Last Updated: April 6, 2020 BY Michelle Schroeder-Gardner – 45 Comments
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Lately, I’ve been hearing more and more about families relying on credit cards for their emergency savings fund.
This is something that scares me as while credit cards may work for some, I believe that emergency savings funds are a better solution for the average person. Whatever emergency fund amount you decide on, it’s better than nothing in my mind.
As I stated in the article Everything You Need To Know About Emergency Funds, 26% of Americans have no emergency fund whatsoever.
Also, only 40% of families have enough in savings to cover three months of expenses, with an even lower percentage having the often recommended six months worth of savings.
There are many things you should think about when it comes to whether or not you should use a credit card as your emergency fund.
What’s your financial situation?
Different people need a different emergency fund amount.
Some of the things you will want to think about when determining your emergency fund amount is the stability of your job, your income when compared to your expenses, whether you own a house and/or car or not, your health, and more.
Basically, the “riskier” your situation, the larger the emergency fund you will most likely want. If your situation is quite risky, then using a credit card for your emergency fund may be a bad idea because there is a large chance you may rack up credit card debt that you are unable to pay off whenever an emergency arises.
How much risk are you willing to take on?
By relying entirely on credit cards, you are going to be taking on a lot of risk.
You never know if something may come up, how big the expense may be, and whether or not you will have enough credit to fund the expense.
Plus, the interest rate on your credit card may hover somewhere near 25%, which can make for an expensive bill if you are unable to pay your credit card bill before interest accrues.
When does using a credit card for your emergency fund amount make sense?
Now, I understand that different techniques work for different people. There are situations where using a credit card for your emergency savings fund may not be a completely bad idea. If you know that you can pay off a large expense within one month (such as if you have a large income but a low level of expenses), if you have a lot of credit card debt at high-interest rates that you are trying to pay off (your money may be put to better use by paying off your debt first), and so on.
However, the problem with this thinking is what happens if you lose your job? Many have emergency funds that exist so that they can support themselves if they were to lose their job. What would happen if you relied on credit cards but lost your main source of income?
It would lead to a lot of credit card debt. Unmanageable credit card debt…
Having a “real” emergency fund can be much more worthwhile.
There are many other reasons to have a fully-funded emergency fund:
An emergency fund can help you if you lose your job. No matter how stable you think your job is, there is always a chance that something could happen where you may need money fast.
An emergency fund is wise if you don’t have great health insurance. This is another reason why we have a well-funded emergency fund. We do not have the greatest health insurance, with our deductible being over $12,000 annually. Having an emergency fund can help protect us if something were to happen to either of us.
An emergency fund is a good idea if you have a car. You just never know if it may need a repair.
An emergency fund is a need if you own a home. One of the lucky things that homeowners often get to deal with is an unexpected home repair.
An emergency fund can protect you in many other areas as well. This can include if you have a medical cost for your pet, if you have to take time off work for something, you need to go somewhere far to visit someone who is sick, and so on.
An emergency fund is always good to have because it can give you peace of mind if anything costly were to happen in your life. Instead of building onto your stress because of whatever has happened, at least you know you can afford to pay your bills and worry about more important things.
As you can see, there are plenty of positives of having an emergency savings fund. However, I know that different things work for different people and that some prefer to use credit cards in the case of an emergency.
What do I think?
I think everyone should have some sort of emergency savings fund. Even if you can only manage $500 to $1,000 right now, that is better than nothing. $500 to $1,000 can still most likely help you by for at least a little bit. Plus, you can still put money towards high-interest rate debt after you build up your specific emergency fund amount.
My problem with using credit cards as your sole source for an emergency fund is that it may lead to more debt in some situations.
Do you rely on credit cards for your emergency savings fund? What do you think of relying on credit cards for your full emergency fund amount?
When it comes to investing, you have two big decisions to make: What to buy, and where to buy it. As for the former, you have all kinds of choices: cash, bonds, stocks, funds, real estate, and a piece of carpet from Elvis’ jungle room (yes, I have a piece — at least, that’s what the guy who sold it to me said it was). Regarding the latter, most people have just three general options: a traditional retirement account, a Roth retirement account, and a regular investment account. This article is about the second category — how to make the most of your investment accounts.
Stop the Sprawl
If you’re like many investors, you have accounts spread throughout the financial services industry: an IRA or two here, a brokerage account there, perhaps a 401(k) still with a former employer. If you’re married, your spouse probably has a lineup to match. By consolidating as many of those accounts as you can with a single provider, you’ll unclog your mailbox and make tax time easier — and you can even make your portfolio fatter, thanks to these advantages:
Find a better balance. Determining your asset allocation can be tough when you have to look at lots of statements. Rebalancing across several accounts gets tricky; for example, you can’t sell the bonds in your 401(k) to buy stocks in your IRA.
Move money out of mediocre (or worse) accounts. This is especially true of money left in retirement plans from former employers, which often have limited investment choices at high costs.
Get extra services and discounts. Financial companies lure big accounts with lower fees, plus planning services such as a portfolio analysis or access to a Certified Financial Planner.
Find the Best Provider
Choosing a company that deserves the honor of holding your nest egg depends on your style of investing. Here are guidelines based on your investments of choice:
Mutual funds: You can use a single fund family or go with a fund “supermarket” (such as Fidelity, Schwab, or TD Ameritrade) that offers access to thousands of funds from many families. The former is the simplest and possibly the cheapest. The latter offers far more selection.
Funds and individual stocks: Check out the big brokerages that allow you to buy stocks as well as choose form thousands of funds. Look for reasonable stock commissions and a lineup of no-load funds labeled “NTF,” for “no transaction fee.” The Fool’s Broker Center compares the options from several providers.
Stocks and ETFs: Look for the cheapest trades. Many brokerages, including Fidelity, Schwab, and Vanguard, offer free trades on some ETFs.
To Roth or Not to Roth?
By investing after-tax money in a Roth account, you trade a tax break today for one tomorrow, as your earnings and withdrawals will be tax-free. Here’s a rule of thumb: If you’ll be in the same or a higher tax bracket when you retire, go with the Roth.
There is no longer an income limit for converting traditional accounts to Roths. The converted amount gets added to your taxable income in the year you make the move, so if your traditional account is down significantly and you’re contemplating changing it to a Roth, you may want to convert some while the account is down. (Check out this article to hear from several financial planners about why a Roth conversion might make sense, though the option to spread the tax bill over two years was available only in 2010.)
The Right Investments in the Right Accounts
Don’t overlook the art of asset location — deciding which investments to put into which types of accounts. You want to put the most tax-inefficient investments in the accounts that have the most tax advantages. Here’s a summary of what should go where:
Roth accounts: Stocks with a higher potential return (such as small-cap stocks and emerging-marking stocks) and real estate investment trust (REITs).
Traditional tax-deferred accounts: Slower-growth stocks, commodities funds, Treasury inflation-protected securities (TIPS), and bonds (though, given historically low yields, the argument for keeping bonds in an IRA is not as compelling as it used to be).
Taxable, non-tax-advantaged accounts: Low-yield stocks you plan to hold for several years, low-turnover stock funds (such as many index funds and ETFs), municipal bonds, and savings bonds and I bonds.
Those are general guidelines, and can be affected by several factors, such as when you’ll need the money and your ability to pick the stocks that will have the higher return (a difficult task, indeed). For example, keep money that you need before age 59 ½ out of retirement accounts since early withdrawals from an IRA or 401(k) may result in a 10% penalty (though there are exceptions). But they’re a good starting point.
Have a Recommendation?
As for which brokerage, fund company, or online bank to choose, I’ll leave that to you readers. Have any particularly good or bad experiences? Are you happy with whomever’s holding your money? Let us know.
Final note: Don’t forget to get your free Slurpee today! You see, today is my birthday, and in honor of my Womb Liberation Day, 7-11 stores are giving away free 7.11-ounce Slurpees from 11 a.m. to 7 p.m.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
It is no secret that the internet is changing how money is made forever.
This has caused a boom in many businesses and people the ability to make money online, which is a huge benefit for you!
This trend will only continue as technology improves. If it feels daunting to jump onto this new bandwagon right now, don’t worry; we have some tips that can help you double your 10k in the next few weeks or years.
I am going to show you how to double your money so that you can retire early, pay off debt and invest in the stock market.
A lot of people would say this is impossible, but I’m not just showing it–I’m proving it!
We all have said it takes money to make money and while that is true. It is easy to start doubling your money with just $10K.
What if, right now, you decided to double your 10K by the end of the year? Maybe, you want to hit a major goal and make a huge change in only 8 short weeks?
Making money is not a difficult task. Too often, people become impatient and think that they can simply make money without putting in the effort. This is not true.
Cash is a tool and nothing more. Once you understand this concept, you can begin to figure out how to make more money. Additionally, it’s important to appreciate that it takes time to make money – don’t expect to become a millionaire overnight.
Here is a realistic guide to help you work towards that goal.
Be sure to decide which strategic way to double $10k quickly works best for your personality.
The 10K of your dreams seems impossible.
How can I double $10000 fast?
There is no one-size-fits-all answer to this question, as the best way to double your money will vary depending on your individual circumstances and goals. However, some general tips include developing a growth mindset around money, finding ways to make more money, and investing in yourself and your skills.
Keep in mind that $10,000 is not a lot of money to double in a short period of time.
How long does it take to double 10k?
The answer to this question is dependent on a number of factors.
The most important factor is the amount of time it takes for your investments to double.
If you are investing in stocks, you can quickly double 10K with an options contract within 2-3 days. If you are looking at other avenues, it will depend on how you choose to double your money.
Typically, people start seeing results in approximately 4 to 6 months to double 10k.
If your eyes are set on this, then make sure to write down one of the millionaire quotes for motivation.
What to do with 10k?
Now that you’ve earned an extra 10k, you may be wondering what to do with it.
You could save it, spend it, or invest it, but there are a few other things you could do as well.
Here are some ideas on how to make the most of your money and grow it even more.
How can I Double my Money?
There are many ways you can double your money in a short amount of time.
I am passionate about exploring the best ways to make money online. In this article, I will share some tips on how you can double your money relatively quickly. However, please keep in mind that these are general ideas to get you started.
Specifically How to Double 10k Quickly?
If you are serious about how to double your 10k fast, you will need to dedicate time on a regular basis to the tasks needed to reach your ambition. The key is to do it daily in order to keep the momentum of your progress going.
Earning money is a mindset.
To double 10k quickly, learn how to change your mindset about money.
Although doubling $10,000 may seem difficult, it can be done with the right approach.
If you have $10,000 and want to double it within a month or a few months, here are a few realistic strategies to help you reach your goal.
Idea #1 – Swing Trading with Stocks
Swing trading is a technique that allows investors to hold onto stocks for a period of time, typically two to four days. During this time, the trader watches for specific price patterns and buys or sells shares based on their analysis.
One former assistant principal, Teri Ijeoma, changed her life when she left her job as an educator and become an active trader.
Check out: My Personal Trade and Travel Review
This type of trading can be very profitable if done correctly, as it allows the trader to make twice their investment in a short amount of time.
The key is you must learn how to invest in stocks for beginners. This is one step many people overlook when they are focused on doubling their money. Either you will get lucky or you will have a huge loss. Take time and become educated on swing trading stocks.
Related Reading: How Fast Can You Make Money in Stocks?
Idea # 2- Cryptocurrencies
Cryptocurrency is a digital or virtual asset that uses cryptography for secure transactions. Cryptocurrencies are growing in popularity and may become a major part of society. Bitcoin, the first and most well-known cryptocurrency, has seen its value skyrocket in recent years.
Cryptocurrencies are often unstable because they are not regulated by any government or financial institution, and thus their value can change rapidly. However, the potential for reward is high, making cryptocurrency an attractive investment option. Because of this, cryptocurrency investments are often seen as riskier than traditional investments, but also have the potential for greater returns.
Before investing in cryptocurrency, do your research and be sure you understand the risks involved. There are many educational resources available to help you get started.
Idea # 3 – Flip Items for a Profit
Retail arbitrage is a practice where an individual or company purchases a popular product at a discounted price and then resells it for profit at another online retailer. This can be done on marketplaces like Craigslist, eBay, and Facebook Marketplace.
This is a great way to make some extra money on the side. You need some time and a willingness to invest, but if you find the right deals, you can make a good return on your investment.
Many people have great success by flipping items from auctions, free groups, or local goodwill store.
Check Out: Flea Market Flipping
Idea #4 –Resell Products on Amazon FBA
Amazon FBA is a service for independent entrepreneurs who want to start their own e-commerce business. They can offer products on Amazon and work with Amazon directly to fulfill orders, collect payments, and provide customer service. By doing this, they don’t have to worry about the inventory and can focus on other aspects of their business.
This is another avenue for selling your flipping treasures.
There are a few ways to make money through reselling products. You can either find products to sell on Amazon or Ebay, or you can dropship products from a supplier. If you want to find your own products to sell, you’ll need to do some research on what is selling well and what prices are competitive. If you want to dropship, you’ll need to find a supplier and create an account with them.
Idea #5 – Start a Business or Invest in a Franchise Company
Starting a business is not easy. It requires a lot of work and effort, but if you’re willing to put in the time and effort it can be very rewarding.
Starting your own business is one of the most difficult things you can do, but it’s also one of the most rewarding. There are many different businesses you can start that have low overhead costs, so it’s a great way to get started.
Think of the things you enjoy doing or any hobbies you have. Look for business opportunities that line up with your interests. Then, it makes working much easier.
Here are great ways to make money on the side:
It is possible to make more money on your business than you make more money in your current job or career.
Idea # 6 – Real Estate Portfolio
Real estate is a recession-proof business.
There will always be people who need to rent or buy dwellings in boom or bust economic times.
Real estate can be a lucrative investment, but it is not without risk. A lot of people have invested in real estate and lost money, but an investor who does their research and finds a good deal can make a lot of money.
Idea # 7 – Increase Your Income
If you’re not happy with your current income, don’t worry! You can increase it this year.
This is the year that many experts are predicting will see the biggest wage growth in years. So start planning now and you could see a significant increase in your take-home pay.
More than likely, this could be your seed money of $10k to fund the start to doubling your money and making $20k.
Related Reading: How Much Do I Make Per Year?
Idea #8 – Advertise and Gain Clients
If you are a small business owner, then this one is for you. Start advertising as a way to gain more customers.
There are a number of ways to make your services more accessible and appealing to potential clients. One way is to spend money on promotions and advertising. Advertising can be effective in reaching your goals, surpassing your double your money goal of $20,000 in revenue.
There is no doubt that advertising your services will increase the number of customers you have. The more people who know about your business, the more likely they are to use it. And as we all know, the more customers you have, the quicker you earn more money.
It’s a simple equation: More customers equals more money.
Idea # 9 – Invest in Stock Market – ETFs & Index Funds
Investing in the stock market is a process that requires careful consideration and research. Index funds have become an increasingly popular investment option for many investors. ETFs are known as Exchange Traded Funds, which are also a popular investment option.
Both index funds and ETFs provide investors with the ability to invest in a diverse range of stocks, making them ideal for any investor who is looking to diversify their portfolio.
Investing in an index fund is one of the best ways to build wealth over time.
This is probably the slowest way to make money quickly in the stock market, but it comes with less risk.
With a mutual fund, you are essentially investing in many different stocks, which means that you get to choose how much your investments grow each day. This can be a great way to ensure that your money is working for you – and growing – even when you’re not able to actively monitor it yourself.
Just to know, investing in bonds will eventually double your money, but it will take more time as the rate of return is less.
Idea #10 – Start a Mining Farm
Cryptocurrency mining is a process by which new coins are introduced into the market. In order to do this, miners use computers to solve complex mathematical problems in order to receive rewards in the form of new coins. A cryptocurrency mining farm is a way to pool together multiple computers in order to increase the chances of solving these problems and receiving rewards.
Starting a mining farm is a process of investing in cryptocurrency or blockchain technology.
Mining farms can be started with as little as $500, and they are commonly used to mine cryptocurrencies like Bitcoin, Ethereum, and ZCash. Although the process of mining cryptocurrency is not always easy, it can be lucrative for those who invest in the process.
Starting a cryptocurrency mining farm can be lucrative, but it’s important to do your research first. The farm will require a lot of power and will have a rate of return of around 18% (source).
Idea #11 – Share Cash with P2P Loans
Peer-to-peer lending is the act of lending money to borrowers through a P2P lending website. These websites act as an intermediary between lenders and borrowers, and most sites allow you to lend money to a dozen or two applicants. The interest rate you earn on your loan depends on the P2P website you register with, but it typically falls between 3% and 36%.
When considering a P2P loan, it is important to remember that you are entrusting your money to a stranger. Because of this, it is crucial to take the time to review and assess as many applicants as possible in order to find someone who you feel is most likely to pay back their loan.
P2P loans can be arranged without any collateral or credit check.
Idea #12 – Buy Initial Public Offerings
When a company decides to go public, it sells shares of its stock to the public. This is a way for the company to get more money, and it also allows people who invest in the company early on to make a lot of money if the stock prices rise.
The share price of a company can be very volatile when it first goes public. This can lead to significant growth for the company as investors buy and sell shares rapidly. However, this volatility can also lead to losses if the share price falls abruptly.
You must know the underlying stock value before looking at IPOs as a way to double your money. Many current stockholders are required to hold their stocks for a certain number of days after the IPO. Typically, the stock price falls after the hold period expires.
Idea #13 – Make Money with Airbnb
There are a number of ways to make extra money, and renting out a room at Airbnb is one of them. You can also learn how to make money from home by becoming an Airbnb host.
By doing this, you can provide a valuable service to people who are looking for a place to stay, and you can also make some extra money on the side.
Learn how to start hosting with Airbnb today.
Idea #14 – Flip Some Furniture
Flip furniture is very trendy right now. There has been a recent resurgence in popularity for antique and vintage furniture, and people are buying pieces and restoring them themselves. This can be a great way to make additional money without spending a lot of money.
There are a number of ways to quickly turn a profit by flipping furniture.
Spend some time researching the best methods and finding a niche in the market that you can exploit. With a bit of hard work, you can easily double your investment in no time.
When you are looking for furniture to flip, it is important to do your research and become familiar with the different places you can find quality pieces at a low cost. Local antique stores will often have hidden treasures, so be sure to check them out. Additionally, watch for yard sale notices in your area; people are often willing to sell high-quality furniture at a fraction of the price. Finally, estate sales can be a great place to find unique furniture pieces that you can resell for a profit.
There are many ways to sell furniture, but when you are starting out, it is best to use popular platforms like Facebook Marketplace, NextDoor, Craigslist, and others. Once you have more experience, you may want to create a website and online storefront.
This can be a fun and lucrative way to grow your money.
Idea #15 – Pay Off Debt Strategy
This idea of getting out of debt may seem backward, but this is one of the fastest ways to find extra money in your budget.
There is no doubt that paying off your debt is one of the smartest things you can do for your financial future.
Not only does it reduce the amount of interest you are paying each month, but it also frees up more money to save and invest. Additionally, by paying off high-interest debt first, you are essentially making an investment with a very high return rate.
Once your debt is paid off, you can save your first $10000 which you can now use to quickly double to $20000. This will help you achieve your financial goals faster.
Idea #16 – Online Courses & Coaching Programs
Coaching is a huge business – reaching $11 billion in 2022 (source). People are actively searching for coaching and online courses for personal development.
Coaching programs are designed to provide guidance and support for individuals in order to improve their skills, knowledge, or habits. Coaching programs can take the form of one-on-one sessions or group sessions. Some coaching programs are designed for specific topics like career development, personal growth, or relationship issues.
If you don’t want to work one-on-one as a coach, you can create an online course that can be viewed at any time.
If you have passion, you can likely find people that want coaching.
Idea #17 – Buy a Fancy Car and Uber
You could buy a new, luxury car and become an Uber driver. This would allow you to make money while driving people around in your fancy car.
If you’re looking to make some extra money, driving a luxury car for Uber could be a great way to do it. Not only will you make more per trip, but you’ll also get to drive a nicer car. Keep in mind that if you drive full-time, you could easily double your $10,000 investment.
Driving a luxury car for Uber can get you up to 50% more fares. The extra money can be great for those looking to upgrade their lifestyle or simply want to make some extra cash on the side.
If you want to buy a fancy car and use it for Uber, make sure you have the appropriate insurance. This will protect you in case anything happens while driving.
Idea #18 – Learn a New Skill
A new skill can help to increase your income by allowing you to do things that you couldn’t do before. For example, learning how to code can allow you to start a new career in tech or programming.
Additionally, many skills have the potential to double your income quickly if you are able to find a way to use them in high-demand areas.
It is always a good idea to invest in learning new skills.
There are many places where you can learn, including online and in-person courses. The key to success is jumping in with both feet and really dedicating yourself to learning the skill set. Once you have it down, new opportunities for income will be available.
Idea #19 – Work More Overtime
Working overtime is a great way to earn extra money. You can earn up to double-time pay for working more than 8 hours in a day or 40 hours in a week.
Overtime is becoming more common, so be sure to ask your employer if you can work some extra hours.
In order to make $10,000 in one month from overtime, you would need to figure out how many extra hours per work you need to work.
Idea #20 – Some Gambling?
This is the RISKIEST option of all of them. And highly not recommended as a strategic way to double $10k quickly.
Gambling is a way to risk cash in the hopes of making more cash.
While it can be thrilling and exciting, it’s important to remember that gambling is also a form of entertainment that comes with risk. If you’re able to afford it, gambling can be a way to double your money- but be aware that you could also lose everything you put in.
What is the quickest way to double your money?
How to double your money quick is simple. You need to side hustle and start a business.
Also, the stock market is a simple way to double your money with the rule of 72.
Following billionaire morning routines can be helpful in setting up solid habits for success.
How can I double my money in 24 hours?
The answer to this question is simple… Doubling the money in 24 hours is not practical or doable. You might be able to double your money in 24 hours, but it’s also possible that you could lose everything in one day.
Pay attention to scams if you think you can double your money in 24 hours.
You are better off learning how to make 10k a month.
Which investments are the safest and which are the riskiest?
First of all, it depends on your education, experience, and background.
The best way for someone to double their income is by leveraging their time with the right strategies.
Investments that are considered safe are investments that have an average return on investment of about 8-12% per year. Investing in index funds and ETFs typically have a lower risk. Investing in individual stocks is riskier, but they have an average return on investment of about 10-75% per year.
The riskiest option is the idea that you don’t understand how to double your money and you could end up losing more money.
Best Way to Invest 10K
The best way to invest 10,000 is through stocks. Investing in stocks can be risky and make you lose money, but it also has a high potential for gaining value.
As such, this topic needs to be done in more depth to understand how investments in the stock market work. For now, here are some articles to start to understand the returns of stock investing.
Learn all of the ways you can learn how to invest 10k.
You must do your research on companies, know your risk tolerance, understand the volatility of the markets, and be wary of the news.
Which Strategic Ways on How to Double my Money Quickly will you Pick?
You can choose from many classic way and options, but here are a few that we think would be the most effective.
Thankfully, there are many ways to make money online. But when it comes to making a quick buck, which approach should you take?
In this post, we have outlined the 20 popular routes to double your $10k fast. Your retirement plan relies on your investment of 10k.
However, any of these options is a time-consuming process that takes a lot of hard work and dedication. So, you cannot quit halfway through when things get tough.
This is what you want to do in order to be financially secure and take care of all your needs.
Be successful in doubling your 10k by setting a deadline to make it happen.
Then, your next goal will be how to turn 10k into 100k.
Know someone else that needs this, too? Then, please share!!
Opening a bank account for your teen is a great way to begin teaching financial responsibility and money management. If your teen’s account is linked to yours, it’s also a convenient way to pay them an allowance, reward them for good grades, or even transfer money for pizza when your teen is out with friends.
It’s no wonder a recent Fidelity study reported that 49% of teens in the U.S. have opened bank accounts. But which checking account is best? And what should you look for in checking accounts for teens?
10 Best Teen Checking Accounts
While there are many options available for teen checking accounts, parents frequently choose to establish accounts for their teens at their own primary banking institutions. This list includes many top national banks.
Their inclusion isn’t necessarily due to their teen checking accounts offering the highest interest rates or the most features. Instead, their comprehensive services for adults and strong reputations make them a viable consideration.
1. Copper Card
Copper Bank, Member FDIC, is a federally insured online bank dedicated to helping kids and teens learn how to manage money. Copper Bank has invested more than $1 million in high school financial literacy and the app helps teach kids the basics of investing.
Copper accounts are available to kids ages 6 and up, as long as they have their own mobile phone number separate from the adult account holder. Children and teens receive a Copper Spending Account debit card that is compatible with Google Pay and Apple Pay. Users can also use the debit card for fee-free transactions at 55,000+ ATMs nationwide.
Copper offers a ton of enticing features parents and teens will love. First, there are no overdraft fees, no minimum balance, or maintenance fees. Parents will pay a small fee of 2.5% + 30 cents of the total transaction for an “instant transfer” from a linked debit card. Otherwise, it can take 3 to 5 business days for funds to arrive in the Copper account.
Copper makes banking convenient for parents and rewarding for kids. Parents can set up automatic transfers for allowance, or can even transfer money automatically when the Copper account drops below a specific number.
Copper lets kids round-up their debit card transactions to be automatically transferred into their linked savings account. Users can set specific savings goals and earn interest with up to 5% annual percentage yield. This can motivate kids to save as they watch their money grow.
Copper also allows kids and teens to invest, starting with as little as $1. Investing is automated based on your child’s risk profile, and Copper even reinvests dividends and uses dollar-cost averaging to set your child up for investment success and good habits for life.
2. USAA Youth Spending Account
USAA offers a joint account that a parent or legal guardian can open with a child of any age. The USAA Youth Spending Account includes a debit card that allows the adult account holder to increase or decrease daily spending limits. Children can use their card at point-of-sale transactions and without fees at any of 100,000 preferred ATMs in the USAA network.
Once the child turns 13, you can use the mobile app to give them the ability to transfer money, make remote deposits, and more.
When your child turns 18, the USAA Youth Spending Account will be converted automatically to a USAA Classic Checking account. You can choose to stay on as a joint account holder to help your teen manage their money while they are away at college or in the military.
The USAA Classic Checking account has no monthly fee for college students or members of the military.
There are a few things to be aware of before you open the banking account:
USAA is available only to veterans, active duty military, national guard, reservists, military spouses and others who meet a few criteria related to the U.S. Armed Forces
The USAA Youth Spending Account requires a $25 minimum opening deposit
Your child will earn .01% annual percentage yield if they maintain a daily balance of $1,000 or more
3. PNC Bank Student Banking
PNC Bank offers a VirtualWallet student account for teens and young adults ages 16 and up. Teens under 18 will need to open a joint account with a parent or legal guardian. College students may have to show proof of enrollment. After six years, the student account becomes a regular PNC Bank Virtual Wallet account, with all the same features and benefits.
The Virtual Wallet account includes a “Spend” primary checking account, a “Reserve” savings for short-term savings and a “Growth” account for long-term savings for big ticket items or to build up emergency cash reserves.
The Virtual Wallet has no monthly service fees for students and includes fee-free ATM withdrawals at PNC Bank ATMs. Teens and adults, alike, receive ATM rebates for the first two non-PNC bank ATM withdrawals and up to $5 in ATM fee reimbursements per statement period for ATM surcharges collected by other financial institutions.
Unlike some student bank accounts, which decline transactions that would put your account in the negative, the PNC Bank Virtual Wallet offers one automatic courtesy refund of Overdraft item fees per month. However, the Virtual Wallet’s Low Cash Mode makes it easy to avoid overdrafts with alerts that tell you when your spending balance drops below a certain point.
You can also use Payment Control to choose to pay or return certain ACH transactions if your account balance is negative.
4. Wells Fargo Clear Access
Wells Fargo Clear Access is designed for teens ages 13 and up, as well as previously underbanked or unbanked customers. It’s considered a “second chance” bank account, but the lack of overdraft charges and no monthly fees also makes it great for teens just learning financial responsibility.
Be aware that children under 18 cannot open an account online. They must open the bank account at one of the 4,800 Wells Fargo branch locations nationwide.
Clear Access has no monthly fee for account holders ages 13 to 24. Teens 16 and under will need a joint account holder who is over the age of 18.
Wells Fargo Clear Access was certified by the Bank on National Account Standards as meeting the requirements for safe and affordable bank accounts with no overdraft fees. A straightforward account with few bells and whistles, the account includes access to the user-friendly Wells Fargo mobile banking app and mobile check deposits. You also get Zelle person-to-person payments and a debit card compatible with digital wallets like Google Pay.
There are no overdraft fees with Clear Access, but transactions that would bring your account into the negative are likely to be declined. There is no minimum balance requirement, but you’ll need a $25 minimum opening deposit.
5. Chase First Banking Account
The Chase First Checking Account is available to kids ages 6 to 17 and has no monthly fees. To open an account for your teen or tween, you must have a qualifying Chase checking account, such as Chase Total Checking.
It’s easy to open an account online and make transfers from your account to the Chase First Banking account in the mobile app. You can set up automatic recurring transfers for allowance or approve requests from your child for money.
Set a spending limit for general spending or for specific purposes. You can even create a list of approved stores where your child can shop with their debit card. For existing Chase customers, Chase First is one of the smartest choices for a teen checking account due to the convenience and easy parental controls.
6. Capital One MONEY Teen Checking Account
The Capital One MONEY Teen checking account is one of the most popular checking accounts for kids. You don’t need a Capital One account to open a MONEY account with your kids, as the account can accept external transfers.
The account is available for kids ages 8 and up. Once the teen turns 18, they can convert it to a Capital One 360 Checking Account of their own with no monthly fee.
Unlike Chase, Capital One MONEY Teen pays interest on checking account balances. It’s only 0.10% annual percentage yield, but it is enough to begin teaching kids the value of compounding interest. Capital One’s teen product has no monthly service fee, no minimum balance requirement, and no minimum opening deposit.
Through the mobile app, kids and teens can set savings goals, designate funds in “savings buckets” or for spending with their Capital One Mastercard debit card, and make withdrawals at any Capital One or AllPoint ATMs with no fees.
Parents can make automatic transfers for allowance, set up one-time transfers, and even pay kids rewards if they meet specific savings goals. You can track spending and view transactions in the mobile app or set up text alerts.
7. Bank of America Advantage SafeBalance
Unlike the other three largest national banks in the U.S., Bank of America does not have a dedicated teen checking account. However, Bank of America customers can open a joint account with their child who is age 13 or older and give them access to their own debit card.
Bank of America recommends the Advantage SafeBalance bank account for teens and college students under 25. There is no monthly fee on the account if one of the account holders is under 18, or under the age of 25 and a student, or if any of the account holders are members of Bank of America Preferred Rewards.
A straightforward, checkless account, BofA calls SafeBalance “a smart start for students.” Kids ages 16 and up can be sole owners of the account, but you might choose to be a joint account holder for convenience.
The SafeBalance account doesn’t have a lot of bells and whistles, but it is a great way to get your child set for the future with an account at a nationwide, reputable bank with 4,000 branch locations nationwide.
8. Axos Bank First Checking
Axos Bank First Checking offers a checking account where you can earn interest. It pays a 0.10% annual percentage yield on all balances. It is available for teens ages 13 to 17, with an adult account holder.
Axos First Checking boasts no monthly maintenance fee, no overdraft fee, and reimburses up to $12 per month in out-of-network ATM surcharges.
Be aware that your child can only make $500 in debit card purchases per day and can only withdraw up to $100 per day at ATMs.
Axos Bank is consistently rated one of the best for online banking by top personal finance websites. The First Checking account is a straightforward way to teach teens financial independence and the ease of online banking.
9. Connexus Credit Union Teen Checking Account
Connexus is a top-rated credit union that’s easy to join with a one-time donation to become a member of the Connexus Association. The Connexus Credit Union Teen Checking account offers up to 2.0% annual percentage yield with zero monthly service fees, free ATM transactions within the Co-Op or MoneyPass networks, and overdraft protection with linked accounts.
Kids ages 10 to 17 can open a teen checking account to earn a high APY. When they turn 18, the credit union will transition their teen account into a Connexus Innovative Checking account with no monthly fees.
Young adults can choose to convert the account into an Xtraordinary checking account through the credit union to earn interest. The Xtraordinary account offers up to 1.75% APY when you make 15 debit card purchases or spend $400 with your debit card.
10. Alliant Credit Union Teen Checking
Alliant Credit Union has won awards from top personal finance sites as one of the best credit unions in the country. With no monthly service fees and no overdraft fee, it’s a straightforward account that will introduce teens to the personalized service of credit unions.
Teens can earn interest with a rate of 0.25% APY on their checking account balance. Keep in mind, to earn that high yield, they will need to opt in to receive eStatements and make at least one electronic deposit per month.
As with a regular Alliant credit union account, your teen will receive up to $20 in ATM fee reimbursements per month, and pay no fees at 80,000+ ATMs nationwide.
Alliant Credit Union Teen Checking is one of the few teen checking accounts that provides overdraft protection. If you sign up with a linked savings account, Alliant Credit Union Teen checking will automatically transfer funds from savings to cover debit card purchases.
You will need a $25 minimum deposit to open an account with your teen, ages 13 to 17.
Prepaid Debit Cards for Kids
If you feel your child or teen isn’t ready for a checking account, you might consider a prepaid debit card for kids, instead. Products like Greenlight, Cash App, Revolut<18 are not your typical banking account, but are prepaid debit cards that provide kids with easy access to money.
1. Greenlight
Greenlight is one of the original names in pre-paid debit cards for kids and teens. Greenlight offers three different plans with the following monthly service fees.
Greenlight Core: $4.99/month
Greenlight Max: $9.98/month
Greenlight Infinity/$14.98/month
Each plan includes debit cards for up to five children or teens, access to the app, and parental controls. After that, these plans vary somewhat in their offerings.
The Core plan pays 1% interest. Greenlight Max pays 1% cash back on your child’s debit card purchases, deposited automatically into their savings account to earn 2% interest.
Greenlight Infinity also pays 1% cash back on purchases. It pays 5% APY on savings. But Greenlight Infinity is much more than just a debit card or money account. It’s also a family safety and protection app that provides the ability to send and receive SOS alerts, crash detection that automatically alerts 911 in the event of a car crash, and family location sharing.
Greenlight has vast capabilities for money management, including the ability to set limits on spending, reward kids with deposits for chores or accomplishments such as high grades, and pay a monthly allowance.
Kids can create a customized card, as well, which often appeals to teens.
2. Cash Card
Cash App is the popular person to person payment app that comes with a debit card you can use for online or in-store purchases. Now, everyone age 13 and up can gain access to a customized Cash Card of their own.
Cash Card is an easy-to-use card that allows you to send and receive money from external accounts or from friends and family who also use Cash App. You can use Boosts in Cash app to find savings on everyday items from popular stores. Boosts are a great way to teach kids how to save money while shopping.
There is no minimum deposit to open a Cash App account.
3. Revolut
Revolut has no monthly service fee and links to an external account or your Revolut online bank account. You can set spending limits and receive alerts when your child uses their debit card.
You can also assign “tasks” to your kids and set up instant transfers from your account when the task is complete. You can also set up automatically allowance payments, or create a list of chores and put money directly on your teen’s debit card when that chore is done.
Features to Consider for Opening a Teen Checking Account
The features you’ll find in the best free checking accounts for adults should also apply to teen checking accounts. Most of the best teen checking accounts on our list meet the following requirements.
No Monthly Maintenance Fees
You don’t want to pay money so your teen can learn about managing money. Teach your teen early on that some of the best things in life – including their checking account – can be free.
Low Minimum Balance Requirements
Look for an account with no minimum opening deposit and no minimum balance requirements. Fortunately, even banks that have minimum balance requirements to waive fees for other checking accounts typically have no requirements for free checking for teens.
Low or No Fees
Make sure there are no ATM fees, no overdraft fees, and no hidden fees for any reason. Most teen checking accounts will decline a purchase rather than put the account into overdraft, which can help teens build financial responsibility and learn money management.
Linked Savings Accounts
When you’re evaluating a teen checking account, you may also want to look for a linked savings account with savings buckets, so your teen can set goals and plan for future purchases. Compare interest rates on teen accounts, discuss the other features and benefits, and enroll your teen in making the choice with you.
Parental Controls
You should be able to lock and unlock your teen’s checking account within the mobile app, set spending limits, and even designate certain funds to be used only for specific purposes.
Online Banking Through a Desktop Portal or Mobile App
Teens today are tech savvy. Fortunately, most teen bank accounts – even those from brick and mortar banks and credit unions – include an easy to use mobile app with separate logins for teens and their parents.
Direct Deposit
Features like direct deposit may not be as important, unless your teen is working and wants their paychecks deposited into their account. Most of the bank accounts on this list, however, do offer the service. Some even deposit funds up to two days earlier than usual.
It’s a nice bonus when teen checking accounts can be converted into a regular checking account once your child reaches adulthood.
Pros and Cons of Bank Accounts for Teens
As you evaluate the features of these teen checking accounts, you might wonder if it’s even worthwhile to open a checking account for your teen. Opening a bank account for your teen can help them develop good personal finance habits early on.
Let’s consider other benefits and drawbacks of checking accounts for teens.
Pros
Conveniently transfer money from your linked account, wherever you are
Teach children and teens about saving and investing
Teach the basics of using a mobile banking app
Build financial responsibility
Money is protected by the Federal Deposit Insurance Corporation up to $500,000 for joint accounts
Cons
Teens unfamiliar with budgeting may spend more with a debit card handy
Some financial institutions charge fees
Your teen may lose their debit card, creating a security risk
You may need to make a minimum deposit to open the account
When all is said and done, the benefits of teen checking accounts far outweigh any inconveniences. Just make sure to choose a banking account with no minimum deposit requirements or monthly service fee at a bank or credit union that offers responsive customer service.
Also, make sure you can keep tabs on your teen’s spending through alerts or a mobile app.
How to Choose a Teen Checking Account
Now that we’ve explored some of the best checking accounts for teens, you may have already made your choice. If not, here are some aspects to think about when choosing the best checking account or prepaid spending account for your tween, teen, or college student.
Choose the Type of Teen Account You Want (Checking Account vs. Savings Account)
First, think about whether you want a prepaid debit card, a checking account, a savings account, or both. Do you want to choose a money account from a bank or credit union? Would you prefer to open the account at a brick and mortar bank or are you and your teens comfortable banking online only?
The answers to these questions should give you a good place to start.
Consider the fee menu (monthly service fees, recurring transactions, ATM withdrawals, card reload, etc.)
It shouldn’t cost money to teach your teen money management. Consider any fees related to the account. Similarly, you might prefer a bank or credit union with no minimum deposit to open an account.
Some of the best teen checking accounts pay interest, which is a great incentive to help your teen start saving money and to put a little extra money in their pocket.
Consider the Age and Responsibility Level of your Teen
Most of the best teen checking accounts feature alerts for parents through text or an app, capabilities to freeze spending or set limits, and turn off the debit card in the app in case it’s lost or stolen. These are good capabilities as your teen learns how to manage money.
Because you can’t spend every minute tracking your teen’s finance, however, you also want an account that will either decline transactions that would put the account into the negative, offer overdraft protection, or waive overdraft fee.
How to Open a Teen Checking Account
When you’re ready to open a checking account for your teen, you’ll want to make sure you have their date-of-birth and Social Security number handy, as well as your own. Make note of any minimum deposit requirements, as well, and have a plan in place to fund the account.
Fund the Teen Checking Account and Activate the Debit Card
Most teen checking accounts will allow you to make a deposit from an external account or make a mobile check deposit in the app. If your teen works, you can have them request a form to have their paycheck deposited automatically via ACH transfer.
If you open a teen account with Chase, Bank of America, or other big banks, you can easily transfer funds from your linked internal account in minutes.
Once your teen receives their debit card, you will want to show them how to activate it by calling the number on the card or setting up their PIN at an ATM within the network. Let them know that their PIN should be easy for them to remember, but hard for anyone else to guess. They shouldn’t use their birthday or the last four digits of their phone number, for instance.
Frequently Asked Questions
Do teen checking accounts have monthly fees?
Most of the best checking accounts on our list do not have maintenance fees, service fees, or ATM fees.
Can a minor have a checking account?
Yes, a minor can open a checking account jointly with a parent or guardian.
What happens to a teen checking account when I turn 18?
Some of the best teen checking accounts automatically convert to regular checking accounts when the child turns 18.
Can I open a teenage bank account online?
You can open many of the checking accounts on this list online. However, to open a Wells Fargo Clear Access account for a person under the age of 18, you’ll need to visit a brick and mortar branch.
What is the minimum age to open a teen checking account?
Some teen checking accounts are available to children as young as six years or eight years old, as long as they are opened jointly with a parent or guardian. Teens 18 and older can open an account on their own. Many student checking accounts designed for young adults ages 18 to 25 have no fees for college students.
How much money should you keep in your teenager’s checking account?
How much money you keep in your teen’s checking account will depend on a variety of factors. How much can you afford to pay in allowance or fees for chores per month? Is your child earning any money of their own they can deposit? Do they typically receive cash gifts for birthdays or holidays?
Keep in mind, funds in teen checking accounts are FDIC insured up to the federal limit of $250,000 per account holder, per account type. In the case of jointly held accounts with a parent and a minor account holder, these accounts are insured for $500,000 in total, or up to $1 million if you have linked checking and savings.
Ever forget your wallet when making a grocery store run? Or maybe you need to pay your friend back for those T-Swift concert tickets, but sending them cash is a hassle.
Payment apps take care of these problems by storing your payment cards and allowing you to quickly spend and send money without going to an ATM.
There are dozens of payment apps to choose from, so we’ve found the top 10 apps that offer low fees and flexibility for your payment needs.
What’s Ahead:
Overview: 10 best payment apps
Best for Google users: Google Pay
Best for Apple users: Apple Pay
Best for Samsung users: Samsung Pay
Best for low-fee transactions: PayPal
Best for sending money to other countries: Xoom
Best for sending small amounts of money: Venmo
Best for sending small amounts internationally: Western Union
Best for easy account setup: Cash App
Best for credit union members: Zelle
Best for Facebook and Instagram lovers: Meta Pay
Google Pay: Best for Google users
Compatible with: Android and iOS
Payment limits: You can send up to $5,000 in one transaction (or $500 if not verified). There is a $2,000 purchase limit, and $2,500 daily purchase maximum.
Cost to send money: No fees, but doesn’t allow you to use a credit card to send money to friends and family.
Google Pay is a simple-to-use app for Android and iOS users that offers quick payment options at checkout, both in stores and online. Google Pay is accepted at most digital checkout locations in grocery stores and other retail locations, making it an easy way to pay without pulling out your wallet.
Google pay can store your payment cards, such as debit and credit cards, and allows purchases via ACH or attached card without additional fees. Google Pay also allows you to send money to family and friends for free, though withdrawing funds to an attached debit card comes with a 1.5% fee (or $0.31, whichever is greater).
Google Pay is available for free to download and it directly integrates with your Google account. This means you can sync your Google Pay account across multiple devices, including your phone, tablet, and computer (using Google Chrome).
Visit Google Pay to learn more.
Apple Pay: Best for Apple users
Compatible with: iOS
Payment limits: Up to $10,000 per message and $10,000 in a seven-day period.
Cost to send money: 1.5% fee for instant transfer withdrawals.
Apple Pay is a mobile payment app for iOS which allows you to make payments in stores and online, as well as send money to others. Apple Pay stores credit cards and debit cards, and also has a built-in wallet that can be used to make payments or transfers.
Apple Pay is connected to the Apple Cash service, which allows users to pay iMessage contacts directly through a message. Apple Pay can be used on iOS devices, Apple Watch, and on Mac computers.
There are no fees to send money to family and friends via bank account or debit card, but there is a 3% fee for payments made by credit card. And there is a fee charged for instant transfer withdrawals from your Apple Cash account balance. The fee is 1.5% of the transaction, with a minimum $0.25 charge, and maximum of $15.
Visit Apple Pay to learn more.
Samsung Pay: Best for Samsung users
Compatible with: Select Samsung devices
Payment limits: Lite limits receiving money to once per day. You can send money eight times per day, 10 times per week, or 15 times per month and total transactions cannot exceed $500. Limits can be raised by providing more personal information.
Cost to send money: Samsung states fees may apply but doesn’t divulge what those fees are, so watch closely.
Samsung Pay is a mobile app for select Samsung devices that offers touch-free checkout in stores. Samsung Pay is now part of Samsung Wallet, which can store your payment cards, such as debit and credit cards, as well as store loyalty cards and even gift cards.
Samsung Pay also offers a rewards portal, giving users cash back for shopping through the Samsung Pay app. The app is available for free to download on select Samsung devices and does require a Samsung account to use. But the wallet will sync between your Samsung devices, keeping your payment options available on all of them.
To send money to friends and family you will also need a Samsung Pay Cash Account. There are two plan levels, lite and full.
Visit Samsung Pay to learn more.
PayPal: Best for low-fee transactions
Compatible with: Android, iOS
Payment limits: No limits on total money you can send from your verified account. Up to $60,000 in a single transaction, but may be limited to $10,000.
Cost to send money: If paying with a credit card, debit card, or PayPal credit you pay 2.9% plus a fixed fee. 1.75% for instant transfers ($0.25 min, $25 max).
PayPal is one of the original peer-to-peer payment apps, offering direct transfers from your debit card or bank account to family and friends for free. PayPal is also available with merchant accounts, allowing businesses to accept payments and manage payments to employees and contractors.
PayPal offers unlimited transfers to verified accounts. You can send up to $60,000 in a single transaction, but you may be limited to $10,000. There may also be additional verification needed on larger transactions.
Fun fact: I bought a used car by transferring funds through PayPal. It only took a few days, but additional verification was needed.
PayPal is available on most iOS and Android devices and is free to download. There are fees for paying with a credit card (2.9% plus a fixed fee), or for business payments. And PayPal also charges for instant transfer withdrawals to your bank account, charging 1.75% (minimum $0.25, maximum $25).
Visit PayPal to learn more.
Xoom: Best for sending money to other countries
Compatible with: Android, iOS
Payment limits: Initial limits are $2,999 in 24 hours, $6,000 in 30 days, and $9,999 in 180 days. Can increase limits by giving Xoom more personal information.
Cost to send money: Cost varies depending on which country you’re sending money to.
Xoom is an international money transfer service that is a subsidiary of PayPal. Xoom supports over 160 countries around the globe and is available in 14 languages. Xoom users pay low exchange rates to send money internationally.
Xoom is a mobile app that is available on both Android and iOS devices. Users can deposit funds with a debit card or bank account, or use their PayPal account balance. Xoom also offers an international bill pay feature within the app.
Xoom charges fees based on the currency being sent to the country you are sending money to. Money can be sent to family or friends and arrives instantly in most cases, but some transfers might take two to four business days to complete.
Visit Xoom to learn more.
Venmo: Best for sending small amounts of money
Compatible with: Android, iOS
Payment limits: $299.99 weekly, but can be raised to $60,000 weekly with additional verification.
Cost to send money: $0 if purchasing from authorized merchants, 3% if paid by credit card, 1.75% fee to transfer Venmo balance out of Venmo ($0.25 min, up to $25 max).
Venmo is another PayPal subsidiary company and payment app that is ideal for smaller transfers between family and friends. But Venmo also offers merchant services, allowing you to checkout at online retailers using the app.
Venmo allows you to pay with your bank, debit card, credit card, or Venmo balance, and you can transfer up to $999.99 per week ($19,999.999 for verified accounts). There is a $5,000 limit per transfer.
Venmo charges a 3% fee for transfers using a credit card, but no fees for using your debit/bank account/Venmo balance. There are no fees for standard withdrawals from the account, but there is a fee of 1.75% (minimum $0.25 fee, maximum $25 fee) for instant transfer withdrawals.
Visit Venmo to learn more.
Western Union: Best for sending small amounts internationally
Compatible with: Android, iOS
Payment limits: $3,000 limit per transaction. Can be raised to $50,000 by providing additional information.
Cost to send money: Varies based on currency, amount, and location.
Western Union is a well-known money transfer company that now offers a digital payments app for sending smaller amounts. Users can send up to $500 daily through Western Union to over 200 countries around the globe.
The app is available on iOS or Android devices, and accounts can be funded via bank account, debit card, or credit card. Currency exchange rates are available in real-time within the app, and it also offers international bill pay as well. And you can send money directly through the Western Union mobile wallet to users in supported countries who also have the wallet installed.
Fees are charges based on the currency exchange rate, amount, transaction type, country of origin, and the country you are sending money to. There is a $3,000 limit for sending money, but this can be increased to $50,000 with additional verification.
Visit Western Union to learn more.
Cash App: Best for easy account setup
Compatible with: Android, iOS
Payment limits: Initial limit of $250 per transaction or seven-day period. Limits can be raised by providing more personal information.
Cost to send money: Free using debit card. 3% fee if sending by credit card. $2.50 ATM fee (can be waived if $300 in direct deposit per month).
Cash App is a simple-to-use payment app that allows you to open an account with just your phone number and a linked debit card. Cash App is owned by payments company Square, and allows users to pay via a user’s $Cashtag, phone number, or QR code. Cash App also supports international transfers between the U.S. and U.K. with no additional fees.
There are no fees to send and receive payments via debit card, credit card, or Cash App balance, and a 3% fee for using a credit card. There are also fees for instant withdrawals or ATM withdrawals. The instant withdrawal fee varies from 0.5% to 1.75% with a minimum fee of $0.25 per withdrawal. ATM fees are $2.50 per transaction, but are waived for users that receive $300 (or more) per month in direct deposit to Cash App on a monthly basis.
Cash App limits sending money to $250 per seven-day period, and receiving money to $1,000 per 30-day period. These transfer limits can be increased by providing more personal information, such as your date of birth and the last four digits of your Social Security number.
Visit CashApp to learn more.
Zelle: Best for credit union members
Compatible with: Depends on bank or credit union’s app
Payment limits: If your bank or credit union doesn’t offer Zelle, your limit is $500 per week. If they do, contact your bank or credit union for limits.
Cost to send money: Zelle doesn’t charge fees, but your bank or credit union may.
Zelle is not your typical payment app. It is directly linked to your credit union or banking app, and can be used to send payments for free.
Fun Fact: I use Zelle to pay my landlord every month.
Zelle does not charge fees, and is only used with a participating bank account, or directly with your debit card. You can pay family and friends if they have access to Zelle within their banking app, and transfer funds directly to them.
Zelle does not allow you to link or pay with credit cards, and all balances are stored directly within your bank account, and not on the Zelle platform. Payments are initially limited to $500 for Zelle users without a participating bank, but if you are using Zelle within your banking app, you will need to contact your bank about the payment limits.
Visit Zelle to learn more.
Compatible with: Android, iOS, but users must have a Facebook or Instagram account.
Payment limits: $2,000 for unverified users, $10,000 for verified users in a 30-day window.
Cost to send money: No fees, but you can only use a debit card or PayPal account to fund transfers.
Meta Pay offers no-fee money transfers using your debit card or PayPal. You can use Meta Pay within the Facebook app, the Facebook Messenger app, and through Instagram. Payments may take some time to arrive, though, as payments may not clear for up to five business days.
Meta Pay is integrated into the Facebook Marketplace, allowing you to check out with Meta and make no-fee payments quickly. Meta Pay is also being integrated into other online retail shops, allowing you to pay by logging in with your Facebook or Instagram account.
You cannot connect a credit card directly, but Meta Pay does integrate with PayPal, which allows you to pay with a card. Payments are limited to $2,000 for unverified accounts, and up-to $10,000 for verified accounts within a 30-day window.
Visit Meta Pay to learn more.
What are payment apps?
Payment apps allow you to make payments using your phone
These apps can make paying at the store easier if you’re always fumbling through your bag trying to find the right card to pay with. Payment apps generally allow you to link your credit cards or bank accounts to the app. Then, you can make payments directly from the app without having your credit card, debit card or checks present.
Depending on the app you download and your phone, you may be able to pay by tapping your phone at a point of sale rather than swiping a credit card. Other payment apps or phones could allow you to pay by displaying a code that the cashier can scan.
Payment apps allow you to send money to friends and family
The apps generally allow you to send money to an email address or a phone number but other apps let you send money to your friends through social media, too.
It’s important that you look into the details of how payment apps work. Most payment apps allow you to make and receive payments for free if you’re using a bank account or an in app balance. However, if you use a credit card, you may have to pay a fee to send or receive money.
Additionally, apps may charge other fees if you want to move the money out of your app account and into your bank account. Apps may also have limitations as to how much money you can send within a given day, week or month.
What to look for in a payment app
Compatibility
Not all payment apps work on all devices Some are iOS only (Apple Pay), while others offer limited compatibility with certain operating systems. Make sure the payment app your choose works with all of the devices you plan on using it with.
Fees
While many payment apps do not charge fees, there are caveats to each (they have to make money somehow, right?) Look for fees when sending money, especially if you are thinking of using a credit card. And make sure to select “family & friends” when sending money to avoid fees and tax implications.
Limits
If you are planning to use a payment app regularly, make sure you know the limits. While some allow you to send $10,000 or more, some have much smaller payment limits. And the limits on these apps are typically confined to a window of time, such as 7 days or 30 days. Understanding the limits can help you choose the best app for your personal needs.
Security
While most payment apps offer encrypted payments and don’t store your payment information directly, it’s important to find an app that publishes security details publicly. This helps ensure your bank accounts and credit cards are stored safely. Also, only use apps that offer pin numbers or biometric access controls, further protecting your money if you accidentally lose your phone.
Summary
Payment apps make paying for your purchases or sending money to family & friends easier than it’s ever been. With direct connections to your accounts, you can quickly send money or “tap to pay” at your local store, without worrying about forgetting your wallet or having to withdraw cash.
But not all payment apps are created equal, and you’ll want to check into the fees and limits of each to make sure you don’t get ripped off. And, as always, keep your apps protected by enabling features like biometric access controls, two-factor authentication, and lock screen controls on your device.
“We have a serious housing crisis in New Mexico and across the country,” Heinrich said in an announcement posted on the senator’s website. “It’s impacting everyone, at all income levels and in nearly every community. The DEPOSIT Act tackles one piece of this puzzle by focusing on the costs that come from moving into a new home. That includes security deposits – one of the biggest barriers low-income renters face when moving into a new apartment, often required on top of two months’ rent.”
The bill is designed to “unlock support to help renters overcome this barrier so their families can settle into a safe place to call home and build a foundation for a better future,” he said.
The bill’s co-sponsors are comprised of other Democratic senators, including Ben Ray Luján (D-NM), Alex Padilla (D-CA) and Peter Welch (VT).
In addition, Rep. Barbara Lee (D-CA) is expected to introduce a commensurate version of the bill into the Republican-controlled House of Representatives.
“With housing costs and general cost of living skyrocketing, there should be relief for people to ensure they have shelter,” Rep. Lee said. “I’m excited to work with Sen. Heinrich to build bicameral support to fund this important program because homelessness knows no bounds. It’s time the federal government get off the sidelines and work to combat America’s housing crisis.”
One reason this issue is being pursued is that “security deposit assistance programs are inconsistent across the country,” according to the announcement.
“[S]tate and local housing authorities [are] supplementing assistance with non-profits and community organizations,” the announcement states. “The DEPOSIT Act would expand federal support for essential moving costs, like security deposits, for Section 8 voucher holders and other low-income renters.”
Rep. Lee added that the bill’s provisions are modeled after a housing program from the George W. Bush administration.
“The DEPOSIT Act would set up a revolving fund to provide security deposit assistance to low- and very low-income renters,” Lee’s office said. “This section is modeled on the American Dream Down payment Initiative (ADDI)—a bipartisan effort from President George W. Bush’s tenure to provide down payments to first-time homebuyers.”
The bill would also require the U.S. Department of Housing and Urban Development (HUD) to perform a study of the impact on “alternatives to security deposits;” which her office describes as “insurance-like products where renters pay a monthly fee to a third-party company.”
Sen. Heinrich has secured support for the bill from a number of housing organizations in his state, including the Albuquerque Housing Authority, New Mexico Coalition to End Homelessness, San Juan Partnership, Community Action Agency of Southern New Mexico, Mesilla Valley Community of Hope, DreamTree Project, Youth Heartline and HEART of Taos.
I don’t often get to listen to Dave Ramsey’s radio program. For one thing, I don’t know when it’s on. For another, the only radio stations I usually listen to are my satellite radio channels. (Those would be dance music on xm81, chillout music on xm84, classic country on xm10, and 1940s music on xm4. And oh, how I miss Fred, which was replaced by the execrable 1st Wave on xm44.) About once a year, though, I stumble across Ramsey’s show while I’m driving around town.
I found the show last week, on my way to pick up Kris from the airport. I was in the mood to listen to the cadence of Ramsey’s smooth southern drawl as he dished out financial advice, so I got to hear his opinions on:
Lending money to friends (don’t do it!)
Buying a home before repaying student loans (don’t do it!)
Long-term care insurance (do it!)
But the segment I really remember was his response to an e-mail from some sort of salesman. The salesman — a car salesman, maybe? — was finding it tough to budget because he was paid on commission, which meant his income fluctuated from month to month. For him, it was basically famine or feast. He wanted to know how to cope with this.
Budgeting for an irregular income Last year at Get Rich Slowly, I shared my own method for dealing with variable income. Because blogging produces money in fits and starts, I’ve developed a system that helps to smooth things out. To summarize:
I base [my budget] on my minimum monthly income from the past twelve months. Using my minimum monthly income instead of my average monthly income gives me a safety buffer. And when you have an irregular income, a safety buffer is vital.
I developed this method over several years of trial and error. I like it. It works for me. (And, I hear, for others.) But I think Ramsey’s method is interesting, too. If my method doesn’t work for you, try his.
The prioritized spending plan If you have an irregular income, Ramsey says, you should create a prioritized budget. I’d never heard of this before, and I think it’s kind of clever. Here’s how it works.
List your monthly expenses. On his show, Ramsey suggested brainstorming them onto a piece of paper. If you track your spending, it’s probably much more effective to build a list from your existing data.
Rank each expense in order of importance. On your list of expenses, put a “1” next to the most important item. (“That’s food,” Ramsey says.) Put a “2” next to the second-most important item. (“Those are your utilities,” Ramsey says.) Put a “3” next to the third. (“That’s housing,” Ramsey says, which confuses me. How are utilities more important than housing?) And so on.
On payday, work your way down the list. Set money aside for the most important item (food) first. Then the second. Then the third. When you run out of money, you just stop.
At the end of each month, re-order the list. Your new list will probably be similar to the old one, but there could be changes.
While I find this an intriguing idea, I feel like Ramsey didn’t provide enough info. For example, he totally glossed over the issue of surpluses and deficits. I can make some guesses about his advice (“Bank a surplus to protect against deficit months…”), but I’d like to hear what he thinks on this.
Also, I think this sort of prioritized spending plan assumes that every expense is “all or nothing”, but many aren’t. If I’m budgeting $100/month for restaurant meals, $25/month for clothing, and $50/month for comic books, for instance, I don’t necessarily need to put all $100 toward dining out before allocating even a penny to clothes or comics. What’s Ramsey’s advice for dealing with categories like these?
Update: Some GRS readers who are much more familiar with Ramsey than I am pointed out that he usually recommends the prioritized spending plan for folks who are in a different financial situation than I am. I can make ends meet, but my income fluctuates. Ramsey’s plan is for people with variable incomes who can’t make ends meet. It’s for folks who have to make choices about where they’re going to put their money because they can’t fund everything. That makes sense. Thanks for the clarification!
And where does Ramsey suggest debt fall on the list? Saving? Tithing and/or charity? Is it all subjective?
I suspect I’m over-thinking it, but that’s okay. I just like hearing new money-management ideas, and I especially like thinking about them and how they might be applied to my own life.
Do you have a variable income? How do you budget? Have you tried a method like Ramsey’s prioritized spending plan? How did it work for you?
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
People are constantly looking for ways to save money, but it can be difficult. If you’re like me, that uncertainty keeps you from taking action.
If this sounds familiar to you and your friends or family members who want the best way possible in saving some cash, then I have good news: there is a secret formula!
Money Saving Charts! A simple way to save more money. For many Money Bliss readers, it has changed their lives completely.
We have the most popular money saving challenges around!
If you are looking for a chart on how to save money, then you are in the right place.
Money saving charts are one of the ways that individuals can save money. There’s a wide variety of different types and each type has its own purpose, depending on what you want to achieve with your savings.
By using a money saving chart, you can easily track your progress, stay motivated overtime, and save more money overall.
What are Money Savings Charts?
Money savings charts are a great way to keep track of your money.
We have a slew of saving money charts to choose from here at Money Bliss! Use fun gel pens or highlighters for a colorful way to stay motivated.
They allow you to visually see how much money you are saving and help you stay on track with your goals.
Living below your means is a difficult task, especially if you are a one-income family. However, with careful planning and execution, it is possible to save money and increase your liquid net worth.
One way to do this is by using money saving charts. These charts allow you to track your progress and make adjustments as needed.
Why Use a Saving Money Chart?
One of the best ways to save money is by tracking your spending and savings. One way to do this is through a monthly budget, which can help you stay on track with your goals and avoid unnecessary spending.
A money saving chart will help you see where your money goes and how to spend it wisely.
This is a great way to visualize the data and make sure you aren’t wasting any money.
By seeing how much money you save each month, you can better understand where you can cut back, make informed financial decisions, and save more money.
What Can You Track With Money Savings Charts?
Money savings charts are used for tracking the progress of a specific goal or project.
They can be created in Excel, Google Sheets, or a simple printable to hang around the house.
A money saving chart is a great way to keep track of your progress.
It helps you stay motivated and inspired as you watch your net worth grow. Additionally, it’s easy to see yourself making progress when using a money saving chart – which can encourage you to save even more money!
#1 – Debt Payoff
Debt payoff is the process of paying off debt. The goal is to pay off your debt faster than the payoff date.
When you’re trying to pay off your debt, it’s important to track your progress. This will help you stay motivated and see success.
You can use a free debt payoff tracker or printables to help you out. With these tools, paying off your car loans, student loans, and more will be a breeze!
#2 – Emergency Fund
An emergency fund is an account where money can be stored for short-term financial emergencies. You should save $1,000 as a starter emergency fund. Figure out how much emergency fund you need.
A well-funded emergency fund is one of the smartest things you can do for yourself both financially and emotionally.
This money should be set aside in case of an unexpected expense, such as a car repair or medical bill if you don’t have sinking funds.
Use these charts to help you save for your emergency fund more quickly.
$3 – Car Fund
A car fund is money set aside to purchase a car. The goal is to pay for the car in full and not take out a car loan.
Just remember… a car is a depreciating asset, so you only should buy what you are willing to lose, but still have the safety features you want.
You can use this car fund tracker to save for anything related to a car, such as the cost of a new or used car, down payment, or ongoing maintenance. This tracker is simple and easy to use, and it’s also very cute!
#4 – Vacation Fund
It can be tough to save up for a vacation while you’re trying to live your everyday life, but it’s definitely not impossible.
One way to do it is by setting up a “vacation fund” and depositing a certain amount of money into it every month. That way, when the time comes to take that much-needed break, you’ll have the cash to cover it without breaking the bank.
The amount of money that can be deposited into the account can vary. Personally, we set aside a set amount each month to fund our love to travel!
#5 – House Down Payment or Home Improvement
This printable helps you save for anything on your house- including a down payment.
It is a pivotal moment in someone’s life and it is important to be financially ready for buying a house. Having this saving goal will help make the process easier.
If you are looking at remodeling or just wanting to set money aside for a furnace, this is a great way to keep you motivated (even if you are excited about the project or not).
#6 – Wedding Savings
Saving for a wedding can be a daunting task, but it’s important to remember that it will help avoid debt in the long run.
Creating and following a money saving chart can help you save for your dream wedding or any honeymoon you want to take. You will be able to see your progress and adjust your spending habits along the way.
There are many ways to save money for a wedding, and one easy way is to use a printable wedding savings chart.
#7 – Investments (401k, Roth IRA, etc.)
Saving for your future is one of the most important things you can do and the sooner you start, the better.
The money savings chart will help guide your investment goals so that you can save for a comfortable retirement.
You want to make sure to use a saving money chart each year for retirement. Then, it will help you save year after year and reach your goal faster.
#8 – Rainy Day Fund
A rainy day fund is a large sum of money saved specifically to cover unexpected expenses beyond just emergencies. This could be anything from job loss to a medical emergency.
Having a rainy day fund gives you peace of mind in knowing that you have the resources to take care of yourself and your loved ones in times of crisis.
The money in your rainy day fund should cover 3-6 months of expenses. At the bare minimum, you would need a $10,000 savings goal for your rainy day fund.
#9 – To Stop Working Early
This one can be a hotly debated topic, but if you don’t want to wait until retirement age to retire than you need to start setting money aside today in a joint brokerage account.
You need to start going your money through investments to pay for your future expenses.
This is part of the popular FIRE movement or I just want to don’t want to work anymore.
This is a longer term goal that will take you 3-10 years to complete depending on your hustle, but it is a great financial vision to strive towards.
#10 – Just Because
This one is my favorite! Because each of us is on our own journey and financial path.
Your saving goals are going to be different than mine. And that is okay!
The end goal is to be saving more than you were previously. So, comment below and let us know what you are saving for.
How to Use A Money Saving Chart
This money saving chart is a great tool for understanding where you are towards your goal.
More than likely, you want to place your chart in a very prominent place. Somewhere you need constant reminders to stay on track.
This chart is designed to help you save money.
Once you complete a square, line, or box, color in that section to show you finished it.
That way, you will steadily increase your savings over time!
Supplies Needed:
I truly believe tracking your savings goals come alive once you add some color. So, here are the supplies you need to get started.
Below are links to my favorite products 🙂
5 Tips to Help You Save More Money
There are a number of things you can do to help you save more money. Here are five tips to get you started:
1. Know Why You Are Saving
Remember, the best way to save money is when you have a purpose.
Make a list of your long-term financial goals and focus on achieving them first. This will give you something to work towards and stay motivated throughout the process!
2. Pay Yourself First
An easy way to start saving money is to pay yourself first.
Every time you get paid, put a small amount of your paycheck into savings before you spend it. By automatically transferring a fixed amount of money into savings or investments each month, you are guaranteeing you will hit your goals.
Then, you will always have money saved for emergencies and other important things.
It is not good to be tempted to spend the money sitting in your account. Move it to a savings or investment account and pay yourself first.
3. Set a Spending Limit:
It is important to set a spending limit for yourself and stick to it, even if you don’t want to.
If you are struggling financially, set a budget and make a plan to stick to it.
If you don’t, then you start a ridiculous cycle where you keep getting sucked back into spend-spend-spend, which leads to stressed-out, which leads to more spending.
The solution is to set a spending limit and stick with it.
4. Make Your Savings Automatic:
If you’re serious about saving money, you need to make it automatic.
That means that you have money automatically taken out of your paycheck and put into a savings account before you even see the cash. You can’t spend it if you never see it.
If a certain amount is taken out of your check each week, then you won’t even miss the money.
You can also set up an automatic transfer from your checking account to a savings account.
This is the best way to force yourself to save money and keep it out of sight, so you won’t miss it or spend it.
5. Make Saving Money Fun:
Saving money can be fun and it should be fun if you want to do it for the rest of your life!
One way to make saving money fun is to set up a savings challenge with friends.
Everyone puts in some money and at the end of the month, whoever has saved the most wins! You can also try to save money by playing games. For example, you can try to see how little money you can spend on a date or at the movies.
Top Fun Ways to Save Money:
6. Make Saving Money A Priority:
You can’t save money if you don’t make it a priority.
If saving money is important to you, then make time in your schedule for it.
Schedule savings just like you schedule meetings and other things. This is a planned date to move money and actually save!
If you want to save money, then make it a priority!
7. Increase Your Income
Increasing your income can be challenging.
However, it is more beneficial to increase the amount of money coming in rather than cutting more expenses.
You can also look into ways to make more money through side hustles or investments. Whatever route you choose, increasing your income can help improve your financial situation.
8. Track Spending:
There are a number of ways that you can increase your income without getting a second job. And many people enjoy this route, so your saving money tip.
You can start by evaluating your spending habits and looking for ways to cut back, like canceling unnecessary subscriptions or downgrading your cable plan.
It is important to track your spending in order to see where the money is going. You’ll be able to see what you’re spending on and then set a budget that includes only the essential expenses.
Avoid unnecessary expenses by being mindful of what you’re buying and where you’re spending your money.
9. Start Saving Early:
If you start saving early, it will be easier for you to save more money because you are in the habit of savings.
While we all cannot save at a young age, we can start now. That way you will have more saved up by the time you are older and ready to retire.
Saving money is very important in building up net worth.
With the help of compounding interest, you will reap the benefits of saving early.
10. Stay Positive
Last but not least, staying positive and motivated is key to saving money.
When you have a clear goal in mind and are determined to achieve it, it will be much easier to stick to your budget and save more money.
You have to stay motivated throughout your journey and staying positive will help your mindset and believe you can achieve anything!
Money Saving Chart Printable
There are many different ways to save money, and one great way to start is by using a printable money saving chart.
In our free resource library, you can find many free money saving charts printable to help get you started on your savings journey.
Above is an example of a chart that can be printed for saving money. Download your PDF copy.
Which Save Money Chart will You Use?
A savings chart plots out how much has been saved, thus allowing you to visualize how far you have come and have far you have left to reach your goal.
The whole concept of saving money is not a new idea, but you may want to break down your savings goals into smaller steps like cash goals, financial goals, and net worth goals.
More importantly, filling out this chart is a helpful way for personal finance to save money and gain more net worth.
The secret to saving money is in this easy step-by-step guide. What is the best way for you to save hundreds of dollars or even thousands? It’s all about planning and thinking ahead.
With this small guide in your hand, you’ll be able to save more than $100 a month and take the mystery out of saving money! Many of our readers save $10K in a year.
Start today and enjoy the benefits of living a richer life!
Know someone else that needs this, too? Then, please share!!
By Peter Anderson28 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited April 4, 2013.
Peer to peer lending has been a hot topic on personal finance blogs for the last year or so. Lots of people are promoting it as a good way to make decent returns on your money – even in a tough economy like we’re in (Some might argue that it’s because of the hard times we’re in that it’s becoming a better way to make good interest on your money).
I have stayed out of the social lending market because up until recently my wife and I were still building up 3-6 months of expenses in our emergency fund (actually we’re closer to 8 months, we’re a bit more conservative than some), and we didn’t really have a lot of extra money to put into things Lending Club or Prosper.
We’ve finally completed our 8 months of expenses, and since we now have a little bit extra discretionary income, I thought I would sign up to use one of the more popular person to person lending services, Lending Club.
The Idea Behind Peer-To-Peer Lending
For those of you who aren’t familiar with P-2-P lending, here is a quick primer of how it works. Sites like Lending Club bring together a large network of borrowers and investors. As an investor/lender you can choose to invest as little as $25 with one borrower, or if you want to invest a larger sum you can spread out your money between a larger number of loans. (You can lend a large amount to one borrower, but it isn’t suggested. Better to diversify your holdings. ) As a borrower you can get a loan for up to $25,000 and have that amount lent to you from many different sources. P-2-P lending may allow people who might otherwise not be able to get a traditional bank loan to still fund their business, consolidate debt, or fund a wedding – all while getting a lower interest rate than they might have at a bank or on their credit card.
Peer-to-peer lending isn’t without it’s downside – and as with many traditional loans there are going to be plenty of people that default on their loans, and don’t repay. So you need to take that into account when choosing the loans you want to fund, and looking at the higher interest rates on riskier loans. The higher the interest rate that you’ll receive, the more risk you’ll take on. Also, Lending Club and other P-2-P sites are not available in all states.
Signing Up For Lending Club
I chose to sign up for Lending Club as my first foray into P-2-P lending because it has a pretty good reputation in the blogosphere, and elsewhere. They also successfully registered with the SEC in 2008, which has given them even more credibility.
Signing up for the Lending Club was a simple process, although it will take you a few days from signing up until you can actually begin lending. Here are the steps to sign up.
Go to Lending Club web site
Click on Join Now link at the top right of the screen and complete the application to be a borrower or investor on the screen that comes up. If signing up as an investor don’t forget to use the referral code below for $50 free!
You should receive a confirmation email, in which you’ll need to click on a link to confirm your registration.
Go back to the Lending Club website and login with your new login info.
Click on the Invest button. Fill in your profile information in order to verify who you are, and to link your bank account to Lending Club. (Lending Club will make two small deposits into your account to verify that you have access to the account).
Once your bank account is verified, go to the My Account tab, and then choose Add Funds. You’ll need to transfer at least $25 to your Lending Club account in order to get started. This may take a few days.
From My Account tab, click on Invest to start lending money
Once you’ve finished to process above, you’ll be ready to start lending money. This is the fun part – lending money, and making a bit of money in return.
Lending Money With Lending Club
Lending money using Lending Club is actually kind of fun. You get to read about people’s situation, find out why they’re taking out a loan, and then see if they are in fact a good credit risk. I decided to look mainly at loans that were from borrowers with good credit scores, verified income, and what I considered good reasons for taking out a loan (I’m usually against taking on new debt of most kinds, so I didn’t want to fund loans unless they were for people bettering their debt situation, and trying to get out of debt). Since I’m just testing the waters, I decided to invest $100 for now. If I’m happy with the returns and borrower repayment I’ll consider investing more in the future.
Originally I was planning on investing my money with my friend Matt over at DebtFreeAdventure.com who is currently repaying a Lending Club loan to consolidate a couple of higher interest credit cards and an auto loan. Unfortunately (for me) his loan was completely funded before my deposit was credited to my LC account. So I had to find other loans to fund. To find borrowers to fund just do the following:
Click on the Invest tab at the top of the page.
Enter how much you would like to invest with each loan.
Hit the Run LendingMatch button to match your lending amount to borrowers.
If you would like you can increase the amount of risky loans you are willing to take on (and the interest you can make) using the slider on the page.
When you are done hit the Next button and it will bring back a list of matching loans for you to invest in, based upon your risk tolerance that you’ve selected.
If you prefer to select loans manually, you can also do that by selecting the Browse Notes link at the top of the page (this is what I chose to do).
Since I was investing with Lending Club for the first time I decided to manually select the notes that I would be investing in. I didn’t want to invest in anything that sounded overly risky, or to invest with anyone that sounded like they weren’t very responsible. Since I am only investing $100 to start, it didn’t take me very long to find 4 notes to invest $25 in, with people who had good credit scores, and who were either in the A or B credit rating.
Once you have your notes selected you just click on the Invest button, and then confirm your purchase order for those loans, and those amounts. Piece of cake.
Now, I just have to sit back and watch the interest pile up!
Sign Up For Lending Club
I’m going to be charting my experience with Lending Club here on the blog, so stay tuned. If you’ve been thinking about signing up for an account, now is the perfect time. If you register for a new investor account and click on our link, for a limited time you’ll get $25 in your lender account – for free!
OK. Ready to sign Up For Lending Club And Start Investing?
(yes, that is an affiliate link. thanks for signing up through me!)
More Social Lending Resources
Have you entered into the peer-to-peer lending arena as a borrower or investor? What has been your experience?
Webull believes that everyone should have an equal opportunity to control their financial future, and with their app, you can do just that.
Let’s dig into our Webull review.
In This Article
What is Webull?
It’s an iOS and Android online stock trading app that incorporates a ton of real-time information and tools to help the beginner get started investing for their future, or give the veteran investor an excellent option for zero commission trading.
Although other mobile apps offer free trades, like Robinhood, these two apps are very different, and Webull has some unique features to offer, especially in the area of research.
Webull is offering a free stock priced at $12-$1400 after successfully opening a free account and depositing ANY amount.
Webull Financial, LLC owns the Webull application. The company was founded in 2017 (privately held), and the mobile app was launched in May of 2018.
Webull is a registered broker-dealer with the SEC and a member of FINRA and Securities Investor Protection Corporation (SIPC), which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash).
You can check the background of Webull Financial LLC on FINRA’s BrokerCheck.
Keep in mind when investing in stocks and all other investment products involve substantial risk of loss and are not suitable for every investor. The value of stocks may fluctuate, and as a result, clients may lose more than their original investment.
Webull Features
Webull provides several great features to get you started buying and selling stocks. Webull V6.0 was recently released, which added Options Trading for all our users. Cryptocurrency Trading will also be coming to Webull soon! Visit the Webull website to join the Cryptocurrency Trading RSVP list.
Here are the features WeBull includes:
Free to Setup – Download the app, and you can begin setting up a commission-free brokerage account. You must be at least 18 years old with a valid social security number. There is no minimum deposit required for regular trading, but for margin trading, the minimum account balance must be at $2,000 or above (to use leverage or short).
Trading Tools – Webull delivers some of the best tools of any trading platform. They include free Free real-time quotes (NASDAQ Last Sale), in-depth charts, analyst ratings, and financial calendars.
Extended Trading Hours – Webull has free pre-market, and after-hours trading from 4 am to 8 pm Est. Full pre-market (4:00 AM – 9:30 AM ET) and after hours (4:00 PM – 8:00 PM ET) sessions.There are not many trading platforms that offer these extended hours.
Retirement Accounts – Webull offers three different types of IRAs to serve different financial goals: Traditional IRA, Roth IRA, and Rollover IRA.
Margin Account – With a margin account, you can short stocks, employ leverage to increase your exposure beyond that of your cash balance, and can place multiple day trades within a week without breaching regulatory constraints around day trading.
Free Stocks – You have the opportunities to receive free stock. You get one for opening an account. You can’t beat free!
Easy of Use – The Webull app is easy to use and has a great design. Check out the video I made. The app is running on an iPhone 6 with no issues.
Multi-platform accessibility
Free access to our advanced and fully customizable desktop, web, and mobile platforms.
24/7 Online Help
We offer 24/7 online help to guide you through our multiple platforms and answer all your questions.
Is Webull Safe?
Webull has several different levels of security and insurance for your account.
First, for your personal data, Webull uses state-of-the-art security measures when handling customer information. Your personal information is fully encrypted and never shared.
Second, for your money invested, Webull Financial is a member of SIPC, which protects securities customers of its members up to $500,000 ( $250,000 of cash).
Thirdly, Webull’s clearing firm, Apex Clearing, has purchased an additional insurance policy. The coverage limits protect securities and cash up to an aggregate of $150 million, subject to maximum restrictions of $37.5 million for any one customer’s securities and $900,000 for any customer’s cash. Similar to SIPC protection, this additional insurance does not protect against a loss in the market value of securities.
All the details can be found at Webull’s website or call Webull’s customer service for more information.
Webull Offers Free Stocks
Did I mention a free stock? Who doesn’t like free? You can get a free stock, once you successfully open a Webull account and fund the account with ANY amount. A stock valued between $12-$1400 will be received.
The stock inventory is composed of stocks with a minimum market capitalization of $2.5 billion from a US-based company listed on the NYSE or NASDAQ stock exchange.
Increase Your Investing Knowledge
One of the best features of Webull’s app is its aggregation of stock and investing information in one place. If you are looking to gain a better understanding of the stock market, this app is for you.
Several features will help you increase your knowledge, and help get you more comfortable with investing.
Watchlist – The watchlist gives you the ability to track individual stocks, mutual funds, ETFs, and companies. Even if you know very little about investing, this feature allows you to track the performance of any company you add to your watch list.
So if Netflix happens to be your binge-watching service or Starbucks your beverage company of choice, you can add them. Once added, you can drill down and review detailed performance, news, and analyst rating. This simple ability will help you increase your investing IQ.
Market Data – The market tab within Webull’s app gives you a complete market overview, including all US-base markets, the Dow Jones, S&P 500, and the NASDAQ. It also includes the Cryptos market, and all of the Global markets with great detail.
Paper Trading – This is a simulated trading feature, that just maybe the best way for a novice investor to better understand the market without the risk of losing any of their own money.
The feature allows you to start with 1 million dollars of virtual money to begin to build a stock portfolio. This real-life scenario is suitable for beginners to practice without using real money and a variety of features that benefit traders.
Webull offers simulator trading competition with real prizes on the line. To participate, you need to use Webull points to enter.
From their website, points are based on your contributions to Webull and the community. You can earn points by posting comments and ideas in the Webull community, completing tasks, and participating in our promotional activities, etc. These points can be redeemed for upcoming Webull products and services.
Cons
There is a lot we like about WeBull. Currently, there is only one con we could find.
Joint accounts – Webull does not support custodian, joint, or trust accounts. All accounts are individual accounts.
Overall Webull Impressions
I hope you have found this review useful. Webull is a slick trading platform app with a significant number of tools and data to balance your level of experience. It’s easy enough to use to help the beginner investor learn more about the stock market and deep enough to keep the experienced investor engaged.
Webull is an excellent choice for anyone who wants to be able to trade stocks from a smartphone.
Check out Twitter and follow the hashtag #HelloWebull for all the social media buzz on the application.
Brian is a Dad, husband, and an IT professional by trade. A Personal Finance Blogger since 2013. Who, with his family, has successfully paid off over $100K worth of consumer debt. Now that Brian is debt-free, his mission is to help his three children prepare for their financial lives and educate others to achieved financial success. Brian is involved in his local community. As a Financial Committee Chair with the Board of Education of his local school district, he has helped successfully launch a K-12 financial literacy program in a six thousand student district.