Frontier Airlines has just launched a new status offer, allowing Frontier Miles members with a U.S. travel rewards credit card to purchase or enroll in an Elite 20K offer.
Unlike most previous offers, this doesn’t require existing status with another loyalty program. Instead, all you need is an eligible travel credit card.
Here’s what you need to know about this Frontier Airlines status offer.
Check your credit card eligibility
As mentioned, this status offer is only eligible for U.S. travel rewards credit cardholders. To check your eligibility, visit this webpage.
You’ll need to enter your Frontier Miles number and the first six digits of your travel rewards credit card. While Frontier hasn’t provided a list of the travel rewards credit cards that are eligible for this offer, according to our tests, you can use any of these cards:
The information for the AAdvantage Aviator Business Mastercard and Hilton Aspire card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Some cards we tested that were not eligible for the offer included the United℠ Explorer Card, Citi® Double Cash Card (see rates and fees) and the Discover it® Miles credit card.
The information for the Discover it Miles has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Related: I bought an all-you-can-fly pass — here’s what it was like to use it
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Elite 20K status offer
There are two options as part of this new offer. You can either purchase status outright or enroll in a status challenge.
If you want to purchase Elite 20K status through Dec. 31, it will cost you $499. To extend your Elite 20K status for another year, you’ll need to earn 20,000 qualifying miles or 25 flight segments — the standard qualification threshold for the program.
If you want to participate in the challenge, you can pay $199 (though the first 2,000 applicants pay a reduced rate of $80) and enjoy instant Elite 20k status, valid through Sept. 30.
You can extend your status through Dec. 31 by flying 5,000 miles, spending $5,000 on the Frontier Airlines World Mastercard® or any combination of flying and spending.
You can apply for both status offers on Frontier’s website.
Related: What are hotel and airline status matches, and how do you get one?
The information for the Frontier World Mastercard has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Frontier Elite 20K benefits
Frontier Elite 20K includes several benefits to save you money and make your travels more enjoyable. Here’s an overview of the perks that come with this elite tier:
One complimentary carry-on bag.
Complimentary standard seat assignment.
Family pooling of Frontier Miles.
Priority boarding.
Waived redemption fees.
Last seat availability.
Stretch seating at check in.
Is this Frontier status offer worth it?
This depends entirely on your upcoming plans to fly Frontier. The above perks can save you significant money, as Frontier status can (in many ways) turn a low-priced, no-frills Frontier ticket into a full-service one. When you travel on Frontier without status, virtually everything costs money, including carry-on bags and seat assignments.
Crunch the numbers to ensure the money you’ll save is worth the $499 you’d pay for seven months of status (or the $80 or $199 you’d pay for the status challenge).
Related: What is Frontier elite status worth in 2023?
Bottom line
Frontier’s new elite status offer allows its travelers to receive elite status even if they don’t hold status with another airline. You’ll need a travel rewards credit card to qualify for the offer, but our tests indicate that the majority of top travel cards should qualify.
Elite 20K status can save you money when you fly Frontier. For instance, an overhead carry-on bag (a complimentary benefit of Elite 20K status) generally costs between $30 and $55. Consider how much you might fly Frontier before the end of the year, and if it seems like a cost-effective option, be sure to enroll.
Yesterday I shared the most important money tip: to gain wealth, you must spend less than you earn. Get Rich Slowly has covered many ways to reduce the spending side of the equation. But how can a person increase the earning side?
Consider an entrepreneurial endeavor. Start a small business based around one of your hobbies. It’s not difficult to earn a couple thousand dollars each year doing something you love in your free time. The key is to not let the hobby-as-business overwhelm you. Keep it fun. Don’t let it become a chore.
With that in mind, here are some real-life examples of hobbies I’ve seen people turn into side-businesses. I know people who:
Repair computers. Are you a tech geek? Start a business providing computer advice for family and friends. Help people set up new computers, add peripherals, remove viruses and spyware, and maintain home networks. Consider offering hour-long training sessions in programs you know well.
Make photographs. Sell your photos! Take a community college class to enhance your skills. Enter photo contests. Display your photos at the county fair. If you make a good image, you can sell it repeatedly for $50, $100, $200. I recently met a woman who now makes her living by selling images through iStockPhoto.
Garden. If you have a huge garden, consider selling produce or flowers. In rural areas, you can run a small road-side stand on weekends selling fresh roses, blueberries, tomatoes, whatever. If you live in the city, let your neighbors know you have fresh produce for sale (or trade).
Make music. Can you play an instrument? Hire yourself out to play at weddings or dinner parties. Start a small group. Play at holiday events (especially Christmas). Get creative: play at street fairs and farmers markets.
Write. Do you write well? Offer your services to friends and family. Edit important letters. Proof papers. Compose pieces on commission. Start a weblog about one of your passions!
Build things. If you have a shop and some skills, teach yourself to build tables or bookshelves or cabinets or chairs. Sell these items on craigslist or to people you know.
Knit. If you’ve been bit by the knitting bug, put that yarn habit to work. Create simple, beautiful hats and scarves. Take commissioned projects. My wife is learning to knit adorable little stuffed animals; she could sell them for $20 a pop.
Repair cars. Offer to perform simple car repairs for friends and family. It’s a win-win situation: you make some extra cash, and they save money. (Just be sure not to get in over your head.)
Cook. Do people rave about your food? Offer to cater events. Provide food for a picnic, for a cocktail party, for a sit-down dinner. Sell cookies and cakes.
Haul things. If you have a van or a large pickup, offer your services for transporting couches and dressers, etc. Hire yourself out to haul barkdust and mulch. Help people move. In March, I met a fellow who advertises on craigslist. Several times a week, as he drives home from work, he hauls something from one part of the city to another for $25. It takes little him little extra time and generates a couple hundred dollars a month. It’s his “mad money”.
The possibilities are endless. The key is to examine your passions and talents to find something for which people would pay you. You won’t get rich quickly through these side businesses (though there’s nothing that says you can’t), but you will boost the earning side of your wealth accumulation.
Everyone has something that they can do well. Discover what it is you can do, and then market your abilities. The best part is: you’ll be making money while simultaneously improving your skills so that you can make even more money in the future!
Addendum: Via e-mail, Melissa A. reminded me of another great use for hobbies: “Hobbies are a good way to make gifts for people cheaper than it costs to buy them too.” This helps with the “spend less” side of the basic equation. My wife has given knitted items as gifts. I sometimes give photographs. One of my favorite birthday gifts ever was a batch of chocolate chip cookies.
It’s been a consistently bad week for the bond market and this morning’s data offers little objection. But the damage is playing out in an uneven way with shorter term yields moving higher much faster than long term yields. This is to be expected to a large extent due to Fed rate expectations’ stronger correlation with shorter-term yields (MBS are somewhere in the middle). As such, 10yr yields are managing a fairly flat day despite higher PCE inflation, and 2 year yields are up 6+bps.
Core PCE M/M
0.4 vs 0.3 f’cast, 0.3 prev
Core PCE Y/Y
4.7 vs 4.5 f’cast, 4.6 prev
Durable Goods
1.1 vs 0.7 f’cast, 3.2 prev
Durables ex defense/aircraft
1.4 vs -0.1 f’cast, -0.6 prev
Incomes
0.4 vs 0.3 f’cast, 0.3 prev
Outlays/spending
0.8 vs 0.3 f’cast, 0.1 prev
Consumer Sentiment
59.2 vs 63.5 prev
1yr inflation expectations
4.2 vs 4.6 prev
5yr inflation expectations
3.1 vs 2.9 prev
09:52 AM
Slightly stronger overnight, but quickly weaker after AM econ data. 10yr up 1bp at 3.834 and MBS down an eighth.
10:16 AM
recovering after Consumer Sentiment data (lower inflation expectations). 10yr down 3bps at 3.794. MBS up 1 tick (0.03).
12:41 PM
2 way volatility after the last update. 10s were as high as 3.859 but now back down to 3.824 (roughly unchanged). MBS are down just under an eighth of a point.
Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.
In the past 5 years there have been a plethora of startups popping up that offer an easy way to invest for the smaller investor.
As I was doing some research to find my top 5 companies to invest with I found a company that will allow you to invest with as little as $5. That company is called Stash Invest.
Stash not only lets you invest with small amounts and buy fractional shares, but also gives you a variety of interesting portfolios and investments that you can purchase. In fact, Stash offers more choices than many investment companies.
Here’s a review of Stash Invest, and a look at how they can help you to jump start your retirement savings.
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Stash Invest Background
Stash was founded by Brandon Krieg and Ed Robinson as a place for first time investors to invest in a diversified portfolio, without having to have a big bankroll. After receiving all of the regulatory approvals, they launched the iOS app in October 2015. Here are the details from Wikipedia:
Stash was founded in February 2015 by Brandon Krieg and Ed Robinson. Krieg and Robinson had previously worked together at Macquarie Group, an investment banking firm. Stash was launched as an iOS app in October 2015, and was made available on Android in March 2016. Within a year of its launch, Stash had signed up 215,000 users. As of January of 2019 Stash has $530M+ in assets under management. Through January 2019, the app had approximately 3 million users.
So they’re pretty new to the scene having launched in October of 2015, but have quickly added almost 4 million users as of 2019.
Co-founder Brandon Krieg explains the idea behind the company on the company’s about page:
“My co-founder Ed and I left our jobs to start Stash because we believe everyone should have access to financial opportunity. After a combined 30+ years in the business, we saw that Wall Street can be fundamentally unfair to smaller investors as they work to accomplish their goals. Stash will change that. “
Stash should be a pretty attractive option for newer investors, so let’s see what they have to offer.
How Does Stash Work?
Stash is a micro-investing and banking app that is mainly utilized via a mobile phone app for iOS or Android. You can start investing with as little as $5.
Anyone can open an account, you just have to be 18 years old, and live in the United States.
Opening an account with Stash should only take a few minutes, and if you do it now they currently have a bonus offer. You’ll get a $5 account bonus for signing up, which is enough to start investing.
Sign Up For Stash Here – Get A $5 Bonus
To get started, you will need to answer a series of questions and provide your Social Security number, and then link an external bank account.
Based on your level of acceptable risk (conservative, moderate or aggressive) you’ll be given recommendations for portfolios.
Stash Investment Portfolios
Stash’s investments are mainly ETF index funds and they have 250+ETFs and stocks in pre-built investments that you can use to build your portfolio.
When you first open your account, the app will recommend a mix of diversified stocks that suits your level of risk.
In addition to their main 3 portfolios, there are an abundance of other investment options including funds focusing on large blue chip companies, small companies, environmentally friendly investments, technology, health care, banking, entertainment and more.
They talk about “investing in things you believe in”, and if that’s something you’re interested in doing, there are plenty of niche focused investments to partake in.
You can invest in just about anything your heart desires with Stash, just be cognizant of what the “risk level” is for each fund, and what the fund management fees are for the individual ETF funds you’re choosing as they can range from very low cost, to less so.
Stash Online Banking
Stash has an optional online banking account and Visa debit card that you can sign up for with your account. 1.
Some of the features of the account include:
Early payday (Get paid up to 2 days early)
No overdraft fees.
No monthly maintenance fees.
No minimum balance fees.
Access to thousands of fee-free ATMs.
Stock-Back® Rewards for everyday spending.
Setup automatic transfers to keep the account funded.
This account is included in the regular monthly fee, and doesn’t have additional fees.
Stash Stock-Back® Rewards
Stash introduced a cool feature a while back that they call “Stash Stock-Back® Rewards” 2. It’s a rewards program of sorts that works in conjunction with your Stash debit card and your online banking. Instead of getting cash back, however, you’re getting fractional shares of stock where eligible.
Here’s how it works. Make a purchase with your Stash Visa at any of 11 million businesses nationwide, and you’ll get rewards for that purchase in the form of a fractional share of stock for that company (or for a diversified ETF index fund if that company isn’t available).
For example, if you buy something on Amazon with your Stash debit card, you’ll earn AMZN Stock-Back® as a reward.
As soon as you make a purchase using your Stash debit card, you should get a notification of the stock that you’ve earned. You’ll earn 0.125% Stock-Back® rewards on everyday purchases, and up to $5 Stock-Back® rewards at certain merchants. The stock will be added to your taxable brokerage account within your app. 3
Other Features of Stash
Here are some other important features and functionality of the app that are important to know about.
Stash Retire: Stash recently has moved into the retirement investing space and they now offer Traditional and Roth IRA accounts.4 Those accounts have a minimum of $15 to invest.
Smart-Save: Smart-Save functionality studies your spending and income patterns to figure out when you have cash to spare. Then it automatically saves small amounts of extra cash into your Stash account. There, it earns interest, or can be invested.
ASAP Direct Deposit: Get paid up to 2 days early.5
Automated investments: Set up a regular deposit and fund your account on an automated basis.
Fractional shares: You can buy fractional shares – buying a small fractional share of a single stock.
Educational materials: They have a decent array of educational materials available for newer investors in both the app, via email, and on their website.
Tools to forecast: The app has a tool to see the impact your saving and investing might have over time. It gives you insight into how your positive choices are impacting your future.
Security: Stash’s app uses 256-bit bank grade encryption to secure your personal information. Information sent between the app and their servers use SSL encryption, and they don’t store you your bank long information.
SIPC Coverage: Your investments in your account are covered by Securities Investor Protection Corporation (SIPC) through the clearing agency used by Stash, Apex Clearing Corp. The limit of SIPC protection at any brokerage is $500,000, which includes a $250,000 limit for cash.
Stash Service Fees And Minimums
Where the rubber meets the road is just how much you’ll be paying to use Stash. What are the fees and minimums for using the service?
First of all, there is a $5 minimum in order to have an account, and you only need $5 to invest.6 So the service is accessible to just about everyone, especially if you get the $5 bonus mentioned above.
Low Monthly Fees
The service offers three monthly subscription plans. There is the Stash Beginner account for $1/month7 that includes a personal investment account, debit Visa card account access, Stock-Back® rewards program that helps you to earn stock for your normal spending, and free financial education.
The $3/month7 Growth subscription will give you everything in the basic account, but also includes access to retirement accounts.
The $9/month7 plan gives you everything in the above plans but adds in the option of custodial accounts where you can start investing for 2 kids, a metal debit card that also gives you 2x earnings on Stock-Back® rewards, as well as monthly market insights reports.
While $1/month isn’t really that much, the one caveat is that if you have a low balance account and you’re paying $1/month for the service, that fee could be a relatively large percentage of your assets in comparison to some other services. It might be something to consider. Stash becomes more cost effective in my opinion once your account reaches a higher dollar value, and at that point it’s very comparable to other investment sites like Betterment, Wealthfront and others.
Automated Investing With A Low Barrier To Entry
If you’re a newer investor and you don’t have a lot of money to start investing, Stash might be worth your time to get your feet wet. They have a low initial deposit of $5, and from there you can use dollar cost averaging to build your portfolio bit by bit. You can even start a Roth IRA or Traditional IRA and invest for retirement with Stash Growth.
Stash has a wide variety of investment options, and if you’re looking to hold a diversified portfolio, their basic mix portfolios can give you what you’re looking for.
While the fees aren’t the lowest, once the account grows to a reasonable level the fees are very comparable to other players in the space.
Try Stash for free with the currently available $5 account bonus!
Sign Up For Stash Invest Today!
1 Debit Account Services provided by and Stash Visa Debit Card issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Investment products and services provided by Stash Investments LLC, not Green Dot Bank, and are Not FDIC Insured, Not Bank Guaranteed, and May Lose Value. In order for a user to be eligible for a Stash debit account, they must also have opened a taxable brokerage account on Stash. Account opening of the debit account is subject to Green Dot Bank approval.
2 Stash Stock-Back® is not sponsored or endorsed by Green Dot Bank, Green Dot Corporation, Visa U.S.A., or any of their respective affiliates, and none of the foregoing has any responsibility to fulfill any stock rewards earned through this program.
3 You’ll also bear the standard fees and expenses reflected in the pricing of the ETFs in your account, plus fees for various ancillary services charged by Stash and the custodian.
4 Stash does not monitor whether a customer is eligible for a particular type of IRA, or a tax deduction, or if a reduced contribution limit applies to a customer. These are based on a customer’s individual circumstances. You should consult with a tax advisor.
5 Early access to your direct deposit depends on deposit verification and when Green Dot Bank gets notice from your employer, and may vary from pay period to pay period.
6 Other fees apply to the debit account. Please see Deposit Account Agreement for details.
7 You’ll also bear the standard fees and expenses reflected in the pricing of the ETFs in your account, plus fees for various ancillary services charged by Stash and the custodian.
Bible Money Matters is a paid Affiliate/partner of Stash. Investment advisory services offered by Stash Investments LLC, an SEC-registered investment adviser.
Supplemental income is money that is earned above and beyond a person’s “regular” income, which, for most people, is earned through working a job.
Supplemental income could include income earned through a side hustle, or it could include money from a regular job that is extra: bonuses, overtime pay, tips, commissions, and so forth.
For many people, supplemental income can amount to “extra” money beyond what’s needed to cover their regular expenses. And there are some smart ways to handle that extra income, which may help people reach their financial goals sooner.
What Is Supplemental Income
As noted, supplemental income is money that is earned or otherwise accumulated beyond a typical income stream, like a paycheck. That can include bonuses or tips earned while working a job, too.
Supplemental income can also be earned in the form of a commission, by accumulating dividends on investments, or even by working a second job or side hustle.
There are numerous ways to tap into supplemental income streams, though that doesn’t mean that it’s necessarily easy. You should also know that there are generally two types of supplemental income: Active, and passive.
• Active income: This is often defined as trading time for money. The person puts in time, whether that’s through taking photographs for websites or walking dogs, and is paid for their services in exchange. It’s a typical job, in other words.
• Passive income: This kind of work involves little to no active investment in time once the gig is established. It could involve selling an uploaded ebook or affiliate marketing, as two examples.
For many people, a side hustle or second job is likely the quickest route to earning supplemental income. But there are government programs out there, too, that can help those in need, like the Supplemental Security Income program (SSI).
A Note About Supplemental Security Income
Supplemental Security Income (SSI) is a program administered by the Social Security Administration. SSI provides payments to people over the age of 65 who have a disability, including being blind or deaf. To qualify for Supplemental Security Income, people must also have limited financial resources, in addition to meeting the age and disability requirements. The purpose of the program is to help people meet their basic needs.
As the program is designed to help people meet their basic needs, some of the suggestions for handling supplemental income may not be applicable to those earning SSI benefits.That’s because those who do receive those benefits likely won’t have much room in their budget for additional spending, or the need to find ways to deploy that additional income — they’ll need it to cover their basic expenses.
Launching a Side Hustle
When choosing a side hustle or second job, it makes sense to pick one of interest to you; or, even better, one that inspires passion. This can help to prevent boredom and make it more likely that time and energy will continue to be invested in this income-generating activity. What hobbies, for example, can be monetized? Blogging? Making crafts or designing websites?
Ask yourself further questions: How much time can be invested in this side hustle? Can the required time ebb and flow as demands at the main job fluctuate? What resources are available to get started? And, perhaps most importantly, what’s the estimated earning potential?
Having a second job or side hustle isn’t terribly uncommon these days, as many people either need the extra money to make ends meet, or are looking for ways to pad their earnings to add to their savings or investment accounts.
One benefit of side hustles that are based on passive income is that, although work typically needs done up front to establish the side hustle, it shouldn’t need ongoing active involvement. And whether you’re renting out a room in your house, monetizing a blog, or writing ebooks to earn supplemental income, it’s important to keep some things in mind as you start to see that income roll in.
Tips for Using Your Extra Income
1. First, Manage Your Income Taxes
When working for an employer, relevant income taxes are typically withdrawn from each paycheck but, with a side hustle (one that doesn’t involve working for an employer and receiving a paycheck, that is), the worker is responsible for paying federal taxes, FICA, Medicare tax, and any state and local taxes on net income.
That’s because a “hustle” or “gig” is typically a form of self-employment. To help, the IRS has created a Gig Economy Tax Center with plenty of resources and pieces of important information, including that income taxes must be paid on side gig income of $400 or more annually.
Those earning money from a side gig may also need to pay estimated quarterly taxes. The deadline for these payments are:
• April 15 for payment period January 1–March 31
• June 15 for payment period April 1–May 31
• September 15 for payment period June 1–August 31
• January 15 for payment period September 1–December 31
At the tax-filing deadline, (typically mid-April), a Schedule C usually needs to be filed for people earning money in a self-employed side gig — and, when earning supplemental income, it’s important to deposit enough in a bank account so that funds don’t fall short when tax returns need to be filed. What’s left over after taxes are planned for can be spent in a variety of ways, some ideas might include:
• Paying off “bad” debt.
• Establishing an emergency savings account.
• Saving and investing.
• Enjoying some discretionary spending.
2. Paying Off “Bad” Debt
Bad debt can be defined, in general, as debt you acquire that results in a net loss. For example, going into debt for a vacation, a big party, clothes and/or gadgets doesn’t add to your net worth. Going into debt for your education or home may gradually add to your net worth in the future.
Bad debt can also refer to loan or lines of credit with higher interest rates, and which are harder to pay off as a result. Supplemental income can be used to pay this debt down or off.
Debt management plans to pay off debt include the snowball or avalanche methods — and a combo of the two, the fireball method. Different strategies work better for different people, so it can be worth experimenting with them to make the best choice.
With the snowball method, list bad debts by the amount owed, from the smallest to the highest. Include credit card debts, personal loans, and so forth. Then, make the minimum payment on each but put extra funds on the one with the smallest balance to get it paid off. Once that balance is zero, home in on the debt with the second smallest balance and keep using this strategy until all bad debt is paid off. Avoid using credit cards during this time.
With the avalanche method, list bad debt in order of its interest rate, from highest to lowest. Make minimum payments on all of them and put extra funds on the one with the highest rate. Pay it off and then move to the next highest rate, and so forth.
With the fireball method, take “bad” debt with interest rates of 7% or more and then list them from smallest to largest. Make the minimum payment on all and then put excess on the smallest of the “bad” debts. Rinse and repeat.
3. Establishing an Emergency Savings Account
Another smart idea is to put supplemental income into an emergency savings account. This can be accomplished in conjunction with a debt payment plan (put half of the excess funds into an emergency account and use the other half to pay down bad debt, for example) or as a single focused goal.
Funds in this account are intended for use if a financial emergency occurs. This can be a leaky roof that requires immediate attention, a significant car repair, or unexpected medical bills. Having a robust emergency fund can help to prevent the need to rely on credit cards to address unanticipated expenses.
It is commonly suggested that emergency savings accounts should contain 3-6 months’ worth of expenses. So, add those monthly bills up and multiply by three — and also by four, five, and six. This gives a range of the rainy-day fund’s goal.
4. Saving and Investing
You could save or invest your extra money! This can include saving for personal goals, from a down payment on a house to a vacation fund, and or for retirement. What’s important is to prioritize how it makes sense to use extra money being earned and then save and invest to help meet those goals. How you save or invest that money would be up to you, but you could look at some common investment choices including stocks, bonds, mutual funds, and alternative investments, and more.
5. Enjoy Some Discretionary Spending
Once the financial “need-to” items are checked off the list, it can be okay to use some supplemental income to have fun. You could update your wardrobe, buy a new video game, take in a movie, or even go out to a nice dinner. If it’s within your budget parameters, treating yourself every now and then can be a nice thing to do.
Plus, getting a taste of the finer things may help keep you motivated to make sure your spending stays in check and that you stick to your budget going forward.
The Takeaway
Supplemental income is extra income earned beyond your primary income stream, and finding ways to drive supplemental or secondary income can help you reach your financial goals sooner. It can also help you free up some room in your budget to potentially treat yourself every now and then.
You can also put that extra money to work, by saving it and earning interest, or investing it for the future.
Ready to use extra funds to invest in your goals? It’s easy to get started when you open an Active Invest account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
For a limited time, opening and funding an account gives you the opportunity to win up to $1,000 in the stock of your choice.
SoFi Invest® The information provided is not meant to provide investment or financial advice. Also, past performance is no guarantee of future results. Investment decisions should be based on an individual’s specific financial needs, goals, and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below. 1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC registered investment advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).
2) Active Investing—The Active Investing platform is owned by SoFi Securities LLC. Clearing and custody of all securities are provided by APEX Clearing Corporation.
3) Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.
For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit www.sofi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or prequalification for any loan product offered by SoFi Bank, N.A. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice. SOIN0523038
Save more, spend smarter, and make your money go further
April is Financial Literacy Month, making it a great time to boost your money knowledge and take charge of your financial life. To celebrate, we’ll be providing you tips, tricks and insights throughout the month to help you manage your financial health. Be sure to check back in on the blog and join the conversation on Twitter & Facebook – we’ll be surprising some lucky followers with prizes throughout the month, so chime in to win!
Did you know that only one third of American households have a budget? Well, they say a journey of a thousand miles begins with a single step, so what are you waiting for? Kick off Financial Literacy Month and get your financial life in order. Here are a few ideas to help you get there:
Update your budget
Analyze your spending patterns over the last few months. If you’ve gone a little overboard on entertainment or dining out, it’s a good time to revisit your budget and adjust for any changes. Make sure your budget matches your actual spending and perhaps take a minute to remind yourself of your financial goals that will help you better stick to your financial plan.
Check your credit score
Your credit score is three little numbers that can have a big impact on your financial life. Get your free credit score from Mint.com so you know where you stand and look at ways to improve your score.
Automate everything
Use Financial Literacy Month as a motivator to finally automate all of your bills and savings. The more you can automate, the easier managing your finances will be the rest of the year. Download a free bill payment app like Mint Bills that will help you pay your bills on time (and on-the-go) and maintain a healthy credit rating.
Develop a debt payoff strategy
Take the time to review your balances. If you have extra cash in the bank, you might want to make a large payment toward cutting down your debt. If you can’t pay down a debt you’ve accumulated so far this year, create a payoff plan that will get it down by this time next year. You can pay down your debt from smallest to largest, or pay down the debt with the highest interest rate first. Either way, Financial Literacy Month is a perfect time to develop a strategy to become debt-free.
So happy spring! There’s no better time than now to hit the financial refresh button and be good with your money. Just think how much you’ll enjoy your summer vacation with your budget on track.
Do you have a personal finance success story you want to share? Or perhaps there is a financial stumbling block you’ve encountered, and want to share how you overcame it? If so, leave a comment below to help inspire other MintLife readers.
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If you draw a paycheck, you’re due an extra $160 in January and February thanks to the Temporary Payroll Tax Cut Continuation Act of 2011.
What’re you gonna do with your windfall? Maybe not much. It’s pretty easy to miss $20 more in salary, especially if fixed expenses (groceries, insurance, child care, gasoline) keep going up.
Note: This is not a political column. I repeat: This is not a political column. I really don’t care what you think about the payroll tax cut. Please keep all your #$@!# dumb-o-crat policies or #$@!# con-man-servative hatefulness comments until a later date. Like, um, never. Get Rich Slowly is a personal finance site, not a flame-throwing political forum. Thank you for not foaming.
Technically you have two choices: Save it or spend it. I’d like to suggest a third: Save it or spend it intentionally.
You could go out to lunch a couple of times each week. You could treat yourself to $20 worth of cupcakes or ceramic clowns from the dollar store. Or you could convince yourself that each double sawbuck represents an opportunity to improve your life.
Which it does — if you look at it the right way.
If someone offered you $160 in cash, you’d probably grab it. (And if you didn’t, can I have yours?) But to some people, an “extra” $20 a week seems penny-ante.
Thanks to rampant ATM use, $20 bills have become the coin of the realm. I believe this has devalued them in the popular imagining — and there’s no denying that $20 doesn’t go very far these days.
True and Cumulative Costs
In particular, it doesn’t go very far if we fail to pay attention to spending. We grab a soda and some chips when we go in to pay for gas. We add a magazine and a few packs of gum at the grocery checkout counter. We always get popcorn at the movies because, well, we just do, that’s all.
It’s only $3, or $5, or $7. Besides, we deserve it.
That’s how some people get into trouble in the first place: By neglecting to frame expenses in terms of their true and cumulative costs. Dropping a few hundred dollars on a spur-of-the-moment weekend getaway is great fun at the time, but you may regret it if you can’t pay the balance in full.
The money you spent (and continue to spend, in the form of credit card interest) also is cash that can no longer be used in a smarter way, such as retirement or a pay-cash-for-a-car fund.
Let me be clear: I am not saying that you can never have any of the things you want. In fact, I am learning — slowly! — to spend a little money on myself. So if you’re in a position to drop that extra $20 per week on chai tea or sheet music, by all means drop it.
And if not? Make those temporary twenties work damned hard for you — and incidentally, their job might be to pay for something fun, such as frugal entertainment.
Pay It Down, or Pay It Forward
How can you put that money to work? Use it for the following:
Emergency fund. Not to belabor the obvious, but that $160 is a nice fund-plumper. And if you’re brand new at this, the sum is nearly one-third of the $500 that Liz Weston says you need in the bank.
Retirement. Put the money into your Roth IRA or whatever other fund you have. (Don’t have one? Let this be the seed money.)
College fund. Add an extra $160 to Junior’s post-secondary plan.
Pay down debt. One hundred and sixty dollars = a nice debt snowflake.
Shopping, if you must:
Nonperishables. Flour, sugar, dry beans, tuna, rice, canned goods, pasta, your favorite cereals — and give yourself bonus points for buying on sale with coupons. Your grocery bill will drop a bit for the next month or two as you eat your way through the storehouse. And if something unexpected happens (illness, car repairs, job loss), you’ll congratulate yourself on having a well-stocked pantry.
Pet supplies. When you see a screamin’ deal on food or litter at PetSmart or PETCO, stock up. Improve the sale price by paying with plastic scrip from a discounted gift card site.
Cut-rate couture. Watch for end-of-season sales on wardrobe basics you know to be durable and comfortable. You might not have to buy work slacks for a year or two. Or browse a thrift store or consignment shop — again, looking for clothing that’s well-made and flattering. What fun to see how far a $20 bill will go, especially on 50-Cent Day. (I’m referring to the price tag, not the rap star.)
Shoes. Use price-comparison and cash-back sites as noted above to find sale prices on your favorite make and model. I recently ordered three pairs of my favorite old-lady comforts for about $153 (minus the nearly $11 cash-back rebate).
Socks and undies. Bor-ing? You betcha. But elastic isn’t forever and your socks will eventually develop holes. When crew socks and tighty-whities go on sale, buy half a dozen or more of each.
For the health of it:
New glasses/contacts. Still squinting through those three-year-old specs? Discount eyewear emporia regularly offer coupons in newspapers and Valpak envelopes, and through online coupon sites like Savings.com and Retail Me Not. Oh, and stock up on contact lens solution when it goes on sale.
Vitamins. Aim for a three- or six-month stash of your favorite supplements. Use a price comparison website like Price Grabber or Cheap Uncle to find the best deals, and see if the lowest-priced merchant can be accessed through a cash-back shopping site like Mr. Rebates, Extrabux or FatWallet.
OTC meds. Restock your medicine cabinet with analgesics, bandages, antibacterial ointments, allergy meds and the like. You may be able to get these free or nearly so by combing coupons and rebates.
Dental work. Don’t have dental insurance? Me neither. But I regularly see social commerce vouchers and Valpak coupons for X-rays and cleanings. They cost $30 or less. A professional cleaning and a big-picture look at incipient problems may even save your life.
That’s entertainment:
Discounted movie tickets. Warehouse clubs sell them. However, you might get a much better deal through — yep — a discounted gift card site.
Annual pass. Museums, zoos, botanical gardens, opera, the orchestra — whatever floats your boat.
The Entertainment Book. It’s full of BOGOs for city attractions from art to boat tours. Buy it through a cash-back site for a rebate of up to 35% plus free shipping.
Condoms. Go ahead and snicker. But not having protection can be pretty damned expensive in the long run. I know a couple whose second child is on planet Earth because “we were out of birth control and decided to take a chance.” No, I couldn’t believe it, either.
Thinking ahead:
Warehouse club membership. Even studio dwellers might be able to buy in bulk if they’re creative about storage.
Go green. Replace some incandescent bulbs with LED or compact fluorescent bulbs and trim your electric bill. Faucet aerators and low-flow showerheads reduce both energy and water/sewer bills. If the commode in your abode is really old, consider a water-saving toilet.
Car care. Watch for sales on fluids (antifreeze, windshield washer, a case of motor oil, et al.), filters and replacement wiper blades. If your tires have receding treadlines watch for sales on those, too. (Don’t forget Craigslist. A friend bought four high-quality, nearly new tires for $100.)
Ant or Grasshopper?
The grasshopper generally has a swell summer: long days at the beach, trips to amusement parks, ice cream for breakfast. Meanwhile, the ant is weeding the garden, clipping coupons and hanging all his laundry to dry outside.
Once the temperature drops, the grasshopper is likely to regret his profligacy. The ant, meanwhile, has a storeroom full of pinto beans and tube socks. All the windows have been caulked, too.
Of course, it’s your money and therefore your decision. But try thinking of your $160 in ways like these:
One night at a nice hotel, or an extra chunk of fundage into your Roth. (Oh, compound interest, I’ve missed you so! Let’s never fight again!)
A couple of months’ worth of cable vs. new glasses. (What good is TV anyway if you can’t see it?)
Dinner for two at a nice restaurant, or some depth to your pantry.
One more suggestion: Split the difference. Get yourself $80 worth of truffles and apps and $80 worth of something less than sexy but ultimately beneficial, such as cat litter or dental X-rays. Even $40 will pay for a fair amount of decadence, especially if you use a coupon.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Are you wondering how much money you should have saved by 25?
If so, this post is for you.
You need to learn how to save from a young age to be financially responsible and enjoy your life without stress.
In this post, I will outline the steps that I took to save a total of $25,000 by age 25. That ultimately led to becoming a millionaire well before most people earn that 7 figure status.
My goal is to help motivate and inspire you to save as much money as possible.
I believe that if everyone saves just 20% of their income each year, we could create massive waves of positive change across the world. So let’s get started!
How much money should you have saved by 25?
It’s never too late to start saving for your future.
By age 25, you should be working through paying off debt and starting to improve your savings rate.
Below are guidelines on how much money a 25-year old should have saved by the age of 25.
Save a Total of $20000
By 25, you should have saved $20000.
Given the average savings for this age is only $11,250 and the median savings is $3,240 (source), you will be ahead of the curve with those super savers in this age group. However, most twentysomethings fall in the middle of the bell curve and could barely afford a job loss or any major expense.
Save at Least 50% of your Annual Expenses
Another rule of thumb for a 25-year-old is to save 50% of your annual expenses.
Let’s say, you spend an average of $20000 a year on rent, food, insurance, discretionary spending, etc, then you would need to save at least $10000.
This method will make sure you have enough money saved based on your lifestyle.
How much money should you have saved by age 30 for retirement?
If you want to have a comfortable retirement, you should save as much money as you can by the age of 25 and 30.
Most people don’t save enough for retirement and twentysomething (age 20-29) only have average 401k balances of $10,500 (source).
That means at a retirement age of 65, your account balance would be $94,259 in a taxable 401k / IRA or $228,107 in a Roth 401k / Roth IRA. The assumptions include no additional contributions and an 8% rate of return.
To prepare for retirement, aim to save between $15000 and $20000 by age 25. To stay on track, use a benchmark to figure out how much you need to save each year and customize your target based on your individual circumstances.
If you’re not saving for retirement yet, start contributing to 401k plans and IRA accounts now so that you’ll have a solid foundation when it comes to savings.
Save at a Minimum of 10% of your Income
This needs to be non-negotiable at the age!
It is very easy to find ways to pay yourself first and save 10% of your income. While you may prefer to hit that happy hour or buy those designer shoes, you are better off trimming your spending and up your savings while you are young.
Then, each year increase your savings percentage by 1% until you reach the 20% threshold.
But, you don’t have to stop there! Many Gen Zs are wanting to explore why there are young and healthy and not be a slave to the workforce. That means you need to save more to make that happen.
What should your net worth be at 25?
Most people in their 20s are typically swaddled in debt, especially student loan debt.
Your goal is to have a positive net worth – even if by $100. That means your savings is greater than any debt you have.
Your goal is to double your liquid net worth quickly.
What is the average savings rate for people in their 20s?
Okay, let’s be real… okay?
Most young adults are spending more money than they are saving. That means each month their spending exceeds their income.
As such the statistics do not even include this age group.
how much should I have in savings at 25?
At 25, you should have about 3-6 months of living expenses saved up in the bank.
Additionally, it is important to start thinking about your long-term financial goals and make sure you are building a foundation that will support those goals.
What are the different savings goals that people in their 20s should have?
Saving for your future is important, and you need to make it a top priority.
There are many different savings benchmarks to choose from including:
Save an emergency fund of at least $2000.
Participate in one of our popular money saving challenges.
Start contributing to workplace retirement and save enough to get the company match.
Begin saving for those big purchases like a gently used car or downpayment for a house.
Set up a Roth IRA and start making contributions (even baby amounts count).
This will make sure you are on your way to becoming financially sound before you turn 30.
What are the list of ways to save money?
If you want to save money, there are a few things you can do.
Saving money in your 20s is the easiest age to save as you don’t have as many responsibilities and obligations as you will in the future.
Here is a list of the most common ways to save money:
1. Use Budget Percentages as a Guide
If you want to save money by 25, you’ll need to start by setting a budget and sticking to it. You can reach this goal by using different budgeting techniques, such as the 50/30/20 rule.
The 50/30/20 rule is a good place to start:
50% of your income going towards necessities (housing, food, utilities)
30% going towards discretionary expenses (groceries, entertainment, travel)
20% saved for emergencies
This will help you be consistent in your savings habits is key to saving money.
2. Track your spending
Tracking your spending is key to understanding where your money goes.
Save receipts from each purchase and go over them once a week to get a better understanding of your spending habits. This can help you see where you might be overspending and make improvements to your budgeting techniques.
Great apps to help you include Simplifi or Rocket Money.
2. Use AI Powered Savings Apps and put your savings on autopilot
With AI, you can save money by automating your savings process.
Setting up recurring transfers to automatically deposit money into your savings account means that you won’t have to worry about finances anymore.
The popular AI saving apps can also help you save for your retirement, as well as any financial goal you may have. Thus, reducing the amount of time spent on financial planning.
Top AI Savings Apps:
4. Use gamification to save
Gamification can help make saving fun and more likely to be kept up.
Gamification can help people save money by providing a tangible benefit to work towards and providing some valuable encouragement.
By using the method of gamification, you help others save money by motivating them to reach a goal while you work to complete the same goal.
For example, if you’re trying to save money for a trip, you could set up a game with friends (aka accountability partners) where you earn points every time you save money with the 100 envelope challenge. Those that save the goal amount get to go on the trip.
5. Collect your employer’s 401(k) match
If your employer matches your contributions to a 401(k) plan, it’s important to take advantage of the match.
A 401(k) match is a free money offer from your employer, so it’s worth maxing out your contributions in order to gain the most benefit.
Also as long as you meet the qualifications, you can also contribute post-tax dollars to a Roth IRA account. This is another great way to increase savings for retirement.
6. Delay buying a home
Buying a home is not easy, but it’s important to have goals and plan for what you want to achieve.
The down payment on a house is one of the most important factors when buying a home as such you may need to delay buying a home for as long as possible to save money.
Also, by delaying buying a home, you can save money by taking the time to research different neighborhoods, compare prices, and get pre-approved for a mortgage.
Not only will this save you money in the long run, but you will also have peace of mind knowing that your future home is exactly what you wanted.
7. Use Open banking to track your spending
If you’re interested in tracking your spending and saving money, you can use Open banking to do just that.
Open banking allows customers to access their bank account information and manage their finances through APIs.
This means you can see how much money you’ve spent and where your money is going, which can help you stay within your budget. Additionally, open banking tools can be used to better understand your bank’s products and services.
Many of the best budgeting apps, such as Quicken, allow you to utilize open banking data to help you organize and manage your money in one place.
8. Use credit cards sparingly
Even those Gen Z has the lowest credit card debt amount (source), it is still wise to make sure you are using credit cards appropriately.
Credit cards can be a great way to earn rewards or get cash back, but only if you use them sparingly and pay off your balance in full each month to avoid interest charges.
It’s also important to check your credit report regularly to make sure there are no outstanding debts you didn’t know about.
9. Use a budget
If you want to save money, using a budget is a great way to accomplish it.
By tracking your expenses and setting limits on how much you can spend each month, you can make sure that you are always saving money.
A budget is a great way to save money because it allows you to choose where you actually want to spend your money rather than figuring out where you spent your money afterward. It also allows you to optimize your spending so that you don’t waste money on unnecessary things.
10. Invest for the long term
Investing for the long term can be a great way to save money as you let your money grow instead of having to create new streams of income.
You can buy stocks in companies or ETFs and hold onto them for a long time, adding money to your account regularly. This strategy can help you take advantage of market volatility and make money over the long term.
You also need to make sure you’re properly investing your money in order to reach your savings goals.
What is the best advice to save money by 25?
To save money by 25, individuals should aim to save 10% of their income.
It may be difficult to save more than 10% of one’s income, but it is possible.
Saving money is essential for financial security at any age, and you can start by being determined and making sure you’re saving at least 10% of your gross salary.
Simple Tips to Save Money by 25
You should focus on spending as little as possible to save money, and set a fixed budget rather than relate your expenses to your income.
Be consistent in your savings and avoid impulsiveness to save money.
Save up on transport or any other thing you might feel is a luxury rather than a necessity.
What is the average savings rate for people in their 20s?
The average savings rate for people in their 20s is $11,250, so it’s important to start saving as soon as possible.
The median savings is $3,240, so most people in their 20s have modest savings.
Savings Tools to Build Cash Fund Savings
There are many ways to save money, so find what works best for you.
People in their 20s have a lot of opportunities to save money, so don’t wait to start!
You want a savings plan that matches your long-term financial goals!
Pay yourself first
In order to have a successful future, it is important to start saving from a young age. There are a few different ways to save money, and one of the most important is to pay yourself first.
This means putting your own money into your bank account before spending it on anything else.
This will help you build a strong foundation for your future, and you will be able to save more money
Save Consistently
Set aside money regularly so you have a stash of cash to use when you need it.
That means each you save $100 or each paycheck you save $250.
Whatever the amount, do it consistently.
Trim Spending
If you want to save more money each month or year, try cutting back on unnecessary expenses.
Don’t rely on your income to directly influence your costs – track how much you’re spending each month and try not to exceed your allotted amounts for each category.
Do not overspend just because there’s more money in your checking account – create healthy financial habits that will last long-term.
Use Cash Windfalls Strategically
These cash windfalls could be from bonuses, inheritances, or even some left hand itching lottery luck!
You want to save those cash windfalls and make a plan on how you will spend them.
Additionally, you may be able to use the money to pay down debt or buy a home. This is an important lesson to learn if you have unexpected money coming your way—you don’t have to spend it all!
Save Increases in Income
Dedicate additional income to savings so that you’re really putting your money where your mouth is.
You can increase your savings by dedicating a percentage of your income to savings. Dedicate 10% of your income to savings, for example, and then an extra 1% to save search year.
Savings will grow along with your income, and you will have more money to use for other needs.
Make Saving a Habit
Your saving habits will change as you reach your 20s and into your 30s.
However, it’s important to keep track of your progress and make saving part of your regular routine. There are many different ways to save and reach your goals, so find what works best for you.
FAQs
If you have a low income, there are still ways that you can save money.
Try to focus on paying off high-interest debt first and then saving three months of living expenses.
Another way to save money is by reducing unnecessary expenses with a 30 day spending freeze.
The answer to this question depends on your individual situation and goals. However, we can offer some general advice on saving habits for a 25 year old should include:
First, it’s important to set a budget and stick to it. This will help you track how much money you are spending each month, and allow you to make better decisions about where to cut back. Add 1% to your monthly savings each month until you reach your goal of $20000 saved.
You also need to be mindful of how you spend your money. Try not to rely too heavily on credit cards or other forms of debt, which can quickly add up over time. Instead, try investing in stocks or bonds instead – these tend to provide more reliable returns over time and offer less risk than some other investments.
Finally, don’t forget about savings! Whether it’s into a high-yield savings account or an emergency fund earmarked for unexpected expenses, putting away some extra cash will help ensure that you have enough resources when necessary.
How much should I have in my emergency fund by 25?
By 25, you should have saved at least $1000.
However, 2% of your annual salary is a better threshold.
By age 25, most people should be saving at least 5% of their income and contributing an additional 1% every year.
If you can’t save enough money to contribute at the recommended rates, don’t worry – you can still save for retirement by gradually increasing your savings rate.
Saving money can be difficult, but it’s important to focus on not spending every penny you earn.
One way to do this is to set aside a certain amount of money each month that you will not spend.
Another way to save money is to find ways to reduce your monthly expenses. For example, you can cook at home more often instead of eating out, or you can carpool with friends to save on gas.
If you’re determined and have the skills, you can quickly learn how to make money online for beginners.
Side hustles are the name of the game right now.
Stick around Money Bliss – we have plenty of ways to help you earn extra money.
If you want to pay off your debts more quickly, you should start by saving money each month.
You can use your savings to pay down your debts faster if you focus on high-interest debt first.
If you have three months’ worth of living expenses saved up in case of emergencies, that would also be a good place to start. Check out the best debt apps to help you.
First, you need to make sure you are financially stable in other areas. You are fully funding your retirement accounts and Health Savings account, you have stable housing.
Then, you can consider saving for a child’s education through a 529 plan.
Saving for a child’s education can be difficult and expensive, but it’s important to start early if you have the extra income to support it.
To save money for a vacation, start by setting a specific amount you want to save each month. Then, calculate how much money you need to save by the date of your dream vacation.
Set a date by which you want to have traveled and begin backing out the math needed for that trip! As long as you continue saving 20% of your income each month and stay within budget, travel is always possible!
How to Save for a retirement
To save for retirement, you should start by investing 5-15% of your paychecks into a tax-advantaged account.
You should also plan your retirement based on your income, age, and desired lifestyle. You can save for retirement by consistently increasing how much you put in retirement accounts.
Don’t forget to include that employer match!
What should I do if I don’t have enough saved by 25?
Don’t get down on yourself!
Start now!
Waiting will only exacerbate things.
There are many different savings techniques to try, so it’s important to find one that works for you:
Start by putting away $50 every month and then add more funds as needed.
Pick one of our money saving challenges.
Use cash or debit cards instead of credit cards.
Even if you don’t have any big expenses planned in the near future, saving is still important for long-term financial stability. You’ll be on your way to having enough money when you’re older!
What are the consequences of not saving by 25?
You have nothing to show for your hard-earned income.
That is the cold and honest truth. But, you are only 25 years old, so you have plenty of time to change your ways.
If you’re not saving by 25, you may have to make some sacrifices in order to reach your financial goals. You may need to cut back on your spending, take on a second job, or make other changes to your lifestyle.
However, if you’re willing to make these sacrifices, you can still reach your goals.
Savings Steps for your Twenty-Something Self
When it comes to your twenties, there are a lot of things you want to do and accomplish.
One of the most important things on that list should be saving money.
After all, the earlier you start saving, the more time your money has to grow.
Starting to save money from a young age can lead to a larger nest egg over time. Plus, if you start early, you can take advantage of compound interest, which will help your money grow faster.
An individual’s earnings and spending patterns are still in flux during their twenties, so there are many opportunities to save.
Also, you need to remember there is more to life than just saving money–put other goals on your list (such as starting a business) and figure out how much you need to save each month in order to reach your targets.
Now, learn how much should I have saved by 30.
Know someone else that needs this, too? Then, please share!!
In the past decade, we’ve seen a major transformation in the banking sector. As the world continues to digitize, the financial landscape has shifted in response, giving birth to a plethora of online banking services. One such innovation that has garnered widespread adoption is online checking accounts.
As a key financial tool, a checking account serves as a lifeline for day-to-day transactions, paying bills, and generally managing one’s finances. But with online checking accounts, convenience, accessibility, and often better rates and lower fees have made them an attractive alternative to traditional banks.
10 Best Online Checking Accounts
These best online checking accounts offer a range of features, from high annual percentage yield (APY) to robust mobile apps, all designed to meet the varying financial needs of users. Here are our top 10 picks for 2023.
1. Chime Checking Account
Chime, a financial technology company that offers online banking services, is revolutionizing the banking industry with its online checking account that pairs both convenience and value into a single offering.
With Chime, you can access banking services without the constraints of physical branches and enjoy a plethora of services, from direct deposits to earning savings interest and more.
It’s essential to note that Chime isn’t a bank but rather a financial technology company providing banking services through Bancorp Bank, N.A., and Stride Bank, N.A., Members FDIC.
Key Features
No monthly maintenance fees or minimum balance: The Chime Checking Account comes with no monthly maintenance fees or minimum balance requirements, making it a cost-effective option for those looking to maximize their financial resources.
Early direct deposit: With Chime, you can receive your direct deposits up to two days early, providing you with quicker access to your funds compared to many traditional banks.
SpotMe® feature: This innovative feature allows you to overdraw your account up to $200 on debit card purchases without a fee, provided that you have $200 or more in qualifying direct deposits each month. The SpotMe® limit can be increased based on account history, direct deposit amounts and frequency, spending activity, and other factors.
Automated savings features: Chime allows you to save effortlessly with its Round Ups feature. Each time you use your Chime Visa® Debit Card, the transaction is rounded up to the nearest dollar, and the difference is transferred to your savings account. The Save When I Get Paid feature lets you set up a recurring transfer of 10% of your direct deposit paycheck of $500 or more from your checking account to your savings account each time you get paid.
Extensive ATM network: With Chime, you get access to over 60,000+ fee-free ATMs nationwide, giving you the flexibility to withdraw cash without worrying about ATM fees.
The Chime Checking Account is a stellar example of how online banks are providing value-packed offerings that rival traditional banks.
The account is particularly beneficial for those who receive direct deposits and don’t need to deposit cash often.
2. Axos Bank Rewards Checking
Axos Bank is an online-based bank that’s shaking up the banking industry with its online Rewards Checking account, a unique blend of convenience and value.
Axos allows you to utilize banking services without the constraints of physical branches and offers numerous benefits, from earning high APY to ATM fee reimbursements and more.
It’s important to note that Axos Bank is a completely online bank without in-person customer service options.
Key Features
High APY: The Axos Bank Rewards Checking account can earn an APY of up to 3.30% on balances up to $50,000, given certain conditions are met. You can earn this high APY by fulfilling certain requirements. These include maintaining a monthly direct deposit totaling at least $1,500 or making qualifying debit card purchases. Additionally, maintaining certain balances in Axos investment accounts, or making a monthly Axos consumer loan payment using Rewards Checking.
No Overdraft Fees: Rewards Checking doesn’t charge overdraft or nonsufficient funds fees. Transactions are simply declined unless you enroll in one of the bank’s overdraft programs, which include the option to set up free automatic transfers from a savings account to your checking account if your balance goes negative.
ATM Fee Reimbursement: Axos Bank offers unlimited ATM fee reimbursements, which gives you the flexibility to withdraw cash from any ATM without worrying about the fees.
Cash Deposits: Axos Bank uses a third-party service, Green Dot, to let customers add cash to their accounts or reload debit cards at retailers such as 7-Eleven and CVS Pharmacy. However, it costs up to $4.95 per deposit. You can also make deposits at some of Axos Bank’s 91,000 in-network ATMs.
Remote Customer Service Options: Axos Bank offers a variety of remote customer service options, including a 24/7 phone line, automated online chat, secure online messaging, and Twitter support.
The Axos Bank Rewards Checking account is a prime example of how online banks are delivering offerings that compete with traditional banks.
The account is particularly beneficial for those who can meet the requirements to earn the high APY and are comfortable with online-only customer service.
3. Current Account
Current, a pioneering financial technology company, delivers cutting-edge banking solutions with its Current Account.
While not a traditional bank, Current collaborates with Choice Financial Group to provide banking services, assuring member FDIC protections up to $250,000.
Key Features
Up to 2-day early direct deposit: With Current, customers can receive their paycheck up to two days earlier with direct deposit, offering superior control over their finances.
Fee-free overdraft protection: Current Account users can take advantage of fee-free overdraft protection, a feature that can safeguard against unexpected charges.
Points earned on debit card swipes for cash back: The Current Account provides added incentives for daily spending, as customers can earn points on debit card swipes that can be redeemed for cash back.
Access to over 40,000 fee-free ATMs: Ensuring easy access to cash nationwide, Current provides its users with over 40,000 fee-free ATMs.
Mobile check deposit: The innovative mobile check deposit feature from Current allows for effortless banking directly from a smartphone.
Current doesn’t just stop at basic features, it goes beyond by offering a range of options that simplify and amplify the banking experience.
Free from minimum balance fees, overdraft fees, bank transfer fees, and in-network ATM withdrawal fees, Current is committed to delivering an uncomplicated and seamless banking experience.
The “Current Pay” feature further enhances the user experience by facilitating instant money transfers among friends and family, simplifying payments or reimbursements.
4. SoFi Checking and Savings Account
SoFi, a modern financial platform offering a suite of financial services, is setting new standards in the world of banking with its online bank account that combines remarkable earning potential and considerable convenience.
Remember that SoFi isn’t a traditional bank but a financial technology company that provides banking services in association with a network of participating banks, all of which are FDIC insured.
Key Features
No account or overdraft fees and no minimum balance: The SoFi Online Bank Account is cost-friendly, with no account fees, overdraft fees, or minimum balance requirements. This makes it an excellent choice for those who want to keep their banking expenses to a minimum.
Potential 2-day early direct deposit: If you set up a direct deposit, SoFi provides the possibility of getting your paycheck up to two days earlier, offering faster access to your money compared to traditional banking establishments.
High-interest earnings: As a SoFi member, you have the opportunity to earn up to 4.20% APY on your savings and Vaults balances, and 1.20% APY on your checking balances. This earning rate is significantly higher than the national average, making your money work harder for you.
No-fee overdraft coverage: SoFi introduces a user-friendly feature covering accidental overspending up to $50 with no fees, given that you have qualifying direct deposits.
Cash back at local establishments: SoFi users can enjoy up to 15% cash back at local establishments when they pay with their SoFi debit card, combining savings with everyday spending.
Increased FDIC insurance: SoFi deposits are insured up to $2M, a feature that provides extra peace of mind when it comes to the security of your funds.
The SoFi Checking and Savings Account is an excellent example of how FinTech firms are providing robust banking solutions that rival and even surpass traditional banks.
The account is particularly attractive to those who frequently use direct deposits and prefer banking digitally, offering superior returns on their balances and protection from various fees.
5. Ally Bank Interest Checking Account
Ally Bank, renowned for its customer-centric digital banking services, provides a comprehensive offering through its Ally Bank Interest Checking Account.
While being an entirely online institution, Ally Bank ensures FDIC insurances up to the maximum allowed by law, bolstering financial security for its customers.
Key Features
Fee-free banking: Ally Bank champions transparency and affordability with no monthly maintenance or overdraft fees, supporting customers in maximizing their financial resources.
Access to 43,000+ no-fee Allpoint® ATMs: With a network of over 43,000 no-fee Allpoint® ATMs, customers enjoy widespread cash access. Plus, Ally reimburses up to $10 per statement cycle for fees charged at other ATMs nationwide.
Spending buckets: This innovative feature helps customers manage their money effectively by setting funds aside for ongoing expenses such as rent and groceries, much like digital envelopes. This encourages better spending habits and gives a clearer picture of personal finances.
Up to 2-day early direct deposit: Offering greater financial flexibility, Ally Bank allows customers to receive their paycheck up to two days sooner with early direct deposit.
Overdraft protection: With the Overdraft Transfer Service and CoverDraft℠ service, Ally provides a dual protection mechanism against accidental overspending, adding to its customer-friendly features.
Manage your debit card: Within Ally’s mobile app, customers can lock their card, set notifications, and limit spending, offering enhanced control over their banking.
Remote check deposit: With Ally eCheck DepositSM, depositing checks is as simple as snapping a photo with your smartphone.
Send and receive money: Through Zelle®, customers can send and receive money quickly, securely, and without the need for an extra app.
The Ally Bank Interest Checking Account provides a robust banking experience, packed with unique features that suit the needs of today’s digitally savvy customers.
It combines the convenience of online banking with the benefits of a comprehensive checking account, delivering unparalleled value.
Furthermore, Ally Bank’s commitment to keeping fees minimal, coupled with its transparent approach, ensures customers can bank confidently and efficiently.
6. Consumers Credit Union Serious Interest Checking
Consumers Credit Union, committed to enhancing its members’ financial prosperity, offers an appealing solution with its Serious Interest Checking®, a high yield checking account.
Despite being a credit union, it combines the benefits of a checking account with an attractive interest rate, making banking rewarding for its members.
Key Features
High-yield earnings: This checking account stands out by offering a whopping 4.00% APY on balances up to $15,000. To qualify for this interest rate, account holders must have 12 posted debit card transactions per month, maintain a $1,000 average daily balance, and establish a minimum recurring monthly direct deposit of $1,000, along with eStatements.
Instant-issue debit card: With the Serious Interest Checking® account, members receive an instant-issue debit card, providing immediate access to their funds.
No debit card usage fees or check deposit fees: In alignment with its member-friendly approach, Consumers Credit Union does not charge fees for debit card usage or for each check deposited.
24-hour online banking and mobile banking app: Offering a seamless digital banking experience, account holders have 24-hour access to online banking and a convenient mobile banking app.
Free online check copies and unlimited check writing: As part of its comprehensive offering, Consumers Credit Union provides free online check copies and allows unlimited check writing, adding to its array of cost-effective features.
Access to 30,000+ fee-free ATMs nationwide: Customers can withdraw cash from over 30,000 fee-free ATMs nationwide, ensuring easy access to their funds.
Competitive interest rates and custom alerts: Apart from competitive interest rates, the account also offers custom alerts for balance and activity, promoting active financial management.
Free eStatements and mobile check deposit: This high yield checking account also features free eStatements and mobile check deposit, further simplifying the banking experience for customers.
The Consumers Credit Union Serious Interest Checking® account blends the convenience of a checking account with the high-yield earnings usually associated with a savings account.
Its feature-rich, value-packed offering makes it a compelling choice for those seeking to elevate their banking experience and maximize their earnings.
7. Quontic High Interest Checking
Quontic Bank, committed to maximizing customer earnings and supporting financial inclusivity, offers a high interest checking account that combines convenience, high-yield potential, and an innovative digital banking experience.
Highly rated by multiple platforms, this account is perfect for those seeking to earn more from their deposits.
Key Features
Earn up to 1.10% APY: The Quontic High Interest Checking account allows you to earn up to 1.10% APY on all balance tiers. To qualify, make at least 10 qualifying debit card point of sale transactions of $10 or more per statement cycle. Failure to meet these requirements results in a 0.01% interest and APY. A minimum opening deposit of $100 is required.
Quontic Pay Ring: In a bid to revolutionize banking, Quontic offers a payment wearable called the Quontic Pay Ring. This innovative feature allows you to make payments effortlessly without needing to carry your debit card.
Access to 90,000+ ATMs nationwide: Enjoy surcharge-free withdrawals at any participating AllPoint® Network ATMs, MoneyPass® Network ATMs, SUM® program ATMs, or Citibank® ATMs located in various retailers across the nation.
Fully mobile & online banking: Quontic offers a dynamic online banking platform and mobile app equipped with features like remote check deposit, bill pay, account transfers, and receipt tracking, providing a seamless banking experience on your terms.
Wide range of pay options: With compatibility for Apple Pay, Google Pay, Samsung Pay, and Zelle, Quontic ensures you have plenty of options to facilitate your payments.
No monthly or overdraft fees: Quontic is committed to transparency and affordability, promising no hidden monthly or overdraft fees.
Member FDIC and advanced security monitoring: As a FDIC-insured institution, Quontic offers robust security features including the ability to lock and unlock your debit card online and protection against unauthorized transactions.
Banking with a purpose: Quontic stands apart by being a Community Development Financial Institution (CDFI), striving to bring the dream of homeownership to low-income families, immigrants, people of color, small business owners, and others who are unable to obtain mortgage financing through traditional lenders.
The Quontic High Interest Checking account combines innovative features, high yield potential, and an inclusive mission, making it a compelling choice for socially conscious individuals seeking to earn more on their deposits.
8. Alliant Credit Union High-Rate Checking
Simplicity and high yields are the cornerstone of Alliant Credit Union’s High-Rate Checking account, a solution tailored to meet the needs of modern-day banking customers, whether they’re on-the-go or prefer traditional banking methods.
Recognized by multiple platforms for its service excellence, this account is designed for customers who desire a seamless and rewarding banking experience.
Key Features
No monthly fee or minimum balance requirement: Alliant Credit Union ensures hassle-free banking with no monthly service fee or monthly minimum balance requirement.
No overdraft fees: Mistakes happen, and Alliant understands this by not charging its customers overdraft fees. However, some standard fees such as stop payment do apply.
Access to 80,000+ fee-free ATMs: Get access to more than 80,000 fee-free ATMs, eliminating the need for ATM hunting. Plus, enjoy up to $20/month in ATM fee rebates for out-of-network ATMs.
Contactless payments and digital wallet compatibility: Pay quickly and securely with your free Visa® contactless debit card or through digital wallets such as Apple Pay™, Samsung Pay™, and Google Pay™, and other payment apps like PayPal, Venmo, and Cash App.
Mobile banking and remote deposit: Manage your finances anywhere, anytime with the Alliant Mobile Banking app, which also allows you to deposit checks remotely.
Free overdraft protection and courtesy pay: Avoid accidental overdrafts with free overdraft protection, and opt-in for Courtesy Pay to cover checks, electronic payments, and transfers beyond your overdraft protection.
Account alerts and card management: Receive alerts for large transactions or unusual account activity, and manage your debit card on-the-go with options to activate or replace a lost/stolen card via Alliant online or mobile banking.
Federally insured and $0 liability on fraudulent charges: Rest assured knowing your deposits are federally insured up to $250,000 by the NCUA, and enjoy Visa’s $0 fraud liability feature, offering protection against unauthorized charges.
To earn interest on your checking account, simply opt for free eStatements and ensure at least one monthly electronic deposit to your Alliant High-Rate Checking account.
The Alliant Credit Union High-Rate Checking account offers simplicity, flexibility, and competitive interest rates, making it a smart choice for your everyday banking needs.
9. Schwab Bank Investor Checking
Charles Schwab brings its robust reputation in the investment sector to banking with its Schwab Bank Investor Checking account, designed for those seeking seamless integration of banking and investing.
This account ensures that your financial management is hassle-free and efficient, encouraging more financial freedom and effective investment.
Key Features
No fees or minimums: Experience the freedom of no maintenance fees or account minimums. This account enables you to focus more on your finances without the worry of hidden charges or minimum balance requirements.
Competitive APY: Enjoy a competitive 0.45% APY on your checking account balance, providing an added benefit of earning interest on your deposited funds.
Unlimited ATM fee rebates worldwide: Travel or live abroad without worrying about ATM fees. Charles Schwab offers unlimited ATM fee rebates worldwide, making accessing your money easier and more affordable.
No foreign transaction fees: Schwab’s account is designed with the international traveler in mind, eliminating foreign transaction fees and making it more convenient and cost-effective for you to use your debit card abroad.
Security and peace of mind: Feel secure with features like card lock/unlock, bank and transaction alerts, and travel notices. These features, combined with the Schwab Security Guarantee, ensure maximum security and control over your financial transactions.
Robust mobile app: Manage all your Schwab banking needs from one place with a feature-rich mobile app. Make deposits, transfer money, and more, with just a few taps on your smartphone.
Mobile payments: Enjoy a secure, convenient, and easy way to pay with your mobile wallet or contactless debit card. This allows for quick and hassle-free transactions, whether you’re shopping online or in-store.
The Schwab Bank Investor Checking account integrates banking and investing, offering convenience, ease, and attractive benefits for the modern user.
Whether you’re an avid traveler or looking for a no-fee, high-yield checking account that also offers excellent digital banking capabilities, this account could be a great fit.
10. Navy Federal Credit Union Free EveryDay Checking
Navy Federal Credit Union’s Free EveryDay Checking is an easy-to-use, accessible banking solution for everyone.
It is ideally suited for those seeking a basic, straightforward account for everyday banking needs, particularly individuals with lower account balances.
Key Features
No monthly service fee or minimums: This account demands no monthly service fees, no opening deposit requirement, and no minimum balance requirement, offering a flexible, low-maintenance banking experience for all users.
Interest-earning: With a 0.01% APY and Dividend Rate, your balance isn’t just sitting—it’s working for you, accumulating dividends over time.
Free debit card with zero liability protection: Your account includes a Navy Federal Debit Card, which is accepted at millions of locations worldwide and comes with zero liability protection for added security.
Digital banking: Navy Federal’s account offers a wide range of digital banking capabilities. This includes Mobile Deposits and Bill Pay, enabling you to manage your finances on the go, securely, and conveniently.
Checking protection options: Protect your checking account from overdrafts and denied transactions with Navy Federal’s Checking Protection Options, ensuring peace of mind and financial stability.
Additional benefits: The Free EveryDay Checking Account also offers free traditional name-only checks, an easy-to-use online ordering system, and automatic notifications to track account activity.
Highly rated: With a 4.7 out of 5 rating based on 142 reviews, Navy Federal’s checking account is highly rated by its customers for its user-friendly features and excellent service.
In addition to these standard features, Navy Federal Credit Union offers comprehensive digital banking tools like mobile banking apps, bill pay services, and convenient transfer and deposit options.
Plus, all members enjoy access to 24/7 customer service and more than 350 branches worldwide. The Free EveryDay Checking Account is a simple, straightforward, and user-friendly option that makes everyday banking a breeze.
What is an online checking account?
An online checking account operates much like the checking accounts you’re accustomed to at traditional brick and mortar banks, with the primary difference being that it’s mostly or entirely digital. They are provided by online banks, credit unions, and even financial technology companies that are not banks themselves.
Online checking accounts have surged in popularity for a variety of reasons. Their major draw is the convenience and flexibility they offer. With these accounts, you can deposit cash, pay bills, transfer money, make debit card purchases, and even deposit checks digitally using the bank’s mobile app. This means that all your transactions can be completed without visiting a physical branch location.
Additionally, online only banks typically offer higher annual percentage yields (APY) than traditional banks, meaning your money grows faster. The absence of physical branches translates into reduced overhead costs for these financial institutions, enabling them to pass on the savings to customers in the form of higher interest rates and lower fees. These accounts also often have lower minimum balance requirements and monthly maintenance fees compared to their brick-and-mortar counterparts.
Lastly, many online banks are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), providing the same level of safety for your deposits as traditional banks.
Criteria for Evaluation
Selecting the best online checking accounts was not a task taken lightly. We’ve considered a variety of factors in our analysis to ensure that our picks provide a mix of the most advantageous features for diverse financial needs. Here are the key criteria we used in our evaluation:
Annual percentage yield (APY): We considered the APY offered on the checking accounts. Higher APY means your money grows faster, making it a key feature to look for in an account.
Monthly fees and other costs: Monthly maintenance fees can eat into your savings. We favored accounts with low or no monthly fees. We also looked at other potential costs like overdraft fees, out of network ATM fees, and foreign transaction fees.
ATM access: Easy and wide-ranging access to ATMs is crucial. We considered online banks with large ATM networks and those that offer ATM fee reimbursements.
Customer service: Exceptional customer service is important, especially for an online only bank where in-person assistance is not an option. We assessed the quality of customer service provided by each bank.
Mobile app experience: A great mobile app can make managing your money a breeze. We evaluated the usability, functionality, and reliability of each bank’s mobile app.
Additional features: Other features like early direct deposit, mobile check deposits, cash back rewards, and savings tools can add value to online checking accounts. We considered these additional features in our review.
How to Choose the Right Online Checking Account for You
Choosing the right online checking account is crucial. It can simplify your financial management, enhance your monetary gains, and align with your lifestyle needs. Below are key factors to consider in making an informed decision:
Financial Habits: Evaluate your typical financial behaviors. Do you frequently use ATMs, and will you need access to an extensive, fee-free ATM network? If you regularly maintain a high balance in your checking account, an interest-earning account could be beneficial. Conversely, if you tend to keep a low balance, consider an account with no minimum balance requirement to avoid potential fees.
Goals: What are your financial goals? If you’re aiming to save, consider an account that earns interest. If you’re focused on investing, select an institution that offers seamless integration between checking and investment accounts.
Lifestyle: Assess your lifestyle and daily needs. Do you travel often and need an account that doesn’t charge foreign transaction fees? If you prefer digital banking, look for accounts with robust online platforms and mobile apps that allow for easy money management on the go.
Fees: Examine the fee structure carefully. Consider potential monthly maintenance fees, overdraft fees, and ATM fees. Look for accounts offering fee waivers or reimbursements.
Customer Service: Exceptional customer service is crucial, particularly for an online bank. Look for 24/7 customer support, availability of live chat, and timely response to queries.
Security: Ensure that the bank employs stringent security measures to protect your account from fraud or unauthorized transactions. Features like two-factor authentication, alerts for suspicious activity, and FDIC insurance are vital.
Bottom Line
In today’s fast-paced, digital age, online checking accounts provide a convenient, accessible, and often more financially rewarding alternative to traditional banking. However, the key to making the most of these benefits is to choose the right account based on your individual needs, lifestyle, and financial goals.
By carefully considering factors like your financial habits, goals, lifestyle, potential fees, customer service, and security measures, you can find an online checking account that not only meets but exceeds your expectations. Remember, your checking account is at the heart of your financial life – choose wisely.
Frequently Asked Questions
Are online checking accounts safe?
Yes, online checking accounts are safe as long as they’re offered by a reputable bank or credit union that has FDIC or NCUA insurance. This insurance protects your money up to $250,000 per depositor.
Can I deposit cash into an online checking account?
Depositing cash into an online checking account can be more challenging than with a traditional bank. Some online banks have agreements with certain ATM networks or retail outlets where you can deposit cash. You can also deposit cash into a traditional bank account and then transfer it to your online account.
What should I do if I need to write a check?
Many online banks offer free or low-cost checkbooks. However, if you seldom write checks, you may not need a physical checkbook. Instead, you can use the bank’s online bill pay service, which sends a check or electronic payment to the recipient on your behalf.
Do online banks offer customer service?
Yes, most online banks offer robust customer service options, including phone support, live chat, email, and often extensive FAQ sections on their websites. Some even offer 24/7 support.
Who amongst us hasn’t wondered at some point what it would be like to live in a castle?
Whenever we visit a castle, we think of what it must have been like to live there, and imagine ourselves as king (or queen) of our domain.
Then we unfortunately snap back to reality and go about our lives, always dreaming of that old stone castle perched atop a cliff overlooking a quaint English village…Right, back to our story here.
When you think of castles, your mind immediately goes to Europe. The dreamlike, fairy tale castles in Germany, England, Scotland, or France can make your jaw drop and your imagination run wild.
European countries are rich in history, and there are countless jaw dropping castles to visit, including Neuschwanstein in Germany, Alhambra in Spain, Corvin Castle in Romania, Kilkenny Castle in Ireland — the list can truly go on and on, and that’s not an exaggeration.
But what if you don’t have the means, the time, or the desire to travel across the ocean to visit these castles in Europe?
Well, if you live anywhere around New York, you’ll be glad (and perhaps even surprised) to know that there are various castles worth visiting right here in the Empire State. Don’t believe us? Keep reading to see what your own backyard has to offer.
1. Boldt Castle
First on our list is Boldt Castle, a landmark tourist destination located in the Thousand Islands area.
The castle was originally built as a private mansion for millionaire George Boldt, the general manager of the Waldorf-Astoria Hotel in NYC and the Bellevue-Stratford Hotel in Philadelphia.
Boldt and his family used to enjoy spending their summers at the family cottage on Hart Island (now Thousand Islands), and the businessman decided to build a bigger home for them there.
However, work on Boldt Castle came to a sudden halt in 1904, when George Boldt’s wife passed away. Heartbroken, Boldt gave up on the project, for good, and the castle was left vacant and in disrepair for 73 years.
After being purchased by the Thousand Island Transit Authority for just $1 in 1977, the castle was restored and renovated, and is now a popular tourist attraction, open to visitors from May to October.
It’s only accessible by water, either from the U.S. or Canada, and despite this fact, it’s one of the most visited attractions in Upstate New York.
If you want to visit a property that was truly built out of love, and later lovingly restored, be sure to pay it a visit.
2. Singer Castle
On the rocky, wild shores of Upstate New York lies another historic estate reminiscent of the quaint castles of Europe, namely Singer Castle.
Located on Dark Island, Singer Castle was completed in 1905 by Frederick G. Bourne, the president of the Singer sewing machine company. If you’re a fan of Gothic architecture and/or literature, then you simply have to visit Singer Castle.
The medieval-style fortress is your quintessential Gothic castle, featuring things like secret passageways, hidden buttons, wrought-iron chandeliers, huge fireplaces, and (just) 28 bedrooms.
Nobody knows why Bourne decided to include all these unusual features in the construction, but we’re definitely intrigued.
For instance, one of the panels in the library can be opened by pulling a specific book from the shelf, thus providing access to a secret passageway leading to the wine cellar. That’s something you’ve probably seen many times in mystery or crime movies, but this one is for real.
There’s also a secret dungeon accessible only via a hidden passage located in Bourne’s former office.
If this charming and mysterious property has piqued your interest, you might want to start planning a weekend getaway and get away from the hustle and bustle of the city.
You can book the Royal Suite for up to six people, and explore all the secrets of Singer Castle as if you’re characters in an Agatha Christie novel. Fun!
3. Highlands Castle
Looking at Highlands Castle, you’d be tempted to think it’s a medieval-age structure that’s housed many generations throughout the decades.
From the outside, the castle looks like it’s been plucked right out of a Game of Thrones episode – nevertheless, Highlands Castle was built in the mid-1980s, by a loving father.
“Someday I’ll build a house where we both will live. A place where you can bring your friends and create special memories… Someday Jason, I will build you a castle.”
John Lavender, the man who built Highlands Castle
John Lavender once made a promise to his young son that one day he was going to build him a castle. Parents make all kinds of grand promises to their kids, but Lavender actually kept his.
John Lavender invested years of his life building this grand castle for his son. He did a great job picking the location, in Bolton Landing, overlooking Lake George in the Adirondacks.
It was a huge undertaking; builders reportedly used more than 800 tons of stone to construct the property for Lavender, and included a 2,000-foot-long driveway leading to a stone wall with iron gates guarded by lion statues.
The interiors are equally impressive, and stepping inside, you’d think you’re on a movie set, filming the New York version of Downton Abbey.
The good news is that you can rent the castle and enjoy the views for yourself; prices start at $5,700 per night, but they’re well worth it, if you ask us.
4. Belhurst Castle
Located on the shores of Seneca Lake, Belhurst Castle was built in 1889, designed by Fuller & Wheeler in a Romanesque Revival style.
All the materials used in the construction were imported, mainly brought over from Europe, which is one of the reasons why the construction took roughly four years.
The castle was used as a private residence until 1932, when it was sold to businessman Cornelius J. Dwyer. The new owner transformed Belhurst into a popular entertainment and leisure destination, turning it into an upscale restaurant and adding a speakeasy and a gambling casino.
The restaurant was reportedly highly popular during the prohibition era, when liquor was brought down from Canada using the canal system.
Nowadays, Belhurst Castle is a top-class, resort-style destination in the New York area. Guests and visitors can enjoy fine wine and craft beer, delicious steaks at the Edgar restaurant, various best-in-class services at the on-site salon and spa, and more.
Those who want to spend the night can do so at the off-site Vinifera Inn and White Springs Manor, or they can book one of the 11 rooms available inside the castle.
5. Lyndhurst Mansion
A National Historic Landmark, Lyndhurst Mansion is one of the finest examples of Gothic Revival architecture in the country.
Sitting on a massive 67-acre lot close to the Hudson River in Tarrytown, the imposing castle was completed back in 1838, with a design by renowned American architect Alexander Jackson Davis.
Its first owner was New York City mayor William Paulding Jr., but the property was expanded and nearly doubled in size under the helm of its second owner, businessman George Merritt. He was also the one to rename the property ‘Lyndenhurst,’ after the linden trees on the property.
Merritt added a new four-story tower to the castle, as well as a new porte-cochere, a servants quarters, a new dining room, and extra bedrooms.
The third – and final – private owner was American railroad tycoon Jay Gould, who owned the property until his death in 1892. Eventually, the castle was donated to the National Trust for Historic Preservation.
Lyndhurst mansion is now open to the public, and Gothic architecture fans can explore the grounds as they please, either on their own or via guided tours.
Depending on the tour you choose, you can visit the first and second floors, the observation tower, the kitchens, the gardens, and the swimming pool building.
And, if the estate looks somewhat familiar, then you might have already seen it on your screen. Lyndhurst Mansion was featured in numerous movies, TV shows, documentaries, and even housed a 2017 episode of Project Runway.
More palatial estates
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