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Apache is functioning normally

June 2, 2023 by Brett Tams

Current is a digital banking app designed to simplify banking in the modern world. It also includes features for teens and young adults that can help them learn to manage money.

So, how does Current work and what does it cost? We’ll answer all of these questions and more in the Current review below.

What is Current?

Current is not a bank. It’s different from other financial institutions in that it’s a financial technology with a mission to help people make smart decisions about money.

It comes with several perks, like faster paycheck access, savings pods, spending insights, and cash back rewards. Best of all, there are no minimum balance requirements or overdraft fees.

Founded in June 2015 by Stuart Sopp, Current has raised over $400M and landed big name partners and investors, including Mr. Beast, the well-known YouTube star.

Its banking services are provided by Choice Financial Group and Metropolitan Commercial Bank, Members FDIC. In addition, the Current Visa Debit Card is issued by Choice Financial Group and Metropolitan Commercial Bank.

To date, there are about 4 million Current users. Current accounts are currently mobile only as there is no desktop account access or in-person branch network. You can download the Current app on your Android or iOS advice.

Current Features

Current offers several account features that you might find useful, including:

Faster Paycheck Access

Sometimes, you can’t wait until payday and need your hard earned money sooner. That’s where Current’s paycheck access comes in. It will deposit the funds from your paycheck up to two days faster than the typical direct deposit.

Current is unique in that it disregards the date your employer intends to release your paycheck funds. Instead, it works like a prepaid debit card and credits your account immediately after receiving it.

Gas Hold Feature

There’s no denying that the price of gas has skyrocketed. As a result, many gas stations have begun placing holds on the cards of customers. For example, a gas station might place a $100 hold on your card, even if you only purchase $50 worth of gas.

This will ensure you’ll have enough funds to cover the total cost. It can take anywhere from a few hours to a few days for the gas station to release the hold. Current will remove the hold right away so that the funds are readily available to you and you don’t have to wait.

Teen Banking

Current offers a teen account that enables parental supervision and strives to educate teens about proper money management. Its parental features include cashless convenience, instant transfers to teen cards, purchase notifications, and the ability to block specific merchants.

Parents can also use Current’s teen account to set spending limits and chores as well as automate allowance payments. In addition, multiple family members may add funds as they wish.

Savings Pods

With Current’s savings pods, you can meet various saving goals. Here’s how it works: You name a savings pod and deposit money into it from your account or qualifying direct deposit.

You can also add money through the round up feature where you round up to the nearest dollar from any debit card purchases you make.

 At the time this article was written, Current offers 4% APY on $6,000. To take advantage of the interest feature, transfer money from your spending balance to your savings pods.

Note that the type of membership you have will determine how many savings pods you can open. If you’re a basic customer, you’re limited to one pod whereas premium customers get up to three pods.

Cash Back Rewards

Current members can reap the benefits of a generous rewards program. As a member, you can earn up to 15x points on purchases you make at over 14,000 retailers. These retailers include Rite Aid, Cold Stone Creamery, Rite Aid, Subway, Forever 21, Burger King, and others that are listed in the Points tab in the Current app.

You may redeem these points for cash back in your Current account. You’ll receive the points right after you make a qualifying purchase and can redeem 100 points per dollar.

According to Current, its members have the potential to earn $165 cash back per year by simply using their card at participating gas stations. Keep in mind that Premium customers have the potential to earn more points and cash back than Basic customers.

Instant Cash Deposit

Current lets you easily deposit cash into your account. You may instantly add cash at over 60,000 at convenient places like local grocery and convenience stores, including Walmart and CVS. This is a huge selling point.

To deposit cash with Current, find a nearby cash deposit location, tap “view barcode” from the map, show the barcode to a cashier, and give them the funds. You can add up to $500 per transaction or up to $1,000 per day and $10,000 per month. The money will show up in your Current bank account immediately.

Overdraft Protection

The app does more than eliminate overdraft fees. If you overdraft your account by accident, you’ll get a free pass. The Overdrive feature offers a fee-free overdraft of up to $200 on in-store and online purchases.

To qualify for it, you must be 18 years or older and receive $500 or more in eligible direct deposits each 30-day period. A qualifying deposit can be an ACH transfer from your employer, payroll company, or Social Security. Unfortunately, mobile check deposits and peer-to-peer transfers don’t count.

Cryptocurrency

With Current, you can buy and sell cryptocurrency from the same app. Fortunately, you don’t have to worry about any trading fees or wait days for your trade to settle. You can purchase 27 popular coins, like Bitcoin, Dogecoin, Ethereum, and Shiba Inu. Once you sell a coin, you’ll notice the cash in your Current account immediately.

Money Management

Current’s money management tools can come in handy if you’re looking for a way to take control of your personal finance and make the most out of your money. The Spending Insights feature, for example, is available on your home screen.

It lists your recent purchases and assigns them a spending category so you can easily see where your cash is going. You may also sign up for real-time notifications that will appear any time you make a debit card purchase.

While the Spending Insights feature is designed to help you track your spending, the Budgets tool if your goal is to prevent overspending. You can create budgets for various categories. As you approach your budget or spending limit on an account ownership category, you can receive updates and make changes accordingly.

Current Pay

Current Pay works a lot like Apple Pay, Venmo, Zelle, and PayPal. If you know others that use the app, you can pay and request money from them instantly. Best of all, the process is easy and doesn’t involve any fees.

Does Current Have Transaction Limits?

Despite all of Current’s handy features, the app does impose transaction limits you should be aware of. These include a $500 daily maximum in ATM withdrawals, $2,000 daily maximum in card purchases, and $5,000 maximum transaction amount for peer-to-peer payments through Current Pay.

Are There Any Fees?

Now it’s time to discuss Current review fees. You may be surprised to learn that Current doesn’t charge monthly maintenance fees or have any minimum balance requirement requirements.

Additionally, there are no overdraft fees, or money transfer fees for money transfers from an internal bank account or external bank account or ATM fees at 40,000+ Allpoint ATMs. This is great news if you’d like to try it out with no strings attached.

But keep in mind that you may face out-of-network or third-party fees. For example, if you use Current at an out-of-network ATM, you’ll get charged $2.50. International withdrawals cost $3 each.

In addition, if you’d like, you can upgrade from the Basic membership plan to the Premium account or membership plan. While this will come with an additional monthly fee of $4.99, you’ll get access to more features, like additional savings pods and the chance to earn more cash back.

Who is Current best for?

Current might be worth exploring if you don’t mind mobile banking. It can help you meet smaller savings goals with a high interest rate. It’s also ideal if you use your credit card frequently and hope to earn generous cashback rewards.

In addition, you may benefit from Current if you’re a parent or guardian that wants an account for your teen and wishes to instill healthy money habits. We also recommend Current if you’re unable to qualify for a traditional banking account and are looking for a viable, cost-effective alternative.

Current Pros and Cons

Just like any digital banking app or online bank, Current comes with several benefits and drawbacks, including:

Pros

  • No monthly fees: You can use Current without committing to monthly usage fees.
  • Generous APY: Current offers 4% APY on up to $6,000 in savings to help you expedite your savings goals.
  • Cash back: Unlike most debit cards, Current rewards you with cash back every time you make a purchase at 14,000+ participating retailers.
  • Early paycheck access: You may access the money from your paycheck up to two days sooner.
  • Instant gas hold removals: If a gas station places a hold on your account, Current will remove it immediately.
  • Teen features: Current comes with plenty of features you can use to help your teen become responsible with money.

Cons

  • No online or in-person banking: You can only use Current on your iOS or Android device as Current’s mobile app currently doesn’t support online or in-person banking at a local branch.
  • No checks: The Current app doesn’t offer checks so you’ll have to find an alternative payment solution.
  • Email-based support: If you have a question or concern, Current will only be able to help you via email support is not available.
  • Mobile check deposit feature is slow: It can take up to 5 business days for a check deposit to clear.

How to Use Current

If you’d like to sign up for Current, follow these easy steps.

  • Download the app on the Google Play Store or Apple App Store. You can also enter your phone number on Current’s website and receive a download link.
  • Share basic personal information including your name, phone number, email address, residential address, and Social Security number.
  • If you’d like, connect Current to a debit card or bank account to fund your account.

Once you sign up, you’ll receive a Current debit card by mail. It should arrive via USPS within 7 to 10 business days but you can use Current before then. Current will give you a virtual card you can add to your digital phone wallet while you wait for your physical card.

Current Reviews

Before you go ahead and sign up for the Current app, you might be wondering what other Current account holders have to say about it. Here’s an overview of the various reviews we found online.

TrustPilot

On TrustPilot, Current earned 3.8 out of 5 stars. Most reviewers praise the app but there are several complaints about Current customer support and challenges with disputes.

Apple App Store

Current users gave it a 4.7 out of 5 stars on the Apple App Store. There are over 84K reviews and any of the negative ones relate to customer service.

Google Play

When it comes to the Google Play Store, Current ranked well as well with 4.8 out of 5 stars from over 89K reviews. Again, the negative reviews are about customer service and resolving disputes.

It’s no surprise that customer service is Current’s most noteworthy downfall as it’s only available via email and in-app chat that sometimes doesn’t work. If you have an urgent question while using the app, you won’t be able to make a phone call and receive a quick response. Depending on when you send the email, you may have to wait a few business days or even longer to hear back.

Speaking of customer service, you might want to know how to go about it. You can use the in-app chat feature or fill out an email form and wait for an email response. As stated, there’s no way to call the Current team for faster support.

The good news is the app is fairly intuitive and you shouldn’t come across too many issues while using it, especially if you consider yourself tech savvy. Plus you can check out Current’s frequently asked questions on its website for answers to simple, less urgent questions.

Current Alternatives

While Current is a solid online banking app for many adults, teens, and young adults, it’s not for everyone. If you find that Current isn’t right for you or are wondering about alternative options, here are a few to consider.

Chime®

Just like Current, Chime is a financial technology company or fintech company with modern features you may not find at a traditional bank, credit union, or brick-and-mortar financial services company. It offers early direct deposit2, savings roundups, and no-fee overdrafts5.

Compared to Current, it’s more like a high yield savings account8 in that it lets you earn a better APY on your savings on your entire balance, rather than just up to $6,000.

In addition, there’s a Credit Builder7 account you can use to boost your credit without a credit check. Just keep in mind that Chime doesn’t offer a teen account like the Current teen account.

Read our in-depth Chime review here.

See also: Chime vs. Current: Which Is Better?

Greenlight

While Current is intended for teens and their parents, Greenlight’s online banking services are geared toward younger children in elementary school. Both apps come with parental controls and features such as spending limits, chore rewards, transaction monitoring, and the chance to blacklist set retailers. Greenlight also lets you invest in the stock market.

Bottom Line

Current offers a long list of features that make it a smart choice if you want a digital banking platform with no monthly fees or hidden fees. You can enjoy early paycheck deposit, no overdraft fees, teen savings accounts, cash back rewards, savings pods, and more.

As long as you’re okay with limited customer service and don’t mind using the app on your mobile device, it’s certainly worth exploring.

Current FAQs

Here are a few of the most common questions that many people ask about the Current digital banking app.

Is Current safe?

It’s a risk to use any type of mobile or online banking platform. But Current checking accounts and teen accounts are backed by FDIC insurance of $250,000 in the event of a bank failure. Plus just like many reputable online banks, the app uses bank-level data security measures and you can sign up to receive push notifications any time current detects account fraud.

Does Current have any physical branches?

At this time, Current does not have any physical branches. This means you won’t be able to receive in-person service. The good news, however, is it does offer fee-free cash withdrawals at over 40,000 Allpoint ATMs throughout the country.

Can you deposit cash into your Current account?

Yes, Current lets you deposit cash. However, cash deposits aren’t free and you will have to pay $3.50 for every cash deposit transaction.

What happens if you overdraft your Current account?

Thanks to the Overdrive feature, it’s no big deal if you overdraft your account.  You can enjoy a fee-free overdrive of up to $200 on any purchase you make in-store and online.

Can you earn rewards or bonuses with Current?

Absolutely! As long as you use the Current Visa debit card at participating retailers, you can earn cash back. Plus you can earn $1 every time you refer a friend who signs up for a Current account.

Is Current worth it?

If you’re looking for a free checking account with plenty of bells and whistles or a teen banking account, the Current mobile app should be on your radar. But if you prefer a more traditional banking experience, you might be better off with an account at a local bank or credit union.

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.

2. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

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.

7. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

8. A Chime Checking Account is required to be eligible for a Savings Account.

Source: crediful.com

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Apache is functioning normally

June 2, 2023 by Brett Tams

Frugality isn’t just about saving money—it’s about using your money efficiently. And some methods of saving cash take more time and effort than they’re worth. Worse, some habits actually encourage you to spend more.

“What’s a worthwhile money-saving strategy and what’s not depends largely on your personal circumstances,” personal finance expert Stefanie O’Connell tells mental_floss. “For example, when I was making less than $30,000 a year, I would spend hours hacking costs—couchsurfing, taking public transit, DIY-ing everything. At that time, the extra $5 a day or $20 here and there really did make a significant impact on my financial life, even if it took an extra two hours to get somewhere or get a task done.”

O’Connell says that as she started to earn more money, her time became more valuable. The frugal habits that once worked in her favor no longer made sense. “Before I could meet all my monthly expenses and financial goals, I never dreamed of conveniences like taking a cab to the airport,” she says. “I only began to consider convenience over saving once I could more than meet my monthly expenses and financial goals.”

Your own mileage will vary, too, but we asked a few personal finance experts which money-saving habits generally aren’t worth it.

1. CLIPPING COUPONS

Depending on your method, couponing can be quite a bit of work. “You’ll spend valuable time, attention, and mental bandwidth tracking and organizing your coupons,” Paula Pant of Afford Anything tells mental_floss. “But at best, you’ll save only a small amount of money, and at worst, you’ll wind up buying items you don’t need.”

Pant has a point. Coupons actually encourage consumers to spend more, and they usually succeed in doing so. A 2003 study from NYU [PDF] found that customers actually spent more money on items when they shopped with coupons. According to the study, “When coupons were not clipped, [the households surveyed] were very value conscious and paid an average of $0.51 for soups but when they purchased the category using coupons, their average spending increased to 0.66.”

Personal finance writer Victor Lim has made his own case for resisting the couponing trend: “The thought of spending time searching for coupons, clipping them, and driving around town to score a whole bunch of free toilet paper makes my head spin,” Lim tells mental_floss. “While saving a buck or two is nice, I’d rather focus on bigger and consistent savings.”

2. BUYING SECOND-HAND PRODUCTS

While buying used items can save you money, the risk might in some cases outweigh the reward. Jonas Sickler of ConsumerSafety.org says the most important thing to keep in mind when looking to buy second-hand is to consider the dangers associated with buying certain products—especially baby items like car seats, cribs, and strollers—without knowing the items’ quality or where they came from. “Frequently these items might be recalled, or simply outdated and no longer meet today’s safety standards. They may also be damaged, worn, or missing certain parts that make them unsafe for babies,” Sickler says.

You can look up recalls for all kinds of consumer products, from appliances to children’s products, on Recalls.gov.

3. BARGAIN SHOPPING

It’s fun to hop around garage sales and yard sales—just don’t fool yourself into thinking you’re saving money when do you so, says Pant. “Scavenging from sale to sale consumes hours of your precious free time, locks you into a consumer mentality, and baits you into buying items you don’t need.”

The same goes for outlet shopping. Just because you score a great deal on a bunch of stuff doesn’t mean you’re “saving” money. Before whipping out your wallet, ask yourself whether the items you’re about to purchase are ones you actually need.

4. GOING OUT OF YOUR WAY FOR GAS

“Once or twice a week, a lot of folks will ‘take the long way home’ to fill their gas tanks at an off-brand gas station that usually has the lowest prices in the area,” says Timothy G. Wiedman, a retired Associate Professor of Management & Human Resources at Doane University in Nebraska. Wiedman suggests considering a couple of factors in order to determine whether this practice is worth it.

First, you want to consider the amount of cash you’ll actually save: “If my 3500-pound SUV only gets 16 MPG in city traffic and I’m driving a total of 14 miles out of my way to tank up, is saving 9 cents a gallon when filling a 24-gallon gas tank cost-effective?”

Second, you want to consider the value of your free time. Is it worth the savings? “A lot of folks who consider themselves to be frugal, are actually penny-wise and pound foolish,” Weidman says.

There’s a case to be made for all of these habits. Maybe you like couponing or thrift store shopping—there’s certainly nothing wrong with spending money on things you enjoy. At the same time, you want to be mindful of your money habits, and that means acknowledging the time and effort involved with them.

Source: pennypinchinmom.com

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Apache is functioning normally

June 2, 2023 by Brett Tams

Mother depositing check on smartphone

One of my money resolutions is to switch banks. I’ve been a long-time customer of a big bank that, in recent years, has stood out among headlines that reveal sneaky and unethical business practices. That’s not the only reason I’m switching, but it does help me want to change. So, it has got me thinking bank vs. credit union?

Some people think credit unions aren’t terribly convenient — maybe they don’t have online banking, or maybe it’s hard to find an ATM when you’re traveling. But I’ve found that, despite the potential inconveniences, there are advantages to consider when it comes to a credit union. Here are a few things I’m keeping in mind as I make my decision.

Interest Rates

The main draw I’ve often heard about credit unions is they offer lower interest rates on loans and higher Datatrac analyzed the average interest rate differences between credit unions and banks. When it came to car loans, banks’ interest rates were about two percent higher. When it came to mortgages, rates were very similar.

Savings yields

The National Credit Union Administration also regularly analyzes the average rates of credit unions and banks. Their latest data (June 2013) found that the average “regular savings” rate for a credit union was 0.14 percent. The national average for banks was 0.13 percent.

But when it comes to choosing what works for you, you’re probably less interested in average and more interested in best. According to Datatrac, the “bank high” savings rate is 1.06 percent. The credit union high is 3.00 percent, which is awesome, but not necessarily accessible.

For example, I researched the credit unions in my community that I might be approved to join. On the high end, those credit unions offered an APY of 0.25 percent. My current bank offers 0.50 percent, and the bank I’m considering offers 0.85 percent. So while credit unions have the overall reputation of having higher interest rates, I guess it really depends on what’s available to you in your community. But with a credit union high of 3 percent APY, it’s definitely worth looking into.

If you’re getting a car loan, it’s probably best to go with a credit union. But I’m not a big fan of car loans in the first place (though I understand people have their reasons), nor do I think I’ll need one anytime soon. At this point in my life, I’m only concerned with interest rates when it comes to saving. On average, credit unions have better rates, but I’m not sure I have access to the high rates mentioned on these reports.

Related >> Why I plan on driving my car into the ground

Fees

Credit unions are known for having low to no fees on their accounts. And while they may offer free checking and even checking with interest, I’ve come across a couple of banks that offer the same thing. Many credit unions require no minimum to open; the bank I’m considering doesn’t require a minimum deposit either.

Related >> Checking Accounts

What’s more, according to a July 2013 article from the Washington Post, credit unions have been hiking up their overdraft fees faster than banks.

“The report shows that banks have held the median overdraft charge at $30 a transaction for the past four years, while credit unions have upped their price from $25 to $28 a transaction in the past two years.”

Related >> Getting Over the Overdraft: How I Started Saving

On the other hand, “fees are still lower on average at credit unions as of the first three months of 2013.” I’m not planning on using overdraft protection, so this doesn’t really affect me, but I thought it worth noting. An article from The Street also confirms the misunderstood stereotype that credit unions = no fees.

“Unfortunately, many who make the switch assume mistakenly that just because they’re banking with a credit union, they’re not going to be charged fees. The truth is that credit union members are just as vulnerable to fees as bank customers — a fact that is rarely shared or acknowledged.”

Most people with credit unions love them and attest that they don’t pay fees. And I’m not saying most banks don’t assess ridiculous fees, but it does seem like the whole “no fee” thing with credit unions might be a little overrated. I’m not knocking credit unions; I’m just saying, if I switch, I don’t think fees will play a huge part in my decision.

Business Model

Structure

Here’s where credit unions win, by far — the way they’re structured.

Credit unions have a reputation of being more personal and focused on community, and there’s a reason for that. When you open an account with a credit union, you become a shareholder. In fact, the operators of credit unions are members themselves. As Michele Lerner explained in a Get Rich Slowly question:

“First, unlike banks, credit unions are financial membership organizations. You don’t open an account at a credit union, you become a member and use your deposits to buy shares in the business.”

Credit unions are also community-focused because a lot of their members belong to a similar group. My old company, for example, had a credit union. My university had a credit union. In Los Angeles, there are a lot of entertainment-industry-related credit unions.

Theoretically, credit unions are private cooperatives that are owned and operated by their own members, the advantage being that local money stays within the community. Many people like the idea of that and, according to credit union members, it usually translates to a better “customer” experience.

Profit

While banks want to make money and appeal to investors, credit unions are not-for-profit, and their investors are their members. Any profit made from a credit union is supposedly returned to its members in the form of low interest rates or lower fees (although there’s been some recent controversy over the industry overusing these profits on advocacy efforts).

Overall, though, a non-profit structure usually translates to: a) not feeling like your financial institution is trying to take advantage of you, and; b) not seeing your financial institution’s name next to the words “crooked” and “discrimination.”

While they’re certainly not immune to questionable practices, the structure of a credit union seems to provide a better overall experience, and most credit union members attest to that.

Overall, I suppose it depends on what you’re looking for in a financial institution. Both options — credit union or bank — have their advantages and disadvantages. There’s also the long term to think about. You might feel that, in the long term, the structure of a credit union may serve you better. In the long term, rates may be significantly better. Either way, in making a decision, there are a handful of things to consider. Loans, rates, business model, fees and convenience are all factors that could affect one’s decision.

I’m still deciding, so I’d like to read your thoughts. Do you use a credit union or a bank, and what are some benefits and drawbacks of each?

Source: getrichslowly.org

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Apache is functioning normally

June 1, 2023 by Brett Tams

Save more, spend smarter, and make your money go further

Furniture is a huge investment, and picking up good pieces can easily run you hundreds, if not thousands, of dollars.

In truth, there are many ways to get high-quality, long-lasting furniture for much, much less money than you might imagine.

All you have to do is look around a bit, and think before you whip out the wallet and spend away.

Why blow your entire life’s savings on one couch when you can…

Buy in Bulk

Buying in bulk isn’t just for diapers and soda anymore.

As you know, many grocery items are available at places like Costco or Sam’s Club in giant bulk packages for far less than they would be if you bought the items one at a time.

This practice applies to furniture shopping as well. While you COULD buy a sofa, a loveseat, a couple chairs, and a coffee table separately, you’re going to pay full price for everything if you do.

That is, if you don’t go broke halfway through.

Instead, get all of those items at once, as part of a pre-set package.

You’re likely to spend hundreds of dollars less this way, and you’re also guaranteed that everything will match.

Craigslist

Unlike what some people think, Craigslist isn’t filled with nothing but horrible products and scam artists.

Sure, there’s a lot of that stuff, but there are also some legitimately good items up for sale there, including furniture.

People are moving, or they recently refurnished their house, and they need to get rid of their old stuff fast. That’s where you, and your moving truck, come in.

The trick here is to not fall for the scams.

Ask real questions, and if the answers you get are vague or fishy-sounding in any way, don’t pursue further.

Ask to see the furniture before you buy, so you can inspect to ensure they’re in good shape and that they’re what was advertised.

Then, once you’re satisfied that everything is on the up-and-up, pay the seller and enjoy your awesome new furniture.

Discount Warehouses

Just because a store sells furniture, doesn’t mean that they have to sell expensive furniture.

There are plenty of discount furniture warehouses out there that specialize in selling other companies’ inventory for prices far lower than you’d get first-hand.

Maybe too many pieces were made. Maybe a few of them have ever-so-slight imperfections that would keep them off the showroom floor.

Either way, finding these warehouses can mean quality furniture, not to mention big savings, for you.

Flea Markets

If you don’t want to deal with Craigslist or other online outlets, you can always try flea markets.

Contrary to the stereotype of flea markets being filled with nothing but junk, there’s plenty of good stuff available to those who really look around.

Much like with dealing with Craigslist, as long as you ask the right questions and inspect your potential purchase thoroughly, you’ll come away with great furniture at a tiny fraction of the original cost.

Build Your Own

Of course, if you’re really handy-dandy with tools and your bare hands, you can always make your own furniture.

Supplies are always going to be cheaper than finished products (after all, you’re paying for the convenience of somebody else making furniture for you,) and you can make your homemade furniture as plain and or as exquisite as you like.

And then, if you’re ever ready or willing to sell it off, you can do so at a ginormous profit.

After all, if you bought $50 in supplies to build a TV stand, and then sold it for $100 later on, that’s 100% of your money back, plus a 100% profit. No way can anybody say no to that.

How about you, Mint community? What are some of your favorite tips for wallet-friendly furniture shopping?

Mary Hiers is a personal finance writer who helps people earn more and spend less.

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Apache is functioning normally

June 1, 2023 by Brett Tams

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America has lots of old houses. According to the National Association of Home Builders, the average owner-occupied structure is about 40 years old in 2016. For reference, that’s higher than the U.S. median age of 38.8.

In some parts of the country, the housing stock is far older. On average, owner-occupied housing in New York, Massachusetts, and Pennsylvania is more than 50 years old. Though there are exceptions to the rule, homes tend to be older throughout the Northeast and Midwest and in urban cores across the country.

By contrast, newer homes and bona fide new construction homes are more common in Southern and Western cities in general, and in suburban and exurban communities across the country. For example, the median age of owner-occupied homes in Nevada is barely 20 years old.

What Counts As an Older Home?

As a general rule of thumb, homes built after 1990 are considered newer, and homes built before 1940 are considered old or antique. But housing age is a subjective condition that turns on numerous factors, including construction style and quality, local climate and geology, and work done over the life of the home.

The most important factors include:

  • Construction style and quality. Prefabricated and mobile homes are generally constructed to lower quality standards than solidly built Tudors, Craftsmans, or Colonials. Mass-produced houses, which tend to be newer, can have quality issues as well. However, custom-built new homes may be constructed even more solidly and durably than older homes. Ultimately, construction quality comes down to the quality of the materials used and the skill and diligence of the builders.
  • Climate and geology. Climate — particularly humidity, temperature extremes, and storms — accelerate the aging process. Homes in the eastern half of the U.S. are more likely to experience problems attributable to these issues, such as roof damage and basement or foundation moisture, than homes in coastal California cities like San Francisco and Los Angeles. Geological factors that can accelerate the aging process include seismic activity, sinkholes and limestone geology, and high water tables.
  • Renovations. In some cases, antique homes are updated so dramatically that it’s difficult to define their age any longer. For instance, my wife’s parents owned a farmhouse built in the 1880s. But successive owners thoroughly updated, modernized, and expanded the house over the years. In fact, the only original components were an old cinder block foundation and basement (now completely encased by a newer, expanded foundation and basement) and a few structural supports rising above the original footprint. Most other components dated from the 1970s or later. So is it really fair to say the house was an original 1880s farmhouse?

Common Older Home Problems & Potential Solutions

Even well-maintained older homes can present problems that owners of newer homes simply don’t need to deal with. These include health hazards such as asbestos and mold, serious pest problems that can lead to structural issues, and issues with utility systems like wiring and plumbing.

1. Lead and Asbestos

Lead and asbestos are two hazardous materials that were used in residential applications until relatively recently.

Lead is a neurotoxic metal that’s particularly harmful to children. It’s commonly found in exterior and interior paint made before 1978. It’s also found in substantial quantities in pre-World War II plumbing systems and in smaller quantities in water pipes installed before the mid-1980s.

Asbestos is a naturally occurring fibrous material that causes a serious form of lung cancer and other respiratory problems. It was a ubiquitous insulation and fireproofing material until the mid-1970s. Successive EPA actions banned most asbestos applications by the late 1980s, but the agency never required building owners to remove existing asbestos products. Accordingly, many older crawlspaces, walls, and pipes still contain asbestos insulation.

If you determine that you need professional help to deal with either of these environmental issues, use a resource like HomeAdvisor to find reputable, pre-vetted contractors in your area.

Possible Solutions: Lead Paint

When you buy a home built before 1978, you’re usually required to affirm your understanding that the home may contain lead paint. If you’re uncomfortable with the idea of coexisting with lead paint, invest in professional lead paint removal services.

According to HouseLogic, professional removal of lead paint costs $8 to $15 per square foot, or about $10,000 for a typical whole-house project. The medical literature isn’t conclusive on the matter, and some housing experts say it’s fine to leave lead in place as long as it’s not disturbed. But removal is recommended for homeowners with small children.

Possible Solutions: Lead Plumbing

If your home’s plumbing system is very old, it could still contain measurable quantities of lead. The most cost-effective way to deal with this is a water filtration system, either for the entire house ($1,000 to $3,000, depending on house size and system quality) or the kitchen tap ($200 to $1,000, depending on brand and quality).

Replacing the home’s entire piping system is the only way to ensure totally lead-free water, but doing so can cost upwards of $10,000.

If your home is older but has had significant plumbing upgrades — plastic-looking or shiny copper pipes being giveaways — then the only remaining lead elements could be in the service line branching out from the water main under your street. That bad news is that replacing a service line means digging up your front yard or sidewalk (or both) at significant expense: anywhere from $3,000 to $5,000 for a short line to $15,000 or more for a longer line.

Fortunately, more and more states and cities subsidize lead service line replacement costs, so check with your local water department or state health department before paying out of pocket.

Possible Solutions: Asbestos

Though direct, prolonged exposure to asbestos is a serious health hazard, insulation tucked away in inaccessible walls is not likely to pose a direct risk. However, removal is recommended if you plan on knocking down walls, expanding your home’s footprint, or attempting other expansive projects likely to uncover asbestos-laden material.

Asbestos removal costs vary greatly by project size and location. The general range is $5 to $20 per square or linear foot, which doesn’t really narrow it down. Think of it this way: a single pipe or wall runs in the high three- or low four-figure range, while a whole-house project costs $10,000 to $30,000, depending how extensive the asbestos is.


2. Termite Damage

Over time, termites can devastate homes’ wooden and wood-like components, including floors, structural supports, and drywall. The problem is particularly acute in the southern half of the country, where termites are active for most or all of the year. Older homes are more likely to have active termite infestations or preexisting termite damage due to compromised foundations or drywall.

Depending on the length and severity of the infestation, termite damage repairs can range from cosmetic fixes (such as replacing damaged floorboards) that cost a few hundred dollars to structural remediation projects that can cost $10,000 or more.

Signs of termite damage include:

  • Sagging or buckling floors
  • Pinpoint holes in drywall
  • Hollow-sounding wood supports or floorboards
  • Bubbling or peeling paint

Possible Solutions: Prevention

Prevention is the cheapest and least invasive termite solution:

  • Remove all loose wood vectors — including shrubbery, mulch, building materials, and stacked firewood — from contact with the lowermost portion of your house.
  • Prevent water from pooling near or against your home’s foundation by filling in low ground or installing a surface drainage system.
  • Use treated lumber (toxic to termites) for decks and other wooden structures attached to your house.
  • Remove dead stumps and root systems from areas near the house.
  • Seal visible foundation cracks, which provide ready entry for termites.

Your prevention costs depend on what’s necessary. They range from basically free (if you don’t account for the value of your time) for removing shrubbery and mulch, to a few thousand dollars for termite-proof decks or elaborate drainage systems.

Possible Solutions: Ongoing Infestations

For infestations in progress, hire a pest control professional to shrink or eliminate the colony. Exterminators typically charge $3 to $20 per linear foot (as measured around the home’s perimeter), according to HomeAdvisor. The average home’s perimeter ranges from 150 to 200 feet, so expect comprehensive treatment to cost anywhere from $450 to $3,200.

Bear in mind that your actual all-in cost will depend on the foundation type, the infestation’s severity, and the treatment type used. Chemical, tenting, and bait treatments tend to be cheaper than heat or fumigation.

If you catch the problem before you buy, perhaps during a professional home inspection (which costs $200 to $500 and is highly advisable before you purchase a home anyway), get a repair estimate from a general contractor. Then negotiate with the seller to cover part or all of the repair costs, as well as the cost of professional pest control services if the infestation is still in progress.


3. Mold and Mildew Damage

Over time, homes exposed to excessive moisture often develop mold and mildew problems. Though particularly common in basements and bathrooms of wet-climate homes, moisture-related microorganism growth can occur anywhere. The problem is more likely to occur in old homes because moisture more readily seeps through cracked foundations and leaky pipes. However, since infestations can start inside walls, it’s possible to walk through a mold-infested older home for sale without realizing there’s a problem.

While small amounts of indoor mold growth are permissible and even expected, uncontrolled growth can worsen allergies and other respiratory problems (such as asthma) even in healthy children and adults. More serious infections can develop in the very young, the very old, and those with compromised immune systems.

Also, mold eats away at its host surfaces, particularly wood, drywall, grout, and other porous or semiporous substances. Unchecked mold infestations can cause structural problems and render a home temporarily or permanently uninhabitable.

Possible Solutions

Your mold and mildew solution will depend on the severity of the problem:

  • Prevention: As with termite infestations, the best solution to mold and mildew is prevention. Buying a dehumidifier (anywhere from $100 to $500 new, plus $30 to $100 in annual electricity costs) for your basement or crawlspace can work wonders. Ensuring proper ventilation through a combination of floor or ceiling fans and open windows during dry, mild weather can help on higher floors.
  • Minor Infestations: You can treat small mold infestations, such as on an isolated area of a basement or bathroom wall, with store-bought mold spray, abrasive sponges or brushes, kitchen gloves, and lots of elbow grease.
  • Major Infestations.: For larger infestations, the spray-and-scrub approach is impractical. According to HGTV, whole-home mold remediation can cost as much as $5,000 and possibly more if the infestation affects hard-to-reach areas like the attic, basement crawl spaces, or inside the walls. To reduce remediation costs, make sure your homeowners insurance policy covers mold cleanup before you buy an older home, and consider switching policies (using a comparison engine like PolicyGenius to save time) if your policy doesn’t.

4. Plumbing Problems

The biggest danger of an old or substandard plumbing system is the possibility of a pipe failure that floods the home or causes major water damage in the walls and floors. A serious failure can temporarily render the home uninhabitable and cost tens of thousands of dollars to clean up, though the damage is often covered by homeowners insurance. It can also cause longer-term problems, such as mold infestations.

Before purchasing an older home, ask the seller how old the plumbing system is and about the material used in supply (fresh water) and drainage pipes. Whereas brass and copper pipes typically last 50 years or more, steel pipes can wear out after as little as 20, according to HouseLogic. Pipes made from PEX, an increasingly common plastic material in fresh water piping, typically last 40 or 50 years.

Special care is warranted if your drainage pipes are made of polybutylene, a grayish, flexible plastic material used from the 1970s to the 1990s. Chlorine, which is found in bleach and other household cleaners, corrodes polybutylene pipes over time and can lead to spontaneous failure.

Root damage is another old home plumbing issue that’s particularly common in heavily vegetated neighborhoods — which also tend to be older and thus have more old houses. Over time, tree roots work their way into older drainage pipes under or outside the home’s foundation, busting through pipe joints and tapping the year-round supply of nutrient-rich water flowing within.

Without proper maintenance, this leads to clogs and backups that can interrupt washing routines and cause water damage in low-lying parts of the house. Remember that tree roots can travel a long way underground. There may be no obvious culprit near your main drain outlet, but that mature tree across the street or around the side of your house could be responsible.

Possible Solutions: Pipes

If you’re eying a home with polybutylene pipes, ask the seller to install (and pay for) new pipes or knock the replacement costs off the purchase price. If they refuse, consider whether you can put up with the inconvenience and cost of replacing the pipes yourself, which you should do as soon as your budget allows to minimize failure risk.

For other common pipe materials, you simply need to ascertain the system’s age and target a date several years before the end of its life expectancy. If you plan on still owning the house when that date arrives, begin saving for a full system replacement now, keeping in mind the effects of inflation.

In a 1,500 square-foot house with two bathrooms, whole-house pipe replacement costs range from $4,000 to $10,000, according to HouseLogic. The exact amount depends on the pipe material and number of water fixtures. Larger homes and homes with more bathrooms cost more than $10,000, so budget accordingly.

Possible Solutions: Root Damage

Root damage fixes can be even costlier. Replacing a root-infested main drain pipe typically requires excavation, a notorious cost multiplier. Expect to pay up to $25,000 if the repair crew needs to dig under the slab or dig a trench in your front yard. Other factors include the length of the pipe and required depth of excavation.

Root-and-line jobs, which remove existing roots and install impermeable liners that prevent further intrusion, are nearly as expensive: $5,000 to $15,000, on average.

Periodic root removals are much easier on the wallet: anywhere from a couple hundred bucks to around $1,000, depending on the severity of the problem. But they need to be repeated every couple years, and even then, the problem slowly worsens over time.


5. Foundation or Structural Problems

Over time, nature catches up with even the most solidly built homes. Older homes are prone to a variety of foundation and structural problems, such as:

  • Major cracks or unevenness in the slab or perimeter foundation wall
  • Corrosion, dry rot, or moisture damage in pilings or concrete foundation supports
  • Damaged piers (support footings)
  • Dry rot or moisture damage in above-ground studs

These issues are particularly common, and tend to occur sooner, in regions with abundant soil moisture, unstable bedrock, seismic activity, and other perils. Though alert homeowners generally catch structural problems before they render homes uninhabitable, remediation is costly and inconvenient.

Signs of foundation or structural problems include:

  • Doors that jam or fail to latch (though this can be a sign of localized moisture damage too)
  • Visible diagonal wall cracks that grow over time
  • Visible cracks wider than 1/8″ in basement or crawlspace walls
  • Cracked tile or concrete floors
  • Persistently stuck windows (also a possible sign of localized moisture damage)
  • Floors that are bowed or have a clear slope in one direction
  • Unexplained water in your basement or sealed crawlspace, especially after heavy rain or snowmelt

Possible Solutions

Any apparent foundation or structural issue requires an expert opinion from a structural engineer ($500, on average). Addressing a modest foundation issue, such as a crack in the perimeter wall, can cost a few hundred dollars. More serious problems, such as uneven soil that requires support piers underneath the foundation, can cost $10,000 or more. And in seismically active areas, foundation anchor bolts are required or recommended — at a cost of at least $1,500 apiece. Many homeowners insurance policies don’t cover these costs.

If the foundation requires extensive repair or wholesale replacement, costs can quickly escalate. Expect to pay a minimum of $25,000 and as much as $100,000 to raise your home and replace the foundation, per HomeAdvisor. Again, homeowners insurance often doesn’t cover these costs. If you’re seriously thinking about buying an older home with obvious foundation damage, factor repair costs into your offer price or ask the seller to address the problems before closing.

Also, note that the cost of repairing secondary issues related to foundation damage (such as damaged upper-level flooring, walls, and doors) varies greatly and can add thousands or tens of thousands of dollars to your project. So the total bill to make your home “like new” after a full foundation replacement — assuming that’s even possible — could well exceed $100,000.


6. Radon

Radon is a radioactive gas that occurs naturally in certain types of bedrock. An Environmental Protection Agency shows elevated radon potential across broad swathes of the Northeast, Midsouth, Midwest, and Intermountain West, but it can occur anywhere.

Radon enters homes through cracks in the foundation perimeter and basement walls, which are more common in older homes. The gas then circulates throughout poorly ventilated houses over time. Though it’s not acutely toxic and has little impacton health when encountered intermittently and in small doses, radon is the leading cause of lung cancer for nonsmokers. Exposure over the generally accepted safe concentration is not recommended for long periods.

Possible Solutions

Radon mitigation typically involves capturing gas in the soil or rock surrounding the foundation and piping it up to a rooftop vent, then sealing foundation cracks to prevent further leakage. It can also involve installing one or more depressurization vents outside the house (venting radon before it reaches the foundation), as well as negative-pressure fans that essentially blow radon from the basement or lowest level back into the soil.

According to Kansas State University, the average cost of a radon mitigation system is about $1,200. But the actual cost can vary between a few hundred dollars to more than $3,000, depending on the home’s size, foundation type, and the problem’s severity.

Amazon sells radon testing kits for less than $20, though you may need to pay to ship the kit to a certified lab for analysis. Still, your all-in cost should be under $50, making for an inexpensive way to see if you need to call in the professionals.


7. Roof Problems

Older homes tend to have older, possibly deteriorating roofs. This presents numerous problems, including pest infestations, interior water damage, and less-effective insulation. Problems stemming from a compromised roof, particularly once interior leaks begin occurring regularly, can cost tens of thousands of dollars to fix and may not be covered by homeowners insurance.

Warning signs of potential roof issues include:

  • Missing or damaged shingles
  • Crumbling roof cement
  • Bowed or sagging gutters
  • Persistent moisture in the attic
  • Evidence of water damage in the upper floors
  • Critters in the attic or upper crawlspaces

Possible Solutions

Before you buy an older home, assess the roof’s age and condition to the best of your ability. Unless the seller put the roof on, they might not be aware of when it was installed, so consider hiring a roof inspector ($100 to $800) if there are obvious signs of wear.

Next, consider the likely lifespan of your current roof and its potential replacement:

  • Shingles. On sloping roofs, asphalt shingles typically remain in good shape for 15 to 20 years. Treated wood shingles last 20 to 30 years.
  • Metal. Metal roofs are typically warranted for 20 to 40 years, though they often last longer and require little maintenance.
  • Tile and stone. Tile and stone roofs can last up to 100 years with proper installation and maintenance.

Within these categories, construction quality matters. For example, on sloping shingle roofs, a rubber or thermoplastic coating layer can mean the difference between a roof that goes bust at 15 years and one that keeps on chugging well beyond that. Of course, no matter the material, a roof’s actual lifespan depends on installation quality, prior maintenance record, roof slope, and local climate.

Replacement costs vary greatly by material, but you can expect to spend anywhere from $5,000 to more than $15,000 to replace an entire asphalt shingle roof. Slate (stone) roofs cost $20,000 to $40,000 to replace, on average. In both cases, inflation has done a number on project budgets due to surging material costs.

If the roof’s problems are confined to a small area and the roof isn’t near the end of its predicted lifespan, you can save money by replacing or repairing only the damaged section. If the roof is older or widely damaged, it makes long-term financial sense to replace the entire thing, or at least one whole side.


8. Inefficient Windows

Old homes are more likely to have older, inefficient windows. The primary downside of inefficient windows is higher electricity bills because the home’s climate control system has to work harder to compensate for leaks.

According to the Federal Government’s ENERGY STAR program, installing the most efficient class of windows in your entire home can reduce your annual electric bill by as much as $600, depending on the size of your home and where you live. You may also be eligible to claim federal tax credits under the Inflation Reduction Act, up to $1,200 per project. This credit must be shared with other types of projects, such as wall and attic insulation, if you’re doing more than one in a single tax year).

Possible Solutions

Address inefficient windows temporarily with passive heating and cooling methods, such as shutting windows and blinds on hot days and opening them at night, and by using plastic film ($10 to $20, on average) to seal leaks during the winter. Sealing cracks around your windows and reinforcing your home’s insulation, a more permanent solution, can cost upward of $1,000.

The ultimate leaky-windows solution is simply to replace old windows with more efficient ones. While judicious window replacement is often cited as one of the top home improvement projects to reduce long-term homeownership costs, bear in mind that super-efficient windows are costly. Installing them in your entire house could set you back $10,000 or more, meaning you might never earn back your investment even after accounting for the tax credits and energy savings.


9. Inadequate or Unsafe Electrical Systems

Electrical problems fall into two categories: convenience and safety.

First, convenience: Unless their electrical systems have been updated, older homes lack sufficient numbers of electrical outlets to address our collective addiction to electronic devices. They might also not have enough power supply to handle energy-hungry modern appliances, such as whole-house heat pumps, induction stoves, and electric vehicle chargers.

Second, and even more importantly, safety: The lifespan of electrical wiring itself is limited by the lifespan of the wire’s insulation. Wiring installed before 1960 lasts roughly 70 years, while newer wiring is estimated to last at least 100 years. Once the insulation deteriorates to the point that the actual wire is exposed, the risk of electrical fire, shocks, short circuits, and localized (single- or multiroom) power failures increases dramatically. Don’t let your home’s wiring reach that point.

Electrical service panels and circuit breakers are also prone to deterioration. Service panels last 60 or 70 years, while breakers last 30 or 40. Failing panels and breakers can cause shock, power failure, fire, and other dangers.

Note that water damage, fire, pest infestation, and other unusual events can harm some or all of an electrical system’s components, necessitating repair or replacement long before they reach their life expectancy.

Possible Solutions

Electrical work is dangerous and confusing for novices, so avoid taking the DIY route with your electrical project. Instead, hire a licensed electrician.

A qualified electrician typically takes 30 to 60 minutes to install a single outlet, at a cost of anywhere from about $100 to about $500, but the average cost is on the lower side of this range. If a new circuit is required, the cost will be higher, though not excessively so.

A new service panel starts at about $900, but a higher-amp option (which may be required for high-power appliances) costs more: up to $2,500 for new 200-amp service and up to $4,000 for new 400-amp service.


10. Failing or Inefficient Mechanicals and Appliances

Old homes are more likely to have old mechanical equipment, such as water heaters, furnaces, and air conditioning units, as well as older household appliances. Mechanical and appliance lifespan varies by item, brand, and workload. On average, expect major mechanical equipment and appliances to age as follows:

  • Water heater: 10 to 15 years
  • Furnace: 15 to 30 years
  • Central air conditioning system: 15 to 25 years
  • Refrigerator: 15 to 20 years
  • Washers and dryer: 10 to 15 years

Equipment near the end of its useful life is more prone to failure, raising the possibility of an inconvenient or dangerous situation — such as the heat going out in the dead of winter or an electrical fire — that needs to be addressed immediately. Moreover, older equipment is usually less energy-efficient, resulting in ballooning utility costs.

Possible Solutions

Older homes with recently updated mechanical equipment and appliances typically fetch a premium. If you’re fine with buying older mechanicals and appliances, research each unit and determine about how much longer it can be expected to last. Draw up a replacement schedule commensurate with your time horizon and begin saving for the most pressing projects. If your furnace has 15 years left and you plan on selling in five, replacement isn’t necessary.

Mechanical and appliance replacement costs vary by item and brand.

Natural gas furnaces cost about $3,000 to $7,000, on average, with existing ductwork. Heat pumps may cost less if they can be tied into existing ductwork. Ductless heat pumps typically cost $5,000 or more per zone, though you may get a deal on systems with three or more zones. Heat pumps have lower operating costs because they’re much more efficient than either gas or traditional electric heaters, however.

Efficient tankless water heaters can cost as much as $6,000, though the average installation cost (per Fixr) is closer to $3,000. Traditional gas or electric tank heaters cost even less, in the $1,000 to $2,500 range. A heat pump water heater costs $2,000 to $5,000, but the lifetime operating costs are lower than gas or traditional electric.

Thanks to the Inflation Reduction Act, your heat pump purchase may qualify for an impressive federal tax credit — up to $2,000 or 30% of the total project cost. State tax credits and utility rebates may stack on top of this incentive, saving you up to $8,000 in some places. So even if the out of pocket cost is a bit higher, your net cost is likely to be lower than a conventional appliance.

If you plan ahead to replace your old water heater or laundry machine, finding room in your household budget won’t be an impossible task. Set up an interest-bearing, FDIC-insured savings or money market account earmarked specifically for the project.

But an unexpected replacement can really set you back, particularly if there’s damage involved. A family friend recently had to replace his old dryer after a massive electrical fire was sparked by faulty wiring and exacerbated by a clogged dryer vent. Including cleanup, the bill came to more than $20,000, though his homeowners insurance policy covered most of the cost.


11. Unhelpful, Unfinished, or Outdated Updates

Older homes typically have more than one previous resident, and sometimes a lot more. All those past homeowners had license to do what they wished with the property.

While many older homes retain the charm and function of their original construction, others have a host of unhelpful or anachronistic updates that detract from the homeowner’s experience and potentially add to the cost of ownership. Particularly costly updates that may need to be rectified shortly after moving in include:

  • Poorly designed, inadequate, or simply tasteless kitchens
  • Illegal basement bedrooms (lacking egress windows, for instance)
  • Incomplete projects, such as a partially finished basement or partially laid patio

Before we bought our current house, my wife and I went to an open house at a 100-year-old home with a half-finished basement, half-finished screen porch, and a literally transparent exterior paint job. The home had been purchased just a few months earlier for far less than the current asking price, suggesting the current owner had attempted to flip the house and had become overwhelmed. Our real estate agent remarked, “It looks like this guy ran out of money and bailed.”

Possible Solutions

As long as they’re not unsafe, you can live with unhelpful or outdated features until you have room in your budget to fix them. The cost of said fixes varies widely. A full kitchen update typically runs north of $20,000, while replacing outdated moldings or rectifying a hideous interior paint job might cost only a few hundred.

Half-finished add-ons, such as the porch at the abandoned flip mentioned above, are another matter. They can be unsafe, particularly for small children, and may provide access points for insects and rodents. Think twice about buying an older home with too many wonky updates or haphazard design touches, as they often disguise bigger problems.

For instance, we found out later that the abandoned flip had serious foundation problems that would cost tens of thousands of dollars to fix. The scale of the foundation issue likely compelled the flipper to walk away from the property before completing the job.


12. Substandard or Unsafe Features

Older homes sometimes have too much charm. Depending on the style, location, and history of a particular house, some original features may be obsolete, not up to current building codes, or actually unsafe. Examples include:

  • Old laundry chutes
  • Servants’ staircases
  • Staircases leading nowhere (commonplace in houses that were once divided into multiple dwelling units)
  • Steep staircases
  • Low ceilings
  • Blocked-off chimneys
  • Nonworking fireplaces

Our current home is by far the nicest place we’ve ever lived, but it nevertheless has a steep, winding staircase we’d feel uncomfortable allowing a toddler to traverse, as well as an obsolete chimney that’s showing early signs of deterioration.

Possible Solutions

Many jurisdictions are lenient about substandard or against-code features in owner-occupied residences, relative to rental or commercial properties. Accordingly, you likely won’t be required to fix such issues after taking possession of your older home unless they threaten other properties (for example, by directing excessive storm runoff toward neighboring foundations). However, fixing these issues can preserve or increase your home’s value, not to mention enhance the safety and comfort of its occupants.

Some problems have straightforward, affordable solutions. For example, childproofing our steep staircase simply involves installing a latching door or child gate at the entrance. Others, such as a crumbling chimney, require regular upkeep (repairing flashing and any damaged roof materials) that can cost a few hundred dollars per year.


Potential Benefits of Owning an Older Home

You wouldn’t guess it from the litany of potential problems owners of old houses can face, but old-home ownership has its benefits too. Older homes are often conveniently located in established, amenity-rich neighborhoods; inside, they offer abundant charm and equity-building opportunities.

1. Convenient Location

Because most cities grow outward over time, older homes tend to be located closer to employer- and amenity-rich downtown cores. A convenient location offers many time-saving and healthful benefits, such as shorter commutes (and the opportunity to use public transit or commute by bike) and easier shopping trips.

By contrast, newer owner-occupied homes tend to be built where land is cheapest, often on the edges of existing towns and cities. Such places aren’t always convenient.

However, these rules aren’t universal. Big cities have plenty of newly built condos downtown or close by, and many rural homes are quite old.

2. Hard-to-Duplicate Original Features

Though some older homes lack character, many showcase charming, period-specific features that are pleasing to the eye and may increase resale value. For instance, the built-in storage and display cabinets in our older home’s dining room definitely influenced our purchasing decision because it was both aesthetically pleasing and practical. In our region, the only new homes that contain such built-in furnishings were well out of our price range and preferred neighborhood.

3. More Established Neighborhood

In towns and cities, older homes are often located in established neighborhoods with long-term homeowners who care about the area and community, mature landscaping and tree cover, and a general sense of community. Such areas are also more likely to be connected to municipal infrastructure, such as sewer and water systems.

By contrast, less-established neighborhoods tend to have less community engagement, particularly if the homes are very new and most residents are busy professionals without the time to engage their neighbors. Plus, newer subdivisions look bleak until newly planted trees and shrubs fill out.

4. Potential for Better Construction Quality

Depending on the building style and location, an older home may be constructed more solidly and durably than newer homes. This is particularly true for budget-friendly new homes in recent subdivisions, which are typically built by big companies with the ability to cheaply mass-produce the structures.

Then again, some of America’s original suburbs were mass-produced housing tracts built shortly after World War II. When considering any home built to standardized specifications, learn as much as possible about the materials, methods, and labor used by the construction company.

5. More Opportunities to Build Equity

Creative, enterprising, diligent homeowners see opportunity in older homes’ shortcomings. Every poorly designed kitchen, unfinished basement, or non-landscaped yard is a project in waiting. A well-chosen, well-executed renovation or update can boost a home’s appraised value, and its eventual resale value, by more than the project’s cost.

Your budget is likely to limit the scope of your vision, particularly right after you move in. But equity-building projects become more manageable when they’re planned and budgeted for well ahead of time. My wife and I are already kicking around ideas (and saving) for a finished basement and brand-new detached garage, even though we won’t start on either project anytime soon.


Final Word

Even a charming, beautifully staged older home in a convenient, tight-knit neighborhood is likely to have some of the drawbacks mentioned above. If you choose to fix most or all issues as they arise, you’ll likely end up spending tens of thousands of dollars during your time in the home.

Alternatively, if you choose to ignore serious issues or do only the bare minimum to fix them, you’ll likely have to accept a lower sales price or cover the cost of major repairs just before selling. Either way, you could limit or negate the overall return on your real estate investment by purchasing an older home.

That’s not to say that newer homes don’t require major repair and upkeep investments over time. And new homes often come with additional expenses that owners of older homes aren’t likely to face, such as homeowners association fees. Ultimately, it’s more important to choose the home that feels right to you and your family than to obsess over what could go wrong with your new abode.

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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.

Source: moneycrashers.com

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Apache is functioning normally

June 1, 2023 by Brett Tams

These Virginia college towns are top of the class.

Virginia’s higher education landscape is peppered with prestigious colleges and universities that are nestled in picturesque towns and exude their own unique character and charm. In this article, we’ll delve into some of the most beloved college towns in Virginia, including Charlottesville, Williamsburg, Fairfax, Richmond and Blacksburg.

UVA and Charlottesville at night

Home of the renowned University of Virginia, Charlottesville is largely regarded as one of the best college towns in the country. With its well-preserved architecture, bustling downtown mall and rotating cultural and recreational activities, Charlottesville has easily earned its spot atop this list. The city’s lively arts scene, including the Virginia Film Festival and the Charlottesville Opera, reflects the diverse interests of its student population and its full-time residents. Additionally, the picturesque surroundings of the Blue Ridge Mountains and the numerous vineyards, breweries and cideries make Charlottesville an enticing destination for those who think the great outdoors is best enjoyed with a beverage in hand.

The University of Virginia was founded by Thomas Jefferson in 1819 and adds historical charm to this lovely college town. The Rotunda, the architectural centerpiece of the university, is modeled after Rome’s Pantheon and stands as a symbol of the school’s commitment to fostering knowledge and intellectual curiosity. The Academical Village, designed by Jefferson himself, provides a unique living and learning environment that fosters a strong sense of community among students and faculty alike. The school’s prestigious academic programs and a strong commitment to student success are also key factors that contribute to Charlottesville’s appeal as one of the top college towns in Virginia and the country.

View of the College of William and Mary and the surrounding Williamsburg metro area from the sky

Another captivating college town in Virginia is Williamsburg, the home of the College of William & Mary. Steeped in history, this quaint town transports you back in time. The impeccably preserved Colonial Williamsburg, a living history museum, allows visitors to experience 18th-century America firsthand. Williamsburg also has a surprisingly innovative culinary scene, with various restaurants, cafes and breweries catering to diverse tastes. Busch Gardens, a European-themed amusement park, adds another layer of excitement to this charming town, making it an ideal destination for students and locals alike.

The College of William & Mary is an integral part of the allure of Williamsburg. Established in 1693, the college boasts notable alumni, including Thomas Jefferson, James Monroe and John Tyler. Its beautiful campus seamlessly blends with the surrounding town, creating an inspiring environment for higher education and personal growth. The college’s strong academics, combined with a close-knit community and abundant opportunities for research and internships, make Williamsburg one of the most attractive college towns in Virginia.

Shopping center in Fairfax, Virginia, near the George Mason University campus

Located in Northern Virginia, Fairfax is another gem among Virginia college towns. Home to George Mason University, this bustling suburban town has a unique blend of urban convenience and suburban tranquility. Fairfax boasts a variety of shopping, dining and entertainment options, with the popular Mosaic District and Fairfax Corner providing a lively atmosphere. The city’s proximity to Washington, D.C., also provides students with unparalleled access to internships, research opportunities and unique cultural experiences. Outdoor enthusiasts will find plenty to do as well, with numerous parks and trails, like the picturesque Burke Lake Park, providing a natural retreat from the daily grind.

George Mason University offers a diverse array of academic programs and extracurricular activities. The university’s commitment to innovation and research has earned it a reputation for excellence in engineering, economics and public policy. The sprawling campus, dotted with modern buildings and lush green spaces, serves as a welcoming environment for students from around the world. The school’s emphasis on community engagement and service-based learning allows students to make a positive impact on their surroundings.

Aerial view of downtown Richmond near VCU at night

The capital city of Virginia, Richmond adds an urban flair to our list of the very best Virginia college towns. With Virginia Commonwealth University (VCU) and Richmond University at its core, Richmond is a diverse, energetic atmosphere that is perfect for young scholars seeking adventure and intellectual stimulation. The city is a cultural hotspot, with a thriving arts scene, fascinating museums and numerous galleries. For foodies, Richmond’s restaurant scene is a delightful blend of Southern comfort food and international cuisine. Be sure to check out locally-loved Cobra Burger for some of the best beef in the state, nay the country. Outdoor enthusiasts can also find their niche in Richmond, with the James River Park System offering opportunities for kayaking, hiking and biking.

VCU is a leading public research university that attracts students from around the globe. Its academic programs in fields such as fine arts, health sciences and business are highly regarded, providing students with a solid foundation for their future careers. VCU’s urban campus seamlessly integrates with the city, creating an environment where students can engage with their surroundings and immerse themselves in Richmond’s vibrant community. The university’s commitment to diversity and inclusion, along with its extensive resources and opportunities, make Richmond a standout choice among the college towns in Virginia.

Street view of the Virginia Tech campus in Blacksburg, VA

Nestled in the scenic Appalachian Mountains, Blacksburg is home to Virginia Tech, one of the most respected research institutions in the country. Known for its strong engineering and technology programs, Virginia Tech attracts students who are passionate about innovation and discovery. Blacksburg’s picturesque setting provides an abundance of recreational opportunities, including hiking, mountain biking and exploring the natural beauty of the region. The city’s warm and welcoming atmosphere, combined with its vibrant downtown and lively arts scene, make it one of the most well-rounded college towns in Virginia.

Virginia Tech’s sprawling campus, with its iconic limestone buildings and immaculate landscaping, serves as a stunning backdrop for the university’s cutting-edge research. The school’s commitment to research, sustainability and service extend beyond the classroom, allowing students to engage with the local community and make a difference on a global scale. The university’s strong sense of community and tradition, coupled with its dedication to fostering intellectual curiosity and innovation, make Blacksburg an exceptional choice for students seeking a transformative college experience in a picturesque college town in Virginia.

Settle down in a Virginia college town

The top college towns in Virginia each have their own distinct charm and offer students an array of educational experiences and unique real-world opportunities. From the historic allure of Charlottesville and Williamsburg to the urban excitement of Fairfax and Richmond and the natural beauty of Blacksburg, the college towns featured above provide an enriching backdrop for higher education in the Old Dominion State. Students and visitors alike will find a wealth of culture, history and adventure waiting to be discovered in these captivating college towns in Virginia.

Source: rent.com

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Apache is functioning normally

June 1, 2023 by Brett Tams

As an Amazon Associate I earn from qualifying purchases.

1-bedroom-apartments-under-1500

Finding affordable one-bedroom apartments in DC can be a daunting task, considering factors such as limited availability, skyrocketing prices, and navigating through various listings and potential scams. However, we’ve done the hard work for you and curated a list of 10 one-bedroom apartments available for rent today, all priced under $1900. Don’t hesitate, as these budget-friendly options are sure to get snatched up quickly. Take swift action and secure your ideal one-bedroom apartment under $1900 before they’re gone!

Rent-control-apartments-DC-1400-Van-Buren

1400 Van Buren Apartments

1400 Van Buren NW
Washington, DC 20014

Apt #34  — $1705

Located in the Brightwood neighborhood of Washington, DC, you’ll find this charming brick building offering spacious one and two-bedroom apartments. Less than a ten-minute walk from 1400 Van Buren’s front door you can find over 15 casual dining options including Julia’s Empanadas, Serengeti Restaurant, and Haydee’s Restaurant. When it’s time to head to the grocery, Safeway is only .4 of a mile down the road. Commuting is a breeze with bus routes 52, 53, 54, S2, and S4 stopping right outside the property. The Takoma Metro station is just under a mile away.

Colonnade-one-bedrooms-under-1500

2 Forrester Street SE
Washington, DC 20032

Apt #202 — $1210

We make budgeting so much easier at Colonnade Apartments! You pay your rent; we pay your utilities. The Colonnade offers sunny one-bedroom apartments for rent with hardwood floors and updated oak kitchen cabinets. Each apartment has a walk-in closet, ceiling fans in each bedroom, and a separate dining area with chandelier. The Colonnade apartments are located in southeast Washington, DC. Your new affordable apartment home is just minutes From I-295, walking distance from local schools, hospitals, and shopping. Best of all, all utilities are included.

Rent-control-apartments-DC-Hillside-Terrace

Hillside Terrace Apartments

1812 23rd Street, SE
Washington, DC 20020

Apt #211 — $1345

Looking for an apartment to rent, but want to live in a quiet neighborhood? Fall in love with Hillside Terrace. Our apartment community is nestled in the tranquil neighborhood of Randle Highlands. Randle Highlands is best known as a small residential neighborhood in Southeast Washington, DC. Hillside Terrace’s garden-style apartment buildings are charmingly situated on professionally landscaped grounds. The studio, one, and two bedroom apartments feature updated kitchens and baths, as well as ample closet space and some of the utilities are included with the rent. The Hillside Terrace community is just a short car trip from all of downtown Washington, DC’s entertainment and shopping.

tax-credit-properties-DC-Shipley-Park

Shipley Park

2532 Southern Avenue SE
Washington, DC 20020

Apt #3432-25 — $1231

Shipley Park has worked to bring function and design to your apartment’s kitchen and bathroom. We invite you to visit and see Shipley Park’s range of practical features designed to make your every day experience even more delightful. Experience the new hardwood floors, oak kitchen cabinets and a breakfast bar in your one or two bedroom apartment. Enjoy easy access to shopping, the Town Hall Art and Recreation Campus (THEARC), a neighborhood splash park and the Suitland Parkway.

tax-credit-properties-DC-Archer-Park

Archer Park

1200 Mississippi Avenue SE
Washington, DC 20020

Apt 227 –$1435

Welcome Home to Archer Park Apartments, brand new one and two-bedroom apartment home tax credit community. Each home was designed with you in mind; Energy Star Stainless Steel appliance package, laminate flooring throughout, stackable washer and dryer in each home. The community has a fitness facility, business center, and concierge.

Apartments-all-utilities-included-dc-Pleasant-Hills

Pleasant Hills Apartments

100 Fort Drive NE
Washington, DC 20011

Apt #6–$1650

Find beauty in the unexpected. Just off North Capitol Street, discover Pleasant Hills. Offering spacious and affordable apartment homes that feature beautiful hardwood floors, built-in shelves and renovated kitchens for that inner chef. Pleasant Hills is across from Archbishop Carroll High school, two blocks from Catholic University, and a short distance from the Brookland Metro station. Brookland’s thriving community includes plenty of dining options including Col. Brooks Tavern, San Antonio Grill, and Brookland Cafe.

Apartments-all-utilities-included-dc-Jetu-apartments

Jetu Apartments

2100 Maryland Ave NE
Washington, DC 20002

Apt #4–$1430

Discover our beautifully landscaped community located in the heart of Northeast, near Langston Golf Course and National Arboretum. Jetu Apartments offers affordable one and two bedroom apartment homes for rent. Featuring gas range stoves, upgraded kitchens, frost-free refrigerators, mini-blinds, and wall to wall carpet. Each apartment offers a separate dining area with chandelier lighting. The grounds include two new playgrounds, a community room, and a community garden.

Apartments-all-utilities-included-dc-Jetu-apartments

3101 Pennsylvania

3101 Pennsylvania Ave SE
Washington, DC 20020

Apt #403-$1396

Situated in Randle Highlands, 3101 Pennsylvania presents a feline-friendly apartment community in Southeast Washington DC. We provide one and two-bedroom apartment homes adorned with hardwood floors and modernized kitchens equipped with energy-efficient appliances. Additionally, you have convenient online access to your resident account 24/7. Uncover the comforts offered at 3101 Pennsylvania.

Apartments-all-utilities-included-dc-Jetu-apartments

Juniper Courts

7701 Georgia Ave NW
Washington, DC 20012

Apt #303-$1395

Discover Juniper Courts, your destination for affordable and stylish one-bedroom apartments in the Takoma neighborhood of Northwest Washington DC. Situated on Georgia Avenue, this completely renovated building offers a range of apartment options, including studios, one-bedroom, and two-bedroom units. Step into spacious floor plans adorned with beautiful hardwood floors, ample natural lighting, and central A/C, creating a welcoming and dream-like atmosphere. At Juniper Courts, convenience and enjoyment are paramount, with outstanding community amenities such as on-site maintenance and management, laundry facilities, dry cleaning services, and a community room equipped with computers. Plus, the prime location grants easy access to Downtown Silver Spring and the entire DC area. Experience the perfect blend of affordability and convenience at Juniper Courts.

Apartments-all-utilities-included-dc-Jetu-apartments

Juniper Courts

7701 Georgia Ave NW
Washington, DC 20012

Apt #303-$1395

Discover Juniper Courts, your destination for affordable and stylish one-bedroom apartments in the Takoma neighborhood of Northwest Washington DC. Situated on Georgia Avenue, this completely renovated building offers a range of apartment options, including studios, one-bedroom, and two-bedroom units. Step into spacious floor plans adorned with beautiful hardwood floors, ample natural lighting, and central A/C, creating a welcoming and dream-like atmosphere. At Juniper Courts, convenience and enjoyment are paramount, with outstanding community amenities such as on-site maintenance and management, laundry facilities, dry cleaning services, and a community room equipped with computers. Plus, the prime location grants easy access to Downtown Silver Spring and the entire DC area. Experience the perfect blend of affordability and convenience at Juniper Courts.

Apartments-all-utilities-included-dc-Jetu-apartments

Juniper Courts

7701 Georgia Ave NW
Washington, DC 20012

Apt #303-$1395

Discover Juniper Courts, your destination for affordable and stylish one-bedroom apartments in the Takoma neighborhood of Northwest Washington DC. Situated on Georgia Avenue, this completely renovated building offers a range of apartment options, including studios, one-bedroom, and two-bedroom units. Step into spacious floor plans adorned with beautiful hardwood floors, ample natural lighting, and central A/C, creating a welcoming and dream-like atmosphere. At Juniper Courts, convenience and enjoyment are paramount, with outstanding community amenities such as on-site maintenance and management, laundry facilities, dry cleaning services, and a community room equipped with computers. Plus, the prime location grants easy access to Downtown Silver Spring and the entire DC area. Experience the perfect blend of affordability and convenience at Juniper Courts.

Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates. Rental providers will not refuse to rent a rental unit to a person because the person will provide the rental payment, in whole or in part, through a voucher for rental housing assistance provided by the District or federal government.



Also published on Medium.

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Source: blog.apartminty.com

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Apache is functioning normally

June 1, 2023 by Brett Tams

Each payday you have great intentions.  You swear that this is the month where you aren’t going to spend too much money. You are going to watch every penny and keep your spending under control.  Before you know it, you can’t even afford to buy groceries.   Is there an answer to your problem?  Yes.  STOP SPENDING MONEY.

Overspending is a problem which affects many people.   Whether you are rich or struggle to make ends meet, you too might find that you spend too much.  Some reasons are financial, and others are emotional.

The first way you can get spending under control is to take a look as to why you are spending too much. That is the first step.  No one can answer this question but you.

After years of helping thousands of readers (just like you), I’ve compiled a list of the top 12 reasons that people overspend.  You might find yourself in one, two or even more!

HOW DO YOU KNOW IF YOU ARE OVERSPENDING?

YOU’VE MAXED OUT YOUR CREDIT CARDS

When there is no room to charge anything on your cards, you might have a problem.  In most cases, maxed credit cards signals you are living beyond your means.  If you have to continue to charge because you don’t have money, then you are spending too much.

YOU CAN’T FIND A HOME FOR YOUR LATEST PURCHASE

Your temptation might be electronics or handbags. No matter what you love to buy, you might notice you are running out of room to store things.  When the stuff takes over your home and is causing clutter, it is time to take a long hard look at how you spend money.

YOUR BUDGET NEVER WORKS

There may be months when you don’t have enough money in your budget to cover your mortgage or food.  When you continually spend money on the wrong things, your budget will not work.

That means if you have just $50 for entertainment, do not spend $75.  That other $25 has to come from another budget line.

YOU SPEND MORE THAN YOU EARN

Take a look at your credit card balances. You might be paying only the minimum balance because you can’t pay it in full. When you spend more than you make and continue to add more debt, take a look at what you are buying.  It might be time to pull back and stay out of the stores.

HOW TO STOP SPENDING SO MUCH MONEY

Now that you can see how you spend your money, the next step is to make a change.  You have to stop throwing it away.  Right now.  Here are the steps to take to control and stop spending money.

1. MAKE A BUDGET

I know, I know.  I probably sound like a broken record as I keep bringing up this budget thing.  However, it’s true. If you do not have a budget, you have no idea where you are spending your money.

A budget is needed so that you can direct your money where to go each time you get paid.  It also helps you know how much you have to available to spend on groceries, clothing, dining out and even entertainment.  When you know you have a limited amount to spend on specific categories, you are instantly in control of our spending.

Read more:  How to Create a Budget (even if you suck at budgeting)

2. PLAN AHEAD

Meal planning is one thing many people don’t think about when it comes to overspending.  If you don’t plan your meals (and stock your fridge and pantry accordingly), you are more likely to run out to eat for dinner. Doing this at $25 a pop 2 or 3 times a week takes its toll on your budget.

Creating a meal plan will not only help you control your spending, but you might also find that you eat (and feel) much better too.

3. USE A SHOPPING LIST

Before you go to the store, it is essential you make a list.  Check your fridge, freezer, and pantry so that you are not purchasing items you do not need – especially produce.

There is so much waste of food that expires before you can consume it.  That results in you buying items so that they can end up right in the trash can.  Make sure you plan your shopping trip and then purchase just what you need, as well as what you can eat before you hit the store the following week.

4. STOP PAYING FOR CONVENIENCE

There is a quick fix for nearly everything.  You can find dinners in boxes, small pre-packaged snacks, etc.  Rather than purchase convenience items, buy the larger size snacks and then re-package yourself into smaller baggies.  You will not only get more out of a box, but you can even control how much you put into each baggie.

There are other ways we pay for convenience.  We pay for someone to iron our shirts, wash our cars and even mow our lawns.  By doing these things ourselves, we can keep much more money and easily stop overspending.

Read more:  How You are Killing Your Grocery Budget

5. STOP USING CREDIT CARDS

We live in an age where our money is all digitally tracked, be it on credit or debit cards.  Yes, they are more convenient, but they make it easy to overspend.  When you use cash, it is impossible to overspend.  You honestly can. Not. Do. It.

I hear all the time that people pay off cards at the end of the month and that they don’t overspend, but that is not the truth for most people.  You might think that it is just $10 a week.  However, that $10 a week is a hit of $520 over the course of a year.  What could you do with an additional $500 in your pocket?

Read more:  How to Create a Workable Cash Budget System

6. PAY YOUR BILLS ON TIME

We all have bills.  We know when they are due.  When you miss the payment due date, you get assessed a late charge.   Pay them on time, so you don’t pay more than you need to.

In addition to late fees, not paying your bills on time can have an adverse effect on your credit score.

Learn how to organize your bills, so you never pay them late again.

7. DO NOT LIVE ABOVE YOUR MEANS

Few of us would not love new clothes or a new car. We all would like to make more money or get the hottest new device.  The thing is, can you afford it?  Is it a want or is it a need?

If you are using credit or loans to get items that you can not afford, then you are living beyond your means and spending money you don’t have.  Scale back and make sure that you can honestly afford the house or the car and that it doesn’t ruin your budget and cost you too much.

Read more: Defining Your Wants vs. Your Needs

8. DON’T FALL FOR IMPULSE BUYS

Stores are sneaky about making us spend money.  They use signs, layout, and even scents to lure you into wanting to buy more.  The thing is, if you purchase something you did not intend to, then you are already blowing your budget and probably overspending.

Another way that you are spending too much is when you plan dinner but then decide at the last minute to go out to dinner instead.  Why do that when you have food waiting for you at home (which you’ve already paid for)?

The final reason you may impulse buy is that of emotion.  If you feel a rush because of that new item, you may purchase out of impulse and emotion instead of need.

Read more:  Stopping Impulse Shopping

9. FIND ANOTHER BOREDOM FILLER

I remember being in an online forum when my kids were little, and we talked about our day.  Many of the mothers went to the store every. Single. Day.  They said they could not handle being in the house and just had to go somewhere.  That resulted in them buying things they did not need.

If you are bored, find a new hobby.  If you just need to get out of the house, why not go for a walk or play a game with the kids?  Find a way to redirect your boredom so you stay out of the store and stop overspending.

10. USE FINANCIAL GOALS

When you do not have financial goals, you have nothing to work towards. You might want to get out of debt, or you may want that newer vehicle.

Take a look at what you are spending each week on non-essential items.  What would happen if you would put that money into savings or paid off your debt instead?  How much closer would you be towards getting that new car or being debt free?

Find a goal you want to achieve.  Talk to your family and see if you have something you can work towards together.  By setting a goal that everyone wants, you will all be more aware of your spending and will contribute towards reaching it more quickly.

11. STOP SPENDING MONEY WHEN YOU TRACK YOUR SHOPPING

I know many people who have tried to use cash, and they say it does not work because they spend it too quickly.  There are others I know who spend too much on plastic each month.  The reason is that they are not tracking what they spend, which is a reason why they overspend.

If you use cash, this is where the envelope system is most helpful.  You will track your spending out of each one so you can see where your money is going.  As the envelope amount gets smaller and smaller, you think twice before you pick up that item — because you may not be able to afford it.

You can do this same thing if you use plastic.  There are all sorts of tracking apps to help you monitor what you are spending on all of your various categories.

No matter how you pay for items, make sure you are always tracking what you spend – you might be shocked to learn where your money goes.

Read more:  Creating and Understanding a Spending Plan

12. DON’T FALL FOR THE SALES

When you walk into the store, pay no mind to the sales.  Use your list and stick to it.  Don’t fall for the fancy sales signs, smells, and flashing lights to lure you into buying something you don’t need.

Read more:  Understanding the Tricks Stores Use to Get You to Spend Money

Before you can gain control of your finances, you need to figure out why you are spending more than you should.  Simple changes to the way you view money can make all the difference.

Source: pennypinchinmom.com

Posted in: Financial Advisor Tagged: 2, About, age, All, Apps, at home, balance, before, bills, Budget, Budgeting, Buy, Buying, car, cars, cash budget, categories, Clothes, Clothing, clutter, Control Your Spending, Convenience, cost, create a budget, Credit, credit card, credit cards, credit score, debit cards, Debt, debt free, dining, dining out, Electronics, emotion, Entertainment, envelope system, Fall, Family, Fees, finances, Financial Goals, Financial Wize, FinancialWize, food, Free, Get Out of Debt, goal, goals, great, groceries, grocery, grocery budget, helpful, home, house, How To, how to create a budget, ideas, in, items, kids, late fees, layout, Learn, lights, list, Live, Living, Loans, Make, making, meal plan, meal planning, money, Money Saving Articles, More, more money, Mortgage, needs, new, or, organize, Other, Out of the House, Pantry, penny, plan, Planning, play, Purchase, rich, right, room, running, sales, savings, shopping, shopping list, simple, single, Spending, spending too much, stock, time, tracking, tricks, under, wants, will, work, wrong

Apache is functioning normally

June 1, 2023 by Brett Tams

Home Loan: How saving Rs 100 can save Rs 12 lakh on loan of Rs 50 lakh, check calculation

A home loan is more than just a mere financial tool; it serves as a gateway to fulfilling one’s housing dreams. Across the vast expanse of our nation, numerous banks extend their helping hands through the provision of home loans, enabling individuals to acquire their cherished abodes. These loans come with interest charges and the convenience of monthly installments, ensuring that homeowners can gradually repay their debts.

Traditionally, home loans tend to stretch over a period of 15 to 20 years. However, it’s worth noting that certain factors, such as the customer’s eligibility, age, and various other considerations, can offer the possibility of elongating the loan term to a more extensive 25 to 30 years.

As the tenure of the home loan extends, so does the cumulative amount of interest that borrowers are obligated to repay. Hence, experts in the field consistently advocate for regular prepayments. By actively engaging in this approach, borrowers can expeditiously chip away at the loan amount, effectively shortening the overall tenure and leading to considerable savings.

Strategic loan repayment should be at the forefront of every borrower’s mind. The objective should be to liberate oneself from the burden of debt before the stipulated timeline. By adopting such a proactive stance, individuals can substantially diminish the outstanding loan amount. To gain a better understanding of the potential impact, let us delve into the concept of saving Rs 100 per day, a seemingly insignificant amount that can remarkably accumulate into massive savings of Rs 12 lakh on a home loan amounting to Rs 50 lakh.

Loan repayment offers a myriad of options. According to bankbazaar.com, directing 5% of the loan amount towards repayment on an annual basis has the power to slash the loan tenure from 20 years to a mere 12 years. Alternatively, the proactive tactic of making additional equated monthly installments (EMIs) each year can effectively condense the loan duration to a commendable 17 years. Interestingly, customers possess the flexibility to augment their home loan EMIs by 5% annually, thereby paving the way for complete loan settlement in just 13 years, an achievement worthy of applause.

Over the course of a year, this seemingly meager amount accumulates to a substantial sum of Rs 36,500, which can be judiciously utilized for prepayment purposes. Fisdom’s website provides enlightening calculations, elucidating the extent of savings that can be achieved by embracing this seemingly modest daily habit. By diligently saving Rs 100 each day, one can amass a staggering sum of Rs 12 lakh in savings over a 20-year period, given a home loan of Rs 50 lakh with a 9.5% interest rate. Expanding the horizons of possibilities further, if the loan tenure extends to 25 years, the potential savings soar to an impressive Rs 20 lakh.

Note: Various banks provide loans at varying interest rates for debt instruments such as home loans. We do not recommend relying on a specific loan calculator for determining your loan. Instead, it is advisable to seek guidance from a financial expert.

Read more: NPS: Invest Rs 500 per day and get Rs 1.89 crore, here’s how

Source: dnaindia.com

Posted in: Savings Account Tagged: age, banks, before, borrowers, calculator, Convenience, Debt, Debts, experts, Financial Wize, FinancialWize, habit, home, home loan, home loans, homeowners, Housing, impact, in, interest, interest rate, interest rates, Invest, loan, Loans, making, More, offer, offers, Other, proactive, rate, Rates, repayment, save, Saving, savings, settlement, timeline

Apache is functioning normally

May 31, 2023 by Brett Tams

Payment apps have revolutionized the way we manage our finances, making it easier than ever to send and receive money from the comfort of our smartphones. In the center of this digital revolution are two popular payment services: Zelle and Venmo.

Both offer convenient ways to transfer money, but which one offers the best experience for you? This depends on your specific needs and the features each app provides. In this guide, we’re going to dive into Zelle vs. Venmo, examining their services, fees, transfer limits, security, and more to help you make an informed decision.

woman using smartphone

Overview of Zelle

Zelle is a payment service backed by many of the biggest financial institutions in the U.S. Launched by Early Warning Services, a consortium of banks, it’s integrated into the regular online banking apps of participating banks, eliminating the need for a separate Zelle account. The service is designed to facilitate instant transfers between linked bank accounts, offering a seamless way to send money.

Overview of Venmo

Venmo, owned by PayPal, is a free-to-use payment app that allows peer-to-peer payments, making it easy to split bills, pay friends, or even pay for goods and services from authorized merchants.

With Venmo, users have a Venmo balance which they can use for transactions, or they can link their bank or credit union accounts or debit card for payments and receiving money. Venmo users also have the option to hold funds in their Venmo accounts or withdraw it back to their bank accounts.

Zelle vs. Venmo: A Detailed Comparison

Transaction Speed

When considering Zelle vs Venmo, transaction speed is one of the most critical aspects. Zelle transfers, due to its integration with regular online banking apps, tend to be instantaneous. The money moves directly from one bank account to another, usually within minutes, provided both sender and recipient’s bank accounts are among Zelle’s participating banks.

On the other hand, Venmo transactions are not instant. Money sent to a Venmo account needs to be manually transferred out to a bank account, which can take one to three business days if using a standard bank transfer. However, Venmo offers an Instant Transfer feature where for a small fee, you can transfer your Venmo balance to a linked bank account or eligible Mastercard or Visa debit card within 30 minutes.

Fees

When it comes to fees, Zelle stands out as a free service. There’s no cost to send or receive money, and since it’s tied to your bank account, there are no fees for transferring money to your bank.

Venmo, in contrast, is free for personal transactions when using a linked bank account, a Venmo balance, or a debit card from a major bank. However, if you use a credit card to send money or fund your Venmo account, there’s a 3% fee. Also, Venmo’s Instant Transfer feature comes with a 1.75% fee, with a minimum fee of $0.25 and a maximum fee of $10.

Transfer Limits

Zelle and Venmo have different transfer limits. For Zelle, if your bank or credit union is a partner, the bank decides the limits on how much money you can send. If your bank isn’t a partner, you can still use Zelle by signing up on its app, but you’ll be limited to sending $500 per week.

On the other hand, when you open a Venmo account, you’re initially limited to sending $999.99 per week. However, once you verify your identity, your limit increases to $19,999.99 per week for peer payments. There’s also a $5,000 per transfer limit. If you want to transfer more than that, you’ll need to initiate multiple transfers.

Security

Security is a top concern when dealing with money transfers. Both Zelle and Venmo use data encryption to protect users. Zelle, being directly embedded within your bank or credit union’s app, benefits from the same security measures your bank uses. Unauthorized transactions, if reported promptly, are usually covered by your bank’s protection policy.

Venmo also employs security measures like encryption and multi-factor authentication to protect user information. However, keep in mind that Venmo’s social nature (where transactions are shared on a social feed) could potentially expose more information than some users are comfortable with. Venmo users can adjust the privacy settings to limit who sees their Venmo activity.

Usability

Zelle’s major advantage is its integration into the existing banking app of many major banks, meaning there’s no separate app to download or account to set up. Money sent via Zelle goes directly into the recipient’s bank account, making it straightforward for users who simply want to transfer money.

Venmo, on the other hand, operates via a separate app, which is also part of its appeal. The Venmo app integrates a social aspect into the money sending process, allowing users to attach notes, emojis, and likes to their transactions. The Venmo app is a digital wallet that offers a more social and engaging experience.

Social Aspects

When comparing Zelle vs. Venmo on social aspects, Venmo clearly has an edge. Venmo transactions come with a social aspect, as each transaction can be shared on the Venmo feed. Venmo users can like and comment on these transactions, making the experience more interactive. This feature, while enjoyable for some, might not be everyone’s cup of tea, especially for those who prefer more privacy in their transactions.

Zelle, in contrast, doesn’t offer any such social features. The service is primarily designed for quick and easy money transfers and doesn’t share transaction details on a social feed.

Zelle vs. Venmo: Specific Use Cases

Best for Immediate Transfers

Zelle outperforms Venmo when it comes to transfer speed. Since Zelle transfers are typically instant among participating banks, it’s a better choice for urgent transfers.

Best for Small Businesses

Venmo could be a better choice for small businesses. The ability to accept payments via Venmo can be a convenience factor for customers. Moreover, Venmo transactions are public by default (though the amount is hidden), which might serve as a form of free advertising for businesses.

Best for Social Transactions

Venmo’s social features make it ideal for social transactions. It’s a popular choice among friends splitting bills or sharing expenses, as the transaction notes and social feed can make the payment process more engaging and transparent.

Best for Larger, Infrequent Transfers

Depending on the bank, Zelle might have higher transfer limits compared to Venmo, making it more suitable for larger, infrequent transfers like rent or high-ticket purchases.

User Reviews and Feedback

Reviews and feedback from Zelle and Venmo users generally align with the strengths of each app. Zelle users appreciate the speed and ease of transferring money directly between bank accounts, especially for those who prefer not to hold funds in another app. On the other hand, some users wish Zelle had more features and functionalities outside of simple peer-to-peer payments.

Venmo user reviews often highlight the app’s user-friendly design and its social features. Users enjoy the ability to like and comment on transactions. However, some users express concern about the privacy of their transactions, even though they can be made private.

Final Verdict

When deciding between Zelle vs. Venmo, it ultimately comes down to your personal needs and preferences. Zelle’s strength lies in its speed and direct bank-to-bank transfers, making it an excellent choice for quick and simple transactions. On the other hand, Venmo’s social features and digital wallet functionality appeal to users who enjoy a more engaging and interactive payment experience.

If you prioritize speed, convenience, and prefer to avoid holding funds in a separate app, Zelle might be the better choice. However, if you appreciate the social aspect of transactions and don’t mind the occasional fee for instant transfers or credit card usage, Venmo could be the more suitable option.

Frequently Asked Questions

Can both apps be used internationally?

Zelle is limited to transactions within the U.S. between participating banks. Venmo, on the other hand, can be used for transactions between U.S. residents and also works with some international cards. However, both apps primarily cater to users based in the United States.

What happens if you send money to the wrong person?

With both Zelle and Venmo, it’s crucial to double-check the recipient’s details before sending money, as reversing transactions can be challenging. In some cases, transactions may not be reversible. If you accidentally send money to the wrong person, it’s best to contact the app’s customer support immediately for assistance.

How to handle disputes and refunds?

In case of disputes or refund requests, both Zelle and Venmo advise users to try to resolve the issue directly with the other party involved. If that doesn’t work, you can contact each app’s customer support for further assistance. Keep in mind that neither app guarantees a refund for unauthorized transactions or payment disputes, so it’s crucial to exercise caution when sending money.

Are Zelle and Venmo safe to use?

Yes, both Zelle and Venmo use data encryption and secure servers to protect users’ information and prevent unauthorized transactions. However, users should also take steps to protect their accounts, such as using strong, unique passwords and enabling multi-factor authentication if available.

Can I link multiple bank accounts to Zelle or Venmo?

Zelle allows you to link multiple bank accounts, but you can only have one active account at a time. On the other hand, Venmo allows you to link and transfer funds between multiple bank accounts.

Can I use Zelle and Venmo for business transactions?

Zelle is primarily designed for personal use between friends and family, and their terms of service prohibit using it for business transactions. Venmo, however, offers a business profile option that allows small businesses to accept payments via the app.

Can I cancel a payment once it’s sent?

In most cases, Zelle payments are instant and cannot be canceled once they’re sent. However, if the recipient has not yet enrolled with Zelle, the payment will remain pending and the sender may be able to cancel it. Venmo payments to existing users are also instant and can’t be canceled. If you paid a new user or an email address, you can cancel the payment on the Venmo app until they claim it.

How do I dispute a charge on Zelle or Venmo?

With both Zelle and Venmo, the first step is to contact the person you sent money to. If that doesn’t resolve the issue, you can file a dispute through your bank (for Zelle) or through Venmo’s support team.

How can I increase my sending limit on Zelle and Venmo?

Your sending limit on Zelle is determined by your bank, so you would need to contact them to discuss any possible adjustments. On Venmo, you can increase your sending limit by verifying your identity. This involves providing information like your zip code, last four digits of your SSN, and your birthdate.

How fast are transfers from Venmo to my bank account?

Transfers from your Venmo account to your bank account typically take 1 to 3 business days. However, for a 1% fee (minimum $0.25 fee, maximum $10 fee), you can opt for an Instant Transfer to an eligible linked debit card or bank account.

Do I need a specific type of bank account to use Zelle or Venmo?

You don’t need a specific type of bank account to use either service. As long as your bank account is based in the U.S., you should be able to use it. However, certain features may only be available with participating banks.

Can I use Zelle or Venmo to pay in stores?

Zelle is primarily designed for peer-to-peer payments and isn’t typically accepted as a payment method in stores. Venmo, however, can be used to pay at many retailers and other businesses that accept PayPal. Venmo also offers a Venmo MasterCard debit card that can be used anywhere MasterCard is accepted in the U.S.

Source: crediful.com

Posted in: Credit 101 Tagged: About, active, Advertising, app, Appreciate, Apps, balance, Bank, bank account, bank accounts, Banking, banks, before, Benefits, best, bills, business, choice, Convenience, cost, Credit, credit card, credit union, data, Debit Card, decision, design, Digital, double, exercise, existing, expenses, experience, Family, Features, Fees, finances, Financial Wize, FinancialWize, Free, friendly, fund, funds, guide, hold, How To, in, Integration, international, Make, making, manage, mastercard, money, money moves, More, needs, new, offer, offers, Online Banking, or, Other, party, Payment apps, payments, paypal, Personal, Popular, protect, protection, questions, Refund, Rent, Reviews, Revolution, safe, security, simple, social, states, time, Transaction, transfer money, unique, united, united states, venmo, visa, will, work, wrong
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