Many people are turning to the option of living with a roommate to help balance out the financial strain of rental prices. Make sure you find the right one.
Since living with someone else can turn out as a pretty terrible experience sometimes, it’s important to vet out your roommates beforehand to avoid the bad ones. We’ve all heard the horror stories of piles of dirty dishes, the garbage that’s never taken out and late-night weekday parties. You may have even experienced these frustrations first-hand.
If you haven’t looked for one before, you may wonder how to find a roommate. Fortunately, with social networks and technology, there are plenty of roommate finder apps to help your search. Here is a list of our favorites and tips for identifying what is the best roommate finder app and websites for you.
1. Roomi
Roomi uses an algorithm to match you up with a roommate that would best be suited for you. You answer questions about yourself, what you’re looking for in an ideal roommate and Roomi then works its magic to pair two matches together.
Roomi has users do quick background checks and gives the option to link social media accounts so both roommates can feel more confident and secure in the process. Once you’re ready to message a potential “roomi,” you can do so through the app so you don’t have to exchange any personal contact information until you’re ready.
2. Roomster
Roomster has listings in more than 192 countries and 18 languages. It connects potential roommates using personality traits, keyword searches and interests to help you find your ideal match.
Members can match based on testimonials from friends, hobbies, interests and questions answered through their profiles. Roomster allows users to link their social accounts, so this app tends to have more data to find the perfect match. Once you find a potential roommate that looks promising, you can connect with them through the Roomster mailbox.
3. RoomEasy
RoomEasy is kind of like the Tinder of roommate apps. With RoomEasy, you create a profile, add personal description tags from their system and browse roommate and apartment listings. You can also connect your Facebook profile and see if your potential new roommate and you have any mutual friends.
Once you find something that interests you, you’ll “like” your favorite places or potential roommates’ profiles, and if they “like” yours, you’ll be matched. Once you’re matched, you can connect through the chat app.
4. SpareRoom
SpareRoom claims it is the busiest roommate app, with a roommate match being found every three minutes on its platform. What really sets SpareRoom apart from some other roommate apps is that it has a team of real people that screen each and every ad on SpareRoom so you can ensure listings are safe and verified.
This app even hosts speed room-mating events where you can meet up with people in your community and go through a roommate speed date-like process to see if you find someone you mix well with.
5. BunkUp
BunkUp is a pretty cool app that will help you find a roommate and an apartment. With BunkUp, much like the other apps, you fill out details about yourself and what you’re looking for in a roommate and are you’re matched or “BunkedUp.”
You can look for someone to move into your open space, move into a vacant room someone else is offering or find a new roommate to look for an entirely new apartment with. BunkUp even has agents that will help you find a new apartment.
6. Circle
Circle allows you to create a profile as either someone looking for a roommate to move into your place or as someone searching for a new place to live. It shows your potential roommates based on your profile and specifications.
It even “verifies” users, which means that a user has an authenticated driver’s license connected to their profile and they’ve passed a background check. Circle always shows you the “verified” potential roommates before all others, so you know that those who show up higher on your list are real people that aren’t trying to pull a scam. You’ll also be able to chat with potential roommates and ask questions to see who you get along with best to create a positive living environment.
7. Cirtru
Website only
Cirtru has truly adapted to the digital age. It allows users to take virtual tours within the platform so you can check it out safely from wherever you are. This makes it easy to both find a roommate to fill a vacancy in your home or look for an empty room to move into.
Cirtru is especially useful for animal lovers and owners as it allows you to set your preferences based on many criteria, including pet-friendly rentals and pet-welcoming roommates.
8. RoomieMatch
Website only
RoomieMatch is all about safety. It uses human “Scam Busters” to review submissions and listings, including an IP address location check to share the actual city in which people are, so you won’t deal with many scammers. Plus, your personal info is stored offline, instead of inline, so it can’t be accessed by online hackers and spammers
As a user, you can set your RoomieMatches based on gender, sexual orientation, lifestyle choices (like smoking/non-smoking), age and pet-friendliness.
9. Diggz
Website only
Diggz matches you with roommates based on a variety of factors connected with your profile, like your lifestyle, personality and personal preferences. You’ll be able to “like” other profiles that you’d be interested in rooming with. It’s similar to dating apps where you only talk to people that you “like” and who “like” you back.
Diggz works for almost any situation, whether you’re looking for a new roommate to move in with you, you want to move in with someone else or you want to search for a new place with a new roommate.
10. Roomaters
Roomaters uses more than the preferences you set for finding a roommate. Users take a personality test that helps when matching them with potential roommates.
Plus, you’ll get to input your interests, hobbies and a bit about what kind of roommate you are (social, introverted, messy, neat freak, etc.). So whether you like music, art, rock climbing or superhero movies, you can find someone you’ll enjoy living with.
Ask the right questions before sharing a living space
No matter where you source your new roomie, it’s essential to pose some hard-hitting questions aimed at gaining insights into their way of life and financial well-being. Here are several queries to initiate the conversation:
What qualities are you seeking in a roommate?
Are you thinking about a month-to-month rental arrangement, or are you leaning towards a longer commitment, such as a year?
Could you provide an overview of your typical work hours?
Do you share your living space with any pets?
What are your usual waking and sleeping hours?
How do you typically spend your leisure time?
Are there frequent visitors in your social circle? If so, who usually comes around?
Is smoking or alcohol consumption part of your routine?
Do you have any significant food or animal-related allergies?
Are you planning to bring along any furniture items? Do you have a need for parking space, perhaps a garage? What is your approach to maintaining cleanliness and tidiness around the house?
Roommate finder apps pair you with the right person
With so many roommate finder apps out there, it’s easier than ever to locate a perfect roommate — or at least a good one. Gone are the days of blindly showing up at someone’s place or finding a creepy classified ad in the paper. If you’re looking for the ideal roommate, give one of the above apps or sites a try.
…And Rent. pairs you with the right apartment
Maybe you already know who your potential roommate will be but you’re still looking at apartments together. We can help with that, too. Just type in your target city to get started, then filter by price range, pet-friendly apartments and more to help you decide.
Morgen Henderson is a writer who grew up in Utah. She lived in the Dominican Republic for a year and a half, where she was involved in humanitarian service. Some of Morgen’s work has appeared in State of Digital, The Next Scoop and TechPatio. In her free time, she loves to travel, bake, master DIY projects and improve her Spanish skills.
There are plenty of trends that used to be mostly popular among the low-middle income people that changed when they became popular with rich people. Whether it is a band, a clothing style, or a hobby, nothing remains the same once wealth and status get involved. But what are some of the things that poor people loved before they were spoiled by the wealthy? Here, we look at 20 things that once brought joy to those without much money—until their newfound popularity caused them to be re-crafted as symbols of luxury and extravagance.
1. Industrial, Warehouse Apartments
One user shared, “Living in warehouses in the industrial, rundown side of town.”
Another user agreed and commented, “Yes! They tore down all the real lofts to build condos they call lofts.”
2. Etsy
“Etsy,” posted one user.
Another user commented, “There are SO many accounts for cheap stuff from China that you could get on many other websites as well. No, I come to Etsy for homemade stuff and to support artistic individuals.”
One user added, “Yep, I remember trying to avoid the temptation of Shein by almost buying some unique pearl belly dance waist chains from there for 20 dollars. Dear reader, they were from Shein, without the tags and with a hefty 200% price increase. Thank God for the reviewer who exposed them.”
3. Food banks
One Redditor unfolded the riches’ hack and posted, “Food banks. My local food bank put out a news article basically saying that rich people need to stop using the food bank as a ‘life hack’ to lower their grocery bills.”
One user grasped and commented, “OMG. That’s so evil. Some people really have no conscience.”
4. Living in Arty Neighborhoods
One Redditor shared, “Living in arty neighborhoods.”
Another user replied,” This is what I was looking for. Creative poor people have been investing in poor neighbourhoods forever. They use their talent to make it an excellent place they enjoy living in. The rich say, ‘Hey, I want to be cool, let’s buy this.’ And then they price the poor out of the haven they created and turn it into a stale, crowded, overpriced place. TL;DR—Gentrification”
5. Champion Brand Clothes
“Champion brand clothes. I had a lot when I was a kid because it was the cheapest possible, and now all that s- is considered ‘vintage,’” posted one user.
Another responded, “Reminds me of Fila and Puma.”
6. eBay
An online Redditor commented, “Ebay. It used to be so useful to get all kinds of cheap or unique things. Then more and more big commercial sellers joined the club, and eventually, eBay itself forgot about what and who made their platform a success in the first place.”
“I’ve had my eBay account since ’98 when you had to send physical checks/money orders through the mail. It felt like an online flea market or garage sale where you’d get to know certain buyers and sellers. Feedback was critical, and you never bid on something you didn’t plan to buy because any hit to your reputation was a huge deal.
“It was a nice little collecting community until they allowed resellers of knock-off goods in and turned the whole thing into another Amazon. I occasionally still sell collectibles, but the number of people who don’t bother paying is huge now. I miss old eBay,” stated one user.
7. Blue-Collar Residential Neighborhoods
One user also shared, “Blue-collar residential neighborhoods in the city.”
Another user commented, “Yes! This is my answer, too. Not just houses in general but poor neighborhoods, in particular, are being f- over. You can see the tale here in the property history on Realtor.com. Lots and lots of houses were previously on the market for $50,000, bought, and then flipped and listed for $250k to $300k in a ZIP code where the median income is $34.5k, a good $20k less than the median income for the city. Shockingly, no one wants to spend $300k for a s- remodel in the ‘hood, so most of these houses sit empty unless/until they’re put on Airbnb.”
One added, “I think the problem with gentrification in the US is twofold: a failure to provide a path to ownership for often at-risk residents (which leads to slumlords) and a failure to protect the at-risk pop who DO own property from massive tax hikes.
“No one is opposed to tearing down condemned houses and building new ones, but the neighbours who have been there should not get affected by massive tax increases.”
8. Rural Lake Cabins
“Quiet out-of-the-way country cabins sitting by lakes. Now they are overpriced Airbnbs,” posted one user.
Another user commented, “I’d even say Airbnbs themselves. They started as a potentially cheap alternative to hotels run by people with extra space they aren’t doing anything with. Now people build guest houses specifically for Airbnb and treat It like a full-on rental.”
One user suggested, “If you do decide to go to an Airbnb as a getaway, I’d recommend looking for one on a farm. From what I’ve seen, they’re usually run by the farmers as a sort of side gig and not some company or wealthy person.
“The last one I went to was out in the middle of nowhere with like 70 acres that you’re free to explore, and it was actually at an animal rehabilitation center. They rented out their spare room as an Airbnb as a way to bring in more money to put towards the animals. It was insanely cool.
“They had a ton of animals that were being rehabilitated. The living room had a giant window that looked straight into the snow macaque enclosure. It was their inside feeding area, so you could watch them chill and eat like 2 feet away. There was a flock of chickens that would follow you around; most of them were bald or had b-m legs or other issues that would get them slaughtered at a farm. There were storks, peacocks, a very playful otter, spider monkeys, a d-head heron that kept pecking at my boots, boxes, and a lot more, but they even had tigers. Apparently, they were rescued from a carnival and couldn’t be released into the wild. It was so calm and also sweet to know that you were contributing a bit just by staying there.
“Edit: guess I should’ve included it in the original comment. It’s called ‘The Suite at the Ridge’ in Hocking Hills, Ohio. The Airbnb itself wasn’t crazy lovely or anything, but it was perfectly fine, and you’re there to be around the animals anyways. Unfortunately, I can’t post pictures here because I have some I’d love to share.
“Edit 2: I can’t seem to get the listing to show up in a search, only by looking through messages and it says that the host ‘no longer has access to Airbnb’ so I’m not sure what happened. We went in January, so it wasn’t even a year ago. But if you want to look at other sites, the sanctuary is Union Ridge Wildlife Center.
“Edit 3: Don’t Google the name of the wildlife center unless you want my happy post to become a sad post. Turns out it wasn’t as wholesome as I thought it was.”
9. Van Life and Tiny Houses
One online user stated, “Van life and tiny house living.”
Another user replied, “It’s like they gentrified the trailer park.”
Another user commented, “Not where I live. We still have proper trailer parks loaded with meth, pit bulls and domestic violence.”
10. Modernizing a Historic Home
A user commented, “Buying a “fixer-upper” home and spending weekends working on it. I was really looking forward to that.”
One user responded, “I’ve seen so many nice period houses completely gutted on the inside by modern renovations. If I buy a 1930s house, I don’t want a stupid Scandinavian minimalist interior!”
11. Thrift Shopping
“Thrift shopping. I’m not *thrifting* I’m f- broke,” one user commented.
Another user added, “Sometimes I feel like it’s cheaper to buy clothes at Target or Walmart brand new than it is to buy from a thrift store.”
12. Counterculture-Based Festivals
A Redditor stated, “Counterculture-based festivals. Burning Man was on my bucket list until rich folks started showing up with bodyguards and started establishing private zones.”
One user added, “Counterculture as a whole seems to be getting gentrified. In the Netherlands, there are a lot of places you can go to that have a ‘counterculture aesthetic’ or more specifically, ‘squat aesthetic’ but have exorbitant prices. Squatting used to be vast, and multiple venues in the Netherlands (like Paradiso and Melkweg) have their humble beginnings as a squat. Ruigoord, a village close to Amsterdam that got squatted 50 years ago, also completely lost its soul and is filled with yuppies.
“Counterculture is being gentrified, sanitized and sold back to people at exorbitant prices as something ‘new, weird and hip.’”
13. The Farmer’s Market
One user posted, “Going to the farmers market.” A user replied, “I went to a farmer’s market where only one vendor sold fruits and vegetables. There were three boutique honey stands and an old white lady selling ‘native’ art. St Philips Plaza in Tucson, for anyone who knows what I’m talking about. So dumb.”
14. Houses
“Houses. We poor people would work our entire lives to own one. Property became a great investment and a way to increase wealth, so rich people bought them. Not to live in as intended but to rent to the poor and keep them poor by renting so they will never be able to save enough to afford their own.” a user added to the thread.
15. Fajitas
One Redditor shared, “Fajitas. I remember being able to get skirt steak really cheap and sometimes for free.”
One user replied, “That goes for any ‘cheap’ cut of meat.”
16. Pickup Trucks
“Pickup trucks. They used to be much cheaper,” one user posted.
Another user replied, “They’re luxury minivans now.”
17. Unrestricted Land
One user posted, “Unrestricted land. Everything gets an HOA now, and they try to force you into their jurisdiction.
“My family fought an HOA targeting my grandmother’s house. She had lived there for ten years before the HOA was even an idea, or the new area with big houses was cleared for construction before that.
“We ended up having Rock in her house, skirting, and rock under her deck due to insufficient money to fight an HOA she never signed on to.
“If an HOA comes out where I live (which might happen in the next 15 years), I will fight them tooth and nail for spite alone.”
18. Cheat Cuts of Meat
“Off cuts of meat,” shared one user.
Another user replied, “I remember when chicken wings were 10 cents because they could not give them away. Now, they are an industry. They break a wing in half and call it two wings.”
19. Concerts and Festivals
One user shared, “Concerts and festivals.”
Another Redditor added, “I agree with this one. I have lost all interest in the concert/festival experience.”
20. Brisket Burnt Ends
“Brisket burnt ends. BBQ joints used to toss them or give them away for free,” One commenter added.
Another user replied, “BBQ used to be poor people’s food. Nobody wanted to eat ribs and brisket because they are hard to cook. Now every upper-middle-class person has a smoker, and BBQ costs an arm and a leg.”
Do you agree with the things listed above? Share your thoughts below!
Source: Reddit.
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Purchasing a home can be a daunting task, especially for first-time homebuyers. There is often a great deal of pressure to find a home that meets your preferences and is in good condition, as well as obtaining approval for a mortgage. Even those with experience in real estate may feel overwhelmed by the process.
Plus, even if you find the home of your dreams, you still have to put in an offer and hope that it’s accepted with no competition from other buyers.
Luckily, there’s a way to not only stand out from other home buyers, but also to expedite your mortgage approval process. By getting preapproved for a mortgage before you even put in an offer on a home, you can significantly increase your chances of having your offer selected.
The Basics of Mortgage Preapproval
A mortgage preapproval refers to a letter from your lender indicating that you meet the standards for a mortgage loan within a certain price range.
The lender has thoroughly reviewed your credit history, income, and other financial indicators and put them through the automated underwriting system. Mortgage preapprovals are typically valid between 60 and 90 days.
Why Mortgage Preapproval Matters for Homebuyers
There are a couple of benefits to getting preapproved in advance of viewing houses. One of the most significant factors is that it strengthens your offer when bidding on a home that you love.
Many deals fall through because of financing issues, even after the seller accepts an offer. If you have a preapproval letter to submit as well, the seller knows that the deal is more likely to close by accepting your offer than someone else’s.
Furthermore, real estate agents typically want to see that you’ve been preapproved before they show you houses. They don’t want to waste their time showing clients houses if they cannot buy a home.
Mortgage Preapproval Letter
Getting a mortgage preapproval letter also gives you a chance to see how large of a home loan you’ll be approved for, helping to narrow down your home search to the suitable price range.
You’ll also find out what types of home loans you qualify for, whether it be a conventional, FHA, VA, or other type of mortgage. Some of these loans have certain restrictions on the type of property you can purchase and what condition it must be in. Some also require a certain down payment percentage.
The content of a preapproval letter may vary depending on the lender. Generally, the letter includes details such as the purchase price, loan program, interest rate, origination fees, loan amount, down payment amount, expiration date, and property address. This letter is typically included with an offer to purchase a new home.
Private Mortgage Insurance
If your down payment is less than 20%, you’ll likely have to pay private mortgage insurance (PMI), which is also based on the loan amount. Getting preapproved helps you financially prepare for the full cost of your new home and your monthly mortgage payment.
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Once you determine your target loan amount, you’ll know what your monthly principal, interest, and mortgage payments will look like. When you know that, you can then look at individual properties to determine how much property tax and even homeowner’s insurance you’ll need to tack on to each month’s payment.
You need to consider all of your fees before finalizing your maximum home price. Otherwise, you could be unpleasantly surprised when you get your first mortgage bill.
Getting Ready for Mortgage Preapproval
Before you talk to a lender about getting preapproved for a mortgage, the best thing to do is to check both your credit report and credit score.
Get Your Free Credit Report
You can access your credit reports from each of the three credit bureaus for free once every twelve months. So get started a few months before you’ll be house hunting to give yourself time to address any issues.
Dispute Negative Inaccuracies
You might have outdated information lingering on your credit report or even incorrect items. The dispute process can take some time. You want to make sure your credit score is as strong as possible. That way, you can get approved and get the best mortgage rates possible when the time comes.
Check Your Credit Score
There are a couple of free websites like Credit Karma that provide you with access to your credit score. It might not be the same credit score your lender will use, but it still lets you know what ballpark you’re in. If your credit score is lower than you’d like to see, you have time to make some quick fixes.
For example, you can get a higher credit card limit to decrease your credit utilization ratio or pay down extra debt to lower your debt-to-income ratio. A little planning can help strengthen your chances for preapproval before you even contact a lender.
How to Get Preapproved for a Mortgage
When you’re ready to start the mortgage preapproval process, the loan officer will ask you for several pieces of information. You will need to provide income tax returns from the past two years, pay stubs to verify your employment and gross monthly income, and bank statements.
You’ll also have to provide your Social Security number and sign a form giving the lender permission to perform a hard inquiry on your credit report.
At that time, the lender will also perform a credit check and review your credit score to use in the evaluation process. Because underwriting systems are now automated, you can get preapproved in a matter of minutes.
Possible Outcomes
When the underwriting process is completed, you’ll either receive one of four responses.
Here’s what they are and what they mean:
Approved: your initial mortgage preapproval has gone through with no conditions.
Approved with conditions: you must complete additional steps before getting approved (for example, providing extra income verification to the lender.)
Suspended: you must answer additional questions before the underwriter determines whether you’re approved.
Declined: your application did not get approved.
Many mortgage lenders state that it’s actually quite rare to be preapproved for a mortgage with no conditions on your first attempt. So, don’t be disheartened if this happens to you—you’re in good company!
Even a suspended application isn’t the end of the road. And if the lender declines your mortgage preapproval, make sure to ask them why so that you can take targeted steps to improve the weak areas in your application.
Mortgage Prequalification vs. Preapproval: Clarifying the Differences
When you first contact a lender about qualifying for a mortgage, you’ll probably discuss your basic financial picture to help you determine how much of a loan you’re likely to get approved for.
Mortgage Prequalification
This is referred to as prequalification for a home loan. The mortgage lender doesn’t access your credit report or request financial documentation. Instead, they give you an idea of loans you’d qualify for based on the information you provide.
If you provide false information, your mortgage application will definitely fall apart in the underwriting process, so it’s important to be honest and as accurate as possible. Otherwise, it’s a waste of your time. Getting prequalified is a smart move to inform yourself of your mortgage options, but it’s not strong enough to submit with an offer on a house.
Mortgage Preapproval
On the other hand, getting preapproved for a mortgage prove to sellers that you’ve already been through the preliminary underwriting process, and your financing is likely to go through all the way.
In this instance, you submit all necessary financial documentation to your lender. Not only does it strengthen your offer when you find a home you like, but it also speeds up the next steps in the mortgage process so that you can close more quickly.
Choosing the Right Mortgage Lender
Getting a prequalification before a preapproval may seem like an unnecessary step, but it’s a great way to interview the lender as much as they’re interviewing you.
At the end of the day, mortgage lenders compete for your business, so don’t just choose the first one who gives you a prequalification or preapproval. There are several factors to consider before you make this critical decision. You should speak to multiple lenders and compare interest rates and loan options to find the best one for your financial situation.
Comparing Interest Rates
Start with an interest rate comparison. You should be able to get quotes based on your basic financial information without the lender performing a hard pull on your credit report.
Furthermore, consider how much money the lender says you can afford. They don’t know how much your other bills are or how much you’re comfortable spending.
If they try to pressure you into a loan amount that seems like it would be too expensive based on the monthly payments, they may not have your best interests at heart. A good lender wants to make sure you can afford your payments every month and is transparent about costs beyond your principal and interest.
Mortgage Rate Lock Float Down
You can also ask lenders what kind of perks they offer. For example, some give their clients one free float down before closing. This means, if interest rates have dropped since you locked in your rate, you can get that lower rate without having to pay any additional fees or points.
Others offer discounts on closing costs to clients in public service professions, such as teachers, police officers, and firefighters. Even if a particular lender doesn’t offer any of these services, you can reference another one that does to negotiate your own special deal.
Mortgage Preapproval Checklist
Check your credit report and credit score.
Find a trustworthy lender.
Get prequalified to find out what types of loans you’re eligible for.
Gather financial documentation, such as pay stubs, bank statements, W-2s, and income tax returns from the last two years.
Apply for a preapproval letter to seriously begin your home search.
Frequently Asked Questions
What factors are considered for mortgage preapproval?
Lenders will take a look at your credit score and verify your employment and income. They will also consider your debt-to-income ratio (DTI), which is the percentage of your monthly income that goes towards paying off debts.
To get a mortgage, it is generally advisable to have a DTI of 50% or lower. The required DTI for a loan may vary depending on the type of loan you are seeking.
Why should I get preapproved by more than one lender?
By applying to multiple lenders, you can compare interest rates and fees to find the deal with the most favorable terms. This can save you a lot of money over the life of the loan.
To find a mortgage that works for your financial situation, you should do your research and weigh all of your options.
Can I get preapproved for a mortgage online?
Yes, it is possible to get preapproved for a mortgage online. Many lenders allow you to provide your financial information and documentation through the lender’s website or over the phone.
You will typically need to provide the lender with information such as your monthly income, monthly debts, and credit history. After reviewing this information, the lender will determine how much they are willing to lend you and provide you with a preapproval letter.
Does mortgage preapproval guarantee a loan?
No, getting preapproved for a mortgage does not guarantee that you will receive a loan. The lender will still need to evaluate the property you are interested in buying and your financial information at the time of the loan application.
How much house can I afford?
There are several factors to consider when determining how much house you can afford, including your income, debts, down payment, and the type of mortgage you can qualify for. A general rule of thumb is to aim for a home that costs no more than three to five times your annual household income.
To calculate how much you can afford, you’ll need to consider your debt-to-income ratio (DTI). This is a measure of how much of your income goes towards paying off debts. Lenders typically look for a DTI of 50% or lower when determining how much you can borrow.
You’ll also need to consider your down payment and the type of mortgage you qualify for. A larger down payment can help you qualify for a better mortgage rate, and a shorter loan term (such as a 15-year mortgage) can also lower your monthly payments.
It’s a good idea to work with a lender to get a more detailed assessment of how much you can afford. They can help you understand your options and guide you towards a mortgage that works for your budget.
Can I get preapproved for a mortgage with bad credit?
It may be more difficult to get mortgage preapproval with bad credit, but it is not impossible. Some lenders may require a higher down payment or charge a higher interest rate for borrowers with lower credit scores.
Dancing aliens rejoice. The ads are back. Apparently dreams do come true sometimes.
A few weeks ago, a blogger from the New York Times had commented that the silly dancing aliens, grooving silhouettes, and freaked out office worker advertisements had mysteriously disappeared from websites across the Internet.
The omnipresent, mostly obnoxious ads were part of a mortgage campaign by LowerMyBills, an Experian company that specializes in lead generation, including the lucrative home loans space.
Their disappearance was attributed to the ongoing credit crunch, and their relative popularity (or perhaps notoriety) was clear when the company began cutting back on online advertising geared toward mortgages.
A LowerMyBills company spokeswoman denied any such cutbacks, but said it was possible for the company to shift ad spend from time to time to other segments of their business, such as comparison shopping.
Many fretted that the mortgage lead business was on the way out after the infamous ads finally disappeared.
Nonetheless, the dancing alien ads are back, and they should be enough to help disgruntled mortgage enthusiasts crack a smile in this down housing market.
A Feel-Good Story
For some downtrodden folks
The return of the dancing aliens
Is the one bright spot
In an otherwise bleak reality
Finally, a feel-good story in the mortgage industry. We’ve waited a long time for this.
If you’re not familiar, you’ve probably seen the ads at some point, one where a green alien is doing some kind of Macarena-esque dance, or possibly the “office freak out” where dancing women are suddenly caught off guard.
Though the ads have returned, they seem to have been altered slightly, and I’m not talking about a new set of dance moves.
The ads used to say, “Mortgage Rates Fall Again!”, but were later changed to read, “House payments fall again!” after mortgage rates continued to rise.
But the latest set of ads I’ve seen simply state, “See today’s mortgage rates.”
The ad pictured above is an old screen-grab from a previous ad campaign…
LowerMyBills was acquired by credit bureau Experian in 2005, and bills itself as the #1 online mortgage advertiser. I wouldn’t doubt it given how ubiquitous they are.
In early 2017, Detroit-based Rock Holdings, Inc., which is the parent company of Quicken Loans and its newer venture Rocket Mortgage, announced that it had signed an agreement to acquire Los Angeles-based LowerMyBills.
Let’s hope they bring the aliens back to planet Earth some time soon!
When it comes to racial inequity, a recent report from the Brookings Institution highlights some good news along with a concerning trend: Black wealth is increasing, but so is the racial wealth gap.
The report analyzed data from the Federal Reserve’s October 2023 Survey for Consumer Finances , a comprehensive survey on household wealth in the U.S. that is updated every three years. Household wealth measures the total value of assets a family owns (such as housing and business equity) minus their debts (such as student loans and credit card bills). Let’s take a closer look at the numbers.
Between 2019 and 2022, total wealth increased for all racial and ethnic groups, including Blacks. Median Black wealth increased from $27,970 to $44,890 but continued to lag behind other racial groups. In 2022, median wealth was approximately $62,000 for non-white Latino or Hispanic households and $285,000 for white households.
This means that in 2022, for every $100 in wealth held by white households, Black households held only $15.
Even more concerning: The nation’s racial wealth gap increased between 2019 and 2022. During that time, median wealth increased by $51,800, but the racial wealth gap increased by $49,950, resulting in a total difference of $240,120 in wealth between the median white household and the median Black household.
This gap has existed for a long time. Since 2010, the wealth disparity between Black and white families has continually expanded, the Brookings Institution notes, peaking in 2022. The divide largely stems from decades of systemic biases and structural barriers that have adversely impacted Blacks. Racial inequality in the housing, investment, debt, and credit markets has disadvantaged Black Americans’ ability to build, maintain, and pass on wealth. This has held true even as a healthy job market and rising home values have helped to boost Black wealth in recent years.
What Employers Can Do
While there is no magic bullet to end the racial wealth disparity, employers can use financial wellness programs to effectively narrow the gap. Offering the right tools and perks can give Black employees the opportunity to get a foothold in the housing market, accumulate savings, reduce their student debt, and build wealth over time.
Here’s a look at four programs that can help make your employees of color (along with all your employees) more financially resilient.
Promote Black Home Ownership
Owning versus renting a home contributes to wealth creation, but decades of discrimination in housing and credit markets have limited Black families’ access to homeownership. Only 44% of Black individuals own a home, according to the Brookings report, compared to nearly 73% of white individuals.
Offering benefits that promote employee home ownership can help bridge this gap and contribute to Black employee’s overall financial well-being.
Many employers are offering direct down payment assistance, such as paying a percentage of an employee’s down payment up to a maximum, or offering a loan that may be forgiven over a period of employment. This type of benefit is ever more appreciated in today’s inflated housing market, where mortgage rate hikes and limited inventory have caused down payment costs to swell.
Another way to help first-time Black home buyers is to offer counseling on accessing government-sponsored grants and low-interest loans designed to help first-time buyers cover down payments and closing costs. You might consider teaming up with local mortgage experts, financial counselors, and real estate pros (ideally from the Black community). They may offer free seminars and reduced fees and commissions for their services in return for a large pool of potential clients.
Recommended: Considering Housing Assistance Benefits? You Can Fight Discrimination Too
Provide Emergency Savings Support
On balance, Black households have a fraction of the wealth of white households, leaving them in a much more precarious financial situation when a crisis strikes. Wealth allows households to weather a financial emergency such as a loss of income or a family member’s illness.
A growing number of employers now offer ways to help employees bolster their backup savings so they’re able to meet unexpected expenses without racking up high-interest debt. This can provide all employees, and especially workers of color, increased financial stability and a foundation from which they can build long-term wealth. Having an emergency savings account can help employees feel more comfortable saving for retirement since they have funds set aside in case of emergency.
To encourage employees to prioritize emergency savings, consider offering an automated emergency savings program that allows them to make paycheck contributions to a dedicated account — possibly with a company match. You may also want to explore the new workplace emergency savings program linked to retirement accounts called PLESA (pension-linked emergency savings accounts) that went into effect on January 1 as part of the SECURE 2.0 Act.
PLESAs are designed to help employees increase their emergency savings while simultaneously saving for retirement. How it works: Employers can now offer non-highly compensated employees an option to link their retirement plan to an emergency savings account. Employees may make Roth (after-tax) contributions until the account maxes out at $2,500 (or a lesser limit established by the employer). After that, additional contributions can be directed to the employee’s defined contribution plan or put on hold until the balance falls below the limit, at which point the employee can start contributing again.
Balances in an emergency savings account are eligible for distribution at least once per month and the first four distributions in a year must be free from any distribution fees.
Recommended: How Much Should Your Employees Have in Emergency Savings?
Help Close the Investment Gap
Investing in the financial markets, and especially the stock market, has historically been a major way to build wealth, and many Americans today invest this way through defined contribution retirement savings plans such as 401(k)s. However, stock equity was the area with the largest disparity in wealth growth among races, according to the Brookings report. Indeed, stock equity makes up nearly 30% of white wealth but only 4% of Black wealth.
Targeted and effective financial planning and investing counseling can help Black employees more easily access the equity markets. To incentivize Black (as well as all) employees to start investing sooner rather than later, consider offering a 401(k) match — that free money can prompt workers to enroll and boost their contributions. You might also use a default opt-out feature, which automatically enrolls workers in your retirement plan unless they choose not to participate by actively opting out. Additionally, think about offering retirement benefits to more employees (including new and part-time employees). Not imposing a lengthy qualifying work period encourages more workers to save for retirement and consider their financial futures.
Recommended: How to Support Your Low-Wage Workforce
Offer Student Loan Repayment Benefits
A college degree can be critically important to building a financially successful career, but student loan debt can delay the lifelong process of building wealth just as people are starting out in their careers. This is particularly true for Black college graduates, who owe an average of $25,000 more in student loan debt than white college graduates. Indeed, four years after graduation, black students owe an average of 188% more on their student loans than white students.
Racial disparities in student loan debt are a big part of the Black-white wealth gap. The student debt burden impedes the ability of Black graduates to build wealth in the same way as their white counterparts.
Employer-sponsored student loan repayment benefits can help bridge this gap, especially when they are targeted to employees who need them most. Two important benefits to consider:
• Student Loan Repayment Assistance Under the CARES Act, employers can now contribute $5,250 annually per employee toward tuition reimbursement or student loan payments on a tax-exempt basis through 2025. Employers can make the payments directly to their employees’ student loan servicers or lenders, or they can provide them to the employees themselves, who can then put them toward their student debt.
• Matching 401(k) Loan Payment Contributions Starting in 2024, the Secure Act 2.0 formally authorizes matching contributions for student loan repayment. This allows companies to match employees’ qualified student loan payments with contributions to their qualified retirement accounts. Employees can pay down student debt while still participating in retirement savings, including 401(k)s, 403(b)s, SIMPLE IRAs, and government 457(b) plans. This program can be a particular boon for Black employees, allowing them to pay down student debt while still participating in retirement savings, hopefully starting at an early age.
Recommended: How Does an HR Team Implement a Student Loan Matching or Direct Repayment Benefit?
The Takeaway
Employers can do their share to help bridge the racial wealth gap by offering the benefits and services that help Black employees in becoming investors as well as homeowners and reduce their student debt. This makes employers part of the solution to one of our nation’s most pressing and persistent challenges. SoFi at Work can help. We provide the benefit platforms and education resources that can enhance financial wellness throughout your workforce.
Photo credit: iStock/kate_sept2004
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Looking for the best jobs for single moms? Being a single mom can be hard because you have to manage both your job and taking care of your kids. There are not many hours in a day, so it’s probably important to you to find a job that pays you a good income and lets…
Looking for the best jobs for single moms?
Being a single mom can be hard because you have to manage both your job and taking care of your kids. There are not many hours in a day, so it’s probably important to you to find a job that pays you a good income and lets you take care of your children.
The good news is that nowadays, there are many stay at home jobs for moms. This means you don’t have to follow a strict 9-to-5 schedule, making it easier to balance work and family. There are also many in-person jobs that allow you to have a better schedule to match your children’s schedule (such as when they are in school!).
Whatever you may be looking for, there are many flexible jobs for single moms. Continue reading below to learn more!
Best Jobs for Single Moms
Below is a quick summary of some of the best jobs for single moms.
Bookkeeper – You can organize the finances for businesses and have flexible working hours. With quick training, entry-level bookkeeping jobs might start at around $20 per hour, but with experience, you could earn a lot more.
Blogger – Bloggers get to work from home and make their own schedule, which is great for anyone, including single moms.
Teacher – Teaching probably aligns well with your child’s school schedule. Whether full-time, substitute, or part-time, teaching can be a good choice.
Virtual Assistant – This job involves helping businesses with tasks online, and you can typically make your own schedule.
Childcare provider – If you enjoy taking care of children, providing childcare for others while watching your own can, at the same time, be a way to earn money.
Below, you can learn about each of these, as well as many more of the best jobs for single moms.
1. Blogger
Blogging is one of the best jobs for single moms, and this is because you can work from home, make your own flexible schedule, and be your own boss; these are all reasons why I think it’s one of the best jobs for single moms who stay at home.
Plus, to start, you don’t need a lot of stuff – just a computer and internet.
I do this myself while taking care of my daughter, Marlowe. Blogging lets me travel whenever I want, make my own work schedule, earn good money, write about topics I like, and I really enjoy having a blogging business.
I started Making Sense of Cents in 2011, and since then, I’ve earned over $5,000,000 with my blog. When I began, I didn’t know it would become one of the best jobs for stay-at-home moms. Now, blogging lets me have a flexible schedule and spend lots of time with my daughter. It’s been a great way to balance work and family for me.
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
In this free course, you will learn:
Why you should start a blog today
How to decide what you should write about
How to create a blog (this will go over the actual step-by-step process)
How to make income from your blog
How to get people to read your blog
And more!
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Want to see how I built a $5,000,000 blog?
In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
2. Day care (and bring your kid)
Finding a job that lets you bring your child along can save you childcare costs and watching other people’s kids is one way to do it.
You could start your own day care or find a job at a day care.
If you want to start a home day care, then you will want to check your state’s rules for home day cares, such as if you need a license. You’ll also need a safe space for children, as well as toys and games.
You could also try to find a job at a day care in your local area. Many day care centers allow you to bring your child, or they will give you a discounted rate to have your child attend the day care as well while you work.
Another option is to become a nanny or babysitter for a family that allows you to have your child there as well.
Starting a day care, working in one, or becoming a nanny/babysitter can be a win-win. You earn money and don’t worry about finding someone to watch your kid. Plus, your child gets to play and learn with other children.
Recommended reading: How to Make Money on Maternity Leave: 27 Real Ways
3. Sell printables
Selling printables is a great work-from-home business idea for single moms. This is because you can do this while your kids are sleeping or at school and earn passive income too!
Printables are digital files that people buy, download, and print themselves. These can include planners, calendars, wall art, grocery shopping checklists, weekly meal plans that someone puts on their fridge, and educational worksheets for kids.
You can sell your printables on websites like Etsy. This is a way to make money from home because you only need to make one digital file for each product, and you can sell it many times. You don’t have to print or send anything to your customers. You make the digital file; your customer buys it, downloads it, and takes care of the rest.
I recommend reading about this further at How I Make Money Selling Printables On Etsy to learn more about one of the best jobs for stay-at-home moms.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
4. Virtual assistant
As a single mom, you may be looking for a job that fits into your schedule. Working as a virtual assistant (VA) could be your answer, as you get to work from home and choose hours that work for you.
I’ve worked as a virtual assistant before, and I also have virtual assistants who help me with my business. Many parents have told me that a virtual assistant job is one of the best jobs for stay-at-home moms because it’s very flexible, and I agree!
A VA is someone who works from home as an assistant for someone else. Nowadays, many businesses can be operated from home, so it makes sense that an assistant can also work from home.
A virtual assistant can do tasks like managing social media accounts, formatting and editing content, scheduling appointments, handling travel plans, managing emails, and overseeing Facebook groups, among other things.
You can learn more at How Kayla Earns $10,000 Each Month From Home as a Virtual Assistant.
5. Freelance writer
If you’re a single mom looking for a job you can do from home, freelance writing might be a good fit for you. It’s a job where you write articles, blog posts, and sometimes even books for money. You don’t have to work in an office; you can write from anywhere, even your own kitchen table.
I have been a freelance writer for years, and it can be a great career choice for someone who wants to work from home.
When you’re just starting as a freelance writer, you might begin by writing articles that pay around $50 each or even more. However, the amount of money you can earn can vary a lot. You may be able to earn around $50,000 a year, and I know several freelance writers who are moms who make over $200,000 per year.
Many people are searching for freelance writers, and this job has a lot of opportunities for growth. It could be a great career to begin with.
Learn more at 14 Places To Find Freelance Writing Jobs – (Start With No Experience!).
6. Book author
If you love telling stories or sharing your knowledge, writing books could be an ideal job for you as a single mom. You get to create your own schedule and work from anywhere, even your home. Writing can be done at times that fit your schedule best, such as when your kids are at school or asleep.
For publishing your book, there are two options:
Traditional Publishing – You submit your manuscript to publishers. If a publisher likes your work, they will print, distribute, and market your book for you. In return, you’ll earn royalties from sales.
Self-Publishing – Platforms like Amazon Kindle Direct Publishing allow you to publish your book yourself. You control every aspect and get a higher percentage of the sales, but you also handle marketing and distribution.
The amount of money that you can make as a book author can vary by a lot. As a first-time author, getting published can be challenging, and earning substantial income takes time. If you self-publish and your book becomes popular, you could make a significant amount. But, this isn’t guaranteed.
Recommended reading: How Alyssa is making $200 a DAY in book sales passively
7. Graphic designer
Graphic design is a creative job that involves making artwork and visual designs. You might create designs for websites (like logos), advertisements, or printed materials like brochures and magazines.
Your work helps companies communicate with their customers through eye-catching and effective visuals.
This can be a great job for single mothers, as you may be able to find a work-from-home job as a graphic designer, or even start your own business where you can make your own flexible schedule.
Recommended reading: How To Make Money As A Digital Designer
8. Social media manager
Becoming a social media manager can be a great fit for single moms looking for remote work jobs.
Social media managers are in charge of social media accounts for businesses or people. Their job is to post on social media, reply to comments, and keep everyone interested.
This can include TikTok, Instagram, Pinterest, Facebook, X (formally known as Twitter), and more.
I have been a social media manager for companies, and it’s a great job that allows you to have a flexible schedule. That means you can work when it suits you – such as when the kids are at school or asleep.
9. Real estate agent
If you’re a single mom looking to balance work and family, becoming a real estate agent might be a great fit. As a real estate agent, you help people buy and sell homes.
To be a real estate agent, you just need a high school diploma and a license.
In 2021, the average pay for this job was $23.45 per hour, which is about $48,770 per year. But, there are many real estate agents who earn much more than this.
10. Proofreader
Proofreaders read documents and check for spelling, grammar, and punctuation errors, and they make sure everything is perfect before it gets printed or published online. They review books, articles, blog posts, social media content, newsletters, advertisements, and more.
If you want flexible work hours, proofreading is a good choice. Depending on your experience and the job’s complexity, you can earn between $20 and $50 per hour and more.
As a single mom, this job lets you balance work with looking after your kids. You can usually set your own schedule and work from home, which can make life a little easier.
You can read more at How To Become A Proofreader And Work From Anywhere.
There is also a FREE 76-minute workshop where you will learn more about how to become a proofreader with Proofread Anywhere. You can sign up for free here.
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This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
11. Bookkeeper
If you’re a single mom, becoming a bookkeeper might be a good option for you. Bookkeepers manage money records for businesses by keeping track of all the money that comes in and goes out.
If you work as an online bookkeeper, you could make about $40,000 or more per year. Typically, this involves managing finances for around 12 to 16 clients.
Being an online bookkeeper is great because you don’t need to be an accountant or have any prior experience. Also, virtual bookkeeping is a service that many people are looking for, so there’s a demand for it.
Recommended reading: Online Bookkeeping Jobs: Learn How To Get Started Today
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This free training will teach you what you need to know to become a virtual bookkeeper and make money from home.
12. Transcriptionist
As a transcriptionist, your job is to listen to audio or video files and type out what you hear into text. This is a task that you can do from home, making it a good option if you’re a single mom looking for flexible work.
One of the biggest benefits of this job is flexibility. You can usually choose when and how much you want to work (such as when your kids are sleeping or when they are at school). This can make balancing work and family much easier.
You need to be able to type quickly and accurately and attention to detail is important because you need to catch every single word.
Recommended reading: 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly
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In this free training, you will learn what transcription is, why it’s a highly in-demand skill, who hires transcriptionists, how to become a transcriptionist, and more.
13. Customer service representative
Customer service representatives help people by answering questions and solving problems on the phone or online, which means they can sometimes work from home.
On average, customer service representatives earn around $35,868 a year as an average salary. This will change depending on where you work and how much experience you have.
Some large companies like Apple, Progressive, U.S. Bank, American Express, and U-Haul hire customer service representatives who can work from home. This means you can do the job from the comfort of your own house.
14. Data entry clerk
Data entry clerks enter information into databases or spreadsheets. They type things like numbers and names into computers to keep everything organized and make sure records are correct.
Jobs in data entry usually pay about $15 to $20 per hour.
Recommended reading: 15 Places To Find Data Entry Jobs From Home
15. Dog walker or pet sitter
If you’re a single mom looking for a job that fits around your schedule, you may want to look into becoming a dog walker or pet sitter. This type of job lets you choose when you work, which is great for making sure you have time for your kids.
As a dog walker, you walk dogs for people who are busy or away from home. You might take them around the neighborhood or to a park. If you’re a pet sitter, you take care of pets while their owners are out of town or at work.
The money you make can vary. Some jobs might pay you each day, like $15 to $25 an hour or a flat rate per day like $75. How much you make could depend on how many pets you care for and how long you spend with them.
Rover is a great company that you can sign up with in order to become a dog walker and pet sitter.
16. BabyQuip
If you’re a mom looking for a flexible side hustle, BabyQuip might be worth looking into. It’s a service where you can rent out baby gear like strollers and car seats to traveling parents – starting is simple: apply online, and BabyQuip will guide you through the process.
As a mom after all, you probably already have a lot of baby gear that you can rent out to make money with.
With BabyQuip, you make money by renting out items you already own or plan to invest in for rentals. Because parents travel, the demand for clean and safe baby gear is always there.
People using BabyQuip can make about $1,000 a month on average, and some even earn more than $10,000 each month.
On BabyQuip, you can rent items like cribs, strollers, car seats, high chairs, toys, bouncers, books, hiking packs, and many other things.
17. Teacher
As a single mom, teaching can be a great career for you. As a teacher, you typically work while your children are in school as well, after all.
Most teaching jobs follow a traditional school year calendar. This means you usually have summers off, along with school holidays, which can help you spend time with your kids.
18. Doula
If you’re a single mom looking for a job, you may want to become a doula. A doula supports women during childbirth, but your work can also extend to helping moms after the baby is born.
They are there to give comfort, encouragement, and knowledge during the pregnancy journey, labor, and the postpartum period.
19. Tutor
If you’re looking for part-time jobs for single moms, then tutoring may be an option to look into.
If you’re a single mom who knows a lot about a specific subject like math, science, or a language, becoming an online tutor could be a smart choice. You can schedule sessions around your life and help students learn. You pick when you work, which is perfect when you have kids at home. You might teach early mornings, afternoons, or even nights.
You will need a quiet place to work, a computer, and a good internet connection.
Income as a tutor ranges, and you may be able to earn $20+ an hour. And, if you specialize in something more advanced, like SAT prep or college courses, you could make more, even up to $50 per hour or more.
20. Photographer
As a single mom, becoming a photographer can be a rewarding job choice for you. With a camera and some practice, you can start taking photos that people will enjoy.
To begin, you need a decent camera. Don’t worry, it doesn’t have to be the most expensive one. You also need to learn about lighting and how to frame a good picture. There are lots of free tutorials online, such as on YouTube, if you want to learn more.
One of the best parts about photography is that you can make your own schedule. You decide when to book photo shoots, which can be great for balancing time with your kids. It’s possible to do photo shoots on weekends or during special events like weddings.
You can earn money by selling your photos online or by working with clients directly. Graduations, weddings, family portraits, and even pet photos can be great opportunities. Pricing varies depending on the job, but as you gain experience, you can charge more for your work.
As you grow, you can invest in better equipment and editing software to enhance the quality of your photos. This helps you stand out and can lead to more jobs and higher pay.
I know many moms who are successful photographers, and they love having a photography business.
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
21. Instacart shopper
If you’re a single mom looking for a job that fits around your schedule, becoming an Instacart shopper might be a good choice. Instacart is a service that lets people order groceries online, and shoppers like you do the shopping and deliver the orders to their homes.
When you’re an Instacart shopper, you can set your own hours. This means you can work when it’s best for you, like when your kids are at school or sleeping. As a shopper, you get a payment card from Instacart to buy the groceries at the store.
Shoppers usually earn about $11 to $20 per hour. It’s important to remember that as an independent contractor, you will have extra costs like gas and vehicle maintenance that you need to think about when figuring out your earnings.
You can learn more at Instacart Shopper Review: How much do Instacart Shoppers earn?
22. Paralegal
As a single mom, you might find the role of a paralegal interesting. It’s a job where you work in a law firm or legal department, helping lawyers by preparing legal documents and doing research.
Your typical work hours are most likely Monday to Friday, fitting well with a school-week schedule.
Paralegals earn around $30,000 to $35,000 a year.
23. Dental assistant
As a single mom, if you’re looking for a job that lets you help people and have regular hours, you might like being a dental assistant. In this job, you work in a dentist’s office and help the dentist with patients.
Your tasks could include getting the tools ready, making sure patients are comfortable, and teaching them how to care for their teeth.
Your week would be busy, but you usually wouldn’t have to work nights or weekends. This is great because it matches up with your kids’ school schedule.
24. Travel agent
As a single mom, you may find that being a travel agent is a job that fits well with your life. It’s a job where you get to plan and book trips for others. You could work from home or an office.
Travel agents plan vacations, business trips, and getaways for clients and they find the best deals on flights, hotels, and fun activities.
The money you earn can vary because some agents get paid hourly and others get a commission, which is a part of the trip cost.
25. Nurse
As a single mom, you might worry about balancing work with taking care of your kids. As a nurse, there are jobs that can fit your life.
Some examples include:
School nurse – You can work the same hours your kids are in school. You’ll care for sick children, keep track of health records, and help with health checks.
Doctor’s office nurse – Working here can be less stressful. Usually, the hours are regular, Monday to Friday, so you can be home with your kids in the evenings and on weekends.
Home health care nurse – You’ll visit patients in their homes, which can give you a flexible schedule.
Public health clinics – These places look after the community’s health. Hours can be more regular, meaning you won’t have to do lots of night shifts.
Nurse educator – If you love teaching, this lets you work in a classroom instead of a hospital. You’ll have a steady schedule, perfect for family time.
26. Speech pathologist
A speech pathologist helps people with speech and language issues. You would work to improve their communication skills, which can be very rewarding.
You need a master’s degree in speech-language pathology and certifications vary by state.
Your work may take place in schools, hospitals, or private clinics. Some speech pathologists work from home providing virtual sessions.
27. Sleep consultant
Sleep is really important for the growth and well-being of babies, and it’s important for parents too. But sometimes, parents find it hard to make sure their child gets the sleep they need.
Pediatric sleep consultants are very helpful in solving children’s sleep problems, making it easier for families to have peaceful nights. If you really enjoy working with kids and want to make a positive difference in their lives, becoming a sleep coach could be a great career option.
I have personally learned from sleep consultants in the past, and I know many others who have hired a sleep consultant as well. These are typically moms who have firsthand experience with improving a baby’s sleep.
Learn more at How To Become A Sleep Consultant And Make $10,000 Each Month.
28. Run a dog treat bakery
If you enjoy cooking, starting a home bakery could be a way to make money from home. It allows you to use your cooking skills to create dog treats and earn some income.
You can make dog treats, cupcakes, cookies, cakes, and more.
Starting a dog treat bakery business could potentially help you earn an extra $500 to $1,000 a month or even more. It’s a niche small business idea that taps into the love people have for their pets.
I also recommend reading How I Earned Up to $4,000 Per Month Baking Dog Treats (With Zero Baking Experience!).
Frequently Asked Questions
Below are answers to common questions about how to find jobs for single moms.
What should a single mom do to handle financial stress?
I get it – as a single mom, you may have a lot of financial stress. It is hard to be a single mom and manage everything all on your own after all. To manage financial stress, I recommend trying to find jobs that pay well but also have flexible hours or work hours that match up with your children’s school schedule. Jobs that allow you to work remotely can also help lower your childcare expenses as you can work from home.
How to work as a single mom without help or childcare?
If you don’t have help or childcare, then you may want to work during hours when your kids are at school or asleep. This may include looking for jobs or employers who understand your situation and have flexible schedules or the ability to work from home.
What are the best work from home jobs for single moms?
I think one of the best ways for a single mom to make money is to work from home. This is because you may be able to make your own schedule, and you may be able to find a job that allows you to take care of your kids at the same time.
The best work-from-home jobs include jobs like virtual assistants, freelance writers, and bloggers.
What are jobs for single moms without a degree?
Jobs for single moms without a degree include administrative support, customer service positions, and sales roles as these jobs usually give on-the-job training.
How can a single mom go back to college and what degrees are best?
You can go back to college by looking for online degree programs, or classes when your children are at school, that fit your schedule. Popular degrees that balance well with being a single mom could be in fields like education, business, or healthcare, which have the potential for career growth.
Best Jobs for Single Moms – Summary
I hope you enjoyed this article on how to find the best jobs for single moms.
Whether you are looking for full-time or part-time jobs for single moms, there are many options that may fit what you need.
As you probably noticed above, jobs for single moms vary and include different types of work. Some jobs are creative, like writing or graphic design, while others are more regular, such as customer service or bookkeeping.
If you enjoy telling stories and writing, you could be a blogger or a freelance writer. If you’re good with organizing and numbers, you might like being a virtual assistant or a bookkeeper.
If you prefer doing your own thing, you could start a home day care or sell printables online.
As you can see, this is a long list of the best jobs for single mothers! There are many different job ideas that you could try that have a good work-life balance.
What do you think are the best jobs for single parents?
If someone has access to both your bank account and routing number, they could make fraudulent ACH transfers and payments out of your account. In other words, you could wind up being scammed.
That’s why it’s so important to understand this aspect of your personal finances and protect your money. Read on to learn what happens if someone has your bank account number and routing number, what the risks are, and how to protect yourself.
What Can Someone Do With Your Bank Account Number Alone?
Many of us wonder, “What can someone do with my bank account number?” The good news is, if someone has only your bank account number, that won’t give them enough intel to do any damage. It’s not the same as a scammer obtaining your credit card digits. No one will be able to withdraw money from your personal bank account if all they have is your account number.
For those who may not know the difference between a bank account vs. a routing number, here’s the scoop:
• Your bank account number is the unique string of digits that identifies your particular account at a financial institution. Even if you have, say, multiple accounts at a bank, each will have its own distinct account number.
• Your routing number is the series of numerals that identifies your financial institution, or where the account is held.
Just because your bank account number alone doesn’t make you vulnerable doesn’t mean that you shouldn’t protect it. You should. If a scammer had your account number and other info — perhaps your driver’s license number and/or your home address — they might be able to make illegal purchases online. So it pays to be vigilant.
Routinely monitoring your account activity — say, once a week — is a smart move that allows you to quickly detect if anything is awry.
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What Can Someone Do With Your Bank Account and Routing Number?
The short answer: Real damage. The combination of a bank account and routing number is a dangerous combo that scammers want. And those two numbers are fairly accessible. Think about how often these numbers get circulated: every time a check is written, cashed, signed over to someone else.
Here’s what can happen if they fall into the wrong hands.
ACH Fraud
With both those precious numbers, crooks could commit fraudulent automated clearing house (or ACH) transfers and payments. You’re probably used to seeing those ACH letters on your banking details when you set up automatic monthly payments and the like. When a scammer has your bank account and routing numbers, they could set up bill payments for services you’re not using or transfer money out of your bank account.
It’s tough to protect these details because your account number and routing number are printed right at the bottom of your checks. But do your best. Some pointers:
• Don’t leave your checkbook lying around.
• If you are mailing a check, wrap it in a sheet of blank paper so the numbers don’t show as it’s in transit.
• Pay attention to bank statements. Review them often to see if there are any fishy transactions happening.
• Protect yourself when online banking by using strong passwords. That password is a primary defense. If a thief has your bank and routing numbers and somehow manages to get access to your login name and password, big trouble may be on the horizon.
• Don’t make your password something obvious like your name, pass1234, or numbers that may be circulating in cyberspace, like your birthday which can be seen on Facebook.
Online Shopping
Know that all online retailers aren’t equal in terms of security measures. Some will allow people to make a purchase with bank account information alone, while others will also ask for a driver’s license or other state identification to add an additional layer of protection.
So what can a scammer do with your bank account number and routing number? They can find sites that let them shop with only that information. and could run up a tab.
Depositing Money
While it might seem like a dream come true if a mysterious sum of money appeared in your bank account, you should be more alarmed than overjoyed. Somebody who has your account and routing number may be using your digits to facilitate their illegal shenanigans (such as the kind of bank fraud known as money laundering). Report unusual deposits immediately.
Create Fraudulent Checks
Unfortunately, scammers can create fake checks using your checking numbers, and then those fake checks to pay for purchases (not every payee will verify a check) — or simply cashing them. Know, too, that with technology scammers could digitally scan the check and deposit the amount into their bank account.
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What to Do When Someone Has Your Bank Numbers
As careful as you try to be, stuff happens. What if someone has your bank account number and routing number? What if you see signs that they are using it for fraudulent transactions? Knowing how to report identity theft can help mitigate a bad situation. Have a strategy in place, just in case. Here’s some advice.
Contact Relevant Agencies
If you have the misfortune of being victimized, here’s what to do:
• Contact your bank the minute you realize it. You need to notify your bank within 60 days of your statement to avoid paying for unauthorized ACH transactions. The bank’s fraud department will work to help you get unauthorized charges reversed.
• Report the fraud to the fraud department of all three credit reporting bureaus, Equifax®, Experian®, and TransUnion®.
• File a report with your local police department.
• Also file a report with the Federal Trade Commission’s department that deals with identity theft.
Your to-do list doesn’t end there. You’ll want to be a stickler about monitoring your bank account to look for any signs that someone else is abusing your account. Be proactive and ask your bank about setting up text messages or push notifications every time a transaction is posted. This will help you keep track of what’s going on with your money.
Much as you may not be a paper person, when you’re a victim of bank fraud, documentation matters. You want copies of bank statements, a copy of the police report, your credit report, and any other relevant materials.
Cancel Your Account
As much as it’s a hassle, you need to get a new account number to replace the compromised one. Call your bank’s customer service number, contact a rep by chat, or, if you use a traditional vs. online bank, go to your local branch. Explain your situation, and take steps to get your assets transferred to a new bank account, get new checks printed, and get a new debit card if needed to safeguard your cash.
Tips on Avoiding Bank Fraud
There are no absolutes in life, but there are steps you can take to protect yourself as much as possible.
• You can get an identity theft protection service to monitor your bank accounts and alert you to any funny business, be it suspicious withdrawals or information changes.
• When shopping online, use a credit card (it offers more protection than say a debit card), prepaid card, or a money transfer app instead of typing in your account and routing numbers.
• Be stingy with your banking information to avoid bank scams. Know that less is best when it comes to sharing info.
• Go for multi-factor authentication when banking online. If you have linked bank accounts and credit or debit cards to online platforms, absolutely sign up for additional verification in order for purchases to go through. It’s like a forcefield around your account.
• It can be wise to limit your use of paper checks to only those things where an alternate form of payment is a hassle. Remember your checks are a gold mine of personal information, with your address, account and routing numbers.
The Takeaway
In today’s world, it pays to keep close tabs on your bank accounts and related numbers. Having your bank account and routing number can allow scammers to do damage in a variety of ways, from unauthorized ACH payments to fake checks. By protecting these digits and setting up other safeguards, you’ll minimize the odds of your falling victim to these wily thieves.
While on the topic of banking, it’s wise to make sure your financial institution is a good fit and offers the services and perks that suit you best.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
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FAQ
Which bank details should I keep secret?
Protect your bank account and routing numbers to avoid having scammers siphon money away from you. Setting up two-factor authentication for online transactions can help protect you, too. It goes without saying that no one except you should know your username, password, and security questions. Also shred financial documents that you don’t need.
Is it safe to give out your account details?
Share your banking information sparingly, especially online. At most, share a few key points with a trusted friend or family member, and only punch your details into secure websites (look for the “https” at the beginning of the url and the padlock symbol) — though even those aren’t 100% scam-proof.
Can I give out my routing number?
A bank routing number in and of itself reveals very little. After all, it’s a nine-digit code used by financial institutions to identify other financial institutions. It’s very much public information and only becomes a risk factor when paired with other personal details.
Can someone steal your money with your bank account number?
Typically, a scammer would need more than just a bank account number to steal your money, but routing numbers are easily found. With those two pieces of information, a crook could use those numbers for online purchases or to otherwise defraud you.
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SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
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The credit approval process varies based on the type of credit you seek. Credit cards can take several days, loans can range from days to weeks, and mortgages can take weeks to a month.
Lenders consider multiple factors when you apply for loans and credit cards, including your credit score and current finances. While the algorithms that determine your creditworthiness may be complex, the credit approval process itself is fairly straightforward.
We’ll clarify the credit approval process and share several helpful tools like personal loan and mortgage calculators. Credit.com also has credit card suggestions for bad credit and no-credit applicants that may offer higher approval rates.
Key Takeaways:
Credit approval lengths vary based on the type of credit you apply for.
The law requires Issuers to explain why they didn’t approve you.
Checking your credit report before applying can help you prepare.
Table of Contents:
What Is the Credit Approval Process?
Once you fill out an application, a lender will pull a version of your credit report and credit score. They’ll use this credit profile and other factors, like your income or debt-to-income ratio (DTI), to determine if you meet their underwriting standards.
Underwriting standards are a lender’s benchmarks for deciding who can qualify for their loans and the terms they’ll receive. A lender will offer a loan contract if you get approved, or they’ll send an “adverse action” notice if you don’t.
Thanks to the Fair Credit Reporting Act‘s risk-based pricing rules, lenders must provide a copy of the credit report and credit score used in the decision-making process when they deny someone a loan or offer less favorable terms on the financing.
How Can I Tell if I’ll Be Rejected?
Many lenders disclose general parameters regarding their underwriting standards on their websites and you can also call them directly to ask about what credit profile is needed to apply for a particular product.
Checking your credit report before applying can also help you get a better sense of your approval odds. Credit.com provides a free credit report card that highlights five factors such as your age of credit and your credit mix. You’ll also receive suggestions of where to work to improve your credit and credit approval odds.
How Do I Apply for a Credit Card?
The fastest way to get approved for a credit card is to apply online. Many issuers offer instant approval to online applications that can give you an answer within minutes. You can also apply by mail or phone for most commercial institutions.
When you apply for a credit card, an issuer will pull your credit—which acts as a hard inquiry that briefly impacts your credit. Issuers will also ask you for additional information, like your income, to determine whether to approve you for credit and a certain credit limit.
Once approved, you’ll likely receive a physical credit card within 10 business days. Issuers might also let you add a card to your digital wallet shortly after you’ve been approved. If you are turned down for a credit card, issuers must send you a letter explaining their decision.
How Do I Apply for a Loan?
Applying for a car loan or personal loan is also an easy process, with many lenders offering online applications. You can find out if you are likely to be approved before you apply by asking about the minimum credit standards required for the loan.
Some lenders list credit qualifications, such as minimum credit scores, right on their websites. How quickly you are approved for a loan depends on the lender, but you may receive an answer within 24 hours or even within the hour. If a lender turns you down for a loan, they will send you a letter explaining why you did not qualify.
How Do I Apply for a Mortgage?
Applying for a mortgage involves more paperwork—and time—than credit card or loan applications. However, getting preapproved for a mortgage can speed up the homebuying process.
After you complete the preapproval process, you may have to supply some additional supporting documents. Once all the necessary documents are submitted and reviewed, you will receive one of four possible decisions on your home loan—approved, approved with conditions, denied, or suspended.
If your loan application is suspended, more documentation is required. If your loan application is approved with conditions, there are specific criteria you must meet before you will receive the full approval of your loan. And if your mortgage application is denied, you will receive a notice in writing explaining why.
What Are the 5 C’s of Credit Approval?
The 5 C’s of credit approval are a group of factors issuers use to appraise applicants. They serve as catchall considerations for factors, such as income and credit history.
Here’s a brief explanation of each of the 5 C’s.
Capacity: This gauges if an applicant has the financial capacity to handle a loan based on their cash flow.
Capital: This is the amount of money and assets that a borrower has overall.
Character: This measures an applicant’s creditworthiness, credit history, and personality to an extent.
Conditions: This refers to the conditions of the economy at the time an application is submitted.
Collateral: These are the assets an applicant can offer to help secure a loan.
How Can I Improve My Credit Approval Odds?
The 5 C’s of credit can all increase your credit approval odds. Here are a few examples of this idea in action.
Showing proof of employment can display your capacity to handle new credit.
If you have the capital to do so, making a large down payment can drastically boost your credit approval odds.
Consistently making timely payments can demonstrate strong character when applying for credit.
Spacing out your applications across six months could result in better conditions for credit approval.
Offering collateral such as real estate, cash, or rare items can increase your approval odds and lower your interest rate.
Full Credit Approval vs. Prequalification
Full credit approval paints a clear picture of the terms and conditions that an applicant will receive with a loan. Lenders usually offer full approval after thoroughly reviewing an applicant’s employment history, income, and credit.
Prequalification, however, occurs when lenders make offers based on a cursory look at an applicant’s information. It’s worth noting that prequalified offers aren’t always exact—you may receive a prequalification letter in your mailbox for a 5% APR credit card, but that number could change when you apply.
Manage and Build Your Credit With Credit.com
Credit plays a significant role in qualifying you for attractive loans, mortgage rates, and new credit cards. Credit.com can help you learn where your credit currently stands and offer tips on what areas of your credit you need to work on to help you steadily improve your scores.
Although you’re allowed to sell your own home, doing so is a lot of work. Before you move forward, take time to consider the pros and cons of handling things on your own.
If you’re thinking about putting your house on the market, you may be wondering whether you can sell your own home. Yes, you can, but don’t put up a For Sale sign just yet. Although you’re allowed to sell your own home, doing so is a lot of work. Before you move forward, take time to consider the pros and cons of handling things on your own.
Statistics on FSBO Homes
For sale by owner, better known as FSBO, tells buyers you’re not using a real estate agent or a broker. According to the National Association of REALTORS®, FSBO listings accounted for 10% of all home sales in 2021.
Nearly 30% of owners used word-of-mouth marketing via friends, family members, and neighbors to market their listings. Owners also used yard signs, third-party real estate aggregators, social networking sites, and other FSBO marketing methods to find buyers.
Why Sell Your Own Home?
Many people ask “Can I sell my own home?” because real estate agents receive a commission on every sale they make. The average commission is 6%, with the listing agent receiving slightly more than the buyer’s agent. If your home sells for $300,000, that’s $18,000 in commissions at the average rate.
Then, assuming the listing agent gets 3.5% and the buyer’s agent gets 2.5%, selling your own home would save you $10,500. You could use that money to buy new furniture, cover some of your closing costs, invest in the stock market, or take a vacation.
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Potential Pitfalls of Selling Your Own Home
If you decide to sell your own home, you’ll have to do all the work that a real estate agent would normally do. Some of the most important tasks include:
Setting a sale price
Preparing your home for walk-throughs and open houses
Advertising the property
Following all relevant real estate laws
Meeting with potential buyers and their agents
Learning how to do these things is time-consuming, and there’s also the risk you’ll make a serious mistake. For example, if you price your home based on emotions instead of market data, you may have trouble attracting potential buyers.
When you sell your own home, you also lose the opportunity to benefit from an agent’s extensive network of contacts. Experienced agents maintain relationships with plumbers, landscapers, home staging professionals, and other people who can help you get your home ready for the market. If you don’t have these relationships, you may have to wait weeks or even months before a home service provider can add you to their busy schedule.
One of the biggest potential drawbacks to selling your own home is that you may not get as much money as an agent would. The National Association of REALTORS reports that FSBO listings sold for an average of $225,000 in 2021. In contrast, agent-listed homes sold for an average of $330,000.
Tips for Selling Your Home Without an Agent
If you decide to sell your own home, follow these tips to maximize the sale price and reduce the amount of time it takes to find a buyer.
1. Choose the Right Sale Price
When setting a price for your home, you have to think strategically. If it’s priced too high, you’ll have trouble selling. If it’s priced too low, you’ll lose out on potential profit. The price has to be just right to attract a buyer without leaving money on the table. To find the right price, consider these factors.
Recent Sales
A comparative market analysis lists recent sales in your neighborhood, giving you valuable information about local prices. Normally, a real estate agent would provide a CMA report for you, but it’s possible to create your own. To get started, use public records or third-party listing websites to identify sold homes that are approximately the same size and age as your home.
Once you have the initial list, narrow it down by looking for homes that have features similar to yours. For example, if your home has four bedrooms and two bathrooms, you’ll want to include other four-bedroom homes in your analysis.
The market changes quickly, so limit your search to homes sold in the last three months. Once you have a workable list, note the sale price of each listing. If you’re not comfortable creating your own CMA report, consider getting a professional home appraisal.
Location
The location of your home has a big impact on the sale price. Many buyers are willing to pay a premium to move to an excellent school district or reduce the amount of time it takes to get to restaurants, salons, office buildings, and entertainment venues.
Location refers not just to what city you live in but also where your home is situated. If it’s near an airport or a busy street, you may not be able to get as much as you would if it was tucked away at the end of a quiet cul-de-sac.
Condition of the Home
The better your home’s condition, the more money you can get for it. Think top-of-the line appliances, fresh paint, and new flooring. If your home needs repairs or the appliances and flooring are a little outdated, you may have to set a lower price to attract potential buyers.
Market Conditions
Supply and demand have a big impact on home prices in your area. In a seller’s market, the demand for homes outpaces the supply, driving prices higher. Buyers may even get into bidding wars over the most desirable properties. In a buyer’s market, the supply of homes outweighs the demand, driving prices down.
2. Use Multiple Advertising Methods
It would be great if all you had to do was put your listing on social media, but it takes a little more work to sell a home. You may want to use the following marketing methods:
Newspaper advertisements
Social media posts
Yard signs
Third-party listing websites
Flyers at local businesses
Virtual home tours
3. Plan Your Open House Carefully
An open house gives potential buyers a chance to walk through your home and see if it looks just as good in person as it does in photos. Here are a few tips to help you plan a successful open house event:
Schedule it on a weekend: Many people work during the week, so holding an open house on a Wednesday at 11 a.m. isn’t the best way to attract eager buyers. If possible, schedule your open house for a Sunday afternoon.
Advertise: Yard signs are helpful, but you should use several advertising methods to make more people aware of your event. Try advertising on a third-party website or posting on social media
Clean thoroughly: You don’t want potential buyers focusing on dust bunnies, so give your home a thorough cleaning the day before your open house. Before people arrive, straighten your throw pillows, take out the garbage, and do some last-minute tidying.
Put away personal items: Potential buyers should be able to imagine themselves living in your home. They may have a tough time doing that if you have family photos and other mementos on display. To make your home more appealing, put away personal items before the open house begins.
Make arrangements for your pets: If possible, take your pets to a family member’s house before your event begins. Some buyers aren’t comfortable with animals, and you’ll have an easier time focusing if you don’t have to worry that one of your pets is going to escape.
4. Consult an Attorney
If you sell your home without an agent, you’re still responsible for following all relevant laws and regulations in your area. To ensure you don’t make a costly mistake, consult an attorney beforehand. A licensed attorney can advise you of your rights and educate you about the potential pitfalls involved in selling real estate.
It’s possible to sell your home without a real estate agent, but it takes a lot of time and effort. If you make a mistake, you can easily lose thousands of dollars in profit, making it critical to do in-depth research before you begin the process. You may also want to research other things before selling or buying a home, such as the state of your finances, your current credit health, or your loan options. Credit.com can help you work to understand these things better, so consider signing up for your free Credit Report Card today
Inside: Are you looking to maximize your rewards and credit card hacks? This guide will teach you the most effective methods for using your hacking, signing up for bonus rewards, and making efficient card purchases.
Credit card use extends beyond just making purchases. Savvy credit card users understand that with the right set of hacks and optimal usage, there’s a world of rewards that are ripe for the picking.
Money saved can be money earned, and this simple philosophy forms the cornerstone of these 25 credit card hacks you’ll be learning about today.
Why do credit card hacks matter? Well, I just received a $700 check for credit card rewards. That is enough to pay for a weekend trip away.
What are Credit Card Hacks?
Credit card hacks are creative strategies employed by credit card users to maximize the benefits and rewards offered by their credit cards while also potentially saving more money.
This trend has become more popular in recent years due to the rise in premium travel and cashback cards that offer lucrative ongoing rewards programs. Users who learn about these hacks can save you money on travel or just put cold hard cash back in your wallet.
With strategic approaches, these hacks provide an avenue to optimize rewards and navigate the financial landscape more effectively.
Proven Credit Card Hacks to Maximize Rewards
Tip #1 – Utilize sign-up bonuses
One of the most attractive features of credit cards is the sign-up bonuses they offer, which are essentially rewards that cardholders can earn after meeting a certain spending threshold within a specified timeframe. The bonuses can range from hundreds to even thousands of points, miles, or cash – favorably impacting your rewards balance.
To illustrate, if you take the Chase Sapphire Preferred® credit card, both partners in a household can get up to 50,000 extra points each as part of the sign-up bonus.
Bonus tip: Stagger your applications, so once one person gets the bonus after meeting the spending requirement, the other person can then apply and achieve the next round of bonuses.
Tip #2 – Increase credit limit
The principle behind this is simply buffering your “credit utilization ratio”, which is how much of your total available credit you are utilizing.
To illustrate how a credit limit increase will work, let’s consider an example: with a credit limit of $10,000 and a credit usage of $3,000, your utilization ratio stands at 30%. But once your credit limit increases to $15,000 with the same credit usage, your utilization ratio drops to 20% – which is a noticeable improvement.
Remember, when requesting a credit limit increase, some card issuers might execute a hard inquiry on your credit report, which could temporarily decrease your score. Hence, you should try to find out beforehand whether your issuer is likely to perform a hard or soft credit pull. Soft inquiries won’t affect your credit score, making them the preferable approach.
Tip #3 – Master balance transfers
A balance transfer, executed proficiently, can be an effective way to handle significant credit card debt. By focusing on reducing the cost of debt through lower interest rates, balance transfer can accelerate your debt repayment process while saving you considerable money over time.
This is what one of my clients did and the date when the 0% interest ended was very motivating to pay off their debt.
This process entails the shuffling of debt from one card (usually one with a high interest rate) to another card—preferably with a 0% promotional APR offer. With this interest-free period, you can focus on repaying the principal balance, hence clearing your debt faster.
As a finance expert, make sure balance transfers are only beneficial if you’re mindful of the terms, like how long your 0% rate will last and what fees are involved in the transfer to the new card.
Tip #4 – Purchase prepaid cards with credit
Need a way to spend a certain dollar amount by a certain deadline? Then, look at purchasing prepaid cards with a credit card as a strategy to earn extra rewards points. This method entails buying prepaid cards or gift cards using your credit card, and later using these prepaid cards to cover those expenses you typically will use.
In other cases, customers have reported that their credit card companies have clawed back rewards points that were initially given for gift card purchases. Double check their terms and conditions, many issuers, including American Express, explicitly exclude such transactions from earning rewards. 1
Tip #5 – Harnessing the 15/3 Methodology
The 15/3 Methodology is a credit card hack that intends to optimize your credit utilization ratio—one of the significant factors that impact your credit score.
Here’s how it works: You pay off a majority of your card’s balance 15 days before your statement date, and then pay off the remaining balance three days before the statement date. By doing this, you create the illusion of a lower balance, which can positively impact your credit score.
There is still a debate about whether or not this strategy improves your credit card score. Paying your bill on time will definitely improve your score.
Tip #6 – Strategies to earn additional rewards through third-party programs
An often overlooked but highly effective credit card hack is utilizing third-party apps and websites that offer additional rewards when you shop at participating retailers and restaurants. These rewards are additional to the cash back, miles, or points awarded by your credit card.
One such app is Dosh, a cashback app. By linking your credit card to your Dosh account, you can earn up to 10% cash back from participating retailers on top of the rewards earned from your credit card. Similarly, apps like Drop and Bumped give users points for every dollar spent, and these points can be redeemed for gift cards.
Furthermore, many airlines and hotels participate in dining rewards programs where you’ll earn extra rewards at select restaurants. Airlines like United, Southwest, Delta, and hospitality giant companies like Marriott and Hilton actively participate in such programs.
Tip #7 – Earn a credit card sign-up bonus then canceling the card right away
Also known as credit card flipping or churning, the tactic of earning a credit card sign-up bonus and then canceling the card right away has been employed by some savvy credit card users to maximize rewards.
However, this practice isn’t as easy or beneficial as it appears. While it sounds like an accessible system to generate easy money, it comes with several potential pitfalls that could make it a risky move.
Firstly, numerous card issuers have, over the years, implemented stricter rules to deter this practice. Chase, for instance, has the 5/24 rule indicating you can have only five new credit cards within the last 24 months. 2
Repeatedly opening and closing the same card can result in a declined application or rescinded bonus and hurt your credit score-perceived as credit misbehavior by the issuer.
It can also be viewed as unethical and potentially lead to you being barred from opening accounts with that issuer in the future.
Churning can negatively affect your ability to get approved for future credit cards and loans because lenders may think you’re a risky borrower.”
Tip #8 – Develop a multi-card system
This method aims to cover all your spending by using different cards that offer elevated rewards for certain purchase categories.
For instance, we have one card that pays an unlimited flat rate of 2% on all purchases. Then, another rewards card offering increased category rewards, with travel and gas. Then a there card that rotates through various categories each quarter.
Diversifying your spending amongst several credit cards can help you to earn the maximum possible rewards. However, endowing yourself with several credit cards is not for everyone as it requires careful financial management. In some cases, the potential of overspending can outweigh the benefits.
Tip #9 – Transfer points between multiple cards
Transferring points between cards (provided they are from the same issuer) is another useful strategy whereby you can redeem them at their maximum possible value.
The goal is to make your spending work for you and maximize the rewards you can earn from daily expenses. However, people should employ this strategy responsibly and ensure they’re not overspending just to earn rewards.
In such a strategy, points on traditional cashback cards can be transferred to airline and hotel partners when you also have a transferable points card like the Sapphire Reserve or Sapphire Preferred. So, not only are you earning cashback on your purchases, but you’re also accumulating lucrative points that can be redeemed for travel.
Tip #10 – Don’t use cash
In the world of credit card rewards, cash is no longer king. Whenever feasible, you should consider using your credit cards instead of cash or debit to pay for everyday purchases. This allows you to earn rewards on purchases you’re making anyway.
The best way to implement this is for you to bills with their credit cards instead of cash or debit and set this up on autopay. This serves a dual purpose of potentially earning rewards on these payments whilst also conveying a positive message to the banks about your money management skills, leading to possible credit score improvements.
However, this method works best when your spending doesn’t increase as a result. Only use your credit card for expenses that you’d normally pay in cash and for which you already have the money set aside to pay.
Tip #11: Time your purchasing
Being strategic about when you make your credit card purchases can help you wring out some extra benefits.
One way to optimize your earning potential and maintain a healthy credit score is to plan your large purchases around your credit card’s billing cycle. Making your most significant purchases immediately after your statement date ensures that you have the longest possible repayment period, effectively offering you a short-term, interest-free loan.
Furthermore, if your issuer has a rewards cut-off at the end of a calendar year, you can make larger purchases ahead of time to push yourself into a higher rewards bracket.
Tip #12 – Make Micropayments
Rather than making one full payment, consider making multiple payments over the billing cycle, commonly referred to as ‘micropayments.’ This helps keep your running balance low and, in turn, your credit utilization ratio – the percentage of your available credit limit you’re using – also low, positively impacting your credit score.
Plus it helps to keep your checking account at a more accurate level.
Tip #13: Have your spouse apply for the same credit card
Known informally as the “two-player mode” amongst credit card hacking enthusiasts, having your spouse or partner apply for the same credit card can be an effective strategy to earn double the sign-up bonus. This approach is based on the idea that instead of just adding your spouse or partner as an authorized user to your card, they should apply separately.
For instance, if a card like the Chase Sapphire Preferred® offers a 50,000 points bonus on sign-up, both partners can potentially earn up to 100,000 points collectively, essentially doubling the bonus.
But remember, this hack should be used strategically – you should stagger your card applications and ensure each of you fulfills the spending criteria to qualify for the bonus.
Tip #14 – Importance of prompt payment
Quite possibly the hack with the most significant impact on both your credit score and your pocket, prompt payment of your credit card bill cannot be overstated.
Making on-time payments can drastically improve your credit score since your payment history is the most heavily-weighted factor that credit scoring models consider.
Plus paying your balance in full each month can help you avoid interest charges and penalties, effectively saving you money in the long run.
Tip #15 – Know What Rewards you Want
Rewards such as travel miles, discounts at partnered retailers, cashback, or access to premium experiences like airport lounges or concert tickets are available, depending on your card.
By understanding and leveraging these varied rewards, you can get the most excellent value out of your credit card expenses.
Cautionary Advice on Credit Card Hacks
While credit card hacks can undoubtedly offer substantial benefits when done right, pitfalls can ensue if one isn’t careful.
Pitfall #1 – Overspending
For starters, these hacks can inadvertently lead to overspending or unnecessary purchases. Be wary of making purchases you don’t need or can’t afford in an attempt to earn more rewards or meet the spend necessary for a sign-up bonus.
Consequently, the pursuit of credit card rewards could also lead to accumulated debt if you’re not diligent about paying off your balance in full each month. The interest that you need to pay on balances carried over can easily eat up the value of any rewards earned.
Pitfall #2 – Impact on your Credit Score
Applying for multiple cards can lead to hard inquiries on your credit report, which can temporarily lower your credit score. Similarly, canceling cards after acquiring the sign-up bonus could harm your credit utilization ratio and your length of credit history, both key factors in your credit score calculation.
Additionally, irresponsible habits like ‘credit card churning’ and ‘paying for everything with credit’ may risk your relationship with card issuers. Some companies might close accounts or even ban individuals from opening new ones if they’re perceived as abusing the system.
While some of the top-tier reward and travel credit cards often come with hefty annual fees, not all of them are worth paying. This is especially true when a card’s annual fees outstrip the value of the rewards earned.
Before you sign up for a credit card with an annual fee, it’s advised to read the fine print and estimate what you can earn from it. You should evaluate whether the perks, bonuses, rewards, and credits offered offset the annual fee cost.
Personally, I don’t use any cards that have an annual fee.
Pitfall #4 – Paying interest
Credit card interest can significantly impact your overall financial health if you’re not careful. The money invested toward paying it off could be better used elsewhere – for saving, investing, or spending on your needs and desires. Hence, one of the best “credit card hacks” out there is to simply stop paying interest.
You want to focus on debt free living.
Pitfall #5 – Avoiding counterproductive habits like “balance surfing”
Balance surfing is a strategy where you continually move credit card debt from one card with an ending 0% APR promotion to another card with a new 0% APR offer. While this approach can potentially delay interest payments, it can become a dangerous cycle if you find yourself simply transferring debt instead of reducing it.
Meanwhile, the total debt remains the same. Without a consistent debt repayment strategy, this method can lead to an endless cycle of balance surfing.
What are some of the best credit card rewards and hacks for 2024?
As we venture into the new year, some credit card reward strategies remain timeless while others evolve in response to new credit card offers and updated reward programs. In 2024, here are some of the best credit card hacks worth considering:
Take Advantage of Updated Card Offers: Credit card issuers frequently update their card offers and rewards programs. Ensure you stay updated on these changes to maximize your card benefits.
Focus on Cards with Flexible Reward Categories: Some cards, like the Bank of America® Customized Cash Rewards credit card, allow you to choose your highest cash-back category (like online shopping, dining, or grocery stores). These flexible category cards can be more advantageous as you can adapt them to your spending habits.
Leverage Rotating Categories: Cards like the Chase Freedom Flex℠ and Discover it® Cash Back offer 5% cash back on up to $1,500 in purchases in various categories that rotate each quarter, once you activate. Plan your spending in advance to leverage these rotating categories optimally.
Remain Alert on Loyalty Program Partnerships: Many credit cards and airlines have partnerships with other brands. This can mean increased rewards when shopping with those brands, so always watch for new partnerships or promotions.
Revisiting Annual Fees: If your credit card perks no longer justify its annual fee due to changes in lifestyle or spending habits, consider downgrading to a no-fee card from the same issuer. This way, you can save on annual fees without closing your account which could potentially harm your credit score.
Diversify Your Rewards: While it may be tempting to concentrate all your spending on a single card, diversifying your rewards can make you earn more. Consider employing a multi-card system to maximize rewards across different spending categories.
Your credit card should be a tool to enhance your financial flexibility, not a burden that leads to financial stress.
Frequently Asked Questions (FAQs)
Deciding whether to focus on paying off a single card or distributing payments over several cards can seem complicated, but there are a couple of methodologies to strategize your payoff.
The Debt Avalanche method suggests focusing on the card with the highest interest rate first. Once you’ve paid this card off in its entirety, you then move on to the card with the next highest interest rate. This can potentially save you more money in the long term as it targets high-interest debt first.
Alternatively, the Debt Snowball method, proposed by financial guru Dave Ramsey, recommends paying off the card with the smallest balance first, then moving on to the card with the second-smallest balance. While you may not save as much money in interest compared to the debt avalanche method, the psychological motivation of paying off a credit card balance entirely may be more important for maintaining consistent repayment.
Either method requires you to make minimum payments promptly on all cards to avoid late fees and possible credit score damage.
Getting credit card points without spending any additional money may seem like wishful thinking, but there are certain strategies that you can employ to achieve this. Strategically managing your credit cards can turn your everyday spending into reward points, miles, or cash back.
Referral Bonuses: Many credit card companies offer referral bonuses to their existing cardholders who refer friends or family members. If the person you referred gets approved for the card, you can earn bonus points.
Cardholder Perks: Credit card companies often run promotions offering bonus points for certain activities. These can range from enrolling in paperless billing, adding authorized users to your account, or completing an online financial education course. Check with your card issuer to view any current promotions.
Shopping Portals: Many credit card issuers, and even airline and hotel rewards programs, have their own online shopping portals where you can earn additional bonus points for every dollar spent. If you were already planning on making an online purchase, consider making it through these portals to earn extra rewards.
Sign-up Bonuses: Some cards offer sizeable sign-up bonuses for new cardholders who meet a required minimum spend within the first few months. Although this technically requires spending money, it doesn’t require spending more money if you use your card for purchases you were already planning to make.
While implementing certain credit card strategies can potentially earn you higher rewards or save money, they can also unintentionally harm your credit score if not executed responsibly.
Several factors can contribute to this potential downfall:
Opening and Closing Accounts: A high frequency of card applications can lead to multiple hard inquiries on your credit report, which might lower your score in the short term. Closing credit cards, especially older ones, can affect both your credit utilization ratio and the age of your credit history, two significant factors in your credit score calculation.
Carrying a Balance: Maintaining a high credit utilization ratio—i.e., carrying a large balance relative to your credit limit—can negatively impact your credit score.
Late Payments: If these deadlines are not strictly adhered to, they could result in late payments, which can seriously harm your credit score.
Excessive Spending: Some tactics lead to unnecessary spending to earn more reward points or meet an initial spend required for a sign-up bonus. Not only can this increase your credit utilization ratio and potentially lower your credit score, it can lead to debt if these balances are not paid off in time.
While both rewards cards and travel rewards cards offer perks to their users in return for spending, the primary difference lies in the kind of rewards they offer and their target user base.
A Rewards Card generally offers cash back, points, or miles for every dollar spent, redeemable in a variety of ways. This is the type of card I prefer. For example, you may redeem your accumulated rewards as cash back into your account, use them to purchase products or services, or exchange them for gift cards. The flexibility of rewards makes these cards are suitable for people with varied spending habits and prefer a variety of redemption options.
A Travel Rewards Card, on the other hand, is designed specifically for frequent travelers. These cards earn you points or miles on specific travel-related expenses, like booking flights or hotel stays. The redeemed rewards are typically used towards further travel-related expenses like airfare, hotel stays, or car rentals. Travel Rewards Cards often offer additional travel-centric perks like free checked bags, priority boarding, airport lounge access, and more.
Consider your spending habits, lifestyle, travel frequency, and preference in terms of reward redemption.
Protecting yourself from credit card fraud is an important aspect of managing your credit card usage effectively.
Monitor Your Accounts Regularly: Keep a thorough watch on your credit card statements for any unauthorized or suspicious charges. Report them to your credit card issuer as soon as possible.
Use Secure Networks: When making online purchases, only shop on secure websites (look for “https” in the web address), and avoid using public Wi-Fi networks for transactions.
Keep Your Personal Information Safe: It’s important to dispose of old credit card statements properly, and avoid giving out credit card information over the phone unless you initiated the call and you trust the recipient.
Protect Your PIN and Password: Don’t share these with anyone, and avoid using easily guessable combinations like birth dates or the last four digits of your social security number.
Enable Account Alerts: Most banks now offer optional security alerts that can be sent via text message or email whenever a charge above a certain amount gets made to your account.
Protect Your Computer and Phone: Make sure your devices are equipped with up-to-date antivirus software and that your phone is locked with a secure password or fingerprint identification.
In case you become a victim of credit card fraud, know the steps to protect yourself – report it to your bank or credit card company immediately, file a report with the Federal Trade Commission, and report it to the three major credit bureaus, requesting them to put a fraud alert or a credit freeze on your account.
Also remember, credit cards don’t have routing numbers.
Making the Most of Credit Card Hacking
When used wisely, credit card hacks and reward strategies can play a significant role in stretching your budget and rewarding your spending. These secrets of savvy credit card use — from aligning your card to your spending habits, making the most of sign-up bonuses and reward categories, to understanding the ins and outs of your credit card’s rewards structure — can help maximize your potential rewards and save money.
Personally, we use all of our credit card rewards to pay for our travel expenses.
However, it’s paramount to remember that these tips and tactics should not encourage unnecessary spending or carrying a balance. Only spend within your means, ensure you pay off your balances each month to avoid interest charges and remember to safeguard your credit score by handling credit card applications and closures cautiously.
Ultimately, credit card hacks and rewards should fit within your overall financial plan and goals, adding value to your everyday spending habits and rewarding you for well-managed financial practices.
Remember your goal is to reach your FI number.
Source
Reddit. “American Express Clawing Back Points Earned From Gift Card Purchases.” https://www.reddit.com/r/AmexPlatinum/comments/14hywaq/american_express_clawing_back_points_earned_from/. Accessed January 19, 2024.
CNN. “What is the Chase 5/24 rule?” https://www.cnn.com/cnn-underscored/money/chase-5-24-rule#:~:text=The%205%2F24%20rule%20is,your%20approval%20odds%20with%20Chase. Accessed January 19, 2024.
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