The Penny Hoarder |
- Dear Penny: Am I Responsible for My Husband's $60K Car Loan if He Dies?
- The 12 Best Drugstore Pencil Eyeliners Under $10 for 2022
- 49 Best Home Business Ideas for 2022
- 11 Pantry Essentials for Cooking and Beating Inflation
- The Best Student Loan Refinance Companies of 2022
- What is an Installment Loan and How Do They Work?
| Dear Penny: Am I Responsible for My Husband's $60K Car Loan if He Dies? Posted: 07 Jun 2022 11:47 AM PDT Dear Penny, I'm happily married (25 years) and retired for medical reasons (I'm 58). My husband makes good money. We are meeting all of our basic needs, but his retirement is severely underfunded. We had to dig out of debt recently and are down to one zero-interest credit card we still owe about $18,000 on. Our home will be paid off in about four years, and I send $300 extra each month. My husband is very set on getting an expensive new car that costs about $60,000. I can't talk him out of it, though I've tried! He's OK with working until he's 70 and would use his old car as the down payment and put down no additional cash. I'm worried if something happens to him before the new car is paid off. If he passes away and I'm not a co-signer, will that protect me? I don't want the car, nor do I want the hassle of trying to sell it should he pass. I'm also worried about if he doesn't pass but needs a long-term facility or nursing home. How do I protect myself for my future? He has several health concerns, but so do I. -Mrs. M. Dear Mrs. M., Your husband may be approaching retirement age, but he needs to grow up already. A $60,000 car is something you buy when your retirement accounts are plush and you have little if any debt. But I know I'm preaching to the choir. To answer your question: The impact on you depends largely on what state you live in. If you live in one of the 41 states that follow common-law property rules, you wouldn't be responsible for the debt as long as your name isn't on the loan. But in the other nine states that follow community property rules — Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin — each spouse is equally liable for any debt incurred during the marriage.
In a common-law state, if your husband died owing money on the car, both the car and the loan would become part of his estate. The estate — specifically, whoever is the estate's executor — would be responsible for making payments out of your husband's assets during probate. Should you inherit the car along with your husband's other property, you could simply contact the lender and surrender it. The lender could still file a claim against the estate. But since your name won't be on the loan, you wouldn't be sued over the debt. Your credit score wouldn't be affected. You may be able to do the same thing if your husband becomes disabled. Doing so would hurt his credit, but it wouldn't affect yours. But if you live in a community property state, the lender could sue you for the debt even if you don't co-sign. If your husband doesn't have adequate life insurance and disability insurance that would allow you to cover car payments, there's a real risk to your credit and finances. Regardless of where you live, this purchase is a terrible idea. Your husband may think his plan to work until 70 fixes everything. But the reality is, a lot of people are forced to retire earlier than they planned because of medical issues or a job loss. That prospect is daunting, especially given that you say his retirement plan is severely underfunded. The money that your husband would be spending on a car payment needs to go toward catching up on retirement savings. I know you've tried to persuade your husband not to make this purchase. But I wonder if he may be more willing to listen to a neutral third party. It might be worth hiring a fee-only financial planner to assess your retirement planning and setting a specific savings goal. Perhaps your husband will see how much harder reaching that target would be with substantial car payments. If that doesn't work, maybe the two of you could reach a compromise. At the very least, could he hold off on buying this car until you've paid off the credit card? That 0% interest rate isn't going to last forever. Paying off the balance before it starts accruing interest is a must in this case. Given that new car prices continue to soar, your husband may also save money if he can be a little patient. I'm afraid there's nothing you can do if your husband is truly determined to make this ridiculous purchase. But hopefully, he'll come around and see that no car is worth putting your retirements at risk. Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder. Send your tricky money questions to AskPenny@thepennyhoarder.com. 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: 07 Jun 2022 11:30 AM PDT Apple announced the upcoming launch of Apple Pay later — its buy now, pay later service — this week at its annual developer conference in California. Apple Pay Later allows users to make purchases with Apple Pay and spread four payments over six weeks. With no interest or fees, Apple Pay Later can help break expensive purchases into more manageable installments. Apple Pay Later will become available later this year with the release of iOS 16. The rise of buy now, pay later services has enabled consumers to make purchases without the hassle of applying for a credit card or another type of credit, all from a smartphone or computer. Apple Pay Later joins a field with many buy now, pay later options, including AfterPay, Klarna, Affirm and PayPal. Using the Mastercard network, Apple Pay Later will split purchases into four equal payments over six weeks, with the first payment due at the time of sale. There are no interest or fees, making Apple Pay Later a powerful tool for handling purchases without taking a big hit to your wallet. As with other buy now, pay later services, it's important to make sure you can afford the payments within the timespan. Spreading a purchase over six weeks is welcome but may not work as well for your budget as paying over six months or a year. You'll likely pay interest but some services, such as Affirm, offer this option, which could make larger purchases easier. The Apple Pay Later service can be used wherever Apple Pay is accepted and will be included in the iOS 16 update, which will be available to all users later this year. You can use Apple Pay to pay wirelessly in-store using your iPhone or Apple watch or online with your Apple Wallet. Michael Archambault is a senior writer for The Penny Hoarder specializing in technology. 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The 12 Best Drugstore Pencil Eyeliners Under $10 for 2022 Posted: 07 Jun 2022 09:00 AM PDT If you're anything like the average woman, you've dropped some major dough on makeup. From foundation to liquid eyeliner to eyeshadow and mascara, it's likely you have a drawerful. A recent study by OnePoll for Groupon found that the average woman spends $313 per month on her appearance, or $225,360 over her lifetime. Women spend the most on facials, followed by haircuts, followed by makeup. We're going to put a stop to this stat, starting with eyeliner, which is seriously having a moment. From taking over your eyes with neon shades (yes, we absolutely love neon eyeliner) to taking on those statement winged looks — eyeliner is the key for completing your look right now. But it still doesn't mean you need to spend top dollar to make your eyeliner work for you. You might be partial to liquid liner but the best drugstore eyeliners might challenge that thinking. So we interviewed makeup artists to hear all about their fave eyeliners that are $10 or less — which can be found at your local drugstore (or online). Besides sharing the pros' eyeliner recommendations, we've included how best to sharpen them. If you don't have a makeup pencil sharpener, you'll want to invest in one so you can keep your best drugstore pencil eyeliner in use right down to the nub. Of course, the liquid eyeliners and gel eyeliners don't need sharpening. This NYX sharpener at $4.50 has two size holes, one for thin makeup pencils and the other for jumbo pencils. You can find others in your drugstore makeup aisle. We also included information about what each pencil eyeliner is made of. This is useful to people who might have allergies or if you are interested in buying drugstore eyeliners made of ingredients you can pronounce. Did you know that makeup has a shelf life? Check out our nine tips for extending the life of makeup. Lastly, in our effort to help make the perfect smoky eye but feel good about it, we included whether the pencil eyeliner is classified as "cruelty free." This implies that the product and ingredients used were not tested on animals, however there is no strict government requirement for the use of this term. If this is of great concern to you when you buy makeup and if you are often wearing eyeliner, look for more specific language such as "not tested on animals." 12 Drugstore Pencil Eyeliners Under $10
Here are more details about the 12 affordable eyeliners that will keep your makeup budget in check while letting you take advantage of the latest trends. 1. Black Radiance Eye Appeal Retractable PencilBest for People of Color$3.99, Black Radiance Beauty This retractable pencil comes in black and a subtle sparkle black, says Margina Dennis, a makeup artist who works on editorial shoots and also blogs about her work and the industry. She was one of the makeup artists who worked with actors on the 2021 movie version of West Side Story. What it's Good For: This is very pigmented, wears really well and doesn't dry out or cause irritation if you use it in your waterline. It also makes a great base for a dark, intense smokey eye. Cruelty-Free: Yes Made Of: Castor seed oil, wax, hydrogenated cottonseed oil and acetate How to Sharpen: Twist it. Get a perfect point to make a precise line by twirling it in a circular motion on a paper towel. 2. CoverGirl Perfect Blend Eye PencilBest for Long-Lasting$3.19 at Target Available in basic black or in black brown, this CoverGirl pencil eyeliner is a classic. It can be drawn as a thin, sharp precise line or it may be smudged and blended. What it's Good For: It has a deep color and it comes with a blender tip to create a classic smokey eye, says Annie Gabillet, the editor and founder of Safe Makeup Project, a clean beauty website that reviews high-end and affordable cosmetics. This is a drugstore eyeliner that doesn't contain potentially harmful ingredients that is also a high-performing option. Cruelty-Free: Yes Made Of: Hydrogenated coco-glycerides, hydrogenated tallow, polyethylene, wax, caprylic/capric triglyceride, petrolatum, ascorbyl palmitate, ascorbic acid, citric acid, iron oxides How to Sharpen: Makeup pencil sharpener 3. Maybelline New York Unstoppable EyelinerBest for Quick Application$9.99 at Ulta The eyeliner is long wearing in just one swipe, and it's smudge-resistant. What it's Good For "I love a mechanical eyeliner that doesn't require having a sharpener on hand," Gabillet says. "This eyeliner will stay in play once you apply it, and it gets a green score from EWG (the non-profit Environmental Working Group)." Beauty products with a green score can't contain ingredients with any health, ecotoxicity or contamination concerns. Cruelty-Free: No Made Of: Isododecane, beeswax, cera carnuba, dimethicone, isoeicosane, hydrogenated palm kernel glycerides, methyl-paraben, isopropyl palmitate How to Sharpen Swivel the tip for a fine point.  4. Maybelline Eye Studio Lasting Drama Gel EyelinerBest for Dramatics$7.49 at Bed, Bath and Beyond For an intense look — even if you have sensitive eyes. It's gel eyeliner, a cross between liquid eyeliner and a pencil eyeliner. Consider this a good choice for your Day of the Dead sugar skull makeup palette. What it's Good For: The smudgeproof, waterproof eyeliner will stay on for up to 24 hours, and it's made for drama. Tested by a dermatologist, this oil-free formula is allergy-tested and is safe for sensitive eyes and is available in 10 shades. Cruelty-Free: No Made Of: Cyclopentasiloxand, polypropylsilsesquioxane, ceresin, isododecane How to Sharpen: This doesn't sharpen 5. NYX Professional Makeup Jumbo Eye PencilBest for Color Selection$5.79, CVS The NYX jumbo pencil comes in 16 colors, including one called "donut," which looks like lavender to us. Check out matcha, cupcake and french fries. What It's Good For: This is a versatile eye pencil that can be used for liner, primer or eye shadow. Heck, at this price, buy a couple and experiment with a two-tone look. We think frappe (charcoal) would look good with an iced latte (pinky-beige). It might take some practice to get a finer line with the jumbo tip. Cruelty-Free: Yes Made Of: Mineral oil and powder How to Sharpen: Use the larger hole on a makeup pencil sharpener. 6. Almay All-Day Intense Gel EyelinerBest for Sensitive Eyes$8.49 at Almay This fragrance-free, hypoallergenic eyeliner is a fantastic find for anyone with sensitive eyes. It's available in six dramatic colors including navy, chestnut and plum. What it's Good For: This is the best eyeliner for sensitive eyes. It's a creamy, waterproof gel eyeliner that dries super quickly and may be blended if you also work quickly. "I don't recommend using it in the waterline, because this is very drying," Dennis says. Cruelty-Free: Yes Made Of: Recycled paper fibers and biobased cellulose How to Sharpen: Use a makeup pencil sharpener. 7. Wet n Wild Kohl Crayon EyelinerBest for Precision Lining$1.89 at CVS; only available in stores. At this price, you could purchase one in each of the six colors which are basic neutrals. This could end up being your go-to best drugstore eyeliner and a perfect candidate for your purse makeup bag. What it's Good For: This is just creamy enough to glide, but not so creamy that it ends up everywhere, Dennis says. This holds up well in the waterline and lasts for 12 hours. Cruelty-Free: Yes Made Of: Beeswax, carnauba, ceresin and petrolatum How to Sharpen: Makeup pencil sharpener 8. Revlon ColorStay Liquid Eye PenBest for Different Effects$8.99 at Target Available in three tips: Ballpoint, slim and angled. It comes only in black so might be your best choice to make those dramatic cat eyes. What it's Good For: The coolest thing about this liquid eye pen is its tips. You may get it in the ballpoint tip, which you can use to create dots to connect; a slim, tapered tip for the perfect glide on your lash line; and an angle tip for a cat eye, says Kryz Uy, a beauty and travel blogger at Kryuy.com. Cruelty-Free: No Made Of: Water, acrylates copolymer, butylene glycol, sodium lignosulfonate How to Sharpen: It doesn't sharpen because it's a liquid eyeliner pen. 9. E.L.F. Cosmetics Intense Ink EyelinerBest for Beginners$5 at Ulta The all-day eyeliner is a cinch to apply. It's a liquid liner that acts like a pen and online reviews give it praise for its all-day performance and ability to create precise lines. What it's Good For: Even beginners will be able to master this eyeliner, which makes it easy thanks to the wider application tip. It's waterproof and smudgeproof — but make sure you put the cap back on, as this may dry out without it. Cruelty-Free: Yes, 100% vegan the label says Made Of: Water, styrene, acrylates, ammonium methacrylate copolymer How to Sharpen: It does not sharpen because it's a liquid eyeliner pen 10. Rimmel Exaggerate Eye Definer NoirBest for Criers$3.47 at Amazon This waterproof eyeliner will stay all day sans racoon eyes. It comes in five colors, including "copper bling." What it's Good For: Need an eyeliner that glides on smoothly and will stay on all day – even if you tear up at times? This is the one to grab. Even with dry skin, this is easy to apply, and it'll stay soft long enough to blend smoothly, before staying in place all day. Cruelty-Free: Yes Made Of: Cyclopentasilowane, polyethylene, wax, polybutene, cera alba, beeswax How to Sharpen: Twist it; no need for a sharpener 11. L'Oreal Paris Voluminous Smoldering EyelinerBest for Splurge$10.99 at Walgreens (often on sale and under $10) Do detail work with this fine-tipped eyeliner. Plus, the name screams sultry. What it's Good For: Want a defined eye? This is your eyeliner. It's great for definition. Sharpen it and drag it along your upper lash for a kitten eye, or use the wider part of the pencil to create a thicker line for a wing shaped eye. Cruelty-Free: No Made Of: Hydrogenated palm kernel glycerides, caprylic triglyceride, polyethylene, cera microcristallina, talc, tocopherol How to Sharpen: Makeup pencil sharpener. 12. Milani Eye Tech Extreme Liquid EyelinerBest for Humidity$7.99 at Milani Cosmetics The sweatproof, easy-to-apply eye liner is a go-to. This expert liquid eyeliner comes in two shades of black and is an all-around choice for creating all sorts of looks, including using it for winged liner. What it's Good For: Milani Eye Tech makes the best waterproof liquid eyeliner that will even last through showers (remove with an oil-based eye makeup remover). This is especially good during the humid summer months, as it won't budge. Choose between two shades of black, and you'll be able to draw wings, kitten eyes and more. Cruelty-Free: No Made Of: Water, butylene glycol, styrene, ammonium methacrylate copolymer How to Sharpen: Shake to refresh the oil The Penny Hoarder contributor Danielle Braff is a Chicago writer who specializes in consumer goods and shopping on a budget. Her work has appeared in the New York Times, Washington Post, Real Simple and more. 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 49 Best Home Business Ideas for 2022 Posted: 07 Jun 2022 07:00 AM PDT Quick Navigation
You fantasize about ditching the daily commute and starting a business from the comfort of home. The only problem with your entrepreneurial daydream? You don't have any idea what kind of business to start, much less how to make it profitable. No worries, we're here to help. You're not alone in wanting to go it alone. Of the 31.7 million small businesses operating in the U.S., about 81% were run by individuals with no employees, according to the most recent government numbers. Whether you're looking for a little side-hustle income or you dream of quitting your current job and the daily commute for good, here's your guide to home-based business ideas. The 49 Best Home Business IdeasChoosing your business can start with something as simple as picking an activity you enjoy and figuring out how to monetize it. However, if you don't already have a passion you want to profit from — or you'd rather keep your hobbies and work separate — you can still start a successful home-based business on your own as a sole proprietor, or one-person business. Pro Tip A sole proprietorship doesn't need to register with the state (unlike corporations, partnerships and LLCs). However, you still must comply with registration, license, tax and permit laws. Local social media groups like Nextdoor can be a source of ideas. There you'll find everyday services that are in demand, although it may not be the most glamorous work. Mundane chores make for good business because they're tasks that many people are willing to pay someone else to do, whether it's mowing lawns as a groundskeeper or setting up bounce houses as a kids' party planner. We've come up with a list of the best business ideas that have relatively low barriers to entry and startup costs but offer real income potential. Ready to start your journey toward self-employment in the comfort of your own home? Let's get to work. Businesses That Don't Require You to Leave Your HomeRunning an online business lets you make money with little need to leave the house. You may need a personal website where potential customers can find you, although you can also find work for your specific skills through sites like Upwork and Fiverr. 1. Freelance WritingUse your wordsmithing skills to start a freelance writing business. We have advice for how to pitch a story if you're looking for your first byline. To make freelance writing your full-time business, you'll benefit from expanding your repertoire to incorporate multiple types of writing (editing skills also increase your value). Here are a few options:
2. Virtual AssistantAdministrative assistants typically answer to a boss, but start your own business, and you'll be calling the shots. A virtual assistant performs similar tasks to an in-person assistant, but you can offer your services to one or multiple companies. You might be doing data entry one day and proofing articles on WordPress another, so be prepared for a variety of tasks. 3. Travel PlannerArrange for others to travel the world without having to leave your couch. A remote travel planner is a great home-based business idea for someone who is well organized, detail oriented and has stellar customer service skills. It helps if you have travel experience and understand trends in the travel and tourism industry. Although the job market for a travel agent is currently on the decline, you might be able to niche down by marketing to a targeted audience, like single parents with young children or retirees with limited income. The median pay for a travel agent is $20.36 an hour.  4. BookkeeperLife makes more sense in spreadsheets. If this statement sounds like something you'd say, a bookkeeping business could be in your future. Rather than targeting a big business account, start by focusing on smaller businesses that need help managing their finances. You don't need to be a CPA to start, but strong computer and customer service skills help. 5. Tax PreparerAnother home business option for someone skilled in accounting is to become a tax preparer. While you don't need formal training to become a tax professional, it can help. You'll need a Preparer Tax Identification Number and an Electronic Filing Identification Number from the IRS to start, and you may have to register with your state. While tax preparers generally work on a seasonal basis, you may be able to earn enough during tax season to stretch through the remainder of the year. 6. TutorEnjoy all the fun of teaching without leaving home. An online tutoring business lets you offer your expertise, whether it's teaching math and English to elementary kids or prepping high school students for the SAT. These 10 online tutoring companies are a good place to start. Promote your expertise in a subject or grade level in your bio — teaching certifications will also add to your credibility (and bottom line). Pro Tip Most tutoring platforms require instructors to either have or be working toward a bachelor's degree, and previous teaching experience is preferred. Check the requirements before you apply. If you're thinking of starting a tutoring business, you can learn a thing or two from this former Scripps National Spelling Bee participant who earned $100 an hour tutoring kids who want to compete. 7. Teach Online ClassesTurn a topic you know a lot about or a talent you have into an online course as a way to make money from home. This is one of the best home-business ideas because it allows you to capitalize on what you already know with very little investment. Online classes are also a great way to earn passive income. You can record your online classes once and get paid for months or years to come as people sign up for your courses.  8. Write an EbookWriting an ebook (or several) is another option to earn passive income from home. Your ebook could be fiction or nonfiction, and you can decide to write about whatever topic you like — as long as there's an audience for it. Self-publishing your book removes the barriers to entry built into the traditional publishing business model. You don't have to have a literary agent and hope it gets seen by the big publishing houses. However, after publishing your ebook, it's up to you to funnel potential readers to your masterpiece. 9. Affiliate MarketerIf you have your own website or your own blog that already gets traffic, affiliate marketing should be part of your business plan. The basic concept: You can make money by including affiliate links to products you recommend on your site. When your readers click on the link and buy the product, you receive a commission. Check out affiliate marketplaces to connect with brands that will pay you to promote their products and services. Among the many marketplaces is ClickBank, which says on its website that you can earn commissions of up to $150 per sale. 10. Social Media ConsultantGot a knack for words and a knowledge of the latest trends in social media? Consider becoming a social media consultant. Most small businesses don't have the budget for full-time social media management, but they want a presence on social media to attract and engage customers. That translates to plenty of opportunities for you to pitch your services. Sell your social savvy — and expertise with publishing software — to local businesses by writing blog and social posts. The Bureau of Labor Statistics (BLS) lumps social media consultants into the general category of public relations, listing a median pay rate of $30.19 an hour in 2021. Focusing your business on one area, at least early on, can help build your expertise. Research the local online business landscape to discover where the need is, whether it's helping establish social media accounts for local businesses, contracting for a specific number of posts per week or setting your sights on a specific industry (restaurants, for instance). Need a banking service that's built for freelancers, helping you save for taxes and keep track of your expenses? Check out Lili. (It's free!) 11. Start a YouTube ChannelShare your life, interests or skill set with the internet via YouTube, and bank some cash. YouTube is a home business idea that can help you earn residual income. The videos you create now can bring in income months or even years down the road. One YouTuber told The Penny Hoarder that she started earning revenue on her YouTube channel within six months, despite having no technical experience or equipment beyond a laptop and a smartphone. Check out her advice on how to make money on YouTube. Some of the platform's top earners bring in tens of millions of dollars; however, you can aim to make this home-based business idea into a modest side hustle with low startup costs.  12. Become a TikTok InfluencerTikTok is much more than just trendy dances. It's also a legitimate way to earn money from home if you have a nice-sized following. You likely won't make a bunch of money overnight, but if you create quality content consistently, focus on a niche and follow the trends, you might find success. Depending on how many eyeballs check out your videos, you could earn from $200 to $20,000 for a branded video. You can also make money selling products online or offering consulting services. 13. Start a PodcastLaunching a podcast is another way to capitalize on your knowledge base or interests. For example, one journalist told The Penny Hoarder that she quit her TV station job in 2017 to become a full-time podcaster and focus on the news she wanted to share. You can make money with a podcast through advertising, sponsorships, subscriptions, paid content and donations. 14. Be a Voiceover ArtistPut your talents from high school drama class to good use earning money as a voiceover artist. Voiceover artists record audio for video games, audiobooks, TV commercials, radio spots, cartoon programs and more. It's a fairly flexible job that you can do during nontraditional work hours, making it a perfect home business for someone with a 9-to-5 job or a stay-at-home parent, like this woman. 15. Web DeveloperIf you can balance aesthetically pleasing and user friendly, your next business could be as a web developer. Technically, there are differences between web designers and developers, with designers tending toward the visual aspect while developers focusing on the coding. The BLS, which doesn't differentiate between the two, states the median pay is $37.12 an hour. Even if businesses in your area don't have a big budget for complicated websites, they may need a simple landing page. If you have the web design and coding skills, you can start small and expand your business based on referrals and your portfolio.  16. Graphic DesignUnleash your creativity — and use your art degree — to create a graphic design business. Whether it's designing logos or layouts, you'll need to invest in the proper equipment and programs to give your designs a professional look. But you'll at least be able to find colleagues to consult — in 2021, about 1 in 5 graphic designers were self-employed, according to the BLS. Prospective clients will want to see past design work to determine if you're a good fit, so a portfolio is essential. You can find free places to post your work at sites like Coroflot and Carbonmade. If you're just getting started as a graphic designer, add to your portfolio by volunteering to create brochures and programs for nonprofits like your church or kids' school. Once you're established, you'll be able to set hourly or per-project rates. You could earn between $65 and $150 per hour. These tips will get you started. Pro Tip Make your business stand out by including your personal story. Share how you got started and why you love what you do to connect with customers looking for a reason to choose you over the competition. 17. Become a Life Coach or Career CoachIf you've got excellent motivational skills and you're passionate about seeing others succeed, you might want to start a business as a life coach or career coach. You can make money in this line of work through one-on-one sessions with clients, creating webinars or workshops or creating a blog or podcast. The amount of money you can generate with this home business idea will vary based upon your method of monetization and the size of your own audience. 18. Be an Online Dating ConsultantHelping someone craft an online dating profile sounds like something you'd do for a friend over drinks, not a home business idea that generates income. However, you can legitimately start a business as an online dating consultant, helping people craft their online profiles and connect with potential dates. Other ways to earn money from providing online dating services include shooting photos for a dating profile and investigating dating fraudsters. Work at Home… and BeyondSure, you enjoy working from home, but sometimes you miss human interaction. No worries — there are plenty of home-based business ideas that let you run your business from your couch but also allow you to escape the confines of home.  19. Local Tour GuideDo you love showing off your city? Make it your business by becoming a local tour guide. And you don't have to limit yourself to museums and monuments — although that's an option, too. One man told The Penny Hoarder he makes $10,000 a year with his side gig leading craft coffee tours around St. Petersburg, Florida, while another earns income leading bike tours to check out the many murals around the city. If you already have a passion for arts, food or other amenities that make your town special, you can start by offering free tours to friends, then expand your reach by promoting your tours on social media and through your local tourism office. 20. CleaningCleaning other people's places may not be everyone's dream job, but that's what increases its potential as a profitable business. Housekeeping is one option, but if you're willing to get your hands a little (or a lot) dirty, your services can be invaluable to clients who want you to clean out decades of accumulated trash in their basements, attics and barns. 21. Professional OrganizerChannel Marie Kondo or Clea and Joanna of The Home Edit and start a home-based business as a professional organizer. This profession differs from a typical house cleaner. It involves organizing people's belongings into beautiful systems that discourage clutter. This job requires an eye for detail, good judgment, discretion when dealing with clients' personal things and, of course, stellar organization skills. Being that you're doing work that many people avoid, you can pocket some sweet income with this home business idea. 22. Personal ChefYour dinner parties are always a hit, and people form a line for your bake sale contributions. Bank on your culinary prowess with a personal chef or catering business. You don't need a culinary degree to start plating, but a few referrals could help fire up your business. Offer to cook for the school fundraiser or church picnic, and be sure to display your business cards at the serving stations. Posting professional-looking photos of your mouth-watering dishes on your website is another way to attract customers. A personal chef who charges up to $65 per plate hosting dinner parties shared more tips. 23. PhotographyUse your photography skills to take a shot at starting a business. Besides taking photos of babies, parties and weddings, people make money with photography businesses by selling their work to stock photo sites like Shutterstock or iStock. 24. Real Estate AgentAs a real estate agent, you'll spend a good amount of time away from your home meeting with clients, touring properties and hosting open houses. But you'll also spend time in your home office compiling comparable properties, pouring over listings, researching the market and drawing up contracts. To become a real estate agent, you'll need to complete coursework and pass an exam to earn your real estate license. You'll also need to find a brokerage to work with. As a real estate agent, you earn a percentage of the sales you see through. The median pay for real estate agents in 2021 was just under $49,000.  25. Home StagingLive out your HGTV dream. Homeowners hoping to get the highest price need to make their humble abode look its best. And that's where you, the home stager, come in to rearrange the furniture, hide the million toys in a storage unit and replace all those framed cat photos with tasteful art. Think you have what it takes? One woman who started her home staging business with a $3,000 investment built her client base by doing the following:
26. BabysitterLove kids? Love having kids running around your home? If your home is prepared for the rough-and-tumble world of children, babysitting in your home is a good way to get around the whole "nanny tax" thing (that's where the parents have to pay you as a domestic employee because you're working in their home). Each state has its own regulations about what age and how many kids you can watch at one time before becoming a daycare, so check out your state's rules before you start. Learning a few basics — like CPR and first aid — can also help you demand a higher rate. How much you can make varies based on how many kids you watch and your location, among other factors. The Care.com calculator suggests the rate for babysitting one child in New York City is $17.50 per hour.  27. MusicianLet's start with the assumption that you aren't a rock star musician prepared to tour the world. That doesn't mean you can't be in the music business. In fact, we have 13 ways to make money off your music here. 28. Personal TrainerTurn your love of fitness into cash by becoming a personal trainer working from your own home studio or traveling to clients' houses. Increase your credibility (and pay) by getting certified by a nationally accredited organization like the American Council on Exercise (ACE) or National Academy of Sports Medicine (NASM). Expect the business of personal training to be more of a marathon than a sprint. Accreditation training can take weeks and cost hundreds of dollars, along with liability insurance, and you'll have to maintain your certification with continuing education. The BLS says the 2021 median pay for fitness trainers and instructors was $19.57 per hour, but pay can vary widely depending on your location and specialization — IDEA Health and Fitness Association notes the average rate for personal trainers in New York City is $32 an hour. 29. Yoga InstructorA yoga instructor is another fitness-related, home-based business idea. Getting trained as a Certified Yoga Teacher (CYT) can help you establish yourself as a professional qualified to lead others in their yoga practice. Working as a yoga instructor allows you to have flexibility (pun intended) about where you work. You can take your home-based business online by recording videos or doing virtual classes. You could also lead yoga instruction at a community center, a park or your client's home. 30. Massage TherapistWork with your hands… and arms… and elbows… as you massage clients' muscles. Starting a massage therapy business requires more than one of those cool tables and a towel — although you should definitely expect to do a lot of laundry (all the sheets, you know). Before flexing those fingers, you'll need schooling and licensure — check here for your state's massage therapy licensing requirements. According to the latest numbers from the BLS, employment in massage therapy is projected to grow 21% from 2019 to 2029, with a median pay rate of $22.55 per hour in 2021. 31. Notary PublicThere are many occasions that call for a person needing a document notarized — from buying a house or signing a will to filling out school forms or entering into a business contract. A notary public is the individual who witnesses the signing of legal documents and ensures that the people signing the documents are who they say they are. Depending on the state you live in, you may have to take a course and pass an exam in order to become a notary public. In many cases, you're required to purchase a surety bond. You'll also need to purchase a notary seal or stamp. Your pay may be regulated by the state, but you can make decent earnings as a notary public.  32. HandypersonIf you have a knack for fixing things around the house, a good home business idea for you might be to become a handyperson. There's a lot of variety in this line of work. You might spend one day fixing a leaky pipe and another day patching a hole in someone's drywall. Being that you can set your own hours, you might be able to charge a premium for working nights and weekends when other companies are closed. Home Business Ideas for Selling StuffNo, these aren't the dreaded cold-calling telephone sales jobs — instead you're selling your own stuff or other people's stuff through your own local or online business or a third-party site. 33. Amazon SellerConsidering it seems like you can buy nearly anything on Amazon, it makes sense that you should be able to sell almost anything on Amazon, right? Here are three great options to create and run your own online store on Amazon:
34. eBay SellerUse your eye for fashion to resell thrift store finds at a profit as an eBay seller. To get started, check out eBay's listings for similar items to determine the demand for your product and a pricing strategy. How you price your item affects how it shows up in a search — the lower the price, the more eyes, but setting a higher minimum guarantees a greater return on investment if the item sells. Pro Tip Good reviews are essential for any online seller. Invest in thank-you cards to include with each order to remind your customers to add their feedback to your site. Attract more buyers (and higher prices) by using good lighting and a professional presentation in photos of your product.  35. Etsy MarketerCrafting a business from your love of, well, crafting, doesn't mean you need to drag your wares to a table at the farmer's market every Saturday. Setting up shop with the online marketplace Etsy allows you to sell handmade products like custom jewelry, refinished furniture and custom gift baskets without leaving your home. As experienced sellers will tell you, a big part of being able to sell online via Etsy is re-creating the experience for a buyer who is used to handling handmade products in person when deciding to make a purchase. Instead of discovering your handmade jewelry or macrame plant holders through a tactile experience, buyers are looking at your photos and descriptions of your handmade products on your Etsy store to decide whether to buy. High-quality photos and in-depth descriptions are essential for attracting customers, as is sharing your personal story. 36. Print-On-Demand BusinessIf you have a pulse on what's trendy, you could develop your own line of graphic T-shirts with a print-on-demand business. To gain success with this home business idea, it helps to have graphic design skills. However, you could always contract out the design work. With a print-on-demand business, you don't have to worry about managing inventory, shipping, returns or customer service. You run your own online store and the rest is handled by the third-party company you work with. Some popular options are Merch by Amazon, Printify and Spreadshirt. It's also important to note that your print-on-demand business doesn't have to revolve around selling T-shirts. You could choose to sell products like tote bags, coffee mugs or wall art — customized with your own design or text. You could also turn your art into cash by using one of these print-on-demand sites. Here's how one man built a successful business printing T-shirts, earning a few hundred dollars a month. 37. Start a Dropshipping BusinessA dropshipping business is a type of e-commerce business where you sell products featured on your online store, but you rely on a third-party business to fulfill the order and ship it to the customer. You pocket a percentage of the sale by getting the products at wholesale prices from your supplier. You can choose from a variety of products for your dropshipping business. Your dropshipping business could be an online store selling clothing. Or perhaps you want to focus on selling home decor. Your dropshipping business could play a part in a larger home business operation, like this woman who started a dropshipping business in conjunction with her existing ecommerce business. 38. Vending Machine OwnerBeing a vending machine owner gives you the ability to sell products without renting commercial real estate or needing to meet with customers in person. You just have to find the right location for your vending machine and get permission from the local business owners there. You can sell anything from soda and candy to toys and tech accessories. Startup costs can be around $2,000 but this home business idea is one that can generate passive income with little work required. 39. Subscription Box BusinessAnother home based business idea where you'd sell products is a subscription box business. Subscription box businesses can span many different industries. You could sell clothes, makeup, food, books, pet toys and more. Depending on what type of products you choose to sell with your online business, you may need a significant amount of capital (and storage space) to start this home business. However, you have the potential to gain customers and sales on a repeat basis with a subscription box business. You can get some additional subscription box advice about what consumers consider good offers and which ones they might steer away from.  40. SewingSew you want to start a business (sorry, couldn't help ourselves). Turning your threads into a profitable business can start with adjusting hems and making alterations for family and friends, but there are plenty of other ways to use your needle and thread to follow your passion. 41. Home BakerIf your friends and family members can't stop raving about your chocolate chip cookies or apple pie, perhaps baking is a great business idea for you. You could create desserts for birthday parties, weddings, business events and more as a sweet source of income. If your treats are easy to ship, you can set up an online store and sell online in addition to fulfilling local orders. We've got a complete guide on how to set up your home-baking business. 42. Furniture FlipperSuccessful online furniture flippers say to follow tips such as:
43. Airbnb HostIf you ever dreamed of owning a bed and breakfast, but never quite got your hands on that country estate, you can still channel your inner hostess by transforming a guest room (or your home) into Airbnb accommodations. Instead of selling physical merchandise, you'll be selling your space, but you'll still need those same marketing skills to make your Airbnb attractive to potential guests. Think: inviting photos and a well-organized space that will garner great reviews from previous guests. (Hosting laws vary from city to city. Please understand the rules and regulations applicable to your city and listing.) Home-Based Businesses That Let You Work OutdoorsThere's no need to limit your home business to the confines of your house. Here are some home business ideas that'll let you spend time outdoors enjoying some fresh air. 44. PetsittingPrefer your clients to be the four-legged variety? You could start a petsitting business and cuddle with cats and dogs while their owners are gone all day. There are more business ideas that can branch off of a petsitting business, like starting a dog walking business. Connect with fur babies and their parents through apps like Rover or Wag to build up a client base. There, you can add your profile and let owners see your experience.  45. Small-Scale FarmingGot a backyard with some room to breed? If a full-size farm is a bit beyond your reach, you could go the (much) smaller animal route and install a beehive. Turn it into a successful business by selling honey at the local farmer's market. Yes, there are setup costs and licensing required after you buy the bees to factor in. But considering the high price local honey can demand, one beekeeper nearly broke even his first season raising bees by selling the sweet stuff. If you have more space, take notes from this couple who started raising four chickens in the backyard of their home and went on to raise 900 chickens and 400 Grimaud Pekin ducks on their six-acre farm. Pro Tip Regulations vary for raising livestock, which is considered any domesticated animal that's raised to produce labor and/or commodities. Visit your state's Department of Agriculture website for details. 46. Seasonal OperatorMaybe you're more of a fair-weather businessperson. Seasonal businesses offer you the chance to operate when you prefer to be outdoors — think shoveling snow during the winter or hauling beach gear during the summer. And if the holiday season offers more free time for a business venture, think festive lights. Light installers make the majority of their money hanging those twinkling lights during the holiday season. 47. Garden ConsultantYou've probably heard of business consultants, who bring their decades of knowledge to advise a company on whatever their issue is. You might not be a CEO, but if you've had years of growing gardens, you could turn your planting know-how into a garden consulting business. Although people may dream of growing their food, most backyard gardens end up a little on the sad side, if alive at all. Your knowledge of soil acidity, fertilizer composition and sunlight needs — plus a willingness to dig around in the dirt — could pay off as a garden consultant.  48. LandscapingIf you enjoy being out in your yard and are already skilled at maintaining your own lawn, a landscaping business might be a good home business idea to pursue. Depending on where you live, your business may be at the mercy of the changing seasons, but this business is one where you can easily snag repeat customers year after year. Local social media groups — like NextDoor or a neighborhood group on Facebook — could be a good way to drum up business. Providing great results is also an excellent way to attract new customers and prompt existing customers to refer you to their friends. 49. Car DetailingCleaning a car inside and out is a chore many people would pay someone else to do. It's also among the home business ideas you can start with little experience, no education requirements and low startup costs. You can choose to have clients come to your home to get their cars detailed or charge a premium as a mobile car detailer who'll meet busy clients where they are. In addition to this being a good home business idea for those who enjoy the outdoors, this line of work is fitted for people who are detail oriented and enjoy physical labor. You can get a nice workout by cleaning cars all day! Next Steps After Choosing a Great Home-Based Business IdeaConsider these home business ideas a jumping off point or the spark for a related idea that isn't on this list. Just know that starting a business requires more than just a good idea, so you'll first want to check out our step-by-step guide to starting a business. You'll need to research the marketplace, create a business plan, gather funding, consider how to legally structure your business, come up with a memorable name and potentially register with the state. The business world might be tough, but isn't it easier weathering the ups and downs in the comfort of your own home? Frequently Asked Questions (FAQs) About the Best Home Business IdeasIf you're still figuring out which of these best home business ideas would be right for you, the answers to these frequently asked questions may help provide clarity. What Are the Most Successful Home Businesses? You can find success with any of the home-based business ideas featured on this list, provided you target an audience who could benefit from your product or service and you put in the work to consistently deliver. There are some home-based businesses that seem to be more profitable than others. Web developers, graphic designers, tax preparers, bookkeepers and real estate agents can develop a lucrative business from home and end up earning more than the median wage for U.S. workers. What Is a Good Home Business Idea? A good home business idea is one that you have the skills to do and that there is a demand for. If you're looking for home business ideas where you can be flexible with your hours, consider business ideas like working as a graphic designer, a voiceover artist, a home baker, a furniture flipper or an Amazon seller. Great home business ideas you can start if you're good at making sales include running an online store on Amazon, operating an online store on eBay, having a vending machine business or starting a subscription box company. If you enjoy spending time outdoors, some home-based business ideas you should consider are working as a garden consultant, starting a landscaping business or detailing cars. What Is the Easiest Business to Start? The easiest home-based business ideas to develop are those with low barriers to entry and minor startup costs. It will be easier to start a home business using skills you already have. If you have to take courses and earn a certification before you can launch your own business, that may not be the easiest path to pursue. Having low startup costs is a big factor in deciding whether your home business ideas will be easy to follow through with. However, what you consider to be low costs for your home-based business is subjective. Ideally, you'll want to be able to get your business up and running without depending on a loan or blowing through all your savings. How Much Does It Cost to Start a Home Business? Some home business ideas you can start for less than $100 include freelance writing, working as a virtual assistant, tutoring, starting a YouTube channel, being a professional organizer, starting a dropshipping business, starting a print-on-demand business, working as a pet sitter or detailing cars. Pro Tip Before you start a business, make sure you have a solid emergency fund aside from the savings you plan to use for business expenses. Tiffany Wendeln Connors is a writer/editor at The Penny Hoarder. Nicole Dow is a senior writer at The Penny Hoarder. 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 11 Pantry Essentials for Cooking and Beating Inflation Posted: 07 Jun 2022 05:16 AM PDT Saving money on food comes down to one thing: Working smarter, not harder. And that starts with keeping some basic pantry (and freezer and fridge) essentials on hand at all times, so you can whip up tasty meals with minimal effort. Saving money in the kitchen is always important, but even more so in 2022 as food prices rise. The USDA reports that food inflation is at a 14-year high, with grocery store shopping and eating at restaurants costing consumers about 6% more this year than last. There are a number of factors driving up prices: rising energy and transportation costs plus higher labor costs. Also, a widespread outbreak of avian flu has affected chicken and egg prices. Consumers are also seeing rising costs for meat in various forms including both raw and cured like bacon. Check out our 10 genius ways to save money on meat for your family's meals. Why Is It a Good Idea to Have a Well-Stocked Pantry?If you have a well-stocked pantry it makes it easier and cheaper to cook at home, and not resort to takeout. A stocked pantry allows you to smartly take advantage of store sales to make meals for your family because you don't have to buy every ingredient for something you may want to prepare. For example, if there's a good deal on ground beef at the grocery store and you already have dried breadcrumbs, jarred red sauce and dried spaghetti in your pantry, you've got most of all what you need for easy Spaghetti and Meatballs. Pick up a few fresh veggies and make Black Bean Soup with the canned beans and broth you've got in the pantry. And how lucky that you have a loaf of French bread in the freezer. The Budget Cook's 11 Kitchen Pantry Essentials
If you're trying to cut down on takeout and looking to stock your cabinets on the cheap, grab these healthy pantry essentials to build quick and easy low-cost meals. Keep an eye out for sales. Also, there is a lot on this list and you don't need it all. If your family won't eat peas, no need to buy that frozen bag of them. Same with pickles and olives, though for some folks, these items are the perfect flavor boosts for salads and sandwiches. 1. Grains and Breads
Quinoa and rice are standard bases for veggie bowls, taco bowls, and fried rice. They also make it easy to whip up your very own Quinoa Curry. Rolled oats are also versatile and worthy of a place in your pantry. In addition to overnight oats and baked goods, you can toss oats into a smoothie, or even make your own granola. A variety of bread is another great staple to have on hand. You can put just about anything between two slices of bread and call it a sandwich, or add some cheese and veggies in a tortilla to make a quesadilla. You've got tuna and bagels? Think about an open-face tuna melt sandwich. By having some standard whole grains around as a base, you can also cut down on food waste and reheat your leftovers or use up produce to create entirely new dishes. If you see bread on sale, grab a few loaves and stash in the freezer. 2. Pasta
You don't necessarily need these specific noodles, but a long noodle and a short noodle will do all the things you need noodles to do. Say that 10 times fast. Your short noodle (elbows, shells) can make mac and cheese or a great pasta primavera with leftover veggies. Long noodles (spaghetti, fettuccine, angel hair) are made for sauces like Alfredo, pesto or marinara. You can make your pantry even more versatile by stocking it with rice noodles or egg noodles to whip up a homemade Pad Thai or ramen. 3. Beans and Legumes
 Beans and legumes cost a fraction of the price of meat, making them an affordable way to add protein to soups, chilis, and tacos. Roasted chickpeas make a healthy salad topper, while lentils are great for curry. You can buy these canned, but buying them dry is even cheaper. Bonus: Ditch the bag and store them in decorative jars, for a whimsical kitchen counter storage solution. Another perk to buying dried beans? Dried chickpeas make it super easy to blend your own delicious hummus. It is hard to beat the convenience of canned beans, and store brands are usually cheaper than big-name brands. Consider rinsing them before using to get rid of excess sodium. 4. Baking
All-purpose or whole-wheat flour is essential for more than just cakes and breads. You can use it to make your own pancakes, biscuits or even fresh egg pasta. Flour is also used as a thickener in homemade sauces and soups. A little sugar can make a yummy sweet-and-savory sauce or quick fruit crisp in the microwave. Sugar shouldn't be a staple in your diet, but it's necessary in your kitchen. You're likely to consume less sugar when you make your sweets at home instead of buying them at the store. And some homemade sauces actually call for a bit of sugar to offset the spiciness (like this Teriyaki Sauce). 5. Nuts and Seeds
 Basic nuts and seeds have a dual purpose: They're a great snack on their own, and they give a nice crunchy texture to salads, oatmeal and baked goods. They also work really well with certain meat dishes— like this Cashew Chicken. Watch for them on sale because they can be pricey. Nuts are also just super healthy. Pumpkin seeds are chock-full of nutrients — just 1 ounce has 7 grams of protein. Nuts also contain a hefty dose of healthy fats and nutrients, so skip the chips and keep these tiny gems on hand. Save money on your nuts and seeds by ordering them in bulk from companies like Nutstop. 6. Oils and Vinegars
You can make some awesome marinades and salad dressings with this classic combo. Apple cider vinegar makes a tasty vinaigrette; while adding sesame oil to peanut butter and soy sauce creates an amazing peanut sauce. If you want to expand your oil and vinegar inventory, balsamic and rice vinegars add a lot of options to your pantry arsenal. Plus if you end up with more vinegar than you know what to do with, you can always try your hand at canning garden vegetables! 7. Condiments and Sauces
Much like oil and vinegar, condiments and sauces give new life to bland meats and veggies. They can also be the glue that holds creative summer dishes together—like this easy Egg Salad recipe. A little hot sauce corrects all recipe mistakes. Peanut butter toast makes a great snack — in fact, we've found that there are a lot of household uses for peanut butter. If you've already got a lot of condiments to work with, don't let them die in your fridge. There are several ways to put them to good use. 8. Dried Herbs and Spices
 Salt and pepper are a given. But buying pre-minced garlic saves time — and allows you to add fresh garlic to anything. It also brings you one step closer to this delicious homemade garlic bread. Cumin is another good spice to have, since it's a staple in many Mexican dishes. Italian seasoning is a frugal life hack. It includes all the seasonings you want in the ratio you want them, without having to buy seven different bottles. And crushed red pepper is an easy one to have on hand because you can always refill your container with the packets that come with your pizza. Spices and dried herbs can be expensive. We've rounded up 10 ways to save money on spices that will help keep your pantry stocked for scratch cooking. 9. Shelf-Stable Foods
We often think of this category as canned goods but some of these foods will come in jars, resealable bags or cartons. Watch labels because some items may need to be refrigerated after opening. Coconut milk, stock and tomatoes are necessary bases for many soups, chilis and curries (Coconut curry, anyone?). You can also cook rice and quinoa in stock or coconut milk to add some extra flavor. It's always nice to have a jarred pasta sauce on hand if you don't have time to make your own — even though it's really easy. And if you're embarking on a pantry challenge by eating what's on hand before buying additional groceries, having ample canned goods will help you tie together some delicious meals. 10. Frozen Fruits & Veggies
While it's not exactly your "pantry," having a stocked freezer is one of the easiest ways to ensure you always have prepped veggies, vegetarian protein alternatives, and a variety of fruits on hand. Toss frozen veggies into the oven for an easy baked veggie side, or add frozen berries to your favorite baked goods, like these Blueberry Muffins. (Plus, you've got the baking essentials in your pantry so you may not have to buy anything!) If you have a hankering for more of the "junk-food" frozen items like dumplings or frozen pizza, don't go crazy trying to deprive yourself. Remember, satisfying your food needs (even those sneaky cravings) at home will always be cheaper than paying for take out. 11. In the Fridge
Just like the freezer, you might not think of the refrigerator as your pantry, but some essentials there will make cooking from scratch so much easier. Take eggs. Even though the price is higher for a dozen than it's been for a while, eggs can still be the basis of an economical meal. Look for store brands which continue to be a better buy than bigger name brands. Check out these 24 ideas for affordable ways to serve eggs for dinner. We especially like this Huevos Rancheros recipe and since you already have beans, salsa and tortillas in your pantry, dinner will not only be a snap, it will be cheap. Contributor Larissa Runkle frequently writes on finance, real estate, and lifestyle topics for The Penny Hoarder. Jen Smith, a former staff writer at The Penny Hoarder, contributed to this article. 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Best Student Loan Refinance Companies of 2022 Posted: 07 Jun 2022 05:00 AM 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. Student loan repayment dampens the financial plans of a lot of people in this country. The federal government may be on the brink of major plans to lessen that burden for public loan borrowers — but if you're paying off private student loans, you're still on the hook. Student loan refinancing consolidates federal and private student loans to bring everything into one simple monthly payment, potentially reduce your interest rate and/or monthly payment, and adjust your repayment term to better suit your needs. We reviewed the best student loan refinance companies to help you see your options in one place and find the option that's best for your financial circumstances. Federal student loans have been in the news a lot lately as the U.S. Education Department has paused payment on student loans multiple times during the pandemic. This post includes more details on every lender, plus all the information you need to find the best student loan repayment plan for you. Interest rates are accurate as of May 2022 and subject to change. Variable rates listed are margins added to a base rate such as LIBOR or SOFR, which could add around 0.30% to 1%. Best Student Loans at a Glance
CredibleBest for Comparing Loan Rates   Key Features
Credible is a loan marketplace that lets you fill out a single application to see pre-qualified rates from multiple lenders in one place. The marketplace looks at all kinds of loans, including student loan refinancing. You can compare options based on options that work for you, like monthly payments, variable or fixed rates, or time to repay. Once you choose an offer, you can finish your application and sign the agreement with the lender directly. Credible  Variable APR 1.86% – 8.38% Fixed APR 2.35% – 8.73% EarnestBest for Flexible Repayment Options Key Features
You can apply to refinance student loans with a balance of at least $5,000 with Earnest with a minimum credit score of 650. Unlike many online lenders, Earnest services loans in-house rather than through a servicing partner, and it offers flexible repayment options that could make repaying easier, like biweekly auto-pay and one deferred payment per year. Earnest  Variable APR Starting at 1.74% Fixed APR Starting at 2.74% College AveBest for Flexible Repayment Terms  Key Features
College Ave is a mainstay in student loans and refinancing. Refinance loan amounts as low as $5,000 with loan terms at any interval between five and 15 years. That flexibility stands out against the competition, which usually offer designated terms of three, five, seven or maybe 10 years. College Ave  Variable APR 3.44% – 6.64% Fixed APR 3.49% – 6.74% SoFIBest for SoFi Banking Clients Key Features
SoFi is a financial tech company with its roots in student loan refinancing, though it offers all types of loans and other financial services now. At its inception, it was a leader in refinance loans with no unnecessary fees. As a SoFi member, you can use perks that help you manage your finances, including discounts on other SoFi loans, invitations to live community events and access to SoFi's banking and investing services. SoFi  Variable APR 1.74% – 7.99% Fixed APR 3.49% – 7.99% LendKeyBest for Loan Reconnaissance Key Features
LendKey is a student loan servicer and a platform for finding the best student loan and refinancing options from partner community banks and credit unions. LendKey's platform streamlines the process, so you get the benefit of working with a community-oriented institution without the headache of multiple application processes. LendKey  Variable APR Starting at 2.14% Fixed APR Starting at 2.69% Citizens BankBest for Traditional Bank Customers Key Features
Citizens Bank is an established financial institution with more than 40 years of experience providing student loan refinancing and other financial services. Choose among terms of five, seven, 10, 15 or 20 years to land on the rate and monthly payment that works for you. Citizens Bank customers can get an interest rate discount up to 0.25 percentage points. Citizens Banks  Variable APR Starting at 1.99% Fixed APR Starting at 3.75% PNCBest for Applying With a Cosigner Key Features
in financial services. Student loans and refinancing are among its vast services. The PNC Education Refinance Loan (PERL) is designed to help simplify student loan repayment, pay off loans faster and/or reduce your monthly payment. PNC Bank  Variable APR 2.14% – 6.64% Fixed APR 2.59% – 7.19% PurefyBest for Comparing Refinancing Rates Key Features
Purefy is for anyone out of school, repaying student loans and looking for ways to save money. Use the platform to compare student loan refinancing options from multiple lenders side-by-side. The platform is free to use, and you can see prequalified rates in minutes. You can refinance private or federal loans through its partner lenders. Purefy  Variable APR 1.74% – 7.24% Fixed APR 2.43% – 7.94% SparrowBest for Easy Repayment Key Features
Sparrow is a platform for student loans, refinancing and repayment in one place. You can fill out a single application to see prequalified offers from multiple partner lenders for private student loans or refinancing. Then use the app to manage and automate repayment of your private and federal student loans in one place. Sparrow  Variable APR 1.74% – 9.34% Fixed APR 2.35% – 10.74% DiscoverBest for No Fees Key Features
federal and private student loans. You'll pay no application, origination or late fees. You can even refinance high-rate loans with Discover while you're still in school. Repayment terms are either 10 or 20 years, depending on your credit. Discover  Variable APR 2.49% – 6.49% Fixed APR 3.49% – 7.99% Splash FinancialBest for Refinancing Undergrad and Med School Loans Key Features
Splash Financial lets you compare options for several types of loans, including student loan refinancing. Compare offers with a single online application. In addition to its search function, Splash partners with its lenders to offer exclusive interest rates — with fixed rates as low as 1.99% — to help you get the best deal possible. Splash Financial  Variable APR 1.74% – 8.70% Fixed APR 1.99% – 8.63% ISL Education LendingBest for Graduated Repayment Plans Key Features
ISL's Reset Refinance Loan helps you pay off student loans with a potentially lower interest rate or better repayment terms. If your loan is eligible, you can opt for a graduated repayment plan, which will give you lower monthly payments upfront and gradually increase them over time. This costs more in interest overall, but could be useful for repaying private loans early in your career. ISL Education Lending  Variable APR n/a Fixed APR 2.55% – 7.63% Laurel RoadBest for Banking Perks Key Features
Laurel Road is an online lender that offers specialized checking and credit card accounts designed to help you pay back student loans. When you open a Laurel Road Checking account, you get access to a lower interest rate on your refinance loan, and if you qualify for a Laurel Road Student Loan Cashback Card, you can earn cash back toward student loan repayment. Laurel Road  Variable APR 1.89% – 6.20% Fixed APR 2.99% – 6.30% PenFed Credit UnionBest for Non-Profit Banking Key Features
PenFed Credit Union is a non-profit financial institution serving members in all 50 states through online banking. It offers student loan refinancing with fixed rates between 4.49% and 6.68% and no hidden fees or pre-payment penalties. You don't have to be a PenFed member to apply, but you'll become a member if you accept a loan offer. It costs you nothing to be a member, and you'll enjoy special discounts on an array of financial and other services. PenFed Credit Union  Variable APR n/a Fixed APR 4.49% – 6.68% What to Know Before Refinancing Your Student LoansRefinancing your student loans can be a strategic way to reduce your costs and make repayment easier. But it comes with both benefits and drawbacks, so weigh both before turning over your loans. Pros of Refinancing Student Loans
Cons of Refinancing Student Loans
The greatest potential downside to student loan refinancing applies to borrowers with federal student loans. Refinancing or consolidating federal student loan debt in any way other than a Direct Consolidation Loan from the Department of Education shifts your obligation to a private company. That means you no longer have any of the benefits that come with federal student loans, including income-driven repayment plans, forgiveness, cancellation or flexible deferment options. That drawback doesn't apply if you already have private loans — you can refinance and move your loans among private companies without serious risk. But check the options of your current loan before replacing it to make sure you're not giving up flexible repayment options you might need in the future. How to Refinance Student LoansYou can refinance any student loans with private lenders like those listed above. But there are a few additional steps to take before refinancing federal loans to make sure you're choosing the best option for your financial situation. Refinance Federal Student LoansYou might have several student loans to your name, even though you only applied once and may have received money as a lump sum each semester. You can simplify repayment and refinancing by first combining all of your loans into a Direct Consolidation Loan, a student loan consolidation option that creates one balance and one monthly payment, and sets the interest rate at the average of all the loans. If you want to reduce your interest rate — and you're confident in your resources to stay on top of repayment — you can refinance your federal loan with a private refinancing option. Before refinancing a federal loan with a private lender, consider these questions:
Refinance Private Student LoansRefinancing private student loans is as simple as — or even easier than — taking out a private loan in the first place. If your financial situation improves, student loan refinancing could help you get a lower interest rate, lower monthly payment or both. You could save hundreds or thousands of dollars in the long run. You could also try refinancing if you're having trouble repaying private loans. A lender might offer a longer repayment period with lower monthly payments that'll fit more easily into your overall financial plan. Steps to Refinance Student LoansWhether you've got federal or private student loans, follow these steps to refinance:
Loan Refinancing Costs to ConsiderThe main benefit to student loan refinancing is the potential to save money. Make sure you don't accept a loan offer that eats up those savings in unexpected fees! Before you accept an offer, review the agreement carefully and look for these common costs:
Can You Refinance If You Had a Cosigner?If you took out private student loans originally, you might have used a creditworthy cosigner like a parent, relative or family friend. They remain responsible for the loans until they're paid off. Some private student loans come with an option for cosigner release after around 12 to 18 months of on-time payments, as long as you have the credit and income to qualify to take on the loan yourself. If your loan didn't come with a cosigner release option, you could release them by refinancing, instead. Refinancing pays off the old loan, so the cosigner will no longer be responsible for the debt. As long as you can qualify for a new loan on your own, you don't have to involve the cosigner anymore. Frequently Asked Questions (FAQs) About Student Loan RefinancingWe've rounded up the answers to some of the most common questions about where to refinance student loans. Is It Worth It to Refinance a Student Loan? Refinancing usually is NOT worth it if you have federal loans that could qualify for forgiveness or cancellation. In other cases, student loan refinancing should get you a lower interest rate than your existing loans. The savings that comes with lower interest is the main benefit of refinancing. But refinancing could also be worth it for you if you're having trouble keeping up with monthly payments for existing private student loans — you might get a lower monthly payment, even if you don't get a lower interest rate. When Is a Good Time to Refinance Your Student Loans? Struggling to keep up with monthly payments is NOT a good reason to refinance federal student loans — look into income-driven repayment plans instead so you can maintain repayment flexibility and borrower protections. To qualify for a lower interest rate, apply to refinance when your financial situation, income and credit history are better than they were when you took out the original loan. You should be in a position to look more creditworthy to lenders and be comfortable keeping up with the monthly payments for the next five to 10 years. Is It Cheaper to Refinance Student Loans? Student loan refinancing could save you money if you get a lower interest rate than you're paying on your current loans. Lower interest could save you hundreds or thousands of dollars over the life of the loan and keep your monthly payments lower. Can You Refinance Student Loans for Free? Most student loan lenders offer student loan refinancing without an upfront fee, though some charge an origination fee of 2% or 3% of the loan amount. Once you get the new loan, you'll have to make new monthly payments, and your balance will accrue interest at your new rate. Does Refinancing Student Loans Hurt Your Credit? Refinancing student loans shouldn't hurt your credit as long as you repay on time. Seeing pre-qualified rates won't affect your score at all, and applying for a loan will only ding your credit score temporarily. Refinancing into a loan you have trouble repaying could be bad for your credit score through late payments and debts in forbearance. Contributor Dana Miranda is a Certified Educator in Personal Finance® who has written about work and money for publications including Forbes, The New York Times, CNBC, Insider, NextAdvisor and Inc. Magazine. 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| What is an Installment Loan and How Do They Work? Posted: 07 Jun 2022 04:50 AM PDT An installment loan is a lump sum of money that you borrow and then pay back in fixed intervals. Installment loans are often used to finance a major purchase, like a house, car or boat, or to finance education, though you can get an installment loan for practically any reason. If you're wondering what an installment loan is, you've come to the right place. Learn more about how installment loans work, the pros and cons, and how to get an installment loan. What Is an Installment Loan?An installment loan is a type of loan that lets you borrow money and repay it in equal monthly payments or according to another predetermined schedule. You pay back the principal loan amount, plus interest, in fixed monthly payments until you've paid back the loan. Installment loans usually have a fixed interest rate that doesn't change throughout the life of the loan. However, some installment loans, like private student loans, have a variable interest rate that can change while you pay back the loan. Some installment loans also charge origination fees to process your application. Depending on the type of installment loan, you may owe prepayment fees if you pay off the loan early. But if you don't make payments according to the repayment terms or you make late payments, you could incur additional fees and hurt your credit score. Installment loans work differently than revolving credit, like a credit card. Revolving credit, like a credit card or a line of credit, allows you to borrow money and repay it over and over again, while you make payments on an installment loan until it's paid off in full. Payday loans are also different from installment loans in that you repay a payday loan in a lump sum instead of fixed installments. Types of Installment LoansInstallment loans can be secured loans, which means they're backed by collateral, or unsecured loans, which aren't backed by collateral. Mortgages and vehicle loans are two types of installment loans that are secured. Examples of unsecured installment loans include student loans, personal loans and debt consolidation loans. Mortgage LoansA mortgage loan is one of the most common types of installment loans that's used to purchase a house, condo or land. Your home is the collateral on a mortgage, so if you fail to make payments, your lender can seize your property. Most mortgages are repaid at fixed interest rates over 15 years or 30 years. Your home is the collateral on a mortgage, so if you fail to make payments, your lender can seize your property. Vehicle LoansCar loans are also installment loans that are secured loans. Because your vehicle serves as the loan collateral, it can be repossessed if you don't make car loan payments. Repayment terms typically range from 24 months to 84 months, with the most common being 72 months. Student LoansA student loan is an installment loan, whether you're borrowing from the federal government or a private lender. The standard repayment term for a federal student loan is 10 years. Federal student loans have a fixed interest rate. For private student loans, the repayment terms vary by lender. Private student loan interest rates may be fixed or variable. Personal LoansA personal loan is a form of installment credit that you can take out for virtually any reason. You borrow a lump sum of money, then pay it off in regular intervals. Common reasons for taking out a personal loan include medical expenses, home improvement projects, debt consolidation or paying for a wedding or vacation. Debt Consolidation LoanA debt consolidation loan is a personal loan that you use to combine multiple debts so you have one monthly payment, often at a lower interest rate. Because more of your monthly payment goes toward the principal balance, a debt consolidation loan can reduce the time it takes to pay off debt. APRs range from 6% to 36%, depending on your credit score. Home Equity LoansA home equity loan, or second mortgage, is a type of secured loan that lets you borrow against your home equity. You pay it off at a fixed interest rate over a set schedule. It's similar to a home equity line of credit (HELOC) in that both let you borrow against your home equity, however, a HELOC is a type of revolving credit that typically has a variable interest rate. Buy Now, Pay Later CreditBuy now, pay later services, like Klarna and AfterPay, offer a form of installment credit. You typically split the purchase price into four interest-free payments. The installment payments are billed to your debit card or credit card. Pros and Cons of Installment LoansInstallment loans have several advantages and disadvantages you need to know about. Installment Loan Pros
Installment Loan Cons
Frequently Asked Questions (FAQs)What Is the Difference between a Personal Loan and an Installment Loan? A personal loan is a type of installment loan. It's typically an unsecured loan that can be used for almost any purpose. Because personal loans usually aren't backed by collateral, they have higher interest rates compared to mortgages and auto loans. However, they often have lower rates than a credit card. Do Installment Loans Hurt Your Credit? An installment loan may hurt your credit slightly in the short term, since you may lower your average age of credit and get a hard inquiry on your credit report. However, an installment loan is typically much better for your credit than making purchases on a credit card because you're not increasing your credit utilization. Can I Pay Off an Installment Loan Early? Yes, you can typically pay off an installment loan early, but check the loan paperwork to be sure you won't face a prepayment penalty. Also, look at the interest rates of any other debts you have. Installment loans often have lower interest rates than other types of debt, like credit cards. Tackling higher-interest debt first is typically a better bet. Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder. Send your tricky money questions to AskPenny@thepennyhoarder.com. 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 |
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