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We make a goal out of building our dream home one day and we work hard to make it happen. Ever passed by a gorgeous house and just stared at it for a few minutes? I know I did! Then went about my business thinking I’ll probably never afford it anyway…
But what if you could create an amazing home using dollar store decorating hacks? After all, it’s just about combining cool ideas with good taste. And if you’re not the creative type, don’t worry! We’ll give you a list of ingenious home hacks that will transform your interiors.
Here are 16 of our favorite decor hacks for an affordable fancy home:
1. Use lighter colors when painting a small room to make it feel bigger
If you’re lacking on space, the first trick you can use to make a room feel larger is painting the walls in softer, lighter colors. White and beige never get out of style, but if these seem a bit dull, you can always choose soft shades like straw, pearl grey, blush, sage, sky blue or eggshell.
2. Signal your style by painting your front door in a vibrant color
Your front door is your home’s first impression. Tell your neighbors about your personality by painting it in a bold, glossy color.
In fact, you can even use take things a step further and make a statement with the color you choose for your front door and make use of conventions. For instance, in Feng Shui, a red front door simply means “welcome.” While in Scotland, painting your front door red means that you paid off your mortgage.
3. Hide your router inside a hollowed-out book
Tired of that router ruining the looks of your bookshelf or coffee table? Use a hollowed-out book to hide it. Just make sure to cut out the part that covers the router’s vents. This way you’ll prevent it from overheating.
4. To cast a lovely shadow, use a Sharpie to draw shapes on a light bulb
Or color it entirely if you love soft light. However, if you choose to simply draw a smiley face (let’s say) on a light bulb, the pattern will not be reflected on the walls. Not as you’ve drawn it anyway. But you can still do it for the sake of design.
5. Paint the sides of your doors a bright, playful color
This is a small DIY home decor hack that can actually make a big impact. Besides, it requires minimum time and effort. So grab a little tin of paint, pick an awesome color that you think goes well with the accents you’ve already incorporated in your home decor and dedicate an hour of your time for this small home project. You will love the result!
6. Use an old ladder to create your own shoe rack
We love DIY hacks that require little to no money. Depending on how your old ladder looks like, you can repaint it or just put it in the desired spot. At least now you won’t stumble over 10 pairs of shoes piling up at your front door.
7. Reinvent a boring dark lampshade by poking holes in it
Well, it’s more like creating a design or an image by poking the lampshade. You want to make it look more interesting, not ruin it. With a little dedication you can create a dreamy starry effect or your own big city lights.
8. Restore old furniture by using contact paper
If you’re looking for cheap home DIY decor ideas, breathe life into an old piece of furniture by covering the ‘damage’ with contact paper. The good thing about contact paper is that you can stick it on any dry, clean and flat surface (not to mention it comes in so many beautiful colors and patterns that your design choices are endless).
And just like that, your kitchen countertop has that marble look you love but can’t afford.
9. Use coins to decorate… whatever you want
Time to break the piggy bank and get creative. Make yourself a penny floor; glue your coin collection on a mirror frame or on a plate. Home decor hacks are a wise way to use your pennies.
10. Frame your favorite pictures with washi tape
Most of us love hanging memories on the wall, but when we lack space, picture frames can crowd the place even more. A great and cheaper alternative would be to frame your pictures with washi tape after attaching them to the wall.
11. Brighten your room with colorful throw pillows
Those small cushions are great accessories for your sofa. Don’t be afraid to mix and match colors and textures. Some crisp new pillow covers will change the overall appearance of your room.
>> Buy them here: Colorful and affordable throw pillows that will add extra flair to your room
12. Go bold with a stylish backslash
You can do it for both your kitchen and your toilet without breaking the bank. Pay special attention to colors and patterns to bring a cheerful feeling with very little work on your part. You can use peel and stick tiles so you don’t break the piggy bank.
>> Buy it here: Add Color And Drama To Your Room With Peel And Stick Wallpapers
13. Use mirrors to make your room look larger
Large mirrors reflect the room back and will trick you into thinking a place is bigger than it actually is. It’s a great visual trick to use to make your room feel larger (and fancier), just make sure not to try going into the ‘other room’.
14. Get rid of useless things
If you still have things you haven’t been using for years or a certain object makes you groan, get rid of it. Don’t act like a hoarder and give yourself some space to breathe. Less is usually better when decorating your home.
15. Pick fluffy towels you’ll love to use
Time to throw away those old discolored towels that make your space look dirty and cheap. Use the fluffy ones you keep in your closet. You know… those that make you feel like you’re staying in a fancy hotel. 🙂 You can easily score extra points here by playing around with the way you showcase them.
16. Place dishwashing products on a cake stand
This is literally one of the easiest decorating hacks out there. Add style to your boring dishwashing products by placing them on a cake stand. Talk about an easy hack to make your kitchen look more fancy in an instant!
What home decor tips have you tried and loved the results? Let us know in the comments, we’d love to feature them!
Bonus: 17. Breathe life into your space by adding indoor plants
Decorating with indoor plants is a cost effective way to add visual interest to any room without breaking the bank. Plants can be displayed in many different ways from bohemian macrame plants hangers to more expensive stand alone planters, depending on your budget. The great thing about decorating with plants is that unlike other home decor they are truly timeless and will grow and adapt to your interior over time providing a unique look.
More tips for your fancy home
10 of the Most Stylish Minimalist Wall Clocks You Can Buy on Amazon 7 Top Decorating Ideas for Your Bedroom this Fall: Making Your Room More Cozy & Stylish Here’s Everything You Need to Set Up a Meditation Corner in Your House These are ‘Queer Eye’ Bobby Berk’s Top 6 Choices for Wall Décor
When my husband and I walked into our last home for the first time, we felt like we were walking right into the ’70s. With disco-era fixtures and old smelly carpet, the four bedroom colonial was quite the sight. Oh, and let’s not forget the orange laminate flooring that graced the kitchen and bathrooms. Except for the master bathroom, of course. It had shag carpet.
But, for every problem we saw, we also saw potential. Paint can work miracles, after all, and floors are fairly easy to replace. And the kitchen? It wasn’t great, but we thought new appliances and flooring would make it workable. Plus, the bones of the house were in great shape. Built in the ’70s, the brick exterior and interior of the home were in impeccable condition. The house also had beautiful dark woodwork all over the place, a feature that was currently overshadowed by all of the ugly going on.
Doing it Ourselves
After closing, we spent the next month scraping up laminate and tearing up carpet, painting, and cleaning. After that, we planned to have a professional install tile floors in the kitchen, sun room, and bathrooms, and then have carpet put in everywhere else. So we headed to the local home improvement store.
I’ll never forget the day I found out how much it costs to have someone install tile.
“Excuse me. $5 per square foot for installation?” I wondered how that could be possible. “But the tile is only $1.49 per square foot.” Could that possibly be right?
After talking to a few people in the industry, I found out that tile installation is rather messy and labor intensive, which is why it was so dang expensive. And since we planned on putting in almost 800 square feet of tile, we decided to do it ourselves. How hard could it be?
Practice Doesn’t Always Make Perfect
Since we had so much tile to install and no experience, we called in reinforcements. We hired a family friend to help us cut and lay the tile for $20 an hour. Together, we laid all of the tile over the course of three days. And when it was all said and done, I was pretty happy with the job.
Until I wasn’t.
After we moved in, I spotted a few uneven and crooked tiles. Even worse was the fact that the grout kept coming up in several places, even after sealing it multiple times. No one else seemed to notice the imperfections, including my husband, so I chalked it up to the fact that I’m slightly OCD. But it still drove me crazy, and I was constantly touching up and adding grout all over the house during the six years we lived in the home. And it was a pain.
What I Learned
In the world of personal finance, it’s often considered a weakness to pay someone to do something you can do yourself. And believe me, I get it. We’re all trying to save money any way we can, right? In that respect, paying for labor doesn’t seem all that smart.
One the other hand, my own lack of skills gave me reason to believe that it’s not always a bad idea. Hell, I worked in a mortuary at the time. What did I know about tile floor installation?Unfortunately, nothing.
The fact is, some people aren’t particularly handy or skilled in construction. Others might not have the time to devote to large projects. Or maybe home remodeling just isn’t your forte, and that’s okay too.
Fortunately, there are plenty of ways to save when you can’t (or don’t want to) do it yourself. Here’s what I’ve learned:
Do the prep work yourself: Even if you need to hire skilled labor for your project, you can still do the prep work yourself and save some cash in the process. For instance, carpet companies, as well as the big box stores, can charge as much as 50 cents per square foot to tear up, and dispose of, your old carpet. Paying someone to tear up old tile can cost considerably more. Doing these chores yourself is a great way to save if you have the time and ability.
Determine your scope of ability: Unfortunately for us, I’ve learned that our skills are limited to painting and grunt work. But, your scope of ability might be different. Maybe you’re skilled at carpentry or have some basic plumbing skills. Whatever it is, find ways to put those skills to work.
Shop around to save: If you have to pay someone to install cabinets, remodel a bathroom, or lay carpet or tile, it really does pay to shop around. Look for sales, coupons, or special discounts at competing stores. Also consider local contractors for the work, as they may be willing to meet or beat their competitor’s prices.
Compare apples to apples: When comparing prices for your home remodel, it’s important to compare apples to apples. A perfect example is when you’re shopping for flooring. In addition to the price for the carpet or flooring itself, there are a whole host of other expenses to compare. These can include tear-up of old carpet, padding, installation, and stairs. Some companies even charge to move furniture.
Putting Those Lessons to the Test
This summer, my husband made a career change that didn’t quite work out. So, after careful thought and consideration, we decided to sell our house and move to a different town where he could find work. And after living in a small, temporary home for a few months, we finally found a house we wanted to buy. And rather predictably, it’s somewhat of a fixer-upper.
But this time, things are different. First of all, we now have kids, which means we can’t spend every evening and weekend working on a large project. And since we’ve made peace with our limited home remodeling skills, we’ve chosen to leave most of the work to the professionals. Here are the updates we’re working on, as well as where we saved:
Carpet: With so many variables, carpet shopping can become a tricky endeavor. After comparing pricing and quality at five different stores, we chose a 100 percent polyester carpet for all of the bedrooms. The store we chose offers free installation with any purchase over $1,500 and had the best quality padding available at 20 cents less than their competitors. When you’re buying a lot of carpet, those small savings really add up!
Tile: We found acceptable porcelain tile at the local home improvement store for only 89 cents per square foot. And, since we failed miserably at tile installation last time, we chose to hire a contractor to install the subfloor and tile. Fortunately, he said he could do the installation less than what the big box stores are charging, which led to additional savings.
Paint: Since we’re relatively skilled at painting, we chose to paint the entire interior of our new home ourselves.We’re saving by doing all of the work ourselves, obviously, and by painting the majority of the home one color — a smooth, creamy water chestnut.
Kitchen: Our new home still has the original kitchen cabinets. And while they’re holding up relatively well, they’re not all that great either. But, instead of replacing them, we’re currently in the process of cleaning them up and staining them a slightly darker color. In addition, we’re getting new countertops to replace the cracked and mismatched counters currently in the home. And since we’ve never installed countertops before, we’re hiring that part out.
Do you remodel your home yourself? Are there certain projects that you feel are beyond your scope of ability?
Get some use out of any spare buttons you have around the house. Glue two different colored buttons together using a hot glue gun, then add more buttons around the one in the center. Use the smallest buttons around the edges.
DIY Coaster Hack 1: Button coasters
Get some use out of any spare buttons you have around the house. Glue two different colored buttons together using a hot glue gun, then keep adding more buttons around the one in the center. Use the smallest buttons around the edges.
DIY Coaster Hack 2: Magazine coasters
Cut a magazine page into four strips. Fold the long edges of each strip inward toward the center, then fold the piece in half. Then, wrap the long strip around a skewer to create a coil, making sure to wrap it tightly. When you’re done, hot glue the end to seal the coil. Wrap and glue more strips of magazine paper around the coiled piece until your coaster reaches your desired size.
DIY Coaster Hack 3: Popsicle stick coasters
Trim the edges off giant popsicle sticks and lay a few down flat. Glue another popsicle stick down the center and sides, then another along the top and bottom edges. Flip it over and decorate any way you’d like.
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Over a year ago, I bought my first home. And while I’d been warned about the extra expenses that come with homeownership, there were still some surprises.
I don’t mean the “unexpected” costs of property taxes and repairs — expenses that are often covered in articles about new homeownership. “Surprise! There’s no landlord to come fix your garbage disposal.” Is that really a surprise to anyone, though?
No, what I’m talking about are the less obvious expenses — the ones that new homeowners probably aren’t thinking about when they sign the closing documents and get the keys to their new home. Here are some of those less obvious expenses that took me by surprise in the last year.
1. Changing the locks. When I first moved in, my dad “reminded” me to call a locksmith and have the locks changed. Only, silly me, I had no idea that I should do that. Dad pointed out that my house had had several owners and was even a rental at one point. That means that any number of people could possibly have a key to my house.
Okay, so that’s three locks that needed to be changed. No big deal. Only the three estimates that I got came in at around $200 — much higher than I was expecting. Finally I found a special for $79 and got the locks rekeyed.
2. Lawn maintenance. One of the big selling points for our house was the half-acre yard. It feels like a bit of country in the city.
Well, the week we moved in, a neighbor asked us, “Do you guys have a riding lawnmower? ‘Cause you’re gonna need one!” The truth is that we hadn’t really thought about lawn care yet. We’d just bought the house, and we were 100 percent focused on some repairs and getting moved in. But our neighbor had a point — we’d either need a riding mower or a lawn service. And being the DIY-type, we wanted the mower.
Eventually the growing grass forced us to take the plunge.
3. Multiple appliance repairs and replacement. Okay, we knew we’d be responsible for our own appliances. But what I didn’t count on was so many of these repairs and replacements in the first year!
We had to replace a garage door opener, an AC motor (and it was an expensive one), and a water heater. Thankfully, our real estate agent negotiated a one-year home warranty, paid for by the seller. So these costs, which would have been well over $1,000, ended up costing only $180.
Each time I had to use the warranty, I emailed my agent to thank her for her foresight.
4. Cosmetic upgrades. I thought that cosmetic upgrades, like painting the bedrooms, would be quick and cheap. Well, they were neither quick nor cheap!
Just one bucket of paint ran $32, and with four rooms, I needed a lot of buckets of paint. Plus, there are all of the little things you don’t always think about — rollers, trays, gloves, paintbrushes, drop cloths, and rolls upon rolls of painter tape. Cosmetic upgrades turned out to be a lot more expensive than I originally thought.
5. Furnishing the house. Obviously, you don’t have to go crazy furnishing every inch of your house. And we haven’t. We’re going slowly.
But sometimes, things come up. For instance, when my in-laws were planning to visit, we decided to buy a daybed for the guest bedroom. We also needed guest towels for the bath. And a bath mat. If we hadn’t had guests, we might have held off on those expenses. But part of the reason we bought the house was to entertain family and friends more often (and more comfortably).
6. Window treatments and replacements. Not long after moving in, I realized just how old our windows are. As in, I’m pretty sure they’re original to our 1971 house. Plus, a couple of sets of blinds had shredded strings and didn’t work properly.
As I discovered in the window treatment section of Lowe’s, blinds are expensive! So we just replaced the two sets that weren’t working. As for replacing every window in the house, it’s something we’re starting to look into now.
7. Rising property taxes. Property taxes aren’t a surprise, but the fact that the county increased my taxes by 31 percent from one year to the next was a huge shock!
I’m currently protesting my taxes, and there are a couple of reasons why that assessment shouldn’t stick. For one, I paid less than the assessed value for the home just over a year ago. And two, my homestead paperwork is currently being processed and, according to their site, taxes shouldn’t increase on a homestead by more than 10 percent in a given year, plus the value of any improvements.
So, fingers crossed…
8. Tree trimming. This is the next to-do item on my list. Another thing about that great yard that we loved is that it came with a bunch of gorgeous, established oak trees.
Only it’s time we had those trees trimmed. There are some branches that need to go, and the trees are entirely too tall for us to do the work ourselves. Plus, we’re not arborists, and we’d like our trees to stay healthy and beautiful. After all, they’re part of the reason we fell in love with this property in the first place.
Covering Those Unexpected Expenses
Luckily, my husband and I had the extra money in the bank to cover these expenses, but I can see how people can get into serious trouble if they aren’t prepared for some of them.
And while I wish I had a magic formula to share with you, it’s impossible for me to tell you how much to shore up your emergency fund. It just depends on too many factors, like the size of your house, the size of your lawn, how much work you can do yourself, and even just plain luck (or lack of it).
So if you’re contemplating purchasing your first home, just be aware of these hidden costs. Save more than you think you need to, and don’t buy as much house as you can. We bought a fairly small house and, while I love the house and love working on it, I’m glad we didn’t get anything bigger!
Readers, if you own a home, what other hidden costs surprised you?
The savings offers that appear on this site are from companies from which MoneyCrashers.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MoneyCrashers.com does not include all savings companies or all savings offers available in the marketplace.
Years ago, finding a bank meant heading downtown and choosing from whichever options were available there. The Internet dramatically lessened the importance of physical branches and made it possible to bank from anywhere at any time.
Virtually all banks with physical locations have online portals, but a growing number now do the bulk of their business online. Some have ties to community banks and may have physical branches in select regions. Others exist only in the digital realm and have no physical branches.
What follows is a list of the best online banks on the market today.
Best Online Banks of May 2023
These are the best online banks on the market right now.
Each does at least one thing really well, whether it’s offering a potent lineup of budgeting and money management tools or delivering savings and CD rates well above the national average. Our top pick offers the most value for the greatest number of potential customers, in our opinion.
Unless otherwise noted, all the accounts on this list come with FDIC insurance up to $250,000 per account.
Best Overall: American Express® National Bank, Member FDIC
The American Express® High Yield Savings Account has a solid yield on all balances with $0 maintenance fees, a $0 minimum opening deposit, and a $0 minimum balance. The current savings yield is 3.90% Annual percentage Yield (APY) as of May 16, 2023.
Want to tie up your money for a while at a higher interest rate? Choose from seven CD options ranging from six months to five years.
CD yields are very good across the board: 3.00% Annual Percentage Yield (APY) on the longest-term product (60 months or 5 years) and 4.25% on the 12-month CD. Early withdrawal penalties are:
90 days’ interest for terms under 12 months
270 days’ interest for terms between 12 and 48 months (four years)
365 days’ interest for terms between 48 and 60 months (five years)
540 days’ interest for terms of 60 months or longer
Additional features:
Extensive lineup of personal credit products, including premium credit cards like The Platinum Card® from American Express
Move money between up to three external bank accounts in short order
24/7 customer service
Apply Now
Best Credit Union: Alliant Credit Union
When is an online bank not an online bank? When it’s an online credit union.
There’s no better branchless option than Alliant Credit Union. As a credit union, Alliant exists for its members rather than stockholders so they will always put you first.
Alliant has a comprehensive lineup of checking and savings accounts, like:
High-Rate Savings, a high yield savings account for goal-oriented savers (currently 3.10% APY¹)
High-Rate Checking, a checking account with competitive interest rates
Certificates of Deposit, which help you earn more with set interest rates for a fixed period of time (currently yielding 5.00% APY)
Kids Savings, a custodial account that helps you teach sound money management concepts to kids 12 and younger
Teen Checking, a joint account for kids aged 13 to 17 — there when you’re ready to loosen the reins
Additional features:
Get access to over 80,000 in-network ATMs with Alliant
No monthly service fee with eStatements
Low minimum deposit and balance requirements
Bank anywhere, anytime with the Alliant mobile app
Sign Up for Alliant Savings
Insured by NCUA
(¹For important additional disclosures, please refer to the corresponding footnote at the Sign Up link directly above.)
Best for High Yields: CIT Bank
CIT Bank offers several different accounts with category-leading yields:
Savings Connect has one of the best yields of any bank account, online or off: 4.50% APY.
Platinum Savings has an outstanding yield when you maintain a balance of $5,000 or more (4.75% APY) and a so-so yield when you don’t (0.25% APY).
Savings Builder yields up to 1.00% APY for accountholders who can meet minimum balance or deposit requirements.
The CIT Bank Money Market account has a very good yield on all balances (currently 1.55% APY) with no monthly maintenance or service fees.
Multiple CIT Bank CDs offer above-average yields, led by the 11-month CIT No Penalty CD at 4.80%
Additional features:
No monthly service fee
No early withdrawal penalty for No Penalty CDs
No ATM fees in-network
CIT may reimburse up to $30 in outside ATM fees
Earn interest on eligible eChecking funds
Sign up for CIT Bank
Best for Investors: Wealthfront
Wealthfront is a next-generation banking service that’s ideal for day-to-day money management. Its Cash Account features high-interest checking, no account fees, and a host of value-added features — and you can open an account with just $1.
But Wealthfront made its name in the investment business, and there’s where it continues to shine. Key features include:
Build semi-customized, automatically rebalanced, globally diversified portfolios of low-cost index funds optimized with daily tax-loss harvesting
Just $500 minimum to invest
Pay an annualized management fee of 0.25% assets under management (AUM) on all balances
Choose from individual and joint taxable accounts, IRAs, and 529 college savings plan accounts
Portfolio line of credit that lets you tap up to 30% of your account value once you have $25,000 or more under management
Consolidated view of all your accounts through Wealthfront’s free DIY financial planning tool
Additional features of the Wealthfront Cash Account include:
4.55% APY (variable) on all balances
$1 minimum opening deposit
No account fees
No overdraft fees
FDIC insurance on balances up to $5 million
Get paid up to two days early with direct deposit
Put your money to work in the market within minutes when you use your Cash Account to invest in a Wealthfront Investment Account
Mobile check deposit
Free bill pay and peer-to-peer (P2P) transfers
Complimentary debit card and free in-network ATM access
For a limited time, get $30 bonus cash when you open a Wealthfront Cash Account and fund your new account with at least $500 in new money. Terms apply.
Sign Up for Wealthfront
Money Crashers, LLC receives cash compensation from Wealthfront Advisers LLC (“Wealthfront Advisers”) for each new client that applies for a Wealthfront Automated Investing Account through our links. This creates an incentive that results in a material conflict of interest. Money Crashers, LLC is not a Wealthfront Advisers client, and this is a paid endorsement. More information is available via our links to Wealthfront Advisers.
Best for Customer Support: Albert
Albert is a powerful financial app that makes spending, saving, and investing easy. It’s among the growing crop of financial solutions that offer early payday with eligible direct deposit, and its automated savings and investing features put it well ahead of the pack.
But where Albert really shines is on the customer service front. The platform has a dedicated team of in-house financial experts — called Geniuses — to help you make sense of your money. That puts it heads and shoulders above its crop of fellow digital money management apps.
Additional features:
Albert Cash. This is the place to manage your day-to-day spending money with Albert. Earn up to 20% back on eligible debit card purchases and get paid up to two days early with qualifying direct deposit. Use the Albert Instant cash advance feature to get up to $250 from your next paycheck with no hidden fees.
Albert Savings. Albert’s Smart savings engine sizes up your cash flow and sets aside funds automatically so that you’re always moving toward your financial goals. Set specific goals within the app, such as building an emergency fund or saving for your next vacation. And get cash bonuses on your Albert Savings every year.
Albert Investing. Start investing with as little as $1 using Albert’s guided investment platform. Choose your own stocks or themes, or have Albert do it for you.
Sign Up for Albert
Best for Debit Card Rewards: GO2bank
GO2bank is a low-friction online bank with a mobile-friendly bank account (no monthly fee with eligible direct deposit) and impressive yields on savings (4.50% APY2 on savings up to $5,000).
Eligible electronic gift card purchases in the app earn up to 7% cash back; Amazon eGift Card purchases in the app earn 3% cash back. Terms and conditions apply.
Additional features:
No minimum opening deposit or ongoing balance requirement
Avoid the $5 monthly fee with an eligible direct deposit
Get paid up to two days early with ASAP Direct DepositTM 3
Deposit cash at participating retail stores, subject to fees and deposit limits
Enjoy up to $200 in overdraft protection with opt-in and eligible direct deposit.*
Earn 4.50% APY paid quarterly on savings up to $5,000 — over 10 times the national average savings rate2
* $15 fee may apply to each purchase transaction not repaid within 24 hours of authorization of the first transaction that overdrafts your account. Overdrafts paid at GO2bank’s discretion.
Sign Up for GO2Bank
1Active GO2bank account required to receive an eGift Card. eGift Card merchants subject to change.
2GO2bank, Member FDIC. Interest paid quarterly on the average daily balance of savings during the quarter up to a $5,000 balance and if the account is in good standing. 4.50% Annual Percentage Yield (APY) as of April 2023. APY may change before or after you open an account. The average national savings account interest rate of 0.39% is determined by the FDIC as of 4/18/23. Visit https://www.fdic.gov/regulations/resources/rates/ to learn more. Fees on your primary deposit account may reduce earnings on your savings account.
3Direct deposit early availability depends on the timing of the payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period. The name and Social Security number on file with your employer or benefits provider must match your GO2bank account exactly or GO2bank will decline your deposit.
Best for No Account Fees Ever: Rewards Checking via Upgrade
Rewards Checking via Upgrade4 has a slew of user benefits, but its defining feature couldn’t be simpler: no account fees, ever.
That’s right. As a user, you pay no account fees — no annual fees, overdraft fees, transfer fees, or ATM fees charged by Rewards Checking by Upgrade1.
There’s more, of course. Additional features of Rewards Checking via Upgrade include:
2% cash back on purchases at convenience stores, drugstores, restaurants, and bars, and on utility bills and certain monthly subscriptions2
Earn up to $500 cash back per year at the 2% rate
Earn 1% cash back on all other eligible purchases
Get up to five third-party ATM fee rebates each month1
You may receive discounts on loans and cards through Upgrade3
FDIC Insured up to $250,000 through Cross River Bank, Member FDIC
Sign Up for Rewards Checking via Upgrade
1 There are no account fees, overdraft fees, annual fees, or transfer fees associated with Rewards Checking accounts. Rewards Checking charges no ATM fees, but third-party institutions may charge you a fee if you use their ATM/network or if you use your Upgrade VISA® Debit Card internationally. Upgrade will rebate any ATM fee charged by another institution for debit card withdrawals in the United States, up to five times per calendar month. To be eligible to receive third-party ATM fee rebates in any calendar month for eligible ATM withdrawals made during that month, customers must have (i) an open Rewards Checking account and (ii) either maintained an average daily balance in their account of at least $2,500 in the prior calendar month or made direct deposits into their account totaling at least $1,000 during the prior calendar month. As a courtesy to new customers, Upgrade will provide third-party ATM fee rebates for up to the first 2 calendar months after account opening regardless of account activity. Some limitations apply and terms and conditions may change. Please refer to the applicable Cross River Bank Deposit Account Agreement and Upgrade VISA® Debit Card Agreement and Disclosures for more information.
2 Rewards Checking customers accrue 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants, and bars – including deliveries – and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services, and 1% cash back on all other debit card charges. 2% cash back is limited to $500 in rewards per calendar year; after $500, customers accrue 1% cash back on all eligible debit card charges for the remainder of the year. Some limitations apply. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information.
3 The interest rate on a new loan or credit line through Upgrade may be up to 20% lower than would otherwise be applicable without this discount, as long as you have an active Rewards Checking Account. Additional terms may apply. Please refer to the applicable Truth-in-Lending Disclosure and Loan Agreement.
4 Upgrade is a financial technology company, not a bank. Rewards Checking services provided by Cross River Bank, Member FDIC. Upgrade VISA® Debit Cards issued by Cross River Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Personal Loans made by Upgrade’s bank partners. Personal Credit Lines are issued by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. The Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.
Best for Automated Budgeting: Douugh
Douugh is a money management app that makes it easy to stay on top of your day-to-day financial obligations while saving for a rainy day — and happier days too.
A single mobile-friendly dashboard makes it all possible.
How? That’s down to Salary Sweeper, an AI-enabled feature that automatically allocates income to two protected “jars”:
Your Bill Jar, complete with a virtual card of its own
Your Savings Jar, which is actually a customizable array of single-purpose savings buckets
The rest is yours to spend as you please using a debit card accepted by millions of merchants worldwide. Best of all, you never have to give manual budgeting a second thought.
Additional features:
Enjoy a free checking account with a Mastercard debit card
Use Apple Pay, PayPal, and other payment apps to make purchases online and IRL
Lock and unlock your card and change your PIN within the app — without calling customer service or visiting a branch.
Sign Up for Douugh
Best for Debt Refinancing: SoFi Checking and Savings
Need to refinance the student loans you’ve been carrying for years with no end in sight?
Open a SoFi Checking and Savings account, then head over to SoFi’s student loan refinancing portal to check out your options. SoFi is a category leader in the education loan refinancing business, with incredibly low rates, flexible terms, and an array of reasonable repayment options.
And since you’re also in the market for a new online bank, you’ll enjoy these great SoFi Checking and Savings perks and features:
No minimum opening deposit or balance requirement
Rate discounts on SoFi loans
Free peer-to-peer (P2P) transfers
Customized financial planning
Member-exclusive offers from SoFi partners
A referral program that pays up to $310 per successful referral
Up to 3.75% APY on eligible balances
Plus, for a limited time, sign up for SoFi Checking and Savings and earn a $250 opening bonus when you set up direct deposit of at least $1,000 into your account
Sign Up for SoFi Checking and Savings
Best for Teens and Young People: Copper Banking
Copper is a banking solution for teens age 13 and older — and their parents too.
It’s built around the Copper Card, a personalized debit card that leverages Apple Pay technology to facilitate seamless online and in-person transactions.
The Copper App allows parents to monitor spending and instantly send money in seconds. For teens, its Automatic Saving feature encourages saving — a lifelong financial habit — by automatically setting aside a portion of each paycheck or inflow.
Additional features:
Copper has a wealth of financial literacy content for parents and kids alike — it’s one of the best financial education tools around
Withdraw cash for free at over 55,000 ATMs
All Copper Accounts are FDIC-insured up to $250,000 through Evolve Bank & Trust
Sign Up for Copper
Best for Potential Returns on Savings & Spending: PrizePool
PrizePool is a truly unique financial app — the only FDIC-insured deposit account provider that offers users the chance to earn serious money based on your saving and spending habits.
PrizePool offers two ways to win:
Savings Balances: Get 1 ticket for PrizePool’s prize drawings for every $1 on deposit in your savings account, every day. So if you have $1,000 in your account, you get 1,000 tickets every day.
Debit Card Purchases: Earn 30 tickets for every $1 spent, plus get the chance to have your purchases reimbursed.
PrizePool holds a weekly drawing every Friday. There are almost 6,000 cash prizes every week, including a $10,000 grand prize drawing at least once every six weeks.
Additional features:
Earn 0.30% APY on eligible savings balances
Deposits are FDIC-insured up to $250,000
Refer new users to PrizePool and get 10% of their prize winnings forever
Sign Up for PrizePool
Best for Freelancers and Self-Employed People: Lili
Lili offers a totally free checking solution with a slew of value-added features designed to simplify your financial life.
Its core product is built with freelancers in mind, but it’s appropriate for a range of use cases, from solopreneurs to folks who supplement 9-to-5 income with side hustle revenue.
With powerful, automated tax savings and expense categorization tools, Lili eliminates the need to juggle separate bank accounts for business and personal needs — it’s just one deposit account for your entire financial life.
Additional features:
No minimum opening deposits or ongoing balance requirements and no account fees
Pay virtually anywhere with a Visa debit card that’s accepted worldwide
Lili’s Tax Bucket tool automatically sets aside funds earmarked for income tax payments
Utilize expense management and categorization tools that simplify business budgeting, cash flow management, and year-end accounting
Get real-time alerts for every transaction (and other account activities too)
Make mobile check deposits through the Lili mobile app
Make cash deposits at more than 90,000 retail locations across the U.S., including CVS, Walgreens, and Rite Aid
Get paid up to two days early with early direct deposit
Enjoy fee-free withdrawals at about 38,000 ATMs nationwide
For $9 per month, Lili Pro adds even more valuable features:
A premium Visa Business Debit Card that delivers cash-back rewards
BalanceUp, a fee-free overdraft solution that covers up to $200 in would-be overdrafts
Advanced expense tracking that helps business owners maximize their tax deductions
A savings account that pays interest
Sign Up for Lili
Best for Savers: Quontic Bank
Quontic Bank got its start as a New York City community bank that catered to thrifty types.
Today, Quontic’s branch-based banking options represent just a small fraction of its offerings. With a nationwide digital footprint, Quontic delivers category-leading checking and savings yields for consumers and small-business owners from all walks of life — all with no monthly service fees:
Cash Rewards Checking: Earn unlimited 1.5% cash back on qualifying debit card transactions after meeting the $100 minimum opening deposit.
Bitcoin Rewards Checking: Earn 1.5% Bitcoin on qualifying debit card transactions. The minimum opening deposit is $500. This account may not be available in all states.
High Interest Checking: Make 10 or more qualifying debit card point-of-sale transactions of $10 or more per statement cycle to earn interest at competitive rates based on account balance. The minimum opening deposit is $100.
High Yield Savings: Earn interest at category-leading rates (currently 4.25%) after meeting the $100 minimum opening deposit.
Money Market: Earn solid yields (currently 4.75%) after meeting the $100 minimum.
CDs: Quontic CDs have terms ranging from six months to three years and competitive yields that generally increase in proportion to term. The minimum opening deposit is $500. Early withdrawal penalties may apply.
Additional features:
Tap to pay with the Quontic Pay Ring — the first wearable debit card
Choose from an array of home loans, including community development loans that go beyond your traditional credit profile
Take advantage of special loans for foreign nationals and recent immigrants
Sign Up for Quontic Bank
Best for Borrowers: Discover Bank
Discover Bank is a full-service online bank with a wide range of deposit accounts. It’s a great (almost) one-stop shop for your digital financial needs.
Discover Bank’s real differentiator is its comprehensive lineup of secured and unsecured credit products. That includes unsecured personal loans, which many online banks don’t bother with due to perceived risk.
You’ll find home loans, home equity products, student loans, credit cards, and personal lines of credit here too.
Discover Bank’s deposit account options include:
Cashback Debit: This checking account has no yield, but you can earn 1% cash back on up to $3,000 in qualifying debit card spending each month. There’s no monthly maintenance fee.
Online Savings Account: This account has a very strong yield on all balances — currently 3.90% APY. There’s no maintenance fee or minimum to open.
Money Market Account: With a minimum opening deposit and balance requirement of $2,500, this account has competitive yields on all balances. Its two balance tiers cleave at $100,000, but yields on higher balances barely exceed those on lower balances. Enjoy a free, optional debit card, and no maintenance fee. There’s also no minimum balance fee, despite the minimum balance requirement.
Traditional CDs: CD terms range from three months to 10 years. Yields range widely, peaking on longer-term CDs. You need $2,500 to open any CD.
Additional features:
Structure any money market or CD as a traditional, Roth, or SEP IRA
Or roll over your 401(k), 457 deferred compensation plan, annuity, or IRA from another institution
Enjoy a coast-to-coast network of 60,000 fee-free ATMs
Enjoy 24/7 support by phone, live chat, and email
Make mobile check deposits from anywhere
Enjoy free, instant P2P money transfers
Sign Up for Discover Bank
Methodology: How We Select the Best Online Banks
We use several key factors to evaluate online banks and surface the very best ones for our readers. Each relates in some way to the overall user experience, and you’ll see many represented in our “Best For” categories above.
Available Account Types
The best online banks offer a range of different deposit account types: free checking, savings, CD, and money market accounts, among many others.
Truly comprehensive online banks go even further, with less-common account offerings like savings IRAs, jumbo CDs, and more. More accounts doesn’t necessarily mean a better banking experience, but it’s helpful if you’re looking for a one-stop financial shop.
Interest Rates
Online banks tend to have higher yields — interest rates paid to the account holder — as well as lower interest rates on certain types of loans, if offered.
You shouldn’t count on that though. It’s important to shop around and choose an online bank that consistently offers significantly better rates. Not all do.
Account Minimums
The best online banks have low or no minimum balances and low or no minimum opening deposit requirements on checking, savings, and money market accounts.
CDs generally do have minimum deposit requirements, even at the best online banks, but there’s lots of variation. Look for deposits at or below the $1,000 mark, if possible.
Monthly Maintenance Fees
Free is always better than not free, right?
Not necessarily. Some of the best online banks around charge modest monthly fees. In exchange, they offer a wealth of value-added features and services that can earn or save you money (and sometimes both at the same time).
That said, we do give preference to banks that don’t charge monthly fees at all. Because everyone could use a break.
Other Account Fees
The trusty monthly maintenance fee is just the most visible bank fee. Others include:
ATM fees (in-network and out-of-network)
Wire transfer fees
Excess transaction fees
Early withdrawal penalties
Minimum balance fees
Traditional banks are notorious for nickel-and-diming their customers. By contrast, most online banks do charge at least some fees, but they’re predictable and clearly disclosed on their websites and applications.
For example, many online bank CDs come with early withdrawal penalties. These can be equivalent to as little as one month’s interest on shorter-term CDs but may range up to 24 months of interest on very long-term CDs.
All else being equal, we prefer online banks that charge few if any fees — and hidden fees are a dealbreaker.
Investment and Tax-Advantaged Options
Many online banks stick to core banking services, like checking and savings. But a growing number of online banks offer a wider array of options for people who’d like to be able to do all their banking in the same place.
We’re particularly fond of online banks that offer tax-advantaged account options, such as savings IRAs and CD IRAs. We also like online banks that have in-house investment platforms — whether they’re self-directed brokerages like Ally Invest or low-cost robo-advisors like Wealthfront.
Credit Options
All online banks have at least one deposit account product. That’s what makes them online banks.
A smaller but growing number make loans or issue lines of credit — including credit cards — as well. Common online bank credit products include:
Mortgage loans, including purchase loans and refinance loans
Home equity products, including home equity loans and lines of credit
Auto loans
Student loans and student loan refinancing products
Personal loans
Credit cards and other types of credit lines
We don’t hold it against online banks that don’t make loans — it’s a big step for many a lean bank. But we do look out for banks that have taken the leap.
Budgeting and Money Management Features
Budgeting is hard to do right. That’s why we’re big fans of online banks with built-in budgeting and money management tools.
The more automated these tools are, the better. In fact, some make our list of the top budgeting apps on the market. Truly “set it and forget it” money management saves the typical consumer hundreds if not thousands of dollars per year.
Online Banking FAQs
Still have questions about online banks and managing money online? We have answers.
How Much Does Online Banking Cost?
Online bank rates, yields, and fees are subject to change at banks’ sole discretion. For up-to-date information about specific accounts and bank policies, check their websites or call customer service.
That said, online banks are generally more affordable than traditional banks. They’re less likely to charge monthly maintenance fees on checking and savings accounts, and many have fewer hidden fees too.
What’s the Interest Rate on an Online Bank Account?
That also depends on the individual bank. But many online accounts feature higher yields relative to those of traditional banks.
That’s because online banks have less overhead than traditional banks. They don’t need to pay to keep big, centrally located branches open or pay people to work at them. Their operations are more efficient, which allows them to pass the savings on to customers via higher rates and lower fees.
How Do You Enroll in Online Banking?
It depends on the bank and how its website or app is structured, but it’s usually straightforward. In fact, with an online-only bank, enrollment is usually automatic. You don’t have to complete a separate application or even click a button to activate your account.
However, you will need to create a unique username and password to get started. You may be asked to do this as part of the initial application process or once your account is approved. You’ll also need to link at least one external funding source to transfer money into your account.
Can You Get a Mortgage From an Online Bank?
Some online banks offer home loans (mortgages) and other credit products. These banks tend to be larger online banks with high name recognition, like Ally Bank and Capital One Bank. Look for a “Mortgages” or “Home Loans” tab on the homepage or in your account dashboard.
Be aware that some online banks outsource mortgage origination to other companies. In other words, if you apply for a mortgage through your bank, your loan officer might actually work for someone else. This isn’t necessarily a bad thing, but it could mean a different level or style of service than you’re used to.
And don’t expect your online bank to offer better mortgage rates than other lenders. The mortgage loan business is highly competitive, and direct lenders with even lower overhead may be able to undercut online banks.
How to Choose the Best Online Bank — Or Several
The institutions on this list offer a great combination of FDIC-insured banking products, solid yields, open access, and helpful customer service.
Before choosing one, take a closer look at the features that set it apart from the competition: rewards checking, flexible withdrawal terms for CDs, particularly high account yields, a socially responsible corporate philosophy, and so on.
And remember that, unlike in the old days, your banking choices aren’t bound by geography or other restrictions. If you can’t settle on a single online bank, why not open accounts at multiple banks and compare your experiences?
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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.
Inside: This guide provides tips on frugal home must haves, so you can save money and live responsibly, while also enjoying a healthy environment and good health.
Are you looking for ways to save money and still have a clean and organized home?
If so, you are in the right place. In this blog post, I am going to share with you frugal home must haves that will help you save money.
But before we get started, let me ask you a question:
Do you ever feel like your home is a never-ending cycle of cleaning and organizing? That you use products that are for one use only and know there are better products out there.
If so, you are not alone. Most people feel this way at some point in their lives.
The good news is that there are ways to save money and start to incorporate bits and pieces of a frugal lifestyle into your life.
So, without further ado, here are 19 frugal home must-haves to help you save money:
What is frugality?
Frugality is the practice of being very intentional with your spending, prioritizing the things that matter the most to you, and cutting back on spending in other areas.
It doesn’t necessarily mean sacrificing your favorite brand of cereal, living without napkins, or giving up on adventurous vacations. Instead, frugality is about making smart money choices and learning to live below your means.
It is not the same as being cheap, which involves saving money at the expense of others.
Rather, being frugal means being economical with your money, making it stretch further so you can do more with less.
Frugal living is a journey, not a destination, and it starts with creating a budget that you can live with and looking for ways to save money.
What are the most frugal must-haves for a home?
The most important frugal must haves for you are those that save you money and time.
As such, what you value the most will differ from me. However, there are some basic underlying frugal items that every house needs. So, we will cover those bloew.
More importantly, more individuals are looking to become frugal green to save the environment as well as money.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
best frugal home must-haves for saving money
Home is where the heart is, and we want our homes to be clean, organized, and comfortable without spending a fortune.
However, sometimes it can be tough to keep up with everything – especially on a budget.
Here are 19 frugal home must-haves that will help you save money and make your life easier!
1. Microfiber Cloths
Microfiber cloths are a frugal home must-have for saving money. Yep, I drive my mother-in-law crazy because I do not use paper towels.
They are cost-effective as compared to disposable cleaning supplies and can be used for various cleaning tasks around the house. They are more effective than cotton cloths as they rarely leave smears and dry as they wipe.
Plus, microfiber cloths can be color-coded for different cleaning tasks. To ensure their effectiveness and longevity, microfiber cloths should be washed separately from other laundry and should not be washed with fabric softeners or bleach.
2. Drying Rack
Owning a drying rack can be a smart investment for those looking to save money and energy in the long run. There are many types of drying racks available, from outdoor rotary clotheslines to indoor airers.
Personally, we use our drying rack ALL.THE.TIME!
Plus, using a drying rack is an eco-friendly alternative to using a dryer, which can reduce your carbon footprint and help you live a more sustainable lifestyle.
This is the drying rack we personally own and love.
3. Instant Pot or Crock Pot
Move over crockpot, the Instant Pot is the hottest trend to stay! I’ll admit I was hesitant about owning an instant pot, but have decided it was well worth the investment for our frugal home.
An instant pot is a frugal must-have for any home looking to save money while still enjoying delicious meals. It is perfect for busy people who want to come home to a warm meal without the hassle of cooking.
Instant pots are not just about cooking one meal; they are perfect for batch-cooking frugal meals. This allows you to cook multiple meals in one go, freezing the extra for another day.
You can also use cheaper cuts of meat and tenderize them in the instant pot. Some examples of meals that can be made in a crock pot include soups, stews, chilis, and even whole chicken for homemade stock.
An instant pot is an efficient and cost-effective way to enjoy home-cooked meals without breaking the bank.
Here is the instant pot / air fryer combe we personally own.
4. Reusable Grocery Bags
Many states, including ours, now charge 10 cents per bag when checking out at any store!
By bringing your own bags, you can avoid the extra fees charged for plastic bags at many stores.
Additionally, reusable bags are sturdier and can hold more items, reducing the need for multiple bags.
Switching to reusable bags also helps reduce plastic waste, which is harmful to the environment. So, invest in some reusable bags and make a positive impact on your wallet and the planet.
5. Beeswax Wraps
Beeswax wraps are a fantastic frugal and eco-friendly alternative to plastic wraps.
Made from organic cotton and covered in beeswax, they are versatile and come in various sizes. They can replace both cling film and foil, lasting for a long time as long as they are not washed in hot water or put in the microwave.
These wraps can save money in the long run as they are reusable and can be used for a variety of purposes, from wrapping bread to covering bowls.
To care for them, wash them in cool soapy water and avoid hot water or the microwave. With beeswax wraps, you can be frugal and eco-friendly at the same time!
6. Charging Stations To Reduce Energy
Standby losses refer to the energy consumed by electronic devices even when they are turned off but still plugged in. For instance, a TV on standby mode, a phone charger left plugged in, or a coffee maker are all examples of appliances that contribute to standby losses.
These losses can significantly impact your energy bill and add up over time.
However, there are practical ways to reduce standby losses and save money.
Use an energy-efficient power strip to plug in multiple devices and switch them off in one go.
Invest in a “smart” power strip that automatically turns off devices when they are not in use.
By taking these steps, you can reduce standby losses and save money on your energy bills.
7. Glass Jars
Glass jars are incredibly versatile and can be used for storing everything.
Using glass jars is also cost-effective since they can be reused over and over again.
With their airtight seals, they are perfect for storing food items, and their clear glass makes it easy to see what’s inside. They are also great for organizing small items like pens, hair bands, and cut flowers.
Overall, using glass jars is an easy way to save money while keeping your home clean and organized.
8. Hot Tea Maker Electric Glass Kettle
This is the updated version of the traditional teapot due to its durability, versatility, and cost-effectiveness.
It can be used to make a large amount of tea at once, making it perfect for entertaining guests or for daily use.
Additionally, it is a one-time investment that can last for years, which saves money in the long run.
Also, by using loose tea leaves instead of tea bags, you can also save money and reduce waste.
9. Coffee Pot
If you’re a coffee lover, you know how quickly buying coffee on a daily basis can add up and become a significant expense.
However, there is a simple solution to this problem – investing in a coffee pot you love.
By brewing your coffee at home, you can save several dollars each week, which can add up to a considerable amount over time.
Moreover, if you’re someone who enjoys lattes, there are coffee pots available that can make lattes at home. This means that you don’t have to spend a fortune on lattes from coffee shops or cafes.
With a good coffee maker, you can enjoy the great taste of coffee at home while saving money.
If you invest in a single-use coffee maker, then make sure you are using reusable K-cups.
10. Laundry Bags
Seriously, this was the greatest idea I found out from a baseball mom. Never worry about mixing up clothes between family members again!
By using laundry bags, you prevent clothes from getting lost or mixed up in the wash, and can also help prolong the life of delicate fabrics.
To care for your laundry bags, simply toss them in the washing machine with your laundry and air dry.
11. Baking Soda
Baking soda is a frugal home must-have that can be used for cleaning and organizing your home in many ways.
It is a multipurpose cleaner and deodorizer that can be used to clean surfaces, carpets, laundry, even fruits and vegetables.
By mixing baking soda with water, you can create a paste that can be used to clean almost everything. It can also be used to deodorize your refrigerator, carpets, and shoes. Additionally, you can sprinkle baking soda on your mattress and vacuum it up to remove odors.
Overall, baking soda is a versatile and inexpensive household item that can help you keep your home clean and fresh.
12. Vinegar
Vinegar is an incredibly versatile and cost-effective must-have for any frugal home. It can be used for cleaning and organizing in a variety of ways.
Vinegar is effective in removing stains, cleaning surfaces, and freshening up the home. It is also safe to use around children and pets, making it a great alternative to harsh chemical cleaners.
For cleaning surfaces, vinegar can be mixed with water and used to clean windows, mirrors, and countertops. It can also be used to remove stains from carpets and clothing. In addition, vinegar can be used to freshen up the home by adding a few drops to a diffuser or spraying it in the air.
To incorporate vinegar into daily cleaning routines, it can be added to a spray bottle with water and used to clean surfaces as needed. It can also be used as a natural fabric softener in the laundry by adding a cup to the rinse cycle.
When using vinegar, it should not be used on certain surfaces such as marble or granite as it can cause damage.
13. Reusable Water Bottles
Using reusable water bottles is an important step towards a more frugal and eco-friendly lifestyle.
It can save money by eliminating the need to buy single-use plastic water bottles, and it also helps reduce waste and pollution.
When choosing a reusable water bottle, look for one with a filter to ensure fresh water anytime, anywhere.
Opt for bottles made from durable and non-toxic materials such as stainless steel or glass.
Keeping a reusable water bottle also promotes healthy hydration habits.
14. A Large Freezer
A large freezer in your home is a frugal must-have for many reasons.
Not only does it provide money-saving opportunities by allowing you to stockpile food on a budget and freeze extra portions from batch cooking, but it also helps you take advantage of great deals you find at the store.
With a well-stocked freezer, you can shop your stock first and freeze nearly everything you buy for later use.
Additionally, having a large freezer can help you save on your electricity bill by allowing you to fill it up to two-thirds capacity, which makes it more efficient.
Also, you may want to purchase this freezer lock to make sure it stays closed.
15. Reusable Food Storage Containers
Using reusable food storage containers like BPA-free plastic or glass containers is an effective way to reduce waste and promote eco-friendly living.
BPA-free plastic containers are ideal for those who have limited space for storage and prefer lightweight and durable containers. They are freezer, microwave, and steamer safe, making them perfect for storing and reheating various types of food.
On the other hand, glass containers are an excellent alternative to plastic containers. They are incredibly environmentally friendly and can be reused over and over again, making them an indispensable tool in your quest for simple and frugal home living.
Since they are also reusable, saving you money in the long run. You only need a few of them for your daily use.
16. Reusable Food Bags
Reusable food bags are a great way to reduce your carbon footprint and be more eco-friendly in your daily life. These bags are made from BPA-free materials and are designed to be used over and over again, making them a great alternative to single-use plastic bags.
Here are the benefits of reusable food bags:
Versatile and can be used for a variety of purposes as they are freezer, microwave, and steamer safe, making them perfect for storing, heating, and cooking food.
Perfect for packing lunches and snacks, as they are lightweight and easy to carry.
Durable and long-lasting.
Ability to use them again and again, reducing the amount of waste that you produce.
Unlike plastic bags, which can easily tear or break, these bags are made from sturdy materials that can withstand daily use.
While the initial cost of these bags may be higher than that of plastic bags, they will pay for themselves over time as you won’t have to keep buying new bags. Plus, they are often sold in sets, so you can get multiple bags for a lower price.
17. Basic Toolkit for DIY Projects
A basic toolkit can be a valuable asset for homeowners as it can come in handy for simple home repairs and save money on professional services.
With the right tools and some DIY know-how, you can tackle many basic home repairs and maintenance tasks yourself, without having to hire a professional.
DIY tutorials are available online, and many of them are free. You can also attend community classes or evening courses at local colleges to learn DIY skills.
Also, you can look at sharing tools with neighbors or friends can help you save money and build a sense of community.
18. Storage Organization
Oh my goodness, there is no way I could manage without serious storage organization for our small house.
Thankfully, there are plenty of storage organization options to make sure you use optimal space in every single corner of your house.
Here are some of my favorite storage organization tricks:
19. Rotary Clothes Line
Owning a rotary clothesline is a must-have for frugal homeowners.
Not only is it a one-time cost that lasts for years, but it also helps save money on electricity bills as line drying reduces creases and eliminates the need for a dryer.
Additionally, a rotary clothesline takes up less space than a bulky dryer or indoor drying rack.
By using a rotary clothesline, you can enjoy the benefits of fresh, sun-dried laundry while saving money and space. It’s a win-win situation for both your wallet and your home.
20. Essential Oils
Essential oils can be used in a variety of ways, including for homemade beauty and cleaning products. For example, adding 15 drops of peppermint essential oil to a cup of baking soda can create a refreshing and invigorating scrub.
Essential oils can also be added to homemade shampoo and body wash recipes to provide a pleasant scent and potential therapeutic benefits. Some popular essential oils for these purposes include rosemary, lavender, and peppermint.
In addition to beauty and cleaning products, essential oils can also be used for aromatherapy purposes. Simply adding a few drops of essential oil to a diffuser or inhaling the scent directly can provide benefits such as stress relief and relaxation.
It’s important to note that essential oils should always be used with caution and according to their recommended guidelines, as they can be potent and may cause adverse reactions if not used correctly.
21. Rain Collector
Using a rain collector to water your vegetable garden is a great way to be eco-friendly and frugal at the same time.
This method can help you save money on your water bill and reduce your carbon footprint.
Rain collectors can be purchased for as little as $50 and provide a regular supply of free water throughout the year.
To use a rain collector for your vegetable garden, set it up in a location that is convenient for you to access and close to your garden. When it rains, the water will collect in the butt and be ready for use when you need it. You can use a watering can or attach a hose to the butt for easy watering.
Rainwater is especially good for watering vegetables because it is free of chemicals and additives that may be present in tap water.
22. Countertop Composter
A countertop composter is a great addition to a frugal home. It is a small, portable compost bin that can be kept on your kitchen counter, making it easy to compost food scraps and other organic waste.
By composting your food scraps, you can reduce the amount of waste that goes into landfills, which is not only good for the environment but also saves you money on garbage bags and waste disposal fees.
Countertop composters are available in various sizes and styles, so you can choose one that fits your needs and budget.
Some countertop composters are made of stainless steel or ceramic and have a sleek, modern look that blends in with your kitchen decor.
Others are made of plastic and have a more utilitarian design.
In addition to reducing waste and saving money, composting also produces nutrient-rich soil that can be used to fertilize your garden or houseplants. This can save you money on buying fertilizers and improve the health and productivity of your plants.
23. Knife Set
Having a good knife set is essential in a frugal home because it saves money in the long run. Yes, I have proof of this as I replace my 15-year-old knife under warranty.
Investing in an affordable yet durable set can be achieved by choosing stainless steel or high-carbon steel, which are both rust-resistant and long-lasting.
When choosing a set, consider the number of pieces you need and the type of knives required for your cooking needs.
To make your tools last longer, hand wash and dry them immediately after use, avoid using abrasive cleaners, and store them in a knife block or a drawer with dividers to prevent damage.
But, to be honest, these are the knife set I own and I put them in the dishwasher all the time.
24. Streaming Stick
If you haven’t upgraded to a smart TV yet, I understand you are frugal. Then, you need to invest in a streaming stick.
This simple device can help you lower your costs spent on cable while still streaming your favorite shows on Paramount, Hulu or YouTube.
Nowadays, you can expect to spend less than $50.
25. Soda Maker
This may seem like a splurge, but we, frugal people need a way to treat ourselves.
Having your own soda maker can be a great way to save money in the long run. While it may seem like an expensive investment at first, the cost of making your own soda (or seltzer) at home is significantly lower than constantly purchasing soda (or seltzer) from the store.
In fact, making soda at home can cost as little as 25 cents per liter, compared to the average cost of $1.50 per liter for store-bought soda.
Another cost-saving benefit of having your own soda maker is that you can control the ingredients. You can choose to make your soda with natural sweeteners like honey or stevia, rather than high fructose corn syrup, which is commonly found in store-bought soda. This not only saves you money in the long run, but it can also be a healthier option.
What are some good tips for living frugally?
Living frugally can be a great way to save money and achieve financial goals.
Here are some practical tips for living frugally that you can implement in your daily life:
Meal planning and home cooking can save money on food expenses. Brown bagging or oven lunch boxing your lunch is also a great way to save money. Learn how to be frugal with food.
Wash your laundry in cold water and use natural homemade cleaners to save on household expenses.
Create a budget that you can live with and look for areas where you can cut back on expenses. Pack your own lunch and cut back on entertainment costs.
Travel frugally by traveling during the off-season and cutting down on eating out. Opt for a place with a kitchen so you can make some of your own meals and purchase discounted airline tickets or fares.
Have fun for free by doing activities such as going to the park, having a picnic, or having a bonfire. There are so many things to do with no money.
Try out a few frugal living tips at a time to find out which works best for you and don’t forget to access free courses and worksheets to help with your frugal living journey.
Remember, frugal living doesn’t have to be a sacrifice and can actually help you fully enjoy what you care about in life.
Start taking small steps towards a more frugal lifestyle and see how it can positively impact your finances.
FAQ
There are many frugal home hacks that can help you save money and keep your home clean and organized.
Some practical and actionable tips include meal planning, home cooking, brown bagging your lunch, washing your laundry in cold water, and using natural homemade cleaners.
Before calling a handyman, consult YouTube to learn how to fix a leaky faucet or remodel your bathroom.
Examining your monthly bills for ways to save on electricity, water, cable, and even your cell phone can also help you save money.
By implementing these frugal hacks, you can make every penny and dollar count and stretch your budget further.
I always tell people to shop their own house first. Just because you don’t know where something is doesn’t mean you should go out and buy a new item.
Look around and see how you can reuse items.
Before heading out to the grocery store, look at your own pantry and freezer to see what you can use first.
Give these tips a try and see how much you can save!
Essential appliances and gadgets for a frugal, clean, and organized home include:
Which Frugal Home Ideas Will You Implement?
With a little bit of planning and effort, you can live frugally and still have a beautiful home.
One of the key points of frugality is buying quality items less often.
Too many times, people associate being frugal with cheap.
Being frugal means you are intentional with your spending on household items and prioritizing the things that matter most.
Plus, using frugal methods can be better for the environment and your health.
So what are you waiting for? Go out and buy some of these must-haves today!
Know someone else that needs this, too? Then, please share!!
Tap on the profile icon to edit your financial details.
Retirement is a massive financial undertaking. But it’s also more flexible than many people believe. At different stages in life, it’s really possible to retire earlier than you might realize. However, retiring at age 30 with $1 million comes with a lot of leg work and a bit of luck. It’s not impossible, but a lot of things have to go right for you. We’ll discuss what to consider.
A financial advisor can help you put a financial plan together for your retirement needs and goals.
Your Retirement Income With $1 Million
The $1 million is a common benchmark for FIRE advocates, which means “Financial Independence, Retire Early.” The basic philosophy is this: Maximize every penny of earnings early in life. Save hard, spend little and invest wisely. Then, ideally sometime before age 40, have enough cash to retire for good.
The trouble is that $1 million does not actually generate that much secure income in retirement, at least not before you can supplement it with Social Security. The rule of thumb used by most financial professionals is that you should expect a 4% drawdown each year.
This means that for a sustainable retirement, you should budget to live on about 4% of your total retirement portfolio. For a retiree with a $1 million portfolio, this comes to $40,000 per year.
We can also adjust up from 4%, given that it is admittedly very conservative. So you can hit that number holding nothing but bonds and getting no returns beyond simple coupon payments. So take a number like 6%. This gives you an annual income of $60,000.
Now, that’s not nothing. According to the Census Bureau, it’s less than the median income of $70,700. But not by that much. The problem is that you need to live on that money for a long time.
Costs of Retirement In Your 30s
When the New York Times wrote on this subject, they profiled a man who retired at 43 on his $1.2 million savings. The man’s wife still worked, supplementing the household’s budget significantly. Even still, the article wrote, the couple lived a life, “Rich on time but short on luxuries: Groceries are bought at Costco, car and home repairs are done by him.”
This is the problem with retirement in your 30s. The odds are that it leads to a lot of sitting around asking, “Now what?”
3 Tasks to Solve
First, you will have to account for all the basic expenses of life: Housing, food, utilities and more all add up.
If you have collected $1 million at age 30, the odds are good that you live in or around a city, where the higher-paying jobs are located. For example, if you live in Washington D.C., rent alone can consume almost an entire $40,000 income. And if you move, that will mean leaving your friends and connections, as well as an entire lifestyle that you have presumably come to enjoy.
Second, there are the employment-related expenses of life. Mostly this means finding your own health insurance. At age 30, you might be able to get away with a cheaper high-deductible plan, but as you age into your 40s and 50s that will be increasingly less of an option.
Third, there are situational costs. If you have children, they will need their own care and feeding. According to SmartAsset’s 2023 study, raising a child can cost up to $30,000 annually in the U.S. And as your parents’ age, they might need care both personal and financial.
And unexpected expenses crop up on a regular basis. Home and auto repairs aren’t always do-it-yourself (DIY) projects, for example. If your car throws a rod or (to cite this writer’s experience) a four-story elm dies in your backyard, that’s thousands of dollars directly from your own pocket.
What to Look Out for at Age 30
At age 30, you have a lot of time and responsibilities ahead of you. Every retiree needs to plan for the unexpected. But when you’re a young adult, far more people will count on you and you will have far fewer resources.
Medicare and Social Security won’t kick in for several years. And Medicaid won’t help someone who is voluntarily unemployed. Family members will look to you for support, property will need tending and many of life’s biggest expenses may still be on their way.
To put it another way, you’re not a kid anymore and there is no backup plan. For the next 30 or 40 years, you are the backup plan. By retiring this early with this budget, you are planning to face that with virtually no room for error.
The FIRE Lifestyle
There is a very good reason that early retirement has caught fire (or FIRE) in recent years. Work for millennials and, as they age in, Generation Z, is worse than it was for past generations. Employers expect ever-longer hours and make ever-broader demands.
For Baby Boomers and Generation X, it can seem bizarre to plan on leaving the workforce by age 40. In large part, though, that’s because theirs was a generation that still got to clock out at 5 and only worked on the weekdays.
“The rule books our parents have given us is advice that’s perfect for 1970,” wrote the New York Times in one representative quote. “We have to throw out that rule book and write a new one.”
Current generations were brought up in an era where every job has been migrated to salaries to avoid overtime pay. And most days end well after 5:00 p.m. This is a working world of smartphones, seven-hour half-days and “just real quick” Saturday assignments. It’s easy to understand why so many young workers want to opt-out.
Considering the Alternatives
Consider the other side of that lifestyle carefully, because you may not be buying yourself the freedom that you think. You will have freedom from burning out on work culture and the stress that comes from expecting work e-mails at all hours of the day. But you may not have the freedom to for very long.
In other words, you may not have the freedom to live the kind of lifestyle that you want to enjoy. If you have a home, you may not be able to afford anything else. On a $40,000 – $60,000 per year budget, there probably won’t be much left for travel, dining and other luxuries.
Your plan might be Netflix and dinner for a long period of time, for example. If, as many young retirees do, you choose to travel, then those temporary travels may become more permanent than you’d think.
Bottom Line
Is it possible to retire at 30 with $1 million? Yes. But the odds are it’s likely that it will do more harm than good. If you have $1 million at age 30, you’re doing beyond great. If you keep this money in a series of solid, comfortable investments, then you almost certainly can retire early. The truth is, you probably can target retiring at age 40 or 45. Give this account another 10 years or so to ride. And let compound growth increase over time.
Retirement Planning Tips
A financial advisor can help you prepare for an early retirement. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Want to see how much your 401(k) will be worth when you retire? Use SmartAsset’s free calculator.
Eric Reed
Eric Reed is a freelance journalist who specializes in economics, policy and global issues, with substantial coverage of finance and personal finance. He has contributed to outlets including The Street, CNBC, Glassdoor and Consumer Reports. Eric’s work focuses on the human impact of abstract issues, emphasizing analytical journalism that helps readers more fully understand their world and their money. He has reported from more than a dozen countries, with datelines that include Sao Paolo, Brazil; Phnom Penh, Cambodia; and Athens, Greece. A former attorney, before becoming a journalist Eric worked in securities litigation and white collar criminal defense with a pro bono specialty in human trafficking issues. He graduated from the University of Michigan Law School and can be found any given Saturday in the fall cheering on his Wolverines.
The home appraisal is an integral part of the home selling process. It helps to determine the “market value” of a property so buyers neither overpay for a house nor get it for a “steal.” The appraisal breaks down into three parts, though this can vary by state:
● Inspection ● Comparables (how other homes in the neighborhood are valued) ● Final report
As you prepare for a profssional home appraisal, here’s what you can do to ensure you get the best possible report and value for your home.
Keep Up Appearances
Ensure the following when an appraiser comes to assign a market value to your home: ● A healthy and hospitable appearance ● Proper drainage away from the foundation and/or basement ● Egress windows in all bedrooms for fire safety ● For homes built before 1978, no lead-based paint concerns ● Handrails on all stairs and steps ● A properly functioning heating system that provides ample comfort ● A roof in good condition
Though home appraisers won’t put a “black mark” in their books for the messiness of your home, it does help to have it organized. They’ll be able to see some of the high selling points if they’re not covered under clutter.
Provide Necessary Paperwork
Appraisers absolutely must have all of the paperwork available about your property before they arrive. If they don’t get this information from your lender or broker beforehand, then you should have it in a folder, ready to hand over. This information includes: ● Major improvements ● Age and condition of the roof, HVAC system and major appliances ● Permits for any DIY projects
The more information they have on-hand about your house, the better they can value it.
List Only Essentials
Never list extra square footage in your overview to the appraiser. While you may think your basement or attic counts as square footage, this isn’t always the case. If you’re unsure, it’s best to hire a home inspector or REALTOR® to advise you on acceptable square footage. You should also take care to provide accurate square footage for individual rooms. While you might be tempted to add a few extra square feet here and there, your appraiser has no problem looking up the actual numbers — and it could hurt you in the end.
Conclusion
Home appraisals aren’t just for sellers; they’re for homebuyers and refinancers too. In the case of a buyer, a buyer’s lender will generally have a different appraiser look through the home and perform an independent assessment. If the buyer’s assessment doesn’t match up against the seller’s, discrepancies may be addressed as needed. It also helps to see where potential problems may lie before listing your home, in case you need to make repairs.
If you’ve been paying attention to the news within the past few months, you’ve likely been hearing a lot about the rise of the robo-advisor.
Robo-advisors is the term given to any number of automated investing services that have popped up in recent years that aim to make investing easier, more affordable and in some instances negate the need for a traditional financial or investment advisor.
While their investment recommendations vary to some degree, many of them use algorithms based on Modern Portfolio Theory (MPT) to aid in choosing diversified investments and asset allocation based on your risk tolerance. MPT helps to maximize expected return for your portfolio based on your risk profile.
While I still think that some people could benefit from working with a human financial planner one on one, I do think that for most investors using an automated investing service makes a ton of sense.
Today I thought I would do a review of Wealthfront, one of the top and most well respected automated investing services available today.
UPDATE: Sign up for Wealthfront via this exclusive Bible Money Matters link to get $5,000 managed for free:
Sign up for Wealthfront and get $5,000 managed for free
Wealthfront History
Wealthfront launched their automated investment service in 2011 and the company is currently based in Redwood City, California. In 2012 Wealthfront launched a daily tax-loss harvesting service. From 2013 to 2014 the company went through some tremendous growth, growing by over 450% in one year. By 2019 Wealthfront now has more than $12 billion of assets under management.
Wealthfront never holds your portfolio when you invest with them, they just manage it. The portfolio is actually held with Royal Bank of Canada.
How Does Wealthfront Work?
When you sign up for Wealthfront you start by completing a questionnaire that is aimed at determining your risk tolerance. Once your risk tolerance is determined asset allocations are set that will remain the same regardless of how much you have invested.
The portfolios are based on a mix of 6 – 8 asset classes that includes both U.S. and international stocks and bonds. They invest mainly via the following ETFs, although that is subject to change.
U.S. Stocks (VTI)
Foreign Stocks (VEA)
Emerging Markets (VWO)
Real Estate (VNQ)
Dividend Stocks (VIG)
Emerging Market Bonds (EMB)
Municipal Bonds (MUB)
CorporateBonds (LQD)
US TIPS (SCHP)
Natural Resources (XLE)
When you invest with Wealthfront your diversified asset allocation will depend on the tax status of your account (taxable or tax deferred), and what is the most tax efficient method of investing for you.
In essence, you’ll get a highly diversified, low cost portfolio that is suited to your level of risk, time horizon and other factors.
Signing Up For Wealthfront
Signing up for Wealthfront is a quick process. Here’s what you’ll need to do.
Once you begin the signup process it will first have you go through a risk tolerance assessment.
Once you’ve answered all the questions, it will give you a quick rundown of what assets and allocation that they would suggest for you, in both a taxable account and retirement account.
If everything looks OK, you’re ready to open your account.
Available account options with Wealthfront include:
Standard taxable account
Joint investment account
Trust account
Traditional IRA
Roth IRA
SEP-IRA
Wealthfront 529 College Savings Plan
Once you choose which account type you want and hit continue, it will take you through the process of entering all of your basic information including:
Full name
Address
Birth date
Phone number
Social security number
Income
After filling out the basics it will ask you to fund your account. Your options for funding the account include:
Bank transfer (3-5 business days to get started)
Wire transfer (1 business day to get started)
Account transfer (5-10 business days)
Once you submit your application and confirm your email address you just have to wait for your account to be approved. After approval you can login to your account dashboard to confirm transfers, view your account summary, view your plan, transactions, documents and more.
Wealthfront Features
So what are some of the features that you get when you open a Wealthfront account?
Proven passive investing strategy that gives you a diversified portfolio
So what do you invest in when investing with Wealthfront?
We invest with an equity orientation to maximize long-term returns. Each of our selected asset classes is represented by a low cost, passive ETF. We continuously monitor and periodically rebalance your portfolio to maximize your chance of investment success for the long run. We also attempt to minimize your taxes by analyzing the taxes likely to be generated by any given asset class, and then allocating different asset classes in taxable and non-taxable (retirement) portfolios. We use Modern Portfolio Theory (MPT) to identify the ideal portfolio for each client.
Your portfolio will consist mainly of low cost ETF index funds that will be tailored to your risk tolerance, with intelligent dividend reinvestment and regular portfolio rebalancing. It is fully diversified. For a complete look at the Wealthfront strategy you can check it out here.
Wealthfront offers a broad suite of tax efficient passive investment products. These strategies are known as PassivePlus, and in the past have mainly been available only to high dollar investors. Wealthfront didn’t invent these strategies, but it’s team of PhDs led by reneowned economist Burton Malkiel, along with their investment technology has made these products available to anyone. Among the strategies included in PassivePlus:
Tax loss harvesting: Tax-loss harvesting essentially takes investments that have declined in value and selling them at a loss, generating a tax deduction. The tax deduction helps to reduce your taxes. Wealthfront’s service allows daily tax harvesting to be possible, which can help to maximize gains versus a traditional year end tax loss harvesting. This service is available at no extra cost to investors.
Stock-level Tax-Loss Harvesting: Available for no extra cost to taxable accounts over $100,000, Stock-level Tax-Loss Harvesting is an enhanced form of Tax-Loss Harvesting that looks for movements in individual stocks within the US stock index to harvest more tax losses and lower your tax bill even more.
Risk Parity: Available for an additional 0.03% to taxable accounts over $100,000, Risk Parity is an alternative methodology to allocate capital across multiple asset classes, much like Modern Portfolio Theory (MPT), also known as mean-variance optimization. Historically, Risk Parity has generated better returns for a given level of portfolio risk than the more common MPT.
Smart Beta: Available for no extra cost to taxable accounts over $500,000, Smart Beta is an investment feature designed to increase your expected returns by weighting the securities in the US stock index of your portfolio more intelligently.
Wealthfront also invests in index funds which tend to have little turnover, and as such will likely realize lower capital gains taxes. They also use dividends to rebalance your portfolio throughout the year, lowering capital gains. They optimize asset classes and allocations depending on whether an account is taxable or tax advantaged.
No commission fees
With Wealthfront you’re never going to pay fees for purchase of the ETFs in your account.
Other Wealthfront Feature Updates
Wealthfront is constantly innovating, and has had a myriad of other updates in the past year or so, all designed to make investing easier, more efficient, and to bring you better returns. Here are a few of the features and functionality that set them apart.
Free Financial Planning: The new free financial planning experience, unique to Wealthfront, using the Path planning engine.
Tailored Transfers: Instead of selling everything at once, use our tailored transfer process to migrate your investments tax-efficiently over time.
Portfolio Line of Credit: This line of credit is available for any Wealthfront client with an Individual or Joint Wealthfront account valued at $100,000 or more. There’s no set up – if you’re an eligible Wealthfront client then you already have access. Your line of credit is secured by your diversified investment portfolio, so current rates are as low as 3.25-4.5% depending on account size – lower than most HELOC loans. Borrow the amount you need up to 30% of account value, when you need, for whatever you want. Repay on your own schedule.
Free Automated Financial Planning
In December of 2018 Wealthfront became the first robo-advisor to offer software based financial planning for free to anyone through their app or on their website. Some other services will offer planning to clients, but usually at a premium, and only through a call with a CFP on the phone.
With Wealthfront’s financial planning tools you can connect to your existing financial accounts in a few minutes, and then by tracking your actual spending and saving patterns to help you figure out how your financial future may look.
It helps you to figure out how much you need to save now to reach your future goals, and helps you to determine if you’ll be able to live the same lifestyle you live now, in retirement.
The free financial planning help takes the guesswork out of figuring out if your hoped for future is even attainable based on your current spending and saving patterns. It helps you take a look at “what-if” scenarios, and help you figure out what the impact of a raise at work, or saving more every month might be.
The free automated financial planning service is like having a personal financial planner, but without the need for a bi-annual meeting at an expensive office with a planner that hardly pays attention to your needs. Here’s a look at it from Wealthfront:
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Home Planning In Financial Planning Software
The financial planning software brings clients out of the window-shopping phase of home buying and into planning and saving with the help custom advice and recommendations. The Path advice engine uses third party data on home prices and mortgage rates combined with your financial information to provide an accurate estimate of what you can expect to afford when ready to purchase a home — whether it’s six months or five years from now.
The home affordability estimate given by the tool even accounts for expenses beyond the mortgage, such as closing costs, property taxes, maintenance, and insurance.
College Planning In Financial Planning Software
In addition they also now have a College planning tool that looks at every important aspect of college planning and deliver a complete, personalized assessment.
It will allow you to choose a college that your child may attend, enter some personal data about yourself, after which it will calculate the financial aid you can expect to receive at that school. Then you can setup how much to save, and see the effect of adding more to your savings. At the end you can link it to your Wealthfront 529 College Savings Plan!
The Wealthfront 529 College Savings Plan
This is another investment account unique to Wealthfront. They offer one of the lowest cost 529 plans from an advisor, that offers more diversification for higher returns. (Many plans offer a very limited range of investment options).
A recent Sallie Mae study shows that more and more parents are saving for college, but are nowhere near prepared to meet their goals because they are saving solely through savings accounts earning less than 1% interest. The Wealthfront 529 College Savings Plan was created to help change this, to help parents grow their child’s college savings, while minimizing the amount of risk based on your level of risk tolerance.
Wealthfront’s 529 uses 20 different glide paths, tailored to match both the beneficiary’s age, as well as the account owner’s financial situation and risk tolerance. Our glide paths transition asset allocations much more continuously, which again means you may be less likely to be hurt by market movements.
This is definitely something to check out if you’re interested in saving for your child’s education.
Wealthfront Cash Account
Wealthfront recently implemented a great new tool for savers. If you’ve got cash you want to keep out of the market and low risk, but you still want to earn a good amount of interest on it, the Wealthfront Cash Account might be just what you’re looking for.
The cash account is an FDIC insured account (up to $1 million dollars, 4 times the traditional bank insurance), that charges no fees and has only a $1 minimum.
At the time we updated this article it’s currently earning 2.57% APY. This makes their APY the highest on the market according to Bankrate, so if you’ve got extra cash laying around it makes their account a no brainer to sign up for.FDIC insured AND the best rate.
The Bankrate industry average savings rate is only 0.10%, so you can now earn over 25x more than the national average on cash balances!
It’s fast and easy to setup your cash account, it takes just minutes. Definitely worth checking out – whether you already have a Wealthfront account or not.
Fees, Charges & Minimums For Wealthfront
What are the fees that you’ll have to pay for the Wealthfront investment service? The good news is they offer some extremely competitive rates.
Wealthfront charges a monthly advisory fee based on an annual fee rate of 0.25%. The only other fee you incur is the very low fee embedded in the cost of the ETFs you will own that averages 0.15%.
Fees
You pay the following fees to Wealthfront:
So if you have $10,000 in your account and you signed up via our link, you’ll have no charge for the first $5,000, and a 0.25% fee on the second $5,000.
When you sign up you’ll also have the chance to refer other users to the service to earn $5,000 more per user in free asset management, beyond the first $5,000. If you know enough people who want to sign up, you could definitely increase the amount managed for free very quickly!
Account Minimums
An account with Wealthfront does come with a minimum balance.
Our account minimum is $500, which entitles you to a periodically rebalanced, diversified portfolio of low cost index funds enhanced with our daily tax-loss harvesting service (for taxable accounts).The account minimum required to qualify for our Stock Level Tax-Loss Harvesting is $100,000.
So to open an account, you’ll need a minimum of $500. Why not start with $500, and then fully fund your Roth IRA for the year ($5500 for 2018)?
There is also a minimum withdrawal of $250, and you can’t withdraw below the account minimum of $500.
If you withdraw all of your funds it will transfer your money and close your account for you, with no exit fees.
Wealthfront – Great Low Cost Investment Advisory Service
When I first heard about Wealthfront a few months ago, I wasn’t sure if it would be a service that I could recommend. After doing my due diligence, however, I believe they’re a great service that would be perfect for a lot of people.
Wealthfront is the only robo advisor who offers investment management, financial planning and banking-related services through their software. Anyone can open a Wealthfront investment account and receive a personalized, globally-diversified investment portfolio and access a variety of tax-efficient services.
I’d highly recommend giving them a chance if you’re looking for an easy place to start investing – that will work for you over the long haul.
Sign up for Wealthfront and get $5,000 managed for FREE
The thought of investing–and doing it successfully–can be a daunting task. This is especially true if you’re a beginner investor. However, if you’re willing to take advantage of the information on the best investment sites, you’ll have a wealth of investment knowledge right at your fingertips.
The top investment sites for stock news, research, and analysis can be great tools for keeping you up to date on the latest financial and economic news. As you learn more from each site, you’ll have more knowledge with which to plan your own personal investment strategy.
Of course, they’re just opinions, but they are educated opinions. Whether you’re a beginner investor or a seasoned investor, these sites have information you should check out.
Our Top Picks For Investment Sites
Motley Fool – Great For Beginner Investor & Get $100 off
Morningstar – Great For DIY Investors & 14 Day Free Trial
Market Watch – Great For Up to Date Investment News
In This Article
What Are the Top Investment Sites?
Even the best investment sites aren’t guaranteed to pick stock winners and losers. However, the people who are hired to write on the sites typically have a wealth of experience and education behind them.
There are a few investment sites that people “in the know” use when they want information about companies and other economic news. Here are some of our favorite investment sites for garnering important economic information.
Here’s a list of some of our favorite investment sites for learning what you need to know about investing and company financial information.
1 .Motley Fool Stock Advisor
Motley Fool was founded in 1993 by David and Tom Gardner, brothers. Their goal? “Make the world smarter, happier, and richer.” Sounds good to me.
The Motley Fool brothers are big believers in buying stock in great companies and holding onto it. Their site has a great section on investing for beginners.
It also shares a wealth of information on the stock market, on investing for retirement and more. The site even shares personal finance information such as where to find the best checking accounts and credit cards.
Personally, I find the site very well put together and easy to use too. I’d happily use this site (and do) whether I was just starting out as an investor or knew most everything I thought I needed to know.
Motley Fool Stock Advisor: Join for just $99 a year!
Best for: Those looking for comprehensive information on individual stock purchases
2. Morningstar
Morningstar’s tagline is “Empowering investor success.” The site stays true to its investment philosophy of putting investors first. That means they won’t give you investment advice based off of an affiliate relationship.
Instead, they share what they believe to be the best guidance for investors. Morningstar is probably best known for the ratings it publishes on varying investments.
If you want access to Morningstar ratings and detailed investment analysis, you’ll have to sign up for their premium account, which costs $199 per year. However, the site does have an endless number of free informational articles talking about all things investment-related.
Best for: Both beginner and seasoned investors who want detailed information
3. MarketWatch
MarketWatch is another top-rated investment site. It’s a good site for keeping up to day with the latest investment and economic information.
The site shares global information for most all stock markets, commodities markets, forex markets and more. The Moneyist (the Dear Abby of personal finance and investing) is a personal favorite for me.
He answers questions ranging from “Do I have enough to retire?” to “My brother won’t give me my share of our father’s inheritance. What do I do?” and more.
You can also find personal finance information on the site. MarketWatch is full of useful information, easy on the eyes and a pleasing website to navigate.
The site also shares valuable news articles from around the web, whether it be auto reviews or best retirement spots.
Best for: Anyone who wants to find up-to-date investment and other financial information quickly and easily.
4. Barron’s
Barron’s is an investment site for the serious investor. This site is formatted most like the newspapers of old. Clear and concise, Barron’s shares market information along with its favorite current stock picks.
The site’s e-magazine contains articles about popular publicly traded companies’ ups and downs. And the site’s e-advisor keeps you up to date on it’s favorite investment moves.
The articles and information are written smartly and simply. However, they assume you’ve got a solid basic understanding on investing and economics as a whole. While Barron’s is a phenomenal site for seasoned investors, beginner investors might want to stick with one of the other sites mentioned here.
Best for: The seasoned investor who wants a wide span of information on current economics and company performance.
5. Wall Street Journal
I clearly remember seeing my grandfather and his friends perusing over the Wall Street Journal in the early 90’s as they shared breakfast together at the local greasy spoon.
My family and I would eat there on occasion, but we never interrupted the group other than to say “hi” to grandpa and give him a quick hug. Yep, this group of wealthy men would never spend more than $10 for breakfast, but they all had the money to buy the cafe’ if it ever went up for sale.
Thank you, Wall Street Journal. For as long as I can remember, the Wall Street Journal has been the go-to source for those seeking investment advice. It’s changed with the times but still stayed the same, keeping its “real” paper but managing a well-put-together website too.
Wall Street Journal covers everything regarding economic markets in the U.S. and the world. And it tosses in some articles on politics, tech, and current events as well.
The online website headlines are free, but if you want complete information you’ll have to pay for the digital editions, print editions, or both. The good news is that WSJ is affordable at no more than $20 per month. Therefore, we love it as one of the best investment sites.
Best for: Investors that want to get the scoop on the markets and the rest of the world’s happenings, as well as those craving that great feeling of holding a printed newspaper in their hands.
6. Zacks
Zacks is an investment website that’s committed to independent research analysis. The Zacks “About” page says their strategy has beat the S&P market by quite a length (over double) for the past 25+ years.
Of course, past performance is not a guaranteed indicator of future results, but it sure does tell you a thing or two. Namely that the group at Zacks knows their stuff when it comes to investing.
While the site provides a wealth (no pun intended) of free information, you’ll have to pay to get the inside scoop on the Zacks investment strategy. That includes the Zacks #1 rank list of 220 of the best stocks.
They offer a 30-day free trial. After that, you’ll pay $249 a year to continue getting access to Zacks’ investment secrets.
Bonus: Zacks links to the best articles from popular sites such as MarketWatch too.
Best for: The serious investor who’s willing to take the time to learn about in-depth investing.
7. Seeking Alpha
Seeking Alpha does a great job of delving deeper into the “whys” behind investing in a particular stock or fund. While this is a terrific feature for experienced investors, beginner investors may find the information a bit lofty.
Seeking Alpha is part investment news source and part investing community. Articles are written by investor members and then rigorously scrutinized to ensure accurate information.
With over 7,000 members, there’s no shortage of investing information and opinions. The site is great for those who want to do some in-depth research on markets, stocks, and investments.
The Basic Seeking Alpha site is free. However, the site also offers a Premium membership for $240 annually and a Pro membership for roughly $2400 annually.
Think of the Premium membership as a self-directed site and the Pro membership as a full-service site. See the website for more detailed information on what you get with the upgraded memberships.
Best for: Intermediate and advanced investors looking for community support and advice
8. The Financial Times
The Financial Times (or FT as it’s often called) focuses primarily on stocks, funds, and stock news. But you’ll also find tech information, personal finance articles, and more. In-depth information on company performance rounds out the offerings.
The site has a nice collection of charts and graphics too. There are some free articles on Financial Times, but as with Wall Street Journal you’ll have to pay if you want full access.
Like Zacks, Financial Times is a bit on the spendy side if you’re not used to paying for investment information. Digital access is $39.50 per month or $369.20 per year. The print access subscription includes digital access and costs $199 per year.
You can pay $1 and get a 4-week trial if you’d like to sample Financial Times. And there are other subscription options as well.
Best for: Investors looking for a melting pot of investment and economic news, information, and opinion
9. CNBC
CNBC is a popular news channel with a focus on investment and economic news. While you can get CNBC regularly with many paid TV subscriptions, you can also access the company’s many articles for free on their website.
Current market numbers are conveniently displayed throughout the site. And you’ll find articles on investing, technology, business, politics, and more.
Under the “Investing” tab, you’ll find “Invest in You” and “Personal Finance” sections that have a wealth of articles aimed at making personal finance more, well, personal. These sections show you how to put the site’s advice into action and better your personal money situation.
If you want access to CNBC’s “PRO” content, however, you’ll have to buy a subscription. CNBC PRO gives you access to live programming, exclusive video series, and more.
It costs $29.99 per month to subscribe to CNBC PRO, or you can pay $299.00 annually. There is a 7-day trial period you can use to check it out.
Best for: those wanting a quick glance at the world’s most up-to-date economic information
10. Kiplinger
Kiplinger was started in the 1920’s by a former AP economic reporter. The Kiplinger Letter, the company’s weekly economic publication, is considered the most widely read business forecasting publication in the world, according to the Kiplinger website.
Kiplinger also has a monthly magazine. The Kiplinger website gives access to The Kiplinger Letter if you’re a member. You can find a wealth of free information on the site, including investment information. The site also shares informational articles on:
Retirement
Taxes
Wealth creation
Personal finance
And more. However, if you want the goodies like the print magazine and/or complete access to all website information, you’ll have to subscribe.
As of this writing, you can get access to print subscriptions, digital access, or both for $29.95 for 12 months or $39.90 for 24 months. But I think you might find it well worth the price.
One thing I really like about the Kiplinger site is that many of the articles are written in a way even the most beginner personal finance/investment aficionado can understand. The site has a great mix of both beginner and experienced investor articles and information.
Best for: Beginner and experienced investors who want print news and digital news
11. Stock Rover
Stock Rover makes our list of best investment sites because of its mission to help all levels of investors make informed decisions. The Stock Rover website works to provide affordable, comprehensive research to help investors learn before they invest.
The site can help you compare companies or investments, research reports, and manage your portfolio. Stock Rover’s blog includes investing articles, stock research articles, and other valuable information.
For instance, you can learn how to build a better stock portfolio. Of course, these features don’t come for free–at least not all of them. Stock Rover has four plans you can choose from, one of which is free.
While the “free” plan does provide a lot of information and articles, the paid plans provide other valuable tools. The Essentials, Premium, and Premium Plus plans range in price from $7.99 per month to $27.99 per month.
Watchlists, screens, and the number of portfolios you can manage go up with each plan. You can get additional information via other subscriptions on Stock Rover too, such as research reports plans and bundles.
Best for: People who want more of a personal touch as they invest
12. AAII
AAII, or the American Association of Individual Investors, is a non-profit organization aimed at helping people learn about investing and grow their investment portfolios. They’ve been in business for over 40 years.
The organization uses education, information, and research to help members learn about investing and manage their investments. Along with the AAII website, you may have a local chapter that meets in person in your area.
AAII has two membership options. The Basic membership is $1 for the first 30 days and then $3.25 a month going forward. You get access to the AAII market-beating portfolio, investor guides, and other information.
The Plus membership is $2 for the first 30 days and then $15.67 per month going forward. It includes additional benefits such as stock and fund evaluators and graders, and detailed portfolio analysis and alerts.
Both membership options include free access to the local chapters of AAII. In addition, you get access to the award-winning AAII Journal in digital format, print format, or both.
Best for: Those looking for investment guidance with a heart
13. Yahoo Finance
Yahoo Finance, albeit basic, is a good at-a-glance option for investment information. The site shares market numbers along with investment and economic news articles from around the web.
You’ll find links to articles from Reuters, MarketWatch, Investopedia and other well known sites. Yahoo Finance also has their own penned articles on the site. It’s a good one stop shop for economic news.
Best for: Those wanting access to current investment and economic news from a variety of sources
14. Investopedia
Last but certainly not least, we like Investopedia as one of the best investment sites for investment news. What started out as sort of a Wikipedia with a money/investing focus has morphed into a great resource for investing and economic news and information.
Along with current investment news, you can check out Investopedia’s stock simulator. And Investopedia Academy features paid online courses to help you learn everything you want to learn about investing.
The articles cover every type of investor from the beginner to the day trader. And while the courses do cost money, most of the basic information on Investopedia is free.
Best for: Those interested in an education-based investment site
Summary
With the plush selection of the best investment sites out there, there’s no reason you can’t stay up to date on current investment news. And there’s no reason that even the most beginner of investors can’t learn how to invest smartly and successfully.
There are investment sites out there for the knowledge levels and learning preferences of just about everyone on earth.
Laurie is personal finance writer and a licensed Realtor. Her goal in blogging is to help others find their way to financial freedom, and to a simpler, more peaceful life.