Located in California’s fertile San Joaquin Valley, Fresno stands as a testament to the Golden State’s agricultural heartland. As the fifth-largest city in the state, Fresno offers a unique blend of small-town charm and big-city amenities. From the sprawling vineyards of nearby wine country to the majestic Sierra Nevada Mountains on the city’s doorstep, Fresno is a gateway to outdoor adventure and natural beauty. With the city holding so many amazing qualities, it’s no wonder people are asking themselves, “Should I move to Fresno?”
If you’ve been wondering about making the move to Fresno, you’re in the right place. In this article, we’ll discuss the pros and cons of living in this city to help you decide if Fresno is the right choice for you. Let’s dive in.
Fresno at a Glance
Walk Score: 47 | Bike Score: 58 | Transit Score: 33
Median Sale Price: $385,000 | Average Rent for 1-Bedroom Apartment: $1,360
Fresno neighborhoods | Houses for rent in Fresno | apartments for rent in Fresno | Homes for sale in Fresno
Pro: Fresh local produce
Because of it’s location in the heart of California’s Central Valley, Fresno is a haven for fresh produce lovers. The city’s farmers’ markets, such as the Vineyard Farmers Market, overflow with locally grown fruits and vegetables. This agricultural abundance supports a dynamic local cuisine scene, with farm-to-table restaurants showcasing the region’s best. The availability of fresh, quality ingredients is a significant perk for residents who value healthy and sustainable eating.
Con: Air quality concerns
One of the challenges of living in Fresno is dealing with its air quality. With it’s position in a valley, the city often finds itself grappling with smog and pollution, particularly during the hot summer months. This can affect outdoor activities and pose health concerns for people with respiratory issues. Despite efforts to improve the situation, air quality remains a concern that locals must find ways to navigate.
Pro: Growing job market
In recent years, Fresno has seen growth in its job market, particularly in the healthcare, education, and agricultural sectors. New businesses and industries are setting roots in the city, offering a range of employment opportunities. This economic development is promising for residents and attracts individuals looking for new ventures. The evolving job market is a sign of Fresno’s potential for future prosperity.
Con: High cost of living
The cost of living in Fresno is 9% higher than the national average. The cost of utilities, such as electricity, water, and gas, tends to be higher compared to other cities in California. For instance, residents may find themselves paying more for electricity bills due to the region’s warm climate, which requires extensive use of air conditioning during the hot summer months. Additionally, water bills can be elevated due to the need for irrigation in agricultural areas surrounding Fresno. These higher utility costs can strain household budgets and make it challenging for some residents to manage these extra expenses.
Pro: Proximity to national parks
Fresno’s location is ideal for nature lovers and outdoor enthusiasts. It serves as a gateway to some of the country’s most stunning national parks, including Yosemite, Kings Canyon, and Sequoia National Parks. These natural wonders offer endless opportunities for hiking, camping, and exploring the great outdoors. The ability to take a day trip to such iconic destinations is a unique advantage of living in Fresno, providing an easy escape to nature whenever the city life becomes too much.
Con: Extreme summer heat
Residents of Fresno must prepare for the extreme heat that envelops the city during the summer months. Temperatures frequently soar above 100 degrees Fahrenheit, making outdoor activities uncomfortable and sometimes hazardous. This intense heat can limit recreational options and increase reliance on air conditioning, subsequently raising utility bills. The summer heat is a significant factor to consider for anyone thinking about moving to Fresno.
Pro: Unique local cuisine
Fresno’s culinary scene is a hidden gem, with a unique blend of influences from its diverse population and agricultural roots. Local specialties include dishes inspired by Mexican, Southeast Asian, and farm-to-table cuisine. Restaurants like The Annex Kitchen, which offers Italian-inspired dishes made with local ingredients, highlight the city’s innovative and delicious food offerings. For foodies, Fresno offers a delightful exploration of flavors that reflect its cultural diversity and agricultural abundance.
Con: Public transportation limitations
The public transportation system in Fresno, while present, doesn’t always meet the needs of all its residents. Coverage can be sparse, and frequency of service is often lacking, especially outside of the city center. This can make it challenging for those without personal vehicles to navigate the city efficiently. The limitations of public transportation can impact daily commutes, access to services, and overall mobility within Fresno.
Fresno boasts a strong sense of community, with locals often coming together to support small businesses, schools, and charitable causes. Neighborhoods host block parties, community gardens, and local markets that foster a sense of belonging. This community spirit is evident in the city’s response to challenges, where neighbors are quick to lend a hand. Living in Fresno means being part of a community that cares and connects, enhancing the quality of life for its members.
Con: Limited nightlife and entertainment options
While Fresno has its charms, it may fall short for those seeking a bustling nightlife or a wide array of entertainment options. The city has some bars, clubs, and cultural events, but the variety and frequency might not match larger cities. This can be a drawback for anyone who thrives on the energy of a vibrant night scene. Residents often find themselves traveling to nearby cities for concerts, festivals, and other entertainment pursuits.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
The average tax refund in 2021 was $2,827. And while getting a tax refund often means you overpaid to begin with, that hefty chunk of change hitting your bank account can spawn some great feelings. Before you drop all that dough on your next vacation or an impulse buy, consider whether you can do something more responsible with it. For example, did you know you can use your tax refund to build credit?
How to use Your Refund to Build Credit
6 Tips for Using a Tax Refund to Build Credit
Just getting a decent amount of money in your checking account doesn’t mean your credit goes up. And in reality, there aren’t guarantees about your credit score.
However, here are some tools and methods that tend to move credit in a positive direction or help you impact your score in a positive way over time.
Consider using some of your tax refund to pay for an ExtraCredit account. This subscription lets you get access to 28 of your FICO® credit scores and credit reports from all three bureaus, so you know what’s going on with your credit. Once you gain that access, you can also use some of your tax refund to invest in other tools, getting rewards and potential cash back through ExtraCredit.
For example, if you find your credit score is lackluster and discover that it may be because of inaccurate information on your report, you could invest in credit repair services with a trusted leader in credit repair. If you sign-up through your ExtraCredit Restore It feature, you get an exclusive discount on the credit repair service. Challenging that inaccurate information and getting it corrected could give you a more accurate credit report and possibly improve your score!
2. Get a Secured Credit Card
If you have poor credit and know that everything on your credit report is accurate, you may need to take some other actions to build credit in the future. One option is applying for a secured credit card.
A secured credit card requires you to put a deposit down to secure your line of credit. That’s where your tax refund comes in. Once you use the card and make timely payments for a certain period of time, you may get your security deposit back. You could also get approved for a higher credit limit and/or lower interest rate. And all those timely payments also get reported to the credit bureaus, which can be good for your score. Make sure to choose a card that reports to all of the major credit bureaus.
3. Open a Credit Builder Account
Credit builder accounts are locked savings accounts that work somewhat like loans. The exact way they work varies, but the concept tends to be the same:
You secure a “loan” with a deposit. That deposit is put into a locked savings account and held for you.
You pay the loan as agreed, typically making monthly payments.
The on-time monthly payments are reported to the credit bureaus, and this helps build your credit.
Once you pay off the loan, the savings account is unlocked and you get access to that money.
4. Pay Down Your Debt
Dropping some money on your existing debt can also help improve your credit, especially if it’s revolving credit. That’s because your credit utilization rate plays a big role in your credit score.
Credit utilization refers to the amount of your open credit you’re using. So, if you have a credit card with a $2,000 limit and a balance of $1,000, your credit utilization rate is 50%. That’s considered high.
Using your tax refund to pay down one or more high credit card balances brings down your utilization percentage. That might have a positive impact on your credit.
5. Open a Savings Account
You may already be working on your credit and just worried about making continual progress in the future. In this case, you might want to open a savings account and put the money away to support needs later. You could use the money to ensure you can cover payments on future debts in a timely manner.
6. Pay Any Late Bills
On the other hand, if you’re running late with bills, you might use your tax refund to catch up. That puts you in a better position to make timely payments going forward, which is important for your credit score.
Other Responsible Ideas for Using Your Tax Refund
Of course, you don’t have to use your tax refund to build credit. Perhaps your credit is already good or excellent. In that case, you might want to consider a different type of responsible action with your refund. Here are a few options.
1. Start an Emergency Fund
Put the money away for a rainy day. An emergency savings fund helps you pay for unexpected expenses, such as medical bills or car repairs. Some people like to save up around six months of expenses to help cover a gap if they lose income or a job, and your tax refund might help you jump start such a savings.
2. Invest in Retirement
You might be able to add to your 401(k) or IRA accounts. Instead of putting your tax return directly into those accounts, use your tax return to cover normal daily expenses. Then, up the percentage of your paycheck that goes into your retirement account. That lets you save more while getting a tax advantage on the savings. And if your employer matches retirement contributions, you could save even more.
3. Donate to a Worthy Cause
If you’re already fairly set financially, you may want to support a charitable cause. You could donate to COVID-19 relief funds, your church, or a favorite nonprofit organization. Get a receipt so you can claim the donation on your taxes next year to help potentially increase next year’s refund!
4. Support Small Businesses
Small businesses took a huge hit during the COVID-19 pandemic. If you’re looking to give back with your tax refund and also spurge on yourself, consider making big purchases with small businesses.
5. Invest Some Money
If you’ve ever wanted to invest in the stock market or buy some cryptocurrency, your tax refund might make that possible. Just remember to do your research or consult people who know what they’re doing before you drop all your cash into an investment app.
There’s a lot you can do with tax refund money. You can use your tax refund to build credit, get ahead on debt or treat yourself or your family to something. But before you can do that, you need to maximize your return.
Inside: Looking for fun things to do with friends? Look no further! This guide has 101 fun activities for you and your friends to enjoy. From painting parties to bowling nights, there’s something for everyone.
Do you ever feel like you’re in a rut, doing the same things with your friends all the time?
If you’re looking for some new ideas for fun things to do with friends, look no further!
We’ve compiled a list of fun activities for friends to do so you can find something that fits your mood.
Whether you want to get active and try something new, or stay in and relax together, we’ve got you covered.
So round up your besties and get ready for some fun!
Why spending time with friends is important
Spending time with friends is an essential aspect of human life. It provides us with an opportunity to bond, socialize, and create lasting memories.
The benefits of spending time with friends are numerous, and they range from improving our social skills to reducing stress levels.
By participating in activities that allow us to spend quality time with our friends, we will have better overall mental health.
What should friends do for fun?
There is no one answer to this question, as friends can have different interests and preferences.
However, some fun activities that friends could do together include going to the movies, playing sports, going out to eat, or attending a concert.
That is why we will cover so many various ideas for you and your friends!
The fun things to Do with Friends
We all know the importance of having friends in our lives. They are the people we rely on and confide in. They make us laugh, help us when we’re down, and are always there for us.
If you are wondering what should I do today, then we have you covered.
So, it’s important to have plenty of fun things to do with friends as well.
1. Go on a Scavenger Hunt
Scavenger hunts are a popular group activity that can be enjoyed by friends of all ages.
Planning and executing a scavenger hunt with friends can be a fun and engaging way to spend time together.
To get started, choose a location that offers a variety of interesting sights and sounds.
Next, create a list of items to find, such as a red bicycle or a funny sign.
Divide into teams and set a time limit for the hunt.
Use a special hashtag and have each team post a pic every time an item is found.
Nowadays, you can even buy a scavenger hunt kit to make it easier!
2. Play Board Games
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Board games are a great way for friends to have fun and connect with each other.
Some popular board games include Scrabble, Chess, and Monopoly, but there are many other options to choose from. Card games like poker and blackjack are also great choices. Party games like Charades and Apples to Apples can bring a lot of laughter and enjoyment.
Board games provide an opportunity for friends to engage in friendly competition, improve their strategic thinking and social skills, and have a great time together.
So, gather your friends, choose one of the best-selling board games, and let the fun begin!
3. Explore street food
Exploring street food with friends is an exciting way to satisfy your taste buds while spending quality time with your loved ones. From food trucks to pop-up stands, there are plenty of options to choose from.
Here are three street food examples that are worth finding:
Tacos: Bite into the crispy shell and savor the juicy meat, fresh salsa, and creamy guacamole. Tacos are the perfect combination of flavors and textures that will leave you craving more.
Gyros: Sink your teeth into the warm pita bread and taste the tender slices of meat, crunchy vegetables, and tangy tzatziki sauce. Gyros are a delicious Greek dish that will transport you to the Mediterranean with every bite.
Bao buns: Savor the fluffy steamed bun filled with savory meat, pickled vegetables, and sweet sauce. Bao buns are a popular street food item in Asia that will tantalize your taste buds with their unique flavors and textures.
Exploring street food with friends is an adventure that will take you on a gastronomic journey around the world. You can try new dishes, share your opinions, and bond over your love of food.
The joy of exploring street food with friends lies in discovering hidden gems, trying something new, and creating memories that will last a lifetime.
4. Get Messy with a Color Run
Participating in a color run is a unique and exciting way to stay fit while having fun with your friends.
This 5K run involves getting covered in colored powder while running through different stations. It’s a great way to stay active and create some memorable photos with your friends.
Plus, you get to support a good cause since many color runs are organized as charity events.
5. Watch a Movie Marathon
A movie marathon with friends is a fun way to bond and enjoy each other’s company. They provide a fun and relaxing environment to enjoy each other’s company and appreciate great films.
To plan and execute a successful movie marathon, follow these steps:
Choose a theme or movie series: Decide on a theme or movie series that everyone will enjoy. This could be a specific genre, actor, or movie franchise like “Harry Potter” or “Star Wars.” Or just pick a variety of old classics and new favorites.
Prepare snacks and refreshments: Popcorn, pizza, and soda are classic movie snacks, but feel free to get creative with your choices. You could even have a potluck and have everyone bring their favorite snack to share.
Arrange the viewing space: Make sure the viewing space is comfortable and has enough seating for everyone. Consider using blankets and pillows to create a cozy atmosphere.
So, grab some popcorn and gather your friends for a movie marathon that you’ll never forget!
The best movies can be found on Paramount Plus!
6. See What Festivals Are in Town
Attending festivals with friends can be a fun and unique activity to break up your routine. There are many different types of festivals to choose from, including food, music, art, and film festivals.
Additionally, there are usually free local events like food festivals, music festivals, farmers’ markets, and intercultural events.
Planning ahead and checking the festival schedule is important to ensure that all friends can attend. So why not gather your friends and try attending a festival together?
7. Hike
Hiking is a fantastic way to stay active and enjoy the great outdoors with friends.
Not only does it provide a great workout, but it also offers the opportunity to bond with your crew while surrounded by natural beauty.
You can even plan on these fantastic hiking trails for beginners or more experienced hikers:
In California, Big Basin Redwoods State Park offers a variety of trails ranging from easy to challenging, with the highlight being the 11-mile Skyline to the Sea Trail.
In Colorado, the Mount Falcon Park Trail offers stunning views of the Rocky Mountains and is a moderate 3.6-mile hike.
For those on the East Coast, the Franconia Ridge Trail in New Hampshire is a challenging yet rewarding 8.9-mile hike with breathtaking views of the White Mountains.
Remember to dress appropriately for the weather and terrain, wear sturdy hiking boots, carry plenty of water, and pack snacks to keep your energy levels up.
8. Go for a short road trip
Planning a road trip with friends can be a bonding experience, from working together on a collaborative Spotify playlist or burning some old-fashioned mixtapes to listen to on the road to stocking up on snacks and booking an Airbnb.
Going for a short road trip with friends is an excellent way to take a break from the daily grind and explore new places. It is also a reason to escape life’s hustles and bustles.
A spontaneous road trip might turn out to be a trip to remember as you explore unknown routes, stop at scenic spots, and try the local cuisine.
9. Host a Vision Board Party
A vision board is a visual representation of your goals and aspirations for the future.
Making a dream board with friends can be a fun and inspiring activity that promotes deeper social connections while helping you achieve your dreams.
It’s a crafting and manifesting activity that can help you visualize your dreams and work towards them with the support of your friends.
Learn how to host a successful vision board party.
10. Make Smoothies Together
Making smoothies with friends is a fun and healthy activity that promotes bonding and trying out new recipes.
You will need fresh or frozen fruits, such as bananas, strawberries, or blueberries, a liquid base like almond milk or coconut water, and optional add-ins like spinach, chia seeds, or protein powder to make smoothies.
Personally, I have found the Vitamix to blend the perfect smoothie!
11. Have a Karaoke Night
Karaoke is a great way to build confidence and create lasting memories with friends, so don’t be afraid to let loose and have a good time!
To host a successful karaoke night, start by choosing a venue such as a karaoke bar or setting up a karaoke machine at home.
Provide drinks and snacks to keep energy levels high and make sure to take plenty of photos and videos to capture the fun.
12. Have a Potluck Dinner
Having a potluck dinner with friends is a fun and affordable way to spend time together while enjoying delicious food.
To organize a successful potluck, consider the following tips:
Set a date and theme: Choose a date that works for everyone and select a theme to make the potluck more exciting. Some ideas for themes include Italian food, comfort food, or secret family recipes.
Assign dishes: Encourage everyone to bring a dish to share, and assign specific types of dishes to avoid duplicates. For example, one person can bring an appetizer, another a main course, and another a dessert.
Communicate and coordinate: Make sure everyone knows what they’re bringing and communicate any dietary restrictions or allergies. Coordinate with each other to ensure a good variety of dishes and avoid too many of the same thing.
A potluck is a great way to try new foods and bond over shared experiences. It’s also a money-saver and takes the pressure off one single host.
13. Skateboard/Roller-skate
Skateboarding and roller-skating are not only fun but also great ways to build friendships and community.
There are numerous activities that can be done while skateboarding or roller-skating with friends like:
Trying out tricks and stunts with friends can be a great way to learn and improve your skills.
Racing with friends can add an element of competition and excitement to the activity.
Obstacle courses can also be set up to test your agility and coordination.
Freestyle sessions can allow for creativity and self-expression.
Doing these activities with friends can provide support, encouragement, and a sense of camaraderie.
14. Have a DIY spa day
Spa days with friends are a fantastic way to bond, relax and practice self-care. It offers a break from the stress of daily life and provides opportunities for quality time together.
Moreover, hosting a spa day at home is a more affordable alternative to going to an actual spa.
You can confer with your BFF and figure out what kind of spa treatments both of you are in the mood for. For example, you can apply face masks, give each other manicures, or soak your feet in bath salts.
If you have the funds, you could even book a couple of treatments at a real spa and make it a real spa day! Regardless of where you have it, having a spa day with friends is an excellent way to relax, rejuvenate, and bond with friends.
15. Have a Craft Night
You don’t have to be crafty to enjoy craft night!
To have a successful craft night, start by choosing a craft that everyone is interested in and gather all the necessary supplies. A few craft ideas that are perfect for a craft night include making jewelry, painting, scrapbooking, or even DIY home decor.
Once you have everything set up, encourage everyone to let their creativity flow and enjoy the process of making something together.
Make sure to create a comfortable atmosphere by providing plenty of space to work and snacks to munch on.
16. Blow Bubbles
Roll by the time calendar and remember how much fun blowing bubbles was!
Blowing bubbles is a great way to spend a lazy afternoon or unwind after a long day.
You can go with the classic way of blowing bubbles or look into a bubble machine!
So, grab some bubble solution and wands and get ready for a fun and bubbly time with your friends!
17. Have a Water Balloon Fight
Water balloon fights are a fun activity to indulge in during the scorching heat of summer.
To make the water balloon fight even more enjoyable, you can incorporate team play or set up a tournament bracket. This will add a competitive element to the game and make it more exciting.
Regardless, having a water balloon fight with friends is a great way to beat the heat and have fun.
18. Plant a Garden
Gardening with friends is a rewarding activity that allows you to connect with nature and each other.
Plus it can also provide a sense of accomplishment and a source of fresh produce.
You can choose to plant a garden in someone’s backyard or join a local CSA.
Also, this is a continuous way to get together!
19. Spend Time in Nature
Spending time in nature with friends is a great way to relax, recharge and create lasting memories.
There are a variety of activities that friends can engage in while spending time in nature such as hiking, camping, picnicking, rock climbing, paddleboarding, and gardening.
Personally, know that spending time in nature with friends can be a refreshing and rewarding experience that allows friends to bond and enjoy the great outdoors together.
20. Sign up for a Recreational Sport
Signing up for a recreational sport is a great way to spend time with friends while staying active. There are many sports that are suitable for recreational leagues and can be played with friends, such as soccer, basketball, volleyball, and ultimate frisbee.
Playing team sports has many benefits, including building camaraderie, improving communication, and developing a sense of teamwork.
Costs associated with joining a league can vary, but many leagues have affordable fees.
21. Go Kayaking
Kayaking is a fantastic outdoor activity that is gaining popularity among friends who want to bond and have fun at the same time. It provides a great opportunity to explore new waterways, race each other, play games, fish, and take breaks to swim.
While kayaking, you and your friends can discover new places and enjoy the serenity of nature, which will help you to relax and forget about your daily worries.
Also, you have to work on your communication with each other while kayaking.
22. Cook Together
Cooking with friends can be a fun and rewarding activity that helps build strong bonds.
This is one of my favorite ways to spend time with friends. You can spend hours and never actually make anything edible and it doesn’t matter! Or you can create something absolutely delicious!
23. Join a Club
Joining a club with friends is a great way to try new things and meet new people.
There are many different types of clubs to choose from, including:
Book clubs
Hiking clubs
Cooking clubs
Bunco groups, and more.
Joining a club with friends not only provides an opportunity for shared experiences and new adventures but can also strengthen relationships by creating a common interest. Plus you meet on a regular schedule for spending time together.
24. Have a Painting Party
Painting artwork with friends can be a fun and fulfilling activity. Even better, plan to host a painting party with friends!
You hire someone with experience to help you out or you can watch a video on YouTube.
The best part is being able to exchange ideas and inspiration with each other to spark creativity!
25. Play Laser Tag
Playing laser tag with friends is a thrilling and exciting activity that is sure to get your adrenaline pumping.
This is always a must-do for most teens!
Playing laser tag with friends not only provides a fun and memorable experience, but it also helps build teamwork skills, promotes physical activity, and fosters friendly competition.
26. Go Birdwatching
Birdwatching is a relaxing and enjoyable activity that can be done with friends to appreciate the beauty of nature and learn about different bird species.
All you need to go birdwatching with friends is a simple guide to birds in your area, a pair of binoculars, bird seed, and a park or garden.
Birdwatching can enhance the bond between friends as they learn to identify different bird species and discover a new hobby together. It is a great opportunity to explore new trails, take pictures, and enjoy the scenic location.
27. Have a Marshmallow Fight
Marshmallow fights with friends are a fun and exciting activity that can help you forget your worries and bond with your friends.
You need a good laugh, right? This is exactly what you should participate in.
It’s a great way to relieve stress and enjoy some friendly competition with your friends.
So, grab some marshmallows, find a safe spot, and get ready for an unforgettable marshmallow fight with your friends!
Make sure to grab this indoor s’more kit!
28. Do Yoga
Yoga is a great way to improve flexibility, reduce stress, and promote overall well-being. Doing yoga in a class with friends or in a park can make the experience even more enjoyable and motivating.
Attending a yoga class with friends can be a fun and social way to exercise. You can encourage each other to push yourselves further and hold each other accountable for attendance. Additionally, practicing yoga in a group setting can help to create a sense of community and support, which can be beneficial for mental health.
Alternatively, practicing yoga in a park can be a great way to connect with nature and enjoy the fresh air and sunlight. You can bring your own mat or towel and find a quiet spot to practice. Practicing yoga outdoors can be a refreshing change of pace from the usual indoor studio setting.
29. Plan a Trip
Planning a trip with friends can be an exciting and bonding experience. It provides an opportunity to create unforgettable memories and explore new places with your closest friends.
However, it can also be expensive, so use this 100 envelope challenge to save for the trip.
Another way to save money is to be flexible with your travel dates.
Research your destination, create a budget, and be flexible with your travel dates to save money. With some dedication and effort, you and your friends can have the trip of a lifetime. Remember, the journey is just as important as the destination.
30. Explore a New Town
Exploring a new town with friends is an adventure that offers new opportunities to learn more about each other’s interests and create lasting memories. It allows you to discover new places, try local cuisine, and learn about the history and culture of the area.
When exploring a new town with friends, you can visit local landmarks such as museums, botanical gardens, and historical sites. You can also attend local events such as festivals, concerts, and fairs.
Don’t forget to try the local cuisine at restaurants and cafes.
31. Paint Pottery
Pottery painting is a popular activity to do with friends that allows you to unleash your creativity.
Thankfully, you can go to a business that provides all of the necessary supplies or you can purchase online.
Painting pottery can also be a relaxing and therapeutic activity that helps to reduce stress and anxiety.
32. Try a New Food
Let’s be honest… If it wasn’t for good friends, you may be missing out on different types of foods and cuisines.
Trying new foods with friends is an excellent way to break up your eating routine and have some fun while discovering new flavors.
So step out of your comfort zone and try something new – you never know what delicious dishes you might discover!
33. Visit a Farmer’s Market
Visiting a farmer’s market with friends is a fun and exciting way to spend a day outdoors. Not only does it support local businesses, but it also provides an opportunity to stock up on fresh fruits and vegetables.
Did you know the Palisade Farmer’s Market is one of the best in the country? I can attest to that; it was wonderful, especially during peach season.
There are many activities to enjoy at a farmer’s market with friends, here are my favorites:
Shopping for fresh produce: One of the main reasons to visit the farmer’s market is to stock up on fresh fruits and vegetables. You can compare prices, sample different varieties, and even learn new recipes from the vendors.
Trying free samples: Many vendors offer free samples of their products, from homemade jams to artisanal cheeses. This is a great way to taste new flavors and support local businesses.
Exploring local crafts: Along with food, many farmer’s markets also feature handmade crafts and artisanal products. You can browse jewelry, pottery, candles, and other unique items.
Eating street food: If you’re hungry, there are often food trucks and stalls selling everything from tacos to crepes. You can grab a bite to eat and enjoy it at one of the picnic tables or benches.
So why not gather your friends and head to a farmer’s market? You won’t regret it!
34. Compete with Minute-to-Win-It Games
This one is popular! Competing with Minute-to-Win-It games is a fun and easy way to spend time with friends while challenging each other’s skills.
To get started, gather a few household items and set a timer for one minute.
These games are not only a great way to have fun with friends, but they also improve hand-eye coordination and quick-thinking skills.
Plus this is a low-cost and entertaining way to bond with friends. Give them a try and see who comes out on top!
35. Host a DIY Escape Room
If you are looking for a cost-effective way to enjoy an escape room challenge with friends, setting up your own escape room at home is a great idea.
You can find free missions at Escape Team, and additional missions only cost a few dollars each.
Hosting a DIY escape room for your friends is an excellent way to challenge their problem-solving and teamwork skills in a fun and engaging way.
36. Join a Flash Mob
Joining a flash mob can be an exciting and memorable thing to do with your friends. Flash mobs are spontaneous gatherings of people who come together to perform a predetermined action, often in a public place.
Typically, flash mobs can range from dance performances to singing events and can involve people of all ages and backgrounds.
Participating in a flash mob can be a unique and fun experience that you and your friends can cross off your bucket list.
You can find local flash mob announcements by searching on Google or checking out websites that list flash mobs in your area.
37. Create a Time Capsule
Creating a time capsule with friends is an exciting and unique way to capture memories and special moments together. It allows you to reminisce about the past and look forward to opening the capsule in the future.
To create a time capsule, start by finding a sturdy waterproof container.
Next, gather items that are important to each of you, such as letters to your future self, photos, ticket stubs, and other mementos.
Add these items to the capsule and bury the capsule in a safe place, such as a backyard or a park.
Make a pact to open it up in a few years, say five or ten years or twenty years.
Cherishing memories with friends is important, and creating a time capsule is a fun and meaningful way to do just that.
38. Head to the Beach
Visiting the beach with friends is a great way to spend quality time together while enjoying the beauty of nature. There are many activities you can do with your friends at the beach, such as lounging under an umbrella, playing beach volleyball, building sandcastles, or having a picnic.
If you’re feeling more adventurous, you can go surfing, snorkeling, or take a walk along the shore. The possibilities are endless, and the memories you create with your friends will last a lifetime.
Whether you want to relax and unwind or have an action-packed day, the beach offers something for everyone.
39. Try an Art Class
Trying an art class with friends is a fun and fulfilling way to explore your creative side.
There are many places you can try painting or pottery! by going with a friend, it cuts out the scary risk of doing a creative project alone.
Don’t miss out on this opportunity to create something beautiful with your friends! This is a great experience gift idea, too!
40. Go Bowling
Bowling is a fun and engaging activity to do with friends.
Not only is it a great way to get some exercise, but it also offers a variety of fun things to do while playing. From trying trick shots to competing for the highest score, bowling is a great way to bond with friends.
Bowling is a fun and engaging activity that everyone can enjoy, regardless of their skill level.
41. Use Guest Passes
Typically, when you belong to a gym, museum, or any other membership-based activity. They will offer free guest passes.
This is a great way to hang out with your friends while enjoying a new activity. Or showing your friend one of your hobbies.
42. Go Snowshoeing
Snowshoeing is a winter activity that involves walking on snow with specialized footwear. It is a fun and unique way to explore the outdoors with friends while enjoying the beauty of nature.
There are many snowshoeing trails and locations that friends can explore together.
Snowshoeing provides an opportunity to get exercise, enjoy the peacefulness of nature, and bond with friends.
43. Get Creative With Sidewalk Chalk
Regardless of age, sidewalk chalk is a fun activity to do with friends that can ignite your creativity and bring out your inner artist.
There are a variety of ways to get creative with sidewalk chalk.
You can draw a hopscotch board and challenge each other to see who can jump the longest.
Create a masterpiece by working together on a huge drawing and experimenting with different styles and themes.
Play a game of tic-tac-toe and enjoy some friendly competition.
You can even use sidewalk chalk to write positive messages or quotes to inspire each other.
Spending quality time with friends is important, and simple activities like using sidewalk chalk can create lasting memories.
44. Have a Cocktail Party
Overall, the goal of a cocktail party with friends is to have fun and create shared experiences that will be remembered for years to come.
The best cocktail parties are based on a theme that will set the tone for the evening. Then, select a variety of easy-to-make and crowd-pleasing cocktails that will impress your guests.
Dress up smartly, put on some music, and decorate your space to match the theme. Provide snacks such as finger foods, cheese platters, and charcuterie boards to accompany the drinks.
During the party, encourage guests to mingle and try each other’s cocktails, while sharing conversation and laughter.
45. Go to a Drive-in Movie
Drive-in movies are a unique and fun experience that makes for a great activity to do with friends.
However, drive-in movie theaters are harder and harder to find. So, you may have to plan ahead for a local showing.
Once you arrive, park your car and settle in for the movie, chatting and joking around with your friends as you watch.
46. Meditate
Meditating with friends can be a powerful way to connect and improve your mental and emotional well-being.
To get started, find a quiet spot in nature, set up a blanket, and close your eyes. Take in the natural sounds as you sit in silence together.
Alternatively, you can attend a group meditation or breathwork session or hold a moon circle.
The benefits of meditating with friends include reducing stress and anxiety, improving focus and concentration, and deepening your connection with others.
47. Have an Insta Photoshoot
One of the best things about having a photoshoot with friends is that it offers you the opportunity to create memories together.
You can make funny faces, strike silly poses, and capture the moment in a photograph. You can also dress up in costumes and enact your favorite movie scenes together, which is bound to create some beautiful memories.
Whether you are looking to be goofy or play model, a photoshoot is an excellent way to express yourself and have some fun. You don’t necessarily have to photograph people either! You can experiment with still-life photography, food photoshoots, or even take pictures of landscapes.
P.S. You will always see teens taking photoshoots around town.
48. Play charades or Pictionary
Playing charades or Pictionary with friends is indeed a fun way to build excitement and laughter within the group while also improving communication skills and teamwork.
These guessing games are perfect for group activities and can elicit lots of shouting and laughter as people try to guess the correct word or movie.
You can even form teams and start a tournament to make it more interesting. Alternatively, card games such as poker, blackjack, spoons, and rummy are also fun and cost nothing to play if you already have a deck of cards.
All of these games can help improve your strategic thinking and social skills while having a great time with friends.
49. Make videos together
Indeed, making videos with friends can be a fun and exciting activity that creates lasting memories. There are many different types of videos that can be made with friends, such as music videos, vlogs, or short films.
The research suggests that enacting favorite movie scenes with friends can uplift the atmosphere as well. Dressing the part, rehearsing together, and video shooting the entire set can create fun moments that are bound to create some beautiful memories.
Making videos with friends can strengthen friendships and develop new skills such as video production and editing. The key is to have fun with your best friends and enjoy the time spent together.
50. Start a Band
If you and your friends have instruments, getting together and making music can be a fantastic way to bond and express yourselves while also encouraging collaboration and teamwork.
Creating music together is an excellent opportunity to learn new skills and experiment with different musical styles.
Plus, it helps create unforgettable memories and offers new opportunities to learn.
51. Create a Photo Album
In our digital age, putting together a photo album is another fabulous activity that you can do with friends.
Asking each friend to contribute a few photos and putting them in a friendship photo album is an excellent way to keep your memories close and spend an afternoon with your best friends.
Plus you are creating something you can enjoy for years to come!
52. Have a pillow fight
Having a pillow fight with friends can be a hilarious bonding experience that will make you forget all your worries.
To get started, find a spacious room or outdoor area where you can safely swing your pillows without breaking anything. Before starting the fight, agree on some basic rules to ensure everyone’s safety, such as no hitting in the face or aiming for sensitive areas.
Once you’re ready, grab your pillow and let the feathers fly! Don’t forget to laugh, scream, and dodge as you try to land a hit on your friends.
53. Attend park concerts
Attending park concerts is one of the best fun things to do with friends.
Not only are they affordable or free of charge, but they also offer a great opportunity to relax and unwind with friends.
This is something to enjoy after long work weeks!
54. Start a Business
Starting a business with friends can be a great way to combine your passions and skills while also earning extra income.
However, before jumping into any business venture with friends, it’s important to consider the potential risks and challenges. It’s crucial to have a clear agreement and plan in place to avoid conflicts and misunderstandings in the future.
Another option is to research side hustles as a great way to earn extra income. There are numerous side hustle ideas that can be done with friends such as dog walking, pet sitting, house cleaning, and tutoring.
Learning how to make money online for beginners is a hot topic.
55. Play Tourist in Your Own Town
Playing tourist in your own town can be a great way to spend time with friends while discovering new sights and experiences. There’s no need to travel far when there are plenty of activities to do in your hometown.
To start, visit local landmarks such as museums, historical sites, or city parks. These places offer a glimpse into the history and culture of your town.
Try out new restaurants and cafes that you haven’t been to before. It’s a great opportunity to sample local cuisine and support small businesses.
Attending local events such as concerts, festivals, or farmer’s markets can also be a fun way to experience your town.
Exploring the outdoors by taking a hike, bike ride, or even a picnic in a nearby park can be a refreshing change of pace.
Playing tourist in your own town not only allows you to discover new places but also strengthens friendships by creating shared memories and experiences.
56. Play games via video call
Playing games with friends remotely is indeed a great way to stay connected despite the distance.
There are various options available for playing games online with friends, such as board games, card games, and online games like Fortnite or Minecraft. Additionally, apps like Words with Friends or Yahtzee with Buddies can also be used to play games with friends remotely.
If you prefer non-digital games, you could play games like “Would You Rather?” or “Truth or Dare?” on a video call.
Playing games with friends online is an excellent way to spend time together and maintain a strong connection, even when you can’t be together physically.
57. Go to a bonfire
Going to a bonfire with friends is a fun and memorable activity that allows for bonding through storytelling, laughter, and shared experiences. Honestly, I forgot how fun a bonfire was until I went last weekend!
A bonfire is an outdoor gathering around a fire, typically held on a crisp fall evening.
With the hot temperatures and risk of fires, I would plan to attend a bonfire put on by an organization with fire trucks readily available.
Ensure there are snacks and drinks, and follow safety precautions. Overall, a bonfire with friends is a great way to escape the monotony of life and create lasting memories.
58. Bake something delicious together
Baking with friends is indeed a fun and exciting activity that can bring people closer together. It provides an opportunity to bond and share a sweet treat afterward.
One can choose a recipe they would like to try, whether it’s an old standby or something brand new. A cake, a sweet fruit pie, or a few batches of favorite cookies are some of the options that one can bake and decorate.
Alternatively, holding a friendly bake-off is a good way to bond competitively with friends.
So, next time you’re looking for something fun to do with your friends, why not try baking together?
59. Go camping together
Camping with friends is an excellent way to bond and enjoy the outdoors while disconnecting from technology. It is a cheap and fun hobby that offers numerous benefits, including strengthening friendships.
Whether you choose to camp in a nearby park or your backyard, sharing stories around a campfire, cooking meals together, and exploring nature can be a healthy move for everyone to unwind.
Camping provides an opportunity to enjoy the serenity of nature away from the disruptions of city life. You can hitch a tent, make a bonfire, roast some marshmallows, and play games, which is sure to be an adventure away from the hustle and bustle of the city.
It is important to plan ahead, bring necessary supplies, and follow safety precautions to ensure a fun and safe camping experience.
60. Go Geocaching
One of our personal favorite activities.
Geocaching is a fun and exciting activity that involves using GPS to find hidden containers or “caches” outdoors. It’s like a real-life treasure hunt that can be enjoyed with friends.
To get started, one can download the official Geocaching app for free.
Geocaching can be a great way to explore new places in your local area with friends while having fun. With GPS coordinates, you can search for hidden treasures that are waiting to be discovered.
61. Go to A Local Coffee Shop
Going to a local coffee shop is a great way to spend quality time with friends. Aside from being a cliche, it is an easy thing to do and offers a comfortable environment to catch up with your friends.
You can order your favorite beverage and indulge in a little slice of cake while chatting about everything you have missed since you last spoke.
A coffee shop offers a cozy and relaxed atmosphere, which makes it a perfect spot to hang out with friends.
Going to a local coffee shop also supports small businesses in your community. It is also a great way to discover new cafes and coffee shops in your area, which can become your new favorite hangout spot.
62. Volunteer
Volunteering with friends is a great way to give back to the community while having fun with your pals.
There are various ways friends can volunteer together, such as helping out at a local animal shelter, sprucing up city landscaping, or serving meals at a soup kitchen.
Volunteering with friends strengthens relationships, gives back to the community, and is a fun way to do good.
These are the best ways to capture your bucket list and find ideas!
FAQ
There are a number of things you can do right now with friends. You can go for coffee, take a walk, or visit a museum. You could also consider doing something more active, such as going for a run or playing a sport.
Whatever you choose to do, make sure you enjoy it and spend time with your friends.
The important thing is to find something that you both enjoy so that you can have fun together.
You can watch a movie, play video games, go for a walk, listen to music, or even just sit and talk.
What Fun Places to Go with Friends Will You Choose?
These unique activities are just a few examples of the many fun things you can do with your friends.
Don’t be afraid to try something new and get creative! Who knows, you might just discover a new favorite activity.
A little short on cash? Don’t worry… here are 101 things to do with no money.
So, gather your friends and start planning your next adventure together.
And if you have any unique ideas of your own, be sure to share them in the comments below!
Know someone else that needs this, too? Then, please share!!
With the never-ending changes and challenges affecting the U.S. financial landscape, multiple community development entities are helping to counter some of their adverse effects by fostering community development initiatives.
Some examples include Community Development Financial Institutions (CDFIs) and Community Development (CD) Banks. These play a significant role in promoting economic growth and inclusion for underserved communities.
This article thoroughly explores CDFIs and the institutions that support CDFIs, outlining their significance, objectives, and how they meet capacity building initiative requirements. We also highlight the federal government’s involvement, explaining its role evolution and the numerous related economic development activities available to those who need them.
What is a Community Development Financial Institution (CDFI)?
Community Development Financial Institutions (CDFIs) are a type of financial institution that provides products and services to financially disadvantaged communities for economic development purposes.
They are essential and critical in promoting inclusion and economic growth to marginalized communities in urban and rural communities countrywide. Legislations like the Community Reinvestment Act help encourage these programs. However, the Community Reinvestment Act is not the only reason for their existence.
CDFI Certification
To become a CDFI, a financial institution must apply for a CDFI certification. This certification ensures that the institution can receive the right federal assistance resources and allows people to benefit from the CDFI fund’s programs.
How did the concept of CDFIs start?
The roots of Community Development Financial Institutions (CDFIs) extend to the 1880s, when minority-owned banks began serving economically disadvantaged communities. These organizations provided essential financial services to areas that mainstream financial institutions neglected or could not reach.
As the years progressed, new types of mission-driven financial institutions emerged. For example, the development of credit unions in the 1930s and 1940s offered alternatives to the traditional community bank that had limited services.
Moreover, new community development corporations emerged in the 1960s and 1970s, providing additional resources and support for underserved areas. These institutions gradually paved the way for the rise of nonprofit loan funds in the 1980s, establishing the groundwork for today’s modern CDFI model.
The Riegle Community Development and Regulatory Improvement Act of 1994 recognized the need to support the growing community development finance sector. With that in mind, it established the Community Development Financial Institutions Fund (CDFI Fund). This fund aimed to promote economic revitalization and community development in low-income areas by investing in and providing assistance to CDFIs.
Since its inception, the CDFI Fund played a substantial role in the growth and impact of CDFIs, enabling them to serve the financial needs of economically disadvantaged communities and contribute to their overall development and prosperity.
Types of CDFIs
Currently, multiple types of Community Development Financial Institutions (CDFIs) exist, each catering to the unique needs and challenges economically disadvantaged communities face. We explore their types and roles below.
Community Development Banks
Community Development Banks are for-profit, federal government supported and regulated financial institutions. These institutions have a board of directors that includes community representatives. CD banks provide affordable banking services, loans, and other financial products to economically distressed and underserved communities.
Operating in these communities creates jobs, improves infrastructure, and promotes economic growth. They also help increase access to capital for small businesses, including affordable housing projects and community service facilities.
Community Development Credit Unions
Community Development Credit Unions (CDCUs) are nonprofit financial cooperatives owned and controlled by their members. As is the case with traditional credit unions, they provide financial services such as savings accounts, checking accounts, and loans.
CDCUs only cater to low-income and underserved communities, offering affordable rates and financial education programs to promote inclusion and help people build credit and assets. The National Credit Union Administration (NCUA), an independent federal agency, regulates these credit unions.
Community Development Loan Funds
Community Development Loan Funds, or CDLFs, are nonprofit entities that finance community development projects by offering loans and technical assistance to marginalized communities. They facilitate access to affordable housing, promote small businesses, and help establish community service facilities to sustain growth. They also serve as an alternative source of capital for those who cannot access traditional bank financing services by offering flexible terms and underwriting criteria.
Community Development Venture Capital Funds
Community Development Venture Capital Funds offer equity and debt-with-equity investments to small and medium-sized businesses in economically distressed areas. They can be for-profit corporations or nonprofit entities.
By offering long-term capital, they help businesses grow, create jobs, and foster innovation. They also provide technical assistance, mentoring, and business development support to maintain the long-term success of their portfolio companies.
Microenterprise Development Loan Funds
Microenterprise Development Loan Funds are loan funds that provide small-scale loans, or microloans, to entrepreneurs and small businesses that might not qualify for traditional financing. They offer small capital amounts that range from hundreds to a few thousand. These loan funds help low-income people, women, and minority entrepreneurs who need smaller loan amounts and more flexible terms.
Community Development Financial Institution (CDFI) Consortia
CDFI Consortia are collaborative networks of CDFIs that pool resources, experience, and capital to increase their impact on community development services. They can access larger funding opportunities and share best practices to serve their target communities by working together. They can also provide joint technical assistance and support services, helping to strengthen individual CDFIs that are part of the network.
Understanding Community Development Financial Institutions
The main goal of CDFI fund programs is to provide affordable loans, community development banking services, financial help, and technical assistance to low-income communities. They foster economic development and empower small business owners, minorities, and marginalized communities by offering access to investment capital and other resources with fewer demands than traditional finance institutions.
CDFIs differ from traditional financial institutions because they focus on community development and serving minority communities. They also collaborate with religious institutions, community service organizations, and rely on federal funding and agencies to address the needs of their target populations.
What’s the federal government’s role in CDFIs?
The Federal Reserve Bank supports CDFIs through various initiatives, tax credits, and programs. One such program is the CDFI Fund, which the U.S. Department of the Treasury administers. The CDFI Fund provides financial, technical, and other resources to CDFIs, casting a wider net to help low income people and communities access their services.
In addition to the CDFI Fund, the Federal Reserve Bank supports CDFIs through programs and training initiatives such as:
Bank Enterprise Award Program
Capital Magnet Fund
CDFI Bond Guarantee Program
CDFI Equitable Recovery Program
CDFI Program
Rapid Response Program
Native Initiatives
New Markets Tax Credit Program
Small Dollar Loan Program
These initiatives by the Federal Reserve Bank provide financial incentives and resources for CDFIs and community development entities to invest in eligible community projects, promote economic growth, and create jobs.
How has that federal role changed over time?
The federal government’s role in supporting the CDFI industry changes over time to respond to the changing needs of disadvantaged communities and the growing recognition of the importance of financial inclusion.
Early efforts, for example, provided seed capital and technical assistance to establish and grow CDFIs. With the maturation and evolution of the industry, the government started focusing on building capacity, collaboration, and supporting innovative endeavors.
Recent changes emphasize leveraging private sector investments, regulatory relief, and encouraging partnerships between the CDFI industry and other financial institutions. Examples include minority depository institutions (MDIs) and mainstream banks.
CDFIs’ Role in Financial Inclusion
Financial inclusion is an essential part of CDFI initiatives. Access to affordable financial products and services helps bridge the gap between poor communities and mainstream financial institutions. CDFIs also promote financial knowledge, support small businesses, finance affordable housing activities, and facilitate economic development initiatives.
CDFIs also ensure that economically distressed communities can access essential community services facilities like healthcare centers, schools, and childcare. Their work helps contribute to these communities’ overall well-being and stability. It creates a solid foundation for long-term economic growth.
Business Model
CDFI business models are unique in combining traditional financial services with a strong emphasis on developing and positively impacting the communities they cater to.
They generate revenue by collecting interest and fees on loans, investments, and other financial products. However, they also rely on grants, donations, and especially government funding like the CDFI fund to support their operations.
CDFIs collaborate with organizations like government agencies, nonprofits, and private sector partners to attain their goals. Additionally, they leverage tax credits, guarantees, and other financial tools to attract more investment capital and support their lending activities.
CDFIs Provide Opportunity for All
CDFIs provide real opportunities by addressing the financial needs of underserved communities to help them succeed and promote their economic growth. To do this, they offer access to affordable financial products and services to communities that experienced systematic lockouts from these programs.
By emphasizing their needs and giving them more accessible and affordable ways to prosper, low-income individuals and businesses have access to essential financial tools. These tools were traditionally out of reach for mainstream financial institutions.
Moreover, CDFIs support small businesses owned by women, minorities, and individuals in economically distressed communities. By offering tailored financing solutions, technical assistance, and business planning resources, CDFIs help these entrepreneurs overcome barriers to entry, create jobs, and contribute to local economies.
Another significant aspect of CDFIs’ work is their focus on affordable housing and community development projects. They finance the construction and rehabilitation of affordable housing units and invest in community facilities like schools, healthcare facilities, and childcare. These are essential to the well-being and stability of low-income communities and help them worry less about factors beyond their control or that are too expensive to access otherwise.
CDFIs also promote financial education and empowerment by providing resources and training to help people develop financial literacy skills, manage their finances, and build assets. These initiatives contribute to breaking the cycle of poverty and promoting economic self-sufficiency.
By partnering with various stakeholders, such as government agencies, nonprofit organizations, and private sector partners, CDFIs leverage resources and expertise to maximize their impact. This creates a ripple effect that extends beyond the immediate recipients, fostering inclusive and resilient communities.
Types of CDFIs
Many community development financial institutions focus on addressing the needs of economically disadvantaged communities. These include community development banks, credit unions, loan funds, and venture capital funds.
Federal agencies like the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) regulate community development banks and credit unions. They offer various banking services, from deposit accounts to loans, catering to low-income communities.
Loan funds make affordable housing possible, support small businesses, and help community facilities. On the other hand, venture capital funds offer equity investments that support small businesses and startups in underserved communities.
“Newer” CDFI Resources
As community development financial institutions evolve, multiple resources and programs are emerging to support their growth and impact. Examples include:
CDFIs as Capital Plus Institutions
Sometimes, community development financial institutions are called “Capital Plus” institutions. This is because they provide investment capital, development services, technical assistance, and financial education to support the long-term success of their clients.
This approach allows community development financial institutions to significantly impact low-income and economically distressed communities, promoting economic opportunity and inclusion.
Emergency Capital Investment Program (ECIP)
The Emergency Capital Investment Program (ECIP) is a federal initiative that provides capital to CDFIs and MDIs to support their lending activities after the economic challenges caused by COVID-19. This program helps ensure that these institutions have the resources to continue providing essential financial services to underserved communities, small businesses, and minority-owned businesses during times of crisis.
Paycheck Protection Program Liquidity Facility (PPPLF)
The Paycheck Protection Program Liquidity Facility (PPPLF) is another federal initiative that supports the lending activities of CDFIs and other financial institutions participating in the Small Business Administration (SBA) Paycheck Protection Program (PPP). By providing liquidity to these institutions, the PPPLF enables them to continue offering loans to small businesses needing financial assistance during challenging economic times.
CDFI Rapid Response Program
The Rapid Response Program from the CDFI Fund provides immediate financial assistance during crises or natural disasters. CDFIs can quickly access funds for disaster recovery, emergency relief efforts, and other needs, serving as “financial first responders” for the communities they support.
These newer resources and programs demonstrate how the federal government, private sector, and other stakeholders support the work of CDFIs and promote financial inclusion and economic opportunity. By leveraging these resources, CDFIs can better address the needs of low-income communities nationwide and foster economic development in urban and rural communities.
down payment. Find out how much you should budget using a home loan affordability calculator and figure out how to save the amount you need. After all, the best way to save for a house is to formulate a budget that helps you work towards your house saving goals step by step. Soon enough, you’ll be turning the key and stepping into a home you love.
Step 1: Calculate Your Down Payment and Timeline
When figuring out how to save for a house, you may already have a savings goal and deadline in mind. For instance, you may want to save 20 percent of your home loan cost by the end of the year. If you haven’t given this much thought, sit down and crunch the numbers. Ask yourself the following questions:
What is your ideal home cost?
What percentage would you like to contribute as a down payment?
What are your ideal monthly payments?
When would you like to purchase your home?
How long would you like your term mortgage to be?
Asking yourself these questions will reveal a realistic budget, timeline, and savings goal to work towards. For instance, say you want to buy a $250,000 house with a 20 percent down payment at a 30-year loan term length. You would need to save $50,000 as a down payment; at a 3.5 percent interest rate, your monthly payments would come out to be $898.
Step 2: Budget for the Extra Expenses
Just like a new rental, your home will have fees, taxes, and utilities that need to be budgeted for. Homeowners insurance, closing costs, and property taxes are a few examples of cash expenses. Not to mention, the cost of utilities, repairs, renovation work, and furniture. Here are a few more expenses you may have to save for:
Appraisal costs: Appraisals assess the home’s value and are usually ordered by your mortgage lender. They can cost anywhere from $312 to $405 for a single-family home.
Home inspection: A home inspection typically costs $279 to $399 for a single-family home. Prices vary depending on what you need inspected and how thorough you want the report to be. For instance, if you want an expert to look at your foundation, there will likely be an additional cost.
Realtor fees: In some states, the realtor fee is 5.45 percent of the home’s purchase price. Depending on the market, the seller might pay for your realtor fee. In other places, it might be more common to contract a lawyer to look over your purchase agreement, which is usually cheaper than a realtor.
Appraisal and closing costs: Appraisals assess the home’s value and are usually ordered by your mortgage lender. They can cost anywhere between $300 and $400 for a single-family home.
Step 3: Maximize Your Savings Contributions
Saving for a new home is easier said than done. To stay on track, first create a savings account that has a high yield if possible. Then, check in on your monthly savings goal to set up automatic contributions. By setting up automatic savings payments, you may treat this payment as a regular monthly expense.
In addition to saving more, spend less. Evaluate your budget to see what areas you could cut down or live without. For instance, creating your own workout studio at home could save you $200 a month on a gym class membership.
Step 4: Work Hard for a Raise
One of the best ways to boost your savings is to increase your earnings. If you already have a job you love, put in the extra time and effort to earn a raise. Learning new skills by attending in-person or virtual training seminars or learning a new language could increase your earning potential. Not only could you land a raise, but you could add these skills to your resume.
Sometimes, putting in the extra effort doesn’t always land you a raise, and that’s okay! When getting a raise is out of the question, consider looking at other opportunities. Figure out which industry suits you and your skillset and start applying. You may end up finding your dream job, along with your desired pay.
Step 5: Create More Streams of Income
Establishing different income streams could help your house savings budget. If one source of income unexpectedly goes dry, having other sources to cut the slack is helpful. You won’t have to worry about the sudden income change when paying your monthly mortgage.
For example, creating an online course as a passive income project may earn you only $5 this month. As traffic picks up, your monthly earnings could surpass your monthly income. To create an abundant financial portfolio, there are a few different ways to do so:
Create an online course: Write about something you’re passionate about and share your skills online. Sell your digital products on Etsy or Shopify to earn supplemental income.
Grow a YouTube channel: Start a YouTube channel and share your skills to help others within your industry of expertise. For instance, “How to start a YouTube channel” could be its own hit.
Invest in low-risk investments: From CD’s to money market funds, there are a few types of investments that could grow your cash with low risk.
Step 6: Pay Off Your Biggest Debts
Before taking on more debt like a mortgage, it’s important to free up your credit usage. Credit utilization is the percentage of available credit you have open compared to what you have used. If you have $200 in debt, but $1,000 available on your credit card, you’re only using 20 percent of your credit utilization. A higher credit utilization could potentially hinder your credit score over time. Not only can paying off debts feel satisfying, but it could also increase your credit score and prepare you for this next big purchase.
To pay off your debts, create an action plan. Write out all your debt accounts, how much you still owe, and their payment due dates. From there, start increasing your payments on your smallest debt. Once you pay off your smallest debt in full, you may feel more motivated to pay off your next debt account. Keep up with these good habits as you take on your mortgage account.
Step 7: Don’t Be Afraid to Ask For Help
Whether your touring homes or want help adjusting your budget, don’t hesitate to ask for help. If you’re trying to figure out what your budget should look like, research budgeting apps like Mint to build a successful financial plan.
If you’re curious about additional mortgage expenses, your budget, or investment opportunities, reach out to a trusted professional or utilize government resources. Not only are they able to help you prepare for your next big step, but they could also help you and your finances in the long term.
Step 8: Store Your Savings in a High Yield Saving Account
While you may have a perfect budget and a home savings goal, it’s time to make every dollar count. Before you add to your account, research different savings accounts and their monthly yields. The higher the yield, the more your savings could grow as long as your account is open.
In September of 2020, the national average interest rate on savings accounts was capped at 0.8 percent. If you were to deposit only $100 into a high yield savings account with an APY of 0.8 percent, you could earn $80 off your investment over the year. This helps you save extra money by just putting your money into a savings account.
In Summary
First, set a savings goal to match your estimated down payment and mortgage monthly payments. Then add your contributions to a high yield savings account to grow your money overtime.
Don’t forget to budget for extra mortgage expenses like appraisal costs, home inspections, realtor fees, or closing costs. Keep in mind, your monthly utilities and fees may also be more expensive than your current living situation.
Prepare for the additional costs by increasing your earning potential and optimizing additional income stream opportunities.
Free up your credit utilization by paying off as much debt as possible before buying a house. Keep up these good habits throughout the length of your mortgage term.
When you purchase a home, you’re building a piggy bank for your future. Every month you pay your mortgage, you pay part of it to yourself because you own the home. Instead of paying rent to someone else, you reap your own investment when you sell. Most importantly, though, you’ll have a place that’s truly your own.
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In one of my favorite American online forums, someone asked an interesting question, Which is the one thing on which most or almost all Americans have the same opinion? Here’s what Americans are saying. 1. Loathing Telemarketers and Spammers Americans irrefutably cannot stand telemarketing, spam calls, and pop-up advertisements. However, one user informs the thread … Read more
Amazon and other leading ecommerce giants have changed the shopping experience in recent years. Easy one-click buys and same-day delivery are what 80 percent of shoppers now look for when shopping. This ease earned Amazon $96.15 billion in yearly revenue by the end of September 2020 â all while the COVID-19 pandemic continued. Stay-at-home orders
The post Buying Local Statistics for 2021: Survey Finds 70% of Americans Shop Small appeared first on MintLife Blog.
Away from Mom this Motherâs Day? Whether you live across the country or state from dear old Mom and canât treat her to brunch, you likely want to send more than a text. Whateverâs keeping you and Mom apart this Motherâs Day, May 8, there are plenty of ways you can show her you love [â¦]
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
When it comes to helping out small businesses, cash is king. The best way to make sure your local mom-and-pop bookstore or coffee shop stays in business is by shopping there as possible. But for those of us on a…
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The post 6 Budget Friendly Ways to Support Small Businesses appeared first on MintLife Blog.
