airlines loyalist, you would probably do better with a general travel card or another airline card.
Here are five things to know about the Korean Air Skypass credit cards.
🤓Nerdy Tip
U.S. Bank previously issued a secured SKYPASS credit card, but that product is no longer available. U.S. Bank also issues the SKYPASS Visa Signature Business Card for small-business owners. This review focuses on the three consumer cards above only.
1. There are several Skypass cards
There are three consumer Korean Air Skypass cards to choose from, including two with an annual fee and one without. As usual, the higher the card’s fee, the more benefits and perks you’ll receive.
How the Skypass cards compare
SKYPASS SkyBlue Visa® Card
SKYPASS Visa® Signature Credit Card
SKYPASS Select Visa Signature® Card
Annual fee
Sign-up bonus
Earn 10,000 Bonus Miles when you spend $1,000 in eligible purchases within 90 days.
Earn 40,000 Bonus Miles when you spend $4,000 in eligible purchases within the first 90 days.
Earn 60,000 Bonus Miles when you spend $5,000 in eligible purchases within the first 90 days.
Rewards earning
Earn 2 SKYPASS miles per $1 spent on streaming and rideshare services.
Earn 1 SKYPASS mile per $1 spent on all other eligible purchases.
Earn 2 SKYPASS miles per $1 spent on purchases with Korean Air tickets, restaurants and hotels.
Earn 1 SKYPASS mile per $1 spent on all other eligible purchases.
Earn 3 SKYPASS miles per $1 spent on Korean Air tickets.
Earn 2 SKYPASS miles per $1 spent on other airline tickets, restaurants, hotels and car rentals.
Additional benefits
No additional benefits.
Earn 2 Korean Airlines lounge coupons annually.
Save 5% on a Korean Airlines ticket for you and a companion annually.
No foreign transaction fees.
Earn 2 Korean Airlines lounge coupons annually.
Save 5% on a Korean Airlines ticket for you and a companion twice annually.
Receive 2 $25 duty-free coupons annually.
Receive a $200 annual travel credit.
Receive a $100 credit for TSA PreCheck or Global Entry.
Trip cancellation, interruption and delay reimbursement.
No foreign transaction fees.
While the ability to earn Skypass miles on a $0-annual-fee card is nice, you’d have to put a lot of spending on the SKYPASS SkyBlue Visa® Card to earn enough miles for an award ticket (see more below). You also won’t receive any additional benefits or perks when you fly.
The $99-annual-fee SKYPASS Visa® Signature Credit Card lets holders earn a big sign-up offer and bonus miles on Korean Air tickets, dining and hotels, in addition to two Korean Air lounge coupons annually. These benefits are similar to other airline credit cards with comparable annual fees.
The SKYPASS Select Visa Signature® Card is built for Korean Air loyalists. The card’s benefits, including an annual $200 travel credit and two $25 duty-free coupons, can help offset the massive $450 annual fee, and the bonus categories are designed to reward frequent travelers.
2. You’ll need good credit to qualify
According to U.S. Bank, you’ll need good to excellent credit to qualify for any of the three Skypass cards (typically, that would mean FICO scores of 690 or higher). If your credit scores fall in that range and you’re a Korean Air loyalist, one of these cards might be worth a look.
3. Skypass miles are tough to acquire …
Korean Air has only one travel transfer partner, Marriott Bonvoy, with Marriott points transferring to Skypass at a 3:1 ratio. And since the airline doesn’t partner with any of the major credit card points programs, Skypass miles are harder to acquire than other airline miles.
That leaves flying on Korean Air or a partner airline and spending on a Skypass credit card as the primary ways to acquire Skypass miles.
4. … But there are plenty of redemption options
Since Korean Air is a member of the SkyTeam Alliance, Korean Air miles can be redeemed on partner airlines like Delta Air Lines and Air France, in addition to nonalliance partners like Alaska Airlines. The Skypass program has multiple award charts you can use to determine the number of miles required for a specific redemption: one for flights on Korean Air, one for flights on SkyTeam partners, one for non-SkyTeam partner redemptions and a round-the-world award chart for multistop itineraries circling the globe.
Partner airline redemptions offer the best value. For example, as of this writing, you can use 25,000 Skypass miles to fly round trip on Delta between mainland North America and Hawaii. Or you can use 30,000 miles to fly round trip on Alaska Airlines between the U.S. and Costa Rica. Redemption values on flights operated by Korean Air vary depending on the time of year.
You can also redeem miles for access to the Korean Air Lounge, as well as for baggage fees, car rentals and hotel stays in partner hotels.
5. You won’t want to carry a balance
The Skypass cards may be good for earning airline miles, but using them to finance a purchase or carry a balance will be expensive. That’s because your interest rate could range almost as high as 30% as of this writing.
If you need time to pay off your card balance, you’d do better with a low-interest card that offers an introductory 0% APR period. You may not earn airline miles with those cards, but the money you save in interest will far outweigh the value of any miles you’d earn on the Skypass cards.
Inside: Learn what 21 an hour is how much a year, month, and day. Plus tips to budget your money. Don’t miss the ways to increase your income.
You’re probably wondering if I made $21 a year, how much do I truly make? What will that add up to over the course of the year when working? Is $21 an hour good?
Is this wage something that I can actually live on? Or do I need to find ways that I can increase my hourly wage? How much more is $21.50 an hour annually?
In this post, we’re going to detail exactly what $21 an hour is how much a year. Also, we are going to break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
By taking a step ahead and making a plan for the money, you are better able to decide how you want to live, make sure that you put your money goals first, and not just living paycheck to paycheck struggling to survive.
The ultimate goal with money success is to be wise with how you spend your money.
If that is something you want too, then keep reading. You are in the right place.
$21 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $21 per hour is as annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $21 = $43,680
$43,680 is the gross annual salary with a $21 per hour wage.
As of June 2023, the average hourly wage is $33.58 (source).
Let’s breakdown how that number is calculated.
Typically, the average work week is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiply the hourly salary of $21 times 2,080 working hours and the result is $43,680.
That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
Just above $43000 a year.
Work Part Time?
But you may think, oh wait, I’m only working part time. So if you’re working part time, the assumption is working 20 hours a week at $21 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $21 times 1,040 working hours, and the result is $21,840.
How Much is $21 Per Month?
On average, the monthly amount would average $3,640.
Annual Amount of $43,680 ÷ 12 months = $3,650 per month
Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid and on which days you get paid.
Plus by increasing your wage from $15 an hour, you average an extra $1000 per year. So, yes a few more dollars an hour add up!
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $1,840.
How Much is $21 per Hour Per Week
This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?
Once again, the assumption is 40 hours worked.
40 hours x $21 = $840 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $420.
How Much is $21 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $840 and double it.
$840 per week x 2 = $1,680
Also, the other way to calculate this is:
40 hours x 2 weeks x $21 an hour = $1,680
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $840.
How Much is $21 Per Hour Per Day
This depends on how many hours you work in a day. For this example, we are going to use an eight hour work day.
8 hours x $21 per hour = $168 per day.
If you work 10 hours a day for four days, then you would make $210 per day. (10 hours x $21 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $84.
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.
$21 Per Hour is…
$21 per Hour – Full Time
Total Income
Yearly (52 weeks)
$43,680
Yearly (50 weeks)
$42,000
Monthly (173 hours)
$3,640
Weekly (40 Hours)
$840
Bi-Weekly (80 Hours)
$1,690
Daily Wage (8 Hours)
$168
Net Estimated Monthly Income
$2,779
**These are assumptions based off simple scenarios.
Paid Time Off Earning 21 Dollars an Hour
Does your employer offer paid time off?
As an hourly employee, you may or may not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Case # 1 – With Paid Time Off
Most hourly employees get two weeks of paid time off which is equivalent to 2 weeks of paid time off.
In this case, you would make $43,680 per year.
This is the same as the example above for an annual salary making $21 per hour.
Case #2 – No Paid Time Off
Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.
Life happens. There will be times you need to take time off for numerous reasons – sick time, handling an emergency, or even vacation.
So, let’s assume you take 2 weeks off without paid time off.
That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiply the hourly salary of $21 times 2,000 working hours, and the result is $42,000.
40 hours x 50 weeks x $21 = $42,000
You would average $168 per working day and nothing when you don’t work.
$21 an Hour is How Much a year After Taxes
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $43,680
Federal Taxes of 12%: $5,242
State Taxes of 4%: $1,747
Social Security and Medicare of 7.65%: $3,342
$21 an Hour per Year after Taxes: $33,350
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$33,350 ÷ 2,080 hours = $16.03 per hour
After estimated taxes and FICA, you are netting $16.03 an hour. That is $4.97 an hour less than what you thought you were paid.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
Plus budgeting on a just over $16 an hour wage is much different.
$21 an Hour Salary Calculator
Now, you get to figure out how much you make based on your hours worked or if you make a wage between $21.01-21.99.
This is super helpful if you make $21.30 or $21.63, or $21.88.
You are probably wondering can I live on my own making 21 dollars an hour? How much rent can you afford at 21 an hour?
Using our Cents Plan Formula, this is the best case scenario on how to budget your $21 per hour paycheck.
When using these percentages, it is best to use net income because taxes must be paid.
In this example, above we calculated that $21 an hour was $16.03 after taxes. That would average $2,779 per month.
According to the Cents Plan Formula, here is the high level view of a $21 per hour budget:
Basic Expenses of 50% = $1389.50
Save Money of 20% = $555.80
Give Money of 10% = $277.91
Fun Spending of 20% = $555.83
Debt of 0% = $0
Obviously, that is not doable for everyone. Even though you would expect your money to go further when you are making double the minimum wage.
Learn how to budget on a low income.
So, you have to be strategic on ways to decrease your basic expenses and debt. Then, it will allow you more money to save and fun money.
To further break down an example budget of $21 per hour, then using the biweekly budget template is extremely helpful.
recommended budget percentages based on $21 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$218
Savings
15-25%
$510
Housing
20-30%
$983
Utilities
4-7%
$182
Groceries
5-12%
$291
Clothing
1-4%
$36
Transportation
4-10%
$146
Medical
5-12%
$182
Life Insurance
1%
$18
Education
1-4%
$36
Personal
2-7%
$67
Recreation / Entertainment
3-8%
$109
Debts
0% – Goal
$0
Government Tax (including Income Taxes, Social Security & Medicare)
15-25%
$861
Total Gross Income
$3,640
**In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.
Can I Live off $21 Per Hour?
At this $21 hourly wage, you are close to double the minimum wage. Things should be easy to live off this $21 hourly salary.
However, it is still below the median income of over $60,000 salary. That means it can still be a tough situation.
Is it doable? Absolutely.
In fact, $21 an hour is higher than the median hourly wage of $19.33 (source). That seems backward, but typically salaried workers earn more per hour than hourly workers.
Can you truly live off $21 an hour annually?
You just have to be wiser (or frugal) with your money and how you spend the hard-earned cash you have been blessed with.
If you are constantly struggling to keep up with bills and expenses, then you need to break that constant cycle. It is possible to be smart with money.
You need to do is change your money mindset.
This is what you say to yourself… Okay, this is my season of life right now. I have aspirations and goals to change how much I make, but for now, I am going to make sure that I am able to live on my 21 dollars per hour. No going into debt for me. I will start saving money.
In the next section, we will dig into ways to increase your income, but for now, is it possible to live on $21 an hour?
Yes, you can do it, and as you can see it is possible with the sample budget of $21 per hour.
Living in a higher cost of living area would be more difficult. So, you may have to get a little creative. For example, you might have to have a roommate. Move to a lower cost of living area where rent is cheaper.
Also, you must evaluate your “fun spending” items. Many of those expenses are not mandatory and will break your budget. You can find plenty of free things to do without spending money.
5 Ways to Increase Your Hourly Wage
This right here is the most important section of this post.
You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.
Even an increase of 50 cents to $21.50 will add up over the year. Even better $24 an hour!
1. Ask for a Raise
The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.
If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.
2. Look for A New Job
Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.
It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $21 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.
3. Find a New Career
Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.
For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.
It is important to uncover what should I do for a living.
4. Find Alternative Ways to Make Money
In today’s society, you need to find ways to make more money. Period.
There is no way to get around it. You need to find additional income outside a traditional nine to five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.
So, you need to find a side hustle – another way to make money.
Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.
5. Earn Passive Income
The last way to increase your hourly wage is to start earning passive income.
This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation of struggling financially and becoming financially sound happens.
By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.
Here is an example:
You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.
One gentleman started with $5,000 in his trading account and now has well over $36,000 in a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.
Related Question: How Fast Can you Make Money in Stocks? The Real Answer
Tips to Live on $21 an Hour
In this last section, grasp these tips on how to live on $21 an hour. On our site, you can find lots of money saving tips to help stretch your income further.
Here are the most important tips to live on $21 an hour. An increase to $22 an hour is even better!
Highlight these!
1. Spend Less Than you Make
First, you must learn to spend less than you make.
If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.
In order to break that dreadful cycle, it means your expenses must be less than your income.
And when I say income, it’s not the $21 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is $21 an hour minus all the taxes, FICA, social security, and Medicare is taken out. That is your net income.
So, your net income has to be less than your gross income.
2. Living Below Your Means
You need to be happy. And living on less can actually make you happier. Studies prove that less is better.
Finding contentment in life is one thing that is a struggle for most.
We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.
Have you ever taken a step back and looked at what you really need?
Once you are able to find contentment with life, then you are going to be set for the long term with your finances.
Here is our story on owning less stuff. We have been happier since.
3. Make Saving Money Fun
You need to make saving money fun. If you’re good, since you must keep your expenses low, you have to find ways to make your savings fun!
Save $5k in cash with the trending 200 envelope challenge.
Use one of the popular saving money charts to help you!
It could be participating in a no spend challenge for the month.
It could be challenging friends not to go to Target for a week.
Whatever it is challenge yourself.
Find new ways of saving money and have fun with it.
Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.
Here are 101 things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.
And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.
4. Make More Money
If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.
You need to be an advocate for yourself.
Find ways to make more money.
It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours. There are so many legit ways how to make 300 dollars fast today!
Whatever path you take, that’s fine. Just find ways to make more money. Period.
Can you imagine life earning a $100k salary?
5. No State Taxes
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
6. Stick to a Budget
You need to learn how to start a budget. We have tons of budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.
Budget Help:
7. Pay Off Debt Quickly
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money is from the interest you pay on debt.
If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.
Here’s a debt calculator to help you. Figure out your debt free date.
Make that paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until week paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.
It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt free journey.
Here are resources now for you to pay off your debt:
Jobs that Pay $21 an Hour
You can find jobs that pay $21 per hour. Polish up that resume, cover letter, and interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas:
Virtual Assistant – Get free training NOW!
Customer service representatives
Bank tellers
Freelance writers
Restaurant Kitchen staff
Truck driver
Uber /Lyft driver
Security guard
Movers
Warehouse workers
Pharmacy Tech
Welder
Forklift operator
Merchandiser
Call center agent
Nursing Assistant
Companies that pay more than $21 per hour:
Bank of America
USAA
Nationwide
Costco
Wayfair
Amazon
Best Buy
Target
Wells Fargo
Disney World
Disney Land
JP Morgan
Cigna
Aetna
$21 Per Hour Annual Salary
In this post, we detailed 21 an hour is how much a year. Plus all of the variables that can impact your net income. This is something that you can live off.
How much is 21 dollars an hour annually…
$43,680
This is right between $43000 per year and $44k a year. In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Still thinking I don’t want to work anymore, you aren’t alone and need to start to plan for your early retirement.
Learn exactly how much do I make per year…
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
After a makeover, Omni Hotel & Resorts’ Select Guest loyalty program is now a spend-based rewards system, with members earning Omni Credits that can be redeemed for hotel stays.
Program members are rewarded for spending more with the brand; big spenders have access to a faster path to elite status and the chance to earn and redeem awards more quickly.
Technically, you can get all the way to its top-tier elite status level through spend alone. Want to host an event or big dinner? Why not do it when checked into the hotel to earn extra Omni Credits?
These changes make its loyalty program more in line with other major hotel loyalty programs in terms of your ability to spend to earn elite status tiers. Here’s what you can expect with the new version of the program.
How to earn Omni Credits
The new program awards Omni hotel points (known as Omni Credits) for qualifying purchases. Examples include eligible room rates, spending at onsite restaurants, bars and spas, and spend on other activities like hotel-run golf courses.
Members earn points at different rates depending on the type of purchase:
Per eligible room rate: Members earn 5-10 Omni Credits.
Per $100 of eligible purchases beyond the room: Members earn 1 Omni Credit.
The higher your elite status, the more Omni Credits you earn. Tier three and tier four levels, called Champion and Icon, earn 10 Omni Credits per night stay instead of five (like the two lower levels).
🤓Nerdy Tip
If your spending beyond the room rate doesn’t reach the minimum $100 increment, you won’t earn extra on the non-room spend. What’s more, this total does not round up. If you spend $199 on hotel dining, you’d earn only 1 Omni Credit — not 2 — unless you exceed the $200 mark.
Elite status tiers
Omni’s Select Guest loyalty program has four tiers of status: Member, Insider, Champion and Icon. Status is earned by qualifying spending with the brand and can be unlocked at $1,000, $4,000 and $8,000 spend levels, or “Tier Dollars.” Tier Dollars include most charges to the room except taxes, gratuities and fees.
Member
General members receive these benefits:
Free deluxe Wi-Fi.
Free bottled water and a welcome drink upon arrival.
Earn 5 Omni Credits per room night.
Earn 1 Omni Credit per $100 of other hotel purchases.
Insider
Once you spend at least $1,000 in Tier Dollars within the calendar year, you advance to tier 2, the Insider level.
Insider benefits include:
Earn 5 Omni Credits per room night.
Earn 1 Omni Credit per $100 of other hotel purchases.
Free deluxe Wi-Fi and bottled water upon arrival.
Daily beverages comped by the hotel.
Two complimentary clothing items pressed or two shoeshines during the stay.
Champion
After you spend $4,000 in Tier Dollars within the calendar year, you will level up to Champion status.
Champion benefits include:
Earn 10 Omni Credits per eligible room night.
Earn 1 Omni Credit per $100 of purchases.
Free one-room-type upgrade.
Check-in as early as 1 p.m.
Checkout as late as 3 p.m.
Free bottled water each day.
Daily beverage delivered in the morning.
Four complimentary items pressed or four shoeshines.
Local market amenity provided upon arrival.
Guaranteed room availability if checking with the hotel at least 24 hours before arrival.
Icon
This is the top-tier level within the program and is for guests who spend at least $8,000 in Tier Dollars within the calendar year.
Icon benefits include:
Earn 10 Omni Credits per eligible room night.
Earn 2 Omni Credits per $100 of purchases in addition to the room spend.
Free premium Wi-Fi.
Free two-tier room upgrade.
Check-in as early as 9 a.m.
Checkout as late as 6 p.m.
Suite upgrade on redemption stays.
Guaranteed room availability by 4 p.m. on the day of arrival (available for one room per member).
Turndown housekeeping service.
Free bottled water daily.
Daily beverage delivered each morning.
Unlimited complimentary clothes pressing and shoeshines.
Chef-inspired welcome amenity/snack plus the choice of beverage the first night of the stay.
Ability to gift Champion status to another member.
It’s clear that the more business you do with Omni Hotels & Resorts, the more benefits you will receive when achieving different elite status tiers.
How to redeem Omni Credits
Once you earn 100 Omni Credits (or 20 stays at the lower two status levels), you can redeem them for a night’s stay.
There are no complex award charts or dynamic pricing for your award redemptions, and Omni Credits are valid for 36 months from the date of earning.
🤓Nerdy Tip
When the program changed in January 2024, it converted existing Award Credits to Omni Credits at the rate of 1:5.
Omni Select Guest gives more rewards for frequent travelers (and spenders)
The more you spend with Omni, the faster your path to elite status and free night redemptions. These changes to the program make it more rewarding and put it more in line with other hotel loyalty programs. By spending $8,000 with the brand within a calendar year, you will reach the program’s highest elite status tier, Icon. 100 Omni Credits will net you a free award night, which can be redeemed on non-blackout dates at any of the 50+ Omni destinations in the U.S.
Inside: The 100 Envelope Challenge is a popular money saving challenge that has gained widespread popularity in recent years. The envelope money challenge is a fun and creative way to save money as it can be tailored to suit different budgets and financial goals.
Let’s be honest… sometimes you just have to make saving fun because saving money for another day can get kind of boring after a while.
Here at our site, Money Bliss, we have plenty of fun money saving challenges to help you find the perfect one for you.
Today, we are going to bring you one that is very unique.
Have you seen the popularity of this money saving challenge with envelopes taken off on TikTok? If not, then you are missing out.
This saving hack has been going viral and does not seem to be going away anytime soon. There is so much interest in this information!!
In this article, we will break down everything you need to know to start saving money today.
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.
What is the 100 Envelope Challenge?
The 100 day envelope challenge is a straightforward hack to start saving money.
You start with 100 envelopes and label them with the numbers 1 through 100. Then place all of the envelopes in a special place like a container box, basket, file folder, or bag.
Each day, you will choose a new envelope, and you must put that amount of money in the envelope.
Real Life Example For With 100 Day Envelope Challenge
For example, if you draw the number 33, then you would put $33 into that envelope and seal it.
Then the next day, if you draw the number 72, you would put $72 into that envelope and seal it. Then, continue this challenge for over 100 days.
And the best part is by the end of the 100 envelope challenge, the goal is to save $5,050.
Now, after 100 days, I would call saving $5,000 a huge win. Now, do I have your interest?
Is the 100 envelope Challenge worth it? My Personal Experience
I recently started the 100 day envelope challenge because I wanted to save more money. This was a great way to kickstart my short term goal.
My kids loved to pull out the envelope for that day and stuff it with cash. Once I was done I would close the envelope and stamp it with a sticker.
As a very visual person, I found that this challenge was incredibly rewarding and gave me a sense of accomplishment.
I was able to see my progress as I went along, and it was nice to have a visual reminder of how far I had come.
I was also able to stay on track with my saving goals and could adjust if needed.
On the downside, we don’t have cash around as much.
So this was the hardest part of the envelope saving method. Consequently, I opened a separate savings account, and I could easily make a transfer from my checking account. This allowed me to stay on top of my savings without worrying about having enough cash.
When I was a waitress, this challenge would have been a fun way to save money with my tips! Oh, what an inspiring money-saving journey that would have been!
100 Envelope Challenge Chart
How much money do you save with the 100 envelope saving challenge?
You need to the numbers behind everything so you truly understand how the 100 day money challenge is set up.
Let’s break down how the math works with this 100 envelope challenge chart. See the image below for a visual layout of the information.
At the end of the 100 day money challenge, you will save $5,050!!
How the 100 day Envelope Savings Challenge Works:
This is how to do the 100 envelope challenge. The premise of the 1-100 day envelope saving challenge is simple.
The 100 day envelope challenge is a savings challenge in which you are challenged to save a specified amount of money within 100 days.
Step #1 – Gather your supplies
Step #2 – You will write the numbers 1-100 on blank envelopes.
Step #3 – Each day or whenever you choose to pick an envelope, you will stuff the envelope with that much cash.
Step #4 – Track your progress.
Step #5 – Save $5050 in 100 days or 100 envelopes.
Pretty easy, right?
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.
Envelope Challenge Math
Are you a little worried about having to save a lot in one week? Need to know how to calculate 100 envelope challenge, here you go.
Here is the math if you randomly pick an envelope each day:
Most you save in one week: $679
The least you save in one week: $371
Even if you do not finish the entire 100 days and quit on day 50, you will save at least $950. More than likely, it will be a higher amount (unless you are great at just picking numbers under $50).
This challenge is great for somebody who gets paid with cash consistently, like servers, bartenders, drivers, caddies, etc – any tipped employee.
Find more money saving charts.
Is the 100 envelope challenge hard?
In fact, the 100 envelope challenge is extremely simple – just number the envelopes and shake them around to randomize their order.
You can use this method to save for anything – a vacation, a new car, or even your retirement!
This is a great way to exercise your brain and challenge yourself.
Raisin
Simply select one of the high-yield savings products offered by their network of federally insured banks and credit unions to begin your savings journey.
You can open a free Raisin account in just a few minutes!
Compare Rates
Advantages of 1-100 Envelope Challenge
Most importantly, the 100 envelope challenge is a great way to save money.
This 1-100 saving plan is simple and easy to follow. You can save a lot of money in a short period of time with this challenge.
1 – Save Money for a Purpose
The challenge is a great way to save for your emergency savings, pay off your debt, or save for a vacation.
You can start the challenge at any time and with any amount of money. All you need is 100 envelopes and some willpower!
2- Makes Savings A Habit
One of the advantages of building good habits is that they become easier and more automatic with time – this is proven by my favorite book, Atomic Habits.
Habits are a helpful thing, as they can make our lives a lot easier. When we build good habits, we’re more likely to do the same things in the future without having to think about them.
That is why the 100 envelope challenge is amazing. With each envelope, you are building a habit of saving money and paying yourself first.
3- Improve your Cash Situation in 3 Months!
This challenge helps you save money in a short period of time.
For 100 days (or envelopes), you are focused on saving money. A little bit at a time.
Also, it helps you become more mindful of your spending. That is a win-win!
In fact, you can use this how to save 5000 in 3 months chart.
4 – Easy to Follow with No Excuses
No advanced math skills are needed for this one.
The plan is simple to follow and the cash is easy to access.
As such, it would be difficult to come up with reasons why you are unable to complete this 100 day money envelope challenge.
5 – Restart if needed
Too many times, one thing happens and it completely derails our plans.
If your financial situation changes, you can stop and restart the challenge when you can. This makes it a great option for people who want to save money but are nervous if their finances change.
Drawbacks of the 100 Day Money Challenge
There are a few drawbacks, just like there are with any money saving challenge.
1 – Access to Cash
The first one is if you do not have access to cash readily. This can cause a problem to stuff your numbered envelopes with a dollar each day.
If you manage your finances digitally and don’t carry various dollar bills around, then it is much harder for you to find ways to actually physically stuff those envelopes with cash.
2- Figuring out the Budget with High Number Days
Another drawback of the challenge is what would happen if you picked #98 and # 99 on back-to-back days, you must save $197. That may be a challenge to have the extra cash available to do so. Especially if you pick #97 on day 3!
For instance, even for a tipped employee as a server who maybe makes $160 in a shift. That means over half of their cash would have to go straight to the envelope challenge.
Change to 200 Envelope Challenge – A Spin to Save at Least $5K!
3 – Concept of Finding Money to Save
Another drawback of this challenge is if you are struggling to live paycheck to paycheck, then attempting this challenge may just get you down and defeated. There is a possibility you may get behind on stuffing the envelopes, as you would randomly pick them.
Instead of being disappointed, you need to change the frequency of picking up an envelope every day to maybe picking envelopes one to three times a week; thus, stretching out the 100 days further.
100 Envelope Savings Challenge will Be Helpful
Even if you only make it, thirty percent of the way through the challenge… guess what, you have 30% more saved now than you did without doing the challenge.
Overall, I truly believe that any way to make saving money fun is well worth the effort.
If you make it to 65% of the way, then you are saving more than you would without the challenge.
How does envelope savings work?
With any of the envelope challenges, they are just a money saving challenge. A fun way to save money! A plan to follow to keep you accountable. A target to achieve!
Envelope savings is a tried and true way to save money.
It’s simple, it’s straightforward, and it works. You put your money in an envelope and don’t spend it until the challenge is complete. This challenge can be a fun way to get to know your spending habits better while saving money.
The savings are real, and you will be surprised at how much you can save by following this challenge for even just a few months!
Plus if you put the money in a high interest saving account, then you are adding more interest and dollars on top!
Many people prefer one of these challenges instead:
Shop for Supplies Needed for the 100 Day Envelope Money Saving Challenge
The supplies needed for the 100 Day Challenge are not complicated and you should have most of them around your house. If not, you can make a list and shop for them.
Supplies Needed:
Envelopes – Plain old white envelopes work, but colored envelopes make everything more fun.
Sharpie or Marker Pens – You need something to write with in order to keep track of those envelopes.
Cash – You need to figure out where you have the extra cash to stuff those envelopes. You may need to run to the bank quite a few times.
Stickers or Rubber Stamps – To make sure you don’t cheat and reopen a finished envelope.
Box or Container – Just make sure you have enough space for your envelopes!
Or Just Shop for this handy dandy premade Money Saving Box!
Related Read: Best Cash Envelopes – Pick Your Favorite
DIY 100 envelope challenge tracker
Also, it is super helpful to have a free printable 100 day challenge to keep you accountable! Don’t worry… we have you covered!
At the bottom of the post, you have the opportunity to download the image of the free 100 envelope challenge PDF.
Printable 100 envelope challenge
The 100 Envelope Challenge is a printable tracker chart you can download and print. Go to our resource library (for our email subscribers) to print the image.
It details how to set up an envelope challenge with your friends, family members, or co-workers.
The idea is that in the course of six months you will have earned $5,050 in savings by doing this challenge!
This 100 envelope challenge tracker is a useful tool for tracking the progress of your endeavor. You want to use a 100 envelope challenge tracker to keep you motivated during the next six months and reach your goal.
It can be printed or colored digitally and allows you to stay on top of how much money you need each day or each week.
100 Envelope Challenge App
As of right now, there is no $100 envelope challenge app developed to make this cashless. However, you can do this challenge digitally and we will show you how to do it virtually.
In case you utilize a cashless envelope system, you may be wanting to do this challenge, but are not sure the best way to do it.
Here is how to do the 100 day challenge digitally:
Instead of using 100 envelopes, you could write on 100 pieces of paper, fold them up, and put them into a bag or box.
Every day you would draw out a new number (just like the normal challenge).
Make sure you have a separate savings account for the challenge.
Instead of placing cash into the envelopes, you will move money from your checking account to that separate savings account.
For example, on the first day, you pull out the number 53. Well, that means you would move $53 from your checking account into your newly open 100 envelope challenge savings account.
You are taking money from your normal spending and moving it away and into a savings account.
That way you are setting aside money, virtually into a different account.
100 Envelope Challenge Variations
Not everyone can complete the 100 envelope saving challenge as we discussed in this post.
So, here are some alternatives to still save money using a concept similar to envelopes and still target saving $5000:
100 envelope challenge weekly – Pull envelopes each week instead of daily.
Save $50 for every envelope.
Give yourself an hour and see how long it takes before opening your last envelope.
10k in 100 days envelope challenge (detailed below).
50 envelope challenge is a variation on the 100 envelope challenge.
Pull envelopes on payday.
It’s up to you how long it takes to get there and if you want to take some time off in between while continuing to spend less than your original budget.
Higher income? Then check out the 10k in 100 days envelope challenge. This accelerated saving challenge is perfect for you.
Honestly, the goal is to save $5000. How you use this information and reach your target dollar amount is completely up to you!
100 Day Envelope Challenge FAQs
If you’re looking for a free printable version of the 100 envelope challenge chart, you can find it in our free resource library.
This section provides our readers with plenty of printables they can enjoy.
Make sure you subscribe to our email newsletter.
Yes, you can do the 100 envelope challenge twice a week.
Instead of picking an envelope each day, you would pick an envelope two times a week. Then, you would finish the challenge in one year.
The premise of the 100 envelope challenge is a money making challenge that allows you to save money and stay motivated.
Yes, you can complete the 100 envelope challenge biweekly. You will have more time to complete the challenge this way.
Instead of completing the challenge in 100 days, it will take you 200 weeks. To shorten the time, you can pick multiple envelopes with each biweekly paycheck.
Find more biweekly money saving challenges.
The 1-100 envelope challenge is a social media trend where participants are asked to create an envelope with a specific number of envelopes inside of it.
At the end of the challenge, you will save $5050.
This assumes you follow the traditional 1-100 day envelope challenge with no variations.
The 100 Day Envelope Challenge will take 14 weeks and 2 days to complete.
Or about 3.5 months.
The goal of the challenge is to prove you can save money and to see how far you can push yourself.
When you complete the 100 day envelope challenge in its entirety, you will have $5,050.
Yes, you can complete the 100 envelope challenge UK, Africa, or any other country.
You can live wherever you want to participate. Since you complete this challenge on your own, you can adjust the challenge as you see fit.
Are You Ready for these Envelope Saving Challenges?
All in all, this is the one great thing that social media can offer – maybe even providing information that can change the dismal data on saving money.
It brought around a brand new challenge for you new hack for you to start saving money.
The 100 day envelope challenge is a fun goal to kickstart your money saving journey.
The 100 day money envelope challenge may be too aggressive for what you can do right now, so here are great options to build those saving habits:
If you like the idea of this challenge here are some other money saving challenge ideas that you may enjoy more:
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Inside: Learn how to save $5000 in 6 months by following these easy, useful tips. Get a head start on saving for your money goals and save more.
It is no secret that saving money for the future has never been more important.
The Recession of 2008-2009 and the upheaval in 2020 brought a significant increase in how we think about long-term investing, retirement readiness, and the importance of saving for emergencies.
Savings is not easy, and it takes time to save up for your dream future. Saving can seem frustrating at times with all the forms of fees and interest rates.
But saving even a little bit each month will go a long way so don’t give up!
While these are often looked at as individual or personal concerns, they can easily be translated into family finances with some simple changes to your spending habits.
Save $5,000 in six months requires a little bit of discipline, some careful planning, and actual execution.
While it is possible to save money without any difficulty, some additional effort can help make this goal much more attainable.
If you are looking for ways to save money, this post has quick tips that should help you cut down on spending while still getting your needs met.
We will give you seven simple steps that anyone can follow in order to start saving more money today so they have enough saved for their desires.
How to save $5,000 in 6 months
If you are looking to save $5,000 in 6 months, it is important to set a specific goal for yourself.
For example, if you want to save $1,000 per month, write down that goal in your calendar or on paper. Another option is to save more upfront and less throughout or vice versa.
To save $5,000 in a year, there are only 7 easy steps to follow.
You just have to commit to the money saving plan.
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.
1. Why Save $5,000?
Saving money is a lot easier than you think.
I’ve seen it happen time and time again: people make the mistake of thinking that saving money will be difficult or take too long, but they often realize how wrong they were once they start making progress.
To keep your motivation moving forward, you need to decide why are you starting to save money. What are the exact reasons for saving 5000 in 6 months?
Action Step: Write down your reason for saving $5k in 6 months.
2. Designate a Separate Bank Account
Next, you have a plan of where you want the money to go. You cannot just assume you will leave it alone in your checking account or won’t touch the case..
Put all your extra income in a separate bank account. If you have extra money at the end of the month, roll it over and put it in savings.
Action Step: Open a separate bank account.
3. Review Your Budget
Next, you need to review your budget for the last month. Take note of the expenses that are missing from this month’s plan.
You must be spending less than you make.
Since you are adding a saving goal of 5000, you must spend less than your current expenses plus your monthly saving goal.
Look for expenses to cut; if needed, you can drastically cut expenses.
Now, make your new budget based on this month’s income, saving goal, and expenses. You can use this budget to calculate your monthly spending plan for the next month!
Action Step: Create a new zero based budget based on this month’s income and expenses with a priority to your saving goals.
4. Set Goals
You need to set goals on how fast you are going to save money. You need set time deadlines and protect that money for this saving challenge.
Other goals you need to set include:
How to reduce expenses
How to increase income
You can make progress much faster by kicking off your saving period with a no spend month.
Action Step: Create your money goals to make saving 5000 in 6 months actually happen.
5. Create Your Action Plan
You need to find ways to save at least $500 per month. That happens one of two ways – either reduce spending or increase income.
Now, you must decide are you going to save money when you get paid or whatever is left at the end of the month.
Regardless of what you choose, you must stick to your action plan. Period.
The recommendation is to save a determined dollar amount each time you are paid. At the end of the month, if you have money left over, then you can save the extra amount.
Below we will list specific tips and examples of ways to save more money.
Action Step: Write out how you plan to save money. Don’t just keep the plan in your head. Actually, write it and post it somewhere you see it often.
Many people prefer one of these challenges to save $5k:
6. Make Periodic Transfers to Savings Account
In order to be successful, you must actually move the money to another account.
On payday or a certain day of the month, you need to deposit money into your designated $5k bank account to complete this challenge.
This is something you need to set up in advance!
Action Step: Make it a habit to make transfers to that saving account. That is how you consistently save money and not spend it. Build good habits.
7. Reward Success
Keep yourself motivated with a celebration.
It’s a “treat” that should not cost a lot of money.
Reward success for creating the proper money habits just like rewarding your kids for doing well at school. It’s important to make sure that you are rewarding the right things, and not just because it feels good.
You can earn a reward for every month that you stay on track to save $5,000 in a year.
You will be happier and more motivated to complete the $5000 saving challenge. In addition, it will keep you saving money and increasing your saving percentage each year.
This is exactly how to make saving money always fun!
Action Step: Select your rewards for each month of completing the transfer of money! This is your reward for sticking to saving 5000 in 6 months.
Bonus Tip – Tell Others for Accountability
Tell a close family member or friend about your money goal. They are the people closest to you and help build support for your cause.
You need to be on the same page with your spouse or partner. So, make sure that you are aiming and wanting to achieve the same savings goals.
How can I save 5000 fast?
You are ready to start saving money fast.
But the reality is not everyone has that extra money at their disposal (especially right now). What are some things you will need to get started on this challenge?
Saving 5000 in 6 months is possible by simply following these steps:
-Save $193.00 per week.
-Pay off your debts each time they come due, including all credit card and loan balances. This will make sure you don’t stop your money saving plan.
-Save $500.00 each month for a total of $6,000.
-Shred old receipts and throw away your bank statement to avoid seeing your balance.
-Use your savings to buy a mutual fund that will provide an average annual return of 5% over the next year.
Tips to Save 5000 in 6 Months:
Saving money is hard. It is not easy to find ways that are both quick and easy, but also useful in the long run.
That said if you’re struggling with your finances these days I have got a handful of quick-and-easy tips for saving thousands of dollars each year without much effort at all!
Just think about how many times a day you might be tempted by an impulse purchase or two.
You probably don’t make them every time because it would cost too much. But if you start thinking about these small purchases as a cost of living, it’s easy to see how the little things add up, and why saving money is so important.
Reduces expenses by $500 each month.
Increase income with overtime, find a side hustle or a 2nd job to make an additional $500 a month.
Limit Groceries Costs: Cancel food delivery service, resume weekly meal prep, and limit store visits.
Transportation: Consolidate trips, limit toll lane usage and take the free buses instead of Uber.
Memberships: Canceled unused memberships and subscriptions.
Credit card rewards: Redeem credit card rewards to help fund the things you cut from your budget or items for reward milestones.
Limit Impulse Purchases: Wait 24 hours before buying things.
Stop Getting Takeout Foods: Cook at home and save the difference.
Review Bills: Review bills and see if you can change plans or save money. There are many areas to look at, such as insurance plans, cell phone plan or other expenses. See if there are cheaper alternatives out there with better services for your family.
Sell Extra Stuff: Sell off extra things you no longer need and make a little bit of pocket money. You can sell your old clothes, shoes, books, games consoles or other items on sites like Amazon or Craigslist to earn some extra cash.
Side Gig Ideas: Side gigs can help you meet your savings goals. You might be able to make $5,000 or more in 6 months by doing something you are already doing. There are easy ways to earn a few extra dollars per day, so save up your money and get started today!
Start Investing: While you won’t make money fast, you will be making money on your money. That is called passive income and something everyone needs to learn. Start investing with this easy to follow course.
How to Save 5k in 6 months Chart
This chart provides a quick, easy, and useful guide for saving 5000. There are many ways to save 5000 in 6 months.
By Month – Same Amount
Total
Month 1
$834
$834
Month 2
$834
$1,668
Month 3
$833
$2,501
Month 4
$833
$3,334
Month 5
$833
$4,167
Month 6
$833
$5,000
This is how you can save up to be debt free or have a rainy day fund or larger emergency fund.
By Month – Lump Sum Amount
Total
Month 1
$1,500
$1,500
Month 2
$500
$2,000
Month 3
$500
$2,500
Month 4
$1,500
$4,000
Month 5
$500
$4,500
Month 6
$500
$5,000
Find more money saving charts.
How to save 5000 in 6 Months Bi Weekly?
Have you ever thought about how to save money, but all of the saving advice is based on month? Do you know what the best ways are or do not know where to start?
This is how to save 5000 in 6 months bi-weekly income.
Since you will be paid 13 times over the 6-month time period, you would have to save $385 from each biweekly paycheck.
How to save $5000 in 6 Months Bi Weekly?
Total
Week 1
$385
$385
Week 3
$385
$770
Week 5
$385
$1,155
Week 7
$385
$1,540
Week 9
$385
$1,925
Week 11
$385
$2,310
Week 13
$385
$2,695
Week 15
$385
$3,080
Week 17
$385
$3,465
Week 19
$385
$3,850
Week 21
$385
$4,235
Week 23
$385
$4,620
Week 25
$380
$5,000
All of the other steps apply to make this saving challenge happen.
How can I save $5,000 in 6 Months with Envelopes?
The 100 day envelope challenge is super popular right now.
To save $5,000 in 6 months with envelopes, you have one of two options either to save daily or weekly with a random drawing of an envelope.
Consistent Amounts Weekly Envelope to Save $5000:
Write the numbers 1-26 on each envelope.
For each envelope, you will save $193.
If you prefer to round to a flat $200 each week, you will save $5,200 or an extra two hundred dollars.
Various Amounts Weekly Envelope to Save $5040:
Write the numbers 1-26 on each envelope.
Envelope #1 you save $70.
On each envelope, you add another $10 to the previous amount. (Envelope #2 = $80, Envelope #3 = $90, etc)
On envelopes #24, 25, and 26, you save $300 those weeks
Don’t lose your envelopes!
How can I save $5,000 in 3 months?
Feeling a little bit more ambitious! That is great!
The 100 day money saving envelope challenge saves exactly $5,000. The idea is to save $100 every day for 100 days and then spend the saved amount in one month on whatever you need or want.
Learn more about the 100 day money challenge.
However, this is not feasible for many people because it takes a lot of discipline to do that consistently.
How to Save 5000 in 6 Months Calculator
A calculator helps a person figure out how much they can save in six months.
You know your income and expenses. Grab our free budget sheet and a calculator to figure out how much money you can save.
Saving $5,000 under 6 months is not attainable for everyone because some people will give up after 3 months when they realize how much sacrifice was involved with their savings plan.
That is where you need to stay strong and realize that even accomplishing 30% or 70% of your goal is more than doing nothing and saving zero dollars!
What will your life be like if you reach that goal?
Motivating yourself through small goals is easier when the reason why you’re saving is clear. Talk with family or friends about your reasons for wanting to save more and what it means to you.
More than likely at the end of saving 5000 in 6 months, you have done one of the following:
Whatever your goal is, that is the reason to stay motivated!
Update your progress on saving by sharing monthly updates of your savings progress as well as any important financial news that could inspire others!
Time to Save 5000 in 6 Months
The best way to save $5,000 in 2021 is to live below your means by not spending more than you earn.
Saving money is a great first step, but the next step is to invest your money.
Investing in the stock market is a good way to make sure your savings will grow and you can also take advantage of compounding interest.
This post provides seven quick tips for getting started with your savings goals in no more than 30 minutes a day over the course of six months (which adds up to about $500).
Are you up for the $5k money challenge?
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.