With layoffs, bank closures and inflation, financial tensions remain high for many Americans heading into the summer. In a fall 2022 survey conducted by The Harris Poll for the American Psychological Association, 83% of adults said inflation was a source of stress, and 56% said they and/or their family had to make different choices in the last month because they didn’t have enough money.
Making tough money choices is stressful, and sacrificing “wants” to afford the “needs” can be disappointing. But, if you’re questioning the financial impact of your summer plans or they have suddenly become out of reach, there are still ways to have fun, save money and put yourself in a better place for next year.
Pivot to a positive mindset
In the face of canceled summer plans, Rob Bertman, a family budgeting expert and certified financial planner in Missouri, suggests flipping your mindset from disappointment to opportunity. Use the moment to talk about money decisions with your partner or kids.
“I think it’s always good for kids to see that their parents are trying to learn and get better,” he says.
With children, Bertman says to avoid language like “we can’t afford it” or “it’s too expensive” because that can lead to a scarcity mindset. Instead, he suggests reframing the difficult choice as one that benefits the family in the long run.
The key to this attitude shift is not losing sight of your priorities. What you’re looking for, ultimately, is to make memories with people you love. While vacations seem primed for those frame-worthy moments, sometimes the things that matter most happen in your own backyard.
Reduce the cost of activities
Summer is prime time for free events, but you’ll have to put in a little work to find cheap events in your area. Even still, having things to look forward to on your calendar can be a big emotional lift.
A membership to a zoo, park, aquarium or museum could pay off in multiple visits all summer long. In addition, it’s a great way to get out of the house and enjoy the weather — or escape the heat, depending on where you live.
If a membership is too pricey, you might have a workaround in your wallet. For example, Bank of America credit card holders are eligible for the Museums on Us program, which provides free general admission to over 225 cultural centers across the country on the first full weekend of each month.
AAA members can get discounted tickets to concerts, movies, sporting events and amusement parks. And don’t forget your local library. Some offer free “experience passes” to gardens, museums, zoos and parks.
Once you pick an activity, cut costs by bringing your own food. You’ll save money on that last-minute drive-through meal or overpriced snack. When dining out, look for places where you can BYOB because alcoholic drinks can sometimes double the bill.
If you still want to travel, consider someplace close or split the cost with family or friends. “The easiest thing to do is treat your city or town like you’re a tourist,” Bertman says. Drop a pin or draw a circle around your town and find drivable destinations to explore, he suggests.
A vacation rental that was $3,000 might suddenly become affordable if you’re paying only $1,500. Grandparents might be happy to join in to make family memories — and you might even get a date night out of it.
Set yourself up for next summer
Automate summer savings. If having a full summer schedule is nonnegotiable, it might be time to prioritize this in your budget. Automatically transferring a fixed amount of money into a separate savings account each paycheck can help you build funds so you’ll have them set aside by next summer. Months with fewer holidays and birthdays are also prime for boosting additional savings, according to Bertman.
Be flexible. Life is unpredictable. Protect your plans by booking hotels with free cancellation policies or flights with refundable tickets to avoid fees or lost deposits. Travel insurance is another option, and some plans cover your reservations and medical expenses.
Check in on spending weekly. Bertman recommends conducting five-minute weekly spending reviews to see where your money is going. It will eventually become a habit — but set judgment and guilt aside. “Once families kind of get in the rhythm of doing that,” he says, “they figure out how to really cut out their spending without sacrificing their lifestyle.”
This article was written by NerdWallet and was originally published by The Associated Press.
A bank account is a cornerstone of personal finance management. Whether you’re depositing your paycheck, saving for a rainy day, or managing expenses, understanding the costs associated with opening and maintaining a bank account is essential.
This article will guide you through the types of bank accounts, typical fees, strategies for minimizing costs, and factors to consider when choosing a bank to help you make informed decisions.
Types of Bank Accounts and Their Costs
Checking Account
Definition and Purpose
A checking account is a type of bank account that allows you to deposit money, make withdrawals, pay bills, and access funds via a debit card or checks. It is designed for frequent transactions and everyday spending.
Typical Fees
Monthly Maintenance Fee
Checking accounts often come with a monthly maintenance fee, which is a fee charged by the bank for maintaining your account. The fee can range from $5 to $15 per month, depending on the financial institution and the specific account. Some banks offer tiered accounts, where higher-tier accounts have more features but also higher fees.
Overdraft Fees
Overdraft fees are charged when you spend more money than you have in your checking account. These fees can be quite expensive, ranging from $25 to $35 per overdraft. Some banks offer overdraft protection, which links your checking account to another account, such as a savings account or credit card, to cover overdrafts and avoid fees. However, this service may come with its own fees.
ATM Fees
When using an ATM outside your bank’s network, you may be charged a fee by both the ATM owner and your financial institution. These fees can range from $2 to $5 per transaction. Some banks and credit unions participate in shared ATM networks, which provide access to thousands of ATMs without additional fees.
Minimum Balance Requirements
Some checking accounts require you to maintain a minimum balance to avoid fees. If your balance falls below the minimum, you may be charged a fee, typically ranging from $5 to $15.
How to Avoid or Minimize Fees
Savings Account
Definition and Purpose
A savings account is a type of bank account designed for long-term savings and earning interest on your deposits. It is not intended for frequent transactions, and in fact, federal regulations limit the number of withdrawals or transfers to six per month.
Typical Fees
Monthly Maintenance Fees
Similar to checking accounts, savings accounts may also have monthly fees. However, these fees are often lower, ranging from $2 to $10 per month. The fee may be waived if you maintain a minimum balance or set up automatic transfers from a linked checking account.
Excess Withdrawal Fee
Exceeding the limit of six withdrawals or transfers per month may result in an excess withdrawal fee, usually around $5 to $15 per transaction. Repeatedly exceeding this limit could lead to account closure or conversion to a checking account.
Minimum Balance Requirements
Some savings accounts require a minimum balance to avoid fees or earn interest. Falling below the minimum may result in a fee or reduced interest rates. These balance requirements can vary, with some accounts requiring as little as $25, while others may require $100 or more.
How to Avoid or Minimize Fees
Choose a bank or credit union that offers free savings accounts and has no minimum deposit requirement.
Monitor your withdrawal frequency to avoid excess withdrawal fees. Use a checking account for more frequent transactions.
Maintain the required account balance to avoid fees and earn interest.
Money Market Account
Definition and Purpose
A money market account is a hybrid between a checking and savings account, offering higher interest rates than traditional checking or savings accounts while still providing limited check-writing and debit card capabilities. These accounts are an excellent option for those who want to earn more interest on their deposits but still need occasional access to their funds.
Typical Fees
Monthly Maintenance Fee
Money market accounts may have monthly maintenance fees ranging from $5 to $15, similar to checking accounts. The fee may be waived if you meet balance requirements or set up automatic transfers from a linked checking account.
Minimum Balance Requirements
These accounts often have higher minimum balance requirements than checking or savings accounts, sometimes as high as $1,000 or more. Falling below this balance may result in a fee or reduced interest rates.
How to Avoid or Minimize Fees
Shop around for a financial institution that offers low-fee or no-fee money market accounts.
Maintain the required minimum balance to avoid fees and earn interest.
Set up automatic transfers to help you maintain the minimum balance.
Certificate of Deposit (CD)
Definition and Purpose
A certificate of deposit is a type of time deposit account where you agree to deposit a fixed amount of money for a set period, earning interest at a higher rate than traditional savings accounts. CDs typically have terms ranging from a few months to several years, with longer terms generally offering higher interest rates.
Typical Fees
Early Withdrawal Penalty
Withdrawing funds from a CD before its maturity date will often result in an early withdrawal penalty. This penalty may be calculated as a percentage of the amount withdrawn or as a certain number of months’ worth of interest. The penalty can be quite substantial, sometimes erasing all the interest earned on the CD.
How to Avoid or Minimize Fees
Choose a CD term that aligns with your financial goals and needs to avoid the need for early withdrawals. Consider using a CD ladder strategy, which involves investing in multiple CDs with varying terms to provide more frequent access to funds.
Compare CD rates and terms across different financial institutions to find the best fit.
Factors That Affect Bank Account Costs
Bank Size and Type
Traditional Banks
Traditional banks, such as national and regional banks, may have higher fees due to their extensive branch networks and operational costs. However, they often provide a wide range of services and products, including personal loans, mortgages, and credit cards.
Credit Unions
Local credit unions are member-owned, not-for-profit financial institutions that typically offer lower fees and higher interest rates on deposits. They may also offer more personalized customer service and a sense of community. However, they may have fewer branches and limited product offerings compared to traditional banks.
Online Banks
Online banks, which operate without physical branches, generally have lower overhead costs, allowing them to offer lower fees and higher interest rates. They often provide a user-friendly mobile banking experience but may have limited customer service options, such as no in-person assistance.
See also: Are Online Banks Safe?
Customer’s Financial Habits
Your financial habits can significantly impact the cost of maintaining a bank account. Maintaining minimum balances, using in-network ATMs, and setting up direct deposit can help you avoid or minimize fees. Additionally, monitoring your spending and keeping track of your account activity can help you identify and address potential issues before they result in fees or penalties.
Bank Promotions and Offers
Some financial institutions may waive fees or offer sign-up bonuses to attract new account holders. These bonuses can range from cash rewards to promotional interest rates or waived fees for a certain period. Taking advantage of these promotions can help reduce the cost of opening and maintaining a bank account, but it’s essential to read the fine print and understand any requirements or limitations associated with the promotion.
Tips for Choosing the Right Bank and Account for Your Needs
Researching Bank Account Options
Use comparison websites, customer reviews, and recommendations from friends or family to compare bank account features, fees, and interest rates across different financial institutions. Look for banks that have a history of low fees, competitive interest rates, and positive customer experiences.
Evaluating Bank Account Features
When choosing a new bank account, consider factors such as interest rates, accessibility, customer service, and digital services to ensure it meets your needs and preferences. Evaluate the convenience of branch and ATM locations, the quality of mobile and online banking platforms, and the availability of customer support when making your decision.
Considering Additional Products and Services
Some banks offer additional products and services that may be of interest to you, such as credit cards, mortgages, or investment accounts. If you think you may need these services in the future, consider opening a bank account with a financial institution that offers competitive rates and terms on these products.
Bottom Line
Opening a bank account is an essential step in managing your personal finances. By understanding the various types of bank accounts, their associated fees, and strategies for minimizing costs, you can make informed decisions and take control of your financial future. Researching your options, evaluating account features, and considering your financial habits will help you find the right bank and account to meet your needs and maximize your savings potential.
Financing your truck can ease the financial burden of getting on the road as an owner-operator. And the good news is that semi-truck financing can be easier to secure than other business loans if you’re a new business or have bad credit.
Unfortunately, getting a loan for your truck doesn’t erase all upfront costs. Expect to make a down payment, use your truck as collateral and pay fees for the loan, such as an origination fee.
Pros of semi-truck financing
Not only does financing your semi truck lower your upfront costs, but it also provides many other advantages to get your business off the ground. Let’s dig into all the benefits of getting a semi-truck loan.
Fast funding
Semi-truck financing is a straightforward type of loan. You can easily show the lender what you’re using the loan for and the contracts you have to provide income for payments. You’ll also use the truck as collateral, giving the lender a secure reason to approve the loan.
Semi-truck loans can get approved in as little as a few days. But the exact time to get funding depends on the lender, the type of loan and characteristics about your truck.
Tax benefits
You can deduct ordinary and necessary expenses for your semi truck come tax time if you’re a self-employed driver. You won’t be able to use the standard mileage deduction for business vehicles, though, so you’ll need to calculate your exact vehicle expenses.
Those can include:
Depreciation
Fuel and oil
Insurance
Leasing costs
Log books
Lumper fees
Maintenance and repairs
Registration
Tires
Tolls and parking fees
Truck washing
If you’re employed by a trucking company, your company will pay for these vehicle expenses. However, employees can still deduct travel expenses when away from home, such as lodging, meals and laundry costs.
To deduct travel expenses, you have to meet both requirements:
Be traveling away from home for a period that’s longer than a normal workday
Must stop and sleep to keep up with work demands
No matter what expenses you’re claiming, keep tidy receipts and records to back up what you claim on your taxes.
Tax benefits for financed semi trucks
When you finance a semi truck, you can deduct your annual interest payments on your taxes. You can make this deduction each year for the entire life of the loan.
The IRS also considers your financed vehicle a business asset, which means that you can claim depreciation even though you don’t fully own the truck.
What is Section 179 of the IRS Tax Code?
When you claim depreciation for commercial equipment, you typically depreciate part of the equipment’s value over its usable life. However, Section 179 allows you to deduct part or all of your equipment’s cost during the first year that you place it in service. You don’t have to take the full Section 179 deduction. If you don’t, you can depreciate the rest of your semi truck’s value on your taxes over the life of the truck.
This deduction encourages small businesses to invest in commercial equipment that will grow their business since they can write off the entire cost. Beginning in 2023, businesses can claim a maximum deduction of $1.16 million, according to the IRS. If the total value of your property goes over $2.89 million, you have to reduce the tax deduction by the excess amount.
For example, if you buy a fleet of trucks worth $3,050,000, you exceed the $2,890,000 limit by $60,000. Your total tax deduction for depreciation would be $1,160,000 – $60,000 = $1,100,000 (or $1.1 million).
So unless you buy a fleet of semi trucks, you can deduct the full cost of your owned or financed truck on your taxes.
Bankrate tip
You can only deduct depreciation up to your business’s taxable income for the year. But you can carry over any remaining Section 179 deductions for upcoming tax years.
Spread out the cost of a large purchase
Semi trucks are an integral part of your work as a trucker, but shouldering the entire cost at once may not be feasible or may strain your finances. You can shell out anywhere from $70,000 to $200,000 for a truck, depending on the model and whether it’s new or used.
Financing your semi truck costs more than buying outright since you have interest and fees. But spreading the cost out over three to five years makes payments manageable, and you can pay for the truck as you generate income with it. In other words, let the semi truck pay for itself.
Accessible to startups and bad-credit borrowers
You’ll typically finance a semi truck through an equipment loan, which is a secured loan. Secured loans are less risky to the lender because they can recoup the loan by seizing the asset you used as collateral. Because you can use your high-value semi truck to secure the loan, you could get semi-truck financing even as a new business or with poor credit.
Leasing options
Leasing your truck is ideal if you don’t qualify for a loan or you don’t want to chance defaulting on a loan if your contracts go sideways. Some leasing companies don’t require a down payment and most offer vehicle maintenance packages, helping you get on the road for a predictable monthly payment.
You could also get matched with a much newer truck than you could afford with a loan. Plus, you can opt to buy your truck at the end of your lease. But you might pay more in fees by the end than you would if you financed a truck.
Cons of semi-truck financing
The main downsides to semi-truck financing are the variety of costs that you’ll bear over the life of the loan. Take a look at what costs you’ll be expected to pay.
High purchase costs
Even though you’re paying for it over time, a semi truck is going to cost you tens of thousands of dollars no matter what type of financing you choose.
For example, if you finance a $100,000 truck for seven years at 6 percent interest, you’re looking to pay around $1,461 per month — and that’s with a prime interest rate. Over the life of the loan, you’ll pay an additional $22,712 above the cost of the vehicle. Get an idea of your monthly repayments ahead of time before you apply for a loan.
High interest and loan fees
Most lenders offer their prime interest rates as low as 6 percent if you have a credit score in the upper 600s or higher. But if you have bad credit or you’re a first-time owner-operator, you might see interest rates between 30 and 100 percent.
Let’s put that high interest in perspective. If you finance a $100,000 semi truck for seven years at 30 percent interest, you’ll end up paying around $2,860 in monthly repayments. The total interest for the entire loan would come to $140,181.
Not to mention you have the regular business loan fees to watch for. Depending on the lender, you may pay an origination fee anywhere from 0.5 to 8 percent of the loan amount. You may also pay fees to apply for the loan, get the truck appraised and check your credit.
Requires down payment
You’ll most likely need to put 10 to 20 percent down when getting a loan for your semi truck. The down payment lowers the risk of financing for the lender, which can be helpful if you have subprime credit. But it means you need a hefty sum on hand before you can get your truck.
Requires time in business
Many lenders require that you have a history of truck driving before they’ll finance a semi truck for you. For example, banks may want to see one to two years in the industry, while online lenders may allow as little as a six-month driving history. This requirement makes it difficult for new drivers to become an owner-operator.
Where to find semi-truck financing
There’s no shortage of lenders who offer equipment financing for truckers, although you should compare top lenders and the types of loans they offer to get the best features. We curated a list of lenders to get you started.
Banks
Physical banks offer some of the lowest interest rates, but you may need a credit score around 660 or higher to qualify. Check out what these banks have to offer.
Lender
Loan type
Best features
Bank of America
Equipment loan
Loan terms up to 5 years
Starting interest rates of 6.50%
PNC Bank
Small business vehicle finance loan
Loan amounts from $10,000 to $250,000
Terms range from 2 to 6 years
TAB Bank
Equipment loan
Online application
Same-day credit approvals
Works well for owner-operators or fleets
Specializes in semi-truck loans
Online lenders
Online lenders tend to approve loans more quickly than traditional banks and may offer features like early payoff discounts or a flexible payment schedule. See what features you get with these online lenders.
Lender
Loan type
Best features
National Funding
Equipment loan or lease
Fast funding
Loan interest rates start at 4.99% (simple)
Loan terms range from 2 to 6 years
Lowest price guarantee for leases
Triton Capital
Equipment loan
Funding in 1 to 2 business days
Interest rates from 5.99% to 24.99%
Terms ranging from 12 to 60 months
Flexible payments, including annual or seasonal options
SMB Compass
Equipment loan
Loan amounts up to $5 million
Interest rates start at 5.99%
Funding in as little as 24 to 48 hours
Direct lenders
These direct lenders specialize in truck financing or equipment loans and work to approve loans quickly. Check out the loans and features they offer.
Lender
Loan type
Best features
CAG Truck Capital
Semi-truck and engine overhaul financing
Same-day approvals
Specializes in the trucking industry
Works with bad credit borrowers
Interest rates start at 10.00%
Balboa Capital
Equipment loan
Loan amounts up to $500,000
Same-day funding
Terms up to 60 months
Truck Lenders USA
Box truck financing
24-hour approvals
Finances box trucks in classes 3 to 6
Works well for owner-operators or fleets
Bottom line
Financing a semi truck helps you cover the cost of an expensive assetwithout depleting your financial resources before you even get on the road. Yet any business loan will set you back in interest and fees versus buying the truck outright, especially if you apply with poor credit.
Your best bet is to shop around with different lenders to see what types of loans and interest rates you qualify for. If you’re in good financial standing, try a traditional bank for the lowest rates. Otherwise, you might want to work with an online lender or a direct lender that specializes in the trucking industry.
Frequently asked questions
Most lenders will finance a semi truck up to five years. Some lenders offer terms as long as seven years, while a few will customize the repayment terms based on your financial situation.
If you finance your semi truck through a traditional bank, you’ll need a credit score of 660 or higher. Online lenders typically set their minimum credit scores in the low 600s.If you have poor credit, you can find online or direct lenders that offer loans for bad credit borrowers. You may also be able to get approved with bad credit by offering a higher down payment or extra collateral to back the loan.
You’re most likely to get semi-truck financing without a down payment if you go with a leasing company like National Funding or Ryder. Most leases give you the option to buy the truck at the end, so ownership is still possible.If you want to finance without a down payment, you’ll need to find a lender willing to work with you. Having a relationship with the lender will give you a better chance of getting approved. They may also require excellent credit and strong finances to repay the loan, and expect to pay a higher interest rate than you would if you put money down.
I got my start as an entrepreneur completely by accident. You can read the whole story here, but the short version is that back in 1999, I needed to make some money. The bills were due, my third-shift job wasn’t going so well, and one day I took some photos of random stuff around my apartment and put it up on eBay. I made about $22 an hour right away, so I quit the night job and started building a wholesale business.
I’ve had a lot of different small businesses since those early days, including website design, publishing, and Google Adwords consulting. I’ve also had some crazy experiences along the way, and made a lot of mistakes.
Despite the mistakes and occasional uncertainly of not having a regular paycheck, my ten years of being out of the traditional workplace have made me a passionate believer in working for myself. I don’t have a large business — I work at home, and I don’t employ anyone directly. I have no plans to do that in the future either, because I’m comfortable with the super-small business model I call microbusiness.
Why Microbusiness?
I hear a lot of people say that they do not have the skill set to be entrepreneurs. They don’t like to manage people, they don’t want to borrow money, or they just don’t know how to start.
I completely understand those challenges — and that’s why I think anyone interested in entrepreneurship should start with a microbusiness.
A microbusiness is a very small business, one that you usually run on your own or with a few independent contractors. Some microbusiness owners have the goal of growing the company and employing people, but others of us are just happy to replace the income we could receive from a more traditional job.
What Kind of Business?
When most people set out to build a business, they usually end up building a job instead. With a job, you get paid to exchange your time for other people’s money. If you set up shop as a consultant, for example, you’re essentially doing the same thing. True, it may be better than working for someone else, because you’ll have more freedom — but there’s a flip side to self-employment and freedom. You’re still trading time for money, and with your own business, no one else is responsible if you fail.
While I do know some happy, thriving consultants, in general I think it’s better to create a business with automated products or services that can be sold without you directly trading time for money. Once you create your own products and set up a marketing plan, the products can then be sold 24/7 on your website or other online marketplaces.
Getting up in the morning to discover you have made money while sleeping is a great feeling.
If you have no idea what to sell, I recommend creating high-margin products, especially information products like e-books, multimedia publications, or other teaching materials. The value in these materials has to do with what you help people learn, not from any expensive production costs.
(The books E-Myth Revisited and No B.S. Sales Success are two great resources for thinking more about this.)
If you have a decent job, why should you worry about entrepreneurship and starting a microbusiness? Well, as the next section shows, relying solely on income from a job is the very slow route to wealth. It may work after forty years, but if you’re interested in speeding it up a little, the odds are that you’ll need some kind of business.
Get Rich Somewhere Between Quick and Slowly
I fully understand the motive between Get Rich Slowly as a counterbalance to active stock trading and get-rich-quick schemes, and I know there are millionaires next door who have slowly accumulated wealth through decades of progressive saving, index investing, and compounding interest. I also know that this route is far safer than active stock trading.
However, by working as an employee, only the very slow route will work, because there is really no other way most people can accumulate wealth with average incomes. I believe that anyone who is interested on achieving their own wealth needs to supplement their job income with external business income that they create for themselves.
This is the third way between the decades-long job savings approach as an employee and the risky stock trading approach. Maybe we should create a Get Rich at Faster-than-Average-Speed-but-not-too-Quickly site — but that’s not as catchy as Get Rich Slowly.
The Goal is Financial Independence
Instead of retirement, my ultimate financial goal is to achieve true independence in my finances, to the point where all of the work I do is done out of choice rather than necessity. There are a lot of good resources out there for figuring out what you need for your own financial independence journey—for example, the online forums EarlyRetirement.org and the book Work Less, Live More that J.D. has written about previously.
By choosing to focus on writing and world travel instead of building businesses, I expect that my financial independence goal will be set back at least a couple of years. Although I could certainly enjoy making more money, I’m comfortable with the tradeoff.
One important note about financial independence: Being financially independent doesn’t mean you will stop working.
I enjoy the work I do (most of the time), and I don’t think I could be happy if I sat on the beach all day long. You may also like the work you do, or you may have a desire to help other people by doing a different kind of work. What financial independence means is that you are able to choose what you do with your time. Regardless of any other philosophical differences, I expect that almost everyone would agree that this is truly a goal worth charting a course for.
Making Mistakes
I don’t think this essay would be complete without mentioning a few mistakes I’ve made along the way to creating a financial plan that works for me. If any of the above information sounds self-confident, I assure you that the selection of mistakes I include below is but a brief sample.
In my early business days when it was an enormous sum of money, I once lost $3,000 on eBay in a single weekend due to a minor listing error.
I forgot to renew at least two domain names that were later converted to passive, regular Adsense income…by the new owner.
I regularly gave up hundreds of dollars from 2000-2002 because I didn’t want to return any inbound sales calls.
Six years ago, I decided not to go to Cambodia when I was right on the Thai border. The visa would have cost $20, which I thought was a lot then. Now that I spend $500-1000 to go to most new countries, $20 is a true bargain.
I think I’m doing most things right now — at least right for me — but I am not immune to making stupid mistakes.
Putting It All Together
I haven’t been very traditional with anything, and personal finance is no exception. What I do won’t work for everyone, and I am the first to acknowledge that. But I also hope that some of these principles challenge your own beliefs and practices about money in a positive way.
I welcome feedback, questions, or disagreements in the comments below. Thanks to J.D. for letting me share, and thanks to everyone for reading.
Medicare is an excellent program that allows seniors to get health care coverage that they wouldn’t be able to afford otherwise. While it’s a great way for Americans to get insurance coverage, there are plenty of expenses that it doesn’t cover. Those coverage gaps can leave people with massive hospital bills and medical fees that put a severe strain on a bank account.
One of the best ways to fill in the coverage holes is to purchase a Medigap policy. These plans are one of the best forms of supplemental insurance. When you’re shopping for Medigap protection, there are several different policies that you can choose from.
Medigap Options
There are ten different Medicare supplement plans that you can choose from, and all of them have different benefits and advantages. It’s important that you find the best possible supplemental plan for you, and to do that, you will need to compare all of your options.
All of the plans are denoted by a letter of the alphabet, Plan A, B, C, D, etc. and there is a broad range of expenses and gaps that they could cover. Plan A is the most basic of the options, and it leaves more holes than the other policies. Which means it’s also going to be much more affordable. One important thing to take note of when you’re shopping for supplemental coverage is that these plans are standardized by the government. That means that regardless of which company that you purchase the plan from, the coverage is going to be the same.
The only difference between companies is going to be any additional extras that they offer and the price of the coverage. Depending on the time of plan that you buy and the company that you choose, your premiums could vary drastically. The plan that you choose is going to be one of the biggest determining factors in how large your monthly premiums are. One of the most popular plans is a Plan F.
Medicare Supplement Plan F
Plan F is by far the most attractive option for supplemental coverage. There are several reasons that Plan F is the most common choice. Plan F is considered the Cadillac of Medigap plans. It fills in all of the leftover holes from traditional Medicare. If it’s legally possible to pay for any medical expenses, then a Medigap Plan F will cover it.
One of the first categories that Plan F covers are Part A coinsurance and any hospital costs for an extra 365 after your traditional Medicare coverage ends. This is a category that all ten plans cover. Plan F is also going to include the Part B coinsurance or copayment.
One of the most notable areas where Plan F stands out from the other policies is the Part B excess charges. Part B excess charges are exactly what they sound like. When you go to the doctor and get any services or treatments, Medicare has a pre-determined amount that they are going to pay for that particular service. Hospitals and doctors are legally allowed to charge up to 15% more than the Part P approved amount. That 15% would be your responsibility to pay for, but that’s where your Medigap plan comes in. Instead, of having to pay for those bills out-of-pocket, your Medigap plan will pay for it. In most cases, excess charges are not going to be a massive bill that you’re responsible for, but depending on the services that you get, it could easily cost you thousands and thousands of dollars.
Previously, Plan F covered the Part B deductible as well, but because of recent changes from the government, Medigap plans are no longer allowed to cover those deductibles. If you had a plan that covered the deductible, then it will continue to do so, but if you enroll in a plan today, your policy will not be allowed to pay for that portion.
There is also a high-deductible Plan F option that you can choose. With this option, you will have to pay all of the costs until you meet the deductible amount. The deductible limit can change every year, but in 2017, it’s $2,200. After you’ve reached that threshold, then your Medigap plan will start to pay for their portion and the plan will operate normally.
Enrolling in a Medigap Plan F
The next step in getting additional coverage is enrolling in a Medigap plan, which is easier than you may think. The best time to buy a Medigap insurance plan is during your initial open enrollment period. This open enrollment is a 6-month window that begins the month that you turn 65.
During this enrollment period, the Medigap companies are not allowed to decline your application for coverage, regardless of your health or any pre-existing conditions. If you’re in poor health or have severe health complications, this could be your only chance to purchase one of these supplemental plans.
Additionally, during the open enrollment period, the insurance company can’t charge you more for your coverage. If you apply outside of the open enrollment window, then the insurance company is going to look at your medical history and your current health, and they are going to use those records to determine how much they can charge you every month for your coverage. In some cases, applying during the open enrollment date can save you thousands and thousands of dollars every year.
During open enrollment, it’s a guarantee acceptance. There is no chance that you will be declined for coverage. If you apply outside of that window, the insurance company is going to review dozens and dozens of different factors to determine how much of a risk you are for the additional coverage. It’s important that you take advantage of your open enrollment. If you’ve already missed that opportunity, don’t worry, there is still a good chance that you can get the Medigap plan that you need.
Which Medigap Plan is Best for You?
When you’re trying to decide which policy is best for you, there are several factors that you will need to account for to ensure that you’re getting the best plan possible. It’s important that you look at all of the relevant categories and get the supplemental health care protection that you need.
Plan F is the most comprehensive plan that you can purchase, but all of that additional coverage is going to come at a higher price. One of the most important factors to review before you apply for any Medigap plan is your finances. The purpose of your Medicare supplemental policy is to protect your savings account from being drain by hospital bills. It’s vital that you don’t stretch your budget too thin to get that coverage. In most cases, Medigap plans are more affordable than you may think, but you should still look at all of the available options to ensure that you are not spending more for that coverage than you can afford.
Another factor to consider is your health history. If you have a past that is filled with health problems, like heart attacks or other severe complications, then investing in a more compassing Medigap plan is a wise purchase. On the other hand, if you are in good health and your family history doesn’t have a trend of poor health, then you can apply for a smaller plan that will save you money every month.
Need Help?
If you have any questions about Medigap plans or you need help in enrolling for coverage, there are several resources that you can use. You can visit the official Medicare.gov site, and they have dozens and dozens of articles about traditional Medicare and Medigap plans. You can also contact any Medigap insurance professional. There are plenty of agencies across the United States that will be more than willing to help you through the process and ensure that you’re getting the best coverage.
You’ve finally reached a stage of life where you can retire, kick back, and enjoy all of your hard work. Retirement is a special time of life, where you can reap all of the of the benefits, but expensive medical bills and destroy that. There is nothing that you can do about the rising cost of health care in American, but there are a few ways that you can offset those fees to ensure that you aren’t left under the weight of thousands and thousands of dollars of hospital bills.
Crate & Barrel is allowing Bed Bath & Beyond customers to transfer their registries to furniture and home-decor chain.
Bed Bath & Beyond filed for bankruptcy in April after months of cost-cutting measures.
Fewer customers were using Bed Bath & Beyond’s registries ahead of the bankruptcy.
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Bed Bath & Beyond’s bankruptcy.
Crate & Barrel says customers who created wedding or baby gift registries at Bed Bath & Beyond or its BuyBuy Baby brand can transfer them to the Illinois-based furniture and home-decor retailer.
To do a transfer, the customer would need to create a Crate & Barrel or Crate & Kids registry, take a screenshot of their Bed, Bath & Beyond or BuyBuy Baby registry, then bring it into a Crate & Barrel store. They can also send it in by text.
Customers who roll over will receive 20% off one item and complimentary assistance from experts to complete their registries with the same or similar items, per the website.
Bed Bath & Beyond filed for bankruptcy last month after closing hundreds of stores, cutting jobs, and taking other steps in recent years to shore up its finances.
In an FAQ about the bankruptcy, the company said that customers’ registry data is “safe and you can still view your registry at this time.”
“We expect to partner with an alternative platform where you will be able to transfer your data and complete your registry,” the website said. “No new registries will be created. We are focused on providing updates as quickly as practicable and are working to provide details in the coming days.”
Bed Bath & Beyond did not immediately respond to Insider’s request for an update on its plans.
Bed Bath & Beyond’s registry business was already struggling pre-bankruptcy. As of April, the number of registries containing Bed Bath & Beyond items on the wedding-services platform Zola was down by more than half compared to last year, Bloomberg reported.
Crate & Barrel isn’t the only company picking up the bones of the deteriorating Bed Bath & Beyond. Competitors like Walmart and Target are set to gain a bigger market share of the home goods product space. And stores like JoAnn, The Container Store, and Big Lots are all accepting Bed Bath & Beyond coupons.
Do you have a wedding or baby registry through Bed Bath and Beyond? We want to hear from you. Contact reporter Ben Tobin on email at [email protected].
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
FICO® scores are numbers measuring creditworthiness using a specific scoring system created by the Fair Isaac Corporation (FICO®). Your credit score, on the other hand, can use any scoring model to generate a number measuring your creditworthiness.
Your credit score is a personally assigned number generated by any credit scoring model that measures your creditworthiness. Lenders and creditors use this score to determine whether they can approve you for loans and credit, and if so, at what interest rates. A higher score means you’re seen as a more reliable borrower, and you’ll likely get better offers from lenders.
People often use the terms “credit score” and “FICO score” interchangeably. In reality, a FICO score is only one kind of credit score. Keep reading for a complete rundown of the differences between a FICO® score and a credit score.
What is a FICO score?
A FICO score is a type of credit score generated by the credit scoring system developed by the Fair Isaac Corporation (FICO). The FICO score was created in 1989 and is one of the most commonly used credit scoring systems for lenders today. According to FICO, 90 percent of all top lenders use FICO scores.
FICO scores can range anywhere from 300 to 850. There are multiple versions of FICO scores, but the newest is the FICO Score 10 model. FICO releases new credit scoring models every few years to adapt to changes in the marketplace. For example, one of the main updates seen in the FICO 10 model is that debt from the most recent 24 months is more heavily weighted than other debt.
Your credit score is critical as it can dictate what types of financial products you’re approved for (mortgages, credit cards, personal loans, car loans) and the terms and interest rates on these products. In fact, your credit score can even reach beyond your finances, as it can be collected by employers and landlords reviewing applicants.
Industry-specific FICO scores
In addition to the standard FICO models, there are industry-specific FICO scores, such as the FICO Auto Score and the FICO Bankcard Score. These industry-specific scores are made for select types of credit such as cars, mortgages, and credit cards. While standard FICO scores range from 300 to 850, industry-specific scores range from 250 to 900.
Overall, FICO industry-specific scores aren’t used as frequently as the standard model.
How is a FICO score calculated?
Your FICO score is made up of the following five factors, all of which are weighted differently:
35 percent: Payment history
30 percent: Amounts owed
15 percent: Length of credit history
10 percent: New credit
10 percent: Credit mix
FICO receives this consumer information from the three major credit bureaus (Equifax, Experian and TransUnion). And those credit bureaus receive consumer data directly from lenders and creditors, which tend to report the information monthly.
What is a good FICO score?
Generally speaking, anything above 670 is seen as a good credit score. However, this will vary from lender to lender.
The FICO model groups people’s scores into these categories:
Exceptional: 800+
Very good: 740 – 799
Good: 670 – 739
Fair: 580 – 669
Poor: 579 and below
An exceptional score means you’ll likely get quickly approved for everything (or almost everything) you apply for, you’ll receive the best terms and you’ll secure the lowest interest rates. In comparison, a poor score will usually lead to application denials, and when you are approved, it’ll be with high interest rates and poor loan terms.
How to get your FICO score
You can get your FICO score directly from FICO or from one of its partners.
Check the FICO Open Access Program: FICO has partnered with a number of institutions to provide your FICO score number for free under its open access program. Check to see if your bank or credit and financial counseling program is listed.
Purchase access from FICO: You can purchase your score and other services from FICO.
Purchase from an authorized FICO retailer: FICO authorized retailers are Experian and Equifax.
When you receive your score from any provider online, make sure to confirm which scoring model was used. Most lenders do use FICO scores when making lending decisions, but it’s still helpful to understand the other scoring models—like VantageScore.
FICO score vs. VantageScore®
The two dominant credit scoring models are the FICO score and VantageScore. VantageScore was created in 2006 by the three major credit bureaus. While VantageScore is less popular overall, it’s gaining more market share every year.
The VantageScore and FICO score models are very similar—they both range from 300 to 850 and release new versions of their scoring model every few years. Still, there are some critical differences between the two models. For example, FICO requires a consumer to have an account open for at least six months before a score can be given, while VantageScore assigns a score as soon as an account appears on your credit report.
Additionally, how VantageScore values various aspects of your credit data differs from FICO. VantageScore assigns the highest weight to credit usage, credit mix and payment history and the lowest weight to new accounts and credit history age.
As a result of these differences, your VantageScore and FICO score can differ. Unfortunately, even if you score higher with one model, you won’t usually be able to use this knowledge to your advantage. You often won’t know if a lender will pull a FICO score or a VantageScore.
Other kinds of credit scores
There are many other credit scores generated and used by other lenders and companies. Common ones are educational credit scores and business credit scores.
An educational credit score is based on a private lender or credit bureau’s ranking of your financial information.
For example, the PLUS score was designed by Experian to provide you with a basic idea of your risk level and creditworthiness. Although they’re designed to measure credit risk, educational credit scores aren’t used by lenders.
Models like the PLUS score are meant for consumer use only, which means they’re not considered when lenders review your loan application.
Business credit scores predict your company’s financial stability and how reliable you are in terms of managing company finances.
For example, Dun & Bradstreet’s D-U-N-S Number is used to identify your business and is the key to finance-related information about your company, like your business credit report, your D&B Delinquency Predictor Score and more.
All your credit scores will likely differ since numerous scoring models are used and these models weigh information differently. They may also pull information from one, two, or all three of the credit bureaus.
Instead of focusing on the specific criteria for each score, you should instead focus on responsibly managing your credit with FICO’s criteria as a guideline, since that score is most commonly used.
How to improve your FICO score
The good news is that if you’re unsatisfied with your FICO score, you can take steps to improve it. By understanding the five factors that make up your credit score, you can also determine what you can potentially do to increase your score. You can usually improve your FICO score by:
Paying down your debts
Paying your bills on time
Keeping your credit utilization low
Only opening new accounts when necessary
Avoiding too many hard inquiries
Keeping your oldest accounts open
It’s also important to check your credit reports frequently. Your credit reports can give you a better understanding of what’s dragging your score down, and you’ll want to make sure that your credit reports don’t contain any inaccurate or false information that’s unfairly affecting your score. If that’s the case, Lexington Law Firm can help you address the errors to get the accurate credit report you deserve.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Reviewed By
Paola Bergauer
Associate Attorney
Paola Bergauer was born in San Jose, California then moved with her family to Hawaii and later Arizona.
In 2012 she earned a Bachelor’s degree in both Psychology and Political Science. In 2014 she graduated from Arizona Summit Law School earning her Juris Doctor. During law school, she had the opportunity to participate in externships where she was able to assist in the representation of clients who were pleading asylum in front of Immigration Court. Paola was also a senior staff editor in her law school’s Law Review. Prior to joining Lexington Law, Paola has worked in Immigration, Criminal Defense, and Personal Injury. Paola is licensed to practice in Arizona and is an Associate Attorney in the Phoenix office.
Despite that I don’t own it, I like my apartment. It’s got a mountainous view, it’s comfortable, and my neighbors are few but friendly. Sure, I’d like to own a home someday. But, unless I move to another city, that probably isn’t going to happen in the next few years. I’m fine with that. Like my neighbor said, I’d rather live here than anywhere else, at least for now.
If you sense a wee bit of defensiveness in my tone, you’re not imagining it. Part of me is trying to justify something.
After my upstairs neighbor moved out a few months ago, our management company began gutting their apartment. We found out they were completely updating it and tearing down walls to put in central air, a dishwasher and an entirely different floor plan.
It didn’t take long for me to notice all the stuff I hate about our apartment: doing the dishes by hand — what are we, cavemen? — and no central air. Life shouldn’t be this hard.
In case there’s any doubt, I’m joking. My point is: I never really noticed these things until I learned about the amenities that will be enjoyed by the Future Joneses in Apartment 9.
“We should move into that apartment,” my boyfriend and I have been joking over the past few months. “Wouldn’t that be funny? To move up one flight of stairs?”
But at some point, we got kind of serious about it. “Well, the rent will only be $240 more per month,” he pointed out. In our area, that’s not a huge jump. Plus, we split rent, so we’d each only pay an extra $120 a month. “If we moved, we’d still be living below our means,” I conceded. “But I don’t know.”
It’s pure lifestyle inflation. And in recent weeks, I admit that I’ve started to mull over the question of whether lifestyle inflation is ever okay and, if so, how do you decide when it is okay? Here’s how I’m sorting out my thoughts on the matter.
(Warning: This is another one of those “First World problem” posts. I’m really grateful to be debating over something like this.)
How will this affect my budget?
It’s the first, and most important, question. Our spending will automatically change, monthly, with this expense. It’s not something we buy once and get to enjoy it. It will truly inflate our lifestyle and our budget. To be honest, I don’t really use a strict budget. I make savings goals each year, and simply aim to reach those goals.
I crunched the numbers to see what our spending looks like, using the 50/30/20 paradigm (50 percent bills/30 percent spending/20 percent savings goals) as reference. If we were still trying to get out of debt, it would change my perspective quite a bit, but here’s how my spending stacks up in any event, generally speaking.
I was surprised that spending was my highest percentage, because I consider myself a frugal person. But I guess it makes sense — my fixed expenses are pretty low, compared to the 50/30/20 method, and that’s because I am so frugal with those expenses. I cut back on the things I don’t care about so I can spend more money on the things I love, like travel and dining out.
If we moved to the new apartment, the bills and rent percentage would jump to almost 30 percent.
“That’s still great compared to most people’s budgets,” my boyfriend argued. Which is true, but I’d rather compare my spending to my own goals, not other people’s expenses.
So back to the question: How will this affect our budget? I’m not going to budge on my savings goals.
I guess I could always take on extra work to make up the difference. That would keep my spending and income gap in tact. But dammit, I don’t want to work more.
In that case, the extra money would have to come out of our spending. That means less dining out or less travel. I have to ask myself, Is the apartment worth giving up a bit on those things? And, in that case, is it truly lifestyle inflation, or just a trade-off?
(Note: My boyfriend and I haven’t fully merged our finances yet, so I’m only calculating my own budgetary changes.)
What is the opportunity cost?
The extra amount I’d pay each month, $120, equates to $1,440 a year. And I could be losing even more than that, if you consider the opportunity cost. What additional opportunities are we giving up by spending that money?
For example, let’s say we choose to invest that money instead. If I invest $140 a month, in a year, that’s almost $1,500 (assuming a return of 7 percent). And in three years, that would be $4,800. If we combined our savings, that amount will jump to about $9,500.
Suddenly, I wonder if I really hate doing the dishes that much. Is a more comfortable lifestyle worth the opportunity cost?
And what is that cost in terms of my goals?
Let’s say my goal is to save up for a down payment for a home in L.A. If I save that money instead, I could buy a home sooner. But how much sooner? Homes here are expensive, and, unfortunately, $9,500 would be about a tenth of what our down payment might cost. I might rather live it up in this apartment for the next three to five years at the risk of pushing back my homeownership goal a bit. In that time, maybe I’ll pick a cheaper place to live, anyhow.
What am I getting in return?
I showed my boyfriend that figure.
“But it’s not like we’re not getting anything in return for our money,” he said. “Plus, we’ll cut back on spending, not our savings.”
Even though I defended renting a while back, I couldn’t help but argue:
“But we’re spending more money on a place we don’t even own. It’s like throwing money away.”
“With that logic,” he said, “Why don’t we just move into the cheapest apartment we can find?”
He has a point. Renting is just our reality. I’d love to buy a home someday; but if I stay where I’m at, it’ll be a while before that happens. Isn’t it okay to enjoy my income a little in the meantime?
Still, there’s a part of me that feels we’re spending more money on something, and, when it’s all said and done, we have nothing to show for it, because we don’t own it.
“When we travel, we don’t own anything, either,” he said. “Except the memories. It’s more of an experience purchase. In this case, we’re paying for comfort.”
And here’s the comfort we’d be getting in return:
A bit more free time: We’d save time doing the dishes. Also, when both of us have a busy week, we sometimes order out too much and avoid cooking. Cooking equals dishes, and I know neither of us will have time to do those dishes the next day, so it’s just easier to order out. I’m not arguing that this dishwasher will save us money, but it might make it easier to avoid stress spending.
Brand new stuff: This is a rarity when you rent. It’d be really nice to use a tub and toilet that a hundred other people haven’t used on a regular basis.
More space: The apartment is slightly bigger, which is nice, though it’s not that big of a deal to me. I don’t mind small spaces. But it would be nice to have more room for my home office.
Better aesthetics: The layout, lighting and amenities are better, making our day-to-day environment more comfortable and pleasant.
How frequently will I enjoy this?
Another important consideration in mulling over my lifestyle upgrade: Is this upgrade something I will enjoy often? It makes sense to spend your money where you spend your time.
A couple of years ago, we splurged on an expensive mattress, part of the justification being that we spend 8 hours a day on the thing. My back and I have zero regrets about that decision.
On the other hand, I once bought an expensive pair of heels. I work from home and rarely go to fancy places, so these shoes mostly just collect dust in my closet. Every now and then, I look at them and wonder if I should just try to sell them.
The apartment splurge is something I would enjoy on a daily basis, especially since I work from home. Also, I’d have more room for my home office, which would be nice.
I like being frugal. But, as we’ve discussed before, frugality isn’t just about saving money. It mostly seems to be about optimizing value. I’m not saying that this move would be a frugal choice; I just wonder if it’s inherently un-frugal. I’ll admit, I’m leaning on the side of moving, because I have no real concrete goals, I’m just saving to save, and, hell, I want to live a little. I’m into personal finance for the financial freedom, flexibility and options. What’s the point of managing my money so well if, when I finally get to the third stage of finance, I hesitate to spend it on day-to-day comfort and convenience?
It all sounds very rational, but the cautious side of me worries that I’m only justifying things. After all, I didn’t get to the third stage by giving into lifestyle inflation.
Still, it sure would be nice to move into what now seems like the perfect apartment.
What do you think? Is moving into a better apartment a bad personal finance decision? How do you decide on lifestyle upgrades? Is there something else to consider?
Roughly 41 million borrowers will have a few more months to enjoy an interest accruing-free repayment pause on their student loans, even while U.S. inflation is at a 40-year high. While federal student loan borrowers may be worried about what to do when repayment resumes, personal finance experts are concerned about what you do now with your … [Read more…]
Inside: You are wanting to work from home. Here are the best non phone work from home jobs. Exactly what you wanted to find.
Are you looking for a work from home job but don’t want to deal with people? You’re in luck!
There are plenty of non-phone jobs that allow you to work from the comfort of your own home.
This is becoming more and more popular because it allows you autonomous work without the influence of talking to others.
Plus we will cover the best non phone work from home jobs! There are many options available.
To help you get started, we’ve compiled a list of the 35 best non-phone jobs for you:
Can you work from home without talking on the phone?
Yes, you can work from home without talking on the phone.
More and more jobs are transitioning away from the use of a phone. So, there is no better time than to transition yourself.
Best non phone work from home jobs
Here is a comprehensive list of the best non phone work from home jobs.
You will find a variety of part-time, full-time, and contract opportunities in a wide range of fields. Also, the opportunity to become your own boss.
1. Stock Trader
Stock traders must have a good understanding of market trends, economic forces, and have the ability to make quick decisions based on their analysis.
The benefits of working as a stock trader include high pay, job security, and the potential to make a lot of money if the stock market is performing well.
Additionally, stock traders are able to work from home and have flexible hours, meaning that they can plan their working day around other commitments.
Personally, this is one way I make money is by trading stocks and options. Join the $1000 in a day club.
2. Video Editor
A video editor is someone who works with audio and visual content to create cohesive and engaging visuals for either commercial or creative purposes.
They use various software programs to manipulate video clips, sounds, and images in order to create a compelling story. The role of a video editor involves careful attention to detail and the ability to utilize a wide range of software and hardware.
The advantages of a job as a video editor include the potential to work from home and create a flexible schedule, as well as the potential to make great money, depending on the level of experience.
Additionally, it can be a great way to express creativity and further develop important skills.
On the other hand, one of the major disadvantages of working as a video editor is the high stress level that comes with the role.
Video editors are often under pressure to deliver projects under tight deadlines, which can lead to increased pressure and stress. Additionally, there is often a steep learning curve, as video editing requires a lot of technical knowledge and experience.
3. Proofreader
Proofreading is a non-phone work from home job that involves reading and carefully reviewing written documents for errors of spelling, grammar, syntax, and punctuation. It also involves making sure that the text makes sense and is consistent with the document’s purpose.
Proofreaders are expected to identify and correct errors as they appear in the text.
The pay for proofreaders is typically between $44k and $58k per year.
To make the job easier, I would take the Proofreading Anywhere course to understand what is expected of you.
4. Data Entry Jobs
Data entry clerks are often required to sort, organize, and verify the accuracy of data before entering it into the computer system.
Additionally, this type of job does not require any prior experience and can be learned quickly.
Data entry clerks can usually make an hourly wage, which makes it a great option for those looking for a side income. Furthermore, data entry clerks are often hired for short-term or part-time projects, allowing them to pick and choose their hours.
5. Writer
Typically, the role of a writer is to produce content, such as blog posts, articles, product reviews, press releases, and more, for various companies.
Writers must have a good command of the English language and demonstrate great grammar and spelling in order to be successful. Additionally, writers must have the ability to create content that is search engine optimized and persuasive.
Many people have found the Earn More Writing course helpful to bump start your freelance writing potential.
All in all, freelance writing is a great way to make a living and offers flexible hours, the potential for long-term growth, and higher pay rates.
6. Web Search Evaluator
Search engine evaluators have the important job of ensuring that search engine results are relevant and accurate to the user’s intent.
For example, a user might enter the search query ‘chocolate cupcake recipes’, and the search engine should return relevant results such as recipes. If the search results are irrelevant or inaccurate, the search engine evaluator is tasked with rating them accordingly.
Search engine evaluators typically earn around $20 per hour and can make up to $40k a year if they take the job as full-time professional.
7. Virtual Bookkeeper
A virtual bookkeeper is a professional who can provide bookkeeping services to businesses from remote location.
Most people choose to work for themselves as a bookkeeper with a bookkeeping side gig (or full-time business).
One of the main benefits of working as a virtual bookkeeper is that no college degree or qualification is needed to get started. Generally, bookkeepers charge around $80 an hour or more for their services.
Finally, you can learn more about getting started with Bookkeeper Launch to help you become a freelance bookkeeper.
8. Image Reviewer and Photo Editor
Similar to a video editor, a photo editor’s duties include, but are not limited to, ensuring that images display the desired quality, accuracy, and clarity; checking for visual consistency across all images; editing images to make them look more appealing; and providing feedback on the images.
Additionally, they may be responsible for curating collections of images, creating new content, and managing projects.
For those looking to sell on Shutterstock, this is a great side hustle.
9. Create and Sell Printables on Etsy
With a little creativity and the right software, you can create unique printables that customers can purchase and print out themselves.
This can be a great way for you to make passive income with minimal effort.
In fact, my friends Cody and Julie did so well selling printables; they now teach others how to make a living creating and selling printables.
10. Selling on Amazon (FBA program)
This is a way to make money by reselling products you find online or in brick and mortar stores on Amazon for a higher price.
Amazon will ship the products to your customers, handle customer service, and even provide storage for the products.
With the right amount of work and dedication, you can make quite a bit of money with FBA.
11. Blogger
With blogging, you have the ability to work from anywhere in the world with just a computer and an internet connection.
You can write about whatever topics you are passionate about and be your own boss.
You can also make money blogging through various income streams such as affiliate marketing, paid sponsorships, ads, and more.
12. ESL Instructor
The job of an ESL (English as a second language) instructor is to provide English language instruction, usually via webcam, to those who are not native English speakers.
The benefits of this job are numerous: it allows for flexible hours, can be done from anywhere in the world, and offers an opportunity to make a difference in the lives of learners from all over the world. Additionally, being an ESL instructor allows one to learn about other cultures, stay up to date with language trends, and gain valuable professional experience.
To get the job, you need to have a thorough understanding of the English language and pass any certification tests.
This is a great type of job that pays weekly.
13. Virtual Assistant
A virtual assistant (VA) is a professional who provides administrative and technical support to clients remotely. They help with a variety of tasks like answering emails, data entry, blog management, bookkeeping, editing, proofreading, marketing, research, filing documents, and customer service – to name just a few.
The type of services you offer will depend on your skills, experience, and education.
The biggest benefit of working as a VA is that you can work from home and set your own hours.
And the pay can be quite lucrative, with rates ranging from $25 to $100 an hour.
If you’re interested in becoming a VA, Kayla Sloan offers a free workshop that teaches people how to become Virtual Assistants and makes up to $10,000 a month. Download her Virtual Assistant checklist.
14. Accountant
An accountant is a professional who is responsible for tracking financial records and preparing financial statements for a business or individual. They ensure that their clients’ finances are accurate and in compliance with applicable laws and regulations.
One of the primary benefits of working from home as an accountant is flexibility. You are able to work your own hours and set your own schedule. This allows you to create a better work-life balance and also gives you more time to spend with your family.
15. Freelance Jobs
A freelancer is someone who does work for themselves and not for a company.
This is typically contract-type work.
You can find freelance jobs on sites such as Upwork, Fiverr, or People Per Hour.
The best way to freelance is to know your own skills and how to monetize them.
16. Editor
An editor is a professional who is responsible for reviewing and improving documents, whether that be in print, online, or even on video.
Editing involves ensuring accuracy, flow, grammar, and style. This is a great non phone work from home job because it allows for great flexibility and does not require a college degree.
Most positions are freelance which means that you can work on your own schedule and take on as much work as you can.
17. Social Media Manager
Social Media Managers are in charge of maintaining a client’s presence on a variety of social media sites, such as Facebook, Pinterest, Instagram, Snapchat, YouTube, Twitter, and Google Plus.
They are expected to respond to comments, manage brand partnerships, create posts, photos, and videos, and track analytics to come up with an effective marketing strategy to promote their client’s accounts.
In addition to creating content, Social Media Managers typically monitor and moderate what is posted on the client’s social media accounts. They are usually responsible for ensuring that the content is appropriate and that the rules and regulations of the platform are followed.
The potential salary range for Social Media Managers can vary, but they can typically make $78000 per year.
18. Transcriber
A transcriber’s role is to convert audio recordings into written documents. They listen to audio files and type out what they hear.
Transcribers have the advantage of being able to work from home and can earn up to $21 per hour or more if they start their own business. They also have the potential to increase their wage upon gaining more experience.
Additionally, transcribers do not need to interact with other people, making it an ideal job for those who are more introverted or prefer working alone.
Finally, there are various resources available to help transcribers get started, including free mini-courses and companies that hire experienced and beginner transcribers.
19. Marketing Associate
As a Marketing Associate, you’ll be responsible for a wide variety of tasks, including developing and executing marketing campaigns, conducting market research, creating content, and managing and optimizing paid search, video creation, and other digital marketing efforts.
Additionally, you may be asked to support customer service via live chat, social media, text, and email.
The ideal candidate for this role will have excellent communication skills, be proficient in typing and have excellent spelling and grammar, and be passionate about social media platforms.
20. House sitter
A house sitter is someone who stays in a home while the homeowners are away and provides care for the premises and any pets that the homeowners may have.
The job of a house sitter includes tasks such as watering plants, taking out trash, and performing general maintenance of the property.
House sitters can benefit from the opportunity to experience different places, save money on rent, and have some extra time to explore their surroundings.
Platforms such as TrustedHousesitter.com make finding house-sitting jobs easier than ever before.
21. Online Tutor
The role of an online tutor is to guide students in their studies and help them understand a particular subject or skill virtually, through video chat or online software. Plus you have the opportunity to work with students from different countries.
Online tutoring jobs vary in requirements, but typically a bachelor’s degree or current college enrollment is needed.
They provide instruction and guidance, assist students with assignments, answer questions, and give feedback on their progress. The tutor also has a responsibility to motivate and encourage their students to stay on task and reach their academic goals.
22. Pet-Sitting Jobs
Pet sitting jobs can be a great way to make some extra money from home while spending time with animals (and not people)!
With Rover, you can earn anywhere between $10 and $20 an hour for dog walking, $20-30 for overnight stays, and some people are even making $1000+ a month in metro city areas. As a pet sitter, you have to stay at home with someone else’s pets and they pay you for taking care of their pets.
Rover.com is a great platform to find pet sitting jobs as they offer a wide range of services such as dog walking, pet sitting, and pet care.
23. Personal Stylist
Personal styling is an exciting and relatively new job that offers the opportunity to work from home. The role of a personal stylist is to help clients express their individual style through the selection of clothes, accessories, and other items.
It involves curating a set number of clothing items and accessories based on the client’s fashion profile. This job requires an eye for detail, an innate sense of style, and creativity.
It’s perfect for creative individuals who are passionate about fashion and have an eye for details.
24. Website Tester
Website testers are typically paid to assess the overall user experience on a website and provide feedback on how to improve it. W
You do not need a phone to complete your tasks; they only require a laptop with a webcam and microphone to record your observations.
Website testing is a non-phone work from home job that pays good money to ensure that websites are user-friendly. It is a flexible and straightforward way to make some extra cash.
25. Closed Captioner
A closed captioner is a person who transcribes audio into text for specific use on video.
This is a great job for those who learn and work better visually, as well as those who can type quickly and accurately. This type of work allows for a very flexible work schedule, meaning you can work when you are most productive and there is no need for any phone interactions.
You get the freedom to work on your own schedule and make a decent amount of money doing something that doesn’t require phone conversations.
26. Online Test Scorer
An online test scorer is responsible for scoring assessments such as tests, exams, and essays from students of high school or college. This job requires a certain level of expertise, as the test scorer must be able to interpret and evaluate the quality of the assessments accurately and fairly.
The test scorer must also be able to maintain the confidentiality of the students’ answers and grades and be able to provide feedback that is relevant and constructive.
This job typically requires a bachelor’s degree, and it is often seasonal with part-time hours.
27. Translator
The role of a translator is to take a language and convert it into another language, be it oral, written, or audio.
Translators not only have to be multi-lingual and have a good command of grammar and spelling, but they also need to be able to convey the meaning of the words they are translating accurately. They can work on a variety of projects, from subtitling to full-length books.
There is a wide range of online platforms on offer, so translators can pick the one that best suits their skill set and desired pay rate.
28. Graphic Designer
A Graphic Designer is someone who is skilled in using platforms like Photoshop, Canva, and other software to create visual and graphical designs.
Typically, these designs are used for things like logos and branding materials, websites, social media content, or clothing.
You must have a creative flair, as well as knowledge of graphic design and the required software. In order to be successful, they must have a computer with a good internet connection and the programs necessary to do the job.
29. Medical Coder and Biller
A medical coder and biller are responsible for translating a patient’s symptoms, diagnosis, and medication prescribed by a doctor into codes.
These codes are then entered into a database for the biller to use, who will turn them into a bill to be submitted to the patient’s insurance company.
The average pay scale for medical coders and billers can range from $45k – $65k per year, and they can find many remote positions on job sites like Indeed.com.
30. Instructional Designer
The role of an Instructional Designer is to research, write, design, and create training courses and manuals for a variety of people, such as educators, students, and employees.
Instructional designers need a degree in the subject being written about, or a degree in education, and should enjoy writing and editing. Working from home as an Instructional Designer has many benefits.
Working from home in an Instructional Designer role gives you the freedom to explore new methods and techniques to create the best possible course or manual.
31. Non-Phone Remote Nursing Jobs
With more and more companies offering remote work opportunities, there are many non-phone remote nursing jobs available.
The type of work ranges from utilization review nurses, clinical research associates, and data abstractors all work with data and compliance, ensuring procedures are being followed correctly and that they are medically necessary.
Companies such as Cigna, CVS, Flatiron, PPD, and UnitedHealth Group are just some of the many hiring companies offering these types of remote nursing positions.
32. Fraud Investigator
Fraud investigators are in demand in many industries, including financial institutions, e-commerce stores, healthcare companies, and insurance companies. As a fraud investigator, you’ll be tasked with looking for fraud, abuse, and irregularities in financial transactions.
If you have an eye for detail and like doing research, this could be a great non-phone job opportunity for you.
Companies usually require customer service experience or a criminal justice degree and/or a CAMS certification (Certified Anti-Money Laundering Specialist). It’s a great way to make a good income without having to pick up the phone.
33. Community Moderator
A community moderator is a person who oversees online forums, groups, and social media accounts to ensure that rules and regulations are being followed, questions are being answered, and spam and junk content are being removed.
It is an online opportunity where moderators can be employed to manage and moderate comments on various social media sites and chat rooms.
The benefits of working as a community moderator include the opportunity to work from home and a flexible schedule. Additionally, moderators will gain experience in digital engagement, such as moderating forums, chatting with customers, managing communities, and buzzing on social media.
34. Netflix Tagger
The Netflix Tagger is a real job opportunity that allows individuals to work from home watching movies and tagging them with the appropriate keywords, genres, and descriptions.
This job is ideal for those who have a passion for movies and experience or education in radio, television, and film.
Working as a Netflix Tagger (also known as Metadata Analyst) is not only rewarding but it is also beneficial for those who want to work remotely without having to make phone calls or talk to customers.
35. Provider Enrollment Specialist
A provider enrollment specialist is a non-phone work-from-home job that involves researching, reviewing, analyzing, and managing provider enrollment applications to ensure they are in compliance with guidelines.
Provider enrollment specialists usually require prior experience in medical terminology, appeals, claims, or customer service, and may also require an associate’s or bachelor’s degree.
36. Survey Taker
By completing surveys, survey takers are able to share their opinion and help inform companies and brands on how to provide better products and services that meet customer needs and expectations.
Benefits of working as a survey taker from home include the flexibility of being able to work at your own pace and the ability to earn extra income while working whenever and wherever you choose.
Additionally, survey takers can take advantage of cash, rewards, and sweepstakes entries as compensation for their time.
It is not a way to get rich, but it is a great way to make extra money on the side.
Here are the top legit survey platforms:
37. Chat and Email Support
Chat and email support workers provide customer support and assistance via email and online chat. They are responsible for responding to customer inquiries and resolving customer issues.
This customer service-oriented position does not require the use of a phone.
Chat and email support workers must be able to answer customer questions and respond to their inquiries quickly and accurately. They must also be able to use active listening skills and type quickly.
Companies often provide chat and email support workers with guidelines for providing customer support, and they may also require workers to understand their products in order to provide effective customer service.
Are non phone work from home jobs legitimate?
The answer is yes! In fact, there is a growing number of non-phone work from home jobs for those who don’t want to be on the phone all day.
Whether you’re a mom with kids and pets running around, or if you find customer service work draining, there are good options out there for you to make money from home without being on the phone.
In conclusion, non-phone work from home jobs are legitimate and provide a great opportunity to make money from home without being on the phone.
FAQs
Ultimately, the skills needed to succeed in non phone work from home jobs will depend on the type of job you are pursuing.
More than likely, you’ll need excellent typing skills, excellent spelling and grammar, and the ability to troubleshoot and solve issues, among other skills.
However, many of the jobs mentioned above pay between $15 an hour to $50 an hour.
Some companies may also offer a base salary plus bonuses or incentives.
Fortunately, there are plenty of non-phone jobs available for remote workers that don’t require a diploma.
However, you may have to take some online courses to excel faster in your field.
Many on this list are great low stress jobs that pay well without a degree.
Yes, there are software or tools needed for non-phone work from home jobs, depending on the type of job.
More than likely, you will need a computer and a reliable internet service.
Are you Excited to Work from Home Job No Phone?
Working from home has become increasingly popular over the years, as it offers flexibility, comfort, and the ability to work from anywhere.
All of these jobs that offer the best comfort and increased focus is working from home on the laptop. The advantages of this job include flexibility in schedules, the ability to remain in control of your own workspace, and enhanced focus as there is less noise and distraction.
With the number of remote job leads that are available, you are sure to find the perfect work from home job that suits your needs.
In addition, working from home gives you the freedom to work in a location of your choice. You no longer have to commute to an office or be bound by office hours.
Also, you can take breaks when you need them and work in a comfortable environment.
Which career choice are you going to look into?
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