The Penny Hoarder |
- Here's Exactly How Much You Should Keep in Your Savings Account
- SoFi Money Review 2021
- 10 Things You Should Rent Instead of Buy
- We'll Pay You $5,000 to Save Money for 30 Days
| Here's Exactly How Much You Should Keep in Your Savings Account Posted: 30 Aug 2021 01:00 PM PDT Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners. Money is still a bit of a taboo topic among families and friends, which is why many of us don't know what a normal amount is to have (or aim for). But thankfully, there's an easy calculation to know the exact dollar amount you need to have on-hand in your checking account: It's one or two months of your living expenses. That's it! So if between rent, utilities, groceries, budgeted fun stuff for your kids and debt payments, you spend $5,000 each month, then you should have $5,000 to $10,000 in your checking account. Here's some advice: It might not be smart to keep more than two months' worth of expenses in your checking account. If you can keep it closer to one month, that's even better. Why? Because it's likely earning you next to zero in interest, when you could be making way more with your money elsewhere. Here are the first things you should do with your money once you have one to two months' worth of expenses saved to cover your bills: 1. Build An Emergency Fund And Keep It In A Safe PlaceIf you don't currently have an emergency fund, start one now. Having this safely stored — but readily available — can keep you out of trouble You should look for a place to safely stash it away — but still earn money. Under your mattress or in a safe will get you nothing. And a typical savings account won't do you much better. (Ahem, 0.05% is nothing these days.) But a debit card called Aspiration lets you earn up to 20 times the average interest on the money in your account (plus up to 5% cash back). Not too shabby! Enter your email address here to get a free Aspiration Spend and Save account. After you confirm your email, securely link your bank account so they can start helping you get extra cash. Your money is FDIC insured and they use a military-grade encryption which is nerd talk for "this is totally safe." 2. Max Out Your Retirement Savings Account (And Get Extra From Your Boss)Setting aside money from your paycheck to put into your 401(k) is literally one of the smartest things you can do for your future. And if your employer matches each contribution, that could mean hundreds of thousands of extra dollars in your account when you retire. It's free money! But if you can't take advantage of this employer benefit because you need all of your paycheck every month, a company called Lendtable will give you the cash. We know it sounds too good to be true. But if your employer has a 401(k) match program, this is money they already have earmarked for you. By using Lendtable, you'll be able to unlock that free cash. Let's say you make $50k a year and your employer matches your 401(k) contribution up to 4%. If you put $0 in your retirement account this year, you get $0 from your boss. If Lendtable lends you the 4% of your salary your employer is willing to match, you get $2,000 from your boss, minus Lendtable's fee. (This comes from the extra money you've earned, so there's no sacrifice on your part.) It takes three minutes to answer a few questions about your eligibility and sign up for an account. Once you've gotten your full match amount from your employer, LendTable will take the money they lent you back, plus a small share of your profit. If there's a penalty from your retirement account provider for taking money out, Lendtable will cover that, too. The risk for you is basically nonexistent, so not taking advantage of your employer match with Lendtable's offer would make Future Millionaire You bow your head in shame. Get started here. 3. Invest It. This App Gives You Up to $200 in Free Stock to StartIf you feel like you don't have enough money to start investing after you've put money in your emergency fund, you're not alone. But guess what? You really don't need that much — and you can even get free stocks (worth up to $200!) if you know where to look. Whether you've got $5, $100 or $800 to spare, you can start investing with Robinhood. Yeah, you've probably heard of Robinhood. Both investing beginners and pros love it because it doesn't charge commission fees, and you can buy and sell stocks for free — no limits. Plus, it's super easy to use. What's best? When you download the app and fund your account (it takes no more than a few minutes), Robinhood drops a share of free stock into your account. It's random, though, so that stock could be worth anywhere from $2.50 to $200 — a nice boost to help you build your investments. 4. Secure Up to $1 Million in Life Insurance; Rates Start at Just $16/MonthSometimes you need to spend some money to make some money. Getting life insurance in case something happens to you is one of those cases. It's a good place to invest a few bucks every month, once your checking account and emergency funds are in a good spot. Like, have you thought about how your family would manage without your income after you're gone? How they'll pay the bills? Send the kids through school? Now's a good time to start planning for the future by looking into a term life insurance policy. You're probably thinking: I don't have the time or money for that. But your application can take minutes — and you could leave your family up to $1 million with a company called Bestow. Rates start at just $16 a month. The peace of mind knowing your family is taken care of is priceless. If you're under the age of 54 and want to get a fast life insurance quote without a medical exam or even getting up from the couch, get a free quote from Bestow. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.  This posting includes an audio/video/photo media file: Download Now |
| Posted: 30 Aug 2021 09:00 AM PDT SoFi is the brainchild of a few Stanford Business students who initially wanted to tackle the student loan debt issue in this country by making it easier for borrowers to refinance student loans. Eventually, they expanded the company's focus to include several financial products and services, including online banking through SoFi Money. Today, SoFi offers a lot of banking services with some great benefits. This SoFi review gives you everything you need to know about those banking options. Our in-depth and honest review of SoFi Money will look at the product's checking and savings features, and SoFi Money compares with other online bank accounts to help you determine whether it's right for you. What Is SoFi Money?SoFi Money is an online-only cash management account that works like a checking and savings account in one. It charges no typical account fees, and it lets you earn cash-back rewards and competitive interest rates on your balance. ProsHere's what we like about SoFi Money:
ConsHere's what we don't like about SoFi Money:
Banking With SoFi: How We Rate ItSoFi offers what it calls a "cash management account," an all-in-one solution for checking and savings that you can access and manage online or through the SoFi app. Checking: SoFi Money AccountGrade: B SoFi Money isn't a traditional checking account. It's an FDIC-insured cash management account that offers the everyday spending capabilities of a checking account and the interest-bearing benefit of a savings account. Interest rates fluctuate with the market, but SoFi currently offers 0.25% APY, which is five times the national average of 0.03% APY for checking accounts reported by the FDIC. To earn that rate, you have to deposit at least $500 per month into your SoFi Money account via transfer or direct deposit. Unlike most checking accounts, SoFi Money comes with these transaction limits that could make it tough to use as your primary spending account:
Still, your account gives you access to a debit card and gives you the option to order checks. Individual and joint accounts are available, which is rare among online banking accounts. To open a SoFi Money account:
Savings: 0.25% APYGrade: C SoFi doesn't offer a standalone savings account or certificates of deposit (CDs), but the SoFi Money account you use for checking offers perks similar to traditional savings accounts. You'll earn 0.02% APY on your balance for any month you add at least $500 through direct deposit or transfer into the account. The downside to having your checking and savings in one account is that your savings are easily accessible, which can make it easy to dip into that account instead of letting it sit and grow. With the combined checking and savings features, SoFi Money acts best as a short-term savings account, rather than a primary saving or spending vehicle. Move money into the account for short-term goals, such as:
The checking account features make your money more accessible through SoFi Money than in a traditional savings account (which typically come with withdrawal limits of six per month), so you can build your savings knowing you can get to the money anytime if you need it. Cash in SoFi Money is FDIC insured up to $1.5 million through a program of partner banks. FDIC insurance depends on the number of partner banks available (but hasn't strayed from the $1.5 million mark according to any sources we've found). Convenience: Online-Only BankingGrade: B SoFi offers online-only banking, so you won't find a brick-and-mortar SoFi bank branch or even any SoFi ATMs. Instead, you'll do all your cash management through the app or website, plus nationwide ATMs.
 Mobile Banking: SoFi App ReviewGrade: A As an online-only institution, SoFi's suite of digital tools is optimized for user ease and stacked with features like easy account transfers, bill pay and even budgeting tools. SoFi banking happens primarily through the SoFi app, which is free to download for smartphones and tablets. Customers give the app 4.8 out of five stars in the Apple App Store and 4.4 out of five stars on Google Play. The app lets you sign up for and access all SoFi products, including your cash management account, and free budgeting and money tracking tools. Through the app, you can:
Small Business Banking OptionsSoFi does not offer small business checking or savings accounts. Instead, consider these alternative banks for small businesses:
You can search and compare small business financing offers through Lantern, SoFi's marketplace for financial products. SoFi Money Account FeesSoFi boasts no fees, and it's pretty serious about that.
Fee structures are subject to change and have over the years, but you can take some comfort knowing the lack of fees is one of the most attractive features of online-only banking.  SoFi Student LoansBefore it got into banking, SoFi's flagship product was student loan refinancing, and this is still a popular offering from the company. Refinance your federal or private student loans to get a lower interest rate, lower monthly payment or both. SoFi also offers private student loans for undergrads, graduate students and parents. You can get pre-qualified for a loan rate by creating a SoFi account online or through the app, then choose a rate and loan term and fill out the full application online. If approved, you'll complete the whole process, including signing paperwork, online. Pro Tip Check out our current list of bank promotions for a chance to gain a monetary bonus when signing up for a new bank account. Other SoFi ProductsThe biggest benefit to signing up for SoFi banking is becoming a member and gaining access to SoFi's suite of products and services. SoFi members (anyone who uses a SoFi product, like Money), get exclusive benefits like member-only events and member rate discounts on SoFi loans.
SoFi Customer ServiceSoFi customer support is available through email, Twitter or by phone with limited hours.
Frequently Asked Questions (FAQs)Is SoFi App Legit?Social Finance, Inc. (SoFi for short) is based in San Francisco and has been operating in the personal finance space since 2011. It's highly respected in the industry and loved by customers for its mobile-first and social approach to managing money. The company maintains industry-standard security measures to protect users' personal and financial information, including bank-level encryption and two-factor authentication. Is SoFi Money FDIC Insured?The money in your SoFi Money cash management account is FDIC insured up to $1.5 million through a network of partner banks. Does SoFi Money Have Fees?You'll pay almost no fees with any SoFi products. SoFi takes its commitment to no fees seriously. With a SoFi Money account, you'll pay no ATM fees, monthly maintenance fees, overdraft fees or foreign transaction fees. You won't even pay to replace a stolen or lost debit card or to pay bills through the app, and SoFi covers any foreign conversion you're charged. How Long Does SoFi Take to Deposit Money?When you sign up for direct deposit into your SoFi Money account, you'll have access to your money up to two days before your normal payday. SoFi releases the funds into your account as soon as the payer initiates the deposit, rather than waiting for the scheduled payday. Is SoFi a Bank?SoFi is not a bank — yet. Like other financial technology companies that provide banking services, the company works with a partner bank network that includes bank partners around the country. These companies hold and insure your funds, while the SoFi app helps you manage them all in one place. However, SoFi is on its way to obtaining a national bank charter and becoming SoFi Bank, N.A., a member of the Federal Deposit Insurance Corporation (FDIC). In 2020, it received preliminary approval for a bank charter from the U.S. Office of the Comptroller of the Currency. In March 2021, it acquired Golden Pacific Bancorp (GPB), which is expected to expedite its bid for a charter after the sale closes in late 2021. Does SoFi Money Use Zelle?SoFi Money is not compatible with Zelle. However, it offers its own peer-to-peer payments option that lets you send money to anyone in your address book. Recipients who also use SoFi Money will get the money instantly, and others will get it in one to two business days. Is SoFi Money Right for You?SoFi Money might not be a perfect replacement for your primary checking or money market accounts, but it could be a good fit for short-term savings and managing money you want to invest through SoFi. SoFi could be a fit for you if:
SoFi might not be a fit for you if:
Our Bank Review MethodologyThe Penny Hoarder's editorial team considers several factors in bank account reviews, including fees, balance requirements, APY, convenience, customer service support and mobile features. To determine how to weigh each factor, The Penny Hoarder surveyed 1,500 people to find out which banking features matter most to you. Dana Sitar is a contributor to The Penny Hoarder. Tyler Omoth contributed to this report. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.  This posting includes an audio/video/photo media file: Download Now |
| 10 Things You Should Rent Instead of Buy Posted: 30 Aug 2021 07:00 AM PDT People have been renting cars, wedding tents and folding chairs for decades. Renting dresses is now high fashion. But online companies as well as independent entrepreneurs are steadily increasing the array of things consumers can rent instead of buy. Most often the rental period is flexible and renting will usually save money. There are a variety of reasons to rent a tool, instrument or fabulous dress instead of paying the purchase price. It may be you only need to use it once. Or perhaps you don't want to be limited to just one type of circular saw or strapless maxi dress. And, often it makes sense to rent something once or twice, even if you do end up buying so you end up with something you love. Then there's also the lure of reducing the clutter in your home and the trash in landfills. The more products are rented and reused, the less they are bought and discarded. "Reduce new" is a growing catchphrase and renting is a way to achieve it. 10 Things You Can Rent Instead of Buy1. A Coffin from A Funeral HomeThis is an item that most definitely is used only once. With the average casket carrying a retail price of $2,000 up to $10,000, casket rentals can be a big money saver. Most funeral homes will rent a casket for about $1,000. Ask your funeral director for particular rental options. In these cases, a wooden box actually holds the body in the interior of the casket, which looks much more elegant at a funeral service. The interior box is lowered into the ground and the casket can be rented again. 2. Baby Gear for Traveling LightRenting baby equipment whether from a hotel, local agency or big company can save money and stress. Harried parents don't have to worry about traveling with a jogging stroller, high chair and crib, and folks hosting young guests don't have to run out and spend big bucks on supplies they'll never use again. Call ahead when you travel and you'll find many hotels will rent baby supplies. If you're staying in a private home or Airbnb, a Google search will find local agencies that rent baby and toddler gear. VisitingBaby, for example, is a popular one in Tampa, Fla., while Baby Stay Rentals is in Denver. Then there are nationwide companies such as BabyQuip and Babysaway. BabyQuip, a Shark Tank favorite, has a network of gig-economy folks who go through an extensive training program, background checks and safety checks to qualify. They rent out cribs, car seats, strollers, toys and more. Prices for products vary from city to city in more than 700 markets across the country. An average street stroller costs $8 a day, safety gates are $2 a day and a Pack n' Play with mattress and bottom sheet costs $8 a day. Each entrepreneur renting their products sets their prices. Delivery costs seem to vary the most from $20 to $100. Babysaway has its own collection of baby supplies in more than 100 cities. Strollers average $7 a day, safety gates $3 a day and a Pack n' Play $7 a day.  3. Power ToolsIt's common practice to rent a carpet cleaner from a local Home Depot or Lowe's, but many consumers don't know you can rent lots of other power tools as well. If you're only going to use that tile saw once, then that's an obvious thing to rent. Even tools you use once a year on home improvement projects won't stay in good condition, so it also makes sense to rent them. Home Depot and Lowe's have a wide selection of tools — which can be prohibitively expensive to purchase — that are always ready to go and come with expert advice on how to use them. Renting is less expensive than paying the purchase price and saves on the maintenance costs and repair costs of tools. "When you rent a tool they are always in good shape, clean and ready to use. No hoses are broken, nothing needs to be replaced or refilled," said Rob Littke, a builder and handyman in St. Petersburg, Fla. "You never get to a job site and find out it doesn't work." Here are some examples of prices: At Home Depot, a cordless paint sprayer costs $27 for four hours or $38 for the day, while a pressure washer is $63 for four hours or $76 per day. At Lowe's a concrete saw rents for $53 a day, a tile saw is $67 a day and a pressure washer is $36 a day. Got a library card? Many libraries loan out more than books. Check whether your local branch has a tool lending library where you can borrow basic tools. 4. Pickup Truck For Quick JobsIt makes more sense to rent a truck instead of hiring a moving company to haul your furniture or paying the additional cost to get a couch or bed delivered. Plus you can only hit up your truck-owning friends so many times. Pickup truck rentals at Home Depot are $20 for 75 minutes, $129 a day or $903 a week. Lowe's charges $19 for 90 minutes or $89 all day. Ready to cash in on the rental economy? If you live in a busy city, rent out a parking space in your driveway or garage and earn good money. 5. Camping Gear and Other Sports EquipmentRenting sports equipment is an economical choice for families with children involved in high-end sports. Seasonal sports items like skis and golf clubs can be a costly investment for equipment that is only used a few months out of the year. Try Friendwitha.com, a peer-to-peer platform for renting sports equipment. Here are some examples of prices: Folding bike: $35 a day; Snowboard: $25 a day; Wilson tennis rackets (2): $4 a day; Electric bike by Jupiter: $60. Ready to explore the great outdoors? First consider whether it makes the most sense to rent camping gear vs. owning it. Outdoors outfitter REI rents camping and sports gear in addition to selling it at its palatial stores. Offerings include equipment for camping, downhill skiing, cycling and paddling. The store's website advises customers to call their local store to see what it rents because not all locations have the same rental inventory. REI is a co-op, meaning customers can pay a one-time fee of $20 to have a small ownership stake, which comes with benefits. You don't have to be a member to rent, but when weighing expenses it may be more affordable to pay the $20 to join and get reduced rental fees. For example, to rent backcountry skis, members pay $60 the first night and $36 for subsequent nights, while nonmembers pay $90 the first night and $54 for subsequent nights plus a $100 deposit. 6. Musical InstrumentsWhether for a child learning an instrument at school or an adult taking up a new hobby, it's a good idea to start out renting that trumpet, flute or electric guitar. If it's not going to be a longtime endeavor, you haven't shelled out as much extra money. Many local music stores rent instruments and there's also an online clearing house, Musicarts.com. Rental fees on instruments can often be applied as your down payment or put toward continuing payments if you end up buying.  7. Designer Dresses, Work Attire and Casual ClothesClothing rentals have become so popular, you can now pay a monthly fee to have a high-quality wardrobe delivered to your door regularly. Most clothing rental services also offer accessories such as handbags and jewelry, too. Rent the Runway is one of the best-known clothing rental companies, offering women the chance to wear designer clothes for a fraction of the dollars to buy them. From a one-sleeve Badgley Mischka floral that sells for $800 to a $1,400 Red Valentino embroidered full-length gown, the formal options are plentiful, along with attire for work, weekends, clubbing and outdoor activities. Rent the Runway offers four items a month for $89, eight for $135 or 16 for $199. Nuuly is another popular clothing rental site, with a few more casual and lower priced items ranging in price from $120 to $300. It's owned by UEBN, the parent company of Urban Outfitters and Anthropologie. Armoire makes styling suggestions based on answers to a consumer questionnaire. Also check out local, independent shops. For example, at Valhalla in Tampa, Fla., clients pay $39 for unlimited access to the store's 6,000 items of clothing. 8. Men's Clothing for Special Occasions and BeyondMen also like the chance to wear expensive threads they can't afford on a regular basis. Born in 2019, Seasons offers clothes from more than 25 designers including Prada, Gucci, Bode, Craig Green and Stone Island. The rental rates are: one item a month for $65, two for $95, three for $125, six for $215. Nuuly is reported to be in the process of adding men's clothing to its offerings. 9. ToysA business born during the pandemic, Tiny Earth Toys, is a subscription service that delivers high quality toys to families each month. Since children often tire of their toys quickly, and their abilities change rapidly when they are younger, regularly changing the lineup is smart. Tiny Earth employs two early childhood educators who help select wooden toys such as stacking rings, puzzles and wooden people, trees, bridges and trucks. All are "open ended" meaning the children can manipulate them in their own way for a variety of activities. Tiny Earth charges $29 a month for four sustainable wood toys. For $49, you'll receive six to nine wooden toys a month. 10. HandbagsAgain, whether you want a knockout bag for a special occasion or to add some variety to your rotation on a monthly basis, renting could be the way to go. Bag Borrow or Steal is one of several ways you can rent a designer purse. Customers can rent a bag for one month with free shipping. Choices include a small Gucci disco bag for $125, a Chanel tote bag for $325 a month and a Prada envelope bag for $100 a month. If you were to buy these items, they'd run from $1,000 to $5,000. Other handbag rental sites include Luxury Rental Fashions, which has similar prices and policies. Bag Romance offers a great feature of showing the retail price of bags for rent. For example a black Chanel clutch that rents for $350 a month sells for $2,400. One Stop RentingJust as Amazon.com is the clearing house to buy almost anything, there are several sites where you can rent just about anything. RentItToday.com offers access to rental companies across the globe to make it easy to rent anything from beach tents and mobility scooters to computers and camera lenses. Ruckify.com is a peer-to-peer rental website with the tagline "rent anything from anyone." Individuals post products to rent directly to users. Categories include patio furniture, electronics, books, fashion, party supplies, hobbies, fashion, sports and vehicles. Katherine Snow Smith is a freelance writer and editor in St. Petersburg, Fla. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.  This posting includes an audio/video/photo media file: Download Now |
| We'll Pay You $5,000 to Save Money for 30 Days Posted: 30 Aug 2021 05:00 AM PDT Big dreams often require big savings, and one way to build up your bank is to kick your costly habits. Starbucks and DoorDash might seem like quick and convenient ways to treat yourself, but we're big believers in swapping the spendy stuff in favor of finding financial freedom. Life's expenses can be surprising, but cutting back on at least one thing adds up in the long run. At The Penny Hoarder, we're all about empowering people to make smart choices with their money. To help someone jumpstart their savings account, we're going to pay one person $5,000 to kick one of their most persistent spending habits and save money for 30 days — that's long enough to find a new, happier way to hoard your pennies. If you're looking for a fun challenge to change up your spending habits, apply now! What's the Job?We're hiring a Penny Hoarding Specialist to curb one area of their spending while they kick start their savings account. If selected, you'll track your spending and saving during the 30 days and report back to us on the experience. The challenge could be as simple as spending less on something by staying home or replacing one habit with another, more frugal one. And if you need help with your budget, try one of our favorite expense tracking apps. Who Are We Looking for?If you know you could cut out one expense in your life to save more, we'd like to hear from you. We're open to all kinds of ideas, but here are a few examples of what we might like to see:
What Will You Get?Our Penny Hoarding Specialist will receive $5,000 as payment for completing the challenge and we'll interview you for a story in The Penny Hoarder! What Will You Do?After being selected for the job, you'll cut out one costly habit for 30 days and funnel that money into savings, tracking your progress each week during the challenge. We'll also want you to keep notes of how you're feeling about the experience. Once the 30 days are up, you'll report how much money you saved and how the challenge went. (Was it easier or harder than you thought? Did you stumble along the way? What advice would you give someone else trying this challenge?) Dates and DetailsApplications are open from August 30, 2021, to September 19, 2021. We'll announce our Penny Hoarding Specialist on September 30. Subscribe to our email newsletter and follow us on Facebook, Instagram and Twitter to find out who gets to take on the challenge and get paid to save! Who Can Qualify?Everyone can challenge themselves to save, but applicants for this job must be 18 years or older and eligible to work in the United States. How Do You Apply?Start Building Your SavingsWe're happy you checked out this savings challenge and hope you plan on applying. Although we'll select only one candidate, we know everyone could use some friendly tips and reminders to keep their cash flow going toward savings. We also recognize that the pandemic left millions with wiped-out emergency savings, and now up to 31% of Americans have trouble saving as much as they used to. But hopefully, by avoiding overspending and protecting your financial future during the pandemic, you can get back on track. We all want more financial freedom and less money-related stress. Check out our other articles:
Terms and conditions
This dream job is administered by The Penny Hoarder and is not affiliated with, sponsored by, or endorsed by any of the parties mentioned above. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.  This posting includes an audio/video/photo media file: Download Now |
| You are subscribed to email updates from The Penny Hoarder. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment