Business cash management accounts are a hybrid business checking, savings and investment account. This combination lets business owners earn above-average interest while maintaining easy access to their funds.
These accounts typically leverage sweep networks, which distribute your funds across a number of Federal Deposit Insurance Corp. members. This allows you to maximize FDIC insurance coverage without juggling multiple business banks.
Cash management accounts can be a good solution if your business has a lot of idle cash to invest — think startups with seed funding or companies with large operating budgets. But if your margins are thinner, a high-yield business checking or savings account will likely meet your needs.
Business cash management accounts
Brex
Brex’s business account has no monthly fees or minimum opening deposit. You can open up to eight accounts under one employer identification number, allowing you to have separate operating accounts for different business functions, like payroll and accounts payable.
Account holders can designate a portion of their balance to be invested in a business money market account that earns 4.92% annual percentage yield (APY), as of this writing. Funds deposited in a Brex business account are held across a network of FDIC-insured banks, providing up to $6 million in coverage.
You cannot deposit or withdraw cash from a Brex business account. Instead, you can add or move funds via check, ACH or wire transfer. Read our full review.
Mercury
Mercury’s free business checking and savings accounts are eligible for up to $5 million in FDIC coverage through its partner banks, which participate in sweep networks to maximize coverage. These accounts do not earn interest, but eligible businesses can apply for a Mercury Treasury account to unlock the higher yields characteristic of a cash management account.
Mercury Treasury accounts tap into low-risk investments, like Treasury bills and money market accounts, and earn up to 5.43% APY as of this writing. Investments made through your Treasury account are insured by the Securities Investor Protection Corp. (SIPC) for up to $500,000 — not the $5 million in FDIC insurance.
You need at least $500,000 in your Mercury Checking and savings accounts to open a Mercury Treasury account. Monthly fees for Mercury Treasury start at 0.05% of your deposits across all Mercury accounts. Read our full review.
Arc
Arc’s cash management account is comprised of three accounts: Operating, Reserve and Treasury. There’s no monthly fee for operating and reserve accounts; treasury accounts have a monthly fee that starts at 0.02% of your account’s value annually.
Arc’s reserve account earns up to 4.00% APY and its treasury account boasts an APY of up to 5.26%, as of this writing. The actual yield on Arc Treasury accounts will depend on how you divvy up funds between money market and Treasury bills.
Money held in Arc Treasury accounts is FDIC insured up to $5 million through sweep networks and partner banks. Operating and Reserve accounts are FDIC insured up to the standard $250,000 per depositor, per account.
Rho
Rho offers business checking and treasury accounts, as well as corporate cards and accounts payable services, for incorporated businesses with at least $1 million in annual revenue or equity capital.
Treasury accounts earn up to 5.06% APY, as of this writing, and offer up to $75 million in FDIC insurance via a partner network. Checking accounts do not earn interest and are FDIC-insured up to $250,000. Rho accounts do not include ATM access, so you can’t withdraw cash, but there are no fees for ACH or wire transfers.
All Rho account holders are paired with a dedicated support specialist, plus general customer support (via phone or live chat) from 8 a.m. to 9 p.m. ET, seven days a week.
What is a business cash management account?
Business cash management accounts are a combination of multiple business bank accounts offered by one financial institution, allowing you to easily manage and move funds between accounts. Most business cash management accounts include the following:
Operating account: Used for day-to-day operating expenses, this account functions similar to a business checking account. Some cash management accounts allow for multiple operating accounts, so you may have one for payroll and another for vendor payments, for instance.
Reserve account: This is essentially a savings account, and it may or may not earn interest, depending on the financial institution. At Mercury, for example, savings accounts do not earn interest, but Mercury Treasury accounts earn up to 5.43% APY. Arc’s reserve accounts do earn interest — up to 4.00% APY — but Arc’s Treasury account earns up to 5.27% APY, as of this writing.
Treasury account: Most business cash management accounts let you allocate funds in your treasury account across high-yield savings, business money market accounts and treasury bills. Money in treasury accounts can earn 5% APY or more, depending on the account and where you allot your money.
Personal cash management accounts are usually offered by brokerages. However, business cash accounts are typically available through fintech companies like Brex and Arc, which offer business banking services through an FDIC-insured bank or investment broker. And most leverage sweep networks to offer FDIC insurance well beyond the standard limit ($250,000 per depositor, per account type).
Benefits of a business cash management account
Potentially high APY. The best business cash management accounts advertise rates of 5.00% APY or higher. But what you actually earn depends on the account you choose and how you allocate your funds.
Streamlined money management. Business cash management accounts may consist of multiple accounts, with funds spread across varying investments. But you can easily view and manage everything from one dashboard.
No transaction limits. Brick-and-mortar business banks typically limit how many transactions you can process each month. And most business savings accounts only allow six transfers or withdrawals per month. But business cash accounts have no such limits. Account holders can move money in and out of accounts as needed, though some withdrawals may be delayed — more on that below.
Increased FDIC coverage. Deposit accounts are typically insured by the FDIC for up to $250,000 per depositor, per account. But business cash management accounts often partner with a network of banks to spread funds across multiple institutions. These “sweep” networks allow you to unlock greater FDIC insurance coverage while only dealing with one financial institution.
That extended FDIC coverage may not apply to all of the funds in your cash management account, though. With Arc, for example, funds allocated to the Treasury account are FDIC insured up to $5 million, but money held in your operating or reserve accounts is subject to the standard FDIC coverage limit.
Drawbacks of a business cash management account
Substantial cash flow needed. While some business cash management accounts don’t have a minimum balance requirement, you do need a large operating budget and a chunk of idle cash to reap the benefits of this type of account. Companies with smaller cash reserves can achieve similar benefits with separate business checking and high-yield business savings accounts.
Limited access to cash. Cash management accounts are generous with free ACH and wire transfers, but cash is less accessible. Most business cash accounts don’t allow cash deposits, and some, like Brex, do not allow you to withdraw money at an ATM.
Lack of banking diversity. While business cash management accounts do leverage a network of banks to extend FDIC insurance coverage, you’re still dealing with a singular entity — typically a financial technology company. Should the fintech or its banking partner fail, your funds, while insured, may be unavailable for a time. Using separate accounts across multiple business banks can help minimize the disruption to your operations should any one of those banks collapse.
College life is all about getting a great education, getting to know your roommates and classmates, exploring interests and activities, and forging your own adult identity. But it’s also a perfect time to establish some good money habits that will set the scene for success today and tomorrow.
From developing a budget to opening bank accounts, you’ll have ways to make your money work harder for you and grow over time so you can achieve your goals. And it can be pretty simple, too, so it won’t interfere with study sessions or hanging out at the student center.
Learn the 10 best strategies for good money management here.
10 Tips for Managing Your Money As a College Student
Here are 10 money management tips that help you spend less and save more both during and after college.
1. Setting up a Basic Budget
Budgeting may sound complicated, but making a budget is simply a matter of figuring how much is coming into your bank account each month and how much is going out, and making sure the latter doesn’t exceed the former.
To get started, you’ll want to list all of your sources of income, such as from a job or family contributions.
If you are going to be living off a fixed amount of money for each semester, say from summer earnings or money from your family, you may want to divide this lump sum by the number of months you need to make this money last.
Once you know how much you have to live on each month, you’ll want to make a list of fixed expenses that you will be responsible for paying, such as cell phone or car payment, or maybe even rent if you live off campus.
Next, you’ll want to subtract your fixed expense from your monthly spending allotment. This will give you the amount you have left over to cover variable expenses, such as eating out, buying clothes, and entertainment. You can then come up with target spending amounts for each category.
Doing your best to stay within these spending limits can help ensure that your money lasts until the end of the semester, and help you avoid running up costly credit card debt.
💡 Quick Tip: Banish bank fees. Open a new bank account with SoFi and you’ll pay no overdraft, minimum balance, or any monthly fees.
2. Opening up a Savings Account
You might feel like you don’t have enough income to start saving money yet, but even just putting a small amount away each month can add up over time.
For example, if you’re able to set aside $50 a month now, you may soon have a decent nest egg that can help pay for something fun, like a road trip over the next school break.
What’s more, being diligent about saving money each month can help cultivate a habit that will serve you later when you can afford to save more in your nest egg and also for retirement.
Ready for a Better Banking Experience?
Open a SoFi Checking and Savings Account and start earning 1% APY on your cash!
3. Buying Used Textbooks (and Selling Yours When Done)
Textbooks can be so expensive! Fortunately, there are a number of ways to save money here.
One option is to buy used whenever you can. You’ll want to be sure, however, that you are getting the version the professor wants. If you have an earlier edition, you might struggle to find the content if the book has since been modified. Getting the digital version of a book can also yield savings.
Another option is to rent what you need from a third-party bookseller, such as Amazon or Chegg. You can often rent textbooks for an entire semester for significantly less than buying new, and may even be able to highlight them.
For books that you purchase (new or used) that you won’t need to refer to in the future, consider selling them when you’re done to recoup some of the expense.
4. Using Credit Cards Sparingly
Credit card companies love college students, and many may try to lure you into applying for cards. You’ll want to proceed with caution, however.
While having a credit card as a student can be a good idea–for convenience, as a backup for emergencies, and to start building credit history (more on that below), you’ll want to be careful that you don’t run up credit card debt.
If you charge more than you can afford to pay off at the end of the month, you can end up paying a high-interest rate on the balance, which can make it even hard to pay off.
As a result, it can be easy for college students to find themselves digging a debt hole that can be hard to climb out of.
If you choose to sign up for a new card, you may want to look for a rewards credit card. These can let you rack up points you can use to get products or travel perks, but only charge what you can afford to pay back quickly.
If you choose to sign up for a new card, you may want to look for a rewards credit card that will let you rack up points you can use to get products or travel perks–and only charge what you can afford to pay back quickly.
5. Establishing Your Credit Score
A credit score is a three-digit number, typically between 300 and 850, designed to represent your credit risk, or the likelihood you will pay your bills on time.
Building your credit history might not seem like a priority when you’re still in school, but you’ll need it in the future if you want to finance a car, buy a house, or qualify for the best credit card offers. Your credit can even affect your job prospects and your ability to rent an apartment.
One good strategy is to use your credit card judiciously. If you make small purchases and regularly pay the balance off in full, you can avoid racking up interest charges but still get that boost to your credit score.
If you have student loans, you may also want to consider making small payments (even just $25 to $50) while you’re still in school to start paying down interest and have some positive repayment history on record.
If you start building a solid credit history now, you will likely be able to get better deals on lending products like mortgages, car loans, and credit cards in the future.
💡 Quick Tip: Are you paying pointless bank fees? Open a checking account with no account fees and avoid monthly charges (and likely earn a higher rate, too).
6. Finding Free Stuff
One highly effective way to stretch your money is to find freebies.
Facebook has groups where people can post items they no longer want. You might be able to score free clothes, furniture, or room decor.
Freecycle and NextDoor also have listings for things that people are giving away. You can also find free items on Craigslist (you’ll find the “Free” section under the “For Sale” heading on the main page for your city).
7. Learning to Cook and Eating out Less
You may find you get tired of cafeteria fare and ramen. At the same time, you may not want to don’t blow your budget on eating in restaurants every weekend.
If you have access to a kitchen, you might want to consider purchasing ingredients from your local supermarket and putting together some simple, tasty meals, instead of eating out. This can be a major way to save money on food.
If you’re not much of a cook, you may want to go to some food blogs and recipe sites like Allrecipes or Serious Eats to find some easy recipes and watch a few how-to videos. You could also find tons of cooking videos on YouTube.
Having some go-to recipes in your arsenal can pay off now, and also down the line when you’re working and living on your own (and don’t have to rely on expensive take-out or unhealthy fast food for dinner every night).
8. Starting an Emergency Fund
Starting an emergency fund or back-up savings fund is an important part of anyone’s long-term financial health.
Life can be unpredictable, and your emergency fund serves as a safety net that you can fall back on for those “rainy days” where you find yourself facing an unexpected expense or other financial setbacks.
Having an emergency fund can also help keep you from having to rely on credit cards to get through a financial challenge.
How much you should put aside for emergencies each month is up to you and your financial situation. The key is to start saving something each month, no matter how small the amount may initially seem.
When starting your emergency fund, it’s a good idea to fund the account regularly. Consider setting up an automatic transfer to your savings so you do not have to think about it.
Ideally, your emergency fund should also be set up in a separate savings account so you won’t be tempted to spend the money on something else.
9. Getting the Most out of Your Student ID
You may only think of your ID card as a form of identification and a way to get into college sporting events. But there are actually a number of additional benefits that come with a student ID, and many can help you save money.
You may find that businesses, especially those near universities, will offer students discounts when they show a student ID card.
Next time you go to the movies, shop for school supplies, or get a new haircut, it can be a good idea to ask if they offer any discounts for local college students.
In addition, many national and online retailers, including major clothing, sneaker, and computer brands, offer discounts to college students.
You may also be able to use your student ID to get a better deal on your cell phone plan and streaming services.
10. Getting Started with Investing
Investing when you’re young is one of the best ways to help your money grow over time.
That’s thanks to compound earnings, which means that any returns you earn are reinvested to earn additional returns. The earlier you start investing, the more benefit you gain from compounding.
Investing in the stock market also isn’t as complicated as you may think. You can open a retirement account, like a traditional or Roth IRA, or a brokerage account (for nonretirement investing) online, often with a minimal amount of money.
You may also be able to schedule automatic withdrawals from your bank account to your investment account each month.
It’s important to keep in mind, however, that all investments have some level of risk because the market moves up and down over time.
The Takeaway
College can provide a great opportunity to develop the money skills you’ll need after you graduate. By learning some basic money management techniques now, you can feel confident about your ability to handle your finances well after graduation.
In 10 years, you will likely thank yourself for putting in the effort to learn how to set and stick to a monthly budget, use credit cards wisely, save money, and build your credit score.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with up to 4.50% 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 activity can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
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SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.50% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
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Do you want to learn how to get free clothes? There are many ways to get free clothes online and in-person, which means you can save money and have a new outfit. From online shopping to community groups and social media, there are many platforms where you can find free clothes for yourself and your…
Do you want to learn how to get free clothes?
There are many ways to get free clothes online and in-person, which means you can save money and have a new outfit.
From online shopping to community groups and social media, there are many platforms where you can find free clothes for yourself and your family. In this article, I will help you find free clothing both online and near you.
Whether you’re an expert bargain hunter or just learning the ropes, taking advantage of free outfits can be the key to sprucing up your wardrobe without spending a ton of money. Read on to learn more about how to get free clothes, discounts, and clever hacks to get free clothes while maintaining your budget.
Key Takeaways
Explore online platforms, like Facebook Buy Nothing groups, Craigslist, and Freecycle.org, for free clothing options.
Connect with friends and communities to organize clothing swaps.
Blogging or social media can lead to free clothing items and discounts.
How To Get Free Clothes
1. Facebook Buy Nothing Groups
If you’re looking for the easiest way to learn how to get free clothes, Facebook Buy Nothing groups can be one of the best options in your local area. These local groups on Facebook are part of the Buy Nothing Project, which aims to connect neighbors who are willing to give items away for free, including clothing.
I have given away many, many things in my Facebook Buy Nothing group, and I see lots of clothes given away all the time. You can find free clothes for women, men, children, and babies in your local Facebook Buy Nothing group.
To get started with Facebook Buy Nothing groups, simply search for a Buy Nothing group in your town or city. If you live in a large city, there might be multiple groups for different neighborhoods. Once you find the right group, send a request to join. You can start by searching “your city name Buy Nothing Group” as an example.
After you’ve been accepted into the group, you can start looking for free clothes. Keep an eye out for posts from group members offering clothing items they no longer need, and don’t hesitate to ask questions and state your interest in the items you like. When you find something you’d like to have, simply comment on the post to let the person know that you’re interested. The person may choose to gift the item to the first person who comments, or they might decide to draw names at random.
Another way you can learn how to get free clothes on Buy Nothing is by hosting a clothing round-robin. This is when people put together a box of clothes together that goes person to person. You can try items on in your home, take clothing you like, add to the box, and pass it along to the next person.
Facebook Marketplace may also have free clothing listed as well.
2. Look at Craigslist for free clothing
Craigslist has a free section on their website where you can find clothing and other items that people are giving away.
To get started, go to Craigslist.org and head to the free section of the website. Then type “clothes” or whatever specific article of clothing you are looking for in the Craigslist search bar.
Then when you find a free clothing listing that you like, simply click on the title or image to view more information about the offer and send an email to the person.
Note: For your safety, it is a good idea to meet the person in a public place and bring a friend along when you pick up the clothes.
3. Check Freecycle.org for clothing and shoes
Freecycle.org is a great resource for where to get free clothes online.
Freecycle is a nonprofit movement/website that allows members to give away and receive items for free in their local area. Freecycle is all about reducing waste and keeping items out of landfills.
To get started, create a free account on Freecycle.org and start looking at what is available in your area.
When you find something you like, simply respond to the listing, and the person will give you details on how to pick up the items.
For more content related to how to get free clothes, check out: 15 Awesome Ways To Get Free Stuff.
4. Organize a swap with friends to get free clothes
Setting up a clothing swap with friends and family is a fun way to refresh your wardrobe while also learning how to get free clothes.
Here are some steps to host a fun clothing swap:
Set a date and location – Choose a date and time that works for you and your friends. It’s a good idea to host the swap at your home or another comfortable space where everyone feels welcome. Make sure there is enough room for everyone to display and try on clothes.
Invite your friends – Create a guest list and send out invites. You can use social media, email, or text message to invite your friends. Make some ground rules for how the swap will work, and ask everyone to bring clean, gently used clothes that they no longer wear.
Prepare the space – Set up an area where friends can display their clothing items. This can be as simple as just using a dining room table or everyone sitting on the couch in the living room.
You can make it even more fun by asking everyone to bring snacks and food as well and make it more of a potluck.
I also recommend checking out the website Rehash. This is an online swap website where you can trade clothing with others online.
5. Birthday freebies
Many stores give you discounts or free stuff on your birthday when you sign up for their email lists or by joining customer loyalty programs.
These offers can be in the form of discounts, coupons, or even free items for a limited time.
Related: 31 Birthday Freebies You Should Sign Up For
6. Participate in sweepstakes and contests
If you want to learn how to get free clothes from companies, participating in sweepstakes and contests is a great option. Many stores and clothing brands have contests on their social media platforms, offering free clothing or clothing gift cards.
You can often find these by simply following your favorite stores and brands on social media – like Facebook, Twitter, and Instagram – to see when they hold a giveaway.
Another way to find sweepstakes and giveaways to enter is to search related hashtags on Twitter, Facebook, and Instagram. Many times, sweepstakes and giveaways are tagged with these hashtags in order to grow even more and so that people can find them. I used to enter giveaways all the time, and this is exactly how I would find giveaways to enter. Some hashtags to find free online clothing giveaways include:
#sweepstakes
#giveaway
#clothinggiveaway
#contest
7. Find money-making apps that will pay you in clothing gift cards
If you’re looking to add some new clothing to your wardrobe without spending a lot of money, you can try using money-making apps that give you free gift cards or PayPal cash.
This may include taking surveys and shopping online, you can earn points that can be redeemed for gift cards to popular clothing stores. Here are some apps to consider using for free gift cards:
Swagbucks is a popular site that rewards you for completing tasks, such as watching videos, taking surveys, and shopping online. You can earn points and redeem them for gift cards from popular stores, like Amazon, Target, Walmart, Adidas, and Under Armour, where you can purchase clothing.
American Consumer Opinion is a popular survey website where you can get paid around $1 to $5 (longer surveys pay more than shorter ones) for each survey you answer.
Branded Surveys is an online survey company that pays around from $0.50 to $5.00 per survey that you answer. Like with all survey companies that I recommend, it is free to join.
Fetch Rewards is a grocery rewards app where you can redeem your points for clothing gift cards. You scan your receipts from grocery shopping and earn points that can be exchanged for gift cards at various clothing stores, like American Eagle, Gap, Lululemon, Old Navy, and more.
Upside is a cell phone app that gives you cash back for using the gas stations that are listed in their app. You simply sign up for a free account, and then look at the Upside app to find gas stations located near you. With Upside, you can make up to $0.25 per gallon cash back at gas stations. You can then redeem your earnings for cash to your bank account, but also for free gift cards to H&M, Nike, Target, Walmart, and more.
Ibotta is an app where you can unlock rebates and rewards, go shopping, verify your purchases, and then get cash.
By using these apps, you can earn gift cards to clothing stores without spending a dime.
Related: 16 Real Ways To Earn Free Gift Cards (Amazon, Target, Visa)
8. Redeem credit card rewards points to put towards free gift cards for clothes
You can benefit from using your credit card rewards points to score free gift cards for clothes!
Many credit card issuers offer reward programs, which give you points for every dollar you spend. By accumulating these points, you can redeem them for various rewards, including gift cards to your favorite clothing stores.
The way that rewards credit cards work is that every time you use your credit card, you can earn points for spending money. Yes, spending money just like how you normally spend money.
Two rewards credit cards that I personally like include:
Note: Using credit cards for their rewards is only wise if you are a responsible credit card user. You do not want to add debt to your life to earn credit card rewards, as debt that gains interest is not free or worth it! You need to make sure you’re paying your credit card balance in full each month for the gift card rewards to be worth it so that you are not taking on debt that you don’t need.
9. Start a clothing blog or social media account
Starting a clothing blog or social media account can be a fun way to get free clothes to promote. By building a following, clothing brands may want to partner with you and give you free clothing.
To begin, choose a platform where you want to focus your time, such as starting a fashion blog or setting up an Instagram account. For example, if you’re passionate about taking pictures, Instagram can be a perfect platform for this. If you want to focus on writing, then a blog may be better. If you prefer video, then starting a YouTube channel or TikTok may be for you.
Next, you’ll want to focus on growing your audience. You can grow your following by regularly posting high-quality content and replying to comments.
Once you are ready, you can start reaching out to clothing brands for possible partnerships by sending emails or social media messages, telling them that you are interested in promoting their products and discussing how the collaboration can benefit the both of you. You may be asked to share statistics about your blog or social media account, including your follower count and engagement rate to show that the partnership would be worthwhile.
In addition to receiving free clothing, partnering with clothing companies can lead to other benefits, such as promo codes for your readers or even earning referral income for any purchases from followers made through your affiliate links.
You can learn how to start a blog in my free How To Start a Blog Course.
Note: Please keep in mind that being a trustworthy blogger or social media influencer means always disclosing when a post is sponsored or when you receive a product for free. Adding disclaimers is also the law when using affiliate links or sharing sponsored posts.
10. Get a job at a clothing store
When I was younger, I worked at a clothing store. If we beat our monthly sales goals, we were given a percentage of that in a gift card to the store. This was a great way to get free clothing!
Now, not all clothing stores have this perk, but you may be able to ask around and see if others do.
Another perk of working at a clothing store is the employee discount that you can get. As an employee, you typically receive a good employee discount – sometimes up to 50% off. This could be a great way for you to save money on clothes while earning a paycheck.
11. Reach out to a local nonprofit or charitable group
Many nonprofits or charitable groups offer free clothing to those in need.
Shelters, religious organizations, and other groups often have clothing banks available. Don’t be afraid to reach out to these organizations if you find yourself needing how to get free clothes for everyday or work.
12. School donation programs
Some schools and universities host clothing donation programs, which can help students who may be struggling financially.
You can keep an eye out for these events to get free clothes for yourself or your children. Schools might even have partnerships with local retailers, providing designer clothing at no cost, along with essentials.
I recommend reaching out to your school and asking what options are available for you.
13. Local yard sales
Yard sales are a great place to find cheap or even free clothes. Some homeowners may be willing to part with clothes for very cheap or free, especially towards the end of the day when they are packing up and they want to get rid of the items that are remaining.
14. Pregnancy and baby sample boxes
If you are pregnant, then you can probably get a free baby box filled with items you’ll want and need.
You typically get a free baby box when you create a baby registry. These boxes are often filled with free baby samples, such as a baby onesie, baby bottles, diapers, pacifiers, and more.
I got both the Amazon baby box and the Babylist baby box when I was pregnant, and they were both great and free! I simply created a registry through both sites (which is something that I was already doing), and I received the free baby box once someone purchased something off my baby registry.
In each, there was one baby onesie. So it wasn’t a lot of free baby clothing, but it was fun to receive and there were lots of other free items in the box as well.
Related: Best Baby Gear – Guide For New Parents
15. Refer friends to your favorite stores
Referral programs are offered by many online clothing companies, and this may get you some free clothing.
When you refer a friend to the website, both you and your friend often receive a discount or credit towards your next purchase. You can share your unique referral link with friends and family, or promote it on social media to reach a larger audience.
Some online stores which have a referral program include Lulus, Poshmark, ThreadUP, Stitch Fix, Rent The Runway, and many more.
Make the most of online shopping to get money to put towards clothes
When shopping online, there are ways that you can save money. While these won’t lead you to getting entirely free clothing, these tips can make clothing more affordable.
Use coupons and promo codes –Always keep an eye out for coupons and promo codes before making a purchase to save money on clothes. Websites, like Honey, often have promo codes available for online stores. This way, you can save on your purchases and have more money to put towards new clothes. You can install the Honey browser extension, which automatically finds and applies available coupon codes and promo codes when you shop online. Then shop like normal and when you’re ready to checkout, Honey will instantly find and apply the best coupon codes directly to your shopping cart.
Cash-back sites –Using cash-back sites is another smart way to save money on your apparel purchases. Rakuten offers cash back (up to 40% cash back!) for shopping at many different online retailers (they have thousands of options). Simply browse the Rakuten website, find stores you normally shop at, and earn a percentage of cash back for every purchase.
Loyalty programs –Signing up for loyalty programs can be a great way to earn points or rewards that can be put towards new clothes. Many clothing stores offer rewards programs for their customers. As a member, you can earn points with each purchase that can be redeemed for discounts or even free clothing items.
Shop at thrift stores and consignment shops –Thrift stores can be a great source of free or inexpensive clothes. There are even online thrift stores, such as ThredUP and OfferUp.
Frequently asked questions about how to get free clothes
Below, I answer common questions about ways to get clothing for free.
Where can I find free clothing giveaways?
One way to find free clothes that are being given away is to search for online giveaways and contests. You can find these by going to giveaway websites, or searching hashtags on Twitter and Instagram, such as #giveaway and #clothinggiveaway.
There are many if you want to learn how to get free clothes, such as reaching out to nonprofit organizations, shelters, and churches in your local area. You can also check out websites, like Freecycle.org or Craigslist, for listings of free clothing resources in your community. Also, joining local Facebook Groups for clothing swaps or free items may help you find free clothes near you.
How can I receive free clothes delivered to my door?
By participating in referral programs, product testing programs, or signing up for clothing site rewards, you can potentially receive free clothes delivered to your door.
How to get free items from SHEIN?
There are a few ways to get free Shein clothes, and this is a very popular question about how to get free clothes!
There is a Shein Free Trial Center where you may be able to test out outfits for free. You will have to write a product review for the item you get for free with the Shein product testing program.
There are also Shein giveaways on social media all the time that you can enter as well.
How do I manage to have a great wardrobe on a tight budget?
To have a great wardrobe on a tight budget, you may want to focus on versatile and timeless pieces that can be mixed and matched. This may include shopping sales, clearance sections, and secondhand stores to find affordable clothing items. You can also swap clothes with friends or attend clothing swap events to save money.
How can I get a lot of clothes with little money?
You can get a lot of clothes with little money by shopping at thrift stores, discount stores, and clearance sales.
How do I get free athletic wear?
Many running shoes have a product testing program for athletes and runners, such as the Saucony product testing program, Reebok product testing program, New Balance tester community, and the Nike product testing program.
These companies will need your shoe size and some other information from you before they can send you anything. There will most likely be an in-depth questionnaire for you to answer after you try the shoes.
In some cases, you will not be able to keep the shoes, just so you know.
How To Get Free Clothes Online Without Paying – Summary
I hope you enjoyed today’s article on my best tips and tricks on how to get free clothing. As you can see, there are many ways to get started!
Whether you are looking for free t-shirts, jeans, shoes, work clothes, or something else, there is plenty of free apparel if you look around.
With Facebook Buy Nothing groups, Craigslist, and Freecycle.org, you can connect with like-minded individuals and exchange items without needing to pay. Also, connecting with friends, family, and online communities by organizing clothing swaps, working with money-making apps that offer gift cards, and blogging or engaging on social media can lead to free clothing items as well.
Remember, when you maximize your online shopping by using loyalty programs, cash-back apps, referral programs, and coupons, you’ll have more money to put towards new clothing items.
Do you know how to get free clothes? What’s your favorite way?
Being a landlord isn’t all lounging around in designer sweatpants while the rent checks roll in.
If you’re managing your property yourself, you’ll find there’s more than a little legwork involved. Whatever your reasons, (and there are plenty, ranging from investing in property to getting stuck with a house you don’t want to live in), buckle up. We’ll be walking you through how to be a landlord.
How to price your rental
A lot of factors go into pricing a rental, but in the end, it’s all pretty simple. If you don’t hit the sweet spot, it’s either going to sit empty or cost you money.
Either way, you lose.
Here are the most important things to keep in mind:
1. What are your costs? Before anything else, do the math and find out how much you need to charge to not actively lose money. Take into account your mortgage payment, housing taxes, HOA fees, upkeep and repair costs, and anything else that will eat into your profit.
It’s okay to not pull in much extra cash right away, so long as you’re in the rental business for the long term. With time—and smart money management—you’ll pay off the mortgage and get your rental income (mostly) free and clear.
2. Timing is important. Just like the housing market, the rental market has slow and busy times of the year. Generally, they match up pretty closely. Demand is highest in the summer, when schools are out and the weather is good. You’ll be able to charge slightly higher prices in the warm months than the dead of winter.
3. High rent is not worth a bad tenant. Sure, the goal of a rental property is to make you money. But there’s more to it than setting your rent as high as you can and accepting anyone who’ll pay it. A good tenant—one who sticks around for multiple years, pays rent on time, and doesn’t damage your property or suck up your free time—is worth more than an extra few hundred dollars.
4. How much are other apartments going for? When in doubt, take a gander at comparable units on the sites you’ll be using to advertise your property. Just remember to take more than zipcode into account. Other factors include:
Nearness to amenities
Appliances (washer, dryer, dishwasher)
Renovations
Square footage
Layout
Carpet vs hardwood
5. Tenants will pay for something that looks like a good value—even if it really isn’t. Ever seen rental listings advertising things like “heat and water included?” This is a tactic used to attract renters without costing you money.
How?
It’s pretty simple.
If you’ve rented out this particular property in the past (or can get in touch with someone who knows what’s what), then you have a good estimate of what the monthly utilities cost—and that you can use in your favor. Say electricity usually costs about $70 a month. By rolling that into the monthly rent at $80 or $90 a month, you get a little extra cash and an attractive offer for renters.
How to advertise your rental
Once you’ve figured out your pricing strategy, it’s time to start attracting potential tenants. Back in the dark times, that meant putting an ad in the classified section of your local newspaper and hoping for the best.
These days, though, renters tend to start their search online, and that means you need to know where and how to put your best foot forward.
First, pictures. To really sell your property, you’re going to want to use recent pictures of your (clean!) rental. When writing the description, make sure to include all your good features. If there are one or two negative things about your rental, don’t try to hide them. Being honest can actually help you build trust with potential renters.
Which sites you use depends on your needs. Landlords generally agree, for instance, that Craigslist gets them a lot of attention, but that Zillow delivers the better quality tenants.
Here’s a quick list of some of the sites you should consider using:
Of course, some old school techniques like yard signs and referrals are definitely worth trying out. Test out your options. Soon you’ll find a combination that works best for your area and clientele.
How to screen potential tenants
Attracting the tenants is the easy part—it’s the picking that takes some time and energy.
1. Ask for a rental application. You can find templates online. Look for one that asks for current and previous employers, income level, contact info of previous landlords, number of occupants, number of pets, and personal references.
2. READ that application. Okay, so this is probably a no-brainer, but you should be able to weed out a lot of applicants at this stage. So they aren’t employed? Don’t have a (net!) monthly salary that’s at least 3 times the rent and can’t get a cosigner? Have previous evictions or references that don’t check out?
Those are all very good reasons to not rent to an applicant.
3. Run a credit and/or background check. Once you have your handful of maybes, it’s time to dig a little deeper. All three off the credit bureaus (Experian, TransUnion, Equifax) offer credit screening for landlords, and some even do background checks, too. They each had different offerings, so take a look at each before deciding.
Remember, though: a credit check doesn’t tell the whole story. While they’re usually a pretty good barometer when it comes to judging a person’s fiscal responsibility, there are situations where they don’t show you the whole picture. After all, filing for bankruptcy 5 years ago and staying current with your payments ever since is a little different than, say, skipping out on your last 4 credit card bills—both of which can tank your score.
4. Meet for the in-person walk through. Don’t be afraid to go all Sherlock on prospective tenants in-person. There are plenty of questions to ask yourself in order to get a sense for what sort of tenant a person will be.
Did they show up on time?
Is their car well-cared for?
Are their children well-behaved?
Do they know what kind of questions to ask about your property?
Have they tried to lie about their credit score or job?
Just make sure not to base your decision on age, gender, race, religion, or disability—that’s against the law and can get you sued (plus, it’s generally agreed upon to be pretty gross).
How to write a rental contract
First things first—are you a lawyer?
If the answer is no, don’t write your own lease.
As we’ll get into later, there are a lot of laws surrounding housing agreements, and when you’re not familiar with all of them, it’s alarmingly simple to get yourself into trouble.
To get started, you can find templates online for your state or city.
From there, though, it’s worth the money to have a lawyer look over it, especially if you’d like to customize it. If you do it right, it should be a one-time cost for a lease agreement you can use over and over.
How to figure out your rights as a landlord
Did you know that you can’t enter your rental without giving the tenant advance notice?
Or that you can’t evict a tenant by changing the locks—even if they haven’t paid rent in months?
A long list of laws govern the relationship between landlord and tenant, and it’s part of your new job to know them.
The tricky part is that many of these laws vary from state to state. While there’s no replacement for consulting a lawyer if you run into trouble, this resource on state landlord/tenant laws is a great place to educate yourself before you get started.
Useful tips for first time landlords
If you found your way here, I’m going to take a guess: you haven’t been at this landlord thing long. Heck, maybe you’re in the middle of buying your first rental property right now.
Here are a few things the pros already know:
1. Set your available hours. Unless you’re okay with tenants calling you to fix their toilet at 10pm, find a window of time that works for both of you and agree to it ahead of time.
2. You can collect rent payments online. Technology, amiright? These days, you collect rent from anywhere in the world—awesome if you don’t live near your property or choose to interact with your tenant as little possible. There are plenty of services available (Rentpayment.com, Cozy, and ClearNow are just a few). Do your research to find one that fits your needs.
3. Be wary of renting to family and friends. You’ve probably heard that sage advice to never do business with family or friends. Well, you probably don’t want to rent to them, either. If you value the relationship, it’s best to keep money out of the equation.
4. Your tenants don’t need to know you’re the owner. Think about it: instead of telling your tenant they can’t paint the kitchen chartreuse and facing their resentment, you play property manager and blame the owner for being a spoilsport. This is an especially helpful (and legal) tip if you’re not great at confrontation or have any reason to be extra conscious of your safety. Just remember: if your business contains your name, you’ll need to change the name of the LLC so paperwork won’t tip off your tenants.
5. Document the state of your property before and after each tenant. It’s possible to wind up with a wild animal of a tenant no matter how well you screen. By knowing exactly what sort of damage has been wrought upon your property—and having the pictures to back it up in court—you’re in a much better position to hold onto your money.
6. Document any agreement you make. You’re probably noticing a pattern here: when in doubt, document. That holds especially true for any changes you agree to make to your standard lease after it has been signed. In this case, what you need is called an “addendum to a lease.” You can find templates online, but it can pay to use a lawyer.
7. Consider insurance. Landlord insurance may not be required by law, but it can definitely be worth it in the event of property damage or accidents.
Inside: Are you struggling to manage your money? Feeling overwhelmed with debt? If so, it’s time to take action and build better habits. This guide will teach you how to create a budget and start your savings. You need these financial tips for young adults.
The importance of sound financial advice for young adults cannot be overstated.
Often, a lacuna exists in our educational system where personal finance is concerned, leaving many young adults ill-equipped for the financial decisions that await them in their adult life.
Yet, you will encounter situations that require a sound understanding of budgeting, credit usage, investment, and an array of other financial tools without any formal education in these areas.
Financial advice can act as a compass, guiding you on a path to financial health and stability.
This early orientation can help you avoid the pitfalls of needless debt accumulation, poor money management, and inefficient financial choices like I made.
That is why it is of utmost importance to start imparting knowledge and financial habits to young adults as early as possible.
Why Financial Advice is Crucial for Young Adults
Money matters! Especially when you’re young and there’s a world of financial responsibilities unveiled before you.
Understanding financial basics early on is key to smart monetary decisions in the future. Here’s why you should consider this vital:
Knowledge Burst: Understanding finance terms, the implications, and their impacts arm you with knowledge for future decisions.
Saving for Later: Early investment in savings accounts or retirement funds can maximize your funds later in life.
Debts Control: Ensuring debts are paid off faster helps avoid excessive interest in the long run.
Investment: Stock or mutual fund investment can multiply your savings in the right condition.
Remember, your financial health requires deliberate action, start early!
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.
What is the best saving advice for young adults?
The best saving advice for young adults is to start early and save regularly.
This will help you build up a nest egg that you can use in the future.
Personally, this is my own regret as such it took me way too long to become financially sound.
Also, you want to be mindful of your spending and live within your means.
Best Financial Advice for Young Adults
When you’re in your 20s, the world feels like your oyster, ripe with opportunities and potential.
But among this plethora of choices, the most important decisions you make may very well relate to your finances.
While the excitement of earning and spending your hard-earned money can be exhilarating, it is crucial to remember that wise financial decisions made early on can set the stage for long-term financial success.
We have curated some of the best financial advice to help you make informed decisions and set the foundation for a secure financial future.
1. Create a Budget
Creating a budget can seem like a daunting task. However, once correctly accomplished, it can undeniably make your life a lot easier.
Below are some reasons to start budgeting from the start:
Money management: Knowing the ins and outs of your financial transactions helps manage your money efficiently. A budget gives you a clear snapshot of your income and expenses, allowing you to make strategic decisions about spending and saving. This level of control can be incredibly liberating and reassuring.
Financial discipline: Creating a budget encourages discipline when it comes to financial decisions. It can show you areas where you’re spending more than necessary, such as an underutilized gym membership, frequent dining out, or an unused streaming subscription. By addressing these expenses, you could easily save an additional $100 per month.
Alignment with goals: A budget can provide clarity and align your financial actions with your long-term goals. If you are side-tracked and lose sight of these ambitions, the budget serves as a potent reminder to guide you back to the right path.
Effective savings: A budget constitutes a robust tool that allows you to maximize your income and inculcate a savings habit. Essentially, it’s a roadmap that shows you, in real time, where you can minimize and direct those funds into savings. Those savings can then be invested toward achieving significant life goals more efficiently.
Stress reduction: Tracking income and expenditure can culminate in a stress-free financial life. For example, it helps manage unexpected emergencies or allows you to enjoy after-office drinks without any worries about overspending.
To simplify the job, various user-friendly budgeting apps are available.
These digital budgeting tools or apps offer handy features that can streamline tracking expenses and income. These tools can automatically categorize transactions, display visual charts of spending, and send alerts when you’re nearing the limit of a budget category.
Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.
Start Your Free Trial.
So, no more wondering where your money went.
With a budget in place, you get to tell your money exactly where to go, and this is an empowering shift from feeling out of control to feeling in control of your finances.
By making budgeting a consistent part of your financial routine, you adopt a proactive approach to your money, making your life easier, and your future brighter.
2. Manage Your Debt
As a young adult, managing your debt is incredibly crucial. Not only does it set the foundation for your financial future, but it also helps to keep your credit score healthy.
Here are some top-notch expert tips on how to effectively manage your debts:
Avoid credit cards whenever possible. Although credit card rewards may seem appealing, they can often lead to unwanted debts. Instead, try using cash, debit cards, or cash app cards.
Don’t finance purchases that depreciate in value over time. Rather than taking a loan for things like cars or other depreciable assets, save up and pay in full.
Minimize education-related costs. This can be achieved by going to in-state schools, considering trade school or community college, living off-campus, and exploring scholarships or work/study programs. Learn how to pay for college without loans.
Pay off your debts methodically. Consider strategies like the debt snowball or avalanche methods to strategically pay off your debts. Use a debt payoff app to find your debt free date.
Remember, being in debt can delay your financial goals.
So, learning to manage your debts early on in your life can have a significant impact on your future finances.
3. Invest Wisely
Investing wisely is a cornerstone of solid financial advice for young adults. It sets the foundation for a financially secure future.
Most people are terrified of the concept of investing and stay away from it, which is the worst decision possible.
Investing is about putting your money to work for you, expecting growth or income over time.
Consistently adding money to your investment portfolio can be more beneficial than staying away or trying to time the market.
Investing is ideally a long-term endeavor. Patience is key – you can’t expect to make big gains or reach your financial goals overnight. It’s a process of steady growth.
Simplicity is key for beginner investors. Buying and holding index funds is a good example of a simple and passive investment strategy. Or you can learn how to invest in stocks for beginners.
4. Educate Yourself about Savings and Investment Accounts
Understanding savings is a fundamental aspect of personal finance, yet many young adults ignore this.
Beginning an emergency fund, no matter how small is one of the oft-repeated mantras of personal finance experts.
Consistently making savings a non-negotiable monthly “expense” not only provides a safety net for emergencies but also contributes to various future goals such as retirement, vacation, or a down payment on a home.
A foundational aspect of mastering your finances involves learning self-control, reducing the tendency to make every purchase on credit, and understanding the importance of saving money before making a purchase.
Taking the initiative to read personal finance books and gain knowledge about managing money can greatly aid in controlling your financial future and making informed decisions about savings.
Starting saving for retirement early is essential to secure financial stability in the future.
Learn how much money should I have saved by 25.
5. Limit Your Expenses
Understanding how to limit expenses can be a game changer for your finances.
Track your daily expenses carefully, even the small ones like your morning coffee, as they can add up and provide crucial insights into your spending habits.
Keep your monthly costs, such as rent, as low as feasibly possible, as this will save you substantial amounts over time and accelerate your ability to invest in assets like a home. Learn the ideal household budget percentages.
This one makes the biggest different to spend less money…Categorize your expenses and set specific spending limits for each group, reviewing and adjusting these as needed to curb any overspending.
Regularly review your finances, specifically your bank and credit card statements, every two to three months to identify and eliminate any unnecessary expenditures.
6. Build Passive Income Streams
Okay, this one is my top financial tip!
Navigating the financial world requires strategy, and for young adults, generating passion income streams is a game-changer. With the decline of traditional 9-5 jobs, it’s crucial to adopt flexible financial strategies.
Start identifying your passions that can be monetized. Think about your hobbies, skills, or areas in which you’re an expert. It could be anything from blogging to tutoring or even food delivery services.
Find ways to make passive income. Remember, every bit of extra income counts, and data suggests diversifying income streams can secure your financial future.
Continuous learning is your power tool here. Aim to broaden your financial literacy, understand investing, explore various earning methods, and strengthen your entrepreneurial spirit.
While cutting expenses helps, growing your income using your passions gives you control over your financial destiny.
So, don’t hesitate in doubling up your day job with your passion-driven side hustles.
Expert tip: One of the best ways to make money online for beginners is a key place to start.
7. Create a Cash Reserve
Understand that surprise expenses can unsettle your financial plan, like a sudden car repair costing $700. Having a cash reserve will keep you financially stable through these unexpected turns.
Start an emergency fund: Alongside your regular savings, begin an emergency fund. Aim to save around three to six months’ worth of income.
Prioritize savings: Consider your savings as a non-negotiable expense. You’ll soon realize you’ve saved enough for significant objectives like a down payment on a home.
Build a rainy day fund: This larger $10k-50k rainy day account will help in those long-term expenses or job loss.
Combat inflation: Choose a money market account to preserve the value of your savings, while ensuring quick accessibility in emergencies.
Automation is key: If you’re forgetful, set up an automatic transfer that channels funds to your savings account immediately upon salary credit.
Building up cash reverses will help you to improve your liquid net worth and have less stress around money.
8. Learn About Taxes
Taxes seem complicated, huh? Well, not grasping tax basics can give you a run for your cash. So, get started young and you might save up a fortune in the long run
Start by understanding your salary. The chunk that you take home (net pay) isn’t the whole amount (gross pay) that your employer agreed on. Learn more about gross pay vs net pay.
If you’re self-employed, remember, you’ve got to handle income taxes, and also the full FICA bundle.
Do your bit of math now and avoid an unexpected cringer next April.
9. Consider a Term Life Insurance Policy
Getting a term life insurance policy while still relatively young is a smart financial move that any savvy young adult should consider early in their career.
This safety net serves multiple purposes, especially in ensuring the protection of your future family if for any reason you’re unable to provide for them.
Term life insurance policies are typically far more affordable for young adults. The research notably reveals that the younger an individual is, the more affordable the life insurance policy tends to be. Therefore, beginning this investment in your early years enables you to lock in a lower premium rate, thereby saving significant amounts in the long run.
A life insurance policy is an important piece of your financial planning puzzle. Remember, cost increases with age so act fast!
10. Take Action and Stay With It
Taking action and sticking with it is crucial in managing finances well.
First, you’ve got to get clear about your financial goals. Want to set up a passive income stream or travel? Make them specific, feasible, and measurable.
Once you’ve set your goals, break them down into bite-size pieces. For instance, calculate the costs and set quarterly goals. Make sure to these vision board supplies to keep your goals front and center.
Ultimately, this proactive approach coupled with persistence can help you efficiently manage your funds and stay financially healthy.
FAQ
Honestly, this is completely up to you.
The better bet would be to learn about financial management topics yourself.
Finding a fee-based financial advisor will be difficult when you have no significant assets. And then, when you do, a financial advisor can put a drag on your investing portfolio.
If you decide to work with a financial advisor, find a fee-only financial planner who provides unbiased advice – since they aren’t driven by commission.
Financial planning while young—especially in your 20s—is key to future success and financial security. Here are some steps to establish strong fiscal habits:
Firstly, map out your financial goals. Do you anticipate student loans, a mortgage, or potential investments?
Secondly, budget diligently to save more money early in your career.
Next, consider eliminating outstanding debt quicker by applying saved money from part-time or full-time employment.
Lastly, explore investments such as mutual funds and stocks for optimal use of leftover money after bills are paid.
Remember, according to a study of 30,000 college graduates, 70% never took a personal finance course—making self-education critical.
Use These Personal Financial Tips for Young Adults
In conclusion, managing personal finances is a vital skill that unfortunately is not emphasized enough in our educational institutions.
It’s critical for young adults – you – to learn this skill to establish a strong financial foundation for their future. Especially if you are determined to become financially independent.
This begins by developing a sense of self-control and understanding the importance of delayed gratification.
Regularly monitoring your income and expenses, and adjusting your lifestyle to live within your means, is a crucial habit.
Additionally, the importance of starting an emergency fund and saving for retirement cannot be overstated.
By incorporating these financial tips into their lives, young adults can steer clear of unnecessary financial stress and ensure a secure and financially healthy future.
Take this Advice about Money
It is crucial to understand not just the mechanics of money, but also, the long-term implications of your financial decisions.
Take control of your financial future today, and you are sure to reap the rewards in the years to come.
Discerning financial advice from trusted sources, instead of relying on potentially misleading external influences, is also key. Remember, the sooner you start, the better off you’ll be in the long run.
Remember the data-driven fact: small changes in your everyday expenses can have as big of an impact on your finances as getting a raise.
Know someone else that needs this, too? Then, please share!!
Inside: Are you moving into your first apartment? Planning a move can be daunting, but with this checklist, everything will be ready for your bed and bathroom you arrive. From a mattress, pots and towels to cleaning supplies and furniture, this list has it all. This is a huge deal!
Moving into your first apartment is an exciting time!
You’re finally out on your own, and you get to decorate and furnish your space however you want.
But before you can start shopping for all the cute home décor, there’s one very important task that needs to be taken care of first: creating a First Apartment Checklist.
This comprehensive checklist will ensure that you don’t forget any essential items when furnishing your new place. From kitchen supplies to bathroom necessities, we’ve got you covered.
So what are you waiting for? Let’s get started!
My First Apartment Mistakes
Moving into your first apartment indeed marks an exciting milestone in life.
However, it is also a moment of awakening when realizing that filling the apartment with all the necessities is not child’s play. My lesson learned the hard way.
It requires great planning and acute mindfulness of one’s budget. While the thrill of setting up your own place can easily lead to overspending, it’s important to keep the budget in check and be judicious about your purchases.
Here are some aspects to consider:
It’s easy to forget that there’s a huge list of big and small things you’ll still need to buy to fully equip your space. However, the keyword here is “need” and not “want”. I should have been better at differentiating between what is absolutely necessary for your immediate living situations and what can be procured later.
Define what you can spend right away by considering the moving costs and other related expenses. After setting the budget, the next most important step is to stick with it. You will be tempted to stretch your limit, but remember that financial restraint is key.
Moreover, remember that you don’t need to get everything right away, certain things can wait. Spend wisely, and stick to immediate needs. You might be surprised to find out that some items you thought were essential, in fact, can be comfortably lived without.
Your home is meant to give comfort, not financial stress.
The above statement is a lesson that stick with you for a long while. Keeping track of your expenses and making wise decisions can help establish your first apartment without breaking the bank.
Learn is $5000 enough to move out?
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Big Items for Your First Apartment Checklist
You’re finally out of your parents’ house and ready to start your own life. Congrats!
This is an important step when you want to move out at 18.
Moving into a new place is both exciting and daunting. To help you make sure you have everything you need for your new digs, we’ve put together a first apartment checklist of all the big items you’ll need to buy.
This is where to focus your money or look to find free items.
1. Mattress
Living in your first apartment?
Do not underestimate the importance of a good mattress.
It’s the foundation for quality sleep, which is crucial for your health and daily performance. Investing in one is non-negotiable even if budget is a constraint.
Personally, this. is the one item I would say to buy new! Thankfully you can find affordable mattresses now.
2. Bed Frame & Headboard
You may be tempted to skip the bed frame in your first apartment, but it’s a key piece that offers myriad benefits.
In full honesty, I didn’t get a headboard for my mattress until well after I was married. But, it was one small thing that made me happy.
Popular bed frame options vary in price from $60 for a simple metal frame to over $200 for wooden or upholstered models. Make sure to evaluate your needs and budget before buying.
3. Couch
Your first apartment is exciting, and the right couch can really set the tone. It’s not only a seating arrangement but also a place for relaxing, entertaining, and unleashing your personality.
When setting up your first apartment, you might be conflicted about whether to buy a new couch or look for a used one. Here are some factors to consider:
For those living by themselves:
A new couch can be a significant investment, but it is worth the cost if you value personal comfort, hygiene, and aesthetics.
Utilize discount stores to find quality furniture that is within your budget. A new couch often comes with warranties or protection plans that can give you peace of mind for any potential repairs or damages.
Investigate measurements and delivery options thoroughly to ensure your new couch comfortably fits your apartment layout.
If you are planning to live with a roommate:
You can consider getting a used couch. This is a great way to cut costs during a time when budgeting and saving money are important.
To make sure the couch you’re acquiring is clean and pest-free, buy or get it for free from trusted sources. Friends or family are often the best people to approach when looking for used furniture.
Look into garage sales or online platforms like Craigslist for options. However, always inspect the couch thoroughly before purchasing it from these sources.
Whether you choose new or used, ensure that the couch fulfills your needs.
4. End Tables and Lamps
End tables and lamps are essentials you need in your first apartment. They offer functionality along with a touch of class to your space.
There are many reasons why they should be on every first apartment checklist.
Versatility: Side tables can be used in various ways, from serving as a coffee holder, providing a place for books and magazines, or showcasing photo frames and indoor plants. It can also function as an extension of your workspace when you need to create an impromptu office setup.
Convenience: Having a side table next to your bed or sofa allows you to have important items within easy reach. This may include your phone charger, eyeglasses, or remote controls.
Decorative Value: Side tables contribute to the aesthetic appeal of your living space. They come in different styles, shapes, and designs that can complement various types of interior décor themes.
More than likely with lamps, you will notice where you need them the most after you move. So, it is okay to wait and buy them.
5. Dining Room Table
Your first apartment isn’t complete without a dining room table. It’s the multi-tasking hero of your living space, essential for meals, socializing, and possibly working or studying.
Finding the right dining room table for your apartment can be a fun and rewarding experience. However, it may be daunting for some, given the myriad of options available in the market.
Here’s a step-by-step guide to help you find your ideal fit:
Determine the Size Needed: The first step in finding the right dining room table is to measure the space it will occupy. Knowing the size helps narrow down the options and ensures a comfortable fit. Consider the number of people you plan on hosting on a regular basis – that should dictate the size of the table you need.
Consider the Shape: Dining tables come in various shapes, including square, rectangle, round, and oval. Identifying the shape that suits your space and lifestyle is crucial. Rectangular tables are the most common, but circular ones are great for maintaining an intimate dining experience, while an oval one can be a middle ground between a square and a round table.
Decide on Style: Whether you lean more towards a modern, contemporary, or rustic look, there are countless styles of dining tables to choose from. Ensure that the style of the table resonates with the rest of your home decor for a harmonious look.
Remember, choosing the right dining table is a balance of both form and function. Considering these aspects will surely help you find the dining room table that fits your lifestyle and space.
A good friend of mine had great luck finding a dining room table at a Restore resale shop. Something to definitely check out!
6. Kitchenware
Moving into your first apartment often comes with the challenge of equipping your kitchen efficiently.
To help guide you in making thoughtful purchases without breaking the bank, here are some important kitchen items you should consider investing in.
Basic Cooking Equipment: A Starter kitchen at the bare minimum requires at least two pots and a frying pan. These should be supplemented with necessary cooking utensils like a ladle, spatula, whisk, etc. You also need a high-quality knife set, at least one cutting board, and measuring cups and spoons to help you prepare and portion your meals accurately.
Food Storage & Serving Items: Get microwave-safe food storage containers to store leftovers efficiently. Additionally, invest in a good set of plates, bowls, glasses, and coffee mugs.
Countertop Appliances: While these can be a bit costly, consider getting a microwave, an InstantPot, and a coffee maker. These can vastly simplify and speed up your daily meal prep.
These are the basic items for a minimalistic kitchen.
7. Patio Furniture
Patio furniture can be an excellent cost-effective addition to your first apartment. Often overlooked, patio furniture can provide advantages for a first-time tenant:
Getting patio furniture as hand-me-downs or buying used ones can save you lots of expenses.
Plus patio furniture can be easily refurbished or painted to match your apartment’s interior design. You can showcase your creativity and add a personal touch without spending much.
8. Grill
One must-have in your first apartment is undoubtedly a grill. Nothing beats the flavor of a good grill and it’s perfect for friendly gatherings or quiet evenings.
Having a grill can add a sense of fun and adventure to your living situation. It allows for new culinary experiences and outdoor entertaining, especially during warmer months when you can have a delightful barbecue party in your yard or balcony.
Grilling can also act as a social catalyst. Whether it’s a relaxed summer evening cookout with neighbors or a gathering of friends for a sporting event, grilling can bring people together in a fun and casual way.
Thanks to websites like Craigslist, eBay, and Facebook Marketplace, second-hand grills in good condition are often available locally and at a much lower cost than brand-new grills.
9. Storage Items
Stepping into your first apartment, huh? The organization will be your closest ally.
Crisp and neat storage items can help you stay clutter-free and make your space feel like home.
This is something I would wait to buy until you are in your space and know what you need. There are so many storage ideas and organization items.
10. Decor
Making your first apartment feel like home is both exciting and challenging. Decor plays a crucial role, transforming an empty space into a cozy, personal refuge.
You want the decor to reflect your style, but the cost may be more than you can afford.
Enter thrift shopping for some of your favorite items.
You can always splurge on that one item you want!
How do I prepare for my first apartment?
Getting your first apartment can be incredibly thrilling, but let us guide you through a smooth transition.
Before making any purchases, it’s critical to create a budget that takes into account moving costs and other associated expenses.
Additionally, make a checklist of essential items to ensure a smooth move, but remember to prioritize immediate needs as some items may not be necessary initially.
Being prepared and methodical about your approach can help significantly in making your first apartment feel like home. It’s all about spending wisely and sticking to your plan.
First Apartment Checklist for Bedroom
Ready to move into your first apartment and need help setting up your bedroom?
This checklist will ensure you won’t miss any essentials.
Bed: Choose a full or queen-size bed to maximize space.
Mattress: Select the right firmness for your sleep style. Don’t forget a mattress pad and bedding.
Nightstand: You need this to place essentials like a reading lamp and a glass of water.
Dresser: An essential piece of furniture for your clothing storage.
Lamp: A softer lighting option for your bedroom. Don’t forget light bulbs!
Closet Organizers: Invest in baskets or cloth storage cubes for easy organization.
Desk and Chair: A small workspace if your room allows. Opt for a stool or folding chair to save money.
Remember every space is unique, tailor this list to your needs and budget.
First Apartment Checklist for Kitchen
As you embark on your solo living adventure, setting up your kitchen shouldn’t be a brain tease.
Here’s a lifesaver list of must-haves:
Remember, your kitchen is not just for cooking, but for hosting toasts and storing eats. Cheers to your new apartment kitchen!
First Apartment Checklist for Living Room
When setting up your first apartment living room, remember to shop for these essential items:
A Cool Lamp or Two: Lighting is crucial. Pick unique lamps that add both light and character to your space.
Side Tables: Grab a couple; these provide additional surfaces for decorations or mugs of tea.
Storage Solutions: Think TV cabinets or bookshelves where you can neatly store your belongings.
Extra Seating: More seats for more guests.
Window Treatments: Curtains or blinds not only offer privacy but can also tie a room together.
Decorative Pillows and Throw Blankets: For aesthetics and comfort.
Decor Items: This includes wall art, picture frames, coffee table books, houseplants, candles and vases. Make your space you.
Be smart in your selections, ensuring each item marries functionality with aesthetics. Holistic harmony is key in a living space.
Technology for Your First Apartment
In today’s digital era, modern apartments are nearly incomplete without a range of essential tech items.
These add convenience, entertainment, and a sense of security to your cozy abode.
Smart TV: This is essential for entertainment and relaxation. It can be a source of news, sports, movies, and shows that make your apartment a much more enjoyable living space.
Roku Stick: If you opt for a basic TV, then these devices enable you to stream content like Netflix, YouTube, and Hulu directly to your TV. This is much needed if you prefer digital streaming over traditional network channels.
Computer / Laptop: This is useful for work, learning, entertainment, and communications in the current digital era. It helps you stay connected to the world and perform various tasks easily.
Wifi Router: A Wi-Fi router is a must-have in this age as it provides an internet connection for all your devices. It enables you to stay connected to the world, shop from home, stream entertainment, or work remotely.
Chargers: Chargers for phones, laptops, and other electronics are essential. They keep your devices powered up and ready for use at any moment.
Speakers: They enhance your entertainment experience by providing high-quality sound for music, TV shows, and movies. They can also be useful for work or study, for instance when participating in video conferences or online courses.
Thankfully prices have dropped significantly on TVs since I bought my first one!
First Apartment Checklist for Bathroom
One key area to consider is your bathroom – it’s essential to have all the basis to make your daily routines smooth and simple. Here’s what you’ll need:
Cleaning Your First Apartment
Ready to take that first crucial clean sweep in your very first apartment? Here’s how you’ll nail it!
Start with unpacking your cleaning essentials, preferably even before you start arranging your furniture. This will make it easier to spot dust, stains, and dirty spots that are usually hidden.
Now, let’s dig into your basic apartment clean-up kit:
Honestly, these frugal green items are perfect to keep things clean and on budget.
Things you need for an apartment that you wouldn’t think of
Moving into your first apartment is an exciting milestone, but it’s also full of small details that are easy to overlook.
Some essential items might not make it on your moving checklist, leaving you scrambling on your first day in your new place.
Basic Handyman Tools: A Leatherman or small toolkit is essential for assembling furniture and making minor repairs.
Hangers: You’ll need more of these than you think for your wardrobe.
Extension cords and surge strips: You’ll need these to plug in all your electronics in spaces with limited outlets.
Drawer organizers: Helps keep your belongings categorized and easy to find. Especially important in small spaces where efficient storage is key.
Flashlight: You never know when a power outage may happen. A flashlight is a crucial tool for safety and navigation in the dark.
Batteries: Handy for various gadgets like remote controls, flashlights, and smoke detectors.
First aid kit: Accidents can happen anywhere, and having a first aid kit handy can make dealing with minor injuries easier and more efficient.
Light bulbs: Essential for maintaining good lighting in your apartment. You don’t want to be left in the dark when a bulb burns out.
Matches and/or lighters: Useful not only for candles and gas stoves but also a necessity in case of a power outage.
Pen and paper: Although we live in a digital age, pen, and paper are still handy for jotting down quick notes, lists, or reminders.
Fire Extinguisher: Better to be safe than sorry!
Carbon Monoxide Detector: Extremely important to have in your apartment
Duct Tape: It solves every DIY project – while almost any.
Security Cameras: It bums me out completely to add this to the list, but in today’s society it is a must-have.
Renter’s insurance is instrumental for various reasons
It provides financial protection in case of unforeseen circumstances like theft, damage due to disasters like fires, or liability if someone gets hurt in your apartment.
Additionally, considering the value of electronics, furniture, clothing, and other personal belongings, investing in renter’s insurance helps safeguard one’s possessions, making it invaluable, especially for first-time renters.
How do I budget for my first apartment?
Managing your expenses while moving into your first apartment is crucial since it’s usually an expensive endeavor with many large and small essentials needed to fully complete your home.
Having a budget not only helps you to control your finances effectively but also assists in prioritizing immediate needs, avoiding unnecessary items, and managing moving costs and related expenses.
Step 1: Make a Budget
Budgeting is, unquestionably, a crucial strategy to manage your personal finances efficiently, particularly while setting up a new apartment.
Begin by detailing your annual net income.
Subsequently, list down all your essential expenditures, such as food, household supplies, phone bills, car payments, credit card bills, clothing, transportation costs, internet charges, healthcare expenses, school loans, and entertainment.
Don’t forget to add a section for “miscellaneous” to cover any unanticipated expenses.
Make sure your expenses are less than your income.
While rent will be your biggest expense, you want to make sure you can truly afford the amount without going broke.
If you observe that your expenses are relatively high, it’s time to analyze your spending patterns and cut down on unnecessary spending.
Step 2: Save Money
Saving money and living frugally requires strategic thinking and discipline.
Honestly, the simplest thing you can do is to set aside 20% of your income each paycheck. That will ensure you are on your way to becoming financially independent.
Simply remember, frugal living doesn’t equate to deprivation, it’s about making informed choices to optimize your resources.
The 100 envelope challenge is extremely popular!
Step 3: Start a Side Hustle
Side hustles can be a flexible and rewarding way to supplement your income, and they’ve become much more popular in recent years.
Manage your time wisely and ensure the side hustle is something you enjoy or are passionate about. It should be a source of additional income without causing stress or burnout.
Here are ways to make money online for beginners.
First Apartment Tips
Embarking on the journey of renting your first apartment can be both exciting and daunting, hence having some essential tips can be quite handy.
1. Make a list of apartment essentials
A list of apartment essentials plays a crucial role, particularly for first-time movers.
The benefits and significance cannot be overstated. Here’s why:
Prevents Overspending: Moving into a new apartment is already expensive. There are lease deposits, rent due, utility set-ups, and other hidden expenditures that can easily catch first-time movers off guard. Having a list of apartment essentials can keep your spending in check, ensuring that you only purchase what’s necessary and avoid unnecessary or impulsive purchases.
Minimizes Stress: The task of moving can be overwhelming, and missing essential items only adds to the stress. A well-thought-out list can not only help you keep track of what you’ve already acquired but also what you need to purchase or source.
Ensures You’re Prepared and Organized: By carefully creating an apartment checklist, you’re ensuring that you have everything you need in your new home, from cleaning supplies and toilet paper to the necessary items for your furry friends.
Saves Time: A concise and focused list saves you time by clearly stating what needs to be acquired, allowing you to focus on other important matters related to the move.
Follow this approach, and you’ll have a comfy, well-equipped apartment in no time.
2. Consider your budget
Experts advise rent shouldn’t exceed 25-30% of your income. But, don’t forget to include your other costs like food, bills, loans, etc
Remember, your dream apartment isn’t worth it if it’s a financial nightmare. Think smart, save hard, and enjoy your new home’s comforts without breaking the bank.
Learn the ideal household percentages.
3. Research apartments
Researching apartments requires careful consideration of numerous factors such as the proximity to vital facilities like workplaces, grocery stores, hospitals, and entertainment joints.
Try to physically tour potential residences where possible to examine amenities and gauge the atmosphere of the neighborhood.
Don’t forget to make inquiries and view the apartment personally or through a floor plan, all these will help you make a wise decision.
4. Check apartment listings for features and amenities
When searching for the perfect apartment, consider features and amenities that align with your lifestyle.
If there is a sym space, you could eliminate your monthly gym membership.
Just make sure the cost of the upgraded amenities is worth the price tag.
While checking apartment listings, ensure to evaluate the location, amenities, available space, and physical integrity.
5. Think about the size and layout of the apartment
Understanding the size and layout of your new apartment is crucial before you start styling and furnishing it.
Acquire a floor plan from the apartment management, and if possible, tour the apartment physically to note the positioning of rooms, doorways, hallways, and stairwells. Take measurements of these areas and visualize the kind of furniture and fixtures they can accommodate fittingly, taking into account maneuverability around corners as well.
Moving to your first apartment is exciting, yet demands careful consideration of the size and layout.
6. Look for apartments with good security
When you’re hunting for your next apartment, don’t forget to check out its security features. This is crucial for your peace of mind.
Ensure the apartment is in a safe neighborhood, close to amenities like hospitals or public transport.
Ask if the apartment complex has features like controlled access gates, security guards, and CCTV surveillance.
Check the apartment for proper alarm systems, well-functioning locks on doors and windows, and that fire safety measures are in place.
Verify the cell phone reception inside the apartment for any emergency calls.
Lastly, always ensure that the parking area is secure and well-lit.
Remember, your apartment isn’t just a place, it’s your sanctuary. It should feel like one, too.
7. Make sure you get a good deal
Before signing a lease, it’s crucial to ensure the rent price is a good deal.
According to the U.S. Census Bureau, the median gross rent from 2015-2019 was approximately $1,097 per month.
8. Talk to the management and make sure you understand the rules
Get to grips with your apartment’s rules by thoroughly reading your lease. Take note of any restrictions, and don’t fear to ask for clarifications. Data indicates that understanding lease terms significantly reduces tenant-landlord conflicts.
It is important you understand your lease as it is a binding contract.
First Apartment Checklist PDF
Moving into your first apartment is exciting but daunting. The First Apartment Checklist PDF helps simplify the process.
Take it at your own pace—don’t rush. This is your journey to your new home. Enjoy!
FAQ
Moving into a new apartment can be quite exciting yet daunting. It’s crucial to carefully inspect the space to ensure it meets your needs and is in optimal condition.
Check the overall cleanliness. Despite initial cleaning, apartments often accumulate dust while vacant. Ensure you have cleaning supplies handy to tackle any overlooked dirt or grime.
Inspect the utilities. Ensure the availability of necessary technology setups and provisions for all your electronic gadgets. And make sure no wires are hanging from the ceiling.
Verify the safety features. Always have a working lock on the door as well as a well lit entrance.
Examine appliances. Make sure essential household appliances like washers, dryers, and a dishwasher are provided and in working condition.
The comfort and safety of your new apartment rely hugely on these checks.
When determining how much you should spend on rent, it’s generally suggested that your allotment should be no more than 25-30% of your after-tax income.
For instance, if your yearly income after taxes is $40,000 per year, your rent should be about $833-$1,000 per month.
Keep in mind, this amount should cover:
Your rent
Utilities (unless they’re included in your rent)
Rental insurance
It’s essential to create a realistic budget by considering your other necessary expenses like food, transport, healthcare, and entertainment. If needed, find ways to cut some of these costs to afford your dream apartment.
Now Get Moving with your Apartment Shopping List!
In conclusion, creating and managing a first apartment checklist requires a judicious mix of prudence and patience.
It’s an exciting journey of setting up your first independent space but it’s also a test of properly managing your resources without compromising on your basic needs.
It’s crucial to remember that you do not need to get everything at once, and it’s okay to take your time to gradually fill your apartment.
Remember, be mindful of your budget and prioritize based on your specific needs and preferences.
And don’t forget, you’re not just setting up an apartment, you’re creating your own unique sanctuary.
With patience and careful planning, you’ll soon have an apartment that’s not only functionally equipped but also a reflection of your personal style. The experience, in the end, will prove to be as rewarding as it is educational.
Know someone else that needs this, too? Then, please share!!
Online bill pay can be a major convenience: It can allow you to schedule payments to transfer money from your bank account to your creditors. Using this technology can also be a money-saving move. It can lower the odds of your forgetting to pay a bill or winding up with late payment charges.
To be honest, paying bills likely isn’t anyone’s favorite way to spend free time. Automating the process may let you focus your energies elsewhere without needing to worry about how much money is due when and where.
If you’re curious to know the answer to, “How does bill pay work?” and understand how it could simplify your life, read on.
What Is Online Bill Pay?
Bill pay is a way of paying your bills online and automating your finances. It allows you to use your mobile device, laptop, or tablet to send money from your account to that of another person or business. No check writing required.
You specify the funds and provide details on the recipient, and the amount is automatically taken from your account and sent to the payee.
Yes, you can do this in real time, but you can also determine the “when.” That means you can schedule bills for payment in advance whenever you have time free, which can be a huge life hack.
Using Bill Pay to Organize Your Bills
When you set up bill pay, it can be a good opportunity to review your finances and the money you have coming in and going out.
You might also decide to stagger the payment dates on your bills to enhance your cash flow. To help with this, you may be able to change due dates on your bills by contacting your creditor.
Here are some of the ways you might use bill pay:
• Mortgage or rent
• Utilities
• Car loan payments
• Credit card bill
• Gym memberships
• Streaming channel and other subscriptions
• Student loans
• Charity donations
💡 Quick Tip: Make money easy. Open a bank account online so you can manage bills, deposits, transfers — all from one convenient app.
Setting Up Online Bill Pay
While bill pay can help make managing finances simpler, it does require some initial manual set-up. But, once you’ve learned how bill pay works, this automatic feature can make keeping track of and paying bills less cumbersome. Here are some ways to get started:
1. Finding a Financial Partner that Offers Bill Pay
While many financial institutions offer digital payment tools, like bill pay, it’s worth investigating the features that are included at each, before opening up an account. Online billing is free with some accounts, while some providers may charge for each transaction — either per bill or on a repeating monthly basis.
Recommended: When All Your Money Goes to Bills
2. Determining which Bills to Autopay
Utility bills, loan payments, credit card bills — you can pay just about any bill using bill pay. One benefit of centralizing bill payments is that, whether it’s a one-off charge payment or recurring bill, the user can rest assured that the bill will get paid on time — assuming bill pay has been set up correctly and there are sufficient funds in the linked account.
To streamline bill payments even further, it may be helpful to think about which ongoing bills you want to automate on a revolving basis through bill pay. Every month, bill payment could go out automatically, on a schedule determined by you, to the businesses or service providers where the money is due.
Predictable expenses that don’t fluctuate from month to month, such as loan and mortgage payments or the internet bill, are solid candidates for recurring automated payments. After all, it can be easier to budget for an expense that won’t go up and down from month to month. For bills that always cost the same, you may want to schedule payment for a time each month when you know there’ll be sufficient funds in your account to cover what’s come due. Some service providers may even allow you to change the due date on certain bills.
3. Gathering Together All Bills
Once a person has figured out which bills to pay automatically, they still might want to gather together all their regular bills in one place. (Organizing your bills can really help you see exactly where your money goes.) While individual bills are generally due at the same time each month, bills from different businesses or providers will have different due dates.
With all the bills in one place, you can then enter the various billing accounts into your money management provider’s bill pay system. It could be useful to research each bill ahead of time, determining whether they’re delivered by snail mail, paperless emails, or both.
4. Logging on to Personal Finances
As with other personal finances, bill pay is generally managed through a financial institution’s website or mobile app. A person interested in accessing bill pay could simply sign on to their secure account and search for the “Pay a Bill” or “Online Bill Pay” function.
5. Inputting Billing Information
Once logged on, you might follow the prompts to add individual billing accounts, indicating for each the funds you wish to pay with. You’ll likely be asked to input the name of the business or service whose payments you’re seeking to automate. You may also be asked for more specific details, such as your individual account number.
If you can’t find the business or service provider listed, you want to try spelling out the full name, removing abbreviations. If you still can’t find the payee, it’s possible that you can still utilize bill pay, but you may need to manually add in the payment details.
Having printed or saved digital copies of previous bills handy can be helpful here. (One other potential option is to set up automated payments, linked to your money accounts, directly through the provider — for instance, the water department of the city where you live).
When paying electronically, you’ll need to add your account number so that your payment is properly credited to you. You can also add the amount and frequency of payments, selecting a specific payment date (for one-time payments) or a regular schedule (for repeat bills that get paid on the same date every month).
Some financial institutions place a cap on the amount of money that can be transferred electronically through bill pay. If an automatic payment exceeds that designated transaction limit, users may then need to pay via a physical method, such as a personal or cashier’s check.
6. Taking Note of the Billing Schedule
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Keeping Track of Outstanding Bills and Extra Fees
One research report (spanning 2,000 individuals) indicates that 28% of Americans report difficulty in paying their bills on time. In this group, 52% of those earning less than $25,000 or less noted difficulty with paying bills, while only 11% of those earning $125,000 or higher reported the same bill-paying challenges.
benefits to automatic bill pay, including avoiding overdue accounts.
Here are some consequences of not paying bills on time.
Imposing Late Fees
One of the ways companies or service providers enforce on-time payments is by penalizing people for, well, paying late. Whether it’s a credit card, utility bill or simply missing a payment date by a single day, submitting a late payment can result in late fees, higher interest rates, or other charges.
Put another way, not paying right now can cost individuals more in the long run. It’s worth noting that these fees or penalties can be higher if a person has a previous history of late or unpaid bills.
Accruing Interest Charges
On top of late penalties, some providers may also charge interest on the balance owed, essentially creating a double-wallop of fees if you’re late paying a bill. In some cases, the interest may be charged starting the day an account becomes overdue. In others, it may accrue going back to the purchase date or transaction day.
Depending on the interest rate charged and how frequently that interest compounds, this fee could quickly balloon to more than the initial fee assessed.
Experiencing Service Disruptions
In some cases, a provider may have the right to shut off your service if you pay a bill late. Not only are such disruptions a major interruption to daily life (ahem, no water, ahem) individuals may also have to pay a reinstatement fee once account has been paid—just to reactivate the service, such as electricity, natural gas, or the internet.
Declining Credit Rating
Think no one other than the service provider will notice a missed bill payment? Not so, in many cases. Payment history on outstanding debts makes up 35% of a FICO credit score. So, things like, overdue credit card bills, unpaid mortgage or car payments, and other late payments can erode an individual’s credit score.
It’s worth recalling that lenders and landlords can rely in part on credit scores when evaluating the risk of doing business with someone. So, dings to a credit score—things like late payments—can impact the likelihood of being approved for a loan or a lease. (Generally speaking, lenders consider a score below 580 a sign that the borrower is at a higher risk of not paying back the money loaned).
Even if approved, having a lower credit score could increase the rate of interest charged on a loan or credit card, potentially costing the borrower thousands of dollars over time.
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Weighing the Benefits of Bill Pay
Not having enough money is just one reason people pay bills late. In many cases, the complexity of managing competing bills is a factor. It can be difficult to stay on top of each individual due date, especially for one-off bill payments or those bills that get paid less frequently, such as quarterly and annual bills. If you pay different bills from separate accounts, paying bills can become even more tangled.
Adopting regular strategies for paying bills can help solve remembering when to pay each bill (and with which account).
One payment strategy is to use online bill pay tools to automate your finances. Instead of remembering to pay each individual bill, while keeping track of competing due dates and amounts, bill pay allows users to set a payment schedule in advance and then, essentially, to forget about it.
Automatic bill payments can be a key way to prevent late payments and to simplify this important aspect of managing one’s finances. Now that you know what bill pay is and how it works, you can decide if it’s a wise move for you.
The Takeaway
Bill paying is a necessity that can be simplified. Signing up for automated bill-pay can put you in control. It can ensure that outstanding bills get paid on time or when you have more money in your accounts, reducing the likelihood of late-payment or overdraft fees.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with up to 4.50% APY on SoFi Checking and Savings.
FAQ
Does bill pay take the money out right away?
In many cases you can determine when you want the transfer of funds to occur. You can pay in real time or schedule the payment for a later date.
Does bill pay send a physical check?
Bill pay is an electronic process that moves funds from one account to another. You do not have to write a check, nor does the payee receive one.
What is the difference between bill pay and ACH
Bill pay is a way of automating your finances. ACH (Automated Clearing House) is a network that moves funds electronically between banks. Bill pay may use the ACH network.
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 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.50% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 8/2/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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Hey everyone! Today, I have a great savings story to share from a reader named Nichole. She will be talking about how she went from -$20,000 to a six-figure savings by 26 years old. The following will be outlining my experience getting scammed and how it catapulted me into learning about how money works. I…
Hey everyone! Today, I have a great savings story to share from a reader named Nichole. She will be talking about how she went from -$20,000 to a six-figure savings by 26 years old.
The following will be outlining my experience getting scammed and how it catapulted me into learning about how money works. I will divulge all the things I’ve done to earn a six-figure savings, pay off over $20,000 in debt and stay consistent with saving for a home to pay cash. I will go over the importance of knowing your “why” and how it has a large part in saving money. I believe we all have the ability to be successful with our finances and sharing my story hopefully encourages you to stay motivated during your own journey.
Since I was a little girl I’ve always yearned for independence and responsibility. My mother tells the story like this:
“It was your first week of kindergarten and I walked you to the bus stop to drop you off. You didn’t even let me drive you that first day! When I met you at the bus stop after school at 2pm you look at me and say “mom, you don’t need to pick me up from the bus stop, I can walk home without you”. I had to explain to you that wasn’t allowed because you were only five years old and the school didn’t allow that.”
The moral of the story is, if I could do it on my own I did.This included making money so I could buy my own stuff.
Throughout elementary and middle school I sold things to make money: lanyards, bracelets, candy, even offered to do peoples homework for $5 in 6th grade!
Earning money gave me more independence to pay for the things I wanted, so I always stayed motivated.
My parents never talked much about money, I just knew we had everything we needed and more. We were very middle class.
I was taught to avoid debt but to always have a credit card just in case an emergency happens. Oh, and you’ll always have a car payment, so get used to it
It wasn’t until sixteen years old that I learned my parents were always one catastrophe away from losing everything.
In 2008 my parents lost the home they custom built because they took out a no interest loan that they couldn’t afford once it ballooned.
This changed something in me, my world was shaken and I never knew it had a weak foundation to begin with.
I started to view money a different way.
I wanted it but didn’t know how to keep it safe from others that could take it away from me, like what my parents experienced. I didn’t want to repeat their money mistakes.
Fast-forward to 21 years old, I got married to my husband and best friend, yes so young, I know!
The following two years were spent finishing up my Bachelors in Communication and attempting to pay off our debt, we had about $20,000 wrapped up in student loans, credit cards and a car accident.We didn’t know much about money and we were still living with parents to try and save for a down payment for our first home.
This is how it’s supposed to work right? College, marriage, buy a home and have a baby. In that order.
In 2018, my husband and I put an offer on a home, 2 bed 1 bath fixer upper with a nice backyard and workshop in the back for $230,000.
We were excited for our new adventure but when it came down to our offer and one other, we lost. When we got the news our agent said, “yeah, they offered all cash, you didn’t have a chance”. We thought to ourselves, who the heck has that much money to pay cash for a home?! We brushed it off and figured it just wasn’t our time to buy. Little did we know the irony of this.
I started to really spend my time researching about money and how to leverage it and get rich! My goal was to find the secret sauce to success and wealth. I embarked on a downward spiral of YouTubes algorithm of financial videos and advice. Then I came across a very well-known financial expert that offered FREE courses about how to get rich, how could I pass that up? I signed up for the next free course.
Once there I was greeted with excited faces and tons of energy, oh yes, this was my moment to find the secret sauce! The lady speaking talked about all the homes she owns, the money she makes and extravagant trips she takes, I was hooked. I wanted that life, not my own, I needed change.
By the end of the presentation I was willing to do anything to continue my knowledge on financial freedom, or so I thought that’s what I was going to learn. I was the first person to stand up and run over to the tables full of iPads and “We accept credit” signs. I whipped out my credit card and signed up for my 3-day seminar. I don’t mind paying for education! I already had $13,000 in student loan debt anyway so who cares?!
The day of the seminar comes an I am elated, I am OVERLY ELATED. I couldn’t wait for my husband to share the same excitement I experienced at the last meet up.I was again, welcomed by excited faces and high energy. We had our notebooks, pens and open minds ready to learn how to get rich.
To no one’s surprise, we were let down.
Within 10 minutes of the presentation my husband looked at me with eyes saying “we got duped”. He didn’t have to say anything. Let me paint the picture for you.
The presenter had on a gold and diamond link bracelet and a fancy suit. He yelled and poured water on the floor for dramatic effect, handed out cash and even had us stand on our seats in unison shouting the same corny lines “we are warriors”. He informed us that he was going to teach us to buy homes with a credit card and leverage our credit for the best. He promised for the small price of $15,000 that we would learn all about the secret sauce to the rich *can you hear my sarcasm? *. He said we would have mentors along the way to help us buy these homes on credit. He told us not to come back the next day if we weren’t willing to pay for more classes. And we didn’t.
You get the point, it was a 3 days sale pitch to get us to buy more courses.
We walked to our car, now an extra $600 in debt and feeling like the most gullible people in the world. Christmas was only four days away and we were more broke than before we showed up. We had to sell personal items to have Christmas that year.
A switch went off in my head, I was angry. I was so angry that I fell into this scam, I was angry we didn’t get our home, I was angry we were broke, but ultimately, I was angry for not knowing how to manage my money. This stung extra because I hated the fact that in that moment I became my parents, I made a huge money mistake.
Anger is a funny thing, it can ignite the most creative sides of our brain. I decided I was going to get my money back.
What email did I send them?
A short summary of what I experienced and that they had 48 hours to get back in contact with me before I went to social media to expose them and my experience. I received a full refund the next day, with no response, even to this day.
Scorned is a nice way to put it.
I was now on a mission to learn all I could about how money REALLY works.
And so, I went back to my faithful teacher…YouTube of course!I searched and watched hours of videos until I came across one that made sense to me. A lot of financial jargon can be thrown around with no explanation, I don’t like that. I believe if someone can’t explain it easily then they don’t know enough about the subject to begin with.
Then I found the video that made sense: common knowledge and nothing you haven’t heard before (funny how that works).
I acknowledge that everyone has a different stance on money management and I take the view of, “to each their own”. I don’t think there is one “right” way but I found that following this new plan I was able to save more and feel good doing it than I ever did before.
These are the principles I followed, and they worked!
To put them simply they are:
1: $1,000 to start an Emergency Fund
2: Pay off all debt using the Debt Snowball
3: 3 to 6 months of expenses in savings
4: Invest 15% of household income into Roth IRAs and pre-tax retirement
5: College funding for children
6: Pay off home early
7: Build wealth and give
And then there is 3b – Save up for a home. This step is after you save your 3-6 months emergency fund and the current step I am on.
I had an epiphany, if I am in $13,000 worth of debt, and then add another $230,000 of debt for a house and a new car, then I’m going to be in some serious trouble with my monthly bills and interest I’m accruing. MOST Americans live like this. Banks don’t pay Trillions of dollars toward advertising if it didn’t work. Yes, I said “T”.
We paid off my student loans in full that day. I wish this was the end of our debt story but it is not.
My husband, who at this point in our journey is a new real estate agent, started to use a secret credit card to pay for real estate fees. We could have budgeted for these expenses but the shame of using the money I earned and him not contributing got the best of his ego. He bought a $200 chair for his new office, accrued office fees, all new clothes, etc…
Meanwhile I thought we were debt free and his parents were being nice by supporting his new venture! It is important for him and I to mention this part in our story because many people can relate to these feeling surrounding money: shame, guilt, and failure. It is a team effort.
Our social stigmas can convolute our ideas about money within a marriage. We are taught that the man makes the money, but sometimes the story doesn’t work like that and that’s ok!
The good news is, we’ve grown from this experience. We now work so closely with our money that we are each other’s cheerleader and in it to win it!
Since our journey has started we have:
Paid off my student loans— $13,000
Paid off all our credit card debt and consumer debt— $7,000
Paid off my car— $4,000
Paid for TWO cars CASH: A 2007 Volkswagen Jetta and then a 2012 Jaguar XF Portfolio to replace it when it died (quite a step up!) This is how we saved and bought our Jaguar cash summing— $14,400
Bought new appliances and toilets for my mother in laws home— $4,000
Given away money with a generous heart every.single.month (it’s part of our budget)
Accrued a six-figure savings and are on track to buy our first home cash in 2022!
How did we do it?
First, I’d like to mention, we are very normal people with normal jobs. I work in education and my husband is a real estate agent.
We didn’t invest in a stock that suddenly went up, win the lottery or get an inheritance.
We worked our butts off to get to this point in our journey and we still are.
Many people can do this and it starts with visualizing it and then believing you’ll get there.
We found out through our process it is exactly that, a process.
How we saved over six figures:
Following steps 1-7 about saving, investing and giving
Staying consistent! I can’t mention this enough, even if we go over our budget one month, we hop right back onto the savings wagon the following month
Side hustles—we have done it all! I was the cleaning lady at my job for 5 months, I baked cakes (and got quite good at decorating them), I made epoxy key chains, sold items we didn’t need, took on EVERY OT opportunity at work including working an extra 4 hours on top of regular work hours with students to help them during COVID, the list goes on. We take advantage of all extra earning opportunities
Cut down on spending—believe it or not anything outside of our bills and expenses we only allocate $200 a month for. This includes: toothpaste, if we need clothes, going out to dinners/lunch/with friends, medications, etc… Once the money is gone, its gone! Yes, I shop at Goodwill a lot and coupon hunt!
Cut out streaming services and use a family members account (one day we will get it back)
Use cash envelopes—We use this for bills that aren’t online to avoid going over our budget
Use a zero-based budget—We practice a zero-based budget approach with our money—all the money left over after our bills and expenses goes straight into the home savings. Read more about how this budget works here https://elizabethandinez.com/what-is-zero-based-budgeting-and-why-it-works/
Switch phone companies—we saved over $50 a month that went toward our home savings! We gave ourselves a raise!
Start a blog. My cousin and I started a blog and sell financial sheets on Etsy
Start giving to others every month. This is a part of our budget and the most fun you will ever have with money. Sometimes it’s to a waitress, a mother in a store buying food for her kids, a super awesome pet groomer, someone in a restaurant we want to get the bill for and most of the time its anonymously! Giving does something to the heart and is a huge part of our bigger picture of “why” we are doing what we are doing.This keeps us motivated to do more and stay the course. Having a bigger reason for why you save is a key factor for staying consistent
Stay diligent—we take every day as our opportunity to put extra into our savings
Meet with an accountability partner— We meet weekly to do a budget overview—this is important because we are each other’s accountability partners.
Practice putting out into the world what you want to receive, for example, a positive attitude! It’s amazing what happens when you attract positive outcomes, they come right back.
Visualize your goals and set intentions for them—this plays a large role in our success. We have charts around our room showing us our progress and how far we have come. Starting with the image in your head while also setting intentions for that goal will turn into real results! I suggest looking into videos or books on the Law of Attraction.
Open a Money Market account to help with depreciation and earn a little interest as you save. This is also good because the money isn’t as easily available as a checking’s would be. We get about $50 every month for FREE from interest
Attend a financial class—We’ve done this FIVE TIMES to be around likeminded people trying to get out of debt and follow the same plan. We know the information like the back of our hand but it is not about the knowledge, its about the behavior
Know your why
When you have a big enough “why” for the goal you are setting it becomes almost like second nature. You find ways to make it happen.
A good example (but a sad one) is if you have a sick child and not enough money for the surgery or appointment. Because your why for saving is so strong you are going to do EVERYTHING in your power to raise that money and make it happen, no matter what.
Without your why, the process is going to be daunting and drag.
You need motivation behind your goal, so find it.
Why are we saving like crazy anyway?
We decided we want to create generational wealth for our families. Money does not make you happy in life but it does clear up a lot of problems and make it possible to help others. We want to be able to take care of our family for generations.
We also want to be able to give to others. We give with open hands, not clinched ones. If you picture an open hand for a moment, palms up and open to receiving and letting go, vulnerable, not clinching, willing. Having an open hand allows money to flow freely in and out. Being open and quick to give to others rather than holding it tight allows you to see the miracles that money can make in another person’s life. We want to fill our cup to the top so that it pours over and we have enough to fill others.
Our plans for the future to become millionaires:
Buy our home cash
Up my work investing to 5% into my 403b for the complete company match
Put the max amount of $6,000 into each of our ROTH IRAS (as of 2021 that is the max amount allowed) We will set up automatic payments every month of $500 into each account to ensure we are hitting those highs and lows of the market every month
Save for a commercial real estate property
Save for rental properties. Because my husband is a real estate agent we are very interested in investing our money into real estate and handling rental properties in our area, specifically rehabbing trustee sales
Open a real estate brokerage account. This is one of our long-term goals and will one day be an investment we pay cash for to open
Earn income from the Elizabeth&Inez blog
Give to others so that their lives can be touched by the good in this world
Our journey is far from over but the successes along the way are proof of our bigger picture becoming a reality. We went from -$20,000 in debt to over a $100,000 savings from the beginning of 2019 to June 2021! Follow my blog for financial insight and more updates on our journey!
Do you have any questions for me? Ask away in the comments below.
Author bio: My name is Nichole Yanez and I am a financial blogger at Elizabeth And Inez. I talk about my experience as a millennial living in Southern California trying to buy my first home cash! I work in the field of education but my passion is money management and inspiring others to start their journey to financial freedom. I hope my story brings hope to others that they are capable of changing their family tree with three things: consistency, hard work and diligence. This is my story about financial deception and how it landed me into learning about money and how it works.
Most people want to save for the future, whether that means a short-term goal like a vacation in Bali next year or a longer-term aspiration, such as retiring by age 50. To fund these dreams, many experts recommend putting aside at least 20% of your paycheck.
However, each person’s financial situation is of course different. One person might have student loans they are paying off on a lower income while another might be earning a lofty salary with minimal debt. And yet a third might have a moderate income, some student loans, and they just closed on a home and are spending on major renovations.
So exactly how much you should save will depend on a variety of factors, such as your goals, your current income and debt, and your cost of living. Here, some guidelines to help you know exactly how much of your paycheck to save.
What Percentage of My Paycheck Should I Save?
Most of us know that saving money is important, but how much should you regularly whisk out of your checking account and into a savings vehicle? When it comes to what percentage of income to save for future expenses, financial advice can vary depending on where you look. Some experts suggest saving as little as 10% of each paycheck, while others might suggest 30% or more. A figure of 20% often seems a comfortable compromise.
The 50 20 30 Rule
According to the 50/30/20 rule of budgeting, 50% of your take-home income should go to essentials, 30% to nonessentials, and 20% to saving for future goals (including debt repayment beyond the minimum).
The right amount for you to save from each paycheck will depend on your income, your fixed expenses, as well as your short- and long-term financial goals.
For example, if the cost of living is high in your area, you may need to spend more than half of your take-home pay on living expenses, making it hard to put 20% of each paycheck into savings.
On the other hand, If your goal is to buy a home in two years, you may need to put more than 20% percent of your paycheck into savings in order to have your down payment in that timeline. If you want to retire early, you may need to put more of your income towards retirement every month than the average worker.
💡 Quick Tip: An online bank account with SoFi can help your money earn more — up to 4.50% APY, with no minimum balance required.
The Pros and Cons of Saving More or Less
While 20% is a good guideline, how much of each paycheck to save is a personal decision.
If you are trying to decide just how much of your paycheck to save, consider these points. Being aggressive with savings can have its benefits. You might also consider these the advantages that you miss out on if you save less.
• By saving more, you reach your goal faster.
• By maximizing the money you put away, you may rein in your spending and manage your money better in general.
• If your company offers a match for retirement savings, you can basically get free money by saving at the stipulated rate.
• Some savings vehicles offer tax advantages.
However, there are also downsides to saving as much as possible. You could avoid these by saving less. In other words, these are the benefits of saving less.
• By saving less, you might avoid living paycheck to paycheck, which is stressful.
• You can put more money towards paying down high-interest debt which can enhance your financial situation.
• You have more money for discretionary spending and enjoying your life.
Here’s how this stacks up in chart form:
Pros of Saving More/Cons of Saving Less
Cons of Saving More/Pros of Saving Less
Saving more means reaching financial goals faster
Saving aggressively can lead to money stress
Saving more can rein in spending and lead to better money management
Saving more can mean less money free to pay down debt
Saving more can potentially reap a company match via employee savings plan
The more you save, the less you may have for discretionary or “fun” spending
Saving more can mean tax advantages
Recommended: Cost of Living Index by State
4 Potential Savings Goals to Work Toward
Socking away money can be a good idea, but it is undoubtedly difficult to save. It can be helpful to really think about what it is you are saving for. Having a few specific goals in mind can help you determine how much you need to save each month and also help keep you motivated to maintain the discipline it takes to save.
Here are some common savings goals that can help you build financial wellness.
1. An Emergency Fund
Do you have a healthy reserve of cash you could tap to get through a difficult time or cover a large, unexpected expense?
If not, you may want to start saving up for an emergency fund that could help you handle a financial curveball, such as a job loss, medical emergency, or big ticket car or home repair.
Having this back-up fund in place can help ensure that you never have to rely on high-interest credit cards to make ends meet.
Ideally, an emergency fund will contain enough money to cover your living expenses for three to six months, but how much you’ll want to put aside will depend on your situation.
If you are married with no children, for example, you may only need to cover three months of expenses. If you have kids or you’re single, you may want to have an emergency fund that could cover at least six months’ worth of expenses.
It can help to keep the money in an account that earns more interest than a standard savings account, but allows you to easily access your money.
Some good options include: a high-yield savings account (online banks tend to offer good rates) or money market account.
2. Paying Off High-Interest Debt
Another important thing you could consider doing with your savings is paying off any “bad” or high-interest debt you may have. Some ideas for a debt management plan:
• A debt payoff strategy you may want to consider is the debt snowball method. With this approach, you start by paying off the debt with the smallest balance and put all your extra payments towards that until it’s paid off (while continuing to pay the minimum on your other debts).
You then put extra payments toward the debt with the next highest balance, and so on. This can give you a sense of accomplishment which can help motivate you to continue your aggressive repayment.
• Another approach is the debt avalanche method. This Involves putting all your extra payments towards the debt with the highest interest rate, while paying the minimum on the others.
When that debt is paid off, you then focus on the debt with the next-highest interest rate. Since you are concentrating on the debt with the highest interest rate, this strategy can end up being the most cost-effective.
3. Saving for Retirement
One of the key things to save for each month is your future. Exactly how much of your paycheck should go to retirement savings will depend on your age and when you want to retire.
If your company offers a 401(k) with matching contributions, it can make sense to put aside at least as much of your paycheck as your company will match (since this is essentially free money).
If you don’t have access to a 401(k) or want to contribute beyond that fund, you may want to open a Roth or Traditional IRA. Both types of IRAs have different tax benefits.
When you invest in a Roth IRA the money is taxed at the time of contribution but then in retirement, you can withdraw it tax free. Contributions made to a traditional IRA might not be taxed at the time they are made but are taxed when they are withdrawn in retirement.
When choosing how much of your paycheck to put into retirement savings, you may want to keep in mind that the IRS sets restrictions on how much you can contribute to your retirement funds each year.
4. Saving for Other Goals
After establishing plans for debt repayment, an emergency fund, and retirement savings, you may also want to consider working toward your other financial goals, like buying a house, saving for your kids’ future education, or going on a great vacation.
How much of your paycheck you should save for these goals will depend on what you want to accomplish and when you want to accomplish it.
When you’re saving for a big purchase, for example, you may want to start by determining how much money you’ll need and when you want to have the money.
You can then break that dollar amount down into the amount you need to save each year and month. This can help you determine how much of each paycheck you may want to put aside to help you achieve that goal.
• For savings goals you want to accomplish in the next three to five years, you may want to consider putting the money in a safe account that earns higher-than-average interest (such as a high-yield savings account or a CD).
• Longer-term savings goals, such as your children’s college education, can be invested more aggressively, since you’ll have more time to ride out the ups and downs of the securities markets. For college savings, you may want to consider opening a 529 savings plan.
💡 Quick Tip: Fees can be a real drag when you’re trying to save money. SoFi’s high-yield checking account has no account fees, including overdraft coverage up to $50.
Saving a Percentage vs. an Amount
There are different ways to look at saving: Some people follow the percentage method, while others prefer to think in terms of a dollar amount that gets socked away.
For many people, a percentage is a good way to go.
• That percentage can be “set it and forget it.” It can help guide you if, say, you get a raise. The amount you are saving will automatically rise with your salary.
• Similarly, if you are a seasonal worker, the amount you are saving will go down during your slow season. Say you earn $15,000 a month during the busy season and save 20%. That would be $3,000 a month. If your pay dips to $5,000 during the quiet season, only $1,000 per month would go into savings.
However, other people may find that putting aside a set amount, perhaps $1,000 a month, is a good way to save.
• That might make it easier for them to calculate and track their savings. It can be a way that people feel they are in control of their money.
• When their income rises or falls, they would have the opportunity to be hands-on with their money and determine whether to adjust the amount or not.
Here’s a look in chart form:
Saving a Percentage
Saving an Amount
“Set it and forget it” convenience
Can be simpler to remember and track
Automatically adjusts savings when your income changes
Can get you to check in with your money and adjust your savings amount regularly
💡 Quick Tip: When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided.
Starting to Save With SoFi
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with up to 4.50% APY on SoFi Checking and Savings.
FAQ
Is it good to save 50% of your salary?
If you can afford to save 50% of your salary, that can be a habit that can help you reach financial stability quickly. However, many people will save less than that, with 20% of one’s take-home pay being a solid figure to aim for.
Is saving 10% of your paycheck enough?
Saving 10% of your paycheck is a good start and is certainly better than not saving at all. If you are just starting out, have a high cost of living, or have considerable debt, it can be a good move to start with 10% as your savings goal. However, many financial experts encourage people to save at least 20% of their take-home pay.
What is the 50 20 30 rule?
The 50/30/20 budget rule is a formula to help people manage their finances. It says that, of your take-home pay, 50% should go towards basic living expenses (the needs in your life); 30% should go to spending (the wants in life); and 20% should go towards saving for the future (including debt repayment beyond the bare minimum).
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Hello! Today, I have a great debt payoff story from a reader, Ashlee Binderim. This is how she paid off $162,000 in debt. Enjoy! When you get married, you’re supposed to ride off into the sunset and live happily ever after, right? Well, not for us. That “honeymoon phase” came to a screeching halt when…
Hello! Today, I have a great debt payoff story from a reader, Ashlee Binderim. This is how she paid off $162,000 in debt. Enjoy!
When you get married, you’re supposed to ride off into the sunset and live happily ever after, right?
Well, not for us. That “honeymoon phase” came to a screeching halt when we quickly realized our financial situation wasn’t ideal (to say the least).
Let me set the stage for you – we were in our early twenties, still going to college full-time, and working part-time jobs when we said “I do”.
We were barely making ends meet and money was really tight.
We knew that we were walking into this marriage with debt, but we didn’t actually know how that would impact our financial future.
My husband was in that sweet spot where his parents made too little money to send him to college but too much money to qualify for financial aid. This resulted in him taking out $150,000 in student loans.
During his time in college his student loans accrued $15,000 in interest. Bringing his grand total to $175,000 in student loans.
I put myself through college and was able to qualify for financial aid and I also received some scholarships but it didn’t cover everything. I took out $11,000 in private loans and $20,000 in student loans. I worked part-time and was able to pay back about $10,000 while in college, leaving $21,000 that I brought into our marriage.
Finally, we decided to purchase a brand new car at $29,000.
Bringing the grand total to: $225,000 in debt.
We were barely old enough to legally drink and had $225,000 in debt.
With an income of less than $3,100 a month starting out, our debt felt like we were chipping away at Mount Everest with a pickaxe.
These loans were holding us back in just about every area of life. We were already paying a mortgage payment for a student loan, so we knew that we couldn’t afford to purchase a house.
We were trying to pay off debt as quickly as possible which meant investing took a backseat.
We had to say no to just about everything that we wanted to do or buy. Especially during the first year of our marriage because we could barely afford to eat.
So, how did we pay off $162,000 in debt in 6 years? I’m going to walk you through year-by-year our income and approximately how much we put towards debt each year.
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How we paid off $162,000 in debt in 6 years
2016 – I made around $25,000 that year and my husband made $35,000. We brought in $3,100 a month – collectively. With rent on a small one bedroom apartment at $1,050 which is the cheapest place that we could find. That left us with $2,050 for the rest of our basic necessities. My husband and I were still in college so we didn’t have a student loan payment yet. We knew that we wanted to pay off debt as quickly as possible so we put all of our extra income (which wasn’t much) towards debt. That first year, we were able to pay off $13,800 in student loans.
2017 – I graduated college and got a full-time job as an Instructional Designer where I made $51,000 a year. My husband worked part-time and attended college full-time. He made about $35,000 a year. Which brought our collective income to $86,000 a year or $5,100 take home a month.
In 2017, we also moved from our apartment to a larger apartment. Well, apartment may not be the right word, it was the converted hayloft of a barn. We had an agreement with our landlord that we would do things around the property, like yard work, maintenance, and other miscellaneous things. This agreement meant that we only paid $760 for rent and utilities.
We had to pause our financial goals for a couple months during 2017 because my husband was experiencing loss of vision which resulted in dozens of doctors appointments and specialists to diagnose a rare medical condition. Luckily, we had insurance with a low deductible so we only had to pay a very small amount out of pocket and any travel expenses.
That year we put $22,100 towards paying off debt and saving to pay off my husband’s student loans.
2018 – My husband graduated college and was hired full-time as a Project Manager for a construction company with a starting salary of $71,000. With my $51,000, we made a combined income of $122,000. After medical insurance, taxes, and retirement our monthly take home was around $7,500.
We refinanced my husband’s student loans from his parents name to his, because that was the verbal agreement that they had upon him entering college.
Quick note from Michelle: Companies, such as Credible, help you to refinance your student loans. With refinancing, the average person can save thousands of dollars on their loan, and that’s incredible! You can save a lot of money with student loan refinancing, such as with Credible, especially if you have high interest federal or private loans.
The best interest rate we could get was 6.5% on $175,000 – which meant that over half of the monthly payment of $1,315 went towards interest. According to our student loan provider, we should’ve been in debt for 15 years but knew that we needed to get out of debt as quickly as possible. After doing the math, we were looking at paying over $135,000 in interest alone over the lifetime of the loans.This would’ve brought the total amount of the loan to $310,000 – which as you can imagine, we weren’t ok with.
So, in 2019 we really buckled down and linked arms to make major changes to our finances and put everything we had towards paying off debt which also meant making some hard decisions.
We put $24,229 extra towards debt in 2018 on top of our monthly payments of $1,315 bringing the total towards debt to $40,009 (but remember, only half of our payment was actually going towards the principal).
2019 – This year we got really serious about paying off debt. We were making the most money that we had ever made and we were honestly really tired of saying no to everything. We knew that it was going to take some hard decisions and we needed to refocus our priorities but we knew that it was going to be worth it in the end.
My husband and I both received a raise and were now making a collective $139,000 a year. Monthly take home was around $7,900.
We cut back much of our spending in many areas including insurances, monthly streaming services, and we made one of the hardest financial decisions – we sold our car back to the dealership.
It was a really humbling experience. The car salesman was pretty surprised that we wanted to sell our brand new car back but in just a couple of hours we paid off $21,393 and walked out of the dealership with a paid for car that ran just fine for $1,500. It didn’t have all the fancy bells and whistles but it drove and meant we were able to achieve our financial goals faster. I still drive this car around today and love it!
Again, we experienced another financial setback due to health issues. I received a diagnosis that required several specialized treatments that our insurance didn’t cover. Despite this setback, we were still able to knock down our debt.
We put $57,820 in debt in 2019 alone (a big portion of that was the car that we sold back to the dealership).
Through our debt journey I learned that I really have a passion for helping other people reach their financial goals and decided to pursue a financial coaching certificate and started to build a financial coaching business.
Because we were paying off debt left and right our credit score dramatically increased and we decided to refinance our student loans for a lower interest rate of 4% but kept our monthly payments the same.
Refinancing for an interest rate just 2% smaller drastically changed how much money was going towards the principle. We went from paying about $600 a month in interest to $250 from a 20 minute phone call with our student loan provider.
2020 – I quit my job in February to pursue working full-time on my financial coaching business – our income took a huge hit as world events hit the U.S. in March of 2020 and I focused on helping people for free during this tumultuous time. Although we didn’t pay off as much debt as we wanted to, I knew I was helping people gain some semblance of security during an unprecedented time and that was worth our financial goals taking a small backseat.
By November we were under $100,000 in debt and for the first time our debt finally felt more tangible and like we were making serious headway in becoming debt free!
That year we brought in $106,000 and our monthly take home was around $6,000. We received several stimulus checks that we also put towards debt which really helped and my husband also received a company car which cut down on our monthly insurance payments and gas budget almost completely.
In 2020, we put about $33,488 towards debt during such an unprecedented time which we were very grateful for making any progress towards our goals because we knew that wasn’t the case for a lot of families out there.
2021 – As of today, our income is around $112,000 with a monthly take home pay of $6,400. Now that we’re in the home stretch – we’re doing everything that we can to pay off the remainder of debt. This year we’ve sold a travel trailer, small fishing boat, extra vehicle, and many other miscellaneous things around the house. I also started a fine art painting business to sell some paintings that I’ve done over the years.
We just refinanced our student loan again to get an all time low interest rate of 2.25% which will save us about $1,500 a year that will go directly to the principal instead of interest!
Literally anything and everything we can do to pay off this debt – we’re doing it!
By the end of this year, we’re looking at approximately $42,000 in debt and we have a goal of becoming debt free by September 2022!
As you can see, there were a lot of things that came up during paying off debt. But I wanted to give you a really clear and honest picture of what our payoff story looked like!
I feel like there’s a lot of stories out there that don’t show you the hard parts of paying off debt – which for us, there were several moments where we felt like we were stalled out and not gaining any forward momentum.
But, each and every month that we put money towards debt we feel just lighter, more secure in our future, and that much closer to hitting our goals. Despite the setbacks, it’s still worth it.
Let’s dive into the three specific things that we did to pay off $162,000 in debt in 6 years and not lose sight of our goals.
1. Get on the same page
This is one of the most important steps that you can take if you’re married or in a committed relationship.
If you’re not on the same page with finances, you’re going to pull in opposite directions and make little progress.
But, when you both agree on working together and in the same direction, you’ll gain momentum faster and also hold each other accountable to achieving your financial goals.
In order to get on the same page, I recommend that you sit down at the beginning of the month to create a budget and have that budget readily available to look at.
Hang it on the fridge if you need to.
This way it’s a constant reminder of what you’re working towards and will keep you moving forward together with momentum.
2. Set priorities
You can’t accomplish everything in a year, so set your top 3 financial priorities that you want to focus on in that given year and only focus on those three things.
For example, let’s say you make $65,000 a year and your priorities are paying off $15,000 in debt, taking a $4,000 vacation, and saving $3,000 in an emergency fund.
You can’t, however, max out your retirement, Roth IRA, take 3 luxurious vacations, save $100,000 for a down payment on a house, and do everything else that I mentioned above.
It’s just not feasible.
Not only that, but you would be setting yourself up for failure because your goals are not realistic and probably would feel very overwhelming and limit you from taking any steps forward.
By focusing on our top three priorities, it helped us to say no to things that didn’t fit into our priorities and kept us on track to hitting our financial goals.
3. Still have fun
As a financial coach, I’ve done a ton of research on human psychology around money. I’ve learned that your brain’s sole job is to keep you safe – to your brain, that means the same.
Because anything different from what you’re doing is scary, uncomfortable, and maybe even a little painful and your brain will do anything to make sure you don’t feel those feelings to keep you safe.
So, let’s say that you have a goal to pay off $50,000 in the next 2 years.
In order to do that, you will likely have to do a couple of things: ask for a raise, cut your spending back, sell things around the house you don’t use anymore, or pick up a side job.
All of these things are outside of your normal routine which means the brain goes on high alert and you might feel stressed out.
When you feel stress over something, your brain will try and keep you from feeling those uncomfortable emotions so it’ll have you focus on something else instead.
When you feel stress, your brain will get you to do something else that brings you happiness or at least procrastinating from the feelings that you’re feeling – like scrolling on social media, binging Netflix, eating that pint of ice cream, etc. Then you feel stress that you didn’t make any forward progress and you rinse and repeat.
Achieving your financial goals doesn’t have to be so difficult when you help your brain understand the benefits to achieving that goal.
To circumnavigate human psychology, it’s important that you still have fun while you’re going after your financial goals. I’m not talking about taking a luxurious vacation every month.
But I am saying that you need to set aside a little money to have fun! This will actually help your brain adapt to new habits and help you achieve that financial goal faster because you’re not fighting against your brain.
It also helps to know that it’s going to be a marathon, not a sprint.
Financial goals, especially large ones, are going to take some time. Unless you win the lotto (that you likely don’t even play), it’s going to take an extended amount of time to accomplish your goals and that’s a good thing!
Long-term financial goals can teach us the importance of patience, delayed gratification, and finding joy in the little things.
This can be translated to everyday life. You learn to say no to the little things because you’re so focused on the long term goal.
Because my husband and I have paid off over $162,000 in debt we know that we can tackle any financial goal that we set for ourselves and we’re actually stronger and a better team because of it!
There are several areas where we saved money that might help you as well –
Car insurance – We were able to lower car insurance by shopping around regularly. If we felt like our car insurance was too expensive or when they raised the prices after a year, we would shop around for a better quote. On average we save $700 a year by shopping around.
Phone bill – We switched from Verizon to PureTalk to cut our phone bill by $120 a month! Now, I only pay $31 a month for the same service.
Sold stuff – We sold many many things over these 6 years. We sold a total of 4 cars, a travel trailer, small fishing boat, furniture, vegetables from our garden, old artwork from college, and many other things that I’m sure I’m forgetting!
Get creative with housing – The housing market is insane right now so I know how hard it can be to find affordable housing. When you think outside the box and find creative solutions you’ll be surprised with how much money you can actually save. You can live in a mother-in-law suite, buy a trailer and rent someone’s backyard to park it on, live in a van, or do a work-trade for discounted housing like we did.
Refinance student loans – A fun fact about student loans is that you can refinance them as much as you want to. We refinanced our student loans 3 times to get a better interest rate and it’s usually pretty painless.
When we first refinanced our student loans the best interest rate that we could get was 6.5% meaning that about $600 a month was only going towards interest and not even touching the principle. When we refinanced our student loan again a year or so later we were able to save about $350 a month!
As you can see our journey in paying off $162,000 in debt wasn’t a clear path.
It had bumps in the road, things came up that we couldn’t foresee and that’s okay. That’s life! But, you shouldn’t let those bumps completely halt your progress.
We never exceeded $140,000 a year in our income and were still able to pay off our debt in half the time. I’m not saying that it’s easy, but it’s possible. We got on the same page, focused on our main priorities and still had fun in the process.
We’ve traveled to Texas, Montana, Oregon, Utah, Colorado, Nevada, Washington, and California while paying off debt.
I hope that reading through our journey to paying off $162,000 in debt has been inspiring and given you hope.
If you want to watch our journey to become financially free by September 2022 and pay off $63,000 in debt, you can follow us over on Instagram where we’ll be giving regular updates!
Author bio: Ashlee and her husband started their marriage with over $225,000 in debt. They were both working part time, going to college full time, and barely making ends meet. After years of struggling they finally figured out how to link arms and tackle financial goals together. Current debt payoff: $162,000 to date! Now, she’s a certified financial coach and on a mission to help other couples reach their goals by getting on the same page with their finances so they can set up a secure future. You can find her on her website Beyond Millions as well as on Instagram.