Aura, like other identity theft protection services, pledges to keep your personal and financial information safe with capabilities like credit report monitoring — for a price.
While there are things you can do yourself to protect your credit and identity, often for free, the Aura app may be valuable if you prefer a hands-off approach or are looking for additional features like antivirus software.
Here’s what to know about Aura and how much the service costs.
What does Aura do?
Aura’s long list of features covers basics like credit monitoring, data breach alerts and identity theft insurance. The app — available for mobile and desktop devices — also scans the web for uses of your financial and personal information and includes other security features like a U.S.-based virtual private network, or VPN, an Experian credit lock and access to an expert fraud resolution team.
The credit lock doesn’t block others from accessing your credit files at the other two major credit bureaus, Equifax and TransUnion.
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How much does Aura cost?
Aura currently offers three plans with identity and fraud protection, starting at $15 per month or $144 per year (you choose whether to be billed monthly or annually). Aura offers a free 14-day trial for all plans and a 60-day money back guarantee on annual plans.
Here’s how the cost breaks down for Aura’s plans:
Individual
$144 annually ($12 per month).
$15 monthly.
$264 annually ($22 per month).
$29 monthly.
$384 annually ($32 per month).
$50 monthly.
Is Aura worth the price?
As with other services, Aura’s approach to identity theft is more reactive than proactive. You may consider paying for an Aura plan if you’ve already been the victim of identity theft and want to monitor how your information is being used. It can also be helpful if you want to step up online protection for a large number of family members. The family plan supports an unlimited number of children and devices, something many competitors don’t match.
Aura’s individual plans are less expensive than similar plans from competitors like LifeLock and IdentityForce. And if you were already considering paying for a credit lock with Experian’s CreditLock service, which costs $24.99 a month, Aura’s individual plan would save you money.
But freezing your credit and monitoring your reports on your own is free. You may also have identity theft protection or restoration services available through your bank or insurance company, or as a result of a previous data breach. See if you’re already entitled to cheaper or free resources before purchasing a separate service like Aura.
Aura pros
Aura offers insurance up to $1 million per adult to cover losses and expenses related to identity theft. Highlights also include:
Monitors credit data at all three major credit bureaus, Equifax, Experian and TransUnion, and offers an Experian credit lock.
Provides VPN, antivirus software, safe web browsing and a password manager for multiple devices.
Monitors your financial accounts, home and auto titles, and the dark web.
The family plan allows up to five adults, plus an unlimited number of kids and devices. Competitor plans typically have more restrictions.
Aura’s family plan also adds benefits like online parental controls, video game monitoring and local sex offender alerts.
Aura cons
Aura’s insurance coverage doesn’t apply to preexisting identity theft. Other potential drawbacks:
Does not monitor social media accounts.
Some features aren’t compatible with all devices.
Some users have reported difficulties using the app or staying connected to the VPN.
If you decide to cancel an annual plan after 60 days, you’ll still have to pay for the rest of the year.
Weigh the pros and cons carefully. Signing up for a free 14-day trial is a good way to test whether Aura is right for you.
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The Federal Housing Administration (FHA) this week announced that its FHA Connection (FHAC) portal — which provides FHA-approved lenders and business partners with secure online access to computer systems at theU.S. Department of Housing and Urban Development (HUD) — will be updated to accommodate the implementation of a new Reconsideration of Value (ROV) policy for appraisals.
Alongside the publication of Mortgagee Letter (ML) 2024-07, FHA said the new policy would enable mortgage borrowers to “request a re-assessment of the appraised value of their property if they believe that the appraisal was inaccurate or biased.”
The new rule, which must be implemented by lenders by Sept. 2, 2024, applies to all FHA single-family forward and reverse mortgage programs. It enhances current ROV policy while adding additional clarity for appraisal reviews, according to FHA. These include “improvements to the process by which borrowers may request an ROV if they identify a problem with the appraisal.”
FHAC will be modified for both forward and Home Equity Conversion Mortgage (HECM) loan programs to include a “Borrower Request for Appraisal Review Information” in the portal’s endorsement information section of the insurance application screen.
Lenders will be required to respond to a host of new questions to progress, including whether or not a borrower requested an ROV, as well as several related queries about the basis for such a review.
There will also be several selections for the lender to answer regarding how such a request was resolved. Options include resolution by the underwriter (so long as sufficient information is included in the case binder); the underwriter’s submission of an ROV request to the appraiser; the underwriter’s determination that the appraisal was “materially deficient”; or an “other” option that can be filled in with relevant details.
“The FHAC Guide has been updated and is available on the portal homepage,” the department explained this week. The guide has detailed instructions for the new section on page 20 for single-family forward mortgages and page 17 for HECM loans.
Lenders must also retain any documentation related to an ROV for inclusion in the case binder.
“This includes all written communication among the mortgagee, the borrower, the appraiser, and any other parties involved in the ROV process,” the announcement said. “As a reminder, the provisions of ML 2024-07 may be implemented immediately but must be implemented for FHA case numbers assigned on or after September 2, 2024.”
FHA will also be holding a virtual stakeholder briefing on Aug. 8 where industry members can ask questions of FHA’s subject-matter experts. Event registration is now live.
Create unforgettable spaces with the best interior design software. Whether you’re a professional interior designer or a home design enthusiast, these are the top tools for bringing 2D and 3D spaces to life.
Our expert team of reviewers have tested the best architecture software or the best 3D modeling software, so we know what you want to check out when choosing your next interior design app, and which ones really measure up.
best landscape design software for crafting eye-catching exterior spaces.
The best interior design software of 2024 in full:
Why you can trust TechRadar
We spend hours testing every product or service we review, so you can be sure you’re buying the best. Find out more about how we test.
Below you’ll find full write-ups for each of the entries on our best interior design software list. We’ve tested each one extensively, so you can be sure that our recommendations can be trusted.
The best interior design software overall
(Image credit: Floorplanner)
Best interior design software overall
Specifications
Operating system: Browser
Plan: Free, Subscription
Reasons to buy
+
Free plan available
+
Intuitive and easy to use
+
Broad use from interior designers to real estate
+
Numerous customization options
Reasons to avoid
–
Some limitations with the free account
–
No desktop app
Floorplanner is an online interior design app for individuals and companies, letting you redesign everything from a single room to an entire floor, or even a whole building. You can also plan out how your furniture will fit in your new home.
This is a web-based home interior design tool, so you can achieve dazzling designs through the browser. There’s also online collaboration for editing and presenting projects in the cloud.
In our hands-on review, we felt the best home design software “is an excellent online service, designed to help you create rooms and furnish them with great accuracy. Working with it is fluid and easy, and we didn’t observe any discernible glitches. The fact there’s a free option means many amateur designer will happily use it to configure a room, but there are limitations to that option.”
Working in Floorplanner is fluid and simple – allowing you to create and furnish rooms with real accuracy. Best of all, if your needs are modest, using the program is free.
That makes it ideal for amateur designers or those learning the art of interior design. If you find the free account too limiting, there are several subscription options available to you. Business pricing starts at $59 a month for teams. Individual pricing starts at $5. You’ll also find a credit system. As you earn credits, you can unlock extra features not typically associated with your plan.
It’s all browser-based designing, however, so needs a constant inter connection. There is an Android app available, but this is designed for presenting designs created on the website.
Read our full Floorplanner review.
The best interior design software for architects
(Image credit: Chief Architect)
Best interior design software for architecture
Specifications
Operating system: Windows, macOS
Plan: Subscription, Perpetual license
Reasons to buy
+
Easy to learn
+
Multi-platform
+
Limitless possibilities
Reasons to avoid
–
Can appear daunting at first
–
3D views don’t always respond as expected
Home Designer Suite delivers professional-style interior design software – which makes it powerful but also increases the learning curve. It’s not too steep as to be unnavigable, although it might overwhelm first-timers. Stick with it.
If you’re looking for meticulous planning, precise editing and customizing tools, and everything else, right down to the material required for specific jobs, this is the best interior design software for you.
We praised the home design software in our review for its “highly detailed customisation options while at the same time, automating many processes to ease the creation process. It’s a great balance that help you create detailed environments quickly and easily.”
The interior design program is very full featured. You have full control over pretty much everything, including landscaping your dream garden. Despite its apparent complexity, there are many automatic tools that do a lot of the work for you, enabling you to focus on the details, to turn a design into a house.
Available for both Mac and Windows, you have in your digital hands everything you need to build the home of your dreams.
Read our full Home Designer Suite review.
The best interior design software for indoor/outdoor spaces
(Image credit: NCH Software)
Best interior design software for indoor and outdoor spaces
Specifications
Operating system: Windows, Mac
Plan: Subscription, Perpetual license
Reasons to buy
+
Easy to use
+
Multi-platform
+
Work on multiple levels
+
Can easily import 3D objects
Reasons to avoid
–
Not all objects installed initially
–
Occasionally awkward navigation
DreamPlan is the best home design software if you want powerful tools and simplicity of use.
The interior design program, out for Windows and Mac, helps you create buildings on multiple levels, furnish them with a library of 3D models, and customize homes inside and out. Yes, that even includes landscape design. It’s built to let you easily make modifications and alterations.
But, in our review, what we really liked about one of the best home design software tools is that it’s “designed to make it easy to make modifications, and even goes out of its way to help you understand the app’s inner workings.”
Trace Mode will be especially handy for those with existing floorplans. These can be imported into the home design software and turned into a 3D model.
DreamPlan features commercial and home licensing options – priced at $50 and $40 respectively, but check for regular discounts. So, it has a powerful enough toolset to use on a professional basis. But it’s intuitive enough for beginners.
For those just starting out with the best interior design software, the built-in video tutorials help you understand the inner workings of the app – just look for the subtle blue camera icon.
Read our full DreamPlan review.
The best browser-based interior design software
(Image credit: Dassault Systemes)
The best interior design app when you’re on-the-go
Specifications
Operating system: Browser, Android, iOS
Plan: Free, Subscription
Reasons to buy
+
Simple to use
+
Huge customisation
+
Can design an entire house for free
Reasons to avoid
–
3D pan can make some objects temporarily disappear
–
Long rendering times for low res photorealistic images
HomeByMe is one of the best interior design apps for when the ideas are racing. It’s browser-based – even mobile browsers are supported – and has Android and iOS apps, so you can map out thoughts for your home whenever and wherever inspiration strikes.
Since the interior design tool is cloud-only, you’ll need to stay connected to use it. During our time with the home design software, we were impressed that “HomeByMe offers a very affordable service with a myriad of options. We particularly appreciated the fact that the free plan doesn’t appear to limit your design options, and lets you work on up to three different projects.”
However, we were less impressed with the time it took to render low-res images. Worse, we found the free account pastes a giant watermark all across the image, rendering the effect pointless. HD images are rendered in minutes, and don’t have that watermark.
The platform offers three packages: free, one-time purchase, and monthly subscription. It’s a good way to see which works for you, as the free plan doesn’t appear to limit your design options, and lets you work on up to five projects.
The limit on the number of HD photorealistic images (1920x1080px) is somewhat compensated by offering an unlimited number of lower quality ones (640x360px). You can also place real-world, branded products in your rooms for extra realism.
HomeByMe has a lot to offer. If you’re not too fussed about those images, you can explore and create very complex designs with ease.
Read our full HomeByMe review.
The best interior design software for mobile
(Image credit: MagicPlan)
Best interior design software for Android and iOS
Specifications
Operating system: Browser, Android, iOS
Plan: Subscription
Reasons to buy
+
Easy to use
+
Free mobile app
+
Two free projects
+
Professional Report and Estimate tools
Reasons to avoid
–
AR appears to struggle when furniture is in the way
–
No desktop app
MagicPlan is one of the best interior software kits for busy creatives and contractors.
When we reviewed the home design app, we liked its “easy to use features, an interesting AR option, and an original way of generating estimates for work needed to be done. The monthly subscriptions could pay for themselves if designing if your business, and it also offers you two free projects for casual users to explore as well.”
Like HomeByMe, it lets you build designs from your browser, or within the Android and iOS apps. The free solution lets you design two projects. A monthly subscription is needed to unlock MagicPlan’s full capabilities.
You’ll find three tools in one: Sketch, Report, and Estimate. Essentially, tiered subscription packages that offer additional features.
Sketch lets you create interior designs – and, for home users, that’s likely enough. Professional designers will appreciate the inclusion of reporting and estimating tools. Enterprise licensing is also available.
One of the best interior design software tools here is the AR-enabled ‘Scan with Camera’. This lets you scan and measure the room you’re in – although we suspect this augmented reality feature would function a lot better in an unfurnished space.
Read our full MagicPlan review.
Best interior design software: FAQs
What is interior design software?
best 3D printers.
Time is a considerable factor. Even some of the best interior design software takes a long time to render concepts, especially when using photorealistic images. It’s a natural price to pay for high-resolution 3D designs. For some, speed may trump quality.
Check the system requirements for the software In certain cases, highly professional interior design computer programs require high-performance computers. In this case, you may need a machine comparable to the best laptops for architecture students or the best laptops for engineering students. These are build to smoothly run complex CAD designs.
Check the price (and pricing model), too. Some options, like HomeByMe, offer free, paid-for, and subscription versions of its home design software. Others offer only one pricing model, so choose the one that best suits your creative budget.
How we test the best interior design software
We’ve tested a massive range of creative apps, including the best digital art and drawing software and the best graphic design software. But whether we’re testing out the top tools for 3D design or the best software for interior decorating, we follow the same fair and rigorous review process.
When testing the best interior design software for homes, we’re looking to see how easy the experience is, how powerful the tools are, and how well the software performs. Designing in 3D can often take its toll on computers, after all.
Asset library sizes are a factor — interior design tools should make your creative ideas a reality, not just a loose approximation. We’re also reviewing these design apps based on use. Unlike consumer software, professional-grade tools offer more advanced features, but might also have steeper learning curves and more expensive pricing models. So, we assessed how well the interior design program delivers for its intended market – whether they’re professionals or personal users.
Essentially, when we test the very best interior design software for ourselves, we expect to see it work for its intended audience — whether they’re professional interior designers or creative enthusiasts.
During our tests across the best home design software tools, we first set up an account with the relevant software platform, whether as a download or online service. We then tested each app using a handful of files to see how the software for interior design could be used for creating indoor spaces from scratch, bearing in mind issues such as ease-of-use, professional viability, and performance.
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This topic is an age old debate.
Is money a symbol of success?
What does it mean to be financially successful?
Does money make you successful?
Money is the only measure of success, right?
Success is not measured by money, correct?
Is money everything?
The question only look to more questions.
And honestly, those deep-thinking questions are the ones that leave us feeling the most vulnerable and difficult to articulate.
That is why the success is money debate will be hotly contested at any happy hour, break room, or phone call.
Let’s dig into various sides of the argument, so you can make a wise decision for your life.
Just a hint… this topic show many shades of gray and might not be as black and white as you want.
Why is success Measured by Money?
There are many reasons why money is associated with success.
The primary reason is people deep down truly believe that money will change their situation. More money = more happiness. Isn’t that the quote we all grew up on?
Next, measuring success happens in two ways. The things that are tangible like money, assets, cars, houses, jewelry, etc. The other way of measuring success is intangible – something that you can NEVER value even if you tried.
Money opens doors of opportunities. You get to decide what equates to success.
That is why most people judge money success.
No matter how you spin it, money opens opportunities that weren’t available before. That is the final reason why measuring success with money happens.
Is Money the only Measure of Success?
Honestly, absolutely not.
However, one of the best ways to measure progress is with numbers. That is the reason so many people rely on measuring success with money.
Your financial success nonetheless is NOT the only measure of success.
There are many variables that go into your equation of success. Some to consider include:
Lifestyle
Choices to do what you want
Happiness
Gratitude
Ability to give back
Work / life balance
Spending time doing what you want to do
Helping others
The list can go on and on. Thus, the success is money debate will continue for ages.
The key point to remember is the word… YOUR.
This is your journey. Your path with money. You make choices based on your desires.
How to be Successful with Money
And not give up your soul.
This is a delicate balancing act. Honestly, it shouldn’t be labeled as a balancing act because that isn’t an accurate reflection of being successful.
You must find your rhythm.
Find the point where money helps you to do what you want to do in life, but isn’t your #1 focus. Let’s dig into ways to be successful with money.
1. Be Different
Going against the grain of society is gutsy. It is the willingness to be different. This is the moment when you say enough is enough of doing things society’s way and start putting your success first.
It will feel awkward at first.
Anything that is new is harder at first. Just like any resolution, it takes time for a new habit to be made.
Ways to be Different:
Learn to become self-reliant instead of just ordering something online.
When you want to bail on something, show persistence for just a little bit longer.
Sign up for Struggling to Financial Success Money Bootcamp to assess your finances.
Find a like-minded community.
Decide what is more important to you than money.
Learn to say no (and not feel guilty).
Celebrate your successes when you go against society’s norms.
2. Stop the Comparison Game
This is such an easy trap to fall into! Sometimes without even realizing it.
We don’t even need to leave the comfort of our home to start the comparison game. Society even pushes the concept of comparison – even at the young ages. Across all media, it is okay to wish for something you don’t have.
If everyone else is doing it, you might as well, too.
Is comparison the root of all evil? Probably not.
With money, comparison can cause a quick, slippery slope to debt. The average household has $90K of debt (not including mortgage). That is a heavy burden to carry.
Even if you manage to stay out of debt, reaching financial freedom and retiring early will be harder. It is okay to be different. It is okay to stay outside of the comparison game.
Societal pressures are huge. The impact can lead to financial ruin.
From money coaching, I have learned that many of their biggest financial decisions and mistakes have been made with outside pressures.
3. Stay Persistent to Your Plan
Persistence is a trait that was a given when I grew up. Remember the saying, “Practice makes perfect.” It was expected to try over and over again until you succeed. It didn’t have to be perfect; it was the effort that counted.
Today, persistence is a character trait our elementary school stresses to the students. Why? Because today’s kids give up WAY too quickly.
This is your story. Your money journey.
You judge your success with money based on your plan.
Getting out of debt. Stop living paycheck to paycheck. Reaching financial freedom. Retiring early. Those things will not happen on their own (wouldn’t that be great if it could?). It will be tough to reach those milestones.
Ask anyone who reached $1 million net worth, retired at 50, or had a little money left over at the end of the month but covered bills. They will say it was tough at times. But, it is worth the extra effort and persistence in the end.
4. Pay Yourself First
Money success is based on one simple area… saving money before you do anything else.
While this concept seems simple enough, do you actually pay yourself first?
This is something I talk about over and over here at Money Bliss, the reminder continues.
Today is payday, then you move money to a separate savings account.
That is as simple as it gets.
Resources to Pay Yourself First:
5. Be Wary of the Love Of Money
Remember the saying, “Money Talks.” Unfortunately, in today’s society, money talks. It provides access. It provides freedom. Money is a status symbol.
This is not true of every person in society. Not everyone struggles with the love of money.
But, many of our decisions tend to be based on money rather than what is better for our lives.
Everyone dreams of winning the lotto. A chance to finally change their situation. Honestly, winning the lotto creates bigger problems without getting to the root of the love of money.
Find contentment.
The best way to overcome the love of money is to be content with what you have been blessed with.
Regardless of the amount in your bank account, look around and find everything you have been blessed with.
Is Money Success?
What is your opinion?
Does the saying, “Money is the key to success” a part of your life.
The success with money debate will happen for years and there is nothing we can do to change that.
So, you have to define what success means to you.
As we have stated in this post, success looks different to everyone. This is your financial journey and legacy.
What would make you feel like you had an impact?
That is your answer to success with money.
One of the best ways to improve your personal finance situation is to increase your income. Here are a variety of side hustles that are very lucrative. With time and effort, you can start enjoying the lifestyle you want.
As an Amazon Associate and member of other affiliate programs, I earn from qualifying purchases.
This is the perfect side hustle if you don’t have much time, experience, or money.
Many earn over $10,000 in a year selling printables on Etsy. Learn how to get started by watching this free workshop.
Are you passionate about words and reading?
If so, proofreading could be a perfect fit for you, just like it’s been for countless of readers! Learn how you can create a freelance business as a proofreader.
Check out this free workshop!
If you’ve ever wanted to make a full-time income while working from home, you’re in the right place!
This intensive training combines thousands of hours of research, years of experience in growing a virtual assistant business, and the power of a coach who has helped thousands of students launch and grow their own business from scratch.
Bookkeeping is the most stable, reliable & simple business to own. This is how to make a realistic income -either part-time or full-time.
Find out TODAY if this is THE business you’ve been looking for.
You can make money as a freelance writer. Learn techniques to find those jobs and earn the kind of money you deserve! Plus get tips to land your first freelance writing gig!
Learn how to buy and resell items from flea markets, thrift stores and yard sales. They will teach you how to create a profitable reselling business quickly
…no matter how much or how little experience you have.
Learn how to supplement your daily, weekly, or monthly income with trading so that you can live your best life! This is a lifestyle trading style you need to learn.
Honestly, this course is a must for anyone who invests. You will lose more in the market than you will spend this quality education – guaranteed.
Read my Invest with Teri Review.
Designed as a 101-level course on freight brokerage, you’ll learn the basics of freight brokering in this online course.
This course is designed for freight brokers in any setting, regardless of their employment status.
If you want to start your brokerage, we’ll show you exactly how to do it. If you are an agent or employee of a brokerage, we’ll take you through sales and operations modules designed to help you source more leads and move more freight.
The Empowered Business Lab teaches you how to sell your digital products naturally with strategies that just make sense.
Monica helps thousands find momentum and create revenue streams in their businesses.
After taking a second job as a driver for Amazon to make ends meet, this former teacher pivoted to be a successful stock trader.
Leaving behind the stress of teaching, now he sets his own schedule and makes more money than he ever imagined. He grew his account from $500 to $38000 in 8 months.
Check out this interview.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Mortgage of first-time buyer tops £1,000 a month as house prices and rates rise
Average monthly payment has risen by 61% since 2019, pushing borrowers into smaller homes or ultra-long loans
The monthly mortgage of a first-time buyer has soared by more than 60% to exceed £1,000 a month since the last general election, according to figures that underline the financial challenge facing Britons trying to gain a foothold on the housing ladder.
Over the last five years, the average mortgage payment for a typical first-time buyer in Great Britain has risen by 61% to £1,075 a month, up from £667 in 2019, according to the property website Rightmove.
The increase of about £400 a month is linked to the march of house prices and interest rates, which have heaped financial pressure on borrowers, whose average wages have grown by just 27% over the same period. The financial squeeze has forced many younger borrowers to either look for smaller properties or to take out an ultra-long mortgage.
“As rates have increased over the last five years, the amount that a typical first-time buyer is paying each month on a mortgage has outstripped the pace of earning growth,” said Tim Bannister, a Rightmove property expert. “Some first-time buyers are looking at extending their mortgage terms to 30 or 35 years to lower monthly payments, or looking at cheaper homes for sale so that they need to borrow less.”
Are 25-year UK mortgages a thing of the past?Read more
The calculations made various assumptions, including that first-time buyers would have a 20% deposit to put down, that their mortgage term would last 25 years and that they were taking out a five-year fixed-rate mortgage on an average rate.
The average first-time buyer home in Great Britain now costs £227,757, a 19% rise since 2019. At a regional level, the north-west has recorded the biggest jump in first-time buyer prices, at 33% since 2019 to £177,588. Prices remain highest in London, where they have grown just 6% but now stand at £507,049.
Bannister is urging the next government to support first-time buyers with “well-thought out policies” that could address the difficulties of saving up a large enough deposit and qualifying for a mortgage.
The manifestos contained a number of polices aimed at this group. The Conservatives will make the current temporary stamp duty threshold of £425,000 permanent for first-time buyers while also promising a “new and improved” help-to-buy scheme for those with small deposits. Labour says it would introduce a “permanent, comprehensive mortgage guarantee scheme”, extending the current guarantee, which supports banks to offer 95% home loans.
It comes just days after the Bank of England held interest rates at 5.25% for the seventh consecutive time, keeping borrowing costs higher for longer. Millions of homeowners have had to remortgage at much higher interest rates in the past 18 months. This has led to a collective bill that is likely to reach £12bn by the end of the year, according to the Resolution Foundation thinktank.
A survey of investors conducted by the Bank of England showed that 50% believed there would be a rate cut at the monetary policy committee meeting in August. Three-quarters of respondents to the survey said they expected a cut in September.
Separate research published today shows that average UK salaries fell slightly in May, down for the first time since last October 2023, as the job market treads water ahead of the election. The average advertised salary was £38,765 in May, which was down £45 or 0.11% on April, according to the Adzuna monthly jobs report. The number of job vacancies was little changed at 854,248, it said.
“Hopes that a return to growth [in the economy] in the first quarter would result in greater confidence in hiring were not reflected in job vacancies in May,” said the Adzuna co-founder Andrew Hunter.
“Salaries have fallen slightly month-on-month pointing to a slightly less tight labour market and perhaps indicating that companies are beginning to post more junior and entry-level roles. This is balanced by the recent news that unemployment has reached its highest level in two and a half years, at 4.4%.”
Senator Jon Tester, D-Mont., talks to Senate Banking Committee chair Sherrod Brown, D-Ohio, in 2022. The Senate Banking Committee has scheduled a confirmation hearing for Christy Goldsmith Romero — now serving as a member of the Commodity Futures Trading Commission — to chair the Federal Deposit Insurance Corp., but her ultimate confirmation will depend on unified support from moderate Democrats like Tester and progressive ones like Brown.
Bloomberg News
WASHINGTON — The Senate Banking Committee will consider the nomination of Christy Goldsmith Romero to chair the Federal Deposit Insurance Corp. on July 11, the panel announced.
Goldsmith Romero, who currently sits on the board of the Commodity Futures Trading Commission, was just recently announced as the Biden administration’s pick to lead the FDIC in the wake of a workplace misbehavior scandal at the agency.
The committee, in the same hearing, will also consider the nominations of Caroline Crenshaw to be a member of the Securities and Exchange Commission, Kristin Johnson to be assistant secretary of financial institutions at the Treasury Department and Gordon Ito to be a member of the Financial Stability Oversight Council with expertise in insurance.
The Senate Banking Committee hearing marks the first official step in the process to confirming Goldsmith Romero’s nomination — a race against the clock at this point with a limited number of legislative days left in Congress. Goldsmith Romero would replace current FDIC Chairman Martin Gruenberg, who announced he would resign upon the confirmation of a successor.
Should the nominations pass the Senate Banking Committee, they will go to the full Senate.
While Goldsmith Romero hasn’t triggered any pushback so far from Republicans, the confirmation of her nomination is still far from guaranteed.
Democrats have enough votes to usher her and the other nominations through the Senate, but only if they remain united in their support — including among those seeking reelection in vulnerable seats in the 2024 elections. Republicans have been unusually successful in sinking the nominations of the Biden administration’s financial regulatory nominees in the past, pulling Democratic support, for example, from picks like Sarah Bloom Raskin and Saule Omarova.
Should she make it through the confirmation process, Goldsmith Romero would inherit an FDIC that not only is still reeling from the public revelation about the agency’s culture, but that has a busy regulatory schedule.
On Thursday — in what could very well be Gruenberg’s final board meeting as chairman — the agency finalized a rule bolstering resolution plans for large regional banks. Other key rulemakings, like the Basel III endgame proposal, are still pending.
Goldsmith Romero potentially would have only a limited number of months with a Democratic board. Should Donald Trump win the presidential election, Goldsmith Romero would not necessarily have to step down as chairman, but would be up against a 3-2 partisan split that would make governing the agency difficult.
A cloudy mortgage outlook might cause consternation among lenders, but it is opening the door a bit wider for growth in home equity investments.
A confluence of events over the past few years, including rising interest rates, a dearth of refinances and surging property values are driving some consumers to borrow against home equity. With a spate of securitizations and new issuers recently entering the market, investors are seeing a range of opportunities on offer as a result, coming from both established home equity lines of credit or loans and new alternative credit platforms.
“It will take years and years for the market to recover. And our thought is that even if interest rates were to fall 100 basis points, you’re still not going to see a refi boom,” said Bill Banfield, chief business officer at Rocket Cos.
Rocket Mortgage introduced a closed-end home equity loan in 2022 and has since issued three securitizations backed by its originations, with hopes to at least double that total for the remainder of 2024. The Detroit-based lender rolled out the lien in the same period several other nonbanks launched similar products.
Since that upswing in product offerings, the secondary market has seen a wave of aggregators or originators offering HELOC-backed residential mortgage-backed securities, including Figure, Achieve, JPMorgan and Goldman Sachs all with issuances over the past 12 months. As the number of securitizations increase, it brings with it better pricing.
“In 2022, there was really no liquidity. There was not a secondary market for HELOC or home equity loans. Now that’s materially changed,” Banfield said.
“We’ve gone from taking the leap of faith that we’re going to use portfolio money to do proper risk management around that, to building out a buyer base, to then ramping up our securitization platform,” he said about Rocket’s strategy.
Huge potential — on a theoretical basis While growing, numbers today just represent a tiny slice of the total addressable second-lien market that totals into trillions. In May, ICE Mortgage Technology reported home equity rising to a record $17 trillion in the first quarter this year, but other reports estimate it to be as high as $35 trillion. Home equity totals hit a record high in 2017 and the amount only increased in the years since, according to Vadim Verkhoglyad, vice president and head of research at dv01, a Fitch Rating subsidiary.
“This is a real market, massive, huge,” he said. “It’s a borrower-demand question much more than a supply question at this point.”
According to Clayton, a due diligence solutions provider and reviewer of MBS pools prior to issuance, $12 to $14 billion worth of second-lien products are expected to be securitized in 2024 based on current trends. Volumes have grown by at least threefold in the past three years, the company said.
The rate of growth the market sees depends on what the consumer decides to do. “Borrowers in general, homeowners in America — are just not using that much debt,” Verkhoglyad said.
Although home equity securitizations have existed for years, the growth in issuances coming to market over the past several months may seem like a new development to some in the investment community, leading to hesitation. But the sentiment is largely shifting, as issuers have addressed some of the initial reasons driving investor wariness.
Concerns emerged in some industry offerings that included both closed-end junior loans and HELOCs, according to Banfield. “It made it more difficult to be transparent.”
“The investor has to understand what they’re investing in,” he said.
Rebuilding a market framework and investor confidence With home equity originations languishing for a prolonged period when mortgage rates were at historically low levels, the financial structure supporting the secondary market also had to be created.
“The correspondent relationship had to get redeveloped around second liens,” said Pete Pannes, chief business officer at Covius, parent company of Clayton.
“It was something that had to re-emerge from the credit crisis,” but as those issues have resolved, “I think the market became very efficient,” Pannes said.
“There were entities that came to the table, like our clients, to regenerate capital to put back into the market and go upstream to the originators,” he said, referring to independent mortgage banks and other nonbalance sheet lenders.
Meanwhile, borrower performance also eased worries, according to Kyle Enright, Achieve’s president of lending. Since late 2022, the personal finance company has issued four rated securitizations backed by HELOCs from its home loan unit. Target customers for the HELOCs are concentrated among consumers with credit scores under 700, below the average of American homeowners.
For Achieve’s first securitization, “Nobody really looked at it seriously,” Enright said.
“We basically didn’t talk to almost anybody who was a traditional RMBS buyer because it was just too weird,” he added. But sentiment has shifted as some of the first originations reach their five-year point.
“I think a lot of the questions that investors had back early in the day have been answered for the most part. Other people joining the party has helped us,” Enright added.
HEIs bring something new to the table The growth in home equity is also driving an influx of alternative credit platforms entering the field in recent years, including companies such as Aspire, Button Finance and Easyknock. Through equity sharing agreements with originators, homeowners tap into their appreciating property values for financing needs.
Home equity investment, or HEI, products represent a new frontier for the secondary markets, though, as they are based on what seems like an unfamiliar business model. “It’s not a loan. It’s junior, and you’re living in equity appreciation,” Verkhoglyad said.
HEIs’ recent arrival means much of the industry will be learning about product performance and possible risk in real time, particularly if homeowners end up struggling or face foreclosure.
With the first lien prioritized, “There’s not going to be equity appreciation because you’re taking sales proceeds,” according to Verkhoglyad.
“The servicer is going to advance; they are going to be recouped. Legal fees, they’re going to be recouped. All those things are kind of going into the fold.”
A more significant question in the short-term might be whether HEI volume can build to a point to sustain demand in secondary market trading.
“Where do you consistently find these borrowers?” said Pannes, whose company also provides originations services for companies in the home equity investment community.
“There’s certainly enough equity out there. Can you find those borrowers? Can those borrowers find you to create substantial, substantially sized securities consistently enough, so it’s not a flash in the pan?” he asked.
Still, despite the unanswered questions, HEI securitizations are hitting the market, recently coming from the likes of Unison and Point, which issued its third in mid 2024. Other platforms have publicly announced intentions to issue transactions later this year.
The aggregators and investors drawn to the newer HEI products thus far appear to fit a different profile than purchasers of more established loans.
“We’ve got a set of clients that are your more traditional securitizers and investors that are dealing in closed-end seconds and HELOCs. We’ve got some of the newer folks in the niche for HEI. There is a little bit of crossover but not much to speak of at all,” Pannes said.
Recognition by stakeholders A potentially pivotal point for HEI development in the investment community came with the addition of a ratings methodology by Morningstar DBRS a year ago. Kroll Bond Rating Agency followed with its own in early 2024.
“Based on the feedback we have received from the issuers, rated transactions allow for expanded investor base (and consequently better pricing) as certain investors are mandated to invest only in rated securities,” Morningstar’s leaders and researchers said in a comment.
In an April 2024 primer, the ratings service said it “anticipates continued interest in the features of the HEI product as it is a diversified source of funds for homeowners, as well as an attractive source of returns and diversification for investors.”
The value of a rating assigned to any type of home equity loan pool can be significant, making some attractive to a set of investors who might look for long-term returns based on creditworthiness, Enright said.
“These folks have been there since day one, participating in the AA tranche, buying that AAA slice, and they continue to do so,” he said of Achieve’s issuance history. “I think that appetite is also growing quite substantially,” he said.
Recent developments shone a spotlight on the role home equity liens might end up having in the home finance system, with Freddie Mac’s proposal to potentially purchase some closed-end home equity loans. The controversial plan garnered a range of reactions, with concerns raised that the government-sponsored enterprises might displace current issuers. Some leaders, though, welcomed the likelihood of additional liquidity it would bring should the proposal come to pass.
No resolution appears to currently exist that the entire industry would likely find agreement. Freddie Mac said it intends to make a decision on the proposal in June.
But the suggestion of GSEs participating in the second-lien market points to how recent trends have shifted the conversation within the home finance system, as mortgage originations return at a slower pace than what many lenders would prefer.
The future of the market, though, is not entirely in lenders’ hands.
“We’re still talking about a space that is largely very nascent, and the question of how much it’s going to grow is far more a question of what borrowers want to do than lenders,” said Verkhoglyad.
As mortgage companies turn to artificial intelligence for some tasks, they’re under pressure to comply both with fair lending laws and emerging guidance around AI itself, and that’s raised questions for the industry and its vendors about how to approach the two.
“There’s a lot of noise around AI and fair lending,” said Tori Shinohara, a partner at Mayer Brown. “If you look at the consensus of interagency pronouncements around the use of responsible AI or the White House blueprint for an AI Bill of Rights, those all have anti-discrimination components.”
However, while there’s guidance in this area, there hasn’t been formal regulation, she noted.
“Federal regulators, including the prudential regulators, whenever they put guidance on AI, it almost always has some sort of anti-bias component to it. But in terms of true regulation, there isn’t anything out there yet that is specifically regulating the use of AI in mortgage lending for anti-discrimination purposes,” Shinohara said.
Whether there is formal regulation in this area on the horizon remains to be seen.
“I think the thought is the existing regulatory framework for fair lending: the Fair Housing Act, Equal Credit Opportunity Act, and state laws are sufficient to prevent discrimination in connection with AI and in mortgage lending or servicing, because they’re so broad and cover discrimination as a result of a model in addition to discrimination as the result of an individual decision,” she added.
So these two federal laws are what mortgage companies may want to prioritize in compliance, but mortgage professionals should take note that public officials and agencies are looking at fair lending in new ways too.
“Both laws require any aspects of a credit transaction to be fair, and historically that was interpreted as being just underwriting and pricing,” said Kareem Saleh, founder and CEO of Fairplay AI, in a separate interview. “But if you pay attention to the statements coming out of the federal regulators, there also now seem to be concerns about digital marketing and fraud.”
This means more layers of potential scrutiny of fintech providers in areas where AI is being applied such as customer outreach, Saleh said.
“I think that is a big consequence of this move toward alternative data and advanced predictive models,” Saleh said. “As those systems are being used at more and more touchpoints in the customer journey, we’re seeing fair lending risks and obligations grow commensurately.”
It’s scrutiny that could apply to servicers as well as originators, as use cases for AI to determine settlements, modification offers or what customers to call, when, and how often emerge, according to Saleh.
What some new dimensions of risk look like To get a sense of where AI and fair lending rules veer into areas like marketing regulation and potential fraud allegations, consider the following examples. While these lie outside the traditional owner-occupied single-family mortgage market, the situations involved are applicable.
One cautionary tale to be aware of when it comes to compliance for generative AI, a type of machine learning that draws on existing data it’s fed and patterns within it to create new outputs, was an Air Canada chatbot. (Several other airlines have used chatbots as well.)
That chatbot produced a response to a consumer asking about a bereavement discount in 2022 that was a “hallucination,” which is to say the AI somehow interpreted the airline’s data in such a way that it made an offer that didn’t previously exist at the airline and that it didn’t intend. Earlier this year, the British Columbia Civil Resolution Tribunal forced the airline to make good on the offer.
In the United States, that kind of development might lead to violations of laws against unfair, deceptive or abusive acts or practices, Shinohara said.
“I think those would equate to UDAAP concerns if there was something that was provided and was inaccurate, raising questions about whether the company is still on the hook for those types of miscommunications,” Shinohara said.
The Consumer Financial Protection Bureau, Office of the Comptroller of the Currency and other prudential regulators enforce UDAAP, and the Federal Trade Commission enforces laws against unfair or deceptive acts and practices, which might also be relevant in such a circumstance.
Meanwhile, exemplifying the kind of new scrutiny of fair lending risks that might arise when AI gets used for marketing purposes is a recent missive the Department of Housing and Urban Development delivered to real estate agents and lenders.
HUD directed them to “to carefully consider the source, and analyze the composition, of audience datasets used for custom and mirror audience tools for housing-related ads” in conjunction with rules for AI-driven advertising rules and tenant screening.
Demetria McCain, principal deputy assistant secretary fair housing and equal opportunity, warns in a related press release that “the Fair Housing Act applies to tenant screening and the advertising of housing,” suggesting that officials are watching any customer outreach and approvals in this area for signs of redlining.
Marketing may currently be the bigger concern of the two for housing finance companies in the single-family owner-occupied market.
For now, qualifying borrowers or other core processes are determined primarily by major government-related secondary market players, so mortgage companies in that business are most likely to relegate AI and any related compliance efforts to customer outreach, according to Shinohara.
“I think there’s more focused interest on adopting AI or machine learning tools for things like marketing and how you make your marketing dollars go further. In action with marketing, you run into risks, like digital redlining,” she said. “If you’ve got tools that are being used to select who you’re going to market to, and you are marketing credit products, you should look at whether those tools inadvertently exclude or only give preference to certain communities.”
The path to compliant use of AI The aforementioned examples of new scrutiny applied to AI-driven tools do raise a key question about whether newer technologies like generative AI are helping to better address inequities that exist than their predecessors, or are further entrenching systemic biases.
“On the one hand, some of the disparate outcomes are likely the result of non-AI models, so you’ve kind of got a modernization issue,” Saleh said. “But also behind some of the disparities are AI issues which basically encode the disparities that were the result of the conventional techniques to begin with, and so it’s a very interesting time to be doing this work.”
AI could be viewed as a constructive force in a lot of the advanced data analysis the government-sponsored enterprises are doing with the aim of safely opening up the underwriting or marketing box in ways that could make lending more equitable.
“In theory, that should allow you to paint a kind of a finer portrait of a borrower, or the ability and willingness to repay a loan,” Saleh said.
But with AI currently relegated to limited use in conjunction with the customer experience and other challenges to qualifying for a loan existing in the market, applying AI to the point where it allows lenders to actually extend more loans to more people in an equitable manner is tricky.
“There are a lot of headwinds to write related to affordability in particular. So it’s a tough time to do fair lending, because on the one hand, you’ve got more resources than ever on the other hand, the macroeconomic environment is kind of working against you.”
How to address ‘the compliance officer’s lament’ When asked how a mortgage company can best address the aforementioned challenges, Saleh said, “This is the compliance officer’s lament, which is what do you want me to do? If I don’t do things exactly to the letter, am I going to get in trouble?”
Doing things to the letter may not even be possible, because the regulators themselves face a conundrum when it comes to giving companies guidance that’s too specific.
“There have been a lot of requests from the industry for more guidance and I think in some ways, the regulators have wanted to give more guidance. However, in other ways, they’ve been reluctant because they want to maintain their optionality,” he added. “They’re concerned that if they give guidance that’s too specific that people will game the system.”
So the industry is left to navigate what Saleh calls a “strategic ambiguity.”
“The thing about judgment is that you can always be second guessed, but if you can document that you take fairness seriously and why you feel the approach you’ve chosen doesn’t pose a threat to the consumers that you serve, I think that is your best option,” Saleh said.
Because legacy data that fuels generative AI may be biased and its outputs have to be watched for hallucinations, the answer to how to make it a constructive and compliant tool may be ongoing monitoring, a phrase common in consent orders.
The approach is in line with what mortgage companies that offer chatbots have said they’ve done to address the risks.. Instamortgage, for example, has said it limits possible interactions and constantly monitors the company’s personified chatbot, Rachel.
Saleh suggests applying analytics that may be AI-driven and can be examined on a regular basis such as monthly to the problem, perhaps even more frequently where unpredictable generative models are utilized.Although the aforementioned ambiguity from regulators and the opt-in nature of borrower information around race can make it be hurdles to interest in building the kind of robust fair-lending data sets that AI has the capacity to help ingest, Saleh advises doing so. He also advised keeping in mind that regulators generally want an understanding and explanation of any model used, no matter how complex it is, as HUD noted in its aforementioned directive.
“Have the benefit of evidence that’s informed by data so that you can comply and explain,” Saleh said.
Adjustments may not be necessary each time the statistics get examined as aberrations may occur in the short-term. But if counterproductive rather than productive patterns start to appear regularly in analyses, they need to be addressed, he said.
“I think a key part of what originators can do to navigate this environment gets back to saying, ‘Hey, we’re going to monitor frequently to make sure that these models and our decisions are performing reasonably and don’t pose a threat to consumers,” Saleh said.
Traveling abroad can be an exhilarating adventure, especially when you’re heading to Europe. Whether you’re in the mood for an eclair or want to take in the Colosseum, making your way over to Europe involves a lot of moving parts.
That’s why travel insurance can be so beneficial. With protections such as trip delay reimbursement and coverage for lost luggage, travel insurance can help make sure your trip stays smooth.
What’s more, several plans include travel health insurance in Europe, so you can worry less about whether that hike through the Alps is a good idea.
Let’s take a look at travel insurance in Europe as well as other coverage options for your vacations.
How travel insurance works
Because a lot of thought, money and effort go into planning and taking a vacation, protecting your investments (and yourself) with travel insurance can make the difference between an enjoyable memory and a disastrous anecdote you tell at mealtimes.
Travel insurance can cover a variety of things, including:
Common types of travel insurance
Trip cancellation, trip delay, trip interruption and lost luggage insurance are all sources of protection when you travel, especially on airlines. These can reimburse you for nonrefundable expenses you miss out on due to covered delays, and may pay you back for costs you end up incurring (including lodging, meals, toiletries and clothing).
🤓Nerdy Tip
Although it’s possible to get standard health insurance for trips abroad, it’s much more common to get coverage for emergency care, which includes protections for unexpected injuries and illnesses.
Health insurance for European travel is usually included with a standard travel insurance policy, but there are plan limits and there may be deductibles.
It’s also possible to purchase medical-only travel insurance from certain providers if you aren’t interested in other trip protections.
How to choose between travel insurance companies
Before you start shopping for travel and medical insurance in Europe, evaluate the level of coverage you need based on your age, health, trip duration, destination and planned activities (some adventure sports aren’t always covered). Compare plans from different providers, paying attention to coverage, benefits and prices.
Here’s a short list of factors to consider:
The cost of the policy.
The limits of the plan.
Whether there are deductibles.
Whether the benefits are primary or secondary.
Where you’re going.
How long your trip is.
Whether you already have insurance that’ll cover you.
The types of activities you’ll be doing.
An insurance aggregator like InsureMyTrip or Squaremouth (a NerdWallet partner) can streamline your shopping experience. Be sure to also read reviews and ratings of individual travel insurance companies to get an idea of customer service and claim resolution processes.
Best plans for health insurance while traveling in Europe
To figure out the best plans for travel and health insurance in Europe, we generated quotes from multiple travel insurance companies using a test scenario. For this example, we used a 37-year-old Nevada resident traveling to Germany for 11 days with a $4,000 trip cost. Here are the winners.
1. GeoBlue
GeoBlue’s Voyager Choice medical insurance for European travel sits head and shoulders above the rest for cost, at only $28.16.
That said, there’s a reason it is so affordable. This plan offers coverage only for medical emergencies and lacks other trip protections. It is a good option if you want to supplement existing travel coverage (say via your credit card) with more medical coverage.
$1 million in medical coverage.
$0 deductible.
Offers direct billing.
No trip protections.
Pre-existing condition coverage requires that you have domestic health insurance.
Can only purchase plans up to six months in advance of your trip.
2. IMG
IMG’s iTravelInsured Travel SE’s comprehensive plan includes both trip protections and health insurance for Europe travel and rings in at just $135.36.
At this price point, it provides excellent primary coverage for medical insurance, offers rental car insurance and includes superior trip interruption reimbursement.
Travel delay reimbursement kicks in after 12 hours.
Baggage loss is capped at $250 per item and $1,500 total.
More expensive than other options.
3. Detour Insurance
The Detour Insurance @The Edge insurance plan is aptly named. Costing $86.90, the plan offers a unique inclusion for the costs of search and rescue, which can provide peace of mind if you’re participating in backcountry adventures.
$1 million limit for medical evacuation.
Coverage can be extended.
$10,000 for search and rescue.
No rental car insurance.
Pre-existing conditions not covered.
$50,000 limit for 24-hour accidental death and dismemberment (AD&D) coverage.
4. Trawick International
Trawick International’s Safe Travels Protect plan includes primary medical coverage as well as a wide range of trip protections. At $100.03, it even covers cancellations for medical reasons.
$25,000 in emergency medical coverage.
100% for both trip cancellation and trip interruption.
Medical quarantine coverage included.
$100 medical deductible.
$500 lost luggage limit (not a great fit if you are packing several valuables).
Doesn’t cover pre-existing conditions.
Other tips for travel and medical insurance in Europe
Do you have a travel credit card? Many of these cards offer complimentary travel insurance as a part of their benefits.
The plan you select may offer secondary coverage, but this matters only if you have existing insurance. In its absence, secondary coverage becomes primary.
Look at your existing health insurance policy. Some plans will provide emergency coverage for you when traveling internationally.
Which credit cards offer Europe travel insurance?
If you’re looking for insurance when traveling to Europe, you may already have it without knowing. Many travel credit cards offer complimentary travel insurance.
Available types of insurance can include rental car insurance, emergency medical insurance, trip cancellation reimbursement, lost luggage protection and trip delay insurance.
Here are some of the best credit cards for travel insurance:
Top cards with travel insurance
Chase Sapphire Preferred® Card
on Chase’s website
Chase Sapphire Reserve®
on Chase’s website
The Platinum Card® from American Express
Capital One Venture X Rewards Credit Card
Annual fee
Travel protections (not a comprehensive list)
• Trip delay: Up to $500 per ticket for delays more than 12 hours.
• Trip cancellation: Up to $10,000 per person and $20,000 per trip. Maximum benefit of $40,000 per 12-month period.
• Trip interruption: Up to $10,000 per person and $20,000 per trip. Maximum benefit of $40,000 per 12-month period.
• Baggage delay: Up to $100 per day for five days.
• Lost luggage: Up to $3,000 per passenger.
• Trip delay: Up to $500 per ticket for delays more than 6 hours.
• Trip cancellation: Up to $10,000 per person and $20,000 per trip. Maximum benefit of $40,000 per 12-month period.
• Trip interruption: Up to $10,000 per person and $20,000 per trip. Maximum benefit of $40,000 per 12-month period.
• Baggage delay: Up to $100 per day for five days.
• Lost luggage: Up to $3,000 per passenger.
• Trip delay: Up to $500 per trip for delays more than 6 hours.
• Trip cancellation: Up to $10,000 per trip. Maximum benefit of $20,000 per 12-month period.
• Trip interruption: Up to $10,000 per trip. Maximum benefit of $20,000 per 12-month period.
• Lost luggage: Up to $3,000 per passenger.
Terms apply.
• Trip delay: Up to $500 per passenger for delays more than 6 hours.
• Trip cancellation: Up to $2,000 per person for nonrefundable airline, bus, train or ferry tikets.
• Trip interruption: Up to $2,000 per person for nonrefundable airline, bus, train or ferry tikets.
• Lost or damaged luggage: Up to $3,000 per passenger.
Learn more
Terms apply.
Travel insurance for Europe recapped
Staying safe is important during your trip to Europe. Health insurance for travel can make a difference, especially if you’re planning on doing anything adventurous. The same can be said for other trip protections, which reimburse you for covered expenses that you incur.
To view rates and fees of The Platinum Card® from American Express, see this page.
Insurance Benefit: Trip Delay Insurance
Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period.
Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply.
Underwritten by New Hampshire Insurance Company, an AIG Company.
Insurance Benefit: Trip Cancellation and Interruption Insurance
The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period.
Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply.
Underwritten by New Hampshire Insurance Company, an AIG Company.
Insurance Benefit: Baggage Insurance Plan
Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g., plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one-way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on Baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip.
Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply.
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.
Welcome to the 30 Day Money Challenge!
Today, you will learn how to make your money work for you. You don’t have to be a millionaire before knowing these things, but it’s important for everyone who wants financial stability.
Remember these keywords: saving and investing? This is where they come into play for long term success.
It’s not too late to make the right financial decisions.
But, finances are complicated and intimidating for most people so it can be hard to get started.
The 30 Day Money Challenge is here to help with that.
This 30 day financial challenge will help you create a strategy that can save, spend less, and make more by the end of this month!
Are you ready to dig into this month-long money challenge?
What is the 30 Day Money Challenge?
A money challenge is a plan for how to make your finances work better.
It can be as simple as spending less or eating out less, or something more complicated like saving up for retirement or buying a house.
During this month’s timeframe, you will dig into all areas of your finances to make sure you are on track to reach your money goals.
If you do not have financial goals, then we will make sure you do at the end of this money challenge.
I’ve seen a lot of spending challenges out there that are basically just a saving money chart telling you how much money to save each day to save $1000 or $500 in one month, but they don’t tell you how to save the money. That is where the rubber meets the road and this challenge will motivate you to improve your money habits.
Overall, you will learn more about your finances than you did previously.
Why a Money Challenge is Important
A 30 day challenge is a great way to get yourself motivated and focused on saving money and improving your money management.
The goal is not enough, you need the why behind it in order to see your savings grow.
This can be as simple as:
– Setting up a direct deposit from your paycheck to an account you control and only spending what’s in that account.
– Spending less on impulse buys.
– Cutting back on luxury items to save money.
– Living more in cash and less in credit card debt.
You can also take knowledge in knowing the number of our readers who have taken the challenge to improve their money management skills.
3 Steps to Start the Money Challenge
The 30 Day Money Challenge is a simple process that starts with 3 steps.
Your reward for participating in the challenge is pretty appealing, but the process can be hard for some.
So, know these steps before you start the challenge.
1. Pick a Time
While there is no good time to start, you need to find a time when you have the highest probability of success.
Starting the money challenge during the holidays will leave you defeated. Maybe starting as a New Year’s Resolution. Or during a quieter time throughout the year.
You need to find the “right” time because you will have to dedicate at least 10-30 minutes per day. However, the longer you put it off, the less likely you are to start.
2. Be Prepared
More than likely, you will be ripping off the band-aid on some old money failures and defeats. This is common.
You have to be mentally prepared to overcome these negative feelings towards money in order to find that breakthrough moment.
3. Accountability
Find someone to keep you accountable during the challenge.
There will be points when you want to accept defeat and run back to your old money ways. It’s great to create a support system for managing money wisely.
If those old money habits didn’t serve you well before, then how will they serve you moving forward.
You need to keep your eye on the prize!
Thirty Days of Money Challenges
A 30-day money challenge is a popular type of personal finance experiment in which participants take a pledge to review their finances and overcome any obstacles that are preventing them from long term financial stability.
The goal is to teach people how quickly they can change the trajectory of their personal finances before they snowball into a serious money problem.
Day 1 – Get Organized
If you don’t have an understanding of how many accounts you have, credit cards you have open, or debt payments that are due, then you must get your personal finances organized.
Start here to learn how to organize personal finances.
Day 2 – Understand your Income
If you do not know how much do I make a year, then you must figure that out first.
It is impossible to manage money if you do not know how much money is coming in.
Also, consider all types of income sources – earned, passive or investment.
Day 3 – Understand your Expenses
Understand where your paycheck is going. When you understand how much of your money is going to things like rent, utilities, and mortgage, you can make better decisions about spending.
This is not the time for “this-is-where-I-hope-my-spending-goes;” this is the true reality of how you spend money.
Day 4 – Pay Yourself First
This is a must for long-term success. Every time you get paid, you need to pay yourself first. Put a percentage of your paycheck into savings each month before anything else is spent on non-essential items.
We suggest starting with at least 5% of your income. Even better, you want to start with 20% of your income.
You must cut your fun spending until you can save money first.
When saving becomes an automatic habit, start investing through high yield accounts like IRAs and 401(K)s.
Day 5 – Automate your Emergency Savings
Set up a transfer to put $50 into your Emergency Fund every time you get paid.
Learn how much you need in your emergency fund. Remember, the goal is never to use your emergency fund, but you always want one – just in case!
Day 6 – Create Money Goals
Figure out what your financial goals are and how much they will cost over time, then come up with a strategy to achieve them.
You need to make a plan to reach your money goals.
If you skip this step, you may be lucky and still reach your goals. But, you can find better prosperity but writing out those money goals and maybe even using a vision board.
Learn how to create smart financial goals.
Day 7 – Budget Time
Crazy! I know. Most people would think that creating a budget would need to be first. But, it isn’t. You need to figure out days 1-6 first before you dig into budgeting.
Begin tracking your expenses on paper or online as soon as possible. Here are the best budgeting apps available.
The goal with the budget is to focus on saving first, then your expenses. you must spend less than you make.
Day 8 – Make More Money
Come up with ways to generate more income. Period. You need to make your money work for you.
You need to learn how to make your income work for you by creating streams of income outside of your primary work or “earned” income.
Theoretically, if multiple streams of revenue exist at your full-time job, you can work fewer hours than necessary.
Ways to Make Money:
Day 9 – Enough with Debt
Debt will hold you back. Period.
You need to recognize that paying off your debt is the best thing you can do for your finances. However, during this 30 day financial challenge, it is not the time to focus on paying off debt.
Calculate the total amount of debt (except mortgage).
Put down getting out of debt as one of your money goals and the timeframe to make it happen.
For now, don’t take on more debt, and make sure you’re paying the minimum on your credit card balance.
Day 10 – Understand Investing
Investing is a way of giving your money the opportunity to work for you. In other words, you are using what you have now in order to make more out of what you have in the future.
This is the first step to earning investment income that will fund your lifestyle.
Typically, most people associate investing in the stock market. Many people invest with their 401ks or IRAs. However, you can invest your personal income as well.
What if you could earn a return on that opportunity cost? For example, what if you invested the $10 in your wallet and it grew to be $20?
Learn how to start investing.
Trade and Travel 2.0
Learn to trade stocks with confidence.
Whether you want to:
Retire in peace without financial anxiety
Pay your bills without taking on a side hustle
Quit your 9-5 and do what you love
Or just make more than your current income….
Making $1,000 every.single.day is NOT a pie-in-the-sky goal.
It’s been done over and over again, and the 30,000 students that Teri has helped to be financially independent and fulfill their financial dreams are my witnesses…
Day 11 – Control Excess Spending
Every time you spend money, it is an opportunity cost to your future self. You are trading away your future self’s money to buy something today.
Is that what you want?
More than likely, no.
Learn how to drastically cut expenses.
Day 12 – Autopay your Bills
Consider setting up an autopay feature for your bills. It can help you avoid late fees and will have a steadier flow of money coming in.
This will help you to make sure you have the cash flow available to meet your expenses.
Day 13 – Avoid Fees
One of the best ways to save money is by avoiding fees.
If you have a credit card, consider switching to one with no annual fee or an introductory offer that expires after one year.
Check your bank and credit card statements for any fees you may not be aware of.
If there is a fee, call the company and negotiate to have it removed or reduced.
Day 14 – Automate Retirement Contributions
You should automatically make a certain percentage of your salary go to a 401k or other savings account, and the other percentage goes to your checking account for spending money.
This is something your human resources department can help you set up.
Day 15 – Increase your Retirement Contributions
Now, that you have automated your retirement contribution, you want to increase you much your contribution each year until you are maxed out by IRS limits.
Start to increase your retirement contributions by 1%.
Set a five-year goal to fully max your retirement contributions!
Halfway Point!!
You’re halfway through the 30 day money challenge!
Keep up the good work and keep reaching for your goals.
You’ve made it this far, so just imagine what you’ll be able to do in another month of working hard towards saving more money.
Day 16 – Communication
Don’t think money has to be a taboo topic. In fact, you need to be comfortable talking about money.
The key is to be on the same page with key family members about where money should go. This is something that we struggled with our marriage and had to overcome. Thankfully, we did and we made way more progress than previously.
Day 17: Invest in yourself
I know you’re probably tired of hearing about investing in yourself, but it’s important. Investing means putting money into something that will make more money back. You might not think this applies to you, but it really can! You might not have a big budget for investing in stocks or mutual funds right now, so let’s talk about something you do spend money on every day: you.
You only learn by growing.
Day 18 – Start Reading About Personal FInance
This isn’t something that you do once or twice. Make it a goal to read books on money or personal finances each month.
Importantly, make sure you are reading books, regardless of what aspect they look at money. It is never too late to pick up new tricks or ideas.
Plus learning from others’ money stories is powerful.
Day 19 – Free Fun
Participating in only free activities for 30 days, and refusing to spend a single penny, we created a guide to make that happen for you.
101+ Things to Do with No Money
After writing that post, we discovered this is one of the best money saving ideas out there. This guide not only teaches you how to save money but also teaches about where you want to spend money and the importance of living a purposeful life.
Day 20 – Review Insurance
You need to make sure you are properly covered with insurance as well as not paying too much money for your policies.
There are all of the types of insurance you need to review:
This is something you should do once a year.
Day 21 – Waste Less Food
You need to learn to save money by wasting less food.
This doesn’t mean you have to make homemade meals every night of the week! The goal is not to throw food away – that is hard earned cash going right down the trash.
Ways to Save Money on Groceries:
Day 22 – Buy Second Hand
Consider second-hand stores and consignment sales as options for buying used items. Thrift stores are also great to save money on clothes and other household items.
The same is true for buying cars, baby equipment, kids clothes, etc. Plus you protect our world.
Day 23 – Save Money
So, this day is all about saving money and I think that it’s the most important one of them all because if you’re not saving your money, then what are you doing with it? You’re throwing it away.
So today, I want to talk about two different types of saving money – physical and mental. The first one is all about physically saving your money. This is the easiest one because it doesn’t require any effort on your part to do so, but it’s also very important as well.
The second type of saving money is mental saving. This is all about saving your money because you know that something better will come along soon and it gives you hope for the future!
So, I think these two types of savings are both really important.
Day 24 – Give Back
This is the time to give back to others, donate money to charities, and put small contributions into charity.
By hoarding money, you are not learning the principles of helping others just like you have been helped along the way.
Day 25 – Renegoite Interest Rates
Right now, we are not starting to pay off debt. We are looking for ways to save on higher interest payments.
Make calls to renegotiate your interest rates on your debt. If the credit card company says no, then look at a zero interest transfer.
Just no more debt.
Day 26 – Avoid Scarity Mindset
You have to believe in yourself that you are capable of achieving great things and that includes success money.
However, we get caught in this trap of hoarding materialistic items in order to make up for the dollars in our bank account or money that was wasted in buying them.
If you don’t believe how poverty mentality overwhelms your life, then read this story of reclaiming your home with decluttering.
Day 27 – Cut Out What you Don’t Need
If you are not using something, sell it or give it away to someone who can use it more than you do!
You’ll save money and make room in your budget for the things that matter.
We learned a lot when we started to own less stuff.
Day 28 – Prepare for a No Spend Challenge
If you have not been able to keep your spending in check, this is an excellent opportunity for you to try out a no spend challenge once this challenge finishes.
A no spend challenge will help you to review your budget and see what areas of spending need more attention in order to increase savings or pay down debt.
Also, it will help you focus on what area are important to spend money.
Day 29 – Reward Yourself
This is the biggest lesson I learned when paying off debt and trying to increase our savings percentage. I became unable to spend money. I would feel guilty about spending money.
That is not the type of life you want. You must be comfortable spending money (especially if you are a thrifty person).
Pick rewards to match your smart financial goals. Keep motivated with those rewards.
Day 30 – Stay on Track
Proper money management does not end just because the end of the 30 day challenge is over. This is a lifelong skill to master and perfect.
Keep focused by not going over budget limits and being honest about where you really stand financially today as opposed to where you want it to be in the future.
You can stay on track if you have a deep desire to continue.
30 Day Money Saving Challenge
This one is just about saving money. Period.
Each day, you save money to reach your goal.
For many people, the 30 day money saving challenge will make sure you are on track with your goals and objectives.
At the minimum, you should be able to save $500 in 30 days. But, you need to decide what you want to save in a month.
The challenge is open to everyone, so this might be the perfect opportunity for you!
What is the 30 Day Money saving Challenge?
The 30 day money saving challenge is saving a set amount of money during the month.
Keep in mind, not everyone will be able to save this much in 30 days and that’s perfectly okay.
You need to make it work with your budget.
Another option for the 30 Day Money Challenge is committing to give up one or more expenses for the whole month. For instance, pick ten things that cost you money and give them up for 30 days.
How to get started with the 30 day savings challenge
The 30 day savings challenge is a simple but effective way to get started saving money.
You can choose any of these methods:
Take the amount you want to save and divide by 30. That is how much to save daily.
Determine the amount to save and take that immediately when you are paid.
It is easy to go in order or skip around depending on what amount you want to save each day.
Keep change hidden in jars and watch it add up over time, then put the money away every day and see where they rank at the end of the month.
Give up a certain expense and save that money.
Try a modified version of the 100 day challenge.
You can find plenty of money saving challenge printable or PDF in our resource library.
Want more easy money saving challenges?
Are you in for this 30 Day Money Reset Challenge?
This is only a 30 day money challenge because it’s a short period of time to gain a win. That is what you need to keep up the motivation as well as have a strong kickstart to your finances.
In order to build wealth through their finances, these are 30 smart moves that require no time on some days.
Don’t lose momentum. If you miss a day, then jump back into the challenge the next day.
The key to success for 2021 is to take control of your finances.
Photo Credit:
www.rakuten.com
The Shopping Trick to Save Hundreds of Dollars
Personally, I love to shop online from the convenience of my own home and have packages delivered to my house. Plus you can get paid to shop online!! The process is super simple.
Just head here to get an Rakuten/Ebates account, click on the retailer you are shopping online, and then complete your checkout process as normal.
Already a Rakuten / Ebtaes member? Make sure you have the Extension Buttonfor automatic savings!
Photo Credit:
www.asktrim.com
Perfect for the person who hates to hassle with canceling subscriptions and checking spending. Trim is a virtual personal assistant that constantly works to save users money.
Trim adds value in such ways as canceling old subscriptions, setting spending alerts, checking how much users spent on ride-sharing apps the previous month, and automatically fighting fees.
Photo Credit:
ibotta.com
Ibotta can be used for grocery stores, drugstores or online shopping. Once you accrue $20 in your account, you can transfer it to PayPal or venmo or buy gift cards to selected retailers.
Just for signing up, they will give you a bonus when you use use this link. Ibotta rocks at bonus categories and offers. This is where your cash back can really add up fast.
Photo Credit:
checkout51.com
Checkout 51 can be used for grocery stores or drugstores. Their offers are valid each week from Thursday-Wednesday. With new offers released each Thursday.
One of my favorite offers is the “Pick your own offer” – it is a selection of 5 fruits of veggies to redeem for extra cents cash back. Once your account balance is over $20, they will mail you a check.
Know someone else that needs this, too? Then, please share!!
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More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
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