Savings Account Archives - Hanover Mortgages

May 19, 2022

The Hidden Costs of Moving to Another State

Although most states give you a grace period before getting a new driver’s license (for example, it’s 90 days when you move into Illinois), you still want to do that as quickly as you can because you are likely to need identification that has your current address on it for other chores.
How Do I Budget for a Move?
If you are moving from a single family home, then the city in which you lived charges you for city services such as trash pickup and possibly sewer and water. Contact your City Hall and let them know they are losing a resident, and ask them to stop any charges under your name related to that address.
This will not cost you money, but it will cost you time. You are going to want to update your voter registration information, and you are likely going to want to let your former state know that you are no longer eligible to vote in that state. Otherwise, your current vote could get hung up in a technicality (and there are more of those today than there were in previous years).

The Costs of Moving Besides Moving

It is possible that you will be able to use the same bank with the same checking or savings account. Your routing number will change, because routing numbers are assigned based on the state of the bank branch where you opened the account. Ask your bank if you need to alert all of your direct deposit senders (employer, pension, income tax refunds) that you have a new routing number. Even for brick-and-mortar banks, you can likely handle this online.

Driver’s License and Car Registration

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Most moving services offer a state-to-state move budget calculator. Your move budget will depend on how much you are moving and how far you are going. Your budget for the move will be in the thousands of dollars, but you can reduce those costs by shipping some items or hauling some items by yourself.

Automobile Registration

It is advised to contact utilities two to three weeks before your move. Some utilities require a security deposit before activating service, and the amount of your security deposit could depend on your credit rating.
In most cases, it will not cost you money to change your address, but again, in the “time is money’’ category, this is going to be expensive.
Let your auto insurance company know your new location and new license plate numbers. Since insurance rates vary based on location, you may see a change in your premium due to your move. Who knows? Maybe your premium will decrease.

Voter Registration

We’ve rounded up the answers to some of the most commonly asked questions about the costs of moving.
You will need to register your vehicle(s) with the new state, getting new license plates and local registration stickers. Even if your license plate has several months remaining on its registration in your previous state of residence, you will save yourself any explaining if you get pulled over or in an accident.

Banking

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For Wi-Fi service, you need to contract with an internet provider, even if you are not going to use cable TV. The cost of the service varies widely throughout the country and depends on the provider, but you will likely need to pay a monthly fee of – for the modem and router.

Electric, Water and Gas

If you are changing banks because your current bank does not have any locations or ATMs in your new state, then you need to contact everyone who uses your current banking information. That includes apps, direct deposit senders, subscriptions, and any other service or product that accesses your banking information for payments.
Moving to your dream location does require money. Whether you hire a mover or load your own truck, there are moving costs. Selling a property, buying a property, paying the first two months rent and a security deposit on a new apartment, getting your security deposit back from your own place — these are all considerations that go into the decision to move and could cost you thousands of dollars.
The average cost for vehicle registration and plates is nationwide, but in Florida that will cost you 5.
For example, if you are moving to Las Vegas and need to start service with NV Power, you will pay a deposit of the last 12 months of service at the address you are moving to. If there was no service there — maybe it’s new construction — be prepared to pay a 0 deposit to start service.
What are the Costs Associated With Moving?

Wi-Fi and Internet

Remote working has advantages beyond being able to attend Zoom meetings in your sweatpants. You can move closer to family or friends, head to a nicer climate, or live in a cheaper state.
Voter registration should come at no cost and can usually be done online in 42 states and Wasington, D.C.

These 13 free TV apps will let you cut cable from your budget and save you a lot of money.

City Hall

There are the basics, such as moving trucks, vans and movers. There is also the cost of your personal transportation to the new location. The other costs relate to services you received in your old home (electric, gas, water) and must initiate in your new home (with likely turn-on charges).

Memberships

While most other hidden costs are the ones that cost you time rather than money, you can be charged for services you are no longer personally receiving at your old home if you do not file a change of address or alert those service providers you no longer live there.

Wardrobe

Ready to stop worrying about money?
In some states, you have a choice of electric or gas supply companies. Discuss your choices with your Realtor or city utility personnel — they usually handle water, garbage and sewer — before you move.

Who Needs Your New Address

However, when you move to another state, there are hidden costs that you may not fully comprehend. Some of these costs are, in fact, new payments that need to be made, and others are “time is money’’ costs.

There are fees for getting a new driver’s license and auto registration, plus you may have to pay a deposit to start power, cable and/or internet service. Your automobile insurance rates are likely to change, but that could be positive or negative. There is a slight fee for an official change of address with the U.S. Postal Service.

Your employer. If you are keeping your remote job but moving to a new location, your employer would probably like to know that.
Post Office. You need to file a change of address with your old post office, which will receive and forward any mail that comes to your old address. Make a note of any mail you received over the last month before you move to see if there are contacts you need to file a change of address with. Likewise, you will want to check in with your new post office branch to indicate that you now live at the new address and the former resident no longer lives there. This process is going to cost you $1.05.
Subscriptions. If you still receive anything in the mail on a subscription basis, you need to contact the provider.
Passport. Good news! You don’t need to change your address in your passport because your old one may not even be in there. On U.S. passports, there is a place where you can write in your address. You can erase the old one if you were smart enough to write it in pencil or use whiteout to create a new address.
Ride-sharing apps. OK, this one you are going to want to do. One of the great points of ride-sharing apps is that you only need to touch the “home’’ button to indicate where you are going, or where you are leaving from. If you don’t change this address immediately, you will do so after the first time the driver tries to take you back to Oklahoma.
Delivery services. If you get groceries or meals delivered, you want to ensure those services have your correct address.
Other apps. Look through your phone home screen and see if there are any other apps that need to know your current address.

Frequently Asked Questions (FAQs) About the Costs of Moving

How much you spend on your weather-appropriate wardrobe is up to you, but it needs to be a consideration. If you’re in need of winter coats, check out the local thrift stores in warmer climates. You may find that many people offloaded them when they moved south.

Kent McDill is a veteran journalist who has specialized in personal finance topics since 2013. He is a contributor to The Penny Hoarder.

If you are moving from one climate condition to another, you are likely going to need to alter your wardrobe. Whether your move is latitudinal or longitudinal, you are going to need lighter weight clothes or heavier clothes, different types of outerwear and footwear. If you are moving from a warm climate to a cold and snowy one, you are going to need winter wear.

As long as you have no in-office requirements, you can live wherever you want providing you are willing to deal with attending meetings in a different time zone.
When you set up these services at your new address, there may be reconnection charges, assuming the services were turned off by the previous resident when they moved.

What are the Hidden Costs of Moving Examples?

You will be amazed by the number of times you need to change your legal address when you move. This is true whether you move within a state or to a new state, but the new state rules and regulations may be different than what you are accustomed to.

All of these service providers charge you based on usage in your home. You need to contact the provider for your previous location to stop billing there once you leave, and then you need to start services for your arrival date in your new home. If you do not tell the power company that you no longer live at your old address, you will be charged for monthly service fees, even if you are not there using the electric, gas or water at that location. <!–

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They will certainly miss you at the gym or fitness center, but they won’t stop charging you the membership fee unless you tell them to do so. This is true for any club you pay to be a member of (country club, golf course, tennis center, etc.) There are many stories, some hilarious (“I want to quit the gym!”) and some horrific, about how hard it is to get a gym or fitness center to stop charging members who no longer use the facility.

May 19, 2022

Can an Immigrant Who Is Undocumented Open a Bank Account?

If you’re a fresh arrival to the United States, you’ll be glad to know that even if you’re undocumented, opening a bank account is possible. Which is very good news; after all, taking care of bills and everyday purchases is a lot easier — not to mention safer — when your cash is safely stashed in a checking account.

However, you will have to follow certain steps and perhaps a work-around or two. Probably the most important is that you’ll just need to provide an alternative for the Social Security number you don’t have. You may well find that a Tax Identification Number, or ITIN, along with the other required identification, can get the job done.

Let’s take a closer look at how an undocumented immigrant can open a bank account and the benefits of doing so.

What Do Immigrants Need to Open a Bank Account?

Like anyone else who opens a bank account, immigrants will need to provide and verify basic identifying information, such as their name and date of birth, using government-issued identification. This requirement may be met by a driver’s license, passport, birth certificate, or consular ID — and you’ll likely need to provide two different types of identification.

In addition, you’ll need to prove your residence. This can probably be done by presenting a utility bill, lease contract, or other official statement that includes your current address.

Finally, you’ll need either a Social Security number (SSN) or Tax Identification Number (ITIN). As an immigrant, the latter may be easier to obtain.

So, to recap, to open a bank account, you’ll want to check the eligibility requirements of the financial institution to which you’re applying, but you’ll probably need:

• Official identification documentation

• Proof of address

• An SSN or ITIN

• Anything else the bank might require (such as a minimum opening deposit)

What Is an ITIN?

We mentioned an ITIN as an option to an SSN above. You may wonder what exactly that is. Here’s the scoop: ITIN is short for Individual Taxpayer Identification Number. It’s an official form of identification that the IRS (Internal Revenue Service) issues to immigrants in order to make it possible to file taxes.

But your ITIN has other perks, too — such as allowing you to open a bank account with financial institutions that accept this form of identification instead of an SSN. These days, there are plenty of banks that fit that category, but you should always contact the bank you’re considering to verify that they’ll process an account application without an SSN.

Keep in mind, too, that you aren’t automatically issued an ITIN once you arrive in the U.S. In order to obtain one, you’ll need to apply for one with the IRS directly. You can do this by mail or in person.

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How to Open a Bank Account With an ITIN Instead of a SSN

Here’s the good news: Once you have an ITIN, opening a bank account using it in place of an SSN should be a fairly straightforward process. You’ll simply supply that number instead of your SSN on that part of the application. If you apply online, the application process may take only a few minutes.

💡 Recommended: Can You Open a Bank Account Online?

The rest of the application will involve the bank gathering documentation, accepting your opening deposit, and issuing your bank account number and debit card. The process of establishing the account may take a couple of days. In addition, you may need to wait a week or more to receive your debit card in the mail.

And then, voila: You’re the proud owner of a U.S. bank account!

Benefits of Opening a Bank Account for Undocumented Immigrants

If you’ve been doing most of your financial transactions in cash for a while, you may wonder if going through the steps it takes to open a bank account is even worth it.

For many immigrants, it definitely is. A bank account makes it safer and easier to store and use your money. What’s more, it can also help you establish history and move toward legitimizing yourself as an American resident.

Personal Safety

Carrying cash is always risky. If you accidentally drop some (which can easily happen while you’re lugging bags in one hand and a coffee in the other), it’s gone forever. That’s not to mention the risk of others eyeing your cash. Paper money is liable to theft, and carrying large amounts of cash could even put you at risk of physical violence.

Having a checking account makes it possible to store larger amounts of money with a lower risk level. You’ll still be able to access cash when you need it using an ATM or your debit card. For these reasons, opening a bank account could increase your level of physical safety as an immigrant.

Establishing History

Opening a bank account shows people that you’re here on at least a semi-permanent basis, and may even help you establish state residency. While the process of naturalization is, of course, long and complex, having a bank account can be one small step toward legitimizing your status as a U.S. resident.

Ability to Save Money

Most banks offer both checking and savings accounts—the latter of which is an excellent vehicle for building up a rainy day fund. Having a separate savings account makes it a lot easier to put some money “out of sight, out of mind” so you’re prepared for an emergency. And, of course, it’s a lot more secure than stuffing cash into a coffee can or under the mattress.

Earning Interest

In addition to being physically safer, bank accounts also give you an edge against inflation. Here’s why: Many of them make it possible to earn interest on your balances—even on a checking account. The interest you earn might be pretty low, but it’s still better than no growth at all. Plus, it’s a low-risk investment given that money in a legitimate bank account is FDIC-insured up to $250,000.

The Takeaway

While it may take a few extra steps, it’s totally possible for an undocumented immigrant to open a bank account. You may just have to apply for an ITIN to use in place of your SSN, but once you get that taken care of, you’ll have access to a safe, potentially interest-earning place to stash your cash.

When shopping around for where you’d like to bank, may we suggest one option? SoFi Checking and Savings, which offers both kinds of accounts with no pesky monthly fees. If you set up direct deposit, you’ll earn 1.25% APY on your balances. (That’s at least 33 times the national average interest rate for a checking account, just in case you’re keeping score.)

Come see how simple and money-smart banking with SoFi can be.

FAQ

How do undocumented immigrants open a bank account?

An undocumented immigrant will need an alternative to the Social Security number, or SSN, in order to open a bank account. This number is called an Individual Taxpayer Identification Number, or ITIN, and you can apply for one through the RIS.

Can I open a bank account without an SSN or ITIN?

Unfortunately, you’ll likely need one or the other of these official, identifying numbers in order to open a bank account.

Can a U.S. citizen open a bank account abroad?

Yes, but it can be tricky. Many U.S. citizens have offshore bank accounts, though the process of applying for one may vary depending on which country you’re hoping to open an account in. It can involve a lot of paperwork, and starting this kind of account may have tax ramifications in both the U.S. and the foreign country in question.

Photo credit: iStock/Bilgehan Tuzcu

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2022 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
SoFi members with direct deposit can earn up to 1.25% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). Members
without direct deposit will earn 0.70% APY on all account balances in their Checking and Savings accounts (including Vaults). Interest rates are variable and subject to change
at any time. Rate of 1.25% APY is current as of 4/5/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOBK0222040

Source: sofi.com

May 19, 2022

Are You Maximizing Your Tax-Exempt Bucket?

Paying state and federal taxes is part of life. Yet, of course, we all want to keep hold of as much of our income as possible too. That’s where what I like to call the grown-up version of hide-and-seek comes in. The more legal “hiding places” we can find for our money, the more we can stop the government from taking too large a cut.

However, rather than asking tax officials to close their eyes and count to 10, winning this particular game relies on having a tax-efficient financial plan. And that first means separating your finances into these three buckets:

Taxable: Income like a salary or dividends on which we immediately pay tax and that’s designed to cover our short-term liquidity needs.
Tax-deferred: Money in, say, a retirement plan or 401(k) that’s taxed when we use it and will fund us from retirement through death.
Tax-exempt: Investments such as cash value life insurance that don’t get taxed at all and can be used for everything in between, like buying a holiday home, starting a business, putting the kids through college, or supplementing our retirement funds.

The advantage of this approach is that it shows you exactly where your money currently sits and, crucially, whether you’re maximizing that all-important tax-exempt bucket. Spoiler alert: Most people find they aren’t, which means they’re giving away more of their income than they need to – be it now or in the future. So, if you’re one of them, here are four ways to start boosting your tax-exempt funds today.

The backdoor Roth

With a backdoor Roth, you contribute to a non-deductible IRA and then sweep the money from there into a tax-exempt Roth IRA. You can do this up to the annual IRA contribution limit, which is currently $6,000 ($7,000 if you’re age 50 or over). Note, though, that this works best if you only have a single IRA. Otherwise, it can become very complex and cumbersome to track your cost basis across multiple IRAs in the long-term.

The mega backdoor Roth

If you’re in a position to save more than the annual IRA contribution cap, the mega backdoor Roth could be the way to go, if your plan offers it. Here, you take the non-deductible investment limit on your retirement plan — such as a 401(k) — and, if it’s more than $6,000 ($7,000 if you’re aged 50 or over), you invest it in your plan before moving it straight into your Roth IRA. That way, you benefit from a larger tax-exempt contribution. In order for this strategy to work, your 401(k) plan must allow after-tax contributions and in-service distributions of after-tax funds.

Health savings account (HSA)

In 2022 you can invest up to $3,650 as an individual to your HSA without paying tax on that contribution. As a family, you can add up to $7,300, and there’s also a $1,000 catch-up at age 50 and older. If you use the money to pay for anything that the IRS deems a qualified medical expense before the age of 65, you won’t pay tax when you spend it. Then at age 65, that limitation goes away and you’re free to spend the money on anything. All without ever being taxed on it.

Cash value life insurance

The amount you invest in a cash value life insurance policy accumulates on a tax-deferred basis, with tax only payable on any financial gains when the policy comes to an end. In the meantime, you can make unlimited contributions and, unlike with a Roth IRA, there are no financial penalties for early withdrawals. This means you can essentially borrow from yourself to pay major expenses or solve liquidity issues – something many business owners did during the 2008 financial crisis and, more recently, the pandemic. As long as the policy is in-force, you won’t pay tax on that “loan.”

There are a few other ways to invest in tax-exempt funds, including purchasing municipal bonds, which offer a powerful tax exemption. For example, if Georgia residents buy Georgia municipal bonds, they would not pay federal or state income tax on the yield. However, these also bring a credit risk, so they should be approached more cautiously than the other options, ideally following advice from a qualified financial adviser.

Whatever route you decide to take, the key is to ensure you keep on maximizing your tax-exempt bucket while balancing it with your taxable and tax-deferred funds too. That way, you can maintain a financial plan that matches your spending expectations in the short-, medium- and long-term. Time to hone those hide-and-seek skills!

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Director of Diversity & Inclusion, Executive VP, Equitable Advisors

Stephen Dunbar, Executive VP of Equitable, has built a thriving financial services practice where he empowers others to make informed decisions and take charge of their future. He and his team advise on over $3B in AUM and $1.5B in protection coverage. As a National Director of DEI for Equitable, Stephen acts as a change agent for the organization, creating a culture of diversity and inclusion. He earned a bachelor’s in Finance from Rutgers and a J.D. from Stanford.

Source: kiplinger.com

May 19, 2022

Understanding ACH Returns: What They Are & How to Return an ACH Payment

Sometimes things just don’t go according to plan, and those quick, convenient ACH payments wind up getting returned or needing to be reversed. Usually, these electronic transactions run smoothly, but at times, the funds don’t or can’t get from point A to point B.

Here, we’ll take a look at why ACH payments are sometimes returned. We’ll cover:

• What ACH turns are

• Terms to know about ACH returns

• What the difference is between an ACH return and a Notice of Change

• How to return an ACH payment

What Are ACH Returns?

Are you wondering, “Can ACH payments be returned?” The answer is, “Most definitely!” These electronic transfers of funds are not necessarily a one-way street.

While most payments are likely to go through, ACH returns occur when an ACH payment (aka an online payment transaction) fails to be completed. This can happen for a few reasons, such as:

• The originator providing inaccurate payment information or data

• The originator providing non-existent or inadequate authorization

• The originator isn’t authorized to debit the client’s account with an ACH payment

• Insufficient funds to cover the transaction (which can happen, especially if the person paying doesn’t balance a bank account regularly)

Next, let’s look at how an ACH return transpires. If a merchant wants to debit their client’s account, the merchant’s bank (at the merchant’s request) will send a request for an ACH debit from the client’s account. The client’s relevant ACH network will then receive an ACH payment request. Then the merchant’s bank will debit the client’s account and the merchant’s account will be credited with the amount of money indicated in the ACH payment request.

At this point, the ACH network should send the ACH transaction to the client’s bank. After receiving the ACH form, if all required conditions are met, they will then debit their client’s account for the amount they owe the merchant.

If for some reason the client’s bank account alerts the ACH network that they are not able to complete the transaction, the money will remain in the client’s account. That’s an ACH return.

It costs money to process an ACH return, and that cost falls on the consumer. Similar to how consumers get charged a fee when they bounce a check, the consumer will need to pay a fee if an ACH return occurs. This banking fee is fairly small and typically only costs $2 to $5 per return.

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Important Terms to Know About ACH Returns

To better understand how ACH returns work, it’s helpful to know a bit of the industry’s vocabulary — particularly ODFI and RDFI (which are the two parties involved in every ACH return). Here’s what these acronyms mean:

• ODFI (Originating Depository Financial Institution): The originator of the transaction who’ll send funds

• RDFI (Receiving Depository Financial Institution): The receiver of the funds

Another facet of ACH lingo that’s helpful to know are ACH return codes. Any ACH return that occurs will generate an ACH return code. These ACH return codes are made up of the letter R followed by some numerals. Each code represents a different reason for a return. These codes can be helpful because they inform the originator of why the ACH return happened.

The following ACH return codes are fairly common:

• R01 – Insufficient funds. This code means that the available assets can’t cover the debit entry (like when an account is overdrawn).

• R02 – Account closed. In other words, the client or the RDFI closed the account that should be debited or credited through an ACH payment.

• R03 – No account/unable to locate account. In this case, the return occurred because the account intended for ACH payment doesn’t exist or the account’s owner is not the one noted by the debit entry.

• R04 – Invalid account number structure. If something is wrong with the client’s bank account number or the number doesn’t pass validation, a R04 return code results.

• R05 – Unauthorized debit to a consumer account. If the receiver hasn’t authorized the originator to request an ACH transfer from their bank account, the transfer can be blocked. This ACH code will occur.

It’s worth noting that R05 return codes work a bit differently. Unlike the other ACH return codes listed, the return time frame for R05 is 60 banking days instead of two. This longer time frame gives the originator a chance to ask the receiver to allow the ACH transfer to occur or to provide them with a new bank account number to complete the transaction.

What Is the Difference Between a Notice of Change (NOC) And ACH Return?

It’s easy to confuse a Notice of Change (NOC) and an ACH return, but these are two different things. Let’s clarify the difference in these banking terms and processes. A Notice of Change, or NOC, is a method used by financial institutions to notify a federal agency to correct or change account information. It applies to an entry processed by the federal agency through the ACH. A NOC is not a form of payment in and of itself. Nor does it represent a failure to complete an ACH payment transaction. It’s a request for an edit, basically, while an ACH return actually stops a transaction.

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When Can You Request a Reversal of an ACH Payment?

For a reversal to occur on an ACH payment, certain requirements have to be met. Here are the guidelines for successfully putting the brakes on a transaction:

• The reversal entry has to be transmitted to the bank within five banking days after the settlement date of the erroneous file.

• Transmitting the reversing file has to occur within 24 hours of discovering the error.

If these criteria are met, the reversal of an ACH payment can proceed.

Why You Might Be Receiving an ACH Return

As you monitor your bank account, you may see that an ACH transaction, which usually happens so smoothly, is being returned. This can occur for a variety of reasons. For instance, the originator may have provided inaccurate payment information or may not have been authorized to debit the client’s account with an ACH payment. The codes reviewed above can also shed light on why the transfer of funds was stopped. By the way, both returned mobile ACH payments and returned ACH card payments can occur.

How to Return an ACH Payment

Returning an ACH payment involves simply stopping the payment from going through. This can happen in a couple of ways. Let’s say a bank can’t complete the transaction due to an error in the account number or the fact that the account was closed. Here’s what would likely happen:

1. The client’s bank notifies the ACH network that they can’t complete the transaction.

2. The money remains in the client’s account, and the originator will receive an ACH return code.

3. The return gets processed, usually taking two bankings days.

Another way a return could happen is a customer could, say, decide to cancel an automatic bill payment. In this case, here’s how things would probably unfold:

1. The customer would contact the business expecting payment and let them know they are ending the agreement and the company will no longer be able to access their account.

2. The customer lets the bank know they are ending the autopay. How exactly this will be completed depends on the bank. It may need to be in writing.

3. The request to end the autopay must be made at least three business days before a payment is due, to allow time for processing.

The Takeaway

While ACH payments are a super convenient payment method, sometimes a funds transfer fails to go through. In this situation, a returned ACH payment occurs. ACH returns can happen for a few reasons (such as the client’s bank account contains insufficient funds to complete the transfer). The entire process is fairly quick and is usually completed within two banking days. As more and more electronic transfers happen, it’s wise to be aware of this system that can step in if details are incorrect or one party can’t or won’t hold up their end of the arrangement.

Speaking of financial arrangements, take a moment to acquaint yourself with better banking at SoFi. We think you’ll be glad you did! With our linked Checking and Savings accounts, you’ll earn an amazing 1.25% APY when you sign up for direct deposit. Plus, you’ll pay zero account fees and have access to your paycheck 48 hours early.

Bank smarter with SoFi.

FAQ

What’s the time frame for an ACH debit return?

It usually takes two banking days for an ACH return to complete. However, there are select ACH return codes that result in a 60 banking-day return period.

How much are ACH return fees?

Fees vary, but they usually cost about $2 to $5 per return. The consumer pays this charge. It’s similar to paying a fee for a bounced check.

What are ACH return codes?

Every time an ACH return happens, the originator will be sent an ACH return code. This code is represented by the letter R and a two-figure number and explains why the return happened. For example, a R01 return code indicates that the client’s bank account contains insufficient funds to complete the transfer.

Can returned ACH payments be disputed?

Yes, ACH returns can be disputed. What that process looks like varies with the reason why the ACH return occurred. Every ACH return code has a specific return time frame associated with it. Only during that time frame can the client dispute the ACH return.

SoFi members with direct deposit can earn up to 1.25% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). Members
without direct deposit will earn 0.70% APY on all account balances in their Checking and Savings accounts (including Vaults). Interest rates are variable and subject to change
at any time. Rate of 1.25% APY is current as of 4/5/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2022 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Photo credit: iStock/Nicola Katie
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Source: sofi.com

May 18, 2022

5 Ways to Make Your Money Work for You

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

Making your money work for you is an important step on the road to financial security and independence. Earning money by trading your time is important, but it’s just as important to find a way to make money without having to be actively involved. While you might dream of being able to make money while you sleep, there are plenty of steps you can take that will help put your money to work.

Pay Down Your Debt

The most important thing that you can do to make your money work for you is to pay down and eliminate your high-interest debt. This includes things like credit card payments, some auto loans, and other types of consumer debt. You may be paying up to 20% or more in interest — which means that when you put money towards paying off that debt you’re getting a 20% return on your investment. It’s hard to beat that kind of guaranteed return.

Start a budget, figure out your income and expenses and start paying down that debt. The exact debt repayment strategy that you use is less important. What is important is that you make a plan and start sooner rather than later. Once you have eliminated your high-interest debt, you can start with the other suggestions in this article.

Open a High-Yield Savings Account

One place to start can be to open up a high-yield savings account that is separate from your checking account where you keep the money to pay your regular monthly expenses. This is important for two reasons. The first is that keeping your savings separate from the money you use for your regular savings helps keep you from raiding your savings to pay your bills.

The second reason is that a savings account may offer slightly higher interest rates than a checking account. Currently, interest rates are at historical lows. That is great for refinancing or taking out a mortgage, but not great for savings accounts. Still, a high-yield savings account is a great place to put your emergency fund money. For anything more than that, you’ll want to look at investments that offer higher returns.

Grow Your Wealth Through Investing

If inflation hovers around 2-3% every year, any investments you have should make at least that much. Otherwise, while you may have more money, that money will be worth less than it was the year before. If all of your money is in a savings account earning 1% interest or less, then you are actually LOSING money to inflation each year. There are many ways to earn residual income, and you’ll want to pick the one that makes the most sense for you. As one example, Investing in the stock market has historically returned around 7% per year.

Take Advantage of Credit Card Rewards

Another way to make your money work for you is to take advantage of credit card rewards. Many credit cards offer rewards of up to 5% back or more in certain spending categories. There are also several cards that offer initial welcome bonuses that are worth $1000 or more. Taking the time to strategically use credit cards can be a worthwhile investment. Check out our list of the best rewards credit cards to see if one of them might make sense for you.

Start a Passive Income Stream

The holy grail of financial independence is passive income. Passive income is income that continues to make money with little to no day-to-day involvement on your part. There are many different ways to generate passive income. A few passive income ideas might be creating and selling crafts, writing a guide or book, starting a blog, or investing in the stock market.

Investing time and money in real estate can also be a way to earn (relatively) passive income. While rental real estate is not without complications, when it is all working, each month you earn rental income. That helps pay down your mortgage balance, hopefully with some extra left over each month. If you think that becoming a landlord is not for you, another way to invest in real estate is through a Real Estate Investment Trust (REIT). REITs combine some of the best parts of real estate and investing in the stock market.

The Bottom Line

There is an important difference between earning money and having your money work for you. While earning money through a job is important, the real key to financial security is earning passive income. Pay down your debt, start investing and watch the returns come in. You may not make money while you sleep, but following these tips will help set you on the right financial path.

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

Dan Miller is a freelance writer and founder of PointsWithACrew.com, a site that helps families to travel for free / cheap. His home base is in Cincinnati, but he tries to travel the world as much as possible with his wife and 6 kids. More from Dan Miller

Source: mint.intuit.com

May 18, 2022

Is Inflation Eating Your Budget? 13 Ways to Stretch Your Money

Follow these 13 actionable tips to stretch your money!

Whether you own or rent, there’s no doubt your budget has been feeling the effects of recent inflation. And while you’re powerless to improve the current economic changes, that doesn’t mean you can’t take action to combat higher prices. High inflation decreases your purchasing power, forcing you to spend more and get less in return. As a result, higher prices make it difficult to save money and reach your financial goals. Perhaps you’re not ready to take drastic measures like moving to a smaller apartment or taking public transportation. Instead, start with minor changes that will stretch your money so you get more bang for your buck.

1. Set financial goals

Goal setting is an important — yet often overlooked — step when trying to make progress with your finances. Don’t worry if it feels premature based on your current affairs. Setting goals and executing a plan to achieve them is powerful.

Keeping a specific goal in mind makes you more intentional with your working, saving and spending. In addition, focusing on your financial goals will give you the necessary clarity to make sound money decisions and the motivation to push forward.

2. Live on a budget

Getting good at making your money go further requires a certain level of financial awareness. Once your paycheck hits your bank account, do you have a plan for how you’ll spend your money, or do you go with the flow?

Having a plan is crucial, and a budget is a spending plan. The act of creating a budget is simply making a plan for how you’ll spend your money. Learning to live on a budget means you consistently create a spending plan and take steps to stick to that plan throughout the budget period.

Budgeting is a marathon

The first step to successful budgeting is to expect a learning curve. Becoming a budgeting master is a valuable skill that takes time to develop. So, commit to pushing through the tough months even when it feels like you’re doing it all wrong.

Budget your way

A quick Google search on “how to budget” will display many budgeting types and options — don’t get overwhelmed. As your budgeting prowess grows, you’ll begin to learn what methods do and do not work for you.

Approach budgeting as one-size-fits-some rather than one-size-fits-all. There are many different ways to budget. And, when used consistently, each of them will move you closer to reaching your goals. You may realize you prefer to manage your money with digital tools or use a budget binder to organize a more traditional paper budget.

Humans have a pesky habit of overcomplicating things, but budgeting doesn’t require anything elaborate or complicated. If you’ve tried percentage-based budgeting and it was an epic fail, there are simpler options to help you stretch your money further.

We’ve discovered that many folks gain more control over their finances when they manage their money using a zero-based (or zero-sum) budget.

In its simplest form, a zero-based budget looks like INCOME – EXPENSES = 0.

Assign every dollar of your income to carry out a specific financial “job.” Each dollar must serve a purpose, and it’s up to you to decide whether that purpose — spend, save, invest or give. Once you’ve given each of your dollars their assignments and your total income minus your total expenses equals zero, you have implemented a proper zero-based budget.

3. Track your spending

If you often wonder where your money went, it’s time to track your spending. While you may have a general idea of where your money goes each month, how clear are you on the specifics? For example, do you know how much money you actually spent on groceries, fuel and dining out last month?

Get clear on exactly how much you’re spending in each budget category. Having a better grasp on your spending is especially important when deciding how much rent or car payment you can afford each month.

Grab your phone or a notebook and add an entry each time you spend money. Exclude fixed expenses as you’ll be tracking those in your actual budget. Instead, focus on logging your Target trips, grocery runs and coffee pitstops.

Track your spending for a solid month, if possible. If you can’t swing a month, aim for at least two full weeks. At the end of your tracking period, enter your spending data on a spreadsheet or grab a few highlighters to color-code your spending.

Total each category to see exactly how much you’ve spent and compare it to your budget. The information you’ll gather from this exercise is invaluable and helpful when you want to stretch your money in a more balanced way. Your total spend numbers will point to where most of your spending is.

Your spending should reflect your values and priorities. If you discover this is not the case for you, what adjustments you need to make will be clear.

4. Avoid overspending

Overspending can creep up on you. What may feel like $10 swipes of your card a few times a week can quickly amount to high credit card balances or going over budget.

Consider these simple changes to reduce overall spending:

Order groceries online to avoid impulse purchases
Reduce online shopping frequency (e.g., order from Amazon only once per month)
Keep a running “wishlist” of items you want or need. When you come across a great deal, check your list — if the thing is on your list, buy it. If it’s not, move on.
Unsubscribe from retail emails that tempt you to spend
Add a personal spending category to your budget. Allocating a specific amount of money to spend in any way you see fit, guilt-free.

It’s not about money

Overspending is often misleading. The reality is overspending is rarely about the actual spending and is almost always caused by an emotional trigger. Therefore, the key to curbing overspending is identifying your trigger(s) and avoiding it (them).

Think back to the last time you felt shame or guilt for overspending. Then, go deeper to understand the underlying emotion that drove your spending? Were you tired? Did you have a bad day at work? Did you fight with your partner?

Retail therapy may feel helpful because we get a boost of adrenaline when we spend. However, you only perpetuate the problem when you avoid dealing with the emotions driving your spending habits. Instead, pay attention to exactly how you’re feeling the next time you experience the urge to spend money.

Once you’ve identified your spending triggers, create a plan to avoid them and break your pattern of overspending.

5. Negotiate your bills

A great way to stretch your dollar is to negotiate your bills each year. You’ll be shocked by how many of your service providers are willing to lower your rates with a simple request.

Review your monthly expenses and make a list of providers to contact. You can call the company or use their live chat feature if they have one. Explain to the representative that you want to reduce your monthly payment and inquire about their best deal. Expect a few “nos” and many a “yes,” especially if you’re kind and polite when requesting a discount.

This strategy is perfect for saving money on your:

Utility bills
Cell phone bill
Cable bill
Car insurance bill
Credit card and bank fees
Other insurance premiums
Rent

Regarding medical expenses, your best bet is to contact the billing department and offer to pay them a percentage of the total balance. Often, the provider is willing to accept a fraction of the amount owed to settle the account.

6. Pay off debt

Debt payments, especially those with high-interest rates, can eat up your income quickly. Creating a debt payoff plan will give you a road map to paying off your debt and keeping the money you previously sent to your debtors each month.

In addition, if you have a good payment history, contact your credit card servicers and request a lower interest rate. Refinancing is also an excellent option for securing a lower mortgage payment or reducing your minimum payment on personal loans or federal student loans.

Avoid future debt

As you work to get out of debt, it’s good practice to avoid taking on future debts. Trading old debt for new debt is counterproductive and will keep you stuck in a perpetual debt cycle.

7. Plan ahead

Planning into the next quarter, or even an entire year, can help you maximize your savings. In addition, saving a full three to six months of living expenses as an emergency fund will prepare you for any emergencies you experience.

Maintaining an emergency fund will protect your finances against increased expenses in the future, possible sickness, accidents or loss of income.

Forecast your upcoming expenses for the next 6-12 months and determine which you can begin saving for now. Items, such as Christmas gifts, birthdays, tuition, vacations, annual bills, etc., are all expenses you can save for, using sinking funds.

Save a small amount each month (or paycheck) until you save enough money to cover the expenses in full. Keep your sinking funds in a separate savings account to avoid accidental spending.

8. Try a savings challenge to stretch your money

Challenges and competitions are very motivating. And when otherwise unpleasant activities feel like a game, even adults can find enjoyment. Get started with a simple challenge, such as saving each five-dollar bill you receive or tossing your loose change into a jar for a predetermined time.

Are you competitive by nature? Ask some close friends or family members to join you. You’ll all benefit from holding each other accountable and boosting the competition factor.

9. Plan your meals

More than any other suggestion on this list, meal planning has the potential to stretch your money further. You’ve likely noticed your grocery bill increasing month after month. Plan out your meals and use that plan to create a shopping list.

Making a mental note of meals you’re hungry for while grocery shopping does not constitute meal planning. More often than not, heading to the grocery store without an intentional plan will cause you to go over budget.

Food waste accounts for 30-40 percent of the food supply in the United States (as of 2021). Shopping for groceries without planning often leads to a fridge full of unused fresh fruit and produce at the end of the week. If your food budget is $1,000 per month, that means $300-$400 of that budget will probably be wasted, if you’re not planning.

10. Stretch your money by ditching your cable

One of the easiest ways to maximize your money is to cancel your cable service. Today, 56 percent of U.S. homes no longer rely on cable or satellite boxes for content.

We’re fortunate to have the unique opportunity to stop paying for dozens of channels we don’t watch and customize our viewing experience. In addition, the number of available streaming services has exploded in recent years, with live sports and bundles finally being an option without cable packages.

Have an attachment to traditional cable and refuse to go without it? Keep your subscription but use tip No. 5 to negotiate a better deal.

11. Get a programmable thermostat

Unfortunately, energy costs are on the rise, too. Depending on your location, you’ll experience increased costs throughout the summer months (even if you’re trying to stretch your money). However, an Energy Star Certified programmable thermostat can cut your utility costs by up to 8 percent per year (around $50/year).

Not only will a programmable thermostat save you money but buying a “smart” model that works with Amazon’s Alexa or Google’s Home systems will also offer the convenience of allowing you to control the temperature with your voice.

Double your savings

Some programmable thermostats can cost upwards of $200, but more affordable options are available. In addition, many natural gas and electricity providers offer rebates for switching to a programmable thermostat.

In some instances, the rebate amount may even exceed the thermostat price. Contact your providers before purchasing your thermostat to determine which models qualify for rebates in your area.

12. Use an app

Looking for more convenient ways to stretch your money? There’s an app for that! Using mobile apps to save money or earn cashback on purchases are easy ways to combat higher prices.

Apps are available to save money on groceries, household items and even fuel. Other apps offer cashback when shopping online and in-store with your favorite retailers. There are even apps that will reward you for exercising.

Keep in mind that using cashback apps won’t make you rich. But using them consistently will help you save money on your everyday purchases, plus earn cashback rewards you can redeem for gift cards or cash.

13. Get a side hustle

There’s no doubt that cutting costs and saving money is a solid strategy to help stretch your money. But, focusing on increasing your income at the same time will boost your finances into overdrive. Plus, finding new, creative ways to earn small amounts of money in your free time will diversify your income and put you on the fast track to reaching your financial goals.

Monetize your passion

Here’s the good news: we live in an era where you can make money in countless unique, exciting ways. You no longer have to work overtime at a job you hate to make your rent payments each month.

People are turning their passions into full-time incomes from side hustles, such as pet-sitting, baking and even posting on social media. Brainstorm a list of your favorite hobbies and different ideas to monetize them.

The bottom line

Rest assured, if you’re feeling increased financial pressure, you’re not alone. Understand that maintaining financial stability in these uncertain economic times is still possible. Lowering your expenses and making a margin in your budget will allow you to spend your money on the things that matter most.

Source: rent.com

May 17, 2022

Wedding Budgeting: A Guide to Paying for Your Big Day

From the dress to the cake to the reception venue, wedding planning can pull you in dozens of different directions. It can also pull on your purse strings until they’re ready to snap.

According to wedding publisher The Knot, American couples spent an average of $28.000 on their wedding ceremony and reception in 2021 — back up to pre-pandemic spending levels. And that figure doesn’t even include the engagement ring or honeymoon!

Before you have a mini heart attack, keep in mind that the average isn’t the rule. There are many genius ways to save money on your wedding and still have a fabulous celebration.

But before you start browsing tulip arrangements, you need to have an idea of what you can afford overall.

To keep a handle on your spending and strategically tackle all the costs you’ll face, here’s the first item on your wedding to-do list: Set a budget for the big day.

What to Consider When Framing Your Wedding Budget

Fresh off the high of the proposal, you and your future spouse need to come together to answer some vital questions.

What’s most important to you in regards to your wedding?
How long do you want to wait to get married?
How will you be paying for the wedding?

What Matters Most?

Like choosing a college or buying a house, the decisions you make when planning a wedding aren’t based on cost alone. There is a lot of sentimental decision-making involved.

You’ll want to be able to reflect fondly on your wedding for decades to come. You may already have strong opinions about what you want your big day to look like. Sit down with your fiance to come up with the top three priorities for your wedding.

Is it important to have your ceremony in the church your parents got married in — even if that place is 2,000 miles from where you live? Do you want a band to play all the songs that hold special meaning in your relationship? Is it vital to serve foods that represent both of your cultures?

Establishing what’s worth splurging on will help you create a budget reflective of what you really want your wedding to be like, rather than following a template of what the typical couple spends.

A wedding day is marked on a calendar. — Aileen Perilla/ The Penny Hoarder

What’s Your Timeline?

The period between saying “yes” and saying “I do” can have a big effect on what you’re able to afford. An 18-month engagement gives you time to save up for a more extravagant affair while you might have to make sacrifices if you have only six months to plan.

According to Brides magazine, the average engagement lasts between 12 and 18 months..

When figuring out when you want to get married, know that the time of year can affect costs too. Wedding season typically lasts from late spring to early fall. You may find vendors are cheaper in off-season months.

You’ll also want to beware of planning a wedding close to holidays when venues may be booked and caterers may be busy. A wedding on New Year’s Eve or Valentine’s Day may seem fun or romantic, but you’ll likely pay a premium for those special dates.

Who’s Paying?

Before you start planning, an important factor to figure out is how you — or someone else — will be paying for your wedding.

Your parents or other close relatives may want to chip in to cover wedding costs, but don’t assume — or expect — they will. Have a direct conversation with your family about the financials. If your folks are contributing, make sure you understand whether they’re providing a set amount or if they plan to cover a certain expense — like the wedding gown or the booze for the reception.

Pro Tip

If family is contributing financially, make sure you understand their expectations, like inviting a ton of extended relatives or having the wedding in your hometown.

After determining what family will cover, you and your fiance need to hatch out a plan for everything else. Figure out how much existing savings you can throw toward the wedding without eating into vital emergency funds. Determine how much you can realistically put aside every month leading up to the big day.

Take a look at your existing budget — or budgets, if you manage money separately — and figure out where there’s room to cut expenses. (Use this post on how to save money fast as a starting point.)

In addition, start brainstorming ways you can make a little extra cash to plump up your savings. (This post on quick ways to make money has some neat ideas.)

Pro Tip

Open a separate savings account to serve as a sinking fund so your wedding savings don’t get spent on everyday expenses.

Your savings, plus any family contributions, will make up your wedding budget total. If what you expect to have saved falls short of what you expect to spend (which we’ll discuss next), you have three choices:

Plan a less expensive wedding.
Push back the wedding date to allow more time to save up.
Borrow money for your big day.

You probably won’t come across a financial expert who would recommend taking out a personal loan for a wedding. However, if this is the route you’re taking, look into opening a credit card with a zero interest introductory period. And — this is important — plan to pay it off before that period is over.

Creating a Budget for Your Big Day

Once you’ve made the important decisions about what you want, when you’ll get hitched and how you’ll afford the wedding, it’s time to lay out a budget.

You can do this on a spreadsheet you make yourself or one available online or through an app — such as WeddingWire’s wedding budget tracker or The Knot’s wedding budget planner.

Your budget should include sections for estimated costs, quotes from vendors and the prices you actually pay. Make note of when initial deposits are made and when final payments are due.

A bridge gets her gown put on her as her mother holds her hand. — Getty Images

Average 2021 Wedding Costs

Information from The Knot indicates how much vendors charged on average in 2021 for their services. These figures will give you an idea of what you’ll spend in various budget categories:

Invitations: $530
Wedding dress: $1,800
Groom’s attire: $270
Hairstylist: $130
Makeup artist: $115
Florist: $2,300
Photographer: $2,500
Videographer: $1,900
Transportation: $900
Reception venue: $10,700
Catering: $75 per person
Rehearsal Dinner: $2,300
Wedding cake: $500
Reception band: $4,300
Reception DJ: $1,400
Wedding favors: $450
Engagement ring: $6,000
Wedding planner: $1,700

And that’s not all — you’ll also need to budget for the following:

Ceremony site
Officiant
Bride’s and groom’s wedding bands

You’ll also need to add the cost of the marriage license, which ranges depending on location but generally costs less than $100.

Now think about extras. Do you want to hire an instructor to choreograph your first dance? Do you want sparklers at your send-off? Are you getting special gifts for your bridal party? You’ll need to budget for those.

There’s also all the incidental costs. Do you need to purchase a liquor license to serve alcohol at a nontraditional venue? Did you factor in the cost of stamps for your wedding invitations? Make sure you don’t forget tipping and taxes.

Budgeting for Your Wedding Your Way

What you actually spend may vary drastically depending on where you live, when you’re getting married, the size and style of your wedding and other factors.

Since you’re a Penny Hoarder, we know you can throw a fantastic wedding for much less than $28K. (Take notes from how these couples did it.)

Contact vendors to get quotes on prices. Sites like WeddingWire, The Knot and Thumbtack can help you find florists, photographers and the rest. Get recommendations from recently married couples in your social circle or chat with brides and grooms from online forums.

Pro Tip

Get quotes from multiple vendors. You might be able to get them to match a competitor’s price. And be sure to go over contracts in detail so you know what is and isn’t included.

It’s important to include some cushion in your budget to cover miscellaneous expenses that will pop up. Having a 5-to-10% cushion can help you avoid going over budget, so you can start off your marriage on a financially responsible note.

Frequently Asked Questions

What is the average cost of a wedding?

The average couple spent about $28,000 on a wedding in 2021, according to The Knot’s annual wedding study, which surveyed more than 15,000 American couples.

What are the most expensive wedding costs?

The reception venue and catering tend to be the most expensive wedding costs. The average cost for a reception venue in 2021 was $10,700 and the average cost for catering was $75 per person.

How much does it cost to get married without a traditional ceremony or reception

The cost of a wedding license is typically under $100. You also may need to pay for an officiant, which can cost less than $300.

How long is the average engagement?

The average engagement typically lasts between 12 and 18 months, according to Brides magazine. Of course, the longer your engagement, the longer you have to save money for the wedding.

Nicole Dow is a senior writer at The Penny Hoarder.

Source: thepennyhoarder.com

May 17, 2022

Unwinding Your Financial Anxiety and Building Better Habits with Sharecare

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

Feelings of anxiety around money are likely something we have all dealt (or are currently dealing) with at some point in our lives. In many instances, you may not even realize the stress it’s causing you unless you take the time to acknowledge it. Whether it’s feeling uncertain about being able to pay rent or being worried about your long-term retirement plan, financial anxiety can cause significant distress in our lives.

First things first, remember that these feelings are completely normal, and that you’re certainly not alone! Then, it’s important to understand that your financial situation and feelings around money can be dealt with and most importantly, improved.

In an effort to help Minters and others live better financial lives, we are partnering with Sharecare, a personalized health and wellness engagement platform, to better acknowledge the stress many of us feel surrounding money. Together, let’s better understand how stress may be the source of unhelpful financial habits, and finally, learn ways to manage it. Join us through this seven-lesson course aimed at helping you live your best stress-free life.

Download the course today.

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

Annemarie Belda is the communications manager for Intuit Mint. She is passionate about helping readers achieve their financial goals from starting a savings account to financial freedom. More from Annemarie Belda

Source: mint.intuit.com

May 15, 2022

Crushing Your Financial Goals Through Consistency and Transparency

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

Hersh, a production finance executive from Los Angeles shared with us his experience using Mint, and how it helped him to achieve his financial goals.

We love hearing about how people are leveraging the power of Mint to stay on top of their finances. Whether it’s acing your savings goals, or paying off your credit card debt, every win counts and we love celebrating those wins with you all.

Read on to learn about his #EmpowerMint story.

I downloaded Mint in 2012 and have since used it to review my finances on a monthly basis. However, I didn’t really properly start using it until 2018 when I decided to aggressively start paying off my grad student debt.

I had around $80K of $125K loans left at the time after paying down $45K in about 2 years. Knowing it would take some effort and massive action in paying off such a large sum within my new 5 year goal, I decided to use Mint’s budgeting and expense tracking features to make sure I was staying within my means and putting every extra dollar towards paying down my loan. I needed a platform where I could see all my credit card, bank, and investment accounts in one place, and Mint provided me with that and more.

I paid off $125K in student debt in a little over 3 years with Mint’s help because I was able to better manage my finances using Mint’s budgeting and expense tracking features. I went from a 5 year goal to achieving it in 3+ years. Achieving this goal also led me to becoming a financial coach to help even more individuals pay off their student debt, better manage their personal finances and start investing. I make sure my clients download and track their expenses in Mint so they too can benefit like I did.

I love that Mint offers programs and opportunities for users to win cash towards their expenses by simply using the app more frequently. I already use the app everyday, and I find this feature helpful in spreading more financial awareness and frequency of managing our personal finances proactively.

If it wasn’t for Mint helping me aggregate my accounts and create a budget all in one place, I would have never seen my finances from an aerial view or been motivated to aggressively pay off $125K of my student debt in 3 years. It’s the one app I use everyday to track my Net Worth progress and one I always recommend to all my coaching clients.

Take it from Hersh, consistent tracking and hard work definitely pays off. Comment below with how Mint has helped you and if you’d like to share your story, reach out to us on social!

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

Source: mint.intuit.com

May 15, 2022

Working Toward Financial Freedom

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

To celebrate and recognize how our Minters are achieving their financial milestones, we reached out to everyday Mint users like you, to share their stories.

We connected with Becca, a 27 year old personal finance entrepreneur from New York to learn more about her journey with Mint! Check it out below.

I’ve always loved personal finance and recently created my own brand to help other women learn about finances as well. When it comes to my journey with Mint, I’ve been using it since 2015 to help set and maintain my budgets, and I check the app every day to categorize my new transactions. And that’s actually one of my favorite things about the Mint app — seeing my transactions automatically appear so I can quickly categorize them and see how they affect my budgets.

Usually when I wake up in the morning or before work, I’ll open Mint and look at my latest transactions to make sure they’re in the right categories and then see what that does to my budgets overall. This makes it quick and easy to always know where I stand. It also helps to be able to see all of my transactions from different accounts in one place so I can check to make sure there are no transactions that aren’t mine! You always need to check to make sure there isn’t fraud!

I also use Mint’s trends feature to see how my spending has changed over time. Lifestyle creep can affect all of us (when our income goes up we end up spending more instead of saving more). I like to look back and see how my spending has changed over time to identify any areas of lifestyle creep that I may want to reign in.

One of my financial goals is that I am constantly trying to grow my net worth so that I can have as many options as I want as I get older. If I want to retire early then I want to be able to have the financial freedom to do that. If I want to continue working and live a lavish lifestyle I want to have that option. I want to have as many options as I can, which means I need to be saving as much as I can now. Mint helps me make sure I keep my spending in check in order to make that happen.

Mint has constantly been helping me with this goal, and one of my milestones is that I recently hit a net worth of $300K! Without Mint helping me start my financial journey and keeping me on track to my budgets I could have never done this.

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

Source: mint.intuit.com

The Costs of Moving Besides Moving

Driver’s License and Car Registration

Automobile Registration

Voter Registration

Banking

Electric, Water and Gas

Wi-Fi and Internet

City Hall

Memberships

Wardrobe

Who Needs Your New Address

Frequently Asked Questions (FAQs) About the Costs of Moving

What Do Immigrants Need to Open a Bank Account?

What Is an ITIN?

Ready for a Better Banking Experience?

Open a SoFi Checking and Savings Account and start earning 1.25% APY on your cash!

How to Open a Bank Account With an ITIN Instead of a SSN

Benefits of Opening a Bank Account for Undocumented Immigrants

Personal Safety

Establishing History

Ability to Save Money

Earning Interest

The Takeaway

FAQ

How do undocumented immigrants open a bank account?

Can I open a bank account without an SSN or ITIN?

Can a U.S. citizen open a bank account abroad?

The backdoor Roth

The mega backdoor Roth

Health savings account (HSA)

Cash value life insurance

What Are ACH Returns?

Ready for a Better Banking Experience?

Open a SoFi Checking and Savings Account and start earning 1.25% APY on your cash!

Important Terms to Know About ACH Returns

What Is the Difference Between a Notice of Change (NOC) And ACH Return?

When Can You Request a Reversal of an ACH Payment?

Why You Might Be Receiving an ACH Return

How to Return an ACH Payment

The Takeaway

FAQ

What’s the time frame for an ACH debit return?

How much are ACH return fees?

What are ACH return codes?

Can returned ACH payments be disputed?

Pay Down Your Debt

Open a High-Yield Savings Account

Grow Your Wealth Through Investing

Take Advantage of Credit Card Rewards

Start a Passive Income Stream

The Bottom Line

Browse Related Articles

1. Set financial goals

2. Live on a budget

Budgeting is a marathon

Budget your way

3. Track your spending

4. Avoid overspending

It’s not about money

5. Negotiate your bills

6. Pay off debt

Avoid future debt

7. Plan ahead

8. Try a savings challenge to stretch your money

9. Plan your meals

10. Stretch your money by ditching your cable

11. Get a programmable thermostat

Double your savings

12. Use an app

13. Get a side hustle

Monetize your passion

The bottom line

What to Consider When Framing Your Wedding Budget

What Matters Most?

What’s Your Timeline?

Who’s Paying?

Creating a Budget for Your Big Day

Average 2021 Wedding Costs

Budgeting for Your Wedding Your Way

Frequently Asked Questions