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Zero based budgeting is a process where every dollar that comes in goes to the number one priority.
It’s an effective way of prioritizing your money and executing properly, but it can be hard to know where to start when you are just getting started with this new system.
Budgeting can be a nightmare when you don’t have the mindset and tools to make it easier.
So many people struggle with money- they are overspending on things their family doesn’t need or doesn’t enjoy, which causes stress in their lives. But if your goal is financial freedom, it’s time to learn about a new budgeting system.
If you have a desire to:
Spend less than you make
Get out of debt
Save money faster
Become financially independent
Then, you are in the right place! Let how easy and simple zero based budgeting really is!
Decide what you want your budget to achieve: a zero-based budget forces you to think about what you want your money to do, rather than just accepting the status quo.
If you want to use zero based budgeting but aren’t sure where to start, this article will guide you through setting it up in an easy and effective way.
What is zero based budgeting?
Zero based budgeting is a financial planning strategy where every dollar in the budget has a specific purpose. With this type of budget, it can be helpful for those looking to get their finances in order or who want more control over their spending.
A zero based budget is when you start from scratch every month and assign every dollar a job.
Income – Expenses = $0
You begin by calculating your income for the month, then subtracting your known expenses. What’s left is $0, which means you have to get creative with how you’ll spend the rest of your money.
You can use a zero based budget template to help make this process easier.
What are the benefits of using a zero based budget template?
There are many benefits to using a zero based budget template.
Perhaps the most obvious benefit is that it allows you to see where every penny is going. This comprehensive view gives you a clear picture of your expenses and makes it easy to identify areas where you can cut back on spending.
In addition, using a zero based budget helps individuals worry less about their financial health. Since all living expenses are accounted for in the budgeting process, there is no need to panic if an unexpected expense pops up. This peace of mind can be very helpful when trying to stick to long-term financial goals.
A zero based budget template is also easy to follow. The basic plan can be executed without any difficulty, making it a great choice for people who want a simple way to manage their finances.
How to create a zero based budget template?
A zero based budget template can be helpful in tracking your money and achieving financial goals.
There are a variety of ways to create a zero based budgeting template, and no one size fits all approach. That is why we offer a zero based budget template in our shop that you can modify to your needs.
There are a few key things you’ll need to create your zero based budget template. The first is a list of your monthly income, expenses, and savings goals for the year. This will help you stay on track and plan ahead.
The next step is to individually itemize each expense and income. This may be time-consuming but it’s crucial in order to get an accurate picture of where your money is going.
After that, it’s important to track your spending and income on a monthly basis. This will help you see if you’re meeting your goals or not.
It is important to choose the proper zero based budgeting template for your needs.
What are the 5 steps in creating a zero based budget?
There are five steps in creating a zero-based budget. This system was made popular by Dave Ramsey.
We will quickly outline the five steps to make your first zero based budget. Then, we will go into detail on creating your own zero based budget.
List your income
List your expenses
Subtract your income from expenses to reach zero
Track your expenses.
Make a new budget for the next month or pay period.
One way to ensure success by following a zero based budget is by taking small steps instead of making large changes all at once–this can be difficult for some people who are used to living paycheck-to-paycheck.
Another suggestion is to allow yourself some “fun money” so that you don’t feel too restricted while trying to adjust your spending habits.
By following these tips and using a zero based budgeting template, you can successfully get yourself back on track financially!
How to Create a Zero Based Budget
Zero-based budgeting is a system of budgeting that has been gaining in popularity since the introduction of personal computers and spreadsheets. It encourages decision-making based on values and not numbers, which is important in a time when numbers are often used to make decisions.
Zero-based budgeting allows you to start with a clean slate and create your own vision of what the future looks like.
You will need to gather all of your financial information together, including your income, debts, and expenses.
Step # 1: List out your income
The first step in creating a zero based budget is to list out all of your income.
This should include job income, side hustles, rental properties, alimony, child support, and investment income. Once you have a complete picture of your income sources, you can start to make decisions about how to allocate your money.
It is important to decide how you plan to budget your money on a monthly basis, bi-weekly basis, or by paycheck.
Step #2: Tally up your expenses
Be sure to include any regular expenses you have as well, such as rent or mortgage payments, car loans, and credit card bills.
Think of all of the budgeting categories you need for absolutely everything.
This will help you track your spending more closely and make it easier to find areas where you can cut back. Some people recommend creating as many budgeting categories as possible, including for example:
Housing
Utilities
Food
Transportation
Entertainment
Health care
If there’s something that doesn’t fit neatly into a category, come up with a name for it that will help you remember what it is. For example, “clothes” or “misc.”
You’ll also need to factor in any debts you may have.
Step #3: Get your budget to zero
Once you have a full list of your expenses, it’s time to subtract that amount from your income. Then, figure out if you are close to zero.
This is where you will likely have to make adjustments.
There are two ways to get your budget to zero- either spend less than you make (aka cut spending) or make more money.
If you want to stay out of debt and save money, it’s important to do one or both of these things. It may be difficult at first, but with a little bit of effort, you can get your budget under control and start saving for the future.
Budgeting is an extremely important tool to have in your financial arsenal. It allows you to have more control over your money and can help you make more of it. By following a few simple steps, you can get your budget to zero and start saving for the future.
Step # 4: Track your expenses
In order to be successful with a zero based budget, you have to be willing and able to track your expenses. This means being mindful of every penny that goes in and out of your account – ALL month long!
By tracking your expenses, you’re ensuring that every penny goes into the right place. This enables you to see where your money is going and how you can save in specific areas.
Expenses tracking apps allow you to easily record, categorize, and analyze your spending. They let you see how much money you spend on different categories of items from groceries to travel and more. Some of the most popular apps are Simplifi, You Need a Budget, and Qube Money.
This also makes tax season less daunting because you’ll have a complete record of all of your transactions.
You can also use this information to refine a realistic budget that works for you.
Step # 5: Make a new budget for each month or paycheck
Creating a new budget every month is an important part of zero based budgeting. This helps ensure that you are always aware of your current financial situation and can make changes as needed.
It is best to create your budget before the month begins, so you have time to adjust as necessary.
A zero-based budget is a great way to get your finances in order. It can be tough to stick to, but it’s worth it because it forces you to pay attention and make adjustments.
This is why the budget by paycheck method has gained popularity in conjunction with the zero based budgeting system.
Tips to Make Your Zero Based Budget Successful
It can be difficult to stick to a budget, but there are ways to make it happen.
Here are a few quick budgeting tips:
Make a list of your necessary expenses and stick to it.
Cut back on unnecessary spending.
Live within your means.
Find cheaper alternatives to your regular expenses.
In addition, here is what you need to make sure your money is spent where you want and not following the status quo.
You need to learn which payment type is best if you are trying to stick to a budget.
Know your End Goal
What do you want your money to do for you?
Too many times, we let life dictate how and where we want to spend money. Then, we are always chasing from behind.
To truly make your money work for you, decide on three core areas you want to spend your money. Then, make your budget reflect those values.
Understand the Flexibility of Zero Based Budget
Zero-based budgeting is a great way to stay flexible with your finances. There are no set rules to follow, and you can adapt as your life changes. The goal is to always be mindful of your spending and make sure that every penny counts.
Unexpected expenses are going to pop up from time to time, so it’s important to have some flexibility in your budget. That way, you can handle these unexpected costs without breaking the bank.
Put Most Important Expenses at the Top
When creating a zero based budget, it is important to start with the most important items and work your way down.
This ensures that you do not miss any essential expenses and that you are able to stick to your budget. It is also important to be realistic about what you can afford and to make sure that you are flexible in case of unexpected expenses.
Put in a Cushion or a Buffer
When starting a zero based budget, it is important to be realistic about what you can and cannot do.
Some people find it helpful to have a cushion in case of unexpected expenses, while others prefer to keep their spending as low as possible. It is important to find what works best for you and stick to it.
Additionally, remember that your goal should be to live within your means, not spend less than you make.
Look Ahead
When creating or following a zero based budget, it is important to be mindful of any upcoming events that may require more money.
This includes things like holidays, birthdays, and special occasions. If you know these events are coming up, you can plan for them in your budget and make sure you have the funds available.
Check out ideas for bill calendar strategies.
Sinking Funds
One of the most important things to remember is that you need to plan for big-ticket items and one-off events. This can be done using sinking funds.
Sinking funds are special savings accounts that are specifically designated for planned expenses.
You put money into the account over time until you have saved enough to cover the expense. This allows you to avoid breaking your budget when something unexpected comes up.
Learn how to use sinking funds.
zero based budgeting Example
Zero based budgeting is a way of organizing your finances in which you spend money only on things that have an actual impact on your financial situation.
This method can help you stay mindful of how much you are spending and where it is going.
It can also help you to make better decisions about what needs to be paid off, saved for, or invested in.
Here is a basic zero based budget example:
Can You Make a Zero-Based Budget With an Irregular Income?
Zero-based budgeting is an excellent way to manage your finances when you have an irregular income.
Regardless of how much money you earn each month, you can create a budget that will help you save money and make the most of your income. With a zero-based budget, every penny has a purpose and you can be sure that you are making the most of your resources.
It is also helpful to “age” your money by at least one month. That means your April income will be paying your May bills.
The Best Zero Based Budget Templates and Apps
Zero-based budgeting is a methodology of budgeting that starts with the assumption that how much one has at the beginning of each period should be used to purchase only those things needed. This is different from the traditional budgeting practice of starting with how much one has at the end of the last period and using that as a basis for what needs to happen during the next period.
There are a number of zero-based budget templates and apps that are available on the internet. The following seven are some of the most popular:
1. Tiller Money
Tiller Money is a budgeting app that allows you to create a zero-based budget. This means that every dollar in your budget has a specific purpose.
It has a “Foundation Template” feature that allows expenses to be budgeted against goals in order to make sure the amount of money actually spent is at a minimum.
This allows you to create a zero based budget quickly and easily.
You can try Tiller Money for free for 30 days, and the annual cost is $79.
2. Simplifi by Quicken
Simplifi by Quicken is a budgeting app that takes a different approach to budgeting.
Rather than starting with your current income and expenses and trying to adjust them, Simplifi starts with your savings goals and works backwards. This can be helpful for those who have trouble sticking to a budget because it allows you to focus on your financial dreams rather than your current spending habits.
You can set up your own categories, limits, watchlist, and spending plan.
It offers all of the features of Quicken with the added convenience of being able to access it on your phone or tablet.
Another thing that makes Simplifi stand out is that it is ad-free (unlike Mint), which can be helpful if you are trying to stay focused while budgeting.
Enjoy your first 30 days free and then pay as low as $3.99 per month.
3. Qube Money
Qube is an app that helps you create intentional, smart spending habits.
With Qube, you have the freedom to manage your money with real purpose. Qube helps you stay on top of your finances by giving you a clear picture of where your money is going and how much you have leftover each month.
Qube Money is a budgeting tool that helps you manage your money by automatically ledger transactions and allowing you to divvy up your money into qubes. This makes it easy for you to see how much money you have in each category and click to spend.
Get started with Basic for free with 10 qubes. Upgrade to Premium for $6.50 per month.
4. YNAB
You Need a Budget (YNAB) is a popular method of budgeting that requires you to spend money from the previous month’s income. They stress “aging your money” to break the living paycheck to paycheck method.
Each month you start from scratch each month, accounting for all of your income and expenses.
YNAB is best known for its awesome support community and training.
It offers a free trial for 34 days, after which it costs $84 per year.
Best Zero-Based Budget Template For Debt Payoff
It is useful to make a debt payoff plan that starts from the zero level. This will allow you to track your progress and adjust your budget as necessary.
Using Tally is a great tool when paying off debt.
Time for you to Start with the 0 Budgeting Method
A zero based budget is a financial planning strategy where every dollar in the budget is assigned a purpose. This differs from traditional budgeting where the focus is on last month’s spending and last year’s income.
With a zero based budget, you start fresh each month and assign every dollar a job or responsibility. This way, you can ensure that your money is being put to its best use.
When you use a zero based budget template, you are able to track every dollar that you spend.
This comprehensive view gives you a clear idea of where your money is going and where you can cut back on spending. Additionally, using a zero based budget template makes it easy to see if there have been any areas where you could save money.
The best part is you are comfortable knowing that all of your living expenses are accounted for.
This means that you can spend money without worrying about jeopardizing your financial health.
Know someone else that needs this, too? Then, please share!!
If you’re looking for a free checking account, you have multiple options in both traditional and online banks. With more than 4,100 banks in the U.S., according to the FDIC, the choices can be downright overwhelming.
It can help if you get clear on what you want in a checking account, narrow down your options, and then read reviews like the one below to find the best free checking account to meet all your needs.
12 Best Free Checking Accounts
When you’re ready to open a new checking account, consider the no fee checking accounts on this list. We’ve evaluated the fees, minimum deposit requirements, annual percentage yield APY on those that earn interest, and more.
Most of the best checking accounts offer features like overdraft protection, mobile banking and the ability to get paid up to two days early with your direct deposit. But financial institutions that let you earn interest on your checking balance or deliver cash back also gained our favor.
1. Chime Checking
Chime boasts truly fee-free checking and a host of advantages for those seeking an online-only banking solution. The bank has no monthly service fees, no overdraft fees, no transaction fees, and no minimum daily balance fees. If you lose your debit card, you don’t even have to pay to replace it!
Chime has a few features that can help you manage cash flow. First, if you sign up for direct deposit you can receive your paycheck up to two days earlier than you might with a conventional bank.
Second, Chime’s SpotMe program covers overdrafts up to $200 (depending on your qualifications). To take advantage, you must have a monthly direct deposit of at least $200. If your debit card purchase exceeds your overdraft limit, it will be declined, so you won’t ever pay overdraft fees.
Your Chime debit card is linked to a nationwide network of 60,000+ fee-free ATMs. The only fee you might pay is if you withdraw money from an out-of-network ATM or use your debit card to withdraw funds from your account during an over-the-counter debit card purchase.
Chime is an online financial services company, not a bank. It provides $250,000 worth of FDIC insurance per account holder, per account, through Stride Bank and The Bancorp Bank, both members FDIC.
Unlike some neobanks, Chime offers multiple means to reach their customer service representatives. You can reach out on live chat through the app or website 24/7/365.
Best for: Free Overdraft Coverage
Minimum Deposit: None
Monthly Fee: None
2. Bank of America Advantage Plus Banking®
Bank of America offers three Advantage checking accounts:
SafeBalance
Advantage Plus
Advantage Relationship
All three allow you to waive the monthly maintenance fee in a few different ways. Preferred Rewards members, who hold at least $20,000 in a Bank of America account or Merrill investment account enjoy free checking from Bank of America.
Otherwise, to waive the fee for your Advantage Plus checking account, you’ll need a qualifying direct deposit of $250 or more per month, or maintain a $1,500 minimum daily balance.
If you don’t qualify to have fees waived, your Bank of America Advantage Plus account will cost a reasonable $12 per month.
As the “middle-of-the-road” account which would fit the needs of the average customer, we chose Advantage Plus as the best free checking account from the big bank. It is also the most popular of the three.
You’ll want to be aware that your BOA account may have additional fees, including an overdraft fee of $10 for each item paid. You can avoid this fee by linking another eligible Bank of America account to your Advantage Plus checking account to cover overdraft transactions with no transfer fees.
Other Bank of America fees include a $15 replacement fee for a lost debit card, an international transaction fee equal to 3% of the transaction in U.S. dollars, and ATM fees of $2.50 for using an out-of-network ATM. With roughly 16,000 ATMs, nationwide, however, it should be easy to avoid out-of-network ATM fees.
Bank of America offers some features you won’t find at other banks. For instance, you’ll gain access to “Erica,” Bank of America’s virtual financial assistant to easily manage your accounts.
You can also enroll in Bank of America’s Keep The Change program, which allows you to round up debit card purchases and have the extra money deposited into your BOA savings account or your child’s linked BOA account.
Keep the Change is an easy way to sneak some extra savings into your budget. Preferred Rewards members can earn more than 5% interest on money in their linked Bank of American Advantage Savings account.
Best for: Preferred Rewards members
Minimum Deposit to Open: $100
Monthly Fee: $0 or $12
3. Quontic High Interest Checking
While it doesn’t compare to Wealthfront’s 4.55% APY for a Cash Account, Quontic offers what qualifies as a high interest checking account with a 1.10% APY.
Be aware that to earn that rate, you’ll need to make at least 10 qualifying debit card purchases of $10 or more in each statement cycle. Otherwise, your money will earn just 0.01% APY.
Quontic’s free checking account with no monthly maintenance fees, no overdraft fees, and no minimum account balance is straightforward, FDIC insured, and socially responsible. The online bank is one of fewer than 3% of all banks designated as a Community Development Financial Institution.
That means Quontic uses your money with fiscal responsibility for social good, depositing it into accounts to help serve lower income families, under-served demographics and small business owners obtain affordable mortgages.
But opening an account with Quontic doesn’t just help others. Account holders enjoy a host of benefits. You’ll gain access to online bill pay and a “roundup program” to shuffle extra “change” from your debit card purchases into your linked high yield Quontic savings account with a 4.25% APY.
You’ll also get a Quontic Pay Ring, a wearable that replaces your debit card for point-of-sale purchases.
Enjoy access to 90,000+ fee free ATMs through the AllPoint, MoneyPass, or SUM program ATMs, as well as Citibank ATMs nationwide. You’ll find these ATMs at popular stores like Target, Speedway, Walgreens, CVS, Kroger, Safeway, Winn Dixie, and Circle K.
In addition to its High Interest Checking Account, Quontic offers a Bitcoin Rewards checking, which rewards you in cryptocurrency for debit card purchases, and a Cash Rewards checking account, which pays 1% cash back on all eligible debit card purchases.
Both accounts offer the same features as the High Interest checking account, except you’ll receive rewards instead of interest on your checking balance.
For a higher APY, you can open a Quontic Savings account with no monthly service fee and a high 4.25% APY.
Best for: Socially conscious banking
Minimum Balance to Open: $100
Monthly Fee: None
4. Wealthfront Cash Account
Like Chime, Wealthfront is not a bank. But some would argue that, with no monthly maintenance fee, FDIC insurance of up to $5 million through partner banks, and a high 4.55% annual percentage yield APY on the Wealthfront Cash Account, it’s even better.
Your Wealthfront Cash Account offers many of the same features as a traditional or an online bank. You’ll receive a free debit card and can withdraw cash with no ATM fees at a network of 19,000 ATMs nationwide.
Most consumers will choose the Individual Cash Account, with features such as early direct deposit, online bill pay, mobile check deposit through the app, and fraud protection. Wealthfront also offers a joint account, with up to $10 million FDIC insurance, and a Trust Cash account.
Best of all, Wealthfront charges no overdraft fees, no transfer fees from external accounts, and no fees if your account dips below a minimum balance. It requires just $1 to open an account.
If you are interested in retail investing, Wealthfront makes it easy with virtually instant transfers between your Wealthfront Cash Account and linked Wealthfront Investment accounts.
As you build your portfolio, you can take advantage of Wealthfront’s vast array of financial services, including automated investing, stock investments with zero commissions, and tax loss harvesting services.
As your Wealthfront investment portfolio grows, you can borrow up to 30% of your portfolio’s value at an interest rate as low as 7.40% APR.
For consumers looking for a one-stop shop for investments, fee-free checking, and savings with a high annual percentage yield, Wealthfront represents a solid choice in online financial service companies or neobanks.
Best for: High Annual Percentage Yield APY
Minimum Deposit to Open: $1
Monthly Fee: None
5. Capital One 360
A Capital One 360 checking account combines the security and convenience of one of the nation’s largest banks with no monthly maintenance fees and no minimum opening deposits.
Account holders also earn 0.10% APY on all checking account balances in their Capital One 360 account.
You can open your account online or in a branch. If you want in-person assistance, you can visit a Capital One branch or Capital One Café for help.
Capital One 360 gives you access to your money through more than 70,000 fee free ATMs in the Allpoint, MoneyPass or Capital One networks.
Capital One 360 has no overdraft fees, but you can decide how you want the bank to handle transactions that exceed your account balance.
You can set it up so that a transaction that would cause an overdraft is declined. Or you can transfer funds from a linked savings or money market account to cover an overdraft.
Alternatively, Capital One may accept certain transactions that put your account into overdraft. You’ll need to deposit money to cover the overdraft or additional transactions will be declined.
Capital One offers direct deposit up to two days sooner than many banks.
Capital One’s robust mobile app allows for bill payments online, mobile check deposits, and Zelle person-to-person transfers. If you want to add cash to your account, you can do it in person at a CVS store. If you have other Capital One accounts or credit cards, you can manage them all through one login.
Your Capital One 360 account has no foreign transaction fees, but keep in mind there may be fees for using out-of-network ATMs, cashier’s checks, outgoing wire transfers, or paper checkbooks.
Best for: Capital One Credit Card customers
Minimum Balance to Open: None
Monthly Fee: None
6. Consumers Credit Union
The only credit union on our list of the best free checking accounts, this checking account is open to virtually all U.S. residents over the age of 18.
You’ll just need to pay a one-time, $5 membership fee to the Consumers Cooperative Association. Consumers Credit Union even reimburses this fee after you open your free checking account. Children as young as age 12 can join as the second member on a joint account.
Your Consumers Credit Union Rewards checking account offers many of the same benefits as top rated online banks with no monthly fees and no fees of any kind.
You will even be reimbursed for fees incurred while using out-of-network ATMs. CCU has a network of 30,000+ ATMs nationwide.
Enjoy early direct deposit, mobile banking, and even the ability to write unlimited checks with no fees. Plus, you’ll earn up to 5% APY on your balance, depending on certain actions you take. Here’s how the tiered checking account interest works for balances up to $10,000:
Earn 3% APY if you make at least 12 debit card purchases a month and have direct deposits, mobile check deposits, or ACH credits of at least $500 each month
Earn 4% APY if you meet the above requirements plus spend $500 or more on your CCU Visa credit card each month
Earn 5% APY if you meet the requirements to earn 3% plus make $1,000 or more in purchases on your CCU Visa card monthly
Balances of $10,000.01 to $25,000 earn 0.20% APY and balances over $25,000 earn 0.10% APY.
If you don’t meet the requirements in a given month, you will still have free checking and free online bill payments and you will receive a 0.01% APY on all checking account balances. You also won’t qualify for ATM fee reimbursement.
You can reach Consumers Credit Union customer service online, by phone, or at CCU branches across Illinois. You can also bank at shared branches across the U.S. that are part of the CU Service Center Network, a co-op of credit unions.
Best for: Those who prefer to bank at a credit union
Minimum Balance to Open: $5
Monthly Fees: None
7. Ally Bank Interest Checking
Ally is not just a robust fin-tech; it is a nationally chartered bank with $196 billion in assets and 11 million customers. The bank offers an interest earning checking account with no monthly fee and no overdraft fees, high-yield savings, money market account and CDs. Plus, it provides investment services, loans, and credit cards.
The Ally Bank free checking account lets you earn interest of 0.25% annual percentage yield APY on all balances.
You’ll pay no monthly service fees, no overdraft fees, and no ATM fees at more than 43,000 Allpoint ATMs nationwide. Ally also reimburses you up to $10 on out-of-network fees charged at other ATMs.
Your Ally checking account makes money management easy. You can put money in specific “spending” buckets allocated for different purchases. This can help you track your spending and stick to your budget. You can also get paid up to two days early with direct deposit.
Many of the best free checking accounts offer overdraft protection. Ally offers two choices to help you avoid overdraft fees. With the Overdraft Transfer Service, you can link your Ally Bank online savings or money market account to your Interest Checking account.
Ally will automatically transfer funds to your checking account to cover your purchase. If you make more than six withdrawals in a statement period, you may be charged “excessive transaction fees,” but Ally Bank reimburses those fees.
The CoverDraft service will cover purchases up to $100 as long as you have deposited at least $100 into your Interest checking account in the past 30 days. You can extend that coverage up to $250 if you receive a qualifying direct deposit of at least $250 for two months in a row.
You’ll need a direct deposit every 45 days to maintain your expanded coverage. You will have 14 days to bring your balance out of the negative.
Best for: Online only banking
Minimum Balance to Open: None
Monthly Fee: None
8. Axos Bank Rewards Checking
Axos Bank offers three different checking accounts with no monthly maintenance fee.
The Essential Checking online account has no overdraft fees, no monthly account fees, and unlimited reimbursement for out-of-network ATM use within the U.S.
The Rewards Checking has all the benefits of the Essential checking account and adds up to 3.30% APY in interest on qualifying balances.
Now until June 30, 2023, you can earn a sign-up bonus of $100 when you open an Axos Bank Rewards checking account and receive direct deposits totaling $1,500 or more each month for the first three months your account is open.
The Axos Bank Rewards checking account has complicated requirements to qualify for the highest annual percentage yield. Here’s how it works:
Direct deposits of $1,500 per month or more earn 0.40% APY
Once you fulfill that requirement, you’ll need 10 point-of-sale signature transactions with your debit card (minimum $3 purchase) or enrollment in account aggregation/personal finance manager account to earn an additional 0.30% APY.
Maintain an average daily balance of $2,500 in an Axos self-directed trading invest account to earn 1%
Maintain an average daily balance of $2500 in an Axos Managed Portfolio Invest account to earn another 1%
Make a monthly payment to an open Axos Bank consumer loan from your Rewards checking account to earn up to 0.60%
Together, this results in a 3.30% APY.
A Cashback Checking account offers the same benefits as the other checking accounts, except instead of earning interest you will receive 1% cash back on eligible debit card purchases.
Keep in mind that to earn the full 1% cash back, you’ll need to maintain an average daily balance of $1,500 in your checking account. If the balance falls below $1,500, you’ll earn .50% for that month.
Best for: Sign-up bonus
Minimum opening balance: $50
Monthly fee: None
9. SoFi Checking and Savings
Another excellent option in online banking, SoFi offers a wide range of financial services, including investments and loans. The bank provides a combination Checking and Savings account with a high yield APY of 4.20% for balances in your savings or Vault, and 1.20% APY on checking balances.
You will need to set up direct deposit to qualify for the high interest rates and other benefits, such as 2-Day Early Paycheck and no-fee overdraft coverage. But there is no minimum balance required.
Right now, the bank is offering new customers who open a free account up to $250 in cash. To receive your bonus, simply open your account and set up direct deposit. Deposits of $1,000 to $4,999.99 qualify for $50 cash back, while a deposit greater than $5,000 will net you $250.
There are no account fees when you bank with SoFi. Account holders with qualifying direct deposits receive fee-free overdraft protection for up to $50 per purchase.
You can even keep the money in your SoFi online savings to collect the high annual percentage yield APY of 4.20% and the bank will automatically transfer funds to checking to cover certain purchases. It will not, however, transfer money from Vaults, which are designed to help you reach specific savings goals.
Your SoFi debit card gives you access to your money for free at more than 55,000 ATMs in the AllPoint network. Plus, when you use your debit card for point-of-sale transactions at many local businesses, you can earn 15% cash back.
SoFi is a nationally chartered back with FDIC coverage. Thanks to a partnership with other banks, SoFi’s FDIC insurance exceeds the $250,000 maximum.
Your deposits are insured up to $2 million per account holder, per account, with SoFi. That makes SoFi an excellent choice in online banking for those with high savings, money market, or CD balances.
Best for: Money management and saving
Minimum Opening Balance: None
Monthly Service Fees: None
10. Varo Bank
Varo Bank has the distinction of being the first financial technology company to become a nationally chartered, online only bank. While most of the banks on our list of best free checking accounts have important features in common, Varo has a few perks that are harder to find in a free account.
First, your Varo debit card offers up to 6% cash back at select online retailers and brick-and-mortar stores. Each time your cashback balance reaches $5, you’ll see the funds deposited directly into your Varo bank account.
When you open a Varo checking account, it pays to open Varo savings at the same time. You’ll gain access to features like “Save Your Change,” which allows you to round up debit card purchases and put the difference in savings.
You can also use Save Your Pay, which deposits a portion of every paycheck you receive via ACH transfer directly into savings. You can set up these features in the mobile app.
Varo also offers a cash advance feature called “Varo Advance,” which allows you to borrow up to $250 and pay it back within 30 days.
You’ll pay nothing for advances less than $20, but there are fees up to $15 associated with borrowing larger amounts. As with many other banks, Varo also lets you get paid via direct deposit up to two days early.
Varo makes it easy to deposit cash into your account by purchasing a Green Dot MoneyPak at stores like Walmart, CVS, Rite Aid, Walgreens, 7-11, Dollar General, and others. You can also deposit cash at the register in any of these stores. You might pay a fee of up to $4.95 for this service.
Varo has no minimum balance requirements, no overdraft fee, no monthly fee, no foreign transaction fees, and fee-free access to 55,000+ ATMs in the Allpoint network.
If you use an out-of-network ATM, you will be charged a $3 fee by Varo, plus any charges incurred from the other bank. If you withdraw money using your Varo debit card at the point-of-sale in a store, you’ll pay $2.50 for the convenience.
You can reach Varo customer support via chat on the app every day from 8 AM to 4:30 PM, Mountain Time, except on Thanksgiving, Christmas, and New Year’s Day.
Varo phone support is also available Monday through Friday during the same hours for help logging into your account, filing a dispute if you suspect fraudulent charges, or to receive help adding your Varo card to a digital wallet.
Best for: Cashback debit
Minimum Opening Balance: None
Monthly Fee: None
11. Discover Cashback Debit
In the world of finance, Discover is best known for offering a straightforward cashback rewards credit card. Discover’s free online checking account also offers cash back rewards of 1% for up to $3,000 worth of debit card purchases monthly.
That could equal up to $30 in free money every month. You can even choose to have that Cashback Bonus deposited directly into your Discover Online savings account, where it can earn up to 3.90% APY.
Discover has no fees for anything. This includes overdraft protection through your linked Discover savings, no insufficient funds fee, no fee for official bank checks, no fee to receive expedited delivery of a new debit card, and no fees for paper checks. The only service that incurs a fee is an outgoing wire transfer. That will cost $30.
You can use your Discover debit with no fees at any of 60,000+ ATMs nationwide. Like many other financial institutions on this list, Discover allows you to receive ACH deposits from your employer up to two days early through the Discover “Early Pay” program.
Unlike many other online only banks, Discover offers 24/7 U.S.-based customer service by phone at 800-347-7000. If you prefer the convenience and cost savings of an online only bank account but want access to 24/7 phone service, Discover Bank could be the best choice for you.
Best for: 24/7 customer service by phone
Minimum Opening Balance: None
Monthly Fee: None
12. Chase Total Checking®
JPMorgan Chase & Co. is not just one of the “big four” banks in the U.S. It is the biggest bank in the U.S. and the world’s largest financial institution based on market cap. For that reason, many people choose Chase Bank for its convenience and 4,700 branches nationwide.
Chase Total Checking is the bank’s most popular checking account, requiring no minimum opening deposit, and a low monthly fee of $12 that’s fairly easy to waive. To waive the fee, you’ll need to do one of the following each month:
Have at least $500 in direct deposits
Maintain a beginning daily balance of $1,500 or more
Maintain an average beginning day balance of $5,000 or more in any combination of your Chase checking account plus other qualifying accounts
Chase offers overdraft protection in the form of its Overdraft Assist program. You won’t pay an overdraft fee if you’re overdrawn by $50 or less at the end of the business day.
If you are overdrawn by more than $50 but bring the account current or bring your overdraft to $50 or less by the next business day, you also won’t pay any fees.
Chase offers access to Zelle for person-to-person payments and has an intuitive and user-friendly app for online and mobile banking.
You can also take advantage of Chase Autosave features to automatically have a portion of deposits transferred into your Chase savings account, or set up automatic transfers on a schedule, such as weekly or monthly.
Set savings goals and have money deposited into specific buckets or transfer funds into your general savings account to build your emergency savings. You can even pause automatic savings if your checking account drops below an amount you set.
Chase Premier Plus Checking offers even more benefits, including free money orders and cashier’s checks, ATM fee reimbursement for out-of-network ATMs four times per statement cycle, and free checks.
Your Chase Premier Plus Checking account earns a 0.01% APY on all account balances, which is the same as a Chase Savings account.
You can avoid the fees on your Chase Premier Plus Checking account if you have an average beginning day balance of $15,000 in any combination of Chase checking, savings, and other deposit accounts.
Another option is if you have a linked qualifying Chase mortgage enrolled in automatic payments, or if you are a member of the U.S. military or a veteran.
When you are a Chase checking customer, you can refer friends to open a Chase account and receive a $50 bonus, up to $500 per year. Like most financial institutions on this list, Chase has a robust and easy to use mobile app.
Best for: 4,700 branches nationwide
Minimum Opening Balance: None
Monthly Fee: $12.95 (for Chase Total Checking) or free if you meet requirements
Methodology: How We Select the Best Free Checking Accounts
We evaluated multiple factors to find the best free checking accounts for consumers across the U.S. Whether you have large monthly direct deposits or have been “unbanked” until now, you’ll find the best free checking accounts for any need or any budget here.
ATM network or generous ATM-fee reimbursement program
You shouldn’t have to pay extra money to access your money. After all, that’s the opposite of a “free checking account,” isn’t it? You want to find a bank with a large, fee-free ATM network to conveniently withdraw cash or make deposits. If the bank reimburses out of network ATM fees, that’s a bonus.
Nationwide availability (Physical locations or mobile access)
If you’re looking for a traditional bank, you want to make sure it has branches near you. Otherwise, an online bank might be the best choice. For this list of free checking accounts, we eliminated credit unions that don’t serve customers nationwide or have strict membership requirements.
Credit unions are often a solid choice for banking, and often have low fees and high interest rates. For instance, Navy Federal Credit Union is a highly ranked financial institution backed by the National Credit Union Administration. But it’s only open to members of any branch of the U.S. Armed Forces, U.S. veterans, their families, and Department of Defense personnel.
We tailored this list around banks with national appeal, with means they serve customers nationwide, with no residency requirements or specific occupational requirements. The one outstanding credit union on the list, Consumers Credit Union, is open to virtually anyone in the U.S. over the age of 18.
No Monthly Maintenance Fee
When most people think of a free checking account, they think of one with no monthly maintenance fees. You’ll see a few banks with monthly maintenance fees on this list because the benefits outweigh the fees. But any monthly service fees are easy to waive by meeting direct deposit or minimum balance requirements.
Low Minimum Deposit and Balance Requirements
Truly free checking accounts should be accessible to most consumers. That means having low or no minimum deposit or minimum balance requirements.
No or Low Foreign Transaction Fees
If you travel abroad or make international transactions, you don’t want to pay fees. This may not be important to everyone, but foreign transaction fees may be a point to consider.
No Account Closure Fee
This was a deal-breaker for us. If you choose to close your account, you should be allowed to do so with no account closure fee. All the banks on this list make it as easy to close your checking account as it is to open it.
No Overdraft Fees
Likewise, if you accidentally spend more money than you have in your account, you shouldn’t be punished. Sometimes we forget that an automatic payment cleared or sometimes, you just need a helping hand to make it to your next paycheck. We gave preference to account with no overdraft fees, overdraft protection, or generous overdraft forgiveness.
Benefits such as high APY, cash-back rewards, or other additional perks
From cash back debit cards to interest bearing checking accounts, generous perks can make it easy to choose one fee-free checking account over another. Other nice-to-have features include:
The ability to pay bills online
Early direct deposit
Mobile check deposit
These account features make it easy to manage your money. We evaluated all these aspects when compiling our list of the best free checking accounts.
Customer Service
Whether you opt for a neobank or a traditional bank with brick-and-mortar branches, you want fast and responsive customer service. We took branch hours or phone hours into consideration, as well as a responsive chat or email for those who prefer automated service without speaking directly to a person.
Other Products and Services
Many people want to use the bank that holds their primary checking account as a one-stop shop for all their financial needs. They don’t want to download another mobile app, remember another password, or keep their money in different places.
For this reason, we considered the availability of high yield savings or money market accounts, CDs and other financial services when choosing the top free checking accounts. Chase, Capital One, and a few others got bonus points from us for the ability to link a child’s account to teach money management at a young age.
How to Choose the Best Free Checking Account
Before you choose a free account, decide what features are most important to you. Do you want a bank with brick-and-mortar branches or are you comfortable banking online only? If you choose an online financial institution, find out if there is a way to deposit cash, since some only allow mobile deposits and ACH transfers from other accounts.
Most of the checking accounts on this list offer similar features, including an easy to use mobile app, no monthly fees, direct deposit capabilities, and overdraft protection. Some have no minimum deposit to open the account, which is convenient since you can set up the account and then fund it within a few days or when you receive your next paycheck.
If you’re looking for interest bearing checking accounts, you’ll find a few on this list. Others provide debit rewards, which isn’t a common feature in a free deposit account. These benefits can help put extra cash in your pocket to help you reach your financial goals.
Determine if you want a linked savings. If so, do you want the capability to transfer funds into multiple savings buckets to help with budgeting?
All the banks on this list are FDIC insured for up to $250,000 per account holder for each type of deposit account. CCU is insured for the same amount by the National Credit Union Administration. That means your money is safe, which is important in today’s climate of economic uncertainty.
Ultimately, your checking account becomes a hub for your financial life. Whether you’re opening your first account or thinking about switching banks to get free checking and more perks, this list provides a good place to start your search.
Free Checking Account FAQs
See what people are asking about the best free checking accounts.
What are monthly maintenance fees?
Monthly maintenance fees are service charges imposed by a bank simply for holding an account. The free checking accounts on this list have fee free checking or it is easy to waive the monthly maintenance fee by having monthly direct deposits or meeting minimum balance requirements.
Do free checking accounts have any fees?
When people think of fee-free checking, they often think of an account with no monthly maintenance fees. However, some free checking accounts may have a monthly fee that can be easily waived with a monthly direct deposit or by meeting minimum balance requirements within a statement cycle.
So-called free checking accounts may have over fees besides the monthly fee. Read the fine print closely to find truly free checking accounts.
What fees do I need to watch out for?
Some banks who advertise free checking accounts may forego a monthly maintenance fee, but charge overdraft fees, ATM fees, withdrawal fees (typically only for savings or money market accounts), fees for paper checks, fees for paper statements, foreign transaction fees, and wire transfer fees. If you lose your debit card, you might have to pay a fee to have it replaced, as well as covering mailing costs.
Can I open a free checking account without a deposit?
Some banks allow you to open a checking account with no minimum deposit required. Of course, if there are any perks, benefits, or sign-up bonuses, you’ll want to fund the account to earn interest or take advantage of special offers.
How do banks make money on free checking accounts?
Banks might make some money from monthly maintenance fees and other customer service charges. But the bulk of their revenue comes from the interest rate they earn on your money when they invest it in other securities, as well as interest collected on loans they make.
Banks don’t necessarily keep the money you deposit in your account. They hold cash withdraws to allow customers to withdraw their money. But they also invest the money and earn revenue on those funds.
They may also earn money on loan services, financial advisory services, investment services with fees, and other services they provide to customers.
These other revenue streams allow banks to offer free checking accounts without losing money.
What’s the difference between a checking and a savings account?
A checking account is where you keep cash for everyday spending. Typically, you can make debit card purchases and withdraw funds from an ATM easily, without fees. Most checking accounts don’t pay interest on your deposits, but some do.
A savings account, on the other hand, holds money you are saving either for a specific events – such as vacation or large purchase – or for an emergency. Financial experts recommend keeping as much as three to six months of living expenses in an easy-to-access savings account.
Savings accounts pay interest ranging from .01% annual percentage yield APY up to 4% or 5% APY. Be aware that some savings accounts charge fees for monthly withdrawals exceeding a limit of six per month.
A cruise can satisfy the greatest wanderlust, satisfy your favorite (and newfound) food cravings and open new horizons and interests you never thought possible. But you can also fall for tourist traps or miss the authentic culture of the places you visit.
🤓Nerdy Tip
If you’ve never cruised, talk to others who have more firsthand insights. Their perspective can shed even more light on the experience you can expect.
Going on a cruise has pros and cons, and it may be worth reviewing them before your next sailing. Let’s look at the pros and cons of cruises.
Pros
A good deal
Cruises can be costly, but you get more than just a great view of the ocean. Cruise bookings often include your:
Accommodations.
Some drinks.
Entertainment.
Recreational amenities like pools and waterslides.
Other onboard activities.
You can step aboard the ship and not spend a penny if you play your cards right.
There are plenty of ways for cruises to pull more money out of your pocket on board (think: spa, specialty restaurants, upgraded drink packages, shore excursions, shops and casino), but you can still have plenty of fun without spending an additional dime.
Cruise lines are reinventing their onboard options, and specialty restaurants tap in to the talents of well-known chefs and restaurateurs. This can take some of the boredom away from the same dining rooms, but it comes at a cost.
For the most part, however, if you find a good price on the cabin, the number of inclusions that come with it can quickly drive down the cost of an overall vacation. Of course, the more you spend on the cabin (some of those luxury suites, for example), the lower the bargain you’ll get.
Entertainment and education galore
You read that right — you can learn something educational on a cruise.
Many cruises have port talks, destination immersion lectures covering the history and culture of a place, art galleries and trivia games. You can learn something on board, and then when you’re ashore, you can explore the destinations you visit.
Cruises are a great way to learn more about the world, meet new people and learn from them, too.
And there is more entertainment than you can shake a stick at on board and ashore. From musical performances to game shows and cinemas, you can easily fill up your schedule.
Every ship is different, so it is important to review what is available on your sailing if staying busy is your goal. Otherwise, bring a book and watch the world float by from the deck.
On sea days (when the ship is traveling between ports), it’s like having your own resort with pools and activities included in the overall cost of your vacation.
Maximize your time
A cruise can introduce you to many places at once without your worrying about unpacking and repacking between destinations or paying for transportation between cities.
You unpack once and then are on your way, with all of the details handled for you — from immigration protocols to where to go and when.
The cost of a cruise includes a preplanned journey to some of the most popular points within a region and your transportation between them.
For example, your itinerary may have multiple Mediterranean cities or several European capitals.
There’s something quite relaxing about waking up each morning in a new city. And when you return after a day of exploring, housekeeping has cleaned your room.
A cruise may be a great option for less-frequent travelers because the cruise line is essentially “holding your hand” along the way.
Even better, some stops may be hard to reach by land — like many Alaskan ports — or expensive to reach independently, like some Greek islands or pricy ports in the Caribbean like St. Barts.
Family and group travel come easy
Cruises are an easy option for groups traveling together. Unlike on land, where it can be hard to find restaurant reservations for large groups or find one activity that suits every interest, cruises have something for everyone.
People can branch off to do what they like on the ship and then meet back up an hour later without worrying about traffic or safety issues for kids.
Cons
Lots of people
While this varies by ship — some enormous ships have so much space that there are plenty of areas where you’ll be one of only a few people — crowds may flood popular areas.
For example, people vying for their moment in the sun may swarm the pool deck and families may descend on the water park area simultaneously.
Lines can form at popular buffets or restaurants at meal times, and when it’s time to go ashore (or disembark after the cruise), you’ll be one of many waiting in line.
Repetition
If you’re not willing to pay for specialty venues or you’re on a smaller ship that doesn’t have many free dining options, you may find that the dining rooms become repetitive. Menus change daily, but the setting does not. The window views at dinner will vary by destination, though, adding a bit of pizzazz.
If you make an effort, it is possible to find different things to do each day on almost all larger ships. River cruises, on the other hand, are much smaller and tend to feel more repetitive.
The same premise appears with the destinations for repeat cruisers. Because the cruise line plans itineraries, you may visit places you have been to multiple times if you sail often enough. It becomes harder to exclusively visit “new-to-you” places.
If it’s the latter you’re after, planning your own trip may be a better option.
One price is not always just one price
If you loosen your purse strings easily, spending more than you realize aboard a ship is possible.
A few cocktails by the pool each day, an extra tour or specialty restaurant dinner another, and before you know it, you’ve paid twice as much as you thought. It’s wise to board a ship with a budget in mind and plan your sailing accordingly so you don’t overspend without realizing it.
Tourist traps
Cruise lines are often important economic engines for destinations. You may find yourself dealing with tourist traps, such as shops by the port, and beginner tours organized by the cruise line.
If you want the most authentic experience, it might be worth studying local guides and tour options online in advance to find something more authentic without falling for what’s waiting for you right at the port.
If you’re going on a shore excursion through the cruise line, you can count on being carted to places designed for large groups rather than hidden gems. Many tours often include a stop at a local shop or business that may be presented as authentic, but locals will tell you it is not.
This trend is amplified because travelers usually have only one day at each destination. As a result, time is of the essence to visit the most important sights without wasting it at tourist traps.
Frequent cruisers, however, will tell you that you should use a cruise to determine places you want to return to by using it as a sampler to explore many destinations. They also suggest planning what you want to do so you can hit the ground running.
Exploring independently or with a local guide (not booked through the ship) can often be your best bet. It also has the added benefit of directly supporting a local business or guide rather than funneling that cash through the cruise line.
The pros and cons of cruises, recapped
It’s unfair to decide how you feel about a cruise without trying one. Even those who insist they wouldn’t like one may end up having a good time.
Perception is not always reality, and you can be better prepared by considering all of the pros and cons of a cruise in advance. Talk with people on either side to get answers to your questions.
Not every type of travel is for everyone, but the ever-expanding cruise industry keeps adding amenities, perks and destinations. That alone speaks for itself.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
Inside: Trade and Travel is a legitimate investing course to learn how to make money in the stock market. See my personal view as a student.
I have been in the personal finance industry for a long time and have watched gurus with CFP and many more designations struggle to make money consistently in the stock market.
There are many concepts on how to trade the stock market.
Teri’s IWT system works.
It’s legit.
I’m a part of her investing course. I have seen the results. $1000 a day club in my LIVE account. Yes.
So, you get to read my Invest with Teri review first.
Teri is able to break down investing into the stock market like no one else I have seen.
You can read a book or blog and find many different concepts that work for them. Then, walk away with your head spinning and quit on the idea of trading and lose a bunch of money along the way. This is why most people leave it to professionals (which is a mistake with that pesky 1% asset management fee).
The Invest with Teri Method is a 7 Step Process that simplifies how to invest in the stock market.
She goes into detail on each of the seven steps to make sure you pick the right companies, limit your risk, know when to buy, and when to take profit.
Plus you have access to a private Facebook group and countless hours of coaching calls to really understand the IWT method.
This is how I am choosing to finance the life I want.
Okay, now that we got that out of the way… let’s dig into the details of the Invest with Teri review and learn how to travel and travel.
This is what you want? Right?
Make more money and have more time freedom.
Enough sitting on the sidelines… read this IWT review and then sign up today.
Honestly, if you have any money in the stock market, you need to take this course to understand the fundamentals.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
What Are Online Stock Trading Classes?
If you’re interested in taking stock trading classes, there are a few things to consider before jumping into the world of investing. Stock trading is an investment that can be profitable if done correctly and is a way to grow your money.
Stock trading courses are a great way for newcomers to learn about the stock market. Also, courses are fantastic for those who want to refine their investing skills or maybe stop the bleed of money from trying on their own.
The Invest with Teri Ijeoma course provides a more structured learning path and can help you avoid some of the common mistakes made by novice traders.
In order to get the most out of a stock trading course, it is important to find one that matches your individual needs and goals. Plus one that can offer support and guidance because learning to trade is a learning curve.
Who Should Take Stock Trading Classes?
It is possible to learn the ins and outs of stock trading on your own without taking any classes.
However, for those who want a more structured learning experience, or for those who want to have access to a community of traders, stock trading classes can be a great option.
Taking stock trading classes can be a great idea for people who are interested in getting into the industry. The stock market is one of the most popular industries to get involved with, so it is likely that you’ll want to pursue a side hustle that may lead to a career in this field.
There are many different types of stock trading classes available, so it is important to do your research and find the one that best suits your needs.
Even if you are an index fund investor doing it on your own, this investing class is great knowledge to understand how the market works beyond “I hope it keeps going up.”
Must Read: How To Invest In Stocks For Beginners: Investing Made Easy
Trade and Travel 2.0
Right now, Teri and the rest of her coaches are doing a MAJOR overhaul on the signature course.
Her design team is currently working really hard to create an updated look and feel so you can experience Trade and Travel even better than before.
However, there will be changes – some we know about and some we don’t.
What we Know Today:
A significant Price increase happened (like double to $10k)
Shorting and gaps will be included in the main Trade and Travel course.
Limited time support on coaching calls. (However, a subscription model for additional coaching will be available.)
What You’ll Learn in the Trade and Travel 1.0 Course
The Trade and Travel course is an online course that will teach you everything you need to know about the world of trading, and more!
First of all, Invest with Teri along with Trade and Travel are used interchangeably. They are both the same AMAZING course that will teach you to make money in the stock market.
You will learn the Teri Ijeoma trading strategy.
The Invest with Teri 1.0 course is divided into two sections:
Travel & Travel – This is the basic course to understand fundamentals and to learn how to make money as the stock market goes up.
VIP Program – This is an advanced course that covers shorting, gaps, and options.
The great news… you can start with the basic Trade & Travel program and upgrade to VIP at a later date.
If any of this sounds foreign to you, Teri is one of the best teachers I have ever met. She breaks break down investing in the stock market like no one else I have seen. She is able to take difficult concepts and make them easy.
Simply put, Teri offers a course that teaches you everything you need to know about investing.
Later, in this Invest with Teri review, I will detail the difference between the two courses and what you will learn.
Teri’s Purpose of Trade and Travel – Financial Independence
The purpose of the course is to help students learn how to generate wealth.
Students can use the extra income earned from the course to supplement their income, pay off debt, or save so they can solidify their financial independence.
There is no doubt that in order to achieve financial independence, you need to invest in yourself. This means learning new skills, working on your mindset, and making smart choices with your money.
With a positive attitude and a determined spirit, anything is possible!
Want to Learn More about Investing?
How do you trade with Teri?
The privilege to have one-on-one coaching with Teri herself is very rare. However, she is known to offer group mastermind sessions for her VIP students.
So, in order to trade with Teri, you must enroll in the full $5000 course and wait for the next opportunity to trade with her.
Trade And Travel Program
The Trade and Travel program is the fundamental part of the investing course. This section will teach you the basics of the stock market and how to make money on the way up.
Teri’s trading strategies focus on risk management and she has seen many of her students achieve success with trading.
To be upfront in this Trade and Travel review, you will learn:
Learn how to pick stocks
Understand how the stock market works and how you can make money off it
Recognize why risk management is the most important aspect of trading
Understanding how to read charts
Learn the best places to buy and sell a stock could be
Be able to tell the story of the candles
Understand if your stock trade has a strong likelihood of being profitable
Determine how many stocks to buy based on your risk tolerance
How to place a trade at your brokerage
Manage your trade and exit based on your trading plan
That is a highlight of what you will learn in the basic Trade and Travel program.
Trade And Travel VIP Investor Program
The VIP program is the advanced piece of the course once you learn the fundamentals of the Trade and Travel program.
For those looking to upgrade to the VIP program, you will learn:
Make money when the market goes down.
How does shorting the stock work
When to look for gaps and what they mean
What is globex?
Options! This is everyone’s favorite part of the course!
Understand how to make money with option contracts
Risk management with options
Plus so much more!
Plus you can rewatch all of the curriculum and coaching calls over and over until you get it. That aha moment!
Both Travel & Travel and VIP offer live zoom training each week. Plus there is a vault of recording coaching calls to review.
Supportive Trading Community
Teri has built a supportive trading community of fellow students who have gone through the course.
Each trade cuzzin offers encouragement, advice, moral support, and feedback to each other.
This supportive community can help people overcome their anxiety and doubts when trading and investing.
You can find this supportive community on Facebook groups, Telegram groups, Clubhouse clubs, local meetups in your city, and people have connected to create a mastermind group. Honestly, there are plenty of people available to make sure you are successful on your journey.
Don’t forget… There are weekly live calls and chart parties.
This is how many people have turned 10k into 100k.
My Personal Trade and Travel Reviews
This is one of the best educations I have received.
My biggest regret is that I did not enroll in the course sooner (same as the time before I upgraded to VIP).
In all honesty, this course is a better education than spending hundreds of thousands on a college degree.
Personally, I meet Teri during FINCON, a huge conference for personal finance content creators and brands.
I loved how Teri spoke during her presentation and quickly reached out to learn more about her Invest with Teri course. Also, I was intrigued by the $1000 in a day club.
As always, I investigate every single company or platform that I recommend.
Obviously, this course has an eye-shocking price tag when you first see it. However, once you start earning your money back, you quickly realize how undervalued her course is.
As I always tell my readers… if I wouldn’t put my time, energy, or money on the line, then I am not going to tell you about it. I will only recommend products, services, and courses only that I truly know that work.
My View as a Trade and Travel Student
After a few months of debate if I could afford to spend the money on this investment course…
I became a Trade and Travel student in February 2021.
As outlined above, the course is jam-packed with information. I thought with my background in personal finance I would have a leg up over the others. However, I quickly learned that I need to view the stock market from Teri’s point of view and put blinders on to others’ opinions or styles of trading.
There are a ton of ways to make money in the stock market. This is one of them.
You can google and probably find many more investment courses and rabbit holes to follow. Investing is one of the most popular Reddit Personal finance topics. People want to learn to trade and most are looking to be fed information.
You have heard that saying, “teach a man to fish and he will never go hungry.”
The same holds true for completing this course, “Teach a trader to make money and you will be more profitable than your dreams.”
The best thing about life is you get to decide what you want to do, spend your time, and budget your money. Investing in this course is a big pill to swallow and I get it. However, I would not be so adamant about telling others about this course since I see a path for people to stop the stress with money.
I am successful with trading. Now, it is your turn to become successful.
This is by far the best investing course I have ever seen. 1000% recommended by me personally.
$1,000 In A Day Club
Here is proof. I made the $1k club in my live account and $10K in SIM.
I am a part of the trading community.
What exactly is the $1000 in a day club?
This exclusive club is for those traders who have made over $1k in a day.
Many IWT traders have received this plaque and part of this $1000 in a day club.
If you want to invest money and make $1000 a day this is how to start.
This is how I am choosing to finance the life I want.
Get one step closer to reaching your dreams and financing your life!
How Long Does It Take to Learn to Trade Stocks?
The time it takes to learn how to trade stocks depends on your personal learning style.
It typically takes 2 to 3 years to learn how to trade stocks.
By taking an in-depth course, you can shorten your learning curve.
Teri’s Approach to Learning to Trade Stocks
More importantly, the results you see trading stocks will depend on the effort put in to learn the curriculum, manage the trade, minimize your risk, and prepare your mindset.
Teri’s goal for her student is to earn 1% of our capital consistently.
This is not a get-rich-quick scheme. You have to put in the hard work to reap the benefits (aka profit).
For example, some people learn better by reading and others prefer watching videos. Some people may find that they learn best by following an instructor in a live trading room.
Who is Teri Ijeoma?
How many years of trading experience does Teri have?
Teri Ijeoma has over 10 years of trading experience.
Once she left her job as an elementary school assistant principal, she took off to travel the world. Those around her started asking questions and she taught her first group of students in Thailand.
Teri enjoys enlightening people on investing strategies and is passionate about building wealth.
Combining her trading experience with her teacher background, Teri is a talented educator in the investing world.
Teri has been featured on Forbes, NBC, CBS, ABC, Black Enterprise, Yahoo Finance, Business Insider, Fox News, Comcast – just to name a few!
She thrives by teaching others how to invest, so they can afford the life of their dreams.
Teri has made significant amounts of money through trading and is motivated by helping others achieve success.
Check out Teri discussing her $1,000,000 in a day profit. Yes, one million dollars in a day!
I’m scared to lose my real money trading. Can I still take the course?
Don’t want to risk your money, but are curious?
You can practice in a simulated account before you move to real money. Then, you can make mistakes. Learn from those mistakes. Understand how the stock market moves. Make wins.
The bottom line you can make real money in the stock market. You just have to be armed with knowledge and a trading system that works.
That is why most people lose money in the stock market! They don’t understand how the stock market works. They have poor risk management strategies and tend to select the wrong companies to trade with.
In the Trade and Travel course, you will walk away with so much investment knowledge and support from other people in the course to be successful.
Afraid to trade individual stocks? Teri’s process works with ETFs too!
Is Invest with Teri Reviews Reddit? Is this a scam?
As with any popular r/personalfinance thread, this is one that comes up often…is Invest with Teri legit?
There is a lot of mixed information on the web when it comes to Invest with Teri.
Some people have had great experiences and made a lot of money, while others have had negative experiences and lost money.
Since I have been forthcoming that I am a student of her course, I would recommend active trading as a way to supplement your income.
However, you must be willing to put in the time and effort to see the results.
And honestly, that is where most people give up because you must put in the effort.
At Invest With Teri, they believe anyone can learn how to invest and generate income through investment. They offer a variety of courses on how to invest, as well as a community of support to help you get started.
Their program has helped people from all backgrounds achieve their financial goals.
Did this Trade and Travel Review Convince You?
Teri Ijeoma is a millionaire trader and coach who shares her tips and tricks for success.
Trading is a skill that can be learned, and with the right education, anyone can do it successfully.
Trading is not a get-rich-quick scheme – it takes time and effort to learn.
Don’t waste your time or money on being a self-taught trader. Take a course from an expert.
I am part of this trading community and so excited to be a trade cuz!
Start building another income stream for yourself.
Invest with Teri Ijeoma teaches you how to make a lot more money than you currently are. Very possibly, trading can help you replace your current income or even exceed it
To be successful, you need to invest in this investing course, develop a solid trading plan and stick to it.
Get one step closer to reaching your dreams and financing your life!
Be the first to know when Teri releases a coupon code for her Invest with Teri course.
Do you have an Invest with Teri Coupon?
It is VERY rare that Teri puts out a coupon code.
However, if she does, I always notify my email list who have been on the fence about enrolling.
Typically, these coupon codes are valid for a limited time only.
Trade and Travel FAQs
Obviously, you are doing your due diligence before enrolling in this course, which I completely understand. I did too! I spent a lot of time researching prior to enrolling in this course.
Here are answers to the most asked questions about Invest with Teri, Trade and Travel, VIP program, as well as Teri Ijeoma.
Is the Trade and Travel course for new investors?
Yes, the Trade and Travel course is for both new investors and experienced investors.
Honestly, you are more likely to lose money in the stock market by trading on your own rather than spending money on the best investing course available.
The course is designed for everyone, regardless of experience level.
There are different courses available within the program for more advanced students (like shorting and options).
How long does the program take to complete?
You can complete the course within a weekend if you binged watch everything.
However, it takes 8 weeks to thoroughly go through the curriculum.
The main Trade and Travel course is broken down into sections, and modules include videos, tutorials, pdf worksheets, quizzes, and more.
The course instructor, Teri Ijeoma, estimates that it will take 8 weeks to complete the online course material before you begin trading.
In addition, there are plenty of coaching calls, which are filled with gems of information that you can watch.
This investing course is much like obtaining a college degree. The more you study, the better results you will have.
What will I learn in Invest with Teri course?
You will learn how to trade stocks and options based on her Invest with Teri method.
This is a solid, effective investing strategy.
Learning how to effectively trade stocks and make 1% consistently is the goal. This is higher than the market returns on any given day.
How much does Teri ijeoma course cost?
The cost of the Trade and Travel 2.0 course is $10000.
In addition, there is a payment plan available that allows you to pay in installments which is a great option without interest or hidden fees.
Honestly, this investing course is undervalued given the amount of knowledge you will gain.
Is there a payment plan?
Yes, there is a payment plan.
This is a great way to invest in the program with an affordable payment plan based on what you can pay today.
Right now, you can start the course with Payment Plans as LOW as $208/Month.
Can I purchase the Trade and Travel course and upgrade to the VIP program later?
Yes, you can always upgrade to VIP and pay the $2,500 difference. This is something you can do at any time.
I purchased the course to learn the basics and when I made money to pay for the VIP course I upgraded. Many students have done the same.
My gem of advice… eventually, you need to upgrade to VIP to fully understand the chart analysis as well as make money on the way down.
How much money do I need to start trading?
Many students start with $500.
This question is very difficult to answer because it depends on your personal finance situation and the type of trading you want to do.
The best advice is to start small and grow your account.
Trading stocks and options come with risk as such you must recognize that it is possible to lose all of your trading money.
Personally, I recommend starting with the amount you are comfortable losing. For me, I started with $3000.
Again, you do not need a lot of money to start trading. Check out this interview with Chris Calvin (aka Trade with Coach). He started with $500 and quickly grew it to 5 figures!
What trading platform does Teri Ijeoma use?
In her Trade and Travel course, she reveals which brokerages she has used in the past.
Right now, she is known to use Tradestation.
Recently, in her 5 Day Take the Trade Live Challenge, she set up a brokerage account with TD Ameritrade.
Do I have to attend coaching calls live?
You don’t have to attend coaching calls live. Also, all of the live trainings are recorded except the weekly Trade and Travel Q&A.
By attending a live coaching call, you have the opportunity to ask questions and get help from the instructor.
You can access the class recordings at your convenience once the coaching call is uploaded.
Personally, I attend the VIP coaching calls live to get the best out of the experience.
Remember, if you miss a class, you can always watch the recording later. You will have lifetime access to the coaching call recordings.
How long do you have access to the curriculum?
LIFETIME ACCESS!
You will have lifetime access to the curriculum.
That is pretty amazing to have these resources available forever.
You can review the curriculum as many times as you like.
Personally, I have gone back and reviewed many modules and coaching calls again (and again).
Is there a Facebook group? How long do you have access?
In fact, there are two Facebook groups for students that are run by the IWT coaching staff.
One Facebook group focuses on the general IWT method and the other is specific to VIP strategies.
In addition, there is a Trade and Travel sponsored Telegram group.
These Facebook groups are a great way to connect with other students and to learn from each other.
You have access to the group for as long as you are enrolled in the course.
What’s Teri’s Instagram handle?
First of all, there are so many fake accounts for Teri Ijeoma, Invest with Teri and the Trade and Travel Course.
Teri’s real account is @teriijeoma
Beware of imposters accounts and scams.
Can I share my course log-in information with others?
No, this is not allowed.
Each person should purchase the course separately.
The only exception is you can share with your spouse.
What is the refund policy?
According to their policy, refunds are not available for any of their courses. (You can read that here).
However, they do not want unhappy students or I don’t want unhappy trading cuz.
So, if you need additional assistance, reach out to their support team at [email protected] and one of the fabulous coaches will assist you.
Honestly, this makes 100% sense as a student. There is so much knowledge and information in the course that it is not surprising.
If you truly put in the time and effort, you will see success. You have to put in the work though.
Just a reminder… trading is a risky investment if you don’t know what you are doing. You can lose money in the stock market.
Know someone else that needs this, too? Then, please share!!
Do you want to live a great life? Do you feel like your life isn’t going the way you want?
Maybe your plan isn’t working, or you just want a change because anything is better than how things are currently going.
Or, maybe you just want to improve your life even more this year!
No matter how you’re feeling, I believe that everyone is in charge of their own destiny and that everyone can learn how to live a great life.
If you feel things are not going the way you want them to go, then change it! You can improve your life and how you perceive it by taking part in different actions.
For that reason, I’ve packed this post with my best and most actionable tips so that you can live a great life, and there are some new ones that are sure to make this new year your best ever. Enjoy, and I hope this year is a great one for everyone.
Related reads:
How to live a great life in 2023!
1. Reach your goals in 2023.
To make it a great year, you’ll want to set goals so that you can reach your dreams. Those who set goals are much more likely to be successful than those who do not.
To reach your goals, you’ll want to:
Review the previous year along with your previous goals and objectives.
Make sure your goal is SMART.
Write down your goals and objectives.
Create a plan to reach your life goals.
Break your goal apart into smaller goals.
Keep track of your goal setting progress and make changes (if needed).
Find small ways to stick to your goal.
Find ways to motivate yourself when setting goals.
Make reaching your goal a friendly competition.
Read further at The Best Way To Set Goals And Reach Success.
2. Smile more.
Smiling is contagious and is very important if you want to live a great life!
Studies have even proven that smiling can improve your mood, even if it’s a fake smile.
Smile at the next person you pass, smile when you’re talking on the phone, smile when your loved one comes home, smile in an interview, and more.
Related: How To Better Yourself – 23 Challenges That Will Change Your Life
3. Don’t be afraid of what people think.
I used to really care about what other people thought of me, but I’ve been able to let go of that and now I couldn’t be happier. This has really helped me learn how to live a great life.
You shouldn’t let the opinions of others affect you, drag you down, control you, and so on. Like I always say “Who cares!?”
Why should the opinions of others matter to you? And, because everyone is different, all that should matter is what is right for you.
Related content: Learn How To Set Resolutions — Make This Year The Best Yet!
4. Spend less time watching TV.
I bring this up a lot on Making Sense of Cents, but this statistic is just crazy-
the average person watches around 35 hours of TV a week.
35 HOURS!
Our minds are greatly influenced by what we see on TV. Plus, watching TV can be a big time waster and can be detrimental if you want to live a great life.
Instead of turning on the TV the next time you are bored or looking for something to do, you may want to do something more worthwhile, such as working out, spending time with friends and family, reading a book, and so on.
5. Be more confident.
A lack of confidence may:
Prevent someone from believing in themselves.
Lead to someone being too shy to do what they want or need.
Force someone to do things they hate.
Cause someone to ruin a meeting, job possibility, and so on.
Lead to unhappiness.
On the flip side, confidence can open many doors for you.
It can lead to getting the job you want, making more money, reaching your dreams, meeting new people, networking, traveling the world, and more.
Read more at Be More Confident And Get What You Want In Life.
6. Be thankful for what you have.
The next time something negative is bringing you down, I suggest you try to remember all of the positive and good in your life. You already live a great life, you just need to remember that.
This is the power of positive thinking at its best.
You can be thankful for your family, friends, job, a past experience, opportunities, and more.
Thinking about everything you are thankful for can make something negative seem very trivial. You may even laugh at yourself for being so negative!
7. Start investing.
I want you to start investing if you haven’t done so yet.
You want to invest your money so that you can:
Retire one day.
Prepare for unexpected events in the future.
Allow your money to grow over time.
Read more at The 6 Steps To Take To Invest Your First Dollar – Yes, It’s Really This Easy!
8. Be kind to others.
You should always be kind to others. This can help both you and others live a great life. Being kind can open your mind, help you stop dwelling on negative things in life, brighten someone’s day, and more.
You can be kind to others by doing things such as:
Say hello to every person you walk by today.
Open doors for others.
Smile at strangers.
Help someone with their groceries.
Volunteer somewhere.
Related post: 50+ Random Acts of Kindness.
9. Look for ways to save more money.
Looking for ways to save more money may allow you to pay off your debt quicker, improve your financial habits, help you reach your dream sooner, and more.
Plus, there are many, many different ways to save money. You don’t need to sacrifice your favorite things or live an unhappy life in order to save money.
It’s all about being realistic and finding a good balance between saving and spending.
Read more at 30+ Ways To Save Money Each Month.
10. Take a risk.
Have you ever thought about doing something particularly risky but were too afraid to go for it?
Well, it may be your year! Or, at least maybe you can start planning to take that risk?
Doing something risky every so often can get your heart beating and your adrenaline rushing. This can really make you feel alive and like you are in charge of your life.
11. Realize that it’s okay to fail.
If you’re taking risks or trying new things, there is a chance that you may fail.
But, that’s completely okay!
You won’t know if something will work or not unless you try it, and sometimes failure is just a part of the learning process.
Part of living a great life is failing every now and then. Accept that fate now and you’ll be better prepared when it happens.
12. Create a budget.
The average family carries a lot of financial stress. Most people have student loans, credit card debt, a mortgage, car loans, and sometimes other forms of debt.
However, not many people have a budget.
In fact, 68% of households in the U.S. do not prepare a budget.
Budgeting can help you take control of your finances, which can then help reduce stress and allow you to reach your dreams. Having a budget is crucial if you want to live a great life.
Read more at The Complete Budgeting Guide: How To Create A Budget That Works.
13. Say yes.
If you often find that you’re hiding from everyone and you feel like you are stuck, you may want to try branching out and saying yes more often.
Saying yes can open you up to more situations, help you grow as a person, and so on.
14. Say no.
If you say yes to everything, but you are ready to pull your hair out, then you may want to start saying no. No one wants to be walked on or spread too thin, and you also don’t want to be holding yourself back from the things that you truly want to do in life.
Saying no may allow you to have more time to focus on what you truly want from life.
15. Don’t let life pass you by.
It can be really easy to let life pass you by. Before you know it, years or even decades may be gone.
Too many people have the mindset of “Oh, in 10 years life will be so much better because of such and such.” And then, they just let their lives go by without ever thinking about the present.
Well, what about now?!
10 years is a long time!
Reaching a goal is great, but you should always make sure you are living life to the fullest (on a budget, of course).
16. Cherish moments with loved ones.
You should never take a moment for granted with those that you love. This will sound very doom and gloom, but you just never know what may happen to you or them.
Plus, spending time with your loved ones is always a great time, so why not just do it more?!
17. Pay off debt.
Paying off your debt can lessen your stress levels, allow you to put more money towards something else (such as retirement), stop paying interest fees, and more.
Debt can hold a person back significantly, and by paying off your debt you may be able to live the life that you’ve always wanted.
Let’s make this the year that we finally get rid of our debt or at least work our way towards eliminating it!
Read more at How To Eliminate Your Debt.
18. Exercise more.
Whenever I’m feeling a little stressed out, tired, or even grumpy, I try to fit in a workout. I know that even a small workout is better than none.
Exercising is great and it can improve your life because it can make you healthier all around. You will feel more confident, your mind will be clearer, you will be able to better cope with stress, and more.
19. Increase your credit score.
If you need a loan for anything in the future, you can do easy things to increase your credit score. Watch your utilization rate on your credit cards, pay your bills on time, watch the amount of hard inquiries on your credit report, and so on.
Your credit score is important because it can affect your interest rate and whether or not you will get approved for a loan.
Just a few percentage points can mean the difference of hundreds of dollars each month.
That means you can wind up saving THOUSANDS each year just by increasing your credit score. You can check your credit score for free with Credit Sesame.
20. Don’t keep up with the Joneses.
Whether you are five years old and want that new toy everyone is playing with, or if you are 50 years old and are feeling the need to upgrade your house, car, etc., everyone has experienced wanting to keep up with someone else.
The problem with this is that keeping up with the Joneses can actually make you broke.
When trying to keep up with the Joneses, you might spend money you do not have. You might put expenses on credit cards to (in a pretend world) “afford” things. You might buy things that you do not care about. The problems can go on and on.
This can then lead to an excessive amount of debt and potentially set someone back years with their financial goals, if not decades.
21. Do what YOU want to do.
What makes you happy, excited, joyful, and motivated? That’s what you should be doing with your life (as long as it’s legal)!
Stop thinking about what other people want you to do and start listening to your heart. Who cares about what others think? If you spend all your time thinking about others, you will just be wasting a ton of time!
If you want to live a life of adventure – Go for it.
If you want to start a family – Start planning one.
If you want a better job – Get one.
If you want to change the world – Do it.
22. Read as much as you can.
I’ll admit it, I don’t read as many books as I would like to.
I’m so focused on reading about personal finance, but I know I need to occasionally take a break and do some reading for pleasure.
Reading is great for many reasons, such as:
Providing knowledge.
Improving your memory.
Opening your mind.
Bringing out your creative side.
It is affordable entertainment.
And more!
23. Think positively.
I say this often, and I believe it.
Thinking positively can greatly improve your life and your outlook on life. Being positive can help motivate you, it can help you to not waste time on regret, and more.
Related article: Why I Believe Being Positive Can Change Your Financial Situation And Your Life.
24. Don’t waste time on being negative.
You are wasting your time when you are being negative.
Instead of wasting your energy on things like dwelling on regret and/or gossiping, you can be more productive by using this time for things that actually matter.
By being more positive, you will be able to better simplify your life.
25. Find free forms of entertainment.
Someone once told me how expensive it was to have fun. They were telling me about all of their debt and everything that goes along with it, then they also told me that their monthly “fun” budget was around $500.
Uhhh what?! $500? A month?!
If you are trying to get rid of high-interest rate debt, I can’t think of any reason for why you should be spending $500 a month to have fun.
There are many ways to have fun for cheap. Check out How To Have Frugal Fun for some of my ideas.
26. Stop letting money control you.
If you want to gain control of your life and make it a great year, then you need to gain control of your money.
This means you need to stop worrying about all of the things that are holding you back. Instead, create an action plan so that the littlest things do not tear you down or stress you out.
27. Get enough sleep each night.
According to the National Sleep Foundation, the average person needs around 7.5 hours of sleep in order to “function at their best.” However, the average person actually only sleeps around 6.5 hours.
Lack of sleep, according to HealthLine, can lead to issues such as:
Impaired brain activity
Memory problems
Moodiness
Depression
Cold and Flu
Type 2 Diabetes
Weight gain
High blood pressure
Heart disease
Due to this, you should aim for 7-8 hours of sleep every night.
28. Find something good in a negative situation.
There may even be some good in a bad experience, even though it can be hard to think about the positive while you are experiencing something negative.
Through the power of positive thinking, you can use a bad experience to learn something new about yourself, to realize you made a mistake, to come up with a new plan you never thought of before, and more.
Taking the negative and turning it into a learning experience can help prevent a negative situation from happening again. Or, maybe next time you’ll be more prepared!
29. Travel to a random place.
There are many wonderful places in the world. Traveling to a random place can help improve your confidence, open you up to new experiences, and may even make you a little uncomfortable- and sometimes that’s okay.
30. Create a bucket list.
If you don’t have a bucket list, I recommend creating one now! In case you are unaware, a bucket list is where you list all of the major goals you want to meet, places you want to visit, and things you want to do in your life.
Creating a bucket list can give you the motivation you need to work harder towards your dreams, it can give you a sense of direction, and a great feeling of fulfillment as you complete each amazing thing you want to do.
31. Welcome the unknown.
Some people like to ignore the unknown because they are afraid of it. However, you’ll never know what your future holds unless you try new things and welcome different experiences.
When looking forward, you should make a realistic plan for what may happen once you start taking steps to reach your goal. This may make the whole thing much more relaxing and less stressful because you will be more prepared for the unknown.
For example, if you want to leave your job for something else but are afraid of what may happen, one thing you might want to do is to make sure you have a well-funded emergency fund. This way, if it takes you a little longer to find your dream job or dream life, your emergency fund will be there to help ease some of the stress.
32. Be open to new things and tackle your fears.
When was the last time you did something new? So many people live inside their comfort zone when they actually need to branch out every now and then.
Yes, stepping outside of your box can be tough, but what if it completely opened your eyes and changed your whole outlook on life? Wouldn’t that be amazing?
If you want to learn how to live life to the fullest, this is something you need to do every now and then. You could even give yourself a goal to try something new each day, each week, or each month.
33. Become more organized.
Being unorganized can waste a significant amount of your time. It leads to late fees, stress, lost items, and more.
Here are some surprising statistics I found from Simply Orderly about being unorganized:
The average person spends 12 days per year looking for things they can’t find.
Every day, the average office worker spends 1.5 hours looking for things.
In a recent survey, 55% of consumers stated they would save anywhere from 16 to 60 minutes a day if they were organized.
23% of people pay bills late and have to pay late fees because they are unable to find their bills.
34. Be open minded to live a great life.
Being open minded is a great quality. There are billions of people in this world and everyone is different, so instead of judging others we should be more open minded.
And, everyone can stand to be a little more open minded.
Being open minded can help you accept changes, love others, be optimistic, learn from others, and most of all, it’s relaxing. Instead of worrying about what everyone else is doing, you can relax, have less stress, and just accept those around you.
35. Finally get rid of cable.
The average monthly cable bill is over $100. The average cable bill is around $200 a month.
You can read more about cutting cable here and how to save money by doing this. I recommend getting a digital antenna so that you can receive local channels for free!
We don’t pay for any form of TV (not even Netflix!), and we LOVE it.
36. Drink more water to live a great life.
According to Lifehacker, the average person should drink around 9 to 13 cups of water per day. This is just a baseline, though, as if you exercise or are in hot weather, then you should consume more.
However, not many people get anywhere near this amount of water.
Drinking water can help you lose weight, perform better, be happier, prevent headaches, help your skin, and is a must for your body to survive.
37. Make more money.
Here on Making Sense of Cents, I spend a lot of time discussing extra income, side hustles, side income, and how to make money online. I believe that earning extra income can completely change your life in a positive way. You can stop living paycheck to paycheck, pay off your debt, and more, all by earning extra money.
In fact, because of extra income and my blog, I was able to pay off $38,000 in student loans within 7 months, I was able to leave my day job in order to pursue my passion, travel full-time, and more!
Related blog posts:
38. Spend less time on social media.
The average person spends many, many hours on social media each week.
Between Pinterest, Facebook, Twitter, Instagram, Snapchat, and many others it can be quite easy to waste your entire day.
If you find that you are spending too much time on social media and that it is negatively impacting you, you may want to shut down the social media accounts that you are spending too much time on. You can even create a time block so you cannot access your accounts during certain periods of the day, and so on.
39. Declutter and downsize.
Decluttering and downsizing can help you:
To save money. In some cases, a bigger home can cost more due to higher utility bills, more clutter being bought, higher insurance, more maintenance and repairs needed, higher purchasing price, etc.
To have less clutter. The bigger your home, the more likely you’ll have empty rooms that you feel the need to put stuff in. Now that we live in an RV, we are much more mindful of what we buy. We think about every purchase in terms of weight, size, where we can store it, and more.
To spend less time on maintenance and repairs. If all other factors between two homes are the same (age, location, etc.), a bigger home is more likely to take up more of your time and money due to more things breaking.
To spend less time cleaning. A larger home is going to take a lot more time to clean than a smaller one.
40. Have regular family money meetings.
Talking about money and conducting regular budget meetings is an important task for every family and serious relationship to take part in. A family who has regular money talks and budget meetings is more likely to be financially successful and happier than a family that doesn’t.
Regular money meetings can lead to better communication between family members, a more unified financial goal, family members being more involved and motivated, and more.
Read more at Family Budget Meetings – Yes, You Need To Have Them.
41. Keep a journal.
While I don’t have a journal, I do have this blog, which acts as a journal in a way. Keeping a journal can help you reflect on your past, and it also allows you to see the progress you are making towards your goals and dreams.
Plus, spilling your heart out every so often is great for the mind and soul.
Related tip: If you’re looking for a life planner, I highly recommend checking out Erin Condren and looking at their life planners and monthly planners. This can be a great way to stay motivated so that you can reach your dream life!
42. Don’t be afraid to be successful.
When some people become successful and reach their goals, they occasionally start feeling guilty.
Yes, I know, this might seem weird. However, I understand this.
Sometimes I really dislike telling my friends and family how great life is and how much I love my business. I often feel guilty, but I just need to remember that a mixture of luck and hard work led me to where I am. Everyone has their down points, and I had them as well.
You shouldn’t be afraid to talk about your accomplishments, and you shouldn’t ever be ashamed of your success.
43. Sit silently.
When was the last time you just sat down in complete silence with no distractions? For the average person, this is probably a rare occurrence.
Sitting silently can help you reflect on your life and what’s going on in the world around you. It can also help you relax, destress, and clear your mind.
44. Have an emergency fund.
An emergency fund is something that I believe everyone should have. However, according to a report by Bankrate.com, 26% of Americans have no emergency fund whatsoever.
This same report stated that only 40% of families have enough in savings to cover three months of expenses, with an even lower percentage having the recommended six months worth of savings.
This is frightening to me, as having an emergency fund can really help you get through tough parts of your life.
An emergency fund can help you if you lose your job, if your hours are cut back, if you have an unexpected expense, and so on.
Read more at Everything You Need To Know About Emergency Funds.
45. Stay motivated.
Even with how much I love saving money, every now and then it becomes easy to get unmotivated and want to SPEND ALL THE MONEY!
I’m sure I’m not alone either.
While many choose to live a frugal life, it’s not always easy. Some have large amounts of debt to pay off, others find it hard to stick to a budget, and more.
Finding financial motivators will help you continue to work hard towards your goal, even when it seems impossible. Without motivation, one might give up on a financial goal quite easily. This is why it’s so important to learn how to stay motivated.
Read more at Paying Off Debt And Budgeting: Tricks For Staying Motivated.
46. Stop being afraid of your past.
Just because you may have failed at something in the past, this should not prevent you from aiming for your goals. I know people who have completely given up with reaching for hard goals because they weren’t successful in the past. However, that’s a horrible mindset to have.
If you have failed in the past, then you should use those mistakes as learning tools for the future.
What will you do to live an amazing life? What tips on how to live a great life do you have to share with us?
Inside: Learn how much your 80k salary is hourly. Plus find tips to make more money and live the lifestyle you want.
Retirement can be a scary word to those who are not wealthy or afraid of having too much time on their hands.
People in the workforce often don’t know what they will do when their retirement comes around, but it doesn’t have to be that way after all.
For most retirees, there are many reasons they want to work after retirement. And that is 100% okay!
Low stress jobs after retirement make for great part-time careers while still providing enough flexibility to enjoy your personal life. Plus a little extra money is always helpful!
While there is no one “right” answer on which job for you, we compiled a list of 30 great options to consider. All of these jobs offer relatively low stress levels and plenty of opportunities for relaxation and enjoyment.
But before you jump on the first one that comes along, you want to consider which will work best and help ease your transition into the world of retirement.
When you retire, you want to find a job that is low stress and enjoyable. That’s why finding a good retirement job is so important!
The benefits of having a low stress job after retirement
After years of hard work, retirement is a time to relax and enjoy life.
However, for some retirees, working part-time or as a side job can provide additional earnings and a sense of purpose. The following jobs are perfect for seniors over 55, or those post-retirement. They have lower stress levels than the average job and offer many opportunities for growth.
Many retirees below starting a second career after retirement would be difficult and are looking for a job that has fewer strings attached. This may be due to the fact that many retirees feel they have reached the pinnacle of their careers and want more time freedom.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Fortunately, there are many available jobs with increasing demand and most even have lower stress levels than average.
Retirement is a good time to consider additional earnings. This can provide a stream of money for people who want to enjoy life longer and need an additional income. In addition, working can help retirees stay mentally and physically healthy.
Jobs to Do after Retirement
The list is composed of jobs that are perfect for seniors over 55, or even post-retirement. They have lower stress levels than the average job and offer many opportunities for growth.
Some retirees prefer to work part time or as a side job; others want to find a full-time position that will keep them busy and engaged in their community. Whatever your preference, know that there are plenty of great options out there!
Retiring means starting a new life, so it is important to consider this change as the beginning of a new life and not the end of an old one.
So go ahead and take the plunge into retirement! It’s a new beginning full of endless possibilities.
There are plenty of good jobs for retirees!
What are fun jobs after retirement?
There are many fun retirement jobs that pay a small fortune! And what your personality prefers!
Some people choose to continue working in the same field, but in a more relaxed or part-time capacity. Other people choose to use their retirement to try something new and exciting, such as starting their own business, traveling, or taking up a new hobby.
What can I do after retirement to make money?
Now that you’re retired, you may be looking for ways to make some extra money. Luckily, there are plenty of options to make money in retirement available to you!
You could start a business, become a consultant, or tutor students. In addition, you could also look into working from home opportunities or start a blog.
Maybe you want one of the best part time jobs in retirement.
Whatever you choose, make sure you do your research and find something you enjoy so you don’t get bored!
Tips to Making Money in Retirement
The best fun jobs after retirement include working at a theme park, house sitting permanently on a beach or something crazy you never dreamed yourself to do!
One great way to make some money is by selling your skills and experience. For example, interior decorating is a low-stress field that often requires past experience. Alternatively, you could become a real estate agent. Both of these opportunities allow you to use the skills and knowledge you’ve acquired over the years.
Another great option for retirees is to take advantage of the growing gig economy. There are a host of jobs available through online platforms like Uber or Lyft that don’t require a lot of physical activity or travel time. Plus, they typically offer higher pay rates than traditional employment opportunities.
If you’re looking for something a little more relaxing, consider joining one of the many survey sites out there. These sites reward you with a small amount of money for each survey you complete. It may not be much, but it can add up over time!
Finally, if you’re looking for an easy way to make some money, consider something easy like greeting people. This is a great option because it’s so easy and doesn’t require any special skills or knowledge.
Which job is stress free and high paying?
There is no such job that is stress free and high paying. All jobs have their own unique stressors and rewards. It is important to find a job that is rewarding to you and that you find manageable levels of stress.
There are many jobs that are considered “stress free” after retirement.
For example, many seniors are now looking into jobs such as being a consultant or working in customer service. These positions offer a more relaxed work schedule and usually don’t require extensive training.
In addition, the amount of money one earns from a job is directly related to how much work one put into it. If you’re willing to put in the extra effort, you can make significantly more money than those who don’t.
Really Focused on less stress?
Many seniors are also looking for jobs that don’t involve stress or concern. Proofreading is one such position that meets these qualifications. The job requires native-level English proficiency and an excellent understanding of grammar to succeed. In order to be successful in this field, you have to proofread documents that contain no grammatical errors, punctuation mistakes, or syntactic flubs.
You need to find a job that feeds your soul and doesn’t seem like work.
Plus it is fun to tell others what do you do for a living.
Best low stress jobs after retirement
Some people want to use their retirement as a vehicle to start their side hustle and be more relaxed than they were during work hours. This is a great way to spend your retirement! Most cool retirement jobs require little-to-no experience, but some do.
At the end of the day, you must decide if you want to work for yourself and start your own company with a higher earning potential. Or work for someone else with less strings attached and lower pay.
In many cases, you might be stuck working because you didn’t save for retirement, so here are a few jobs that are perfect for seniors over 55 years old, or even after retirement:
1. Freelance writing
Freelance writing can be a good source of income when one has the skills and experience to do so. The best part? You get to set your own hours and take on as much or as little work as you want!
This may not sound like a low-stress job at first, but it’s actually an excellent low-stress job! Being your own boss offers incredible benefits. Best of all, you can do it in a completely stress-free environment by deciding in advance exactly how many hours you want to work.
In fact, my friend over at More Time to Travel does freelance writing for Forbes.
Freelance writing is a great way to make money from home. Be sure to have a strong portfolio and excellent writing skills to land quality freelance writing jobs. Here is a great freelance writing course.
2. Tour guide
This is perfect for someone who loves people and to discuss their worldly knowledge.
A tour guide is someone who accompanies tourists and provides information about the areas they are visiting. They are usually seniors because no special certifications or degrees are required. However, it can be a fun job for anyone who loves meeting people and has a lot of knowledge about their area. Some tour guide jobs offer tips and the opportunity to travel.
A good tour guide will have a deep knowledge of the areas they are touring and will be able to answer any questions the tourists may have. Plus cash tips are always a perk!
3. House Sitter
You can house sit for someone you know, or use a site like Mind My House to find paying gigs. Rates vary depending on the city, but typically you can expect to earn $25-50/day as a house sitter.
It allows you to live in new places without having to commit to long-term leases, and it gives you an opportunity to meet new people and explore new neighborhoods. Plus, it’s a great way to make some extra money on the side as well as lowering your monthly expenses!
If this is something you are seriously considering, then check out this book to learn how to housesit from an expert.
4. Librarian
Librarians are responsible for organizing and managing library collections, helping patrons find information and materials, and providing instruction on how to use library resources. They typically work regular hours in a library setting, and their work is relatively active.
They also need excellent research skills and the ability to stay up-to-date on new technologies.
However, job prospects are good to work in this quiet environment.
5. Customer Service Representative
Jobs in customer service usually don’t require a lot of experience or special training, so they can be a great way to ease into retirement. And since most customer service positions are in the service industry, you’ll likely get to meet new people and help them solve problems every day.
They may work in call centers, retail stores, banks, or insurance companies. In some cases, they may also work remotely from their homes. Customer service reps typically need strong communication and problem-solving skills, as well as the ability to stay calm under pressure.
6. Craft seller
Many people don’t have time for their crafts like they wanted when working full-time and raising kids. So, retirement is a perfect time to become an artisans who make and sell their own products.
You can set your own hours, work from home and sell whatever you like. There are many online marketplaces that cater to craft sellers, so you can find a platform that fits your style and interests. In addition, you can attend craft fairs and other events to sell their work in person.
Make sure to price your items competitively and take the time to create an attractive product listing. Plus ship quickly and provide excellent customer service to keep buyers coming back for more!
7. Crossing Guard
It only requires a few hours of work per day, and the pay is decent around $15 an hour.
The job does not require any special skills or training, so it is an ideal way to spend your golden years. Plus you can keep youthful by staying around all of the school-aged children.
8. Blogging
This is a form of expression for most retirees or those thinking about retiring.
It can be a low stress job after retirement, as you can do it from the comfort of your own home and set your own schedule. You don’t need any special qualifications or training to start blogging – all you need is a computer, an internet connection, and something to write about.
Blogging is a great way to create fresh, new content on a regular basis for your website. In fact, my friend over at Tuppennys Fireplace uses blogging to drive extra money to their retirement budget each month.
You can sell advertising space on your blog, use affiliate marketing to promote products and services, or even launch your own product or service. The sky’s the limit when it comes to making money from blogging – so if you have something interesting to say, go for it!
9. Elder Care Services
Services can range from in-home help to full-time nursing care, and each has its own benefits and drawbacks.
While this may seem odd as a low stress job in retirement, it is a good reminder that you are still youthful in others’ eyes.
These may be simple jobs such as picking up groceries, light cleaning, cooking meals, or companionship during the day. Given the cost of nursing homes and certified nursing assistance, this is an affordable option for families who want extra eyes on their loved ones.
10. Private Island Caretaker
Okay, this is the one I want!
If you are reading this and need a caretaker, I am happy to be the right person for your estate.
A lot of caretaker jobs are in private areas, such as private islands, ski resorts, large estates, and other remote or private areas. This is often because employers need someone they can trust to be on-site full time and take care of things.1) Private Island Caretaker
Caretaker jobs are a great way for retirees to stay engaged and active in their golden years. They can provide a sense of purpose and routine, as well as an opportunity to explore new places and meet new people.
11. Docent or Usher
One low-stress job that retirees can consider is becoming an usher at their local theater or sporting area. This job does not require much training and typically pays minimum wage, but it can be a great way to meet people and see new shows and watch sports.
A docent is someone who has expert knowledge about a certain subject and can teach people about it through guided tours and lectures. They are often found in museums, art galleries, and other places where people can learn about the arts.
For many retirees, these are the perfect jobs to get paid for enjoying their hobbies and events they didn’t have time to see when working full-time.
12. Work at Disney
Jobs at Disney parks can be both fun and challenging, with plenty of opportunities to make new friends and help guests have a great time. You’ll need to be able to work hard and stay cheerful under pressure, but the rewards are many.
If you’re interested in working at one of the happiest places on earth, visit the Walt Disney Company website to learn more about current openings and how to apply.
Perfect for the retiree to stay youthful!
13. Invest in Various Intiatvies through Crowdfunding
When it comes to investments, there are many options to choose from that can fit any personality type.
Crowdfunding was created to help more people invest in various businesses by pooling resources together. This makes it more affordable and less risky for everyone involved.
For many retirees, this is a great way to impact start-up businesses and maybe even have a great ROI on their money.
14. Tutoring
Tutoring can help students learn in a one-on-one environment, and help them to focus on the material. Tutoring can also help build a student’s confidence, and help them to ask questions they may be too embarrassed to ask in a classroom setting.
It’s a great way to help students who are struggling and give them the support they need to succeed. You also get the satisfaction of knowing that you’re helping young people achieve their goals. Tutoring can be done in person or online, so it’s a flexible job that you can fit around your schedule.
In today’s society, there are plenty of opportunities to help students achieve faster with tutoring. Most tutors are paid at least $30 an hour.
15. Virtual assistant
There are many low stress jobs that can be found online and Virtual Assistants are one of those jobs.
A virtual assistant is a professional who provides administrative, technical, or creative assistance to clients from a remote location. Often, virtual assistants work for multiple clients simultaneously, providing a wide range of services including social media management, email management, bookkeeping, and more.
They provide a service to their client through the internet and This is a great way for someone with retirement to start making money fast because most VAs make between $35 and $50 an hour.
Take free training for becoming a virtual assistant!
16. Personal shopper
A personal shopper may work in a store, helping customers find what they need, or they may work remotely for a customer who gives them a list of items to purchase. Either way, personal shoppers usually charge by the hour.
It also pays well, especially if you work for a high-end retailer. And since you’re working with customers one-on-one, this is a great job for someone who enjoys helping others. Perfect for a retiree to get out and about.
17. Personal organizer
They may work with individuals or groups, in both business and personal settings. Personal organizers usually have excellent time management skills, as well as a thorough understanding of the principles of organization.
This type of position is great to keep you moving as well as help others.
18. Animal shelter worker
They may feed, groom, and exercise the animals, as well as administer medication and vaccinations. They also clean cages and kennels, and may handle adoptions. The work can be physically demanding, but it is also very rewarding to help homeless animals find new homes.
For someone who loves animals, this is a perfect opportunity to make money and help neglected animals.
19. Book store assistant
The work is relatively easy, and there are usually no major deadlines to worry about. Plus, bookstores are typically quiet and calming environments, which can be a nice break from the hustle and bustle of everyday life.
If you’re looking for a relaxed job after retirement, this could be it!
20. Photographer
Some people take up photography as a hobby, some as an art form, and some as a profession. The beauty of photography is that it can be whatever you want it to be. There are so many different types of photography, based on your taste and choice you can choose which area to focus on first.
In addition, photography is a great low stress job after retirement!
It can be done freelance to supplement your income or on a full-time basis. There are many opportunities for photographers, and the work is generally enjoyable.
21. Life coach
After retirement, there are many low stress jobs that a person can take on. One such option is becoming a life coach.
This job involves helping people work through their problems and achieve their goals.
By becoming a mentor for the next generation, you are able to have a lasting impact and legacy. This allows you to share your wisdom and knowledge while also helping someone else in their career path.
As a life coach, it’s important to be a good listener and have strong communication skills. Additionally, new graduates might be able to offer you fresh perspectives on life that you may not have considered before. It’s easy to become a mentor to coworkers or people in your field; all it takes is some time and effort.
22. Consultant
Consulting is a broad term used to describe an area of work. It encompasses a wide range of activities and can be done by anyone with the appropriate skills and experience.
Many retirees choose to focus on the areas they enjoyed at work and avoid stressful parts, becoming consultants in those fields.
Often, retirees are a great resource for companies looking for short-term or project-based work. If you let your network know that you are available for consulting opportunities, they may be more likely to reach out to you when they have a need. Additionally, the average consultant salary is between $50 and $150 per hour, depending on experience level.
23. Walmart Greeter
Greeters welcome customers, help them find what they need, and provide general information about the store. They may also monitor security cameras and alarms in the store. The position requires little training, and most Walmart greeters are given on-the-job training.
However, greeters must be able to handle stress well, as they are often the first point of contact for customers who are angry or upset. The position also requires being able to work weekends and holidays.
24. Dog walker
Dog walking is a great job for people who love dogs and want to make a difference in the lives of animals. It is also perfect for retirees who want to stay busy and have flexible hours. The work can be enjoyable and rewarding, and it is a low-stress profession.
Dog walkers are typically paid by how many dogs they are watching at any given time, rather than by the hour. There are specific websites where you can find work as a dog walker like Rover and the average pay is $14 an hour.
25. Pet sitter
A pet sitter is a professional who is hired to take care of pets while their owners are away. Pet sitters typically visit the home of the pet owner to feed, water, and exercise the pet. They may also provide additional services such as grooming and medication administration.
For example, many retirees enjoy pet sitting because it allows them to form close relationships with animals while also providing a service to their community.
Find plenty of pet sitting gigs on Rover.
26. Camp Host
After retirement, many people are looking for a low stress job that will allow them to travel, get outside, and see new places. Campground jobs are perfect for this because you can work during the day and explore at night.
Camp hosts are people who work at a campground to provide information and assistance to guests.
Campsites allow for some flexibility in terms of location – you may be able to choose the state or national park you’d like to work in, as well as the dates of your stay. Additionally, many camp hosts have a good deal of control over their schedules, which can be a perk.
They usually work for minimum wage, but can often receive tips from guests.
27. Adjunct Professor
Many retirees take on part-time work as adjunct professors. The position offers a high level of flexibility, good pay, and opportunities for professional development. In addition, adjunct professors often have the opportunity to work with students from diverse backgrounds and help them grow academically.
This can be a great way to share your knowledge and expertise with the next generation of students. Contact your local college and see if they have any openings. Adjunct professors typically earn around $3,000 per class taught.
28. Author
Becoming an author can be a great way to enjoy your retirement years while still earning some extra money on the side. The job doesn’t involve a lot of pressure, and you get to set your own deadlines.
There are a few different ways to get your book published. One option is to work with an agent. However, this may not always be possible, especially if you are writing a non-fiction book. Another option is to self-publish your book. This can be a great way to get your book out there without having to go through a publishing house.
You will finally have time to tell your story from your perspective.
29. Focus group participant
Focus groups are gatherings of people who are brought together to discuss a certain topic. The participants can range from 6 to 12 people, and they are typically held in local hotels or conference centers. During the focus group, the participants will discuss upcoming products, services, trends, and issues.
Focus group participants are typically reimbursed for their time and participation in the discussion. This can be done in a variety of ways but is usually either through cash or gift cards.
30. Furniture flipper
Furniture flipping is a great business for those who want to make some extra money with little stress and no formal education needed. You can do it from the comfort of your own home, as long as you have the necessary tools and space. With a bit of hard work, you could be on your way to making some serious cash.
Furniture flippers are people who buy furniture at a low price and resell it for a profit. They usually start as furniture buyers who love hunting for deals at garage sales or estate auctions. This is a low-stress job that’s also profitable.
For many retirees, it may have been a hobby turned profitable.
31. Delivery driver
Delivery driver is a great job for retirees because it keeps them active and socially engaged. It can be difficult to sit at home all day, so this job is perfect for those who want to be out in the world meeting new people.
Delivering food is a great way to make some extra money in your spare time. It’s a low-stress job because you’re only out of the car for deliveries, and many companies offer drivers up to $20 per hour.
I love Doordash because their sign-up process is so easy–you can be up and running in minutes!
32. Rideshare driver
Ridesharing is a great way for seniors to make some extra money on the side while still having plenty of time for themselves. It’s very flexible, so they can work as much or as little as they want, and it doesn’t require them to take too much time out of their day.
Both Uber and Lyft require relatively little startup capital, and retirees can often make money driving for these companies.
Just make sure you have the proper auto insurance for ridesharing.
33. Taxi Driver
Taxis are in high demand in most cities, so there is always work to be found. In addition, the hours are flexible, so drivers can work as much or as little as they want.
And since driving a taxi is not very demanding physically, it is a good job for those who are no longer able to do strenuous work.
Many people who move to a foreign country find being a taxi driver a highly rewarding and lucrative way to make money.
34. School Bus Driver
There is a severe shortage of school bus drivers across the country.
This may not be a low stress job to many, but you can have a long lasting impact on the students. Right now, our students need positive influences in their lives.
What does the job entail? You must have a valid commercial driver’s license (or find someone who will provide the training) and be clear from moving violations in the last 3 years. In addition, you must pass a background check to work with students.
Many districts are desperate for school bus drivers and providing a signing bonus.
35. Chat moderator
Chat moderators are responsible for monitoring chat rooms and helping to ensure that the conversation remains on topic and respectful. They also work to resolve any disputes that may arise.
They work in a variety of settings, from social media to online gaming platforms.
But for the most part, the job is relatively low-stress, thanks to the ability to take breaks and work flexible hours. Chat moderators also often have the opportunity to learn new technologies and hone their customer service skills.
36. Babysitter & Nanny
Babysitting and nannying is a great way to make some extra money in your spare time. It’s perfect for people who love kids and have a few hours in the afternoon after school lets out. You can help out your neighbors by babysitting their kids or finding families near you who are looking for a nanny.
They offer a lot of flexibility, they’re relatively low stress, and they often come with a set schedule so you know what you’re doing each week. Plus, you can usually work from home, which is a big perk if you want to stay active in your golden years.
The average babysitter in the United States earns a bit less than $15 per hour, but some earn at least $20 an hour. It is easy to find work.
37. Event Staff
Event planning can be a very stressful job, but it can also be a very rewarding one. After retirement, many people look for a flexible job that they can do mostly on the weekends and in the evening. Event staff is a great option for those people.
They may work in a variety of industries, including entertainment, hospitality, marketing or nonprofit organizations.
Event staff often have to wear many hats during an event, handling duties such as coordinating with vendors, setting up event spaces, managing attendees, and serving as liaisons between organizers and other staffers.
This may not be the situation for everyone, but great for someone who likes to be in the action.
38. Research Assistant
After retirement, many people feel lost and without a sense of purpose. A research assistant helps others find information and discover problems to solve. They work with teams or individuals to locate the best information possible and help them use it effectively.
Research assistants are in high demand because they help other people find information and solve problems. They work on a variety of tasks, such as conducting research, organizing data, and writing reports. Their skills are in high demand by companies, governments, and individuals who need help conducting research.
The job is relatively low stress and pays between $18 and $22 per hour. It requires patience, communication skills, and a range of computer skills.
39. Substitute Teacher
A substitute teacher is someone who fills in for a permanent teacher when they are absent. This can be for a variety of reasons, such as paid vacation, maternity leave, or sick leave. It is a great option for retirees because it is one of the most respected and low-stress jobs after retirement.
This is one of the best retirement jobs because you can substitute teach any position within a school.
Substitute teaching can be extremely rewarding, as you are able to help students in need and fill in for teachers who are absent. You may also have the opportunity to work with different age groups and learn new things.
It is now possible to earn around $20 per hour on average as a substitute teacher. In order to become a substitute teacher, you need to have a bachelor’s degree in any academic discipline from an accredited college or university. With the right qualifications, you can enjoy a great deal of flexibility and earning potential while working with children.
40. Airbnb Host
You can earn up to $1,000 per month by listing your home on the site.
It’s also a low-stress job since you don’t have to worry about meeting deadlines or dealing with customers. And, since you’re working from home, you can easily take care of any last-minute changes or emergencies.
If you’re interested in becoming an Airbnb host, check out this guide on how to get started.
41. Proofreading
In this career, you would be reading documents or manuscripts and looking for mistakes in grammar, spelling, punctuation, and syntax. You would then mark the errors with a correction symbol and provide a note to the author about the mistake. Proofreading can be done independently or as part of a team.
It is also important to be able to meet deadlines because many publishers require that manuscripts be returned within a certain timeframe.
42. Park Ranger
They enforce park rules, help visitors enjoy their visit, and provide information about the areas they patrol. Park rangers may also conduct educational programs, research projects, and archaeological surveys.
The growing popularity of outdoor recreational activities will lead to more demand for these workers.
Rangers must be able to hike long distances in difficult terrain, often carrying heavy equipment. They also may need to work extended hours, including weekends and holidays, during peak visitor seasons.
43. Voiceover artist
Voiceover artists are people who provide the voice for a character or commercial. They must be able to understand and interpret the script, and then deliver the lines in a way that sounds natural and believable.
Voiceover artists are in high demand for their unique ability to provide a voice for various multimedia productions that requires no formal training. This work can be done from anywhere with a good internet connection, making it an ideal job for retirees or those with flexible hours.
44. Real Estate Agent
The work is often exciting, and you can set your own hours. However, it can also be demanding and require long hours during busy times.
They must be knowledgeable about the current market conditions and have strong negotiating skills. In order to succeed in this career, you’ll need to be able to work well independently and be comfortable networking with potential clients.
You’ll also need to develop a strong marketing strategy to attract new clients.
45. Sports Coach
They may also instruct athletes on the rules and regulations of a sport. Sports coaches typically have a college degree in physical education, kinesiology, or a related field.
Coaches often work long hours during the season and must be able to handle criticism from players and parents. However, for those who love sports and enjoy working with people, sports coaching can be an enjoyable and low-stress job after retirement.
46. Artist
Being an artist is a great job to have after retirement because it doesn’t require a lot of stress and you’re free to create whatever you like. The only requirement for the job is that you have some artistic ability, which most people do.
Working as an artist can be perfect for people who are looking to have more flexibility with their hours and want to work on the go. There are many different types of artist jobs that one can find, and the best way to find out what’s available is to do some research online or talk to other artists in your area.
47. Translator
Translation is a great option for those who want to use their second or third language skills in a professional setting.
Many retirees find themselves with time on their hands after retirement and may enjoy doing something that they are good at and can be successful at. Speaking another language can lead to many opportunities, including working as a translator or in a translation services company, or becoming a consultant in foreign affairs.
Translators must be able to understand the source material fully and then accurately convert it into the target language.
48. Interior decorator
Interior decorators are in high demand because they have an eye for design and can help people make their homes look beautiful. This is a low-stress career choice that allows retirees to work anywhere, which is why it is becoming increasingly popular.
Interior decorators are often retirees who have a wealth of knowledge and experience in interior design. They must build up a portfolio of their clients’ homes before they can become an interior designer and be able to charge more for their services.
Interior decorating is a creative line of work that can earn great money, and it’s often a side hustle for people who want to make more money while still having free time. Satisfying customers is another perk of this career!
49. Handyman Services
If you’re looking for a way to make some money after retirement, and enjoy doing hands-on home repair projects, consider working as a handyman. Handyman work can be done on your own schedule, so it’s a great option if you want more flexibility in your life.
Handyman services are becoming more popular because they allow you to set your own rates and work on your own schedule.
This is beneficial for both the worker and the customer, as it allows the worker to charge a fair price for their services and customers can get work done on their time. Additionally, handymen have a variety of skills and can fix many problems around the home, which makes them a valuable asset.
50. Professional cuddler
Cuddling has become a popular service in recent years. Companies like Cuddle Comfort offer professional cuddlers that will come to your house and provide you with a compassionate, understanding listening ear as well as some quality cuddle time.
Some people make a living from professional cuddling. These cuddlers can earn approximately $40 per hour for just being themselves and giving bear hugs. This is a growing industry with many people finding comfort and satisfaction in human touch.
51. Mediator
To become a mediator, you need to have either legal training or a bachelor’s degree in mediation. This gives you the skills needed to mediate and resolve disputes between two or more parties. Mediators usually have a low-stress job because of their flexibility and freedom to work from anywhere.
Mediators come from a variety of professional backgrounds, but the majority have some form of legal background. More than half of certified mediators work as general mediators, charging $100 to $250 per hour.
52. Data entry specialist
A data entry specialist is somebody who enters data into a computer system. This can be a very low stress job, especially if you have basic computer skills and typing speed and accuracy. The work is relatively easy to find and usually does not require any specific qualifications.
Data entry specialists are paid a modest wage for their work, but the pay is reliable and predictable. The job is also relatively easy to find, making it a great option for people who are looking for additional work during retirement or in their spare time.
Being able to type quickly and accurately in order to be successful in this role.
53. Waiter/ Waitress
If you have a gift of gab and service, then this might be the perfect industry for you. Especially as a bar back!
The work hours are flexible, the tips are usually good, and you get to meet new people all the time. Plus this type of job is fun, as it’s not high-stress and it allows someone who just retired or wants a job with flexible hours to stay active socially while they make money.
If you’re looking for an alternative after retirement, waiter or waitress work is definitely a good option.
54. Cook
Many families are looking for healthy options for dinner. What is better than a home-cooked meal?
While working as a cook for a restaurant, you may often work long hours in a hot, noisy kitchen. However, cooking for local families on a small scale may be the perfect scenario.
55. Become a Transcriber
Transcription is a great way to make some money after retirement. You can typically make around $18-$25/hour, depending on your skill level and experience.
The work is relatively low stress, so it’s a great option for those looking for a relaxing way to make some extra income.
56. Retirement planner
Some retirement planners offer training and certification for their employees. The employer might pay for your training and certificate if they feel confident enough in hiring you as an employee after seeing how well you do these tasks.
This may not be the ideal situation for many, but it pays well.
57. Flip Items
Flipping items for profit is a great way to make some extra cash. You can find deals at garage sales and online, and then turn around and sell them for more.
Be sure to look out for scams, however, as there are many people who try to take advantage of those looking to flip items.
To learn how to flip for a side hustle, check out Flea Market Flippers.
58. Professional Volunteer
Charity work is a great way to give back to the community and help those in need. There are many charities that need help, and by donating your time or money, you can make a big difference in someone’s life.
It can also be a great way to ease into retirement. Many charities are always in need of volunteers, and you can often find opportunities that fit your schedule. You may also be able to find paid positions with certain charities.
You will have the opportunity to help others and make a real difference in their lives. You may also find new friendships and learn new skills.
It keeps you social and busy, and it lets you help out in your community. Plus, many organizations offer volunteer opportunities tailored to retirees’ skills and interests.
In fact, many volunteer opportunities turn into paid jobs.
How to find a job that is low stress and matches your skills?
Which best jobs for retirees do you want?
When you’re looking for a job that is low stress and matches your skills, it’s important to consider a variety of factors. For example, employers want employees who can work independently and are well-organized. They also want employees who can communicate clearly. You should have a basic understanding of the job duties as well.
If you have specific skills, you may not need these things as much.
However, employers still want employees who can complete tasks without any help from others. There are a variety of ways to find out about such jobs, including using search engines or social media sites like Facebook and LinkedIn.
Also, whoever says you have to wait for retirement?? Find low-stress jobs that pay well without a degree now.
It’s also important to be aware of the pay structure. Often, employers want employees who will be able to work for them on a long-term basis. The pay structure is often predictable and employers know exactly how much work there will be available for each project. This makes it easier for both parties involved.
One way to find a job that is low stress and matches your skills is by using online platforms like Upwork, Freelancer, and Fiverr. These platforms offer many data entry jobs that are perfect for those looking for an easy way to make some money after retirement. In order to take advantage of these jobs, you’ll have to learn how to type fast.
Know someone else that needs this, too? Then, please share!!
One of my most favorite questions that I often get as a financial planner is
“What’s your best rates on Roth IRA’s?”
Coming in at a close second is,
“What’s the best stock to buy right now?”
Both of those questions are extremely hard, if not impossible, to answer. In addition, the question I get on Roth IRAs makes almost no sense at all. So, how would you explain Roth IRA rates to someone?
Whenever I get that question, I typically start by explaining what an I-R-A stands for: Individual Retirement Arrangement (emphasis on arrangement), not Investment that Returns A lot or Interest Rate Account.
I have to admit that I even thought that the “A” stood for account at one point in my life. However, I was informed by my readers that the Internal Revenue Service actually refers to them as “arrangement”. (Thanks to my readers for keeping me on my toes!)
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Another important fact for everyone to realize is that Roth IRA’s don’t pay anything or have interest rates attached to them. They are just a type of account – a retirement account.
Roth IRA’s Are Not Investments
The Roth IRA serves as a retirement “account,” but not a retirement investment. Many people have the belief that IRA’s are like a CD that pays out interest.
However, this is only true if you invest in an IRA at your local bank. In this case, you are purchasing a CD within the IRA because CD’s are typically the only investment option that is available (some banks now do have in house brokerage firms that allow you to put money into other investments).
So in this case, the best IRA rate you can get on your Roth IRA Account is what the going CD rates are.
IRA’s Are The “Investment Vehicle”
I have always explained the IRA as your own personal investment vehicle. Once you open an account, you can then choose which type of passengers go inside your vehicle.
Of course, a mental image of a clown car might be coming to mind at this point. You can have as many clowns in your IRA as you want – or as few as you want.
You could have all your money invested into Walmart stock or spread out across 100 different stocks (You would have to have a substantial amount of money in the IRA to do this).
If you open a Traditional or Roth IRA at a brokerage firm, you may invest into CD’s just like at your local bank, but you also open the door to many other investment choices. Then, what your IRA pays is determined on the actual return of that investment.
If you had invested into the stock market in 2008, your Roth IRA probably paid closer in the -30% range. (Ouch!)
When somebody asks me what the best Roth IRA rate is, I simply respond with:
“It depends.”
Then I wait for confusion to set in.
Let’s Define a Roth IRA
Now that we have explained how a Roth IRA doesn’t really have “rates” of its own, let’s delve into how Roth IRAs actually work. In summary, a Roth IRA is a retirement account that is funded with after-tax dollars. As such, many people use a Roth IRA in conjunction with a tax-advantaged retirement account.
For 2016, the maximum amount most people can contribute to a traditional or Roth IRA is $5,500. Those ages 50 and older can make what is known as a “catch up contribution” and contribute up to $6,500 each year.
Not everyone can open a Roth IRA, however, due to the rules that govern this retirement account. To be able to contribute the maximum amount to a Roth IRA in 2016, for example, you must:
Be single or head of household with an income less than $117,000
Be married filing jointly with an income less than $184,000
The income cut-off for Roth IRAs doesn’t come to an abrupt halt. At $117,000 for singles and $184,000 for married couples filing jointly, the maximum amount you can contribute begins to phase-out gradually. For 2016, the phase-outs for retirement savers are as follows:
Single or head of household begins phasing out at $117,000, and becomes ineligible at $132,000
Married filing jointly begins phasing out at $184,000, and becomes ineligible at $194,000
Roth Accounts that Handle Investing For You
Traditionally, when a person opened a Roth IRA account all of the interest earned would depend on their ability to invest in stocks, mutual funds, or other investments. With better artificial intelligence that is not the case any more.
A new type of investment advisor has been created by using machine learning to make the investments for us. These new advisors are called robo-advisors and have become a very popular place to open your Roth IRA. Currently there are two main competitors who offer a Roth account:
Wealthfront – Is a very good service and is top notch on their technology. Their entire platform is designed so you do not have to talk to a person. Once you do the initial risk assessment survey they take it from there. You can open an account with Wealthfront with only $500 and there are no fees on the first $10,000 you invest. After the $10k threshold you only pay 0.25% on all additional money invested.
Betterment – Betterment is the largest of the robo-advisors and has been a personal favorite. They offer their services for a low fee of 0.25% and the back end is really slick. When you open an account with Betterment, you will have a five minute questionnaire that determines your risk tolerance and then they do all the investing and adjusting for you.
Why are Roth IRAs so Popular?
If you read about retirement strategies at all, you have probably heard all about the Roth IRA and its benefits. Year after year, Roth IRAs remain popular among those serious about saving for retirement, and for myriad reasons. Here are some of the reasons Roth IRAs continue to pique the interest of retirement savers everywhere:
By contributing with after-tax dollars now, you can save on taxes later. Since Roth IRAs are funded with after-tax dollars, you don’t get a tax break on the front end when you choose to contribute. However, many people see this as much more of a positive than a negative. By contributing to a Roth IRA with after-tax dollars, you can avoid paying taxes on distributions down the line. That’s right; contributions to Roth IRAs grow tax-free and distributions are also tax-free.
You can contribute to a Roth IRA or traditional IRA in addition to your tax-advantaged retirement accounts. Anyone who is serious about saving for retirement will want to max out as many retirement accounts as possible while they’re still young. Fortunately, you can contribute to a Roth IRA even if you max out your work-sponsored 401(k) or retirement account.
Diversify your exposure to taxes. Where tax-advantaged retirement accounts let you avoid paying taxes on your contributions now, a Roth IRA provides the opposite experience. Because of this, many people see having both types of accounts as a way to diversify their exposure to taxes in the future. Anything you contribute to a Roth IRA will grow tax-free. And once you’re ready to begin taking withdrawals, the money you receive will also be tax-free.
You can withdraw contributions without paying a penalty at any time. Here’s something few people know about their Roth IRA. If you want, you can withdraw your contributions at any time without penalty. Because of this, many people see the Roth IRA as a type of savings account as well. Just remember, you can withdraw your contributions without penalty at any time, but not your earnings.
You don’t have to begin taking distributions at a certain age. While traditional IRAs require you to begin taking distributions at age 70 ½, Roth IRAs don’t have that requirement. Because of this, they offer more flexibility than most retirement plans. Since Roth IRAs will let you grow your money indefinitely, you can hold onto them at the last minute and only begin taking money out when you need it.
How to Decide if You Should Open a Roth IRA
So, at this point, we have covered what a Roth IRA is and what it isn’t. We have also talked about who qualifies for one and highlighted the major benefits that come with using a Roth IRA for retirement.
But, is a Roth IRA really right for you?
When deciding whether to open a Roth IRA, it’s important to consider your individual situation and your retirement goals. A Roth IRA might not be right for everyone, but opening one is probably a smart move if you fall into one of these categories:
You should consider a Roth IRA if…
You want to save as much money for retirement as you can. If you’re serious about saving for retirement, the Roth IRA offers one more place to stash your money away. Even after you max out your work-sponsored 401(k), you can still put $5,500 in a Roth IRA or traditional IRA in 2016 (or $6,500 if you’re ages 50 and older). If you have a lot of discretionary income and want to put it away for future use, the Roth IRA is a no-brainer.
You think you will be in a higher tax bracket later. Since the Roth IRA is funded with after-tax dollars, the money you invest is allowed to grow tax-free. Then, you’ll get tax-free withdrawals once you begin taking money out – as long as you’re ages 59 ½ or older and your account has been open for at least five years. If you think you might be in a higher tax bracket when you retire – or if you worry taxes will be higher for everyone across the board – investing with a Roth IRA is one way to shelter yourself from higher taxes in the future.
You want a retirement account that allows you to withdraw contributions without paying a penalty. With a Roth IRA, you can withdraw your contributions at any time without a penalty. This makes this account very different from other tax-advantaged retirement accounts which require you to pay a penalty if you choose to take your contributions out early. This is also the reason many people who want some flexibility choose to invest in a Roth IRA. Since you can withdraw your contributions without a penalty at any time, any money you invest will remain within your reach.
You want to provide your heirs with some tax-free funds upon your death. If you’re worried about your heirs getting stuck with a huge tax bill, having a Roth IRA might be a smart move. Because these accounts are funded with after-tax dollars, your heirs can generally access this money without paying taxes upon your death. If you hope to save your heirs from paying at least some taxes on their inheritance, the Roth IRA is a smart investment vehicle in that respect.
You want at least one account you don’t have to touch. If you want at least one retirement account that doesn’t come with a minimum age for distributions, the Roth IRA is an extremely smart choice. By opening this account and funding it for a lifetime, you create a retirement nest egg that won’t need to be accessed once you reach a certain age. Whether you live to be ninety-years-old, you’ll never have to take a single cent out of your Roth IRA if you don’t want to.
You want to invest in diverse investment products. While a work-sponsored 401(k) plan might offer limited investment choices, the fact that you can open a Roth IRA anywhere and on your own terms means you get to choose where you invest that money. That could mean investing in stocks, bonds, mutual funds, and more. Of course, you’ll also get to choose a firm to invest that money for you. While Ally Invest is one of our favorite options, you’ll find an array of choices out there.
We also highlighted some other top choices in our guide on the best places to open Roth IRA.
The Bottom Line
I hope you have enjoyed this primer on the fallacy of “Roth IRA rates,” along with a general idea of Roth IRA Rules and guidelines. Now that you know all about this exciting investment vehicle, it’s time to figure out if a Roth IRA is actually right for your situation.
No one can make this decision for you, but I hope we highlighted some of the top reasons a Roth IRA might work in your favor. As a general rule, having more money saved for retirement is better than not having much saved at all. The Roth IRA is just one more place to stash your money where it can grow over time and be there for you when you’re ready to retire.
Save more, spend smarter, and make your money go further
Labor Day is a time to recognize the hard work we all put in year-round. Why not get away for the weekend? Here are some helpful tips to save money while you relax, plus a look at Labor Day’s origins and some fun facts.
Save more, spend smarter, and make your money go further
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Today’s post is all about the best car buying tips so that you can save money when buying a car.
Not all car dealerships and car salesmen are bad. I know this for a fact because my husband used to be a new car salesman (and he was nice! I promise!). My husband knows all about the flack that salesmen get.
Despite the reputation car salesmen get, the car buying process is not perfect either.
Whether you are purchasing a new or used vehicle, there are several car buying tips and tricks you should know of so that you can walk away with the best deal possible. There are so many options and extras that come up when buying a car, which means there are many ways for you to end up leaving confused or paying more than you should be.
Whether you are buying a $500 car or a $50,000 one, you want to get the best deal possible. To make sure you don’t walk away from a deal angry or regretful, it’s important to be as knowledgeable as possible.
According to Edmunds.com, the average person in the U.S. spends $483 on a new car payment and $361 on a used car payment.
That’s a lot of money, which can leave a lot of room for mistakes and overpayment.
Before we begin, I want to tell you about several ways that car dealerships make their money. These are things you will want to be mindful of:
Your trade-in vehicle. To make a profit on your used car, they will want to offer you less money than they can sell it for. Of course, this is normal, but you want to be mindful of this so that you can get the most money out of your trade-in vehicle.
Incentives and bonuses from the car manufacturer. This means that if you can buy a car when a dealership hasn’t reached their selling quota, you may be able to get a great deal on your car purchase. Many times car dealerships will take a loss on the vehicle if it means that they will be able to reach their quota.
Financing the vehicle. Dealerships make money when you finance vehicles through them.
Extra options, such as an extended warranty.
Buying a new car can be fun and stressful at the same time. You don’t want to get tricked or duped, so here are car buying tips and tricks before you start shopping!
The best car buying tips:
Don’t just think about the monthly payment.
The most important car buying tip I can offer in this blog post is that you should not just care about the monthly payment.
You should only purchase what you can actually afford. Just because the monthly car payment looks affordable, it doesn’t mean that it actually is.
There are car payment terms that are as long as 96 months, which is just crazy to me. A car salesperson may stretch out the car payment so that it looks to be more affordable for you, but you should be aware of the whole cost, which includes things like interest and taxes.
Please, please, please, look at the whole cost and see if that’s actually an affordable amount for you to be paying.
Shop around for your own financing.
If you have to finance your car purchase, make sure you shop around before you agree to the dealer’s interest rate. Sometimes the dealer has the lowest rate, but sometimes they don’t.
You may be able to save yourself hundreds of dollars a year by simply shopping around. Plus, it’s extremely easy to shop around for the best interest rates – start with local credit unions and banks!
Go to a few car dealerships.
You can shop around car dealerships both online and offline.
I recommend shopping online before you go to a dealership, this way you can be prepared by learning as much as possible in advance. You also won’t be wasting your time at car dealerships that can’t get down to the price you want.
Don’t add small and unnecessary extras at the end of your purchase.
When you are about to purchase a car, you will be encouraged to buy many small options that you may not need. This may include extras such as:
Tire replacement
Paint protection
Extended warranties
While you may believe that you need some of the above options, you should make sure that you’re not just thinking about the monthly cost. The financing manager will offer you these extras in a way that makes it seem affordable. But, these extras only appear inexpensive because they are padded into your monthly cost, so don’t be fooled by how “affordable” they seem.
Yeah, $1 or $5 each month may not seem like much, but it can add up to a lot over a 5 year period!
Trust me, you are paying for these, and it’s not just a good deal that you are getting.
Related: 30+ Ways To Save Money Each Month
Determine how much your trade-in is worth.
If you have a trade-in vehicle, you should figure out how much it is worth before you step foot into a car dealership.
Kelley Blue Book is a great resource for doing this. While you may not get the exact amount that Kelley Blue Book claims you will get, it can be a good estimator or starting point when negotiating with the car dealership.
Know the right time to go.
There are certain times of the month and year that are better for car shopping than others. If a dealership is trying to meet their sales quota, they are more likely to give you a deal than when they’ve already beat their quota or if it’s the beginning of their quota.
This is because car manufacturers will give bonuses and extra incentives to car dealerships who sell a certain amount of vehicles. This gives car dealerships extra motivation to give really good deals if they are close to their quota.
I know someone who was able to lease a brand new car for just $70 per month, with no money down, because a car dealership needed to meet their quota. They got one heck of a deal!
To know the best time to go, you may want to make friends with a car salesperson, find out when their end of month or end of quarter is, and so on. Or, you could just ask. My husband would always tell people when the best time to buy was and would even call them, but many people did not believe him. If they only knew!
Don’t be afraid to negotiate.
Even if you get a discount, such as a car manufacturer discount, you should still negotiate. Many times, those friends and family discounts mean that you are not able to haggle at all, which can lead to you actually paying a higher price.
Cars sales are meant to be negotiated, whether it is a brand new vehicle or a used one. If you don’t haggle, you will most likely lose out on a lot of money, because negotiating is expected.
Other aspects of the vehicle buying process can be haggled on as well, this includes your trade-in vehicle, warranties, interest rates, add-ons, and more.
Learn more about negotiating at How To Rock At Negotiating On Everything.
Be nice.
No matter what, you should be a decent human being.
Being rude won’t get you the best deal, instead it may make the salesperson and the dealership not want to help you. After you purchase a car you are asked to go through the car manufacturer to grade your car salesperson. If the salesperson knows that you might give them a bad grade, they may not want your deal because it’s not worthwhile to them to have a bad score (which decreases their salary/income).
Plus, you should always be nice anyways. Salespeople are just doing their job and trying to make a living, and the majority of them are good people.
Miscellaneous car buying tips and tricks.
Here are several other car buying tips and tricks:
Never shop when you’re hungry or tired. You should always be well-rested and ready for an eventful day.
For the car dealership to beat their quota, sometimes they will buy a new car themselves and put it on the “used” car dealership side. The car is still brand new, but is now considered pre-owned. This can allow you to save a good deal of money. However, you do want to be mindful of the warranty, because the warranty has most likely started once the car was officially bought the first time (by the car dealership).
Purchase a car at the end of the car’s model year. Dealerships want to move out last year’s model to make room for the new ones, which can lead to a good discount.
Look into car insurance rates before you purchase. You may want to contact your car insurance agent so that you are not surprised by a high insurance rate after you make a purchase.
Don’t tell the salesperson what your budget is for a monthly payment. You should always negotiate on price first. A dealership will try to get you into something that will just barely fit your monthly payment budget, which can cause you to spend a lot more money in the long run.
Be confident. When negotiating, you should always be confident in what you are saying, and do not be afraid to walk away. If it’s not meant to be, then it’s just not.
Find the best car insurance. What is the most reliable car insurance company?
What other car buying tips and tricks do you know of? Share in the comments below!
How much do you need to retire? The usual suggestion provided by financial planners and retirement calculators is 75% to 85% (roughly 80%) of your pre-retirement income. But is that really enough money to retire with security? Does the 80% rule-of-thumb work under all circumstances, or is it merely a rough approximation to simplify the retirement planning process? Let’s examine these issues more closely…
Is 80% Of Pre-Retirement Spending A Realistic Budget?
The basis for the 80% spending rule is that your living expenses are expected to decline once you retire thus your spending should decrease without forcing you to lower your lifestyle. For example, you’ll no longer need to purchase expensive professional clothing and your transportation costs will drop without a daily commute to work. Additionally, your children will probably be grown and out of the house, and you will no longer have to fund your retirement savings. You may even have your home paid in full thus eliminating your mortgage payment and you may be in a lower tax bracket. All these factors indicate your spending should drop during retirement.
Unfortunately, the issue is not as clear as it might appear on the surface. The analysis above assumes certain types of spending will decrease while all other spending remains the same. That is not realistic. For example, many new retirees like to hit the open road and see the world thus increasing their travel budgets. Similarly, it is the rare retiree who does not face rising health care costs.
In short, the 80% rule of thumb is a generalization designed to simplify the retirement planning process at the expense of accuracy. It makes many assumptions about your future that may not be true for you. It is no substitute for making a real budget based on your actual plans for retirement, and it could actually jeopardize your financial security. To make this point clear we will examine five reasons why your expenses may actually increase during retirement instead of decrease…
Longer And More Active Retirements
People are living longer and more active retirement lifestyles than ever before. Increasing longevity has made 60 the new 40. If you plan an early retirement so you can sail around the world or take frequent wine-tasting trips to France and Italy, the cost of those leisure activities and travel can easily offset any decrease in work-related expenses. Alternatively, if you are planning an early retirement it will mean you need more money to support a longer life of leisure. A longer retirement means you can’t spend as much investment principal each month, and a more active retirement means you need more savings and income to support a more expensive lifestyle.
Health Care In Retirement
Health care costs have risen steadily and there is every reason to believe that trend will continue. Additionally, your chances of serious illness or need for expensive medications increases with age. A single medical event can be devastating to your retirement savings if you are not prepared, and if you don’t have long term care insurance then assisted living or nursing home expenses can deplete your retirement savings.
Other Ways Expenses Could Rise
Maybe you haven’t paid off your house, or possibly you took out a home equity loan to remodel. The 80% rule-of-thumb assumes you no longer support dependents, but you may still be paying a child’s college expenses. Alternatively, you might be caring for an aging parent who is living in your home. These expenses certainly won’t go away just because you retire.
Lower Taxes May Be Wrong
The assumption that your taxes will drop during retirement could be totally incorrect. After all, if your retirement income level is similar to pre-retirement income then where will the tax relief come from? In addition, growing budget deficits at all levels of government combined with entitlement program problems indicates a greater likelihood of rising tax rates rather than falling tax rates. In short, the idea that your tax rate will decrease during retirement may turn out to be just the opposite.
Spending Statistics Misrepresent Real Spending
Many research studies have been conducted on the spending patterns of the elderly. One of the more famous studies comes from Ty Bernicke in the Journal of Financial Planning where he cites numbers from the U.S. Department of Labor’s Consumer Expenditure Survey indicating that retirees spend less as they age. A typical 75-year-old spends about half as much as the average 45-to-54-year-old. Overall, spending declines about 25% each decade from age 55 to 75.
This appears to be conclusive evidence that spending does in fact decline with age during retirement; however, there are a couple of major flaws in the research. The first problem results from these figures failing to include long term care costs. You can solve that problem with insurance but there is no solution to the next problem…
Bernicke’s analysis was based on a snapshot in time thus it only compares nominal dollar spending and does not adjust for inflation. In other words, it compares the spending habits of a 75 year old today to the spending habits of a 45 year old on the same day. It does not track a 45 year old over a period of 30 years to determine if their spending decreases with time as the study would imply. Instead, it compares the two different groups at a single point in time.
The problem with this approach is it fails to adjust spending for inflation. A mere 3% inflation will double spending in just 25 years which will more than offset the expected reduction claimed by Bernicke’s research. In fact, it could potentially cause an increase in spending – contrary to what his research would imply.
A More Accurate Approach For Determining How Much Money You Need To Retire
In summary, you would be wise to forget the oversimplified rules of thumb when trying to figure out how much money to retire. Your financial security is at stake and you deserve better. Instead, it is far more prudent to develop a realistic budget for your retirement spending based on your actual retirement plans. You don’t have to make it perfect because nobody can predict the future, but you do want to make it as accurate as you can.
A personal budget for retirement is necessary because your life situation is unique. Only you know the financial situation facing your maturing children and aging parents that might affect your budget. Only you know about your globetrotting plans to travel the world for a decade or two before slowing down. That means you will need to add that expense into your budget for a decade or two before removing it. If you have long term care insurance then add the premiums as an expense into your budget, and if you don’t then build a cushion into your savings for self-insurance. In short, develop a plan for retirement and then develop a budget to reflect your plan.
When you complete the budgeting process you may be happily surprised to learn you only need 60% of pre-retirement income making you better off than expected – or your dreams could require 140% of pre-retirement income causing a challenge. This is key to your financial security because the difference between these two numbers can either break the back of your retirement savings or make a meager nest egg look plentiful. Because the range of outcomes is so wide and the stakes are so high, the only realistic solution is to replace the rule of thumb with a carefully developed retirement budget based on your unique needs to figure out how much you really need for retirement.
It is the only prudent thing to do.
About The Author
Todd R. Tresidder is a financial coach who blogs about retirement planning, wealth building and investment strategy. He wrote the book How Much Money Do I Need To Retire teaching you how to overcome the hidden problems behind retirement calculators that threaten your financial security.