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Apache is functioning normally

September 11, 2023 by Brett Tams

FOMO spending stands for “fear of missing out,” meaning you are dropping dollars to keep up with what others are doing. That might mean anything from trying the skincare product a favorite celeb swears by to dining at the super-pricey new omakase place all your friends are raving about or even signing your toddler up for an enrichment class because your neighbor says it’s a fab headstart.

The fear of missing out can change how many people relate to their cash. It can trigger impulsive and compulsive spending and lead to “splashing out” on things they never had any intention of purchasing. In other words, it can motivate them to live (too) large and wind up with pricey credit card debt and little progress towards their savings goals.

If you’re wondering how to stop FOMO spending, know this: It doesn’t mean subsisting on ramen and never traveling. It does mean being mindful and meaningful so you don’t get caught up in trying to match what your free-spending friends may do. Here, you’ll learn more about FOMO spending and how not to overdo it.

Wait, Back Up—What Is FOMO?

FOMO, or Fear Of Missing Out, is a feeling of anxiety someone might experience about not being part of an event that is happening, usually triggered these days by seeing social media posts from friends enjoying an activity (from a Taylor Swift concert to a holiday in Croatia) and wishing you were part of the fun. While it’s certainly true that businesses employ FOMO tactics to get you to buy things, it’s not just a sales strategy.

Nick Hobson Ph.D., says “While the fear of missing out has always been there, the explosion of social media has launched our young people headfirst into the FOMO experience.”

For many people, social media can be their main community lifeline, and having the impression that you are not part of the “in” group is enough to trigger a stress response like FOMO.

FOMO Spending Definition

So how is FOMO spending defined? It’s when a fear of missing out propels you to spend money (perhaps too much money) to feel as if you are part of the crowd and keeping up with your peers.

Examples could be feeling as if two far-flung vacations a year are must-haves because that’s what your coworkers do. Or perhaps it means plunking down four figures on a designer bag because all your friends have one. At a smaller scale, it could mean joining the other moms every morning after drop-off for a fancy latte. It’s all part of feeling as if you’re on the same level as your peers…and it all can add up.

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FOMO Spending to Keep Up with Peers

How widespread is FOMO spending? One recent study found that almost 40% of more than 1,000 Americans ages 18 to 34 said they have gone into debt just to keep up with their friends’ lifestyles. This is FOMO taken the financial extreme.

People may try to overcome FOMO by spending more than they have on things like travel, clothes, food, and going out. Whether it’s bigger “once-in-a-lifetime” experiences you can’t miss out on like trips, music festivals, or weddings, or even smaller events like dinner and drinks, FOMO spending can impact your finances and ability to build wealth over time.

• FOMO spending often stems from peer pressure to buy something you can’t afford so that you can still participate in a group.

• It could stem from feelings of insecurity; you want to show others that you fit in and do so by spending more than you might otherwise.

Unfortunately, this can add up to extra spending, money stress, and debt.

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How Many People FOMO Spend?

As noted above, one recent study found that 40% of people admit to FOMO spending. And those are the ones willing to admit to it. The figure could be considerably higher.

One study found almost twice that percentage of people admitted to going into debt to keep up with their friends’ spending. That’s a startling figure and shows just how common FOMO spending can be.

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4 Tips to Avoid FOMO Spending

Reining in FOMO spending can be hard, especially if your friends are truly living at a different income level than you. But odds are, some of your friend group might be in the same situation and are overspending in an effort to impress. You can avoid FOMO shopping or at least cut back on spending by trying these tips:

1. Suggest Free Alternatives

The first way to conquer FOMO spending is to simply stop spending! While it’s of course easier said than done, why not come up with a free alternative when a friend suggests plans?

Meeting for up for a $10 bubble tea at a cafe could just as easily turn into sitting on your couch with a homemade cup of joe. Friends want to go out to the movies or the mall? Suggest visiting a museum on a day they offer free admission instead.

2. Limit Your Card Usage and Carry Cash

Limiting your spending on credit or even debit cards and making the majority of your purchases with cash will drastically impact how often you impulse-spend on something when the feeling of FOMO creeps in.

If you only withdraw a certain amount before heading out to dinner or the bar, you’ll already have a pre-set budget that you know you feel comfortable spending. So maybe you only have one pricey cocktail or skip coffee and dessert: You can still have a great experience going out.

3. Create a Budget and Stick to It

Along the same lines, creating a monthly or even weekly budget may also help you cut down on FOMO spending. Your budget can and should include money for savings or big-ticket items like travel you know you have coming up. Having a budget can give you guardrails and help you focus on the big-picture rather than getting caught up in the FOMO moment.

By putting some money towards future goals and then calculating how much “fun” money you have left over after bills, you’ll know exactly when you’ve reached your limit. While making a budget might not help you eliminate FOMO spending altogether, you’ll at least give yourself more constraints if you limit yourself to a specific spending amount.

4. Lower Your Social Media Exposure

Ready for another way to stop spending so much? The endless scrolling on platforms like Facebook, TikTok, and Instagram offer some instant gratification, but social media is one of the main contributing factors of FOMO.

Targeted ads, influencers touting products, and even your own friends’ posts can all conspire to budget you toward spending too much. Seeing all the wonderful shiny things and exciting experiences out there can lead you to splurge (and often).

Many people find their guard is especially down at night, and that’s when they are likely to snap up skincare products, a new watch, or a hotel room overlooking the beach. If you can relate, trade in your laptop or phone time before bed for a good old-fashioned book or movie. You won’t wake up the next morning with that guilt about spending money.

If You Must Spend, Still Plan Ahead

You won’t be able to avoid FOMO spending all of the time, so it’s also important to have a strategy in place for making the best use of your time and money if the feeling kicks in.

Some people consider their fixed vs. variable expenses and build in a little extra spending money as part of their discretionary spending. If you know you have, say, a cash cushion of $100 or $200 a month, this can help with those moments when you decide you want to “keep up with the Joneses.” You can decide if this is the moment to splurge or not.

Delayed Gratification

If you have a sudden urge to buy something because of FOMO, try instead to write the item down, whether in a Notes app on your phone or even just a physical piece of paper, and come back to it 24 hours later.

This will help you avoid impulse purchases just because something is on sale, for instance, or your friend just bought it. You can evaluate in a day if it’s something you still really need. Some people even stretch that 24 hours out to a full month with what’s known as the 30-day spending rule.

Buying in Person

Nothing crushes the FOMO spending feeling more than forcing yourself to trek to an actual physical store to make a purchase.

Too many times, FOMO spending happens when you are online shopping and the ease of delivery right to your door doesn’t make you think twice about your purchase.

Making that easy impulse purchase into a chore can be a buzzkill that helps you save big-time.

Introducing SoFi Checking and Savings

Managing your money well can mean recognizing FOMO spending and seeing when it may fit with your budget and your money goals. It can take wisdom and discipline, but it can keep you out of debt and help you build wealth.

This is where the right banking partner comes in; one who can help you see the big picture on your spending and keep tabs on your cash flow. Like 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

How do you deal with FOMO buying?

Recognizing FOMO buying is the first step to minimizing it. You might avoid social media apps that trigger this kind of spending; find free alternatives to pricey outings your friends suggest; or tweak your budget to allow for small splurges and stick within those spending limits.

How can you stop being affected by FOMO?

Avoiding FOMO is a very personal thing. Some people avoid or even delete social media apps that trigger overspending; others have honest talks with their friend group about their financial limits; still others decide to sidestep certain outings with friends that they know will bust their budget and join them for low-cost get-togethers instead.

What is FOMO spending?

FOMO spending is when you buy an item or experience because you don’t want to miss out on something “everyone else is doing.” Some people may think of it as responding to peer pressure. You purchase, say, a status watch or take a pricey vacation not because you can comfortably afford it but because you want to “keep up with the Joneses.”

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

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.

SoFi members with Qualifying Deposits can earn 4.50% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.50% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 8/9/2023. 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.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOBK0723053

Source: sofi.com

Apache is functioning normally

August 11, 2023 by Brett Tams

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).

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

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.

SoFi Invest®
The information provided is not meant to provide investment or financial advice. Also, past performance is no guarantee of future results.
Investment decisions should be based on an individual’s specific financial needs, goals, and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
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Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

SOBK0523019

Source: sofi.com

Apache is functioning normally

July 31, 2023 by Brett Tams

Do you ever have trouble keeping up with when bills are due and paying them on time? Welcome to the club. It can be a challenge for many busy people, but paying bills on time is important. Doing so helps you dodge those pricey late fees and maintain your credit score.

For many people, a solution to this challenge is to set up automatic bill payments. This can be done through an automatic payment system, usually referred to as “autopay.” This means that, without needing to remember any dates, write any checks, or click on any payment links, your recurring bills are seamlessly taken care of.

This can be a game-changer that helps you enjoy stronger financial management status and less money stress. But it might not be right for everyone. As with most financial tools, there are pros and cons to using autopay.

So what is autopay? And how do you set it up? Learn the answers to these questions, along with the pros and cons of autopay, so you can determine whether to consider using this option.

What Is Autopay?

What many people call “autopay” is a scheduled, regular transfer of money, usually monthly. These payments are generally transferred from the payer’s bank account (or credit card) to a vendor, or what is known as a payee.

When you link an account to a particular bill or vendor, autopay usually works over an electronic payment system called ACH.

Autopay is typically set up in one of two ways.

• The first is through the company receiving the payment.

• The second is through a bank’s online bill-pay portal.

When you link an account to a particular bill or vendor, autopay usually works over an electronic payment system called Automated Clearing House (ACH). Sometimes automatic payments are referred to as “ACH payments” instead of autopay. If you were to use your credit card, the recurring payment would simply show up as a charge on your card.
💡 Quick Tip: Don’t think too hard about your money. Automate your budgeting, saving, and spending with SoFi’s seamless and secure online banking app.

How Does Autopay Work?

Here’s a closer look at how autopay works. When autopay is set up, you are authorizing debits to occur on a regular basis. You will not be responsible for sending the funds. Some people may see this, however, as not being in control of their money.

When autopay is set up, either the payee is authorized to deduct funds from your bank account or your bank will send the funds for you.

You do need to pay attention to when your funds are whisked out of your account. If you aren’t on top of your finances, you could wind up in overdraft and getting assessed overdraft or NSF fees, plus late charges.

Autopay vs. Scheduled Payments

You may hear the terms autopay and scheduled payments used interchangeably but they are actually quite different.

• Autopay means that payments have been set up in advance to happen regularly on a certain date. You establish the date and the frequency and then don’t need to do anything else to transfer the funds on a recurring basis.

• With a scheduled payment, however, you are manually setting when you want a payment to be made and for how much. You can do this regularly, of course, but it requires more effort on your part to transfer funds.

Autopay vs. Bill Pay

Here’s another situation in which you may hear two terms (autopay and bill pay) used interchangeably. There is a slight difference, however.

Bill pay refers to the process in which your bank initiates payments from your account to the payee. In other words, the payee is not authorized to go in and deduct the money; your bank is instead providing this service.

Setting Up Autopay

Here is some more detail on setting up autopay so you can have your bills taken care of more easily.

1. Looking at Vendor Requirements

You can think of autopay as either pushing money from your account to the vendor, or the vendor pulling money from your account.

Many vendors require you to set up autopay through their website, so your first step may be to look into their requirements. If you are currently receiving a paper bill, they often include instructions on where you can go online to set up autopay — looking there is a good place to start.

For example, if you have a $1,800 monthly mortgage payment, you may be able to provide your mortgage company with your checking account information (such as your bank account number and routing number). They can pull the money for payment automatically. This is the “pull” version of automated payments as the vendor is pulling the money out.

2. Choosing the Day Your Payment Is Made

You generally get to choose the day that the payment is made — you could consider doing this a few days before the bill is due. This should give the automated payment time to move through the ACH system, including when the due date lands on a weekend.

Also, you’ll likely want to be cognizant that you aren’t setting up any automatic payments until you’re sure that any necessary deposits are made. For example, if you need your paycheck to cash before making a rent payment, making sure to give your paycheck at least a few days to settle in your account may be the pragmatic choice. Or you could see if the payee is willing to move your bill’s due date slightly to better accommodate your needs.

Setting Up ACH Payments

Another potential option is to set up an ACH transfer through your bank; this is the bill pay option mentioned above. Doing this typically requires logging onto your bank account’s website and navigating to the bill pay section.

If you go through your bank, you may need to provide them with the information for the vendor, such as the account number and mailing address. You can usually find this information on your bill or monthly statements.

Using the same example as above, you would enter the information for your mortgage lender into your bank’s bill pay portal. Similarly, the money would be sent via ACH on the date you’ve picked to send the money to the vendor.

You may want to consider selecting a date a few days prior to the due date to avoid a late payment. This is the “push” method of automated payments as you are pushing the money out of your account to the vendor.

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Pros and Cons of Autopay

Autopay can be a wonderful tool for many people looking to simplify their finances. But it won’t be for everyone. Here’s a look at some of the pros and cons of using autopay.

Pros of Autopay

Consider these upsides of autopay:

Convenience: Gone are the days of sitting down to write a check for every last outstanding bill. In fact, these days you don’t even need to log into a computer every time a bill comes due. With autopay, you can pay all or most of your bills without lifting a finger.

This means no more having to log online to pay bills while you’re on vacation or busy with work or family. There is something beautiful about the convenience of the “set it and forget it” method to financial management, if you can make it work.

Improving Your Finances: We don’t need to tell you that it is a smart idea to pay your bills on time.

Not only can autopay help you to avoid frustrating late fees, but taking care of your bills right away may help you to avoid agonizing or allowing it to take up precious room on your to-do list.

Paying your bills on time may help your credit score.

Also, paying your bills on time may positively impact your credit score. Currently, debt payment history is the single biggest factor in terms of determining your score. It makes up 35% of a FICO®️ Score.

That means that paying debt-related bills, such as a mortgage, car loan, or credit card bill, on time, could potentially positively impact your FICO®️ Score.

Learning Good Behavior: If you can take the philosophy behind automatically paying your bills and apply it to your savings strategy, this may help your overall financial success. Just as you can automate the payment of your bills, you can automate your savings to retirement and other savings accounts.

If you don’t automatically set money aside, it can be far too easy to spend the money that lands in your checking account. Warren Buffett famously recommended that people “spend what is left after saving, do not save what is left after spending.”

Other ways to use automatic payments? Pay down debt aggressively or save for your future (even beyond a 401(k) if you have one). In either of these scenarios, you could simply set up an automatic transfer of funds as you would with autopay, but direct the funds toward your financial goal.

That way, the money is whisked from your checking account before you’ve even had the chance to consider spending it.

Potentially Saving Money: Vendors and service providers want to get paid on time. Therefore, some vendors or service providers offer a discount for customers that set up autopay, which could save you money.

For example, you may receive an interest rate discount if you set up autopay for a loan. Other vendors may provide a discount on their product or service if you use autopay.

Recommended: Understanding ACH Transfer Limits

Cons of AutoPay

Now, for the potential downsides:

Possible Overdraft Fees: If there isn’t enough money in your account to cover a bill, an ill-timed automatic payment could cause your account to overdraft. According to the FDIC (Federal Deposit Insurance Corporation), overdraft fees can average $35 a pop, depending on your bank.

You’d need to be especially careful if you leverage multiple checking or savings accounts with fluctuating balances or tend to keep your account balance close to zero. In the latter situation, you might benefit from keeping a cash cushion in your account.

Late Fees: Consider the transaction time when setting up your autopay in order to avoid annoying late fees. Late payment fees will vary by vendor but could be costly.

While giving yourself, for example, a four-day buffer could be a good start, it’s important to check with each vendor to determine their recommended timeline. Finally, after you’ve set up autopay, monitoring payments during the first few months to be sure they happen on time can help ease the transition.

Potentially Reinforcing Bad Habits: For some people and in some specific cases, it may not be a good idea to have your finances on autopilot. For example, those who are actively paying off credit card debt may want more control over how much they pay towards their debt each month.

There is almost always an option to autopay the “minimum payment” on a credit card, which may be tempting. There is no penalty when you pay the minimum payment, so it is certainly better than doing nothing.

But, it is much better to pay off the balance in full, if possible. When you do not pay the balance in full, the card will accrue interest, costing you money over time.

If you aren’t at a place where you can pay off the entire balance quite yet, you may want to try and set your autopay for an amount that’s more than the minimum payment so you can make progress on the balance. (And you may want to try to stop using your card in the meantime if this is the case.) If this won’t work for you, you may want to remain in manual control of payments.

Paying for Things You Don’t Need: Subscription services are sneaky. Amounts may seem small and you hardly notice them on a monthly basis, but they can wreak havoc on your annual budget. It is too easy to forget that you are paying for something, especially when you don’t use the service.

If you take advantage of the perks of autopay, don’t forget to reassess your subscriptions every few months to determine whether you actually need the thing you’re paying for. One example: You might not realize how much entertainment you are signed up for, and could save money on streaming services by dropping a platform or two.

Potentially Less Monitoring of Your Accounts: One issue with using autopay could be that you develop a sense of false security that your personal finances are running just fine. You might not check in with your money and review your spending as often as you might. This could have a negative impact. How often should you monitor your checking account? For many people, a couple or a few times a week is a good pace.
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Should You Use Autopay?

The digital age can be confusing and overwhelming, but this is one case where it may help to simplify our lives. Managing money can be a tedious task, and paying bills is just one part of it.

By streamlining the bills portion, you may find that using autopay gives you more freedom to focus your attention on other financial goals.

That said, autopay won’t be right for everyone and in every circumstance. For example, autopay might not be a great idea for those who haven’t organized their bills and tend to overdraft their accounts. It may not make sense for someone who is between jobs or out of work.

Autopay could potentially be difficult to manage for freelancers or other workers with variable income throughout the month. Ideally, a person would have some cash buffer for bills in any of these scenarios, but that is not the way it always works out in the real world.
💡 Quick Tip: When you overdraft your checking account, you’ll likely pay a non-sufficient fund fee of, say, $35. Look into linking a savings account to your checking account as a backup to avoid that, or shop around for a bank that doesn’t charge you for overdrafting.

The Takeaway

Autopay can be a convenient way to get your bills taken care of with less time, energy, and stress. However, in some cases, it can have its downsides, so it’s wise to know the pros and cons and continue to monitor your money carefully if you do sign up for autopay.

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Better banking is here with up to 4.40% APY on SoFi Checking and Savings.

FAQ

What should you not put on autopay?

It can be wise not to put bills that fluctuate on autopay. You are less likely to wind up with an overdraft situation that way. For instance, if your energy bill is usually $100 a month but goes up to double that during the winter or summer, that might throw off your personal finances if you autopay your bills.

When should I set up autopay?

It can be wise to set up autopay when you are familiar with your finances and cash flow and feel confident that automating your payments won’t lead to an overdraft situation. You might also consider signing up if there is a bonus or perk for you, such as a discount or a lower interest rate.

Why do people not use autopay?

Some people do not feel comfortable with autopay; they would rather be in control of making payments individually and maintaining that control over their finances. Also, some people may have bills that fluctuate considerably and they may therefore prefer to pay manually to avoid overdrafting.

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Source: sofi.com

Apache is functioning normally

July 13, 2023 by Brett Tams

A 2009 AP/AOL survey, Debt Stress in the United States, found that American adults are experiencing significantly more debt-related stress than reported four years ago when a similar survey was conducted.

The survey also found that those with high stress levels were likely to experience health problems, including headaches, back pain, muscle tension, depression, anxiety, ulcers, and heart problems.

It seems that a high level of debt-related stress can damage more than your credit score; it also poses serious threats to your health.

The Health Costs of Debt Stress

According to the survey findings, one in five respondents with moderately high or high levels of debt stress experienced incidents of mental and physical health deterioration. The survey also found that highly debt-stressed people were:

More than 13 times as likely than low- to no-stress people to lose sleep at night
More than seven times as likely to have severe anxiety
Almost seven times as likely to take stress out on others
Nearly six times as likely to experience severe depression
Four times as likely to have ulcers or other digestive problems
Twice as likely to have heart problems and migraines

Money doesn’t necessarily lead to happiness, but managing it poorly can certainly lead to unhappiness. Although this study focused on debt stress, a 2009 poll found that money in general is the world’s greatest source of stress. Respondents cited the state of the world as their second biggest cause of stress. Health was last on the list of concerns in almost every country.

Reducing Financial Stress

So money-related stress can cause physical and mental health problems, and health is the least of our worries, according to the 2009 poll. Sounds like a recipe for disaster, but it’s understandably difficult to see the big picture when there are schedules to keep and bills to pay. What can we do?

Get a plan. If your money stress is related to debt, the first step is to get increase your emergency fund. When you start to worry, reassure yourself that you’ve got a plan in place.
Identify the negative ways you cope with financial stress. Often these are the same ways you cope with any other kind of stress, and many times the ways we deal are damaging to our health and well-being: alcohol, smoking, a bag of potato chips and a date with the remote control, gambling, becoming aggressive, avoiding social interaction, compulsive spending, chewing your fingernails, criticizing yourself for being such a hopeless idiot, etc.
Look for alternative, healthy ways to decompress. If there’s a specific bad habit you turn to when stressed, 13 steps to a better life for ways to encourage happiness and reduce stress.

I can identify with debt and money stress. I used to ignore my overall amount of debt, afraid to even add it up. Once I paid it off, I would stress out about spending money. Eventually I found a balance, but even today — debt-free and emergency fund in place — money can still cause me anxiety, like when I found out the warranty on my laptop didn’t cover everything I thought it did. A few deep breaths later, I reminded myself that it was only Stuff, and I save money every month for occasions such as these.

It’s a vicious cycle, as financial stress turns into health issues, possibly costly health issues, that in turn increase our money stress. Relationships and job performance also can suffer, creating a bigger pit of despair. It seems that no matter what stage we reach, we have to be careful to not let money stress take over our lives.

What are your biggest sources of stress? How do you deal with them?

J.D.’s note: Debt used to be my biggest source of money stress. Then it became an obsession with frugality, which led me to cross the line to cheap bastard. Now my biggest problem seems to be an obsession with income: I want more money all the time. I’m beginning to see, however, that if I relax on my drive for a higher income, I can have more of other stuff, like time with friends — and travel.

Source: getrichslowly.org

Apache is functioning normally

June 28, 2023 by Brett Tams

I know I’m taking a risk by starting an article by defining a term from economics. But please, stick with me. It’s not a hard concept to understand, and it directly relates to your financial success.

Utility is a term used in economics to describe how much value or happiness one derives from a good or service. Marginal utility refers to how much additional value/happiness is derived from one additional unit of the good or service. Most goods and services are said to have “decreasing marginal utility.”

“Decreasing marginal utility” sounds like gibberish, but it’s actually pretty easy to understand:

First slice of apple pie: “Yes, please!”
Second slice of apple pie: “Well…OK…one more piece.”
Third slice: “Oh, I couldn’t. I’m stuffed.”

Each slice of pie provides less happiness (“utility”) than the previous slice. The same thing holds true with nearly every good or service.

In fact (or perhaps, as a result), this idea holds true for money as well. For many of us, an extra $500,000 in cash could accurately be described as life changing. But what if you already had a liquid net worth of several million dollars? An extra $500k would still be nice, but I doubt it would change your life meaningfully.

Get Rich Slowly has practically been a real-time case study in this concept. J.D. used to be deeply in debt, at which point he had a high marginal utility of wealth. That is, every extra dollar he earned and saved made a big difference to his well-being.

However, as he climbed out of debt, built his income, and built his wealth, his marginal utility of wealth has slowly declined. J.D. recently put it this way:

“Debt used to be my biggest source of money stress. Then it became an obsession with frugality, which led me to cross the line to cheap bastard. Now my biggest problem seems to be an obsession with income: I want more money all the time. I’m beginning to see, however, that if I relax on my drive for a higher income, I can have more of other stuff, like time with friends — and travel.”

Marginal Utility and Risk Aversion

Because most us have a decreasing marginal utility of wealth, a loss of a given amount has a greater impact than a gain of the same amount. For example, would you be willing to accept a wager of $10,000 on a coin flip? If you win, you get $10,000 — but if you lose, you owe me $10,000?

I sure as heck wouldn’t take that bet.

The idea of winning $10,000 is exciting, but the idea of losing $10,000 in an instant is downright sickening. Fifty-fifty odds just aren’t good enough to get most people to put a meaningful amount of money at risk.

In economic jargon, we say that we’re “risk averse”. That is, we’re unwilling to take a risk unless the probability is good that we’ll come out ahead as a result of taking that risk.

Eliminating Risk Where Possible

If you’re like most people, you’re more afraid of running out of money than you are excited about being filthy rich. And if that’s the case, why not eliminate as much risk in your investment portfolio as you possibly can?

For example, have you checked to see if you’re saving enough each year to meet your goals by investing entirely in TIPS? (TIPS — Treasury Inflation-Protected Securities — are bonds that provide protection against inflation.) If so, why take on stock market risk? With TIPS, you know exactly what inflation-adjusted return you’ll be getting. It’s hard to have less risk than that!

Or, if the modest return from TIPS isn’t going to be enough to meet your goals — and you therefore need the higher expected return that comes with stocks — why not try to make the stock portion of your portfolio as safe as possible? For example, if you’re saving enough each year to get the job done with index funds, why take on the additional risk that comes with picking individual stocks?

Alternatively, if you’re in (or near) retirement and you’re worried that you’re going to outlast your portfolio, why not minimize that risk by purchasing an annuity that can provide predictable income for the rest of your life?

When it comes to investing, rather than asking how much risk you can stomach, try asking how little risk you can get away with. After all, is it worth jeopardizing your goals for a shot at that third slice of pie?

Source: getrichslowly.org

Apache is functioning normally

June 21, 2023 by Brett Tams

Today’s Millennials face challenges unique to their generation. With the cost of education on the rise, setting money aside for the future can be challenging.

That’s where Unifimoney can help. Combining banking and investing, you’ll get the all-in-one platform you need to save, as well as spend and invest with a unique combination of automation and easy access to alternative assets including cryptocurrencies and precious metals.

Ben Soppitt founded Unifimoney to make it easier for Millennials to manage their money and protect their long-term wealth.

What’s Ahead:

Why Unifimoney?

Based in San Francisco, Unifimoney serves the banking needs of young professionals in the United States. From high-yield checking, a robust multi-asset investment, a range of partner services including insurance and loans, and a credit card (launching in August!) – you can really manage most, if not all of your money in one app.

Unifmoney also has auto-transfer rules that you can set up to automatically move money from your old bank to your Unifimoney account on a schedule you determine.

But where Unifimoney really shines through is in its investment platform and automation features. The app includes both passive (robo) investing and active commission-free trading, 37 cryptocurrencies with more being added regularly, and even precious metals; gold, silver, or platinum can be delivered. The robo product builds a portfolio that fits your own goals and risk tolerance level.

Meet Unifimoney CEO – Ben Soppitt

Ben Soppitt has a long history in fintech leadership, including roles with Samsung Pay, Fitbit Pay, and Visa. He founded Unifimoney in 2019 and continues to serve as its CEO.

In addition to his work with Unifimoney, Ben is a member of the Forbes Business Council, an invitation-only organization for small and midsized business owners. He also performed a fellowship at On Deck, an accelerator that helps top talent accelerate their careers.

Recently, we spoke with Ben about his vision for Unifimoney and where he sees the field of finance going in the coming years. He also had a few great insights about personal finance for the Millennial generation.

Money Under 30’s interview with Ben Soppitt

What drove you to start Unifimoney? Do share any backstory about naming your company Unifimoney.

I had been in the financial services business for over two decades and witnessed the rapid increase in consumer Fintech companies launching bringing innovation, choice, and value to consumers. But I noticed a few things that the industry was not solving for and the wasted value to consumers was massive – over $20 trillion, money that could be going back to consumers and the wider economy.

These included ignoring the needs of mass affluent consumers including young professionals. These customers are in a very challenging position – they are high-earning but also high-debt from an extended period in education. They often live in high-tax and high-price areas like major cities. They have busy, stressful, and demanding jobs, and they have a lot going on in their lives. Managing money well is rarely high on their list of things to do, and it’s decisions that are made or more often not made at that time that can have an impact many years later – the opportunity cost of not managing your money is paid in the future and not today.

The other thing I noticed was that most Fintechs were solving for very specific and discrete parts of the financial ecosystem – active investing, Robo investing, cryptocurrencies trading, mortgages, loans, banking, etc., ironically with so many apps it actually makes it harder to manage your money than easier and that work falls on the consumer. Humans are not, on the whole, prepared to do hard, manual, repetitive work on a sustained basis, especially when the payoff may be decades in the future, so we put it off and that’s what managing your money can require. The result is that almost all mass affluent consumers suffer from three sins in managing their money:

Having too much money held in cash at a Big Brand Bank that pays little or no interest.
Having a credit card that does not maximize your return on spend.
Not dollar-cost averaging (in fact, less than 30% of Millennials are investing in the stock market at all).

If these were solved for the entire Millennial generation, it would create through their working lives and the power of compound interest over $20 trillion dollars of value by the time they retire. Solving for this is what we want to do at Unifimoney, and we do it through automation and product design so that our customers are automatically and by default solving for the three sins of personal finance and ensuring their money is working as hard for them as they do to earn it in the first place.

What sets Unifimoney apart from other investing apps?

We are an all-in-one app where you can manage most if not all of your investing and money management needs. We use automation to remove the manual work involved in managing money on a day-to-day basis. We have a comprehensive investment platform including Robo investing, Self Managed Commission Free trading, over 30 cryptocurrencies, and precious metals. We support fractional investing in equities and ETFs, crypto, and precious metals so any customer can get going with just a few dollars. We intend to progressively add more alternative investment assets over time like collectibles.

We have a full banking service – a hybrid high-interest checking account and are launching a credit card soon. This will be the only credit card in the world that pays rewards as Bitcoin, gold, or equities.

More important than the features and product functions, though, is that we enable our customers to truly automate their money. You can set rules to transfers funds automatically from your old banking institution into Unifimoney – move your money not your bank, we recognize that is a hassle. You can auto-invest any amount (the minimum is $25) each month into your Robo and trade in crypto, metals, and equities to the maximum in your account.

Deposit interest and credit card cash back are automatically rolled up and deposited into your Robo fund – unless gold or Bitcoin is selected for the credit card (this can be changed each billing cycle). We want to make saving and investing as easy and effortless as paying for an Uber.

You’ve shared that Unifimoney’s San Francisco-based team speaks 7 languages; tell us more!

We are a fully distributed team with both U.S. and international team members. At the last count, we can collectively speak seven languages. The Founders Ben and Ed are British and British/Australian respectively but both living in San Francisco. Whilst the U.S. is in many respects the leading Fintech market in the world, there are learnings and experiences from other markets that help inform our product design. Credit Cards, for example, is a very commoditized business in the U.S. – with almost no innovation in 30 years. Other markets in Asia and Europe are doing far more interesting things with Credit Card proposition design.

What advice do you have for a Gen Z and/or Millennial who hasn’t started investing at all yet but is interested in learning?

A few innovations have made the path to investing very easy, low cost and low risk. Fractional investing means you can buy into company stocks (or crypto or gold) for just a few dollars, you are buying a fraction of a share not the whole share. This reduces the barriers to entry considerably. Commission-free trading likewise makes it low cost to trade. Robo platforms can help create a portfolio based on your own risk profile, and auto invest means that you can set a schedule to invest even a very small amount of money regularly.

The average age to start saving for retirement is 32 in the U.S. – meaning for most, they have lost a decade of compound growth. Most people understand conceptually how compound growth but it’s hard to really imagine its power. We all almost all forget or ignore that compounding increases both our good decisions and our bad. Losing the first 10 years of your 30-40 year investing potential is a very hard blow indeed – these are the most important years – the early ones with the most compounding to benefit from.

When looking for a bank, what advice do you give Gen Z and Millennials? What features should they prioritize?

Well, we are a little biased to be fair.

Some things to consider we would suggest:

Whose interests are the banks really being run for? Customers vs Shareholders
The values of the institution should be considered.
How the institution is going to actually help you increase your wealth.
Try and actively think beyond the marketing – the top 10 Big Brand Banks spend over $15 billion a year on marketing – they are influencing your judgment, whether you realize it or not.
Be aggressively rational – e.g., metals credit cards are irrational and deflect focus from what you should really be looking at and assessing.

Unifimoney offers an all-in-one financial management solution. Do you find many of your members use it for all their banking needs, including checking and savings?

We are a complex answer to a complex problem – how to manage your money better without effort so it takes time for customers to really understand what we do plus we are still building and developing the platform.

We don’t expect our customers to give up their old bank and move to us immediately. It’s why we have created ways to automate funds flow from your old bank to Unifimoney. You don’t have to move bank, just the money.

We see two categories of customers so far – those who create an account, fund a few thousand dollars and then spend time learning about the services and increasing their funding over time. The second category is moving over larger portfolios of $100-500K either into the Robo or Self Managed platform. We hope our customers will develop and evolve alongside us, and we actively seek their feedback and incorporate that into our design roadmap.

Everyone is talking about cryptocurrency. How do you see digital currencies changing the financial landscape over the next decade?

It is clear we believe that blockchain technology and cryptocurrencies have vast future potential in many dimensions of life. Without any doubt, cryptocurrencies are a highly volatile investment choice, and we recommend that they are treated as such.

There are a few philosophies we believe largely hold true in investing for most people most of the time:

Spend less than you make.
Invest what you can.
Maintain a cash cushion appropriate to your needs.
The 85:15 ratio – 85% of your investments should be in a highly diversified portfolio matching your individual risk profile. 5-15% can be used for more high risk/high reward investments if you feel compelled to actively trade.
Dollar-cost average to manage market timing risk.

Cryptocurrencies and precious metals and indeed all forms of alternative asset we think have a role in diversification and the high risk 5-15% part of your active investing if that is of interest to you.

Equally important alternative assets – be they wine, sports memorabilia, collectibles, cryptocurrencies, gold coins, etc., tend to be much more interesting and engaging than ETFs for example.

They are a great way to get people interested in engaging in their wealth journey, and that is an important component we think to consider as well.

You did a fellowship with an accelerator called On Deck. What was that experience like? How has it helped you as you lead your company?

I did – it was early on in our journey, and it’s a community of Founders from all industries and levels of experience and career change. Coming out of a 20+ year corporate career, it was incredibly powerful and energizing to be around such a diverse group of people, all embarking on similar journeys to start new projects and companies that they believe so strongly in. I am still an active member of the online community and try and participate and support the community by giving back whatever I can. I have gravitated to more Fintech founders, which is natural, but I recently worked with a Founder from On Deck working on an education startup – teaching kids mechanical engineering skills starting with 3D Printing tech. My kids and I were part of his pilot.

As a business leader in a competitive market, what advice do you have for aspiring entrepreneurs?

I think there is a lot more randomness and luck involved that is generally talked about. Accepting that is very helpful. The most powerful force, though, I believe is serendipity “the occurrence and development of events by chance in a happy or beneficial way”.

As the old saying goes, the harder I work, the luckier I am. I work hard at having as many interactions with as wide a group of people as I can, and I find that the most powerful relationships often come from the most unlikely places and people, and they compound over time. Like money – smaller positive changes and actions done frequently compound to be very powerful. Same with relationships and people.

What is the biggest challenge you’ve faced in your career, and what did you learn from it?

I have been incredibly fortunate to have had the opportunity to travel and work in many countries during my career, including the UK, Kazakhstan, Indonesia, Singapore, and now the U.S. Very diverse environments and cultures, but I have often found the biggest challenge is always when people’s values and goals are not aligned. It’s hard to achieve that in a big corporate environment at the best of times, and some companies do it better than others. But when people are aligned, there is almost nothing that cannot be achieved.

Who in your life has been the most instrumental in teaching you about money management?

My Father who was very good with money, very disciplined, and thought long term – and my Mother who was truly awful with it. My parents divorced at an early age, so I saw the two paths evolve over time and in parallel to their natural conclusions. A hard and long lesson to be sure.

I have seen the long-term effects on physical and mental health and quality of life that money stress causes, and I will do anything I can to help as many people as possible avoid that fate.

What’s the best advice you’ve received (not necessarily money-related) that has shaped how you lead your life?

I am still learning – when I have reached a conclusion I will most assuredly let you know.

What’s your top personal finance tip?

Spend less than you earn, and invest the rest.

What is the financial book/website/podcast that has most influenced you?

I am really diverse in my personal finance media in part because so few of them can agree on really core things, so I try and read/watch as much as I can, and it’s a never-ending quest of learning, e.g. active vs passive, growth vs value, crypto vs gold, etc., but I take it all with a pinch of salt – I am personally very much following the boring but systematic approach in my investing whilst dipping into new things to learn and for fun – I recently invested in gold for the first time (via Unifimoney) and also sports collectibles via a third-party app just to learn.

The problem with a lot of financial media is that it’s interesting/informative, sometimes amusing, but ultimately fails because most people don’t act on it. The fact that less than 30% of Millennials are invested in the stock market is a shocking statistic to me, even lower below aged 30.

We as an industry collectively need to solve for the wasted trillions that are caused by poor financial management, and we are not there yet.

What piece of wisdom would you give your 20-year-old self about managing money?

Spend less than you earn, and invest the rest. I made my first equity investment at age 14 during Maggie Thatcher’s privatization of the UK’s government-owned utilities. I think it was in British Gas. I doubled my money.

I also placed my first bet around the same time, I think it was on the Grand National Horse race – held once a year in the UK. I lost all my money. That was a great lesson.

Summary

Unifimoney is a full-service financial platform offering all the tools necessary to efficiently manage your money. You’ll not only have the support you need to build a strong portfolio, but you’ll also learn positive financial habits that will carry you through the rest of your life.

Apache is functioning normally

June 19, 2023 by Brett Tams

Having flexible spending can help reduce your stress because you never know when you’re going to get hit by flexible expenses.

A few months ago, my local bank and I had a falling out and my husband and I were suddenly very motivated to switch banks. We’d narrowed it down to two choices:

Citizens Bank, which has a local branch where I can deposit the cash and many small checks I receive in the course of running my business, or
ING Direct, where we already had a high-interest savings account.

Related >> Which Online High-Yield Savings Account & Money Market Account is Best?

Then I had a crazy idea. An idea so crazy it just might work. And it has — beautifully — for the past three months. Why not use both?

We could use one account for our day-to-day flexible expenses like grocery shopping, and another to pay our fixed bills, like the mortgage and utilities.

We went ahead and set up a new checking account at the local branch of Citizens Bank, but we also opened our ING checking account. Then we did something we really should have done years ago.

Fixed and Flexible Expenses

We sat down one night with all our financial records for the past year and worked out what our fixed expenses are: our mortgage, our utility bills, our debt payments. For the first time, we went past the monthly stuff and tallied in the quarterly and annual fixed expenses; those budget-busting surprises that are actually regularly scheduled expenses, like annual insurance premiums and the excise tax for our car.

My husband plugged all these numbers into a huge spreadsheet that eventually spit out a number: the number of dollars we needed to budget every week to pay our fixed expenses and meet our savings goals.

Happily, that number was smaller than the number of dollars we earn each week. What remains, whether we like it our not, is our flexible expense budget: the money we use to pay for everything that isn’t committed to a regularly scheduled bill.

That includes groceries and gas, not just fun stuff like birthday gifts and dinners out. Yes, we need that stuff, but it’s not money that has to be spent in a specific place, on a specific day. That makes it a flexible expense.

I’ve struggled with budgeting for years. I love the balanced money formula, but when I apply it to my own life, I get stuck on figuring out what’s a need versus a want.

Related >>The Balanced Money Formula: Should you let it get out of balance?

With a fixed vs. flexible split in my expenses, it doesn’t matter. I may need groceries and merely want auto insurance, but that car insurance bill is due on the 15th regardless of my priorities. If I don’t have enough money to cover my flexible needs, I need to cut back on my fixed expenses somewhere.

Once we had those numbers, we set up our finances between the two checking accounts like this:

My husband’s direct deposit goes into our local bank account, where I deposit all my little checks and cash payments as they come in.
Once a week, the amount of our fixed expense budget is transferred from our local checking account to our ING account.
All of our recurring, fixed expenses are automated to pay out of that account.
All of our flexible spending for things like groceries and entertainment comes out of the local account.

Splitting our finances up according to what’s a fixed expense and what’s a flexible one made about 90% of my day-to-day money stress simply evaporate. It was like hiring a personal assistant to keep track of all the details for me. Except that it was free, and actually saved me money in bank fees and late charges.

Yet Another Money Hack

At heart, this is just a money hack. I have about the same amount of money I had three months ago — I’m just looking at it differently. I’m using this hack to play to my strengths in managing my finances.

I’m terrible at keeping track of due dates for bills, at keeping my checking register accurate to the penny and at knowing exactly how much of the cash I have on hand I can safely spend.

Now that I have my fixed expenses being handled by my shiny new automated personal assistant, there’s a lot less detail to keep track of. I don’t need to remember, while grocery shopping, that my car insurance is due in three days. The money to pay the insurance bill is cooling its heels in an interest-bearing account my debit card can’t touch, while I’m shopping.

There’s also less money to play with. I can’t cheat my budget by using money that should be earmarked for the cat’s annual vet visit next month to pay for new jeans this month. The money in the spending account is all okay to spend, but it’s a small number of dollars. This makes it pretty easy to see how careful I need to be, and to silence the naughty voices in my head that suggest I can somehow afford a little splurge.

Overall, this approach has saved me money. Making mistakes about due dates and bank balances can get expensive fast. But more important than the money is the time and energy it’s freed up. I have hours every week that I used to spend carefully managing our cash flow and accounting for incoming bills. Now I use those hours to write, and to play with my family.

One Quick Caveat

A word of warning about this money hack. It’s a great way to relieve day-to-day stress if keeping track of dates and dollars is not your forte;. It is not an excuse to set your finances on autopilot and walk away.

I do keep track of our finances every week. I check to make sure the bills have paid out correctly, I look for ways to save on those fixed expenses as well as the flexible ones.

Once a month, my husband and I sit down and go over every single category in the budget together, check our actual spending against our goals, and look for ways to save.

Having the bills automatically pay out of a separate account from our flexible spending makes it easier for me to not screw up. It’s like having a safety net. But I still have to do the work of walking the tightrope.

Source: getrichslowly.org

Apache is functioning normally

June 7, 2023 by Brett Tams

Money stress is something that impacts many.

According to a Better Money Habits Millennial Report, 41% of millennials are chronically stressed about money. 65% of millennials say that money stress impacts their well-being, 49% say it impacts relationships, 42% say it impacts their physical health, and 22% say that money impacts their work.

That’s a lot of stress!

No matter how young or old you are, I’m sure money-related stress impacts all age groups and not just millennials.

Also, don’t assume that money-related stress only impacts those who have a lower income. According to CNBC, those with a net worth of $1,000,000 or more still feel a significant amount of money stress. They fear that everything will be gone just like with a flip of a switch.

As you can see, money stress can impact all different types of people.

Money stress may:

Cause you to lose sleep;
Make you sick, nauseous, etc.;
Lead to high blood pressure;
Hurt your career;
Impact your family;
Make you angry or sad; and more.

However, you need to realize that money-related stress is something that you can have control of.

Below are several ways to fight money stress so that you can get your life back!

Figure out what’s causing your money stress.

There are many different reasons for why you may be experiencing money stress. You may be in debt, living paycheck to paycheck, spending more than you earn, and so on.

You won’t be able to eliminate your money stress unless you figure out what your problem is.

After you realize where your money stress is coming from, you can then create an action plan to fix whatever is wrong.

You may need to earn more money, pay off your debt, save more, learn how to deal with financial situations in a better way, and so on.

Related articles:

Talk about money with your loved ones.

If you are feeling money stress, there is a chance that you may be feeling like you are all alone. Instead, you should talk about money problems that you may be having with your partner so that you can find a solution together.

Regularly communicating about money is an important step for every relationship. Being open about your money situation can help prevent any surprises, it will ensure that both people in a relationship are aware of what’s going on, and so on.

You and your partner should sit down every so often such as once a week, once a month, or whatever timeframe works best for the two of you.

Realize that more money won’t always make you happier.

In 2010, a study came about money and it’s relation to happiness was published. According to the Wall Street Journal:

The magic income: $75,000 a year. As people earn more money, their day-to-day happiness rises. Until you hit $75,000. After that, it is just more stuff, with no gain in happiness.

Yes, more money may help you solve some problems, but if you don’t have a firm grasp on your finances then more money may just lead to more problems.

Source: BetterMoneyHabits.com

Understand that money and things don’t define you.

Too many equate their worth with how much money they make or what they are able to buy. In reality, though, how much money you make and spend doesn’t define who you are at all.

Remember that keeping up with the Joneses won’t help you.

Keeping up with the Joneses will make you broke and unhappy because:

You will never be happy no matter how much money you spend.
You will constantly compare yourself to EVERYONE.
You will go into debt because that’s the only way you feel like you can keep up.
You will have a loan payment for everything because that’s the only way you can “afford” everything.
You won’t have any money left over for retirement, an emergency fund, etc. because you’re spending it all on things you do not need.

Read more about how to avoid keeping up with the Joneses here.

Have fun.

No matter how bad your money stress may be bringing you down, you should still remember to have fun.

Having fun and enjoying life can improve your mood, help you be more healthy, clear your mind, and more.

There’s a myth out there that being frugal means you can’t have any fun. Many believe that frugal fun doesn’t even exist. There are plenty of ways to enjoy your life while staying on a realistic budget.

Related: How To Be Frugal And Fun (And Not Boring)

Stop living in the past.

When many are feeling financially stressed out, they start regretting everything they’ve done in the past that has ever cost money.

In fact, I recently overheard someone joking about how stressed out they get when they just think about their past money mistakes, such as even something as small as buying fast food.

While thinking about your past money mistakes may help you realize that you’ve made errors in the past so that you can change for the future, dwelling on them will only waste your time and ruin your mood.

This leads to my next point…

Be positive.

Yes, I realize that thinking positively can sometimes be tough when your money problems are getting you down. However, it’s important to remember that thinking negatively most likely will not help your situation at all.

Thinking positively may help you persevere, move on, and find a better solution to your problem.

Related: Why I Believe Being Positive Can Change Your Financial Situation And Your Life

Does money stress impact you?

Apache is functioning normally

June 5, 2023 by Brett Tams

Mortgage rates today are much higher than they were during the heart of the pandemic. In fact, in recent months, rates have been higher than they’ve been in years. Despite the fact that rates are up so much, I’m still moving forward with buying a house — and borrowing to do it.

Here’s why I don’t really care that rates are higher and I’m moving forward with my purchase anyway.

I can refinance my loan later

The biggest reason I don’t care that I’m going to pay a higher mortgage interest rate right now is that I know my rate is not necessarily set in stone forever. If rates go down in the future, I’ll have the option to refinance. But, if rates go up for a longer period of time, I’ll be locked in at my current rate and I won’t have to pay more.

Since no one can predict with certainty if rates will go up or down, I’d rather lock in now at the current rates. There’s no real risk and all upside if I do this, since I can’t go back in time and get today’s rates if mortgage loans happen to become more expensive tomorrow. But I can get lower future rates tomorrow if things go well.

I’m buying a house that’s well within my budget

Another big reason I don’t care that much about high rates is because I’m being very conservative in deciding how much house I can afford. I’m going to purchase a property that is much less expensive than the bank said I could buy based on my income.

Since my mortgage payment won’t be a struggle, it’s annoying to have to pay a little bit of extra interest, but it won’t derail my personal finances or cause me ongoing money stress.

More: Check out our picks for the best mortgage lenders

I believe homeownership is a good investment

Finally, the last main reason why I’m eager to buy despite the fact that interest rates are up is because I believe homeownership is still a good investment. I have sold several properties in the past and always made a handsome profit on them. I know that there’s no guarantee this will happen forever, but since I’m buying in a market where demand is growing and where remaining properties are somewhat limited, I think the odds are in my favor.

I’d also rather pay a bank interest, while also building equity at the same time by paying principal payments too. I prefer this to spending money on rent and having nothing to show for it in the end.

For all of these reasons, I’m not letting higher interest rates today stop me from purchasing the home I want. Of course, anyone who is thinking about buying a house of their own should consider whether doing so makes financial sense at these rates — and given your own financial circumstances. You may come to a different decision, but don’t assume buying is a bad idea now just because you won’t get the record low rates people have enjoyed in recent years.

Source: fool.com

Apache is functioning normally

June 5, 2023 by Brett Tams

Save more, spend smarter, and make your money go further

Whether you’re religious or not, Easter can be an incredibly fun time of year — delicious candy, beautiful eggs, fluffy bunnies, and pastel everything.

But if you’re not careful, it can also be an expensive time of year.

A lot of things that people love to do to celebrate Easter will come back to bite them in the financial behind sooner or later (most likely “sooner”).

Here’s a quick rundown of things to avoid doing, if you want to keep your Easter under budget:

Hire an Easter Bunny

The world is chock-full of entertainers that will gladly dress up as the Easter Bunny for your child’s party — for a price, naturally.

Usually, this price is a rather hefty one. There is absolutely no need to hire any of these people, even if they’re really, really good at hopping.

Either create your own Easter Bunny costume, find a mall or shop where the kids can get free pictures with the Bunny, or just sit back and fire up some old Bugs Bunny cartoons for an afternoon.

That wascawwy wabbit is the gift that keeps on giving.

Buy Too Much Chocolate

As blasphemous as it may sound, there is such a thing as too much chocolate, especially when that chocolate can run you a pretty penny.

If you buy a dozen chocolate bunnies at five bucks each, that’s $60 on chocolate rabbits alone.

That’s way too much candy for any family (kids should probably just have a few small pieces each, holiday or no,) and that money could easily have gone to other, more important matters, like bills or ingredients for a delicious, homemade Easter dinner.

Hey, speaking of …

Eat Easter Dinner at an Expensive Restaurant

Any restaurant higher up on the food chain than McDonald’s will have an Easter dinner ready for you to enjoy. Of course, it’ll cost you some dough.

Depending on the size of your family, you could easily drop $50-100 on one night’s meal.

What’s the point, when you can just as easily create your own meal at home?

Buy the meat you want, cook it the way you like it, garnish it with whatever sides suit your fancy, and top it off with a dessert that’s bound to be way better (and cheaper) than whatever the local eateries would whip up.

Rent Top-of-the-Line Church Clothing You’ll Never Wear Again

Pastel dresses and formal tuxedos aren’t usually found in your typical closet, and so many people rent them for their Sunday church activities, return them the next day, and not think about it until next year.

Or, until the next credit card bill comes along, either or.

It doesn’t matter how cute or precious your little girl looks in a $90 outfit. It’s still a $90 outfit that ultimately doesn’t matter much.

Most people (well, the good ones anyway) will welcome and embrace you and your family regardless of what you wear to church. Just wear what you normally do and everyone will be happy.

Well, the rented formal wear company probably won’t be happy, but too bad.

Buy a Pet Bunny (if You’re Not Ready)

This could be the single dumbest purchase of your Easter, in addition to being the most expensive.

Unless you were planning to get a bunny for a while, knew what you were getting into, had all the right supplies, and budgeted accordingly for it, bringing home a pet rabbit for Easter is a horrid idea indeed.

The actual rabbit might not cost a lot, but caring for it, feeding it, bringing it to the vet when need be, and just being a good pet owner in general can cost a ton of money.

If you are truly ready to bring a bunny into your world, and have budgeted accordingly, then Easter is a tremendously symbolic time to begin.

But otherwise, just stick with chocolate bunnies. Just don’t get too many, since they’re not exactly cheap either.

Mary Hiers is a personal finance writer who helps people earn more and spend less.

Save more, spend smarter, and make your money go further

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Source: mint.intuit.com

Wait, Back Up—What Is FOMO?

FOMO Spending Definition

FOMO Spending to Keep Up with Peers

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How Many People FOMO Spend?

4 Tips to Avoid FOMO Spending

1. Suggest Free Alternatives

2. Limit Your Card Usage and Carry Cash

3. Create a Budget and Stick to It

4. Lower Your Social Media Exposure

If You Must Spend, Still Plan Ahead

Delayed Gratification

Buying in Person

Introducing SoFi Checking and Savings

FAQ

How do you deal with FOMO buying?

How can you stop being affected by FOMO?

What is FOMO spending?

What Percentage of My Paycheck Should I Save?

The 50 20 30 Rule

The Pros and Cons of Saving More or Less

4 Potential Savings Goals to Work Toward

1. An Emergency Fund

2. Paying Off High-Interest Debt

3. Saving for Retirement

4. Saving for Other Goals

Saving a Percentage vs. an Amount

Starting to Save With SoFi

FAQ

Is it good to save 50% of your salary?

Is saving 10% of your paycheck enough?

What is the 50 20 30 rule?

What Is Autopay?

How Does Autopay Work?

Autopay vs. Scheduled Payments

Autopay vs. Bill Pay

Setting Up Autopay

1. Looking at Vendor Requirements

2. Choosing the Day Your Payment Is Made

Setting Up ACH Payments

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Pros and Cons of Autopay

Pros of Autopay

Cons of AutoPay

Should You Use Autopay?

The Takeaway

FAQ

What should you not put on autopay?

When should I set up autopay?

Why do people not use autopay?

The Health Costs of Debt Stress

Reducing Financial Stress

Marginal Utility and Risk Aversion

Eliminating Risk Where Possible

Why Unifimoney?

Meet Unifimoney CEO – Ben Soppitt

Money Under 30’s interview with Ben Soppitt

What drove you to start Unifimoney? Do share any backstory about naming your company Unifimoney.

What sets Unifimoney apart from other investing apps?

You’ve shared that Unifimoney’s San Francisco-based team speaks 7 languages; tell us more!

What advice do you have for a Gen Z and/or Millennial who hasn’t started investing at all yet but is interested in learning?

When looking for a bank, what advice do you give Gen Z and Millennials? What features should they prioritize?

Unifimoney offers an all-in-one financial management solution. Do you find many of your members use it for all their banking needs, including checking and savings?

Everyone is talking about cryptocurrency. How do you see digital currencies changing the financial landscape over the next decade?

You did a fellowship with an accelerator called On Deck. What was that experience like? How has it helped you as you lead your company?

As a business leader in a competitive market, what advice do you have for aspiring entrepreneurs?

What is the biggest challenge you’ve faced in your career, and what did you learn from it?

Who in your life has been the most instrumental in teaching you about money management?

What’s the best advice you’ve received (not necessarily money-related) that has shaped how you lead your life?

What’s your top personal finance tip?

What is the financial book/website/podcast that has most influenced you?

What piece of wisdom would you give your 20-year-old self about managing money?

Summary

Read more:

Fixed and Flexible Expenses

Yet Another Money Hack

One Quick Caveat

Figure out what’s causing your money stress.