Avid TikTok users may be familiar with the #TikTokMadeMeBuyIt trend. They also may be happy to know that it’s now possible to buy things directly from TikTok thanks to TikTok Shop. Entrepreneurs and content creators may be especially drawn to the shop, as it’s a way to sell products to the millions of TikTok users out there.
Whether you’re a content creator, entrepreneur or simply curious, here’s what you need to know about how to make money using TikTok Shop.
What is TikTok Shop?
In September 2023, TikTok Shop launched in the U.S., creating a new way for content creators, brands and entrepreneurs to make money. Individuals and brands can earn dollars by showcasing and selling products directly on the platform.
Here are some of the notable TikTok Shop features that sellers can use to support their money-making endeavor:
In-feed video and Live shopping: This feature makes it possible for people to buy products that are tagged in the TikTok videos and Lives in their feed.
Product showcase: Sellers can curate collections of products they’d like to sell on TikTok and post those collections to their profile page. Users can then browse the products, read reviews and buy directly from a business’s profile.
Shop tab: TikTok users can find promotions, discover new products and make purchases within the Shop tab in the app.
Affiliate program: The new affiliate program connects content creators and sellers. Sellers can seek out content creators to promote their products in videos and Lives in exchange for a commission.
Shop ads: These can be likened to Instagram, Facebook or other social media ads. They give sellers a chance to advertise to TikTok users.
Fulfilled by TikTok: To take the weight off of sellers, with this feature, TikTok will store, pick, pack, and ship items to customers.
How do you make money on TikTok Shop?
People can make money on TikTok Shop by becoming sellers or creators. Sellers can showcase their products. Creators can use the affiliate program to partner with brands to promote their products.
Once payments are processed, both creators and sellers get paid through the bank account they connect to TikTok.
How to start a TikTok Shop as a seller
There are a few steps a person need to take before they can start selling products on TikTok. Keep in mind, you must be at least 18 years of age to open a TikTok Shop.
Step 1: Sign up at the TikTok Shop seller center
The first step is to use your TikTok account, an email address or phone number to create a TikTok Shop account. Next, be ready to provide onboarding information like business type, a form of identification, the last four digits of your Social Security number, the shop name, primary products or services that will be sold, and contact information. Business owners should prepare to input information like the business name, employer identification number and business address. Payment and tax information for both individuals and businesses are also necessary, in addition to the business address for the product detail page.
If you’re unsure about what you want to name your shop, don’t worry too much, as you can change your shop name later. It should take three to five days for your information to be audited and for TikTok to make a decision about approval.
Step 2: Upload products
Once the shop is open, it’s time to upload the products TikTok users will hopefully buy. Note that all the products listed on TikTok Shop must align with the app’s policies and community guidelines, so check those out beforehand.
Products can be uploaded in four different ways:
Manually: This may prove to be a slow grind, but you can add products to the store one at a time using this option.
Sync with your existing online store: Those who already sell products on platforms like Shopify, Amazon, BigCommerce or WooCommerce can integrate those platforms with TikTok Shop. The how-to guides can be found in the TikTok Shop Seller Center.
Use the Seller Center app: For people who prefer using phones and tablets, there is an option to upload products from a mobile device.
Bulk upload: Using a template TikTok provides, sellers can upload products in bulk. The process includes selecting a product category, downloading the template, inputting product information and uploading the template to the TikTok Shop Seller Center.
When uploading products, sellers should try to focus on clean images and tight product descriptions to engage shoppers. After uploading products, don’t forget to link the shop to a TikTok account.
Step 3: Sell
The final step is to sell products using live streaming, shoppable videos or product showcases. Sellers can also consider posting a Shop ad, sharing the word on other social platforms and encouraging buyers to leave reviews.
Partnering with TikTok creators through the affiliate program is another way to improve reach and sell products.
There are three types of affiliate plans sellers can choose from:
Shop plan: Gives creators a flat commission rate for every product.
Open plan: Allows sellers to create special plans for specific products.
Targeted plan: Allows sellers to invite specific creators to promote select products.
How to join TikTok Shop as a creator
For people who don’t have products to sell, becoming an affiliate may be the best way to make money on TikTok Shop. The affiliate program is for content creators who want to partner with brands and get paid through commissions to promote products. To become a TikTok creator, you must be at least 18 years old and have over 5,000 followers.
To get started as a creator with the affiliate program, apply through TikTok Shop in the the TikTok app. Once your application has been approved, explore TikTok Shop to find products you might want to sell. Then reach out to sellers to get permission to promote their products. Next, add the products and your contact information to your showcase. Finally, request samples and sell the products to your audience.
Is TikTok Shop safe?
On its site, TikTok says it works with trusted third-party platforms to process customer payments and provide a secure TikTok Shop checkout. That said, if you’re concerned about safety, consider using the same online safety measures you’d use with any other account, such as changing your passwords regularly and using two-step verification for login.
TikTok Shop is one of many ways to make money in our digital-forward society. Just ensure you understand the process and guidelines before committing.
If you’ve just gotten your first $1,000 that’s free to invest, you might be freaking out a little bit. What are you going to do with that money? And how will you keep it growing so that you can continue to invest more for your future?
Well, $1,000 is a great start, but it’s not a ton of money. That means you can’t spread it out into too many different options. But you can prioritize the best ways to invest that thousand bucks. Here are some of the best ways to invest your first $1,000.
Overview: How and Where to Invest $1000
Investment Type
Best For
Paying off debt
Those with high-interest debt
High-yield savings account
Emergency fund
Tax-advantaged account
Beginner investing
Stocks
Having control over where your money goes
Real estate
Alternative investment
Art
Alternative, long-term investment
Peer-to-peer lending
High-risk/high-reward
CD
Those who don’t need the money right away
Treasury security
Safe investment to balance risk
Use a Micro-Savings app to both save and invest
Those who want to invest while shopping
1. Pay Off Debt
First, if you have high-interest debt, you’re likely best off putting your money towards that. If you’re paying 15% or more interest, you won’t likely be able to put your money towards an investment that out-earns that. So it’s best to pay off that debt.
The general rule of thumb here is that you first put enough money into an employer-sponsored account to get any matching option. Then, you put your money towards high-interest debt until that’s paid off. Once that’s done, you can move on to these other options.
2. Use a High-Yield Savings Account
If you don’t have any money saved for an emergency, put your $1,000 into a high-yield savings account for emergencies. This keeps you from going into more debt if an emergency does arise, so it’s a good idea. Look for a savings account with little to no ongoing fees and as high an APY as possible.
Here are a few of our favorite high-yield savings accounts:
Featured Savings Accounts
Bank/Credit Union
Min. Deposit
Learn More
3. Put It Into a Tax-Advantaged Account
If you don’t have an employer-sponsored retirement plan, or if you can’t put this $1,000 in there, you should consider making your investment through an IRA. Tax-advantaged investment accounts can boost that amount and grow your money over time. Luckily, some of the options below, including some robo advisors, allow you to invest through an IRA, so you can get both good returns on your investment and tax advantages.
4. Try Your Hand At Investing In Stocks
You don’t want to invest your whole portfolio over time in stocks. But if you’re interested in trying your hand at stock investing, try it through a solid platform like E*TRADE, TD Ameritrade, or Ally Invest. These platforms let you make trades on your own, so you can see what it’s like to build your custom investment portfolio. You can also opt for a semi-robo advisor like M1. This one is free to use and lets you put together your portfolio of ETFs, which tend to be more stable than individual stocks but still give you the feel for putting together your investments.
But if you don’t know what you’re doing or just don’t want to deal with the time and energy it takes to pick good stocks, fear not. One of the best ways to have your money managed for you is by working with a Certified Financial Planner. The problem is, they’re hard to find (good ones, at least).
5. Start a Robo Advisor Account
If you want more handholding or to be hands-off with this starter investment, consider using a robo advisor like Betterment. With a dollar amount on the small side like this, Betterment is probably your best bet. It’ll let you set your investment preferences and forget about managing your account daily.
6. Use a CD For Mid-Term Savings
What if you want to put that $1,000 towards the start of some larger savings goal for the medium-term? Like buying a house or a car? In this case, you might consider putting it into a CD. If you know you won’t need it to be liquid for a set period of time, a CD can get you a good return on your investment without risking your capital as you will with many investing opportunities.
Read more: Best CD Rates
7. Buy a Treasury Security
If you have a higher income tax rate, you might get a better deal from a Treasury security versus a CD. They do tend to have slightly lower rates, but their earnings are exempt from state and local taxes. Before you decide to lock your money up in either option, be sure you do the math to get the best bang for your buck.
8. Put it in your kid’s 529 account
What if you’re already maxing out your retirement accounts or saving as much as you feel like you should? In this case, consider adding that $1,000 to a 529 college savings account for your kid. These accounts act as an IRA for education spending, so they’re a valuable way to save up now for those hefty college expenses you’ll see in the future.
9. Use a Micro-Savings App to Both Save and Invest
Did you know that you don’t even need to wait to accumulate $1,000 to begin investing? Naturally, there’s more you can do with your portfolio if you have that kind of money. But if you have been having difficulty accumulating it, or you have at least $1,000 and want an automated system to increase it, Stash Invest needs to be on your radar.
Stash Invest provides you with a debit card. You can set the card to use round-ups to make regular contributions to your investment account. For example, if you make a purchase for $9.15, your account will be charged the full $10, with $.85 going into your investment account. Multiply that by dozens of transactions per month, and you can easily see $20, $30, $40, or even $50 going into your investment account each month.
Stash Invest even makes investment recommendations for you. You’ll have the option to choose from more than 400 individual stocks and exchange-traded funds. They provide a portfolio model based on your risk tolerance, time horizon, and investment goals. They won’t manage the portfolio for you but will guide you toward creating one that works for you. As much as anything else, Stash Invest is an excellent introduction to self-directed investing, both helping you to accumulate funds for investment and then gradually helping you get your feet wet with managing your portfolio.
Read our full review on Stash Invest.
Start Keeping Track
Whatever you decide to do with that $1,000, be sure you keep the cycle going by keeping track of both your budget and your investments. One way to do this is with Empower, a platform that lets you pull all of your investing and spending data together into a single place. With it, you can watch your original investment grow, but you can also manage your budget to live on less than you earn and invest the rest.
FAQ
How much interest will I earn on $1k?
To determine the interest you’ll earn on $1k, multiply 1,000 by the rate of return you expect. So, for example, if you expect a 6% rate of return, you’d earn $60 in interest by the end of the year (1,000 x .06 = 60).
How should I invest $1k to make 100k?
To turn $1k into $100k, you expect to 100x your investment. The best way to do this is to start with $1k and continue to invest at regular intervals over time. For example, if you started with $1,000 and invested $200 per month, every month, for 20 years and earned a modest rate of return of 6.5% (compounded monthly), you’d end up with just over $100k.
How can I invest $1k wisely?
To invest $1k wisely, you should open an account with a robo advisor and let them do the work for you. $1k isn’t enough to invest in most mutual funds or even some index funds, but it is enough to start investing with a robo advisor. This way, your investment will be broadly diversified and actively managed on your behalf.
What’s the best way to invest $1k short term?
The best way to invest $1k in the short term is to put it into an ETF or index fund that captures a wide scope of the total stock market (like VTI, for instance). Most brokers will allow you to open an account with $1k, but you might have to search for a fund that will let you buy in for $1k (many require a minimum investment of $2,500, for example). Alternatively, you can put the $1k in a robo-advisor account and let them manage it.
Bottom Line
Having $1k to invest is more than many people have. Most Americans don’t have $1,000 to cover an emergency without going into debt. So consider yourself lucky in that sense. That’s why you want to make sure it lasts, and it’s invested wisely.
Related: Savings by Age: How Much to Save in Your 20s, 30s, 40s, and Beyond
Review our advice above, choose a safe, short-term investment, and keep a close eye on it. Your $1,000 investment isn’t going to get you to retirement by itself, but it can serve as a wonderful safety fund and a foundation for a larger portfolio.
Resources:
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Abby is a freelance journalist who writes on everything from personal finance to health and wellness. She spends her spare time bargain hunting and meal planning for her family of three. She has a B.A. in English Literature from Indiana University Purdue University Indianapolis, and lives with her husband and children in Indianapolis.
AI’s impact on the job market and society is a topic of much debate. However, its potential to assist businesses in making informed decisions is undeniable. Artificial intelligence (AI) has permeated various aspects of our lives, sparking discussions about its possibilities and challenges. Will we witness the realization of AI’s capabilities in the upcoming year? SAS, a frontrunner in AI and analytics, has enlisted the insights of executives and experts from across the organization to forecast trends and pivotal developments in AI for 2024. Here are some of the forecasts they have put forward.
Generative AI will augment (not replace) a comprehensive AI strategy
SAS, with a recent commitment of $1 billion to AI-powered industry solutions, emphasizes the growing significance of generative AI in organizational strategies. In 2024, organizations will shift towards integrating this technology to complement industry-specific AI strategies.
In banking, simulated data for stress testing and scenario analysis will help predict risks and prevent losses. In health care, that means the generation of individualized treatment plans. In manufacturing, generative AI can simulate production to identify improvements in quality, reliability, maintenance, energy efficiency and yield.
Bryan Harris, Chief Technology Officer, SAS
AI will create jobs
Although introducing new AI technologies in 2024 and beyond may lead to temporary disruptions in the job market, it will also ignite the creation of numerous new jobs and roles, thereby contributing to economic expansion.
In 2023, there was a lot of worry about the jobs that AI might eliminate. The conversation in 2024 will focus instead on the jobs AI will create. An obvious example is prompt engineering, which links a model’s potential with its real-world application. AI helps workers at all skill levels and roles to be more effective and efficient.
Udo Sglavo, Vice President of Advanced Analytics SAS
AI will enhance responsible marketing
While AI holds the potential for optimizing marketing and advertising initiatives, it is essential to recognize that biased data and models can yield skewed outcomes.
As marketers, we must consciously practice responsible marketing. Facets of this are awareness of the fallibility of AI and alertness to possible bias creeping in. In SAS Marketing, we are implementing model cards that are like an ingredient list, but for AI. Whether you create or apply AI, you are responsible for its impact. That’s why all marketers, regardless of technical know-how, can review the model cards, validate that their algorithms are effective and fair, and adjust as needed.
Jennifer Chase, Chief Marketing Officer, SAS
Financial firms will embrace AI amid a Dark Age of Fraud
Even as consumers show increased vigilance against fraud, fraudsters use generative AI and deepfake technology to refine their multitrillion-dollar trade. Phishing messages are becoming more sophisticated, and imitation websites appear remarkably authentic. With simple online tools, a criminal can replicate a voice after just a few seconds of audio.
We are entering the Dark Age of Fraud, where banks and credit unions will scramble to make up for lost time in AI adoption – incentivized, no doubt, by regulatory shifts forcing financial firms to assume greater liability for soaring APP [authorized push payment] scams and other frauds.
Stu Bradley, Senior Vice President of Risk, Fraud and Compliance Solutions, SAS
Shadow AI will challenge CIOs
CIOs previously faced challenges with ‘shadow IT’ and will now encounter ‘shadow AI’ – solutions utilized by or developed within an organization without official approval or monitoring by IT.
Well-intentioned employees will continue to use generative AI tools to increase productivity. And CIOs will wrestle daily with how much to embrace these generative AI tools and what guardrails should be put in place to safeguard their organizations from associated risks.
Jay Upchurch, Chief Information Officer, SAS
Multimodal AI and AI simulation will reach new frontiers
The next step in generative AI is the combination of text, images, and audio into one model. This is called multimodal AI, which allows for the simultaneous processing of diverse inputs.
An example of this will be the generation of 3D objects, environments and spatial data. This will have applications in augmented reality [AR], virtual reality [VR], and the simulation of complex physical systems such as digital twins.
Marinela Profi, AI/Generative AI Strategy Advisor, SAS
Digital-twin adoption will accelerate
Organizations can refine operations, enhance product quality, boost safety measures, improve reliability, and decrease emissions through digital twins.
Technologies like AI and IoT [Internet of Things] analytics drive important sectors of the economy, including manufacturing, energy and government. Workers on the factory floor and in the executive suite use these technologies to transform huge volumes of data into better, faster decisions. In 2024, the adoption of AI and IoT analytics will accelerate through broader use of digital-twin technologies, which analyze real-time sensor and operational data and create duplicates of complex systems like factories, smart cities and energy grids.
Jason Mann, Vice President of IoT, SAS
Insurers will confront climate risk, aided by AI
After years of waiting, climate change has evolved from a potential threat to a real and urgent danger. The global insurance industry faced more than $130 billion in losses from natural disasters in 2022, putting immense pressure on insurers worldwide. In the United States, insurers face scrutiny for increasing premiums and pulling out of heavily affected states like California and Florida, leaving millions of customers in a difficult position.
To survive this crisis, insurers will increasingly adopt AI to tap the potential of their immense data stores to shore up liquidity and be competitive. Beyond the gains they realize in dynamic premium pricing and risk assessment, AI will help them automate and enhance claims processing, fraud detection, customer service and more.
Troy Haines, Senior Vice President of Risk Research and Quantitative Solutions, SAS
AI importance will grow in government
AI will soon have an impact on government workforces. Governments struggle to attract and keep AI experts because of their high salaries, but they will actively seek out this talent to support regulatory efforts.
And like enterprises, governments will also increasingly turn to AI and analytics to boost productivity, automate menial tasks and mitigate that talent shortage.
Reggie Townsend, Vice President of the SAS Data Ethics Practice
Generative AI will bolster patient care
In 2024, organizations will continue to advance health and enhance patient and member experiences by developing AI-powered tools for personalized medicine. These tools will include patient-specific avatars for clinical trials and the generation of individualized treatment plans.
Additionally, we will see the emergence of generative AI-based systems for clinical decision support, delivering real-time guidance to payers, providers and pharmaceutical organizations.
Steve Kearney, Global Medical Director, SAS
Deliberate AI deployment will make or break insurers
In 2024, a top 100 global insurer will face closure due to prematurely implementing generative AI. Insurers are rapidly introducing autonomous systems without customizing them to their business models. They aim to use AI for expedited claims processing to counteract recent poor business performance. However, following layoffs in 2023, the remaining workforce will need more support to oversee AI’s ethical and widespread implementation.
The myth of AI as a cure-all will trigger tens of thousands of faulty business decisions that will lead to a corporate collapse, which may irreparably damage consumer and regulator trust.
Franklin Manchester, Global Insurance Strategic Advisor, SAS
Public health will get an AI boost from academia
The COVID-19 pandemic has made it evident that safeguarding our population will necessitate exceptional technology and collaboration. Public health embraces technological advancements like never before.
Whether overdoses or flu surveillance, using data to anticipate public health interventions is essential. Forecasting and modeling are rapidly becoming the cornerstone of public health work, but the government needs help. Enter academia. We will see an increase in academic researchers carrying out AI-driven modeling and forecasting on behalf of the government.
Dr. Meghan Schaeffer, National Public Health Advisor and Epidemiologist, SAS
At SAS Innovate, April 16-19, 2024, in Las Vegas, you have the opportunity to discuss with SAS executives, gain insights into their forecasts, and delve into the newest developments in AI and analytics. Secure your spot to receive updates on the conference and take advantage of early-bird pricing.
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Mihaela Lica Butler is senior partner at Pamil Visions PR. She is a widely cited authority on public relations issues, with an experience of over 25 years in online PR, marketing, and SEO.She covers startups, online marketing, social media, SEO, and other topics of interest for Realty Biz News.
Your home is not just the cherished place you live. It is a valuable asset that can bring you opportunities for financial security and growth. Owning a home helps you build equity, and in turn, wealth, providing an option when you need to access funds. But there are other ways you can use your home as part of your financial strategy. Let’s explore how you can put your home to work for your financial benefit.
The Tangible Benefits of Homeownership
Owning a home can be a very rewarding experience. In addition to giving you a sense of pride and a connection to your community, homeownership provides tangible benefits that can improve your financial well-being. Two key benefits are equity and tax advantages.
Building Equity Over Time
As you make mortgage payments, you build equity in your home. Equity is the difference between the market value of your home and the amount you owe on your mortgage. Once you’ve accumulated enough home equity, you can tap into it for various needs like home renovations, debt consolidation or other expenses. You can typically obtain this cash through a second mortgage, such as a fixed-rate Home Equity Loan or a Home Equity Line of Credit (HELOC).
Tax Advantages
As a homeowner, you can deduct some of the interest you pay on your mortgage from your federal income taxes. This can save you a significant amount of money each year.*
Strategies to Unlock Your Home’s Financial Potential
Understanding the different ways you can take advantage of your home can help you unlock its full financial potential and move you closer to your goals.
1. Home Equity Loans
Having home equity can be a safeguard for managing large expenses. For example, if you need access to funds for home improvements, debt consolidation, school tuition, an emergency or any other significant expense, consider a Home Equity Loan.
A home equity loan allows you to borrow against your home’s equity and receive a one-time cash payment. Since this type of loan is a second mortgage, your primary mortgage, including your interest rate, remains unaffected. This can be a great advantage if you have a very low interest rate on your first mortgage and you want to access cash from your home equity without refinancing your entire loan balance — especially if rates are running on the higher end in the current market. You’ll also have the security of a fixed interest rate and payment on this type of loan, unlike a line of credit. The amount borrowed may even be tax deductible if the funds are used to renovate your home.*
2. Consolidate Debt
Your home equity can help you take charge of your debt. If you have a lot of high-interest debt from credit cards or personal loans, consider consolidating your debt with a home equity loan or cash-out refinance. A cash-out refinance replaces an existing mortgage with a new loan with a higher balance, sometimes with more favorable terms than the current loan. The difference between these two loans is distributed to the homeowner as cash.
Credit card and personal loan interest rates are typically much higher than home loan interest rates, so a cash-out refinance or home equity loan could potentially save you a lot of money on interest payments.
Paying down debt can also boost your credit score. But don’t treat a cash-out refinance or home equity loan like an ATM. Have a plan in place to avoid further debt.
3. Home Improvements
Certain improvements to your property can substantially enhance your home’s worth. Upgrading areas like the kitchen and bathrooms or incorporating energy-efficient elements can greatly appeal to future potential buyers if you choose to put the house on the market. Even if you’re not planning on selling anytime soon, this kind of investment often yields long-term financial benefits. Any increase in market value also contributes to an increase in your home equity.
4. Exterior Improvements
Exterior improvements like landscaping, a new wood deck or a wrap-around porch not only boost curb appeal but may also boost your home’s market value. When your market value increases, so does your home equity. Plus, when you’re ready to sell, potential homebuyers may be willing to pay more, often making these types of upgrades good long-term investments.
5. Investment
If you have good credit, liquid reserves and other qualifications, the equity in your home could be used to purchase an investment property.
A single-family home, townhouse or multi-family unit can be a long-term asset, offering additional tenant income. A vacation home can provide a reliable getaway that appreciates over time — and you can buy one with as little as 10% down.
6. Higher Education
As the equity in your home grows, so does the amount of accessible funds you have available to pay for a child’s education or your own tuition expenses. Just be sure to compare the interest rates of a home equity option vs. taking out a student loan. And do the math to ensure your existing budget can manage the increased or additional loan payments you’ll be responsible for.
7. Renting Out Spare Rooms or Basement
If you have extra space, you may be able to generate additional income by renting out a spare bedroom, guest house, casita or basement. A bedroom, guest house or casita could be rented to a tenant, and a spacious basement or garage could be leased to someone who needs storage space. Do your due diligence before renting out a room to ensure you understand the laws involved, any HOA restrictions, insurance, permits and safety requirements and tax implications.
8. Listing Your Space for Short-Term Rentals
Earn money by listing your guest house, casita or extra room as a short-term rental on a peer-to-peer exchange service such as Airbnb. Hosting out-of-town visitors can be very profitable, especially if you live in a tourist spot, business or transportation hub or near a university. Again, you’ll need to comply with your area’s legal, zoning, insurance, tax rules and other regulations.
9. Rent Out Your Pool or Backyard
Have a pool or backyard that often goes unused? Rent it out and bring in some extra cash. Apps like Swimply and Peerspace allow you to list your pool or yard and connect with individuals looking to swim, host a party, conduct photoshoots and even film commercials. That said, before you get started on using your property for this type of business venture, be sure to check with your homeowners insurance provider on any additional protections needed.
10. Home Equity Line of Credit (HELOC)
A HELOC allows you to access your home equity by providing a line of credit, which behaves similarly to a credit card. Borrow the amount you need when you need it, up to your approved limit. Keep in mind that HELOCs use variable rates, so the interest rate will fluctuate based on certain benchmark rates and the current market.
Want to leverage your home equity? Check out our home value estimator to help give you an idea of your home equity, then explore our home equity loan options or contact a Pennymac Loan Expert today.
*Consult a tax adviser for further information regarding the deductibility of mortgage interest and charges.
(WLUK) — State officials want to make sure Wisconsinites deck the halls safely.
While holiday decorations make the season brighter, they also pose a fire risk if not used or maintained properly.
“The holidays are a great time to put up lights and greenery, as we get our homes ready to welcome family and friends,” said Wisconsin Emergency Management Administrator Greg Engle. “However, decorations can create serious fire hazards. By taking time to check electrical wires and being cautious with candles, everyone can help keep those around them safer this season.”
When it comes to your Christmas tree, real or artificial, ReadyWisconsin says you should never place it close to a heat source such as a fireplace or heat vent. The heat can dry out the tree, causing it to be more easily ignited by heat, flames or sparks.
If you have a real tree, it is also important to water your tree everyday.
You should also inspect holiday lights each year and replace string lights that have worn or broken cords or loose bulb connections. You should also put your lights in places they are manufactured to go. Some lights specify whether they are for indoor or outdoor use.
You can share all your holiday décor with us here:
As you hang your outdoor lights, ReadyWisconsin says never overload your electrical outlets and do not link more than three light strands unless the directions say it is safe to do so.
You should also check your decorations when they are in use. If they are warm to the touch, unplug them. Be sure to turn off lights on trees and other decorations when going to bed or leaving the house and unplug extension cords when they are not in use.
While candles offer a holiday ambiance, they too can spark destructive fires. Nearly half of the home decoration fires reported in the U.S. during the month of December are caused by candles, according to the National Fire Protection Association (NFPA).
You should never leave a burning candle unattended and make sure they are kept at least a foot away from things that can burn. You can also consider using battery-operated flameless candles.
Cooking during the holiday season can also bring fire concerns into your home, with Christmas Eve and Christmas Day among the top days of the year for cooking fires. If you’re preparing a holiday meal or treats, avoid distractions in the kitchen, keep cooking areas clear of decorations or other items that could catch fire, and have a fire extinguisher available nearby.
As always, check your home’s smoke alarms to ensure they are working properly and in case of a fire, have an escape plan ready.
A roof over your head is a great blessing. However, homeownership has its ups and downs. One of those low points might be shelling out thousands of dollars to replace the roof that has protected you from the elements for years.
At some point, every roof will need to be replaced. It’s one of the many joys of homeownership. But, according to Angi, the average roof replacement cost ranges from $4,900 to $14,100. With a wide range of costs, you may be wondering how you can land the best deal.
The wide range of roof replacement costs is due to various factors such as style, location, the size of your roof, and the professional you hire.
Let’s take a closer look at how you can lower your overall costs and get ready for this significant undertaking.
Factors Affecting Roof Replacement Cost
The cost of replacing your roof can vary significantly based on several key factors. Understanding these factors is crucial for managing your budget effectively. Here are the primary elements that influence roof replacement costs:
Roofing material: The type of material you choose for your new roof can have a substantial impact on the overall cost. Materials like asphalt shingles are generally more affordable, while options such as metal or slate can be considerably more expensive.
Location: Your geographical location plays a role in cost variations. Areas prone to extreme weather conditions or high wind zones may require more durable and costly roofing materials.
Roof size and complexity: Larger roofs with multiple peaks and angles, as well as varying roof pitch, will require more materials and labor, leading to higher costs.
Professional you hire: The choice of roofing contractor can affect costs. Highly experienced professionals may charge more for their expertise.
Additional accessories: Roofing accessories such as flashing, underlayment, and ventilation systems can add to the overall expense.
Types of Roofing Materials and Their Costs
When it comes to replacing your roof, one of the critical decisions you’ll face is choosing the right roofing material. The choice of material not only affects the aesthetics of your home but also significantly impacts the overall cost of the project. Let’s delve deeper into some common roofing materials, their characteristics, and how they influence the cost of roof replacement.
Asphalt Shingles
Cost: Basic asphalt shingles are often the most budget-friendly option, with prices ranging from $1.20 to $4 per square foot.
Durability: They offer reasonable durability and come in various styles and colors to match your home’s design.
Energy efficiency: Standard asphalt shingles are less energy-efficient compared to some other materials.
Metal Roofing
Cost: Metal roofing tends to be more expensive, typically starting at around $5 per square foot.
Durability: Metal roofs are known for their longevity and resistance to harsh weather conditions.
Energy efficiency: They are highly reflective and can help reduce energy costs.
Slate Tiles
Cost: Slate tiles are among the costliest roofing materials, often exceeding $10 per square foot.
Durability: They are incredibly durable and can last for a century or more if properly maintained.
Energy efficiency: Slate tiles provide excellent insulation, contributing to energy efficiency.
Wood Shingles
Cost: Wood shingles fall in the mid-range of roofing material costs, typically starting at $5 per square foot.
Durability: They offer a charming, rustic look but may require more maintenance.
Energy efficiency: Wood shingles provide decent insulation but may not be as energy-efficient as some other options.
Solar Panels
Cost: Solar roofing can be expensive, considering both the cost of the panels and installation.
Durability: Solar panels have a long lifespan and generate renewable energy.
Energy efficiency: Solar panels are highly energy-efficient, potentially reducing your utility bills.
Clay Tiles
Cost: Clay tiles are often on the higher end of the cost spectrum, starting at around $10 per square foot.
Durability: They are incredibly durable and can withstand severe weather conditions.
Energy efficiency: Clay tiles provide good insulation, contributing to energy efficiency.
It’s important to note that the roofing costs mentioned here are approximate and can vary based on factors such as your location, the complexity of the project, and the specific product you choose. When selecting a roofing material, consider not only the initial cost but also its longevity and energy efficiency, as these factors can impact your long-term savings and the value of your home.
By understanding the characteristics and costs associated with different roofing materials, you can make an informed decision that aligns with your budget and aesthetic preferences. Keep in mind that the choice of material is a significant factor in determining the overall cost of your roof replacement project.
When Should You Replace Your Roof
The first thing you need to do is determine whether you really need a new roof. A visible hole in your ceiling is not the sign you should be waiting for. If you get your roof replaced before it reaches the final stop of its useful life, then you could be avoiding potentially bigger problems down the road.
A few signs that your roof is ready to be replaced include:
Water leaking into the house
Cracked shingles
Missing shingles
Shingles that are curling on the edges.
“Bald spots” on your roof where granules are missing.
Overall signs of age on your roof.
Another tip is to be mindful of your neighbors. If your homes were built in the same time period, then you may notice many new roofs in the area. It could be a sign that the inevitable demise is coming to your roof soon.
As soon as you spot any of these signs, you should start considering a new roof. The longer you wait, the more damage might be done to the value of your home.
If you are considering selling your home, do not assume that you can pass along the failing roof to the new owner. Many buyers will shy away from aging roofs because it is an added cost that they can easily avoid by choosing another home to buy.
Make sure to regularly take a closer look at what is happening on your roof. You can help prolong the life of your roof by taking care of it. For example, removing moss and algae growing in your shingles can prevent damage to the shingles can help prevent damage to your roof’s shingles.
How much does a roof replacement cost?
As with all things in life, you have choices for your roof replacement. The total roof replacement cost will vary considerably based on your choices.
The costs stem from the materials, labor, and disposal of your old roofing material.
In terms of material, you’ll need to choose between numerous shingles such as wood, clay, asphalt, solar, slate tiles, metal, and more. The material you choose may be based on cosmetic preference or necessary toughness to combat the elements of different locales. For example, in high wind areas of hurricane-prone Florida, homeowners are required to upgrade their roofing materials in hopes of withstanding potential hurricanes.
Asphalt shingles will most likely be your least expensive choice. An asphalt shingle roof costs about $1.20 to $4 per square foot to remove and replace an entire roof. Other materials, such as metal roofing, will generally cost at least twice as much per square foot. However, a new metal roof will likely save you money on homeowners insurance.
The cost to install 30-year architectural shingles is typically around $350 to $500 per square foot. And 50-year architectural shingles are even more expensive. Of course, they are stronger and last longer.
For labor, the size and construct of your roof will be a significant factor. If you have many peaks and ledges, expect your labor costs to be higher.
Assessing the Condition of the Current Roof
Before diving into a roof replacement project, it’s essential to assess the condition of your existing roof thoroughly. This step can significantly impact your overall cost and project planning. Here’s how to evaluate your roof’s condition:
Look for signs of damage: Check for water leaks, cracked or missing shingles, curling edges, bald spots, and any visible signs of aging.
Neighborhood trends: Pay attention to neighboring homes; if many have recently replaced their roofs, it might be a sign that your roof is due for replacement soon.
Preventive maintenance: Regular maintenance, such as removing moss and algae, can extend your roof’s lifespan and help you avoid costly roof repairs.
When evaluating the condition of your current roof, you might find that not all areas require a full roof replacement. In some cases, a partial roof replacement can be a viable option. This approach is typically chosen when the damage is localized to specific sections of the roof or when budget constraints are a concern.
Estimating the Size and Complexity of the Project
Understanding the size and complexity of your roof replacement project is vital for accurate cost estimation. Here’s how to estimate the scope of your project:
Measure your roof: Determine the square footage of your roof to calculate the amount of materials needed.
Consider roof design: Roofs with many peaks and angles may require more labor and materials, leading to higher costs.
Roofing layers: If your existing roof has multiple layers, removal and disposal costs will increase.
Roof features: Any additional features like chimneys, skylights, or roof vents can affect the complexity of the project.
Labor and Installation Costs
The cost of labor and installation is a significant part of your roof replacement budget. Several factors influence these costs:
Roof size: Larger roofs require more labor hours, leading to higher installation costs.
Roof complexity: Roofs with unique designs or many angles may demand more skilled labor, increasing costs.
Contractor expertise: Experienced contractors may charge higher labor fees, but their quality of work can be worth the investment.
Location: Labor costs can vary by region due to local labor rates and demand.
Additional Costs for Roofing Accessories
In addition to the primary roofing material and labor, there are other accessories and components that can impact your roof replacement cost. These include:
Flashing: Necessary for sealing roof joints and preventing leaks.
Underlayment: Provides an extra layer of protection beneath the roofing material.
Ventilation systems: Ensures proper airflow in the attic, which can affect the longevity of your roof.
Gutters and downspouts: Proper drainage is essential to protect your home’s foundation.
Removal and Disposal of the Old Roofing Materials
Before installing a new roof, the old roof must be removed and properly disposed of. This is a necessary step in the replacement process and can add to your project cost. Key points to consider:
The number of existing layers: Removing multiple layers of old roofing can be more labor-intensive and costly.
Disposal fees: Depending on your location, there may be fees associated with disposing of old roofing materials.
Potential Hidden Costs and Unexpected Expenses
While you plan your roof replacement budget, it’s essential to be prepared for potential hidden costs and unexpected expenses that may arise during the project. Some factors to be aware of include:
Structural damage: If hidden structural issues are discovered during the replacement, repairs can be costly.
Unforeseen leaks: Roofing projects can reveal additional leaks that were not visible before, requiring immediate attention.
Weather delays: Adverse weather conditions can cause project delays, potentially leading to increased labor costs.
Comparing Quotes from Different Contractors
To make an informed decision, it’s crucial to obtain multiple quotes from different roofing contractors. Here’s how to effectively compare these quotes:
Ensure each quote includes warranty information for both materials and installation.
Beware of significantly low bids, as they may indicate lower quality work.
Check online reviews to gauge the reputation of the roofing company.
Verify that the contractor is licensed by contacting your state consumer protection office.
How to Reduce Your Roof Replacement Costs
You should expect to pay thousands of dollars for your roof repair. However, there are methods to lower your overall roof replacement cost.
1. Hire a Professional Roof Inspector
If you’ve noticed that your roof is looking a bit worse for wear, then you should call in an inspector. Although it can cost a few hundred dollars to hire an inspector, it might be well worth the cost.
An inspector will be able to tell you whether you really need a new roof. They might recommend a patch or suggest that you wait a few years before replacing the whole roof. Either way, it will give you a better understanding of the problem at hand.
2. Replace or Repair?
After receiving the inspection report recommendations, you’ll need to decide whether you will replace or repair the roof. It is a good idea to go with the guidance of the inspector. However, as the owner, you have the final say in this decision.
3. Check the Home Warranty
When was your roof last replaced? If the answer is recently, then the replacement might be under warranty.
If you recently bought the home, you should check through the closing paperwork. Home warranty information is often available in that fine print. If you can’t find the information, consider contacting the previous owners to see if they can provide you with that paperwork.
The home warranty may cover your replacement costs, so it is an option you should look into.
4. Decide What You Want
Before talking to a roofing contractor or salesman, make sure you know exactly what you want on your new roof. Take the time to research the different materials and options and choose the one that will work well for your area and your budget.
Build an understanding of the features of your roof. Is it huge? Does it have many peaks and ridges that will increase labor costs?
With this level of research, you’ll be able to discuss the details of contractor bids coherently. Doing this homework helps ensure that you are not being taken advantage of. You might not need the latest and greatest product that the salesman attempts to sell you.
5. Compare Bids
Once you have a good understanding of what you need, then it is time to call in the contractors. Obtain estimates from various roofing contractors. Each bid should include roof warranty information on both the materials and the installation.
Do not automatically jump for the lowest bid. If the bid is significantly lower, do more research before accepting that bid. Sometimes very low bids translate into lower quality work. Online reviews of a roofing company may help you find out if the company is worth doing business with.
Make sure to confirm that the bid is from a licensed contractor. You can contact your state consumer protection office to confirm this.
Trust your instincts when choosing a roofer. You want a roof that will last for years to come at an affordable price. Cutting corners now will only cause more problems down the line.
6. Go the DIY Route
In the world of homeownership, there is always the option to fix the problem yourself. Although the roof is a high stake home repair, you may be able to do part of it yourself for a fraction of the cost.
The labor costs of a DIY roof replacement can account for the bulk of the expense. Sometimes, a contractor will allow you to remove the old roofing material yourself to cut the total cost. However, you should only pursue this option if you have the proper tools and knowledge.
7. Check Your Insurance Policy
If you are like most Americans, you carry a homeowner’s insurance policy on your home. In that case, the policy might cover roof damages.
Most insurance policies will help cover some or all of your roof replacement. However, if the need for replacement is due to neglect, then it is unlikely they will assist you. Call your insurance provider to find out how much they might be willing to cover.
8. Ask for a Discount
Most roofers are at the whim of seasonal work. In the winter, work can dry up in some places. Whereas in the summer, they can’t work through the jobs fast enough.
If you are willing to wait for a convenient time for the roofing company, then ask if they will give you an off-season discount. For example, you could request a 10% discount to wait until they have a slow month for your roof repair.
It never hurts to ask; the worst thing they can say is ‘no.’
Financing Options for Roof Replacements
Replacing a roof can be a significant financial undertaking. If you’re concerned about the upfront cost, consider these financing options:
Home improvement loans: Home improvement loans are tailored for renovation projects like roof replacement. They typically offer competitive interest rates and flexible terms, available from banks or online lenders.
Home equity loans or lines of credit: Leverage your home’s equity to finance your roof replacement. Home equity loans provide a lump sum upfront, while home equity lines of credit (HELOCs) offer flexibility in accessing funds.
Insurance coverage: Review your homeowner’s insurance policy to check if it covers roof replacement, especially for damage caused by specific covered perils like severe storms or hail.
Contractor financing: Many roofing companies offer financing options to help you manage the cost of roof replacement. When considering this option, inquire about terms, interest rates, and the company’s reputation to ensure transparency and fairness in their financing offerings.
Bottom Line
Understanding the cost of roof replacement is a crucial step for homeowners. It’s not merely an expense but an investment in the protection and value of your home. By taking the time to assess your roof’s condition, research materials, budget wisely, and seek multiple quotes, you can make informed decisions that align with your financial situation.
Roof replacement can be a substantial undertaking, but with careful planning and consideration, you can ensure the longevity and safety of your home. Remember that each roof is unique, and roofing costs can vary based on several factors. Whether you’re facing an imminent replacement or planning for the future, being well-informed is the key to making cost-effective choices for your roofing needs.
Frequently Asked Questions
How much does a roof cost?
The cost of a roof varies widely based on factors like size, materials, and geographic location. For standard materials like asphalt shingles, prices can range from $7,000 to $12,000 for an average-sized home. More premium materials like metal, slate, or tile can significantly increase the cost. Additional factors like roof design complexity, labor rates, and regional costs also play a crucial role in determining the final price.
What is the average cost of replacing a roof?
The average cost of replacing a roof in the United States is around $10,000, but pricing can vary widely depending on factors like the size of the roof, materials used, and geographic location. High-end materials or complex roof designs can push costs significantly higher.
How do different types of roofs affect the replacement cost?
The type of roof has a major impact on replacement costs. Asphalt shingles are generally the most affordable, while materials like metal, tile, or slate are more expensive. The complexity of the roof design, such as the presence of skylights or multiple levels, also affects the cost.
Are there any additional expenses associated with roof replacement?
Yes, there can be additional expenses beyond the basic cost of materials and labor. These might include costs for permits, structural repairs, gutter replacement, or disposal of the old roofing materials. These costs should be considered when budgeting for a roof replacement.
Does the size of the roof influence the cost?
Absolutely. The larger the roof, the more materials and labor will be needed, which increases the overall cost. Roofing costs are often calculated by the square foot, so a larger roof area will result in a higher total cost.
What factors can affect the overall cost of a roof replacement?
Several factors can affect the total cost, including the type of roofing material, the complexity of the roof’s design, the need for structural repairs, local labor rates, and whether the old roof needs to be removed first. Weather conditions and seasonal demand can also play a role.
Is roof removal included in the replacement cost?
In many cases, the cost of removing the old roof is included in the roof replacement quote. However, this is not always the case, so it’s important to clarify this with the contractor. The cost of removal can vary depending on the size and material of the existing roof.
Do I need permits for a roof replacement?
Yes, most local governments require permits for a roof replacement. The cost and requirements for these permits vary by location. It’s important to factor in these costs and ensure that your contractor handles the permit process.
Are there any financing options available for roof replacement costs?
Many roofing contractors offer financing options to help manage the cost of roof replacement. Additionally, some banks and credit unions offer home improvement loans. It’s advisable to compare rates and terms to find the best financing solution.
What are some signs that indicate a need for a roof replacement?
Signs that you may need a roof replacement include missing or damaged shingles, frequent leaks, sagging, and daylight visible through the roof boards. If the roof is more than 20 years old, it might also be time to consider replacement.
How long does a typical roof replacement take?
The time required for a roof replacement can vary, but most projects are completed within a few days to a week. Factors that influence the timeline include the size of the roof, weather conditions, and the complexity of the job. More complex projects or unforeseen issues can extend this timeline.
How much can I save by replacing my roof myself?
DIY roof replacement can lead to significant savings, primarily by eliminating professional labor costs. You may also reduce expenses by sourcing materials and handling waste disposal yourself.
However, while DIY can cut initial costs, it’s crucial to consider the value of professional workmanship, which often ensures quality and adherence to safety standards. Inexperienced DIY attempts might lead to costly future repairs, potentially offsetting the initial savings.
If you’re on the hunt for the best apartments in Orlando, you’re in good company. Orlando ranks as the fourth-largest city in Florida, and the population continues to boom.
Known as “The City Beautiful” and “Amusement Park Capital of the World,” Orlando sports eclectic apartment communities with poolside villas, social scenes and palm tree views for millennials and retirees alike.
Whether you’re seeking an apartment to return to after work or tan poolside during retirement, there’s something on this list of the 25 most popular apartments in Orlando for everyone.
The 14-story Julian kicks off our list. Located in the heart of Downtown Orlando, this community is by the Orlando Science Center, Executive Airport and tree-lined Baldwin Park. Apartments feature newly renovated interiors and open floor plans, resulting in plenty of spaces to kick up your feet and relax.
Need a studio, one-, two- or three-bedroom apartment? The 403-unit Julian has them all, so you’ll easily find an accommodating space for your Florida lifestyle.
Translating to “The Beautiful Life,” the apartments at La Bella Vida offer crown molding, elegant granite countertops and sliding glass doors leading to the balcony’s lovely views. Other perks include the light fixtures, tall cabinets and tiled showers — all comforting touches.
You’ll gawk at La Bella Vida’s location near banks, gas stations and medical centers. Plus, minutes away lies College Park, perfect for your morning stroll.
These spacious apartments are conveniently located off the turnpike close to many of Orlando’s theme parks, including Universal Studios and Walt Disney World. And, for medical needs, AdventHealth Celebration hospital is just minutes away.
Tenants enjoy the vaulted ceilings, walk-in closets and energy-efficient washers and dryers available in the units, too.
Last but not least, architecture with elongated archways and views overlooking a pond and fountain make Pinnacle Point a popular Orlando apartment.
With a resident coffee bar, lounge, clubhouse, valet trash and high-speed internet, the trendy University Park ranks high for Orlando apartment seekers.
These one-to-three-bedroom apartments feature oversized tubs, a tiled backsplash and upgraded cabinets and ceiling fans.
Living up to its name, the complex resides only minutes away from University Park, Full Sail University, Rollins College, Valencia College and the University of Florida, making it a top choice for millennials.
In the market for a one-four bedroom apartment or townhouse? The Amara community in the bustling, artsy Metro West neighborhood is a catch.
Here you’ll find an upscale $1,759 one-bedroom apartment worth every penny — stacked with modern open floor plans, accent walls, large windows and ceiling fans.
All in all, Amara’s amenities will have you drooling: Relax at the resort-like pool, lay around in a hammock or pump some iron at the state-of-the-art fitness center. If you can fork up the cash, consider this hip community.
Located at 14200 Colonial Grand Boulevard, the newly remodeled interior of Parkway at Hunter’s Creek sports vaulted ceilings, pickled oak and cherry wood cabinets and quartz countertops.
This complex even boasts a walking path to Hunter’s Creek Elementary School, convenient for families.
Finally, don’t forget its detached, remote-controlled garages, fitness center and gate access, too. Residents enjoy the neighborhood, too, which provides access to hiking, jogging and biking trails as well as a pet park.
With a tip-top maintenance team, exceptionally groomed landscape and a massive swimming pool, Avesta Forest Oaks fills our list at No. 19. Renters love the newly remodeled interior, complete with walk-in closets and vinyl hardwood-themed floors.
No doubt, Avesta Forest Hills is a must-see for Orlando apartment seekers due to its updated kitchen appliances and recently upgraded bathrooms.
Offering two to three bedrooms and two baths from 1,278 to 1,492 square feet, Village Townhomes come equipped with a fireplace and breakfast nook. The complex also provides guests with extra storage, a media center, playground and more. And, for the golfer, the Rosemont Country Club sits only minutes away.
Whether you wish to kick back at the pool or visit the onsite fitness center, Village townhomes aim to impress with private entry, upscale floor plans and resort-like amenities.
What do dual master bedrooms, granite countertops and split floor plans have in common? The Crest at Waterford Lakes apartments, that’s what. Here, you can peer off your balcony and view the Florida sunsets over palm trees and a reflective pond.
Don’t have furniture? No problem, the furnishing option is just one of many perks at this popular Orlando apartment complex.
This thoughtful community provides housing to adults with disabilities while encouraging independent living.
Perks include light housework, grocery pickup, meal prep and prescription refill services. Residents also appreciate the top-notch disability access, fitness center and high-speed wireless internet.
So, if you need some extra, kind support, Quest Village’s tagline says it all: “Welcome home.”
The 150-unit Veranda Club complex is reminiscent of European architecture and courtyards. It offers one-two bedroom apartments overlooking golf courses and an elegant fountain.
Located in the hub of Orlando near multiple restaurants and shops, apartments feature large archways, tall windows and walk-in showers.
Featuring one- to three-bedroom apartments starting at $1,840, East Orlando’s Pine Harbour mixes luxury, elegance and convenience.
Tenants love the 24-hour emergency maintenance, unique auto detailing center and clubhouse.
Inside you’ll find ceiling fans in every room, along with custom-designed cabinetry and a mosaic tile backsplash. The upscale kitchen with modern fixtures is no joke and balconies and screened-in patios are available.
Conveniently located near Orlando’s downtown, Pine Harbor also sports views of a lagoon pool and reflective water.
Near highways 417 and 418, River Park lives up to its name. The community is comfortably nestled by the Econ River, so you’ll often see residents out for a stroll. Tenants even receive their own private access to Blanchard Park and the serene duck pond on the premises.
With onsite parking for renters and guests, plus loads of planned social activities, the pet-friendly and classy River Park is a lovely place to call home.
Picture sitting under an umbrella by a massive pool; this could be you at Grove Apartments.
Not the relaxing type? Hit up the business center, playground or onsite clubhouse. Grove also offers short-term availability, all-electric kitchens and is conveniently located near Fashion Square and Colonial Plaza.
Lancaster Villas feature 145 units located near the Florida Mall. Residents look on from their balconies onto elegant landscaping, a swimming pool and a clubhouse.
Inside, you’ll find oversized closets, a laundry facility and open floor plans.
The District on Baldwin Park resembles a majestic mansion next to a large lagoon pool.
Whether you crave a studio, two-bedroom townhome or a three-bedroom apartment, you’ll appreciate the newly renovated interior, tall doors and stainless steel appliances inside.
Fitness fanatics will love Orlando’s Cricket Club community featuring a basketball court, fitness center, swimming pool, playground and dog park.
Safety is another highlight since you’ll find gated access, an alarm and onsite patrol. Plus, apartments are spacious and luxurious, with entertaining outdoor spaces.
If you’re searching for an apartment close to schools, shopping and restaurants, look no further than the energy-efficient single-story Blossom Corners Apartments.
Close to highway 408, Blossom Corners sports ample storage with large closets, attic space and a utility room. Head outside to the private fenced patio while viewing the manicured lawn.
At $943 for a one-bedroom, Blossom Corners is an affordable space behind its trademark, enticing blue doors.
Love the water? Check out Gulfstream Harbor — complete with catch and release fishing, boat and RV storage and a harbor patio.
Work up a sweat on the basketball, tennis, shuffleboard or pickleball courts and visit one of the three swimming pools. Georgeous units come equipped with a kitchen island, ceiling lighting and plenty of windows.
Orlando apartment searchers should consider Kara West’s smoke-free one- to three-bedroom, one-two bath apartments with water, trash and a pest service included. Ultimately, the apartments themselves feature large open floor plans, a balcony and a kitchen window nook.
Residents also appreciate the social events and the pet-friendly spaces.
Residents go ga ga for Pinnacle Cove’s vaulted ceilings and luxurious, pet-friendly 644 to 1,344 square-foot apartments with access to a playground and fitness center.
So, if the balcony views of the boardwalk to the gazebo and swimming pool aren’t dreamy enough, the palm trees and the pond are just as lovely too.
Finding an Orlando apartment furnished with a washer, dryer and dishwasher is no easy feat. But you’ll find all three in your pet-friendly Mosaic at Millenia unit.
Located near the Mall at Millenia, this gated community with intrusion alarms has safety covered.
Bonus amenities include a media room with surround sound, a resort pool, barbecues, billiards, volleyball/tennis courts and picnic areas. Another perk — the complex is within walking distance of public transit.
Located off Kingsgate Drive, Woodhollow is a hop and skip to Universal Studios and nearby Orlando entertainment.
Woodhollow units come cable-ready and equipped with a balcony, dishwasher and beautiful hardwood floors.
Plus, this community features quality spaces for both families and retirees.
First, this small apartment complex only has 28 units. Second, this complex boasts new interiors as well as top-of-the-line stainless-steel appliances.
You’ll love the hardwood flooring, sliding entrance ways and patio/balcony, too. A trendy close-knit community, Ava at Sodo is only eight minutes from Downtown Orlando.
Topping our list as the most popular Orlando apartment is Club at Millenia, with prices starting at $1,216.
Located near loads of golf courses, shopping and nightlife, boredom doesn’t exist here.
The apartments themselves feature upgraded kitchens with tiled backsplashes, open floor plans and various windows.
Other perks include the friendly staff and the resort-like pool.
The best apartments in Orlando
So what are you waiting for? Find apartments for rent in Orlando near the heart of entertainment, where you can also relax and enjoy Florida’s sunny views in no time. While living it up in the Florida sun, enjoy these Orlando apartments with amenities galore.
We looked at all available multifamily rental property inventory from January to June 2021 on Rent. to determine which properties with an Orlando mailing address are most viewed by organic internet searches. The information included in this article is used for illustrative purposes only. The data contained herein does not constitute financial advice, availability or a pricing guarantee for any apartment.
Building your dream home in Oregon is an exciting journey, shaped by the state’s diverse landscapes – from Portland’s urban scenes to the serene Willamette Valley.
This Redfin article is curated with insights from seasoned Oregon builders, and navigates you through essential steps. From local building codes to sustainable practices, these practical tips empower effective project management, bringing your vision of an Oregon home to life.
7 essential pre-build tips for your Oregon home
1. Set a realistic budget for your Oregon build
Building your dream home in Oregon requires careful budgeting due to the state’s cost variations. Researching current prices for land purchase, design, permits, construction, and interior finishes is crucial. For land, costs range from $10,000 to $150,000+ per acre based on location. Design and permitting fees can be $5,000 to $20,000 and $1,000 to $5,000, respectively. Construction costs vary from $150 to $350+ per square foot. Interior finishes, including basic ($20,000 – $50,000), mid-range ($50,000 – $100,000), and high-end ($100,000+), add to the budget.
These estimates are general, so consulting local professionals is essential. Be mindful of unforeseen expenses and market fluctuations, ensuring a well-prepared budget for your Oregon home construction.
2. Make sure you account for Oregon’s climate
Building in Oregon requires meticulous consideration of its diverse climate, ranging from coastal to mountainous regions. Collaborate closely with your builder to create a weather-conscious construction schedule, accounting for variations in rainfall and snowfall. Coastal areas like Astoria experience higher precipitation, while desert regions like Bend are drier. Plan construction activities during the drier seasons, typically summer and early fall, to avoid weather-related delays.
Be proactive in protecting materials from rain and snow, and maintain flexibility in your schedule due to Oregon’s unpredictable climate. Regular communication with your builder is crucial for a successful and adaptable construction process.
3. Be informed about Oregon’s building codes and regulations
Understanding Oregon’s diverse regions involves navigating specific building codes tailored to each area. In coastal regions like Newport, emphasis on structural resilience against storms may require reinforced roofing and foundations. Wildfire-prone areas, such as parts of Southern Oregon like Medford, demand adherence to fire-resistant building standards, influencing material choices and landscaping practices. Cities like Portland, located near fault lines, necessitate compliance with seismic design codes for earthquake resilience.
Stay informed about local regulations. Tailoring your understanding of building codes ensures compliance with local regulations and addresses the unique environmental challenges of your chosen Oregon location. Regular consultations with local authorities and experienced builders provide valuable insights into region-specific codes for a successful construction process.
4. Conduct thorough contractor research and get local expertise
Building in Oregon’s competitive construction industry requires meticulous contractor research. Verify track records, experience, and reputation to ensure the selected contractors are licensed and bonded, providing a safety net for homeowners. For example, when building in regions like Eugene or Bend, leverage local expertise. Local builders possess insights into environmental challenges, permitting nuances, and regional hazards, contributing to a smoother construction process.
This regional knowledge ensures contractors are well-prepared to navigate the specific demands of each area, from eco-friendly considerations in Eugene to high desert challenges in Bend. Regular consultations with local builders and authorities enhance your understanding and facilitate informed decisions throughout the construction journey.
5. Look into builder associations and certifications in Oregon
While general contractor licensing isn’t mandatory, affiliations with associations like the Oregon Home Builders Association can signify commitment to quality. Certifications, such as Earth Advantage, highlight a builder’s dedication to sustainable practices.
6. Choose the right location
Oregon’s diverse landscapes demand thoughtful location selection. Whether it’s the urban vibrancy of Portland or the tranquility of Bend, factor in climate, terrain, and local regulations to align your choice with your lifestyle.
“Constructing a home in Central Oregon comes with unique challenges, notably the region’s unpredictable daily weather,” insists website design company Mooney Marketing. “The weather can swiftly transition from sunny skies to snowfall within minutes. To navigate this, we strategically oriented our house to face South, maximizing sunlight in winter, and adjusted our roof pitch to direct snow away from the driveway. This thoughtful planning is essential, especially considering that snow can persist in our yard until May. If you appreciate cold weather and snow, Central Oregon is an ideal location for your home.”
7. Employ sustainable building practices
Embrace Oregon’s commitment to sustainability with eco-friendly options. Explore features like solar panels, rainwater harvesting, and native landscaping to create an environmentally conscious and efficient home.
“Sustainability in Central Oregon goes beyond trend – it’s a commitment to environmental consciousness and energy efficiency,” asserts Oregon tiny house builders Spindrift Homes. “We embrace eco-friendly construction by using materials with minimal ecological impact, including locally sourced and reclaimed options. We integrate energy-efficient technologies, such as solar panels and advanced insulation, to reduce long-term energy consumption. This reflects Central Oregon’s dedication to a resilient and eco-conscious built environment, harmonizing modern development with environmental preservation in this picturesque region of the United States.”
9 construction and design tips to consider
1. Embrace sustainability and resilience
“Oregonians prioritize sustainable construction, drawing inspiration from lush landscapes and a commitment to environmental stewardship,” shares construction company Kimball Construction. “The diverse climate necessitates careful material consideration for resilience against rain and heat. Homes often embody the Pacific Northwest aesthetic, featuring local wood and expansive windows for abundant natural light. Navigating stringent building codes, particularly in earthquake-prone areas, underscores the emphasis on safety and durability. Building in Oregon is a harmonious blend of innovation, nature, and community values.”
2. Blend indoor comfort with outdoor beauty
When integrating indoor and outdoor spaces in Oregon, a key tip is to focus on creating a seamless transition between the two. This can be achieved through the use of large glass doors or retractable walls that open up to an outdoor living area. Incorporating similar flooring materials both inside and outside can also enhance this sense of continuity. Additionally, consider the use of covered patios or decks that provide protection from Oregon’s rainy weather, while still allowing for an outdoor experience.
“Our focus on timeless design, natural light, and smart technology ensures seamless integration of indoor and outdoor spaces,” states Woodland Construction Group.
3. Invest in energy-efficient features
To address Oregon’s diverse weather, prioritize energy-efficient features tailored to specific regions. In rainy cities like Portland, focus on well-insulated walls to combat moisture. Optimize natural light and insulation with energy-efficient windows. In colder areas like Bend, invest in a high-efficiency HVAC system for effective heating. Enhance sustainability by incorporating solar panels, particularly in eco-conscious regions like Eugene.
Consulting with local energy experts ensures a region-specific approach, contributing to both your home’s resilience and Oregon’s environmental goals.
4. Use durable construction materials for Oregon’s varied climate
Given Oregon’s weather conditions, characterized by frequent rain and occasional storms, prioritize durable building materials that can withstand these elements. In coastal areas like Cannon Beach, where exposure to salt air is a factor, consider materials like cedar siding known for its resilience against moisture and pests. Additionally, in Bend, where snowfall is common, metal roofs provide durability and effective snow shedding.
These materials not only ensure longevity but also demand minimal maintenance, making them ideal choices for Oregon’s varied climates.
5. Prepare for rainy seasons
During Oregon’s rainy seasons, proactive measures are essential to mitigate water-related risks and fortify your home against potential issues. Implement strategic landscaping solutions, such as graded slopes away from the foundation, to facilitate proper water drainage. Consider integrating rain gardens, especially in regions like Salem, to absorb excess water and prevent soil erosion. Well-placed drains, particularly in cities like Astoria with higher rainfall, further contribute to effective water management around your property.
By incorporating these measures, you enhance your home’s resilience, ensuring it remains safeguarded during Oregon’s periods of increased rainfall.
6. Employ fire resilient building strategies
Bend’s new west-side neighborhood Discovery West shares “we employ cutting-edge building practices to fortify the resilience of homes located near the wildland-urban interface, particularly in response to the escalating threat of wildfires driven by climate change. Striking a balance between aesthetics and safety, our community employs key fire mitigation techniques, including meticulous material choices in landscaping and construction, incorporation of fire-resistant plants, strategic tree spacing, and the implementation of small vent screen openings to reduce the risk of embers infiltrating homes.”
7. Add native plants to your landscaping
Elevate your property’s aesthetics while contributing to conservation efforts by integrating native Oregon plants into your landscaping. In regions like Medford, consider drought-tolerant choices such as manzanita and yarrow. These plants not only enhance visual appeal but also adapt well to Oregon’s varying climates, ensuring a sustainable and low-maintenance landscape. Consulting with local horticulturists provides insights into additional native species that thrive in your specific Oregon location.
8. Design a home that is in tune with Oregon’s environment
“Harmonize your home with its natural surroundings by incorporating native landscaping, embracing natural color palettes, and aligning with the neighborhood’s aesthetic,” shares custom home builders Rogue Brothers Construction. “The key lies in choosing an architect and builder with the expertise to bring your dream to life. Collaborating as a team with your architect and builder ensures your home not only withstands the elements but also enhances the beauty of its environment.”
9. Ensure your home is properly insured
Safeguard your Oregon home by considering insurance beyond the standard coverage. Additional protection against natural disasters like landslides or heavy rains is crucial in this region.
Ready to build your Oregon dream home?
Building a home in Oregon is a rewarding journey, requiring strategic planning and collaboration with local experts. These insights from Oregon builders equip you to navigate the unique challenges of the state, ensuring a successful home construction journey in the heart of the Pacific Northwest.
Inside: Tight on time or money? One of these mini savings challenge printables is perfect for you. With these free printables, you’ll be able to save more money in no time.
The concept of a mini savings challenge is all about making money-saving a fun and engaging process. It breaks down your broader financial goals into manageable, short-term targets that cumulatively will help you reach your long-term objectives.
Around here at Money Bliss, we are known for having the best money saving challenges. While they are super popular on Pinterest and Google, what matters the most to us is that people are actually using them and their lives are changing.
So, if that is what you are looking for, then you are in the right place.
We know that the personal savings rate is dipping into the lowest range since 2007-2008 financial crisis around 3.4%.1 That is alarming because many people are one step away from not being financially stable.
Let’s dig into those mini saving challenges to make an impact in your financial life.
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.
Why is a Savings Challenge Beneficial?
A savings challenge, while enjoyable, serves a more significant purpose. It instills a sense of financial discipline and allows you to visualize tangible results.
By making saving a fun and rewarding game, you’re more likely to stay committed and motivated.
This is why my money saving challenges are so helpful for thousands of my readers.
How this Mini Challenge Works?
Mini savings challenges work on the principle of small, regular savings resulting in significant sums over time.
By following a set rule – such as saving a particular amount every week, or matching a specific spending habit with a savings deposit – these challenges make it easy and fun to grow your savings without feeling overwhelmed.
Popular Mini Savings Challenge to Save Money
I love that I am known as an expert in helping people save money. The reason is simple – I love a good challenge.
If you have the right mindset, then you can save money on your income.
1. $300 Mini Saving Challenge
Many of us dream about having a comfortable savings account, but it’s often easier said than done. However, with the $300 Mini Saving Challenge, you can start building that financial safety net one step at a time. This challenge aims to help you stow away $300 and note slight improvements in your spending habits.
The $300 Mini Saving Challenge works by asking you to save a small amount each day. The goal is to gradually increase the daily savings, making it less burdensome and more achievable to hit your target of $300. This challenge is perfect for beginners who are apprehensive about taking on substantial financial commitments all at once but still want to cultivate good money-saving habits.
Expert Tip: Utilize a savings tracker, whether it’s a traditional paper-and-pencil method or a digital app, to keep track of your progress.
Raisin
Simply select one of the high-yield savings products offered by their network of federally insured banks and credit unions to begin your savings journey.
You can open a free Raisin account in just a few minutes!
Compare Rates
2. $500 Mini Saving Challenge
Learning how to teach yourself to save is one of the hardest things for my readers to do. So, they love these easy milestone challenges
This $500 mini savings challenge is a simple yet effective strategy to begin accumulating a substantial nest egg. This challenge requires you to systematically set aside a predefined amount each day, week, or month, consistently working toward a $500 goal.
Expert Tip: For the $500 Mini Saving Challenge, set a weekly savings goal and commit to reducing unnecessary expenses to manage and accumulate your targeted amount effectively.
3. 10 Week Saving Challenge
Kick-start your savings journey with an invigorating 10-week savings challenge. This feasible initiative can boost your bank balance and cultivate a savings habit.
As James Clear states in his famous bestselling book, Atomic Habits, it takes 21 days to build a new habit.
The challenge will triple your dedication as you will be setting aside a predetermined sum each week for ten weeks. The amounts could steadily increase to enhance the yielded savings.
Week 1 – Save $10
Week 2 – Save $15
Week 3 – Save $20
Week 4 – Save $25
Week 5 – Save $30
Week 6 – Save $35
Week 7 – Save $40
Week 8 – Save $45
Week 9 – Save $50
Week 10 – Save $55
By the end of your 10-week tenure, you will have amassed a handsome total of $325! This challenge is particularly beneficial for beginners who are striving to enforce a strict savings regimen.
Then, you can move on to our popular 52 week money saving challenge and choose the proper amount for you.
Expert Tip: Use a calendar or a mobile application to track your savings and keep you motivated throughout the challenge.
4. Mini Birthday Fund
Like a little surprise gift to yourself, the Mini Birthday Fund Challenge is for those who want to ensure they have a little extra cash to celebrate their special day in style. This delightful savings plan can be started at any time of the year, but the closer to your birthday, the more urgent the catch-up.
The plan is intuitive. Choose a monthly savings goal—say, $20—and diligently tuck away that amount every week or month until your birthday arrives. Then, voila! You have a mini birthday fund to splurge on a rewarding gift or experience gift for you. My personal favorite is spa time!
This is self-care and financial discipline bundled into one smart package.
Expert Tip: You can modify the amount you need to save and the total you need to save.
Our Top Pick
CIT Bank
Hailed for its competitive APY rates and digital ease of use, GOBankingRates named CIT as one of the Best Online Banks for 2022.
Earn one of the nation’s top rates.
Pros:
Daily compounding interest.
No account opening or maintenance fees.
Your deposits are FDIC insured.
Deposit checks remotely.
Make transfers with the CIT Bank mobile app.
5. The Penny Challenge
The Penny Challenge further simplifies savings. Plus you will be AMAZED at how much you can save with this simple penny challenge.
Every day you will save one more penny than the day before, yes, just one more penny. That will equal $667.95 in a year.
You can collect all the pennies you acquire and store them in a jar. Once your jar fills up or you hit your 365 days, deposit the pennies into your savings account.
Note: Though the denomination is small, you’ll be surprised at how much you can amass over time. Remember that every penny counts!
6. 365-Day Nickel-Saving Challenge
The 365-Day Nickel-Saving Challenge is perfect for those who like a daily commitment. Start on day one with a deposit of $0.05, and each following day, add a nickel to the previous day’s savings.
By day 365, you will deposit $18.25, accumulating a total of $3339.75 for the year. It’s a manageable and rewarding way to save.
7. The Dime Challenge
The Dime Challenge is similar to the Penny Challenge but uses dimes instead. Though the denomination is small, you’ll be surprised at how much you can amass over time.
Each day you will save ten cents or a dime more than the previous day, by the end of the year, you will save $6,679.50.
Day 1 – Save $0.10, Day 2 – Save $0.20, Day 3 – Save $0.30, and continue for 365 days
Collect all your dimes in a jar, and when it fills up, deposit them in your savings.
10X Effect: This challenge can help you save more money, more quickly than the Penny Challenge because dimes are worth ten times as much as pennies.
8. Dollar Savings Challenge
The $1 Savings Challenge is all about setting aside every single $1 bill that comes your way.
This is a great challenge if you use the cash envelope method for budgeting.
Even if you do this for just three months, you can save up to $1,000. It’s simple — every time you find a $1 bill, put it in your savings jar. This method makes saving money entertaining and gratifying.
9. The $5 Challenge
The $5 Challenge is similar to the $1 Challenge, with just a slight increase in the amount. It involves saving every $5 bill you come across.
Once again, better for those who use cash. But, you still can transfer $5 at intermittent increments to a separate online savings account.
The money saved from this challenge depends on how often you use cash and the duration of your challenge. It’s a doable and straightforward approach to savings.
Raisin
Simply select one of the high-yield savings products offered by their network of federally insured banks and credit unions to begin your savings journey.
You can open a free Raisin account in just a few minutes!
Compare Rates
10. 25 Envelopes Challenge
Another popular choice is the 25 Envelope Challenge which is a simpler version of the 100 Envelope Challenge. You get 25 envelopes, number them from 1-25, and each day, choose an envelope at random and put in an amount equivalent to the envelope number.
By the end of the challenge, you will save $325 in less than a month.
This challenge makes saving money unpredictable and exciting, leading to substantial savings over time. Next, you can try the 50 envelope challenge.
11. The Spare Change Challenge
The Spare Change Challenge involves saving all your loose change in a jar or piggy bank. Once the container fills up, deposit the savings into your bank account.
You’ll be surprised at how quickly the change adds up! However, this challenge works best for those who frequently use cash.
Tip: Don’t be afraid to pick up spare change on the ground!
Our Top Pick
CIT Bank
Hailed for its competitive APY rates and digital ease of use, GOBankingRates named CIT as one of the Best Online Banks for 2022.
Earn one of the nation’s top rates.
Pros:
Daily compounding interest.
No account opening or maintenance fees.
Your deposits are FDIC insured.
Deposit checks remotely.
Make transfers with the CIT Bank mobile app.
12. Round Up Savings Challenge
The Round Up Savings Challenge is best suited for card users. Whenever you make a purchase, round the figure to the nearest dollar and deposit the difference into savings.
For instance, if you spend $17.50, round it up to $18 and save the remaining 50 cents. It may seem small but will accumulate over time.
Go Digital: You can easily do this with the Acorns app.
13. No-Spend Challenge
The No-Spend Challenge encourages participants to avoid spending any extra money beyond the essentials for a set time. This involves taking a “financial fast,” where any non-essential spending is put on hold.
As such, this is one of my personal favorites, especially for those new to budgeting. It really helped me grasp what I truly needed to spend money on and what I didn’t. The same is true for all of my readers. The savings from this challenge can be substantial.
You can tailor the time frame to your own liking — try a no-spend day, week, or even month. Learn more about the no spend challenge.
14. No Eating Out Challenge
A no eating out challenge serves as an excellent tool to realize your spending habits as it eliminates the often overlooked cost of frequently dining out, enabling you to save more than expected. Right now, the average person spends $166 per month with most average costs in the $10-20 range.2
Combating your habit of eating out can lead to considerable savings, hence the No Eating Out Challenge. Under this challenge, you commit to avoiding restaurants, takeaway, and delivery for a set period, typically a month. The money saved from not dining out is then transferred into your savings, leading to substantial amounts over time.
This challenge makes you conscious of your expenditure and allows you to understand the significant amount you can accumulate over a period, promoting better spending habits.
15. The Spending “Swear Jar” or “Bad Habit” Challenge
Implementing a swear jar or a ‘bad habit’ jar can serve multiple purposes effectively. Not only does it stimulate the accumulation of savings, but it also aids in the transformation of replacing a bad habit with a good habit.
The rule is simple – each time you indulge in a specified bad spending habit, like making an unplanned purchase, you deposit a set amount (like a dollar) into your “swear jar.” This challenge effectively boosts savings while reducing unwanted expenses.
This is a great tactic to reduce your variable expenses.
Bonus: Savings Percentage Challenge
Last, but not least, my personal favorite! Increasing your Savings Percentage challenge.
The Savings Percentage Challenge urges you to save a fixed percentage of your income, preferably 20% every month. By adjusting the savings percentage to your comfort level, this challenge provides adaptability and the potential for significant savings over time.
To encourage savings as a regular habit, increase your savings percentage by 1% each year or with any pay raises or expense reductions.
See how the saving percentages work.
Tips for Successful Savings Challenge
Tip #1 – Creating Your Savings Goals
Creating specific, measurable, achievable, relevant, and time-bound (SMART) savings goals is the first step to your savings success. Your goals could be anything, ranging from a weekend getaway to creating an emergency fund.
Having clear savings goals keeps you motivated, providing a sense of purpose and direction. Learn more about smart money goal setting.
Tip #2 – Establishing the Savings Timeline
Once you have your savings goal, establish a realistic timeline to achieve it.
If your goal is to save $1000 and you decide to save $100 per month, your timeline will be 10 months.
If you need to save $300 in 30 days, then you must save $10 a day.
Establishing a clear timeline helps you organize your savings efficiently and remain motivated in your journey.
Tip #3 – Automatic Savings
One area I always stress to my readers is to pay yourself first. This concept is to set money aside first when you get your paycheck.
Then, take it one step further and establish an automatic transfer from your regular account to your special savings fund each pay period or month. This way, you won’t have to remember to make the transfer yourself, and it becomes an out-of-sight, out-of-mind saving habit!
Tip #4 – Staying Motivated through the Challenge
Track your progress visually, say, by coloring a box each time you save is habit-worthy. Keep your progress chart somewhere easily visible. This practice makes tracking fun and keeps you encouraged to save more.
Our free resource library of printables is full of possible money saving challenge ideas!
Staying motivated throughout your savings journey is crucial. Plus, watching your savings grow over time can be incredibly satisfying.
Tip #5 – Adjust your mindset for Improved Savings
Achieving your savings goals is truly a mindset game. Instead of seeing savings as a subtraction from your income, adjust your mindset to view it as paying yourself first.
Moreover, remember not to beat yourself up over occasional slip-ups. Continue to focus on your goal and celebrate small achievements.
Every dollar saved gets you one step closer to your goal.
Extending the Mini Savings Challenge – What’s Next?
Once you have completed a mini savings challenge, take your saving habit to the next level. Assess your financial situation and savings goal to determine new challenges.
You could consider higher-value monetary challenges or extend the challenge’s duration. Remember, consistent saving habits can greatly impact your long-term financial health.
Maintaining consistency in saving money is a golden key to long-term financial health.
Here are our popular money saving challenges:
Regardless of the amount, the habit of regularly putting money aside significantly contributes to building considerable savings. Remember, it’s not always about how much you save, but how consistently you do it.
Consistently saving, even smaller amounts, can lead to substantial totals over time.
Download the Printable Savings Tracker
To make your savings challenge fun and interactive, download one of our free printable savings trackers. These printable trackers will help you visually track your progress, boosting your motivation.
Every time you save money, color in a box or check it off.
Seeing this visual representation of your savings grow is a fun, rewarding way to track your journey toward your financial goal. Once you reach your goal, start again and keep the momentum going.
**To access these free printable, you must subscribe to my newsletter and you will be emailed the password.**
Frequently Asked Questions (FAQs)
Yes, you can start a savings challenge at any time. There is no specified period or date to begin.
You can choose a day that suits you best and kick off your savings challenge. Remember, the important part is not when you start, but that you start – and consistently save.
Staying committed to your savings plan is primarily about discipline and motivation.
Personally, I visualize my financial goals and stay motivated by celebrating small wins. You can do the same thing.
Also, use a savings tracker to make your progress tangible and fun. Finally, involve family or friends in your savings challenge so you can motivate and encourage each other along the way.
Of the Mini Savings Challenges, Which Will You Try First
Embrace the journey of a savings challenge, enjoying the process just as much as the destination.
This is key to becoming financially stable. It’s not only about reaching your financial goal but also about developing lasting habits of financial discipline and stewardship. These mini savings challenges are a learning experience and remember, no matter the size of your savings, every step is a step in the right direction.
With the help of a mini savings challenge tracker, you can start small yet grow big in savings.
These mini challenges, though small-scale and manageable, can lead to a significant increase in your savings over time. More than that, they encourage the much-needed habit of saving regularly.
Get started on your savings journey, make it enjoyable, and watch your money accumulate over time.
Sources
FRED St. Louis Fed Ecomonic Data. “Personal Saving Rate.” https://fred.stlouisfed.org/series/PSAVERT. Accessed November 8, 2023.
US Foods. “The Diner Dispatch: 2023 American Dining Habits.” https://www.usfoods.com/our-services/business-trends/american-dining-out-habits-2023.html. Accessed November 8, 2023.
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.
In the past, investing was thought of as something only wealthy people did. And unfortunately, many people used this as an excuse to put off saving for retirement, saying they would do it when they earned more money.
But if you wait to start investing, you lose out on the benefits of compound interest and shortchange your retirement savings. So, it’s best to get started as soon as possible, even if you only have a bit of money to tuck away every month.
One of the easiest ways to invest money is by using micro-investment apps. This article will explain what micro-investing is, how it works, and six micro-investing apps we recommend trying out.
10 Best Micro Investing Apps
Micro-investing apps make it easy to get started with small amounts of money and learn the basics of investing. We’ve compiled a list of the best micro-investing apps on the market today. Whether you’re a beginner or a seasoned investor, you’re sure to find an app that fits your needs and investment goals.
1. Robinhood
Account minimum
Margin accounts, ETF’s, crypto
Great for beginners!
Robinhood aims to make investing accessible to everyone, which is evident in the fact that the company doesn’t charge any commission or management fees.
In addition, there’s no charge to open a brokerage account, and bank transfers are free as well.
The app is designed for beginners, so there is no confusing terminology, and the interface is easy to use.
Unlike other micro-investing apps, Robinhood lets you trade full stocks and cryptocurrencies like Bitcoin. However, it doesn’t offer mutual funds and bonds.
Check out our in-depth review of Robinhood.
2. Axos Invest (Formerly WiseBanyan)
Account minimum
New investors
or goal-based investing
You can get started with Axos Invest (formerly known as WiseBanyan) for just $1. The company doesn’t charge any trading fees for the most basic version. But if you upgrade to one of the premium versions, the company does charge fees.
Axos Invest focuses on goal-based investing, so once you sign up, you’ll be prompted to create your first “Milestone.”
Then, you’ll enter how much you want to save and by what date. From there, Axos Invest recommends how much you should save to reach your goal.
3. SoFi Invest
Account minimum
$0 for Automated Investing
$1 for Active Investing
Active and Hands-Off Investors
SoFi is a well known brand in the personal finance space, and their investing app is another high quality product.
This investment service provides users with the ability to either trade actively or opt for automated trading tools to take care of your account.
SoFi is geared towards trading in fractional shares, which they refer to as “stock bits”. This means the app is a solid choice for those wanting to invest their spare change.
You can also tap into savings accounts or make larger deposits to add more to your investment accounts.
4. Plynk
Account minimum
$2 per month
New investors
Plynk is designed to guide your learning while you begin to invest. The Plynk app offers investors access to a selection of stocks, ETFs, mutual funds and four cryptocurrencies. And you can start investing with just $1.
One of the best things about Plynk’s platform is the straightforward, easy-to-understand language. You won’t find technical jargon or complex charts and tables.
The Plynk app also allows investors to easily set up dollar-cost averaging, which is an ideal investing technique for many new and experienced investors.
5. Webull
Account minimum
Active traders and investors
Webull is a stock trading app offering free stock trading as well as free trades on ETFs, options and cryptocurrencies.
Webull also allows users to trade fractional shares, making it a great choice for micro investing.
Webull provides users with plenty of powerful tools to assist with in-depth trading analysis, making it a solid option for active and experienced traders. Plus, setting up a Webull account is free and there are no account minimums to worry about.
6. Stash
Account minimum
$1 per month
New investors
or tax-advantaged retirement accounts
Stash is another hands-off micro-investing app designed for beginner investors. After you sign up, Stash will ask you a series of questions to determine your tolerance for investment risks. You will be labeled as a conservative, moderate, or aggressive investor.
One of the unique things about Stash is that you can choose the types of companies you want to invest in. So if there is a particular cause or type of company that you’re interested in, you can set that in your investing preferences.
After you’ve chosen the types of companies you’d like to invest in, you’ll set up your “Auto-Stash.” You choose how much you want to invest and how often.
7. Public
Account minimum
(1-2% markup on crypto)
Young investors
Public.com is a blend of both investment and social media platforms. It’s designed for younger and socially oriented investors who would like to own fractional shares of stocks and ETFs.
You can share ideas within a community of like-minded investors. You might think of it as a kind of investing social network.
The aim of Public.com is to create an inclusive and educational community focused on stock market trading and investment.
For young investors who wish to align their social and investing preferences, as well as learn from other investors, Public.com is a great option.
8. Betterment
Account minimum
Low balance investors
Goal-based investing
If you’re looking for something a little more hands-on, then Betterment might be a suitable option for you. Betterment gives you the option to work with a financial advisor who can make investing recommendations.
There are two different plans to choose from, and the most basic plan doesn’t require any upfront balance to get started.
Betterment is a great option for anyone who wants an easy investing option while still maintaining a bit of control over their investment portfolio.
9. M1 Finance
Account minimum
Experienced Investors
M1 Finance might be the best micro investing app for more experienced investors. It is ideal for those looking for customized investment portfolios with some automated options, as well as those looking to set up commission free retirement accounts.
Purchasing fractional shares, setting up recurring deposits and extensive portfolio management options is easy with M1 Finance’s quality app. M1 Finance aims to be a singular personal finance app for building wealth and establishing a diversified portfolio.
Above all, M1 Finance makes investing easy. Simply deposit your funds, set your stock and index selections and use their automated service for commission free trading.
M1 Finance will also automatically rebalance your portfolio in accordance with your stated asset targets, to improve the overall performance of individual stocks.
10. Acorns
Account minimum
$1 per month
Hands-off investors
(e.g., College Students)
If you want a hands-off approach to investing, Acorns will be your best bet. After you sign up, you’ll connect your credit card or debit card to Acorns.
Then, whenever you make a purchase, Acorn rounds it up to the nearest dollar and deposits that “spare change” into your investment account.
For instance, if you make a purchase of $9.67, Acorns will save the additional 33 cents for you. Once your Acorns account reaches $5, the company will invest the money for you.
Acorns also gives you access to a robo-advisor, IRAs, and even a checking account.
What is micro-investing?
According to one survey, more than 47% of Americans are not saving for retirement. When pressed about their decision not to invest, over 34% said they don’t have enough money to invest.
The basic premise behind micro-investing is that you only need a few dollars to start investing. When you use a micro-investing app, you invest in very small increments by buying fractional shares.
With a micro-investing app, you can invest as little as $5. And with micro-investing, you don’t have to know anything about the stock market. The money you save is put in a portfolio of stocks that the company creates for you.
Is micro-investing even worth it?
Micro-investing will not get you rich, and it’s not going to help you fund your retirement goals. For that reason, it’s easy to write micro-investment apps off as not being worth your time.
But every day you put off investing is one less day that your money can grow in the market. So, you can wait until you feel like you have “enough money,” or you can work with what you have today.
Here are just a few benefits of using a micro-investing app:
Invest with very little money: Micro-investing platforms allow you to invest, even if you only have $5 to spare. So if you can skip your morning latte, then you have enough money to give micro-investing a try.
Save it and forget about it: It’s hard to set aside money in a savings account. You know it’s there, and it’s easy to access and spend. With a micro-investing app, it’s easy to save your money and forget about it.
Build positive habits over time: Anytime you’re trying to build a new habit, it’s best to start small. Micro investing allows you to ease into investing, and you can start saving more money when you’re ready.
See also: How to Invest: A Basic Guide to Making Your Money Grow
Pros and Cons of Micro-Investing Apps
While it’s true that micro-investing provides many benefits, they’re not necessarily the right choice for everyone. It’s worthwhile taking the time to understand the all nuances before committing financially.
Pros
24/7 Access
Using a micro investing app allows you full access to your investment account around-the-clock. You won’t ever have to worry about opening hours or holidays getting in the way of your ability to monitor and manage your funds.
Easy Fractional Investment
Traditional investment in stocks and ETFs requires large amounts of funding, but micro investment means you purchase fractional shares quickly and easily. This means you can begin your investment portfolio with your spare change, rather than hundreds or thousands of dollars.
Low Account Minimums
Another factor which makes micro investment apps attractive are the low account minimums. Most micro-investing apps have $0 minimum balance requirements, so you can begin investing with as little as you wish.
Safety
As with traditional investment accounts, legitimate micro-investing platforms will be registered with the U.S. Securities and Exchange Commission. On top of that, all savings and checking accounts with micro investing companies are FDIC insured.
Cons
Fees Can Be High
Account fees can vary, so it’s important to watch out for this. Don’t assume that an account with low minimums will also have low fees. If you’re only investing small amounts, paying high fees might not seem like a good deal in the long term.
Limited Investment Choice
Most micro investment apps won’t allow you to handpick the stocks inside your portfolio. While you will have choice regarding which set portfolios you invest in, you’re less likely to be able to pick and choose specific stocks.
Won’t Change Your Retirement Plans
One thing to keep in mind is that using a micro investment app won’t do much to affect your retirement on its own. It’s more about learning good investment habits, and getting familiar with maintaining and growing a portfolio.
Features of the Best Micro-Investing Apps
So, how do you decide which micro investing app is the right one for you? We’ve compiled a list of the most important features below to help you know what to look for. The best micro investment apps will have the following qualities:
Ease of Use
Fundamentally, the best micro investment apps will be easy and intuitive to use. They are often free of the usual clutter and jargon of some traditional brokerage accounts. With simple, easy to navigate interfaces these apps should provide an enjoyable user experience for all.
Low Minimum Investments
Good investing apps should allow you to access the market with just a few dollars. This is possible because they’re designed to allow you to purchase fractional shares of ETFs and other assets. Not all investing apps will come with a low minimum investment, however, so be sure to check if you’re a low budget investor.
Diversified Investment
The best investing apps will provide users with the chance to invest in diverse portfolios which are automatically generated. Asset allocation and diversification can be challenging even for experienced investors, so this is a great feature of these apps.
When you’re starting out as an investor, the sooner you can learn about diversification the better. And these apps should make it relatively easy for you to both practice and learn about asset diversity.
Educational Tools
As most micro investing apps will be marketed to newcomers, education is an important factor. If you’re just starting out with investing, then the best micro investment app for you will likely provide a wealth of educational resources and advice.
Keep in mind, however, that most micro-investing apps won’t offer access to a professional financial advisor.
Recurring Transfers
The best investing apps allow you to easily set up automatic transfers from your bank account to fund your investment account. A recurring transfer can remove some of the human error involved in managing your account and allow you to quickly build up a habit of funding your account.
Additional Services
While some apps are minimalist and simple, others come with the option of additional financial services. In addition to brokerage accounts, some offer access to a savings or checking account, as well as IRA and custodian accounts. Depending on your own financial goals, an app with additional services might be worth the extra fees.
Final Thoughts
Micro-investing apps make it simple for anyone, even those with just $5 to spare, to begin investing in the stock market. The apps we’ve covered in this article provide a great starting point.
While micro-investing might not cover all your retirement needs, it’s a smart way to begin saving, especially if your budget is tight. The crucial thing is to start investing and gradually increase your contributions over time. This way, you’re setting yourself up for a better financial future.
Frequently Asked Questions
Which micro investing app has the lowest fees?
Among the micro-investing apps listed, Robinhood, Axos Invest, SoFi Invest, Webull, Public, and M1 Finance all offer commission-free trading, which means they do not charge fees for buying or selling stocks and ETFs. So, you can consider any of these apps if you’re looking for a platform with low fees for micro-investing.
Which app is best for small investments?
Choosing the best app depends on your own budget, needs and goals. The market for micro investment apps has grown rapidly, and there are a lot of different options out there.
The list we’ve compiled in this article are our top picks, and are among the best micro investing apps available. These apps make it easy and convenient to begin investing. They also provide various unique features, low fees, good customer support and educational resources.
Who should use micro investing apps?
Micro investing apps are a fantastic way to begin investing small amounts while you learn the ins and outs. But who will benefit the most from using these apps?
Beginner investors: These apps are perfect for young investors and newcomers because you only need a small amount of money to start.
Passive investors: Most of them are actually robo-advisors which invest on your behalf based on your needs and budget. This automated investing allows you to establish a diversified portfolio based on your goals that you can simply set up and forget about, letting it work away in the background.
Emotional investors: Automated investing means you can’t make rash emotional decisions based on market swings. Instead of constantly worrying about market performance, you just invest small amounts and build your portfolio slowly over time.
Can you get rich from micro investing?
Micro investing is primarily a strategy for saving and building wealth gradually over time. While it’s a valuable tool for starting your investment journey with small amounts of money, it’s important to have realistic expectations. It’s unlikely to lead to rapid wealth accumulation or “getting rich” in a short period.
How do I start micro investing?
Investing today is more accessible than ever before. Nevertheless, it still seems an intimidating world for those who have no experience or education. If you don’t know where to start, you can follow these steps to begin investing with confidence:
1. Decide Between DIY or Automated Investing
If you’re not yet comfortable choosing your own investments, and managing your own portfolio, you’ll want to start with robo-advisor investing. It’s totally normal for beginners to feel uncomfortable choosing stock to invest in, and automated investing is the safer option in any case.
2. Identify Your Investment Goals
This is often the hardest step for new investors, but it’s one of the most important. Figuring out your short and long term financial goals will help bring purpose and structure to your investment decisions.
Generally speaking, investing is successful when considered a long term project. You’re much more likely to find success with investments by holding stock long term, rather than trying to figure out when the best time to buy or sell is.
3. Determine Your Monthly Investment
The traditional advice is to save and invest 20% of your monthly income. With the rise of micro investing, however, you don’t even need to invest much to begin with.
It’s important to pick an amount you can reasonably commit to. Of course, you can always change your automatic investment amount, or just add on extra when necessary, but it’s always better to set it and forget it. Even if it’s a small amount, consistency and time and the key ingredients to good investing.
4. Choose an Account That Fits Your Goals
Once you’ve got your budget and goals determined, it’s time to choose a platform to begin investing with.
Keep in mind that you can always switch the platform you use for micro investing, use more than one, or even open a brokerage account. Just make sure to take all fees into account before you sign up and get committed.
Are there any limitations on the types of investments I can make with these apps?
Micro-investing apps typically focus on stocks, ETFs, and sometimes cryptocurrencies. While they offer a wide range of investment options within these categories, they may not provide access to more complex financial instruments like options, futures, or mutual funds.