Chase just sweetened the pot for the Ink Business Unlimited® Credit Card. Starting Sept. 5, new cardholders can earn a $900 sign-up bonus when they spend at least $6,000 in the first three months. That’s $150 more than the previous bonus, but with the same spending requirement.
You won’t find a better, or more attainable, bonus from a cash-back business card — especially one with no annual fee.
Chase
Ink Business Unlimited® Credit Card
NerdWallet Rating
Bonus Amount
$900
How you’ll get your bonus
While the Ink Business Unlimited is a cash-back card, rewards are delivered as Chase Ultimate Rewards® points. You can redeem your points as cash via a statement credit or deposit it into a checking or savings account.
Ultimate Rewards points can also be redeemed for travel, gift cards, shopping or dining. The value of your points will depend on how you use them.
Cash back: 100 points = $1.
Chase Travel: 100 points = $1.
Pay with Points (Amazon.com and PayPal): 100 points = $0.80.
Shop Apple (via Chase): 100 points = $1.
Gift cards: Redemption value varies.
You can also transfer Chase Ultimate Rewards® points — to another Chase card or an external travel partner — to squeeze even more value out of each point.
Transfer your new Ink Business Unlimited welcome bonus to your Chase Sapphire Preferred® Card, for example, and that $900 bonus becomes a $1,125 bonus when redeemed via Chase Travel.
Should you get the Ink Business Unlimited?
The Ink Business Unlimited® Credit Card is hands down one of the best business credit cards. Its combination of simplicity and value makes this uncomplicated card an excellent choice for new businesses and established companies, alike. Cardholders get unlimited 1.5% cash back, pay no interest on purchases for 12 months (then ongoing APR of 18.49%-24.49% Variable APR), and can net one of the best bonuses out there.
Few other business cards can match it. The Wells Fargo Signify Business Cash℠ Card comes close, with a 12-month intro APR period and unlimited 2% cash back. But its sign-up bonus is $400 less than the new Ink Business Unlimited offer.
If simplicity isn’t your top priority, the U.S. Bank Business Triple Cash Rewards World Elite Mastercard® is also worth a look — especially if you count gas, office supplies, cell phone service and restaurants among your top expenses. The Triple Cash earns 3% back in those categories and matches the intro APR offers from Chase and Wells Fargo. You also get a $100 annual credit for recurring software subscriptions and an excellent welcome offer: Earn $750 in cash back. Just spend $6000 on the Account Owner’s card in the first 180 days of opening your account.
The information related to the Wells Fargo Signify Business Cash℠ Card has been collected by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.
Looking to get some extra cash from your old electronics? You’re not alone! Many people have used electronics lying around, and selling them can be a great way to make some extra income. Plus, finding the best places to sell used electronics is also a great way if you need to make money fast, such…
Looking to get some extra cash from your old electronics? You’re not alone! Many people have used electronics lying around, and selling them can be a great way to make some extra income.
Plus, finding the best places to sell used electronics is also a great way if you need to make money fast, such as if you are looking to make money in one day.
There are many places where you can sell your used electronics quickly and easily. Whether you’re upgrading your tech or just decluttering, finding the right platform is key to getting the best value. You’ll want to know where to go and what to expect to make the process smooth and profitable.
I have sold many of my used electronics over the years, including a cell phone, a laptop, and a camera. And, there are many more you can sell as well, such as gaming systems, smart watches, fitness trackers, headphones, speakers, and tablets.
Best Places To Sell Used Electronics
Below are the best places to sell used electronics.
1. Decluttr
Decluttr might be the perfect solution for you if you want to sell electronics online instantly as this is one of the best selling apps for electronics. You can trade in your devices like phones, game consoles, iPads, tablets, MacBooks, DVDs, and more.
I have personally sold a cell phone on Decluttr and I found the process to be very easy, and that is why this is my top choice if you are looking to sell your used electronics easily and hassle-free.
To sell on Decluttr, you just head to the Decluttr website and answer the prompts about what you would like to sell. They will want to know the type (phone, gaming console, laptop, etc.), the condition (they accept items in “Excellent,” “Good,” and “Poor” conditions), the storage capacity, and more.
Decluttr will then give you a price and you’ll be given a shipping label if you accept. You will then have to find a box to put the item in.
Once Decluttr receives and processes your items (usually the next day after receiving them), you’ll get paid by direct deposit or PayPal.
Decluttr also accepts broken electronics. Even if your device is water-damaged or has cosmetic issues, you can still sell it by marking the condition as “Poor.”
You can check out Decluttr by clicking here.
2. Gazelle
Gazelle is a popular option if you want to sell your used electronics quickly and easily. They buy a variety of devices including iPhones, Samsung Galaxy phones, iPads, and more.
To get started, tell Gazelle about your device. They will give you an estimated price. If you accept, you send your device to them for free.
Once Gazelle gets your device, they inspect it to make sure it matches what you described. After that, you get paid quickly. This process is simple and fast, which makes it convenient for many sellers.
You can check out Gazelle by clicking here.
3. Amazon Trade-In
Amazon Trade-In is a simple way to sell your old electronics if you are just learning how to sell your stuff. You can get an Amazon gift card or a promotional discount for your device. The process is quick, and you can do it online.
Amazon accepts many types of electronics like phones, tablets, and smartwatches and from brands like Amazon, Apple, Samsung, Microsoft, Google, Sony, Arlo, Foscam, NETGEAR, Bose, ASUS, TP-Link, and more. You answer a few questions about your item, and then Amazon gives you an estimate.
If you agree with the estimate, Amazon provides a free shipping label. You can mail your device or drop it off at a participating location.
Once Amazon gets your device, they will verify its condition. If it matches what you described, you get your gift card or discount. If the condition is worse than expected, you can choose to have the device returned or accept a lower value.
Amazon offers Instant Payment for some trade-ins. This means you get your gift card right away. If you don’t qualify for Instant Payment, you will get your gift card once Amazon processes your device, which can take up to 15 business days.
4. Apple Trade In
I recently traded in my old laptop to Apple and made around $300 for a laptop that was around 5 years old (and was actually broken with a flashing screen). I did it all right on the Apple website and it was very easy to sell.
Apple Trade In lets you trade your old device for credit toward a new one. You can do this either online or at an Apple Store. If your device isn’t worth any money, no worries. Apple will still recycle it for free.
You can trade in an iPhone, iPad, Mac, or Apple Watch.
You can use trade-in credit toward a purchase or get an Apple Gift Card. I was buying another laptop, so I just got store credit and put it toward my purchase.
Now, you may be wondering if your data and privacy are safe if you’re selling your laptop (which probably has a lot of passwords and documents that you would like to keep secure). Apple makes sure that your data is safe throughout the process, and they guide you on how to back up and erase your data.
5. eBay
I have sold many, many items on eBay over the years, from clothing to electronics and more.
EBay is a great place to sell your used electronics because it’s a huge marketplace with millions of buyers.
You can list almost any device, from old phones to gaming consoles. The auction format can help you get the highest price for your items.
Creating a listing is simple on eBay and you just add photos, describe your item, and set your price. You can also choose to sell at a fixed price if you don’t want to wait for an auction to end.
Now, eBay does have a cost. They charge fees for listing and selling items, so you’ll want to be sure to check their fee structure to understand how much you’ll pay.
6. Best Buy Trade-In
Best Buy’s Trade-In program is a great way to get rid of your old electronics and earn some store credit. They accept a wide range of devices, like phones, tablets, game consoles, and more.
Once you bring in your used electronics, they will evaluate them and give you a Best Buy gift card in return. You can use this gift card to shop for new electronics or accessories at any Best Buy store or on their website.
You need to be at least 18 years old to take part in this program. If you live in Alabama or Nebraska, you need to be 19 years old.
Best Buy also offers convenient options for trading in your devices. You can bring your items to a store or use their website to get a trade-in estimate and mail your items for free. This makes it easy to trade in your devices from the comfort of your home.
7. Swappa
Swappa is a popular choice if you want to sell your used electronics. It’s known for being safe and easy to use. You can sell phones, laptops, tablets, and more.
One of the best things about Swappa is that you deal directly with other users. There is no middleman, which means you can get more money for your items.
All you have to do is create a listing, similar to how you would with eBay.
8. Facebook Marketplace
Facebook Marketplace is a great place to sell your used electronics near you. It’s easy to use and connects you with buyers in your local area, and you can sell items like phones, laptops, cameras, and video game consoles.
One of the best things about Facebook Marketplace is the convenience. You just need to take a few pictures of your item, write a short description, and set your price.
You can also reach many potential buyers quickly since Facebook has millions of users, so this increases your chances of selling your electronics fast and at a good price.
For safety, I do recommend that you meet buyers in public places during the daytime. You are selling electronics after all, so it could be something that someone may want to steal. Many people will meet in a police department parking lot to make sure everything is safe.
9. OfferUp
OfferUp is a popular app where you can sell your used electronics and it’s easy to use, plus you can list almost anything, from phones to TVs.
With this site, you will have to create a listing, along with a description and a price. Buyers can then make offers or ask questions directly through the app.
OfferUp merged with Letgo, which means more potential buyers see your listing. The app also has a rating system for both buyers and sellers and this helps you know who you are dealing with.
You can choose to meet buyers in person or ship the item. OfferUp gives you the flexibility to decide what works best for you. Remember to meet in a public place for safety if you choose the in-person option.
10. Craigslist
Craigslist is a great place to sell your used electronics. It’s free to list your items, which means you get to keep all the money from your sale. No hidden fees!
I have sold many items on Craigslist, and like Facebook Marketplace, I recommend that you meet somewhere safe, such as a police department parking lot.
One of the best things about Craigslist is its simplicity. You just need to create an account, write a quick description, add a few photos, and set a price.
Many people use Craigslist because it’s local. Buyers can arrange to meet you in person, which can be safer and faster than shipping items.
Also, you will want to watch out for scammers. If a deal seems too good to be true, it probably is. Trust your instincts and avoid sharing any personal information. There are a lot of scams on Craigslist, unfortunately.
11. Gizmogo
If you want to sell your used electronics, Gizmogo is a good choice. They make the process quick and easy, and you can get an instant quote online by entering your device’s details.
Gizmogo pays competitive prices for many types of electronics. These include smartphones, laptops, tablets, and gaming consoles. They also accept cameras, drones, and smartwatches.
Shipping is free with Gizmogo. They provide a prepaid label, so you don’t have to pay for shipping. Your device is insured during transit, which adds an extra layer of protection.
Once Gizmogo receives your device, they inspect it quickly. You get paid fast, either in cash or online payment.
12. BuyBackWorld
BuyBackWorld is a great place to sell your used electronics. They make selling easy and quick, and you can sell items like phones, tablets, laptops, and more.
To get started, you simply just go to their website and get an instant price quote for your items. This helps you know how much money you will get. The best part is that you don’t have to guess the value.
After you get your quote, you ship your items for free. BuyBackWorld even provides the shipping label. You just pack up your items and send them off.
Payment is fast. Once BuyBackWorld gets your items and checks them, they pay you quickly. You can get paid through PayPal, a check, or a direct deposit.
13. Pawnshop
Pawnshops can be a great place to sell your used electronics quickly. They buy a wide range of items, from phones and laptops to gaming consoles and cameras.
The main advantage of selling to a pawnshop is the speed of the transaction. You can walk in with your item and walk out with cash in hand, usually within minutes, so this makes it a convenient option if you need money fast.
However, there are a few things to keep in mind when selling your electronics to a pawnshop. First, they typically offer less money compared to other selling options. Pawnshops need to make a profit when they resell your item, so they’ll often give you around 30%-60% of the item’s resale value.
It’s important to research the value of your electronics beforehand so you have an idea of what a fair offer might be. Also, be prepared to negotiate, as many pawnshops expect some haggling.
14. ItsWorthMore
ItsWorthMore.com is a great place to sell your old electronics. It’s easy to get started. You just go to their website, get a quote, and see how much your device is worth.
Shipping is free and they give you a prepaid label, so you don’t have to pay anything.
Once they get your item, they check it out. If it matches your description, you get paid. They send the payment fast, often within a week. You can choose to get paid by PayPal or check.
Frequently Asked Questions
Below are answers to common questions about how to sell your used electronics.
What is the best website to sell electronics?
The best website to sell your electronics often depends on what you’re selling. Decluttr and Gazelle are great for quick sales and you don’t have to create a listing. Facebook Marketplace and eBay can also be good options, especially if you want to reach a large number of buyers.
What’s the easiest way to sell my used computer monitor?
Selling a used computer monitor is easiest through websites like Decluttr or Gazelle. These services provide free shipping and fast payment. You can also try local selling through Facebook Marketplace for convenience and quick cash.
How do I sell my laptop?
To sell your laptop, start by choosing a platform like Decluttr, Gazelle, or Amazon Trade-In. If you have a Mac laptop, then you may want to trade it in to the Apple Trade-In program.
What to do before selling a used laptop?
Always back up your data before selling your laptop. Then, perform a factory reset to erase all personal information and don’t forget to remove all accessories like SIM cards and SD cards. I also recommend that you clean your laptop to make it look presentable.
What is the best place to sell used electronics near me?
For local sales, such as if you want to sell your used electronics near you, I recommend using sites like Facebook Marketplace, Craigslist, or local buy and sell groups. A pawnshop is another option if you want to sell used electronics locally, but you usually can’t get as much money.
What is the best place to sell used electronics online?
Decluttr and Gazelle are top choices for selling used electronics online due to their simple process and quick payments. Amazon Trade-In and eBay are also great options if you prefer more control over your selling price.
Best Places To Sell Used Electronics – Summary
I hope you enjoyed this article on where to sell old electronics for cash.
You can sell many types of electronics such as cell phones, laptops, tablets, and gaming consoles. They don’t have to be brand new either, they can be years old in many cases.
And, sometimes, they don’t even need to work. Yes, even your broken, used electronics may bring you some money. In fact, I personally recently sold my laptop that was 5 years old and broken, and I still made around $300.
Selling old electronics helps you get some money back. Instead of leaving gadgets in a drawer, turn them into cash.
By selling, you also help the environment. Electronics have materials that can be harmful if not disposed of properly. Selling them means someone else can use them, reducing e-waste.
Wondering how to decide what the best place is to sell your used electronics after reading the list above? I recommend thinking about how much money you’ll get, how fast you need the money, and how much effort you want to put toward selling it.
I hope you are able to make some extra money selling your used electronics. I think it’s definitely worth it instead of having it just sit around your home taking up space.
What do you think are the best places to sell used electronics?
Cash stuffing, also referred to as money stuffing, is a viral budgeting method that involves using cash to pay for things like gas, groceries, and other discretionary purchases. Popularized on TikTok, cash stuffing has become a hot money hack for curbing impulsive spending.
While it might look brand-new, money stuffing is an updated take on the cash envelope budgeting method. With the cash envelope method, you’re simply adding cash to different envelopes that represent individual budget categories.
Does cash stuffing keep you from overspending? And how do you get started? Here’s a closer look at how this budgeting trend works.
What Is Cash Stuffing?
Cash stuffing is a budgeting method that requires you to use cash for discretionary spending instead of a debit or credit card. You add cash to individual envelopes labeled with different categories and then use those funds to make purchases. Once the envelope is empty, you can’t spend any more money in that category until your new budget period (say, the next month or next pay period) begins.
The idea behind cash stuffing is to keep spending in check. It plays into the psychology of money, which suggests that spending cash is more painful mentally and emotionally. Also, using cash may make you more mindful about your spending. Perhaps, when you think about pulling out a 10-dollar bill to buy a bubble tea, you’ll decide it’s not really worth the expense (or at least not today).
Cash stuffing can be a way to help you spend less. It may be easy to swipe your debit or credit card without thinking about the dollar amount. That’s harder to do when you’re having to count out cash pulled from your wallet or bank account each time you want to spend.
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How Does Cash Stuffing Work?
Cash stuffing is a revamped version of the cash envelope method. In terms of the actual process, it works like this:
• First, you decide which budget categories you want to assign to your envelopes. For instance, you might include entertainment, coffee, and massages. (You can also use folders or pouches in a budget binder; whatever works for you is a good choice.)
• Next, figure out how much cash should be added to each envelope for the budgeting period.
• At the beginning of the budgeting period, you “stuff” each of your envelopes with the allotted amount of cash.
• Throughout the budgeting period, you spend down the cash in each envelope.
When you reach the end of the budgeting period, you start the process all over again. If you have cash left over from the previous period, you can roll it over or apply it to another financial goal, like building your emergency fund. That’s a plus if you struggle with finding motivation to save money.
Meanwhile, you’d still use your debit cards, credit card, or bank account to pay expenses not assigned to your cash envelopes. For example, you might set up an automatic payment from checking to cover your student loan payment and pay your electric bill online using your debit card.
Examples of Cash Stuffing
Cash stuffing is ideal for budgeting categories that are not fixed and may fluctuate from month to month. Some of the categories you might assign to your cash stuffing envelopes include the purely discretionary as well as those that combine needs and wants:
• Gas
• Groceries
• Clothing
• Personal care
• Entertainment
• Dining out
• Hobbies and recreation
• Extracurriculars, if you have kids
• Pet care
• Travel
• Gifts
• “Fun” money
You could also include a miscellaneous envelope to cover any expenses that don’t fit into another budget category.
Why Did Cash Stuffing Get So Popular?
Cash stuffing breathed new life into the cash envelope budgeting method largely thanks to social media. On TikTok, #cashstuffing and its related hashtags currently have about 3 billion views. There are countless clips of users, which largely include members of Gen Z, stuffing their monthly cash envelopes.
Part of the appeal of cash stuffing lies in its simplicity. Once you figure out your budgeting categories and envelopes for the month, all you have to do is repeat the process.
Cash stuffing can work with lots of different budget systems, including:
• The 50/30/20 budget rule
• Zero-based budgeting
• Pay yourself first budgeting
It can also be an easy way to save money if you’re disciplined about keeping track of your cash envelopes and curtailing unnecessary spending. Cash stuffing requires you to be intentional with where and how you spend, so you don’t run out of cash midway through the month.
People who struggle with using credit cards responsibly can reduce their odds of racking up high-interest debt, since they’re using cash to pay in place of plastic. Cash stuffing puts you in control of where your money goes, instead of leaving you to wonder at the end of the month where it all went.
Pros of Cash Stuffing
Cash stuffing has some advantages, especially for people who are navigating budgeting for beginners. You don’t have to be a member of Gen Z to appreciate its usefulness either.
Here are some of the main upsides of cash stuffing.
• It’s simple. Cash stuffing is an uncomplicated way to budget for discretionary expenses. All you need to get started is a stack of envelopes and some cash.
• Encourages saving. Stuffing cash envelopes can promote a savings habit if you’re challenging yourself to spend less than what you’ve allocated to individual budget categories. The money you don’t spend can be put into a savings account, perhaps one earmarked for your emergency fund.
• Track spending. As you spend down the cash in your envelopes, you can easily see at a glance how much cash you have left. You can write down each expense as you go to get an idea of where you tend to spend the most.
• Avoid debt. Minimizing your dependence on debt is key to creating a financial plan that works. The cash stuffing system can help you break away from credit cards if you’re reliant on them and help you learn to live within your means.
Cons of Cash Stuffing
Is cash stuffing right for everyone? Not necessarily, as there are some drawbacks to keep in mind.
• It’s time-consuming. Once you get your cash stuffing system in place, you can set it and forget it. But there is some upfront planning that’s required to get your system started, and you have to revisit it each month to restuff your envelopes.
• You could still overspend. There’s no rule that says you can’t dip into one cash envelope to cover expenses for another envelope. That could make it all too easy to blow your budget.
• Less protection. Losing a credit card or debit card is a pain, but there are built-in protections if someone uses your card to make unauthorized transactions. Cash, on the other hand, offers no such benefit. If you lose it or it’s stolen, it might be gone for good.
• Missed opportunities for growth. Saving money is a good thing, and the cash stuffing method could help you do that. But you could be missing out on earning a great interest rate if you’re keeping all of your money in cash, versus depositing some of it into a high-yield savings account.
Pros of Cash Stuffing
Cons of Cash Stuffing
Cash stuffing is a simple way to start budgeting money each month.
Setting up your cash stuffing system initially can take time.
It could help you build a savings habit if you have money left over each month.
Cash stuffing isn’t a guarantee that you won’t overspend.
Cash stuffing makes it easy to see where your money goes.
Carrying cash can put you at greater risk for theft or losing money.
Using cash to spend can help you avoid high-interest credit card debit.
Cash doesn’t have a chance to earn interest the way it would at a bank.
Tips on Getting Started With Cash Stuffing
If you’re ready to give cash stuffing a try, getting started isn’t that difficult. Here are a few tips for making the most of the cash stuffing budgeting method.
• Review your budget, and break down all of your individual spending categories.
• Decide which of those budget categories you want to use cash to pay for each month, noting which expenses you’ll pay for using your debit or credit card.
• Calculate how much cash you should assign to each category, based on how much you’ve spent on average in the previous three to six months.
• Choose the cash stuffing system that works best for you (i.e., cash envelopes, a budget binder, folders, etc.).
• Decide which day of the month you’ll stuff your envelopes, based on when you get paid.
It’s also a good idea to give yourself a cash cushion when setting up a cash stuffing system. Depending on how regular your paychecks are, it may take a pay cycle or two to get used to stuffing envelopes. Keeping a few hundred dollars extra in checking that you don’t touch can help you cover any gaps in your budget until you’ve found your cash stuffing groove.
Alternatives to Cash Stuffing
Cash stuffing is one way to track and manage spending each month. If you’d rather not carry around cash, you could still apply the same basic premise in a different way.
Here are some alternatives to cash stuffing.
• Use gift cards or prepaid debit cards. Instead of putting cash into separate envelopes, you could purchase gift cards for a set amount each month. For example, you might buy a gift card for $500 to your favorite grocery store in order to make a month’s worth of weekly food runs. That can keep you from overspending, without having to carry cash.
• Try a budgeting app. Budgeting apps sync with your bank account and credit card accounts to track your spending. They also allow you to divide up expenses into individual budget categories each month. You could set your categories then assign each one a dollar amount, but instead of using cash, you’d use your debit card to pay for those expenses instead. (Your bank’s app may offer tools to help with this.)
• Open a dedicated account. If you’d like to use a debit card to cover discretionary expenses, you might open a separate checking account just for that purpose. You could link it to the account where you deposit your paychecks, and then transfer over a set amount of money each payday. One thing to keep in mind, however, is that overspending could put you at risk of overdraft fees.
The Takeaway
Cash stuffing is one way to tackle the task of budgeting and to get in the habit of tracking spending regularly. It involves designating your discretionary spending categories, allocating your budget for those expenses, and then using cash (and only cash) to pay for those purchases. This can help you avoid overspending and high-interest credit card debt.
Having the right checking and savings account can help you manage your budget better, too.
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FAQ
Is cash stuffing better than debit cards?
Cash stuffing can be better than using debit cards in the sense that it forces you to keep track of what you spend. Using cash to pay requires you to be intentional or mindful with your money since you don’t have an unlimited amount of money to work with.
Is cash stuffing better than credit cards?
Cash stuffing can be preferable to credit cards if you’re worried about accumulating high-interest debt. When you pay with a credit card, you’re using the credit card company’s money, which has to be repaid later with interest. When you pay with cash, you’re not creating debt or incurring interest charges.
Is cash stuffing a fad or a long-term strategy?
Cash stuffing has become a viral trend, but the idea behind it is a tried and true budgeting method. It’s possible to use cash stuffing or cash envelope budgeting for the long-term to manage your money and keep tabs on what you’re spending each month.
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As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.50% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.50% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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With its majestic mountain ranges, expensive desserts, and renowned national parks like Zion and Bryce Canyon, Utah provides endless outdoor adventure opportunities. The state’s cultural richness is reflected in its diverse cities, from the historic charm of Salt Lake City to the scenic allure of Park City. Whether you’re browsing homes for sale in Salt Lake City, considering renting in Park City, or exploring houses for rent in Provo, here’s what you need to know before moving to Utah.
Utah at a glance
Utah, known for its breathtaking landscapes and outdoor recreation, offers a distinctive living experience. The state is home to five national parks, known collectively as the “Mighty Five” — Zion, Bryce Canyon, Arches, Canyonlands, and Capitol Reef — providing unparalleled opportunities for hiking, biking, and exploring natural wonders. The Wasatch Front, which includes large cities like Salt Lake City and Provo, boasts a strong economy driven by tech industries and outdoor tourism, while the rural areas, such as St. George and Moab, offer a quieter, scenic lifestyle.
The climate in Utah varies significantly depending on the region, with cold, snowy winters in the mountainous areas and hot, dry summers in the desert regions. Cost of living is relatively moderate compared to other states, and more affordable options in rural regions. Whether you’re attracted by the urban amenities of metropolitan hubs or the small-town charm of places like Moab, Utah has a diverse range of living environments to suit different preferences and lifestyles.
1. Utah has a dry climate and low humidity
Utah’s dry climate, characterized by low humidity and minimal rainfall, can be an adjustment if you’re used to more temperate or humid environments. The arid conditions are particularly noticeable in the summer when temperatures can soar above 100°F in areas like Salt Lake City and St. George. Residents often deal with dry skin and lips, so moisturizing and staying hydrated are essential daily routines.
2. You might have to adjust to the altitude
Much of Utah sits at a high elevation, with Salt Lake City at about 4,300 feet and Park City at over 7,000 feet above sea level. This altitude can affect your body in various ways, including causing shortness of breath, headaches, and dehydration, especially during your first few weeks in the state. It’s common for newcomers to take it easy and drink plenty of water to help their bodies adjust. Outdoor activities, like hiking or skiing, might be more strenuous than you’re used to, so it’s important to pace yourself as you acclimate.
Insider tip: Visit the lower-elevation hiking areas around the Bonneville Shoreline Trail in Salt Lake City, which offers stunning views without the steep climbs of higher altitudes.
3. Many people travel to Utah for its recreation opportunities
Utah is a mecca for outdoor adventure, providing a wealth of recreational activities year-round. The state is home to five national parks, often referred to as the “Mighty 5″—Zion, Bryce Canyon, Arches, Canyonlands, and Capitol Reef—which provide some of the most stunning landscapes and hiking opportunities in the country. In the winter, the “Greatest Snow on Earth” draws skiers and snowboarders to world-renowned resorts like Snowbird and Park City. If you’re moving to Utah, be prepared to embrace an active lifestyle with endless options for hiking, biking, camping, and skiing.
Travel tip: Consider visiting the lesser-known Cedar Breaks National Monument, especially in the fall when the crowds thin out. It’s a hidden gem where you can enjoy breathtaking views and vibrant autumn colors without the hustle of more popular parks.
4. You may need to conserve water in Utah
Utah’s arid climate means water conservation is a way of life, with the state frequently experiencing drought conditions. Residents are often encouraged, or even required, to limit water use, particularly for lawn watering and car washing. Xeriscaping, or landscaping with drought-resistant plants, is popular and sometimes necessary to reduce water consumption. Additionally, many homes are equipped with low-flow fixtures and irrigation systems designed to minimize water usage.
5. Housing prices are rising but remain pretty affordable
Utah’s housing market has seen significant growth in recent years, with prices rising, especially in urban areas like Salt Lake City and Park City. As of 2024, the median home sale price in Salt Lake City is $639,000, while in more affordable areas like Ogden, it’s closer to $360,000. Rental rates also vary widely, with one-bedroom apartments in Salt Lake City averaging around $1,500 per month, while smaller towns like Saratoga Springs offer lower rates. Despite the increase, Utah remains more affordable than many other states with similar amenities, making it an attractive place for new residents.
6. Health and fitness culture is strong here
Utah consistently ranks as one of the healthiest states in the nation, with a strong emphasis on outdoor activities and overall wellness. Residents often participate in hiking, mountain biking, skiing, and other physical activities year-round. Many cities, like Salt Lake City and Provo, have extensive trail systems, public parks, and recreation centers that cater to this active lifestyle. The local diet also tends to be health-conscious, with numerous farmers’ markets and health food stores supporting a balanced, active lifestyle.
7. Utah has a flat income tax rate
Utah’s tax system is straightforward, with a flat income tax rate of 4.55%, which applies to all income levels. This simplicity can make financial planning easier for residents compared to states with more complex tax brackets. The state also boasts a relatively low cost of living and competitive property taxes, contributing to its appeal. However, it’s important to consider that other living expenses, such as housing and healthcare, may offset some of these benefits, depending on your location within the state. It’s important to weigh the pros and cons of living in Utah before making this state your home.
8. Winter sports are big deal here
Utah is world-famous for its winter sports, particularly skiing and snowboarding. The state’s mountains, including those in the Wasatch Range, offer some of the best powder conditions in the world, attracting people from around the globe. Major resorts like Deer Valley, Snowbird, and Alta are just a short drive from Salt Lake City, making it one of the best places to live in Utah. Whether you’re a seasoned skier or new to winter sports, Utah’s winter culture is something you’ll quickly become a part of.
9. Utah is a great place to stargaze
Utah’s vast, remote landscapes and low levels of light pollution make it one of the best places in the country for stargazing. The state is home to several International Dark Sky Parks, including Bryce Canyon National Park and Capitol Reef National Park, where the night skies are exceptionally clear. Even outside these parks, rural areas like the Great Basin and the desert regions offer incredible views of the Milky Way, meteor showers, and other celestial phenomena.
Travel tip: If you’re up for an adventure, consider setting up camp at Cedar Mesa or Escalante, where the skies are incredibly dark and you can enjoy a peaceful, unobstructed view of the stars. Try timing your visit around a new moon for the clearest skies and the most dazzling views of the Milky Way.
10. There are restrictions on alcohol in Utah
Utah’s alcohol laws are some of the most unique in the country, influenced by the state’s cultural and religious background. The state controls liquor sales through state-run stores, which are the only places you can buy spirits, wine, and beers with more than 5% alcohol by volume (ABV). Bars and restaurants operate under specific regulations, with some requiring food to be ordered with alcohol and others adhering to strict limits on the amount of alcohol in mixed drinks. You won’t find wine or strong beer in grocery stores, but they do sell beer up to 5% ABV.
Methodology
Population data sourced from the United States Census Bureau, while median home sale prices, average monthly rent, and data on affordable and largest cities are sourced from Redfin.
When you’re choosing your next living space, one of the key decisions you’ll face is whether to go for a full kitchen or settle into a kitchenette. Don’t be deceived by the size—whether you’re in a sleek studio in Los Angeles, a sunny vacation rental in Tampa, or a home in Philly, understanding the difference between these two can significantly impact your daily life. Each offers its own set of benefits tailored to different lifestyles and spaces.
In this ApartmentGuide article, we’ll dive into the essential differences between kitchens and kitchenettes, where you’re likely to find each, and how to make the most of whatever cooking space you have.
Features of a kitchen: The full culinary experience
A kitchen is much more than just a place to prepare food—it’s the heart of the home. A well-designed kitchen can transform meal preparation from a chore into a joy, offering everything you need to create culinary masterpieces or simply enjoy everyday cooking. Here’s a closer look at what makes a kitchen stand out:
Full-sized appliances
A hallmark of a full kitchen is its array of large, robust appliances. You’ll find a standard refrigerator with ample space for all your groceries, an oven for baking and roasting, and a stove with multiple burners for simultaneous cooking. Many kitchens also include a dishwasher, making cleanup a breeze. These appliances are designed to handle the demands of daily cooking, whether you’re preparing a quick weeknight dinner or hosting a lavish holiday feast.
Ample counter space
The countertops in a kitchen are where the magic happens. With plenty of room to spread out, you can easily chop, mix, and assemble your ingredients. Whether you’re kneading dough, rolling out pasta, or simply setting up a coffee station, the extensive counter space in a kitchen allows for multiple activities to happen at once. This is particularly beneficial when you’re hosting guests, as it gives you the flexibility to prepare food without feeling cramped.
Storage galore
One of the most important aspects of a kitchen is its storage capacity. Cabinets, drawers, and even a dedicated pantry offer space for all your cooking essentials—pots, pans, utensils, spices, and non-perishable food items. With well organized storage, everything has its place, making it easy to find what you need when you need it. This not only streamlines your cooking process but also helps keep your kitchen clutter-free.
Sink and ventilation
A full kitchen typically features a generously sized sink, often with a garbage disposal unit, making it easy to wash and prep your ingredients. Proper ventilation is another key component, usually provided by a range hood that helps eliminate cooking odors, smoke, and excess heat. This ensures that your kitchen remains a comfortable and pleasant place to work, even when cooking up a storm.
Features of a kitchenette: A compact convenience
A kitchenette is a smaller version of a kitchen, designed for spaces where a full kitchen isn’t feasible or necessary. It’s all about maximizing functionality in a compact area, offering the essentials without the extras. Here’s what you’ll typically find in a kitchenette:
Smaller appliances
In a kitchenette, you’ll often find miniaturized versions of standard kitchen appliances. This might include a mini fridge, which is perfect for storing just the basics like milk, eggs, and a few snacks. Instead of a full oven and stove, you might have a two-burner stove or even a combination microwave-oven. These appliances are ideal for simple meals and snacks, but they may limit your ability to cook more elaborate dishes.
Limited counter space
Counter space in a kitchenette is usually at a premium. You’ll have just enough room for essential tasks like chopping vegetables or making a sandwich. This limited space encourages simplicity and efficiency in your cooking routine, making it perfect for those who prefer quick and easy meal preparation. While you might not have room for large kitchen gadgets or extensive meal prep, a kitchenette offers just enough space to get the job done.
Minimal storage
Storage in a kitchenette is typically minimal, with a few cabinets or shelves to hold the bare necessities. You won’t have the luxury of a pantry or extensive cabinet space, so you’ll need to be strategic about what you store. This might mean sticking to a few versatile pots and pans, keeping only the most frequently used utensils, and limiting your pantry items to the basics. The upside? Less clutter and a more streamlined cooking experience.
Basic sink
The sink in a kitchenette is often smaller, sometimes lacking a garbage disposal unit. It’s designed for light use, such as washing dishes for one or two people or rinsing off produce. While it’s perfectly functional, it’s not equipped to handle large volumes of dishes or heavy-duty cleaning tasks. This reinforces the kitchenette’s role as a space for simple, everyday cooking rather than elaborate meal preparation.
Side-by-side comparison
Feature
Kitchen
Kitchenette
Appliances
Full-sized (fridge, oven)
Smaller (mini fridge, microwave)
Counter Space
Ample for meal prep
Limited to essentials
Storage
Cabinets, drawers, pantry
Minimal, just the basics
Sink
Full-sized with disposal
Smaller, no disposal
Ideal for
Cooking, hosting, meal prep
Quick meals, snacks, limited cooking
Which one is right for you?
Kitchenettes are great for:
Space-conscious individuals or couples: If you’re living in a smaller space and don’t want to feel overwhelmed by a large kitchen, a kitchenette is the perfect solution. It offers just the essentials, allowing you to cook simple meals without taking up too much of your living area.
Minimalist cooks: If your cooking style is more about quick, easy meals or you tend to eat out often, a kitchenette provides exactly what you need without the extras. It’s perfect for those who prefer simplicity and efficiency over elaborate cooking.
Frequent travelers or renters: For those who are often on the move or renting short-term, a kitchenette offers the basic amenities without the commitment of a full kitchen. It’s ideal for vacationers who want to prepare a few meals at home or students looking for a convenient place to whip up a snack between classes.
Types of apartments with kitchenettes
Studio apartments: Many studio apartments, particularly in urban areas, feature kitchenettes to maximize living space while still providing the essential cooking amenities.
Vacation rentals: Whether it’s a beachside cottage or a mountain cabin, vacation rentals often include kitchenettes to allow guests to prepare light meals and snacks during their stay.
Student housing: Dormitories or student apartments frequently come with kitchenettes, offering a practical solution for students who need to prepare meals but don’t have the space or time for a full kitchen setup.
Kitchen are great for:
Culinary enthusiasts: If you’re someone who enjoys experimenting with recipes, trying new cooking techniques, or preparing multi-course meals, a full kitchen is a must. The ample space and full-sized appliances allow you to cook with freedom and creativity, without worrying about running out of room or tools.
Hosts and entertainers: Love having friends over for dinner? A full kitchen offers the perfect setup for hosting. You can easily prepare large meals, serve drinks from the fridge, and still have space for guests to gather and socialize.
Gadget lovers: From blenders to stand mixers, air fryers to espresso machines, a full kitchen has the space to store and use all your favorite kitchen gadgets. If your cooking routine involves a variety of appliances, a full kitchen will ensure everything has its place.
Types of apartments with kitchens
Most homes: Whether it’s a single-family house or a spacious apartment, full kitchens are a standard feature in most traditional living spaces.
Full apartments: Larger apartments often come with a full kitchen, making them ideal for those who want the comforts of a home without sacrificing cooking space.
Larger condos: Many condos, especially in suburban or upscale urban areas, feature full kitchens designed to accommodate the needs of residents who enjoy cooking and entertaining.
Living in Hawaii offers unique experiences, from stunning landscapes to fascinating culture. Whether you’re looking to rent in Honolulu or searching for an apartment in Hilo, these fun facts about the Aloha State will give you more reasons to appreciate this island paradise.
1. Hawaii is the only U.S. state composed entirely of islands.
Hawaii consists of 137 islands, but only eight are considered the main islands. The largest island, Hawai’i (also known simply as the Big Island) is more than twice the size of all the other islands combined. Oahu, home to the capital city Honolulu, is the third-largest island.
2. The Hawaiian language has only 13 letters.
The Hawaiian alphabet includes five vowels (A, E, I, O, U) and eight consonants (H, K, L, M, N, P, W, and the ʻokina). The ʻokina, a glottal stop, acts as a letter in the language. Many place names in Hawaii include repetitive sounds, reflecting the language’s simplicity.
3. Hawaii has its own time zone with no daylight saving time.
Hawaii follows Hawaii-Aleutian Standard Time (HST), which is 10 hours behind Coordinated Universal Time (UTC-10). The state does not observe daylight saving time, so the time difference with the mainland changes throughout the year. In the winter, Hawaii is two hours behind the West Coast, but during the summer, it’s three hours.
4. Hawaii is the only state that grows coffee commercially.
While most states have to import their coffee, Hawaiians can enjoy it fresh from the source. The rich volcanic soil and ideal climate make Hawaii perfect for coffee farming. Kona coffee, grown on the Big Island, is famous worldwide for its smooth, rich flavor. Coffee farms can also be found on Maui, Oahu, and Kauai. The industry plays a significant role in the local economy, attracting many tourists. Living in Hawaii means you can enjoy fresh, locally grown coffee daily.
5. The islands of Hawaii are still growing.
The Hawaiian Islands were formed by volcanic activity, and this process continues today. Kīlauea, one of the world’s most active volcanoes, constantly adds new land to the Big Island. The island’s southeastern coast has seen significant changes in recent years due to lava flows. Volcanic activity also creates black sand beaches, which are unique to the area..
6. Hawaii was once an independent kingdom.
Before becoming a U.S. state, Hawaii was an independent kingdom with its own monarchy. King Kamehameha I united the islands in 1810, establishing the Kingdom of Hawaii. The monarchy lasted until 1893, when it was overthrown by American and European settlers. In 1898, Hawaii was annexed by the United States, and it became the 50th state in 1959.
7. Surfing was invented in Hawaii.
Surfing, a sport now enjoyed worldwide, originated in Hawaii. Ancient Hawaiians viewed surfing as more than a sport; it was a spiritual experience. The chiefs, or ali‘i, often competed in surfing, showcasing their strength and skill. Today, Hawaii remains a global surfing destination, with famous spots like Waimea Bay (near Pupukea) and the Banzai Pipeline. Living in Hawaii, you can embrace this sport’s deep cultural roots.
8. Hawaii is home to the world’s largest dormant volcano.
Mauna Kea, located on the Big Island, is the world’s largest dormant volcano. Standing over 13,800 feet above sea level, it is taller than Mount Everest when measured from its oceanic base. The summit often receives snowfall in winter, making it a unique spot in tropical Hawaii. The clear skies above Mauna Kea make it a prime location for astronomical observatories.
9. Hawaii has no snakes.
Due to strict laws and natural barriers, Hawaii remains snake-free. The state takes this seriously, as introducing snakes could harm the delicate ecosystem. The only snakes you might see are in zoos or brought illegally, with severe penalties for smuggling them.
10. Hawaii celebrates its own holidays.
Beyond the usual U.S. holidays, Hawaii celebrates several unique ones. King Kamehameha Day on June 11 honors the first king of the Hawaiian Islands. Prince Kuhio Day on March 26 commemorates the birth of Prince Jonah Kūhiō Kalanianaʻole, a Hawaiian royal. The Aloha Festivals, held annually in September, celebrate Hawaiian culture with parades, music, and hula.
11. Hawaii has the highest life expectancy in the United States.
Hawaii consistently ranks as the U.S. state with the highest life expectancy. The combination of a healthy diet, active lifestyle, and strong community ties contributes to this longevity. The state’s natural beauty and relaxed pace also reduce stress, promoting well-being. Residents often enjoy fresh seafood, tropical fruits, and outdoor activities year-round. Living in Hawaii seems to be a key to a long and healthy life.
12. Rainbows are a common sight in Hawaii.
Hawaii’s unique climate and topography create prime conditions for rainbows. The islands’ frequent rain showers and abundant sunshine result in vibrant rainbows, often visible across the sky. Double rainbows are also a regular occurrence, adding to the islands’ natural beauty. The state is also nicknamed the “Rainbow State” for this reason.
13. Hawaii has the most isolated population center on earth.
Hawaii lies over 2,000 miles from the nearest mainland, making it the most isolated population center on the planet. This remoteness creates a unique culture and lifestyle distinct from the rest of the U.S. Unfortunately, this isolation also affects the cost of living, as many goods must be imported. However, it also fosters a strong sense of community among residents.
14. Hawaii is home to the world’s most active volcano.
Kīlauea, located on the Big Island, is the world’s most active volcano. It has been erupting almost continuously since 1983, creating new land and reshaping the island’s landscape. The eruptions often draw visitors, eager to witness the molten lava flows. Despite the dangers, many people live nearby, drawn by the fertile land and stunning scenery.
15. Hawaii has a ban on billboards.
To preserve its natural beauty, Hawaii has banned billboards across the state. This law, enacted in 1927, ensures that the islands’ stunning landscapes remain unobstructed. Instead of advertisements, the scenery takes center stage as you travel through the islands. This absence of billboards contributes to the state’s peaceful, unspoiled atmosphere.
Annual business revenue refers to the income generated by a business over the course of one year before any expenses are deducted. This is a key number for business owners to know because it tells you how well your company is doing.
Knowing your annual revenue also allows you to track your company’s performance against itself in previous years, as well as against competitors.
Read on to learn how to quickly calculate your business’s annual revenue, plus how you can use this metric to monitor and grow your small business.
Key Points
• Annual revenue is the amount of money a business generates in one year. It is the number before expenses are deducted.
• Annual revenue can be based on a calendar year (beginning January 1) or a fiscal year (July 1 to June 30 of the following year, for example).
• To calculate annual revenue, multiply the number of units sold by the sale price.
• Annual revenue is an important financial metric to determine the health of your business. It also helps if you need to apply for a small business loan or pitch your company to investors.
What Is Annual Business Revenue?
Annual revenue for a business refers to the amount a business made in sales over 12 months, whether that’s for products, services, or both. This number is also often referred to as the “top line,” since it’s added to the top of a business’s income statement. Annual revenue does not account for any of your expenses, such as payroll, operating costs, and rent.
How does annual business revenue differ from profits? Profit is the amount you have after you subtract annual expenses from annual revenue.
How Does Annual Business Revenue Work?
When calculating business revenue, you’ll include money you earn from your main business activities, such as sales of your products or services, as well as revenue you earn from activities not directly related to your business, such as interest from investments or renting a floor of your building to another company.
There are also two different ways to calculate annual revenue: It can be over a fiscal year, which is from whatever point in the year you start calculating, like July 1, to the same date the following year. Or, it can be a calendar year, which would start on January 1. Some businesses prefer to use one method over the other.
Either way, it’s important to calculate and track your annual revenue. Doing so helps you determine if your business is making a profit and growing. It can also assist you in preparing to pitch to investors, applying for small business loans, and planning and strategizing for future growth.
How to Calculate Annual Business Revenue
To calculate annual business revenue, you’ll need to determine your firm’s different revenue streams. To start, compile information on the selling price and quantity the company sold for each product or service. To calculate the total revenue of each product or service, use this simple formula:
Annual Revenue of Product or Service = Number of Units Sold x Sale Price
If you sell different products and services at different prices, you would use the above formula to calculate the revenue for each product or service, and then add each total together to get your total revenue from your business’s operations.
Next, you’ll want to add any other income (including investment income or sales of any assets) your business earned over the year to get your total annual business revenue.
Annual Business Revenue Example
For this example, let’s say you sell jewelry. For simplicity’s sake, let’s say you only have three products:
• Necklaces: $200
• Rings: $100
• Bracelets: $75
Last year, you sold 500 necklaces, 750 rings, and 1,000 bracelets. We start our calculations by figuring out your revenue for each.
• Necklaces: $200 x 500 = $100,000
• Rings: $100 x 750 = $75,000
• Bracelets: $75 x 1,000 = $75,000
Now we add each of these together to calculate total revenue.
100,000 + 75,000 + 75,000 = $250,000
Assuming you didn’t have any other sources of income, your annual business revenue would be $250,000. Remember, this is before taking any expenses into account. Your profits will be what you calculate after subtracting the expenses involved in making the jewelry, as well as operating expenses, from your total revenue.
What Is Considered Good Annual Small Business Revenue?
What’s considered a good annual revenue for a small business depends on the size of the business. The average annual revenue for a small business with a single owner and no employees is $44,000 per year. As the number of employees starts to rise, so does the average revenue.
The average revenue for companies with one to four employees is $387,000, while the average revenue for businesses with up to nine employees is around $1 million.
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What Is Annual Business Revenue Used For?
Knowing your annual revenue is the first step to determining the health of your business. You’ll need to know exactly how much your business is bringing in each year to determine if your business is growing or stagnant, as well as calculate whether it has healthy profit margins. You’ll also need to know your annual business revenue when you file your taxes and if you ever apply for a business credit card, line of credit, or small business loan.
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The Importance of Annual Business Revenue
Annual revenue is one of the most important financial metrics for any business. As a business owner, knowing your annual revenue provides insight into whether your firm is generating enough earnings to not only cover its expenses but also invest in opportunities for growth.
Annual business revenue is also important to potential investors and lenders. Investors will use annual revenue (among other metrics) to assess whether or not a company is worth investing in. They will often look at a company’s revenue growth rate and compare it to their competitors to determine if it’s a good investment opportunity.
Lenders will look at a company’s annual revenue to assess its creditworthiness. A higher annual revenue indicates that the business has the ability to repay its debts and represents a low risk to the lender.
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Is Including Annual Recurring Revenue Worthwhile?
Annual recurring revenue (ARR) is a metric primarily used by businesses operating on a subscription-based model. ARR tells you the normalized annual revenue that a company expects to receive from its subscribers in return for products and services provided. In other words, it is the predictable and recurring revenue generated by customers within a one-year period.
ARR is similar to monthly recurring revenue (MRR) — the key difference is that ARR is normalized to a year rather than a month.
For some businesses, annual recurring revenue is a valuable metric that can help owners quantify a company’s growth, evaluate its subscription model, and forecast its revenue.
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Distinguishing Net Business Income From Gross Annual Revenue
While looking at your annual business revenue is helpful for understanding how your business is doing at generating sales, it’s not the full picture. If you’re spending more than you’re making, your business will struggle to stay afloat.
That’s why it’s important to determine both your annual business revenue (also known as gross revenue), as well as your net business income.
Net business income is the amount of profit your company has left over after paying all its expenses. This number lets you know how well you’re doing at keeping expenses lower than revenues so you have a decent profit margin.
You can look at your small business income statement to see both revenues and expenses to help you strategize how to increase net income.
Here’s a quick snapshot of gross annual revenue vs. net business income.
Gross Annual Revenue
Net Business Income
Cash generated by a business before taking out expenses
Total earnings after accounting for any expenses
Indicates how successful a business is at making sales
Indicates how financially healthy a business is
Types of Revenue
When determining your annual business revenue, you’ll want to be sure you include the two main types of business revenue.
Operating Revenue
Operating revenue includes sales from products or services you regularly sell. In other words, it is money earned from the core activities of the business. In the example above, revenue from jewelry sales falls under operating revenue. If you are a graphic designer, the logo or website design packages you sell fall into this category.
Non-Operating Revenue
Not all revenue that comes into your business is from your primary business activity or considered operating revenue. Non-operating revenue is the income your company brings in outside of its primary business activity. It tends to be sporadic and is not expected to be part of your business’s income on a regular basis.
Some common types of non-operating revenue that could still impact your business’s finances include:
• Interest: If your company offers financing to customers or invests in the stock market, the interest you gain from these transactions falls under non-operating revenue.
• Dividends: If your business invests in shares of another company, the profits you earn from this investment are part of your company’s annual non-operating revenue.
• Rent income: If you rent property or equipment, the money you receive from these rentals is part of your annual non-operating revenue.
• Asset and capital sales: If you sell a piece of equipment to another company, then the sale price is part of your annual non-operating revenue.
• Contra revenue: Unlike the other non-operating revenue, contra revenue has a negative value. Contra revenue, which can include returned goods, unpaid invoices, and unsold inventory, is a deduction from gross revenue.
Recommended: Net Present Value: How to Calculate NPV
The Takeaway
As a small business owner, there are numerous numbers you need to track. One of the most important is your annual business revenue. This number refers to the total amount of money your company makes during a year from the sale of products and services, plus any other additional income.
Annual revenue is the starting point from which you can determine your net revenue, which tells you whether your company’s sales are indeed exceeding its costs and the business is making a profit.
Calculating your annual revenue also allows you to track your company’s growth over time and compare its performance to industry peers. You’ll also need to know your annual revenue if you’re looking to bring in an investor or apply for any type of business financing.
If you’re seeking financing for your business, SoFi can help. On SoFi’s marketplace, you can shop top providers today to access the capital you need. Find a personalized business financing option today in minutes.
With SoFi’s marketplace, it’s fast and easy to search for your small business financing options.
FAQ
What is business revenue vs. income vs. profit?
Revenue is the total amount of funds that a business receives from its sales and services. Income is the amount of money a company makes minus the cost of running a business. Profit is the amount of money a business receives after it accounts for the cost of goods sold (COGS). Unlike income, profit doesn’t account for other operational costs like salaries or taxes.
How can you find your annual business revenue?
Annual revenue is the total income your business generates in one year before expenses. To calculate annual revenue, you’ll need to multiply the quantity of goods and services sold by the sales price for each item. This will give you your operating revenue. Next, look at your non-operating revenue — this is how much you earn from activities not directly related to your business (such as renting your building to other companies). You’ll need to combine operating and nonoperating revenue to calculate your annual business revenue.
Why is annual business revenue important to know?
You need to know your annual business revenue to file taxes for your business, determine your profit, and track your company’s performance year to year. If you decide to take out business financing, you’ll need to have your revenue numbers ready for the application.
How do you calculate business revenue?
A simple way to calculate business sales revenue is to multiply the number of sales by the sales price. To calculate total business revenue, you’ll also need to add in income from other sources (such as investments or renting out equipment).
Photo credit: iStock/CentralITAlliance
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Indiana, known for its friendly communities and iconic Hoosier hospitality, is a state where you’ll find a mix of bustling urban centers like Indianapolis and serene rural landscapes. The state is rich in sports culture, home to the Indianapolis 500 and passionate basketball fans, and offers a diverse range of recreational activities. Whether you’re browsing homes for sale in Carmel, considering renting in Bloomington, or exploring houses for rent in Fort Wayne, here’s what you need to know before moving to Indiana.
Indiana at a glance
Living in Indiana blends vibrant city life and peaceful rural landscapes, making it an appealing destination for diverse lifestyles. Indianapolis, the state capital, is a bustling metropolis known for its sports culture, including the legendary Indianapolis 500 and the Indiana Pacers. Other major cities like Fort Wayne and Evansville provide a mix of economic opportunities, cultural experiences, and educational institutions. The state’s affordable cost of living, particularly in smaller cities and towns, makes it an attractive option for those looking to settle down without breaking the bank.
Indiana’s job market is robust, with key industries including manufacturing, healthcare, education, and agriculture. Major employers headquartered in the state include Eli Lilly and Company, Cummins Inc., Anthem Inc., and Cook Group. The cultural scene is equally diverse, with numerous festivals, museums, and theaters enriching the community life. Residents can enjoy the state’s numerous parks, lakes, and trails, such as Turkey Run State Park and the Indiana Dunes National Park. With its friendly residents, strong job market, and a wide array of recreational activities, Indiana offers a welcoming environment for newcomers.
1. The Hoosier hospitality will make you feel right at home
Hoosier hospitality is a hallmark of life in Indiana, characterized by the warm and friendly demeanor of its residents. Whether you’re moving into a new neighborhood or just visiting, you can expect a welcoming atmosphere with people eager to help and make you feel at home. Local communities often come together for neighborhood events, fairs, and potlucks, reflecting the state’s strong sense of community. For instance, small-town events like the Lafayette Jefferson High School Football games or local farmers’ markets often have a friendly, inclusive feel, making newcomers feel like part of the community from day one.
2. The sports culture is a big deal
Indiana’s sports culture is deeply ingrained in its identity, with basketball and auto racing holding particular significance. The state is home to the Indianapolis Colts, a prominent NFL team, and the Indiana Pacers, a staple of NBA basketball. The Indianapolis 500, held annually at the Indianapolis Motor Speedway, is one of the most famous car racing events in the world, attracting fans from all over. High school basketball is also a big deal, with local tournaments and games drawing substantial community support and media coverage, reflecting the state’s passion for sports at all levels.
Insider scoop: Consider visiting during the annual Indy 500 Race Week to enjoy not only the main event but also the numerous pre-race festivities, parades, and fan activities that take over Indianapolis.
3. Indiana has a low cost of living
Indiana has a notably low cost of living compared to many other states, making it an attractive option for those seeking affordability. The median home sale price in Indiana is $271,800, which is significantly lower than the national median of $442,479 and offers great value compared to major metropolitan areas. For renters, average monthly rental prices in Indianapolis are $1,243 for a one-bedroom apartment, further displaying the affordability in larger cities. In fact, the cost of living in Indianapolis is 9% lower than the national average. This combination of low housing costs, reasonable rental prices, and moderate day-to-day expenses contributes to Indiana’s reputation as a budget-friendly place to live.
A lower cost of living is a major advantage of moving to Indiana. Explore additional pros and cons of living in Indiana to get a comprehensive understanding of what life in the state has to offer.
4. You’ll find great higher education options
Indiana is home to several esteemed higher education institutions, offering a range of academic programs and research opportunities. Indiana University in Bloomington is renowned for its strong business, law, and medical programs, while Purdue University in West Lafayette is highly regarded for its engineering and technology disciplines. The University of Notre Dame, located in South Bend, is known for its prestigious programs and vibrant campus life. Additionally, smaller colleges such as Butler University and DePauw University provide excellent liberal arts education and personalized learning experiences.
5. Indiana is a manufacturing hub
Indiana has long been a major player in the manufacturing sector, with a diverse range of industries contributing to its robust economy. The state is a leading producer of automobiles, with major companies like Cummins Inc. and General Motors having significant manufacturing facilities there. The state’s strong manufacturing base supports a wide array of jobs, from assembly line work to engineering and design, reflecting Indiana’s deep ties to industrial innovation and production.
6. The northern part of the state is flat with rolling hills in the south
The geography of Indiana varies significantly from north to south, influencing both the landscape and the lifestyle. Northern Indiana is characterized by flat terrain and extensive farmland, with regions like the Valparaiso Moraine and Lake Michigan shoreline offering expansive views and agricultural opportunities. In contrast, southern Indiana features rolling hills, forested areas, and more varied topography, exemplified by places like Brown County State Park. This geographic diversity impacts everything from local agriculture to outdoor recreational activities, with each region offering scenic and environmental characteristics.
7. Be prepared for the harsh winter weather
Indiana winters can be quite harsh, with temperatures frequently dipping below freezing and significant snowfall occurring from late November to March. The state averages around 25 to 30 inches of snow annually, but this can vary, with northern areas receiving more snowfall than the southern parts. Ice storms and cold snaps are also common, requiring residents to be prepared for winter driving conditions and potential power outages.
Insider scoop: To make winter more manageable, invest in a set of high-quality snow tires and keep an emergency kit in your car with essentials like blankets, food, and a flashlight.
8. Indiana is part of Tornado Alley
Indiana is located in the eastern part of Tornado Alley, making it susceptible to tornadoes, particularly in the spring and early summer months. The state experiences an average of 20 to 30 tornadoes annually, with varying levels of severity. Tornadoes in Indiana can range from relatively minor twisters to more destructive events, necessitating preparedness and awareness.
Travel tip: Residents should be familiar with tornado safety protocols, have an emergency plan in place, and stay informed through local weather alerts to protect themselves and their property during severe weather events.
9. Public transportation is sparse here
Public transportation options in Indiana are limited, especially outside of major urban areas. While cities like Indianapolis have some public transit services, including buses operated by IndyGo, many rural and suburban areas rely heavily on personal vehicles. This can be a challenge for those who do not drive or prefer public transit options. For instance, outside of Indianapolis, transportation options may be restricted to regional bus services or ride-sharing apps, making car ownership almost essential for daily commuting and errands.
10. Indianapolis is close to major cities
Indianapolis’s central location provides convenient access to several major cities in the Midwest, enhancing its appeal as a transportation and business hub. Located approximately 100 miles from Chicago, 200 miles from St. Louis, and 175 miles from Cincinnati, Indianapolis offers a strategic position for both business and leisure travel. This proximity allows residents to easily visit these cities for work, entertainment, or cultural events while enjoying the benefits of living in a less densely populated area.
11. The sugar cream pie is the state’s staple
Sugar cream pie is a beloved and iconic dessert in Indiana, known for its simplicity and rich, sweet flavor. Often referred to as “Hoosier Pie,” it features a creamy filling made from sugar, cream, and vanilla, with a flaky pie crust. The pie is traditionally made with ingredients readily available to early settlers, reflecting the state’s agricultural heritage. Popular in local bakeries and diners, sugar cream pie is often enjoyed as a comforting and nostalgic treat, especially during family gatherings and state fairs.
Insider scoop: For a true taste of Indiana, visiting local spots like the Vanilla Bean Bakery in Indianapolis can provide an authentic slice of this classic pie.
Methodology
Population data sourced from the United States Census Bureau, while median home sale prices, average monthly rent, and data on affordable and largest cities are sourced from Redfin.
Your home is your sanctuary, a reflection of your personality, preferences, and lifestyle. “Discovering your ideal interior design style is a personal journey that can significantly enhance your living environment,” shares Deziner Tonie of Decorating Den Interiors. “By understanding different styles, navigating trends wisely, and identifying timeless pieces, you can create a home that is not only beautiful but also uniquely yours. Let your preferences guide you, and don’t be afraid to mix and match elements to reflect your individuality.”
Whether you’re drawn to the cozy charm of a cottage-style apartment in Montauk, NY, the breezy vibes of a coastal décor house for rent in Portland, Maine, the classic elegance of a traditionally designed house in San Antonio, TX, or the clean lines of minimalism, finding the style that resonates with you is key to creating a space you’ll love. This Rent. guide will teach you how to find your decorating style through expert tips, suggestions, and recommendations.
1. Understanding popular interior design styles
Before diving into the discovery process, it’s helpful to familiarize yourself with some popular interior design styles:
Traditional: This style is timeless and elegant, featuring classic furniture, rich wood tones, and sophisticated textiles like silk and velvet. Traditional design often includes ornate details, such as crown molding, and a color palette of deep, warm hues. Furniture is often arranged symmetrically, creating a balanced and harmonious look.
Minimalism: Focused on simplicity and functionality, minimalism embraces clean lines, neutral color schemes, and a clutter-free environment. The mantra “less is more” is central to this style, with a focus on quality over quantity. Minimalist spaces often use a monochromatic palette and emphasize open, light-filled spaces.
Modern: Modern design is characterized by clean lines, sleek surfaces, and a neutral color palette with bold accent colors. It emphasizes function and avoids excessive ornamentation. Modern spaces often feature materials like glass, steel, and concrete, and furniture pieces that are both stylish and practical.
Industrial: Drawing inspiration from warehouses and urban lofts, industrial style features raw, unfinished elements like exposed brick, metal beams, and concrete floors. The color palette is typically neutral, with shades of gray, black, and brown. Furniture and décor often have a rugged, utilitarian feel, and vintage or repurposed items are common.
Bohemian: Also known as “boho,” this style is eclectic and free-spirited, characterized by a mix of colors, patterns, and textures. Bohemian spaces often include items from around the world, such as textiles, rugs, and furniture with a handmade or artisanal feel. Plants, macramé, and a variety of throw pillows and blankets add to the layered, cozy aesthetic.
Scandinavian: Originating from Nordic countries, Scandinavian design is known for its simplicity, functionality, and connection to nature. It features light, airy spaces with a predominantly white color palette, accented by natural materials like wood and leather. Clean lines, minimal ornamentation, and an emphasis on natural light are key aspects of this style.
Mid-century modern: This style, which originated in the mid-20th century, is characterized by clean lines, organic curves, and a focus on functionality. Furniture pieces often feature tapered legs and a mix of traditional and non-traditional materials. The color palette includes earthy tones and bold, saturated hues.
Modern Western: “Modern Western decor blends the rustic charm of traditional Western style with sleek, contemporary design elements,” Teri James with Teri James Photography shares. “This aesthetic often features natural materials like wood and leather, combined with more contemporary accents. Western wall decor, such as framed prints or canvas artworks of vast landscapes, horses, or cowboy-themed art, plays a crucial role in bringing the theme to life,” James shares. Key pieces might include a statement leather sofa, a reclaimed wood coffee table, and wall art inspired by the rugged people, animals, and landscapes of the West. By combining old and new, modern Western decor creates a warm, inviting space that feels both timeless and fresh.
Farmhouse: Farmhouse style combines rustic charm with modern comforts. It features distressed wood, shiplap walls, and vintage accessories. The color palette is often neutral, with whites, creams, and soft pastels. Chrissy Evancheck, with Countryside Home Decor, recommends decorating uniquely in this style. “Mix vintage with modern by blending rustic farmhouse pieces with contemporary decor for a cozy vibe,” Evancheck suggests. “Soften your decor with plush pillows and blankets in neutral tones. Have fun exploring and trying out these simple tips for adding a little farmhouse decor to your favorite spaces.”
Art Deco: Originating in the 1920s and ’30s, Art Deco is known for its bold geometric patterns, luxurious materials, and rich colors. This style often includes elements like mirrored surfaces, chrome accents, and exotic woods. Art Deco spaces are glamorous and sophisticated, with a strong sense of drama and opulence.
Eclectic: Eclectic style is all about mixing and matching different styles, periods, and influences to create a unique, personalized space. It allows for a high degree of creativity and self-expression, combining various colors, patterns, and textures in a harmonious way. The key is to balance diverse elements to avoid a chaotic look.
Understanding these popular interior design styles provides a foundation for discovering which elements resonate with you. As you explore, you’ll find that you might be drawn to a single style or prefer a combination of several, creating a space that truly reflects your individuality.
2. Reduce limitations by avoiding overthinking
“Consider your space style, which is influenced by location, culture, and lifestyle,” notes Dundee Deco. “Five styles to think about are rustic (farmhouse-inspired), French/European, Asian (including Japandi and minimalism), coastal (beach-inspired), and chic (feminine, usually amplified to glam). Choose what fits your lifestyle, mood, or personality.” Using this as a guideline, you can easily mix and match styles. “Combine your time and space styles to create unique blends like modern farmhouse or rustic vintage. Space styles can mix too, resulting in designs like coastal chic or Asian glam,” Dundee Deco suggests.
Starting with a blank canvas is a good place to begin if you’re overthinking what style suits you. “Create a neutral canvas, allowing you to explore bold colors, vintage finds, or minimalist touches – the choice is yours,” recommends Mouna Menebhi of The Boho Lab. “You can explore and personalize your space without sacrificing the environment, by ethically sourcing handmade furniture while adding character and story to your space.”
3. Don’t be afraid to mix styles
Discovering your design style with Katherine Mueller Design is all about embracing your uniqueness. “Katherine loves to mix styles because she believes every client is unique, and their spaces should reflect that individuality,” Bridget Caldaza with Katherine Mueller Design shares. “Start by identifying what you love — colors, patterns, textures — and how they make you feel. Experiment with different design elements to see what resonates with you and makes your space feel like home. Ultimately, your design style should be a reflection of who you are.”
Spouse-ly echoes this sentiment, encouraging following your preferences.”When it comes to discovering your design style, don’t limit yourself,” shares Spouse-ly. “Combine 2-3 traditional styles to create your own unique look. For example, have you heard of the style coastal luxe or transitional farmhouse? Probably not too often because they are inspired by different colors, decor, and textures that make up their own vibe. Don’t forget to add pops of handmade decor to truly make your space one-of-a-kind.” Mixing and matching styles is a great way to expand your design horizons while determining what your preferences are.”
4. Reflect on your personality and preferences
Consider your lifestyle, interests, and daily routines. Are you someone who thrives in a structured environment, or do you prefer a more relaxed, carefree atmosphere? Do you enjoy being surrounded by keepsakes and mementos, or do you feel more at peace in a space free of excess items?
“Discovering your interior design style begins with exploring your preferences and inspirations. Start by collecting images, colors, and textures that catch your eye, creating a mood board for visual reference,” Dawn Bremer of The Bremer Team shares. “Pay attention to your lifestyle needs, ensuring the design is both functional and aesthetically pleasing. Experiment with different styles and elements in small areas of your home to see what resonates,” Bremer shares. Reflecting on these questions can help you identify the elements of a design style that align with your personality.
Alex Solonsky, Founder of Artificial Paintings recommends considering spaces that make you feel at home in your decorating process. “To find your design style, start by reflecting on your favorite spaces — be it a cozy cottage, a sleek modern loft, or a charming coastal retreat, Pay attention to what elements make you feel at home,” Solonsky recommends. “Don’t be afraid to incorporate unique pieces that tell your personal story. Trends come and go, but a space that resonates with your personality will always feel timeless,” Solonsky adds.
4. Explore inspiration
Gather inspiration from various sources to see what resonates with you. “In order to identify your interior design style, thoughtfully consider what you’re drawn to in movies, TV shows, and magazines — vintage or modern, eclectic or classic,” Connie Strazzeri, Digital Marketing Manager for Vogt, shares. “From Architectural Digest house tours to Nancy Meyers movies, aesthetic inspiration abounds online, and you can hone in on your specific taste by Pinteresting images that correspond with your source of inspiration.”
Magazines and books: Design magazines and books are treasure troves of ideas and visuals. Tear out or bookmark pages that catch your eye.
Online platforms: Websites like Pinterest, Instagram, and Houzz are excellent for discovering and saving design ideas. Create boards or collections of spaces that you love.
Moodboard: “To find your design style, start by creating a mood board with images, colors, and textures that you naturally gravitate towards,” Sandy with Home By Keira recommends. “Experiment with different styles by incorporating elements you love into your space and see what resonates with you and not ‘trends’. Trust your instincts — your personal style should reflect who you are and what makes you feel at home,” Sandy concludes.”Once you’ve created a mood board, it’s helpful to turn to the experts, like our in-house team at Vogt, to help you bring your vision to life,” Strazzeri recommends.
Showrooms and stores: Visiting furniture showrooms and home décor stores can give you a tangible sense of different styles. Pay attention to what draws you in and feels right.
Your closet: “Finding your unique decorating style is important so that you can create a home that reflects you. I like to recommend that you start by looking into your closet and taking note of what clothes and accessories you usually would wear,” suggests Rachel Beeman. “By doing this, you can get a good hint from your wearable style and translate that into what you might like in your home. For instance, love wearing bold and colorful? Then chances are you might love that style in your home as well.”
5. Identify timeless pieces
While trends can be fun to incorporate, timeless pieces form the foundation of a lasting interior design. “Rather than following trends, buy items you love and then find a place for them,” Pamela Wingard suggests. “Then use them, whether eating dinner on your wedding china or displaying your favorite collection on a bookshelf. Then donate items in your home that you don’t really love or pass them along to a family member (That’s probably how you got them anyway),” Wingard notes. “Curating what you already have will give you a fresh perspective on what you really like and help you determine your design style.”
Your style, your sanctuary
Discovering your interior design style is a rewarding process that allows you to create a space that truly feels like home. “Choosing your own interior style is all about experimenting until your home feels uniquely yours — a place where you can relax and thrive,” Teresa with Mindful Cements reminds us. “Go for elements that you gravitate towards and bring extra uniqueness to your space, such as geometric prints, furry rugs, or warm-cherry wooden furniture. Creating your own space should reflect your personality and lifestyle, so experiment with colors, textures, and scents until it feels just right,” Teresa concludes.
By exploring different styles, reflecting on your personality and preferences, and incorporating timeless pieces and personal touches, you can design a space that not only looks great but also feels uniquely yours. Happy decorating!
Wesley Masters works on Redfin’s stellar Content Marketing team as a content writing specialist. She has been with Rent. since 2023 and her previous experiences include non-profit communications, graphic design, and content creation. Wesley lives in Atlanta, GA, and loves outdoor walks, hanging out with her loved ones, and finding new recipes to try on Pinterest. Her ideal home is a brownstone with contemporary interiors.
Navigating personal finance can be tough for young adults, especially with limited education on the topic in school. Sound financial advice is crucial for making smart decisions about budgeting, credit, and investments. Learning these skills early helps avoid debt, poor money management, and financial mistakes. Here are the top 10 best financial advice tips for young adults to set you on the right path.
1. Create a Budget
Creating a budget is key for managing your money. It helps you track your spending and ensure you’re not living beyond your means. A simple step to managing your money properly.
To learn more: How to Budget Money
2. Manage Your Debt
Managing debt is crucial. Keeping debt low and paying it off quickly helps maintain a healthy credit score and financial stability. As a young adult, it best to stay away from the temptation to spend on credit.
To learn more: How to Get Out of Debt in 5 Easy Steps
3. Invest Your Money
Investing is vital for a secure future. Start early and let your money grow over time. It’s all about patience and consistency. Start by investing a minimum of 10% of each paycheck.
To learn more: The Simplicity of Investing
4. Start Saving Now
Start saving early. Even small amounts can grow over time. An emergency fund can provide a safety net for unexpected expenses. Use a money saving challenge to make saving more fun!
To learn more: Top 20 Epic Money Saving Challenges Unveiled to Save Money
5. Limit Your Expenses
Limiting expenses helps save more money. Track all your spending, even small purchases, to understand where your money goes. This will help you to invest the rest!
To learn more: How to Budget Money on Low Income: 20+ Tips to Cut Spending
6. Build Passive Income Streams
Building passive income streams can boost your financial stability. Find ways to earn extra money through hobbies or skills.
To learn more: Find a Side Hustle that Works for You
7. Create a Cash Reserve
Having a cash reserve prepares you for unexpected expenses. Save three to six months’ worth of income for emergencies.
To learn more: Breaking Down the Purpose of a Rainy Day Fund
8. Learn About Taxes
Understanding taxes is important. Know the difference between your gross and net pay to manage your finances better.
Learn More: Difference Between Earned Income, Passive Income and Investment Income
9. Consider a Term Life Insurance Policy
A term life insurance policy is affordable for young adults and provides financial protection for your future family.
10. Take Action
Taking action is essential. Set clear financial goals, break them into steps, and stay persistent to manage your finances effectively. Don’t delay starting your financial stability!
Learn More: 10 Smart Financial Goals That You Need
Find More Ideas for Young Adults
These tips for young adults will help you manage money well and not make the mistakes many others were guilty of. You can build a strong foundation with money. Make your finances a priority and you can quickly reach financial independence.
To learn more: Financial Advice for Young Adults: 10 Easy to Follow Money Management Tips
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