For the past two years, the topic of women and money has come up in my life quite a bit. I’m guessing it has something to do with the fact that I’m a woman who writes about money.
But as a woman who writes about personal finance, I feel have given the topic less attention than it deserves — not just in my writing, but in my own thoughts too. I suppose I figured personal finance is something that we all struggle with, not just women. But the more I learn, the more it hits home, and the more I realize we should embrace the topic so we can do something about it.
The Confidence Gap
Last year, when I read Barbara Stanny’s “Secrets of Six-Figure Women,” I found myself nodding in agreement to just about everything she’d written. Some of her points were an unsettling confirmation of my own career shortcomings — particularly, her chapter on the “traits of underearners.” A few of these traits: We have a high tolerance for low pay; we underestimate our worth; we’re terrible negotiators. Check, check and check.
Around the same time, I came across a study that found women are considerably less confident than men when it comes to investing. That hit home as well. I’d started saving for retirement, but I was really intimidated to learn more about investing beyond that. Then, recently, I went to an event hosted by Fidelity and Vanity Fair which was all about women, power and money. Their research echoed the findings of pretty much all previous research on this topic: Women lack confidence with personal finance. Kathy Murphy, their President of Personal Investing, called it a “confidence gap.”
It’s a weird thing to say, but sometimes I forget I’m a woman. I forget that, statistically, I might be getting the short end of the stick in some circumstances. I forget that what holds me back might have something to do with my gender. Then I read the stats and I think, “Oh, snap. That’s totally me.”
Learning about this issue and embracing it has changed the way I think about myself, my gender role and my money. And that change has made a tremendous difference in my finances.
Earning More and Overcoming Insecurity
Like a lot of people, I am insecure. It’s okay to be insecure to a point, I think. I am not a big Bukowski fan, but I do like this quote: “The problem with the world is that the intelligent people are full of doubts, while the stupid ones are full of confidence.” I’m not saying I’m smarter than anyone; I’m just saying — a little self-doubt isn’t necessarily a bad thing. It keeps you open-minded and educated.
But insecurity can hold you back. For example, I’ve always been afraid to speak up. In third grade, a scientist visited our classroom and brought crystals. We each got one, but I lost mine and reported this to my teacher. She said Rob N.* probably had it because, somehow, he got two crystals.
My teacher brought Rob to me. “Is this yours?” she asked. Sure enough, my own crystal was shining in his palm.
But I was afraid to speak up. I thought if I said yes, I’d be seen as a greedy, crystal-grubbing brat.
I shook my head. Rob shrugged and walked away with it — who could blame him?
I’ve never really thought about it before, but this is a painfully accurate metaphor for the problems women face with negotiating. If we speak up, we are perceived differently. The statistics show it, and many of us have experienced it. No wonder we’re afraid to ask.
I didn’t really start asking for raises or negotiating rates until I hit 30. I had a high tolerance for low pay, and it didn’t do me any favors. But I realized that, gender gap or not, if I wanted to reach my money goals, I needed to speak up. I have no idea if clients now view me negatively after I’ve asked for more money. But as a woman trying to reach financial freedom and close whatever pay gap might exist between me and a hypothetical male counterpart, I can’t let that stop me. Not speaking up would only reinforce that awful statistic.
*Name has been changed to protect his identity, as he was actually a nice boy. But “Rob” if you’re reading this, give me back my damn crystal.
The Role of Empowerment in Financial Freedom
Since reading and learning about this issue, I’ve also forced myself to learn more about investing. And you know, it’s not that hard. I get it. And my net worth has grown quite a bit since figuring it out.
I still think it is okay to second-guess myself and admit that I don’t have all the answers. But I am getting tired of the little things — the small, subtle bullshit I come across and can’t help but think, “If I were a man, would this be an issue?” Like when I wrote about being frugal and a commenter, assuming I don’t have my finances in order, asked why anyone should listen to me. Or the time I chimed into a conversation among clueless male investors, who were talking about how index funds are stupid, and they completely ignored me. Or even the fact that I feel self-conscious about taking ownership of my financial accomplishments. I’m afraid of coming across as cocky.
It might seem like focusing on all of this is victimizing, and maybe that is part of the reason I ignored it for so long. But it isn’t victimizing; it is empowering. It reminds me that it’s not just me. Many women are also afraid to ask for a raise or to speak up or exude the confidence they possess because modesty and meekness and silence are more socially acceptable for our gender. Acknowledging the issue also makes me proud of the financial accomplishments I have made so far — I have found financial security despite the stats not being in my favor.
And finally, I feel thankful to have worked for people who “get it.” For the most part, my bosses have always been encouraging, supportive and understanding. Considering the statistics, that’s pretty remarkable.
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Empower Personal Wealth, LLC (“EPW”) compensates Money Bliss for new leads. Money Bliss is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.
You are looking for the best investment app to help you save money, but all of them seem too complicated. You want something that is simple, easy to use, helpful, and even better if the app is free.
Empower is an online service for tracking your finances. Before a merger, the company began in 2009, and to this day it has been growing exponentially with a user base of over two million people.
Personal Capital is now Empower.
The app works on desktop as well as mobile devices, giving users the ability to track their spending easily wherever they go.
Empower also offers a suite of tools that help you get out more information about how you are using your money so that you can make better financial decisions.
On this Empower review, we will focus on what they do well, how it works for those who use it, and where Empower could improve.
Don’t forget… here is a list of all of the budgeting apps on the market.
If you are looking for an easier way to monitor your financials and see how healthy your finances really are, then you may want to check out what Empower has to offer.
What is Empower?
Empower is an online tool for tracking your finances.
It has been called the best financial app out there, and I agree with that statement. But, I personally use it as one of the money management tools to help guide our financial decisions.
I have used Empower to track my investments for over six years now, which probably makes me a bit of an expert on this topic because I use it on a regular basis.
Overall, Empower is a financial planning and wealth management tool that users can use to manage their net worth. The product offers tools for managing investments, retirement, debt payoff, and other personal finance goals.
How does it work?
First of all, Empower is a FREE app that helps you keep track of all your accounts. It can help you to invest better and did we mention… it is free to use!
To get the most out of this app, you’ll have to link each of your financial accounts one by one so that Empower can learn how you spend money.
It takes a couple of minutes to create an account and verify your identity.
The longest step is linking accounts to the Empower app. Just make sure you do this step within 7 days to get the most out of the app.
Features of Empower
The features of Empower include the ability to visualize your overall financial picture, keep track of your investments in a dashboard, and see which companies you are invested in.
Most people associate Empower as one of the best tools to help with investing, like a stock screener and an investment calculator.
But, there are many great features available for free including:
Net Worth Planner
Retirement Planner
Fee Analyzer
Cash Flow Management
Savings Planner
Budgeting
College Savings Planner
Investment Checkup
Pros and Cons of Empower
First of all, Empower is free to use. So, you might as well test drive the system and check out if the Empower app fits what you are looking for.
Just like any of the Empower reviews will tell you, there are positives and negatives with every type of money management app available.
You just have to decide the most important features for you. As well as what you are willing to pay.
Pros of Empower:
Free portfolio management tool.
Good for new investors who want a free-to-use tool with minimal features.
Easy to use and can be accessed on multiple platforms.
Can track investments across multiple accounts.
Tracks over 23,000 securities and over 1,000 mutual funds. – check
Offers a free app for on-the-go access.
Offers in-depth analysis and investment research on stocks, bonds, and ETFs.
Cloud-based platform
Free to use!
Cons of Empower:
Sales call from staff
Wealth management service is more expensive than a traditional advisor or simply investing in index funds.
High wealth management fee
Unable to reconcile your bank statements with Empower, but since they are coming from your bank directly, they should already be in sync.
No credit health information
Budgeting Tool needs improvement
Limited transaction management and budgeting
No import option for transactions from any platform including YNAB, Quicken or Mint
Cloud-based platform
Many people report that the Empower app requires $100,000 in investment assets to be eligible. That is untrue. In fact, it works best for those who have at least $100k in some form of investments – 401k, IRA, brokerage accounts, or even cash!
Empoweris incredibly easy to use and has helpful financial planning tools.
Overall, it is one of the many great tools to help further push you to financial freedom.
Empower Pricing
While Empower is free to access personal finance tools, it does come at a small price of annoyance.
Empower is free
Empower is a free online portfolio platform that helps people save and invest their money. It offers tools to track net worth, create investment plans, compare retirement accounts, view savings goals and cash flow, and more.
This is the great part of using this app!
The downside is to make these dashboards free is they are trying to entice you to move to their wealth management services.
You do not need to invest your money with Empower to use this platform.
It is best to keep everything invested where it currently is and use their free tools to analyze and make the necessary changes.
As such, once you sign up, you will receive calls on a reoccurring basis offering you a free analysis. There is no pressure to do this. Once you have said no enough times, they will stop calling you.
For those under $1 million in investable assets, their fee is 0.89%.
As you can read in this book, there are many ways to invest yourself without paying that fee.
In fact, this is my favorite book explaining how much harder and longer you have to work by paying someone a 1% wealth management fee.
However, for a small percentage of people, this may be a more cost-effective way of receiving professional advice, as it eliminates hidden costs from this type of service.
Empower Tools
Empower is a financial management platform that provides tools to help individuals manage their personal finances. The platform offers tools for portfolio tracking, performance analysis, and retirement planning. The company also provides its users with educational resources on financial topics.
Under their free dashboard, these are the tools you can use for free.
Net Worth Calculator
This simple tool will keep track of your net worth. Very simple and always available.
Know where you stand, by downloading the free app to see your true net worth in real-time.
Understanding your personal financial statement is important.
Savings Planner
One of the most asked questions is how much I need to save for:
Retirement
Emergency Fund
To Pay Down Debt
Calculate how much to save each year with a 70% chance of reaching your retirement goals. Learn how much you are currently savings and how much you need to start saving.
Cash Flow
Cash flow is the amount of cash available for expenses at a certain time. This term used in personal finance describes the rate at which one’s income and expenses change over time.
The Cash Flow tool is easy to use because Empower automatically tracks deposits and spending. The time saver feature allows users to see their cash flow, balance sheet, net worth, asset allocation over a period of time.
Cash flow is a budgeting tool that offers limited information on spending. It provides a second check when using another program that gives you more details like Quicken or Simplfi.
Retirement Planner
This is the #1 reason I recommend Empower especially if you are looking to stay away from a financial planner.
Trying to figure out how much you need for retirement by yourself seems like picking a random number from the sky.
The retirement planner is used by millions of people to figure out how on track they are for retirement. Plus get tips on what they can do to improve their chances of success.
Budgeting
Budgeting is a method of allocating financial resources by identifying and evaluating needs, prioritizing them in order to meet goals, and monitoring the achievement of those goals.
Empower includes a budgeting section to help you set monthly spending targets and track your spending. They automatically import the information from linked accounts such as checking, savings, and credit card statements.
Using their free online financial dashboard, allows you to track your spending and investments. There are interactive charts, graphs, pie-charts, and even widgets. All to make sure your budgeting is on track.
Investment Checkup
This portfolio analysis is the process of measuring performance and risk in order to develop a strategy for capital allocation. The goal of portfolio analysis is to improve return on investment, which can be achieved by increasing return on assets, decreasing the risk of losses, or reducing the variance.
The Empower app lets you explore your entire portfolio visually. It also provides asset allocation tools and tax optimization tools to help manage a person’s financial life.
Fee Analyzer
A fee analyzer helps people to determine the annual fees they are paying in their retirement plan.
401K Analyzer also calculates how much your retirement is costing you and provides a breakdown of any hidden fees that may be present within mutual funds with which it has been linked. This Retirement Planner tool uses assumptions about account holdings and investment behavior for calculating expenses against an estimated portfolio value.
Consequently, these fees add up over time and will drastically put a drag on your portfolio and reduce your retirement savings.
Empower Dashboard is Free
Just remember, you do not need to hire an advisor to use the platform.
Empower is a free tool for individual investors.
Empower provides users with access to all of the above-mentioned advanced tools for free. In addition, they offer free financial advice through their blog and social media pages.
It allows users to track their investments and get a personalized financial plan. The service also offers apps for iOS and Android devices, which makes it easy to manage finances on the go.
Empower Wealth Management Review of Services
In addition to offering free financial tools, Empower provides wealth management services.
You get to work one-on-one with an advisor who will give you personalized advice based on your situation.
They help you to invest, save money and track your financial goals.
Their advisors start by determining your risk tolerance and goals in order to construct the best personal financial plan for you.
If you are interested in getting a better understanding of your financial situation, Empower is an excellent option. It gives users the tools to understand their investments, budgets, and cash flow all with one app.
All it requires is that you sign up for free without any obligations or commitments from them whatsoever. You do not have to agree to use their wealth management program.
Personally, I cannot comment on an Empower advisor review as I have not used this service personally.
Empower Investment Strategy
The Empower investment strategy is a simple way to invest your money for the long-term.
This means that you will be able to retire and live a comfortable life without any concern about how you will be able to live.
They employ the tactic called Smart Weighting because they invest equally across all sectors and industries, which can provide diverse returns with minimal risk. The best part of this strategy is it’s easy to use as Empower has created an interface that makes portfolio management simple for users on any device or platform.
Empower’s software is able to identify tax-loss harvesting opportunities (opportunities where the investor sells an investment after it has fallen in value and pays fewer taxes than if the sale had occurred earlier) than investing on their own.
In addition, Empower invests passively for cost efficiency which means that they don’t take any active management into account.
The best part about Empower and one of the key areas I prefer, is they include socially responsible investments as well as an investment strategy to fit any budget.
They identify which companies are doing good work for society and invest in them accordingly. This feature makes personal finance much more interesting and easier than ever before!
Wealth Management Tiers
Many people invest in various financial services and products, such as mutual funds or stocks. They are promised that these investments will generate a good return, but they do not always make the best choice. Wealth management services are a way to help people manage their personal investments. They may charge fees for their service, but that is not always the case.
Depending on your level of assets, will determine the amount of services you will receive.
Investment Services:
This is the most basic level to receive financial and retirement planning guidance from their team of experts.
$100K in investment assets
Unlimited advice from any of the available financial advisors
Managed ETF portfolio
Wealth Management:
This is where you can receive more personalized services and dedicated support to manage your money as you move through new financial challenges.
$200K minimum in investment assets
Two dedicated financial advisors
Access to specialists in real estate, stock options, and more
Regular reviews on your customized portfolio
Tax optimization
Private Client :
This is the most exclusive level at Empower to help you receive comprehensive financial planning. They will help build a customized investment plan to reach your lifestyle goals.
over $1 million in investment assets
Two dedicated financial advisors
Priority access to specialists
In-depth retirement and wealth planning
Wealth Management Fee Structure
Empower charges only an all-inclusive annual management fee at a fraction of the cost of traditional financial institutions. In addition, they do not charge hidden fees, trailing fees, or trade commissions.
First $1 million = .89%
First $3 million = .79%
Next $2 million = .69%
Next $5 million = .59%
Over $10 million = .49%
Overall, if you want a financial advisor or a second opinion, using Empower wealth management services may be for you.
Even if you don’t join, you can still use the tools for free, no questions asked.
My Empower Review from Experience
I have had a lot of experience using Empower in the past. They provide snapshot financial pictures of your personal situation that are very informative.
Plus it is a free tool to use, which is always a bonus.
Empower is one of my favorite online tools to see all your finances in one place.
It is eye-opening to see the overall picture. Also, tracking investments across multiple accounts can be overwhelming, but they make the process seamless and help you stay on top of things.
Personally, my favorite tools are the net worth, fee analyzer, and retirement planner.
I use Empower in conjunction with Quicken. Read my Quicken review.
My Empower dashboard is my overall financial picture whereas Quicken tracks all of my day-to-day spending and helps me remember when we purchased something for a return.
The app has a convenient interface that makes managing your personal financial situation easy, even if you’re not familiar with finance jargon or investing terminology. With this tool at hand, keeping track of where everything stands financially becomes easier than ever before!
Just to note… to get the best financial picture, you must include all of your accounts. The more time you spend in the Empower dashboard, the more helpful analysis you will get from the tool.
Empower Alternatives
In addition to Empower, there are other financial apps that can help you allocate your portfolio.
These include Betterment with Wealthfront also being a viable option for those who want the best of both worlds by tracking their investments in stocks and bonds. However, these alternatives have much higher fees than what is charged by Empower which makes it an appealing alternative if the fee does not bother you.
Also, if you are looking for budgeting capabilities you may want to look at Quicken, Mint, YNAB, or Simplifi.
At the end of the day, you have to decide what your goals are and what you are looking for.
From all of the free and paid budgeting apps, here are our top budgeting apps to check out!
This section may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. Please read the full disclosure below.
Personal Capital Advisors Corporation (“PCAC”) compensates Money Bliss (“Company”) for new leads. (“Company”) is not an investment client of PCAC.
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Make sure to connect all of your accounts within 7 days to set up your Personal Financial dashboard.
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Is Empower right for you?
Empower is a company that offers tools for personal finance management. This app has more than one hundred different tools to help you with your finances, including monthly budgeting and investing tracking.
Empower also helps people manage their credit card debt, establish emergency funds, track retirement savings progressions, calculate their net worth, and much more!
The smartphone app integrates locations, bank accounts, and credit scores which allows users to access current information on their financial situation.
The online portal allows for comparing available investment options.
This tool allows people to plan out the future of their money as well as provides them with valuable financial information in an easy-to-read format so they can make informed decisions.
As stated before, Empower is a financial app that can help you manage your investment assets. It has many features and it’s not perfect, but it’s the best out there in terms of value for money.
You can always test drive it and see what you learn about your personal finance situation.
Now you can try it free (no credit card required!)
Know someone else that needs this, too? Then, please share!!
Do you receive a year-end bonus? Lucky you! While you may be tempted to go on a shopping spree or take your gang out to a great dinner, hold on a second. Yes, you can use some for fun, but you might also want to put some of a year-end bonus toward your financial goals.
Smart bonus money moves may include paying down debt, helping to fund a short-term savings goal (such as a downpayment on a house or establishing an emergency fund), as well as investing the money to potentially achieve long-term growth.
There’s no one right formula for spending (or not spending) a bonus: Each person’s financial situation and future goals are entirely unique.
But here are some ideas for using your bonus — or any other cash infusion, in fact — that can help improve your financial wellness today and tomorrow.
Allocating Some Money to Fun
You worked hard all year. So it’s totally understandable if you want to put some of your bonus money simply towards a few wants vs. just needs.
With any financial decision, it typically doesn’t have to be all or nothing, and that includes your work bonus. In fact, taking a balanced approach to your money might actually help you to maintain the stamina that financial goals often require.
Although the exact split is ultimately up to you, to avoid overspending, you might want to consider putting roughly 90% of your bonus towards your financial goals, and devoting about 10% to “fun money.”
If you’re getting a $5,000 bonus (after taxes), for example, that means you would have $500 to spend treating yourself. The other $4,500 would then go towards putting a big dent in your money goals.
Recommended: Benefits of Automating Your Finances
Chipping Away at Debt
If you have debt — whether from a student loan, car loan, or credit card debt — a bonus can be a great way to start whittling away at whatever balance you have to contend with, or even wiping it out completely.
Doing this can help you avoid throwing more money away just on interest charges, and if you manage to wipe out debt completely, you’ll have one less financial responsibility to stress about every month.
How much of your recent influx of cash should be directed toward debt reduction is entirely personal, and will depend on your situation.
Some financial planners recommend that people with high-interest debt consider putting around half of their annual bonuses toward paying down that debt. But this decision will depend on your individual circumstances.
Since credit card debt typically costs the most in interest, that can be a great place to start. Many credit cards charge close to 20% interest or higher. So if your goal is to ultimately build wealth, it may be smart to minimize credit card balances or, even better, pay them off completely.
It would be unreasonable to expect that you could out-invest what you are paying out in credit card interest. The same idea goes for any high-interest or emotionally stressful debt on your balance sheet.
Recommended: 5 Reasons to Switch Bank Accounts
Saving for a Short-Term Goal
If you haven’t yet started, or haven’t quite finished, creating an emergency fund, getting a bonus is a great time to beef up that financial cushion.
While many people don’t like to think about the possibility of their car breaking down, a medical emergency, or job loss, should one of these unexpected events occur, it could quickly put you in a difficult financial situation.
Without back-up, you can risk landing in debt should you experience a financial set-back.
How much to sock away for a rainy day is highly personal. But a common rule of thumb is to create an emergency fund that has enough money to cover three to six months of living expenses. You may need more or less, depending on your situation.
If you already have a decent cash cushion, you may next want to think about what large purchases you are hoping to make in the not-too-distant future, say, less than five years.
This could be a downpayment on a home, a renovation project, taking a special family vacation, buying a new car, or any financial step that requires a large infusion of cash.
Then consider using at least some of your bonus check to jump start these savings goals, or add to previously established ones.
It’s a good idea to put money you are saving for a short-term goal (whether it’s a downpayment or an emergency fund) in an account that is safe, earns interest, and will allow you to access it when you need it.
Some options include a savings account at a bank, an online savings account, a checking and savings account, or a certificate of deposit (CD). Keep in mind, though, that with a CD, you typically need to leave the money untouched for a certain period of time.
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Invest for the Future
Bonus money can also help you start investing in longer term goals, such as retirement or paying for a child’s education. Using bonus money to buy investments can help you create additional wealth over time.
For example, a lump sum of cash can work wonders in boosting your retirement savings. Even if you’re technically on track for retirement, adding more money to your IRA or 401(k) today can leave you with a larger income stream when you’re older. If you’re already contributing to these accounts, be aware of the annual limits.
You can contribute to your retirement using your bonus in a couple of ways. Many companies will automatically deduct from your bonus for your 401(k) at the same rate as usual.
You can also ask your company in advance if you can have a special withholding for your bonus. You may be able to fill out a form (or go onto the company portal) to designate up to 100 percent of your bonus to your 401(k).
If you can’t direct that money to your 401(k), and you’re eligible for an IRA, consider maxing that out instead.
Either one can help get you closer to a great retirement–and may also help you save significantly on taxes in the short term.
People who have kids may want to consider putting some bonus money toward starting, or adding to, a college savings account, such as a 529 plan (which in some states can offer tax benefits).
For financial goals outside of retirement, you may want to look into opening a brokerage account.
This is an investment account that allows you to buy and sell investments like stocks, bonds, and mutual funds. A taxable brokerage account does not offer the same tax incentives as a 401(k) or an IRA, but is much more flexible in terms of when the money can be accessed.
How much of your bonus you should put towards long-term investments is an individual decision that will depend on your current financial circumstances.
The Takeaway
No matter the size of your hard-earned bonus, it’s a good idea to think about how it can best serve you and your goals in both the short and long term. Some smart ways to use bonus money include getting ahead of high-interest debt, setting up or enlarging your emergency fund, saving up for a large purchase (such as a home), as well as beefing up retirement savings and other long-term investments.
You can mix and match smart spending and smart saving to fit your financial situation. One easy way to do this is to sign up for an online bank account from SoFi Checking and Savings. You’ll earn a competitive annual percentage yield, pay no account fees, and you’ll spend and save — all in one convenient place. Whether you’re saving for something specific or storing cash until you’re ready to invest, SoFi Checking and Savings can help you put that year-end bonus to good use.
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Save more, spend smarter, and make your money go further
The advent of fall serves as a good reminder that you may need to correct course and keep your financial responsibilities in mind. On the first day of fall, the autumnal equinox, the lengths of day and night are roughly equal, and the daylight grows shorter from there. Use the diminishing sunlit hours to get you and your money back on course after a summer of sun and fun.
Start over
Every year at back-to-school time, there are ads for notebooks, fancy pens and backpacks. Even if you don’t have children, the fall season brings to mind stacks of blank paper, waiting for you to write your story….or re-write it! Are you financially off-track and your money goals are nowhere in sight? Start with a clean slate and get back to basics. Create fresh goals. Redo your monthly budget. Commit anew.
Become a night owl
We turn our clocks back on November 1. Use that hour to reflect on your day, unwind and set action items for tomorrow that will keep you on the right financial path.
Spring cleaning isn’t just for spring
If you live in a cold climate, now is the time you are pulling winter gear out of storage. Purge ill-fitting or never-worn garments and gear and have a fall yard sale. You’ll clear space in your life and earn a bit of money you can put towards your saving goals.
Give your bills a checkup
Scrutinize your bills. Are you paying the right amount for utilities, cable or broadband, phone, and other recurring monthly expenses? Are there any hidden fees? This is a good time to get organized, adjust your data plan or cut some channels out of your satellite TV package to save a few more bucks.
Pay attention to open enrollment
Many employees benefit plans run open enrollment — the period when you can make changes or sign up for new benefits — at this time of year. Instead of ignoring those flyers or emails, open them! Make sure you are taking advantage of vision, dental, and health insurance, and contributing to your employer’s retirement plan. Look at how much you spent this year on healthcare costs and see if a healthcare savings account may benefit your family. Keep in mind that Health Insurance Marketplace open enrollment for 2016 is from November 1, 2015 through January 31, 2016.
Stock up for next year
Now is the time to purchase used summer gear like patio furniture, pool toys and bikes. When others are deciding what doesn’t get to stay in the garage for another year, you can snag a great bargain on something you’ve wanted to add to your warm-weather activities. Grab it now and look forward to using it next year.
Resist the pumpkin spice latte
You can’t open your eyes in September without seeing an ad for a pumpkin spice something. It can be tempting to embrace the fall flavor, but did you know that a pumpkin spice latte can be as much as $5.25? I don’t know about you, but every year I succumb to the advertising pressure and long for the tasty warm treat. It’s a good reminder to skip the coffee stop and make your latte at home and save a fiver. Or at least custom order yours, which could save you half the cost!
Watch the calendar
The countdown to Christmas is alive in social media feeds. Whatever winter holiday you celebrate, plan accordingly. They happen at the same time every year, so now’s the time to make your plan — don’t let them sneak up on you and force you into overspending on food, travel, or gifts at the last minute.
Snuggle and save
When it gets cold outside, we tend to stay in, watch movies or invite friends over. While this routine may get old by March, at least you’re not out somewhere spending money! Silver lining, right?
Kim Tracy Prince is a Los Angeles-based writer. If she didn’t have a husband and 2 young boys who love sports, she’d save money by staying in and reading all the books that she never has time for.
Save more, spend smarter, and make your money go further
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Affirmations have been all the rage over the past few years, and people are using them to achieve their goals.
“I am in control of my finances”
“Money comes easily into my life”
or even “I love money!”
What about you? Do affirmations work for your goal? I’m not one to shy away from a challenge, so let’s find out!
Are you struggling to make more money, even though you work a lot? Do you feel like your finances aren’t where they should be and that there is something missing in your life?
If so, here are some money affirmations that can help.
Affirmations are statements that you say to yourself over and over again.
They can help you manifest your goals by re-affirming them in your mind on a daily basis. They become part of who you believe yourself to be and bring about desired outcomes with ease.
You may have heard these before, but do you consistently say them to yourself? Journal them? Write them everywhere?
I’ve compiled some of my favorite money affirmations for money below. I hope these help give you the encouragement and inspiration to re-affirm what’s important in your life!
What are money affirmations?
Affirmations are a powerful way to change your thoughts and, in turn, your life.
They are simple, positive statements that you repeat to yourself regularly. The purpose of affirmations is to attract whatever you desire into your life- including money!
Why are money affirmations important?
It’s important to remember that affirmations work subconsciously.
You may not see results overnight, but with time and repetition, the desired outcome will manifest. Wealth affirmations specifically focus on money and what a person will do with it after they have made it through the manifestation process.
Affirmations on Money
Although using affirmations is a great way to achieve financial success, they should not be used as the only tool in your arsenal. Manifesting your goals takes time and effort, and affirmation is just one piece of the puzzle. Make sure to take actionable steps towards your goal and be patient!
Affirmations can also be used to create SMART financial goals– specific, measurable, attainable, relevant, and time-bound goals that you can track over time for motivation purposes
How can money affirmations help you attract more money into your life?
Affirmations are one way to help you focus on your thoughts and dreams.
When you repeat an affirmation, you plant a seed in your subconscious mind that will grow over time.
This helps to manifest what you want into reality.
These seeds will grow over time and bring about new thoughts, beliefs, and habits into a mindset of abundance. Money affirmations have a “magnetic” effect that attracts like-minded thoughts to your life–helping you achieve your financial goals faster!
There are many ways to bring more money into your life, but using affirmations is one of the most effective methods. Affirmations can help create strong positive emotions that attract money and other forms of abundance into your life. When used consistently, money affirmations can be a powerful tool for attracting wealth and prosperity into your world!
Below we will give you exactly what can I say to attract money.
What is a way specific money affirmations can be used to attract more money?
When it comes to attracting more money into your life, there are many different affirmations that can be useful.
Many people ask, “What are the best affirmations for money?”
Below are a few examples to get you started:
“I am abundant and prosperous.”
“Money flows easily and effortlessly to me.”
“I am safe and secure with my finances.”
“My income is constantly increasing.”
“I have all the money I need and more.”
Do affirmations work for money? Absolutely, yes.
How often should you repeat money affirmations in order to see results?
The more often you repeat your affirmations, the better.
However, don’t feel like you have to do it all day long. Just a few minutes each morning and evening should be enough to start seeing some results.
Remember that affirmations are just like any other habit- the more you do them, the easier they become and the better the results will be. So stick with it!
Do money affirmations really work or are they just a waste of time?
There is a lot of debate on the internet about whether or not money affirmations actually work. Some people swear by them and claim that they have had great success using them, while others say that they are nothing more than a waste of time.
One thing that is for sure is that money affirmations do have some very powerful success stories behind them.
People like Oprah Winfrey and Lady Gaga were successful before they ever became public figures, and a lot of their success can be attributed to their belief in themselves and their determination to work hard at everything they do.
In fact, many of the billionaire morning routines include starting their days with positive affirmations.
Can affirmations make you rich and come to abundance?
When it comes to getting rich, many people believe that affirmations are the answer.
The idea behind using affirmations is that if you repeat something often enough, you will start to believe it and eventually it will come true. However, this isn’t magic – rather, it’s a matter of shifting your beliefs.
And while affirmations won’t make you rich overnight, they can cause desired results to appear over time.
Mindset and Affirmations
The key thing to remember with affirmations is to maintain a positive mindset.
You want to be focused on attracting wealth and abundance into your life, not just thinking about what you don’t want. Money affirmations can help raise your vibration and shift your beliefs so that you can start attracting more money into your life.
Remember…Mindset is everything.
How do affirmations work?
Affirmations work because we keep repeating them to ourselves. It’s like a self-fulfilling prophecy!
Our subconscious mind picks up on the positive affirmation and starts to change our behavior over time.
The more effort we put into it, the better chance that our subconscious will start accepting these new thoughts as truth.
Affirmations are conscious and subconscious–both play a role in helping us manifest what we desire. Positive affirmations help us get rid of negative thoughts and replace them with more confident ones. We need to be mindful of our words and truly believe in order for the affirmation to work its magic!
The subconscious begins to accept positive reinforcement over time as long as we continue putting in the work. Eventually, this helps us change our mindset and see things in a different light. “I can” replaces “I can’t.”
This is because affirmations work best when they’re phrased positively!
What do experts say about using money affirmations to attract more money?
When it comes to attracting more money into your life, there are many things you can do to help increase your chances of success. Some people may swear by the power of affirmations, while others find that other methods work better for them.
However, most experts agree that using some type of affirmation is a good way to start visualizing your goals and keeping them at the forefront of your mind.
Affirmations can also help open up your mind to opportunities in a confident way, attracting more opportunities for you. While they won’t create wealth on their own, if used correctly they have the potential to help people create more money.
Keep in mind that affirmation is not a magic solution – it takes hard work and dedication no matter what method you choose – but if you’re looking for an edge, using daily affirmations could be the right choice for you.
What is the science behind money affirmations and how do they work?
When it comes to the science behind money affirmations, there is a lot of research that supports their efficacy.
A study published in The Journal of Positive Psychology found that people who regularly use positive self-statements (such as daily affirmations) have increased well-being and decreased levels of anxiety and depression.
The reason why affirmations work is because they help to change your beliefs and the vibrations you emit into the universe.
When you think positively about yourself, you are sending out positive vibes into the world which can attract more good things into your life.
Your words are powerful magic wands when it comes to shaping your own reality. What you focus on expands! So by repeating money affirmations, you are essentially telling the universe that you want more money in your life and that you are ready for it to come to you.
Affirmations are an easy way to change the way that you think, and they can be used as a tool to remove any barriers that are holding you back financially in life. If you’re feeling stuck under a scarcity mindset, start using some money affirmations today and see how they can help you achieve your goals!
Here are 125+ money affirmations you can start using today!
Money Manifestation Affirmations
When you repeat money affirmations, you are programming your mind to believe that it is easy and natural for you to be prosperous and successful.
You are sending a message to the universe saying, “I am open to receiving wealth and abundance.” As you continue to recite these affirmations, you will start to see changes in your life as you attract more money into your experience.
Manifesting a healthy relationship with money is important.
1. “I have more than enough money, and that’s okay.”
2. “It is easy and natural for me to be successful and prosperous.”
3. “My income is constantly increasing.”
4. “I easily attract new sources of income into my life.”
5. “I gratefully accept all the wealth and abundance the universe has to offer me”.
6. “When I put in the work, the universe will provide.”
7. “I anticipate money to work for me.”
8. “Money + abundance happen to me.”
9. “With the power of attraction, I will bring wealth and money into my life.”
10. “I love having plenty of money.”
11. “The more I give away, the more I receive.”
12. “Wealth can come to anyone including me.”
13. “I am enough and my intention attracts money to me.”
14. “My prosperity is unlimited.”
15. “My path leads to riches.”
Money Affirmations that Work Fast
Money affirmations are a great way to attract more money into your life.
They are positive statements that help you focus on your goals and visualize yourself achieving them. Repeating these affirmations will help you program your mind for success and abundance.
16. “Money is a positive force in my life.”
17. “I will make $100 today.”
18. “I will make $1000 tomorrow.”
19. “By design, I will reach my potential.”
20. “I am a magnet for wealth and abundance.”
21. “I believe in myself.”
22. “Money flows easily and abundantly to me.”
23. “Money is my friend, not my enemy.”
24. “By releasing my money blocks, I open myself to letting money flow in.”
25. “I welcome various ways to make money.”
26. “Money allows us to live the life we want and achieve our goals easily.”
27. “I am in control of my future.”
28. “I attract money easily in my life.”
Powerful Money Affirmations
Money affirmations are a powerful way to attract more money into your life.
Repeating these affirmations will help you to change your mindset and start to see yourself as someone who has abundance, rather than someone who is always short on money.
These power money affirmations reassure you that no obstacle is too big and that you have the power to overcome any hurdle.
29. “I am blessed with an ever-flowing stream of prosperity.”
30. “I release all fear and doubt around money.”
31. “More money is coming to me.”
32. “I am confident in my ability to handle any money-related challenges that come my way.”
33. “As a powerful creator, attracting money into my life with the power of my thoughts and feelings.”
34. “I will invest $100 make $1000 a day.”
35. “I know that I can overcome any obstacle and attract more money into my life.”
36. “My guiding belief is my motivation and my reality.”
37. “I am a money magnet; money comes to me easily and effortlessly.”
38. “I am capable of overcoming any money-obstacles that stand in my way.”
39. “Money is a close ally in life.”
40. “Being independently wealthy is a part of my life.”
41. “I am grateful for what I been blessed with.”
42. “I am rewriting my money story.”
43. “Money helps me experience time freedom.”
Positive Money Affirmation
These affirmations underscore the importance of taking a holistic approach to financial health. Self-care is essential, as is developing a strong sense of self-worth.
When you feel good about yourself on all levels, you’re more likely to make healthy financial decisions.
44. “I am worthy.”
45. “I release my limiting beliefs surrounding money.”
46. “Building self-worth will lead to better financial choices.”
47. “I visualize my future self and believe it has already happened.”
48. “Money is just a form of energy that flows to me effortlessly and abundantly.”
49. “I am able to easily afford whatever I want.”
50. “Money is an avenue to have a positive impact.”
51. “I am so lucky that I am able to earn more money than I could possibly fathom.”
52. “Money is attracted to me by virtue of the powerful vibrations I radiate.”
53. “I am not ashamed or feel guilty about having an abundance of wealth.”
54. “Money comes to me in huge quantities through my ability to attract it from the universe.”
55. “It is safe for us to be wealthy and successful.”
56. “I am thankful for the positive impact money has had on my life.”
57. “I love my positive outlook on my life and the riches that come from it.”
Financial Affirmations
While you may be feeling down about your current money situation, know that there are ways to change it. Use a variety of positive financial affirmations for different money goals, such as attracting more money into your life or becoming debt-free. You can also personalize the affirmations to fit your own needs and situation.
These financial abundance affirmations help guide you to where you want to be financially. Learning how to become financially independent starts with believing that you can.
You may not be where you want to be yet, but with time and effort, your wealth situation will improve.
58. “I will have money left over at the end of the month.”
59. “My payday is approaching.”
60. “Money does not control me. I control my money.”
61. “Money comes to me in unexpected and wonderful ways.”
62. “My finances are always in perfect order.”
63. “My income will exceed 6 figures.”
64. “I have complete control over my financial destiny.”
65. “All my needs and wants are always taken care of.”
66. “I love having lots of money to spend.”
67. “Don’t let feeling behind today stop you from building the life you want tomorrow.” — The Financial Diet
68. “I am financially free.”
69. “I am worthy of financial success.”
70. “With hard work, I will attain the financial future I desire.”
71. “I am excited to maintain my budget and reach my money goals.”
72. “Step by step, I will achieve my financial goals.”
73. “Money is a tool available to anyone and I will use it to my advantage.”
Saving Money Affirmations
While your current money situation may be less than ideal, you can use these affirmations to change your mindset and start attracting more money into your life.
Repeating these affirmations will help you focus on the positive aspects of wealth and abundance, and eventually bring more financial security into your life.
74. “Money in the bank makes me feel secure.”
75. “My money situation may not be what I want right now, but I am in better shape than I was last month.”
76. “I will save 10000 in a year.”
77. “I might make a pretty low-income at the moment, but I am still saving money.”
78. “My worth is not determined by my net worth.”
79. “I am saving for my future self.”
80. “Making small sacrifices now will build my increase my savings later.”
81. “Through investing I am able to make passive income.”
82. “A penny saved is a penny earned.”
83. “Financial stability brings me peace.”
84. “I say no today in order to say yes tomorrow.”
85. “I will stay debt-free because money is constantly flowing into my life.”
86. “My saving rate is beyond my dreams.”
87. “The challenge of saving more money lures me in.”
Money Flows to Me Easily and Effortlessly
One of the simplest and most effective ways to attract more money into our lives is through the use of affirmations.
Repeating positive statements about money can help change our underlying beliefs and open up new opportunities for financial growth.
Money comes in both expected and unexpected ways, so it’s important to stay open-minded about how it could enter your life.
88. “I let go of any resistance to attracting money.”
89. “Financing my life is an easy task for me.”
90. “I will double 10k quickly.”
91. “My money situation right now may be tight but it’s changing for the better”
92. “I am surrounded by an aura of wealth and abundance.”
93. “Money comes in many different forms, and it can come to us in both expected and unexpected ways.”
94. “Money is an energy that flows to us in many ways.”
95. “I attract money easily and effortlessly.”
96. “I am open to the flow of money my way.”
97. “Money magnet is my name.”
98. “Money attraction is easy for me.”
99. “I can rely on left hand itching to bring me money.”
100. “I turn money into more money.”
Money Affirmations for Success
These help you cultivate positive beliefs about your ability to earn and manage money. These positive thoughts will help support your efforts as you work towards financial success.
101. “It’s easy and natural for me to be prosperous and successful.”
102. “I am surrounded by people who support my financial growth.”
103. “Money is a tool that lets me construct my life how I see fit.”
104. “I have unlimited opportunities to make more money.”
105. “I am not afraid of achieving success.”
106. “Becoming rich doing what I love is a gift.”
107. “I have super-abilities to be successful.”
108. “Success is the best revenge.”
109. “I don’t need to be a millionaire to be successful.”
110. “I have control of my financial future.”
111. “The sky is the limit to what I can achieve.”
112. “A positive money mindset will serve me well.”
Wealth Affirmations
There are many different money affirmations that can be used to attract more money into your life.
Wealth and abundance come in all shapes and sizes, so it’s important to find an affirmation that resonates with you. “I am worthy” is a good place to start if you want to build self-worth and confidence, which can lead to better financial choices down the road.
You may not be where you want to be yet, but with time and effort, your wealth situation will improve.
These are positive affirmations for success and wealth.
113. “I am open and receptive to wealth and abundance.”
114. “Wealth and prosperity are my birthrights.”
115. “I am open to receiving all wealth life brings me, not just what is coming today or this month.”
116. “Abundance can come in many different forms!”
117. “Wealth is a step towards how to FI.”
118. “I have more than enough money, and that’s okay.”
119. “Financial freedom will happen sooner than I believe.”
120. “The more wealth I have, the more I give back to others.”
121. “There is plenty of wealth to be made.”
122. “Money can be shared when saying ‘I appreciate you.’”
123. “Wealth flows to me easily.”
124. “Having more than enough money does not mean I love money.”
125. “My wealth is limitless.”
How Do You Write Affirmations For Money?
Regardless of how money comes to us, it is important to remember that we always have the ability to attract more of it into our lives. By repeating positive affirmations about money, we can increase our chances of attracting more abundance into our lives.
Following these guidelines will help you write effective affirmations that move negativity out of your life and bring more money into it!
When you’re writing affirmations for money, it’s important to remember a few key things.
Step #1 – Need a Present Tense
First, always use the present tense; this will help your unconscious mind process the affirmation more easily.
Step #2 – Change to Positive Words
Second, make sure your words are positive–for example, “I only spend money on things I love” rather than “I don’t have to worry about money.” This will help you attract financial abundance and success into your life.
Step #3 – Believe it is Already Yours
Finally, before affirming any goal or intention, take a moment to really feel what it would be like to have that already in your life. Our unconscious minds respond better when we can imagine and experience what we want in advance.
There are a number of books that focus on mindset and how to change it for success. The list below contains some of the best ones that I’ve found.
These books teach you to believe in your ability to shape your own destiny and achieve great things.
Remember you need these essential mindset books to help you change your perspective and achieve success. Remember, it’s not about avoiding or getting rid of obstacles, but turning them into advantages.
Embrace the challenges in life and continue moving forward!
Mindset is everything.
This is a simple but profound statement that has been discovered by Carol S. Dweck, Ph.D. She found that success in school, work, sports and almost every other area of human endeavor can be dramatically influenced by how we think about our talents and abilities.
The key to success is having the right mindset – a growth mindset.
In order to achieve success, you need to change your mindset.
This book will teach you how to change your mindset and get the most out of life and some colorful quotes that you will quote.
You will learn how to change what you don’t love, use external forces to kick some serious change in you and find your inner power. You will learn how to embrace your inner vibes.
Each morning start your day with a positive affirmation from this Daily Rituals book. Follow the simple exercises.
By practicing these rituals regularly, you will train your mind and raise your vibration levels.
Color your way to manifest your money affirmations. Unplug yourself and get a well-needed mental break.
Attract the abundance of wealth into your daily life.
Make Money Affirmations Quotes
The best part of all of these powerful money affirmations … you can turn them into quotes!
You can use a simple post-it note and pen! Or upgrade and make them in Canva.
Not artistic? Etsy has you covered! Don’t worry Etsy has plenty of money affirmation quotes.
In fact, we are thinking about designing a package of money affirmations quotes for our readers!
Hang them on your wall as a constant reminder.
How can you tell if money affirmations are working for you?
One way to tell if money affirmations are working for you is to look at your bank account.
If you find that you have more money in your bank account than usual, it is a good sign that the affirmations are working.
Another way to tell if the affirmations are working is by looking at your overall mood and attitude towards money.
If you find yourself thinking about money less often and feeling happier and more positive, then the affirmations are definitely working for you!
Money affirmations take time to manifest, so don’t become discouraged if you don’t see immediate results.
Repeating abundance affirmations can help you to open up to the flow of wealth in your life.
By affirming that you are open to receiving all the wealth life has to offer, not just what is coming your way today or this month, but also the wealth of tomorrow, you start to invite more money into your life.
Check out these millionaire quotes to keep you aiming for the stars!
At the end of the day, you don’t need to feel guilty or ashamed about having an abundance of wealth–that’s perfectly okay!
Know someone else that needs this, too? Then, please share!!
When Ange Matthews started her first full-time position as an associate recruiter in 2007, she earned $40,000. Graduating amid the Great Recession, “It was really hard to find a job,” says Matthews. After several months of searching, she accepted “the best option available.”
As she lived in her mom’s basement in New York City, Matthews did the math on how long it would take to get promoted and to pay her student loans at her current salary.
“I’d have to work here for 10 years just to get to $50,000,” she says, referring to the salary she could earn in her current role.
That’s when Matthews knew she had to do something different. She began investing in2008 and today is an investment coach based in Dallas. Here’s what Matthews is doing to build generational wealth for her children, family and community.
What inspired Matthews to start building generational wealth?
Matthews realized after finishing school that she needed a way to make more money, as well as a way to build personal finance and investing skills to grow her wealth.
Already working 60- to 70-hour weeks, a part-time gig on top of her full-time job was out of the question. She initially built a side hustle making and selling jewelry in New York City markets but ultimately wanted to harness the power of investing and compound interest.
Compound interest consists of both the money you earn on your savings or investment and the money those profits earn.In other words,says Matthews,“your money comes back with friends.”
To get started,Matthews created her first budget and set up an income-based repayment program for her student loans. At the time, the interest those student loans were charging was less than the average return of the S&P 500. So she saved money by making a reduced payment and then investing the savings.
Matthews also realized that she was comfortable living with a smaller emergency fund if it meant she could begin investing. Creating a plan for her money allowed Matthews to excitedly make progress toward her goals: reducing her educational debt slowly and investing in building wealth for her family. She eventually used the money made in her brokerage accounts toward the down payment on a home and the care of a parent.
Matthews encourages people to think about who they want to help and whether that help will come from salary, savings or investments. Assets with monetary value, from stocks and bonds to property, life insurance, and retirement accounts, can be passed down as generational wealth. Matthews calls generational wealth “100-year money,” or money that helps provide for your children, your children’s children or someone else important in your life.
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What’s the happy investor method?
It can feel challenging to start budgeting and investing, especially if you’re overwhelmed by the financial system or have experienced generational or financial trauma.
“When folks think about money, personal finance and financial empowerment, as well as investing, it gets really disempowering,” says Matthews.
One way to keep from feeling overwhelmed is to focus on what motivates you, Matthews says. Her happy investor method focuses on identifying money goals that spark your joy. She also suggests reframing those goals in terms of how you’re making a difference in your life and the life of your community. The desire to invest on behalf of someone you love in order to eventually pass down wealth can be a strong motivation to get started.
She emphasizes that the happy approach is not about cutting out that latte, living without joys or pleasures, or diminishing the quality of your life. Instead, she wants the process to be engaging and motivating, if not fun.
“The criteria for success isn’t necessarily to be a multimillionaire,” says Matthews. “We want to make sure we are who we hope to be on the other side” of a financial decision.
What kinds of strategies has Matthews used to create savings for her kids?
Turning those 100-year money goals into reality is especially important to Matthews now that she’s the parent of a 2-year-old and a 5-year-old. Her approach to investing for her kids is to invest passively through custodial investment accounts.
Passive investing
Passive investing involves purchasing securities that mirror stock market indexes and holding them long-term. Matthews places her money in index or exchange-traded funds that track the stock market. That way, says Matthews, “your money is growing with or without your day-to-day involvement.” Passive investing is a lower-maintenance and lower-risk strategy than active investing, which entails researching, buying and selling individual stocks to beat the market.
Custodial brokerage and retirement accounts
Matthews puts her passive investing approach into action by opening and funding custodial investment accounts for her children.
According to the U.S. Social Security Administration, “This Act allows donors to make gifts to minors that are free of tax burdens.” Meaning, adults may make tax-free contributions to a UGMA or UTMA account up to the IRS gift limit, or $17,000 in 2023. The money invested in these accounts may be withdrawn at any time without penalty.
Matthews intends for the funds in her children’s brokerage accounts to be used for life-changing experiences throughout their lives; the funds aren’t earmarked for retirement or education.
Custodial retirement accounts, such as a custodial IRA or custodial Roth IRA, are owned by a minor, but an adult manages the account and all its assets. If your child has earned income — say through babysitting, a retail job, or a lawn-mowing gig — a custodial retirement account is another option for building generational wealth, and it comes with specific tax advantages. For instance, contributions to a Roth IRA are made after taxes and grow tax-free.
Custodial accounts can be a good way to introduce kids to money concepts and help them start tracking how the market performs. To get her kids excited about investing, Matthews slightly departs from her passive investing strategy: She and her kids buy stock in toy, film, and consumer goods companies that her family uses and can relate to. It’s deliberate and sparks joy in all of them.
And above all, says Matthews, “We just really make it fun and light for them.”
Getting more from your money doesn’t have to be a long-term project. Making some simple and strategic money moves over the next 30 days can help you reduce spending and increase savings, and take some of the stress out of dealing with finances.
The methods below can put you on track to achieving your financial goals.
Steps to Manage Your Personal Finances
As you put these personal finance moves into practice, remember that you’re aiming for progress, not perfection. You may want to do a bunch of them at once, or choose just a few to focus on.
1. Set Financial Goals
If you haven’t done so already, set some important long-term goals, like saving for retirement or your child’s child’s education. This can help you figure out how much money you need to dedicate to these milestones.
Setting short-term goals can be helpful, too. Maybe you’re saving for a special vacation next year. Or perhaps you’re planning to buy a new car in five years. Mapping out your game plan could help get you there.
2. Create a Budget
Start by adding up your necessary expenses, such as housing costs, utilities, insurance, car payments, and groceries, and subtract that amount from your monthly take-home income. Put what’s left toward paying down debt, and then make deposits into a high-yield bank account where your money can grow.
3. Set Up Direct Deposit
Are you still trekking to the bank to deposit your paycheck? Sign up for direct deposit so your money can go directly to your bank account.
While you’re at it, set up an automatic transfer so that a portion of your paycheck goes into savings every month.
4. Increase Retirement Contributions
If you’re eligible to participate in your company’s 401(k) plan, make sure your contributions are enough to take advantage of your employer’s matching funds, if they offer a matching contribution.
Each matching contribution varies by company. Many companies match 50 cents for every dollar you contribute, up to 6%.
5. Make $10 or $25 in Spending Cuts
Look for small expenses you can cut, and then direct the extra cash to savings or paying down debt, such as credit card debt. For instance, bring lunch to work a couple of days a week instead of eating out.
6. Look for Helpful Apps
A good app can help you monitor your spending and savings, keep you on budget, and set financial goals. Check out SoFi Insights® where you can track all of your money in one place.
7. Negotiate Your Bills
Call your Internet and cell phone providers to ask about lowering your monthly bills. There may be discounts or cheaper plans you can take advantage of.
When you call, be firm but courteous. Check out competitors’ rates, and if they’re lower, use those prices as a bargaining chip in your conversation.
8. Review Insurance Policies
Do you have enough car and home insurance to cover your needs? Do you have too much? Review your policies and add or subtract coverage as necessary. And shop around for providers that offer good coverage for less money.
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9. Check Your Credit Score
Your credit score is a number that represents your creditworthiness. Lenders use it to determine whether to let you borrow money and at what interest rate. Check your credit score. If it needs some work, try it by doing such things as reducing debt and paying your bills on time.
10. Review Your Credit Report for Potential Mistakes
You can request a free credit report from the major credit reporting bureaus — Experian, Transunion, and Equifax — at Annual CreditReport.com. Review your report for mistakes that could be negatively affecting your credit score, and contact the credit bureaus about any errors you find.
11. Look for Credit Cards that Offer the Best Rewards
Earn on your spending with credit cards that offer rewards. Look for those that match your interests. For instance, if you love to travel, find a card that offers travel rewards. But watch out for cards with high interest rates. If you’re not someone who pays their card off every month, it may be worth steering clear of these.
12. Use Credit Card Points
Your credit card rewards aren’t doing you any good if you don’t redeem them. So have some fun and plan a trip or a new purchase with the rewards you’ve accumulated.
13. Consider Refinancing Your Loans
If you have outstanding loans, such as a mortgage or student loan debt, explore refinancing at a lower interest rate.
A lower rate could help you save money in the long run. You may even be able to accelerate your repayment, depending on the terms you select when you refinance.
14. Sell Some Stuff to Make Money
If you’ve done some decluttering of the extra items around your house, think about selling the things you no longer need. They’ll go to a new home, and you’ll get some extra cash in your pocket.
15. Consider Cutting Costly Habits
The cost of certain habits can really add up. If you’ve been meaning to quit smoking or stop impulse shopping, for instance, use financial planning as an incentive to do so. You’ll save money and potentially get on the road to a happier, even healthier, you.
16. Talk about Money with Your Partner
Set aside some time to discuss finances with your significant other. Discuss goals for your money, spending habits, repaying debts, and so on. Conversations like this help make sure you’re both on the same page, and can help prevent money conflicts in the future.
17. Figure Out Your Market Value
Has it been a while since you’ve had a pay raise? Do some research to determine what you’re worth and how much you should be making. Then, use that information to ask your boss for a salary increase, or to find a job that pays you more.
18. Negotiate Credit Card APR
If your credit cards carry a high-interest rate, ask the credit card company to lower your APR to help you manage your debt. If you have a low credit score, they may say no. But you won’t know unless you ask.
Even if they turn you down, speaking to the credit card company may be helpful. For instance, they should be able to tell you what you can do to make lowering your interest rate more likely.
19. Use Your FSA Funds
If flexible spending accounts (FSAs) are part of your employee benefits package, be sure to use them for doctors appointments or qualified purchases. Money in these accounts may not carry over year to year, so if you don’t use it, you lose it.
20. Cancel Unused Subscriptions and Memberships
Did you subscribe to a music service or for a gym membership you rarely use? A 2022 survey found that 42% of people pay for a subscription they don’t use and have forgotten about. Score extra savings by canceling unused subscriptions.
21. Talk to a Financial Planner
When it comes to making money moves, you don’t have to go it alone. A financial planner can help you develop your goals and suggest strategies to help you reach them. You can look for a qualified planner with an hourly fee you can afford. It may be worth it if it can help you save more overall.
22. Consider a New Bank Account
As you take steps to improve your financial health, it makes sense to evaluate your bank account. There may be options that offer you more, such as a minimum balance or higher interest. Explore what’s out there to see what’s most beneficial for you.
If you’re ready to switch to a new bank account, a SoFi Checking and Savings account could help you reach your money goals. You’ll earn a competitive APY and pay no account fees.
Better banking is here with up to 4.20% APY on SoFi Checking and Savings.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 4/25/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. SOBK0423050
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