It’s now possible to activate all 5% category credit cards for the fourth quarter of 2024, including the Chase Freedom, Chase Freedom Flex, Discover IT, Citi Dividend, US Bank Cash+ and some smaller cards. In this post we’ll provide the activation link for each card and links to track your spend, along with strategies to help increase spend in these categories.
Dates: October 1st – December 31, 2024. Store purchases can usually be done until the last minute while online purchases should be given a buffer zone since the charge typically posts on the shipping date.
Chase Freedom – Paypal, Pet, McDonald’s
Activation Link / FAQ / Sample Stores & Exclusions / Our original post
With the Chase Freedom and Freedom Flex cards, activate to earn 5% back this quarter on up to $1,500 in spend at Paypal, McDonald’s, Pet Shops and Vet Services, Select Charities.
PayPal – Super useful category. Remember that you can use Paypal to pay taxes; give charity; pay at millions of businesses like Walmart.com, Bestbuy.com etc; and even possibly pay in-store at some locations. It’s been mentioned the possibility of using Paypal at CVS stores to get 7x on the Freedom Flex card since that card also earns 2x extra points at Drugstores. It should also be possible to send money to a friend using the Family & Friends option for a 2.9% fee.
McDonald’s – this should be 7x on the Freedom Flex card since that card always gets 2x bonus points at Restaurants
Pet Shops and Vet Services
Select Charities
Tip: Click this link (login required) to check how far you are along the $1,500.
Discover – Amazon, Target
Activation Link / Our original post
With your Discover card, activate to earn 5% back this quarter on up to $1,500 in purchases at Amazon.com and Target.
Target and Target.com – not very useful for those who have REDcard which always earns 5%. Could be useful for buying Target gift cards since those do not earn 5% on the REDcard, but will earn 5% with Discover in Q4. Target usually runs a 10% off deal on their gift cards during the Q4 holiday season.
Amazon.com – also not too useful for those with the Amazon Prime 5% card
Activate to earn 5% Cashback Bonus at Amazon.com and Target from 10/1/24 (or the date on which you activate 5%, whichever is later) through 12/31/24, on up to $1,500 in purchases. Amazon.com purchases include those made through the Amazon.com checkout, like digital downloads, Amazon Fresh orders, Amazon Local Deals, Amazon Prime subscriptions, and items sold by third party merchants through Amazon.com’s marketplace. This also includes purchases in-store at Amazon Go and Amazon Fresh. Purchases made online and in-store with Whole Foods Market are not included in the promotion. Amazon, the Amazon.com logo, the smile logo, and all related marks are trademarks of Amazon.com, Inc. or its affiliates. Target purchases include those made in-store at Target, Target.com, or through the Target app. Purchases from individual merchants and stand-alone stores within physical Target locations may not be eligible for this promotion. Purchases made online or through the Target app from Target affiliates, individual merchants, or stand-alone stores may not be eligible for this promotion, including, but not limited to, targetoptical.com and targetphoto.com. Target and the Bullseye Design are registered trademarks of Target Brands, Inc. Listed merchants are in no way sponsoring or affiliated with this program.
Tip: Login, then click this link to see you how far along the $1,500 you are.
Citi Dividend – Restaurants, Citi Travel
Landing Page | Our Original Post
With your Dividend card, activate to earn 5% back this quarter at Restaurants and on Citi Travel. Citi is different than the other cards in that you have a $6,000 annual cap rather than a $1,500 quarterly cap. You can get 5% back on up to $6,000 in this quarter, you can save the entire amount for a different quarter, or you can use part up each quarter.
Restaurants – always a useful category
Citi Travel – hotels, car rentals, and attractions (excluding air travel) booked through the Citi Travel site at CitiTravel.com or by calling 1-833-737-1288
U.S. Bank Cash+/Elan – Select your Categories
Activation link | Merchant List | Our Original Post
U.S. Bank Cash+ and Elan Max offer 5% cash back in two categories, up to $2,000 combined total per quarter. Keep in mind that Car Rentals was recently replaced with TV, Internet, and Streaming Services.
Here are the current options:
TV, Internet, and Streaming Services
Home utilities
Select clothing stores
Cell phone providers
Electronic Stores
Gyms/Fitness
Fast food
Ground Transportation
Sporting goods
Department Stores
Furniture Stores
Movie theaters
Tip: Login here, then scroll down and click on the red “View Your Cash+ History” button.
U.S. Bank Shopper – Select your Categories
Our Original Post
The U.S. Bank Shopper Cash Rewards comes with a $95 annual fee and offers 6% cashback on your first $1,500 in combined eligible purchases each quarter with two retailers you choose. Options include Amazon, Apple, Best Buy, Home Depot, Lowe’s, Walmart, Target, and many more. You must enroll each quarter for two retailers.
Bank of America Customized Cash Rewards
Our Original Post
The Cash Rewards card from Bank of America offers 3% back on one selected category, up to $2,500 per quarter. If you don’t select anything it defaults to gas. Once you selected a category for one quarter, that remains your category in the future unless you change it. Each calendar month you can change it if you’d like, but you’re always limited to $2,500 for the entire quarter.
Gas and EV charging stations (default category)
Online Shopping; this category also includes cable, streaming, internet, and phone plan
Dining
Travel
Drug Stores
Home Improvement/Furnishings
This category is especially lucrative for those who have Preferred Rewards status with Bank of America which can get you 5.25% back on one of these categories at the higher relationship level.
Lots of useful categories here. Important note: the Cash Rewards card also offers 2% back at grocery stores and wholesale clubs up to $2,500 per quarter, and that $2,500 limit combines with the Category Selection limit. After spending $2,500, you’ll earn 1% back on everything.
Other Cards with 5% Category
Nusenda FCU – Retail, Restaurants
Landing Page | Our Original Post
Earn 5% this quarter on up to $1,500 in purchases on Retail Stores, Online Retail Purchases, Restaurants
This is on top of the regular 1% for a total earn of 6% back. (apparently no longer the case)
Langley FCU – Walmart/Target, Grocery, Department
Landing Page | Our Original Post
Langley Federal Credit Union offers 5% back each month in one selected category, on up to $100 cash back total ($2,000 spend).
The category options at time of this writing: Target & Walmart, Groceries, Department Stores.
Vantage West [AZ] – Select your Category
the 5% program is ending on October 1st.
Landing Page | Our Original Post
Safe Credit Union [CA] – Various
Landing Page | Our Original Post
Safe Credit Union Cash Rewards Visa card offers 5% this quarter on your choice of one category each quarter (with no apparent limit). This quarter the categories are:
Perhaps the idea of home ownership sounds appealing, but the thought of all the maintenance involved — inside and out — doesn’t sound so great. Dealing with snow removal or tending to your lawn might be the last thing you want to add to your already full plate.
If that resonates, buying a home that has a homeowners association, or HOA, might be the right move. Whether you’re shopping for a condo or a 3-bedroom house in a new development, an HOA could be a valuable thing. These organizations, funded by dues, take care of many of those maintenance responsibilities, run shared facilities (like a pool), and create guidelines (and enforce them) for the community of homeowners.
That said, interacting with an HOA and following its guidelines may not be for everyone. Read on to learn:
• What is an HOA, or homeowners association
• How do HOAs work
• How much are HOA dues
• What are the pros and cons of HOAs
• How will HOA fees impact your costs as a homeowner
What Is an HOA (Homeowners Association)?
An HOA is typically a non-profit volunteer group that manages aspects of homeownership in certain planned unit developments (PUDs), condos, and other housing communities. The HOA collects fees from each member of the community and uses them to handle maintenance duties and amenities. These may include:
• Landscaping and maintenance of walkways and the like
• Pest control
• Maintenance and utilities of shared spaces, such as lounges and pool areas
• Garbage pickup
• Parking
• Security
Another answer to “What is an HOA?” should mention that these associations typically make enforceable rules about the look and feel of the community. There may be guidelines about, say, the size of pets one may own, or the color schemes permissible for a townhome’s exterior. The existence of an HOA will be an important consideration when you are shopping for a place to live and HOA fees need to be built into a homebuyer’s financial plan, just like home loan payments.
Recommended: Condo vs. Townhouse: 9 Major Differences
How Does an HOA Work?
HOAs can be staffed in different ways. They can be run by people owning property within its boundaries, run by a board of directors, or through a similar arrangement, with board designees elected to oversee and enforce HOA rules.
Many HOAs are incorporated, which makes them subject to the laws of the state and may require them to file annual reports with the corporation commission, in order to remain in good standing.
People who purchase properties within an HOA jurisdiction become members of that organization, and they must abide by the rules contained within that organization’s bylaws and Declaration of Covenants, Conditions, and Restrictions (CC&Rs).
HOA rules, fees and restrictions vary. Some bylaws and CC&Rs are strict, while others are looser, typically focusing on how residents must keep properties maintained according to stated specifications. In a planned unit subdivision of single-family homes, for example, rules may include what types of landscaping are permitted, or exterior colors of paint, what kinds of fencing is allowed, and more.
They can include usage rules for common property, such as a pool, and typically outline penalties for rule violations, ranging from forcing a homeowner to comply to fees and, sometimes, litigation.
How Common Are HOAs?
Here are some recent statistics that will help you get an idea of how common HOAs currently are in the U.S.:
• Approximately 75.5 million Americans live in HOAs, cooperatives, or condominium units.
• 30% of all U.S. homeowners live in HOA communities.
• 28.2 million housing units in America are part of HOA communities.
As you see, HOAs are quite popular.
What Is an HOA Fee?
Now that you know a bit about what is a homeowners association, let’s look at those fees they charge. People who buy property in an HOA-governed condo or community usually must pay dues — also known as HOA fees — typically due monthly. These fees help to maintain common areas of buildings, such as lobbies and patios, and perhaps community clubhouses. These fees can cover maintenance on elevators or swimming pools, if applicable, or could be used for landscaping expenses, and so forth. Additional special assessments may be charged for major repairs, such as roof repairs.
Some studies suggest that average HOA fees range from $200 to $400 per month, although they can be as low as $50 and as high as $2,500 or more. It depends on the HOA complex, where it is, what amenities the project maintains, and sometimes on how the individual HOA is managed.
What’s most important when shopping for a new home is that you are clear about what fees would be assessed on your individual unit and whether that fits your budget.
First-time homebuyers can prequalify for a SoFi mortgage loan, with as little as 3% down.
When Considering an HOA Property
When considering whether or not to buy a property within a homeowners association, it makes sense to understand what you’d be committing to if you bought this property.
To get an understanding of how the organization operates, you can ask the board of directors if you could read minutes from meetings — if you have a real estate agent, they should be able to help you access records. This may give you a good overview of any challenges the organization is facing, and insights into how solutions are brainstormed and implemented.
Questions to investigate can include:
• What are the HOA fees each month? What do they cover?
• If the fees seem low, does it appear as though enough funds are collected to maintain general areas? What about meeting rooms, the gym, pool area, and so forth?
• If the HOA fees are higher than expected, do they seem excessive for what you’d get in return?
• Are homeowners also being charged special assessments to cover other costs? If so, how often and what are they?
• How many units are not paying their HOA fees? What are the consequences for that? Are penalties being imposed?
• If certain units don’t pay their HOA fees, can these unpaid costs be imposed upon other owners to make up the difference?
• If desired, will you be allowed to sublet your unit? Over what term and with what restrictions?
• Are you allowed to have a pet? If so, what restrictions exist? Ask to read a copy of the CC&Rs which is recorded public information.
• Does pending litigation exist against the HOA? If so, of what type? Does it involve, say, damage to one unit, or does it affect the entire organization?
If you have friends or family members who are part of this HOA, consider asking them what they like about living there, and what they don’t. If you have a friend or family member who owns housing under a different HOA, chat with them as well. Their insights can be valuable in regards to what questions to ask and issues to explore before buying.
You can also review the bylaws, which usually share voting rights of members, budget and assessment rules, meeting requirements, and so forth. Check to see what actions can be taken without a member vote — if they include raising assessments or creating rules, this could have an impact on your buying decision.
Recommended: Mortgage Servicing: Everything You Need to Know
Pros vs Cons of HOAs
There are several benefits of buying a property that’s part of an HOA. Consider these upsides:
• Guidelines to help maintain the look of the community, settle issues, and create harmony among residents.
• Enhanced quality of life and property values.
• Maintenance services so homeowners don’t need to do the work themselves or hire freelance help.
That said, there are also possible drawbacks to being part of an HOA. These can include:
• The cost of the HOAs fees can be prohibitively expensive, and the possibility of assessments can be financially challenging.
• Potentially restrictive guidelines that inhibit your freedom over your property (that is, you may not be allowed to have a certain kind of pet or put in solar panels).
• Those who run the HOA may be volunteers vs. skilled real estate professionals, which could lead to inefficiencies.
Can You Afford to Buy into an HOA?
When shopping for a new home or condo, one key consideration is how much you can afford for a house — with the true cost being more than just principal, interest, and homeowners insurance. If you are considering properties that have HOA charges, it’s vital to factor those in to make sure your budget is manageable.
You’ll need a down payment on the home. There are also property taxes, insurance, closing costs (which can run from 3% to 5% of the home’s cost, paid by the buyer and/or seller according to the contract). And there are expenses other than closing costs such as moving expenses, furniture costs, and more that should be considered as you grapple with how much you can afford.
Plus, you might want to have an emergency fund established for unexpected expenses, whether unanticipated housing repairs, or medical expenses, or something else entirely.
To help you figure out that affordable house payment number, you could check out our mortgage calculator.
Recommended: What Credit Score Is Needed to Buy a House?
What to Know About Mortgages and HOAs
There’s one more wrinkle to the topic of what is a homeowners association and should you buy into one: the impact it may have on securing your mortgage.
When you buy a property that is part of an HOA, you may need additional documentation for your lender. If your bid is accepted, the lender will likely request a homeowners association certification, called an HOA cert for short. This document provides your lender with a snapshot of how the HOA is being run, and may provide information such as:
• How old the project is
• Whether a condominium development was converted from an apartment building or specifically built as condo units
• How many units exist in the project
• How many units are occupied
• How many occupied units are owner occupied and how many are rented to someone else
• How much HOA fees are
• The amount of insurance on the project
If this information is requested, it will likely be reviewed to confirm that this property meets the lender’s loan eligibility guidelines. Because guidelines can vary from lender to lender and loan program to loan program, it makes sense to check with your lender of choice as soon as possible to determine if this financial institution considers your condo to be eligible for financing.
The HOA cert may also be obtained by the escrow/title company and provided to your lender, along with the relevant CC&Rs. This provides insight into any property restrictions and other aspects that may affect a home’s lendability and marketability.
Recommended: Home Loan vs. Mortgage: What You Should Know
The Takeaway
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
FAQ
Why do HOAs exist?
Homeowners associations exist to manage and maintain common areas, to enforce community rules, and to collect and manage the finances used for community upkeep. Many people who participate in HOAs expect the association to help enhance their property values.
How much are HOA fees?
HOA fees vary widely based on the amenities offered by the development but most people can expect to pay at least $200 to $300 per month.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Chicago may be famous for its eye-catching skyline and iconic deep-dish pizza, but the city’s true charm lies off the tourist path. Whether you’re an adventurer, a crafty soul, a foodie, or simply looking to relax, there’s plenty of unique things to do in Chicago, IL..
Whether you’re in the market to buy a home in the city, have your eyes on an apartment, or looking to rent a house in the area, you’ll soon find there’s plenty of unique things to do in Chicago. First-time visitors, new residents, and lifelong locals alike will discover hidden gems that make you fall in love with the Windy City.
1. Unleash your creativity
Chicago is renowned for its rich artistic heritage and vibrant art scene. Whether you’re looking to enrich your skills or just enjoy a creative escape, the city offers endless possibilities to foster your creativity.
Express your artistic skills
If you’re looking to enhance your art skills or indulge in a creative escape, head to The Paintbrush, a beloved art studio nestled in Lincoln Park where they offer art classes and events for kids as well as their After Dark adults program which has featured events like “Art and Wine Night” or “Sip and Slime.”
Try your hand at street art
Always admired street art and wish you could try it yourself? Head to The Studio W.I.P in Uptown, where you can dive into the world of street art through their hands-on Spray Paint workshops. If you prefer to appreciate the art from afar, join a Chicago street art tour and explore the vibrant murals around the city. Gabby at The Studio W.I.P shares, “the perfect way to end your night is with some prime hole-in-the-wall pizza at Gigio’s Pizzeria.” Here, you can expect to satisfy your taste buds with classic and satisfying traditional pizzas.
Experiment with different mediums
Not an artistic person yourself but have a little one who wants to explore their creativity? Easel Art Studio, located in Ravenswood and Bucktown, offers all avenues of art including classes like Food Art, Printmaking, and Portfolio Lab. Each class is focused and led by talented instructors who ignite every child’s imagination and encourage artistic freedom.
2. Serving sports beyond the stadium
Chicago is a city that lives and breathes sports, but the action isn’t limited to just watching from the stands. For those eager to get in on the excitement, the city offers hands-on experiences that go beyond the ordinary, catering to both adrenaline seekers and casual enthusiasts.
Hit the slopes year-round
Check out Snowlike Studio, the only indoor ski and snowboard spot in the area. Located in Schaumburg, IL, this unique venue offers a chance to hit the slopes year-round, whether you’re a beginner or a pro, young or old.
Photo courtesy of Snowlike Studio
Eat, drink, and swing
For an unforgettable game night, head to The Barn Hockey Bar and savor a chef-driven menu with friends, sip on ice-cold beverages, and enjoy nonstop fun in a lively atmosphere. Need a break from the action? Swing by the “Gilmore Room” in the back, featuring two state-of-the-art golf simulators for some friendly competition between periods.
The pregame before the game
Start your pre-game adventure just a short walk away from the ballpark at Café Tola on Southport. You can enjoy Chicago’s best empanadas and horchata lattes in a vibrant setting that gets you ready for the exciting game ahead. This beloved café provides the perfect on-the-go snack before you make your way to Wrigleyville for a Cubs game.
3. Take your taste buds on an adventure
Chicago’s food culture is a colorful tapestry of flavors and experiences. The city blends diverse culinary traditions with local innovation, offering a dynamic array of dining options that cater to every palate and occasion.
Sip and savor with friends
Located in two Chicago locations, get a feel for the cool industrial energy at Fulton Market or the history charm meets modern artistic vibe at Logan Square when visiting Federales Bars for a bite to eat. “If you’re new to the city, you have to try Federales,” Tonia Rudny at Feed Media shares, “both locations offer tasty margaritas, handmade taquitos, Chicago’s best guacamole, and 15+ creative tacos. Plus, monthly specials, a great happy hour, and a weekend brunch you can’t sleep on.”
If a sports game and live music is more your speed, head to Joe’s Bar on Weed St. This six-time Academy of Country Music Award winner for Nightclub of the Year, has been the go-to place for both local and touring country acts for 27 years. Not only is it a music hotspot, Joe’s is also one of the city’s largest sports bars, featuring alumni and fan clubs for teams like the Carolina Panthers and the Pittsburgh Steelers.
Photo courtesy of Federales Bar
Experience global flavors
Satisfy your craving for a European vacation at Cafe Cremerie, where the flavors and ambiance of Europe come to life. This charming spot invites you to indulge in exquisite sweets, savory bites, rich, smooth coffee, and a curated selection of wines—all set within a warm, inviting atmosphere that transports you straight to the heart of Europe, no passport required.
Continue your global culinary journey at ROOH, one of Chicago’s top modern Indian restaurants. Known for blending authentic flavors with unexpected local ingredients, ROOH offers a dining experience that’s both innovative and true to its roots. Don’t miss their new tasting menu, crafted in collaboration with a Michelin-starred chef from the Netherlands, for a promising fusion of international tastes.
For a touch of Ireland without leaving the city, get up early on the weekend for a rugby or Premier League match at Mrs. Murphy’s. Enjoy a full Irish breakfast at this imported Irish bar, complete with an authentic pub experience. If you’re not into pints or whiskey, join the lively music session, sign the kids up for Irish music lessons, or pick up imported Irish chocolates, biscuits, and sausages from the shop.
Fine dining lovers
For an approachable fine-dining experience, Boka is a must-visit Michelin-starred restaurant located in the heart of Lincoln Park. With a stunning main dining room, a cozy patio, and a bar serving delicious handcrafted cocktails, Boka offers an elevated yet welcoming atmosphere that makes every visit special.
4. Feel the buzz of live entertainment
If you’re in need of a good laugh, KOVAL Comedy at Chicago Comedy Works delivers both top-notch stand-up and specialty cocktails. Each show features some of Chicago’s best comedians, and to make it even better, all proceeds benefit a local nonprofit partner for the night. Whether you’re rounding up friends or flying solo, it’s the perfect way to enjoy an evening of laughter and support the community.
5. Discover local treasures
Chicago is a shopper’s dream for finding unique and eclectic items. With its rich vintage scene, the city offers a range of opportunities to discover distinctive pieces, from rare antiques and one-of-a-kind home decor to hidden literary gems.
Time travel through vintage finds
For a rotating shopping adventure, check out the Vintage House Chicago pop-up, perfect for all your thrifting needs. Popping up twice a month at different city locations, Vintage House features a mix of vintage and handmade vendors, offering everything from 1920s pieces to Y2K styles.
If home decor for your new home is what you’re after, look no further than Vintage Grind House. Located in Chicago’s Irving Park area, explore one of the largest collections of truly eclectic vintage furniture including chairs, sofas, lighting, art and one-of-a-kind knick-knacks. Be prepared to spend hours browsing through turn of the century antiques, mid century modern, post modern, contemporary furnishings and everything in between.
Photo courtesy of Media Meade (@oppungo) | Vintage House Chicago
For the bookworms
For an intimate literary escape, visit Tangible Books at 3326 S. Halsted. This cozy shop caters to Chicago’s literati and book lovers, with owner Bob always on hand to chat and help you discover your next great read. Don’t miss their periodic events, like the poetry readings and open mic nights hosted by Vittorio Carli every first Saturday of the month. Plus, if you’re looking to declutter your bookshelves, Tangible Books offers a convenient way to recycle your reads.
6. Explore Chicago from every angle
Taste the history
While you’re exploring Chicago’s diverse neighborhoods and soaking in the local culture, taking a Chicago Foodways Tour is another great step to deepen your connection with the city. The tours highlight the stories of Chicago’s immigrant communities and the delicious cuisines they’ve brought with them, from the hidden gems of Andersonville to the vibrant flavors of Uptown and Lincoln Square. It’s a perfect way to experience the city’s global culinary landscape while learning about the people who shape Chicago’s cultural fabric.
Uncover the dark secrets
Dig into the dark side of Chicago’s history with the thrilling Gangsters and Ghosts Tour. This unique experience blends history and mystery as you walk through the same streets once ruled by notorious mobsters like Al Capone. Expert guides will share chilling stories of power, crime, and the supernatural while you visit haunted landmarks that vividly bring Chicago’s dark past to life.
7. Set sail
To truly experience life in Chicago, take it in from the other side of Lake Shore Drive with KnockOut Charters. Whether you’re cruising to Soldier Field for a Bears game, enjoying a sunset cruise after dinner on the river, exploring the skyline on a private architecture tour, or relaxing in the playpen with your friends, taking a ride on the water offers a unique and unforgettable way to explore the city.
Unique things to do in Chicago, IL: Final thoughts
Chicago is a city that thrives on its diversity, offering an array of experiences that go beyond the typical tourist stops. Whether you’re just in the beginning phases of thinking about moving to Chicago or you’re a lifelong resident, there’s something for everyone. you’re exploring local art scenes, trying new sports, indulging in the city’s culinary offerings, or unearthing vintage treasures, there’s always something unexpected to discover.
Are you looking for the best digital marketing side hustles? Digital marketing side hustles are a great way to earn extra money online. With so many options like social media management, SEO, and affiliate marketing, there’s bound to be a side hustle that fits your interests and skills. Why should you start a digital marketing…
Are you looking for the best digital marketing side hustles?
Digital marketing side hustles are a great way to earn extra money online. With so many options like social media management, SEO, and affiliate marketing, there’s bound to be a side hustle that fits your interests and skills.
Why should you start a digital marketing side hustle? It gives you the freedom to work from anywhere, the flexibility to set your own schedule, and the chance to build new skills. Whether you’re a beginner or have some experience, you can probably find a digital marketing side hustle that works for you and suits your lifestyle.
I have been hearing the term “digital marketing side hustle” a ton online lately, and I wanted to write a full article on it so that you can learn more about it as well. These types of side hustles are extremely popular right now (and I think they will be for a really long time)!
What is digital marketing?
Digital marketing is any online marketing that takes place on the internet.
It includes a lot of different activities:
Social media – Sharing posts on platforms like Facebook and Instagram
Email – Sending promotional messages to people’s inboxes
SEO (Search engine optimization) – Making a website more visible on search engines like Google
Content creation – Writing blog posts or making videos to connect with an audience
Why is digital marketing important?
It helps businesses reach more people. Many people shop online, so having a strong presence is key.
A digital marketing side hustle is a way to make extra money by growing a business online (this could be your own business or someone else’s!). This could mean running social media accounts, making ads, writing content, or improving websites so they show up better in search results (SEO).
It’s a flexible job you can do from home and often at your own pace, which is great if you want to earn money without a full-time job. Some people even turn their digital marketing side hustle into a full-time job (this is what I’ve done!).
Best Digital Marketing Side Hustles
Below are the best digital marketing side hustles.
1. Blogging
Blogging is a great digital marketing side hustle for a person who wants to be creative.
For me, this is my favorite digital marketing side hustle, and I started this very blog that you’re reading as a side hustle. (It’s now my full-time job.)
I started making over $1,000 a month from my blog around one year after starting, and I was making around $10,000 a month just two years later. I have now earned over $5,000,000 from my blog over the years (you can read all of my income reports here). I am able to travel whenever I want, and I really love what I do.
You can start a blog about something you’re passionate about. Whether it’s cooking, travel, or fashion, there’s an audience out there for almost any topic.
To make money from your blog, you can use display ads, sponsored posts, affiliate marketing, or even sell your own products (like courses, ebooks, T-shirts, etc.).
I have free training that you can take to learn more about starting a blog – How To Start A Blog FREE Course. Want to see how I built a $5,000,000 blog? In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
2. Social media management
Social media management is a popular digital marketing side hustle. Businesses need help with their social media accounts and you can earn money by managing these accounts for them.
Social media managers create posts, respond to comments, and grow their followers. This helps companies get more customers and build their brand.
I have been a social media manager in the past, and it is an interesting and fun job if you like social media. I specialized in Facebook marketing, but you could manage a company’s TikTok, Pinterest, Instagram, and more for them.
3. Affiliate marketing
Affiliate marketing is a great way to earn money online. You promote products or services and earn a commission for each sale made through your referral link. This can be done on platforms like blogs, YouTube, or social media.
Affiliate marketing is one of my favorite digital marketing side hustles too! I love that I can write content and possibly earn money from it years later, all because people are still searching and reading the content that I wrote a long time ago. So, this means that I can earn money while I’m sleeping or on vacation.
One of the other best parts about affiliate marketing is that it has a low entry cost. You don’t need to invest in inventory or worry about shipping. You just share products you believe in and can start earning money (the company that you are promoting does most of the work).
Creating quality content is key when it comes to affiliate marketing. I recommend that you always write honest reviews, make tutorials, or share personal experiences. These best practices build trust with your audience and increase the chances they will buy through your links.
Plus, there are affiliate programs for almost every product you can think of nowadays, so this is a digital marketing strategy that you can probably easily start.
If you want to learn more about affiliate marketing, I recommend learning more at Affiliate Marketing Tips For Bloggers – Free eBook.
4. Selling online courses
Selling online courses can be a great way to make extra money. If you have expertise in a subject, you can create a course and sell it online.
Many people are looking to learn new skills and are willing to pay for quality courses. I buy online courses all the time and I have learned so much. (I have bought courses related to running an online business, blogging, personal finance, and even parenting courses such as childbirth and baby sleep.)
Here are some course topic ideas:
Personal finance – Courses on budgeting, investing, or paying off debt can be popular.
Blogging – Teach others how to start a blog, create engaging content, or monetize their platforms.
Online business and entrepreneurship – Share insights on starting an online business, dropshipping, or creating digital products.
Health and wellness – Topics like fitness routines, nutrition planning, or mental health can be so helpful.
Skills and hobbies – You can teach anything from photography, painting, and cooking to coding, graphic design, or language learning.
Career development – Courses on resume writing, job interview strategies, or career coaching can be valuable for those looking to advance in their careers.
Social media marketing – Teach strategies for growing a following, creating content, or using platforms like Instagram, TikTok, or LinkedIn for business.
Parenting and family – Courses on parenting strategies, homeschooling, or managing work-life balance as a parent can be very helpful.
Arts and crafts – You can sell courses on creative writing, drawing, digital art, or playing music.
Travel planning and hacks – Share your expertise on travel planning, finding deals, or traveling on a budget.
Creating a course can take some time, but the payoff can be worth it. You can record video lessons, create quizzes, and provide downloadable resources. Once your course is ready, you can sell it on platforms like Teachable (this is the platform I use for my courses) or your own website.
You can learn more about the course that I created at How I’ve Made Over $1,000,000 From My First Course Without a Big Launch.
5. Creating a YouTube channel
Starting a YouTube channel can be a great way to make money. It’s all about creating videos that people want to watch. You don’t need fancy equipment and many people start with just a cell phone.
The key to success on YouTube is to find a niche you enjoy and create consistent, high-quality content that resonates with viewers.
Making money with your YouTube channel can be done through multiple ways, such as ad revenue, sponsorships, affiliate marketing, and selling your own products or services.
You can learn more at How Much Money Do YouTubers Make?
6. Dropshipping
Dropshipping is a popular way to start a side hustle. This type of business lets you sell products online without needing to have inventory. All you do is set up an online store, and when a customer orders, the supplier ships the product directly to them.
You don’t need a big budget to start dropshipping. Most of the costs go into creating and marketing your online store, so this can make it a low-risk option for beginners.
7. Virtual assistance
Virtual assistance is a flexible and rewarding side hustle. If you’re good at organizing, managing tasks, or providing customer support, you can help businesses stay on track.
Virtual assistants (VAs) do many kinds of work. You might handle emails, manage social media accounts, manage their blog, schedule appointments, and more. You can choose tasks that match your skills.
You don’t need much to get started. A computer and internet connection are enough. Many clients don’t care about formal education as long as you can do the job well.
I was a virtual assistant for several years, and I really enjoyed the job. Now, I currently have a virtual assistant and she is a lifesaver for my business!
You can learn more at How To Find Virtual Assistant Jobs.
8. Selling ebooks
Selling ebooks is a good way to make money online. You can write about anything you know well. Whether it’s cooking, personal finance, fiction, or self-help, there’s an audience for your expertise.
Or, you can also write fiction such as romance novels.
Publishing platforms like Amazon Kindle Direct Publishing (KDP) and Barnes & Noble Press make it easy to self-publish and reach a wide audience. You can also sell your ebook directly from your own website, allowing you to keep a larger portion of the profits.
Promotion is extremely important when it comes to writing a book, so you’ll want to use digital marketing, such as social media, your blog, or even email marketing to reach potential book buyers.
The best part about selling ebooks is that it creates passive income. Once your ebook is published, it can possibly sell with little ongoing effort, making it a great way to earn money over time.
9. Graphic design
Graphic design is a good side hustle for anyone with a creative eye. You can use your skills to create logos, websites, social media graphics, and more. People and businesses always need good design to stand out.
I have hired graphic designers many times in the past, and I know of many other business owners who have as well.
One of the best things about graphic design is that you can start without spending a lot of money. There are free or low-cost design tools, like Canva, that help you make professional-looking graphics without needing expensive software.
Graphic design is needed in many fields, from making social media images and website banners to designing ebooks, infographics, and print materials. This gives you the chance to pick projects that match your interests and skills.
10. Freelance writing
Freelance writing is a great way to make extra money. If you love writing, it’s a perfect fit. You can write about topics you enjoy and get paid for it. Many businesses need content for their blogs, websites, and newsletters.
As a beginner, you might start with lower-paying jobs. This helps you build a portfolio. Over time, you can raise your rates as you gain experience.
There are many types of freelance writing. You can write articles, blog posts, product descriptions, or social media content. You might also do copywriting or ghostwriting.
I have been a freelance writer for years and I really enjoy it due to the flexible schedule and being able to work from home.
You can learn more at 14 Places To Find Freelance Writing Jobs – (Start With No Experience!).
11. Email marketing
Email marketing is a great side hustle. It involves sending emails to a group of people to promote products, services, or events. This may involve running your own email list or helping other businesses reach their customers directly.
You don’t need much to start. Just a computer, internet connection, and starting an email list on a platform like Convertkit.
For my email list, I use Convertkit. They make it easy to manage my newsletter email list and send high-quality emails.
12. SEO consulting
SEO consulting is all about helping websites appear higher in search engines like Google. If a website ranks higher, more people will visit it.
This might involve fixing content, making the site faster, looking for the best keywords (with keyword research), doing competitor analysis, building links from other sites, on-page optimization, and making sure the site works well on mobile devices. You’ll also need to keep up with the latest SEO trends and changes since search engines are always changing.
13. Run Facebook ads for small businesses
By running Facebook ads for local businesses, you can help small businesses reach new customers, and you may be able to earn $1,000 a month for each client that you have.
Facebook is one of the largest advertising spaces that exists, and this is an area that will just continue to grow and be popular.
Also, there is a free webinar (you can sign up here) that will teach you how to start this business, even if you’re new.
14. Influencer marketing
Influencer marketing is when you use social media to promote products or services. There are many social media platforms that you can get started with, such as Instagram, TikTok, YouTube, and Facebook.
You have probably seen people on Instagram or YouTube showing off clothes, their favorite electronics, vacations, or even food. These content creators are getting paid to do that.
You don’t need millions of followers to start. Even with a few thousand engaged followers, brands might pay you to talk about their products.
I have done many influencer marketing partnerships over the years and I think it’s a great gig, especially if you have passion for the topic that you are creating content on.
15. Video editing
Video editing is a great digital marketing side hustle. Lots of businesses need videos to promote their products or services, and you can help them create polished, engaging content.
You don’t need a lot of fancy equipment to start. A decent computer and good editing software will do.
Many video editing projects can be done remotely so this means you can work from home or anywhere with an internet connection.
Video content is everywhere. From YouTube to Instagram, more people want high-quality videos and this means there’s a growing demand for video editors.
Frequently Asked Questions
Below are answers to common questions about digital marketing side hustles.
Is digital marketing a good side hustle?
Yes, digital marketing can be a good side hustle. There are many ways to make money with digital marketing, so there is probably something that may fit what you’re looking for. Plus, many digital marketing side hustles don’t cost a lot of money to begin, so there is little risk to start.
Can I do digital marketing with no experience?
Yes, you can start digital marketing with no experience. Many online resources (such as blog posts) and courses can teach you the basics.
What are some digital marketing side hustles for beginners?
For beginners, some great digital marketing side hustles include blogging, managing social media accounts, and affiliate marketing. You might also try selling online courses or creating a YouTube channel. These are all beginner-friendly options.
What’s the best way to learn digital marketing skills to make money on the side?
The best way to learn digital marketing skills for making extra money is to start with free resources like blogs, YouTube videos, and podcasts that teach the basics. After that, you can take online courses to learn more about specific topics like SEO, content marketing, social media marketing, or email marketing.
How can I turn email marketing into a profitable side job?
To turn email marketing into a profitable side job, start by building an email list. You can share valuable content or discounts to your subscribers. Then, send regular newsletters or promotional emails.
Best Digital Marketing Side Hustles – Summary
I hope you enjoyed this article on the best digital marketing side hustles.
Digital marketing side hustles can be a great way to make extra money from home. Whether you like blogging, managing social media, or affiliate marketing, there’s probably a side hustle that can match your interests.
Many of the digital marketing jobs listed above are flexible and can be done from anywhere, making them really appealing.
There are also lots of resources to help you get started, so even beginners can jump in and start earning. If you want to add to your income or try out a new career, digital marketing side hustles can be a great choice.
What digital marketing side hustles are you interested in?
Wyoming is a state filled with natural beauty and fascinating history. Whether you’re looking to rent in Cheyenne or searching for an apartment in Casper, living in Wyoming offers a unique experience. From its vast landscapes to its small-town charm, there’s much to discover about the Cowboy State. Here are some fun facts about Wyoming that might surprise you.
1. Yellowstone National Park is the first national park in the world
Established in 1872, Yellowstone is a symbol of America’s natural heritage. It spans over 2 million acres and hosts diverse wildlife. Geysers, hot springs, and the iconic Old Faithful are just a few highlights. The park’s creation set the precedent for preserving natural wonders across the country.
2. Wyoming was the first state to grant women the right to vote
In 1869, Wyoming made history by giving women the right to vote. This bold move earned it the nickname “The Equality State.” Wyoming’s commitment to equality continued when it elected the first female governor in the U.S.
3. The state is home to the smallest population in the U.S.
With fewer than 600,000 residents, Wyoming has the smallest population of any U.S. state. Despite its size, Wyoming is known for its tight-knit communities and wide-open spaces. The lack of crowding offers residents a peaceful, close-to-nature lifestyle. You’ll rarely find traffic jams in Wyoming’s towns.
4. Devils Tower was the first declared United States National Monument
In 1906, President Theodore Roosevelt designated Devils Tower as the first national monument. This striking rock formation rises 867 feet from its base. It holds cultural significance for Native American tribes and attracts climbers and tourists alike.
5. The cowboy spirit is alive and well in Wyoming
Wyoming is known for its cowboy culture, and ranching and rodeos are integral parts of the state’s identity. Wyoming hosts the Cheyenne Frontier Days, the largest outdoor rodeo. Cowboys and cowgirls from all over compete in this week-long event. Wyoming’s Western heritage is celebrated year-round in towns across the state.
6. The Wind River Range has some of the best rock climbing in the country
For adventure seekers, the Wind River Range is a climber’s paradise. The range offers challenging routes and breathtaking scenery. The Cirque of the Towers is a particularly popular spot. This rugged area attracts climbers from around the world.
7. Wyoming produces more coal than any other state
Wyoming is the leading coal producer in the United States. The state’s vast coal reserves contribute significantly to its economy. Nearly 40% of the country’s coal comes from Wyoming’s mines. The industry provides jobs and supports local communities. Despite shifts in energy trends, coal remains vital here.
8. Jackson Hole has one of the steepest vertical drops in North America
Ski enthusiasts flock to Jackson Hole for its challenging terrain. The mountain’s vertical drop of 4,139 feet is among the steepest on the continent. Jackson Hole’s slopes attract world-class skiers and snowboarders. The resort also offers stunning views of the Teton Range.
9. Wyoming has the lowest population density in the lower 48 states
With only six people per square mile, Wyoming offers plenty of space to spread out. This low density provides a sense of solitude and freedom. It’s ideal for those seeking a quieter, more private lifestyle. The open landscape enhances the feeling of living in harmony with nature.
10. The state has a strong tradition of ranching and farming
Agriculture plays a crucial role in Wyoming’s economy and culture. Cattle ranching, in particular, has deep roots in the state. Wyoming’s wide plains are perfect for raising livestock. The state also produces significant amounts of hay, barley, and wheat. Ranching families often pass their traditions down through generations.
11. The University of Wyoming is the only four-year institution in the state
Founded in 1886, the University of Wyoming is a cornerstone of education. Located in Laramie, it serves students from across the state and beyond. The university offers diverse programs and has a strong focus on research. It’s also home to the state’s only law school.
12. Wyoming is a top destination for stargazing
The state’s low light pollution makes it ideal for observing the night sky. Areas like the Snowy Range and Bighorn Mountains offer spectacular views. Stargazers can see the Milky Way with the naked eye. Wyoming’s clear skies and high elevations enhance the experience.
13. The Wyoming state flag was designed by a local resident
The distinctive flag, featuring a bison and the state seal, was designed by Verna Keays. In 1917, the design was selected in a statewide contest. The bison symbolizes Wyoming’s wildlife and frontier heritage.
14. Wyoming is a major producer of natural gas
Natural gas production is a significant part of Wyoming’s energy sector. The state ranks among the top 10 producers in the nation. Wyoming’s gas fields contribute to both local and national energy supplies. This industry plays a key role in the state’s economy. It’s another example of Wyoming’s natural resource wealth.
15. Wyoming’s Old West history is preserved in numerous museums
The state’s rich history is showcased in its many museums. Places like the Buffalo Bill Center of the West in Cody offer immersive experiences. These museums preserve the stories of Wyoming’s early settlers, Native American tribes, and cowboy culture. They provide valuable insights into the state’s past. Visitors can step back in time and explore the Old West.
Charlotte, North Carolina, is a city where Southern charm meets modern sophistication. Often referred to as the “Queen City,” Charlotte has emerged as a vibrant hub for finance, culture, and innovation. Whether you’re considering renting a house or an apartment in Charlotte, NC, buying a home in the area, or just in the beginning phases of imagining life here, we’ll explore just a glimpse of what Charlotte has in store for you in this Rent. guide. Here’s a closer look at what makes Charlotte so well-known and beloved.
What Charlotte is known for: A blend of Southern charm and modern flair
1. Financial powerhouse
Charlotte is the second-largest banking center in the United States, trailing only behind New York City. It’s home to major financial institutions like Bank of America and the East Coast headquarters of Wells Fargo. The city’s financial district, Uptown Charlotte, buzzes with skyscrapers, upscale dining, and cultural landmarks.
2. NASCAR capital
Charlotte is synonymous with NASCAR. The city is home to the NASCAR Hall of Fame, a must-visit for any racing enthusiast. Additionally, Charlotte hosts several major races throughout the year at the Charlotte Motor Speedway, drawing fans from all over the country. Many NASCAR teams and drivers are based in the Charlotte area, cementing the city’s reputation as the heart of motorsports.
3. Culinary scene
Charlotte’s food scene is an eclectic mix of Southern comfort and contemporary innovation. “Charlotte is a city that is full of culture,” Christa Sagmoe with The Avid Pen explains. “You can spend a Friday night gallery hopping from Southend to Myers Park or spend a Saturday morning walking through the gardens of the Duke Mansion or Winghaven. If you’re a foodie at heart, you can enjoy delicious French pastries from Cafe Marie or Copain or, if you prefer Italian fare, Mano Bella recently opened across from the SouthPark Mall where everything is made fresh in-house with products either imported from Italy or sourced from local farms. There’s no doubt when it comes to things to see and do, Charlotte’s got a lot.”
Charlotte is also a craft beer destination, with over 30 breweries in the area.
4. Arts and culture
Charlotte is a cultural melting pot, offering a wide range of experiences for art lovers. “Charlotte’s vibrant street art scene is a hidden gem that captures the city’s creative pulse. From the colorful murals in NoDa to the intricate designs tucked away in South End alleys, the city’s walls tell stories of its past, present, and future,” explains Victor Bubuioc with Overtop Media Digital Marketing. “These artworks aren’t just eye-catching; they reflect Charlotte’s diverse culture and the voices of its local artists. Our Instagram account @overtopmedia features some of these local greats, offering a unique and authentic glimpse into the heart of the Queen City.”
The city is also home to the Levine Center for the Arts, which includes the Mint Museum, the Bechtler Museum of Modern Art, and the Harvey B. Gantt Center for African-American Arts + Culture. Music and theater thrive in Charlotte, with venues like the Blumenthal Performing Arts Center hosting Broadway shows, concerts, and dance performances year-round.
5. Sports enthusiasm
Beyond motorsports, Charlotte has a deep passion for professional and collegiate sports. The city is home to the NFL’s Carolina Panthers and the NBA’s Charlotte Hornets, providing sports fans with action-packed events year-round. College football also has a strong presence, with the Duke’s Mayo Bowl and ACC Football Championship held at Bank of America Stadium.
6. Indoor and outdoor activities
Despite its urban growth, Charlotte maintains a love for the outdoors. The city offers numerous parks, greenways, and nature preserves like Freedom Park and the U.S. National Whitewater Center. The latter is a unique destination that offers whitewater rafting, kayaking, rock climbing, and zip-lining, appealing to adventure seekers and nature lovers alike.
There are plenty of indoor activities to match the plethora of outdoor activities. “Charlotte is known for being a melting pot, with an amazing social scene and welcoming atmosphere for all newcomers,” explains Karen Mikami marketing director of SportsLink, Bottoms Up Events, and Charlotte Nightlife. “Join one of the many adult sports leagues organized by SportsLink, hit up a weekend festival, or check out the bustling nightlife. Regardless of what you’re looking for, Charlotte is a fantastic place to forge new friendships and experience something new and exciting.”
7. Southern hospitality
At its core, Charlotte is known for its warm, welcoming atmosphere. The city’s blend of Southern hospitality and modern appeal creates a unique sense of community. Neighborhoods like Dilworth, Plaza Midwood, and Myers Park offer a charming mix of historic homes, tree-lined streets, and friendly locals, making Charlotte a place where people feel at home.
8. Growing tech scene
While Charlotte is often celebrated for its financial prowess, it is also becoming a hub for tech and innovation. The city is attracting startups and tech companies, particularly in fintech, with a growing number of incubators and co-working spaces. This trend is positioning Charlotte as a rising star in the tech landscape.
9. Education and research
Charlotte is known for its educational institutions, including the University of North Carolina at Charlotte (UNC Charlotte), which is a key player in research and innovation. The city’s focus on education shines through its museums and science centers, such as Discovery Place Science, which fosters a love of learning in people of all ages.
10. Historical significance
Charlotte holds an important place in American history. Its name is in honor of Queen Charlotte of Mecklenburg-Strelitz, wife of King George III. It played a role in the American Revolution, with local leaders declaring independence from Great Britain in the Mecklenburg Declaration of 1775, a year before the Declaration of Independence.
The Queen City: Where tradition meets tomorrow
“Charlotte is known for growth, and they are accomplishing this by respecting the past while creating a better future,” Steve Lonnen with SL Home Group concludes. “Charlotte today attracts over a hundred people daily with its incredible location, access to beach and mountains, four seasons, cost-of-living, dynamic job market, professional and collegiate sports, top 10 international airport, arts, and music festivals, local attractions, hundreds of parks and greenways, a fun/vibrant nightlife, and exploding culinary scene.
Today Charlotte offers all the options of a big city while maintaining the southern charm and warm welcome of a small town. This is why Charlotte consistently ranks as a the top five growing cities, and one of the most desired cities to live in in the entire country,” Lonnen shares.
Charlotte is a city that beautifully balances its rich history with a forward-thinking mindset. Whether it’s the allure of its financial sector, the excitement of its sports culture, or the warmth of its community, Charlotte has something special that draws people in and keeps them coming back.
Wesley Masters works on Redfin’s stellar Content Marketing team as a content writing specialist. She has been with Rent. since 2023 and her previous experiences include non-profit communications, graphic design, and content creation. Wesley lives in Atlanta, GA, and loves outdoor walks, hanging out with her loved ones, and finding new recipes to try on Pinterest. Her ideal home is a brownstone with contemporary interiors.
Vermont is a state filled with charming towns, stunning landscapes, and a rich history that draws people in. Whether you’re looking to rent in Burlington or searching for an apartment in Montpelier, living in Vermont offers a unique experience. From its maple syrup production to its love for the outdoors, Vermont has a lot to offer. Here are 15 fun facts about Vermont that showcase what makes this state so special.
1. Vermont’s state tree is the sugar maple
The sugar maple represents the rich tradition of maple syrup production in Vermont. The state produces nearly half of the country’s maple syrup. Fall foliage in Vermont is stunning, with the sugar maple’s vibrant colors.
2. Vermont was the first state to abolish slavery
In 1777, Vermont became the first state to ban slavery in its constitution, several decades before the Thirteenth Amendment was ratified. This progressive stance set Vermont apart early in American history. The state’s commitment to freedom remains a significant part of its identity. Vermont’s history reflects its values of equality and justice.
3. Ben & Jerry’s was founded in Vermont
The famous ice cream company Ben & Jerry’s started in Burlington in 1978. Founders Ben Cohen and Jerry Greenfield turned a simple ice cream shop into a global brand. Visiting the original Ben & Jerry’s shop in Vermont is a must for ice cream lovers.
4. Vermont is the only New England state without a coastline
Vermont may lack a coastline, but that doesn’t mean locals can’t enjoy a day on the water at one of the state’s beautiful lakes and rivers. Lake Champlain, bordering New York, offers stunning views and recreational activities. Vermont’s landscapes provide plenty of opportunities for outdoor adventures. Whether it’s hiking, fishing, or boating, Vermont has something for everyone. Even without a coastline, the state’s natural beauty is undeniable.
5. Vermont has the smallest population of any U.S. state
With just over 650,000 residents, Vermont is the least populous state in the United States. This small population contributes to the state’s tight-knit communities. Vermonters take pride in their close connections and strong sense of community. A benefit of the state’s low population density is an abundance of open space and natural beauty.
6. Vermont has more cows than people
With a population of about 650,000 people, Vermont has more dairy cows than residents. The state’s dairy industry plays a vital role in its economy. Vermont is famous for its high-quality dairy products, including cheese and ice cream.
7. Vermont is known for its covered bridges
Vermont boasts more than 100 covered bridges, the most per square mile in the U.S. These bridges, often made of wood, are symbols of New England’s architectural history. Many of Vermont’s covered bridges date back to the 19th century.
8. The von Trapp family settled in Vermont
The famous von Trapp family, depicted in The Sound of Music, made Vermont their home. After fleeing Austria, they settled in Stowe and opened the Trapp Family Lodge. The lodge remains a popular destination, offering stunning views and European-inspired hospitality.
9. Vermont has no billboards
Vermont banned billboards in 1968 to preserve its scenic beauty. The state’s commitment to maintaining its natural landscapes is evident in this decision. This ban ensures uninterrupted views of Vermont’s mountains, forests, and valleys. Drivers can enjoy the state’s scenery without commercial distractions.
10. Vermont is the leading producer of marble
The state is renowned for its high-quality marble quarries. Vermont marble has been used in famous buildings like the U.S. Supreme Court. The state’s marble industry dates back to the early 19th century. Quarrying remains an important part of Vermont’s industrial heritage.
11. Vermont has a high number of craft breweries
With over 60 breweries, Vermont has the most breweries per capita in the U.S. The state’s craft beer scene is thriving, offering unique and local flavors. Many breweries in Vermont use locally sourced ingredients. Craft beer enthusiasts flock to Vermont to sample its diverse offerings.
12. Vermont is famous for its fall foliage
Every autumn, Vermont’s landscape transforms into a vibrant display of reds, oranges, and yellows. The state attracts visitors from all over to experience this natural spectacle. Vermont’s forests and mountains provide the perfect backdrop for taking in the picturesque scenery.
13. Vermont was an independent republic before joining the U.S.
Before becoming the nation’s 14th state, Vermont was an independent republic from 1777 to 1791. It had its own constitution, currency, and government. Vermont’s brief independence is a unique aspect of its history.
14. Montpelier is the smallest state capital in the U.S.
Montpelier, VT, holds the title of the smallest state capital by population, with roughly 8,000 residents. Despite its size, Montpelier is a charming city with an extensive history. The capital offers a close-knit community feel and historic architecture. It’s also the only U.S. state capital without a McDonald’s.
15. Vermont’s Green Mountains inspired its name
The state’s name, Vermont, comes from the French “vert mont,” meaning “green mountain.” The Green Mountains are a defining feature of the state’s landscape. These mountains offer numerous recreational opportunities, including skiing, hiking, and camping. Vermont’s natural beauty is closely tied to its mountainous terrain.
Setting up your first credit card is a major money milestone: You’re embarking on the freedom to purchase goods and services pretty much whenever, wherever you like. You’re also starting on an important credit-building journey as well.
As you move ahead in this process, you’ll need to understand the ins and outs of setting up a credit card to ensure you choose the right card for your needs and then use it responsibly. To help you navigate this, we’ll share the basics on credit cards, what you need to get one, how to apply, and then the smart way to purchase with that plastic once you’ve been approved. Let’s get going.
What is a Credit Card?
A credit card is a physical card (typically a plastic one, rectangular in shape) that allows you to use your credit card account. By physically presenting the card to a vendor or keying in its numerical information online, you can use your credit card to make purchases, donate funds, and withdraw cash up to your credit card limits. A word about credit limits: The average credit limit in the U.S. now is just over $30,000, but the amount you’ll be given will vary based on such factors as payment and account histories, how much debt you are carrying, and your income. A higher credit limit isn’t necessarily better (we’ll tell you more about why below) as it can allow you to rack up more debt than might be financially healthy for you. Also, note that if you are new to credit, your limit may start low and rise as you show you can responsibly pay it back on time.
Now, back to credit cards themselves. In effect, a credit card is a revolving form of a short-term loan. You then make payments to the credit card issuer. There are various types of credit cards (including all kinds of points to be earned and other rewards) to consider. And depending on your particular situation, there’s also the personal loan vs. credit card difference to ponder.
As you mull over your options, let’s be clear: Credit cards aren’t giving you this purchase power for free. You may pay an annual fee to own a credit card, and you are charged a typically high rate of interest on the balance you carry on your card. (The latest figures say that offers of new credit card accounts have an average interest rate of 19.6%, which is about 5% higher than the prevailing interest rate on existing accounts. Neither is cheap!) In addition, if you miss a payment’s due date, you will probably be assessed late fees as well. Paying careful attention to keeping your credit card account in good shape is an important responsibility.
The latest Fed intel shows that Americans carry a staggering $856 billion in credit card debt. How does that break down? The average citizen has $5,668 due on their account. From those numbers, you may well realize that owning a credit card is a serious undertaking and can lead to debt.
Why You Might Need a Credit Card
Let’s look on the bright side of why so many of us have and reply upon credit cards. They definitely make our lives easier. If you’d like to make purchases or pay bills online, then a credit card can be ideal. Plus, it’s a convenient way to make in-person transactions without needing to carry around cash. If cash is lost or stolen, it may be gone forever. With a credit card, though, you can report yours as lost or stolen and the issuer can cancel your old account and provide you with a new number and card.
When you’re short of cash, a credit card can help you to make necessary purchases. Let’s say your washer/dryer breaks and you’d need about six months to save up for a new one. A credit card lets you get the appliance right now (and clean your laundry) while paying over time. Or maybe you get hit with a major car repair or dental bill. A credit card gives you the power to pay upfront and then gradually whittle that balance down.
Another reason you probably need a credit card: Many lodging facilities and car rental companies, as just two examples, may ask for a credit card number to hold your reservation.
Basic Requirements to Get a Credit Card
Credit card issuers may differ somewhat in the specifics of their requirements to get a card. In general, though, the financial institutions look for good credit scores and the financial ability to make credit card payments. Before you apply for a credit card, you can get copies of your credit reports from the three major credit bureaus for free at AnnualCreditReport.com. If there are any errors, dispute the data, and provide correct information, sending it to each of the credit bureaus that list incorrect details. Credit scores use this information in their algorithm so, the better your credit reports look, the higher your scores should be. This makes you a better candidate for loans and lines of credit.
As a credit score benchmark, credit bureau Experian noted that the average FICO credit score increased to 714 in 2021, a four-point increase from the previous year—and the fourth year that FICO scores went up. What’s most important, though, is your FICO score and how well it aligns with the requirements of the credit card issuer where you’ve applied.
A credit card issuer will also use financial criteria to help ensure that you’re able to make the payments. This can include your income and employment stability. In fact, the CARD Act of 2009 requires credit card issuers to consider a consumer’s ability to make required payments — at least the monthly minimum based on the outstanding balance. Note that, although issuers must consider your income, there is not a minimum that they must require.
Other requirements include being the age of 18 with a Social Security number.
How to Apply For a Credit Card
Next up: how to open a credit card. It basically requires filling out an application and then submitting the application for approval.
You can apply for your credit card in multiple ways:
• in person at a financial institution
• by mail
• by phone
• online.
After checking your credit scores, you may want to compare offers (including interest rates and APRs). As we’ve noted, interest rates can be high, so do research; there are plenty of online tools and sites that allow you to scan various offers.
Some cards may be no-interest credit cards during a promotional period. Benefits can be obvious (not paying interest) but also check the length of the promotional period, what happens when it ends, and what fees may be involved.
Then apply for the card of choice that you believe you can qualify to receive. Many people opt to apply for a credit card online these days because it is quite quick and simple. You fill in basic information about yourself, and agree to a “hard inquiry” credit check (which may briefly lower your score when it shows up that you are applying for credit). Typically, there is no application fee involved to seek out a credit card.
How to Use a Credit Card Once You Have It
Once you’re approved and receive your card, it’s important to understand and follow the credit card rules. What’s most important: using a credit card responsibly. Strategies for doing that include the following:
• Don’t make too many impulse buys.”Too many,” of course, will depend upon your budget and how much your impulse purchases cost. But the truth is, when you are not pulling out cash to pay for an item, it may feel almost like it didn’t happen, unlike when you use cash or a debit card connected to your checking account. In this way, some people can wind up overspending.
• Use the appropriate credit card. If you have more than one card, consider which one is best to use; for example, will you earn rewards on a certain card?
• Take advantage of perks. If your card comes with a reward or cash-back program, take advantage of the benefits.
• Either sign up for automatic payments or for reminders. That way, you can make payments on time, which helps with credit scores.If you fall behind, this can lower your credit scores and make it more challenging to get good interest rates going forward.
• Check your monthly statements for errors. This is how you can catch identity theft and other credit card fraud. Let the issuer know ASAP when you spot something that’s not right — and report a lost or stolen card as soon as possible.
After you make purchases on your card, you’ll receive monthly statements, typically with a minimum payment (perhaps 1% to 3% of the balance or a fixed amount) and the outstanding balance. Credit card companies usually give you a grace period in which you can pay off the balance in full to avoid owing interest.
A common mistake new credit card holders make is thinking that the minimum payment due is the “right” amount to pay and somehow improves their credit. Wrong! The minimum payment is just what it says: the minimum to avoid certain fees. But it can be too easy to get into the habit of only paying the minimum payment, which means that you’ll be paying interest on the balance—and then interest on the interest. It can be hard to get out of credit card debt if you only pay the minimum and keep swiping or tapping that card. It is actually preferable to keep your balance low or non-existent (meaning pay the entire amount owed each month). What’s best for your credit score and financial health is often using only 10% or less of the credit limit on your card.
If your credit card allows you to take cash advances, carefully consider if you should use this option (and check to see what your cash advance limit is; it’s often less than the total credit card limit). Interest rates for cash advances are often higher than what you’d pay on purchases, and it isn’t unusual for a financial institution to charge a cash advance fee. If you take the money from an ATM or a bank, there will likely be additional fees. Plus, it’s standard that interest accrues from the date of withdrawal with no grace period. In other words, this can be a very costly way to get your hands on some cash.
The Takeaway
Getting a credit card is a major rite of passage as well as a big responsibility. As you’ve learned, it can be simple to apply and get approved for a card, but staying on top of your debt can take some attention and effort. Given how many Americans have at times unwieldy credit card debt and how high the rates are, use credit carefully, and you’ll enjoy its convenience and credit-building powers for years to come.
How about another way to savor convenience and cash-smart benefits? We’re talking about SoFi Checking and Savings. When you sign up for an account with qualifying direct deposits, you can get up to $300 when your direct deposit arrives into your account, and you can have access to your paycheck up to two days early. Plus you’ll earn 4.50% APY with no monthly, minimum balance, or overdraft fees.
Explore banking with SoFi today.
FAQ
What are the benefits of having a credit card?
You can use credit cards to make purchases in person and online, and then make payments over time (although interest will accrue if you don’t pay the balance in full each month). You can reserve hotel rooms, car rentals, and more; get cash advances; quickly and easily cancel a lost or stolen card and then get a replacement with a new account number; and use rewards, among other benefits.
What are the requirements for opening up a credit card?
Although credit card issuers can have different requirements, they typically want to see a good credit score and must check to see if an applicant appears to have the financial ability to make payments on the card. Additional requirements:The applicant must be 18 years old with a valid Social Security number.
How should you use your credit card?
There are a wide range of ways to responsibly use your credit card. In fact, one of its key benefits is its flexibility. So, as long as you follow the credit card rules and manage the balance responsibility, how you use it is really up to you.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with direct deposit activity can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.50% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.50% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
A spousal IRA gives a non-working spouse a way to build wealth for retirement, even if they don’t have earned income of their own.
Spousal IRAs can be traditional or Roth accounts. What distinguishes a spousal IRA is simply that it’s opened by an income-earning spouse in the name of a non-working or lower-earning spouse.
If you’re married and thinking about your financial plan as a couple, it’s helpful to understand spousal IRA rules and how you can use these accounts to fund your goals.
What Is a Spousal IRA?
A spousal IRA is an IRA that’s funded by one spouse on behalf of another. This is a notable exception to the rule that IRAs must be funded with earned income. In this case, the working spouse can make contributions to an IRA for the non-working spouse, even if that person doesn’t have earned income.
The couple must be married, filing jointly, in order for the working spouse to be able to fund a spousal IRA. For example, say that you’re the primary breadwinner for your family, and perhaps your spouse is a stay-at-home parent or the primary caregiver for their aging parents, and doesn’t have earned income. As long as you have taxable compensation for the year, you could open a spousal IRA and make contributions to it on your spouse’s behalf.
Saving in a spousal IRA doesn’t affect your ability to save in an IRA of your own. You can fund an IRA for yourself and an IRA for your spouse, as long as the total contributions for that year don’t exceed IRA contribution limits (more on that below), or your total earnings for the year.
Recommended: Understanding Individual Retirement Accounts (IRAs): A Beginner’s Guide
How Do Spousal IRAs Work?
Spousal IRAs work much the same as investing in other IRAs, in that they make it possible to save for retirement in a tax-advantaged way. The rules for each type of IRA, traditional and Roth, also apply to spousal IRAs.
What’s different about a spousal IRA is who makes the contributions. If you were to open an IRA for yourself, you’d fund it from your taxable income. When you open an IRA for your spouse, contributions come from you, not them.
It’s also important to note that these are not joint retirement accounts. Your spouse owns the money in their IRA, even if you made contributions to it on their behalf.
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Only offers made via ACH are eligible for the match. ACATs, wires, and rollovers are not included.
Spousal IRA Rules
The IRS sets the rules for IRAs, which also govern spousal IRAs. These rules determine who can contribute to a spousal IRA, how much you can contribute, how long you have to make those contributions, and when you can make withdrawals.
Eligibility
Married couples who file a joint tax return are eligible to open a spousal IRA for the non-working spouse. As long as one spouse has taxable compensation and, in the case of a Roth IRA, they meet income restrictions, they can open an IRA on behalf of the other spouse.
Taxable compensation includes money earned from working, such as wages, salaries, tips, or bonuses. Generally, any amount included in your income is taxable and must be reported on your tax return unless it’s excluded by law.
That said, a traditional IRA does not have income requirements; a Roth IRA does.
Maximum Annual Contributions
One of the most common IRA questions is how much you can contribute each year. Spousal IRAs have the same contribution limits as ordinary traditional or Roth IRAs. These limits include annual contribution limits, income caps for Roth IRAs, and catch-up contributions for savers 50 or older.
For tax-year 2024, you can contribute up to $7,000 to a traditional or Roth IRA; if you’re 50 or older you can add another $1,000 (the catch-up contribution) for a total maximum of $8,000.
Remember, you can fund a spousal contribution as well as your own IRA up to the limit each year, assuming you’re eligible. That means for the 2024 tax year, a 35-year-old couple could save up to $14,000 in an individual and a spousal IRA.
A 50-year-old couple can take advantage of the catch-up provision and save up to $16,000.
Contribution Limits for Traditional and Roth IRAs
There are a couple of rules regarding contribution limits; these apply to ordinary IRAs and spousal IRAs alike.
• First, the total contributions you can make to an individual IRA and/or spousal IRA cannot exceed the total taxable compensation you report on your joint tax return for the year.
• If neither spouse is covered by a workplace retirement account, contributions to a traditional spousal IRA would be deductible. If one spouse is covered by a workplace retirement account, please go to IRS.gov for details on how to calculate the amount of your contribution that would be deductible, if any.
There is an additional restriction when it comes to Roth IRAs. Whether you can make the full contribution to a spousal Roth IRA depends on your modified adjusted gross income (MAGI).
• Married couples filing jointly can contribute the maximum amount to a spousal Roth IRA for tax year 2024 if their MAGI is less than $230,000.
• They can contribute a partial amount if their income is between $230,000 and $240,000.
• If a couple’s income is $240,000 or higher, they are not eligible to contribute to a Roth or spousal Roth IRA.
Contribution Deadlines
The annual deadline for making an IRA contribution for yourself or a spouse is the same as the federal tax filing deadline. For example, the federal tax deadline for the 2024 tax year is April 15, 2025. You’d have until then to open and fund a spousal IRA for the 2024 tax year.
Filing a tax extension does not allow you to extend the time frame for making IRA contributions.
Withdrawal Rules
Spousal IRAs follow the same withdrawal rules as other IRAs. How withdrawals are taxed depends on the type of IRA and when withdrawals are made.
Here are a few key spousal IRA withdrawal rules to know:
• Qualified withdrawals from a traditional spousal IRA are subject to ordinary income tax.
• Early withdrawals made before age 59 ½ may be subject to a 10% early withdrawal penalty, unless an exception applies (see IRS rules).
• Spouses who have a traditional IRA must begin taking required minimum distributions (RMDs) at age 72, or 73 if they turned 72 after Dec. 31, 2022. Roth IRAs are not subject to RMDs, unless it’s an inherited Roth IRA.
• Roth IRA distributions are tax-free after age 59 ½, as long as the account has been open for five years, and original Roth contributions (i.e., your principal) can always be withdrawn tax free.
• A tax penalty may apply to the earnings portion of Roth IRA withdrawals from accounts that are less than five years old.
Whether it makes more sense to open a traditional or Roth IRA for a spouse can depend on where you are taxwise now, and where you expect to be in retirement.
Deducting contributions may help reduce your taxable income, which is a good reason to consider a traditional IRA. On the other hand, you might prefer a Roth IRA if you anticipate being in a higher tax bracket when you retire, as tax-free withdrawals would be desirable in that instance.
Recommended: Inherited IRA Distribution Rules Explained
Pros and Cons of Spousal IRAs
Spousal IRAs can help married couples to get ahead with saving for retirement and planning long-term goals, but there are limitations to keep in mind.
Pros of Spousal IRAs
• Non-working spouses can save for retirement even if they don’t have income.
• Because they’re filing jointly, couples would mutually benefit from the associated tax breaks of traditional or Roth spousal IRAs.
• Spousal IRAs can add to your total retirement savings if you’re also saving in a 401(k) or similar plan at work.
• The non-working spouse can decide when to withdraw money from their IRA, since they’re the account owner.
Cons of Spousal IRAs
• Couples must file a joint return to contribute to a spousal IRA, which could be a drawback if you typically file separately.
• Deductions to a spousal IRA may be limited, depending on your income and whether you’re covered by a retirement plan at work.
• Income restrictions can limit your ability to contribute to a spousal Roth IRA.
• Should you decide to divorce, that may raise questions about who should get to keep spousal IRA assets (although the spousal IRA itself is owned by the non-working spouse).
Spousal IRAs, Traditional IRAs, Roth IRAs
Because you can open a spousal IRA that’s either a traditional or a Roth style IRA, it helps to see the terms of each. Remember, spouses have some flexibility when it comes to IRAs, because the working spouse can have their own IRA and also open a spousal IRA for their non-working spouse. To recap:
• Each spouse can open a traditional IRA
• If eligible, each spouse can open a Roth IRA
• One spouse can open a Roth IRA while the other opens a traditional IRA.
Bear in mind that the terms detailed below apply to each spouse’s IRA.
Spousal IRA
Traditional IRA
Roth IRA
Who Can Contribute
Spouses may contribute to a traditional or Roth spousal IRA, if eligible.
Roth spousal IRA eligibility is determined by filing status and income (see column at right).
Anyone with taxable compensation.
Eligibility to contribute determined by tax status and income. Married couples filing jointly must earn less than $240,000 to contribute to a Roth.
2024 Annual Contribution Limits
$7,000; $8,000 for those 50 and up (note that each spouse can have an IRA and contribute up to the annual limit)
$7,000; $8,000 for those 50 and up
$7,000; $8,000 for those 50 and up.
Tax-Deductible Contributions
Yes, for traditional spousal IRAs*
Yes*
No
Withdrawals
Withdrawal rules for both types of spousal IRAs are the same as for ordinary IRAs (see columns at right).
Qualified distributions are taxed as ordinary income.
Taxes and a penalty apply to withdrawals made before age 59 ½ , unless an exception applies, per IRS.gov.
Original contributions can be withdrawn tax free at any time (but not earnings).
Distributions of earnings are tax free at 59 ½ as long as the account has been open for 5 years.
Required Minimum Distributions
Yes, for traditional spousal IRAs. RMDs begin at age 72**
Yes, RMDs begin at age 72**
RMD rules don’t apply to Roth IRAs.
* Deduction may be limited, depending on your income and whether you or your spouse are covered by a workplace retirement plan. ** You must take withdrawals from a traditional IRA once you reach 72 (or 73, if you turn 72 in 2023 or later).
Dive deeper: Roth IRA vs. Traditional IRA: Which IRA is the right choice for you?
Creating a Spousal IRA
Opening a spousal IRA is similar to opening any other type of IRA. Here’s what the process involves:
• Find a brokerage. You’ll first need to find a brokerage that offers IRAs; most will offer spousal IRAs. When comparing brokerages, pay attention to the investment options offered and the fees you’ll pay.
• Open the account. To open a spousal IRA, you’ll need to set it up in the non-working spouse’s name. Some of the information you’ll need to provide includes the non-working spouse’s name, date of birth, and Social Security number. Be sure to check eligibility rules.
• Fund the IRA. If you normally max out your IRA early in the year, you could do the same with a spousal IRA. Or you might prefer to space out contributions with monthly, automated deposits. Be sure to contribute within eligible limits.
• Choose your investments. Once the spousal IRA is open, you’ll need to decide how to invest the money you’re contributing. You may do this with your spouse or allow them complete freedom to decide how they wish to invest.
As long as you file a joint tax return, you can open a spousal IRA and fund it. It doesn’t necessarily matter whether the money comes from your bank account, your spouse’s, or a joint account you share. If you’re setting up a spousal IRA, you can continue contributing to your own account and to your workplace retirement plan if you have one.
Start Your IRA With SoFi
Spousal IRAs can make it easier for couples to map out their financial futures even if one spouse doesn’t work. The sooner you get started with retirement saving, the more time your money has to grow through compounding returns.
Ready to invest for your retirement? It’s easy to get started when you open a traditional or Roth IRA with SoFi. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
Help grow your nest egg with a SoFi IRA.
FAQ
What are the rules for a spousal IRA?
Spousal IRA rules allow a spouse with taxable compensation to make contributions to an IRA on behalf of a non-working spouse. The non-working spouse owns the spousal IRA and can decide how and when to withdraw the money. Spousal IRA withdrawals are subject to the same withdrawal rules as traditional or Roth IRAs, depending on which type of account has been established.
Is a spousal IRA a good idea?
A spousal IRA could be a good idea for married couples who want to ensure that they’re investing as much money as possible for retirement on a tax-advantaged basis. In theory, a working spouse can fund their own IRA as well as a spousal IRA, and contribute up to the maximum amount for each.
Can I contribute to my spouse’s traditional IRA if they don’t work?
Yes, that’s the idea behind the spousal IRA option. When a wife or husband doesn’t have taxable income, the other spouse can make contributions to a spousal traditional IRA or Roth IRA for them. The contributing spouse must have taxable compensation, and the amount they contribute each year can’t exceed their annual income amount or IRA contribution limits.
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Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Disclaimer: The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results.
Cincinnati is a city that combines Midwestern charm with big-city amenities, making it an appealing place for those considering a move. From its thriving arts scene to its deep-rooted local traditions, there’s much to love about living in the Queen City. Read on to find out what to expect if you’re considering a move to the Cincinnati area in 2024.
You know it from: Killing of a Sacred Deer, Point Blank
Average 1 bedroom rent: $1,610 | Cincinnati apartments for rent, Cincinnati houses for rent
Average home price: $275,500 | Cincinnati homes for sale
Average cost of full-service moving services: $168/hr for 2 movers
Average cost to rent a moving truck: $19 – $39/day
Top industries: Life Sciences, Professional Services, Manufacturing, Technology
Move here for: Big city amenities at an affordable price, Outdoor recreation, World-class medical care
Be sure to bring: Your walking shoes for all those hills, your kayak/paddleboard, and your appetite
1. Cincinnati’s unpredictable weather is something you’ll quickly get used to
Cincinnati experiences all four seasons, often in dramatic fashion. Summers can be hot and humid, while winters are cold, with occasional snowstorms that can catch even the most prepared off guard. Spring and fall bring beautiful but brief periods of mild weather, with the occasional rainstorm that can turn a sunny day into a soggy one.
Moving Tip: If you’re new to the city, investing in a quality winter coat and a sturdy umbrella is a must. The upside? When the weather cooperates, Cincinnati’s parks and outdoor spaces are breathtaking.
2. The local food scene is excellent and Skyline Chili is a rite of passage
Cincinnati’s food culture is as varied as its residents, but there’s one dish you’ll hear about repeatedly: Skyline Chili. This unique take on chili is served over spaghetti and topped with a mountain of shredded cheese (and additional toppings if desired.) While it might sound unusual, it’s a beloved local staple. Beyond Skyline, Cincinnati offers an impressive array of dining options, from the historic Findlay Market with its fresh produce and artisan foods to trendy Over-the-Rhine (OTR) eateries serving up everything from farm-to-table fare to global cuisine. Newcomers should embrace the local food scene, and yes, that includes giving Skyline Chili a try at least once.
Moving Tip: If a Cincy local asks you about the 3/4/5 rule, they’re probably referring to Cincinnati Chili which can be prepared several ways. 3 way is just spaghetti, chili, and cheese. 4 way adds either onions or beans to the dish. Finally, 5 way chili includes spaghetti, chili, cheese, beans, and onions.
3. Cincinnati is a city of neighborhoods, each with its own vibe
Cincinnati is a patchwork of distinct neighborhoods, each offering something different. Whether it’s the historic charm of Over-the-Rhine, the upscale feel of Hyde Park, or the bohemian vibe of Northside, there’s a neighborhood for everyone. Exploring these areas is key to finding where you’ll feel most at home. Understanding the character of these neighborhoods will help you find your place in Cincinnati, whether you’re seeking a lively social scene or a quiet, suburban feel.
Moving Tip: Each neighborhood has its own main street, complete with cafes, bars, and shops, making them feel like little towns within the city.
4. The cost of living is affordable compared to other major cities
Cincinnati is known for its relatively low cost of living, especially when compared to larger cities like New York or San Francisco. Housing is reasonably priced, and there’s a good mix of rental options, from downtown lofts to suburban homes. Groceries, dining, and entertainment are also affordable, making it easier to enjoy what the city has to offer without breaking the bank.
5. Cincinnati loves its sports teams, win or lose
Sports are a big deal in Cincinnati. The city is home to the Cincinnati Bengals (NFL) and the Cincinnati Reds (MLB), and attending a game is almost a rite of passage for newcomers. Even if you’re not a die-hard sports fan, the energy and excitement surrounding game days are infectious. The city’s sports culture is about more than just the teams; it’s about community and tradition. From tailgating at Paycor Stadium to catching a game at the historic Great American Ball Park, sports bring people together here, and you’ll quickly find yourself swept up in the local enthusiasm.
6. The arts and culture scene is thriving and accessible
Cincinnati has a surprisingly robust arts and culture scene, with something for everyone. The Cincinnati Art Museum offers free admission and houses an impressive collection, while the Contemporary Arts Center showcases cutting-edge works. Music lovers can enjoy performances by the Cincinnati Symphony Orchestra or catch a show at one of the many live music venues around town. The city also has a thriving theater scene, with the Aronoff Center hosting Broadway shows and smaller theaters like Playhouse in the Park offering more intimate performances.
Moving Tip: Many of these cultural experiences are affordable or even free, making it easy to enjoy the city’s creative offerings.
7. The city is steeped in history, and you’ll feel it everywhere
Cincinnati’s rich history is evident in its architecture, landmarks, and even its streets. Founded in 1788, the city played a significant role in America’s westward expansion and was a major stop on the Underground Railroad. You can explore this history at places like the National Underground Railroad Freedom Center or by taking a stroll through the historic Over-the-Rhine neighborhood, which boasts one of the largest collections of 19th-century buildings in the country. Living in Cincinnati means being surrounded by history, and there’s always something new to learn about the city’s past.
8. Cincinnati is a hub for festivals and events year-round
No matter the season, there’s always something happening in Cincinnati. From the famous Oktoberfest Zinzinnati, the largest Oktoberfest celebration in the U.S., to the eclectic Cincinnati Fringe Festival, the city knows how to throw a party. These events are a great way to experience the city’s culture, meet new people, and try local foods. The summer months are particularly busy, with music festivals, food truck rallies, and outdoor concerts happening almost every weekend. If you’re moving to Cincinnati, prepare to mark your calendar with a year’s worth of festivals and events.
9. A car is essential
Cincinnati’s public transportation options are limited compared to other cities of its size. The Metro bus system covers much of the city, but service can be infrequent, especially outside of peak hours. The new Connector streetcar is a fun way to get around downtown and Over-the-Rhine, but it doesn’t extend far beyond those areas. For most residents, owning a car is essential for getting around the city and the surrounding suburbs. Fortunately, traffic isn’t too bad outside of rush hour, and parking is generally easy to find and affordable.
10. The Ohio River is a major part of Cincinnati life
The Ohio River is more than just a scenic backdrop for the city; it’s a central part of life in Cincinnati. The riverfront is home to Smale Riverfront Park, where you can stroll along the water, enjoy outdoor concerts, or rent a bike to explore further. The river is also the site of many annual events, including the Riverfest fireworks display and the Tall Stacks Music, Arts & Heritage Festival. For those who love being on the water, there are opportunities for boating, kayaking, and even river cruises.
11. Cincinnati has a growing job market, especially in tech and healthcare
Cincinnati’s job market is on the rise, with significant growth in the tech and healthcare sectors. Major employers like Procter & Gamble, Kroger, and Cincinnati Children’s Hospital are headquartered here, providing a steady stream of job opportunities. The city is also becoming a hub for startups, with a supportive ecosystem for entrepreneurs. This growth is attracting young professionals to the area, contributing to the city’s dynamic workforce. If you’re looking for a city with a strong job market and opportunities for career advancement, Cincinnati is worth considering.
12. Cincinnati is home to some beautiful parks and green spaces
Nature lovers will feel at home in Cincinnati, thanks to its abundance of parks and green spaces. The city’s crown jewel is Eden Park, offering stunning views of the Ohio River and the city skyline. Other notable parks include Ault Park, with its beautiful gardens and walking trails, and Washington Park in Over-the-Rhine, which hosts concerts, markets, and movie nights. The city’s commitment to green spaces makes it easy to enjoy the outdoors, whether you’re going for a run, having a picnic, or just taking in the scenery.
Methodology: Average rent prices sourced from Rent.com August 2024. Home prices sourced from Redfin August 2024. Average moving costs sourced from MoveBuddha. Employment data sourced from Redi Cincinnati.